# EDGAR Filing Document

**Accession Number:** 0001450011
**File Stem:** 0001099263-25-004540
**Filing Date:** 2025-11
**Character Count:** 1895342
**Document Hash:** 274abf0d66125d1660a24fabfe740bc3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001099263-25-004540.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0001099263-25-004540

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20260630

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PIMCO ETF Trust
- **CENTRAL INDEX KEY:** 0001450011

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22250
- **FILM NUMBER:** 251528536

**BUSINESS ADDRESS:**
- **STREET 1:** 650 NEWPORT CENTER DRIVE
- **CITY:** NEWPORT BEACH
- **STATE:** CA
- **ZIP:** 92660
- **BUSINESS PHONE:** 949.720.6000

**MAIL ADDRESS:**
- **STREET 1:** 650 NEWPORT CENTER DRIVE
- **CITY:** NEWPORT BEACH
- **STATE:** CA
- **ZIP:** 92660

## Series and Classes Contracts Data

### PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund (Series ID: S000026342)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000079103 | PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund | STPZ            |

## Nport-Ex

<br> Schedule of Investments PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** | **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** | **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** |
|  | PRINCIPAL<br>AMOUNT<br>(000s) | MARKET<br>VALUE<br>(000s) |
| **INVESTMENTS IN SECURITIES 99.7% ¤** |  |  |
| **LOAN PARTICIPATIONS AND ASSIGNMENTS 1.4%**  |  |  |
| **Altice France SA**<br>9.818% (TSFR3M + 5.500%) due 08/15/2028 «~ | $598 | $581 |
| **Bausch Health Cos., Inc.**<br>10.413% (TSFR1M + 6.250%) due 10/08/2030 ~ | 1995 | 1971 |
| **Cengage Learning, Inc.**<br>TBD% - 7.698% (TSFR1M + 3.500%) due 03/24/2031 ~ | 941 | 939 |
| **Central Parent, Inc.**<br>7.252% (TSFR3M + 3.250%) due 07/06/2029 ~ | 789 | 684 |
| **Clover Holdings SPV III LLC**<br>15.000% due 12/09/2027 | 54 | 55 |
| **Cotiviti Corp.**<br>7.625% due 05/01/2031 | 2850 | 2870 |
| **Endure Digital, Inc.**<br>7.838% (TSFR1M + 3.500%) due 02/10/2028 «~ | 1484 | 1076 |
| **Envision Healthcare Corp.**  |  |  |
| 12.230% (TSFR3M + 7.875%) due 07/20/2026 «~ | 628 | 628 |
| 12.230% (TSFR3M + 7.875%) due 11/03/2028 «~ | 2423 | 2496 |
| **MPH Acquisition Holdings LLC**  |  |  |
| 8.058% (TSFR3M + 3.750%) due 12/31/2030 ~ | 461 | 461 |
| 9.170% (TSFR3M + 4.600%) due 12/31/2030 ~ | 1446 | 1333 |
| **Paradigm Parent LLC**<br>8.822% (TSFR3M + 4.500%) due 04/16/2032 ~ | 450 | 405 |
| **Peraton Corp.**<br>8.013% (TSFR1M + 3.750%) due 02/01/2028 ~ | 1517 | 1283 |
| **QuidelOrtho Corp.**<br>8.002% (TSFR3M + 4.000%) due 08/20/2032 ~ | 2250 | 2241 |
| **U.S. Renal Care, Inc.**<br>9.278% (TSFR1M + 5.000%) due 06/28/2028 ~ | 3767 | 3607 |
| **Zayo Group Holdings, Inc.**<br>7.278% (TSFR1M + 3.000%) due 03/09/2027 ~ | 951 | 941 |
| Total Loan Participations and Assignments (Cost $21,315) |  | 21571 |
| **CORPORATE BONDS & NOTES 93.6%**  |  |  |
| **BANKING & FINANCE 14.9%**  |  |  |
| **Acrisure LLC/Acrisure Finance, Inc.**  |  |  |
| 4.250% due 02/15/2029  | 853 | 823 |
| 8.250% due 02/01/2029  | 1178 | 1230 |
| 8.500% due 06/15/2029  | 397 | 417 |
| **Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer**  |  |  |
| 4.250% due 10/15/2027  | 1483 | 1460 |
| 5.875% due 11/01/2029  | 1075 | 1074 |
| 6.750% due 10/15/2027  | 3552 | 3562 |
| 6.750% due 04/15/2028  | 3563 | 3629 |
| **Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL** <br>4.625% due 06/01/2028 | 3110 | 3053 |
| **Ally Financial, Inc.** <br>5.750% due 11/20/2025 | 1551 | 1552 |
| **AmWINS Group, Inc.** <br>6.375% due 02/15/2029 | 1518 | 1550 |
| **Apollo Commercial Real Estate Finance, Inc.** <br>4.625% due 06/15/2029 | 866 | 833 |
| **Armor Holdco, Inc.** <br>8.500% due 11/15/2029 | 1410 | 1408 |
| **Brandywine Operating Partnership LP**  |  |  |
| 8.300% due 03/15/2028  | 1487 | 1582 |
| 8.875% due 04/12/2029  | 2054 | 2231 |
| **Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC**  |  |  |
| 4.500% due 04/01/2027  | 2507 | 2464 |
| 5.750% due 05/15/2026  | 1280 | 1278 |
| **Burford Capital Global Finance LLC**  |  |  |
| 6.250% due 04/15/2028  | 2688 | 2695 |
| 7.500% due 07/15/2033  | 1000 | 1019 |
| **Coinbase Global, Inc.** <br>3.375% due 10/01/2028 | 5390 | 5120 |
| **CoreLogic, Inc.** <br>4.500% due 05/01/2028 | 1557 | 1515 |
| **Credit Acceptance Corp.** <br>6.625% due 03/15/2030 | 437 | 439 |

---

------

<br> Schedule of Investments PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **CrossCountry** **Intermediate HoldCo LLC** <br>6.500% due 10/01/2030 | 1225 | 1231 |
| **Diversified Healthcare Trust**  |  |  |
| 0.000% due 01/15/2026 (e)  | 231 | 229 |
| 4.375% due 03/01/2031  | 1325 | 1172 |
| 4.750% due 02/15/2028  | 2741 | 2615 |
| 7.250% due 10/15/2030  | 1350 | 1374 |
| **EF Holdco/EF Cayman Holdings/Ellington Fin REIT Cayman/TRS/EF Cayman Non-MTM** <br>7.375% due 09/30/2030 (a) | 1325 | 1325 |
| **Encore Capital Group, Inc.**  |  |  |
| 6.625% due 04/15/2031 (a)  | 3225 | 3218 |
| 8.500% due 05/15/2030  | 1326 | 1409 |
| **Ford Motor Credit Co. LLC**  |  |  |
| 5.113% due 05/03/2029  | 1286 | 1277 |
| 5.918% due 03/20/2028  | 150 | 153 |
| **Freedom Mortgage Corp.**  |  |  |
| 6.625% due 01/15/2027  | 1940 | 1937 |
| 12.000% due 10/01/2028  | 2687 | 2848 |
| **Freedom Mortgage Holdings LLC**  |  |  |
| 7.875% due 04/01/2033  | 1300 | 1340 |
| 9.125% due 05/15/2031  | 1350 | 1437 |
| 9.250% due 02/01/2029  | 2154 | 2268 |
| **FS KKR Capital Corp.**  |  |  |
| 6.125% due 01/15/2031  | 2000 | 1982 |
| 7.875% due 01/15/2029  | 50 | 53 |
| **FTAI Aviation Investors LLC** <br>5.500% due 05/01/2028 | 2808 | 2811 |
| **GGAM Finance Ltd.**  |  |  |
| 7.750% due 05/15/2026  | 859 | 863 |
| 8.000% due 02/15/2027  | 941 | 964 |
| 8.000% due 06/15/2028  | 613 | 649 |
| **Global Atlantic Fin Co.** <br>4.700% due 10/15/2051 •  | 1414 | 1393 |
| **Global Net Lease, Inc./Global Net Lease Operating Partnership LP** <br>3.750% due 12/15/2027 | 2420 | 2351 |
| **HUB International Ltd.**  |  |  |
| 5.625% due 12/01/2029  | 1088 | 1088 |
| 7.250% due 06/15/2030  | 825 | 861 |
| **Hudson Pacific Properties LP**  |  |  |
| 3.950% due 11/01/2027  | 2174 | 2093 |
| 4.650% due 04/01/2029 (h)  | 628 | 585 |
| 5.950% due 02/15/2028  | 1079 | 1065 |
| **Icahn Enterprises LP/Icahn Enterprises Finance Corp.**  |  |  |
| 4.375% due 02/01/2029  | 1472 | 1272 |
| 5.250% due 05/15/2027  | 3708 | 3648 |
| 6.250% due 05/15/2026  | 696 | 696 |
| 9.750% due 01/15/2029  | 48 | 48 |
| 10.000% due 11/15/2029  | 3085 | 3102 |
| **ION Platform Finance U.S., Inc.** <br>7.875% due 09/30/2032 (a) | 3150 | 3129 |
| **Iron Mountain, Inc.**  |  |  |
| 4.875% due 09/15/2027  | 2720 | 2709 |
| 4.875% due 09/15/2029  | 284 | 280 |
| 5.000% due 07/15/2028  | 1031 | 1025 |
| 5.250% due 03/15/2028  | 735 | 734 |
| **Jefferies Finance LLC/JFIN Co-Issuer Corp.** <br>5.000% due 08/15/2028 | 2313 | 2237 |
| **Jefferson Capital Holdings LLC**  |  |  |
| 6.000% due 08/15/2026  | 743 | 743 |
| 9.500% due 02/15/2029  | 2507 | 2649 |
| **Kennedy-Wilson, Inc.** <br>4.750% due 03/01/2029 | 2584 | 2471 |
| **Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.** <br>4.250% due 02/01/2027 | 3540 | 3512 |
| **LD Holdings Group LLC** <br>8.750% due 11/01/2027 | 273 | 270 |
| **Liberty Mutual Group, Inc.** <br>4.125% due 12/15/2051 •  | 3712 | 3647 |
| **Midcap Financial Issuer Trust** <br>6.500% due 05/01/2028 | 3657 | 3635 |
| **Millrose Properties, Inc.**  |  |  |
| 6.250% due 09/15/2032  | 1325 | 1329 |
| 6.375% due 08/01/2030  | 2200 | 2239 |
| **MPT Operating Partnership LP/MPT Finance Corp.**  |  |  |
| 5.000% due 10/15/2027 (h)  | 735 | 713 |
| 8.500% due 02/15/2032  | 1334 | 1418 |
| **Nationstar Mortgage Holdings, Inc.**  |  |  |
| 5.000% due 02/01/2026  | 855 | 855 |
| 6.000% due 01/15/2027  | 1024 | 1024 |
| 6.500% due 08/01/2029  | 3292 | 3388 |
| **Navient Corp.**  |  |  |
| 4.875% due 03/15/2028  | 1483 | 1455 |
| 5.000% due 03/15/2027  | 1492 | 1486 |
| 5.500% due 03/15/2029  | 700 | 687 |

---

------

<br> Schedule of Investments PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| 6.750% due 06/15/2026  | 2018 | 2043 |
| **NCL Finance Ltd.** <br>6.125% due 03/15/2028 | 789 | 807 |
| **Newmark Group, Inc.** <br>7.500% due 01/12/2029 | 703 | 755 |
| **Nissan Motor Acceptance Co. LLC**  |  |  |
| 1.850% due 09/16/2026  | 1955 | 1886 |
| 2.000% due 03/09/2026  | 2927 | 2882 |
| 2.750% due 03/09/2028  | 1363 | 1280 |
| 5.300% due 09/13/2027  | 518 | 518 |
| 5.625% due 09/29/2028  | 1725 | 1727 |
| 6.125% due 09/30/2030  | 1725 | 1727 |
| 6.950% due 09/15/2026  | 731 | 741 |
| 7.050% due 09/15/2028  | 1490 | 1552 |
| **OneMain Finance Corp.**  |  |  |
| 3.500% due 01/15/2027  | 3879 | 3794 |
| 3.875% due 09/15/2028  | 943 | 907 |
| 5.375% due 11/15/2029  | 1450 | 1435 |
| 6.625% due 01/15/2028  | 1243 | 1274 |
| 6.625% due 05/15/2029  | 272 | 280 |
| **Oxford Finance LLC/Oxford Finance Co-Issuer II, Inc.** <br>6.375% due 02/01/2027 | 1555 | 1556 |
| **Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer**  |  |  |
| 4.875% due 05/15/2029  | 1997 | 1949 |
| 5.875% due 10/01/2028  | 1284 | 1283 |
| **Pebblebrook Hotel LP/PEB Finance Corp.** <br>6.375% due 10/15/2029 | 1313 | 1334 |
| **PennyMac Financial Services, Inc.**  |  |  |
| 4.250% due 02/15/2029  | 846 | 819 |
| 7.875% due 12/15/2029  | 1936 | 2056 |
| **Popular, Inc.** <br>7.250% due 03/13/2028 | 1870 | 1955 |
| **PRA Group, Inc.**  |  |  |
| 8.375% due 02/01/2028  | 2319 | 2374 |
| 8.875% due 01/31/2030  | 309 | 319 |
| **Provident Funding Associates LP/PFG Finance Corp.** <br>9.750% due 09/15/2029 | 568 | 601 |
| **Rfna LP** <br>7.875% due 02/15/2030 | 994 | 1014 |
| **RHP Hotel Properties LP/RHP Finance Corp.**  |  |  |
| 4.750% due 10/15/2027  | 1857 | 1850 |
| 7.250% due 07/15/2028  | 1424 | 1470 |
| **RLJ Lodging Trust LP**  |  |  |
| 3.750% due 07/01/2026  | 1798 | 1781 |
| 4.000% due 09/15/2029  | 2174 | 2055 |
| **Rocket Cos., Inc.** <br>6.125% due 08/01/2030 | 1050 | 1078 |
| **Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.**  |  |  |
| 2.875% due 10/15/2026  | 3865 | 3789 |
| 3.625% due 03/01/2029  | 830 | 792 |
| **SBA Communications Corp.**  |  |  |
| 3.125% due 02/01/2029  | 1929 | 1806 |
| 3.875% due 02/15/2027  | 1916 | 1889 |
| **Service Properties Trust**  |  |  |
| 0.000% due 09/30/2028 (e)  | 2875 | 2538 |
| 4.750% due 10/01/2026  | 1298 | 1301 |
| 5.500% due 12/15/2027  | 814 | 800 |
| 8.375% due 06/15/2029  | 565 | 574 |
| **SLM Corp.** <br>3.125% due 11/02/2026 | 2975 | 2917 |
| **Starwood Property Trust, Inc.**  |  |  |
| 3.625% due 07/15/2026  | 1171 | 1159 |
| 4.375% due 01/15/2027  | 383 | 380 |
| 5.250% due 10/15/2028 (a)  | 900 | 901 |
| 5.750% due 01/15/2031 (a)  | 2250 | 2251 |
| 6.500% due 07/01/2030  | 1210 | 1253 |
| 6.500% due 10/15/2030  | 710 | 735 |
| 7.250% due 04/01/2029  | 1564 | 1644 |
| **UniCredit SpA**  |  |  |
| 5.861% due 06/19/2032 •  | 1321 | 1342 |
| 7.296% due 04/02/2034 •  | 869 | 928 |
| **United Wholesale Mortgage LLC** <br>5.500% due 11/15/2025 | 609 | 609 |
| **Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC** <br>6.000% due 01/15/2030 (h) | 3155 | 2860 |
| **Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC**  |  |  |
| 6.500% due 02/15/2029  | 2947 | 2770 |
| 8.625% due 06/15/2032  | 2040 | 1950 |
| 10.500% due 02/15/2028  | 2794 | 2944 |
| **UWM Holdings LLC** <br>6.250% due 03/15/2031 | 2775 | 2764 |
| **Vornado Realty LP** <br>2.150% due 06/01/2026 | 1343 | 1319 |

---

------

<br> Schedule of Investments PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Voyager** **Aviation Holdings LLC** <br>8.500% due 05/09/2026 ^«(c) | 515 | 0 |
| **XHR LP**  |  |  |
| 4.875% due 06/01/2029  | 485 | 475 |
| 6.625% due 05/15/2030  | 914 | 940 |
|  |  | 220658 |
| **INDUSTRIALS 74.4%**  |  |  |
| **1011778 BC ULC/New Red Finance, Inc.**  |  |  |
| 3.500% due 02/15/2029  | 1177 | 1126 |
| 3.875% due 01/15/2028  | 1275 | 1246 |
| 4.375% due 01/15/2028  | 4753 | 4677 |
| 6.125% due 06/15/2029  | 1560 | 1597 |
| **1261229 BC Ltd.** <br>10.000% due 04/15/2032 | 1872 | 1920 |
| **AAR Escrow Issuer LLC** <br>6.750% due 03/15/2029 | 1625 | 1674 |
| **Acadia Healthcare Co., Inc.** <br>5.500% due 07/01/2028 | 3277 | 3252 |
| **AdaptHealth LLC** <br>6.125% due 08/01/2028 | 1367 | 1365 |
| **ADT Security Corp.** <br>4.125% due 08/01/2029 | 1480 | 1433 |
| **Advance Auto Parts, Inc.** <br>7.000% due 08/01/2030 | 3325 | 3423 |
| **Advantage Sales & Marketing, Inc.** <br>6.500% due 11/15/2028 | 894 | 770 |
| **Ahead DB Holdings LLC** <br>6.625% due 05/01/2028 | 3823 | 3828 |
| **Ahlstrom Holding 3 OYJ** <br>4.875% due 02/04/2028 | 1173 | 1138 |
| **Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC**  |  |  |
| 3.250% due 03/15/2026  | 1260 | 1252 |
| 3.500% due 03/15/2029  | 1816 | 1724 |
| 4.625% due 01/15/2027  | 2676 | 2663 |
| 5.875% due 02/15/2028  | 1957 | 1959 |
| **Albion Financing 1 SARL/Aggreko Holdings, Inc.** <br>7.000% due 05/21/2030 | 3647 | 3781 |
| **Allison Transmission, Inc.** <br>4.750% due 10/01/2027 | 1236 | 1229 |
| **Alta Equipment Group, Inc.** <br>9.000% due 06/01/2029 | 1295 | 1210 |
| **Altice France Holding SA**  |  |  |
| 6.000% due 02/15/2028  | 738 | 267 |
| 10.500% due 05/15/2027  | 11848 | 4297 |
| **Altice France SA**  |  |  |
| 5.125% due 01/15/2029  | 791 | 681 |
| 5.500% due 01/15/2028  | 2196 | 1943 |
| 8.125% due 02/01/2027  | 3841 | 3675 |
| **Alumina Pty. Ltd.** <br>6.125% due 03/15/2030 | 1471 | 1506 |
| **AMC Networks, Inc.**  |  |  |
| 4.250% due 02/15/2029 (h)  | 1751 | 1525 |
| 10.250% due 01/15/2029  | 1360 | 1434 |
| **American Airlines, Inc./AAdvantage Loyalty IP Ltd.**  |  |  |
| 5.500% due 04/20/2026  | 1614 | 1616 |
| 5.750% due 04/20/2029  | 9204 | 9246 |
| **American Axle & Manufacturing, Inc.**  |  |  |
| 5.000% due 10/01/2029  | 298 | 283 |
| 6.375% due 10/15/2032 (a)  | 1600 | 1598 |
| **American Builders & Contractors Supply Co., Inc.**  |  |  |
| 3.875% due 11/15/2029  | 1001 | 951 |
| 4.000% due 01/15/2028  | 1628 | 1597 |
| **Amkor Technology, Inc.** <br>5.875% due 10/01/2033 | 175 | 177 |
| **Amneal Pharmaceuticals LLC** <br>6.875% due 08/01/2032 | 875 | 906 |
| **ams-OSRAM AG** <br>12.250% due 03/30/2029 | 4335 | 4669 |
| **ANGI Group LLC** <br>3.875% due 08/15/2028 | 1885 | 1773 |
| **Aramark Services, Inc.** <br>5.000% due 02/01/2028 | 2431 | 2422 |
| **Arches Buyer, Inc.** <br>4.250% due 06/01/2028 | 1330 | 1304 |
| **Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC**  |  |  |
| 3.250% due 09/01/2028  | 1031 | 980 |
| 4.000% due 09/01/2029 (h)  | 629 | 583 |
| 6.000% due 06/15/2027  | 2404 | 2405 |
| **Artera Services LLC** <br>8.500% due 02/15/2031 | 640 | 566 |
| **Asbury Automotive Group, Inc.** <br>4.500% due 03/01/2028 | 450 | 445 |

---

------

<br> Schedule of Investments PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Ascent** **Resources Utica Holdings LLC/ARU Finance Corp.** <br>5.875% due 06/30/2029 | 1578 | 1576 |
| **Ashton Woods USA LLC/Ashton Woods Finance Co.** <br>4.625% due 08/01/2029 | 384 | 368 |
| **Aston Martin Capital Holdings Ltd.** <br>10.000% due 03/31/2029 | 5070 | 4969 |
| **AthenaHealth Group, Inc.** <br>6.500% due 02/15/2030 | 5210 | 5172 |
| **ATS Corp.** <br>4.125% due 12/15/2028 | 600 | 575 |
| **Avantor Funding, Inc.**  |  |  |
| 3.875% due 11/01/2029  | 1551 | 1476 |
| 4.625% due 07/15/2028  | 1464 | 1441 |
| **Avis Budget Car Rental LLC/Avis Budget Finance, Inc.**  |  |  |
| 4.750% due 04/01/2028  | 3150 | 3055 |
| 5.375% due 03/01/2029  | 773 | 754 |
| 5.750% due 07/15/2027  | 930 | 929 |
| **Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV** <br>4.750% due 06/15/2027 | 1338 | 1333 |
| **Axon Enterprise, Inc.** <br>6.125% due 03/15/2030 | 1040 | 1071 |
| **B&G Foods, Inc.** <br>8.000% due 09/15/2028 | 5676 | 5507 |
| **Ball Corp.**  |  |  |
| 2.875% due 08/15/2030  | 157 | 143 |
| 5.500% due 09/15/2033  | 1300 | 1315 |
| **Bath & Body Works, Inc.**  |  |  |
| 6.694% due 01/15/2027  | 495 | 505 |
| 7.500% due 06/15/2029  | 749 | 770 |
| **Bausch & Lomb Corp.** <br>8.375% due 10/01/2028 | 3172 | 3310 |
| **Bausch Health Americas, Inc.** <br>8.500% due 01/31/2027 | 1175 | 1164 |
| **Bausch Health Cos., Inc.**  |  |  |
| 4.875% due 06/01/2028  | 3826 | 3428 |
| 5.000% due 01/30/2028  | 1672 | 1436 |
| 5.000% due 02/15/2029 (h)  | 1581 | 1187 |
| 6.250% due 02/15/2029 (h)  | 1379 | 1078 |
| 11.000% due 09/30/2028  | 1962 | 2042 |
| **Baytex Energy Corp.** <br>8.500% due 04/30/2030 | 2867 | 2950 |
| **Beach Acquisition Bidco LLC (10.000% Cash or 10.750% PIK)** <br>10.000% due 07/15/2033 (b) | 1750 | 1892 |
| **Beacon Mobility Corp.** <br>7.250% due 08/01/2030 | 1570 | 1633 |
| **Beazer Homes USA, Inc.** <br>7.500% due 03/15/2031 | 703 | 713 |
| **Belron U.K. Finance PLC** <br>5.750% due 10/15/2029 | 1783 | 1808 |
| **BKV Upstream Midstream LLC** <br>7.500% due 10/15/2030 | 1350 | 1350 |
| **Blackstone Mortgage Trust, Inc.**  |  |  |
| 3.750% due 01/15/2027  | 401 | 392 |
| 7.750% due 12/01/2029  | 1465 | 1547 |
| **Block Communications, Inc.** <br>4.875% due 03/01/2028 | 793 | 760 |
| **Block, Inc.**  |  |  |
| 2.750% due 06/01/2026  | 2119 | 2093 |
| 5.625% due 08/15/2030  | 1425 | 1445 |
| **Bombardier, Inc.**  |  |  |
| 6.000% due 02/15/2028  | 1733 | 1739 |
| 7.875% due 04/15/2027  | 186 | 187 |
| **Boyd Gaming Corp.** <br>4.750% due 12/01/2027 | 1566 | 1560 |
| **Brand Industrial Services, Inc.** <br>10.375% due 08/01/2030 | 1094 | 1092 |
| **Brightstar Lottery PLC** <br>6.250% due 01/15/2027 | 1300 | 1313 |
| **Brink's Co.** <br>4.625% due 10/15/2027 | 1925 | 1908 |
| **Bristow Group, Inc.** <br>6.875% due 03/01/2028 | 1576 | 1586 |
| **Buckeye Partners LP** <br>3.950% due 12/01/2026 | 700 | 694 |
| **Cablevision Lightpath LLC**  |  |  |
| 3.875% due 09/15/2027  | 547 | 532 |
| 5.625% due 09/15/2028  | 547 | 539 |
| **Calderys Financing LLC** <br>11.250% due 06/01/2028 | 275 | 292 |
| **Camelot Finance SA** <br>4.500% due 11/01/2026 | 134 | 134 |
| **Camelot Return Merger Sub, Inc.** <br>8.750% due 08/01/2028 | 1541 | 1492 |

---

------

<br> Schedule of Investments PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Capstone** **Borrower, Inc.** <br>8.000% due 06/15/2030 | 1325 | 1387 |
| **Carnival Corp.**  |  |  |
| 4.000% due 08/01/2028  | 1990 | 1963 |
| 5.125% due 05/01/2029 (a)  | 2950 | 2950 |
| **Cars.com, Inc.** <br>6.375% due 11/01/2028 | 875 | 872 |
| **Carvana Co. (9.000% Cash)** <br>9.000% due 06/01/2030 | 1100 | 1152 |
| **Cascades, Inc./Cascades USA, Inc.** <br>6.750% due 07/15/2030 | 975 | 994 |
| **CCO Holdings LLC/CCO Holdings Capital Corp.**  |  |  |
| 4.500% due 08/15/2030  | 267 | 252 |
| 4.750% due 03/01/2030  | 2844 | 2731 |
| 5.000% due 02/01/2028  | 5740 | 5689 |
| 5.125% due 05/01/2027  | 6259 | 6222 |
| 5.375% due 06/01/2029  | 3110 | 3092 |
| 5.500% due 05/01/2026  | 888 | 888 |
| **Celanese U.S. Holdings LLC**  |  |  |
| 6.500% due 04/15/2030  | 665 | 670 |
| 6.665% due 07/15/2027  | 1530 | 1571 |
| **Centene Corp.**  |  |  |
| 2.450% due 07/15/2028  | 2350 | 2186 |
| 4.250% due 12/15/2027  | 425 | 418 |
| **Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc.** <br>8.000% due 06/15/2029 | 2268 | 2002 |
| **Central Parent, Inc./CDK Global, Inc.** <br>7.250% due 06/15/2029 | 3285 | 2841 |
| **Century Aluminum Co.** <br>6.875% due 08/01/2032 | 475 | 493 |
| **Century Communities, Inc.**  |  |  |
| 3.875% due 08/15/2029  | 1774 | 1671 |
| 6.625% due 09/15/2033  | 1400 | 1413 |
| 6.750% due 06/01/2027  | 246 | 246 |
| **Cerdia Finanz GmbH** <br>9.375% due 10/03/2031 | 1826 | 1938 |
| **Champion Iron Canada, Inc.** <br>7.875% due 07/15/2032 | 700 | 732 |
| **Champions Financing, Inc.** <br>8.750% due 02/15/2029 (h) | 2065 | 1996 |
| **Charles River Laboratories International, Inc.** <br>3.750% due 03/15/2029 | 369 | 350 |
| **Chemours Co.** <br>5.375% due 05/15/2027 | 1048 | 1048 |
| **Cheplapharm Arzneimittel GmbH** <br>5.500% due 01/15/2028 | 1548 | 1513 |
| **Chobani LLC/Chobani Finance Corp., Inc.**  |  |  |
| 4.625% due 11/15/2028  | 517 | 512 |
| 7.625% due 07/01/2029  | 815 | 851 |
| **Chord Energy Corp.** <br>6.000% due 10/01/2030 | 1325 | 1317 |
| **CHS/Community Health Systems, Inc.**  |  |  |
| 5.250% due 05/15/2030  | 2930 | 2653 |
| 6.000% due 01/15/2029  | 2823 | 2743 |
| 6.125% due 04/01/2030  | 804 | 584 |
| 6.875% due 04/15/2029  | 3411 | 2715 |
| **Churchill Downs, Inc.**  |  |  |
| 4.750% due 01/15/2028  | 1020 | 1007 |
| 5.500% due 04/01/2027  | 1929 | 1928 |
| 5.750% due 04/01/2030  | 700 | 700 |
| **Cinemark USA, Inc.** <br>5.250% due 07/15/2028 | 1711 | 1703 |
| **CITGO Petroleum Corp.**  |  |  |
| 6.375% due 06/15/2026  | 648 | 648 |
| 8.375% due 01/15/2029  | 2421 | 2522 |
| **Civitas Resources, Inc.**  |  |  |
| 5.000% due 10/15/2026  | 1244 | 1239 |
| 8.375% due 07/01/2028  | 3655 | 3793 |
| **Clarios Global LP/Clarios U.S. Finance Co.** <br>6.750% due 02/15/2030 | 1480 | 1530 |
| **Clarivate Science Holdings Corp.** <br>4.875% due 07/01/2029 | 4988 | 4718 |
| **Clean Harbors, Inc.** <br>4.875% due 07/15/2027 | 1275 | 1275 |
| **Clear Channel Outdoor Holdings, Inc.**  |  |  |
| 7.125% due 02/15/2031  | 3150 | 3258 |
| 7.500% due 06/01/2029  | 1646 | 1600 |
| 7.750% due 04/15/2028  | 1878 | 1876 |
| 7.875% due 04/01/2030  | 205 | 215 |
| **Cleveland-Cliffs, Inc.**  |  |  |
| 4.625% due 03/01/2029  | 355 | 342 |
| 5.875% due 06/01/2027  | 2136 | 2137 |
| 6.875% due 11/01/2029  | 3156 | 3219 |
| 7.625% due 01/15/2034  | 2400 | 2475 |

---

------

<br> Schedule of Investments PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Cloud** **Software Group, Inc.**  |  |  |
| 6.500% due 03/31/2029  | 7777 | 7856 |
| 9.000% due 09/30/2029  | 6392 | 6637 |
| **Clydesdale Acquisition Holdings, Inc.** <br>8.750% due 04/15/2030 | 839 | 863 |
| **CMG Media Corp.** <br>8.875% due 06/18/2029 | 634 | 583 |
| **CNX Midstream Partners LP** <br>4.750% due 04/15/2030 | 1320 | 1267 |
| **Cogent Communications Group LLC/Cogent Finance, Inc.**  |  |  |
| 6.500% due 07/01/2032 (h)  | 2188 | 2128 |
| 7.000% due 06/15/2027  | 3885 | 3878 |
| **CommScope LLC**  |  |  |
| 4.750% due 09/01/2029  | 1915 | 1905 |
| 7.125% due 07/01/2028  | 762 | 765 |
| 8.250% due 03/01/2027 (h)  | 1988 | 2011 |
| **CommScope Technologies LLC** <br>5.000% due 03/15/2027 | 4309 | 4279 |
| **Compass Minerals International, Inc.**  |  |  |
| 6.750% due 12/01/2027  | 127 | 127 |
| 8.000% due 07/01/2030  | 925 | 968 |
| **Comstock Resources, Inc.**  |  |  |
| 5.875% due 01/15/2030  | 1351 | 1302 |
| 6.750% due 03/01/2029  | 5392 | 5378 |
| **Connect Finco SARL/Connect U.S. Finco LLC** <br>9.000% due 09/15/2029 | 3653 | 3845 |
| **Consolidated Communications, Inc.**  |  |  |
| 5.000% due 10/01/2028  | 1329 | 1346 |
| 6.500% due 10/01/2028  | 1825 | 1855 |
| **CoreWeave, Inc.**  |  |  |
| 9.000% due 02/01/2031  | 2925 | 3001 |
| 9.250% due 06/01/2030  | 5853 | 6052 |
| **CP Atlas Buyer, Inc.** <br>9.750% due 07/15/2030 | 781 | 819 |
| **CQP Holdco LP/BIP-V Chinook Holdco LLC** <br>5.500% due 06/15/2031 | 325 | 322 |
| **Crescent Energy Finance LLC**  |  |  |
| 7.375% due 01/15/2033  | 760 | 741 |
| 8.375% due 01/15/2034  | 1855 | 1881 |
| **Crocs, Inc.** <br>4.250% due 03/15/2029 | 2057 | 1974 |
| **Crowdstrike Holdings, Inc.** <br>3.000% due 02/15/2029 | 417 | 398 |
| **Crown Americas LLC/Crown Americas Capital Corp. V** <br>4.250% due 09/30/2026 | 823 | 820 |
| **Crown Cork & Seal Co., Inc.** <br>7.375% due 12/15/2026 | 729 | 752 |
| **CSC Holdings LLC**  |  |  |
| 4.125% due 12/01/2030  | 1175 | 770 |
| 5.375% due 02/01/2028  | 1214 | 1066 |
| 5.500% due 04/15/2027  | 3352 | 3184 |
| 5.750% due 01/15/2030  | 5252 | 2006 |
| 6.500% due 02/01/2029  | 3670 | 2716 |
| 7.500% due 04/01/2028 (h)  | 1622 | 1176 |
| 11.250% due 05/15/2028  | 1478 | 1369 |
| 11.750% due 01/31/2029  | 2810 | 2365 |
| **CVR Energy, Inc.** <br>8.500% due 01/15/2029 | 527 | 539 |
| **CVR Partners LP/CVR Nitrogen Finance Corp.** <br>6.125% due 06/15/2028 | 1268 | 1267 |
| **CVS Health Corp.** <br>7.000% due 03/10/2055 •  | 6780 | 7129 |
| **Darling Ingredients, Inc.** <br>5.250% due 04/15/2027 | 725 | 724 |
| **DaVita, Inc.** <br>4.625% due 06/01/2030 | 2130 | 2043 |
| **Dcli Bidco LLC** <br>7.750% due 11/15/2029 | 1698 | 1767 |
| **Delek Logistics Partners LP/Delek Logistics Finance Corp.**  |  |  |
| 7.125% due 06/01/2028  | 1099 | 1104 |
| 8.625% due 03/15/2029  | 966 | 1008 |
| **Deluxe Corp.**  |  |  |
| 8.000% due 06/01/2029  | 442 | 441 |
| 8.125% due 09/15/2029  | 1743 | 1822 |
| **Diebold Nixdorf, Inc.** <br>7.750% due 03/31/2030 | 1368 | 1446 |
| **Directv Financing LLC** <br>8.875% due 02/01/2030 | 5683 | 5633 |
| **Directv Financing LLC/Directv Financing Co-Obligor, Inc.** <br>5.875% due 08/15/2027 | 2672 | 2671 |
| **Discovery Communications LLC**  |  |  |
| 3.625% due 05/15/2030  | 4250 | 3931 |
| 3.950% due 03/20/2028  | 3800 | 3713 |

---

------

<br> Schedule of Investments PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **DISH** **DBS Corp.**  |  |  |
| 5.125% due 06/01/2029  | 3125 | 2675 |
| 5.250% due 12/01/2026  | 5947 | 5848 |
| 5.750% due 12/01/2028  | 4905 | 4706 |
| 7.375% due 07/01/2028  | 2912 | 2686 |
| 7.750% due 07/01/2026  | 4629 | 4591 |
| **DISH Network Corp.** <br>11.750% due 11/15/2027 | 5684 | 6020 |
| **Dream Finders Homes, Inc.** <br>6.875% due 09/15/2030 | 2644 | 2662 |
| **Dye & Durham Ltd.** <br>8.625% due 04/15/2029 | 877 | 868 |
| **EchoStar Corp.** <br>10.750% due 11/30/2029 | 8503 | 9361 |
| **Efesto Bidco SpA Efesto U.S. LLC** <br>7.500% due 02/15/2032 | 1425 | 1451 |
| **EG Global Finance PLC** <br>12.000% due 11/30/2028 | 1584 | 1742 |
| **Ellucian Holdings, Inc.** <br>6.500% due 12/01/2029 | 2406 | 2450 |
| **Encompass Health Corp.** <br>4.500% due 02/01/2028 | 871 | 864 |
| **Enerflex Ltd.** <br>9.000% due 10/15/2027 | 752 | 768 |
| **Energy Transfer LP** <br>6.500% due 02/15/2056 •  | 1750 | 1744 |
| **Entegris, Inc.** <br>4.750% due 04/15/2029 | 2434 | 2416 |
| **EquipmentShare.com, Inc.** <br>9.000% due 05/15/2028 | 1503 | 1592 |
| **Esab Corp.** <br>6.250% due 04/15/2029 | 778 | 800 |
| **EW Scripps Co.** <br>9.875% due 08/15/2030 | 3800 | 3570 |
| **Excelerate Energy LP** <br>8.000% due 05/15/2030 | 2445 | 2605 |
| **Fair Isaac Corp.** <br>4.000% due 06/15/2028 | 534 | 520 |
| **Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.**  |  |  |
| 4.625% due 01/15/2029  | 1648 | 1570 |
| 6.750% due 01/15/2030  | 2787 | 2617 |
| **First Quantum Minerals Ltd.** <br>8.000% due 03/01/2033 | 200 | 211 |
| **First Student Bidco, Inc./First Transit Parent, Inc.** <br>4.000% due 07/31/2029 | 1721 | 1638 |
| **Fluor Corp.** <br>4.250% due 09/15/2028 | 1732 | 1714 |
| **Fortescue Treasury Pty. Ltd.**  |  |  |
| 4.500% due 09/15/2027  | 700 | 697 |
| 5.875% due 04/15/2030  | 458 | 470 |
| **Fortrea Holdings, Inc.** <br>7.500% due 07/01/2030 (h) | 613 | 581 |
| **Foundation Building Materials, Inc.** <br>6.000% due 03/01/2029 | 444 | 450 |
| **Frontier Communications Holdings LLC**  |  |  |
| 5.000% due 05/01/2028  | 2106 | 2103 |
| 5.875% due 10/15/2027  | 3002 | 3002 |
| 5.875% due 11/01/2029  | 735 | 743 |
| 6.750% due 05/01/2029  | 1851 | 1871 |
| **Full House Resorts, Inc.** <br>8.250% due 02/15/2028 | 958 | 890 |
| **FXI Holdings, Inc.** <br>12.250% due 11/15/2026 | 659 | 582 |
| **Gap, Inc.** <br>3.625% due 10/01/2029 | 1840 | 1724 |
| **Garda World Security Corp.** <br>4.625% due 02/15/2027 | 938 | 932 |
| **GFL Environmental, Inc.**  |  |  |
| 3.500% due 09/01/2028  | 871 | 850 |
| 4.000% due 08/01/2028  | 2234 | 2183 |
| **Global Auto Holdings Ltd./AAG FH U.K. Ltd.**  |  |  |
| 8.375% due 01/15/2029  | 1040 | 1018 |
| 11.500% due 08/15/2029  | 1191 | 1258 |
| **Global Medical Response, Inc.** <br>7.375% due 10/01/2032 | 675 | 695 |
| **Go Daddy Operating Co. LLC/GD Finance Co., Inc.**  |  |  |
| 3.500% due 03/01/2029  | 2030 | 1926 |
| 5.250% due 12/01/2027  | 596 | 596 |
| **goeasy Ltd.**  |  |  |
| 7.375% due 10/01/2030  | 1643 | 1653 |
| 7.625% due 07/01/2029  | 2056 | 2085 |
| 9.250% due 12/01/2028  | 1698 | 1773 |
| **Goodyear Tire & Rubber Co.**  |  |  |
| 4.875% due 03/15/2027  | 15 | 15 |

---

------

<br> Schedule of Investments PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| 5.000% due 07/15/2029  | 950 | 918 |
| **Graham Packaging Co., Inc.** <br>7.125% due 08/15/2028 | 2957 | 2967 |
| **Graphic Packaging International LLC** <br>4.750% due 07/15/2027 | 275 | 273 |
| **Gray Media, Inc.**  |  |  |
| 4.750% due 10/15/2030  | 1124 | 864 |
| 9.625% due 07/15/2032  | 957 | 979 |
| 10.500% due 07/15/2029  | 2188 | 2368 |
| **Griffon Corp.** <br>5.750% due 03/01/2028 | 2818 | 2821 |
| **Grifols SA** <br>4.750% due 10/15/2028 | 3123 | 3036 |
| **Group 1 Automotive, Inc.** <br>4.000% due 08/15/2028 | 926 | 901 |
| **GrubHub Holdings, Inc. (7.000% Cash and 7.000% PIK)** <br>14.000% due 07/31/2030 (b)(h) | 357 | 358 |
| **Gulfport Energy Operating Corp.** <br>6.750% due 09/01/2029 | 2077 | 2134 |
| **HealthEquity, Inc.** <br>4.500% due 10/01/2029 | 1359 | 1319 |
| **Heartland Dental LLC/Heartland Dental Finance Corp.** <br>10.500% due 04/30/2028 | 238 | 251 |
| **Helios Software Holdings, Inc./ION Corporate Solutions Finance SARL**  |  |  |
| 4.625% due 05/01/2028  | 807 | 783 |
| 8.750% due 05/01/2029  | 1484 | 1540 |
| **Herc Holdings, Inc.**  |  |  |
| 5.500% due 07/15/2027  | 1602 | 1599 |
| 7.000% due 06/15/2030  | 1895 | 1970 |
| **Hertz Corp.**  |  |  |
| 4.625% due 12/01/2026 (h)  | 608 | 599 |
| 12.625% due 07/15/2029  | 1711 | 1816 |
| **Hess Midstream Operations LP** <br>5.875% due 03/01/2028 | 886 | 904 |
| **Hilton Domestic Operating Co., Inc.** <br>5.875% due 04/01/2029 | 1018 | 1040 |
| **Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc.** <br>5.000% due 06/01/2029 | 1058 | 1018 |
| **Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp.** <br>4.875% due 04/01/2027 | 839 | 839 |
| **Hologic, Inc.** <br>3.250% due 02/15/2029 | 645 | 623 |
| **Howard Midstream Energy Partners LLC**  |  |  |
| 6.625% due 01/15/2034  | 1525 | 1556 |
| 7.375% due 07/15/2032  | 369 | 383 |
| **HTA Group Ltd.** <br>7.500% due 06/04/2029 | 562 | 584 |
| **Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC** <br>9.000% due 02/15/2029 | 2314 | 2421 |
| **iHeartCommunications, Inc.**  |  |  |
| 7.750% due 08/15/2030  | 330 | 275 |
| 9.125% due 05/01/2029  | 1101 | 995 |
| 10.875% due 05/01/2030  | 955 | 650 |
| **IHO Verwaltungs GmbH (7.750% Cash or 8.500% PIK)** <br>7.750% due 11/15/2030 (b) | 791 | 828 |
| **Illuminate Buyer LLC/Illuminate Holdings IV, Inc.** <br>9.000% due 07/01/2028 | 2368 | 2378 |
| **Imola Merger Corp.** <br>4.750% due 05/15/2029 | 4548 | 4427 |
| **Incora Intermediate II LLC** <br>0.000% (SOFRRATE + 8.000%) due 01/31/2030 «~ | 532 | 532 |
| **Incora Top Holdco LLC** <br>6.000% due 01/30/2033 «~(j) | 382 | 619 |
| **INEOS Finance PLC**  |  |  |
| 6.750% due 05/15/2028  | 2835 | 2783 |
| 7.500% due 04/15/2029  | 839 | 817 |
| **INEOS Quattro Finance 2 PLC** <br>9.625% due 03/15/2029 (h) | 561 | 556 |
| **Ingevity Corp.** <br>3.875% due 11/01/2028 | 3556 | 3420 |
| **Installed Building Products, Inc.** <br>5.750% due 02/01/2028 | 537 | 537 |
| **ION Trading Technologies SARL**  |  |  |
| 5.750% due 05/15/2028  | 2886 | 2843 |
| 9.500% due 05/30/2029  | 891 | 946 |
| **IQVIA, Inc.**  |  |  |
| 5.000% due 10/15/2026  | 1298 | 1298 |
| 5.000% due 05/15/2027  | 2647 | 2642 |
| **Ithaca Energy North Sea PLC** <br>8.125% due 10/15/2029 | 2362 | 2474 |
| **ITT Holdings LLC** <br>6.500% due 08/01/2029 | 1272 | 1251 |
| **Jaguar Land Rover Automotive PLC** <br>4.500% due 10/01/2027 | 1312 | 1295 |

---

------

<br> Schedule of Investments PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **JELD** **-WEN, Inc.** <br>4.875% due 12/15/2027 | 1786 | 1745 |
| **JetBlue Airways Corp./JetBlue Loyalty LP** <br>9.875% due 09/20/2031 | 3639 | 3694 |
| **JW Aluminum Continuous Cast Co.** <br>10.250% due 04/01/2030 | 543 | 568 |
| **K Hovnanian Enterprises, Inc.** <br>8.000% due 04/01/2031 | 2275 | 2334 |
| **Kaiser Aluminum Corp.** <br>4.625% due 03/01/2028 | 2232 | 2209 |
| **KBR, Inc.** <br>4.750% due 09/30/2028 | 882 | 873 |
| **KeHE Distributors LLC/KeHE Finance Corp./NextWave Distribution, Inc.** <br>9.000% due 02/15/2029 | 2323 | 2447 |
| **Kinetik Holdings LP** <br>6.625% due 12/15/2028 | 1611 | 1655 |
| **Kioxia Holdings Corp.** <br>0.000% due 07/24/2030 | 1631 | 1665 |
| **Kodiak Gas Services LLC** <br>7.250% due 02/15/2029 | 1613 | 1675 |
| **Kraken Oil & Gas Partners LLC** <br>7.625% due 08/15/2029 | 3751 | 3721 |
| **LABL, Inc.** <br>10.500% due 07/15/2027 (h) | 3091 | 2549 |
| **Lamar Media Corp.** <br>5.375% due 11/01/2033 | 1400 | 1391 |
| **Lamb Weston Holdings, Inc.** <br>4.875% due 05/15/2028 | 2372 | 2366 |
| **LBM Acquisition LLC**  |  |  |
| 6.250% due 01/15/2029 (h)  | 2180 | 2020 |
| 9.500% due 06/15/2031  | 1825 | 1920 |
| **LCM Investments Holdings II LLC** <br>4.875% due 05/01/2029 | 992 | 973 |
| **Level 3 Financing, Inc.**  |  |  |
| 3.625% due 01/15/2029  | 2279 | 1984 |
| 3.750% due 07/15/2029  | 618 | 530 |
| 3.875% due 10/15/2030  | 800 | 702 |
| 4.500% due 04/01/2030  | 2253 | 2070 |
| 4.875% due 06/15/2029  | 2557 | 2417 |
| **LifePoint Health, Inc.**  |  |  |
| 5.375% due 01/15/2029 (h)  | 2403 | 2291 |
| 10.000% due 06/01/2032  | 1300 | 1367 |
| **Lindblad Expeditions LLC** <br>7.000% due 09/15/2030 | 700 | 714 |
| **Lithia Motors, Inc.**  |  |  |
| 3.875% due 06/01/2029  | 998 | 954 |
| 4.625% due 12/15/2027  | 1095 | 1085 |
| 5.500% due 10/01/2030  | 1350 | 1349 |
| **Live Nation Entertainment, Inc.**  |  |  |
| 4.750% due 10/15/2027  | 2395 | 2381 |
| 6.500% due 05/15/2027  | 1172 | 1184 |
| **Madison IAQ LLC**  |  |  |
| 4.125% due 06/30/2028  | 1778 | 1737 |
| 5.875% due 06/30/2029  | 961 | 950 |
| **Matador Resources Co.** <br>6.875% due 04/15/2028 | 657 | 671 |
| **Match Group Holdings II LLC**  |  |  |
| 4.625% due 06/01/2028  | 2039 | 2005 |
| 5.000% due 12/15/2027  | 1447 | 1444 |
| **Mativ Holdings, Inc.** <br>8.000% due 10/01/2029 | 2112 | 2094 |
| **Mauser Packaging Solutions Holding Co.**  |  |  |
| 7.875% due 04/15/2027  | 4296 | 4343 |
| 9.250% due 04/15/2027  | 5616 | 5634 |
| **Mavis Tire Express Services Topco Corp.** <br>6.500% due 05/15/2029 | 1952 | 1944 |
| **Maxam Prill SARL** <br>7.750% due 07/15/2030 | 1550 | 1562 |
| **Maxim Crane Works Holdings Capital LLC** <br>11.500% due 09/01/2028 | 1848 | 1961 |
| **McAfee Corp.** <br>7.375% due 02/15/2030 (h) | 4537 | 4214 |
| **McGraw-Hill Education, Inc.**  |  |  |
| 5.750% due 08/01/2028  | 2272 | 2273 |
| 8.000% due 08/01/2029  | 2650 | 2701 |
| **Medline Borrower LP**  |  |  |
| 3.875% due 04/01/2029  | 7807 | 7535 |
| 5.250% due 10/01/2029  | 1471 | 1459 |
| **Medline Borrower LP/Medline Co-Issuer, Inc.** <br>6.250% due 04/01/2029 | 1720 | 1766 |
| **MEG Energy Corp.** <br>5.875% due 02/01/2029 | 4161 | 4164 |
| **Methanex Corp.** <br>5.125% due 10/15/2027 | 969 | 971 |

---

------

<br> Schedule of Investments PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Michaels** **Cos., Inc.**  |  |  |
| 5.250% due 05/01/2028  | 1197 | 1108 |
| 7.875% due 05/01/2029  | 1393 | 1170 |
| **Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp.** <br>4.875% due 05/01/2029 | 3160 | 3074 |
| **Millennium Escrow Corp.** <br>6.625% due 08/01/2026 | 501 | 481 |
| **Mineral Resources Ltd.**  |  |  |
| 7.000% due 04/01/2031 (a)  | 700 | 710 |
| 9.250% due 10/01/2028  | 1475 | 1547 |
| **Minerals Technologies, Inc.** <br>5.000% due 07/01/2028 | 1877 | 1841 |
| **MIWD Holdco II LLC/MIWD Finance Corp.** <br>5.500% due 02/01/2030 (h) | 1354 | 1322 |
| **Mohegan Tribal Gaming Authority/MS Digital Entertainment Holdings LLC** <br>8.250% due 04/15/2030 | 1206 | 1254 |
| **Molina Healthcare, Inc.** <br>4.375% due 06/15/2028 | 2581 | 2519 |
| **Moog, Inc.** <br>4.250% due 12/15/2027 | 1478 | 1458 |
| **Motion Bondco DAC** <br>6.625% due 11/15/2027 (h) | 3689 | 3614 |
| **Motion Finco SARL** <br>8.375% due 02/15/2032 | 907 | 785 |
| **MPH Acquisition Holdings LLC** <br>5.750% due 12/31/2030 | 2227 | 1946 |
| **MPH Acquisition Holdings LLC (6.500% Cash and 5.000% PIK)** <br>11.500% due 12/31/2030 (b)(h) | 683 | 715 |
| **Murphy Oil USA, Inc.** <br>5.625% due 05/01/2027 | 259 | 259 |
| **Nabors Industries, Inc.** <br>7.375% due 05/15/2027 | 1381 | 1403 |
| **NCL Corp. Ltd.** <br>7.750% due 02/15/2029 | 837 | 892 |
| **NCR Atleos Corp.** <br>9.500% due 04/01/2029 | 1452 | 1573 |
| **NCR Voyix Corp.**  |  |  |
| 5.000% due 10/01/2028  | 2833 | 2794 |
| 5.125% due 04/15/2029  | 570 | 562 |
| **Neptune Bidco U.S., Inc.** <br>9.290% due 04/15/2029 | 6975 | 6854 |
| **New Enterprise Stone & Lime Co., Inc.** <br>5.250% due 07/15/2028 | 2022 | 2005 |
| **New Flyer Holdings, Inc.** <br>9.250% due 07/01/2030 | 700 | 750 |
| **New Gold, Inc.** <br>6.875% due 04/01/2032 | 2197 | 2303 |
| **Newell Brands, Inc.**  |  |  |
| 6.375% due 05/15/2030  | 606 | 602 |
| 8.500% due 06/01/2028  | 2186 | 2318 |
| **Newfold Digital Holdings Group, Inc.**  |  |  |
| 6.000% due 02/15/2029 «  | 2248 | 1405 |
| 11.750% due 10/15/2028 «  | 2259 | 1604 |
| **Nexstar Media, Inc.**  |  |  |
| 4.750% due 11/01/2028 (h)  | 887 | 866 |
| 5.625% due 07/15/2027  | 3479 | 3477 |
| **Nissan Motor Co. Ltd.**  |  |  |
| 4.345% due 09/17/2027  | 4567 | 4484 |
| 4.810% due 09/17/2030  | 2082 | 1963 |
| 7.500% due 07/17/2030  | 1263 | 1326 |
| 7.750% due 07/17/2032  | 1675 | 1774 |
| **Noble Finance II LLC** <br>8.000% due 04/15/2030 | 3602 | 3731 |
| **Nordstrom, Inc.** <br>4.000% due 03/15/2027 | 738 | 730 |
| **NOVA Chemicals Corp.** <br>5.250% due 06/01/2027 | 2021 | 2028 |
| **Novelis Corp.**  |  |  |
| 4.750% due 01/30/2030  | 2891 | 2791 |
| 6.375% due 08/15/2033  | 1425 | 1441 |
| **NuStar Logistics LP** <br>6.000% due 06/01/2026 | 728 | 733 |
| **Odeon Finco PLC** <br>12.750% due 11/01/2027 | 577 | 599 |
| **Olin Corp.** <br>5.625% due 08/01/2029 | 355 | 356 |
| **Olympus Water U.S. Holding Corp.**  |  |  |
| 4.250% due 10/01/2028  | 361 | 347 |
| 6.250% due 10/01/2029 (h)  | 900 | 875 |
| 7.125% due 10/01/2027  | 1559 | 1588 |
| 9.750% due 11/15/2028  | 2783 | 2923 |
| **ON Semiconductor Corp.** <br>3.875% due 09/01/2028 | 2956 | 2873 |

---

------

<br> Schedule of Investments PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **OneSky** **Flight LLC** <br>8.875% due 12/15/2029 | 2503 | 2634 |
| **Ontario Gaming GTA LP/OTG Co-Issuer, Inc.** <br>8.000% due 08/01/2030 | 935 | 930 |
| **Open Text Corp.** <br>3.875% due 02/15/2028 | 2616 | 2547 |
| **Open Text Holdings, Inc.** <br>4.125% due 02/15/2030 | 147 | 139 |
| **Option Care Health, Inc.** <br>4.375% due 10/31/2029 | 1467 | 1416 |
| **Organon & Co./Organon Foreign Debt Co-Issuer BV** <br>4.125% due 04/30/2028 | 3934 | 3804 |
| **Outfront Media Capital LLC/Outfront Media Capital Corp.**  |  |  |
| 4.250% due 01/15/2029  | 221 | 212 |
| 5.000% due 08/15/2027  | 2256 | 2246 |
| **Owens & Minor, Inc.** <br>4.500% due 03/31/2029 (h) | 1650 | 1326 |
| **Pagaya U.S. Holdings Co. LLC** <br>8.875% due 08/01/2030 | 1850 | 1727 |
| **Paradigm Parent LLC & Paradigm Parent Co-Issuer, Inc.** <br>8.750% due 04/17/2032 | 1025 | 997 |
| **Paramount Global**  |  |  |
| 3.700% due 06/01/2028  | 697 | 682 |
| 6.250% due 02/28/2057 •  | 900 | 888 |
| 6.375% due 03/30/2062 •  | 818 | 817 |
| 6.875% due 04/30/2036  | 267 | 283 |
| **Park River Holdings, Inc.**  |  |  |
| 5.625% due 02/01/2029  | 1550 | 1527 |
| 8.000% due 03/15/2031 (a)  | 450 | 456 |
| **Parkland Corp.**  |  |  |
| 4.625% due 05/01/2030  | 725 | 705 |
| 5.875% due 07/15/2027  | 1365 | 1366 |
| **Penn Entertainment, Inc.** <br>5.625% due 01/15/2027 | 1808 | 1808 |
| **Performance Food Group, Inc.**  |  |  |
| 4.250% due 08/01/2029  | 2372 | 2307 |
| 5.500% due 10/15/2027  | 1342 | 1340 |
| **Permian Resources Operating LLC** <br>8.000% due 04/15/2027 | 1497 | 1521 |
| **Pike Corp.** <br>5.500% due 09/01/2028 | 1975 | 1970 |
| **PM General Purchaser LLC** <br>9.500% due 10/01/2028 | 1925 | 1670 |
| **Post Holdings, Inc.**  |  |  |
| 4.625% due 04/15/2030  | 2015 | 1945 |
| 5.500% due 12/15/2029  | 505 | 504 |
| **Precision Drilling Corp.** <br>6.875% due 01/15/2029 | 2081 | 2094 |
| **Prestige Brands, Inc.** <br>5.125% due 01/15/2028 | 1300 | 1291 |
| **Prime Healthcare Services, Inc.** <br>9.375% due 09/01/2029 | 5334 | 5553 |
| **Prime Security Services Borrower LLC/Prime Finance, Inc.**  |  |  |
| 3.375% due 08/31/2027  | 147 | 143 |
| 5.750% due 04/15/2026  | 648 | 652 |
| 6.250% due 01/15/2028  | 1538 | 1539 |
| **Primo Water Holdings, Inc./Triton Water Holdings, Inc.**  |  |  |
| 4.375% due 04/30/2029  | 144 | 140 |
| 6.250% due 04/01/2029  | 2534 | 2536 |
| **Qnity Electronics, Inc.** <br>6.250% due 08/15/2033 | 775 | 792 |
| **QVC, Inc.** <br>6.875% due 04/15/2029 | 542 | 296 |
| **Rackspace Finance LLC** <br>3.500% due 05/15/2028 | 258 | 109 |
| **Radiology Partners, Inc.** <br>8.500% due 07/15/2032 | 1756 | 1819 |
| **Raising Cane's Restaurants LLC** <br>9.375% due 05/01/2029 | 1327 | 1395 |
| **Rakuten Group, Inc.**  |  |  |
| 8.125% due 12/15/2029 •(f)  | 489 | 509 |
| 9.750% due 04/15/2029  | 3861 | 4345 |
| 11.250% due 02/15/2027  | 4579 | 4968 |
| **Rand Parent LLC** <br>8.500% due 02/15/2030 (h) | 1164 | 1211 |
| **RB Global Holdings, Inc.** <br>6.750% due 03/15/2028 | 872 | 893 |
| **Real Hero Merger Sub 2, Inc.** <br>6.250% due 02/01/2029 | 815 | 555 |
| **Reworld Holding Corp.** <br>4.875% due 12/01/2029 | 392 | 369 |
| **Rivers Enterprise Lender LLC/Rivers Enterprise Lender Corp.** <br>6.250% due 10/15/2030 (a) | 475 | 480 |

---

------

<br> Schedule of Investments PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Rivian** **Holdings LLC/Rivian LLC/Rivian Automotive LLC** <br>10.000% due 01/15/2031 | 2950 | 2749 |
| **ROBLOX Corp.** <br>3.875% due 05/01/2030 | 1699 | 1622 |
| **Rocket Software, Inc.** <br>6.500% due 02/15/2029 | 1216 | 1186 |
| **Rockies Express Pipeline LLC** <br>4.950% due 07/15/2029 | 1446 | 1435 |
| **Rogers Communications, Inc.**  |  |  |
| 5.250% due 03/15/2082 •  | 1168 | 1161 |
| 7.000% due 04/15/2055 •  | 2203 | 2300 |
| **Royal Caribbean Cruises Ltd.**  |  |  |
| 5.500% due 08/31/2026  | 1332 | 1338 |
| 7.500% due 10/15/2027  | 734 | 777 |
| **RR Donnelley & Sons Co.**  |  |  |
| 9.500% due 08/01/2029  | 1884 | 1933 |
| 10.875% due 08/01/2029  | 799 | 798 |
| **Sabre GLBL, Inc.**  |  |  |
| 8.625% due 06/01/2027  | 759 | 770 |
| 10.750% due 11/15/2029  | 1749 | 1697 |
| **Science Applications International Corp.** <br>4.875% due 04/01/2028 | 734 | 727 |
| **SCIH Salt Holdings, Inc.** <br>4.875% due 05/01/2028 | 2557 | 2501 |
| **SCIL IV LLC/SCIL USA Holdings LLC** <br>5.375% due 11/01/2026 | 2736 | 2736 |
| **Scripps Escrow II, Inc.** <br>3.875% due 01/15/2029 (h) | 1798 | 1586 |
| **Seadrill Finance Ltd.** <br>8.375% due 08/01/2030 | 2107 | 2189 |
| **Seagate Data Storage Technology Pte. Ltd.**  |  |  |
| 4.091% due 06/01/2029  | 1543 | 1497 |
| 5.875% due 07/15/2030  | 1756 | 1791 |
| **Sealed Air Corp./Sealed Air Corp. U.S.** <br>6.125% due 02/01/2028 | 992 | 1006 |
| **Sensata Technologies BV** <br>4.000% due 04/15/2029 | 1645 | 1581 |
| **Service Corp. International**  |  |  |
| 3.375% due 08/15/2030  | 67 | 62 |
| 4.625% due 12/15/2027  | 725 | 722 |
| **Shutterfly Finance LLC** <br>9.750% due 10/01/2027 | 247 | 249 |
| **Shutterfly Finance LLC (8.500% Cash)** <br>8.500% due 10/01/2027 | 1897 | 1803 |
| **Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed** <br>4.625% due 03/01/2029 | 3266 | 3136 |
| **Sirius XM Radio LLC**  |  |  |
| 3.125% due 09/01/2026  | 2288 | 2259 |
| 4.000% due 07/15/2028  | 2919 | 2823 |
| 4.125% due 07/01/2030  | 731 | 686 |
| 5.000% due 08/01/2027  | 2463 | 2453 |
| 5.500% due 07/01/2029  | 3853 | 3857 |
| **Six Flags Entertainment Corp.** <br>5.500% due 04/15/2027 | 291 | 291 |
| **Six Flags Entertainment Corp./Canada's Wonderland Co./Magnum Management Corp.** <br>6.500% due 10/01/2028 | 335 | 337 |
| **SK Invictus Intermediate II SARL** <br>5.000% due 10/30/2029 | 1279 | 1253 |
| **SM Energy Co.**  |  |  |
| 6.500% due 07/15/2028  | 618 | 622 |
| 6.625% due 01/15/2027  | 1034 | 1034 |
| 6.750% due 08/01/2029  | 3934 | 3956 |
| 7.000% due 08/01/2032  | 397 | 398 |
| **Smyrna Ready Mix Concrete LLC** <br>6.000% due 11/01/2028 | 3730 | 3734 |
| **Sotheby's** <br>7.375% due 10/15/2027 | 2406 | 2411 |
| **South Bow Canadian Infrastructure Holdings Ltd.** <br>7.625% due 03/01/2055 •  | 220 | 230 |
| **Specialty Building Products Holdings LLC/SBP Finance Corp.** <br>7.750% due 10/15/2029 | 3197 | 3251 |
| **Speedway Motorsports LLC/Speedway Funding II, Inc.** <br>4.875% due 11/01/2027 | 457 | 452 |
| **Spirit AeroSystems, Inc.** <br>4.600% due 06/15/2028 | 2381 | 2380 |
| **Spirit Airlines Pass-Through Trust** <br>4.100% due 10/01/2029 (h) | 393 | 374 |
| **Spirit Loyalty Cayman Ltd / Spirit IP Cayman Ltd. (11.000% Cash or 4.000% PIK and 8.000% Cash)** <br>11.000% due 03/12/2030 (b)(h) | 2495 | 1003 |
| **SS&C Technologies, Inc.** <br>5.500% due 09/30/2027 | 1000 | 999 |
| **Stagwell Global LLC** <br>5.625% due 08/15/2029 | 3258 | 3168 |

---

------

<br> Schedule of Investments PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Standard** **Industries, Inc.**  |  |  |
| 4.375% due 07/15/2030  | 104 | 100 |
| 4.750% due 01/15/2028  | 1293 | 1283 |
| **Staples, Inc.** <br>10.750% due 09/01/2029 | 2874 | 2856 |
| **Star Leasing Co. LLC** <br>7.625% due 02/15/2030 | 620 | 603 |
| **Star Parent, Inc.** <br>9.000% due 10/01/2030 | 1300 | 1376 |
| **Station Casinos LLC** <br>4.500% due 02/15/2028 | 3874 | 3812 |
| **Strathcona Resources Ltd.** <br>6.875% due 08/01/2026 | 1804 | 1806 |
| **SunCoke Energy, Inc.** <br>4.875% due 06/30/2029 | 833 | 779 |
| **Sunoco LP** <br>7.000% due 05/01/2029 | 755 | 782 |
| **Sunoco LP/Sunoco Finance Corp.**  |  |  |
| 4.500% due 05/15/2029  | 461 | 450 |
| 4.500% due 04/30/2030  | 1718 | 1655 |
| 5.875% due 03/15/2028  | 316 | 317 |
| 7.000% due 09/15/2028  | 1008 | 1040 |
| **Talos Production, Inc.** <br>9.000% due 02/01/2029 | 425 | 440 |
| **Taseko Mines Ltd.** <br>8.250% due 05/01/2030 | 858 | 910 |
| **Taylor Morrison Communities, Inc.** <br>5.750% due 01/15/2028 | 1589 | 1613 |
| **TEGNA, Inc.**  |  |  |
| 4.625% due 03/15/2028  | 3418 | 3365 |
| 5.000% due 09/15/2029  | 716 | 713 |
| **Teleflex, Inc.**  |  |  |
| 4.250% due 06/01/2028  | 1301 | 1271 |
| 4.625% due 11/15/2027  | 943 | 935 |
| **Tenet Healthcare Corp.**  |  |  |
| 4.250% due 06/01/2029  | 3705 | 3621 |
| 4.625% due 06/15/2028  | 1338 | 1327 |
| 5.125% due 11/01/2027  | 1587 | 1585 |
| 6.125% due 10/01/2028  | 1623 | 1625 |
| 6.250% due 02/01/2027  | 701 | 701 |
| **Tenneco, Inc.** <br>8.000% due 11/17/2028 | 1333 | 1336 |
| **TGS ASA** <br>8.500% due 01/15/2030 | 3676 | 3790 |
| **Thor Industries, Inc.** <br>4.000% due 10/15/2029 | 1813 | 1720 |
| **Tidewater, Inc.** <br>9.125% due 07/15/2030 | 2583 | 2772 |
| **Titan International, Inc.** <br>7.000% due 04/30/2028 | 2225 | 2230 |
| **TK Elevator U.S. Newco, Inc.** <br>5.250% due 07/15/2027 | 2695 | 2688 |
| **TopBuild Corp.** <br>3.625% due 03/15/2029 | 1866 | 1791 |
| **Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo U.S. LLC** <br>9.500% due 05/15/2030 | 2507 | 2458 |
| **TransDigm, Inc.**  |  |  |
| 4.625% due 01/15/2029  | 1333 | 1307 |
| 6.375% due 03/01/2029  | 2031 | 2079 |
| 6.375% due 05/31/2033  | 1400 | 1419 |
| 6.750% due 08/15/2028  | 2928 | 2987 |
| **Transocean Aquila Ltd.** <br>8.000% due 09/30/2028 | 1353 | 1392 |
| **Transocean International Ltd.**  |  |  |
| 7.875% due 10/15/2032 (a)  | 2700 | 2727 |
| 8.000% due 02/01/2027  | 1570 | 1569 |
| 8.250% due 05/15/2029  | 3979 | 3926 |
| **Transocean Titan Financing Ltd.** <br>8.375% due 02/01/2028 | 1626 | 1670 |
| **Travel & Leisure Co.**  |  |  |
| 6.000% due 04/01/2027  | 538 | 546 |
| 6.625% due 07/31/2026  | 1486 | 1498 |
| **TreeHouse Foods, Inc.** <br>4.000% due 09/01/2028 (h) | 2185 | 2130 |
| **Trident TPI Holdings, Inc.** <br>12.750% due 12/31/2028 | 2410 | 2573 |
| **TriNet Group, Inc.** <br>3.500% due 03/01/2029 | 1057 | 990 |
| **Trivium Packaging Finance BV**  |  |  |
| 8.250% due 07/15/2030  | 1975 | 2109 |
| 12.250% due 01/15/2031  | 575 | 623 |
| **Tronox, Inc.**  |  |  |
| 4.625% due 03/15/2029  | 419 | 274 |
| 9.125% due 09/30/2030 (h)  | 950 | 931 |

---

------

<br> Schedule of Investments PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Tutor** **Perini Corp.** <br>11.875% due 04/30/2029 | 775 | 869 |
| **Twilio, Inc.** <br>3.625% due 03/15/2029 | 1598 | 1525 |
| **U.S. Acute Care Solutions LLC** <br>9.750% due 05/15/2029 | 3115 | 3194 |
| **U.S. Foods, Inc.** <br>6.875% due 09/15/2028 | 1700 | 1754 |
| **U.S. Renal Care, Inc.** <br>10.625% due 06/28/2028 | 326 | 285 |
| **Under Armour, Inc.** <br>3.250% due 06/15/2026 | 1862 | 1843 |
| **Unisys Corp.** <br>10.625% due 01/15/2031 | 1388 | 1480 |
| **United Airlines, Inc.** <br>4.375% due 04/15/2026 | 750 | 750 |
| **United Rentals North America, Inc.**  |  |  |
| 3.875% due 11/15/2027  | 323 | 318 |
| 4.000% due 07/15/2030  | 148 | 142 |
| 4.875% due 01/15/2028  | 1904 | 1900 |
| 5.500% due 05/15/2027  | 691 | 692 |
| **Univision Communications, Inc.**  |  |  |
| 4.500% due 05/01/2029  | 1650 | 1558 |
| 7.375% due 06/30/2030  | 2711 | 2726 |
| 8.000% due 08/15/2028  | 3326 | 3449 |
| **USA Compression Partners LP/USA Compression Finance Corp.**  |  |  |
| 6.250% due 10/01/2033  | 1650 | 1657 |
| 6.875% due 09/01/2027  | 1551 | 1552 |
| 7.125% due 03/15/2029  | 1181 | 1219 |
| **Valaris Ltd.** <br>8.375% due 04/30/2030 | 3196 | 3319 |
| **Velocity Vehicle Group LLC** <br>8.000% due 06/01/2029 | 2163 | 2171 |
| **Venture Global LNG, Inc.**  |  |  |
| 7.000% due 01/15/2030 (h)  | 4309 | 4462 |
| 8.125% due 06/01/2028  | 5379 | 5571 |
| 9.500% due 02/01/2029  | 6603 | 7281 |
| 9.875% due 02/01/2032  | 1600 | 1743 |
| **Venture Global Plaquemines LNG LLC** <br>6.750% due 01/15/2036 | 404 | 429 |
| **Vertiv Group Corp.** <br>4.125% due 11/15/2028 | 1822 | 1781 |
| **VF Corp.**  |  |  |
| 2.800% due 04/23/2027  | 839 | 815 |
| 2.950% due 04/23/2030  | 1071 | 945 |
| **Viasat, Inc.** <br>5.625% due 04/15/2027 | 571 | 569 |
| **Viavi Solutions, Inc.** <br>3.750% due 10/01/2029 | 717 | 679 |
| **Victoria's Secret & Co.** <br>4.625% due 07/15/2029 | 900 | 860 |
| **Viking Cruises Ltd.**  |  |  |
| 5.875% due 09/15/2027  | 1446 | 1448 |
| 9.125% due 07/15/2031  | 1199 | 1288 |
| **Virgin Media Finance PLC** <br>5.000% due 07/15/2030 | 2756 | 2562 |
| **Virgin Media Secured Finance PLC** <br>5.500% due 05/15/2029 | 3707 | 3668 |
| **Virgin Media Vendor Financing Notes IV DAC** <br>5.000% due 07/15/2028 | 1120 | 1098 |
| **Viridien** <br>10.000% due 10/15/2030 | 700 | 720 |
| **VistaJet Malta Finance PLC/Vista Management Holding, Inc.**  |  |  |
| 6.375% due 02/01/2030  | 1785 | 1741 |
| 7.875% due 05/01/2027 (h)  | 2253 | 2290 |
| 9.500% due 06/01/2028 (h)  | 2684 | 2797 |
| **Vital Energy, Inc.** <br>7.875% due 04/15/2032 (h) | 456 | 443 |
| **Vnom Sub, Inc.** <br>5.375% due 11/01/2027 | 100 | 100 |
| **VOC Escrow Ltd.** <br>5.000% due 02/15/2028 | 2434 | 2429 |
| **VZ Secured Financing BV** <br>5.000% due 01/15/2032 | 1666 | 1508 |
| **Warnermedia Holdings, Inc.**  |  |  |
| 3.755% due 03/15/2027  | 2800 | 2764 |
| 4.054% due 03/15/2029  | 697 | 673 |
| 4.279% due 03/15/2032  | 1000 | 918 |
| **Wayfair LLC** <br>7.250% due 10/31/2029 | 2073 | 2143 |
| **WBI Operating LLC** <br>6.250% due 10/15/2030 (a) | 1875 | 1877 |
| **Weatherford International Ltd.**  |  |  |
| 6.750% due 10/15/2033 (a)  | 3400 | 3405 |

---

------

<br> Schedule of Investments PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| 8.625% due 04/30/2030  | 1920 | 1964 |
| **WESCO Distribution, Inc.**  |  |  |
| 6.375% due 03/15/2029  | 1212 | 1249 |
| 7.250% due 06/15/2028  | 304 | 308 |
| **Western Digital Corp.** <br>4.750% due 02/15/2026 | 1194 | 1195 |
| **Whirlpool Corp.** <br>6.125% due 06/15/2030 | 675 | 681 |
| **White Cap Buyer LLC** <br>6.875% due 10/15/2028 (h) | 2631 | 2626 |
| **Wildfire Intermediate Holdings LLC** <br>7.500% due 10/15/2029 | 2335 | 2365 |
| **Williams Scotsman, Inc.** <br>4.625% due 08/15/2028 | 530 | 522 |
| **Windstream Services LLC/Windstream Escrow Finance Corp.** <br>8.250% due 10/01/2031 | 2288 | 2372 |
| **Wolverine World Wide, Inc.** <br>4.000% due 08/15/2029 | 3324 | 3046 |
| **WR Grace Holdings LLC**  |  |  |
| 4.875% due 06/15/2027  | 1643 | 1635 |
| 5.625% due 08/15/2029  | 2979 | 2771 |
| **Wyndham Hotels & Resorts, Inc.** <br>4.375% due 08/15/2028 | 2348 | 2294 |
| **Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.** <br>5.250% due 05/15/2027 | 2150 | 2149 |
| **Xerox Corp.** <br>13.500% due 04/15/2031 | 700 | 678 |
| **Xerox Holdings Corp.** <br>5.500% due 08/15/2028 | 3697 | 2181 |
| **XPLR Infrastructure Operating Partners LP**  |  |  |
| 3.875% due 10/15/2026  | 1646 | 1624 |
| 7.250% due 01/15/2029 (h)  | 1866 | 1917 |
| 8.375% due 01/15/2031 (h)  | 1375 | 1442 |
| **Zayo Group Holdings, Inc.**  |  |  |
| 9.250% due 03/09/2030  | 3742 | 3588 |
| 13.750% due 09/09/2030  | 1748 | 1659 |
| **ZF North America Capital, Inc.**  |  |  |
| 6.750% due 04/23/2030  | 1625 | 1587 |
| 6.875% due 04/14/2028  | 3298 | 3346 |
| 7.125% due 04/14/2030  | 1275 | 1264 |
| **Ziff Davis, Inc.** <br>4.625% due 10/15/2030 | 800 | 755 |
| **Ziggo Bond Co. BV** <br>5.125% due 02/28/2030 | 1338 | 1214 |
| **Ziggo BV** <br>4.875% due 01/15/2030 | 2363 | 2232 |
| **ZipRecruiter, Inc.** <br>5.000% due 01/15/2030 | 484 | 390 |
| **ZoomInfo Technologies LLC/ZoomInfo Finance Corp.** <br>3.875% due 02/01/2029 | 2860 | 2714 |
|  |  | 1097561 |
| **UTILITIES 4.3%**  |  |  |
| **AES Corp.** <br>7.600% due 01/15/2055 •  | 1717 | 1782 |
| **Aethon United BR LP/Aethon United Finance Corp.** <br>7.500% due 10/01/2029 | 1593 | 1663 |
| **AmeriGas Partners LP/AmeriGas Finance Corp.** <br>9.375% due 06/01/2028 | 244 | 251 |
| **Antero Midstream Partners LP/Antero Midstream Finance Corp.** <br>5.750% due 01/15/2028 | 1100 | 1099 |
| **Archrock Partners LP/Archrock Partners Finance Corp.**  |  |  |
| 6.250% due 04/01/2028  | 1108 | 1110 |
| 6.875% due 04/01/2027  | 293 | 293 |
| **Calpine Corp.**  |  |  |
| 4.500% due 02/15/2028  | 2150 | 2142 |
| 5.125% due 03/15/2028  | 1590 | 1592 |
| **Clearway Energy Operating LLC** <br>4.750% due 03/15/2028 | 2072 | 2049 |
| **ContourGlobal Power Holdings SA** <br>6.750% due 02/28/2030 | 1166 | 1213 |
| **Edison International**  |  |  |
| 5.750% due 06/15/2027  | 1344 | 1360 |
| 6.250% due 03/15/2030  | 293 | 305 |
| 7.875% due 06/15/2054 •  | 980 | 1000 |
| 8.125% due 06/15/2053 •(h)  | 900 | 921 |
| **Emera, Inc.** <br>6.750% due 06/15/2076 •  | 1315 | 1323 |
| **EUSHI Finance, Inc.** <br>7.625% due 12/15/2054 •  | 2502 | 2628 |
| **Genesis Energy LP/Genesis Energy Finance Corp.**  |  |  |
| 7.750% due 02/01/2028  | 2146 | 2163 |
| 8.250% due 01/15/2029  | 1247 | 1301 |

---

------

<br> Schedule of Investments PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Hilcorp** **Energy I LP/Hilcorp Finance Co.** <br>6.250% due 11/01/2028 | 1493 | 1498 |
| **Leeward Renewable Energy Operations LLC** <br>4.250% due 07/01/2029 | 911 | 862 |
| **Lumen Technologies, Inc.**  |  |  |
| 4.125% due 04/15/2029  | 609 | 600 |
| 4.125% due 04/15/2030  | 344 | 339 |
| 10.000% due 10/15/2032  | 440 | 446 |
| **Maya SAS/Paris France** <br>7.000% due 10/15/2028 | 793 | 806 |
| **Millicom International Cellular SA** <br>5.125% due 01/15/2028 | 470 | 469 |
| **NGL Energy Operating LLC/NGL Energy Finance Corp.** <br>8.125% due 02/15/2029 | 1555 | 1596 |
| **NRG Energy, Inc.**  |  |  |
| 5.250% due 06/15/2029  | 641 | 639 |
| 5.750% due 01/15/2028  | 770 | 772 |
| **Pattern Energy Operations LP/Pattern Energy Operations, Inc.** <br>4.500% due 08/15/2028 | 2312 | 2255 |
| **PBF Holding Co. LLC/PBF Finance Corp.**  |  |  |
| 6.000% due 02/15/2028  | 4191 | 4169 |
| 7.875% due 09/15/2030  | 1353 | 1337 |
| **PG&E Corp.**  |  |  |
| 5.000% due 07/01/2028  | 1499 | 1486 |
| 7.375% due 03/15/2055 •  | 2900 | 2984 |
| **Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.**  |  |  |
| 5.500% due 01/15/2028  | 2841 | 2829 |
| 6.000% due 12/31/2030  | 125 | 124 |
| **TerraForm Power Operating LLC**  |  |  |
| 4.750% due 01/15/2030  | 2074 | 2006 |
| 5.000% due 01/31/2028  | 3043 | 3023 |
| **Transocean Poseidon Ltd.** <br>6.875% due 02/01/2027 | 945 | 947 |
| **Veon Midco BV** <br>3.375% due 11/25/2027 | 3225 | 3030 |
| **Vistra Operations Co. LLC**  |  |  |
| 5.000% due 07/31/2027  | 1260 | 1257 |
| 5.500% due 09/01/2026  | 1295 | 1295 |
| 5.625% due 02/15/2027  | 1955 | 1959 |
| **Vodafone Group PLC** <br>7.000% due 04/04/2079 •  | 2234 | 2363 |
|  |  | 63286 |
| Total Corporate Bonds & Notes (Cost $1,360,955) |  | 1381505 |
|  | SHARES |  |
| **COMMON STOCKS 0.2%**  |  |  |
| **COMMUNICATION SERVICES 0.1%**  |  |  |
| **SES SA «(d)** | 75928 | 903 |
| **FINANCIALS 0.0%**  |  |  |
| **Bruin Blocker LLC «(d)(j)** | 182994 | 0 |
| **Intelsat SA «(d)(h)(j)** | 90881 | 0 |
|  |  | 0 |
| **HEALTH CARE 0.1%**  |  |  |
| **AmSurg Corp. «(d)(j)** | 21155 | 955 |
| **INDUSTRIALS 0.0%**  |  |  |
| **Incora New Equity «(d)(j)** | 17294 | 694 |
| **Spirit Aviation Holdings, Inc. (d)** | 70218 | 27 |
|  |  | 721 |
| **INFORMATION TECHNOLOGY 0.0%**  |  |  |
| **Riverbed Technology, Inc. «(d)(j)** | 22812 | 6 |
| Total Common Stocks (Cost $8,129) |  | 2585 |
| **WARRANTS 0.0%**  |  |  |
| **INDUSTRIALS 0.0%**  |  |  |
| **Spirit Aviation Holdings, Inc. - Exp. 12/31/2099** | 79807 | 30 |

---

------

<br> Schedule of Investments PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| Total Warrants (Cost $983) |  | <br> 30 |
| **PREFERRED SECURITIES 0.0%**  |  |  |
| **INDUSTRIALS 0.0%**  |  |  |
| **Clover Holdings, Inc.**<br>0.000% «(j) | 2459 | 48 |
| Total Preferred Securities (Cost $37) |  | 48 |
| **SHORT-TERM INSTRUMENTS 4.5%**  |  |  |
| **MUTUAL FUNDS 0.2%**  |  |  |
| **State Street Institutional U.S. Government Money Market Fund, Premier Class** <br> 4.200% (i) | 3311026 | 3311 |
|  |  | 3311 |
| **REPURCHASE AGREEMENTS (k) 4.3%** |  | 62800 |
| Total Short-Term Instruments (Cost $66,111) |  | 62800 |
| Total Investments in Securities (Cost $1,457,530) |  | 1471850 |
|  | SHARES |  |
| **INVESTMENTS IN AFFILIATES 3.6%**  |  |  |
| **SHORT-TERM INSTRUMENTS 3.6%**  |  |  |
| **MUTUAL FUNDS 3.6%**  |  |  |
| **PIMCO Government Money Market Fund** <br> 4.290% (g)(h)(i) | 52878341 | 52878 |
| Total Short-Term Instruments (Cost $56,190) |  | 56189 |
| Total Investments in Affiliates (Cost $52,878) |  | 52878 |
| Total Investments 103.3% (Cost $1,510,408) |  | $1524728 |
| **Financial Derivative Instruments (l)(m) 0.0**%(Cost or Premiums, net $(285)) |  | 35 |
| Other Assets and Liabilities, net (3.3)% |  | (48662) |
| Net Assets 100.0% |  | $1476101 |

---

------

<br> Schedule of Investments PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  |
| **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** |
| **¤** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** |
| **^** | **Security is in default.** | **Security is in default.** | **Security is in default.** | **Security is in default.** | **Security is in default.** | **Security is in default.** | **Security is in default.** | **Security is in default.** | **Security is in default.** | **Security is in default.** |
| **«** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.** |
| **(a)** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** |
| **(b)** | **Payment in-kind security.** | **Payment in-kind security.** | **Payment in-kind security.** | **Payment in-kind security.** | **Payment in-kind security.** | **Payment in-kind security.** | **Payment in-kind security.** | **Payment in-kind security.** | **Payment in-kind security.** | **Payment in-kind security.** |
| **(c)** | **Security is not accruing income as of the date of this report.** | **Security is not accruing income as of the date of this report.** | **Security is not accruing income as of the date of this report.** | **Security is not accruing income as of the date of this report.** | **Security is not accruing income as of the date of this report.** | **Security is not accruing income as of the date of this report.** | **Security is not accruing income as of the date of this report.** | **Security is not accruing income as of the date of this report.** | **Security is not accruing income as of the date of this report.** | **Security is not accruing income as of the date of this report.** |
| **(d)** | **Security did not produce income within the last twelve months.** | **Security did not produce income within the last twelve months.** | **Security did not produce income within the last twelve months.** | **Security did not produce income within the last twelve months.** | **Security did not produce income within the last twelve months.** | **Security did not produce income within the last twelve months.** | **Security did not produce income within the last twelve months.** | **Security did not produce income within the last twelve months.** | **Security did not produce income within the last twelve months.** | **Security did not produce income within the last twelve months.** |
| **(e)** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** |
| **(f)** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** |
| **(g)** | **Institutional Class Shares of each Fund.** | **Institutional Class Shares of each Fund.** | **Institutional Class Shares of each Fund.** | **Institutional Class Shares of each Fund.** | **Institutional Class Shares of each Fund.** | **Institutional Class Shares of each Fund.** | **Institutional Class Shares of each Fund.** | **Institutional Class Shares of each Fund.** | **Institutional Class Shares of each Fund.** | **Institutional Class Shares of each Fund.** |
| **(h)** | **Securities with an aggregate market value of $51,424 were out on loan in exchange for $53,450 of cash collateral as of September 30, 2025.** | **Securities with an aggregate market value of $51,424 were out on loan in exchange for $53,450 of cash collateral as of September 30, 2025.** | **Securities with an aggregate market value of $51,424 were out on loan in exchange for $53,450 of cash collateral as of September 30, 2025.** | **Securities with an aggregate market value of $51,424 were out on loan in exchange for $53,450 of cash collateral as of September 30, 2025.** | **Securities with an aggregate market value of $51,424 were out on loan in exchange for $53,450 of cash collateral as of September 30, 2025.** | **Securities with an aggregate market value of $51,424 were out on loan in exchange for $53,450 of cash collateral as of September 30, 2025.** | **Securities with an aggregate market value of $51,424 were out on loan in exchange for $53,450 of cash collateral as of September 30, 2025.** | **Securities with an aggregate market value of $51,424 were out on loan in exchange for $53,450 of cash collateral as of September 30, 2025.** | **Securities with an aggregate market value of $51,424 were out on loan in exchange for $53,450 of cash collateral as of September 30, 2025.** | **Securities with an aggregate market value of $51,424 were out on loan in exchange for $53,450 of cash collateral as of September 30, 2025.** |
| **(i)** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** |
| **(j)** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** |
| Issuer Description | Issuer Description | Issuer Description |  | Acquisition<br>Date | Acquisition<br>Date | Cost | Cost | Market<br>Value | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
| AmSurg Corp. | AmSurg Corp. | AmSurg Corp. |  | 11/02/2023 - 11/06/2023 | 11/02/2023 - 11/06/2023 | 884 | 884 | 955 | 955 | 0.06 |
| Bruin Blocker LLC | Bruin Blocker LLC | Bruin Blocker LLC |  | 04/20/2021 | 04/20/2021 | 0 | 0 | 0 | 0 | 0.00 |
| Clover Holdings, Inc. | Clover Holdings, Inc. | Clover Holdings, Inc. |  | 12/09/2024 | 12/09/2024 | 37 | 37 | 48 | 48 | 0.00 |
| Incora New Equity | Incora New Equity | Incora New Equity |  | 01/31/2025 | 01/31/2025 | 840 | 840 | 694 | 694 | 0.05 |
| Incora Top Holdco LLC 6.000% due 01/30/2033 | Incora Top Holdco LLC 6.000% due 01/30/2033 | Incora Top Holdco LLC 6.000% due 01/30/2033 |  | 01/31/2025 - 08/01/2025 | 01/31/2025 - 08/01/2025 | 382 | 382 | 619 | 619 | 0.04 |
| Intelsat SA | Intelsat SA | Intelsat SA |  | 10/02/2018 - 07/03/2023 | 10/02/2018 - 07/03/2023 | 3726 | 3726 | 0 | 0 | 0.00 |
| Riverbed Technology, Inc. | Riverbed Technology, Inc. | Riverbed Technology, Inc. |  | 04/24/2018 - 12/07/2021 | 04/24/2018 - 12/07/2021 | 1634 | 1634 | 6 | 6 | 0.00 |
|  |  |  |  |  | $ | 7503 | $ | 2322 | 0.16%  | 0.16%  |
| **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** |
| **(k)** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** |
| Counterparty | Maturity<br>Date | Principal<br>Amount | &nbsp;&nbsp; Collateralized By | &nbsp;&nbsp; Collateralized By | &nbsp;&nbsp; Collateralized By | Collateral<br>(Received) | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value |  | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| BOS | 10/01/2025 | $62800 | &nbsp;&nbsp; U.S. Treasury Notes 1.250% - 4.500% due 12/31/2026 - 03/31/2029 | &nbsp;&nbsp; U.S. Treasury Notes 1.250% - 4.500% due 12/31/2026 - 03/31/2029 | &nbsp;&nbsp; U.S. Treasury Notes 1.250% - 4.500% due 12/31/2026 - 03/31/2029 | (64128) | (64128) | 62800 | $ | $62807 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |  | **(64128)** | **(64128)** | **62800** | **$** | $**62807** |
| <sup>(1)</sup> | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. |
| **(l)** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** |
| **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** |
| **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** |
|  |  |  |  |  |  |  | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> |
| Description | Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) |  | Asset |  | Liability |
| 3-Month SOFR Active Contract June Futures  | 3-Month SOFR Active Contract June Futures  | 09/2027 | 143 | 34642 | 323 | 323 | $ | 11 | $ | 0 |
| 3-Month SOFR Active Contract March Futures  | 3-Month SOFR Active Contract March Futures  | 06/2027 | 143 | 34647 | 322 | 322 |  | 9 |  | 0 |
| U.S. Treasury 5-Year Note December Futures  | U.S. Treasury 5-Year Note December Futures  | 12/2025 | 519 | 56672 | 95 | 95 |  | 20 |  | 0 |
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **740** | **$** | **$** | **$** | **$** | **0** |

---

------

<br> Schedule of Investments PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** |
| **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> |
| Reference Entity | Reference Entity | Fixed <br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Maturity<br>Date | Implied<br>Credit Spread at<br>September 30, 2025<sup>(2)</sup> | Implied<br>Credit Spread at<br>September 30, 2025<sup>(2)</sup> |  | Notional<br>Amount<sup>(3)</sup> | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/<br>(Received) |  | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) |  | Market<br>Value<sup>(4)</sup> | Market<br>Value<sup>(4)</sup> | Asset | Asset |  | Liability |
| Carnival Corp.  | Carnival Corp.  | 1.000% | Quarterly | 12/20/2027 | 12/20/2027 | 0.506 | % | $ | $1000 | 1000 | (100) | $ | 111 | 111 | $ | 11 | 11 | 0 | 0 | $ | 0 |
| Carnival Corp.  | Carnival Corp.  | 1.000 | Quarterly | 06/20/2029 | 06/20/2029 | 0.817 |  |  | 1300 | 1300 | (75) |  | 84 | 84 |  | 9 | 9 | 0 | 0 |  | 0 |
| MGM Resorts International  | MGM Resorts International  | 5.000 | Quarterly | 12/20/2029 | 12/20/2029 | 1.563 |  |  | 3200 | 3200 | 456 |  | (31) | (31) |  | 425 | 425 | 1 | 1 |  | 0 |
| Transocean, Inc.  | Transocean, Inc.  | 1.000 | Quarterly | 12/20/2028 | 12/20/2028 | 2.918 |  |  | 600 | 600 | (89) |  | 55 | 55 |  | (34) | (34) | 0 | 0 |  | 0 |
|  |  |  |  |  |  |  |  |  |  |  | 192 | $ | 219 | 219 | $ | 411 | 411 | 1 | 1 | $ | 0 |
| **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> |
| Index/Tranches | Index/Tranches | Index/Tranches | Fixed <br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Maturity<br>Date |  | Notional<br>Amount<sup>(3)</sup> | Notional<br>Amount<sup>(3)</sup> | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/<br>(Received) |  | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) |  | Market<br>Value<sup>(4)</sup> | Market<br>Value<sup>(4)</sup> | Asset | Asset |  | Liability |
| CDX.HY-36 5-Year Index  | CDX.HY-36 5-Year Index  | CDX.HY-36 5-Year Index  | 5.000% | Quarterly | 06/20/2026 | 06/20/2026 | $ | 4800 | 4800 | 4800 | 180 | $ | (50) | (50) | $ | 130 | 130 | 4 | 4 | $ | 0 |
| CDX.HY-40 5-Year Index  | CDX.HY-40 5-Year Index  | CDX.HY-40 5-Year Index  | 5.000 | Quarterly | 06/20/2028 | 06/20/2028 |  | 588 | 588 | 588 | 14 |  | 29 | 29 |  | 43 | 43 | 1 | 1 |  | 0 |
|  |  |  |  |  |  |  |  |  |  |  | 194 | $ | (21) | (21) | $ | 173 | 173 | 5 | 5 | $ | 0 |
| **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> |
| Pay/<br>Receive<br>Floating Rate | Floating Rate Index | Floating Rate Index | Fixed Rate | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Maturity<br>Date | Notional<br>Amount | Notional<br>Amount | Notional<br>Amount | Premiums<br>Paid/<br>(Received) | Premiums<br>Paid/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Market<br>Value | Asset | Asset | Asset | Liability |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.750% | 3.750% | Annual | 12/18/2026 | 12/18/2026 | $31000 | 31000 | 31000 | $(334) | (334) | $430 | 430 | 430 | $96 | 96 | $0 | 0 | 0 | (8) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.750 | 3.750 | Annual | 12/18/2031 | 12/18/2031 | 8675 | 8675 | 8675 | (337) | (337) | 237 | 237 | 237 | (100) | (100) | 0 | 0 | 0 | (3) |
|  |  |  |  |  |  |  |  |  |  |  | (671) | $ | 667 | 667 | $ | (4) | (4) | 0 | 0 | $ | (11) |
| **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **(285)** | **$** | **865** | **865** | **$** | **580** | **580** | **6** | **6** | **$** | **(11)** |
| **Cash of $8,755 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $8,755 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $8,755 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $8,755 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $8,755 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $8,755 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $8,755 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $8,755 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $8,755 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $8,755 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $8,755 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $8,755 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $8,755 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $8,755 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $8,755 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $8,755 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $8,755 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $8,755 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $8,755 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $8,755 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $8,755 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $8,755 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** |
| <sup>(1)</sup> | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. |
| <sup>(2)</sup> | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate 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. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate 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. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate 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. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate 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. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate 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. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate 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. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate 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. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate 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. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate 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. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate 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. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate 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. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate 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. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate 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. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate 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. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate 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. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate 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. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate 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. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate 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. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate 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. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate 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. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate 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. |
| <sup>(3)</sup> | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. |
| <sup>(4)</sup> | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. |
| **(m)** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** |
| **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** |
| **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Swap Agreements, at Value</u><sup>(4)</sup> | <u>Swap Agreements, at Value</u><sup>(4)</sup> | <u>Swap Agreements, at Value</u><sup>(4)</sup> |
| Counterparty | Reference Entity | Reference Entity | Reference Entity | Reference Entity | Fixed <br>Receive Rate | Payment<br>Frequency | Payment<br>Frequency | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>September 30, 2025<sup>(2)</sup> | Implied<br>Credit Spread at<br>September 30, 2025<sup>(2)</sup> |  | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Premiums<br>Paid/(Received) | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Asset | Liability |
| GST | Petroleos Mexicanos « | Petroleos Mexicanos « | Petroleos Mexicanos « | Petroleos Mexicanos « | 3.750% | Monthly | Monthly | Monthly | 12/24/2025 | —◆ | —◆ | $ | 50 | $0 | 0 | 0 | 0 | 0 | $0 | 0 | $0 |
| **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | $**0** | **0** | **0** | **0** | **0** | $**0** | **0** | $**0** |
| <sup>◆</sup> | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. |

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<br> Schedule of Investments PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <sup>(</sup><sup>1)</sup> | 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. | 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. | 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. | 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. | 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. |
| <sup>(2)</sup> | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate 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. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate 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. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate 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. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate 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. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate 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. |
| <sup>(3)</sup> | 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. | 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. | 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. | 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. | 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. |
| <sup>(4)</sup> | 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. | 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. | 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. | 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. | 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 MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** |
| **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: |
| Category and Subcategory | Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair Value<br>at 09/30/2025 |
| **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** |
| Loan Participations and Assignments | Loan Participations and Assignments | $0 | $16790 | $4781 | $21571 |
| Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| Banking & Finance | Banking & Finance | 4454 | 216204 | 0 | 220658 |
| Industrials | Industrials | 5677 | 1087724 | 4160 | 1097561 |
| Utilities | Utilities | 0 | 63286 | 0 | 63286 |
| Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| Communication Services | Communication Services | 0 | 0 | 903 | 903 |
| Health Care | Health Care | 0 | 0 | 955 | 955 |
| Industrials | Industrials | 27 | 0 | 694 | 721 |
| Information Technology | Information Technology | 0 | 0 | 6 | 6 |
| Warrants | Warrants | Warrants | Warrants | Warrants | Warrants |
| Industrials | Industrials | 0 | 30 | 0 | 30 |
| Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| Industrials | Industrials | 0 | 0 | 48 | 48 |
| Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| Mutual Funds | Mutual Funds | 0 | 3311 | 0 | 3311 |
| Repurchase Agreements | Repurchase Agreements | 0 | 62800 | 0 | 62800 |
|  |  | $10158 | $1450145 | $11547 | $1471850 |
| **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** |
| Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| Mutual Funds | Mutual Funds | 52878 | 0 | 0 | 52878 |
| Total Investments | Total Investments | $63036 | $1450145 | $11547 | $1524728 |
| **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  |
| Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | $0 | $46 | $0 | $46 |
| **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  |
| Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | $0 | $(11) | $0 | $(11) |
| Total Financial Derivative Instruments | Total Financial Derivative Instruments | $0 | $35 | $0 | $35 |
| Totals | Totals | $63036 | $1450180 | $11547 | $1524763 |
| **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** |

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<br> Schedule of Investments PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund September 30, 2025 (Unaudited)

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| | | |
|:---|:---|:---|
| **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** | **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** | **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** |
|  | PRINCIPAL<br>AMOUNT<br>(000s) | MARKET<br>VALUE<br>(000s) |
| **INVESTMENTS IN SECURITIES 99.6% ¤** |  |  |
| **U.S. TREASURY OBLIGATIONS 99.6%**  |  |  |
| **U.S. Treasury Inflation Protected Securities (a)** |  |  |
| 1.750% due 01/15/2028  | $19382 | $19706 |
| 2.500% due 01/15/2029  | 16263 | 16998 |
| 3.625% due 04/15/2028  | 5416 | 5764 |
| 3.875% due 04/15/2029  | 5329 | 5828 |
| 0.125% due 07/15/2026  | 1040 | 1037 |
| 0.125% due 10/15/2026  | 22514 | 22392 |
| 0.125% due 04/15/2027  | 22681 | 22371 |
| 0.125% due 01/15/2030  | 26166 | 24989 |
| 0.125% due 07/15/2030  | 12627 | 12009 |
| 0.125% due 01/15/2032  | 2429 | 2237 |
| 0.250% due 07/15/2029  | 16369 | 15884 |
| 0.375% due 01/15/2027  | 31657 | 31418 |
| 0.375% due 07/15/2027  | 26724 | 26548 |
| 0.500% due 01/15/2028  | 34616 | 34222 |
| 0.625% due 07/15/2032  | 2908 | 2754 |
| 0.750% due 07/15/2028  | 16543 | 16470 |
| 0.875% due 01/15/2029  | 20548 | 20397 |
| 1.250% due 04/15/2028  | 21334 | 21420 |
| 1.625% due 10/15/2027  | 17515 | 17800 |
| 1.625% due 10/15/2029  | 25231 | 25738 |
| 1.625% due 04/15/2030  | 61384 | 62345 |
| 1.875% due 07/15/2034  | 43 | 44 |
| 2.125% due 04/15/2029  | 25327 | 26149 |
| 2.375% due 10/15/2028  | 13758 | 14333 |
| Total U.S. Treasury Obligations (Cost $447,252) |  | 448853 |
|  | SHARES |  |
| **SHORT-TERM INSTRUMENTS 0.0%**  |  |  |
| **MUTUAL FUNDS 0.0%**  |  |  |
| **State Street Institutional U.S. Government Money Market Fund, Premier Class** <br> 4.200%(b) | 61918 | 62 |
| Total Short-Term Instruments (Cost $62) |  | 62 |
| Total Investments in Securities (Cost $447,314) |  | 448915 |
| Total Investments 99.6% (Cost $447,314) |  | $448915 |
| Other Assets and Liabilities, net 0.4% |  | 1775 |
| Net Assets 100.0% |  | $450690 |

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<br> Schedule of Investments PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  |
| **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** |
| **¤** | **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.** | **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.** | **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.** | **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.** | **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.** |
| **(a)** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** |
| **(b)** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** |
| **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** |
| **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: |
| Category and Subcategory | Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair Value<br>at 09/30/2025 |
| **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** |
| U.S. Treasury Obligations | U.S. Treasury Obligations | $0 | $448853 | $0 | $448853 |
| Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| Mutual Funds | Mutual Funds | 0 | 62 | 0 | 62 |
| Total Investments | Total Investments | $0 | $448915 | $0 | $448915 |
| **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** |

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<br> Schedule of Investments PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund September 30, 2025 (Unaudited)

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| | | |
|:---|:---|:---|
| **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** | **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** | **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** |
|  | PRINCIPAL<br>AMOUNT<br>(000s) | MARKET<br>VALUE<br>(000s) |
| **INVESTMENTS IN SECURITIES 99.8% ¤** |  |  |
| **U.S. TREASURY OBLIGATIONS 99.8%**  |  |  |
| **U.S. Treasury Inflation Protected Securities (a)** |  |  |
| 0.125% due 02/15/2051  | $45877 | $25477 |
| 0.125% due 02/15/2052  | 44210 | 23988 |
| 0.250% due 02/15/2050  | 49149 | 29109 |
| 0.625% due 02/15/2043  | 78146 | 59413 |
| 0.750% due 02/15/2042  | 79637 | 63215 |
| 0.750% due 02/15/2045  | 82036 | 61234 |
| 0.875% due 02/15/2047  | 78764 | 58224 |
| 1.000% due 02/15/2046  | 83356 | 64342 |
| 1.000% due 02/15/2048  | 70120 | 52598 |
| 1.000% due 02/15/2049  | 57286 | 42314 |
| 1.375% due 02/15/2044  | 84374 | 72222 |
| 1.500% due 02/15/2053  | 27314 | 21883 |
| 2.125% due 02/15/2041  | 50616 | 50614 |
| 2.125% due 02/15/2054  | 48046 | 44398 |
| 2.375% due 02/15/2055  | 26309 | 25712 |
| Total U.S. Treasury Obligations (Cost $938,535) |  | 694743 |
|  | SHARES |  |
| **SHORT-TERM INSTRUMENTS 0.0%**  |  |  |
| **MUTUAL FUNDS 0.0%**  |  |  |
| **State Street Institutional U.S. Government Money Market Fund, Premier Class** <br> 4.200%(b) | 9738 | 10 |
| Total Short-Term Instruments (Cost $10) |  | 10 |
| Total Investments in Securities (Cost $938,545) |  | 694753 |
| Total Investments 99.8% (Cost $938,545) |  | $694753 |
| Other Assets and Liabilities, net 0.2% |  | 1050 |
| Net Assets 100.0% |  | $695803 |

---

------

<br> Schedule of Investments PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  |
| **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** |
| **¤** | **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.** | **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.** | **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.** | **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.** | **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.** |
| **(a)** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** |
| **(b)** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** |
| **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** |
| **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: |
| Category and Subcategory | Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair Value<br>at 09/30/2025 |
| **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** |
| U.S. Treasury Obligations | U.S. Treasury Obligations | $0 | $694743 | $0 | $694743 |
| Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| Mutual Funds | Mutual Funds | 0 | 10 | 0 | 10 |
| Total Investments | Total Investments | $0 | $694753 | $0 | $694753 |
| **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** |

---

------

<br> Schedule of Investments PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** | **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** | **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** |
|  | PRINCIPAL<br>AMOUNT<br>(000s) | MARKET<br>VALUE<br>(000s) |
| **INVESTMENTS IN SECURITIES 99.7% ¤** |  |  |
| **U.S. TREASURY OBLIGATIONS 99.7%**  |  |  |
| **U.S. Treasury STRIPS (a)** |  |  |
| 0.000% due 11/15/2050  | $289702 | $86244 |
| 0.000% due 02/15/2051  | 330336 | 97138 |
| 0.000% due 05/15/2051  | 309670 | 89945 |
| 0.000% due 08/15/2051  | 296413 | 85169 |
| 0.000% due 11/15/2051  | 309530 | 88083 |
| 0.000% due 02/15/2052  | 328472 | 92325 |
| 0.000% due 05/15/2052  | 323428 | 89879 |
| 0.000% due 08/15/2052  | 360537 | 99046 |
| 0.000% due 11/15/2052  | 358953 | 98107 |
| 0.000% due 02/15/2053  | 369017 | 99638 |
| 0.000% due 05/15/2053  | 321837 | 85864 |
| 0.000% due 08/15/2053  | 395470 | 104732 |
| 0.000% due 11/15/2053  | 334738 | 87989 |
| 0.000% due 02/15/2054  | 240083 | 62264 |
| 0.000% due 05/15/2054  | 204567 | 52620 |
| 0.000% due 08/15/2054  | 305578 | 77609 |
| 0.000% due 11/15/2054  | 325745 | 81895 |
| 0.000% due 02/15/2055  | 367411 | 91366 |
| 0.000% due 05/15/2055  | 318000 | 78376 |
| 0.000% due 08/15/2055  | 322500 | 78600 |
| Total U.S. Treasury Obligations (Cost $2,034,093) |  | 1726889 |
|  | SHARES |  |
| **SHORT-TERM INSTRUMENTS 0.0%**  |  |  |
| **MUTUAL FUNDS 0.0%**  |  |  |
| **State Street Institutional U.S. Government Money Market Fund, Premier Class** <br> 4.200%(b) | 135891 | 136 |
| Total Short-Term Instruments (Cost $136) |  | 136 |
| Total Investments in Securities (Cost $2,034,229) |  | 1727025 |
| Total Investments 99.7% (Cost $2,034,229) |  | $1727025 |
| Other Assets and Liabilities, net 0.3% |  | 4958 |
| Net Assets 100.0% |  | $1731983 |

---

------

<br> Schedule of Investments PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  |
| **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** |
| **¤** | **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.** | **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.** | **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.** | **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.** | **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.** |
| **(a)** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** |
| **(b)** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** |
| **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** |
| **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: |
| Category and Subcategory | Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair Value<br>at 09/30/2025 |
| **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** |
| U.S. Treasury Obligations | U.S. Treasury Obligations | $0 | $1726889 | $0 | $1726889 |
| Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| Mutual Funds | Mutual Funds | 0 | 136 | 0 | 136 |
| Total Investments | Total Investments | $0 | $1727025 | $0 | $1727025 |
| **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** |

---

------

<br> Schedule of Investments PIMCO Active Bond Exchange-Traded Fund September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** | **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** | **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** |
|  | PRINCIPAL<br>AMOUNT<br>(000s) | MARKET<br>VALUE<br>(000s) |
| **INVESTMENTS IN SECURITIES 119.7% ¤** |  |  |
| **LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2%**  |  |  |
| **American Airlines, Inc.**<br>6.575% (TSFR3M + 2.250%) due 04/20/2028 ~ | $2399 | $2398 |
| **Avolon TLB Borrower 1 U.S. LLC**<br>5.885% (TSFR1M + 1.750%) due 06/24/2030 ~ | 1252 | 1253 |
| **Castlelake LP**<br>2.950% due 05/12/2031 « | 4274 | 4085 |
| **Quikrete Holdings, Inc.**<br>6.413% (TSFR1M + 2.250%) due 02/10/2032 ~ | 995 | 995 |
| **SkyMiles IP Ltd.**<br>7.752% (TSFR3M + 3.750%) due 10/20/2027 ~ | 1352 | 1356 |
| Total Loan Participations and Assignments (Cost $10,247) |  | 10087 |
| **CORPORATE BONDS & NOTES 25.0%**  |  |  |
| **BANKING & FINANCE 17.2%**  |  |  |
| **123 Lights Re Ltd.** <br>14.904% (T-BILL 3MO + 11.000%) due 09/14/2031 ~ | 250 | 250 |
| **AerCap Ireland Capital DAC/AerCap Global Aviation Trust**  |  |  |
| 2.450% due 10/29/2026  | 7934 | 7797 |
| 3.000% due 10/29/2028  | 2684 | 2587 |
| 5.100% due 01/19/2029  | 2700 | 2766 |
| **Aircastle Ltd.** <br>5.950% due 02/15/2029 | 5000 | 5219 |
| **Ally Financial, Inc.**  |  |  |
| 6.184% due 07/26/2035 •  | 1250 | 1290 |
| 6.848% due 01/03/2030 •  | 3100 | 3281 |
| **American Assets Trust LP**  |  |  |
| 3.375% due 02/01/2031  | 2800 | 2544 |
| 6.150% due 10/01/2034  | 3950 | 4022 |
| **American Homes 4 Rent LP** <br>5.500% due 02/01/2034 | 1700 | 1756 |
| **American National Group, Inc.** <br>5.750% due 10/01/2029 | 3600 | 3726 |
| **American Tower Corp.**  |  |  |
| 3.650% due 03/15/2027  | 3000 | 2979 |
| 5.800% due 11/15/2028  | 1600 | 1671 |
| **Americold Realty Operating Partnership LP** <br>5.409% due 09/12/2034 | 5900 | 5805 |
| **Antares Holdings LP**  |  |  |
| 3.750% due 07/15/2027  | 3700 | 3598 |
| 3.950% due 07/15/2026  | 1000 | 994 |
| 6.350% due 10/23/2029  | 5900 | 6036 |
| 6.500% due 02/08/2029  | 1000 | 1023 |
| 7.950% due 08/11/2028  | 1100 | 1171 |
| **ARES Capital Corp.** <br>5.875% due 03/01/2029 | 3000 | 3088 |
| **ARES Management Corp.** <br>6.375% due 11/10/2028 | 6000 | 6348 |
| **ARES Strategic Income Fund** <br>5.600% due 02/15/2030 | 5000 | 5051 |
| **Armor RE II Ltd.** <br>12.407% (T-BILL 3MO + 8.500%) due 01/07/2032 ~ | 250 | 267 |
| **Aspen Insurance Holdings Ltd.** <br>5.750% due 07/01/2030 | 3300 | 3457 |
| **Assurant, Inc.** <br>5.550% due 02/15/2036 | 1700 | 1724 |
| **Athene Global Funding**  |  |  |
| 5.516% due 03/25/2027  | 2000 | 2037 |
| 5.684% due 02/23/2026  | 7800 | 7836 |
| **Aviation Capital Group LLC** <br>6.750% due 10/25/2028 | 5000 | 5320 |
| **Avolon Holdings Funding Ltd.**  |  |  |
| 4.950% due 10/15/2032  | 4400 | 4348 |
| 5.750% due 03/01/2029  | 3000 | 3107 |
| **Banco Bilbao Vizcaya Argentaria SA** <br>5.381% due 03/13/2029 | 6000 | 6201 |
| **Banco Santander SA**  |  |  |
| 2.958% due 03/25/2031  | 2200 | 2039 |
| 6.033% due 01/17/2035  | 1200 | 1290 |
| **Bank of America Corp.**  |  |  |
| 4.948% due 07/22/2028 •  | 4000 | 4058 |

---

------

<br> Schedule of Investments PIMCO Active Bond Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| 5.202% due 04/25/2029 •  | 8400 | 8612 |
| 5.288% due 04/25/2034 •  | 9600 | 9935 |
| 5.511% due 01/24/2036 •  | 2500 | 2614 |
| 5.872% due 09/15/2034 •  | 17500 | 18760 |
| **Barclays PLC**  |  |  |
| 5.690% due 03/12/2030 •  | 7500 | 7794 |
| 7.385% due 11/02/2028 •  | 7000 | 7425 |
| 7.437% due 11/02/2033 •  | 5000 | 5739 |
| **BGC Group, Inc.**  |  |  |
| 6.150% due 04/02/2030  | 5987 | 6142 |
| 6.600% due 06/10/2029  | 2800 | 2913 |
| **Blue Cross & Blue Shield of Minnesota**  |  |  |
| 4.850% due 09/30/2030 «(k)  | 3800 | 3776 |
| 5.960% due 04/30/2032 «(k)  | 4000 | 4083 |
| **Blue Owl Capital Corp.** <br>5.950% due 03/15/2029 | 2000 | 2039 |
| **Blue Owl Finance LLC**  |  |  |
| 4.375% due 02/15/2032  | 2000 | 1914 |
| 6.250% due 04/18/2034  | 1100 | 1154 |
| **Blue Ridge Re Ltd.**  |  |  |
| 9.154% (FHMMUSTF + 5.250%) due 01/08/2031 ~  | 2000 | 2073 |
| 11.980% (FHMMUSTF + 7.990%) due 01/08/2031 ~  | 2000 | 2120 |
| **BNP Paribas SA**  |  |  |
| 2.591% due 01/20/2028 •  | 7500 | 7339 |
| 4.625% due 02/25/2031 •(g)(i)  | 2000 | 1829 |
| 5.786% due 01/13/2033 •  | 6600 | 6932 |
| **Boston Properties LP**  |  |  |
| 2.450% due 10/01/2033  | 4700 | 3848 |
| 2.550% due 04/01/2032  | 4400 | 3806 |
| **BPCE SA**  |  |  |
| 5.716% due 01/18/2030 •  | 5000 | 5173 |
| 5.975% due 01/18/2027 •  | 4000 | 4015 |
| **Brandywine Operating Partnership LP**  |  |  |
| 3.950% due 11/15/2027  | 300 | 295 |
| 8.300% due 03/15/2028  | 100 | 106 |
| **Brixmor Operating Partnership LP** <br>4.050% due 07/01/2030 | 2000 | 1959 |
| **Broadstone Net Lease LLC** <br>5.000% due 11/01/2032 | 2300 | 2287 |
| **Brookfield Finance, Inc.** <br>6.350% due 01/05/2034 | 5500 | 6013 |
| **CaixaBank SA**  |  |  |
| 5.673% due 03/15/2030 •  | 4800 | 4980 |
| 6.037% due 06/15/2035 •  | 800 | 851 |
| **Cantor Fitzgerald LP** <br>7.200% due 12/12/2028 | 6500 | 6947 |
| **Cape Lookout Re Ltd.**  |  |  |
| 10.832% (T-BILL 1MO + 6.900%) due 03/13/2032 ~  | 1500 | 1577 |
| 12.609% (T-BILL 1MO + 8.702%) due 04/05/2027 ~  | 2100 | 2194 |
| **Capital One Financial Corp.**  |  |  |
| 7.149% due 10/29/2027 •  | 2000 | 2060 |
| 7.964% due 11/02/2034 •  | 2000 | 2366 |
| **Citadel Finance LLC** <br>5.900% due 02/10/2030 | 5500 | 5582 |
| **Citadel LP** <br>6.375% due 01/23/2032 | 4000 | 4236 |
| **Citadel Securities Global Holdings LLC** <br>5.500% due 06/18/2030 | 2500 | 2567 |
| **Citigroup, Inc.**  |  |  |
| 2.976% due 11/05/2030 •  | 4700 | 4450 |
| 3.785% due 03/17/2033 •  | 4500 | 4277 |
| 4.075% due 04/23/2029 •  | 3000 | 2993 |
| 6.270% due 11/17/2033 •  | 7000 | 7642 |
| **CNO Global Funding** <br>4.950% due 09/09/2029 | 3700 | 3776 |
| **Corebridge Financial, Inc.** <br>5.750% due 01/15/2034 | 2000 | 2105 |
| **Corp0hrg0** <br>5.330% due 06/07/2035 «(k) | 700 | 726 |
| **Cousins Properties LP** <br>5.250% due 07/15/2030 | 3200 | 3278 |
| **Credit Agricole SA** <br>5.862% due 01/09/2036 •  | 4000 | 4207 |
| **Credit Suisse AG AT1 Claim**  | 8900 | 1157 |
| **Crown Castle, Inc.** <br>5.800% due 03/01/2034 | 8100 | 8528 |
| **Deloitte LLP**  |  |  |
| 5.410% due 01/30/2032 «(k)  | 1200 | 1233 |
| 5.590% due 01/30/2035 «(k)  | 1100 | 1127 |
| 5.690% due 01/30/2037 «(k)  | 500 | 511 |
| 5.790% due 01/30/2040 «(k)  | 900 | 916 |
| 5.970% due 01/30/2045 «(k)  | 900 | 905 |
| **Deutsche Bank AG**  |  |  |
| 2.311% due 11/16/2027 •  | 4500 | 4402 |
| 2.552% due 01/07/2028 •  | 6500 | 6359 |
| 5.706% due 02/08/2028 •  | 1500 | 1527 |

---

------

<br> Schedule of Investments PIMCO Active Bond Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| 6.720% due 01/18/2029 •  | 2500 | 2627 |
| 6.819% due 11/20/2029 •  | 1500 | 1605 |
| **Doctors Co. An Interinsurance Exchange** <br>4.500% due 01/18/2032 | 7800 | 6953 |
| **Equitable Holdings, Inc.** <br>5.594% due 01/11/2033 | 1000 | 1053 |
| **Essex Portfolio LP** <br>5.500% due 04/01/2034 | 1500 | 1559 |
| **Extra Space Storage LP**  |  |  |
| 5.400% due 02/01/2034  | 1500 | 1545 |
| 5.900% due 01/15/2031  | 2100 | 2234 |
| **F&G Global Funding** <br>5.875% due 01/16/2030 | 4000 | 4160 |
| **Fairfax Financial Holdings Ltd.**  |  |  |
| 5.625% due 08/16/2032  | 2000 | 2080 |
| 5.750% due 05/20/2035  | 7750 | 8041 |
| 6.350% due 03/22/2054  | 2000 | 2116 |
| **Farmers Insurance Exchange**  |  |  |
| 4.747% due 11/01/2057 •  | 2000 | 1688 |
| 7.000% due 10/15/2064 •  | 1900 | 1981 |
| **Fidelity National Financial, Inc.**  |  |  |
| 2.450% due 03/15/2031  | 2793 | 2476 |
| 3.400% due 06/15/2030  | 1800 | 1711 |
| **First American Financial Corp.**  |  |  |
| 2.400% due 08/15/2031  | 1500 | 1305 |
| 4.000% due 05/15/2030  | 1000 | 967 |
| 5.450% due 09/30/2034  | 1300 | 1305 |
| **Ford Motor Credit Co. LLC**  |  |  |
| 4.950% due 05/28/2027  | 5000 | 4993 |
| 5.800% due 03/08/2029  | 4400 | 4466 |
| 6.050% due 03/05/2031  | 5000 | 5117 |
| 6.798% due 11/07/2028  | 7300 | 7624 |
| 6.950% due 03/06/2026  | 1500 | 1512 |
| **Freedom Mortgage Holdings LLC** <br>8.375% due 04/01/2032 | 6100 | 6399 |
| **FS KKR Capital Corp.**  |  |  |
| 3.400% due 01/15/2026  | 1900 | 1892 |
| 6.875% due 08/15/2029  | 3800 | 3894 |
| 7.875% due 01/15/2029  | 3500 | 3678 |
| **GA Global Funding Trust**  |  |  |
| 4.500% due 09/18/2030  | 4300 | 4268 |
| 5.500% due 01/08/2029  | 3000 | 3106 |
| 5.900% due 01/13/2035  | 6100 | 6340 |
| **Global Atlantic Fin Co.** <br>4.400% due 10/15/2029 | 3000 | 2956 |
| **GLP Capital LP/GLP Financing II, Inc.**  |  |  |
| 3.250% due 01/15/2032  | 1500 | 1351 |
| 5.250% due 02/15/2033  | 2100 | 2105 |
| 5.300% due 01/15/2029  | 600 | 611 |
| 5.625% due 09/15/2034  | 1500 | 1519 |
| 6.250% due 09/15/2054  | 2000 | 2016 |
| 6.750% due 12/01/2033  | 1500 | 1626 |
| **Goldman Sachs Group, Inc.**  |  |  |
| 3.102% due 02/24/2033 •  | 10000 | 9176 |
| 4.482% due 08/23/2028 •  | 10000 | 10065 |
| 5.330% due 07/23/2035 •  | 4700 | 4840 |
| 5.536% due 01/28/2036 •  | 13000 | 13576 |
| 5.851% due 04/25/2035 •  | 4000 | 4263 |
| 6.026% (SOFRRATE + 1.850%) due 03/15/2028 ~  | 3000 | 3053 |
| **Golub Capital BDC, Inc.** <br>6.000% due 07/15/2029 | 6000 | 6133 |
| **Golub Capital Private Credit Fund**  |  |  |
| 0.000% due 08/15/2028  | 4000 | 4022 |
| 5.875% due 05/01/2030  | 2000 | 2036 |
| **Goodman U.S. Finance Five LLC** <br>4.625% due 05/04/2032 | 1500 | 1493 |
| **Greengrove RE Ltd.** <br>11.654% (T-BILL 1MO + 7.750%) due 04/08/2032 ~ | 400 | 400 |
| **HA Sustainable Infrastructure Capital, Inc.** <br>6.375% due 07/01/2034 | 2500 | 2546 |
| **Hanover Insurance Group, Inc.** <br>5.500% due 09/01/2035 | 2100 | 2127 |
| **Hardwood Funding LLC** <br>5.160% due 06/07/2032 «(k) | 1500 | 1545 |
| **Host Hotels & Resorts LP**  |  |  |
| 2.900% due 12/15/2031  | 2000 | 1781 |
| 5.500% due 04/15/2035  | 4850 | 4886 |
| **HPS Corporate Lending Fund** <br>4.900% due 09/11/2028 | 4800 | 4776 |
| **HSBC Holdings PLC**  |  |  |
| 4.755% due 06/09/2028 •  | 2500 | 2522 |
| 5.402% due 08/11/2033 •  | 4200 | 4360 |
| 5.546% due 03/04/2030 •  | 4000 | 4151 |
| 5.719% due 03/04/2035 •  | 7100 | 7494 |
| 6.254% due 03/09/2034 •  | 10000 | 10894 |

---

------

<br> Schedule of Investments PIMCO Active Bond Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **ING** **Groep NV**  |  |  |
| 3.875% due 05/16/2027 •(g)(i)  | 600 | 577 |
| 4.250% due 05/16/2031 •(g)(i)  | 600 | 536 |
| 5.335% due 03/19/2030 •  | 10000 | 10323 |
| **Integrity Re Ltd.** <br>21.138% (T-BILL 1MO + 17.234%) due 06/08/2026 ~ | 2000 | 2196 |
| **Invitation Homes Operating Partnership LP**  |  |  |
| 4.875% due 02/01/2035  | 1000 | 988 |
| 5.450% due 08/15/2030  | 5000 | 5204 |
| **Jackson National Life Global Funding**  |  |  |
| 5.129% (SOFRRATE + 0.950%) due 09/12/2028 ~  | 15000 | 15069 |
| 5.298% (SOFRRATE + 0.970%) due 01/14/2028 ~  | 3100 | 3113 |
| **Jane Street Group/JSG Finance, Inc.** <br>7.125% due 04/30/2031 | 1500 | 1575 |
| **Jones Lang LaSalle, Inc.** <br>6.875% due 12/01/2028 | 3600 | 3866 |
| **JPMorgan Chase & Co.**  |  |  |
| 2.963% due 01/25/2033 •  | 2500 | 2288 |
| 4.565% due 06/14/2030 •  | 12000 | 12139 |
| 5.350% due 06/01/2034 •  | 17500 | 18240 |
| 5.572% due 04/22/2036 •  | 14000 | 14764 |
| 5.766% due 04/22/2035 •  | 9000 | 9593 |
| **KBC Group NV** <br>6.324% due 09/21/2034 •  | 5000 | 5472 |
| **Kilroy Realty LP** <br>3.050% due 02/15/2030 | 2000 | 1847 |
| **Kizuna RE III Pte. Ltd.** <br>2.750% (T-BILL 3MO + 2.750%) due 04/09/2029 ~ | 603 | 618 |
| **KKR Financial Holdings LLC** <br>5.400% due 05/23/2033 | 6000 | 5887 |
| **KKR Group Finance Co. XII LLC** <br>4.850% due 05/17/2032 | 1500 | 1517 |
| **Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.** <br>5.500% due 08/01/2030 | 1400 | 1429 |
| **Lazard Group LLC**  |  |  |
| 5.625% due 08/01/2035  | 3000 | 3053 |
| 6.000% due 03/15/2031  | 1500 | 1586 |
| **Liberty Mutual Group, Inc.**  |  |  |
| 4.125% due 12/15/2051 •  | 4000 | 3930 |
| 4.300% due 02/01/2061  | 4800 | 3027 |
| **Lineage OP LP** <br>5.250% due 07/15/2030 | 2200 | 2231 |
| **Lloyds Banking Group PLC**  |  |  |
| 4.976% due 08/11/2033 •(m)  | 8500 | 8623 |
| 5.871% due 03/06/2029 •  | 5000 | 5189 |
| **Low Income Investment Fund** <br>3.711% due 07/01/2029 | 2500 | 2407 |
| **LPL Holdings, Inc.**  |  |  |
| 5.150% due 06/15/2030  | 4200 | 4277 |
| 5.750% due 06/15/2035  | 900 | 924 |
| 6.750% due 11/17/2028  | 5000 | 5339 |
| **Lseg U.S. Fin Corp.** <br>5.297% due 03/28/2034 | 1500 | 1553 |
| **Luca RE Ltd.** <br>11.154% (T-BILL 3MO + 7.250%) due 07/22/2031 ~ | 700 | 700 |
| **LXP Industrial Trust** <br>2.375% due 10/01/2031 | 5800 | 5039 |
| **Main Street Capital Corp.** <br>6.950% due 03/01/2029 | 3100 | 3254 |
| **Maple Grove Funding Trust I** <br>4.161% due 08/15/2051 | 5500 | 3878 |
| **Marex Group PLC** <br>5.829% due 05/08/2028 | 4000 | 4059 |
| **Massachusetts Mutual Life Insurance Co.** <br>5.077% due 02/15/2069 •  | 3250 | 2959 |
| **Mitsubishi UFJ Financial Group, Inc.**  |  |  |
| 3.195% due 07/18/2029  | 1500 | 1445 |
| 5.354% due 09/13/2028 •  | 2500 | 2556 |
| **MMcapS Funding XVIII Ltd.** <br>4.550% (US0003M + 0.290%) due 12/26/2039 ~ | 507 | 489 |
| **MMIFS Re Ltd.** <br>5.598% (CAONINDX + 2.900%) due 01/10/2033 ~ | 250 | 181 |
| **Morgan Stanley**  |  |  |
| 0.000% due 04/02/2032 þ(k)  | $9000 | 6502 |
| 2.511% due 10/20/2032 •  | 1700 | 1517 |
| 3.622% due 04/01/2031 •  | 3000 | 2912 |
| 5.164% due 04/20/2029 •  | 2000 | 2048 |
| 5.173% due 01/16/2030 •  | 3000 | 3084 |
| 5.664% due 04/17/2036 •  | 15000 | 15833 |
| 6.296% due 10/18/2028 •  | 19500 | 20323 |
| **Nationstar Mortgage Holdings, Inc.** <br>7.125% due 02/01/2032 | 1200 | 1256 |
| **Nature Coast Re Ltd.** <br>13.654% (T-BILL 3MO + 9.750%) due 04/10/2033 ~ | 300 | 314 |
| **NatWest Group PLC**  |  |  |
| 4.600% due 06/28/2031 •(g)(i)  | 200 | 183 |

---

------

<br> Schedule of Investments PIMCO Active Bond Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| 5.778% due 03/01/2035 •  | 8700 | 9178 |
| **Nissan Motor Acceptance Co. LLC**  |  |  |
| 1.850% due 09/16/2026  | 4500 | 4341 |
| 5.300% due 09/13/2027  | 1400 | 1399 |
| **NMI Holdings, Inc.** <br>6.000% due 08/15/2029 | 4500 | 4657 |
| **Nomura Holdings, Inc.**  |  |  |
| 1.653% due 07/14/2026  | 3000 | 2943 |
| 5.842% due 01/18/2028  | 1500 | 1551 |
| 6.070% due 07/12/2028  | 3100 | 3244 |
| **Nordea Bank Abp**  |  |  |
| 3.750% due 03/01/2029 •(g)(i)  | 5000 | 4658 |
| 6.625% due 03/26/2026 •(g)(i)  | 5600 | 5635 |
| **Oaktree Strategic Credit Fund** <br>6.500% due 07/23/2029 | 1300 | 1348 |
| **Omega Healthcare Investors, Inc.** <br>4.750% due 01/15/2028 | 3350 | 3380 |
| **Orange Capital RE DAC** <br>7.979% (EUR003M + 6.000%) due 01/17/2029 ~ | 250 | 296 |
| **Pacific Life Insurance Co.** <br>9.250% due 06/15/2039 | $5000 | 6824 |
| **Palm RE Ltd.** <br>11.654% (T-BILL 1MO + 7.750%) due 06/07/2032 ~ | 250 | 265 |
| **Polestar Re Ltd.**  |  |  |
| 14.402% (T-BILL 3MO + 10.500%) due 01/07/2028 ~  | 600 | 622 |
| 17.154% (T-BILL 3MO + 13.250%) due 01/07/2027 ~  | 2300 | 2395 |
| **Preferred Term Securities XXIV Ltd./Preferred Term Securities XXIV, Inc.** <br>4.599% (US0003M + 0.300%) due 03/22/2037 ~ | 1498 | 1408 |
| **Prologis Targeted U.S. Logistics Fund LP** <br>5.250% due 04/01/2029 | 4400 | 4544 |
| **Prudential Financial, Inc.** <br>6.500% due 03/15/2054 •  | 2800 | 3000 |
| **Quercus Re DAC** <br>10.017% (EUR003M + 8.000%) due 01/06/2031 ~ | 250 | 298 |
| **Realty Income Corp.**  |  |  |
| 3.250% due 01/15/2031  | $2100 | 1989 |
| 4.450% due 09/15/2026  | 700 | 702 |
| 5.125% due 04/15/2035  | 1300 | 1323 |
| **Sammons Financial Group Global Funding**  |  |  |
| 5.064% due 09/02/2027 •  | 3000 | 3004 |
| 5.100% due 12/10/2029  | 1500 | 1544 |
| **Sammons Financial Group, Inc.** <br>6.875% due 04/15/2034 | 7590 | 8365 |
| **Santander Holdings USA, Inc.**  |  |  |
| 5.353% due 09/06/2030 •  | 2800 | 2857 |
| 6.499% due 03/09/2029 •  | 1700 | 1774 |
| 6.565% due 06/12/2029 •  | 3000 | 3146 |
| **Santander U.K. Group Holdings PLC**  |  |  |
| 2.896% due 03/15/2032 •  | 2300 | 2105 |
| 6.534% due 01/10/2029 •  | 8000 | 8375 |
| 6.833% due 11/21/2026 •  | 3000 | 3009 |
| **SBL Holdings, Inc.** <br>5.900% due 09/26/2028 | 4000 | 4018 |
| **Selective Insurance Group, Inc.** <br>5.900% due 04/15/2035 | 2500 | 2599 |
| **Sixth Street Lending Partners**  |  |  |
| 5.750% due 01/15/2030  | 3000 | 3051 |
| 6.125% due 07/15/2030  | 1000 | 1034 |
| **Societe Generale SA** <br>6.446% due 01/10/2029 •  | 3300 | 3438 |
| **Stellantis Finance U.S., Inc.** <br>6.450% due 03/18/2035 | 8000 | 8205 |
| **Stellantis Financial Services U.S. Corp.** <br>4.950% due 09/15/2028 | 2700 | 2700 |
| **Sumitomo Mitsui Financial Group, Inc.**  |  |  |
| 5.520% due 01/13/2028  | 4000 | 4128 |
| 5.766% due 01/13/2033  | 3000 | 3207 |
| **Texas New Mexico PR 1st Mortgage**  |  |  |
| 4.830% due 07/31/2030 «(k)  | 7500 | 7585 |
| 5.120% due 07/31/2032 «(k)  | 5000 | 5086 |
| **Torrey Pines Re Ltd.**  |  |  |
| 9.940% (JMMMUSTF + 6.036%) due 06/07/2032 ~  | 600 | 626 |
| 11.010% (JMMMUSTF + 7.106%) due 06/07/2032 ~  | 300 | 312 |
| 13.282% (BRMMUSDF + 9.378%) due 06/05/2031 ~  | 250 | 255 |
| **Trust Fibra Uno**  |  |  |
| 4.869% due 01/15/2030  | 4900 | 4807 |
| 6.950% due 01/30/2044  | 300 | 298 |
| **UBS AG** <br>5.000% due 07/09/2027 | 3500 | 3560 |
| **UBS Group AG**  |  |  |
| 6.301% due 09/22/2034 •  | 15500 | 16929 |
| 9.016% due 11/15/2033 •  | 2100 | 2632 |
| **Ursa Re Ltd.** <br>11.404% (T-BILL 3MO + 7.500%) due 02/22/2028 ~ | 1000 | 1009 |
| **Ventas Realty LP** <br>5.000% due 01/15/2035 | 2500 | 2503 |

---

------

<br> Schedule of Investments PIMCO Active Bond Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Veraison** **Re Ltd.** <br>8.904% (GSMMUSTI + 5.000%) due 03/08/2033 ~ | 250 | 253 |
| **VICI Properties LP**  |  |  |
| 5.750% due 04/01/2034  | 1000 | 1040 |
| 6.125% due 04/01/2054  | 1000 | 1015 |
| **VICI Properties LP/VICI Note Co., Inc.**  |  |  |
| 3.750% due 02/15/2027  | 100 | 99 |
| 4.125% due 08/15/2030  | 500 | 483 |
| 5.750% due 02/01/2027  | 280 | 284 |
| **Vitality Re XVI Ltd.**  |  |  |
| 5.657% (MSMMUSTF + 1.750%) due 01/08/2030 ~  | 250 | 250 |
| 7.654% (MSMMUSTF + 3.750%) due 01/08/2030 ~  | 250 | 251 |
| **Wells Fargo & Co.**  |  |  |
| 2.879% due 10/30/2030 •  | 1000 | 947 |
| 4.897% due 07/25/2033 •  | 21000 | 21344 |
| 5.557% due 07/25/2034 •  | 17000 | 17863 |
| 5.605% due 04/23/2036 •  | 6000 | 6299 |
| **Windmill III Re DAC** <br>7.147% (EUR003M + 5.210%) due 07/05/2028 ~ | 250 | 297 |
| **Winston RE Ltd.**  |  |  |
| 10.404% (T-BILL 3MO + 6.500%) due 02/21/2028 ~  | $250 | 260 |
| 15.594% (T-BILL 3MO + 11.690%) due 02/26/2031 ~  | 4000 | 4321 |
|  |  | 1026957 |
| **INDUSTRIALS 5.7%**  |  |  |
| **Air Canada** <br>3.875% due 08/15/2026 | 1000 | 992 |
| **Air Canada Pass-Through Trust**  |  |  |
| 3.300% due 07/15/2031  | 577 | 548 |
| 5.250% due 10/01/2030  | 1416 | 1450 |
| **American Airlines Pass-Through Trust**  |  |  |
| 3.375% due 11/01/2028  | 6768 | 6662 |
| 3.700% due 04/01/2028  | 1428 | 1420 |
| **American Airlines, Inc./AAdvantage Loyalty IP Ltd.**  |  |  |
| 5.500% due 04/20/2026  | 225 | 225 |
| 5.750% due 04/20/2029  | 1400 | 1406 |
| **Amrize Finance U.S. LLC** <br>4.950% due 04/07/2030 | 2000 | 2045 |
| **Ashtead Capital, Inc.** <br>5.800% due 04/15/2034 | 3000 | 3146 |
| **Bacardi Ltd.** <br>5.150% due 05/15/2038 | 1200 | 1134 |
| **Bayer U.S. Finance II LLC** <br>4.375% due 12/15/2028 | 15402 | 15350 |
| **Bayer U.S. Finance LLC**  |  |  |
| 6.375% due 11/21/2030  | 1000 | 1069 |
| 6.500% due 11/21/2033  | 2450 | 2644 |
| 6.875% due 11/21/2053  | 1500 | 1634 |
| **Beignet** <br>6.850% due 06/01/2049 «(c) | 59000 | 59000 |
| **Boeing Co.**  |  |  |
| 3.625% due 02/01/2031  | 3000 | 2875 |
| 6.259% due 05/01/2027  | 1300 | 1338 |
| 6.298% due 05/01/2029  | 1700 | 1805 |
| 6.388% due 05/01/2031  | 1300 | 1417 |
| 6.528% due 05/01/2034  | 1100 | 1217 |
| 6.858% due 05/01/2054  | 1800 | 2055 |
| 7.008% due 05/01/2064  | 1000 | 1158 |
| **Booz Allen Hamilton, Inc.** <br>5.950% due 04/15/2035 | 1700 | 1774 |
| **Broadcom, Inc.**  |  |  |
| 2.450% due 02/15/2031  | 10000 | 9098 |
| 4.000% due 04/15/2029  | 2000 | 1991 |
| 4.150% due 04/15/2032  | 2000 | 1962 |
| 4.926% due 05/15/2037  | 2000 | 1996 |
| **CDW LLC/CDW Finance Corp.** <br>5.550% due 08/22/2034 | 2600 | 2667 |
| **Centene Corp.** <br>3.000% due 10/15/2030 | 1500 | 1341 |
| **Charter Communications Operating LLC/Charter Communications Operating Capital**  |  |  |
| 2.800% due 04/01/2031  | 2100 | 1895 |
| 6.384% due 10/23/2035  | 2000 | 2096 |
| **Cheniere Energy Partners LP** <br>3.250% due 01/31/2032 | 2000 | 1823 |
| **Cheniere Energy, Inc.** <br>5.650% due 04/15/2034 | 3000 | 3094 |
| **Choice Hotels International, Inc.**  |  |  |
| 3.700% due 01/15/2031  | 2000 | 1873 |
| 5.850% due 08/01/2034  | 3500 | 3582 |
| **Dell International LLC/EMC Corp.**  |  |  |
| 5.300% due 10/01/2029  | 4400 | 4545 |
| 5.750% due 02/01/2033  | 1500 | 1587 |
| **Delta Air Lines Pass-Through Trust** <br>2.000% due 12/10/2029 | 981 | 940 |

---

------

<br> Schedule of Investments PIMCO Active Bond Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Delta** **Air Lines, Inc.** <br>3.750% due 10/28/2029 | 3400 | 3306 |
| **Delta Air Lines, Inc./SkyMiles IP Ltd.**  |  |  |
| 4.500% due 10/20/2025  | 250 | 250 |
| 4.750% due 10/20/2028  | 2000 | 2012 |
| **Diamondback Energy, Inc.** <br>5.550% due 04/01/2035 | 2700 | 2773 |
| **El Paso Natural Gas Co. LLC** <br>3.500% due 02/15/2032 | 1500 | 1388 |
| **Enbridge, Inc.** <br>6.200% due 11/15/2030 | 2150 | 2321 |
| **Energy Transfer LP**  |  |  |
| 5.250% due 07/01/2029  | 11500 | 11838 |
| 5.550% due 02/15/2028  | 2500 | 2574 |
| 5.700% due 04/01/2035  | 1100 | 1136 |
| 6.000% due 06/15/2048  | 5000 | 4931 |
| **Eni SpA** <br>5.750% due 05/19/2035 | 2500 | 2605 |
| **Essent Group Ltd.** <br>6.250% due 07/01/2029 | 2200 | 2306 |
| **Expedia Group, Inc.** <br>3.250% due 02/15/2030 | 2200 | 2103 |
| **Ferguson Enterprises, Inc.** <br>5.000% due 10/03/2034 | 1000 | 1008 |
| **Flex Intermediate Holdco LLC** <br>4.317% due 12/30/2039 | 2700 | 2248 |
| **Flex Ltd.** <br>5.250% due 01/15/2032 | 2100 | 2154 |
| **GE Capital Funding LLC** <br>4.550% due 05/15/2032 | 1500 | 1518 |
| **Global Payments, Inc.** <br>5.400% due 08/15/2032 | 5100 | 5220 |
| **Greensaif Pipelines Bidco SARL**  |  |  |
| 5.853% due 02/23/2036  | 2300 | 2417 |
| 6.103% due 08/23/2042  | 1400 | 1474 |
| **HCA, Inc.**  |  |  |
| 3.625% due 03/15/2032  | 3000 | 2815 |
| 5.250% due 03/01/2030  | 1600 | 1652 |
| 5.500% due 03/01/2032  | 3300 | 3440 |
| 5.500% due 06/01/2033  | 2200 | 2286 |
| 5.750% due 03/01/2035  | 1000 | 1046 |
| **Imperial Brands Finance PLC** <br>6.125% due 07/27/2027 | 3000 | 3097 |
| **Kraft Heinz Foods Co.** <br>4.375% due 06/01/2046 | 4000 | 3331 |
| **Las Vegas Sands Corp.** <br>3.500% due 08/18/2026 | 1100 | 1092 |
| **Mars, Inc.**  |  |  |
| 5.000% due 03/01/2032  | 2500 | 2559 |
| 5.200% due 03/01/2035  | 2500 | 2557 |
| **Micron Technology, Inc.** <br>5.375% due 04/15/2028 | 1900 | 1960 |
| **MPLX LP** <br>5.000% due 03/01/2033 | 2100 | 2101 |
| **MSCI, Inc.** <br>3.875% due 02/15/2031 | 100 | 96 |
| **National Football League**  |  |  |
| 4.780% due 10/05/2030 «(k)  | 4500 | 4527 |
| 5.250% due 10/05/2034 «(k)  | 3000 | 3076 |
| 5.420% due 10/05/2037 «(k)  | 600 | 618 |
| **National Fuel Gas Co.**  |  |  |
| 5.500% due 10/01/2026  | 1500 | 1516 |
| 5.500% due 03/15/2030  | 2100 | 2172 |
| **NetApp, Inc.**  |  |  |
| 5.500% due 03/17/2032  | 1000 | 1041 |
| 5.700% due 03/17/2035  | 1600 | 1673 |
| **NFL Football Club Term Notes**  |  |  |
| 5.250% due 10/05/2034 «(k)  | 2500 | 2528 |
| 5.420% due 10/05/2037 «(k)  | 1500 | 1520 |
| **Nissan Motor Co. Ltd.** <br>4.345% due 09/17/2027 | 2500 | 2455 |
| **NXP BV/NXP Funding LLC/NXP USA, Inc.** <br>5.000% due 01/15/2033 | 900 | 912 |
| **Oracle Corp.** <br>4.900% due 02/06/2033 | 1000 | 1009 |
| **Pacific National Finance Pty. Ltd.** <br>4.750% due 03/22/2028 | 4300 | 4247 |
| **Petroleos Mexicanos**  |  |  |
| 6.700% due 02/16/2032  | 4600 | 4561 |
| **Quanta Services, Inc.**  |  |  |
| 2.900% due 10/01/2030  | 2000 | 1869 |
| 5.250% due 08/09/2034  | 3100 | 3180 |
| **Quikrete Holdings, Inc.**  |  |  |
| 6.375% due 03/01/2032  | 1200 | 1244 |
| 6.750% due 03/01/2033  | 300 | 312 |

---

------

<br> Schedule of Investments PIMCO Active Bond Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Smith** **& Nephew PLC** <br>5.400% due 03/20/2034 | 7000 | 7231 |
| **South Bow USA Infrastructure Holdings LLC** <br>5.584% due 10/01/2034 | 3700 | 3722 |
| **Spirit Airlines Pass-Through Trust**  |  |  |
| 3.375% due 08/15/2031  | 480 | 448 |
| 4.100% due 10/01/2029  | 638 | 606 |
| **T-Mobile USA, Inc.** <br>2.700% due 03/15/2032 | 2500 | 2242 |
| **Targa Resources Corp.**  |  |  |
| 5.500% due 02/15/2035  | 1150 | 1171 |
| 6.125% due 03/15/2033  | 3000 | 3192 |
| **Time Warner Cable LLC**  |  |  |
| 6.550% due 05/01/2037  | 600 | 624 |
| 7.300% due 07/01/2038  | 2500 | 2733 |
| **Turkish Airlines Pass-Through Trust** <br>4.200% due 09/15/2028 | 1137 | 1120 |
| **United Airlines Pass-Through Trust**  |  |  |
| 2.700% due 11/01/2033  | 303 | 278 |
| 3.100% due 01/07/2030  | 809 | 783 |
| 3.450% due 01/07/2030  | 2427 | 2332 |
| 4.550% due 02/25/2033  | 1716 | 1653 |
| 5.450% due 08/15/2038  | 1931 | 1993 |
| 5.875% due 04/15/2029  | 1033 | 1062 |
| **Vale Overseas Ltd.** <br>6.400% due 06/28/2054 | 4000 | 4116 |
| **Venture Global Calcasieu Pass LLC** <br>4.125% due 08/15/2031 | 6100 | 5762 |
| **Venture Global LNG, Inc.** <br>7.000% due 01/15/2030 | 5600 | 5799 |
| **Viper Energy Partners LLC** <br>4.900% due 08/01/2030 | 1600 | 1613 |
| **Vmed O2 U.K. Financing I PLC** <br>7.750% due 04/15/2032 | 3400 | 3576 |
| **VMware LLC** <br>2.200% due 08/15/2031 | 2000 | 1765 |
| **Western Midstream Operating LP** <br>5.450% due 11/15/2034 | 1700 | 1703 |
| **Westinghouse Air Brake Technologies Corp.**  |  |  |
| 4.700% due 09/15/2028  | 3130 | 3174 |
| 5.611% due 03/11/2034  | 2000 | 2104 |
| **Woodside Finance Ltd.** <br>5.700% due 05/19/2032 | 4700 | 4883 |
|  |  | 340613 |
| **UTILITIES 2.1%**  |  |  |
| **AES Corp.** <br>5.800% due 03/15/2032 | 8000 | 8287 |
| **Capital Power U.S. Holdings, Inc.** <br>5.257% due 06/01/2028 | 1700 | 1733 |
| **Edison International** <br>5.750% due 06/15/2027 | 1750 | 1771 |
| **Electricite de France SA**  |  |  |
| 5.950% due 04/22/2034  | 4000 | 4266 |
| 6.000% due 04/22/2064  | 4000 | 3959 |
| **Enel Finance International NV** <br>7.500% due 10/14/2032 | 2000 | 2307 |
| **Eversource Energy** <br>5.950% due 02/01/2029 | 4400 | 4611 |
| **NGPL PipeCo LLC** <br>3.250% due 07/15/2031 | 1500 | 1359 |
| **NiSource, Inc.** <br>1.700% due 02/15/2031 | 6100 | 5301 |
| **Oncor Electric Delivery Co. LLC** <br>5.150% due 05/01/2029 «~(k) | 12000 | 12293 |
| **ONEOK, Inc.** <br>6.050% due 09/01/2033 | 6000 | 6365 |
| **Pacific Gas & Electric Co.**  |  |  |
| 2.500% due 02/01/2031  | 2400 | 2139 |
| 4.950% due 07/01/2050  | 6700 | 5756 |
| 5.550% due 05/15/2029  | 3000 | 3089 |
| 5.800% due 05/15/2034  | 3000 | 3110 |
| 5.900% due 06/15/2032  | 1500 | 1569 |
| 6.000% due 08/15/2035  | 3200 | 3352 |
| 6.150% due 01/15/2033  | 2200 | 2330 |
| 6.700% due 04/01/2053  | 2200 | 2355 |
| 6.950% due 03/15/2034  | 2000 | 2221 |
| **PacifiCorp** <br>7.375% due 09/15/2055 •  | 5500 | 5799 |
| **PPL Capital Funding, Inc.** <br>5.250% due 09/01/2034 | 2000 | 2047 |
| **Puget Energy, Inc.**  |  |  |
| 4.224% due 03/15/2032  | 3000 | 2878 |
| 5.725% due 03/15/2035  | 1500 | 1550 |

---

------

<br> Schedule of Investments PIMCO Active Bond Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Sempra** <br>6.375% due 04/01/2056 •  | 5000 | 5134 |
| **Southern California Edison Co.**  |  |  |
| 4.000% due 04/01/2047  | 2750 | 2084 |
| 4.650% due 10/01/2043  | 150 | 128 |
| 6.000% due 01/15/2034  | 3600 | 3772 |
| **Southern California Gas Co.** <br>2.550% due 02/01/2030 | 1700 | 1588 |
| **Toledo Edison Co.** <br>2.650% due 05/01/2028 | 2918 | 2771 |
| **Verizon Communications, Inc.**  |  |  |
| 2.850% due 09/03/2041  | 3000 | 2186 |
| 4.400% due 11/01/2034  | 4500 | 4343 |
| 4.780% due 02/15/2035  | 4900 | 4822 |
| **Vistra Operations Co. LLC** <br>6.950% due 10/15/2033 | 5000 | 5580 |
|  |  | 122855 |
| Total Corporate Bonds & Notes (Cost $1,447,490) |  | 1490425 |
| **MUNICIPAL BONDS & NOTES 0.9%**  |  |  |
| **CALIFORNIA 0.2%**  |  |  |
| **California State Public Works Board Revenue Bonds, (BABs), Series 2009** <br>8.361% due 10/01/2034 | 5000 | 5946 |
| **Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021**  |  |  |
| 3.487% due 06/01/2036  | 3300 | 2811 |
| 3.714% due 06/01/2041  | 8000 | 6284 |
|  |  | 15041 |
| **ILLINOIS 0.1%**  |  |  |
| **Illinois State General Obligation Bonds, (BABs), Series 2010** <br>7.350% due 07/01/2035 | 4857 | 5298 |
| **INDIANA 0.1%**  |  |  |
| **Indiana Finance Authority Revenue Bonds, (AGC Insured), Series 2025** <br>5.928% due 07/01/2053 | 8000 | 7990 |
| **MINNESOTA 0.2%**  |  |  |
| **Minnesota Housing Finance Agency Revenue Notes, Series 2024**  |  |  |
| 5.301% due 01/01/2029  | 5515 | 5637 |
| 5.532% due 01/01/2034  | 5000 | 5151 |
|  |  | 10788 |
| **NEW YORK 0.1%**  |  |  |
| **New York City, New York General Obligation Bonds, Series 2025** <br>6.291% due 02/01/2045 | 4180 | 4463 |
| **New York City, New York Industrial Development Agency Revenue Bonds, (AGM Insured), Series 2006** <br>6.027% due 01/01/2046 | 500 | 495 |
|  |  | 4958 |
| **TEXAS 0.1%**  |  |  |
| **Texas Private Activity Bond Surface Transportation Corp. Revenue Bonds, Series 2019** <br>3.922% due 12/31/2049 | 4200 | 3377 |
| **WEST VIRGINIA 0.1%**  |  |  |
| **Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2020** <br>4.875% due 06/01/2049 | 3355 | 3062 |
| Total Municipal Bonds & Notes (Cost $51,139) |  | 50514 |
| **U.S. GOVERNMENT AGENCIES 59.1%**  |  |  |
| **Federal Home Loan Mortgage Corp.**  |  |  |
| 3.000% due 01/01/2043 - 04/01/2043 | 3 | 2 |
| 3.500% due 10/01/2033 - 06/01/2049 | 2955 | 2738 |
| 4.000% due 09/01/2033 - 06/01/2049 | 5676 | 5488 |
| 4.500% due 02/01/2034 - 10/01/2053 | 6562 | 6467 |
| 5.000% due 01/01/2034 - 10/01/2053 | 234640 | 233644 |
| 5.500% due 03/01/2027 - 05/01/2054 | 333284 | 336857 |
| 6.000% due 12/01/2034 - 04/01/2055 | 459995 | 473420 |
| 6.355% due 07/01/2036 •  | 2 | 2 |
| 6.500% due 01/01/2037 - 12/01/2053 | 6325 | 6558 |
| 6.549% due 12/01/2031 •  | 22 | 22 |
| **Federal Home Loan Mortgage Corp. REMICS**  |  |  |
| 0.000% due 01/15/2033 - 07/15/2039 (b)(d) | 249 | 229 |
| 0.000% due 06/15/2042 •  | 50 | 25 |
| 0.000% due 11/15/2048 •(a) | 15438 | 539 |
| 0.463% due 12/15/2040 •(a) | 811 | 57 |
| 0.543% due 05/15/2041 •  | 548 | 466 |

---

------

<br> Schedule of Investments PIMCO Active Bond Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| 1.970% due 06/15/2040 ~(a) | 5078 | 451 |
| 5.000% due 05/15/2033 - 07/15/2041 | 106 | 108 |
| 5.250% due 04/15/2033 | 16 | 16 |
| 5.356% due 06/25/2055 •  | 12512 | 12584 |
| 5.500% due 08/15/2033 | 15 | 16 |
| 5.556% due 08/25/2055 •  | 65294 | 65642 |
| 7.324% due 05/15/2033 •  | 16 | 18 |
| **Federal National Mortgage Association**  |  |  |
| 3.500% due 06/01/2045 - 07/01/2049 | 28552 | 26814 |
| 4.000% due 10/01/2025 - 09/01/2052 | 76183 | 72295 |
| 4.500% due 10/01/2035 - 06/01/2051 | 3399 | 3384 |
| 5.000% due 05/01/2034 - 06/01/2053 | 86904 | 86769 |
| 5.330% due 04/01/2032 | 1176 | 1235 |
| 5.500% due 12/01/2031 - 02/01/2055 | 381195 | 384977 |
| 5.800% due 12/01/2028 •  | 86 | 86 |
| 6.000% due 06/01/2037 - 04/01/2055 | 290945 | 298931 |
| 6.343% due 09/01/2034 •  | 17 | 18 |
| 6.405% due 11/01/2035 •  | 2 | 2 |
| 6.500% due 01/01/2036 - 02/01/2054 | 67114 | 69557 |
| 6.945% due 04/01/2036 •  | 3 | 3 |
| 7.000% due 04/01/2037 - 03/01/2038 | 36 | 38 |
| 7.500% due 10/01/2037 | 52 | 56 |
| **Federal National Mortgage Association Interest STRIPS**<br>0.000% due 07/25/2031 (b)(d) | 7 | 6 |
| **Federal National Mortgage Association REMICS**  |  |  |
| 0.000% due 12/25/2032 - 02/25/2040 (b)(d) | 48 | 42 |
| 0.741% due 05/25/2042 •  | 134 | 102 |
| 1.529% due 09/25/2042 •(a) | 17318 | 2630 |
| 1.949% due 04/25/2040 •(a) | 22 | 1 |
| 2.729% due 05/25/2036 •(a) | 508 | 55 |
| 3.000% due 03/25/2033 - 02/25/2043 | 1 | 1 |
| 3.500% due 06/25/2042 | 394 | 376 |
| 4.500% due 11/25/2035 - 03/25/2041 | 144 | 142 |
| 5.556% due 08/25/2055 •  | 99637 | 100110 |
| 6.000% due 05/25/2031 - 07/25/2037 | 37 | 39 |
| 6.531% due 01/25/2036 •  | 54 | 55 |
| **Government National Mortgage Association**  |  |  |
| 2.000% due 08/20/2030 | 424 | 409 |
| 3.000% due 08/20/2026 - 07/15/2029 | 4230 | 4192 |
| 3.500% due 10/20/2042 - 03/20/2047 | 6918 | 6375 |
| 4.000% due 09/20/2040 - 06/15/2047 | 11123 | 10629 |
| 4.500% due 08/20/2038 - 02/20/2047 | 1192 | 1174 |
| 5.000% due 03/20/2034 - 04/20/2040 | 246 | 247 |
| 5.500% due 11/20/2038 | 6 | 6 |
| 5.589% due 06/20/2055 •  | 49645 | 49952 |
| 6.000% due 08/20/2038 - 02/20/2039 | 45 | 45 |
| 6.500% due 12/20/2038 | 11 | 11 |
| **Government National Mortgage Association REMICS**  |  |  |
| 3.500% due 12/20/2040 | 50 | 50 |
| 4.750% due 01/20/2035 | 53 | 53 |
| 5.500% due 04/16/2034 - 07/20/2037 | 17 | 18 |
| **Government National Mortgage Association, TBA**  |  |  |
| 2.500% due 11/01/2055 | 95000 | 81807 |
| 3.000% due 10/01/2055 - 11/01/2055 | 132000 | 117856 |
| 3.500% due 10/01/2055 - 11/01/2055 | 102800 | 93729 |
| 6.000% due 10/01/2055 | 100000 | 101717 |
| **Tennessee Valley Authority**<br>5.250% due 02/01/2055 | 10000 | 9990 |
| **Tennessee Valley Authority Principal STRIPS**<br>0.000% due 06/15/2038 (d) | 2500 | 1372 |
| **Uniform Mortgage-Backed Security, TBA**  |  |  |
| 3.000% due 11/01/2055 | 216066 | 189825 |
| 4.000% due 11/01/2055 | 85000 | 80101 |
| 4.500% due 11/01/2055 - 12/01/2055 | 441700 | 428242 |
| 5.000% due 11/01/2055 | 133800 | 132621 |
| 6.500% due 11/01/2055 | 16300 | 16856 |
| Total U.S. Government Agencies (Cost $3,495,003) |  | 3520350 |
| **U.S. TREASURY OBLIGATIONS 14.1%**  |  |  |
| **U.S. Treasury Bonds**  |  |  |
| 2.375% due 02/15/2042 (o)(q) | 150000 | 111202 |
| 3.125% due 08/15/2044 | 206100 | 165081 |
| 3.875% due 02/15/2043 (o) | 318300 | 288982 |
| 4.750% due 05/15/2055 (m) | 32300 | 32411 |
| **U.S. Treasury Inflation Protected Securities (f)** |  |  |
| 1.750% due 01/15/2034 (o) | 158893 | 159701 |
| 2.125% due 01/15/2035 (m) | 83320 | 85803 |
| Total U.S. Treasury Obligations (Cost $808,288) |  | 843180 |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES 5.9%**  |  |  |
| **AG Trust** <br>6.166% due 07/15/2041 •  | 3279 | 3295 |
| **Ajax Mortgage Loan Trust** <br>1.698% due 05/25/2059 þ | 714 | 675 |

---

------

<br> Schedule of Investments PIMCO Active Bond Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **American** **Home Mortgage Investment Trust** <br>4.632% due 12/25/2046 •  | 2636 | 2241 |
| **Angel Oak Mortgage Trust** <br>4.846% due 07/25/2062 þ | 10000 | 9982 |
| **BAMLL Commercial Mortgage Securities Trust** <br>2.847% due 04/20/2042 ~ | 12600 | 10225 |
| **Banc of America Commercial Mortgage Pass-Through Certificates**  |  |  |
| 3.110% due 04/25/2050 «~  | 28565 | 27697 |
| 3.110% due 08/25/2052 «~  | 10000 | 8851 |
| **Banc of America Funding Trust** <br>4.482% due 08/27/2036 ~ | 5337 | 5138 |
| **Bank** <br>5.561% due 05/15/2068 ~ | 2200 | 2320 |
| **Bank5**  |  |  |
| 5.769% due 06/15/2057  | 2200 | 2298 |
| 5.788% due 06/15/2057  | 4300 | 4485 |
| **BBCMS Mortgage Trust**  |  |  |
| 4.314% due 12/15/2051  | 1000 | 1001 |
| 4.534% due 09/15/2058  | 7000 | 7025 |
| **BCAP LLC Trust** <br>4.737% due 05/25/2047 •  | 1328 | 1234 |
| **Bear Stearns ALT-A Trust** <br>4.912% due 04/25/2034 •  | 5 | 5 |
| **Benchmark Mortgage Trust**  |  |  |
| 4.077% due 07/15/2051  | 4175 | 4137 |
| 6.841% due 11/15/2056 ~  | 6700 | 7121 |
| **BMO Mortgage Trust**  |  |  |
| 5.057% due 10/15/2058 (c)  | 3000 | 3044 |
| 5.226% due 10/15/2058 (c)  | 2500 | 2584 |
| 5.462% due 02/15/2057  | 2000 | 2059 |
| 5.625% due 12/15/2057 ~  | 3400 | 3546 |
| 5.857% due 02/15/2057  | 2000 | 2096 |
| **BWAY Mortgage Trust** <br>5.515% due 09/15/2036 •  | 5000 | 4848 |
| **BX Commercial Mortgage Trust**  |  |  |
| 4.994% due 10/15/2036 •  | 655 | 654 |
| 5.163% due 02/15/2039 •  | 2867 | 2866 |
| **Chase Home Lending Mortgage Trust**  |  |  |
| 3.250% due 03/25/2063 ~  | 3553 | 3230 |
| 3.250% due 09/25/2063 ~  | 2578 | 2339 |
| 3.375% due 04/25/2065 ~  | 5007 | 4547 |
| 5.656% due 06/25/2055 •  | 3970 | 3973 |
| **Chase Mortgage Finance Trust** <br>6.000% due 05/25/2036 | 3423 | 1380 |
| **ChaseFlex Trust** <br>6.500% due 02/25/2037 | 3795 | 1258 |
| **CHL Mortgage Pass-Through Trust**  |  |  |
| 4.462% due 11/25/2037 ~  | 1847 | 1754 |
| 4.629% due 02/20/2036 ~  | 389 | 343 |
| 4.812% due 03/25/2035 •  | 43 | 41 |
| 4.936% due 03/20/2036 ~  | 420 | 392 |
| **CHL Reperforming Loan Trust REMICS** <br>4.612% due 01/25/2036 •  | 631 | 599 |
| **CIM Trust** <br>5.500% due 08/25/2064 ~ | 10270 | 10367 |
| **Citigroup Mortgage Loan Trust, Inc.**  |  |  |
| 4.592% due 09/25/2036 •  | 349 | 332 |
| 5.072% due 08/25/2035 •  | 100 | 98 |
| 5.500% due 08/25/2034  | 874 | 885 |
| **COLT Mortgage Loan Trust** <br>6.467% due 08/25/2067 þ | 1326 | 1323 |
| **COMM Mortgage Trust**  |  |  |
| 3.140% due 10/10/2036  | 2340 | 2207 |
| 5.565% due 12/15/2038 •  | 5261 | 5193 |
| **Countrywide Alternative Loan Trust**  |  |  |
| 4.522% due 06/25/2037 •  | 465 | 393 |
| 4.632% due 05/25/2047 •  | 121 | 113 |
| 4.890% due 12/20/2035 •  | 2526 | 2407 |
| 5.500% due 07/25/2035  | 937 | 656 |
| 5.500% due 08/25/2035  | 256 | 219 |
| 5.500% due 12/25/2035  | 601 | 410 |
| 5.500% due 02/25/2036  | 1165 | 928 |
| 5.750% due 05/25/2036  | 355 | 133 |
| 6.000% due 04/25/2037  | 2414 | 2026 |
| 6.250% due 08/25/2036  | 300 | 157 |
| **Credit Suisse First Boston Mortgage Securities Corp.**  |  |  |
| 4.922% due 11/25/2031 •  | 24 | 13 |
| 5.071% due 11/25/2034 ~  | 13 | 12 |
| **CSMC Mortgage-Backed Trust**  |  |  |
| 5.500% due 03/25/2037  | 669 | 310 |
| 6.421% due 10/25/2037 ~  | 2720 | 1580 |
| **CSMC Trust**  |  |  |
| 3.869% due 02/25/2061 ~  | 1392 | 1386 |
| 3.952% due 09/25/2057 ~  | 1000 | 950 |
| 4.136% due 12/27/2060 ~  | 1694 | 1688 |
| 4.209% due 07/27/2061 ~  | 2474 | 2465 |

---

------

<br> Schedule of Investments PIMCO Active Bond Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| 5.665% due 07/15/2038 •  | 1000 | 911 |
| 6.000% due 07/25/2037  | 306 | 265 |
| **Deutsche Alt-A Securities, Inc. Mortgage Loan Trust** <br>4.752% due 01/25/2047 •  | 3228 | 2848 |
| **Deutsche Alt-B Securities, Inc. Mortgage Loan Trust**  |  |  |
| 5.431% due 02/25/2036 ~  | 103 | 94 |
| 5.665% due 02/25/2036 ~  | 955 | 876 |
| **Ellington Financial Mortgage Trust** <br>5.100% due 10/25/2070 þ | 1000 | 1002 |
| **EQUS Mortgage Trust** <br>5.170% due 10/15/2038 •  | 3736 | 3732 |
| **GS Mortgage Securities Corp. Trust** <br>5.397% due 07/15/2035 •  | 1298 | 882 |
| **GSMPS Mortgage Loan Trust** <br>4.622% due 01/25/2036 •  | 1571 | 1272 |
| **GSR Mortgage Loan Trust**  |  |  |
| 4.290% due 11/25/2035 ~  | 5 | 4 |
| 4.668% due 01/25/2036 ~  | 766 | 714 |
| 6.000% due 03/25/2036  | 4031 | 1304 |
| 6.300% due 09/25/2034 ~  | 87 | 88 |
| 6.500% due 05/25/2036  | 536 | 205 |
| **HarborView Mortgage Loan Trust**  |  |  |
| 4.628% due 01/19/2038 •  | 2408 | 2129 |
| 4.658% due 12/19/2036 •  | 1995 | 1581 |
| 4.788% due 03/19/2035 •  | 687 | 702 |
| **IndyMac INDX Mortgage Loan Trust** <br>3.879% due 09/25/2036 ~ | 1367 | 876 |
| **JP Morgan Alternative Loan Trust** <br>5.533% due 12/25/2035 ~ | 377 | 256 |
| **JP Morgan Chase Commercial Mortgage Securities Trust**  |  |  |
| 2.287% due 03/05/2042  | 2210 | 2061 |
| 2.812% due 01/16/2037  | 100 | 90 |
| 3.648% due 12/15/2049 ~  | 3700 | 3662 |
| 4.997% due 04/15/2037 •  | 1953 | 1926 |
| 5.439% due 07/05/2033 •  | 1777 | 1729 |
| 7.235% due 10/05/2040  | 2000 | 2119 |
| **JP Morgan Mortgage Trust**  |  |  |
| 4.625% due 07/25/2063 ~  | 4581 | 4503 |
| 5.204% due 07/25/2035 ~  | 9 | 9 |
| 5.244% due 02/25/2036 ~  | 568 | 394 |
| 6.000% due 08/25/2037  | 766 | 326 |
| 6.500% due 01/25/2036  | 4906 | 2471 |
| **Key Commercial Mortgage Securities Trust** <br>2.233% due 09/16/2052 | 10000 | 9039 |
| **Legacy Mortgage Asset Trust**  |  |  |
| 5.250% due 07/25/2067 þ  | 1582 | 1583 |
| 5.750% due 07/25/2061 þ  | 972 | 973 |
| 5.892% due 10/25/2066 þ  | 1288 | 1289 |
| **Lehman XS Trust**  |  |  |
| 4.632% due 12/25/2036 •  | 1789 | 1767 |
| 4.652% due 11/25/2046 •  | 2249 | 2006 |
| 5.153% due 11/25/2035 •  | 2 | 2 |
| **LUX** <br>6.841% due 08/15/2040 •  | 3200 | 3242 |
| **MASTR Adjustable Rate Mortgages Trust**  |  |  |
| 3.482% due 04/25/2034 ~  | 137 | 120 |
| 6.224% due 12/25/2035 •  | 2442 | 2408 |
| **Merrill Lynch Mortgage Investors Trust**  |  |  |
| 4.832% due 07/25/2029 •  | 26 | 26 |
| 5.302% due 05/25/2029 ~  | 7 | 6 |
| **MFA Trust**  |  |  |
| 1.014% due 01/26/2065 ~  | 936 | 891 |
| 1.324% due 01/26/2065 ~  | 255 | 244 |
| 1.381% due 04/25/2065 ~  | 1173 | 1149 |
| 1.632% due 01/26/2065 ~  | 491 | 469 |
| 1.638% due 04/25/2065 ~  | 485 | 475 |
| 6.775% due 10/25/2058 þ  | 959 | 971 |
| **MHC Commercial Mortgage Trust** <br>5.065% due 04/15/2038 •  | 725 | 725 |
| **Mill City Mortgage Loan Trust**  |  |  |
| 2.750% due 07/25/2059 ~  | 1295 | 1270 |
| 2.750% due 08/25/2059 ~  | 392 | 382 |
| **MKT Mortgage Trust** <br>2.694% due 02/12/2040 | 5000 | 4446 |
| **Morgan Stanley Capital I Trust** <br>3.912% due 09/09/2032 | 2100 | 1910 |
| **Morgan Stanley Mortgage Loan Trust** <br>6.035% due 06/25/2036 ~ | 1843 | 1812 |
| **Natixis Commercial Mortgage Securities Trust**  |  |  |
| 3.858% due 04/10/2037  | 3260 | 2852 |
| 5.365% due 08/15/2038 •  | 835 | 804 |
| **New Residential Mortgage Loan Trust** <br>6.864% due 10/25/2063 þ | 5717 | 5801 |
| **NLT Trust** <br>3.200% due 10/25/2062 ~ | 2689 | 2454 |

---

------

<br> Schedule of Investments PIMCO Active Bond Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Nomura** **Asset Acceptance Corp. Alternative Loan Trust** <br>4.772% due 06/25/2037 •  | 4524 | 3791 |
| **Nomura Resecuritization Trust** <br>6.500% due 10/26/2037 | 1792 | 739 |
| **OBX Trust**  |  |  |
| 6.120% due 11/25/2062 ~  | 4239 | 4237 |
| 6.129% due 12/25/2063 þ  | 4798 | 4859 |
| 6.567% due 06/25/2063 þ  | 2354 | 2373 |
| 7.159% due 10/25/2063 þ  | 2315 | 2356 |
| **One New York Plaza Trust** <br>5.215% due 01/15/2036 •  | 6100 | 6005 |
| **OPEN Trust** <br>7.239% due 11/15/2040 •  | 520 | 521 |
| **PRET Trust** <br>4.000% due 03/25/2065 «þ | 3000 | 2920 |
| **RALI Trust**  |  |  |
| 6.000% due 06/25/2036  | 1067 | 875 |
| 6.000% due 12/25/2036  | 868 | 728 |
| 6.500% due 07/25/2037  | 1777 | 1469 |
| **RBSGC Mortgage Loan Trust** <br>4.652% due 12/25/2034 •  | 1066 | 981 |
| **RCKT Mortgage Trust** <br>5.582% due 12/25/2044 þ | 3012 | 3046 |
| **Residential Asset Securitization Trust**  |  |  |
| 4.822% due 08/25/2033 •  | 17 | 16 |
| 5.500% due 08/25/2034  | 1043 | 1011 |
| **RFMSI Trust** <br>6.000% due 06/25/2036 | 366 | 314 |
| **Sequoia Mortgage Trust**  |  |  |
| 4.950% due 07/20/2033 •  | 9 | 9 |
| 5.069% due 10/25/2055 ~  | 2000 | 2011 |
| 5.139% due 02/20/2035 •  | 231 | 222 |
| **SMRT Commercial Mortgage Trust** <br>5.151% due 01/15/2039 •  | 2350 | 2348 |
| **Starwood Mortgage Residential Trust**  |  |  |
| 0.943% due 05/25/2065 ~  | 520 | 491 |
| 1.439% due 11/25/2055 ~  | 259 | 247 |
| 1.593% due 11/25/2055 ~  | 334 | 320 |
| **Thornburg Mortgage Securities Trust**  |  |  |
| 4.712% due 10/25/2046 •  | 628 | 597 |
| 5.583% due 06/25/2037 •  | 147 | 126 |
| **Towd Point Mortgage Trust**  |  |  |
| 3.250% due 07/25/2058 ~  | 1580 | 1568 |
| 4.562% due 10/25/2064 ~  | 4312 | 4345 |
| **Verus Securitization Trust**  |  |  |
| 1.824% due 11/25/2066 ~  | 2206 | 2046 |
| 6.443% due 08/25/2068 þ  | 2825 | 2850 |
| 6.665% due 09/25/2068 þ  | 4286 | 4339 |
| 6.876% due 11/25/2068 ~  | 2092 | 2126 |
| **WaMu Mortgage Pass-Through Certificates Trust**  |  |  |
| 3.714% due 01/25/2037 ~  | 1971 | 1713 |
| 4.197% due 07/25/2037 ~  | 1772 | 1628 |
| 5.653% due 10/25/2046 •  | 836 | 794 |
| **Washington Mutual Mortgage Pass-Through Certificates WMALT Trust**  |  |  |
| 4.118% due 10/25/2036 þ  | 6970 | 2339 |
| 4.792% due 12/25/2035 •  | 5675 | 5056 |
| 5.123% due 05/25/2046 •  | 325 | 288 |
| **Wells Fargo Commercial Mortgage Trust**  |  |  |
| 5.575% due 09/15/2040 ~  | 1000 | 1008 |
| 5.693% due 10/15/2042 «•(c)  | 3200 | 3192 |
| 5.793% due 07/15/2037 •  | 2800 | 2811 |
| **Wells Fargo Mortgage-Backed Securities Trust**  |  |  |
| 6.205% due 08/25/2036 ~  | 215 | 199 |
| 6.389% due 12/28/2037 ~  | 1015 | 919 |
| **Worldwide Plaza Trust** <br>3.526% due 11/10/2036 | 8900 | 6017 |
| **WSTN Trust** <br>6.518% due 07/05/2037 ~ | 3500 | 3571 |
| Total Non-Agency Mortgage-Backed Securities (Cost $368,849) |  | 353102 |
| **ASSET-BACKED SECURITIES 12.4%**  |  |  |
| **AUTOMOBILE ABS OTHER 0.2%**  |  |  |
| **Chesapeake Funding II LLC** <br>5.142% due 05/15/2036 •  | 2934 | 2933 |
| **GLS Auto Receivables Issuer Trust** <br>5.770% due 11/15/2028 | 3000 | 3030 |
| **Santander Drive Auto Receivables Trust**  |  |  |
| 5.980% due 04/16/2029  | 1700 | 1728 |

---

------

<br> Schedule of Investments PIMCO Active Bond Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| 6.400% due 03/17/2031  | 1700 | 1758 |
|  |  | 9449 |
| **AUTOMOBILE SEQUENTIAL 0.5%**  |  |  |
| **Avis Budget Rental Car Funding AESOP LLC**  |  |  |
| 5.440% due 02/22/2028  | 5000 | 5076 |
| 6.020% due 02/20/2030  | 7500 | 7885 |
| **Carvana Auto Receivables Trust** <br>5.900% due 08/10/2027 | 461 | 461 |
| **FHF Trust** <br>6.570% due 06/15/2028 | 201 | 202 |
| **Ford Auto Securitization Trust** <br>5.053% due 07/15/2028 | 2483 | 1810 |
| **GM Financial Revolving Receivables Trust** <br>5.770% due 08/11/2036 | $3600 | 3779 |
| **LAD Auto Receivables Trust** <br>6.240% due 06/15/2028 | 5000 | 5058 |
| **Octane Receivables Trust** <br>6.440% due 03/20/2029 | 491 | 494 |
| **Research-Driven Pagaya Motor Trust** <br>7.090% due 06/25/2032 | 242 | 244 |
| **SCCU Auto Receivables Trust**  |  |  |
| 5.700% due 10/16/2028  | 1199 | 1209 |
| 5.700% due 08/15/2029  | 600 | 616 |
|  |  | 26834 |
| **CMBS OTHER 0.9%**  |  |  |
| **ACREC Ltd.** <br>5.400% due 10/16/2036 •  | 645 | 645 |
| **ACRES LLC** <br>5.755% due 08/18/2040 •  | 7900 | 7927 |
| **BDS LLC** <br>5.415% due 10/21/2042 •  | 3200 | 3206 |
| **BSPRT Issuer Ltd.**  |  |  |
| 5.585% due 12/15/2038 •  | 965 | 967 |
| 6.446% due 07/15/2039 •  | 1137 | 1140 |
| **BXMT Ltd.** <br>6.157% due 11/15/2037 •  | 2477 | 2474 |
| **Greystone CRE Notes LLC** <br>5.631% due 01/15/2043 •  | 7350 | 7369 |
| **KREF Ltd.** <br>5.584% due 02/17/2039 •  | 781 | 783 |
| **LoanCore Issuer Ltd.** <br>5.565% due 11/15/2038 •  | 853 | 854 |
| **MF1 LLC**  |  |  |
| 5.456% due 02/18/2040 •  | 4400 | 4406 |
| 5.871% due 03/19/2039 •  | 2500 | 2512 |
| **MF1 Ltd.**  |  |  |
| 5.484% due 02/19/2037 •  | 8338 | 8348 |
| 5.957% due 12/15/2035 •  | 1078 | 1080 |
| **PFP Ltd.** <br>6.050% due 09/17/2039 •  | 4135 | 4145 |
| **Starwood Ltd.** <br>5.450% due 04/18/2038 •  | 4523 | 4537 |
| **TRTX Issuer Ltd.**  |  |  |
| 5.457% due 03/15/2038 •  | 1228 | 1229 |
| 5.793% due 02/15/2039 •  | 4073 | 4084 |
|  |  | 55706 |
| **HOME EQUITY OTHER 2.5%**  |  |  |
| **ABFC Trust**  |  |  |
| 4.552% due 10/25/2036 •  | 920 | 855 |
| 4.752% due 09/25/2036 •  | 3448 | 3419 |
| **ACE Securities Corp. Home Equity Loan Trust** <br>4.772% due 10/25/2036 •  | 4170 | 1625 |
| **Aegis Asset-Backed Securities Trust** <br>4.992% due 08/25/2035 •  | 39 | 38 |
| **Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates** <br>2.826% due 06/25/2033 •  | 3103 | 2969 |
| **Argent Securities Trust** <br>4.652% due 03/25/2036 •  | 3079 | 2859 |
| **Argent Securities, Inc. Asset-Backed Pass-Through Certificates** <br>4.732% due 01/25/2036 •  | 4337 | 4175 |
| **Asset-Backed Securities Corp. Home Equity Loan Trust**  |  |  |
| 4.270% due 11/25/2035 •  | 1045 | 1058 |
| 5.082% due 06/25/2034 •  | 2065 | 2130 |
| 5.097% due 04/25/2034 •  | 574 | 609 |
| 7.490% due 08/15/2032 •  | 236 | 226 |
| **Bear Stearns Asset-Backed Securities I Trust**  |  |  |
| 4.732% due 11/25/2036 •  | 3200 | 3124 |
| 5.247% due 12/25/2034 •  | 1343 | 1383 |
| 5.397% due 03/25/2035 •  | 102 | 102 |

---

------

<br> Schedule of Investments PIMCO Active Bond Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Bear** **Stearns Asset-Backed Securities Trust** <br>5.185% due 03/25/2034 •  | 1578 | 1668 |
| **Carrington Mortgage Loan Trust**  |  |  |
| 4.432% due 10/25/2036 •  | 2155 | 1658 |
| 4.532% due 02/25/2037 •  | 3381 | 3273 |
| 5.322% due 05/25/2035 •  | 2827 | 2751 |
| **CIT Mortgage Loan Trust** <br>6.522% due 10/25/2037 •  | 3404 | 3447 |
| **Citigroup Mortgage Loan Trust, Inc.**  |  |  |
| 4.532% due 03/25/2037 •  | 187 | 171 |
| 4.592% due 09/25/2036 •  | 1001 | 774 |
| 4.947% due 10/25/2035 •  | 207 | 205 |
| **Countrywide Asset-Backed Certificates Trust**  |  |  |
| 4.472% due 06/25/2047 •  | 6595 | 5862 |
| 4.552% due 06/25/2035 •  | 2446 | 2243 |
| 4.552% due 05/25/2037 •  | 2217 | 2122 |
| 4.712% due 09/25/2037 •  | 1159 | 1231 |
| 4.732% due 04/25/2047 •  | 6014 | 5472 |
| **EMC Mortgage Loan Trust** <br>5.372% due 08/25/2040 •  | 939 | 949 |
| **Fremont Home Loan Trust**  |  |  |
| 5.142% due 11/25/2034 •  | 4837 | 4378 |
| 5.322% due 11/25/2034 •  | 293 | 280 |
| **GSAA Trust** <br>4.712% due 03/25/2047 •  | 2660 | 898 |
| **GSAMP Trust** <br>5.052% due 07/25/2045 •  | 518 | 521 |
| **Home Equity Mortgage Loan Asset-Backed Trust**  |  |  |
| 4.512% due 11/25/2036 •  | 6129 | 5064 |
| 4.652% due 07/25/2037 •  | 7299 | 2883 |
| **JP Morgan Mortgage Acquisition Corp.** <br>4.857% due 05/25/2035 •  | 744 | 738 |
| **JP Morgan Mortgage Acquisition Trust**  |  |  |
| 3.908% due 07/25/2036 •  | 1510 | 1449 |
| 4.842% due 07/25/2036 •  | 1100 | 1089 |
| **Long Beach Mortgage Loan Trust**  |  |  |
| 5.322% due 06/25/2035 •  | 3211 | 3161 |
| 5.422% due 09/25/2034 •  | 705 | 716 |
| **Merrill Lynch Mortgage Investors Trust** <br>3.716% due 02/25/2037 þ | 11830 | 1296 |
| **Morgan Stanley ABS Capital I, Inc. Trust**  |  |  |
| 4.342% due 10/25/2036 •  | 66 | 29 |
| 4.402% due 01/25/2037 •  | 1606 | 741 |
| 4.412% due 05/25/2037 •  | 95 | 87 |
| 4.422% due 10/25/2036 •  | 263 | 137 |
| 4.492% due 11/25/2036 •  | 2604 | 1245 |
| 4.772% due 07/25/2036 •  | 1396 | 509 |
| 4.772% due 08/25/2036 •  | 12362 | 6210 |
| 4.932% due 11/25/2035 •  | 3858 | 3774 |
| 5.052% due 01/25/2035 •  | 65 | 66 |
| 5.187% due 07/25/2034 •  | 515 | 521 |
| 5.522% due 07/25/2037 •  | 6420 | 5649 |
| **Morgan Stanley Mortgage Loan Trust** <br>6.465% due 09/25/2046 þ | 2628 | 862 |
| **New Century Home Equity Loan Trust** <br>5.157% due 08/25/2034 •  | 546 | 586 |
| **Nomura Home Equity Loan, Inc. Home Equity Loan Trust** <br>5.037% due 05/25/2035 •  | 728 | 726 |
| **Option One Mortgage Loan Trust**  |  |  |
| 4.452% due 04/25/2037 •  | 2068 | 1015 |
| 4.552% due 07/25/2036 •  | 1810 | 1086 |
| **RCKT Mortgage Trust**  |  |  |
| 6.025% due 02/25/2044 ~  | 601 | 607 |
| 6.147% due 06/25/2044 þ  | 3236 | 3282 |
| **Renaissance Home Equity Loan Trust**  |  |  |
| 5.032% due 11/25/2035 •  | 715 | 655 |
| 5.586% due 11/25/2036 þ  | 662 | 211 |
| 5.608% due 05/25/2036 þ  | 13820 | 6131 |
| 5.812% due 11/25/2036 þ  | 12195 | 4051 |
| 5.893% due 06/25/2037 þ  | 2722 | 692 |
| 6.115% due 08/25/2036 þ  | 8664 | 3212 |
| 6.120% due 11/25/2036 þ  | 1166 | 408 |
| **Residential Asset Mortgage Products Trust** <br>4.782% due 03/25/2036 •  | 927 | 916 |
| **Residential Asset Securities Corporation Trust** <br>4.492% due 02/25/2037 •  | 3389 | 3324 |
| **Saxon Asset Securities Trust**  |  |  |
| 0.000% due 05/25/2035 •  | 595 | 493 |
| 4.579% due 03/25/2035 •  | 140 | 124 |
| 5.997% due 12/26/2034 •  | 1773 | 1436 |
| 6.022% due 12/25/2037 •  | 416 | 399 |
| **Securitized Asset-Backed Receivables LLC Trust** <br>5.052% due 02/25/2034 •  | 1702 | 1777 |
| **Soundview Home Loan Trust** <br>4.522% due 07/25/2037 •  | 3077 | 2548 |

---

------

<br> Schedule of Investments PIMCO Active Bond Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Structured** **Asset Investment Loan Trust**  |  |  |
| 4.617% due 07/25/2036 •  | 4307 | 2498 |
| 4.902% due 11/25/2035 •  | 1377 | 1355 |
| 4.977% due 03/25/2034 •  | 1361 | 1429 |
| 5.772% due 11/25/2034 •  | 1747 | 1960 |
| **Structured Asset Securities Corp. Mortgage Loan Trust** <br>5.307% due 07/25/2035 •  | 2915 | 2989 |
| **Towd Point Mortgage Trust**  |  |  |
| 5.348% due 07/25/2065 þ  | 3741 | 3768 |
| 6.125% due 02/25/2064 ~  | 615 | 622 |
| **WaMu Asset-Backed Certificates WaMu Trust** <br>4.497% due 05/25/2037 •  | 1595 | 1508 |
| **Wells Fargo Home Equity Asset-Backed Securities Trust**  |  |  |
| 5.022% due 12/25/2035 •  | 1120 | 1119 |
| 6.822% due 04/25/2035 •  | 131 | 134 |
| **Wells Fargo Home Equity Trust Mortgage Pass-Through Certificates** <br>4.872% due 04/25/2034 •  | 50 | 50 |
|  |  | 149812 |
| **HOME EQUITY SEQUENTIAL 0.0%**  |  |  |
| **ABFC Trust** <br>4.592% due 01/25/2037 •  | 1661 | 936 |
| **WHOLE LOAN COLLATERAL 0.4%**  |  |  |
| **Citigroup Mortgage Loan Trust, Inc.**  |  |  |
| 5.172% due 01/25/2036 •  | 1780 | 1772 |
| 6.664% due 05/25/2036 þ  | 3941 | 1416 |
| **First Franklin Mortgage Loan Trust**  |  |  |
| 4.492% due 12/25/2037 •  | 1694 | 1639 |
| 4.592% due 10/25/2036 •  | 2901 | 1914 |
| 4.872% due 11/25/2035 •  | 166 | 164 |
| 5.097% due 05/25/2034 •  | 1033 | 1009 |
| 5.457% due 12/25/2034 •  | 1475 | 1497 |
| 5.697% due 10/25/2034 •  | 668 | 673 |
| **GSAMP Trust**  |  |  |
| 5.022% due 01/25/2034 •  | 685 | 700 |
| 6.147% due 08/25/2034 •  | 4885 | 4258 |
| **Lehman XS Trust**  |  |  |
| 4.379% due 06/25/2036 þ  | 1407 | 1384 |
| 6.260% due 11/25/2035 þ  | 2893 | 1253 |
| **PRET LLC**  |  |  |
| 5.487% due 10/25/2051 ~  | 778 | 779 |
| 5.744% due 07/25/2051 þ  | 751 | 751 |
| **Residential Asset Mortgage Products Trust** <br>4.123% due 03/25/2032 •  | 769 | 672 |
| **Securitized Asset-Backed Receivables LLC Trust** <br>4.852% due 12/25/2035 •  | 1119 | 1102 |
| **Specialty Underwriting & Residential Finance Trust** <br>4.572% due 09/25/2037 •  | 5440 | 3782 |
|  |  | 24765 |
| **OTHER ABS 7.9%**  |  |  |
| **522 Funding CLO Ltd.** <br>5.627% due 10/20/2031 •  | 1170 | 1172 |
| **AASET MT-1 Ltd.** <br>5.522% due 02/16/2050 | 7168 | 7257 |
| **AASET Trust** <br>2.798% due 01/15/2047 | 1987 | 1875 |
| **ACHV ABS Trust** <br>5.900% due 04/25/2031 | 85 | 86 |
| **ALESCO Preferred Funding XVII Ltd.** <br>5.024% due 09/23/2038 •  | 2056 | 1974 |
| **Anchorage Capital CLO 20 Ltd.** <br>5.425% due 01/20/2035 •  | 2000 | 2002 |
| **Anchorage Capital CLO 28 Ltd.** <br>6.025% due 04/20/2037 •  | 9100 | 9135 |
| **Anchorage Credit Funding 1 Ltd.** <br>3.900% due 07/28/2037 | 8453 | 8366 |
| **Anchorage Credit Funding 10 Ltd.** <br>3.619% due 04/25/2038 | 2200 | 2163 |
| **Anchorage Credit Funding 12 Ltd.** <br>3.177% due 10/25/2038 | 2000 | 1944 |
| **Anchorage Credit Funding 13 Ltd.** <br>2.875% due 07/27/2039 | 2000 | 1923 |
| **Anchorage Credit Funding 14 Ltd.** <br>3.000% due 01/21/2040 | 2000 | 1914 |
| **Anchorage Credit Funding 18 Ltd.** <br>5.702% due 10/22/2040 | 2000 | 2011 |
| **Anchorage Credit Funding 3 Ltd.** <br>2.871% due 01/28/2039 | 2400 | 2324 |
| **Anchorage Credit Funding 4 Ltd.** <br>2.723% due 04/27/2039 | 2000 | 1924 |

---

------

<br> Schedule of Investments PIMCO Active Bond Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Anchorage** **Credit Funding 7 Ltd.** <br>4.620% due 04/25/2037 | 1610 | 1606 |
| **Anchorage Credit Funding 8 Ltd.** <br>4.430% due 07/25/2037 | 3019 | 3006 |
| **Anchorage Credit Funding 9 Ltd.** <br>3.793% due 10/25/2037 | 910 | 902 |
| **Apex Credit CLO Ltd.** <br>6.125% due 04/20/2036 •  | 4900 | 4926 |
| **APL Finance DAC** <br>7.000% due 07/21/2031 | 239 | 239 |
| **Aqua Finance Issuer Trust** <br>4.790% due 05/17/2051 | 2158 | 2172 |
| **ARES XXVII CLO Ltd.** <br>5.464% due 10/28/2034 •  | 4200 | 4207 |
| **Ascent Education Funding Trust** <br>6.140% due 10/25/2050 | 501 | 514 |
| **Atlantic Avenue Ltd.** <br>5.585% due 01/20/2035 •  | 5800 | 5807 |
| **Atlas Senior Loan Fund XII Ltd.** <br>5.760% due 10/24/2031 •  | 869 | 869 |
| **Atlas Senior Loan Fund XVIII Ltd.** <br>5.439% due 01/18/2035 •  | 2900 | 2911 |
| **Bain Capital Credit CLO Ltd.**  |  |  |
| 5.309% due 04/23/2035 •  | 8000 | 8028 |
| 5.355% due 10/21/2034 •  | 6550 | 6557 |
| 5.379% due 07/24/2034 •  | 1800 | 1802 |
| 5.525% due 10/20/2034 •  | 7440 | 7452 |
| 5.798% due 07/16/2034 •  | 1000 | 1000 |
| 5.968% due 07/16/2034 •  | 1500 | 1503 |
| **Birch Grove CLO Ltd.** <br>5.870% due 07/17/2037 •  | 8300 | 8341 |
| **BlueMountain CLO Ltd.** <br>5.508% due 10/25/2030 •  | 2088 | 2092 |
| **Canyon CLO Ltd.** <br>5.398% due 07/15/2034 •  | 2000 | 2002 |
| **Capital Street Master Trust**  |  |  |
| 0.000% due 08/16/2029 •  | 3000 | 3003 |
| 5.724% due 10/16/2028 •  | 7500 | 7525 |
| **Carlyle Global Market Strategies CLO Ltd.** <br>5.415% due 07/20/2034 •  | 5600 | 5603 |
| **CARS-DB7 LP** <br>5.750% due 09/15/2053 | 4688 | 4727 |
| **Castlelake Aircraft Securitization Trust** <br>4.125% due 06/15/2043 | 206 | 204 |
| **Centerbridge Credit Funding 1 Ltd.** <br>3.164% due 07/25/2039 | 2300 | 2221 |
| **Daimler Trucks Retail Trust** <br>5.390% due 01/15/2030 | 1641 | 1642 |
| **DataBank Issuer II LLC** <br>5.180% due 09/27/2055 | 5000 | 5014 |
| **Diameter Capital CLO 6 Ltd.** <br>5.928% due 04/15/2037 •  | 8900 | 8943 |
| **Diamond Infrastructure Funding LLC** <br>1.760% due 04/15/2049 | 600 | 576 |
| **Diamond Issuer LLC** <br>2.305% due 11/20/2051 | 1800 | 1714 |
| **Domino's Pizza Master Issuer LLC** <br>4.930% due 07/25/2055 | 22500 | 22685 |
| **Dryden 54 Senior Loan Fund** <br>5.475% due 10/19/2029 •  | 1540 | 1541 |
| **Dryden 95 CLO Ltd.** <br>5.244% due 08/20/2034 •  | 6200 | 6206 |
| **ECMC Group Student Loan Trust** <br>5.471% due 01/27/2070 •  | 2383 | 2398 |
| **Elevation CLO Ltd.**  |  |  |
| 5.448% due 07/25/2034 •  | 3500 | 3506 |
| 5.618% due 01/25/2035 •  | 1300 | 1305 |
| **Fortress Credit BSL VII Ltd.** <br>5.409% due 07/23/2032 •  | 2259 | 2260 |
| **GreenSky Home Improvement Issuer Trust**  |  |  |
| 4.890% due 06/25/2060  | 1298 | 1307 |
| 5.020% due 06/25/2060  | 500 | 507 |
| **GreenSky Home Improvement Trust**  |  |  |
| 5.550% due 06/25/2059  | 500 | 513 |
| 5.870% due 06/25/2059  | 2500 | 2553 |
| 5.880% due 06/25/2059  | 391 | 393 |
| **Greywolf CLO III Ltd.** <br>5.562% due 04/22/2033 •  | 3998 | 4009 |
| **Guggenheim CLO Ltd.** <br>5.468% due 01/15/2035 •  | 3300 | 3302 |
| **Home Partners of America Trust** <br>2.200% due 01/17/2041 | 1652 | 1536 |
| **Horizon Aircraft Finance II Ltd.** <br>3.721% due 07/15/2039 | 1396 | 1369 |
| **IFC Emerging Markets Securitization Ltd.** <br>5.454% due 12/31/2035 •  | 3500 | 3500 |

---

------

<br> Schedule of Investments PIMCO Active Bond Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **KDAC** **Aviation Finance Ltd.** <br>4.212% due 12/15/2042 | 1188 | 1180 |
| **KKR CLO 28 Ltd.** <br>5.758% due 02/09/2035 •  | 6200 | 6224 |
| **KKR CLO 33 Ltd.** <br>5.757% due 07/20/2034 •  | 3520 | 3527 |
| **KKR CLO 36 Ltd.** <br>5.321% due 10/15/2034 •  | 2100 | 2100 |
| **KKR CLO 9 Ltd.** <br>5.529% due 07/15/2030 •  | 495 | 495 |
| **LCM 35 Ltd.** <br>5.398% due 10/15/2034 •  | 2500 | 2503 |
| **LUNAR AIRCRAFT Ltd.** <br>3.376% due 02/15/2045 | 1256 | 1232 |
| **Madison Park Funding XLIX Ltd.** <br>5.375% due 10/19/2034 •  | 4300 | 4307 |
| **Madison Park Funding XLVI Ltd.** <br>5.318% due 10/15/2034 •  | 5650 | 5656 |
| **Marble Point CLO XIV Ltd.** <br>5.525% due 01/20/2032 •  | 389 | 388 |
| **METAL LLC** <br>4.581% due 10/15/2042 | 2325 | 1570 |
| **Mountain View CLO XIV Ltd.** <br>6.813% due 10/15/2034 •  | 5000 | 5007 |
| **Navient Private Education Loan Trust** <br>5.715% due 07/16/2040 •  | 452 | 454 |
| **Navient Private Education Refi Loan Trust**  |  |  |
| 1.310% due 01/15/2069  | 560 | 530 |
| 1.330% due 04/15/2069  | 2073 | 1923 |
| **Navient Student Loan Trust** <br>7.230% due 03/15/2072 | 1600 | 1742 |
| **Nelnet Student Loan Trust**  |  |  |
| 0.000% due 06/22/2065 •  | 8900 | 8913 |
| 4.840% due 05/17/2055  | 11500 | 11598 |
| 6.640% due 02/20/2041  | 2461 | 2552 |
| **Neuberger Berman Loan Advisers CLO 43 Ltd.** <br>5.330% due 07/17/2036 •  | 2600 | 2603 |
| **Neuberger Berman Loan Advisers CLO 45 Ltd.** <br>5.380% due 10/14/2036 •  | 2610 | 2613 |
| **Northwoods Capital 25 Ltd.** <br>4.862% due 07/20/2034 •  | 4800 | 4800 |
| **Ocean Trails CLO X** <br>5.618% due 10/15/2034 •  | 2000 | 2004 |
| **Ocean Trails CLO XI** <br>5.355% due 07/20/2034 •  | 5200 | 5204 |
| **Octagon Investment Partners 39 Ltd.** <br>5.475% due 10/20/2030 •  | 984 | 985 |
| **OFSI BSL X Ltd.** <br>5.595% due 04/20/2034 •  | 3000 | 3003 |
| **OneMain Financial Issuance Trust** <br>5.840% due 09/15/2036 | 10200 | 10436 |
| **Oportun Issuance Trust** <br>5.860% due 02/09/2032 | 245 | 246 |
| **Pagaya AI Debt Grantor Trust**  |  |  |
| 4.865% due 10/15/2032  | 3285 | 3296 |
| 5.108% due 03/15/2033  | 1100 | 1108 |
| 5.156% due 07/15/2032  | 673 | 679 |
| 5.331% due 01/15/2032  | 452 | 454 |
| 5.628% due 07/15/2032  | 6899 | 6979 |
| 5.867% due 07/15/2032  | 6899 | 6961 |
| **Pagaya AI Debt Grantor Trust & Pagaya AI Debt Trust** <br>6.093% due 11/15/2031 | 243 | 245 |
| **Pagaya AI Debt Trust**  |  |  |
| 5.373% due 01/17/2033  | 500 | 504 |
| 6.258% due 10/15/2031  | 814 | 819 |
| 6.319% due 08/15/2031  | 339 | 342 |
| 6.660% due 07/15/2031  | 123 | 124 |
| **Parallel Ltd.** <br>5.428% due 07/15/2034 •  | 4100 | 4103 |
| **Pikes Peak CLO 2** <br>5.549% due 10/11/2034 •  | 6500 | 6508 |
| **PK ALIFT Loan Funding 6 LP**  |  |  |
| 4.750% due 03/15/2043 «(c)  | 2800 | 2790 |
| 5.365% due 11/15/2042  | 5123 | 5162 |
| **QTS Issuer ABS II LLC** <br>5.044% due 10/05/2055 | 3900 | 3921 |
| **Raptor Aircraft Finance I LLC** <br>4.213% due 08/23/2044 | 1712 | 1552 |
| **Reach ABS Trust**  |  |  |
| 5.840% due 07/15/2031  | 1500 | 1526 |
| 5.880% due 07/15/2031  | 464 | 467 |
| 6.300% due 02/18/2031  | 47 | 47 |
| **Romark CLO - IV Ltd.** <br>0.000% due 07/10/2034 •(c) | 4300 | 4300 |
| **Romark CLO V Ltd.** <br>6.086% due 01/15/2035 •  | 4250 | 4258 |

---

------

<br> Schedule of Investments PIMCO Active Bond Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Romark** **Credit Funding II Ltd.** <br>2.625% due 10/25/2039 | 1000 | 946 |
| **Romark Credit Funding III Ltd.** <br>5.539% due 09/15/2042 | 4400 | 4416 |
| **Romark Credit Funding Ltd.** <br>5.423% due 07/29/2043 | 2600 | 2607 |
| **Sandstone Peak Ltd.** <br>5.598% due 10/15/2034 •  | 6300 | 6314 |
| **Saranac CLO VI Ltd.** <br>5.439% due 08/13/2031 •  | 1831 | 1834 |
| **Silver Rock CLO II Ltd.** <br>5.365% due 01/20/2035 •  | 3600 | 3614 |
| **Slam Ltd.**  |  |  |
| 5.335% due 09/15/2049  | 2717 | 2743 |
| 5.807% due 05/15/2050  | 5782 | 5944 |
| **SLM Private Credit Student Loan Trust**  |  |  |
| 4.569% due 12/15/2039 •  | 1507 | 1471 |
| 4.609% due 12/15/2038 •  | 205 | 203 |
| **SLM Private Education Loan Trust** <br>9.015% due 10/15/2041 •  | 2270 | 2383 |
| **SLM Student Loan Trust**  |  |  |
| 5.352% due 04/25/2049 •  | 104 | 104 |
| 6.302% due 01/27/2026 •  | 543 | 546 |
| **SMB Private Education Loan Trust**  |  |  |
| 5.122% due 09/15/2054 •  | 1465 | 1459 |
| 5.380% due 01/15/2053  | 461 | 472 |
| 5.722% due 10/16/2056 •  | 1029 | 1038 |
| 5.822% due 03/15/2056 •  | 3526 | 3570 |
| **Sound Point CLO XXIII** <br>5.749% due 07/15/2034 •  | 5700 | 5710 |
| **Stonepeak ABS** <br>2.301% due 02/28/2033 | 329 | 318 |
| **Subway Funding LLC** <br>6.028% due 07/30/2054 | 5161 | 5237 |
| **Sunbit Asset Securitization Trust** <br>5.360% due 07/15/2030 | 3200 | 3216 |
| **TCW CLO AMR Ltd.** <br>5.484% due 08/16/2034 •  | 5600 | 5609 |
| **Tralee CLO V Ltd.** <br>5.405% due 10/20/2034 •  | 2800 | 2803 |
| **Trinitas CLO VI Ltd.** <br>0.000% due 01/25/2034 •(c) | 3000 | 3000 |
| **Trinitas CLO VII Ltd.** <br>5.378% due 01/25/2035 •  | 1800 | 1806 |
| **Trinitas CLO XIX Ltd.** <br>5.435% due 10/20/2033 •  | 2900 | 2906 |
| **UPX HIL Issuer Trust** <br>5.160% due 01/25/2047 | 962 | 966 |
| **Vantage Data Centers LLC** <br>5.132% due 08/15/2055 | 5400 | 5435 |
| **VB-S1 Issuer LLC** <br>3.706% due 02/15/2057 | 2400 | 2210 |
| **Venture 33 CLO Ltd.** <br>5.639% due 07/15/2031 •  | 1573 | 1575 |
| **Venture 44 CLO Ltd.** <br>5.465% due 10/20/2034 •  | 2000 | 2003 |
| **Venture XXIX CLO Ltd.** <br>5.463% due 09/07/2030 •  | 1467 | 1469 |
| **Venture XXVII CLO Ltd.** <br>5.637% due 07/20/2030 •  | 583 | 583 |
| **Venture XXVIII CLO Ltd.** <br>5.577% due 07/20/2030 •  | 512 | 512 |
| **Verizon Master Trust** <br>5.350% due 09/22/2031 | 7000 | 7268 |
| **Vibrant CLO XII Ltd.** <br>5.301% due 04/20/2034 •  | 2800 | 2800 |
| **Voya CLO Ltd.**  |  |  |
| 5.385% due 04/20/2034 •  | 2700 | 2703 |
| 5.579% due 10/15/2030 •  | 503 | 503 |
| **Wave LLC** <br>3.597% due 09/15/2044 | 2387 | 2309 |
| **Wind River CLO Ltd.** <br>5.122% due 07/20/2034 •  | 4000 | 4001 |
| **Wise CLO Ltd.** <br>6.080% due 04/20/2038 •  | 5000 | 5023 |
|  |  | 471637 |
| Total Asset-Backed Securities (Cost $758,730) |  | 739139 |
| **SOVEREIGN ISSUES 1.7%**  |  |  |
| **Brazil Government International Bonds** <br>6.125% due 03/15/2034 | 8500 | 8708 |
| **Eagle Funding Luxco SARL** <br>5.500% due 08/17/2030 | 12000 | 12190 |

---

------

<br> Schedule of Investments PIMCO Active Bond Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Mexico** **Government International Bonds**  |  |  |
| 6.000% due 05/13/2030  | 1600 | 1682 |
| 6.875% due 05/13/2037  | 6500 | 7027 |
| 7.375% due 05/13/2055  | 4200 | 4622 |
| **Peru Government Bonds**  |  |  |
| 6.850% due 08/12/2035  | 23600 | 7189 |
| 7.300% due 08/12/2033  | 20000 | 6424 |
| **Province of Quebec** <br>4.450% due 09/01/2034 | 7100 | 5437 |
| **Republic of South Africa Government Bonds**  |  |  |
| 6.250% due 03/31/2036  | 47526 | 2185 |
| 8.750% due 01/31/2044  | 57786 | 2913 |
| 8.750% due 02/28/2048  | 35660 | 1785 |
| 8.875% due 02/28/2035  | 697212 | 39663 |
| 9.000% due 01/31/2040  | 57545 | 3051 |
| Total Sovereign Issues (Cost $100,789) |  | 102876 |
|  | SHARES |  |
| **PREFERRED SECURITIES 0.3%**  |  |  |
| **BANKING & FINANCE 0.3%**  |  |  |
| **American AgCredit Corp.**<br>5.250% due 06/15/2026 •(g) | 4000000 | 3951 |
| **Capital Farm Credit ACA**<br>5.000% due 03/15/2026 •(g) | 3300000 | 3277 |
| **CoBank ACB**  |  |  |
| 4.250% due 01/01/2027 •(g) | 1700000 | 1655 |
| 7.250% due 07/01/2029 •(g) | 10000000 | 10316 |
|  |  | 19199 |
| **INDUSTRIALS 0.0%**  |  |  |
| **SVB Financial Trust**<br>0.000% due 11/07/2032 (d) | 112000 | 13 |
| Total Preferred Securities (Cost $21,853) |  | 19212 |
| **SHORT-TERM INSTRUMENTS 0.1%**  |  |  |
| **MUTUAL FUNDS 0.0%**  |  |  |
| **State Street Institutional U.S. Government Money Market Fund, Premier Class** <br> 4.200% (j) | 1988210 | 1988 |
|  | PRINCIPAL<br>AMOUNT<br>(000s) |  |
| **REPURCHASE AGREEMENTS (l) 0.1%** |  | 3400 |
| **U.S. TREASURY BILLS 0.0%**  |  |  |
| 4.348% due 11/04/2025 (d)(e) | $2 | 2 |
| Total Short-Term Instruments (Cost $5,390) |  | 5390 |
| Total Investments in Securities (Cost $7,067,778) |  | 7134275 |
|  | SHARES |  |
| **INVESTMENTS IN AFFILIATES 3.8%**  |  |  |
| **MUTUAL FUNDS (h) 3.8%**  |  |  |
| **PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund**  | 3438025 | 170722 |
| **PIMCO Preferred And Capital Securities Active Exchange-Traded Fund**  | 602637 | 31217 |
| **PIMCO Senior Loan Active Exchange-Traded Fund**  | 508181 | 25953 |
| Total Mutual Funds (Cost $223,552) |  | 227892 |
| Total Investments in Affiliates (Cost $223,552) |  | 227892 |
| Total Investments 123.5% (Cost $7,291,330) |  | $7362167 |
| **Financial Derivative Instruments (n)(p) 0.0**%(Cost or Premiums, net $4,943) |  | 1299 |
| Other Assets and Liabilities, net (23.5)% |  | (1403177) |
| Net Assets 100.0% |  | $5960289 |

---

------

<br> Schedule of Investments PIMCO Active Bond Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  |
| **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** |
| **¤** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** |
| **«** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** |
| **(b)** | **Principal only security.** | **Principal only security.** | **Principal only security.** | **Principal only security.** | **Principal only security.** | **Principal only security.** | **Principal only security.** | **Principal only security.** | **Principal only security.** | **Principal only security.** |
| **(c)** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** |
| **(d)** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** |
| **(e)** | **Coupon represents a yield to maturity.** | **Coupon represents a yield to maturity.** | **Coupon represents a yield to maturity.** | **Coupon represents a yield to maturity.** | **Coupon represents a yield to maturity.** | **Coupon represents a yield to maturity.** | **Coupon represents a yield to maturity.** | **Coupon represents a yield to maturity.** | **Coupon represents a yield to maturity.** | **Coupon represents a yield to maturity.** |
| **(f)** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** |
| **(g)** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** |
| **(h)** | **Institutional Class Shares of each Fund.** | **Institutional Class Shares of each Fund.** | **Institutional Class Shares of each Fund.** | **Institutional Class Shares of each Fund.** | **Institutional Class Shares of each Fund.** | **Institutional Class Shares of each Fund.** | **Institutional Class Shares of each Fund.** | **Institutional Class Shares of each Fund.** | **Institutional Class Shares of each Fund.** | **Institutional Class Shares of each Fund.** |
| **(i)** | **Contingent convertible security.** | **Contingent convertible security.** | **Contingent convertible security.** | **Contingent convertible security.** | **Contingent convertible security.** | **Contingent convertible security.** | **Contingent convertible security.** | **Contingent convertible security.** | **Contingent convertible security.** | **Contingent convertible security.** |
| **(j)** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** |
| **(k)** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** |
| Issuer Description | Issuer Description | Issuer Description | Coupon | Maturity<br>Date | Acquisition<br>Date | Cost | Cost | Market<br>Value | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
| Blue Cross & Blue Shield of Minnesota | Blue Cross & Blue Shield of Minnesota | Blue Cross & Blue Shield of Minnesota | 4.850 | 09/30/2030 | 09/16/2025 | 7600 | 7600 | 7551 | 7551 | 0. 13 |
| Blue Cross & Blue Shield of Minnesota | Blue Cross & Blue Shield of Minnesota | Blue Cross & Blue Shield of Minnesota | 5.960 | 04/30/2032 | 09/02/2025 | 4000 | 4000 | 4083 | 4083 | 0.07 |
| Corp0hrg0 | Corp0hrg0 | Corp0hrg0 | 5.330 | 06/07/2035 | 03/11/2025 | 700 | 700 | 726 | 726 | 0.01 |
| Deloitte LLP | Deloitte LLP | Deloitte LLP | 5.410 | 01/30/2032 | 10/30/2024 | 1200 | 1200 | 1233 | 1233 | 0.02 |
| Deloitte LLP | Deloitte LLP | Deloitte LLP | 5.590 | 01/30/2035 | 10/30/2024 | 1100 | 1100 | 1127 | 1127 | 0.02 |
| Deloitte LLP | Deloitte LLP | Deloitte LLP | 5.690 | 01/30/2037 | 10/30/2024 | 500 | 500 | 511 | 511 | 0.01 |
| Deloitte LLP | Deloitte LLP | Deloitte LLP | 5.790 | 01/30/2040 | 10/30/2024 | 900 | 900 | 916 | 916 | 0.01 |
| Deloitte LLP | Deloitte LLP | Deloitte LLP | 5.970 | 01/30/2045 | 10/30/2024 | 900 | 900 | 905 | 905 | 0.01 |
| Hardwood Funding LLC | Hardwood Funding LLC | Hardwood Funding LLC | 5.160 | 06/07/2032 | 03/11/2025 | 1500 | 1500 | 1545 | 1545 | 0.03 |
| Morgan Stanley | Morgan Stanley | Morgan Stanley | 0.000 | 04/02/2032 | 02/11/2020 | 8083 | 8083 | 6502 | 6502 | 0.11 |
| NFL Football Club Term Notes | NFL Football Club Term Notes | NFL Football Club Term Notes | 5.250 | 10/05/2034 | 06/27/2025 | 2500 | 2500 | 2528 | 2528 | 0.04 |
| NFL Football Club Term Notes | NFL Football Club Term Notes | NFL Football Club Term Notes | 5.420 | 10/05/2037 | 06/27/2025 | 1500 | 1500 | 1520 | 1520 | 0.02 |
| National Football League | National Football League | National Football League | 4.780 | 10/05/2030 | 06/27/2025 | 4500 | 4500 | 4527 | 4527 | 0.08 |
| National Football League | National Football League | National Football League | 5.250 | 10/05/2034 | 06/27/2025 | 3000 | 3000 | 3076 | 3076 | 0.05 |
| National Football League | National Football League | National Football League | 5.420 | 10/05/2037 | 06/27/2025 | 600 | 600 | 618 | 618 | 0.01 |
| Oncor Electric Delivery Co. LLC | Oncor Electric Delivery Co. LLC | Oncor Electric Delivery Co. LLC | 5.150 | 05/01/2029 | 01/21/2025 | 12000 | 12000 | 12293 | 12293 | 0.21 |
| Texas New Mexico PR 1st Mortgage | Texas New Mexico PR 1st Mortgage | Texas New Mexico PR 1st Mortgage | 4.830 | 07/31/2030 | 07/01/2025 | 7500 | 7500 | 7585 | 7585 | 0.13 |
| Texas New Mexico PR 1st Mortgage | Texas New Mexico PR 1st Mortgage | Texas New Mexico PR 1st Mortgage | 5.120 | 07/31/2032 | 07/01/2025 | 5000 | 5000 | 5086 | 5086 | 0.09 |
|  |  |  |  |  | $ | 63083 | $ | 62332 | 1.05%  | 1.05%  |
| **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** |
| **(l)** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** |
| Counterparty | Maturity<br>Date | Principal<br>Amount | Principal<br>Amount | &nbsp;&nbsp; Collateralized By | &nbsp;&nbsp; Collateralized By | &nbsp;&nbsp; Collateralized By | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value |  | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| BOS | 10/01/2025 | 3400 | 3400 | &nbsp;&nbsp; U.S. Treasury Notes 4.125% due 03/31/2029 | &nbsp;&nbsp; U.S. Treasury Notes 4.125% due 03/31/2029 | &nbsp;&nbsp; U.S. Treasury Notes 4.125% due 03/31/2029 | (3470) | 3400 | $ | $3400 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |  | **(3470)** | **3400** | **$** | $**3400** |
| **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** |
| Counterparty | Counterparty | Borrowing Rate<sup>(2)</sup> | Borrowing Rate<sup>(2)</sup> | Borrowing Rate<sup>(2)</sup> | Maturity Date | Maturity Date | Amount<br>Borrowed | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Reverse<br>Repurchase<br>Agreements |
| BSN | BSN | 4.380%  | 4.380%  | 4.380%  | 10/02/2025 | 10/02/2025 | (45474) | $(45507) | (45507) | (45507) |
| DEU | DEU | 4.180  | 4.180  | 4.180  | 10/03/2025 | 10/03/2025 | (33067) | (33067) | (33067) | (33067) |

---

------

<br> Schedule of Investments PIMCO Active Bond Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  |  |  |  |  | 4.250  | 4.250  | 4.250  | 09/24/2025 | 09/24/2025 | 09/24/2025 | 10/01/2025 | 10/01/2025 | 10/01/2025 | 10/01/2025 |  | (32906) | (32906) | (32906) |  | (32933) | (32933) | (32933) |
|  |  |  |  |  |  |  |  |  |  |  | 4.310  | 4.310  | 4.310  | 09/23/2025 | 09/23/2025 | 09/23/2025 | 10/07/2025 | 10/07/2025 | 10/07/2025 | 10/07/2025 |  | (10600) | (10600) | (10600) |  | (10610) | (10610) | (10610) |
| JPS | JPS | JPS | JPS | JPS | JPS | JPS | JPS | JPS | JPS | JPS | 4.000  | 4.000  | 4.000  | 09/19/2025 | 09/19/2025 | 09/19/2025 | 10/31/2025 | 10/31/2025 | 10/31/2025 | 10/31/2025 |  | (6791) | (6791) | (6791) |  | (6800) | (6800) | (6800) |
| STR | STR | STR | STR | STR | STR | STR | STR | STR | STR | STR | 4.270  | 4.270  | 4.270  | 10/01/2025 | 10/01/2025 | 10/01/2025 | 10/02/2025 | 10/02/2025 | 10/02/2025 | 10/02/2025 |  | (21685) | (21685) | (21685) |  | (21685) | (21685) | (21685) |
|  |  |  |  |  |  |  |  |  |  |  | 4.370  | 4.370  | 4.370  | 09/30/2025 | 09/30/2025 | 09/30/2025 | 10/01/2025 | 10/01/2025 | 10/01/2025 | 10/01/2025 |  | (12866) | (12866) | (12866) |  | (12868) | (12868) | (12868) |
| **Total Reverse Repurchase Agreements** | **Total Reverse Repurchase Agreements** | **Total Reverse Repurchase Agreements** | **Total Reverse Repurchase Agreements** | **Total Reverse Repurchase Agreements** | **Total Reverse Repurchase Agreements** | **Total Reverse Repurchase Agreements** | **Total Reverse Repurchase Agreements** | **Total Reverse Repurchase Agreements** | **Total Reverse Repurchase Agreements** | **Total Reverse Repurchase Agreements** |  |  |  |  |  |  |  |  |  |  |  |  |  |  | **$** | $**(163470)** | **(163470)** | **(163470)** |
| **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** |
| Description | Description | Description | Description | Description | Description | Description | Description | Description | Description | Description | Description | Description | Description | Description | Description | Coupon | Coupon | Maturity<br>Date | Maturity<br>Date | Principal<br>Amount | Principal<br>Amount | Principal<br>Amount | Proceeds | Proceeds | Proceeds | Proceeds |  | Payable for<br>Short Sales |
| U.S. Government Agencies (12.6)% | U.S. Government Agencies (12.6)% | U.S. Government Agencies (12.6)% | U.S. Government Agencies (12.6)% | U.S. Government Agencies (12.6)% | U.S. Government Agencies (12.6)% | U.S. Government Agencies (12.6)% | U.S. Government Agencies (12.6)% | U.S. Government Agencies (12.6)% | U.S. Government Agencies (12.6)% | U.S. Government Agencies (12.6)% | U.S. Government Agencies (12.6)% | U.S. Government Agencies (12.6)% | U.S. Government Agencies (12.6)% | U.S. Government Agencies (12.6)% | U.S. Government Agencies (12.6)% | U.S. Government Agencies (12.6)% | U.S. Government Agencies (12.6)% | U.S. Government Agencies (12.6)% | U.S. Government Agencies (12.6)% | U.S. Government Agencies (12.6)% | U.S. Government Agencies (12.6)% | U.S. Government Agencies (12.6)% | U.S. Government Agencies (12.6)% | U.S. Government Agencies (12.6)% | U.S. Government Agencies (12.6)% | U.S. Government Agencies (12.6)% | U.S. Government Agencies (12.6)% | U.S. Government Agencies (12.6)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA  | 5.500% | 5.500% | 11/01/2055 | 11/01/2055 | $ | 220000 | 220000 | $ | (221977) | (221977) | (221977) | $ | (221683) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA  | 6.000 | 6.000 | 11/01/2055 | 11/01/2055 |  | 506500 | 506500 |  | (517510) | (517510) | (517510) |  | (517375) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA  | 7.000 | 7.000 | 10/01/2055 | 10/01/2055 |  | 9900 | 9900 |  | (10399) | (10399) | (10399) |  | (10357) |
| **Total Short Sales (12.6)%** | **Total Short Sales (12.6)%** | **Total Short Sales (12.6)%** | **Total Short Sales (12.6)%** | **Total Short Sales (12.6)%** | **Total Short Sales (12.6)%** | **Total Short Sales (12.6)%** | **Total Short Sales (12.6)%** | **Total Short Sales (12.6)%** | **Total Short Sales (12.6)%** | **Total Short Sales (12.6)%** | **Total Short Sales (12.6)%** | **Total Short Sales (12.6)%** | **Total Short Sales (12.6)%** | **Total Short Sales (12.6)%** | **Total Short Sales (12.6)%** |  |  |  |  |  |  |  | **$** | **(749886)** | **(749886)** | **(749886)** | **$** | **(749415)** |
| **(m)** | **Securities with an aggregate market value of $108,344 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $108,344 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $108,344 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $108,344 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $108,344 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $108,344 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $108,344 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $108,344 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $108,344 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $108,344 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $108,344 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $108,344 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $108,344 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $108,344 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $108,344 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $108,344 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $108,344 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $108,344 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $108,344 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $108,344 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $108,344 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $108,344 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $108,344 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $108,344 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $108,344 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $108,344 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $108,344 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $108,344 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** |
| <sup>(1)</sup> | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. |
| <sup>(2)</sup> | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(1740) at a weighted average interest rate of 2.603%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(1740) at a weighted average interest rate of 2.603%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(1740) at a weighted average interest rate of 2.603%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(1740) at a weighted average interest rate of 2.603%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(1740) at a weighted average interest rate of 2.603%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(1740) at a weighted average interest rate of 2.603%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(1740) at a weighted average interest rate of 2.603%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(1740) at a weighted average interest rate of 2.603%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(1740) at a weighted average interest rate of 2.603%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(1740) at a weighted average interest rate of 2.603%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(1740) at a weighted average interest rate of 2.603%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(1740) at a weighted average interest rate of 2.603%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(1740) at a weighted average interest rate of 2.603%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(1740) at a weighted average interest rate of 2.603%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(1740) at a weighted average interest rate of 2.603%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(1740) at a weighted average interest rate of 2.603%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(1740) at a weighted average interest rate of 2.603%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(1740) at a weighted average interest rate of 2.603%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(1740) at a weighted average interest rate of 2.603%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(1740) at a weighted average interest rate of 2.603%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(1740) at a weighted average interest rate of 2.603%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(1740) at a weighted average interest rate of 2.603%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(1740) at a weighted average interest rate of 2.603%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(1740) at a weighted average interest rate of 2.603%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(1740) at a weighted average interest rate of 2.603%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(1740) at a weighted average interest rate of 2.603%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(1740) at a weighted average interest rate of 2.603%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(1740) at a weighted average interest rate of 2.603%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. |
| **(n)** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** |
| **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** |
| **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> |
| Description | Description | Description | Description | Description | Description | Description | Description |  |  | Expiration<br>Month | Expiration<br>Month | Expiration<br>Month | # of<br>Contracts | # of<br>Contracts | Notional<br>Amount | Notional<br>Amount | Notional<br>Amount | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Asset | Asset |  |  | Liability |
| Canada Government 10-Year Bond December Futures  | Canada Government 10-Year Bond December Futures  | Canada Government 10-Year Bond December Futures  | Canada Government 10-Year Bond December Futures  | Canada Government 10-Year Bond December Futures  | Canada Government 10-Year Bond December Futures  | Canada Government 10-Year Bond December Futures  | Canada Government 10-Year Bond December Futures  | Canada Government 10-Year Bond December Futures  | Canada Government 10-Year Bond December Futures  | 12/2025 | 12/2025 | 12/2025 | 313 | 313 | 27542 | 27542 | 27542 | 27542 | $557 | 557 | 557 | 557 | 124 | 124 | 124 | $ | $ | 0 |
| Long Guilt December Futures  | Long Guilt December Futures  | Long Guilt December Futures  | Long Guilt December Futures  | Long Guilt December Futures  | Long Guilt December Futures  | Long Guilt December Futures  | Long Guilt December Futures  | Long Guilt December Futures  | Long Guilt December Futures  | 12/2025 | 12/2025 | 12/2025 | 315 | 315 | 38484 | 38484 | 38484 | 38484 | 65 | 65 | 65 | 65 | 165 | 165 | 165 |  |  | (21) |
| U.S. Treasury 5-Year Note December Futures  | U.S. Treasury 5-Year Note December Futures  | U.S. Treasury 5-Year Note December Futures  | U.S. Treasury 5-Year Note December Futures  | U.S. Treasury 5-Year Note December Futures  | U.S. Treasury 5-Year Note December Futures  | U.S. Treasury 5-Year Note December Futures  | U.S. Treasury 5-Year Note December Futures  | U.S. Treasury 5-Year Note December Futures  | U.S. Treasury 5-Year Note December Futures  | 12/2025 | 12/2025 | 12/2025 | 11322 | 11322 | 1236309 | 1236309 | 1236309 | 1236309 | 737 | 737 | 737 | 737 | 442 | 442 | 442 |  |  | 0 |
| U.S. Treasury 10-Year Note December Futures  | U.S. Treasury 10-Year Note December Futures  | U.S. Treasury 10-Year Note December Futures  | U.S. Treasury 10-Year Note December Futures  | U.S. Treasury 10-Year Note December Futures  | U.S. Treasury 10-Year Note December Futures  | U.S. Treasury 10-Year Note December Futures  | U.S. Treasury 10-Year Note December Futures  | U.S. Treasury 10-Year Note December Futures  | U.S. Treasury 10-Year Note December Futures  | 12/2025 | 12/2025 | 12/2025 | 3777 | 3777 | 424913 | 424913 | 424913 | 424913 | 2482 | 2482 | 2482 | 2482 | 0 | 0 | 0 |  |  | (75) |
| U.S. Treasury Long-Term Bond December Futures  | U.S. Treasury Long-Term Bond December Futures  | U.S. Treasury Long-Term Bond December Futures  | U.S. Treasury Long-Term Bond December Futures  | U.S. Treasury Long-Term Bond December Futures  | U.S. Treasury Long-Term Bond December Futures  | U.S. Treasury Long-Term Bond December Futures  | U.S. Treasury Long-Term Bond December Futures  | U.S. Treasury Long-Term Bond December Futures  | U.S. Treasury Long-Term Bond December Futures  | 12/2025 | 12/2025 | 12/2025 | 813 | 813 | 94791 | 94791 | 94791 | 94791 | 1839 | 1839 | 1839 | 1839 | 0 | 0 | 0 |  |  | (204) |
| U.S. Treasury Ultra Long-Term Bond December Futures  | U.S. Treasury Ultra Long-Term Bond December Futures  | U.S. Treasury Ultra Long-Term Bond December Futures  | U.S. Treasury Ultra Long-Term Bond December Futures  | U.S. Treasury Ultra Long-Term Bond December Futures  | U.S. Treasury Ultra Long-Term Bond December Futures  | U.S. Treasury Ultra Long-Term Bond December Futures  | U.S. Treasury Ultra Long-Term Bond December Futures  | U.S. Treasury Ultra Long-Term Bond December Futures  | U.S. Treasury Ultra Long-Term Bond December Futures  | 12/2025 | 12/2025 | 12/2025 | 2122 | 2122 | 254773 | 254773 | 254773 | 254773 | 5976 | 5976 | 5976 | 5976 | 0 | 0 | 0 |  |  | (1123) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 11656 | 11656 | 11656 | $ | 731 | 731 | 731 | $ | $ | (1423) |
| **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> |
| Description | Description | Description | Description | Description | Description | Description | Description |  |  | Expiration<br>Month | Expiration<br>Month | Expiration<br>Month | # of<br>Contracts | # of<br>Contracts | Notional<br>Amount | Notional<br>Amount | Notional<br>Amount | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Asset | Asset |  |  | Liability |
| U.S. Treasury 2-Year Note December Futures  | U.S. Treasury 2-Year Note December Futures  | U.S. Treasury 2-Year Note December Futures  | U.S. Treasury 2-Year Note December Futures  | U.S. Treasury 2-Year Note December Futures  | U.S. Treasury 2-Year Note December Futures  | U.S. Treasury 2-Year Note December Futures  | U.S. Treasury 2-Year Note December Futures  | U.S. Treasury 2-Year Note December Futures  | U.S. Treasury 2-Year Note December Futures  | 12/2025 | 12/2025 | 12/2025 | 275 | 275 | (57310) | (57310) | (57310) | (57310) | $17 | 17 | 17 | 17 | 0 | 0 | 0 | $ | $ | (30) |
| U.S. Ultra Treasury 10-Year Note December Futures  | U.S. Ultra Treasury 10-Year Note December Futures  | U.S. Ultra Treasury 10-Year Note December Futures  | U.S. Ultra Treasury 10-Year Note December Futures  | U.S. Ultra Treasury 10-Year Note December Futures  | U.S. Ultra Treasury 10-Year Note December Futures  | U.S. Ultra Treasury 10-Year Note December Futures  | U.S. Ultra Treasury 10-Year Note December Futures  | U.S. Ultra Treasury 10-Year Note December Futures  | U.S. Ultra Treasury 10-Year Note December Futures  | 12/2025 | 12/2025 | 12/2025 | 1516 | 1516 | (174458) | (174458) | (174458) | (174458) | (1502) | (1502) | (1502) | (1502) | 95 | 95 | 95 |  |  | 0 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1485) | (1485) | (1485) | $ | 95 | 95 | 95 | $ | $ | (30) |
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **10171** | **10171** | **10171** | **$** | **826** | **826** | **826** | **$** | **$** | **(1453)** |
| **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** |
| **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> |
| Reference Entity | Reference Entity | Reference Entity | Fixed <br>Receive Rate | Payment<br>Frequency | Payment<br>Frequency | Maturity<br>Date | Maturity<br>Date | Implied<br>Credit Spread at<br>September 30, 2025<sup>(2)</sup> | Implied<br>Credit Spread at<br>September 30, 2025<sup>(2)</sup> | Implied<br>Credit Spread at<br>September 30, 2025<sup>(2)</sup> | Implied<br>Credit Spread at<br>September 30, 2025<sup>(2)</sup> |  | Notional<br>Amount<sup>(3)</sup> | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/<br>(Received) | Premiums<br>Paid/<br>(Received) |  |  | Unrealized<br>Appreciation/<br>(Depreciation) |  | Market<br>Value<sup>(4)</sup> | Market<br>Value<sup>(4)</sup> | Market<br>Value<sup>(4)</sup> | Asset | Asset | Asset |  | Liability |
| AES Corp.  | AES Corp.  | AES Corp.  | 5.000% | Quarterly | Quarterly | 06/20/2026 | 06/20/2026 | 0.177 | 0.177 | 0.177 | 0.177 | $ | $3400 | 3400 | 335 | 335 | $ | $ | (214) | $ | 121 | 121 | 121 | 0 | 0 | 0 | $ | 0 |
| Ford Motor Credit Co. LLC  | Ford Motor Credit Co. LLC  | Ford Motor Credit Co. LLC  | 5.000 | Quarterly | Quarterly | 06/20/2027 | 06/20/2027 | 0.874 | 0.874 | 0.874 | 0.874 |  | 300 | 300 | 33 | 33 |  |  | (12) |  | 21 | 21 | 21 | 0 | 0 | 0 |  | 0 |
| Valeo SA  | Valeo SA  | Valeo SA  | 1.000 | Quarterly | Quarterly | 06/20/2028 | 06/20/2028 | 1.052 | 1.052 | 1.052 | 1.052 | EUR | 2500 | 2500 | (125) | (125) |  |  | 122 |  | (3) | (3) | (3) | 0 | 0 | 0 |  | (5) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 243 | 243 | $ | $ | (104) | $ | 139 | 139 | 139 | 0 | 0 | 0 | $ | (5) |
| **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> |
| Pay/<br>Receive<br>Floating Rate | Pay/<br>Receive<br>Floating Rate | Floating Rate Index | Floating Rate Index | Floating Rate Index | Fixed Rate | Fixed Rate | Payment<br>Frequency | Payment<br>Frequency | Maturity<br>Date | Maturity<br>Date | Maturity<br>Date |  | Notional<br>Amount | Notional<br>Amount | Premiums<br>Paid/<br>(Received) | Premiums<br>Paid/<br>(Received) |  |  | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Market<br>Value | Market<br>Value | Asset | Asset | Asset | Asset | Liability |
| Receive | Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.261% | 3.261% | Annual | Annual | 02/28/2029 | 02/28/2029 | 02/28/2029 | $ | 93500 | 93500 | $0 | 0 | $ | $ | 885 | 885 | $885 | 885 | 885 | $0 | 0 | 0 | 0 | $(56) |

---

------

<br> Schedule of Investments PIMCO Active Bond Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | 1-Day USD-SOFR Compounded-OIS | 3.280 | Annual | 02/28/2029 |  | 93500 |  | 0 |  | 817 |  | 817 |  | 0 |  | (56) |
| Receive | Receive | 1-Day USD-SOFR Compounded-OIS | 3.281 | Annual | 02/28/2029 |  | 120700 |  | 0 |  | 1052 |  | 1052 |  | 0 |  | (73) |
| Receive | Receive | 1-Day USD-SOFR Compounded-OIS | 3.620 | Annual | 02/14/2030 |  | 133500 |  | 2110 |  | (2829) |  | (719) |  | 0 |  | (70) |
| Receive<sup>(5)</sup> | Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.325 | Annual | 02/28/2030 |  | 211553 |  | (1285) |  | 1323 |  | 38 |  | 0 |  | (107) |
| Receive | Receive | 1-Day USD-SOFR Compounded-OIS | 3.264 | Annual | 06/30/2031 |  | 46800 |  | 0 |  | 525 |  | 525 |  | 0 |  | (17) |
| Receive | Receive | 1-Day USD-SOFR Compounded-OIS | 3.266 | Annual | 06/30/2031 |  | 155700 |  | 0 |  | 1727 |  | 1727 |  | 0 |  | (55) |
| Receive | Receive | 1-Day USD-SOFR Compounded-OIS | 3.880 | Annual | 07/10/2034 |  | 20500 |  | (62) |  | (362) |  | (424) |  | 0 |  | (3) |
| Receive | Receive | 1-Day USD-SOFR Compounded-OIS | 3.885 | Annual | 07/12/2034 |  | 10400 |  | (35) |  | (185) |  | (220) |  | 0 |  | (1) |
| Receive | Receive | 1-Day USD-SOFR Compounded-OIS | 3.850 | Annual | 08/05/2034 |  | 4400 |  | (17) |  | (65) |  | (82) |  | 0 |  | (1) |
| Receive | Receive | 1-Day USD-SOFR Compounded-OIS | 3.645 | Annual | 08/07/2034 |  | 4400 |  | (15) |  | 3 |  | (12) |  | 0 |  | (1) |
| Receive | Receive | 1-Day USD-SOFR Compounded-OIS | 3.679 | Annual | 08/13/2034 |  | 10100 |  | (37) |  | (18) |  | (55) |  | 0 |  | (1) |
| Receive | Receive | 1-Day USD-SOFR Compounded-OIS | 3.569 | Annual | 08/14/2034 |  | 10100 |  | (33) |  | 64 |  | 31 |  | 0 |  | (1) |
| Receive | Receive | 1-Day USD-SOFR Compounded-OIS | 3.586 | Annual | 08/19/2034 |  | 10100 |  | (35) |  | 52 |  | 17 |  | 0 |  | (1) |
| Receive | Receive | 1-Day USD-SOFR Compounded-OIS | 3.595 | Annual | 08/19/2034 |  | 4400 |  | (16) |  | 21 |  | 5 |  | 0 |  | (1) |
| Receive | Receive | 1-Day USD-SOFR Compounded-OIS | 3.532 | Annual | 08/20/2034 |  | 10100 |  | (36) |  | 95 |  | 59 |  | 0 |  | (1) |
| Receive | Receive | 1-Day USD-SOFR Compounded-OIS | 3.550 | Annual | 08/21/2034 |  | 10000 |  | (36) |  | 81 |  | 45 |  | 0 |  | (1) |
| Receive | Receive | 1-Day USD-SOFR Compounded-OIS | 3.558 | Annual | 08/21/2034 |  | 4400 |  | (15) |  | 32 |  | 17 |  | 0 |  | (1) |
| Receive | Receive | 1-Day USD-SOFR Compounded-OIS | 3.613 | Annual | 08/22/2034 |  | 4400 |  | (16) |  | 14 |  | (2) |  | 0 |  | (1) |
| Receive | Receive | 1-Day USD-SOFR Compounded-OIS | 3.555 | Annual | 08/28/2034 |  | 4400 |  | (16) |  | 34 |  | 18 |  | 0 |  | (1) |
| Receive | Receive | 1-Day USD-SOFR Compounded-OIS | 3.565 | Annual | 08/28/2034 |  | 4400 |  | (16) |  | 30 |  | 14 |  | 0 |  | (1) |
| Receive | Receive | 1-Day USD-SOFR Compounded-OIS | 3.599 | Annual | 08/28/2034 |  | 4400 |  | (16) |  | 19 |  | 3 |  | 0 |  | (1) |
| Receive | Receive | 1-Day USD-SOFR Compounded-OIS | 3.600 | Annual | 08/28/2034 |  | 10100 |  | (41) |  | 46 |  | 5 |  | 0 |  | (1) |
| Receive | Receive | 1-Day USD-SOFR Compounded-OIS | 3.643 | Annual | 08/28/2034 |  | 4400 |  | (16) |  | 4 |  | (12) |  | 0 |  | (1) |
| Receive | Receive | 1-Day USD-SOFR Compounded-OIS | 3.514 | Annual | 09/04/2034 |  | 4400 |  | (17) |  | 48 |  | 31 |  | 0 |  | (1) |
| Receive | Receive | 1-Day USD-SOFR Compounded-OIS | 3.525 | Annual | 09/04/2034 |  | 4400 |  | (16) |  | 43 |  | 27 |  | 0 |  | (1) |
| Receive | Receive | 1-Day USD-SOFR Compounded-OIS | 3.408 | Annual | 09/05/2034 |  | 5000 |  | (20) |  | 96 |  | 76 |  | 0 |  | (1) |
| Receive | Receive | 1-Day USD-SOFR Compounded-OIS | 3.410 | Annual | 09/05/2034 |  | 4400 |  | (17) |  | 83 |  | 66 |  | 0 |  | (1) |
| Receive | Receive | 1-Day USD-SOFR Compounded-OIS | 3.232 | Annual | 09/10/2034 |  | 2200 |  | (11) |  | 74 |  | 63 |  | 0 |  | 0 |
| Receive | Receive | 1-Day USD-SOFR Compounded-OIS | 3.280 | Annual | 09/16/2034 |  | 10100 |  | (44) |  | 296 |  | 252 |  | 0 |  | (1) |
| Receive | Receive | 1-Day USD-SOFR Compounded-OIS | 3.231 | Annual | 09/18/2034 |  | 4400 |  | (16) |  | 142 |  | 126 |  | 0 |  | 0 |
| Receive | Receive | 1-Day USD-SOFR Compounded-OIS | 3.248 | Annual | 09/18/2034 |  | 4400 |  | (16) |  | 137 |  | 121 |  | 0 |  | 0 |
| Receive | Receive | 1-Day USD-SOFR Compounded-OIS | 4.012 | Annual | 02/14/2035 |  | 72700 |  | 32 |  | (2102) |  | (2070) |  | 0 |  | (8) |
| Receive<sup>(5)</sup> | Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.700 | Annual | 05/15/2035 |  | 105337 |  | (1856) |  | 1195 |  | (661) |  | 0 |  | (5) |
| Receive | Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 02/12/2055 |  | 39000 |  | 6328 |  | 386 |  | 6714 |  | 110 |  | 0 |
| Receive | Receive | CAONREPO | 2.740 | Semi-Annual | 06/01/2034 | CAD | 7100 |  | 0 |  | 20 |  | 20 |  | 0 |  | (16) |
|  |  |  |  |  |  |  |  | $4714 | 4714 | $3783 | 3783 | $8497 | 8497 | $110 | 110 | $(487) | (487) |
| **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | $**4957** | **4957** | $**3679** | **3679** | $**8636** | **8636** | $**110** | **110** | $**(492)** | **(492)** |
| **(o)** | **Securities with an aggregate market value of $76,997 and cash of $5,842 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $76,997 and cash of $5,842 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $76,997 and cash of $5,842 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $76,997 and cash of $5,842 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $76,997 and cash of $5,842 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $76,997 and cash of $5,842 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $76,997 and cash of $5,842 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $76,997 and cash of $5,842 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $76,997 and cash of $5,842 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $76,997 and cash of $5,842 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $76,997 and cash of $5,842 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $76,997 and cash of $5,842 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $76,997 and cash of $5,842 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $76,997 and cash of $5,842 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $76,997 and cash of $5,842 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $76,997 and cash of $5,842 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $76,997 and cash of $5,842 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** |
| <sup>(1)</sup> | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. |
| <sup>(2)</sup> | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate 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. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate 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. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate 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. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate 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. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate 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. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate 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. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate 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. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate 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. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate 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. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate 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. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate 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. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate 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. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate 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. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate 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. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate 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. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate 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. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate 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. |

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<br> Schedule of Investments PIMCO Active Bond Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

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|:---|:---|:---|:---|:---|:---|:---|:---|
| <sup>(</sup><sup>3)</sup> | 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. | 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. | 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. | 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. | 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. | 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. | 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. |
| <sup>(4)</sup> | 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. | 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. | 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. | 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. | 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. | 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. | 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. |
| <sup>(5)</sup> | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. |
| **(p)** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** |
| **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** |
|  |  |  |  |  | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; Counterparty | &nbsp;&nbsp;&nbsp;&nbsp; Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Currency to<br>be Received | Asset | Liability |
| &nbsp;&nbsp;&nbsp;&nbsp; AZD | &nbsp;&nbsp;&nbsp;&nbsp; AZD | 10/2025  | $30958 | 43068 | 43068 | $0 | $(10) |
|  |  | 10/2025  | 10264 | 8800 | 8800 | 68 | 0 |
|  |  | 11/2025  | 43000 | $30958 | 30958 | 10 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; BOA | &nbsp;&nbsp;&nbsp;&nbsp; BOA | 10/2025  | 1941 | 556 | 556 | 0 | (2) |
|  |  | 10/2025  | $1062 | 3570 | 3570 | 16 | 0 |
|  |  | 10/2025  | 2236 | 197821 | 197821 | 0 | (12) |
|  |  | 10/2025  | 5 | 796 | 796 | 0 | 0 |
|  |  | 10/2025  | 1355 | 1875543 | 1875543 | 0 | (18) |
|  |  | 10/2025  | 718 | 1247 | 1247 | 5 | 0 |
|  |  | 10/2025  | 393 | 1413 | 1413 | 0 | (4) |
|  |  | 11/2025  | 793 | $5 | 5 | 0 | 0 |
|  |  | 11/2025  | 1247 | 719 | 719 | 0 | (5) |
|  |  | 11/2025  | $438 | 1464 | 1464 | 4 | 0 |
|  |  | 11/2025  | 384553 | $22061 | 22061 | 0 | (130) |
| &nbsp;&nbsp;&nbsp;&nbsp; BPS | &nbsp;&nbsp;&nbsp;&nbsp; BPS | 10/2025  | 15430 | 2901 | 2901 | 2 | 0 |
|  |  | 10/2025  | 31591 | 4436 | 4436 | 2 | 0 |
|  |  | 10/2025  | 97809182 | 5919 | 5919 | 62 | (7) |
|  |  | 10/2025  | 153950 | 1748 | 1748 | 16 | 0 |
|  |  | 10/2025  | 292163 | 9729 | 9729 | 143 | (11) |
|  |  | 10/2025  | $2820 | 15430 | 15430 | 79 | 0 |
|  |  | 10/2025  | 6870 | 113434582 | 113434582 | 0 | (71) |
|  |  | 10/2025  | 6 | 922 | 922 | 0 | 0 |
|  |  | 10/2025  | 6652 | 9192907 | 9192907 | 0 | (101) |
|  |  | 10/2025  | 6201 | 22570 | 22570 | 9 | (2) |
|  |  | 11/2025  | 18716732 | $1120 | 1120 | 0 | (1) |
|  |  | 11/2025  | 113932 | 1280 | 1280 | 0 | 0 |
|  |  | 11/2025  | 919 | 6 | 6 | 0 | 0 |
|  |  | 11/2025  | 981271 | 700 | 700 | 0 | 0 |
|  |  | 11/2025  | $1321 | 4439 | 4439 | 19 | 0 |
|  |  | 12/2025  | 32912 | $1097 | 1097 | 10 | 0 |
|  |  | 12/2025  | $1193 | 20072138 | 20072138 | 7 | 0 |
|  |  | 12/2025  | 158 | 2927 | 2927 | 1 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; BRC | &nbsp;&nbsp;&nbsp;&nbsp; BRC | 10/2025  | 5728 | $7176 | 7176 | 0 | (19) |
|  |  | 10/2025  | 2213 | 2988 | 2988 | 13 | 0 |
|  |  | 10/2025  | 723444 | 44 | 44 | 1 | 0 |
|  |  | 10/2025  | $7578 | 6077 | 6077 | 56 | 0 |
|  |  | 10/2025  | 1380 | 1022 | 1022 | 0 | (6) |
|  |  | 10/2025  | 0 | 4 | 4 | 0 | 0 |
|  |  | 10/2025  | 396 | 1449 | 1449 | 2 | 0 |
|  |  | 10/2025  | 353 | 15237 | 15237 | 9 | 0 |
|  |  | 10/2025  | 2957 | 52153 | 52153 | 60 | 0 |
|  |  | 11/2025  | 4 | $0 | 0 | 0 | 0 |
|  |  | 11/2025  | $7176 | 5705 | 5705 | 19 | 0 |
|  |  | 11/2025  | 2989 | 2213 | 2213 | 0 | (13) |
|  |  | 11/2025  | 10126 | $575 | 575 | 0 | (9) |
|  |  | 12/2025  | $107 | 1976 | 1976 | 0 | 0 |
|  |  | 12/2025  | 26243 | 1150857 | 1150857 | 64 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; BSH | &nbsp;&nbsp;&nbsp;&nbsp; BSH | 10/2025  | 212 | 366 | 366 | 0 | 0 |
|  |  | 11/2025  | 366 | $212 | 212 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBK | &nbsp;&nbsp;&nbsp;&nbsp; CBK | 10/2025  | 1621 | 1058 | 1058 | 0 | (15) |
|  |  | 10/2025  | 49 | 36 | 36 | 0 | 0 |
|  |  | 10/2025  | 598 | 84 | 84 | 0 | 0 |
|  |  | 10/2025  | 57865329 | 3503 | 3503 | 40 | (5) |
|  |  | 10/2025  | 195096 | 2197 | 2197 | 3 | 0 |
|  |  | 10/2025  | 1100 | 8 | 8 | 0 | 0 |
|  |  | 10/2025  | 28501 | 8159 | 8159 | 0 | (46) |
|  |  | 10/2025  | 11942 | 9303 | 9303 | 45 | 0 |
|  |  | 10/2025  | 10681 | 331 | 331 | 1 | 0 |
|  |  | 10/2025  | 401293 | 13541 | 13541 | 356 | 0 |
|  |  | 10/2025  | $2044 | 33623199 | 33623199 | 0 | (29) |
|  |  | 10/2025  | 9523 | 836570 | 836570 | 0 | (114) |
|  |  | 10/2025  | 41 | 414 | 414 | 0 | 0 |
|  |  | 10/2025  | 1395 | 13240 | 13240 | 11 | 0 |
|  |  | 10/2025  | 4834 | 147120 | 147120 | 3 | (5) |
|  |  | 10/2025  | 2512 | $145 | 145 | 0 | 0 |
|  |  | 11/2025  | 413 | 41 | 41 | 0 | 0 |
|  |  | 11/2025  | $36 | 49 | 49 | 0 | 0 |
|  |  | 11/2025  | 950 | 3185 | 3185 | 11 | 0 |

---

------

<br> Schedule of Investments PIMCO Active Bond Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 11/2025  | 2197 | 195478 | 0 | (3) |
|  | 12/2025  | 92265 | $3052 | 7 | (1) |
|  | 12/2025  | $1234 | 20729493 | 6 | 0 |
|  | 01/2026  | 53763 | $1782 | 1 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; CIB | 11/2025  | 183402 | 10583 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; DUB | 10/2025  | 67693 | 9520 | 19 | 0 |
|  | 10/2025  | 38106592 | 2325 | 41 | 0 |
|  | 10/2025  | 316865 | 3567 | 3 | 0 |
|  | 10/2025  | 2095861 | 1512 | 18 | 0 |
|  | 10/2025  | $2394 | 8179 | 76 | 0 |
|  | 10/2025  | 4620 | 408470 | 0 | (25) |
|  | 11/2025  | 8175 | $2394 | 0 | (74) |
|  | 11/2025  | 27421 | 308 | 0 | 0 |
|  | 11/2025  | $3567 | 317495 | 0 | (3) |
|  | 11/2025  | 24451 | $1397 | 0 | (14) |
| &nbsp;&nbsp;&nbsp;&nbsp; FAR | 10/2025  | 30365 | 19696 | 0 | (396) |
|  | 10/2025  | 172406 | 32183 | 0 | (210) |
|  | 10/2025  | 1026 | 1288 | 0 | (1) |
|  | 10/2025  | 29514 | 4157 | 14 | 0 |
|  | 10/2025  | 36314 | 247 | 1 | 0 |
|  | 10/2025  | 7 | 5 | 0 | 0 |
|  | 10/2025  | $21941 | 33605 | 296 | 0 |
|  | 10/2025  | 32416 | 172406 | 0 | (22) |
|  | 10/2025  | 9043 | 797553 | 0 | (73) |
|  | 10/2025  | 4023 | 14673 | 14 | 0 |
|  | 10/2025  | 33779 | 43504 | 0 | (54) |
|  | 11/2025  | 33605 | $21951 | 0 | (296) |
|  | 11/2025  | 43394 | 33779 | 51 | 0 |
|  | 11/2025  | $1288 | 1022 | 1 | 0 |
|  | 12/2025  | 10375 | $545 | 0 | (17) |
|  | 12/2025  | $32183 | 174849 | 201 | 0 |
|  | 12/2025  | 5605 | 106222 | 148 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; GLM | 10/2025  | 99274 | $18665 | 13 | 0 |
|  | 10/2025  | 242 | 303 | 0 | (1) |
|  | 10/2025  | 2327 | 327 | 1 | 0 |
|  | 10/2025  | 20531199 | 1231 | 1 | 0 |
|  | 10/2025  | 20650 | 15 | 0 | 0 |
|  | 10/2025  | 461 | 360 | 2 | 0 |
|  | 10/2025  | $17606 | 99274 | 1047 | 0 |
|  | 10/2025  | 2085 | 34460695 | 0 | (19) |
|  | 10/2025  | 2590 | 227277 | 0 | (34) |
|  | 10/2025  | 15 | 20650 | 0 | 0 |
|  | 11/2025  | 241 | 803 | 2 | 0 |
|  | 11/2025  | 297613 | $17160 | 0 | (14) |
|  | 12/2025  | 531192 | 32 | 0 | 0 |
|  | 12/2025  | 2803 | 148 | 0 | (4) |
|  | 12/2025  | $1190 | 19904859 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; IND | 10/2025  | 1619 | $1058 | 0 | (13) |
| &nbsp;&nbsp;&nbsp;&nbsp; JPM | 10/2025  | 57719 | 10851 | 7 | (1) |
|  | 10/2025  | 42957 | 31085 | 217 | 0 |
|  | 10/2025  | 76229529 | 4566 | 0 | (3) |
|  | 10/2025  | 3627497 | 2617 | 31 | 0 |
|  | 10/2025  | 3781 | 1079 | 0 | (9) |
|  | 10/2025  | 2214 | 1722 | 6 | 0 |
|  | 10/2025  | $10424 | 57719 | 421 | 0 |
|  | 10/2025  | 1167 | 868 | 1 | 0 |
|  | 10/2025  | 6770 | 112533728 | 3 | (26) |
|  | 10/2025  | 1127 | 3784 | 15 | 0 |
|  | 10/2025  | 261 | 960 | 3 | 0 |
|  | 10/2025  | 555 | 16846 | 0 | (1) |
|  | 10/2025  | 665 | 11758 | 15 | 0 |
|  | 11/2025  | 21652 | $1235 | 0 | (14) |
| &nbsp;&nbsp;&nbsp;&nbsp; MBC | 10/2025  | 23 | 17 | 0 | 0 |
|  | 10/2025  | 257 | 322 | 0 | (1) |
|  | 10/2025  | 34448 | 4847 | 12 | 0 |
|  | 10/2025  | 194 | 230 | 2 | 0 |
|  | 10/2025  | 3205 | 4321 | 12 | (2) |
|  | 10/2025  | 3786425 | 230 | 3 | 0 |
|  | 10/2025  | 10173798 | 7296 | 47 | 0 |
|  | 10/2025  | 30 | 3 | 0 | 0 |
|  | 10/2025  | 34795 | 3629 | 0 | (67) |
|  | 10/2025  | 28426 | 22182 | 145 | 0 |
|  | 10/2025  | 25214 | 783 | 4 | 0 |
|  | 10/2025  | $1493 | 1176 | 0 | (16) |
|  | 10/2025  | 3435 | 24466 | 0 | (1) |
|  | 10/2025  | 3 | 457 | 0 | 0 |
|  | 10/2025  | 5222 | 7290397 | 0 | (26) |
|  | 10/2025  | 0 | 4 | 0 | 0 |
|  | 10/2025  | 1380 | 13215 | 24 | 0 |
|  | 10/2025  | 960 | 31080 | 0 | 0 |
|  | 11/2025  | 24408 | $3435 | 1 | 0 |
|  | 11/2025  | 455 | 3 | 0 | 0 |
|  | 11/2025  | 4 | 0 | 0 | 0 |
|  | 11/2025  | $4321 | 3205 | 2 | (12) |
|  | 11/2025  | 267 | 888 | 1 | 0 |
|  | 12/2025  | 355 | 6729 | 10 | 0 |

---

------

<br> Schedule of Investments PIMCO Active Bond Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; MYI | &nbsp;&nbsp;&nbsp;&nbsp; MYI | &nbsp;&nbsp;&nbsp;&nbsp; MYI | 10/2025  | 10/2025  | CNH | 34778 | 34778 | $ | 4887 |  | 6 |  | 0 |
|  |  |  | 10/2025  | 10/2025  | IDR | 15303503 | 15303503 |  | 930 |  | 12 |  | 0 |
|  |  |  | 10/2025  | 10/2025  | JPY | 404 | 404 |  | 3 |  | 0 |  | 0 |
|  |  |  | 10/2025  | 10/2025  | $ | $117 | 117 | JPY | 17440 |  | 1 |  | 0 |
|  |  |  | 10/2025  | 10/2025  |  | 3381 | 3381 | PLN | 12239 |  | 0 |  | (15) |
|  |  |  | 10/2025  | 10/2025  |  | 2470 | 2470 | TWD | 74418 |  | 0 |  | (25) |
|  |  |  | 11/2025  | 11/2025  | JPY | 17380 | 17380 | $ | 117 |  | 0 |  | (1) |
|  |  |  | 12/2025  | 12/2025  | TWD | 73934 | 73934 |  | 2470 |  | 30 |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; NGF | &nbsp;&nbsp;&nbsp;&nbsp; NGF | &nbsp;&nbsp;&nbsp;&nbsp; NGF | 10/2025  | 10/2025  | KRW | 4804738 | 4804738 |  | 3455 |  | 30 |  | 0 |
|  |  |  | 10/2025  | 10/2025  | $ | $1841 | 1841 | IDR | 30474030 |  | 0 |  | (15) |
|  |  |  | 11/2025  | 11/2025  |  | 17470 | 17470 | TRY | 760922 |  | 216 |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; SCX | &nbsp;&nbsp;&nbsp;&nbsp; SCX | &nbsp;&nbsp;&nbsp;&nbsp; SCX | 10/2025  | 10/2025  | CNH | 25293 | 25293 | $ | 3559 |  | 9 |  | 0 |
|  |  |  | 10/2025  | 10/2025  | IDR | 28013759 | 28013759 |  | 1678 |  | 0 |  | (1) |
|  |  |  | 10/2025  | 10/2025  | INR | 228408 | 228408 |  | 2569 |  | 0 |  | 0 |
|  |  |  | 10/2025  | 10/2025  | JPY | 1160 | 1160 |  | 8 |  | 0 |  | 0 |
|  |  |  | 10/2025  | 10/2025  | PEN | 13469 | 13469 |  | 3840 |  | 0 |  | (37) |
|  |  |  | 10/2025  | 10/2025  | SGD | 465 | 465 |  | 365 |  | 4 |  | 0 |
|  |  |  | 10/2025  | 10/2025  | TWD | 237410 | 237410 |  | 8012 |  | 211 |  | 0 |
|  |  |  | 10/2025  | 10/2025  | $ | $2056 | 2056 | IDR | 33809587 |  | 0 |  | (30) |
|  |  |  | 10/2025  | 10/2025  |  | 4499 | 4499 | INR | 397208 |  | 0 |  | (31) |
|  |  |  | 11/2025  | 11/2025  |  | 2261 | 2261 |  | 201408 |  | 0 |  | 0 |
|  |  |  | 12/2025  | 12/2025  |  | 1678 | 1678 | IDR | 28084561 |  | 2 |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; SOG | &nbsp;&nbsp;&nbsp;&nbsp; SOG | &nbsp;&nbsp;&nbsp;&nbsp; SOG | 10/2025  | 10/2025  | EUR | 8606 | 8606 | $ | 10121 |  | 17 |  | 0 |
|  |  |  | 10/2025  | 10/2025  | JPY | 18950 | 18950 |  | 129 |  | 1 |  | 0 |
|  |  |  | 10/2025  | 10/2025  | NZD | 1613 | 1613 |  | 940 |  | 5 |  | 0 |
|  |  |  | 10/2025  | 10/2025  | $ | $255 | 255 | JPY | 37980 |  | 2 |  | 0 |
|  |  |  | 11/2025  | 11/2025  | JPY | 37849 | 37849 | $ | 255 |  | 0 |  | (2) |
|  |  |  | 11/2025  | 11/2025  | $ | $10142 | 10142 | EUR | 8607 |  | 0 |  | (17) |
| &nbsp;&nbsp;&nbsp;&nbsp; SSB | &nbsp;&nbsp;&nbsp;&nbsp; SSB | &nbsp;&nbsp;&nbsp;&nbsp; SSB | 10/2025  | 10/2025  |  | 6254 | 6254 | GBP | 4640 |  | 0 |  | (14) |
|  |  |  | 11/2025  | 11/2025  | ZAR | 66 | 66 | $ | 4 |  | 0 |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; UAG | &nbsp;&nbsp;&nbsp;&nbsp; UAG | &nbsp;&nbsp;&nbsp;&nbsp; UAG | 10/2025  | 10/2025  | CAD | 39 | 39 |  | 28 |  | 0 |  | 0 |
|  |  |  | 10/2025  | 10/2025  | ILS | 16355 | 16355 |  | 4902 |  | 0 |  | (35) |
|  |  |  | 10/2025  | 10/2025  | NOK | 406 | 406 |  | 40 |  | 0 |  | (1) |
|  |  |  | 10/2025  | 10/2025  | $ | $240 | 240 | ILS | 821 |  | 8 |  | 0 |
|  |  |  | 10/2025  | 10/2025  |  | 104 | 104 | INR | 9185 |  | 0 |  | (1) |
|  |  |  | 10/2025  | 10/2025  |  | 3597 | 3597 | PLN | 13050 |  | 0 |  | (8) |
|  |  |  | 10/2025  | 10/2025  |  | 960 | 960 | THB | 31068 |  | 0 |  | 0 |
|  |  |  | 10/2025  | 10/2025  |  | 145 | 145 | ZAR | 2511 |  | 0 |  | 0 |
|  |  |  | 10/2025  | 10/2025  | ZAR | 2513 | 2513 | $ | 145 |  | 0 |  | 0 |
|  |  |  | 11/2025  | 11/2025  | ILS | 821 | 821 |  | 240 |  | 0 |  | (8) |
|  |  |  | 11/2025  | 11/2025  | ZAR | 11014 | 11014 |  | 625 |  | 0 |  | (11) |
| **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | $**4646** | **4646** | $**(2340)** | **(2340)** |
| **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** |
| **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> |
|  |  |  |  |  |  |  |  |  |  |  |  | <u>Swap Agreements, at Value</u><sup>(4)</sup> | <u>Swap Agreements, at Value</u><sup>(4)</sup> |
| Counterparty | Counterparty | Reference Entity | Reference Entity | Fixed <br>Receive Rate | Fixed <br>Receive Rate | Payment<br>Frequency | Implied<br>Credit Spread at<br>September 30, 2025<sup>(2)</sup> | Implied<br>Credit Spread at<br>September 30, 2025<sup>(2)</sup> | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Asset |
| GST | GST | Soft Bank Group Inc.  | Soft Bank Group Inc.  | 1.000% | 1.000% | Quarterly | 0.872% | 0.872% | $1700 | (14) | 16 | 2 | 2 |
| **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **(14)** | **16** | **2** | **2** |
| **(q)** | **Securities with an aggregate market value of $300 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $300 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $300 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $300 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $300 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $300 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $300 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $300 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $300 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $300 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $300 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $300 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $300 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** |
| <sup>(1)</sup> | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. |
| <sup>(2)</sup> | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate 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. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate 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. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate 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. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate 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. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate 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. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate 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. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate 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. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate 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. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate 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. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate 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. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate 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. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate 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. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate 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. |
| <sup>(3)</sup> | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. |
| <sup>(4)</sup> | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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 MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** |
| **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: |
| Category and Subcategory | Category and Subcategory | Category and Subcategory | Category and Subcategory | Category and Subcategory | Category and Subcategory | Category and Subcategory | Level 1 | Level 1 | Level 2 | Level 3 | Fair Value<br>at 09/30/2025 | Fair Value<br>at 09/30/2025 | Fair Value<br>at 09/30/2025 |

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<br> Schedule of Investments PIMCO Active Bond Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** **in Securities, at Value** | **Investments** **in Securities, at Value** | **Investments** **in Securities, at Value** | **Investments** **in Securities, at Value** | **Investments** **in Securities, at Value** | **Investments** **in Securities, at Value** | **Investments** **in Securities, at Value** | **Investments** **in Securities, at Value** | **Investments** **in Securities, at Value** | **Investments** **in Securities, at Value** | **Investments** **in Securities, at Value** | **Investments** **in Securities, at Value** | **Investments** **in Securities, at Value** | **Investments** **in Securities, at Value** | |
| Loan Participations and Assignments | Loan Participations and Assignments | Loan Participations and Assignments | Loan Participations and Assignments | Loan Participations and Assignments | $0 | 0 | 0 | $6002 | 6002 | $4085 | 4085 | $ | 10087 |  |
| Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |  |
| Banking & Finance | Banking & Finance | Banking & Finance | Banking & Finance | Banking & Finance | 0 | 0 | 0 | 999464 | 999464 | 27493 | 27493 |  | 1026957 |  |
| Industrials | Industrials | Industrials | Industrials | Industrials | 0 | 0 | 0 | 269344 | 269344 | 71269 | 71269 |  | 340613 |  |
| Utilities | Utilities | Utilities | Utilities | Utilities | 0 | 0 | 0 | 110562 | 110562 | 12293 | 12293 |  | 122855 |  |
| Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |  |
| California | California | California | California | California | 0 | 0 | 0 | 15041 | 15041 | 0 | 0 |  | 15041 |  |
| Illinois | Illinois | Illinois | Illinois | Illinois | 0 | 0 | 0 | 5298 | 5298 | 0 | 0 |  | 5298 |  |
| Indiana | Indiana | Indiana | Indiana | Indiana | 0 | 0 | 0 | 7990 | 7990 | 0 | 0 |  | 7990 |  |
| Minnesota | Minnesota | Minnesota | Minnesota | Minnesota | 0 | 0 | 0 | 10788 | 10788 | 0 | 0 |  | 10788 |  |
| New York | New York | New York | New York | New York | 0 | 0 | 0 | 4958 | 4958 | 0 | 0 |  | 4958 |  |
| Texas | Texas | Texas | Texas | Texas | 0 | 0 | 0 | 3377 | 3377 | 0 | 0 |  | 3377 |  |
| West Virginia | West Virginia | West Virginia | West Virginia | West Virginia | 0 | 0 | 0 | 3062 | 3062 | 0 | 0 |  | 3062 |  |
| U.S. Government Agencies | U.S. Government Agencies | U.S. Government Agencies | U.S. Government Agencies | U.S. Government Agencies | 0 | 0 | 0 | 3520350 | 3520350 | 0 | 0 |  | 3520350 |  |
| U.S. Treasury Obligations | U.S. Treasury Obligations | U.S. Treasury Obligations | U.S. Treasury Obligations | U.S. Treasury Obligations | 0 | 0 | 0 | 843180 | 843180 | 0 | 0 |  | 843180 |  |
| Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | 0 | 0 | 0 | 310442 | 310442 | 42660 | 42660 |  | 353102 |  |
| Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |  |
| Automobile ABS Other | Automobile ABS Other | Automobile ABS Other | Automobile ABS Other | Automobile ABS Other | 0 | 0 | 0 | 9449 | 9449 | 0 | 0 |  | 9449 |  |
| Automobile Sequential | Automobile Sequential | Automobile Sequential | Automobile Sequential | Automobile Sequential | 0 | 0 | 0 | 26834 | 26834 | 0 | 0 |  | 26834 |  |
| CMBS Other | CMBS Other | CMBS Other | CMBS Other | CMBS Other | 0 | 0 | 0 | 55706 | 55706 | 0 | 0 |  | 55706 |  |
| Home Equity Other | Home Equity Other | Home Equity Other | Home Equity Other | Home Equity Other | 0 | 0 | 0 | 149812 | 149812 | 0 | 0 |  | 149812 |  |
| Home Equity Sequential | Home Equity Sequential | Home Equity Sequential | Home Equity Sequential | Home Equity Sequential | 0 | 0 | 0 | 936 | 936 | 0 | 0 |  | 936 |  |
| Whole Loan Collateral | Whole Loan Collateral | Whole Loan Collateral | Whole Loan Collateral | Whole Loan Collateral | 0 | 0 | 0 | 24765 | 24765 | 0 | 0 |  | 24765 |  |
| Other ABS | Other ABS | Other ABS | Other ABS | Other ABS | 3000 | 3000 | 3000 | 465847 | 465847 | 2790 | 2790 |  | 471637 |  |
| Sovereign Issues | Sovereign Issues | Sovereign Issues | Sovereign Issues | Sovereign Issues | 0 | 0 | 0 | 102876 | 102876 | 0 | 0 |  | 102876 |  |
| Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |  |
| Banking & Finance | Banking & Finance | Banking & Finance | Banking & Finance | Banking & Finance | 0 | 0 | 0 | 19199 | 19199 | 0 | 0 |  | 19199 |  |
| Industrials | Industrials | Industrials | Industrials | Industrials | 0 | 0 | 0 | 13 | 13 | 0 | 0 |  | 13 |  |
| Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |  |
| Mutual Funds | Mutual Funds | Mutual Funds | Mutual Funds | Mutual Funds | 0 | 0 | 0 | 1988 | 1988 | 0 | 0 |  | 1988 |  |
| Repurchase Agreements | Repurchase Agreements | Repurchase Agreements | Repurchase Agreements | Repurchase Agreements | 0 | 0 | 0 | 3400 | 3400 | 0 | 0 |  | 3400 |  |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | 0 | 0 | 0 | 2 | 2 | 0 | 0 |  | 2 |  |
|  |  |  |  |  | $3000 | 3000 | 3000 | $6970685 | 6970685 | $160590 | 160590 | $ | 7134275 |  |
| **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** |  |
| Mutual Funds | Mutual Funds | Mutual Funds | Mutual Funds | Mutual Funds | 227892 | 227892 | 227892 | 0 | 0 | 0 | 0 |  | 227892 |  |
| Total Investments | Total Investments | Total Investments | Total Investments | Total Investments | $230892 | 230892 | 230892 | $6970685 | 6970685 | $160590 | 160590 | $ | 7362167 |  |
| **Short Sales, at Value - Liabilities**  | **Short Sales, at Value - Liabilities**  | **Short Sales, at Value - Liabilities**  | **Short Sales, at Value - Liabilities**  | **Short Sales, at Value - Liabilities**  | **Short Sales, at Value - Liabilities**  | **Short Sales, at Value - Liabilities**  | **Short Sales, at Value - Liabilities**  | **Short Sales, at Value - Liabilities**  | **Short Sales, at Value - Liabilities**  | **Short Sales, at Value - Liabilities**  | **Short Sales, at Value - Liabilities**  | **Short Sales, at Value - Liabilities**  | **Short Sales, at Value - Liabilities**  |  |
| U.S. Government Agencies | U.S. Government Agencies | U.S. Government Agencies | U.S. Government Agencies | U.S. Government Agencies | $0 | 0 | 0 | $(749415) | (749415) | $0 | 0 | $ | (749415) |  |
| **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  |  |
| Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | 289 | 289 | 289 | 647 | 647 | 0 | 0 |  | 936 |  |
| Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | 0 | 0 | 0 | 4648 | 4648 | 0 | 0 |  | 4648 |  |
|  |  |  |  |  | $289 | 289 | 289 | $5295 | 5295 | $0 | 0 | $ | 5584 |  |
| **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  |  |
| Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | (21) | (21) | (21) | (1924) | (1924) | 0 | 0 |  | (1945) |  |
| Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | 0 | 0 | 0 | (2340) | (2340) | 0 | 0 |  | (2340) |  |
|  |  |  |  |  | $(21) | (21) | (21) | $(4264) | (4264) | $0 | 0 | $ | (4285) |  |
| Total Financial Derivative Instruments | Total Financial Derivative Instruments | Total Financial Derivative Instruments | Total Financial Derivative Instruments | Total Financial Derivative Instruments | $268 | 268 | 268 | $1031 | 1031 | $0 | 0 | $ | 1299 |  |
| Totals | Totals | Totals | Totals | Totals | $231160 | 231160 | 231160 | $6222301 | 6222301 | $160590 | 160590 | $ | 6614051 |  |
| **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** |
| Category and Subcategory | Beginning<br>Balance<br>at 06/30/2025 | Net<br>Purchases  | Net<br>Sales/Settlements  | Accrued<br>Discounts/<br>(Premiums) | Accrued<br>Discounts/<br>(Premiums) | Realized<br>Gain/(Loss) | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(1)</sup> | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(1)</sup> | Transfers into<br>Level 3 | Transfers into<br>Level 3 | Transfers out<br>of Level 3 | Transfers out<br>of Level 3 | Ending<br>Balance<br>at 09/30/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>09/30/2025<sup>(1)</sup> |
| **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** |
| Loan Participations and Assignments | 4198 | $0 | $(170) | $ | 0 | $0 | $ | 57 | $0 | 0 | $0 | 0 | $4085 | $47 |
| Corporate Bonds & Notes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Banking & Finance | 10801 | 16500 | (187) |  | 0 | 0 |  | 379 | 0 | 0 | 0 | 0 | 27493 | 379 |
| Industrials | 12142 | 59000 | 0 |  | 0 | 0 |  | 127 | 0 | 0 | 0 | 0 | 71269 | 127 |
| Utilities | 12195 | 0 | 0 |  | 0 | 0 |  | 98 | 0 | 0 | 0 | 0 | 12293 | 98 |
| U.S. Government Agencies | 13016 | 0 | (488) |  | (1) | 0 |  | 57 | 0 | 0 | (12584) | (12584) | 0 | 0 |
| Non-Agency Mortgage-Backed Securities | 36470 | 6131 | (256) |  | 16 | 13 |  | 286 | 0 | 0 | 0 | 0 | 42660 | 290 |
| Asset-Backed Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

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------

<br> Schedule of Investments PIMCO Active Bond Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| OtherABS | 7362 | 2800 |  | (132) | 0 | 0 | 17 | 0 | (7257) | (7257) | 2790 |  | (10) |
| Totals | $96184 | 84431 | $ | $(1233) | $15 | $13 | $1021 | $0 | $(19841) | (19841) | 160590 | $ | 931 |
| <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** |
|  |  |  |  |  |  |  |  |  |  | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| Category and Subcategory | Category and Subcategory | Ending<br>Balance<br>at 09/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation Technique | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation Technique | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation Technique | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation Technique | &nbsp;&nbsp;&nbsp;&nbsp; Unobservable Inputs | &nbsp;&nbsp;&nbsp;&nbsp; Unobservable Inputs | &nbsp;&nbsp;&nbsp;&nbsp; Unobservable Inputs | Input Value(s) | Input Value(s) | Weighted Average | Weighted Average |
| **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** |
| Loan Participations and Assignments | Loan Participations and Assignments | $4085 | 4085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indicative Market Quotation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indicative Market Quotation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indicative Market Quotation | &nbsp;&nbsp;&nbsp;&nbsp; Broker Quote | &nbsp;&nbsp;&nbsp;&nbsp; Broker Quote | &nbsp;&nbsp;&nbsp;&nbsp; Broker Quote | 95.558 | 95.558 |  |  |
| Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| Banking & Finance | Banking & Finance | 19025 | 19025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate | 4.566 - 5.575 | 4.566 - 5.575 | 4.868 | 4.868 |
|  |  | 4692 | 4692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate | 4.910 - 5.920 | 4.910 - 5.920 | 5.380 | 5.380 |
|  |  | 3776 | 3776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proxy Pricing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proxy Pricing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proxy Pricing | &nbsp;&nbsp;&nbsp;&nbsp; Base Price | &nbsp;&nbsp;&nbsp;&nbsp; Base Price | &nbsp;&nbsp;&nbsp;&nbsp; Base Price | 100.000 | 100.000 |  |  |
| Industrials | Industrials | 4709 | 4709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate | 4.437 - 5.088 | 4.437 - 5.088 | 4.825 | 4.825 |
|  |  | 7560 | 7560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proxy Pricing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proxy Pricing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proxy Pricing | &nbsp;&nbsp;&nbsp;&nbsp; Base Price | &nbsp;&nbsp;&nbsp;&nbsp; Base Price | &nbsp;&nbsp;&nbsp;&nbsp; Base Price | 100.000 | 100.000 |  |  |
|  |  | 59000 | 59000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | 100.000 | 100.000 |  |  |
| Utilities | Utilities | 12293 | 12293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate | 4.403 | 4.403 |  |  |
| Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | 36548 | 36548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate | 5.307 - 7.109 | 5.307 - 7.109 | 5.743 | 5.743 |
|  |  | 2920 | 2920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proxy Pricing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proxy Pricing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proxy Pricing | &nbsp;&nbsp;&nbsp;&nbsp; Base Price | &nbsp;&nbsp;&nbsp;&nbsp; Base Price | &nbsp;&nbsp;&nbsp;&nbsp; Base Price | 97.967 | 97.967 |  |  |
|  |  | 3192 | 3192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | 99.750 | 99.750 |  |  |
| Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| Other ABS | Other ABS | 2790 | 2790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proxy Pricing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proxy Pricing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proxy Pricing | &nbsp;&nbsp;&nbsp;&nbsp; Base Price | &nbsp;&nbsp;&nbsp;&nbsp; Base Price | &nbsp;&nbsp;&nbsp;&nbsp; Base Price | 99.998 | 99.998 |  |  |
| Total | Total | $160590 | 160590 |  |  |  |  |  |  |  |  |  |  |
| Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. |

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------

<br> Schedule of Investments PIMCO Broad U.S. TIPS Index Exchange-Traded Fund September 30, 2025 (Unaudited)

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| | | |
|:---|:---|:---|
| **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** | **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** | **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** |
|  | PRINCIPAL<br>AMOUNT<br>(000s) | MARKET<br>VALUE<br>(000s) |
| **INVESTMENTS IN SECURITIES 99.7% ¤** |  |  |
| **U.S. TREASURY OBLIGATIONS 99.7%**  |  |  |
| **U.S. Treasury Inflation Protected Securities (a)** |  |  |
| 0.625% due 02/15/2043  | $6 | $4 |
| 0.750% due 02/15/2045  | 4538 | 3387 |
| 0.875% due 02/15/2047  | 4241 | 3135 |
| 1.000% due 02/15/2046  | 4264 | 3292 |
| 1.000% due 02/15/2048  | 3522 | 2642 |
| 1.375% due 02/15/2044  | 4193 | 3589 |
| 1.500% due 02/15/2053  | 34 | 27 |
| 2.125% due 02/15/2041  | 10 | 10 |
| 2.125% due 02/15/2054  | 38 | 35 |
| 2.375% due 01/15/2027  | 3455 | 3517 |
| 3.375% due 04/15/2032  | 29 | 33 |
| 3.625% due 04/15/2028  | 116 | 123 |
| 3.875% due 04/15/2029  | 344 | 376 |
| 0.125% due 10/15/2026  | 4700 | 4675 |
| 0.125% due 04/15/2027  | 3618 | 3568 |
| 0.125% due 01/15/2030  | 5011 | 4786 |
| 0.125% due 07/15/2030  | 1543 | 1468 |
| 0.125% due 01/15/2031  | 4229 | 3972 |
| 0.125% due 07/15/2031  | 5471 | 5111 |
| 0.125% due 01/15/2032  | 5682 | 5234 |
| 0.250% due 07/15/2029  | 827 | 803 |
| 0.375% due 01/15/2027  | 5064 | 5026 |
| 0.375% due 07/15/2027  | 729 | 724 |
| 0.500% due 01/15/2028  | 817 | 808 |
| 0.625% due 07/15/2032  | 4995 | 4730 |
| 0.750% due 07/15/2028  | 683 | 680 |
| 0.875% due 01/15/2029  | 594 | 589 |
| 1.125% due 01/15/2033  | 1228 | 1190 |
| 1.250% due 04/15/2028  | 541 | 543 |
| 1.375% due 07/15/2033  | 4937 | 4863 |
| 1.625% due 10/15/2027  | 546 | 555 |
| 1.625% due 10/15/2029  | 4664 | 4758 |
| 1.625% due 04/15/2030  | 4850 | 4925 |
| 1.750% due 01/15/2034  | 5119 | 5145 |
| 1.875% due 07/15/2034  | 5276 | 5355 |
| 1.875% due 07/15/2035  | 205 | 207 |
| 2.125% due 04/15/2029  | 674 | 695 |
| 2.125% due 01/15/2035  | 5316 | 5474 |
| 2.375% due 10/15/2028  | 4504 | 4693 |
| Total U.S. Treasury Obligations (Cost $102,175) |  | 100747 |
|  | SHARES |  |
| **SHORT-TERM INSTRUMENTS 0.0%**  |  |  |
| **MUTUAL FUNDS 0.0%**  |  |  |
| **State Street Institutional U.S. Government Money Market Fund, Premier Class** <br> 4.200%(b) | 14498 | 15 |
| Total Short-Term Instruments (Cost $15) |  | 15 |
| Total Investments in Securities (Cost $102,190) |  | 100762 |
| Total Investments 99.7% (Cost $102,190) |  | $100762 |
| Other Assets and Liabilities, net 0.3% |  | 278 |
| Net Assets 100.0% |  | $101040 |

---

------

<br> Schedule of Investments PIMCO Broad U.S. TIPS Index Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  |
| **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** |
| **¤** | **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.** | **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.** | **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.** | **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.** | **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.** |
| **(a)** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** |
| **(b)** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** |
| **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** |
| **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: |
| Category and Subcategory | Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair Value<br>at 09/30/2025 |
| **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** |
| U.S. Treasury Obligations | U.S. Treasury Obligations | $0 | $100747 | $0 | $100747 |
| Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| Mutual Funds | Mutual Funds | 0 | 15 | 0 | 15 |
| Total Investments | Total Investments | $0 | $100762 | $0 | $100762 |
| **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** |

---

------

<br> Consolidated Schedule of Investments PIMCO Commodity Strategy Active Exchange-Traded Fund September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** | **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** | **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** |
|  | PRINCIPAL<br>AMOUNT<br>(000s) | MARKET<br>VALUE<br>(000s) |
| **INVESTMENTS IN SECURITIES 90.8% ¤** |  |  |
| **CORPORATE BONDS & NOTES 37.4%**  |  |  |
| **BANKING & FINANCE 22.6%**  |  |  |
| **ABN AMRO Bank NV**  |  |  |
| 1.542% due 06/16/2027 •  | $1600 | $1569 |
| 5.211% (SOFRINDX + 1.000%) due 12/03/2028 ~  | 3700 | 3709 |
| **AerCap Ireland Capital DAC/AerCap Global Aviation Trust** <br>2.450% due 10/29/2026 | 700 | 688 |
| **American Honda Finance Corp.** <br>4.985% due 08/13/2027 •  | 4300 | 4309 |
| **Athene Global Funding**  |  |  |
| 5.068% due 07/16/2026 •  | 3000 | 3007 |
| 5.252% (SOFRINDX + 1.030%) due 08/27/2026 ~  | 2600 | 2615 |
| 5.620% due 05/08/2026  | 475 | 479 |
| **Aviation Capital Group LLC** <br>4.875% due 10/01/2025 | 2553 | 2553 |
| **Banco Santander SA** <br>5.452% (SOFRRATE + 1.120%) due 07/15/2028 ~ | 2000 | 2013 |
| **Bank of America Corp.**  |  |  |
| 1.197% due 10/24/2026 •  | 400 | 399 |
| 1.734% due 07/22/2027 •  | 4600 | 4509 |
| **Bank of Nova Scotia** <br>4.601% (BBSW3M + 0.900%) due 10/27/2025 ~ | 2900 | 1920 |
| **Banque Federative du Credit Mutuel SA**  |  |  |
| 5.308% (SOFRRATE + 0.990%) due 10/16/2028 ~  | $800 | 803 |
| 5.728% (SOFRINDX + 1.400%) due 07/13/2026 ~  | 3000 | 3025 |
| **Barclays PLC**  |  |  |
| 4.375% due 01/12/2026  | 800 | 800 |
| 5.829% due 05/09/2027 •  | 5000 | 5045 |
| **BNP Paribas SA** <br>1.323% due 01/13/2027 •  | 600 | 595 |
| **BPCE SA**  |  |  |
| 1.652% due 10/06/2026 •  | 250 | 250 |
| 5.975% due 01/18/2027 •  | 3920 | 3935 |
| **Canadian Imperial Bank of Commerce**  |  |  |
| 4.997% (SOFRRATE + 0.800%) due 09/08/2028 ~  | 5000 | 5009 |
| 5.048% (SOFRRATE + 0.720%) due 01/13/2028 ~  | 900 | 901 |
| 5.092% (SOFRRATE + 0.940%) due 06/28/2027 ~  | 200 | 202 |
| **Citigroup, Inc.** <br>1.122% due 01/28/2027 •  | 2500 | 2474 |
| **Cooperatieve Rabobank UA**  |  |  |
| 1.980% due 12/15/2027 •  | 1500 | 1460 |
| 4.840% (SOFRINDX + 0.620%) due 08/28/2026 ~  | 1300 | 1303 |
| **Credit Agricole SA** <br>5.635% (SOFRRATE + 1.290%) due 07/05/2026 ~ | 1301 | 1310 |
| **Crown Castle, Inc.** <br>4.450% due 02/15/2026 | 500 | 500 |
| **DBS Group Holdings Ltd.** <br>4.789% (SOFRRATE + 0.600%) due 03/21/2028 ~ | 1400 | 1405 |
| **Deutsche Bank AG** <br>2.129% due 11/24/2026 •  | 1200 | 1196 |
| **DNB Bank ASA**  |  |  |
| 1.535% due 05/25/2027 •  | 2000 | 1966 |
| 5.896% due 10/09/2026 •  | 300 | 300 |
| **Equitable Financial Life Global Funding** <br>1.300% due 07/12/2026 | 610 | 597 |
| **Ford Motor Credit Co. LLC**  |  |  |
| 3.375% due 11/13/2025  | 2000 | 1996 |
| 5.800% due 03/05/2027  | 2600 | 2627 |
| 7.147% (SOFRRATE + 2.950%) due 03/06/2026 ~  | 800 | 806 |
| **General Motors Financial Co., Inc.** <br>1.500% due 06/10/2026 | 511 | 502 |
| **Goldman Sachs Group, Inc.**  |  |  |
| 1.542% due 09/10/2027 •  | 4000 | 3902 |
| 5.593% (SOFRRATE + 1.290%) due 04/23/2028 ~  | 600 | 606 |
| **HSBC Holdings PLC**  |  |  |
| 5.836% (SOFRRATE + 1.570%) due 08/14/2027 ~  | 500 | 504 |
| 5.887% due 08/14/2027 •  | 2000 | 2027 |
| **ING Bank Australia Ltd.** <br>4.555% (BBSW3M + 0.980%) due 12/08/2025 ~ | 1200 | 795 |
| **ING Groep NV** <br>5.163% due 04/01/2027 •  | $1000 | 1002 |

---

------

<br> Consolidated Schedule of Investments PIMCO Commodity Strategy Active Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Intesa** **Sanpaolo SpA** <br>7.000% due 11/21/2025 | 2000 | 2007 |
| **Jackson National Life Global Funding**  |  |  |
| 4.900% due 01/13/2027  | 600 | 605 |
| 5.500% due 01/09/2026  | 1127 | 1130 |
| **Lloyds Banking Group PLC** <br>5.842% (SOFRINDX + 1.560%) due 08/07/2027 ~ | 1800 | 1815 |
| **Metropolitan Life Global Funding I** <br>4.074% due 12/01/2025 •  | 5000 | 3309 |
| **Mizuho Bank Ltd.**  |  |  |
| 4.415% (BBSW3M + 0.860%) due 02/23/2026 ~  | 2000 | 1326 |
| 4.430% (BBSW3M + 0.850%) due 09/14/2026 ~  | 300 | 199 |
| **Mizuho Financial Group, Inc.** <br>1.234% due 05/22/2027 •  | $200 | 196 |
| **Morgan Stanley Bank NA** <br>5.011% (SOFRRATE + 0.685%) due 10/15/2027 ~ | 1000 | 1003 |
| **Morgan Stanley Private Bank NA** <br>5.099% (SOFRRATE + 0.770%) due 07/06/2028 ~ | 5000 | 5018 |
| **MUFG Bank Ltd.** <br>4.460% (BBSW3M + 0.870%) due 02/17/2026 ~ | 2000 | 1326 |
| **National Bank of Canada** <br>5.053% due 03/25/2027 •  | $1708 | 1711 |
| **NatWest Markets PLC** <br>4.935% (SOFRRATE + 0.760%) due 09/29/2026 ~ | 800 | 802 |
| **Nissan Motor Acceptance Co. LLC**  |  |  |
| 1.850% due 09/16/2026  | 1500 | 1447 |
| 2.000% due 03/09/2026  | 273 | 269 |
| **Nomura Holdings, Inc.** <br>5.709% due 01/09/2026 | 1500 | 1506 |
| **Pacific Life Global Funding II** <br>4.762% (SOFRRATE + 0.480%) due 02/04/2027 ~ | 2000 | 2004 |
| **Protective Life Global Funding** <br>4.806% (SOFRRATE + 0.500%) due 07/22/2026 ~ | 800 | 801 |
| **Royal Bank of Canada** <br>5.021% (SOFRINDX + 0.710%) due 01/21/2027 ~ | 800 | 803 |
| **Santander U.K. Group Holdings PLC** <br>6.833% due 11/21/2026 •  | 2100 | 2106 |
| **Shinhan Bank Co. Ltd.** <br>5.540% (BBSW3M + 1.950%) due 11/16/2025 ~ | 1500 | 994 |
| **Societe Generale SA** <br>6.447% due 01/12/2027 •  | $400 | 402 |
| **Standard Chartered Bank** <br>4.853% due 12/03/2027 | 500 | 509 |
| **Standard Chartered PLC**  |  |  |
| 5.423% (SOFRRATE + 1.170%) due 05/14/2028 ~  | 1000 | 1007 |
| 6.170% due 01/09/2027 •  | 514 | 516 |
| 6.187% due 07/06/2027 •  | 400 | 405 |
| 6.297% (SOFRRATE + 2.030%) due 02/08/2028 ~  | 800 | 814 |
| **Sumitomo Mitsui Financial Group, Inc.** <br>5.637% (SOFRRATE + 1.300%) due 07/13/2026 ~ | 3500 | 3526 |
| **Sumitomo Mitsui Trust Bank Ltd.**  |  |  |
| 5.350% (SOFRRATE + 1.150%) due 09/14/2026 ~  | 600 | 605 |
| 5.355% (SOFRRATE + 1.150%) due 09/14/2026 ~  | 300 | 302 |
| **Svenska Handelsbanken AB** <br>4.880% (SOFRRATE + 0.660%) due 05/28/2027 ~ | 2500 | 2513 |
| **Swedbank AB** <br>5.337% due 09/20/2027 | 2500 | 2561 |
| **Synchrony Financial** <br>3.700% due 08/04/2026 | 1500 | 1491 |
| **Toyota Motor Credit Corp.** <br>5.040% (SOFRRATE + 0.770%) due 08/07/2026 ~ | 2000 | 2008 |
| **U.S. Bancorp** <br>5.727% due 10/21/2026 •  | 1900 | 1901 |
| **UBS AG**  |  |  |
| 4.048% (BBSW3M + 0.500%) due 02/26/2026 ~  | 700 | 463 |
| 4.934% (BBSW3M + 1.300%) due 05/12/2026 ~  | 3500 | 2330 |
| **UBS Group AG** <br>1.305% due 02/02/2027 •  | $2750 | 2723 |
| **Woori Card Co. Ltd.** <br>1.750% due 03/23/2026 | 782 | 772 |
|  |  | 130838 |
| **INDUSTRIALS 12.6%**  |  |  |
| **7-Eleven, Inc.** <br>0.950% due 02/10/2026 | 1100 | 1086 |
| **Algonquin Power & Utilities Corp.** <br>5.365% due 06/15/2026 þ | 5800 | 5843 |
| **BAT International Finance PLC** <br>1.668% due 03/25/2026 | 952 | 941 |
| **Bayer U.S. Finance II LLC** <br>4.250% due 12/15/2025 | 4400 | 4396 |
| **Berry Global, Inc.**  |  |  |
| 1.570% due 01/15/2026  | 5100 | 5057 |

---

------

<br> Consolidated Schedule of Investments PIMCO Commodity Strategy Active Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| 4.875% due 07/15/2026  | 466 | 466 |
| **BMW U.S. Capital LLC**  |  |  |
| 4.975% (SOFRRATE + 0.710%) due 08/11/2027 ~  | 3300 | 3316 |
| 5.056% (SOFRINDX + 0.800%) due 08/13/2026 ~  | 1500 | 1505 |
| **Boeing Co.**  |  |  |
| 2.196% due 02/04/2026  | 1400 | 1390 |
| 2.750% due 02/01/2026  | 300 | 298 |
| 3.100% due 05/01/2026  | 870 | 864 |
| **Campbell's Co.** <br>5.300% due 03/20/2026 | 3800 | 3814 |
| **Cigna Group** <br>1.250% due 03/15/2026 | 1500 | 1479 |
| **Daimler Truck Finance North America LLC** <br>4.650% due 10/12/2030 | 5400 | 5409 |
| **Entergy Louisiana LLC** <br>2.400% due 10/01/2026 | 730 | 718 |
| **Fox Corp.** <br>4.709% due 01/25/2029 | 900 | 912 |
| **Glencore Funding LLC** <br>5.405% (SOFRINDX + 1.060%) due 04/04/2027 ~ | 300 | 302 |
| **HCA, Inc.** <br>5.875% due 02/15/2026 | 3000 | 3004 |
| **Hyundai Capital America**  |  |  |
| 5.273% (SOFRRATE + 1.120%) due 06/23/2027 ~  | 1400 | 1410 |
| 5.603% (SOFRRATE + 1.320%) due 11/03/2025 ~  | 197 | 197 |
| 6.250% due 11/03/2025  | 1500 | 1502 |
| **Illumina, Inc.** <br>5.800% due 12/12/2025 | 1000 | 1001 |
| **Kraft Heinz Foods Co.** <br>3.000% due 06/01/2026 | 4000 | 3968 |
| **Kraton Corp.** <br>5.000% due 07/15/2027 | 3000 | 3048 |
| **Mercedes-Benz Finance North America LLC** <br>4.931% due 04/01/2027 •  | 2200 | 2208 |
| **Molson Coors Beverage Co.** <br>3.000% due 07/15/2026 | 5500 | 5453 |
| **NTT Finance Corp.** <br>1.162% due 04/03/2026 | 1700 | 1674 |
| **Rolls-Royce PLC** <br>3.625% due 10/14/2025 | 1526 | 1525 |
| **Royal Caribbean Cruises Ltd.**  |  |  |
| 5.500% due 08/31/2026  | 2000 | 2009 |
| 5.500% due 04/01/2028  | 100 | 102 |
| **Sabine Pass Liquefaction LLC** <br>5.875% due 06/30/2026 | 700 | 702 |
| **Skyworks Solutions, Inc.** <br>1.800% due 06/01/2026 | 100 | 98 |
| **VMware LLC** <br>1.400% due 08/15/2026 | 1700 | 1663 |
| **Volkswagen Group of America Finance LLC**  |  |  |
| 4.625% due 11/13/2025  | 1800 | 1800 |
| 4.900% due 08/14/2026  | 2500 | 2512 |
| 4.983% (SOFRRATE + 0.830%) due 03/20/2026 ~  | 1300 | 1302 |
|  |  | 72974 |
| **UTILITIES 2.2%**  |  |  |
| **Electricite de France SA** <br>3.625% due 10/13/2025 | 1700 | 1699 |
| **Emera U.S. Finance LP** <br>3.550% due 06/15/2026 | 100 | 99 |
| **Enel Finance International NV**  |  |  |
| 1.625% due 07/12/2026  | 2100 | 2059 |
| 7.050% due 10/14/2025  | 1250 | 1251 |
| **Eversource Energy** <br>1.400% due 08/15/2026 | 200 | 195 |
| **Israel Electric Corp. Ltd.** <br>7.750% due 12/15/2027 | 300 | 319 |
| **National Rural Utilities Cooperative Finance Corp.** <br>4.809% (SOFRRATE + 0.580%) due 11/22/2026 ~ | 1500 | 1506 |
| **Pacific Gas & Electric Co.** <br>3.150% due 01/01/2026 | 5530 | 5513 |
| **Southern California Edison Co.** <br>4.400% due 09/06/2026 | 100 | 100 |
|  |  | 12741 |
| Total Corporate Bonds & Notes (Cost $215,588) |  | 216553 |
| **U.S. GOVERNMENT AGENCIES 15.0%**  |  |  |
| **Federal Home Loan Mortgage Corp. REMICS**  |  |  |
| 5.250% due 10/25/2055 •  | 1000 | 1002 |
| 5.256% due 07/25/2054 •  | 1325 | 1328 |
| 5.286% due 05/25/2055 •  | 1880 | 1886 |
| 5.306% due 03/25/2055 - 09/25/2055 •  | 9969 | 9994 |

---

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<br> Consolidated Schedule of Investments PIMCO Commodity Strategy Active Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| 5.356% due 06/25/2055 - 08/25/2055 •  | 3472 | 3492 |
| 5.456% due 07/25/2055 •  | 3096 | 3103 |
| 5.506% due 12/25/2054 - 08/25/2055 •  | 4237 | 4255 |
| 5.556% due 01/25/2055 •  | 361 | 363 |
| 5.606% due 05/25/2054 •  | 1055 | 1062 |
| **Federal National Mortgage Association REMICS**  |  |  |
| 5.256% due 09/25/2054 - 04/25/2055 •  | 13301 | 13324 |
| 5.266% due 03/25/2055 •  | 4220 | 4220 |
| 5.289% due 08/25/2055 •  | 1900 | 1903 |
| 5.306% due 01/25/2055 •  | 4647 | 4660 |
| 5.400% due 10/25/2055 •  | 1400 | 1403 |
| 5.456% due 06/25/2054 - 07/25/2055 •  | 4169 | 4180 |
| 5.536% due 08/25/2055 •  | 1466 | 1473 |
| 5.556% due 01/25/2055 •  | 811 | 816 |
| **Government National Mortgage Association REMICS**  |  |  |
| 4.480% due 04/20/2069 •  | 128 | 129 |
| 4.920% due 10/01/2055 « | 3500 | 3500 |
| 5.149% due 11/20/2074 •  | 969 | 967 |
| 5.150% due 07/20/2065 « | 3500 | 3498 |
| 5.289% due 06/20/2055 •  | 10705 | 10741 |
| 5.339% due 01/20/2054 - 10/20/2073 •  | 3466 | 3485 |
| 5.389% due 06/20/2055 •  | 1897 | 1905 |
| 5.539% due 06/20/2055 - 07/20/2055 •  | 4164 | 4179 |
| Total U.S. Government Agencies (Cost $86,680) |  | 86868 |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES 0.2%**  |  |  |
| **OBX Trust** <br>5.988% due 01/25/2064 þ | 951 | 961 |
| Total Non-Agency Mortgage-Backed Securities (Cost $951) |  | 961 |
| **ASSET-BACKED SECURITIES 11.1%**  |  |  |
| **AUTOMOBILE ABS OTHER 0.4%**  |  |  |
| **Hyundai Auto Lease Securitization Trust** <br>4.762% due 01/18/2028 •  | 2700 | 2703 |
| **AUTOMOBILE SEQUENTIAL 1.4%**  |  |  |
| **CarMax Auto Owner Trust** <br>5.300% due 03/15/2027 | 121 | 121 |
| **Carvana Auto Receivables Trust** <br>4.640% due 01/10/2030 | 800 | 806 |
| **Citizens Auto Receivables Trust** <br>5.840% due 01/18/2028 | 1104 | 1112 |
| **GM Financial Automobile Leasing Trust** <br>4.540% due 05/20/2027 | 3288 | 3297 |
| **Gm Financial Automobile Leasing Trust** <br>4.550% due 07/20/2027 | 1400 | 1406 |
| **M&T Bank Auto Receivables Trust** <br>5.220% due 02/17/2032 | 1100 | 1114 |
| **USAA Auto Owner Trust** <br>5.250% due 03/15/2027 | 215 | 215 |
|  |  | 8071 |
| **CREDIT CARD BULLET 0.7%**  |  |  |
| **American Express Credit Account Master Trust** <br>5.230% due 09/15/2028 | 2000 | 2026 |
| **Citibank Credit Card Issuance Trust** <br>5.230% due 12/08/2027 | 2000 | 2004 |
|  |  | 4030 |
| **OTHER ABS 8.6%**  |  |  |
| **522 Funding CLO Ltd.** <br>5.519% due 10/23/2034 •  | 1200 | 1202 |
| **AlbaCore Euro CLO IV DAC** <br>3.269% due 07/15/2035 •  | 1000 | 1175 |
| **Allegro CLO XI Ltd.** <br>5.575% due 01/19/2033 •  | $811 | 812 |
| **AMMC CLO 24 Ltd.** <br>5.525% due 01/20/2035 •  | 800 | 802 |
| **ARES LXV CLO Ltd.** <br>5.278% due 07/25/2034 •  | 2700 | 2709 |
| **ARES XXVII CLO Ltd.** <br>5.464% due 10/28/2034 •  | 1200 | 1202 |
| **Atlantic Avenue Ltd.** <br>5.585% due 01/20/2035 •  | 1200 | 1202 |
| **Atlas Senior Loan Fund XVII Ltd.** <br>5.385% due 10/20/2034 •  | 1600 | 1602 |
| **Bain Capital Credit CLO Ltd.** <br>5.565% due 07/19/2034 •  | 1200 | 1202 |

---

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<br> Consolidated Schedule of Investments PIMCO Commodity Strategy Active Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Canyon** **Capital CLO Ltd.** <br>5.328% due 10/15/2034 •  | 1400 | 1401 |
| **Carlyle Global Market Strategies CLO Ltd.** <br>5.415% due 07/20/2034 •  | 900 | 901 |
| **CarVal CLO I Ltd.** <br>5.548% due 07/16/2031 •  | 801 | 802 |
| **CQS U.S. CLO Ltd.** <br>5.525% due 01/20/2035 •  | 200 | 201 |
| **Cumulus Static CLO DAC** <br>3.236% due 11/15/2033 •  | 572 | 672 |
| **ICG U.S. CLO Ltd.** <br>5.308% due 01/16/2033 •  | $1036 | 1036 |
| **Jamestown CLO XVI Ltd.** <br>5.438% due 07/25/2034 •  | 600 | 600 |
| **Jamestown CLO XVIII Ltd.** <br>5.588% due 07/25/2035 •  | 400 | 400 |
| **KKR CLO 42 Ltd.** <br>5.349% due 07/20/2034 •  | 2700 | 2700 |
| **LCM 36 Ltd.** <br>5.388% due 01/15/2034 •  | 1600 | 1605 |
| **LCM Loan Income Fund I Ltd.** <br>5.617% due 04/20/2031 •  | 184 | 184 |
| **Madison Park Funding XLVI Ltd.** <br>5.318% due 10/15/2034 •  | 1400 | 1401 |
| **MMAF Equipment Finance LLC** <br>5.790% due 11/13/2026 | 136 | 136 |
| **Mountain View CLO XVI Ltd.** <br>5.778% due 04/15/2034 •  | 1000 | 1002 |
| **Northwoods Capital XII-B Ltd.** <br>5.228% due 06/15/2031 •  | 750 | 750 |
| **Ocean Trails CLO XI** <br>5.355% due 07/20/2034 •  | 1400 | 1401 |
| **OZLM XVII Ltd.** <br>5.475% due 07/20/2030 •  | 74 | 74 |
| **Palmer Square European Loan Funding DAC**  |  |  |
| 3.006% due 01/15/2033 •  | 613 | 720 |
| 3.170% due 10/15/2034 •  | 1500 | 1760 |
| **Parallel Ltd.** <br>5.428% due 07/15/2034 •  | $1400 | 1401 |
| **Regatta XVI Funding Ltd.** <br>5.518% due 01/15/2033 •  | 1393 | 1396 |
| **Rockford Tower CLO Ltd.** <br>5.475% due 07/20/2035 •  | 1100 | 1104 |
| **Silver Rock CLO II Ltd.** <br>5.365% due 01/20/2035 •  | 2000 | 2008 |
| **SMB Private Education Loan Trust** <br>6.022% due 09/15/2053 •  | 1468 | 1495 |
| **SoFi Consumer Loan Program Trust** <br>4.470% due 08/15/2034 | 1000 | 1002 |
| **THL Credit Wind River CLO Ltd.** <br>5.488% due 04/15/2035 •  | 2700 | 2704 |
| **Trinitas CLO VI Ltd.** <br>0.000% due 01/25/2034 •(a) | 1900 | 1900 |
| **Trinitas CLO VII Ltd.** <br>5.378% due 01/25/2035 •  | 1800 | 1806 |
| **Trinitas CLO XIX Ltd.** <br>5.435% due 10/20/2033 •  | 300 | 301 |
| **Trysail CLO Ltd.** <br>5.564% due 10/20/2033 •  | 500 | 501 |
| **Wellfleet CLO Ltd.** <br>5.436% due 07/15/2034 •  | 2700 | 2706 |
| **Wind River CLO Ltd.** <br>5.378% due 10/15/2034 •  | 1691 | 1693 |
|  |  | 49671 |
| Total Asset-Backed Securities (Cost $63,943) |  | 64475 |
| **SOVEREIGN ISSUES 0.9%**  |  |  |
| **Brazil Letras do Tesouro Nacional** <br>0.000% due 04/01/2026 (c) | 9100 | 1598 |
| **Eagle Funding Luxco SARL** <br>5.500% due 08/17/2030 | $3300 | 3352 |
| Total Sovereign Issues (Cost $4,912) |  | 4950 |
|  | OUNCES |  |
| **COMMODITIES 15.0%**  |  |  |
| **Gold Warehouse Receipts** | 15045 | 57593 |
| **Platinum Warehouse Receipts** | 11570 | 18272 |

---

------

<br> Consolidated Schedule of Investments PIMCO Commodity Strategy Active Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Silver** **Warehouse Receipts** | 244250 | 11260 |
| Total Commodities (Cost $57,153) |  | 87125 |
|  | PRINCIPAL<br>AMOUNT<br>(000s) |  |
| **SHORT-TERM INSTRUMENTS 11.2%**  |  |  |
| **COMMERCIAL PAPER 4.8%**  |  |  |
| **Alimentation Couche-Tard, Inc.** <br>4.560% due 10/03/2025 | $5700 | 5698 |
| **Crown Castle, Inc.**  |  |  |
| 4.610% due 10/21/2025 (a)  | 300 | 299 |
| 4.610% due 10/23/2025  | 800 | 798 |
| 4.620% due 10/21/2025  | 3600 | 3590 |
| 4.620% due 10/23/2025  | 2700 | 2692 |
| **Glencore Funding LLC** <br>4.360% due 10/16/2025 | 500 | 499 |
| **HA Sustainable Infrastructure Capital, Inc.** <br>4.950% due 10/07/2025 | 400 | 400 |
| **HCA, Inc.** <br>4.750% due 10/09/2025 | 800 | 799 |
| **Keurig Dr. Pepper, Inc.** <br>4.410% due 10/01/2025 | 1800 | 1800 |
| **Oracle Corp.** <br>4.220% due 01/16/2026 | 5800 | 5728 |
| **Southern California Edison Co.** <br>4.800% due 10/27/2025 | 5600 | 5581 |
|  |  | 27884 |
|  | SHARES |  |
| **MUTUAL FUNDS 0.1%**  |  |  |
| **State Street Institutional U.S. Government Money Market Fund, Premier Class** <br> 4.200 (f) | 263821 | 264 |
|  | PRINCIPAL<br>AMOUNT<br>(000s) |  |
| **REPURCHASE AGREEMENTS (g) 5.7%** |  | 33300 |
| **SHORT-TERM NOTES 0.3%**  |  |  |
| **Federal Home Loan Bank Discount Notes**<br>3.910% due 12/26/2025 (c)(d) | $1600 | 1585 |
| **U.S. TREASURY BILLS 0.3%**  |  |  |
| 4.186% due 10/21/2025 - 12/11/2025 (b)(c)(j) | 1883 | 1877 |
| Total Short-Term Instruments (Cost $64,911) |  | 64910 |
| Total Investments in Securities (Cost $494,138) |  | 525842 |
|  | SHARES |  |
| **INVESTMENTS IN AFFILIATES 2.9%**  |  |  |
| **MUTUAL FUNDS (e) 2.9%**  |  |  |
| **PIMCO Enhanced Short Maturity Active Exchange-Traded Fund**  | 166763 | 16791 |
| Total Mutual Funds (Cost $16,724) |  | 16791 |
| Total Investments in Affiliates (Cost $16,724) |  | 16791 |
| Total Investments 93.7% (Cost $510,862) |  | $542633 |
| **Financial Derivative Instruments (h)(i) (0.1)**%(Cost or Premiums, net $(115)) |  | (661) |
| Other Assets and Liabilities, net 6.4% |  | 37404 |
| Net Assets 100.0% |  | $579376 |

---

------

<br> Consolidated Schedule of Investments PIMCO Commodity Strategy Active Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  |
| **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** |
| **¤** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** |
| **«** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.** |
| **(a)** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** |
| **(b)** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** |
| **(c)** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** |
| **(d)** | **Coupon represents a yield to maturity.** | **Coupon represents a yield to maturity.** | **Coupon represents a yield to maturity.** | **Coupon represents a yield to maturity.** | **Coupon represents a yield to maturity.** | **Coupon represents a yield to maturity.** | **Coupon represents a yield to maturity.** | **Coupon represents a yield to maturity.** | **Coupon represents a yield to maturity.** | **Coupon represents a yield to maturity.** | **Coupon represents a yield to maturity.** |
| **(e)** | **Institutional Class Shares of each Fund.** | **Institutional Class Shares of each Fund.** | **Institutional Class Shares of each Fund.** | **Institutional Class Shares of each Fund.** | **Institutional Class Shares of each Fund.** | **Institutional Class Shares of each Fund.** | **Institutional Class Shares of each Fund.** | **Institutional Class Shares of each Fund.** | **Institutional Class Shares of each Fund.** | **Institutional Class Shares of each Fund.** | **Institutional Class Shares of each Fund.** |
| **(f)** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** |
| **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** |
| **(g)** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** |
| Counterparty | Principal<br>Amount | &nbsp;&nbsp; Collateralized By | &nbsp;&nbsp; Collateralized By | &nbsp;&nbsp; Collateralized By | &nbsp;&nbsp; Collateralized By | Collateral<br>(Received) | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreements,<br>at Value |  | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| BOS | $10700 | &nbsp;&nbsp; U.S. Treasury Notes 3.500% due 09/30/2027 | &nbsp;&nbsp; U.S. Treasury Notes 3.500% due 09/30/2027 | &nbsp;&nbsp; U.S. Treasury Notes 3.500% due 09/30/2027 | &nbsp;&nbsp; U.S. Treasury Notes 3.500% due 09/30/2027 | $(16111) | (16111) | $15800 | 15800 | $ | $15802 |
| BPS | 17500 | &nbsp;&nbsp; U.S. Treasury Notes 4.500% due 12/31/2031 | &nbsp;&nbsp; U.S. Treasury Notes 4.500% due 12/31/2031 | &nbsp;&nbsp; U.S. Treasury Notes 4.500% due 12/31/2031 | &nbsp;&nbsp; U.S. Treasury Notes 4.500% due 12/31/2031 | (17841) | (17841) | 17500 | 17500 |  | 17502 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |  |  |  | $**(33952)** | **(33952)** | $**33300** | **33300** | **$** | $**33304** |
| <sup>(1)</sup> | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. |
| **(h)** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** |
| **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** |
| **COMMODITY OPTIONS** | **COMMODITY OPTIONS** | **COMMODITY OPTIONS** | **COMMODITY OPTIONS** | **COMMODITY OPTIONS** | **COMMODITY OPTIONS** | **COMMODITY OPTIONS** | **COMMODITY OPTIONS** | **COMMODITY OPTIONS** | **COMMODITY OPTIONS** | **COMMODITY OPTIONS** | **COMMODITY OPTIONS** |
| Description | Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional Amount | Notional Amount | Cost | Cost |  | Market<br>Value | Market<br>Value |
| Put - NYMEX Crude Oil December 2025 Futures  | Put - NYMEX Crude Oil December 2025 Futures  | $55.000 | 11/17/2025 | 78 | $78 | 78 | 73 | 73 | $ | 52 | 52 |
| Put - NYMEX Crude Oil June 2026 Futures  | Put - NYMEX Crude Oil June 2026 Futures  | 58.000 | 05/14/2026 | 92 | 92 | 92 | 413 | 413 |  | 404 | 404 |
|  |  |  |  |  |  | $ | $486 | 486 | 486 | $456 | 456 |
| **FUTURE STYLED COMMODITY OPTIONS** | **FUTURE STYLED COMMODITY OPTIONS** | **FUTURE STYLED COMMODITY OPTIONS** | **FUTURE STYLED COMMODITY OPTIONS** | **FUTURE STYLED COMMODITY OPTIONS** | **FUTURE STYLED COMMODITY OPTIONS** | **FUTURE STYLED COMMODITY OPTIONS** | **FUTURE STYLED COMMODITY OPTIONS** | **FUTURE STYLED COMMODITY OPTIONS** | **FUTURE STYLED COMMODITY OPTIONS** | **FUTURE STYLED COMMODITY OPTIONS** | **FUTURE STYLED COMMODITY OPTIONS** |
| Description | Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional Amount | Notional Amount | Cost | Cost |  | Market<br>Value | Market<br>Value |
| Call - CME California Carbon Allowances December 2025 Futures  | Call - CME California Carbon Allowances December 2025 Futures  | $40.000 | 12/15/2025 | 149 | $149 | 149 | 62 | 62 | $ | 16 | 16 |
| **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **$** | $**548** | **548** | **548** | $**472** | **472** |
| **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** |
| **COMMODITY OPTIONS** | **COMMODITY OPTIONS** | **COMMODITY OPTIONS** | **COMMODITY OPTIONS** | **COMMODITY OPTIONS** | **COMMODITY OPTIONS** | **COMMODITY OPTIONS** | **COMMODITY OPTIONS** | **COMMODITY OPTIONS** | **COMMODITY OPTIONS** | **COMMODITY OPTIONS** | **COMMODITY OPTIONS** |
| Description | Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional Amount | Notional Amount | Premiums<br>(Received) | Premiums<br>(Received) |  | Market<br>Value | Market<br>Value |
| Call - NYMEX Crude Oil December 2025 Futures  | Call - NYMEX Crude Oil December 2025 Futures  | $72.000 | 11/17/2025 | 78 | $78 | 78 | (57) | (57) | $ | (39) | (39) |
| Call - NYMEX Crude Oil June 2026 Futures  | Call - NYMEX Crude Oil June 2026 Futures  | 66.000 | 05/14/2026 | 92 | 92 | 92 | (366) | (366) |  | (341) | (341) |
| **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **$** | $**(423)** | **(423)** | **(423)** | $**(380)** | **(380)** |

---

------

<br> Consolidated Schedule of Investments PIMCO Commodity Strategy Active Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **FUTURES** **CONTRACTS:** | **FUTURES** **CONTRACTS:** | **FUTURES** **CONTRACTS:** | **FUTURES** **CONTRACTS:** | **FUTURES** **CONTRACTS:** | **FUTURES** **CONTRACTS:** | **FUTURES** **CONTRACTS:** |
| **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** |
|  |  |  |  |  | <u>Variation Margin</u><sup>(6)</sup> | <u>Variation Margin</u><sup>(6)</sup> |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| 3-Month SOFR Active Contract September Futures  | 12/2025 | 341 | $81804 | (3) | 6 | $0 |
| Arabica Coffee December Futures  | 12/2025 | 57 | 8012 | (130) | 57 | 0 |
| Arabica Coffee March Futures  | 03/2026 | 83 | 11172 | 877 | 106 | 0 |
| Australia Government 3-Year Bond December Futures  | 12/2025 | 275 | 19442 | (68) | 27 | (5) |
| Brent Crude December Futures  | 10/2025 | 466 | 30770 | (654) | 1 | (485) |
| Brent Crude June Futures  | 04/2026 | 470 | 30545 | (481) | 0 | (374) |
| Brent Crude March Futures  | 01/2026 | 168 | 10944 | (180) | 0 | (170) |
| California Carbon Allowance December Futures  | 12/2025 | 100 | 3109 | 228 | 11 | 0 |
| California Carbon Allowance Vintage December Futures  | 12/2026 | 688 | 22573 | 1086 | 76 | 0 |
| Canada Government 5-Year Bond December Futures  | 12/2025 | 236 | 19556 | 230 | 47 | 0 |
| Carbon Emissions December Futures  | 12/2025 | 150 | 13335 | 603 | 140 | (187) |
| Cocoa March Futures  | 03/2026 | 122 | 8291 | (514) | 0 | (280) |
| Copper December Futures  | 12/2025 | 102 | 12384 | (587) | 9 | (60) |
| Corn December Futures  | 12/2025 | 504 | 10471 | 29 | 0 | (151) |
| Corn March Futures  | 03/2026 | 25 | 540 | (11) | 0 | (8) |
| Cotton No. 2 December Futures  | 12/2025 | 52 | 1710 | (66) | 7 | 0 |
| Gas Oil December Futures  | 12/2025 | 63 | 4243 | 133 | 0 | (35) |
| Gas Oil March Futures  | 03/2026 | 343 | 22398 | 288 | 1 | (167) |
| Gold 100 oz. April Futures  | 04/2026 | 50 | 19661 | 644 | 95 | 0 |
| Gold 100 oz. December Futures  | 12/2025 | 7 | 2711 | 128 | 13 | 0 |
| Gold 100 oz. November Futures  | 11/2025 | 18 | 6945 | 689 | 33 | 0 |
| Hard Red Winter Wheat December Futures  | 12/2025 | 409 | 10179 | (840) | 0 | (215) |
| Iron Ore January Futures  | 01/2026 | 1379 | 13920 | (210) | 62 | 0 |
| Iron Ore November Futures  | 11/2025 | 336 | 3480 | 23 | 19 | 0 |
| Live Cattle April Futures  | 04/2026 | 254 | 24196 | (35) | 120 | 0 |
| Live Cattle December Futures  | 12/2025 | 261 | 24511 | 171 | 102 | 0 |
| LME Aluminum January Futures  | 01/2026 | 525 | 35221 | 603 | 186 | (45) |
| LME Aluminum March Futures  | 03/2026 | 205 | 13790 | 315 | 310 | (32) |
| LME Aluminum November Futures  | 11/2025 | 293 | 19640 | 593 | 0 | 0 |
| LME Lead January Futures  | 01/2026 | 13 | 649 | 0 | 0 | 0 |
| LME Nickel January Futures  | 01/2026 | 179 | 16413 | (136) | 0 | (22) |
| LME Nickel March Futures  | 03/2026 | 145 | 13390 | (27) | 41 | (70) |
| LME Nickel November Futures  | 11/2025 | 267 | 24277 | (590) | 0 | 0 |
| LME Zinc January Futures  | 01/2026 | 474 | 35086 | 800 | 398 | (26) |
| LME Zinc March Futures  | 03/2026 | 175 | 12901 | 589 | 532 | 0 |
| LME Zinc November Futures  | 11/2025 | 219 | 16295 | 1043 | 180 | 0 |
| Natural Gas December Futures  | 11/2025 | 284 | 11019 | (122) | 0 | (19) |
| Natural Gas November Futures  | 10/2025 | 471 | 15557 | (88) | 170 | 0 |
| New York Harbor December Futures  | 11/2025 | 114 | 11014 | 151 | 0 | (113) |
| New York Harbor March Futures  | 02/2026 | 350 | 32985 | 270 | 0 | (331) |
| Platinum October Futures  | 10/2025 | 6 | 475 | 31 | 0 | (7) |
| RBOB Gasoline December Futures  | 11/2025 | 147 | 11574 | (21) | 0 | (122) |
| RBOB Gasoline March Futures  | 02/2026 | 436 | 34302 | (281) | 0 | (362) |
| Silver December Futures  | 12/2025 | 64 | 14925 | 1549 | 3 | (117) |
| Silver March Futures  | 03/2026 | 45 | 10620 | 1777 | 0 | (85) |
| Soybean January Futures  | 01/2026 | 275 | 14028 | (552) | 0 | (131) |
| Soybean Meal January Futures  | 01/2026 | 394 | 10949 | (307) | 0 | (70) |
| Soybean Oil March Futures  | 03/2026 | 37 | 1116 | (60) | 0 | (5) |
| Sugar No. 11 March Futures  | 02/2026 | 152 | 2826 | (78) | 25 | 0 |
| U.S. Treasury 5-Year Note December Futures  | 12/2025 | 1984 | 216644 | 80 | 77 | 0 |
| WTI Crude December Futures  | 11/2025 | 162 | 10038 | (352) | 0 | (170) |
| WTI Crude June Futures  | 05/2026 | 10 | 612 | (3) | 0 | (3) |
| WTI Crude March Futures  | 02/2026 | 178 | 10922 | (269) | 1 | (167) |
|  |  |  |  | $ | $ | (4034) |
| **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** |
|  |  |  |  |  | <u>Variation Margin</u><sup>(6)</sup> | <u>Variation Margin</u><sup>(6)</sup> |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| Corn December Futures  | 12/2026 | 120 | $(2754) | (4) | 14 | $0 |
| Gas Oil November Futures  | 11/2025 | 64 | (4397) | 12 | 15 | (7) |
| Gas Oil October Futures  | 10/2025 | 21 | (1458) | (86) | 12 | 0 |
| LME Aluminum January Futures  | 01/2026 | 233 | (15632) | (451) | 0 | 0 |
| LME Aluminum March Futures  | 03/2026 | 14 | (942) | (6) | 0 | 0 |
| LME Aluminum November Futures  | 11/2025 | 293 | (19640) | (534) | 0 | 0 |
| LME Nickel January Futures  | 01/2026 | 120 | (11003) | 15 | 0 | 0 |
| LME Nickel March Futures  | 03/2026 | 5 | (462) | 1 | 0 | 0 |
| LME Nickel November Futures  | 11/2025 | 267 | (24277) | (12) | 0 | 0 |
| LME Zinc January Futures  | 01/2026 | 143 | (10585) | (564) | 0 | 0 |
| LME Zinc March Futures  | 03/2026 | 13 | (958) | (16) | 0 | 0 |
| LME Zinc November Futures  | 11/2025 | 172 | (12798) | (551) | 0 | 0 |

---

------

<br> Consolidated Schedule of Investments PIMCO Commodity Strategy Active Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Natural Gas January Futures  | Natural Gas January Futures  | Natural Gas January Futures  | Natural Gas January Futures  | Natural Gas January Futures  | Natural Gas January Futures  | 12/2025 | 12/2025 | 12/2025 | 119 |  | (4971) | (4971) |  | 714 | 714 |  | 15 | 15 |  |  |  | 0 |
| New York Harbor November Futures  | New York Harbor November Futures  | New York Harbor November Futures  | New York Harbor November Futures  | New York Harbor November Futures  | New York Harbor November Futures  | 10/2025 | 10/2025 | 10/2025 | 327 |  | (31919) | (31919) |  | 51 | 51 |  | 338 | 338 |  |  |  | 0 |
| Platinum January Futures  | Platinum January Futures  | Platinum January Futures  | Platinum January Futures  | Platinum January Futures  | Platinum January Futures  | 01/2026 | 01/2026 | 01/2026 | 235 |  | (18867) | (18867) |  | (1958) | (1958) |  | 313 | 313 |  |  |  | 0 |
| Soybean Oil December Futures  | Soybean Oil December Futures  | Soybean Oil December Futures  | Soybean Oil December Futures  | Soybean Oil December Futures  | Soybean Oil December Futures  | 12/2025 | 12/2025 | 12/2025 | 241 |  | (7156) | (7156) |  | 294 | 294 |  | 29 | 29 |  |  |  | 0 |
| U.S. Treasury 2-Year Note December Futures  | U.S. Treasury 2-Year Note December Futures  | U.S. Treasury 2-Year Note December Futures  | U.S. Treasury 2-Year Note December Futures  | U.S. Treasury 2-Year Note December Futures  | U.S. Treasury 2-Year Note December Futures  | 12/2025 | 12/2025 | 12/2025 | 1004 |  | (209232) | (209232) |  | (102) | (102) |  | 0 | 0 |  |  |  | (110) |
| U.S. Treasury Ultra Long-Term Bond December Futures  | U.S. Treasury Ultra Long-Term Bond December Futures  | U.S. Treasury Ultra Long-Term Bond December Futures  | U.S. Treasury Ultra Long-Term Bond December Futures  | U.S. Treasury Ultra Long-Term Bond December Futures  | U.S. Treasury Ultra Long-Term Bond December Futures  | 12/2025 | 12/2025 | 12/2025 | 53 |  | (6363) | (6363) |  | (169) | (169) |  | 30 | 30 |  |  |  | 0 |
| U.S. Ultra Treasury 10-Year Note December Futures  | U.S. Ultra Treasury 10-Year Note December Futures  | U.S. Ultra Treasury 10-Year Note December Futures  | U.S. Ultra Treasury 10-Year Note December Futures  | U.S. Ultra Treasury 10-Year Note December Futures  | U.S. Ultra Treasury 10-Year Note December Futures  | 12/2025 | 12/2025 | 12/2025 | 37 |  | (4258) | (4258) |  | (21) | (21) |  | 2 | 2 |  |  |  | 0 |
| Wheat December Futures  | Wheat December Futures  | Wheat December Futures  | Wheat December Futures  | Wheat December Futures  | Wheat December Futures  | 12/2025 | 12/2025 | 12/2025 | 251 |  | (6375) | (6375) |  | 438 | 438 |  | 144 | 144 |  |  |  | 0 |
| WTI Crude June Futures  | WTI Crude June Futures  | WTI Crude June Futures  | WTI Crude June Futures  | WTI Crude June Futures  | WTI Crude June Futures  | 05/2026 | 05/2026 | 05/2026 | 53 |  | (3245) | (3245) |  | 1 | 1 |  | 49 | 49 |  |  |  | 0 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $(2948) | (2948) | (2948) | $961 | 961 | 961 | $ | $ | $(117) | (117) |
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | $**3317** | **3317** | **3317** | $**3816** | **3816** | **3816** | **$** | **$** | $**(4151)** | **(4151)** |
| **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** |
| **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> |
| Reference Entity | Reference Entity | Fixed <br>Receive Rate | Maturity<br>Date | Maturity<br>Date | Implied<br>Credit Spread at<br>September 30, 2025<sup>(2)</sup> | Implied<br>Credit Spread at<br>September 30, 2025<sup>(2)</sup> | Implied<br>Credit Spread at<br>September 30, 2025<sup>(2)</sup> |  | Notional<br>Amount<sup>(3)</sup> |  | Premiums<br>Paid/<br>(Received) |  | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Market<br>Value<sup>(4)</sup> | Market<br>Value<sup>(4)</sup> | Asset | Asset |  |  | Liability |
| Morgan Stanley  | Morgan Stanley  | 1.000% | 12/20/2025 | 12/20/2025 | 0.227 | 0.227 | % | $ | $5500 | $ | 14 | $ | (3) | (3) | 11 | 11 | 11 | 0 | 0 | $ | $ | 0 |
| **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> |
| Pay/<br>Receive<br>Floating Rate | Pay/<br>Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Maturity<br>Date | Maturity<br>Date |  | Notional<br>Amount |  | Premiums<br>Paid/<br>(Received) | Premiums<br>Paid/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Market<br>Value | Market<br>Value | Asset | Asset | Asset |  | Liability |
| Pay | Pay | 1-Day GBP-SONIO Compounded-OIS | 3.750% | Annual | 09/17/2030 | 09/17/2030 | 09/17/2030 | GBP | 9500 | $ | (46) | (46) | (9) | (9) | $(55) | (55) | (55) | $13 | 13 | 13 | $ | $0 |
| Receive | Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2029 | 12/18/2029 | 12/18/2029 | $ | 23400 |  | (100) | (100) | (135) | (135) | (235) | (235) | (235) | 0 | 0 | 0 |  | (13) |
| Receive<sup>(5)</sup> | Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.300 | Annual | 02/28/2030 | 02/28/2030 | 02/28/2030 |  | 65047 |  | (96) | (96) | 172 | 172 | 76 | 76 | 76 | 0 | 0 | 0 |  | (33) |
| Receive<sup>(5)</sup> | Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.325 | Annual | 02/28/2030 | 02/28/2030 | 02/28/2030 |  | 62227 |  | (378) | (378) | 389 | 389 | 11 | 11 | 11 | 0 | 0 | 0 |  | (32) |
|  |  |  |  |  |  |  |  |  |  | $ | (620) | $ | 417 | 417 | (203) | (203) | (203) | 13 | 13 | $ | $ | (78) |
| **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **$** | **(606)** | **$** | **414** | **414** | **(192)** | **(192)** | **(192)** | **13** | **13** | **$** | **$** | **(78)** |
| **Cash of $43,331 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $43,331 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $43,331 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $43,331 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $43,331 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $43,331 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $43,331 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $43,331 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $43,331 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $43,331 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $43,331 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $43,331 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $43,331 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $43,331 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $43,331 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $43,331 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $43,331 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $43,331 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $43,331 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $43,331 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $43,331 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $43,331 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $43,331 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** |
| <sup>(1)</sup> | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. |
| <sup>(2)</sup> | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. |
| <sup>(3)</sup> | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. |
| <sup>(4)</sup> | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. |
| <sup>(5)</sup> | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. |
| <sup>(6)</sup> | Unsettled variation margin asset of $266 and liability of $(191) for closed futures is outstanding at period end. | Unsettled variation margin asset of $266 and liability of $(191) for closed futures is outstanding at period end. | Unsettled variation margin asset of $266 and liability of $(191) for closed futures is outstanding at period end. | Unsettled variation margin asset of $266 and liability of $(191) for closed futures is outstanding at period end. | Unsettled variation margin asset of $266 and liability of $(191) for closed futures is outstanding at period end. | Unsettled variation margin asset of $266 and liability of $(191) for closed futures is outstanding at period end. | Unsettled variation margin asset of $266 and liability of $(191) for closed futures is outstanding at period end. | Unsettled variation margin asset of $266 and liability of $(191) for closed futures is outstanding at period end. | Unsettled variation margin asset of $266 and liability of $(191) for closed futures is outstanding at period end. | Unsettled variation margin asset of $266 and liability of $(191) for closed futures is outstanding at period end. | Unsettled variation margin asset of $266 and liability of $(191) for closed futures is outstanding at period end. | Unsettled variation margin asset of $266 and liability of $(191) for closed futures is outstanding at period end. | Unsettled variation margin asset of $266 and liability of $(191) for closed futures is outstanding at period end. | Unsettled variation margin asset of $266 and liability of $(191) for closed futures is outstanding at period end. | Unsettled variation margin asset of $266 and liability of $(191) for closed futures is outstanding at period end. | Unsettled variation margin asset of $266 and liability of $(191) for closed futures is outstanding at period end. | Unsettled variation margin asset of $266 and liability of $(191) for closed futures is outstanding at period end. | Unsettled variation margin asset of $266 and liability of $(191) for closed futures is outstanding at period end. | Unsettled variation margin asset of $266 and liability of $(191) for closed futures is outstanding at period end. | Unsettled variation margin asset of $266 and liability of $(191) for closed futures is outstanding at period end. | Unsettled variation margin asset of $266 and liability of $(191) for closed futures is outstanding at period end. | Unsettled variation margin asset of $266 and liability of $(191) for closed futures is outstanding at period end. |
| **(i)** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** |
| **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; Counterparty | &nbsp;&nbsp;&nbsp;&nbsp; Counterparty | &nbsp;&nbsp;&nbsp;&nbsp; Counterparty | Settlement<br>Month | Settlement<br>Month |  | Currency to<br>be Delivered | Currency to<br>be Delivered | Currency to<br>be Delivered | Currency to<br>be Delivered |  | Currency to<br>be Received | Currency to<br>be Received | Currency to<br>be Received | Currency to<br>be Received | Asset | Asset | Asset | Asset | Liability | Liability | Liability | Liability |
| &nbsp;&nbsp;&nbsp;&nbsp; BPS | &nbsp;&nbsp;&nbsp;&nbsp; BPS | &nbsp;&nbsp;&nbsp;&nbsp; BPS | 10/2025  | 10/2025  | BRL | 4100 | 4100 | 4100 | 4100 | $ | $679 | 679 | 679 | 679 | 0 | 0 | 0 | 0 | $(91) | (91) | (91) | (91) |
|  |  |  | 10/2025  | 10/2025  | $ | $764 | 764 | 764 | 764 | BRL | 4100 | 4100 | 4100 | 4100 | 7 | 7 | 7 | 7 | 0 | 0 | 0 | 0 |
|  |  |  | 11/2025  | 11/2025  |  | 19 | 19 | 19 | 19 |  | 100 | 100 | 100 | 100 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  |  |  | 04/2026  | 04/2026  | BRL | 1400 | 1400 | 1400 | 1400 | $ | $245 | 245 | 245 | 245 | 0 | 0 | 0 | 0 | (6) | (6) | (6) | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp; BRC | &nbsp;&nbsp;&nbsp;&nbsp; BRC | &nbsp;&nbsp;&nbsp;&nbsp; BRC | 10/2025  | 10/2025  | EUR | 328 | 328 | 328 | 328 |  | 383 | 383 | 383 | 383 | 0 | 0 | 0 | 0 | (2) | (2) | (2) | (2) |
|  |  |  | 10/2025  | 10/2025  | GBP | 250 | 250 | 250 | 250 |  | 338 | 338 | 338 | 338 | 1 | 1 | 1 | 1 | 0 | 0 | 0 | 0 |
|  |  |  | 10/2025  | 10/2025  | $ | $530 | 530 | 530 | 530 | EUR | 453 | 453 | 453 | 453 | 2 | 2 | 2 | 2 | 0 | 0 | 0 | 0 |
|  |  |  | 11/2025  | 11/2025  | EUR | 328 | 328 | 328 | 328 | $ | $385 | 385 | 385 | 385 | 0 | 0 | 0 | 0 | (1) | (1) | (1) | (1) |
|  |  |  | 11/2025  | 11/2025  | $ | $1370 | 1370 | 1370 | 1370 | AUD | 2073 | 2073 | 2073 | 2073 | 2 | 2 | 2 | 2 | 0 | 0 | 0 | 0 |
|  |  |  | 11/2025  | 11/2025  |  | 338 | 338 | 338 | 338 | GBP | 250 | 250 | 250 | 250 | 0 | 0 | 0 | 0 | (1) | (1) | (1) | (1) |

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<br> Consolidated Schedule of Investments PIMCO Commodity Strategy Active Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; CBK | &nbsp;&nbsp;&nbsp;&nbsp; CBK | 10/2025  | 15031 | 15031 | 15031 | $ | 2826 |  | 2 | 2 | 2 |  | 0 |
|  |  | 10/2025  | $1354 | 1354 | 1354 | AUD | 2073 |  | 18 | 18 | 18 |  | 0 |
|  |  | 10/2025  | 2720 | 2720 | 2720 | BRL | 15031 |  | 105 | 105 | 105 |  | 0 |
|  |  | 10/2025  | 198 | 198 | 198 | CAD | 276 |  | 0 | 0 | 0 |  | 0 |
|  |  | 10/2025  | 71 | 71 | 71 | EUR | 61 |  | 0 | 0 | 0 |  | 0 |
|  |  | 11/2025  | 276 | 276 | 276 | $ | 198 |  | 0 | 0 | 0 |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; FAR | &nbsp;&nbsp;&nbsp;&nbsp; FAR | 10/2025  | 21575 | 21575 | 21575 |  | 13995 |  | 0 | 0 | 0 |  | (282) |
|  |  | 10/2025  | $14086 | 14086 | 14086 | AUD | 21575 |  | 190 | 190 | 190 |  | 0 |
|  |  | 11/2025  | 21575 | 21575 | 21575 | $ | 14093 |  | 0 | 0 | 0 |  | (190) |
|  |  | 12/2025  | $46 | 46 | 46 | MXN | 877 |  | 1 | 1 | 1 |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; GLM | &nbsp;&nbsp;&nbsp;&nbsp; GLM | 10/2025  | 19800 | 19800 | 19800 | $ | 3245 |  | 0 | 0 | 0 |  | (475) |
|  |  | 10/2025  | $3702 | 3702 | 3702 | BRL | 19800 |  | 20 | 20 | 20 |  | (2) |
|  |  | 04/2026  | 7700 | 7700 | 7700 | $ | 1364 |  | 0 | 0 | 0 |  | (21) |
| &nbsp;&nbsp;&nbsp;&nbsp; JPM | &nbsp;&nbsp;&nbsp;&nbsp; JPM | 10/2025  | 276 | 276 | 276 |  | 200 |  | 1 | 1 | 1 |  | 0 |
|  |  | 10/2025  | 3584 | 3584 | 3584 |  | 4191 |  | 0 | 0 | 0 |  | (17) |
|  |  | 10/2025  | $183 | 183 | 183 | EUR | 156 |  | 0 | 0 | 0 |  | 0 |
|  |  | 11/2025  | 173 | 173 | 173 |  | 147 |  | 0 | 0 | 0 |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; MBC | &nbsp;&nbsp;&nbsp;&nbsp; MBC | 10/2025  | 1008 | 1008 | 1008 | $ | 1194 |  | 10 | 10 | 10 |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; MYI | &nbsp;&nbsp;&nbsp;&nbsp; MYI | 10/2025  | 300 | 300 | 300 |  | 49 |  | 0 | 0 | 0 |  | (7) |
|  |  | 10/2025  | $56 | 56 | 56 | BRL | 300 |  | 0 | 0 | 0 |  | 0 |
|  |  | 10/2025  | 355 | 355 | 355 | EUR | 303 |  | 1 | 1 | 1 |  | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp; SCX | &nbsp;&nbsp;&nbsp;&nbsp; SCX | 10/2025  | 489 | 489 | 489 | $ | 654 |  | 0 | 0 | 0 |  | (4) |
|  |  | 10/2025  | $1231 | 1231 | 1231 | GBP | 920 |  | 7 | 7 | 7 |  | 0 |
|  |  | 11/2025  | 920 | 920 | 920 | $ | 1231 |  | 0 | 0 | 0 |  | (7) |
|  |  | 11/2025  | $654 | 654 | 654 | GBP | 489 |  | 4 | 4 | 4 |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; SOG | &nbsp;&nbsp;&nbsp;&nbsp; SOG | 10/2025  | 972 | 972 | 972 | $ | 183 |  | 0 | 0 | 0 |  | 0 |
|  |  | 10/2025  | 279 | 279 | 279 |  | 329 |  | 1 | 1 | 1 |  | 0 |
|  |  | 10/2025  | $182 | 182 | 182 | BRL | 972 |  | 1 | 1 | 1 |  | 0 |
|  |  | 10/2025  | 4970 | 4970 | 4970 | EUR | 4226 |  | 0 | 0 | 0 |  | (8) |
|  |  | 11/2025  | 4226 | 4226 | 4226 | $ | 4979 |  | 8 | 8 | 8 |  | 0 |
|  |  | 11/2025  | $329 | 329 | 329 | EUR | 279 |  | 0 | 0 | 0 |  | (1) |
|  |  | 12/2025  | 985 | 985 | 985 | $ | 182 |  | 0 | 0 | 0 |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; SSB | &nbsp;&nbsp;&nbsp;&nbsp; SSB | 10/2025  | 920 | 920 | 920 |  | 1240 |  | 3 | 3 | 3 |  | 0 |
|  |  | 10/2025  | $996 | 996 | 996 | GBP | 739 |  | 0 | 0 | 0 |  | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp; UAG | &nbsp;&nbsp;&nbsp;&nbsp; UAG | 10/2025  | 183 | 183 | 183 | $ | 53 |  | 0 | 0 | 0 |  | (2) |
|  |  | 10/2025  | $55 | 55 | 55 | ILS | 183 |  | 0 | 0 | 0 |  | 0 |
|  |  | 11/2025  | 54 | 54 | 54 |  | 183 |  | 2 | 2 | 2 |  | 0 |
| **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **$** | $**386** | **386** | **386** | **$** | $**(1120)** | **(1120)** |
| **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** |
| **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** |
| Counterparty | Description | Floating Rate<br>Index | Floating Rate<br>Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Exercise<br>Rate | Notional<br>Amount<sup>(1)</sup> | Notional<br>Amount<sup>(1)</sup> | Notional<br>Amount<sup>(1)</sup> | Cost | Cost |  | Market<br>Value |
| CBK | Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | 3-Month USD-SOFR | Pay | 2.500% | 2.500% | 170600 | 170600 | 170600 | $114 | 114 | $ | $44 |
| MYC | Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | 3-Month USD-SOFR | Receive | 3.650 | 3.650 | 83100 | 83100 | 83100 | 84 | 84 |  | 90 |
| NGF | Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | 3-Month USD-SOFR | Receive | 3.650 | 3.650 | 158500 | 158500 | 158500 | 168 | 168 |  | 172 |
| **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | $**366** | **366** | **$** | $**306** |
| **Securities with an aggregate market value of $876 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $876 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $876 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $876 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $876 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $876 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $876 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $876 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $876 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $876 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $876 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $876 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $876 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $876 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** |
| Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. |
| **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** |
| **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: |
| Category and Subcategory | Category and Subcategory | Category and Subcategory | Category and Subcategory | Category and Subcategory | Level 1 | Level 1 | Level 2 | Level 3 | Level 3 | Level 3 | Fair Value<br>at 09/30/2025 | Fair Value<br>at 09/30/2025 | Fair Value<br>at 09/30/2025 |
| **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** |
| Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| Banking & Finance | Banking & Finance | Banking & Finance | Banking & Finance | Banking & Finance | 0 | 0 | 130838 | $0 | 0 | 0 | $130838 | 130838 | 130838 |
| Industrials | Industrials | Industrials | Industrials | Industrials | 0 | 0 | 72974 | 0 | 0 | 0 | 72974 | 72974 | 72974 |
| Utilities | Utilities | Utilities | Utilities | Utilities | 0 | 0 | 12741 | 0 | 0 | 0 | 12741 | 12741 | 12741 |
| U.S. Government Agencies | U.S. Government Agencies | U.S. Government Agencies | U.S. Government Agencies | U.S. Government Agencies | 0 | 0 | 79870 | 6998 | 6998 | 6998 | 86868 | 86868 | 86868 |
| Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | 0 | 0 | 961 | 0 | 0 | 0 | 961 | 961 | 961 |
| Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| Automobile ABS Other | Automobile ABS Other | Automobile ABS Other | Automobile ABS Other | Automobile ABS Other | 0 | 0 | 2703 | 0 | 0 | 0 | 2703 | 2703 | 2703 |
| Automobile Sequential | Automobile Sequential | Automobile Sequential | Automobile Sequential | Automobile Sequential | 0 | 0 | 8071 | 0 | 0 | 0 | 8071 | 8071 | 8071 |
| Credit Card Bullet | Credit Card Bullet | Credit Card Bullet | Credit Card Bullet | Credit Card Bullet | 0 | 0 | 4030 | 0 | 0 | 0 | 4030 | 4030 | 4030 |
| Other ABS | Other ABS | Other ABS | Other ABS | Other ABS | 1900 | 1900 | 47771 | 0 | 0 | 0 | 49671 | 49671 | 49671 |
| Sovereign Issues | Sovereign Issues | Sovereign Issues | Sovereign Issues | Sovereign Issues | 0 | 0 | 4950 | 0 | 0 | 0 | 4950 | 4950 | 4950 |
| Commodities | Commodities | Commodities | Commodities | Commodities | 0 | 0 | 87125 | 0 | 0 | 0 | 87125 | 87125 | 87125 |
| Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| Commercial Paper | Commercial Paper | Commercial Paper | Commercial Paper | Commercial Paper | 0 | 0 | 27884 | 0 | 0 | 0 | 27884 | 27884 | 27884 |
| Mutual Funds | Mutual Funds | Mutual Funds | Mutual Funds | Mutual Funds | 0 | 0 | 264 | 0 | 0 | 0 | 264 | 264 | 264 |

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<br> Consolidated Schedule of Investments PIMCO Commodity Strategy Active Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

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| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Repurchase Agreements | Repurchase Agreements | Repurchase Agreements | Repurchase Agreements | Repurchase Agreements | 0 | 0 | 0 | 33300 | 33300 | 0 | 0 |  |  | 33300 |  |  |
|  | Short-Term Notes | Short-Term Notes | Short-Term Notes | Short-Term Notes | Short-Term Notes | 0 | 0 | 0 | 1585 | 1585 | 0 | 0 |  |  | 1585 |  |  |
|  | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | 0 | 0 | 0 | 1877 | 1877 | 0 | 0 |  |  | 1877 |  |  |
|  |  |  |  |  |  | $1900 | 1900 | 1900 | $516944 | 516944 | $6998 | 6998 | $ | $ | 525842 |  |  |
| **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** |  |  |
| Mutual Funds | Mutual Funds | Mutual Funds | Mutual Funds | Mutual Funds | Mutual Funds | 16791 | 16791 | 16791 | 0 | 0 | 0 | 0 |  |  | 16791 |  |  |
| Total Investments | Total Investments | Total Investments | Total Investments | Total Investments | Total Investments | $18691 | 18691 | 18691 | $516944 | 516944 | $6998 | 6998 | $ | $ | 542633 |  |  |
| **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  |  |  |
| Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | 4173 | 4173 | 4173 | 128 | 128 | 0 | 0 |  |  | 4301 |  |  |
| Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | 0 | 0 | 0 | 692 | 692 | 0 | 0 |  |  | 692 |  |  |
|  |  |  |  |  |  | $4173 | 4173 | 4173 | $820 | 820 | $0 | 0 | $ | $ | 4993 |  |  |
| **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  |  |  |
| Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | (4421) | (4421) | (4421) | (188) | (188) | 0 | 0 |  |  | (4609) |  |  |
| Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | 0 | 0 | 0 | (1120) | (1120) | 0 | 0 |  |  | (1120) |  |  |
|  |  |  |  |  |  | $(4421) | (4421) | (4421) | $(1308) | (1308) | $0 | 0 | $ | $ | (5729) |  |  |
| Total Financial Derivative Instruments | Total Financial Derivative Instruments | Total Financial Derivative Instruments | Total Financial Derivative Instruments | Total Financial Derivative Instruments | Total Financial Derivative Instruments | $(248) | (248) | (248) | $(488) | (488) | $0 | 0 | $ | $ | (736) |  |  |
| Totals | Totals | Totals | Totals | Totals | Totals | $18443 | 18443 | 18443 | $516456 | 516456 | $6998 | 6998 | $ | $ | 541897 |  |  |
| **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** |
| Category and Subcategory | Beginning<br>Balance<br>at 06/30/2025 | Net<br>Purchases  | Net<br>Purchases  | Net<br>Sales/Settlements | Accrued<br>Discounts/<br>(Premiums) | Accrued<br>Discounts/<br>(Premiums) | Accrued<br>Discounts/<br>(Premiums) | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(1)</sup> | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(1)</sup> | Transfers into<br>Level 3 | Transfers into<br>Level 3 | Transfers out<br>of Level 3 | Transfers out<br>of Level 3 | Ending<br>Balance<br>at 09/30/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>09/30/2025<sup>(1)</sup> | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>09/30/2025<sup>(1)</sup> | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>09/30/2025<sup>(1)</sup> |
| **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** |
| U.S. Government Agencies | $3004 | $ | 6998 | $ | $ | 0 | $ | $ | 13 | $0 | 0 | $(2904) | (2904) | $ | $ | $ | 0 |
| Totals | $3004 | $ | 6998 | $ | $ | 0 | $ | $ | 13 | $0 | 0 | $(2904) | (2904) | $ | $ | $ | 0 |
| <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** |
|  |  |  |  |  |  |  |  |  |  |  |  |  | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| Category and Subcategory | Category and Subcategory | Category and Subcategory | Ending<br>Balance<br>at 09/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation Technique | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation Technique | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation Technique | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation Technique | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation Technique | &nbsp;&nbsp;&nbsp;&nbsp; Unobservable Inputs | &nbsp;&nbsp;&nbsp;&nbsp; Unobservable Inputs | &nbsp;&nbsp;&nbsp;&nbsp; Unobservable Inputs | &nbsp;&nbsp;&nbsp;&nbsp; Unobservable Inputs | Input Value(s) | Input Value(s) | Input Value(s) | Weighted Average | Weighted Average |
| **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** |
| U.S. Government Agencies | U.S. Government Agencies | U.S. Government Agencies | $6998 | 6998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | 99.938 - 100.000  | 99.938 - 100.000  | 99.938 - 100.000  | 99.969 | 99.969 |
| Total | Total | Total | $6998 | 6998 |  |  |  |  |  |  |  |  |  |  |  |  |  |
| <sup>(1)</sup> | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. |

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<br> Schedule of Investments PIMCO Enhanced Low Duration Active Exchange-Traded Fund September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** | **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** | **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** |
|  | PRINCIPAL<br>AMOUNT<br>(000s) | MARKET<br>VALUE<br>(000s) |
| **INVESTMENTS IN SECURITIES 114.0% ¤** |  |  |
| **CORPORATE BONDS & NOTES 27.2%**  |  |  |
| **BANKING & FINANCE 13.0%**  |  |  |
| **ABN AMRO Bank NV** <br>6.575% due 10/13/2026 •  | $2200 | $2201 |
| **American Honda Finance Corp.** <br>4.927% due 03/08/2027 •  | 7700 | 7716 |
| **American Tower Corp.** <br>5.000% due 01/31/2030 | 1600 | 1638 |
| **Athene Global Funding** <br>5.159% due 09/18/2028 •  | 9400 | 9427 |
| **Aviation Capital Group LLC**  |  |  |
| 1.950% due 01/30/2026  | 1131 | 1121 |
| 4.875% due 10/01/2025  | 1000 | 1000 |
| **Avolon Holdings Funding Ltd.**  |  |  |
| 2.125% due 02/21/2026  | 421 | 417 |
| 3.250% due 02/15/2027  | 1000 | 984 |
| 5.500% due 01/15/2026  | 8654 | 8666 |
| **Banque Federative du Credit Mutuel SA** <br>5.433% (SOFRRATE + 1.130%) due 01/23/2027 ~ | 550 | 553 |
| **Barclays PLC**  |  |  |
| 4.375% due 01/12/2026  | 400 | 400 |
| 5.829% due 05/09/2027 •  | 8500 | 8576 |
| **BPCE SA** <br>6.612% due 10/19/2027 •  | 2400 | 2455 |
| **Brighthouse Financial Global Funding**  |  |  |
| 1.550% due 05/24/2026  | 2445 | 2398 |
| 5.550% due 04/09/2027  | 5800 | 5901 |
| **Citadel Finance LLC** <br>3.375% due 03/09/2026 | 1000 | 994 |
| **Citadel LP** <br>4.875% due 01/15/2027 | 1855 | 1859 |
| **Crown Castle, Inc.** <br>3.700% due 06/15/2026 | 1600 | 1594 |
| **F&G Global Funding** <br>1.750% due 06/30/2026 | 723 | 709 |
| **Ford Motor Credit Co. LLC**  |  |  |
| 5.125% due 11/05/2026  | 300 | 301 |
| 5.800% due 03/05/2027  | 9261 | 9357 |
| **FS KKR Capital Corp.** <br>3.400% due 01/15/2026 | 9034 | 8994 |
| **GA Global Funding Trust** <br>4.400% due 09/23/2027 | 1500 | 1504 |
| **HAT Holdings I LLC/HAT Holdings II LLC** <br>3.375% due 06/15/2026 | 107 | 106 |
| **KKR Financial Holdings LLC** <br>5.400% due 05/23/2033 | 5500 | 5396 |
| **Mizuho Financial Group, Inc.** <br>5.361% (SOFRRATE + 1.080%) due 05/13/2031 ~ | 8500 | 8515 |
| **National Bank of Canada** <br>4.702% due 03/05/2027 •  | 6000 | 6009 |
| **Nissan Motor Acceptance Co. LLC** <br>1.850% due 09/16/2026 | 4745 | 4577 |
| **Nomura Holdings, Inc.** <br>5.709% due 01/09/2026 | 2300 | 2309 |
| **Pacific Life Global Funding II** <br>4.823% (SOFRRATE + 0.620%) due 06/04/2026 ~ | 1496 | 1500 |
| **Royal Bank of Canada**  |  |  |
| 4.972% (SOFRINDX + 0.820%) due 03/27/2028 ~  | 4934 | 4953 |
| 5.033% (SOFRINDX + 0.720%) due 10/18/2027 ~  | 5200 | 5214 |
| **Sammons Financial Group, Inc.** <br>4.450% due 05/12/2027 | 1423 | 1423 |
| **Societe Generale SA** <br>1.488% due 12/14/2026 •  | 2000 | 1988 |
| **U.S. Bancorp** <br>5.727% due 10/21/2026 •  | 833 | 834 |
| **VICI Properties LP/VICI Note Co., Inc.**  |  |  |
| 3.750% due 02/15/2027  | 2518 | 2491 |
| 4.250% due 12/01/2026  | 900 | 897 |

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<br> Schedule of Investments PIMCO Enhanced Low Duration Active Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

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| | | |
|:---|:---|:---|
| 4.500% due 09/01/2026  | 300 | 300 |
|  |  | 125277 |
| **INDUSTRIALS 12.0%**  |  |  |
| **Algonquin Power & Utilities Corp.** <br>5.365% due 06/15/2026 þ | 9329 | 9398 |
| **Amcor Flexibles North America, Inc.** <br>3.100% due 09/15/2026 | 550 | 544 |
| **Bayer U.S. Finance II LLC**  |  |  |
| 4.250% due 12/15/2025  | 5200 | 5196 |
| 4.375% due 12/15/2028  | 4500 | 4485 |
| **Bayer U.S. Finance LLC** <br>6.125% due 11/21/2026 | 2200 | 2239 |
| **Beignet** <br>6.850% due 06/01/2049 «(a) | 1400 | 1400 |
| **Berry Global, Inc.**  |  |  |
| 1.570% due 01/15/2026  | 7500 | 7436 |
| 4.875% due 07/15/2026  | 1731 | 1731 |
| **Boeing Co.**  |  |  |
| 2.196% due 02/04/2026  | 10500 | 10422 |
| 2.750% due 02/01/2026  | 300 | 298 |
| 6.259% due 05/01/2027  | 600 | 618 |
| **Canadian Natural Resources Ltd.** <br>5.000% due 12/15/2029 | 700 | 716 |
| **Canadian Pacific Railway Co.** <br>3.125% due 06/01/2026 | 700 | 694 |
| **Dell International LLC/EMC Corp.** <br>4.900% due 10/01/2026 | 1700 | 1710 |
| **Delta Air Lines, Inc./SkyMiles IP Ltd.** <br>4.500% due 10/20/2025 | 35 | 35 |
| **EOG Resources, Inc.** <br>4.150% due 01/15/2026 | 600 | 600 |
| **Hyatt Hotels Corp.** <br>5.050% due 03/30/2028 | 1700 | 1728 |
| **Illumina, Inc.** <br>5.800% due 12/12/2025 | 1700 | 1702 |
| **Las Vegas Sands Corp.** <br>3.500% due 08/18/2026 | 9549 | 9476 |
| **Marvell Technology, Inc.** <br>1.650% due 04/15/2026 | 1588 | 1565 |
| **Mattel, Inc.** <br>3.375% due 04/01/2026 | 871 | 865 |
| **NTT Finance Corp.** <br>1.162% due 04/03/2026 | 4500 | 4430 |
| **Ooredoo International Finance Ltd.** <br>5.000% due 10/19/2025 | 2339 | 2341 |
| **Renesas Electronics Corp.** <br>2.170% due 11/25/2026 | 705 | 687 |
| **Rogers Communications, Inc.** <br>3.200% due 03/15/2027 | 3320 | 3274 |
| **Rolls-Royce PLC** <br>3.625% due 10/14/2025 | 9842 | 9838 |
| **Royal Caribbean Cruises Ltd.** <br>5.500% due 04/01/2028 | 8600 | 8769 |
| **SK Hynix, Inc.** <br>1.500% due 01/19/2026 | 3100 | 3074 |
| **Skyworks Solutions, Inc.** <br>1.800% due 06/01/2026 | 9400 | 9246 |
| **South Bow USA Infrastructure Holdings LLC** <br>4.911% due 09/01/2027 | 2100 | 2118 |
| **Triton Container International Ltd.** <br>2.050% due 04/15/2026 | 3164 | 3125 |
| **United Airlines Pass-Through Trust** <br>3.750% due 03/03/2028 | 1206 | 1196 |
| **Volkswagen Group of America Finance LLC**  |  |  |
| 4.950% due 03/25/2027  | 2500 | 2522 |
| 4.983% (SOFRRATE + 0.830%) due 03/20/2026 ~  | 575 | 576 |
| 5.213% (SOFRRATE + 1.060%) due 03/25/2027 ~  | 1800 | 1807 |
|  |  | 115861 |
| **UTILITIES 2.2%**  |  |  |
| **AES Corp.** <br>1.375% due 01/15/2026 | 600 | 594 |
| **Colorado Interstate Gas Co. LLC/Colorado Interstate Issuing Corp.** <br>4.150% due 08/15/2026 | 150 | 150 |
| **Emera U.S. Finance LP** <br>3.550% due 06/15/2026 | 803 | 798 |
| **Enel Finance International NV** <br>7.050% due 10/14/2025 | 2500 | 2502 |
| **FirstEnergy Corp.** <br>3.900% due 07/15/2027 | 901 | 896 |

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<br> Schedule of Investments PIMCO Enhanced Low Duration Active Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

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| | | |
|:---|:---|:---|
| **New** **York State Electric & Gas Corp.** <br>3.250% due 12/01/2026 | 9146 | 9036 |
| **Pacific Gas & Electric Co.** <br>3.150% due 01/01/2026 | 2000 | 1994 |
| **Southern California Edison Co.**  |  |  |
| 3.650% due 03/01/2028  | 3300 | 3244 |
| 4.400% due 09/06/2026  | 1000 | 1002 |
| 4.875% due 02/01/2027  | 300 | 302 |
| 4.900% due 06/01/2026  | 600 | 602 |
|  |  | 21120 |
| Total Corporate Bonds & Notes (Cost $261,582) |  | 262258 |
| **MUNICIPAL BONDS & NOTES 0.6%**  |  |  |
| **LOUISIANA 0.6%**  |  |  |
| **Tulane University, Louisiana Revenue Bonds, (NPFGC Insured), Series 2007** <br>4.773% (US0003M + 0.300%) due 02/15/2036 ~ | 6110 | 5692 |
| Total Municipal Bonds & Notes (Cost $5,660) |  | 5692 |
| **U.S. GOVERNMENT AGENCIES 34.5%**  |  |  |
| **Federal Home Loan Mortgage Corp.**  |  |  |
| 2.000% due 02/01/2028 - 04/01/2028 | 2 | 1 |
| 3.000% due 03/01/2048 | 275 | 247 |
| 5.000% due 10/01/2033 - 02/01/2038 | 239 | 243 |
| 5.400% due 09/01/2037 - 11/01/2038 | 204 | 211 |
| 5.500% due 08/01/2033 - 06/01/2047 | 888 | 912 |
| 5.550% due 06/01/2037 | 55 | 57 |
| 6.000% due 09/01/2031 - 05/01/2033 | 16 | 16 |
| 6.500% due 11/01/2036 - 10/17/2038 | 226 | 232 |
| 7.000% due 05/01/2029 | 8 | 8 |
| **Federal Home Loan Mortgage Corp. REMICS**  |  |  |
| 2.500% due 10/25/2048 | 120 | 110 |
| 5.226% due 04/25/2055 •  | 5795 | 5799 |
| 5.250% due 10/25/2055 •  | 500 | 501 |
| 5.286% due 05/25/2055 •  | 5640 | 5659 |
| 5.296% due 11/25/2054 •  | 10655 | 10673 |
| 5.306% due 10/25/2054 - 09/25/2055 •  | 15009 | 15043 |
| 5.336% due 02/25/2055 •  | 1067 | 1072 |
| 5.356% due 10/25/2052 - 06/25/2055 •  | 25485 | 25518 |
| 5.456% due 07/25/2055 •  | 2032 | 2037 |
| 5.506% due 12/25/2054 - 08/25/2055 •  | 12788 | 12840 |
| 5.556% due 01/25/2055 - 08/25/2055 •  | 6955 | 6992 |
| 5.606% due 05/25/2054 •  | 2678 | 2696 |
| **Federal National Mortgage Association**  |  |  |
| 3.000% due 10/01/2046 | 207 | 187 |
| 4.000% due 06/01/2042 - 03/01/2047 | 372 | 362 |
| 4.750% due 09/01/2034 - 04/01/2036 | 272 | 275 |
| 5.000% due 07/01/2033 - 07/01/2044 | 966 | 968 |
| 5.150% due 05/01/2035 | 32 | 32 |
| 5.340% due 09/01/2029 | 33 | 34 |
| 5.350% due 02/01/2035 - 01/01/2038 | 246 | 247 |
| 5.450% due 04/01/2036 | 73 | 74 |
| 5.500% due 12/01/2031 - 09/01/2040 | 694 | 704 |
| 6.000% due 05/01/2029 - 04/01/2048 | 490 | 504 |
| 6.500% due 07/01/2036 - 09/01/2048 | 240 | 247 |
| **Federal National Mortgage Association REMICS**  |  |  |
| 5.256% due 09/25/2054 •  | 7496 | 7506 |
| 5.266% due 03/25/2055 •  | 656 | 656 |
| 5.289% due 08/25/2055 •  | 900 | 902 |
| 5.306% due 01/25/2055 - 03/25/2055 •  | 819 | 822 |
| 5.356% due 10/25/2054 - 05/25/2055 •  | 4503 | 4527 |
| 5.406% due 01/25/2055 - 05/25/2055 •  | 4657 | 4668 |
| 5.456% due 06/25/2054 - 07/25/2055 •  | 8510 | 8528 |
| 5.506% due 01/25/2055 - 03/25/2055 •  | 6034 | 6059 |
| 5.516% due 03/25/2055 •  | 2313 | 2322 |
| 5.556% due 12/25/2053 - 01/25/2055 •  | 3073 | 3090 |
| 5.606% due 02/25/2055 •  | 854 | 860 |
| **Federal National Mortgage Association-ACES**  |  |  |
| 2.659% due 12/25/2026 ~ | 851 | 836 |
| 2.961% due 02/25/2027 ~ | 1920 | 1895 |
| 3.163% due 06/25/2027 ~ | 643 | 632 |
| **Government National Mortgage Association**  |  |  |
| 3.000% due 11/20/2046 | 72 | 64 |
| 3.500% due 05/20/2042 | 51 | 46 |
| 3.700% due 04/15/2042 | 92 | 88 |
| 3.740% due 03/20/2042 - 07/20/2042 | 69 | 64 |
| 3.750% due 04/15/2042 - 03/20/2044 | 119 | 112 |
| 4.000% due 04/20/2040 - 06/20/2043 | 497 | 468 |
| 4.500% due 08/20/2038 - 11/20/2048 | 318 | 312 |
| 5.350% due 12/15/2036 - 01/15/2038 | 196 | 203 |
| 5.400% due 06/20/2039 | 76 | 78 |

---

------

<br> Schedule of Investments PIMCO Enhanced Low Duration Active Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| 5.500% due 03/20/2034 - 08/20/2041 | 300 | 302 |
| 6.000% due 09/20/2038 | 25 | 26 |
| 6.500% due 10/15/2027 - 07/20/2039 | 28 | 28 |
| 7.000% due 05/15/2026 - 06/20/2055 | 5392 | 5467 |
| **Government National Mortgage Association REMICS**  |  |  |
| 2.500% due 10/20/2049 | 99 | 89 |
| 3.500% due 11/20/2049 | 6552 | 6377 |
| 4.920% due 10/01/2055 « | 850 | 850 |
| 5.139% due 10/20/2072 •  | 653 | 654 |
| 5.150% due 07/20/2065 « | 850 | 849 |
| 5.261% due 08/16/2039 •  | 3 | 3 |
| 5.289% due 06/20/2055 - 07/20/2074 •  | 13926 | 13976 |
| 5.339% due 01/20/2054 - 05/20/2055 •  | 1751 | 1760 |
| 5.369% due 09/20/2073 •  | 7355 | 7430 |
| 5.389% due 05/20/2073 •  | 10426 | 10539 |
| 5.539% due 06/20/2055 - 07/20/2055 •  | 1090 | 1094 |
| **Uniform Mortgage-Backed Security, TBA**  |  |  |
| 5.000% due 11/01/2055 | 62100 | 61553 |
| 6.000% due 11/01/2055 | 80900 | 82637 |
| Total U.S. Government Agencies (Cost $332,775) |  | 332873 |
| **U.S. TREASURY OBLIGATIONS 1.3%**  |  |  |
| **U.S. Treasury Inflation Protected Securities (b)** |  |  |
| 0.125% due 07/15/2026  | 7816 | 7790 |
| 0.125% due 10/15/2026 (f) | 2364 | 2351 |
| 2.125% due 04/15/2029 | 2809 | 2901 |
| Total U.S. Treasury Obligations (Cost $12,912) |  | 13042 |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES 6.0%**  |  |  |
| **AG Trust** <br>6.166% due 07/15/2041 •  | 1616 | 1624 |
| **Angel Oak Mortgage Trust** <br>1.469% due 06/25/2065 ~ | 264 | 255 |
| **Bear Stearns ALT-A Trust**  |  |  |
| 4.592% due 02/25/2034 •  | 442 | 418 |
| 5.425% due 05/25/2035 ~  | 15 | 15 |
| **BWAY Mortgage Trust** <br>5.515% due 09/15/2036 •  | 3000 | 2909 |
| **BX Trust** <br>4.964% due 01/15/2034 •  | 407 | 407 |
| **Chase Mortgage Finance Trust** <br>6.272% due 02/25/2037 ~ | 245 | 241 |
| **Chevy Chase Funding LLC Mortgage-Backed Certificates**  |  |  |
| 4.472% due 01/25/2036 •  | 21 | 20 |
| 4.502% due 10/25/2035 •  | 133 | 128 |
| 4.572% due 08/25/2035 •  | 13 | 13 |
| **Citigroup Mortgage Loan Trust, Inc.**  |  |  |
| 5.000% due 05/25/2051 •  | 3308 | 3073 |
| 5.856% due 06/25/2055 •  | 732 | 739 |
| **Countrywide Alternative Loan Trust** <br>4.552% due 06/25/2037 •  | 48 | 44 |
| **Extended Stay America Trust** <br>5.344% due 07/15/2038 •  | 4722 | 4726 |
| **First Horizon Alternative Mortgage Securities Trust** <br>5.643% due 02/25/2035 ~ | 131 | 125 |
| **GCAT Trust**  |  |  |
| 2.650% due 10/25/2068 ~  | 202 | 197 |
| 2.885% due 12/27/2066 ~  | 1458 | 1377 |
| **GS Mortgage-Backed Securities Trust**  |  |  |
| 5.000% due 12/25/2051 •  | 2236 | 2077 |
| 5.000% due 02/25/2052 •  | 3623 | 3364 |
| 5.698% due 11/25/2054 •  | 1508 | 1512 |
| **GSR Mortgage Loan Trust**  |  |  |
| 6.224% due 08/25/2033 •  | 6 | 6 |
| **Impac CMB Trust** <br>4.912% due 03/25/2035 •  | 58 | 56 |
| **JP Morgan Chase Commercial Mortgage Securities Trust**  |  |  |
| 3.379% due 09/15/2050  | 21 | 21 |
| 5.315% due 04/15/2038 •  | 866 | 866 |
| 5.648% due 12/15/2031 •  | 551 | 549 |
| **JP Morgan Mortgage Trust** <br>5.204% due 07/25/2035 ~ | 134 | 129 |
| **MASTR Adjustable Rate Mortgages Trust** <br>6.592% due 04/21/2034 ~ | 11 | 11 |
| **Merrill Lynch Mortgage Investors Trust**  |  |  |
| 4.732% due 04/25/2029 •  | 69 | 64 |
| 5.889% due 12/25/2035 ~  | 119 | 117 |
| **MFA Trust** <br>6.105% due 12/25/2068 þ | 666 | 672 |
| **Morgan Stanley Mortgage Loan Trust** <br>5.352% due 11/25/2035 •  | 755 | 759 |

---

------

<br> Schedule of Investments PIMCO Enhanced Low Duration Active Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Morgan** **Stanley Residential Mortgage Loan Trust** <br>5.000% due 09/25/2051 •  | 733 | 681 |
| **New Residential Mortgage Loan Trust**  |  |  |
| 0.941% due 10/25/2058 ~  | 712 | 682 |
| 2.464% due 01/26/2060 ~  | 3949 | 3723 |
| 3.500% due 12/25/2057 ~  | 760 | 739 |
| 3.500% due 10/25/2059 ~  | 308 | 291 |
| 4.500% due 05/25/2058 ~  | 76 | 74 |
| **NYO Commercial Mortgage Trust** <br>5.360% due 11/15/2038 •  | 6000 | 5984 |
| **OBX Trust**  |  |  |
| 1.957% due 10/25/2061 ~  | 192 | 165 |
| 6.520% due 07/25/2063 þ  | 1570 | 1585 |
| **ONE Mortgage Trust** <br>4.964% due 03/15/2036 •  | 3914 | 3860 |
| **One New York Plaza Trust** <br>5.215% due 01/15/2036 •  | 2700 | 2658 |
| **PRKCM Trust** <br>6.333% due 03/25/2059 þ | 241 | 244 |
| **PRPM Trust** <br>6.221% due 11/25/2068 þ | 489 | 495 |
| **Sequoia Mortgage Trust**  |  |  |
| 4.650% due 07/20/2036 •  | 355 | 307 |
| **Starwood Mortgage Residential Trust** <br>1.486% due 04/25/2065 ~ | 165 | 162 |
| **Structured Asset Mortgage Investments II Trust** <br>4.828% due 07/19/2034 •  | 2 | 1 |
| **Structured Asset Mortgage Investments Trust** <br>4.908% due 09/19/2032 •  | 2 | 2 |
| **Thornburg Mortgage Securities Trust** <br>5.693% due 04/25/2045 ~ | 24 | 24 |
| **Towd Point Mortgage Trust**  |  |  |
| 2.250% due 11/25/2061 ~  | 528 | 499 |
| 2.250% due 12/25/2061 ~  | 1461 | 1424 |
| 3.750% due 05/25/2058 ~  | 1319 | 1299 |
| 5.272% due 05/25/2058 •  | 471 | 482 |
| 5.272% due 10/25/2059 •  | 307 | 307 |
| **Verus Securitization Trust**  |  |  |
| 5.712% due 01/25/2069 þ  | 1181 | 1189 |
| 6.259% due 12/25/2068 þ  | 2866 | 2900 |
| 6.476% due 06/25/2068 þ  | 1468 | 1479 |
| **WaMu Mortgage Pass-Through Certificates Trust**  |  |  |
| 3.903% due 07/25/2037 ~  | 310 | 279 |
| 4.892% due 01/25/2045 •  | 4 | 4 |
| 5.072% due 06/25/2044 •  | 300 | 300 |
| 5.132% due 10/25/2045 •  | 45 | 44 |
| 5.133% due 06/25/2046 •  | 19 | 18 |
| 5.771% due 06/25/2033 ~  | 1 | 1 |
| Total Non-Agency Mortgage-Backed Securities (Cost $59,474) |  | 58416 |
| **ASSET-BACKED SECURITIES 25.2%**  |  |  |
| **AUTOMOBILE ABS OTHER 0.5%**  |  |  |
| **Ford Credit Auto Lease Trust** <br>4.782% (SOFR30A + 0.410%) due 08/15/2027 ~ | 4534 | 4537 |
| **AUTOMOBILE SEQUENTIAL 8.6%**  |  |  |
| **Ally Auto Receivables Trust** <br>4.140% due 07/16/2029 | 4000 | 4011 |
| **ARI Fleet Lease Trust** <br>4.590% due 03/15/2034 | 1100 | 1107 |
| **Avis Budget Rental Car Funding AESOP LLC** <br>5.900% due 08/21/2028 | 8100 | 8328 |
| **Bank of America Auto Trust** <br>5.530% due 02/15/2028 | 2212 | 2230 |
| **BofA Auto Trust** <br>5.350% due 11/15/2028 | 4500 | 4545 |
| **Carvana Auto Receivables Trust**  |  |  |
| 4.260% due 10/10/2029  | 5300 | 5311 |
| 4.550% due 05/10/2030  | 3000 | 3025 |
| 5.380% due 03/12/2029  | 2500 | 2546 |
| 5.820% due 08/10/2028  | 1751 | 1763 |
| **Chase Auto Owner Trust**  |  |  |
| 4.180% due 08/27/2029  | 800 | 803 |
| 4.940% due 07/25/2029  | 8400 | 8493 |
| **Citizens Auto Receivables Trust**  |  |  |
| 5.830% due 02/15/2028  | 3660 | 3690 |
| 5.840% due 01/18/2028  | 4252 | 4282 |
| **Enterprise Fleet Financing LLC**  |  |  |
| 4.820% due 02/20/2029  | 3700 | 3761 |
| 5.510% due 01/22/2029  | 1489 | 1493 |
| 5.760% due 10/22/2029  | 1230 | 1236 |

---

------

<br> Schedule of Investments PIMCO Enhanced Low Duration Active Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Ford** **Credit Auto Owner Trust** <br>4.850% due 08/15/2035 | 6100 | 6212 |
| **GECU Auto Receivables Trust** <br>5.630% due 08/15/2028 | 1977 | 1989 |
| **GM Financial Automobile Leasing Trust** <br>5.090% due 03/22/2027 | 2072 | 2079 |
| **Harley-Davidson Motorcycle Trust** <br>4.310% due 07/16/2029 | 4200 | 4217 |
| **Huntington Auto Trust** <br>5.230% due 01/16/2029 | 3000 | 3034 |
| **LAD Auto Receivables Trust** <br>5.610% due 08/15/2028 | 2415 | 2431 |
| **M&T Bank Auto Receivables Trust** <br>4.730% due 06/17/2030 | 3000 | 3043 |
| **Tesla Auto Lease Trust** <br>6.130% due 09/21/2026 | 762 | 763 |
| **Toyota Auto Receivables Owner Trust** <br>5.160% due 04/17/2028 | 2385 | 2400 |
|  |  | 82792 |
| **CMBS OTHER 0.7%**  |  |  |
| **AREIT Trust** <br>6.385% due 06/17/2039 •  | 5404 | 5414 |
| **BXMT Ltd.** <br>6.157% due 11/15/2037 •  | 1288 | 1287 |
| **MF1 Ltd.** <br>5.957% due 12/15/2035 •  | 291 | 292 |
| **Ready Capital Mortgage Financing LLC** <br>6.532% due 10/25/2039 •  | 10 | 10 |
|  |  | 7003 |
| **CREDIT CARD BULLET 1.5%**  |  |  |
| **Synchrony Card Funding LLC** <br>5.540% due 07/15/2029 | 8000 | 8094 |
| **Synchrony Card Issuance Trust** <br>4.780% due 02/15/2031 | 5900 | 6008 |
|  |  | 14102 |
| **HOME EQUITY OTHER 0.5%**  |  |  |
| **Asset-Backed Securities Corp. Home Equity Loan Trust** <br>5.082% due 06/25/2034 •  | 55 | 57 |
| **Bear Stearns Asset-Backed Securities I Trust** <br>5.172% due 08/25/2034 •  | 389 | 381 |
| **Bear Stearns Asset-Backed Securities Trust** <br>5.072% due 10/27/2032 •  | 2 | 2 |
| **Chase Funding Trust** <br>4.872% due 07/25/2033 •  | 133 | 134 |
| **Countrywide Asset-Backed Certificates Trust** <br>3.123% due 03/25/2036 •  | 59 | 58 |
| **Finance America Mortgage Loan Trust** <br>5.097% due 08/25/2034 •  | 97 | 93 |
| **GSAA Home Equity Trust** <br>4.812% due 07/25/2037 •  | 47 | 46 |
| **GSAMP Trust** <br>4.792% due 06/25/2036 •  | 392 | 383 |
| **Home Equity Asset Trust** <br>5.322% due 11/25/2034 •  | 173 | 172 |
| **New Century Home Equity Loan Trust** <br>5.202% due 11/25/2034 •  | 285 | 291 |
| **RAAC Trust** <br>4.822% due 01/25/2046 •  | 194 | 194 |
| **Renaissance Home Equity Loan Trust** <br>3.434% due 08/25/2033 •  | 584 | 535 |
| **Residential Asset Securities Corporation Trust** <br>5.367% due 03/25/2035 •  | 176 | 176 |
| **Saxon Asset Securities Trust** <br>0.000% due 05/25/2035 •  | 88 | 85 |
| **Securitized Asset-Backed Receivables LLC Trust** <br>4.947% due 01/25/2035 •  | 88 | 82 |
| **Soundview Home Loan Trust** <br>4.947% due 06/25/2035 •  | 27 | 27 |
| **Structured Asset Investment Loan Trust**  |  |  |
| 4.822% due 09/25/2034 •  | 1394 | 1346 |
| 4.977% due 03/25/2034 •  | 279 | 293 |

---

------

<br> Schedule of Investments PIMCO Enhanced Low Duration Active Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Wells** **Fargo Home Equity Trust Mortgage Pass-Through Certificates** <br>4.872% due 04/25/2034 •  | 712 | 710 |
|  |  | 5065 |
| **WHOLE LOAN COLLATERAL 0.1%**  |  |  |
| **First Franklin Mortgage Loan Trust**  |  |  |
| 4.592% due 04/25/2036 •  | 805 | 791 |
| 5.022% due 11/25/2034 •  | 48 | 48 |
|  |  | 839 |
| **OTHER ABS 13.3%**  |  |  |
| **37 Capital CLO 1 Ltd.** <br>5.598% due 10/15/2034 •  | 3400 | 3404 |
| **Apidos CLO XXXV Ltd.** <br>5.637% due 04/20/2034 •  | 650 | 651 |
| **Ascent Education Funding Trust** <br>6.140% due 10/25/2050 | 1718 | 1763 |
| **Atlas Senior Loan Fund XVII Ltd.** <br>5.385% due 10/20/2034 •  | 1000 | 1001 |
| **Atlas Static Senior Loan Fund I Ltd.** <br>6.068% due 07/15/2030 •  | 732 | 733 |
| **Bain Capital Credit CLO Ltd.**  |  |  |
| 5.379% due 07/24/2034 •  | 3300 | 3304 |
| 5.415% due 10/21/2034 •  | 3300 | 3304 |
| **Dryden 60 CLO Ltd.** <br>5.629% due 07/15/2031 •  | 3546 | 3552 |
| **ELFI Graduate Loan Program LLC** <br>1.530% due 12/26/2046 | 3308 | 2966 |
| **Elmwood CLO 15 Ltd.** <br>5.408% due 04/22/2035 •  | 4500 | 4517 |
| **ICG U.S. CLO Ltd.** <br>5.308% due 01/16/2033 •  | 2709 | 2709 |
| **Jamestown CLO XVI Ltd.** <br>5.438% due 07/25/2034 •  | 500 | 500 |
| **KKR CLO 42 Ltd.** <br>5.349% due 07/20/2034 •  | 4700 | 4700 |
| **KKR CLO 9 Ltd.** <br>5.529% due 07/15/2030 •  | 119 | 119 |
| **LCM 30 Ltd.** <br>5.667% due 04/20/2031 •  | 490 | 491 |
| **LCM 36 Ltd.** <br>5.388% due 01/15/2034 •  | 1600 | 1605 |
| **Navient Private Education Loan Trust**  |  |  |
| 2.460% due 11/15/2068  | 427 | 413 |
| 5.715% due 07/16/2040 •  | 822 | 825 |
| **Navient Private Education Refi Loan Trust**  |  |  |
| 0.840% due 05/15/2069  | 736 | 674 |
| 1.170% due 09/16/2069  | 941 | 884 |
| 1.310% due 01/15/2069  | 334 | 317 |
| 5.265% due 04/15/2069 •  | 1152 | 1147 |
| **Navient Student Loan Trust** <br>6.480% due 03/15/2072 | 3999 | 4113 |
| **Nelnet Student Loan Trust**  |  |  |
| 4.670% due 06/22/2065  | 4500 | 4489 |
| 4.840% due 05/17/2055  | 2400 | 2420 |
| **Northwoods Capital 25 Ltd.** <br>4.862% due 07/20/2034 •  | 1600 | 1600 |
| **Octagon Investment Partners 40 Ltd.** <br>5.365% due 01/20/2035 •  | 3400 | 3406 |
| **PFS Financing Corp.** <br>5.520% due 10/15/2028 | 5000 | 5075 |
| **PK ALIFT Loan Funding 4 LP** <br>5.052% due 10/15/2039 | 4509 | 4520 |
| **Post Road Equipment Finance LLC** <br>4.900% due 05/15/2031 | 5000 | 5042 |
| **Recette CLO Ltd.** <br>5.667% due 04/20/2034 •  | 4300 | 4306 |
| **Romark CLO - IV Ltd.** <br>0.000% due 07/10/2034 •(a) | 2200 | 2200 |
| **Romark CLO V Ltd.** <br>5.476% due 01/15/2035 •  | 4400 | 4417 |
| **Sandstone Peak Ltd.** <br>5.598% due 10/15/2034 •  | 3000 | 3007 |
| **Saranac CLO VI Ltd.** <br>5.439% due 08/13/2031 •  | 1120 | 1122 |
| **Sculptor CLO XXVII Ltd.** <br>5.385% due 07/20/2034 •  | 3400 | 3402 |
| **Shackleton CLO Ltd.** <br>5.525% due 07/20/2034 •  | 4300 | 4307 |
| **SLM Student Loan Trust**  |  |  |
| 5.352% due 04/25/2049 •  | 14 | 14 |
| 6.302% due 01/27/2026 •  | 52 | 52 |

---

------

<br> Schedule of Investments PIMCO Enhanced Low Duration Active Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **SMB** **Private Education Loan Trust**  |  |  |
| 1.600% due 09/15/2054  | 567 | 536 |
| 2.230% due 09/15/2037  | 847 | 822 |
| 4.480% due 05/16/2050  | 1914 | 1911 |
| 4.865% due 03/17/2053 •  | 262 | 260 |
| 5.090% due 10/16/2056  | 1029 | 1043 |
| 5.122% due 09/15/2054 •  | 2258 | 2250 |
| 5.380% due 07/15/2053  | 2143 | 2202 |
| 5.670% due 11/15/2052  | 3301 | 3395 |
| 5.822% due 03/15/2056 •  | 328 | 332 |
| **SoFi Professional Loan Program LLC** <br>1.950% due 02/15/2046 | 359 | 337 |
| **TIAA CLO IV Ltd.** <br>5.465% due 01/20/2032 •  | 1415 | 1416 |
| **Towd Point Asset Trust** <br>4.950% due 11/20/2061 •  | 500 | 499 |
| **Tralee CLO VI Ltd.** <br>5.538% due 10/25/2032 •  | 2208 | 2212 |
| **Venture 36 CLO Ltd.** <br>5.717% due 04/20/2032 •  | 660 | 662 |
| **Venture XXVII CLO Ltd.** <br>5.637% due 07/20/2030 •  | 1334 | 1335 |
| **Verdelite Static CLO Ltd.** <br>5.455% due 07/20/2032 •  | 3169 | 3171 |
| **Verizon Master Trust** <br>4.170% due 08/20/2030 | 4500 | 4524 |
| **Voya CLO Ltd.**  |  |  |
| 5.385% due 04/20/2034 •  | 3300 | 3304 |
| 5.491% due 04/17/2030 •  | 269 | 269 |
| 5.579% due 10/15/2030 •  | 586 | 587 |
| **Wellfleet CLO Ltd.** <br>5.505% due 04/20/2034 •  | 4500 | 4507 |
|  |  | 128645 |
| Total Asset-Backed Securities (Cost $241,838) |  | 242983 |
| **SOVEREIGN ISSUES 2.4%**  |  |  |
| **Cassa Depositi e Prestiti SpA** <br>5.875% due 04/30/2029 | 2800 | 2957 |
| **Eagle Funding Luxco SARL** <br>5.500% due 08/17/2030 | 5400 | 5485 |
| **Kommunalbanken AS** <br>4.473% (SOFRINDX + 0.320%) due 06/25/2027 ~ | 15000 | 15005 |
| Total Sovereign Issues (Cost $23,229) |  | 23447 |
| **SHORT-TERM INSTRUMENTS 16.8%**  |  |  |
| **COMMERCIAL PAPER 11.6%**  |  |  |
| **AES Corp.** <br>4.500% due 10/07/2025 | 9000 | 8992 |
| **Air Lease Corp.**  |  |  |
| 4.550% due 10/02/2025  | 700 | 700 |
| 4.560% due 10/07/2025  | 9600 | 9592 |
| 4.570% due 10/10/2025  | 2100 | 2097 |
| **Alimentation Couche-Tard, Inc.** <br>4.560% due 10/01/2025 | 9500 | 9499 |
| **Bacardi-Martini BV** <br>4.780% due 10/16/2025 | 4700 | 4690 |
| **Campbell's Co.** <br>4.550% due 10/09/2025 | 9400 | 9390 |
| **Crown Castle, Inc.**  |  |  |
| 4.610% due 10/21/2025 (a)  | 500 | 499 |
| 4.610% due 10/23/2025  | 4500 | 4487 |
| 4.620% due 10/21/2025  | 3200 | 3191 |
| 4.620% due 10/23/2025  | 2400 | 2393 |
| 4.800% due 10/09/2025  | 1100 | 1099 |
| **HA Sustainable Infrastructure Capital, Inc.** <br>4.950% due 10/07/2025 | 9500 | 9491 |
| **HCA, Inc.**  |  |  |
| 4.600% due 10/22/2025  | 14000 | 13960 |
| 4.650% due 10/17/2025  | 600 | 599 |
| 4.750% due 10/09/2025  | 1100 | 1099 |
| **Keurig Dr. Pepper, Inc.**  |  |  |
| 4.410% due 10/01/2025  | 8800 | 8799 |
| 4.450% due 10/15/2025  | 300 | 299 |
| **Oracle Corp.** <br>4.330% due 11/19/2025 | 9500 | 9444 |
| **Southern California Edison Co.** <br>4.800% due 10/27/2025 | 1900 | 1893 |

---

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<br> Schedule of Investments PIMCO Enhanced Low Duration Active Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Targa** **Resources Corp.** <br>4.380% due 10/17/2025 | 9500 | 9479 |
|  |  | 111692 |
| **REPURCHASE AGREEMENTS (c) 5.2%** |  | - |
| Total Short-Term Instruments (Cost $161,505) |  | 161492 |
| Total Investments in Securities (Cost $1,098,975) |  | 1100203 |
| Total Investments 114.0% (Cost $1,098,975) |  | $1100203 |
| **Financial Derivative Instruments (d)(e) 0.0**%(Cost or Premiums, net $(1092)) |  | 347 |
| Other Assets and Liabilities, net (14.0)% |  | (135802) |
| Net Assets 100.0% |  | $964748 |

---

------

<br> Schedule of Investments PIMCO Enhanced Low Duration Active Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  |
| **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** |
| **¤** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** |
| **«** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.** |
| **(a)** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** |
| **(b)** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** |
| **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** |
| **(c)** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** |
| Counterparty | Maturity<br>Date | Principal<br>Amount | &nbsp;&nbsp; Collateralized By | &nbsp;&nbsp; Collateralized By | &nbsp;&nbsp; Collateralized By | Collateral<br>(Received) | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| BOS | 10/01/2025 | 49800 | &nbsp;&nbsp; U.S. Treasury Notes 4.125% due 03/31/2029 | &nbsp;&nbsp; U.S. Treasury Notes 4.125% due 03/31/2029 | &nbsp;&nbsp; U.S. Treasury Notes 4.125% due 03/31/2029 | (50827) | (50827) | 49800 | $ | 49806 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |  | **(50827)** | **(50827)** | **49800** | **$** | **49806** |
| <sup>(1)</sup> | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. |
| **The average amount of borrowings outstanding during the period ended September 30, 2025 was $(110) at a weighted average interest rate of 4.429%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** | **The average amount of borrowings outstanding during the period ended September 30, 2025 was $(110) at a weighted average interest rate of 4.429%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** | **The average amount of borrowings outstanding during the period ended September 30, 2025 was $(110) at a weighted average interest rate of 4.429%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** | **The average amount of borrowings outstanding during the period ended September 30, 2025 was $(110) at a weighted average interest rate of 4.429%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** | **The average amount of borrowings outstanding during the period ended September 30, 2025 was $(110) at a weighted average interest rate of 4.429%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** | **The average amount of borrowings outstanding during the period ended September 30, 2025 was $(110) at a weighted average interest rate of 4.429%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** | **The average amount of borrowings outstanding during the period ended September 30, 2025 was $(110) at a weighted average interest rate of 4.429%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** | **The average amount of borrowings outstanding during the period ended September 30, 2025 was $(110) at a weighted average interest rate of 4.429%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** | **The average amount of borrowings outstanding during the period ended September 30, 2025 was $(110) at a weighted average interest rate of 4.429%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** | **The average amount of borrowings outstanding during the period ended September 30, 2025 was $(110) at a weighted average interest rate of 4.429%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** | **The average amount of borrowings outstanding during the period ended September 30, 2025 was $(110) at a weighted average interest rate of 4.429%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** |
| **(d)** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** |
| **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** |
| **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** |
|  |  |  |  |  |  |  | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> |
| Description | Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Asset | Liability | Liability |
| 3-Month SOFR Active Contract June Futures  | 3-Month SOFR Active Contract June Futures  | 09/2026 | 1728 | $417809 | $138 | 138 | $119 | 119 | $0 | 0 |
| 3-Month SOFR Active Contract September Futures  | 3-Month SOFR Active Contract September Futures  | 12/2025 | 259 | 62132 | 3 | 3 | 6 | 6 | 0 | 0 |
| U.S. Treasury 5-Year Note December Futures  | U.S. Treasury 5-Year Note December Futures  | 12/2025 | 5669 | 619028 | 488 | 488 | 110 | 110 | 0 | 0 |
|  |  |  |  |  | 629 | 629 | 235 | 235 | 0 | 0 |
| **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** |
|  |  |  |  |  |  |  | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> |
| Description | Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Asset | Liability | Liability |
| U.S. Treasury 2-Year Note December Futures  | U.S. Treasury 2-Year Note December Futures  | 12/2025 | 413 | $(86069) | $63 | 63 | $12 | 12 | $(39) | (39) |
| U.S. Treasury 10-Year Note December Futures  | U.S. Treasury 10-Year Note December Futures  | 12/2025 | 84 | (9450) | (42) | (42) | 2 | 2 | 0 | 0 |
| U.S. Treasury Ultra Long-Term Bond December Futures  | U.S. Treasury Ultra Long-Term Bond December Futures  | 12/2025 | 192 | (23052) | (648) | (648) | 86 | 86 | 0 | 0 |
| U.S. Ultra Treasury 10-Year Note December Futures  | U.S. Ultra Treasury 10-Year Note December Futures  | 12/2025 | 275 | (31646) | (223) | (223) | 15 | 15 | 0 | 0 |
|  |  |  |  |  | (850) | (850) | 115 | 115 | (39) | (39) |
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **(221)** | **(221)** | **350** | **350** | **(39)** | **(39)** |

---

------

<br> Schedule of Investments PIMCO Enhanced Low Duration Active Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** |
| **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Variation Margin</u><sup>(2)</sup> | <u>Variation Margin</u><sup>(2)</sup> | <u>Variation Margin</u><sup>(2)</sup> | <u>Variation Margin</u><sup>(2)</sup> |
| Pay/<br>Receive<br>Floating Rate | Pay/<br>Receive<br>Floating Rate | Floating Rate Index | Floating Rate Index | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Payment<br>Frequency | Payment<br>Frequency | Maturity<br>Date |  | Notional<br>Amount | Notional<br>Amount | Premiums<br>Paid/<br>(Received) | Premiums<br>Paid/<br>(Received) | Premiums<br>Paid/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Market<br>Value | Asset | Asset | Liability |
| Receive | Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 4.100% | Annual | Annual | Annual | 02/11/2026 | $ | $143500 | 143500 | 178 | 178 | 178 | $35 | 35 | $213 | 213 | 0 | 0 | $(9) |
| Receive<sup>(1)</sup> | Receive<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.300 | Annual | Annual | Annual | 02/28/2030 |  | 90491 | 90491 | (36) | (36) | (36) | 141 | 141 | 105 | 105 | 0 | 0 | (46) |
| Receive<sup>(1)</sup> | Receive<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.325 | Annual | Annual | Annual | 02/28/2030 |  | 295297 | 295297 | (1794) | (1794) | (1794) | 1847 | 1847 | 53 | 53 | 0 | 0 | (149) |
| Receive | Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | Annual | Annual | 06/18/2030 |  | 27200 | 27200 | 301 | 301 | 301 | (62) | (62) | 239 | 239 | 0 | 0 | (12) |
| Receive | Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | Annual | Annual | 09/17/2030 |  | 5100 | 5100 | (74) | (74) | (74) | (9) | (9) | (83) | (83) | 0 | 0 | (2) |
| **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **$** | **(1425)** | **(1425)** | **$** | **1952** | **1952** | **527** | **$** | **0** | **$** | **(218)** |
| **Cash of $19,021 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $19,021 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $19,021 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $19,021 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $19,021 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $19,021 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $19,021 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $19,021 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $19,021 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $19,021 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $19,021 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $19,021 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $19,021 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $19,021 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $19,021 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $19,021 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $19,021 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $19,021 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $19,021 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $19,021 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $19,021 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $19,021 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $19,021 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** |
| <sup>(1)</sup> | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. |
| <sup>(2)</sup> | Unsettled variation margin asset of $6 and liability of $(11) for closed futures is outstanding at period end. | Unsettled variation margin asset of $6 and liability of $(11) for closed futures is outstanding at period end. | Unsettled variation margin asset of $6 and liability of $(11) for closed futures is outstanding at period end. | Unsettled variation margin asset of $6 and liability of $(11) for closed futures is outstanding at period end. | Unsettled variation margin asset of $6 and liability of $(11) for closed futures is outstanding at period end. | Unsettled variation margin asset of $6 and liability of $(11) for closed futures is outstanding at period end. | Unsettled variation margin asset of $6 and liability of $(11) for closed futures is outstanding at period end. | Unsettled variation margin asset of $6 and liability of $(11) for closed futures is outstanding at period end. | Unsettled variation margin asset of $6 and liability of $(11) for closed futures is outstanding at period end. | Unsettled variation margin asset of $6 and liability of $(11) for closed futures is outstanding at period end. | Unsettled variation margin asset of $6 and liability of $(11) for closed futures is outstanding at period end. | Unsettled variation margin asset of $6 and liability of $(11) for closed futures is outstanding at period end. | Unsettled variation margin asset of $6 and liability of $(11) for closed futures is outstanding at period end. | Unsettled variation margin asset of $6 and liability of $(11) for closed futures is outstanding at period end. | Unsettled variation margin asset of $6 and liability of $(11) for closed futures is outstanding at period end. | Unsettled variation margin asset of $6 and liability of $(11) for closed futures is outstanding at period end. | Unsettled variation margin asset of $6 and liability of $(11) for closed futures is outstanding at period end. | Unsettled variation margin asset of $6 and liability of $(11) for closed futures is outstanding at period end. | Unsettled variation margin asset of $6 and liability of $(11) for closed futures is outstanding at period end. | Unsettled variation margin asset of $6 and liability of $(11) for closed futures is outstanding at period end. | Unsettled variation margin asset of $6 and liability of $(11) for closed futures is outstanding at period end. | Unsettled variation margin asset of $6 and liability of $(11) for closed futures is outstanding at period end. |
| **(e)** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** |
| **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; Counterparty | &nbsp;&nbsp;&nbsp;&nbsp; Counterparty | &nbsp;&nbsp;&nbsp;&nbsp; Counterparty | &nbsp;&nbsp;&nbsp;&nbsp; Counterparty | Settlement<br>Month | Settlement<br>Month | Settlement<br>Month | Settlement<br>Month |  | Currency to<br>be Delivered | Currency to<br>be Delivered | Currency to<br>be Delivered | Currency to<br>be Delivered |  | Currency to<br>be Received | Currency to<br>be Received | Currency to<br>be Received | Currency to<br>be Received | Asset | Asset | Asset | Liability | Liability |
| &nbsp;&nbsp;&nbsp;&nbsp; AZD | &nbsp;&nbsp;&nbsp;&nbsp; AZD | &nbsp;&nbsp;&nbsp;&nbsp; AZD | &nbsp;&nbsp;&nbsp;&nbsp; AZD | 10/2025  | 10/2025  | 10/2025  | 10/2025  | AUD | 16 | 16 | 16 | 16 | $ | 11 | 11 | 11 | 11 | 0 | 0 | 0 | 0 | 0 |
|  |  |  |  | 10/2025  | 10/2025  | 10/2025  | 10/2025  | $ | $104 | 104 | 104 | 104 | CAD | 144 | 144 | 144 | 144 | 0 | 0 | 0 | 0 | 0 |
|  |  |  |  | 11/2025  | 11/2025  | 11/2025  | 11/2025  | CAD | 144 | 144 | 144 | 144 | $ | 104 | 104 | 104 | 104 | 0 | 0 | 0 | 0 | 0 |
|  |  |  |  | 11/2025  | 11/2025  | 11/2025  | 11/2025  | $ | $11 | 11 | 11 | 11 | AUD | 16 | 16 | 16 | 16 | 0 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; BPS | &nbsp;&nbsp;&nbsp;&nbsp; BPS | &nbsp;&nbsp;&nbsp;&nbsp; BPS | &nbsp;&nbsp;&nbsp;&nbsp; BPS | 10/2025  | 10/2025  | 10/2025  | 10/2025  | AUD | 11 | 11 | 11 | 11 | $ | 7 | 7 | 7 | 7 | 0 | 0 | 0 | 0 | 0 |
|  |  |  |  | 11/2025  | 11/2025  | 11/2025  | 11/2025  | $ | $7 | 7 | 7 | 7 | AUD | 11 | 11 | 11 | 11 | 0 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; BRC | &nbsp;&nbsp;&nbsp;&nbsp; BRC | &nbsp;&nbsp;&nbsp;&nbsp; BRC | &nbsp;&nbsp;&nbsp;&nbsp; BRC | 10/2025  | 10/2025  | 10/2025  | 10/2025  | CHF | 48 | 48 | 48 | 48 | $ | 60 | 60 | 60 | 60 | 0 | 0 | 0 | (1) | (1) |
|  |  |  |  | 10/2025  | 10/2025  | 10/2025  | 10/2025  | $ | $51 | 51 | 51 | 51 | CHF | 41 | 41 | 41 | 41 | 0 | 0 | 0 | 0 | 0 |
|  |  |  |  | 11/2025  | 11/2025  | 11/2025  | 11/2025  | CHF | 40 | 40 | 40 | 40 | $ | 51 | 51 | 51 | 51 | 0 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; FAR | &nbsp;&nbsp;&nbsp;&nbsp; FAR | &nbsp;&nbsp;&nbsp;&nbsp; FAR | &nbsp;&nbsp;&nbsp;&nbsp; FAR | 10/2025  | 10/2025  | 10/2025  | 10/2025  | AUD | 12 | 12 | 12 | 12 |  | 8 | 8 | 8 | 8 | 0 | 0 | 0 | 0 | 0 |
|  |  |  |  | 10/2025  | 10/2025  | 10/2025  | 10/2025  | $ | $32 | 32 | 32 | 32 | AUD | 49 | 49 | 49 | 49 | 1 | 1 | 1 | 0 | 0 |
|  |  |  |  | 11/2025  | 11/2025  | 11/2025  | 11/2025  |  | 8 | 8 | 8 | 8 |  | 12 | 12 | 12 | 12 | 0 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPM | &nbsp;&nbsp;&nbsp;&nbsp; JPM | &nbsp;&nbsp;&nbsp;&nbsp; JPM | &nbsp;&nbsp;&nbsp;&nbsp; JPM | 10/2025  | 10/2025  | 10/2025  | 10/2025  | CAD | 144 | 144 | 144 | 144 | $ | 104 | 104 | 104 | 104 | 1 | 1 | 1 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; SOG | &nbsp;&nbsp;&nbsp;&nbsp; SOG | &nbsp;&nbsp;&nbsp;&nbsp; SOG | &nbsp;&nbsp;&nbsp;&nbsp; SOG | 10/2025  | 10/2025  | 10/2025  | 10/2025  | AUD | 10 | 10 | 10 | 10 |  | 6 | 6 | 6 | 6 | 0 | 0 | 0 | 0 | 0 |
|  |  |  |  | 11/2025  | 11/2025  | 11/2025  | 11/2025  | $ | $6 | 6 | 6 | 6 | AUD | 10 | 10 | 10 | 10 | 0 | 0 | 0 | 0 | 0 |
| **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **$** | **2** | **2** | **$** | **(1)** | **(1)** |
| **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** |
| **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** |
| Counterparty | Counterparty | Counterparty | Description | Description | Description | Description | Floating Rate<br>Index | Floating Rate<br>Index | Floating Rate<br>Index | Floating Rate<br>Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Exercise<br>Rate | Exercise<br>Rate | Expiration<br>Date | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Notional<br>Amount<sup>(1)</sup> | Cost | Cost |  | Market<br>Value |
| DUB | DUB | DUB | Put - OTC 1-Year Interest Rate Swap  | Put - OTC 1-Year Interest Rate Swap  | Put - OTC 1-Year Interest Rate Swap  | Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | 3-Month USD-SOFR | 3-Month USD-SOFR | 3-Month USD-SOFR | Receive | 3.650% | 3.650% | 3.650% | 09/09/2026 | 09/09/2026 | 205500 | 205500 | 215 | 215 | $ | 223 |
| JPM | JPM | JPM | Call - OTC 1-Year Interest Rate Swap  | Call - OTC 1-Year Interest Rate Swap  | Call - OTC 1-Year Interest Rate Swap  | Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | 3-Month USD-SOFR | 3-Month USD-SOFR | 3-Month USD-SOFR | Pay | 2.500 | 2.500 | 2.500 | 02/13/2026 | 02/13/2026 | 372400 | 372400 | 205 | 205 |  | 96 |
| MYC | MYC | MYC | Put - OTC 1-Year Interest Rate Swap  | Put - OTC 1-Year Interest Rate Swap  | Put - OTC 1-Year Interest Rate Swap  | Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | 3-Month USD-SOFR | 3-Month USD-SOFR | 3-Month USD-SOFR | Receive | 3.650 | 3.650 | 3.650 | 09/09/2026 | 09/09/2026 | 15900 | 15900 | 16 | 16 |  | 17 |
| NGF | NGF | NGF | Put - OTC 1-Year Interest Rate Swap  | Put - OTC 1-Year Interest Rate Swap  | Put - OTC 1-Year Interest Rate Swap  | Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | 3-Month USD-SOFR | 3-Month USD-SOFR | 3-Month USD-SOFR | Receive | 3.650 | 3.650 | 3.650 | 09/09/2026 | 09/09/2026 | 165900 | 165900 | 176 | 176 |  | 180 |
| **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **612** | **612** | **$** | **516** |

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<br> Schedule of Investments PIMCO Enhanced Low Duration Active Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** |
| **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(2)</sup> | **CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION**<sup>(2)</sup> |
|  |  |  |  |  |  |  |  | <u>Swap Agreements, at Value</u><sup>(5)</sup> | <u>Swap Agreements, at Value</u><sup>(5)</sup> |
| Counterparty | Maturity<br>Date | Maturity<br>Date | Implied<br>Credit Spread at<br>September 30, 2025<sup>(3)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| MYC | 12/20/2030 | 12/20/2030 | 0.248% | $7100 | (279) | $21 | 21 | $0 | $(258) |
| **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **(279)** | $**21** | **21** | $**0** | $**(258)** |
| **(f)** | **Securities with an aggregate market value of $286 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $286 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $286 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $286 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $286 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $286 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $286 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $286 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $286 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** |
| <sup>(1)</sup> | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. |
| <sup>(2)</sup> | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. |
| <sup>(3)</sup> | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on sovereign 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. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on sovereign 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. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on sovereign 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. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on sovereign 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. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on sovereign 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. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on sovereign 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. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on sovereign 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. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on sovereign 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. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on sovereign 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. |
| <sup>(4)</sup> | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. |
| <sup>(5)</sup> | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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 MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** |
| **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: |  |
| Category and Subcategory | Category and Subcategory | Level 1 | Level 1 | Level 2 | Level 3 | Level 3 | Fair Value<br>at 09/30/2025 | Fair Value<br>at 09/30/2025 |  |
| **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** |  |
| Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |  |
| Banking & Finance | Banking & Finance | $0 | 0 | 125277 | $0 | 0 | $ | 125277 |  |
| Industrials | Industrials | 0 | 0 | 114461 | 1400 | 1400 |  | 115861 |  |
| Utilities | Utilities | 0 | 0 | 21120 | 0 | 0 |  | 21120 |  |
| Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |  |
| Louisiana | Louisiana | 0 | 0 | 5692 | 0 | 0 |  | 5692 |  |
| U.S. Government Agencies | U.S. Government Agencies | 0 | 0 | 331174 | 1699 | 1699 |  | 332873 |  |
| U.S. Treasury Obligations | U.S. Treasury Obligations | 0 | 0 | 13042 | 0 | 0 |  | 13042 |  |
| Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | 0 | 0 | 58416 | 0 | 0 |  | 58416 |  |
| Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |  |
| Automobile ABS Other | Automobile ABS Other | 0 | 0 | 4537 | 0 | 0 |  | 4537 |  |
| Automobile Sequential | Automobile Sequential | 0 | 0 | 82792 | 0 | 0 |  | 82792 |  |
| CMBS Other | CMBS Other | 0 | 0 | 7003 | 0 | 0 |  | 7003 |  |
| Credit Card Bullet | Credit Card Bullet | 0 | 0 | 14102 | 0 | 0 |  | 14102 |  |
| Home Equity Other | Home Equity Other | 0 | 0 | 5065 | 0 | 0 |  | 5065 |  |
| Whole Loan Collateral | Whole Loan Collateral | 0 | 0 | 839 | 0 | 0 |  | 839 |  |
| Other ABS | Other ABS | 0 | 0 | 128645 | 0 | 0 |  | 128645 |  |
| Sovereign Issues | Sovereign Issues | 0 | 0 | 23447 | 0 | 0 |  | 23447 |  |
| Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |  |
| Commercial Paper | Commercial Paper | 0 | 0 | 111692 | 0 | 0 |  | 111692 |  |
| Repurchase Agreements | Repurchase Agreements | 0 | 0 | 49800 | 0 | 0 |  | 49800 |  |
| Total Investments | Total Investments | $0 | 0 | 1097104 | $3099 | 3099 | $ | 1100203 |  |
| **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  |  |
| Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | 0 | 0 | 350 | 0 | 0 |  | 350 |  |
| Over the counter | Over the counter | 0 | 0 | 518 | 0 | 0 |  | 518 |  |
|  |  | $0 | 0 | 868 | $0 | 0 | $ | 868 |  |
| **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  |  |
| Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | 0 | 0 | (257) | 0 | 0 |  | (257) |  |
| Over the counter | Over the counter | 0 | 0 | (259) | 0 | 0 |  | (259) |  |
|  |  | $0 | 0 | (516) | $0 | 0 | $ | (516) |  |
| Total Financial Derivative Instruments | Total Financial Derivative Instruments | $0 | 0 | 352 | $0 | 0 | $ | 352 |  |
| Totals | Totals | $0 | 0 | 1097456 | $3099 | 3099 | $ | 1100555 |  |

---

**There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.**<br>

------

<br> Schedule of Investments PIMCO Enhanced Low Duration Active Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

------

<br> Schedule of Investments PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** | **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** | **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** |
|  | PRINCIPAL<br>AMOUNT<br>(000s) | MARKET<br>VALUE<br>(000s) |
| **INVESTMENTS IN SECURITIES 102.2% ¤** |  |  |
| **CORPORATE BONDS & NOTES 28.1%**  |  |  |
| **BANKING & FINANCE 19.4%**  |  |  |
| **ABN AMRO Bank NV**  |  |  |
| 5.211% (SOFRINDX + 1.000%) due 12/03/2028 ~  | $400 | $401 |
| 6.575% due 10/13/2026 •  | 1200 | 1201 |
| **Alexandria Real Estate Equities, Inc.** <br>3.800% due 04/15/2026 | 685 | 682 |
| **Allstate Corp.**  |  |  |
| 0.750% due 12/15/2025  | 520 | 516 |
| 3.280% due 12/15/2026  | 180 | 178 |
| **American Honda Finance Corp.** <br>4.985% due 08/13/2027 •  | 900 | 902 |
| **Aon Global Ltd.** <br>3.875% due 12/15/2025 | 1652 | 1650 |
| **Athene Global Funding** <br>5.174% (SOFRINDX + 0.830%) due 01/07/2027 ~ | 1200 | 1203 |
| **Bank of America NA** <br>5.268% (SOFRRATE + 1.020%) due 08/18/2026 ~ | 1400 | 1408 |
| **Bank of New York Mellon** <br>4.587% due 04/20/2027 •  | 500 | 502 |
| **Bank of Nova Scotia** <br>4.299% due 03/20/2028 | 1000 | 1011 |
| **Barclays PLC**  |  |  |
| 4.375% due 01/12/2026  | 200 | 200 |
| 7.325% due 11/02/2026 •  | 1400 | 1403 |
| **BNP Paribas SA** <br>1.323% due 01/13/2027 •  | 1000 | 991 |
| **BPCE SA**  |  |  |
| 1.652% due 10/06/2026 •  | 2267 | 2266 |
| 5.975% due 01/18/2027 •  | 500 | 502 |
| **Citigroup Global Markets Holdings, Inc.** <br>4.610% (SOFRRATE + 0.480%) due 01/20/2026 ~ | 800 | 800 |
| **Cooperatieve Rabobank UA** <br>1.106% due 02/24/2027 •  | 1800 | 1777 |
| **Credit Agricole SA** <br>1.247% due 01/26/2027 •  | 1000 | 990 |
| **Deutsche Bank AG**  |  |  |
| 1.686% due 03/19/2026  | 1178 | 1165 |
| 4.100% due 01/13/2026  | 1000 | 999 |
| **Ford Motor Credit Co. LLC**  |  |  |
| 4.542% due 08/01/2026  | 100 | 100 |
| 5.800% due 03/05/2027  | 500 | 505 |
| 6.950% due 03/06/2026  | 1000 | 1008 |
| **ING Groep NV** <br>4.625% due 01/06/2026 | 400 | 400 |
| **Intesa Sanpaolo SpA** <br>7.000% due 11/21/2025 | 1600 | 1606 |
| **JPMorgan Chase & Co.** <br>1.578% due 04/22/2027 •  | 2100 | 2070 |
| **Manulife Financial Corp.** <br>4.150% due 03/04/2026 | 1700 | 1699 |
| **NatWest Group PLC** <br>7.472% due 11/10/2026 •  | 2200 | 2207 |
| **NatWest Markets PLC** <br>5.149% (SOFRRATE + 0.900%) due 05/17/2027 ~ | 500 | 503 |
| **Neuberger Berman Group LLC/Neuberger Berman Finance Corp.** <br>4.500% due 03/15/2027 | 1500 | 1501 |
| **Norinchukin Bank**  |  |  |
| 1.284% due 09/22/2026  | 200 | 194 |
| 4.867% due 09/14/2027  | 1000 | 1011 |
| **PNC Financial Services Group, Inc.** <br>4.758% due 01/26/2027 •  | 1000 | 1001 |
| **Protective Life Global Funding**  |  |  |
| 4.806% (SOFRRATE + 0.500%) due 07/22/2026 ~  | 400 | 400 |
| 5.031% due 04/10/2026 •  | 400 | 401 |
| **Sammons Financial Group Global Funding** <br>5.064% due 09/02/2027 •  | 400 | 401 |
| **SBA Tower Trust** <br>1.884% due 07/15/2050 | 2000 | 1985 |
| **Standard Chartered PLC** <br>6.187% due 07/06/2027 •  | 500 | 507 |
| **U.S. Bancorp** <br>5.727% due 10/21/2026 •  | 504 | 504 |

---

------

<br> Schedule of Investments PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Weyerhaeuser** **Co.**  |  |  |
| 4.750% due 05/15/2026  | 1244 | 1248 |
| 7.350% due 07/01/2026  | 1000 | 1021 |
|  |  | 41019 |
| **INDUSTRIALS 5.8%**  |  |  |
| **AstraZeneca PLC** <br>3.375% due 11/16/2025 | 519 | 518 |
| **Berry Global, Inc.**  |  |  |
| 1.570% due 01/15/2026  | 700 | 694 |
| 4.875% due 07/15/2026  | 893 | 893 |
| **Chanel Ceres PLC** <br>0.500% due 07/31/2026 | 1500 | 1731 |
| **Conagra Brands, Inc.** <br>5.300% due 10/01/2026 | $2000 | 2021 |
| **Delta Air Lines, Inc./SkyMiles IP Ltd.** <br>4.500% due 10/20/2025 | 405 | 405 |
| **Illumina, Inc.** <br>4.650% due 09/09/2026 | 1000 | 1005 |
| **Kraft Heinz Foods Co.** <br>3.000% due 06/01/2026 | 1000 | 992 |
| **NTT Finance Corp.** <br>4.567% due 07/16/2027 | 500 | 504 |
| **Rogers Communications, Inc.** <br>3.625% due 12/15/2025 | 600 | 599 |
| **Sydney Airport Finance Co. Pty. Ltd.** <br>3.625% due 04/28/2026 | 200 | 199 |
| **Synopsys, Inc.** <br>4.550% due 04/01/2027 | 500 | 503 |
| **Sysco Corp.** <br>3.750% due 10/01/2025 | 745 | 745 |
| **Whitbread Group PLC** <br>3.375% due 10/16/2025 | 1000 | 1344 |
|  |  | 12153 |
| **UTILITIES 2.9%**  |  |  |
| **AES Corp.** <br>1.375% due 01/15/2026 | $1867 | 1850 |
| **Electricite de France SA** <br>3.625% due 10/13/2025 | 1500 | 1499 |
| **Enel Finance International NV** <br>7.050% due 10/14/2025 | 1900 | 1902 |
| **KeySpan Gas East Corp.** <br>2.742% due 08/15/2026 | 940 | 928 |
|  |  | 6179 |
| Total Corporate Bonds & Notes (Cost $58,888) |  | 59351 |
| **U.S. GOVERNMENT AGENCIES 10.9%**  |  |  |
| **Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates**<br>4.905% due 08/25/2027 •  | 544 | 544 |
| **Federal Home Loan Mortgage Corp. REMICS**  |  |  |
| 5.087% due 01/15/2054 •  | 396 | 391 |
| 5.256% due 09/25/2054 - 03/25/2055 •  | 1770 | 1775 |
| 5.296% due 11/25/2054 •  | 2823 | 2828 |
| 5.306% due 03/25/2055 - 04/25/2055 •  | 1912 | 1912 |
| 5.356% due 06/25/2055 - 08/25/2055 •  | 1536 | 1545 |
| 5.506% due 01/25/2055 •  | 820 | 823 |
| 5.556% due 01/25/2055 - 02/25/2055 •  | 430 | 432 |
| 5.606% due 05/25/2054 •  | 487 | 490 |
| **Federal National Mortgage Association**<br>3.500% due 01/01/2028 | 669 | 666 |
| **Federal National Mortgage Association REMICS**  |  |  |
| 4.810% due 08/25/2044 •  | 559 | 554 |
| 4.971% due 05/25/2046 •  | 184 | 182 |
| 5.256% due 09/25/2054 •  | 2742 | 2746 |
| 5.306% due 11/25/2053 - 03/25/2055 •  | 795 | 799 |
| 5.356% due 05/25/2055 •  | 279 | 281 |
| 5.406% due 05/25/2055 •  | 193 | 194 |
| 5.456% due 06/25/2054 - 01/25/2055 •  | 1235 | 1238 |
| 5.556% due 12/25/2053 - 02/25/2055 •  | 739 | 743 |
| 5.606% due 02/25/2055 •  | 171 | 172 |
| **Government National Mortgage Association REMICS**  |  |  |
| 3.000% due 06/20/2051 •  | 971 | 849 |
| 4.920% due 10/01/2055 « | 1000 | 1000 |
| 4.981% due 10/20/2062 •  | 223 | 223 |
| 5.116% due 02/20/2064 •  | 689 | 691 |
| 5.150% due 07/20/2065 « | 1000 | 999 |
| 5.174% due 03/20/2067 •  | 750 | 756 |

---

------

<br> Schedule of Investments PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| 5.489% due 05/20/2073 •  | 244 | 246 |
| Total U.S. Government Agencies (Cost $23,164) |  | 23079 |
| **U.S. TREASURY OBLIGATIONS 1.9%**  |  |  |
| **U.S. Treasury Notes**  |  |  |
| 3.875% due 05/31/2027 | 2600 | 2610 |
| 3.875% due 07/15/2028 | 1400 | 1409 |
| Total U.S. Treasury Obligations (Cost $3,999) |  | 4019 |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES 1.0%**  |  |  |
| **Gemgarto PLC** <br>4.871% due 12/16/2067 •  | 25 | 34 |
| **OBX Trust**  |  |  |
| 2.305% due 11/25/2061 ~  | $513 | 465 |
| 2.783% due 01/25/2062 þ  | 392 | 379 |
| **One Market Plaza Trust** <br>3.614% due 02/10/2032 | 438 | 425 |
| **Starwood Mortgage Residential Trust** <br>1.027% due 11/25/2055 ~ | 75 | 72 |
| **Towd Point Mortgage Trust** <br>3.750% due 05/25/2058 ~ | 188 | 186 |
| **VASA Trust** <br>5.165% due 07/15/2039 •  | 500 | 490 |
| Total Non-Agency Mortgage-Backed Securities (Cost $2,152) |  | 2051 |
| **ASSET-BACKED SECURITIES 11.5%**  |  |  |
| **AUTOMOBILE ABS OTHER 1.1%**  |  |  |
| **Tesla Auto Lease Trust** <br>4.979% due 01/20/2027 •  | 623 | 623 |
| **Tesla Electric Vehicle Trust** <br>4.909% due 12/21/2026 •  | 98 | 98 |
| **Toyota Lease Owner Trust**  |  |  |
| 4.799% due 07/20/2027 •  | 1211 | 1212 |
| 4.829% due 02/22/2027 •  | 321 | 322 |
|  |  | 2255 |
| **AUTOMOBILE SEQUENTIAL 3.9%**  |  |  |
| **ARI Fleet Lease Trust**  |  |  |
| 5.410% due 02/17/2032  | 273 | 273 |
| 5.540% due 04/15/2033  | 621 | 626 |
| **BMW Canada Auto Trust** <br>4.844% due 07/20/2027 | 400 | 290 |
| **BMW Vehicle Owner Trust** <br>5.470% due 02/25/2028 | $579 | 583 |
| **BofA Auto Trust** <br>5.570% due 12/15/2026 | 18 | 18 |
| **CarMax Auto Owner Trust**  |  |  |
| 3.490% due 02/16/2027  | 68 | 68 |
| 3.970% due 04/15/2027  | 181 | 181 |
| **Carvana Auto Receivables Trust** <br>5.620% due 01/10/2029 | 680 | 687 |
| **Chase Auto Owner Trust** <br>5.680% due 01/25/2029 | 1267 | 1282 |
| **Enterprise Fleet Financing LLC** <br>5.740% due 12/20/2026 | 415 | 417 |
| **Ford Auto Securitization Trust** <br>5.053% due 07/15/2028 | 388 | 283 |
| **Ford Auto Securitization Trust II** <br>3.945% due 10/15/2026 | 100 | 72 |
| **GMF Canada Leasing Trust** <br>4.883% due 12/21/2026 | 358 | 258 |
| **Harley-Davidson Motorcycle Trust** <br>5.650% due 02/16/2027 | $18 | 18 |
| **LAD Auto Receivables Trust**  |  |  |
| 4.640% due 11/15/2027  | 436 | 436 |
| 5.610% due 08/15/2028  | 471 | 475 |
| **Oscar U.S. Funding XVI LLC** <br>5.480% due 02/10/2027 | 333 | 334 |
| **SBNA Auto Lease Trust**  |  |  |
| 4.940% due 11/20/2026  | 69 | 69 |
| 5.670% due 11/20/2026  | 12 | 12 |
| **SCCU Auto Receivables Trust** <br>5.450% due 12/15/2027 | 210 | 210 |
| **SFS Auto Receivables Securitization Trust** <br>5.710% due 10/20/2027 | 50 | 50 |

---

------

<br> Schedule of Investments PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Tesla** **Lease Electric Vehicle Securitization LLC** <br>4.140% due 06/20/2028 | 1500 | 1501 |
|  |  | 8143 |
| **CREDIT CARD BULLET 0.7%**  |  |  |
| **Master Credit Card Trust II** <br>5.131% due 01/21/2028 •  | 1500 | 1502 |
| **CREDIT CARD OTHER 0.8%**  |  |  |
| **Golden Credit Card Trust** <br>1.140% due 08/15/2028 | 800 | 781 |
| **Trillium Credit Card Trust II** <br>4.892% due 12/26/2028 •  | 1000 | 1001 |
|  |  | 1782 |
| **OTHER ABS 5.0%**  |  |  |
| **Allegro CLO XI Ltd.** <br>5.575% due 01/19/2033 •  | 486 | 487 |
| **Apidos CLO XI Ltd.** <br>5.520% due 04/17/2034 •  | 600 | 601 |
| **Barings CLO Ltd.** <br>5.577% due 01/20/2031 •  | 40 | 40 |
| **Carlyle Global Market Strategies CLO Ltd.** <br>5.545% due 07/20/2032 •  | 442 | 443 |
| **College Avenue Student Loans LLC** <br>5.472% due 12/26/2047 •  | 370 | 370 |
| **Commonbond Student Loan Trust**  |  |  |
| 1.980% due 08/25/2050  | 876 | 789 |
| 3.560% due 09/25/2045  | 381 | 367 |
| **Crown Point CLO 7 Ltd.** <br>5.555% due 10/20/2031 •  | 243 | 244 |
| **DLLAA LLC** <br>4.700% due 10/20/2027 | 746 | 749 |
| **Fortress Credit BSL X Ltd.** <br>0.000% due 04/20/2033 •(a) | 1000 | 1000 |
| **GreatAmerica Leasing Receivables Funding LLC** <br>5.280% due 03/15/2027 | 567 | 571 |
| **Kubota Credit Owner Trust** <br>5.450% due 04/15/2027 | 346 | 348 |
| **Navient Private Education Refi Loan Trust**  |  |  |
| 1.060% due 10/15/2069  | 674 | 615 |
| 1.310% due 01/15/2069  | 78 | 74 |
| 2.400% due 10/15/2068  | 70 | 68 |
| 2.600% due 08/15/2068  | 491 | 475 |
| 2.640% due 05/15/2068  | 102 | 101 |
| 3.130% due 02/15/2068  | 329 | 325 |
| 5.265% due 04/15/2069 •  | 165 | 164 |
| **Northwoods Capital XIV-B Ltd.** <br>5.478% due 11/13/2031 •  | 621 | 622 |
| **SMB Private Education Loan Trust**  |  |  |
| 1.600% due 09/15/2054  | 418 | 396 |
| 5.065% due 01/15/2053 •  | 537 | 533 |
| 5.380% due 01/15/2053  | 492 | 503 |
| **Venture XXVII CLO Ltd.** <br>5.637% due 07/20/2030 •  | 61 | 61 |
| **Voya CLO Ltd.** <br>5.525% due 07/20/2032 •  | 679 | 680 |
|  |  | 10626 |
| Total Asset-Backed Securities (Cost $24,441) |  | 24308 |
| **SHORT-TERM INSTRUMENTS 48.8%**  |  |  |
| **COMMERCIAL PAPER 7.5%**  |  |  |
| **Air Lease Corp.**  |  |  |
| 4.560% due 10/07/2025  | 2100 | 2098 |
| 4.570% due 10/10/2025  | 1000 | 999 |
| **Crown Castle, Inc.**  |  |  |
| 4.610% due 10/21/2025 (a)  | 300 | 299 |
| 4.610% due 10/23/2025  | 1600 | 1595 |
| 4.620% due 10/21/2025  | 500 | 499 |
| 4.800% due 10/07/2025  | 300 | 300 |
| **Edison International** <br>4.520% due 10/09/2025 | 300 | 300 |
| **Eversource Energy** <br>4.600% due 10/06/2025 | 300 | 300 |
| **HA Sustainable Infrastructure Capital, Inc.**  |  |  |
| 4.620% due 10/01/2025  | 300 | 300 |
| 4.860% due 10/14/2025  | 300 | 299 |
| 4.950% due 10/07/2025  | 1400 | 1399 |

---

------

<br> Schedule of Investments PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Harley** **-Davidson Financial Services, Inc.**  |  |  |
| 4.730% due 12/02/2025  | 300 | 298 |
| 5.050% due 10/16/2025  | 300 | 299 |
| **HCA, Inc.**  |  |  |
| 4.580% due 10/15/2025  | 500 | 499 |
| 4.600% due 10/22/2025  | 1600 | 1595 |
| 4.750% due 10/09/2025  | 500 | 499 |
| **International Flavors & Fragrances, Inc.** <br>4.440% due 10/06/2025 | 400 | 400 |
| **Jabil, Inc.** <br>4.530% due 10/06/2025 | 300 | 300 |
| **Keurig Dr. Pepper, Inc.** <br>4.450% due 10/15/2025 | 300 | 299 |
| **Oracle Corp.**  |  |  |
| 4.220% due 01/16/2026  | 400 | 395 |
| 4.330% due 11/19/2025  | 2100 | 2088 |
| **Southern California Edison Co.** <br>4.800% due 10/27/2025 | 900 | 897 |
|  |  | 15957 |
| **REPURCHASE AGREEMENTS (b) 41.3%** |  | 87400 |
| Total Short-Term Instruments (Cost $103,358) |  | 103357 |
| Total Investments in Securities (Cost $216,002) |  | 216165 |
| Total Investments 102.2% (Cost $216,002) |  | $216165 |
| **Financial Derivative Instruments (c) (0.0)**%(Cost or Premiums, net $0) |  | (8) |
| Other Assets and Liabilities, net (2.2)% |  | (4587) |
| Net Assets 100.0% |  | $211570 |

---

------

<br> Schedule of Investments PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  |
| **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** |
| **¤** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** |
| **«** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.** |
| **(a)** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** |
| **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** |
| **(b)** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** |
| Counterparty | Lending<br>Rate | Maturity<br>Date | Principal<br>Amount | Principal<br>Amount | &nbsp;&nbsp; Collateralized By | &nbsp;&nbsp; Collateralized By | &nbsp;&nbsp; Collateralized By | Collateral<br>(Received) | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| BPS | 4.250%  | 10/01/2025 | 11300 | 11300 | &nbsp;&nbsp; U.S. Treasury Inflation-Indexed Notes 2.125% due 04/15/2029 | &nbsp;&nbsp; U.S. Treasury Inflation-Indexed Notes 2.125% due 04/15/2029 | &nbsp;&nbsp; U.S. Treasury Inflation-Indexed Notes 2.125% due 04/15/2029 | $(11536) | (11536) | $11300 | 11300 | $11301 |
| DEU | 4.270  | 10/02/2025 | 100 | 100 | &nbsp;&nbsp; U.S. Treasury Bonds 4.375% due 05/15/2041 | &nbsp;&nbsp; U.S. Treasury Bonds 4.375% due 05/15/2041 | &nbsp;&nbsp; U.S. Treasury Bonds 4.375% due 05/15/2041 | (102) | (102) | 100 | 100 | 100 |
|  | 4.300  | 10/02/2025 | 76000 | 76000 | &nbsp;&nbsp; U.S. Treasury Inflation-Indexed Notes 0.125% due 04/15/2026 | &nbsp;&nbsp; U.S. Treasury Inflation-Indexed Notes 0.125% due 04/15/2026 | &nbsp;&nbsp; U.S. Treasury Inflation-Indexed Notes 0.125% due 04/15/2026 | (77568) | (77568) | 76000 | 76000 | 76009 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |  |  | $**(89206)** | **(89206)** | $**87400** | **87400** | $**87410** |
| <sup>(1)</sup> | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. |
| **(c)** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** |
| **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** |
|  |  |  |  |  |  |  | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; Counterparty | &nbsp;&nbsp;&nbsp;&nbsp; Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Delivered | Currency to<br>be Delivered | Currency to<br>be Received | Currency to<br>be Received | Asset | Asset | Asset | Liability | Liability |
| &nbsp;&nbsp;&nbsp;&nbsp; BRC | &nbsp;&nbsp;&nbsp;&nbsp; BRC | 10/2025  | 2655 | 2655 | 2655 | $3570 | 3570 | 0 | 0 | 0 | $(1) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp; CBK | &nbsp;&nbsp;&nbsp;&nbsp; CBK | 10/2025  | $881 | 881 | 881 | 1228 | 1228 | 2 | 2 | 2 | 0 | 0 |
|  |  | 10/2025  | 2234 | 2234 | 2234 | 1654 | 1654 | 0 | 0 | 0 | (9) | (9) |
|  |  | 11/2025  | 1226 | 1226 | 1226 | $881 | 881 | 0 | 0 | 0 | (1) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp; JPM | &nbsp;&nbsp;&nbsp;&nbsp; JPM | 10/2025  | 1609 | 1609 | 1609 | 1165 | 1165 | 8 | 8 | 8 | 0 | 0 |
|  |  | 10/2025  | 1452 | 1452 | 1452 | 1698 | 1698 | 0 | 0 | 0 | (7) | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp; MBC | &nbsp;&nbsp;&nbsp;&nbsp; MBC | 10/2025  | $274 | 274 | 274 | 381 | 381 | 0 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; SCX | &nbsp;&nbsp;&nbsp;&nbsp; SCX | 10/2025  | 1339 | 1339 | 1339 | 1001 | 1001 | 7 | 7 | 7 | 0 | 0 |
|  |  | 11/2025  | 1001 | 1001 | 1001 | $1339 | 1339 | 0 | 0 | 0 | (7) | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp; SOG | &nbsp;&nbsp;&nbsp;&nbsp; SOG | 10/2025  | $1708 | 1708 | 1708 | 1452 | 1452 | 0 | 0 | 0 | (3) | (3) |
|  |  | 11/2025  | 1452 | 1452 | 1452 | $1711 | 1711 | 3 | 3 | 3 | 0 | 0 |
| **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **$** | **20** | **20** | **$** | **(28)** | **(28)** |
| **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** |
| **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: |  |
| Category and Subcategory | Category and Subcategory | Category and Subcategory | Category and Subcategory | Level 1 | Level 1 | Level 1 | Level 2 | Level 3 | Fair Value<br>at 09/30/2025 | Fair Value<br>at 09/30/2025 | Fair Value<br>at 09/30/2025 |  |
| **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** |  |
| Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |  |
| Banking & Finance | Banking & Finance | Banking & Finance | Banking & Finance | $ | $0 | 0 | 41019 | 0 | $ | $41019 | 41019 |  |
| Industrials | Industrials | Industrials | Industrials |  | 0 | 0 | 12153 | 0 |  | 12153 | 12153 |  |
| Utilities | Utilities | Utilities | Utilities |  | 0 | 0 | 6179 | 0 |  | 6179 | 6179 |  |
| U.S. Government Agencies | U.S. Government Agencies | U.S. Government Agencies | U.S. Government Agencies |  | 0 | 0 | 21080 | 1999 |  | 23079 | 23079 |  |
| U.S. Treasury Obligations | U.S. Treasury Obligations | U.S. Treasury Obligations | U.S. Treasury Obligations |  | 0 | 0 | 4019 | 0 |  | 4019 | 4019 |  |
| Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities |  | 0 | 0 | 2051 | 0 |  | 2051 | 2051 |  |
| Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |  |
| Automobile ABS Other | Automobile ABS Other | Automobile ABS Other | Automobile ABS Other |  | 0 | 0 | 2255 | 0 |  | 2255 | 2255 |  |
| Automobile Sequential | Automobile Sequential | Automobile Sequential | Automobile Sequential |  | 0 | 0 | 8143 | 0 |  | 8143 | 8143 |  |
| Credit Card Bullet | Credit Card Bullet | Credit Card Bullet | Credit Card Bullet |  | 0 | 0 | 1502 | 0 |  | 1502 | 1502 |  |
| Credit Card Other | Credit Card Other | Credit Card Other | Credit Card Other |  | 0 | 0 | 1782 | 0 |  | 1782 | 1782 |  |
| Other ABS | Other ABS | Other ABS | Other ABS |  | 0 | 0 | 10626 | 0 |  | 10626 | 10626 |  |
| Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |  |
| Commercial Paper | Commercial Paper | Commercial Paper | Commercial Paper |  | 0 | 0 | 15957 | 0 |  | 15957 | 15957 |  |
| Repurchase Agreements | Repurchase Agreements | Repurchase Agreements | Repurchase Agreements |  | 0 | 0 | 87400 | 0 |  | 87400 | 87400 |  |

---

------

<br> Schedule of Investments PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Total Investments | $0 | $214166 | $1999 | $216165 |
| **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  |
| Over the counter | $0 | $20 | $0 | $20 |
| **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  |
| Over the counter | $0 | $(28) | $0 | $(28) |
| Total Financial Derivative Instruments | $0 | $(8) | $0 | $(8) |
| Totals | $0 | $214158 | $1999 | $216157 |
| **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** |

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------

<br> Schedule of Investments PIMCO Enhanced Short Maturity Active Exchange-Traded Fund September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** | **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** | **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** |
|  | PRINCIPAL<br>AMOUNT<br>(000s) | MARKET<br>VALUE<br>(000s) |
| **INVESTMENTS IN SECURITIES 100.5% ¤** |  |  |
| **CORPORATE BONDS & NOTES 53.1%**  |  |  |
| **BANKING & FINANCE 34.2%**  |  |  |
| **ABN AMRO Bank NV**  |  |  |
| 5.211% (SOFRINDX + 1.000%) due 12/03/2028 ~  | $34300 | $34383 |
| 5.939% due 09/18/2027 •  | 78595 | 79461 |
| 6.575% due 10/13/2026 •  | 42800 | 42825 |
| **AerCap Ireland Capital DAC/AerCap Global Aviation Trust**  |  |  |
| 1.750% due 01/30/2026  | 14889 | 14769 |
| 2.450% due 10/29/2026  | 33479 | 32902 |
| 3.875% due 01/23/2028  | 510 | 506 |
| 4.450% due 10/01/2025  | 8798 | 8798 |
| 4.450% due 04/03/2026  | 6715 | 6715 |
| **Air Lease Corp.**  |  |  |
| 1.875% due 08/15/2026  | 49259 | 48248 |
| 2.875% due 01/15/2026  | 16605 | 16533 |
| 3.750% due 06/01/2026  | 1230 | 1224 |
| 5.300% due 06/25/2026  | 14787 | 14889 |
| **Aircastle Ltd.** <br>4.250% due 06/15/2026 | 11300 | 11291 |
| **American Express Co.**  |  |  |
| 4.932% (SOFRINDX + 0.650%) due 11/04/2026 ~  | 20038 | 20097 |
| 5.016% (SOFRRATE + 0.760%) due 02/13/2026 ~  | 33410 | 33465 |
| **American Honda Finance Corp.**  |  |  |
| 4.831% (SOFRRATE + 0.500%) due 10/10/2025 ~  | 23000 | 23002 |
| 4.880% due 10/06/2026 •  | 13800 | 13824 |
| 4.927% due 03/08/2027 •  | 44000 | 44091 |
| 4.949% (SOFRRATE + 0.770%) due 03/12/2027 ~  | 2506 | 2510 |
| 4.985% due 08/13/2027 •  | 83700 | 83874 |
| 4.991% due 07/15/2026 •  | 9800 | 9814 |
| 5.043% (SOFRRATE + 0.710%) due 01/09/2026 ~  | 1219 | 1220 |
| 5.139% (SOFRINDX + 0.790%) due 10/03/2025 ~  | 7900 | 7900 |
| 5.202% (SOFRRATE + 0.870%) due 07/09/2027 ~  | 18500 | 18584 |
| **American Tower Corp.**  |  |  |
| 1.450% due 09/15/2026  | 6000 | 5856 |
| 1.600% due 04/15/2026  | 26200 | 25849 |
| 4.400% due 02/15/2026  | 6000 | 6001 |
| **Aozora Bank Ltd.** <br>5.900% due 09/08/2026 | 2165 | 2191 |
| **Athene Global Funding**  |  |  |
| 4.950% due 01/07/2027  | 20774 | 20960 |
| 5.068% due 07/16/2026 •  | 44200 | 44309 |
| 5.117% (SOFRINDX + 0.850%) due 05/08/2026 ~  | 47873 | 48011 |
| 5.174% (SOFRINDX + 0.830%) due 01/07/2027 ~  | 25822 | 25884 |
| 5.252% (SOFRINDX + 1.030%) due 08/27/2026 ~  | 37804 | 38009 |
| 5.363% (SOFRINDX + 1.210%) due 03/25/2027 ~  | 2000 | 2017 |
| **Aviation Capital Group LLC**  |  |  |
| 1.950% due 01/30/2026  | 52679 | 52219 |
| 1.950% due 09/20/2026  | 3063 | 2994 |
| **Avolon Holdings Funding Ltd.**  |  |  |
| 2.125% due 02/21/2026  | 11681 | 11562 |
| 5.500% due 01/15/2026  | 32656 | 32702 |
| **Banco Santander SA** <br>1.722% due 09/14/2027 •  | 4086 | 3988 |
| **Bank of America Corp.**  |  |  |
| 1.197% due 10/24/2026 •  | 37221 | 37150 |
| 1.734% due 07/22/2027 •  | 7500 | 7351 |
| 3.559% due 04/23/2027 •  | 20710 | 20631 |
| 5.080% due 01/20/2027 •  | 64229 | 64353 |
| 5.272% (SOFRRATE + 0.970%) due 07/22/2027 ~  | 4587 | 4604 |
| 5.513% (SOFRRATE + 1.350%) due 09/15/2027 ~  | 1505 | 1518 |
| **Bank of America NA** <br>5.268% (SOFRRATE + 1.020%) due 08/18/2026 ~ | 135 | 136 |
| **Bank of Montreal**  |  |  |
| 0.949% due 01/22/2027 •  | 14000 | 13848 |
| 4.796% (SOFRINDX + 0.620%) due 09/15/2026 ~  | 9570 | 9591 |
| 4.963% (SOFRINDX + 0.760%) due 06/04/2027 ~  | 906 | 910 |
| 5.065% (SOFRINDX + 0.880%) due 09/10/2027 ~  | 55158 | 55377 |
| 5.342% (SOFRINDX + 1.160%) due 12/11/2026 ~  | 4805 | 4848 |
| **Bank of New York Mellon** <br>4.587% due 04/20/2027 •  | 20450 | 20514 |
| **Bank of Nova Scotia**  |  |  |
| 4.750% due 02/02/2026  | 10000 | 10020 |
| 4.759% (SOFRINDX + 0.545%) due 03/02/2026 ~  | 8650 | 8660 |

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<br> Schedule of Investments PIMCO Enhanced Short Maturity Active Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| 4.983% (SOFRINDX + 0.780%) due 06/04/2027 ~  | 171 | 172 |
| **Banque Federative du Credit Mutuel SA**  |  |  |
| 4.935% due 01/26/2026  | 2700 | 2705 |
| 5.319% (SOFRINDX + 1.070%) due 02/16/2028 ~  | 900 | 908 |
| 5.433% (SOFRRATE + 1.130%) due 01/23/2027 ~  | 18466 | 18576 |
| 5.728% (SOFRINDX + 1.400%) due 07/13/2026 ~  | 19481 | 19643 |
| 5.896% due 07/13/2026  | 800 | 811 |
| **Barclays Bank PLC** <br>5.124% due 11/26/2027 •  | 10000 | 10036 |
| **Barclays PLC**  |  |  |
| 4.375% due 01/12/2026  | 57927 | 57932 |
| 5.669% (SOFRRATE + 1.490%) due 03/12/2028 ~  | 9726 | 9830 |
| 5.829% due 05/09/2027 •  | 35201 | 35516 |
| 6.056% (SOFRRATE + 1.880%) due 09/13/2027 ~  | 1575 | 1592 |
| 6.496% due 09/13/2027 •  | 5065 | 5168 |
| 7.325% due 11/02/2026 •  | 8790 | 8810 |
| **BNP Paribas SA**  |  |  |
| 1.323% due 01/13/2027 •  | 57825 | 57304 |
| 1.675% due 06/30/2027 •  | 5000 | 4901 |
| **BPCE SA**  |  |  |
| 1.652% due 10/06/2026 •  | 78117 | 78086 |
| 5.975% due 01/18/2027 •  | 32944 | 33070 |
| **Brighthouse Financial Global Funding** <br>1.550% due 05/24/2026 | 4161 | 4080 |
| **Canadian Imperial Bank of Commerce**  |  |  |
| 4.997% (SOFRRATE + 0.800%) due 09/08/2028 ~  | 33373 | 33431 |
| 5.048% (SOFRRATE + 0.720%) due 01/13/2028 ~  | 6910 | 6917 |
| 5.092% (SOFRRATE + 0.940%) due 06/28/2027 ~  | 6025 | 6079 |
| 5.112% (SOFRINDX + 0.930%) due 09/11/2027 ~  | 28948 | 29055 |
| 5.572% (SOFRRATE + 1.220%) due 10/02/2026 ~  | 17920 | 18063 |
| **Citibank NA**  |  |  |
| 4.879% (SOFRINDX + 0.590%) due 04/30/2026 ~  | 14500 | 14519 |
| 4.980% (SOFRRATE + 0.708%) due 08/06/2026 ~  | 3262 | 3272 |
| **Citigroup Global Markets Holdings, Inc.** <br>4.610% (SOFRRATE + 0.480%) due 01/20/2026 ~ | 35700 | 35676 |
| **Citigroup, Inc.** <br>1.122% due 01/28/2027 •  | 30000 | 29692 |
| **CNH Industrial Capital LLC** <br>1.450% due 07/15/2026 | 3222 | 3154 |
| **Cooperatieve Rabobank UA**  |  |  |
| 4.840% (SOFRINDX + 0.620%) due 08/28/2026 ~  | 27300 | 27371 |
| 4.910% (SOFRINDX + 0.710%) due 03/05/2027 ~  | 70100 | 70434 |
| 5.043% (SOFRINDX + 0.710%) due 01/09/2026 ~  | 41000 | 41056 |
| 5.245% (SOFRINDX + 0.900%) due 10/05/2026 ~  | 950 | 956 |
| **Credit Agricole SA**  |  |  |
| 1.247% due 01/26/2027 •  | 46312 | 45829 |
| 5.052% (SOFRRATE + 0.870%) due 03/11/2027 ~  | 45715 | 45923 |
| 5.635% (SOFRRATE + 1.290%) due 07/05/2026 ~  | 8860 | 8922 |
| **Crown Castle, Inc.**  |  |  |
| 1.050% due 07/15/2026  | 739 | 721 |
| 4.450% due 02/15/2026  | 4761 | 4759 |
| **DBS Group Holdings Ltd.** <br>4.789% (SOFRRATE + 0.600%) due 03/21/2028 ~ | 44000 | 44162 |
| **Deutsche Bank AG**  |  |  |
| 2.129% due 11/24/2026 •  | 53961 | 53766 |
| 4.100% due 01/13/2026  | 33034 | 33000 |
| 7.146% due 07/13/2027 •  | 63355 | 64717 |
| **DNB Bank ASA**  |  |  |
| 1.535% due 05/25/2027 •  | 23918 | 23505 |
| 5.896% due 10/09/2026 •  | 4450 | 4451 |
| **Equitable America Global Funding**  |  |  |
| 3.950% due 09/15/2027  | 5500 | 5492 |
| 4.886% (SOFRRATE + 0.710%) due 09/15/2027 ~  | 21850 | 21894 |
| **F&G Global Funding** <br>1.750% due 06/30/2026 | 3727 | 3655 |
| **Federation des Caisses Desjardins du Quebec** <br>4.930% (SOFRRATE + 0.630%) due 01/27/2027 ~ | 54975 | 55005 |
| **Ford Motor Credit Co. LLC**  |  |  |
| 2.700% due 08/10/2026  | 5870 | 5777 |
| 3.375% due 11/13/2025  | 10445 | 10426 |
| 4.389% due 01/08/2026  | 27552 | 27544 |
| 4.542% due 08/01/2026  | 33119 | 33099 |
| 6.950% due 03/06/2026  | 11200 | 11290 |
| 7.147% (SOFRRATE + 2.950%) due 03/06/2026 ~  | 2424 | 2443 |
| **GA Global Funding Trust** <br>1.625% due 01/15/2026 | 18226 | 18081 |
| **General Motors Financial Co., Inc.**  |  |  |
| 1.250% due 01/08/2026  | 796 | 789 |
| 5.250% due 03/01/2026  | 2918 | 2923 |
| 6.050% due 10/10/2025  | 876 | 876 |
| **Goldman Sachs Bank USA**  |  |  |
| 4.929% (SOFRRATE + 0.770%) due 03/18/2027 ~  | 9538 | 9561 |
| 4.986% (SOFRRATE + 0.750%) due 05/21/2027 ~  | 37164 | 37299 |

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<br> Schedule of Investments PIMCO Enhanced Short Maturity Active Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Goldman** **Sachs Group, Inc.**  |  |  |
| 1.093% due 12/09/2026 •  | 5905 | 5868 |
| 1.431% due 03/09/2027 •  | 22961 | 22668 |
| 4.984% due 12/09/2026 •  | 17245 | 17264 |
| 5.004% due 03/09/2027 •  | 18698 | 18723 |
| 5.005% (SOFRRATE + 0.820%) due 09/10/2027 ~  | 22600 | 22666 |
| 5.231% (SOFRRATE + 0.920%) due 10/21/2027 ~  | 232 | 233 |
| 5.353% (SOFRRATE + 1.120%) due 02/24/2028 ~  | 3884 | 3912 |
| 5.593% (SOFRRATE + 1.290%) due 04/23/2028 ~  | 1317 | 1329 |
| 6.325% (US0003M + 1.750%) due 10/28/2027 ~  | 4000 | 4062 |
| **HSBC Holdings PLC**  |  |  |
| 4.300% due 03/08/2026  | 25400 | 25413 |
| 5.836% (SOFRRATE + 1.570%) due 08/14/2027 ~  | 17851 | 18007 |
| 7.336% due 11/03/2026 •  | 1307 | 1310 |
| **ING Groep NV**  |  |  |
| 4.625% due 01/06/2026  | 4577 | 4581 |
| 5.163% due 04/01/2027 •  | 34673 | 34754 |
| 5.742% (SOFRINDX + 1.560%) due 09/11/2027 ~  | 6975 | 7041 |
| **International Bank for Reconstruction & Development** <br>4.469% (SOFRINDX + 0.310%) due 09/23/2026 ~ | 115000 | 115105 |
| **Intesa Sanpaolo SpA** <br>7.000% due 11/21/2025 | 32122 | 32240 |
| **Jackson National Life Global Funding**  |  |  |
| 5.084% due 06/09/2027 •  | 34942 | 35098 |
| 5.500% due 01/09/2026  | 2500 | 2506 |
| 5.600% due 04/10/2026  | 47699 | 48055 |
| **John Deere Capital Corp.** <br>4.796% due 10/22/2025 •  | 16200 | 16203 |
| **JPMorgan Chase & Co.**  |  |  |
| 1.045% due 11/19/2026 •  | 22154 | 22056 |
| 3.960% due 01/29/2027 •  | 36769 | 36729 |
| 4.918% (SOFRRATE + 0.765%) due 09/22/2027 ~  | 18725 | 18801 |
| 5.191% (SOFRRATE + 0.885%) due 04/22/2027 ~  | 4295 | 4309 |
| 5.226% (SOFRRATE + 0.920%) due 04/22/2028 ~  | 14458 | 14543 |
| 5.236% (SOFRRATE + 0.930%) due 07/22/2028 ~  | 5673 | 5712 |
| 5.413% (SOFRRATE + 1.180%) due 02/24/2028 ~  | 14511 | 14651 |
| 5.503% (SOFRRATE + 1.200%) due 01/23/2028 ~  | 15796 | 15925 |
| **KeyBank NA** <br>4.700% due 01/26/2026 | 1350 | 1351 |
| **Lloyds Banking Group PLC**  |  |  |
| 5.842% (SOFRINDX + 1.560%) due 08/07/2027 ~  | 12450 | 12555 |
| 5.985% due 08/07/2027 •  | 43623 | 44253 |
| **Manufacturers & Traders Trust Co.** <br>5.400% due 11/21/2025 | 2000 | 2001 |
| **Mitsubishi UFJ Financial Group, Inc.** <br>1.538% due 07/20/2027 •  | 13000 | 12724 |
| **Mizuho Financial Group, Inc.** <br>1.234% due 05/22/2027 •  | 58292 | 57188 |
| **Morgan Stanley**  |  |  |
| 0.985% due 12/10/2026 •  | 3000 | 2980 |
| 1.593% due 05/04/2027 •  | 39100 | 38490 |
| 5.050% due 01/28/2027 •  | 22000 | 22049 |
| **Morgan Stanley Bank NA** <br>5.011% (SOFRRATE + 0.685%) due 10/15/2027 ~ | 44884 | 44997 |
| **Morgan Stanley Private Bank NA** <br>5.099% (SOFRRATE + 0.770%) due 07/06/2028 ~ | 68288 | 68535 |
| **National Bank of Canada**  |  |  |
| 4.702% due 03/05/2027 •  | 32618 | 32668 |
| 5.053% due 03/25/2027 •  | 51425 | 51503 |
| 5.382% (SOFRINDX + 1.030%) due 07/02/2027 ~  | 3190 | 3201 |
| **Nationwide Building Society** <br>5.539% (SOFRRATE + 1.290%) due 02/16/2028 ~ | 245 | 247 |
| **NatWest Group PLC**  |  |  |
| 5.564% (SOFRRATE + 1.300%) due 11/15/2028 ~  | 181 | 183 |
| 5.847% due 03/02/2027 •  | 11821 | 11893 |
| 7.472% due 11/10/2026 •  | 136199 | 136630 |
| **NatWest Markets PLC**  |  |  |
| 4.912% (SOFRRATE + 0.760%) due 09/29/2026 ~  | 9930 | 9958 |
| 4.935% (SOFRRATE + 0.760%) due 09/29/2026 ~  | 250 | 251 |
| 5.103% (SOFRRATE + 0.950%) due 03/21/2028 ~  | 220 | 221 |
| 5.149% (SOFRRATE + 0.900%) due 05/17/2027 ~  | 7314 | 7356 |
| 5.162% (SOFRRATE + 0.900%) due 05/17/2027 ~  | 16000 | 16092 |
| **New York Life Global Funding**  |  |  |
| 4.687% (SOFRRATE + 0.410%) due 02/05/2027 ~  | 74700 | 74786 |
| 4.732% (SOFRRATE + 0.550%) due 06/11/2027 ~  | 100 | 100 |
| **Nomura Holdings, Inc.**  |  |  |
| 1.653% due 07/14/2026  | 2400 | 2355 |
| 5.615% (SOFRRATE + 1.250%) due 07/02/2027 ~  | 4917 | 4958 |
| **Nordea Bank Abp** <br>4.896% (SOFRRATE + 0.740%) due 03/19/2027 ~ | 9500 | 9549 |
| **Pacific Life Global Funding II**  |  |  |
| 4.762% (SOFRRATE + 0.480%) due 02/04/2027 ~  | 68200 | 68350 |
| 4.898% (SOFRRATE + 0.600%) due 01/27/2028 ~  | 41040 | 41182 |

---

------

<br> Schedule of Investments PIMCO Enhanced Short Maturity Active Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **PNC** **Bank NA**  |  |  |
| 4.775% due 01/15/2027 •  | 7950 | 7960 |
| 4.826% (SOFRRATE + 0.500%) due 01/15/2027 ~  | 42550 | 42566 |
| 5.036% (SOFRRATE + 0.730%) due 07/21/2028 ~  | 700 | 701 |
| **Protective Life Global Funding** <br>4.806% (SOFRRATE + 0.500%) due 07/22/2026 ~(c) | 30500 | 30523 |
| **RGA Global Funding** <br>2.000% due 11/30/2026 | 9000 | 8779 |
| **Royal Bank of Canada**  |  |  |
| 4.743% (SOFRINDX + 0.460%) due 08/03/2026 ~  | 38600 | 38663 |
| 4.873% (SOFRINDX + 0.590%) due 11/02/2026 ~  | 2600 | 2608 |
| 4.972% (SOFRINDX + 0.820%) due 03/27/2028 ~  | 20350 | 20429 |
| 5.033% (SOFRINDX + 0.720%) due 10/18/2027 ~  | 44989 | 45111 |
| 5.093% (SOFRINDX + 0.790%) due 07/23/2027 ~  | 53077 | 53194 |
| 5.173% (SOFRINDX + 0.860%) due 10/18/2028 ~  | 5554 | 5573 |
| **Sammons Financial Group Global Funding** <br>5.064% due 09/02/2027 •  | 23000 | 23027 |
| **Santander Holdings USA, Inc.**  |  |  |
| 3.244% due 10/05/2026  | 8407 | 8326 |
| 6.124% due 05/31/2027 •  | 11300 | 11422 |
| **Santander U.K. Group Holdings PLC**  |  |  |
| 1.673% due 06/14/2027 •  | 22754 | 22334 |
| 6.833% due 11/21/2026 •  | 67161 | 67362 |
| **Scentre Group Trust 1/Scentre Group Trust 2** <br>3.625% due 01/28/2026 | 2819 | 2813 |
| **SMBC Aviation Capital Finance DAC** <br>1.900% due 10/15/2026 | 900 | 878 |
| **Societe Generale SA**  |  |  |
| 1.488% due 12/14/2026 •  | 18900 | 18784 |
| 6.447% due 01/12/2027 •  | 9378 | 9424 |
| **Standard Chartered Bank** <br>4.987% (SOFRRATE + 0.650%) due 10/08/2026 ~ | 4000 | 4008 |
| **Standard Chartered PLC**  |  |  |
| 1.456% due 01/14/2027 •  | 64927 | 64348 |
| 4.050% due 04/12/2026  | 10300 | 10287 |
| 6.103% (SOFRRATE + 1.930%) due 07/06/2027 ~  | 8250 | 8334 |
| 6.187% due 07/06/2027 •  | 31523 | 31946 |
| **Sumitomo Mitsui Financial Group, Inc.**  |  |  |
| 5.637% (SOFRRATE + 1.300%) due 07/13/2026 ~  | 44888 | 45217 |
| 5.767% (SOFRRATE + 1.430%) due 01/13/2026 ~  | 30620 | 30727 |
| **Sumitomo Mitsui Trust Bank Ltd.**  |  |  |
| 5.340% (SOFRRATE + 1.120%) due 03/09/2026 ~  | 13727 | 13783 |
| 5.345% (SOFRRATE + 1.120%) due 03/09/2026 ~  | 18395 | 18470 |
| 5.350% (SOFRRATE + 1.150%) due 09/14/2026 ~  | 2850 | 2872 |
| 5.355% (SOFRRATE + 1.150%) due 09/14/2026 ~  | 4612 | 4648 |
| **Svenska Handelsbanken AB** <br>5.426% due 06/15/2026 •  | 1000 | 1007 |
| **Swedbank AB** <br>5.556% due 06/15/2026 •  | 10509 | 10588 |
| **Synchrony Financial** <br>3.700% due 08/04/2026 | 3500 | 3478 |
| **Temasek Financial I Ltd.** <br>4.645% (SOFRRATE + 0.380%) due 08/20/2027 ~ | 58100 | 58080 |
| **Toyota Motor Credit Corp.**  |  |  |
| 4.701% (SOFRRATE + 0.450%) due 05/15/2026 ~  | 11202 | 11216 |
| 4.995% (SOFRRATE + 0.650%) due 01/05/2026 ~  | 8000 | 8010 |
| 5.040% (SOFRRATE + 0.770%) due 08/07/2026 ~  | 36000 | 36147 |
| **U.S. Bancorp** <br>5.727% due 10/21/2026 •  | 1346 | 1347 |
| **UBS Group AG**  |  |  |
| 1.305% due 02/02/2027 •  | 62989 | 62365 |
| 1.364% due 01/30/2027 •  | 21642 | 21425 |
| 4.125% due 04/15/2026  | 49300 | 49308 |
| 5.711% due 01/12/2027 •  | 1513 | 1518 |
| **United Overseas Bank Ltd.** <br>4.945% (SOFRINDX + 0.580%) due 04/02/2028 ~ | 64500 | 64755 |
| **Ventas Realty LP** <br>4.125% due 01/15/2026 | 7185 | 7171 |
| **Wells Fargo & Co.**  |  |  |
| 3.196% due 06/17/2027 •  | 36058 | 35807 |
| 5.082% (SOFRRATE + 0.780%) due 01/24/2028 ~  | 20234 | 20279 |
| 5.376% (SOFRRATE + 1.070%) due 04/22/2028 ~  | 2601 | 2618 |
| **Wells Fargo Bank NA**  |  |  |
| 5.036% (SOFRRATE + 0.710%) due 01/15/2026 ~  | 16800 | 16818 |
| 5.330% (SOFRRATE + 1.060%) due 08/07/2026 ~  | 200 | 201 |
| **Weyerhaeuser Co.** <br>4.750% due 05/15/2026 | 4101 | 4113 |
|  |  | 4817450 |
| **INDUSTRIALS 14.0%**  |  |  |
| **7-Eleven, Inc.** <br>0.950% due 02/10/2026 | 29452 | 29083 |

---

------

<br> Schedule of Investments PIMCO Enhanced Short Maturity Active Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Algonquin** **Power & Utilities Corp.** <br>5.365% due 06/15/2026 þ | 10900 | 10981 |
| **Bacardi Ltd.** <br>2.750% due 07/15/2026 | 1775 | 1751 |
| **BAT Capital Corp.** <br>3.215% due 09/06/2026 | 1960 | 1946 |
| **BAT International Finance PLC** <br>1.668% due 03/25/2026 | 63578 | 62818 |
| **Baxter International, Inc.** <br>2.600% due 08/15/2026 | 13817 | 13630 |
| **Bayer U.S. Finance II LLC** <br>4.250% due 12/15/2025 | 140641 | 140527 |
| **Bayer U.S. Finance LLC** <br>6.125% due 11/21/2026 | 400 | 407 |
| **Berry Global, Inc.**  |  |  |
| 1.570% due 01/15/2026  | 123696 | 122642 |
| 4.875% due 07/15/2026  | 15583 | 15586 |
| **BMW U.S. Capital LLC**  |  |  |
| 4.150% due 08/11/2027  | 28600 | 28642 |
| 4.650% due 03/19/2027  | 7600 | 7666 |
| 4.902% (SOFRINDX + 0.550%) due 04/02/2026 ~  | 25530 | 25564 |
| 4.936% (SOFRINDX + 0.780%) due 03/19/2027 ~  | 3750 | 3767 |
| 4.975% (SOFRRATE + 0.710%) due 08/11/2027 ~  | 40965 | 41157 |
| 5.056% (SOFRINDX + 0.800%) due 08/13/2026 ~  | 29381 | 29481 |
| 5.073% (SOFRINDX + 0.920%) due 03/21/2028 ~  | 200 | 201 |
| **Boeing Co.**  |  |  |
| 2.196% due 02/04/2026  | 144492 | 143416 |
| 2.600% due 10/30/2025  | 15010 | 14987 |
| 2.750% due 02/01/2026  | 21189 | 21071 |
| **Broadcom, Inc.** <br>3.150% due 11/15/2025 | 9125 | 9111 |
| **Conagra Brands, Inc.**  |  |  |
| 4.600% due 11/01/2025  | 10701 | 10698 |
| 7.125% due 10/01/2026  | 789 | 812 |
| **Cox Communications, Inc.** <br>3.350% due 09/15/2026 | 2043 | 2029 |
| **Daimler Truck Finance North America LLC** <br>4.300% due 08/12/2027 | 29200 | 29281 |
| **Dell International LLC/EMC Corp.** <br>6.020% due 06/15/2026 | 10770 | 10858 |
| **Elevance Health, Inc.** <br>1.500% due 03/15/2026 | 7500 | 7416 |
| **Energy Transfer LP**  |  |  |
| 3.900% due 07/15/2026  | 10657 | 10637 |
| 4.750% due 01/15/2026  | 29260 | 29269 |
| 6.050% due 12/01/2026  | 2895 | 2950 |
| **Fidelity National Information Services, Inc.** <br>1.150% due 03/01/2026 | 30646 | 30260 |
| **FirstEnergy Pennsylvania Electric Co.** <br>5.150% due 03/30/2026 | 7115 | 7136 |
| **Flex Ltd.** <br>3.750% due 02/01/2026 | 13233 | 13184 |
| **GATX Corp.** <br>3.250% due 09/15/2026 | 4838 | 4802 |
| **GE HealthCare Technologies, Inc.** <br>5.600% due 11/15/2025 | 3518 | 3520 |
| **Glencore Funding LLC** <br>1.625% due 04/27/2026 | 825 | 813 |
| **Global Payments, Inc.** <br>1.200% due 03/01/2026 | 14875 | 14680 |
| **HCA, Inc.**  |  |  |
| 5.250% due 06/15/2026  | 7536 | 7551 |
| 5.375% due 09/01/2026  | 12025 | 12078 |
| 5.875% due 02/15/2026  | 8213 | 8224 |
| **Hyundai Capital America**  |  |  |
| 3.500% due 11/02/2026  | 4632 | 4593 |
| 5.143% (SOFRRATE + 0.990%) due 03/25/2027 ~  | 38300 | 38468 |
| 5.193% (SOFRRATE + 1.040%) due 06/24/2027 ~  | 8097 | 8140 |
| 5.196% (SOFRRATE + 1.040%) due 03/19/2027 ~  | 9465 | 9500 |
| 5.250% due 01/08/2027  | 3600 | 3640 |
| 5.264% (SOFRRATE + 0.920%) due 01/07/2028 ~  | 242 | 242 |
| 5.273% (SOFRRATE + 1.120%) due 06/23/2027 ~  | 9900 | 9968 |
| 5.500% due 03/30/2026  | 1675 | 1684 |
| 5.603% (SOFRRATE + 1.320%) due 11/03/2025 ~  | 36140 | 36173 |
| 5.836% (SOFRRATE + 1.500%) due 01/08/2027 ~  | 11060 | 11173 |
| 5.950% due 09/21/2026  | 8723 | 8863 |
| 6.250% due 11/03/2025  | 11853 | 11871 |
| **Illumina, Inc.** <br>5.800% due 12/12/2025 | 22000 | 22031 |
| **Imperial Brands Finance PLC** <br>3.500% due 07/26/2026 | 11714 | 11637 |
| **Keurig Dr. Pepper, Inc.** <br>4.831% (SOFRRATE + 0.580%) due 11/15/2026 ~ | 20000 | 20003 |

---

------

<br> Schedule of Investments PIMCO Enhanced Short Maturity Active Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Mars** **, Inc.** <br>4.450% due 03/01/2027 | 8000 | 8061 |
| **Marvell Technology, Inc.** <br>1.650% due 04/15/2026 | 10754 | 10598 |
| **Mead Johnson Nutrition Co.** <br>4.125% due 11/15/2025 | 200 | 200 |
| **Mercedes-Benz Finance North America LLC**  |  |  |
| 4.928% (SOFRRATE + 0.630%) due 07/31/2026 ~  | 34600 | 34696 |
| 4.931% (SOFRRATE + 0.780%) due 04/01/2027 ~  | 17200 | 17263 |
| 4.931% due 04/01/2027 •  | 8005 | 8034 |
| 5.017% (SOFRRATE + 0.670%) due 01/09/2026 ~  | 75100 | 75185 |
| 5.019% (SOFRRATE + 0.670%) due 01/09/2026 ~  | 340 | 340 |
| 5.101% (SOFRRATE + 0.850%) due 11/15/2027 ~  | 200 | 201 |
| **Molson Coors Beverage Co.** <br>3.000% due 07/15/2026 | 66302 | 65732 |
| **MPLX LP**  |  |  |
| 1.750% due 03/01/2026  | 33400 | 33054 |
| 4.125% due 03/01/2027  | 1400 | 1399 |
| **NTT Finance Corp.**  |  |  |
| 1.162% due 04/03/2026  | 33970 | 33443 |
| 4.567% due 07/16/2027  | 1700 | 1712 |
| **NXP BV/NXP Funding LLC** <br>5.350% due 03/01/2026 | 14570 | 14596 |
| **NXP BV/NXP Funding LLC/NXP USA, Inc.** <br>3.875% due 06/18/2026 | 29679 | 29610 |
| **Oracle Corp.** <br>2.650% due 07/15/2026 | 8400 | 8303 |
| **Penske Truck Leasing Co. LP/PTL Finance Corp.**  |  |  |
| 1.200% due 11/15/2025  | 33118 | 32981 |
| 1.700% due 06/15/2026  | 10810 | 10612 |
| 5.750% due 05/24/2026  | 4027 | 4060 |
| **Rogers Communications, Inc.** <br>3.625% due 12/15/2025 | 12469 | 12446 |
| **Rolls-Royce PLC** <br>3.625% due 10/14/2025 | 25945 | 25934 |
| **Royal Caribbean Cruises Ltd.**  |  |  |
| 4.250% due 07/01/2026  | 2975 | 2973 |
| 5.500% due 08/31/2026  | 32780 | 32921 |
| **SK Hynix, Inc.** <br>1.500% due 01/19/2026 | 9035 | 8958 |
| **Sydney Airport Finance Co. Pty. Ltd.** <br>3.625% due 04/28/2026 | 28205 | 28080 |
| **Synopsys, Inc.** <br>4.550% due 04/01/2027 | 35400 | 35626 |
| **T-Mobile USA, Inc.** <br>2.250% due 02/15/2026 | 183 | 182 |
| **Take-Two Interactive Software, Inc.** <br>5.000% due 03/28/2026 | 4102 | 4117 |
| **Transurban Finance Co. Pty. Ltd.** <br>4.125% due 02/02/2026 | 1080 | 1079 |
| **VMware LLC** <br>1.400% due 08/15/2026 | 97218 | 95080 |
| **Volkswagen Group of America Finance LLC**  |  |  |
| 1.250% due 11/24/2025  | 24210 | 24096 |
| 3.200% due 09/26/2026  | 5000 | 4950 |
| 4.983% (SOFRRATE + 0.830%) due 03/20/2026 ~  | 61691 | 61806 |
| 5.213% (SOFRRATE + 1.060%) due 03/25/2027 ~  | 59100 | 59346 |
| 5.313% (SOFRRATE + 1.060%) due 08/14/2026 ~  | 24673 | 24774 |
| **Walmart, Inc.** <br>4.728% (SOFRINDX + 0.430%) due 04/28/2027 ~ | 154 | 155 |
| **Williams Cos., Inc.** <br>5.400% due 03/02/2026 | 25000 | 25115 |
|  |  | 1966336 |
| **UTILITIES 4.9%**  |  |  |
| **AEP Texas, Inc.** <br>3.850% due 10/01/2025 | 5639 | 5639 |
| **AES Corp.** <br>1.375% due 01/15/2026 | 26812 | 26567 |
| **American Electric Power Co., Inc.** <br>1.000% due 11/01/2025 | 5950 | 5932 |
| **Black Hills Corp.** <br>3.950% due 01/15/2026 | 13974 | 13949 |
| **Brooklyn Union Gas Co.** <br>3.407% due 03/10/2026 | 3300 | 3288 |
| **CenterPoint Energy, Inc.** <br>1.450% due 06/01/2026 | 51459 | 50512 |
| **Dominion Energy, Inc.**  |  |  |
| 2.850% due 08/15/2026  | 8649 | 8560 |
| 3.900% due 10/01/2025  | 6491 | 6491 |
| **Electricite de France SA** <br>3.625% due 10/13/2025 | 7528 | 7525 |

---

------

<br> Schedule of Investments PIMCO Enhanced Short Maturity Active Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Emera** **U.S. Finance LP** <br>3.550% due 06/15/2026 | 5235 | 5205 |
| **Enel Finance International NV**  |  |  |
| 1.625% due 07/12/2026  | 16195 | 15878 |
| 7.050% due 10/14/2025  | 19329 | 19346 |
| **Entergy Corp.** <br>2.950% due 09/01/2026 | 36359 | 35980 |
| **Eversource Energy**  |  |  |
| 1.400% due 08/15/2026  | 2648 | 2585 |
| 4.750% due 05/15/2026  | 9048 | 9076 |
| **Fortis, Inc.** <br>3.055% due 10/04/2026 | 23423 | 23160 |
| **Jersey Central Power & Light Co.** <br>4.300% due 01/15/2026 | 1075 | 1075 |
| **National Rural Utilities Cooperative Finance Corp.**  |  |  |
| 1.000% due 06/15/2026  | 616 | 603 |
| 4.809% (SOFRRATE + 0.580%) due 11/22/2026 ~  | 41200 | 41368 |
| **NextEra Energy Capital Holdings, Inc.**  |  |  |
| 4.685% due 09/01/2027  | 18000 | 18199 |
| 5.054% (SOFRINDX + 0.760%) due 01/29/2026 ~  | 62424 | 62538 |
| **ONEOK, Inc.**  |  |  |
| 5.000% due 03/01/2026  | 5000 | 5003 |
| 5.850% due 01/15/2026  | 54992 | 55143 |
| **Pacific Gas & Electric Co.**  |  |  |
| 2.950% due 03/01/2026  | 2800 | 2781 |
| 3.150% due 01/01/2026  | 62652 | 62457 |
| **Pinnacle West Capital Corp.** <br>5.005% (SOFRRATE + 0.820%) due 06/10/2026 ~ | 25107 | 25186 |
| **Plains All American Pipeline LP/PAA Finance Corp.** <br>4.500% due 12/15/2026 | 360 | 361 |
| **SA Global Sukuk Ltd.** <br>1.602% due 06/17/2026 | 7100 | 6958 |
| **Southern California Edison Co.**  |  |  |
| 1.200% due 02/01/2026  | 9707 | 9596 |
| 4.400% due 09/06/2026  | 29990 | 30049 |
| 4.900% due 06/01/2026  | 38971 | 39102 |
| 5.350% due 03/01/2026  | 79152 | 79470 |
| **Southern California Gas Co.** <br>2.600% due 06/15/2026 | 3730 | 3690 |
| **Virginia Electric & Power Co.** <br>2.950% due 11/15/2026 | 1021 | 1008 |
| **WEC Energy Group, Inc.** <br>4.750% due 01/09/2026 | 2978 | 2981 |
|  |  | 687261 |
| Total Corporate Bonds & Notes (Cost $7,454,987) |  | 7471047 |
| **U.S. GOVERNMENT AGENCIES 15.8%**  |  |  |
| **Federal Home Loan Mortgage Corp.**  |  |  |
| 4.500% due 07/09/2027 | 56400 | 56413 |
| 6.454% due 09/01/2037 •  | 724 | 751 |
| **Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates**<br>4.959% due 02/25/2026 •  | 534 | 534 |
| **Federal Home Loan Mortgage Corp. REMICS**  |  |  |
| 1.000% due 08/15/2044 | 3753 | 3171 |
| 4.780% due 05/15/2038 •  | 1113 | 1085 |
| 4.790% due 05/15/2041 •  | 1066 | 1053 |
| 4.807% due 02/15/2037 •  | 377 | 373 |
| 4.810% due 03/15/2037 - 03/15/2043 •  | 15330 | 15041 |
| 4.860% due 12/15/2042 - 11/15/2044 •  | 3047 | 3046 |
| 4.880% due 06/15/2044 •  | 3817 | 3773 |
| 4.907% due 04/15/2041 •  | 121 | 120 |
| 4.910% due 12/15/2037 •  | 682 | 668 |
| 4.937% due 09/15/2048 - 04/15/2049 •  | 2892 | 2820 |
| 4.987% due 07/15/2039 •  | 17 | 17 |
| 5.145% due 03/15/2050 •  | 26177 | 25797 |
| 5.226% due 04/25/2055 •  | 90285 | 90351 |
| 5.250% due 10/25/2055 •  | 3400 | 3406 |
| 5.256% due 07/25/2054 - 03/25/2055 •  | 48563 | 48681 |
| 5.286% due 05/25/2055 •  | 87225 | 87525 |
| 5.296% due 11/25/2054 •  | 228308 | 228699 |
| 5.306% due 03/25/2055 - 09/25/2055 •  | 127925 | 128358 |
| 5.336% due 02/25/2055 •  | 23208 | 23324 |
| 5.356% due 10/25/2052 - 08/25/2055 •  | 276579 | 276641 |
| 5.456% due 07/25/2055 •  | 20025 | 20076 |
| 5.506% due 12/25/2054 - 08/25/2055 •  | 93909 | 94290 |
| 5.556% due 01/25/2055 - 08/25/2055 •  | 55691 | 55986 |
| 5.606% due 05/25/2054 - 06/25/2055 •  | 73429 | 73941 |
| **Federal Home Loan Mortgage Corp. STRIPS**  |  |  |
| 4.737% due 11/15/2036 •  | 2 | 2 |
| 4.810% due 10/15/2037 - 02/15/2038 •  | 4133 | 4086 |
| **Federal National Mortgage Association**  |  |  |
| 6.404% due 01/01/2036 •  | 1013 | 1050 |
| 6.618% due 05/01/2038 •  | 133 | 138 |

---

------

<br> Schedule of Investments PIMCO Enhanced Short Maturity Active Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Federal** **National Mortgage Association REMICS**  |  |  |
| 2.000% due 12/25/2044 | 677 | 603 |
| 4.721% due 05/25/2037 •  | 7 | 7 |
| 4.760% due 06/25/2048 •  | 5054 | 5002 |
| 4.763% due 01/25/2037 •  | 151 | 150 |
| 4.771% due 12/25/2045 •  | 1175 | 1161 |
| 4.780% due 08/25/2044 •  | 1694 | 1657 |
| 4.801% due 02/25/2037 •  | 14 | 14 |
| 4.810% due 08/25/2044 - 10/25/2044 •  | 5629 | 5573 |
| 4.821% due 11/25/2036 •  | 24 | 24 |
| 4.860% due 07/25/2044 - 03/25/2060 •  | 13325 | 13145 |
| 4.871% due 06/25/2026 •  | 6 | 6 |
| 4.881% due 09/25/2035 •  | 142 | 141 |
| 4.891% due 03/25/2037 •  | 106 | 105 |
| 4.901% due 04/18/2028 - 09/18/2031 •  | 26 | 26 |
| 4.910% due 07/25/2046 •  | 3286 | 3268 |
| 4.921% due 02/25/2038 - 06/25/2059 •  | 4304 | 4240 |
| 4.960% due 07/25/2046 •  | 2163 | 2129 |
| 4.971% due 06/25/2031 •  | 29 | 29 |
| 5.001% due 05/18/2032 •  | 18 | 18 |
| 5.051% due 03/18/2032 •  | 40 | 40 |
| 5.151% due 12/25/2037 •  | 180 | 180 |
| 5.171% due 05/25/2037 •  | 39 | 39 |
| 5.206% due 11/25/2054 •  | 24167 | 24201 |
| 5.221% due 03/25/2037 - 02/25/2040 •  | 36 | 36 |
| 5.251% due 02/25/2038 •  | 491 | 494 |
| 5.256% due 09/25/2054 - 04/25/2055 •  | 324217 | 324744 |
| 5.266% due 03/25/2055 •  | 11723 | 11721 |
| 5.289% due 08/25/2055 •  | 10380 | 10399 |
| 5.306% due 01/25/2055 - 03/25/2055 •  | 24389 | 24475 |
| 5.321% due 07/25/2038 •  | 9 | 9 |
| 5.356% due 10/25/2054 - 05/25/2055 •  | 63030 | 63391 |
| 5.371% due 03/25/2032 •  | 5 | 5 |
| 5.400% due 10/25/2055 •  | 4000 | 4009 |
| 5.406% due 05/25/2055 •  | 14101 | 14206 |
| 5.456% due 06/25/2054 - 07/25/2055 •  | 46303 | 46424 |
| 5.536% due 08/25/2055 •  | 3029 | 3044 |
| 5.556% due 12/25/2053 - 02/25/2055 •  | 65361 | 65717 |
| 5.606% due 02/25/2055 •  | 12816 | 12898 |
| **Government National Mortgage Association**  |  |  |
| 4.866% due 08/20/2070 •  | 114 | 114 |
| 6.000% due 12/15/2033 | 6 | 6 |
| 6.500% due 11/15/2033 - 12/15/2033 | 6 | 6 |
| 7.000% due 01/15/2031 - 07/15/2032 | 3 | 2 |
| 7.500% due 09/15/2027 - 06/15/2028 | 6 | 6 |
| **Government National Mortgage Association REMICS**  |  |  |
| 2.500% due 01/20/2049 - 10/20/2049 | 2161 | 1938 |
| 3.000% due 07/20/2046 | 153 | 151 |
| 4.500% due 05/20/2063 •  | 54 | 54 |
| 4.677% due 06/20/2068 •  | 6573 | 6608 |
| 4.689% due 01/20/2068 •  | 628 | 626 |
| 4.700% due 03/20/2049 - 06/20/2049 •  | 10827 | 10591 |
| 4.766% due 09/20/2060 - 03/20/2068 •  | 4267 | 4254 |
| 4.796% due 10/20/2060 •  | 402 | 401 |
| 4.816% due 08/20/2058 •  | 160 | 159 |
| 4.836% due 11/20/2070 - 12/20/2070 •  | 14590 | 14451 |
| 4.846% due 12/20/2060 •  | 900 | 899 |
| 4.850% due 09/20/2040 •  | 2422 | 2412 |
| 4.866% due 11/20/2070 •  | 2349 | 2309 |
| 4.870% due 05/20/2041 •  | 4664 | 4647 |
| 4.880% due 10/20/2040 •  | 4406 | 4390 |
| 4.900% due 05/20/2041 •  | 1298 | 1295 |
| 4.916% due 10/20/2068 •  | 914 | 917 |
| 4.920% due 10/01/2055 « | 15000 | 15000 |
| 4.936% due 06/20/2067 •  | 359 | 359 |
| 4.946% due 04/20/2065 •  | 84 | 84 |
| 4.961% due 01/16/2040 •  | 1703 | 1706 |
| 4.966% due 03/20/2061 - 07/20/2067 •  | 1527 | 1527 |
| 4.981% due 10/20/2062 •  | 25 | 25 |
| 4.990% due 02/20/2040 •  | 1497 | 1502 |
| 5.016% due 05/20/2065 •  | 7107 | 7104 |
| 5.020% due 04/20/2040 •  | 3108 | 3120 |
| 5.046% due 07/20/2062 •  | 109 | 109 |
| 5.050% due 03/20/2040 •  | 3251 | 3267 |
| 5.066% due 01/20/2062 - 05/20/2069 •  | 4850 | 4854 |
| 5.096% due 04/20/2065 •  | 2877 | 2879 |
| 5.116% due 11/20/2064 - 10/20/2065 •  | 11490 | 11498 |
| 5.150% due 07/20/2065 « | 14050 | 14041 |
| 5.166% due 04/20/2070 •  | 30008 | 29931 |
| 5.196% due 09/20/2063 •  | 34 | 34 |
| 5.199% due 12/20/2068 •  | 4457 | 4476 |
| 5.216% due 11/20/2065 - 02/20/2067 •  | 1649 | 1651 |
| 5.227% due 06/20/2067 •  | 2827 | 2860 |
| 5.246% due 09/20/2066 •  | 354 | 355 |

---

------

<br> Schedule of Investments PIMCO Enhanced Short Maturity Active Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| 5.266% due 07/20/2066 •  | 625 | 627 |
| 5.289% due 06/20/2055 •  | 81672 | 81951 |
| 5.296% due 08/20/2066 •  | 1195 | 1199 |
| 5.319% due 01/20/2074 •  | 13517 | 13592 |
| 5.339% due 01/20/2054 - 09/20/2073 •  | 28044 | 28209 |
| 5.366% due 09/20/2069 •  | 641 | 643 |
| 5.386% due 07/20/2065 •  | 1036 | 1041 |
| 5.389% due 06/20/2055 •  | 2087 | 2096 |
| 5.429% due 05/20/2060 - 06/20/2060 •  | 1330 | 1339 |
| 5.466% due 01/20/2066 - 12/20/2066 •  | 2158 | 2169 |
| 5.469% due 05/20/2060 •  | 634 | 641 |
| 5.489% due 05/20/2073 •  | 18630 | 18805 |
| 5.516% due 02/20/2066 •  | 3066 | 3082 |
| 5.539% due 06/20/2055 - 07/20/2055 •  | 11500 | 11542 |
| 5.592% due 04/20/2067 •  | 621 | 630 |
| Total U.S. Government Agencies (Cost $2,222,312) |  | 2224730 |
| **U.S. TREASURY OBLIGATIONS 3.0%**  |  |  |
| **U.S. Treasury Notes**  |  |  |
| 3.875% due 07/31/2030 | 208500 | 209787 |
| 4.000% due 05/31/2030 (g) | 209400 | 211887 |
| Total U.S. Treasury Obligations (Cost $418,248) |  | 421674 |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES 1.5%**  |  |  |
| **Arroyo Mortgage Trust** <br>1.175% due 10/25/2048 ~ | 8320 | 7542 |
| **Ashford Hospitality Trust** <br>5.223% due 04/15/2035 •  | 502 | 502 |
| **Bear Stearns ARM Trust** <br>5.033% due 08/25/2033 ~ | 211 | 206 |
| **COLT Mortgage Loan Trust** <br>1.397% due 10/25/2066 ~ | 20757 | 17830 |
| **CRSNT Trust** <br>5.094% due 04/15/2036 •  | 52400 | 52055 |
| **CSMC Trust**  |  |  |
| 5.194% due 07/15/2032 •  | 1211 | 1210 |
| 6.115% due 10/15/2037 •  | 8700 | 8614 |
| **Extended Stay America Trust** <br>5.344% due 07/15/2038 •  | 2024 | 2025 |
| **GCAT Trust**  |  |  |
| 2.650% due 10/25/2068 ~  | 960 | 937 |
| 2.885% due 12/27/2066 ~  | 17198 | 16237 |
| **JP Morgan Chase Commercial Mortgage Securities Trust** <br>5.765% due 09/15/2029 •  | 17535 | 17113 |
| **Legacy Mortgage Asset Trust** <br>5.892% due 10/25/2066 þ | 4231 | 4234 |
| **Mellon Residential Funding Corp. Mortgage Pass-Through Certificates** <br>4.965% due 11/15/2031 •  | 130 | 126 |
| **MF1 Trust** <br>5.220% due 12/15/2034 •  | 2700 | 2700 |
| **Mill City Mortgage Loan Trust** <br>2.750% due 07/25/2059 ~ | 262 | 257 |
| **Morgan Stanley Capital I Trust** <br>5.298% due 11/15/2034 •  | 3116 | 3089 |
| **Natixis Commercial Mortgage Securities Trust** <br>5.365% due 08/15/2038 •  | 2785 | 2681 |
| **OBX Trust** <br>2.783% due 01/25/2062 þ | 35031 | 33904 |
| **Starwood Mortgage Residential Trust** <br>1.027% due 11/25/2055 ~ | 1798 | 1713 |
| **Starwood Mortgage Trust** <br>5.123% due 11/15/2036 •  | 17200 | 17173 |
| **Towd Point Mortgage Trust**  |  |  |
| 2.900% due 10/25/2059 ~  | 9726 | 9359 |
| 3.750% due 03/25/2058 ~  | 6689 | 6524 |
| 5.272% due 10/25/2059 •  | 767 | 768 |
| **Verus Securitization Trust** <br>0.820% due 10/25/2063 ~ | 2219 | 2139 |
| Total Non-Agency Mortgage-Backed Securities (Cost $217,409) |  | 208938 |
| **ASSET-BACKED SECURITIES 16.8%**  |  |  |
| **AUTOMOBILE ABS OTHER 6.8%**  |  |  |
| **BMW Vehicle Lease Trust** <br>4.776% due 01/25/2027 •  | 6475 | 6480 |
| **BofA Auto Trust** <br>4.939% due 11/22/2027 •  | 10555 | 10568 |
| **CarMax Auto Owner Trust**  |  |  |
| 4.742% due 08/15/2028 •  | 13000 | 13012 |
| 4.802% due 03/15/2028 •  | 30998 | 31006 |

---

------

<br> Schedule of Investments PIMCO Enhanced Short Maturity Active Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| 4.822% due 12/15/2027 •  | 8557 | 8565 |
| 4.842% due 09/15/2027 •  | 18977 | 18983 |
| 4.952% due 05/17/2027 •  | 845 | 845 |
| 4.992% due 03/15/2027 •  | 1509 | 1509 |
| 5.062% due 07/17/2028 •  | 36600 | 36720 |
| **Chesapeake Funding II LLC**  |  |  |
| 5.142% due 05/15/2036 •  | 6221 | 6217 |
| 5.622% due 05/15/2035 •  | 4254 | 4272 |
| **Citizens Auto Receivables Trust** <br>4.912% due 11/16/2026 •  | 1133 | 1133 |
| **Ford Credit Auto Lease Trust**  |  |  |
| 4.772% due 02/15/2027 •  | 12933 | 12937 |
| 4.782% (SOFR30A + 0.410%) due 08/15/2027 ~  | 21946 | 21961 |
| **Ford Credit Auto Owner Trust**  |  |  |
| 0.000% due 06/15/2028 •  | 39800 | 39801 |
| 4.772% due 04/15/2027 •  | 11287 | 11289 |
| **GM Financial Automobile Leasing Trust**  |  |  |
| 4.739% due 10/20/2027 •  | 20600 | 20614 |
| 4.799% due 05/20/2027 •  | 111436 | 111502 |
| 4.859% due 01/20/2027 •  | 16007 | 16020 |
| **Gm Financial Automobile Leasing Trust** <br>4.889% (SOFR30A + 0.500%) due 07/20/2027 ~ | 28900 | 28942 |
| **GM Financial Consumer Automobile Receivables Trust**  |  |  |
| 4.774% due 02/16/2027 •  | 35 | 35 |
| 4.774% due 10/18/2027 •  | 18010 | 18020 |
| **Harley-Davidson Motorcycle Trust** <br>5.032% due 07/17/2028 •  | 13700 | 13727 |
| **Hyundai Auto Lease Securitization Trust**  |  |  |
| 4.762% due 01/18/2028 •  | 35900 | 35944 |
| 4.772% due 06/15/2027 •  | 34410 | 34426 |
| 4.872% due 03/15/2027 •  | 6504 | 6511 |
| 5.072% due 09/15/2027 •  | 38500 | 38606 |
| **Hyundai Auto Receivables Trust**  |  |  |
| 0.000% (SOFR30A + 0.350%) due 07/17/2028 ~  | 26600 | 26619 |
| 4.772% due 09/15/2027 •  | 21320 | 21333 |
| **M&T Bank Auto Receivables Trust** <br>4.872% due 05/15/2028 •  | 22496 | 22523 |
| **Mercedes-Benz Auto Lease Trust** <br>4.812% due 12/15/2026 •  | 4495 | 4497 |
| **Nissan Auto Lease Trust**  |  |  |
| 4.782% due 06/15/2027 •  | 14431 | 14443 |
| 4.822% due 11/15/2027 •  | 52506 | 52595 |
| **Nissan Auto Receivables Owner Trust** <br>4.752% due 06/15/2027 •  | 19409 | 19419 |
| **Tesla Auto Lease Trust** <br>4.979% due 01/20/2027 •  | 1675 | 1675 |
| **Tesla Electric Vehicle Trust** <br>4.909% due 12/21/2026 •  | 1161 | 1161 |
| **Toyota Auto Receivables Owner Trust**  |  |  |
| 4.762% due 08/16/2027 •  | 28128 | 28141 |
| 4.912% due 03/15/2028 •  | 35000 | 35057 |
| **Toyota Lease Owner Trust**  |  |  |
| 0.000% due 05/22/2028 •  | 22150 | 22157 |
| 4.799% due 07/20/2027 •  | 67326 | 67371 |
| 4.829% due 02/22/2027 •  | 9821 | 9827 |
| **Volkswagen Auto Lease Trust**  |  |  |
| 0.000% due 04/20/2028 •  | 33200 | 33230 |
| 4.859% due 12/21/2026 •  | 10308 | 10315 |
| **Volkswagen Auto Loan Enhanced Trust** <br>5.019% due 03/22/2027 •  | 3322 | 3323 |
| **World Omni Auto Receivables Trust** <br>4.842% due 01/18/2028 •  | 892 | 893 |
| **World Omni Automobile Lease Securitization Trust**  |  |  |
| 4.762% due 12/15/2027 •  | 18798 | 18814 |
| 4.802% due 02/16/2027 •  | 7211 | 7214 |
|  |  | 950252 |
| **AUTOMOBILE SEQUENTIAL 5.6%**  |  |  |
| **Ally Auto Receivables Trust** <br>4.460% due 07/15/2027 | 1242 | 1243 |
| **ARI Fleet Lease Trust**  |  |  |
| 4.590% due 03/15/2034  | 16800 | 16911 |
| 5.410% due 02/17/2032  | 10023 | 10038 |
| 5.540% due 04/15/2033  | 7952 | 8017 |
| **Bank of America Auto Trust** <br>5.530% due 02/15/2028 | 8380 | 8450 |
| **BMW Vehicle Owner Trust**  |  |  |
| 5.180% due 02/26/2029  | 13417 | 13579 |
| 5.470% due 02/25/2028  | 6271 | 6316 |
| **BofA Auto Trust**  |  |  |
| 4.520% due 11/22/2027  | 6847 | 6853 |
| 5.350% due 11/15/2028  | 13125 | 13258 |
| 5.570% due 12/15/2026  | 89 | 89 |

---

------

<br> Schedule of Investments PIMCO Enhanced Short Maturity Active Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Capital** **One Prime Auto Receivables Trust** <br>5.820% due 06/15/2028 | 1214 | 1230 |
| **CarMax Auto Owner Trust**  |  |  |
| 3.490% due 02/16/2027  | 675 | 674 |
| 4.750% due 10/15/2027  | 3166 | 3173 |
| 4.920% due 10/16/2028  | 12194 | 12285 |
| 5.050% due 01/18/2028  | 8449 | 8490 |
| 5.280% due 05/15/2028  | 17050 | 17179 |
| 5.300% due 03/15/2027  | 773 | 773 |
| 5.340% due 08/16/2027  | 2462 | 2472 |
| 5.650% due 05/17/2027  | 2515 | 2519 |
| 6.000% due 07/17/2028  | 12850 | 13025 |
| **Carvana Auto Receivables Trust**  |  |  |
| 3.210% due 12/11/2028  | 1090 | 1079 |
| 4.070% due 02/12/2029  | 8900 | 8903 |
| 4.260% due 10/10/2029  | 3310 | 3317 |
| 4.500% due 06/12/2028  | 3966 | 3970 |
| 4.560% due 08/10/2028  | 14300 | 14336 |
| 4.610% due 11/10/2027  | 5983 | 5988 |
| 4.620% due 02/10/2028  | 1513 | 1515 |
| 4.640% due 01/10/2030  | 18600 | 18731 |
| 5.050% due 04/10/2029  | 13985 | 14072 |
| 5.330% due 07/10/2029  | 1090 | 1100 |
| 5.500% due 08/10/2027  | 59 | 59 |
| 5.620% due 01/10/2029  | 850 | 858 |
| 5.630% due 11/10/2027  | 992 | 992 |
| 5.980% due 12/10/2027  | 3541 | 3554 |
| 6.160% due 10/10/2028  | 1327 | 1341 |
| **Chase Auto Owner Trust**  |  |  |
| 4.940% due 07/25/2029  | 19100 | 19311 |
| 5.530% due 09/27/2027  | 2564 | 2570 |
| 5.660% due 05/26/2027  | 1233 | 1234 |
| 5.680% due 01/25/2029  | 15392 | 15575 |
| **Citizens Auto Receivables Trust**  |  |  |
| 5.110% due 04/17/2028  | 22018 | 22146 |
| 5.330% due 08/15/2028  | 21899 | 22079 |
| 5.830% due 02/15/2028  | 7980 | 8044 |
| 5.840% due 01/18/2028  | 7510 | 7562 |
| **Enterprise Fleet Financing LLC**  |  |  |
| 4.380% due 07/20/2029  | 1598 | 1598 |
| 4.500% due 04/20/2028  | 27900 | 28062 |
| 4.510% due 02/22/2028  | 34600 | 34792 |
| 4.650% due 10/20/2027  | 4200 | 4220 |
| 4.690% due 07/20/2027  | 37188 | 37324 |
| 5.310% due 04/20/2027  | 1213 | 1220 |
| 5.740% due 12/20/2026  | 13324 | 13390 |
| **FCCU Auto Receivables Trust** <br>5.760% due 11/15/2027 | 1559 | 1563 |
| **Ford Credit Auto Owner Trust**  |  |  |
| 4.320% due 08/15/2027  | 5534 | 5537 |
| 4.650% due 02/15/2028  | 2330 | 2337 |
| 5.230% due 05/15/2028  | 2855 | 2876 |
| **GM Financial Automobile Leasing Trust**  |  |  |
| 4.540% due 05/20/2027  | 6942 | 6960 |
| 5.380% due 11/20/2026  | 216 | 216 |
| **GM Financial Consumer Automobile Receivables Trust**  |  |  |
| 4.660% due 02/16/2028  | 1228 | 1232 |
| 5.100% due 03/16/2029  | 9140 | 9227 |
| 5.130% due 04/16/2029  | 4131 | 4185 |
| 5.450% due 06/16/2028  | 4399 | 4436 |
| **GMF Floorplan Owner Revolving Trust** <br>5.340% due 06/15/2028 | 43149 | 43533 |
| **GreenState Auto Receivables Trust** <br>5.530% due 08/16/2027 | 1566 | 1569 |
| **Harley-Davidson Motorcycle Trust** <br>4.620% due 08/16/2027 | 11797 | 11807 |
| **Honda Auto Receivables Owner Trust**  |  |  |
| 4.560% due 03/15/2027  | 9956 | 9968 |
| 5.210% due 08/15/2028  | 2980 | 3008 |
| **Huntington Auto Trust** <br>5.500% due 03/15/2027 | 240 | 240 |
| **Hyundai Auto Receivables Trust**  |  |  |
| 4.410% due 05/15/2029  | 13193 | 13299 |
| 5.540% due 10/16/2028  | 7534 | 7616 |
| **LAD Auto Receivables Trust**  |  |  |
| 4.640% due 11/15/2027  | 436 | 436 |
| 5.210% due 06/15/2027  | 42 | 42 |
| **M&T Bank Auto Receivables Trust** <br>5.220% due 02/17/2032 | 5080 | 5147 |
| **Nissan Auto Lease Trust** <br>4.600% due 11/15/2027 | 1947 | 1956 |
| **Oscar U.S. Funding XVI LLC** <br>5.480% due 02/10/2027 | 1762 | 1763 |

---

------

<br> Schedule of Investments PIMCO Enhanced Short Maturity Active Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Oscar** **U.S. Funding XVII LLC** <br>4.470% due 03/12/2029 | 3025 | 3030 |
| **PenFed Auto Receivables Owner Trust**  |  |  |
| 4.120% due 09/15/2028  | 2000 | 2002 |
| 5.040% due 09/15/2027  | 1517 | 1519 |
| **SBNA Auto Lease Trust**  |  |  |
| 4.680% due 04/20/2027  | 1629 | 1632 |
| 4.940% due 11/20/2026  | 2500 | 2501 |
| 5.560% due 11/22/2027  | 30970 | 31182 |
| 5.670% due 11/20/2026  | 113 | 113 |
| **SCCU Auto Receivables Trust**  |  |  |
| 4.670% due 11/15/2028  | 6100 | 6122 |
| 5.450% due 12/15/2027  | 525 | 526 |
| **SFS Auto Receivables Securitization Trust**  |  |  |
| 4.650% due 05/22/2028  | 6348 | 6359 |
| 4.710% due 05/22/2028  | 905 | 906 |
| 4.950% due 05/21/2029  | 4394 | 4424 |
| 5.330% due 11/20/2029  | 17412 | 17624 |
| 5.470% due 10/20/2028  | 6011 | 6056 |
| **Stellantis Financial Underwritten Enhanced Lease Trust**  |  |  |
| 4.310% due 05/22/2028  | 35900 | 36057 |
| 4.630% due 07/20/2027  | 16208 | 16284 |
| **Tesla Lease Electric Vehicle Securitization LLC** <br>4.140% due 06/20/2028 | 7000 | 7007 |
| **Toyota Auto Receivables Owner Trust**  |  |  |
| 3.760% due 04/15/2027  | 2183 | 2181 |
| 4.630% due 09/15/2027  | 3000 | 3007 |
| 5.300% due 09/15/2027  | 2347 | 2359 |
| **USAA Auto Owner Trust**  |  |  |
| 5.030% due 03/15/2029  | 7524 | 7599 |
| 5.250% due 03/15/2027  | 5460 | 5465 |
| 5.580% due 05/15/2028  | 1494 | 1504 |
| **USB Auto Owner Trust** <br>4.510% due 06/15/2028 | 12600 | 12646 |
| **World Omni Auto Receivables Trust**  |  |  |
| 4.430% due 12/17/2029  | 5440 | 5472 |
| 4.660% due 05/15/2028  | 3606 | 3615 |
| 4.780% due 01/18/2028  | 3467 | 3473 |
| 4.860% due 03/15/2029  | 15490 | 15588 |
| 5.610% due 02/15/2028  | 747 | 750 |
|  |  | 791472 |
| **CMBS OTHER 0.4%**  |  |  |
| **AREIT Trust** <br>5.636% due 01/20/2037 •  | 21358 | 21372 |
| **BXMT Ltd.** <br>6.157% due 11/15/2037 •  | 19121 | 19103 |
| **GPMT Ltd.** <br>5.750% due 07/16/2035 •  | 5478 | 5467 |
| **Starwood Ltd.** <br>5.722% due 11/15/2038 •  | 12333 | 12303 |
|  |  | 58245 |
| **CREDIT CARD BULLET 0.6%**  |  |  |
| **Citibank Credit Card Issuance Trust** <br>5.035% due 05/14/2029 •  | 5550 | 5603 |
| **Discover Card Execution Note Trust** <br>4.930% due 06/15/2028 | 11195 | 11269 |
| **Master Credit Card Trust II** <br>5.131% due 01/21/2028 •  | 67143 | 67254 |
|  |  | 84126 |
| **CREDIT CARD OTHER 1.1%**  |  |  |
| **Golden Credit Card Trust**  |  |  |
| 1.140% due 08/15/2028  | 52270 | 51034 |
| 1.970% due 01/15/2029  | 35200 | 34296 |
| **Trillium Credit Card Trust II** <br>4.892% due 12/26/2028 •  | 67700 | 67787 |
|  |  | 153117 |
| **OTHER ABS 2.3%**  |  |  |
| **Allegro CLO XI Ltd.** <br>5.575% due 01/19/2033 •  | 2999 | 3003 |
| **Atlas Senior Loan Fund XIII** <br>5.674% due 04/22/2031 •  | 323 | 323 |
| **Atlas Senior Loan Fund XVII Ltd.** <br>5.385% due 10/20/2034 •  | 1550 | 1551 |
| **BlueMountain CLO Ltd.**  |  |  |
| 5.411% due 11/15/2030 •  | 2241 | 2243 |
| 5.508% due 10/25/2030 •  | 5743 | 5753 |

---

------

<br> Schedule of Investments PIMCO Enhanced Short Maturity Active Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Catamaran** **CLO Ltd.** <br>5.694% due 04/22/2030 •  | 1493 | 1495 |
| **CIFC Funding Ltd.** <br>5.530% due 10/24/2030 •  | 11516 | 11533 |
| **Commonbond Student Loan Trust** <br>5.122% due 05/25/2041 •  | 131 | 129 |
| **Crossroads Asset Trust** <br>4.910% due 02/20/2032 | 1700 | 1712 |
| **Dell Equipment Finance Trust** <br>4.680% due 07/22/2027 | 5400 | 5428 |
| **DLLAA LLC** <br>4.700% due 10/20/2027 | 25280 | 25380 |
| **Dryden 54 Senior Loan Fund** <br>5.475% due 10/19/2029 •  | 4548 | 4550 |
| **Dryden 64 CLO Ltd.** <br>5.561% due 04/18/2031 •  | 4441 | 4446 |
| **ELFI Graduate Loan Program LLC** <br>1.530% due 12/26/2046 | 4725 | 4237 |
| **Gallatin CLO VIII Ltd.** <br>5.669% due 07/15/2031 •  | 4041 | 4046 |
| **Golub Capital Partners CLO 60B Ltd.** <br>5.628% due 10/25/2034 •  | 6600 | 6611 |
| **Kubota Credit Owner Trust** <br>5.450% due 04/15/2027 | 13306 | 13370 |
| **LCM 26 Ltd.** <br>5.657% due 01/20/2031 •  | 66 | 66 |
| **LCM 29 Ltd.** <br>5.649% due 04/15/2031 •  | 446 | 447 |
| **LCM Loan Income Fund I Ltd.** <br>5.617% due 04/20/2031 •  | 1472 | 1473 |
| **M&T Equipment Notes** <br>4.700% due 12/16/2027 | 12800 | 12896 |
| **Madison Park Funding XXIII Ltd.** <br>5.545% due 07/27/2031 •  | 4014 | 4017 |
| **Madison Park Funding XXXV Ltd.** <br>5.577% due 04/20/2032 •  | 3966 | 3974 |
| **Marathon CLO XIII Ltd.** <br>5.518% due 04/15/2032 •  | 8239 | 8254 |
| **MidOcean Credit CLO VI** <br>5.555% due 04/20/2033 •  | 11655 | 11666 |
| **MMAF Equipment Finance LLC**  |  |  |
| 5.200% due 09/13/2027  | 3955 | 3969 |
| 5.790% due 11/13/2026  | 2103 | 2107 |
| **Navient Private Education Refi Loan Trust**  |  |  |
| 0.840% due 05/15/2069  | 2927 | 2680 |
| 1.310% due 01/15/2069  | 6855 | 6492 |
| 1.580% due 04/15/2070  | 22960 | 20776 |
| 1.690% due 05/15/2069  | 4096 | 3897 |
| 2.230% due 07/15/2070  | 18742 | 17130 |
| 3.130% due 02/15/2068  | 944 | 933 |
| 4.000% due 12/15/2059  | 289 | 288 |
| 5.265% due 04/15/2069 •  | 5594 | 5571 |
| **Navient Student Loan Trust** <br>5.271% due 07/26/2066 •  | 3826 | 3839 |
| **Nelnet Student Loan Trust**  |  |  |
| 1.420% due 04/20/2062  | 422 | 400 |
| 4.759% due 12/24/2035 •  | 858 | 853 |
| 5.072% due 08/25/2067 •  | 8616 | 8625 |
| 5.271% due 09/25/2065 •  | 4866 | 4873 |
| 5.321% due 02/25/2066 •  | 4746 | 4752 |
| **Newark BSL CLO 2 Ltd.** <br>5.550% due 07/25/2030 •  | 1377 | 1379 |
| **Octagon Investment Partners 39 Ltd.** <br>5.475% due 10/20/2030 •  | 4111 | 4114 |
| **OZLM XVII Ltd.** <br>5.475% due 07/20/2030 •  | 434 | 434 |
| **PEAC Solutions Receivables LLC** <br>4.940% due 10/20/2028 | 6200 | 6250 |
| **PHEAA Student Loan Trust** <br>5.421% due 11/25/2065 •  | 2444 | 2447 |
| **Romark CLO Ltd.** <br>5.611% due 10/23/2030 •  | 6688 | 6691 |
| **Saranac CLO VI Ltd.** <br>5.439% due 08/13/2031 •  | 3532 | 3538 |
| **SLM Private Credit Student Loan Trust** <br>4.609% due 12/15/2038 •  | 2405 | 2373 |
| **SLM Student Loan Trust**  |  |  |
| 5.121% due 12/27/2038 •  | 1262 | 1254 |
| 5.171% due 01/25/2029 •  | 1532 | 1491 |
| **SMB Private Education Loan Trust**  |  |  |
| 1.290% due 07/15/2053  | 7927 | 7568 |
| 4.865% due 03/17/2053 •  | 3405 | 3377 |
| 5.365% due 07/15/2053 •  | 1000 | 1002 |

---

------

<br> Schedule of Investments PIMCO Enhanced Short Maturity Active Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **SoFi** **Consumer Loan Program Trust** <br>4.470% due 08/15/2034 | 9800 | 9823 |
| **SoFi Professional Loan Program LLC** <br>1.950% due 02/15/2046 | 7172 | 6738 |
| **Sound Point CLO XVIII Ltd.** <br>5.707% due 01/21/2031 •  | 1672 | 1674 |
| **Sound Point CLO XX Ltd.** <br>5.675% due 07/26/2031 •  | 174 | 174 |
| **Sounds Point CLO IV-R Ltd.** <br>5.741% due 04/18/2031 •  | 437 | 438 |
| **Tiaa CLO III Ltd.** <br>5.729% due 01/16/2031 •  | 275 | 275 |
| **Venture XXVII CLO Ltd.** <br>5.637% due 07/20/2030 •  | 1303 | 1304 |
| **Venture XXVIII CLO Ltd.** <br>5.577% due 07/20/2030 •  | 3521 | 3523 |
| **Verizon Master Trust** <br>5.059% due 08/20/2030 •  | 22600 | 22730 |
| **Voya CLO Ltd.**  |  |  |
| 5.491% due 04/17/2030 •  | 1642 | 1644 |
| 5.559% due 06/07/2030 •  | 612 | 612 |
| 5.579% due 10/15/2030 •  | 2429 | 2431 |
|  |  | 319072 |
| Total Asset-Backed Securities (Cost $2,356,469) |  | 2356284 |
| **SOVEREIGN ISSUES 1.0%**  |  |  |
| **Kommunalbanken AS** <br>4.473% (SOFRINDX + 0.320%) due 06/25/2027 ~ | 88000 | 88026 |
| **Kuntarahoitus OYJ** <br>5.290% (SOFRINDX + 1.000%) due 02/02/2029 ~ | 52000 | 52935 |
| Total Sovereign Issues (Cost $140,924) |  | 140961 |
| **SHORT-TERM INSTRUMENTS 9.3%**  |  |  |
| **COMMERCIAL PAPER 6.3%**  |  |  |
| **AES Corp.** <br>4.500% due 10/07/2025 | 113300 | 113201 |
| **Air Lease Corp.**  |  |  |
| 4.550% due 10/02/2025  | 11500 | 11497 |
| 4.560% due 10/07/2025  | 55700 | 55651 |
| 4.570% due 10/10/2025  | 31100 | 31061 |
| 4.570% due 10/14/2025  | 1900 | 1897 |
| **Alimentation Couche-Tard, Inc.**  |  |  |
| 4.560% due 10/01/2025  | 53900 | 53894 |
| 4.560% due 10/03/2025  | 50300 | 50282 |
| **AutoNation, Inc.** <br>4.550% due 10/08/2025 (a) | 32200 | 32166 |
| **Campbell's Co.** <br>4.500% due 11/19/2025 | 1550 | 1541 |
| **Canadian Natural Resources Ltd.** <br>4.450% due 10/22/2025 | 48400 | 48267 |
| **Crown Castle, Inc.**  |  |  |
| 4.610% due 10/21/2025 (a)  | 8550 | 8527 |
| 4.610% due 10/23/2025  | 87850 | 87590 |
| 4.620% due 10/21/2025  | 51810 | 51670 |
| 4.620% due 10/23/2025  | 41100 | 40978 |
| **Glencore Funding LLC** <br>4.360% due 10/16/2025 | 10300 | 10280 |
| **HA Sustainable Infrastructure Capital, Inc.** <br>4.850% due 10/14/2025 | 2450 | 2445 |
| **HCA, Inc.**  |  |  |
| 4.600% due 10/22/2025  | 29900 | 29815 |
| 4.600% due 10/23/2025  | 91300 | 91030 |
| 4.650% due 10/17/2025  | 300 | 299 |
| 4.650% due 10/20/2025  | 25000 | 24936 |
| 4.650% due 10/21/2025  | 40700 | 40590 |
| 4.750% due 10/09/2025  | 14300 | 14284 |
| **Keurig Dr. Pepper, Inc.** <br>4.450% due 10/15/2025 | 31900 | 31843 |
| **Oracle Corp.** <br>4.220% due 01/16/2026 | 45100 | 44543 |

---

------

<br> Schedule of Investments PIMCO Enhanced Short Maturity Active Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Southern** **California Edison Co.** <br>4.800% due 10/27/2025 | 13300 | 13255 |
|  |  | 891542 |
| **REPURCHASE AGREEMENTS (e) 3.0%** |  | 418000 |
| Total Short-Term Instruments (Cost $1,309,640) |  | 1309542 |
| Total Investments in Securities (Cost $14,119,989) |  | 14133176 |
|  | SHARES |  |
| **INVESTMENTS IN AFFILIATES 0.0%**  |  |  |
| **SHORT-TERM INSTRUMENTS 0.0%**  |  |  |
| **MUTUAL FUNDS 0.0%**  |  |  |
| **PIMCO Government Money Market Fund** <br> 4.290% (b)(c)(d) | 516501 | 517 |
| Total Short-Term Instruments (Cost $517) |  | 517 |
| Total Investments in Affiliates (Cost $517) |  | 517 |
| Total Investments 100.5% (Cost $14,120,506) |  | $14133693 |
| **Financial Derivative Instruments (f) (0.0)**%(Cost or Premiums, net $0) |  | (1631) |
| Other Assets and Liabilities, net (0.5)% |  | (69621) |
| Net Assets 100.0% |  | $14062441 |

---

------

<br> Schedule of Investments PIMCO Enhanced Short Maturity Active Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  |
| **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** |
| **¤** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** |
| **«** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.** |
| **(a)** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** |
| **(b)** | **Institutional Class Shares of each Fund.** | **Institutional Class Shares of each Fund.** | **Institutional Class Shares of each Fund.** | **Institutional Class Shares of each Fund.** | **Institutional Class Shares of each Fund.** | **Institutional Class Shares of each Fund.** | **Institutional Class Shares of each Fund.** | **Institutional Class Shares of each Fund.** |
| **(c)** | **Securities with an aggregate market value of $505 were out on loan in exchange for $517 of cash collateral as of September 30, 2025.**  | **Securities with an aggregate market value of $505 were out on loan in exchange for $517 of cash collateral as of September 30, 2025.**  | **Securities with an aggregate market value of $505 were out on loan in exchange for $517 of cash collateral as of September 30, 2025.**  | **Securities with an aggregate market value of $505 were out on loan in exchange for $517 of cash collateral as of September 30, 2025.**  | **Securities with an aggregate market value of $505 were out on loan in exchange for $517 of cash collateral as of September 30, 2025.**  | **Securities with an aggregate market value of $505 were out on loan in exchange for $517 of cash collateral as of September 30, 2025.**  | **Securities with an aggregate market value of $505 were out on loan in exchange for $517 of cash collateral as of September 30, 2025.**  | **Securities with an aggregate market value of $505 were out on loan in exchange for $517 of cash collateral as of September 30, 2025.**  |
| **(d)** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** |
| **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** |
| **(e)** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** |
| Counterparty | Maturity<br>Date | Principal<br>Amount | &nbsp;&nbsp; Collateralized By | &nbsp;&nbsp; Collateralized By | &nbsp;&nbsp; Collateralized By | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| BOS | 10/01/2025 | 314000 | &nbsp;&nbsp; U.S. Treasury Notes 1.500% - 3.500% due 01/31/2027 - 09/30/2029 | &nbsp;&nbsp; U.S. Treasury Notes 1.500% - 3.500% due 01/31/2027 - 09/30/2029 | &nbsp;&nbsp; U.S. Treasury Notes 1.500% - 3.500% due 01/31/2027 - 09/30/2029 | (320381) | 314000 | $314037 |
|  | 10/01/2025 | 4000 | &nbsp;&nbsp; U.S. Treasury Notes 3.500% due 09/30/2027 | &nbsp;&nbsp; U.S. Treasury Notes 3.500% due 09/30/2027 | &nbsp;&nbsp; U.S. Treasury Notes 3.500% due 09/30/2027 | (4079) | 4000 | 4001 |
|  | 10/01/2025 | 100000 | &nbsp;&nbsp; U.S. Treasury Notes 4.000% due 07/31/2032 | &nbsp;&nbsp; U.S. Treasury Notes 4.000% due 07/31/2032 | &nbsp;&nbsp; U.S. Treasury Notes 4.000% due 07/31/2032 | (101909) | 100000 | 100012 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |  |  | **(426369)** | **418000** | $**418050** |
| <sup>(1)</sup> | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. |
| **(f)** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** |
| **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** |
| **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** |
|  |  |  |  |  |  | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> |
| Description | Description | # of<br>Contracts | Notional<br>Amount | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Asset | Liability |
| U.S. Treasury 2-Year Note December Futures  | U.S. Treasury 2-Year Note December Futures  | 14907 | $(3106596) | (3106596) | $(2026) | $0 | 0 | (1631) |
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **(2026)** | **0** | **$** | **(1631)** |
| **(g)** | **Securities with an aggregate market value of $18,110 and cash of $104 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $18,110 and cash of $104 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $18,110 and cash of $104 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $18,110 and cash of $104 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $18,110 and cash of $104 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $18,110 and cash of $104 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $18,110 and cash of $104 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $18,110 and cash of $104 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** |
| **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** |
| **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: |  |
| Category and Subcategory | Category and Subcategory | Category and Subcategory | Level 1 | Level 2 | Level 2 | Level 3 | Fair Value<br>at 09/30/2025 |  |
| **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** |  |
| Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |  |
| Banking & Finance | Banking & Finance | Banking & Finance | 10036 | $4807414 | 4807414 | 0 | 4817450 |  |
| Industrials | Industrials | Industrials | 0 | 1966336 | 1966336 | 0 | 1966336 |  |
| Utilities | Utilities | Utilities | 0 | 687261 | 687261 | 0 | 687261 |  |
| U.S. Government Agencies | U.S. Government Agencies | U.S. Government Agencies | 0 | 2195689 | 2195689 | 29041 | 2224730 |  |
| U.S. Treasury Obligations | U.S. Treasury Obligations | U.S. Treasury Obligations | 0 | 421674 | 421674 | 0 | 421674 |  |
| Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | 0 | 208938 | 208938 | 0 | 208938 |  |
| Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |  |
| Automobile ABS Other | Automobile ABS Other | Automobile ABS Other | 0 | 950252 | 950252 | 0 | 950252 |  |
| Automobile Sequential | Automobile Sequential | Automobile Sequential | 0 | 791472 | 791472 | 0 | 791472 |  |
| CMBS Other | CMBS Other | CMBS Other | 0 | 58245 | 58245 | 0 | 58245 |  |
| Credit Card Bullet | Credit Card Bullet | Credit Card Bullet | 0 | 84126 | 84126 | 0 | 84126 |  |
| Credit Card Other | Credit Card Other | Credit Card Other | 0 | 153117 | 153117 | 0 | 153117 |  |
| Other ABS | Other ABS | Other ABS | 0 | 319072 | 319072 | 0 | 319072 |  |

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------

<br> Schedule of Investments PIMCO Enhanced Short Maturity Active Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Sovereign Issues | 0 | 140961 | 0 | 140961 |
| Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| Commercial Paper | 0 | 891542 | 0 | 891542 |
| Repurchase Agreements | 0 | 418000 | 0 | 418000 |
|  | $10036 | $14094099 | $29041 | $14133176 |
| **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** |
| Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| Mutual Funds | 517 | 0 | 0 | 517 |
| Total Investments | $10553 | $14094099 | $29041 | $14133693 |
| **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  |
| Exchange-traded or centrally cleared | $0 | $(1631) | $0 | $(1631) |
| Total Financial Derivative Instruments | $0 | $(1631) | $0 | $(1631) |
| Totals | $10553 | $14092468 | $29041 | $14132062 |
| **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** |

---

------

<br> Schedule of Investments PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** | **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** | **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** |
|  | PRINCIPAL<br>AMOUNT<br>(000s) | MARKET<br>VALUE<br>(000s) |
| **INVESTMENTS IN SECURITIES 100.0% ¤** |  |  |
| **MUNICIPAL BONDS & NOTES 93.2%**  |  |  |
| **ALABAMA 3.9%**  |  |  |
| **Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2021** <br>3.240% (MUNIPSA) due 10/01/2052 ~ | $2000 | $1975 |
| **Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2022** <br>5.250% due 02/01/2053 | 5000 | 5342 |
| **Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2023**  |  |  |
| 5.500% due 06/01/2049  | 2800 | 3002 |
| 5.500% due 10/01/2054  | 5000 | 5532 |
| **Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2024**  |  |  |
| 5.000% due 03/01/2055  | 7400 | 8075 |
| 5.000% due 10/01/2055  | 4800 | 5192 |
| **Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2025** <br>5.000% due 12/01/2055 | 3300 | 3559 |
| **Chatom Industrial Development Board, Alabama Revenue Notes, (AGM Insured), Series 2020** <br>5.000% due 08/01/2027 | 1000 | 1038 |
| **Energy Southeast A Cooperative District, Alabama Revenue Bonds, Series 2023** <br>5.750% due 04/01/2054 | 1500 | 1682 |
| **Energy Southeast A Cooperative District, Alabama Revenue Bonds, Series 2024** <br>5.250% due 07/01/2054 | 4700 | 5153 |
| **Healthcare Authority of Baptist Health, Alabama Revenue Bonds, Series 2023**  |  |  |
| 5.000% due 11/15/2035  | 1500 | 1607 |
| 5.000% due 11/15/2036  | 1220 | 1298 |
| 5.000% due 11/15/2037  | 875 | 924 |
| **Huntsville Public Building Authority, Alabama Revenue Bonds, Series 2022** <br>5.000% due 02/01/2047 | 2210 | 2269 |
| **Jefferson County, Alabama Sewer Revenue Notes, Series 2024** <br>5.000% due 10/01/2031 | 3500 | 3904 |
| **Selma Industrial Development Board, Alabama Revenue Bonds, Series 2019** <br>3.450% due 11/01/2033 | 1900 | 1912 |
| **Southeast Alabama Gas Supply District Revenue Bonds, Series 2024** <br>5.000% due 06/01/2049 | 4400 | 4773 |
| **Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2023** <br>5.000% due 01/01/2054 | 5950 | 6366 |
| **Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2024**  |  |  |
| 5.000% due 11/01/2035  | 8700 | 9177 |
| 5.000% due 10/01/2055  | 700 | 764 |
| **Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2025**  |  |  |
| 5.000% due 05/01/2055  | 2600 | 2809 |
| 5.000% due 01/01/2056  | 6600 | 6973 |
| **West Jefferson Industrial Development Board, Alabama Revenue Bonds, Series 1998** <br>3.650% due 06/01/2028 | 3600 | 3667 |
|  |  | 86993 |
| **ALASKA 0.3%**  |  |  |
| **Alaska Housing Finance Corp. Revenue Bonds, Series 2022** <br>5.000% due 12/01/2033 | 1905 | 2105 |
| **Alaska Municipal Bond Bank Authority, Revenue Bonds, Series 2023** <br>5.000% due 12/01/2042 | 1000 | 1045 |
| **Northern Tobacco Securitization Corp. Alaska Revenue Bonds, Series 2021** <br>5.000% due 06/01/2033 | 2890 | 3079 |
|  |  | 6229 |
| **ARIZONA 0.9%**  |  |  |
| **Maricopa County, Arizona & Phoenix Industrial Development Authorities Revenue Bonds, (GNMA Insured), Series 2025** <br>5.750% due 03/01/2056 | 2900 | 3223 |
| **Maricopa County, Arizona Industrial Development Authority Revenue Bonds, Series 2023** <br>5.000% due 01/01/2053 | 8500 | 8916 |
| **Phoenix Civic Improvement Corp. Arizona Revenue Bonds, Series 2017** <br>3.125% due 07/01/2034 | 425 | 416 |
| **Phoenix, Arizona General Obligation Refunding Notes, Series 2022** <br>5.000% due 07/01/2026 | 1500 | 1528 |
| **Salt River Project Agricultural Improvement & Power District, Arizona Revenue Bonds, Series 2025** <br>5.000% due 01/01/2043 | 5000 | 5398 |
|  |  | 19481 |
| **CALIFORNIA 5.2%**  |  |  |
| **Bay Area Toll Authority, California Revenue Bonds, Series 2021** <br>3.340% (MUNIPSA) due 04/01/2056 ~ | 2000 | 1990 |

---

------

<br> Schedule of Investments PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **California** **Community Choice Financing Authority Revenue Bonds, Series 2023**  |  |  |
| 5.000% due 02/01/2054  | 4700 | 5059 |
| 5.250% due 11/01/2054  | 7750 | 8407 |
| 5.500% due 10/01/2054  | 1885 | 2065 |
| **California Community Choice Financing Authority Revenue Bonds, Series 2024**  |  |  |
| 5.000% due 05/01/2054  | 6100 | 6597 |
| 5.000% due 02/01/2055  | 8100 | 8827 |
| **California Community Choice Financing Authority Revenue Bonds, Series 2025** <br>5.000% due 10/01/2055 | 5400 | 5812 |
| **California Health Facilities Financing Authority Revenue Bonds, Series 2016**  |  |  |
| 4.000% due 10/01/2036  | 1000 | 1000 |
| 4.000% due 03/01/2039  | 1500 | 1391 |
| **California Health Facilities Financing Authority Revenue Bonds, Series 2020** <br>4.000% due 04/01/2040 | 3250 | 3131 |
| **California Health Facilities Financing Authority Revenue Bonds, Series 2024**  |  |  |
| 5.000% due 12/01/2038  | 600 | 635 |
| 5.250% due 12/01/2042  | 3000 | 3132 |
| 5.250% due 12/01/2043  | 2825 | 2931 |
| **California Health Facilities Financing Authority Revenue Bonds, Series 2025** <br>5.000% due 10/01/2050 | 8400 | 9365 |
| **California Health Facilities Financing Authority Revenue Notes, Series 2025**  |  |  |
| 5.000% due 12/01/2031  | 3250 | 3540 |
| 5.000% due 12/01/2035  | 7400 | 8156 |
| **California Municipal Finance Authority Revenue Bonds, (FNMA Insured),Series 2024** <br>4.450% due 12/01/2042 | 1100 | 1111 |
| **California State General Obligation Bonds, Series 2016** <br>4.000% due 09/01/2037 | 4495 | 4505 |
| **California State General Obligation Bonds, Series 2023** <br>4.000% due 09/01/2043 | 3100 | 3070 |
| **California State General Obligation Notes, Series 2022** <br>5.000% due 11/01/2026 | 6400 | 6586 |
| **California Statewide Communities Development Authority Revenue Bonds, Series 2006** <br>4.500% due 11/01/2033 | 3500 | 3651 |
| **Chino Valley Unified School District, California General Obligation Bonds, Series 2022** <br>0.000% due 08/01/2041 (c) | 1500 | 740 |
| **Foothill-Eastern Transportation Corridor Agency, California Revenue Bonds, Series 2021** <br>4.000% due 01/15/2033 | 1067 | 1115 |
| **Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021** <br>2.746% due 06/01/2034 | 3000 | 2664 |
| **Golden State, California Tobacco Securitization Corp. Revenue Notes, Series 2021** <br>2.687% due 06/01/2030 | 6000 | 5522 |
| **Long Beach, California Senior Airport Revenue Refunding Bonds, (AGM Insured), Series 2022** <br>5.000% due 06/01/2038 | 1000 | 1095 |
| **Los Angeles County, California Metropolitan Transportation Authority Sales Tax Revenue Bonds, Series 2020** <br>4.000% due 06/01/2036 | 3400 | 3524 |
| **Riverside Unified School District, California Special Tax Bonds, Series 2024**  |  |  |
| 5.000% due 09/01/2039  | 500 | 521 |
| 5.000% due 09/01/2044  | 690 | 703 |
| **San Francisco, California City & County Certificates of Participation Bonds, Series 2017** <br>4.000% due 04/01/2036 | 6320 | 6322 |
| **San Joaquin Valley Clean Energy Authority, California Revenue Bonds, Series 2025** <br>5.500% due 01/01/2056 | 3300 | 3790 |
|  |  | 116957 |
| **COLORADO 1.8%**  |  |  |
| **Colorado Bridge & Tunnel Enterprise Revenue Bonds, (AGM Insured), Series 2024** <br>5.250% due 12/01/2049 | 300 | 319 |
| **Colorado Health Facilities Authority Revenue Bonds, Series 2018**  |  |  |
| 4.000% due 11/15/2048  | 6000 | 5479 |
| 5.000% due 11/15/2048  | 2500 | 2508 |
| **Colorado Health Facilities Authority Revenue Bonds, Series 2019**  |  |  |
| 5.000% due 08/01/2044  | 1365 | 1377 |
| 5.000% due 11/15/2049  | 1360 | 1393 |
| **Colorado Health Facilities Authority Revenue Bonds, Series 2022**  |  |  |
| 5.250% due 11/01/2035  | 1200 | 1329 |
| 5.250% due 11/01/2037  | 1450 | 1576 |
| **Colorado Health Facilities Authority Revenue Bonds, Series 2024** <br>5.000% due 11/15/2059 | 5800 | 6306 |
| **Colorado Health Facilities Authority Revenue Notes, Series 2024**  |  |  |
| 5.000% due 05/15/2033  | 4500 | 5051 |
| 5.000% due 05/15/2034  | 3400 | 3902 |
| **Colorado State Certificates of Participation Bonds, Series 2017** <br>4.000% due 03/15/2042 | 4000 | 3859 |
| **Colorado State Certificates of Participation Bonds, Series 2018** <br>4.000% due 12/15/2036 | 3455 | 3495 |
| **E-470 Public Highway Authority, Colorado Revenue Bonds, Series 2020** <br>5.000% due 09/01/2034 | 1300 | 1418 |

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<br> Schedule of Investments PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **E** **-470 Public Highway Authority, Colorado Revenue Bonds, Series 2024** <br>3.537% (SOFRRATE) due 09/01/2039 ~ | 3400 | 3393 |
|  |  | 41405 |
| **CONNECTICUT 1.1%**  |  |  |
| **Bridgeport, Connecticut General Obligation Notes, Series 2017** <br>5.000% due 08/15/2027 | 2690 | 2808 |
| **Connecticut Special Tax State Revenue Bonds, Series 2018**  |  |  |
| 5.000% due 10/01/2033  | 1020 | 1082 |
| 5.000% due 01/01/2035  | 4290 | 4472 |
| **Connecticut Special Tax State Revenue Bonds, Series 2022** <br>5.000% due 07/01/2039 | 5000 | 5457 |
| **Connecticut State General Obligation Bonds, Series 2018** <br>5.000% due 09/15/2030 | 3640 | 3902 |
| **Connecticut State General Obligation Notes, Series 2022** <br>5.000% due 09/15/2028 | 2725 | 2926 |
| **Connecticut State Health & Educational Facilities Authority Revenue Bonds, Series 2018** <br>5.000% due 07/01/2029 | 1200 | 1279 |
| **Metropolitan District, Connecticut General Obligation Bonds, Series 2018** <br>5.000% due 07/15/2029 | 1845 | 1978 |
|  |  | 23904 |
| **DELAWARE 0.1%**  |  |  |
| **Delaware State Economic Development Authority Revenue Bonds, Series 2020** <br>1.250% due 10/01/2045 | 2000 | 2000 |
| **DISTRICT OF COLUMBIA 2.2%**  |  |  |
| **District of Columbia General Obligation Bonds, Series 2024** <br>5.000% due 08/01/2039 | 9155 | 10105 |
| **District of Columbia General Obligation Notes, Series 2024** <br>5.000% due 08/01/2031 | 3000 | 3404 |
| **District of Columbia Income Tax Revenue Bonds, Series 2025** <br>5.000% due 06/01/2041 | 5500 | 5987 |
| **District of Columbia Income Tax Revenue Notes, Series 2025** <br>5.000% due 06/01/2028 | 8500 | 9080 |
| **District of Columbia Revenue Bonds, Series 2025** <br>5.000% due 04/01/2060 | 13000 | 14555 |
| **Washington Metropolitan Area Transit Authority, District of Columbia Revenue Bonds, Series 2017**  |  |  |
| 5.000% due 07/01/2031  | 2075 | 2159 |
| 5.000% due 07/01/2033  | 5000 | 5177 |
|  |  | 50467 |
| **FLORIDA 3.6%**  |  |  |
| **Duval County, Florida Public Schools Certificates of Participation Notes, (AGC Insured), Series 2025**  |  |  |
| 5.000% due 07/01/2029  | 3450 | 3762 |
| 5.000% due 07/01/2030  | 2000 | 2222 |
| **Florida Housing Finance Corp. Revenue Bonds, Series 2024** <br>3.500% due 11/01/2042 | 3000 | 3036 |
| **Florida's Turnpike Enterprise Revenue Bonds, Series 2018** <br>4.000% due 07/01/2048 | 4500 | 4273 |
| **Hillsborough County, Florida Industrial Development Authority Revenue Bonds, Series 2024** <br>3.650% due 11/15/2054 | 17000 | 17000 |
| **Hillsborough County, Florida Industrial Development Authority Revenue Notes, Series 2024** <br>5.000% due 11/15/2034 | 6500 | 7469 |
| **Jacksonville Housing Authority, Florida Revenue Notes, Series 2024** <br>5.000% due 02/01/2034 | 1500 | 1610 |
| **JEA Electric System, Florida Revenue Notes, Series 2024** <br>5.000% due 10/01/2034 | 4500 | 5147 |
| **JEA Water & Sewer System, Florida Revenue Bonds, Series 2020** <br>4.000% due 10/01/2039 | 1000 | 1002 |
| **Miami-Dade County, Florida Aviation Revenue Bonds, Series 2020** <br>5.000% due 10/01/2032 | 1000 | 1098 |
| **Miami-Dade County, Florida Educational Facilities Authority Revenue Bonds, Series 2025** <br>5.250% due 04/01/2038 | 6000 | 6750 |
| **Miami-Dade County, Florida Transit System Revenue Bonds, Series 2017** <br>4.000% due 07/01/2033 | 3000 | 3022 |
| **Miami-Dade County, Florida Water & Sewer System Revenue Notes, Series 2024** <br>5.000% due 10/01/2032 | 2750 | 3169 |
| **Orange County Health Facilities Authority, Florida Revenue Notes, Series 2023** <br>5.000% due 10/01/2028 | 1450 | 1554 |
| **Orlando Utilities Commission, Florida Revenue Bonds, Series 2021** <br>1.250% due 10/01/2046 | 3500 | 3185 |
| **Osceola County, Florida Transportation Revenue Bonds, Series 2020** <br>0.000% due 10/01/2034 (c) | 1850 | 1260 |
| **Osceola County, Florida Transportation Revenue Notes, Series 2020**  |  |  |
| 0.000% due 10/01/2027 (c)  | 350 | 326 |
| 0.000% due 10/01/2029 (c)  | 700 | 605 |
| **Palm Beach County, Florida School District Certificates of Participation Notes, Series 2025** <br>5.000% due 08/01/2032 | 2295 | 2617 |

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<br> Schedule of Investments PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **School** **Board of Miami-Dade County, Florida General Obligation Bonds, (BAM Insured), Series 2022** <br>5.000% due 03/15/2052 | 5000 | 5182 |
| **South Miami Health Facilities Authority, Florida Revenue Bonds, Series 2025** <br>5.000% due 08/15/2065 | 5200 | 5718 |
| **Tampa, Florida Revenue Bonds, Series 2020** <br>0.000% due 09/01/2033 (c) | 200 | 149 |
|  |  | 80156 |
| **GEORGIA 2.9%**  |  |  |
| **Bartow County, Georgia Development Authority Revenue Bonds, Series 1997** <br>1.800% due 09/01/2029 | 2000 | 1818 |
| **Brookhaven Development Authority, Georgia Revenue Bonds, Series 2019** <br>5.000% due 07/01/2038 | 1800 | 1895 |
| **Cobb County, Georgia Kennestone Hospital Authority Revenue Bonds, Series 2017** <br>5.000% due 04/01/2028 | 600 | 620 |
| **Cobb County, Georgia Kennestone Hospital Authority Revenue Bonds, Series 2023**  |  |  |
| 5.000% due 04/01/2042  | 2875 | 3013 |
| 5.000% due 04/01/2043  | 3375 | 3508 |
| **Development Authority of Burke County, Georgia Revenue Bonds, Series 2008** <br>3.375% due 11/01/2048 | 4500 | 4529 |
| **Fulton County, Georgia Development Authority Revenue Bonds, Series 2019** <br>5.000% due 07/01/2030 | 1000 | 1090 |
| **Gainesville & Hall County, Georgia Hospital Authority Revenue Notes, Series 2024** <br>5.000% due 10/15/2030 | 3000 | 3333 |
| **LaGrange-Troup County, Georgia Hospital Authority Revenue Bonds, Series 2017** <br>5.000% due 04/01/2028 | 700 | 723 |
| **Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2021** <br>4.000% due 07/01/2052 | 700 | 715 |
| **Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2022**  |  |  |
| 4.000% due 09/01/2052  | 1915 | 1965 |
| 5.000% due 12/01/2052  | 3000 | 3180 |
| **Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2023**  |  |  |
| 5.000% due 06/01/2053  | 1000 | 1066 |
| 5.000% due 12/01/2053  | 7600 | 8193 |
| **Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2024**  |  |  |
| 5.000% due 05/01/2054  | 1800 | 1949 |
| 5.000% due 12/01/2054  | 1800 | 1961 |
| 5.000% due 05/01/2055  | 3400 | 3719 |
| **Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2025** <br>5.000% due 12/01/2055 | 15300 | 16628 |
| **Municipal Electric Authority of Georgia Revenue Bonds, Series 2019** <br>5.000% due 01/01/2031 | 1200 | 1269 |
| **Municipal Electric Authority of Georgia Revenue Bonds, Series 2022** <br>4.500% due 07/01/2063 | 2000 | 1908 |
| **Municipal Electric Authority of Georgia Revenue Notes, Series 2019** <br>5.000% due 01/01/2026 | 400 | 402 |
| **Municipal Electric Authority of Georgia Revenue Notes, Series 2021** <br>5.000% due 01/01/2027 | 200 | 204 |
| **Municipal Electric Authority of Georgia Revenue Notes, Series 2024** <br>5.000% due 01/01/2033 | 2500 | 2821 |
|  |  | 66509 |
| **HAWAII 0.1%**  |  |  |
| **City & County Honolulu, Hawaii General Obligation Bonds, Series 2015** <br>5.000% due 10/01/2030 | 2000 | 2000 |
| **IDAHO 0.4%**  |  |  |
| **Idaho Health Facilities Authority Revenue Bonds, Series 2025** <br>5.000% due 03/01/2060 | 3200 | 3505 |
| **Idaho Housing & Finance Association Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024** <br>4.450% due 01/01/2044 | 2345 | 2308 |
| **Idaho Housing & Finance Association Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025** <br>6.250% due 01/01/2056 | 2750 | 3123 |
|  |  | 8936 |
| **ILLINOIS 5.0%**  |  |  |
| **Illinois Finance Authority Revenue Bonds, Series 2016** <br>5.000% due 02/15/2041 | 3620 | 3702 |
| **Illinois Finance Authority Revenue Bonds, Series 2018** <br>5.000% due 05/15/2043 | 5300 | 5346 |
| **Illinois Finance Authority Revenue Bonds, Series 2020** <br>3.700% due 08/15/2049 | 7600 | 7600 |
| **Illinois Finance Authority Revenue Bonds, Series 2022** <br>3.700% due 08/15/2057 | 5000 | 5000 |
| **Illinois Finance Authority Revenue Bonds, Series 2025** <br>5.000% due 08/15/2038 | 8320 | 9048 |
| **Illinois Finance Authority Revenue Notes, Series 2025** <br>5.000% due 08/15/2033 | 3500 | 3900 |
| **Illinois Sales Tax State Revenue Bonds, Series 2024** <br>5.000% due 06/15/2040 | 1195 | 1277 |

---

------

<br> Schedule of Investments PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Illinois** **State General Obligation Bonds, Series 2021** <br>5.000% due 03/01/2037 | 5860 | 6212 |
| **Illinois State General Obligation Bonds, Series 2023** <br>5.000% due 12/01/2043 | 3990 | 4110 |
| **Illinois State General Obligation Bonds, Series 2024** <br>5.000% due 02/01/2036 | 9000 | 9953 |
| **Illinois State General Obligation Bonds, Series 2025** <br>5.000% due 09/01/2042 | 7500 | 7814 |
| **Illinois State General Obligation Notes, Series 2020** <br>5.500% due 05/01/2030 | 7000 | 7560 |
| **Illinois State General Obligation Notes, Series 2024** <br>5.000% due 05/01/2032 | 5000 | 5585 |
| **Illinois State Toll Highway Authority Revenue Bonds, Series 2015** <br>5.000% due 01/01/2040 | 2100 | 2101 |
| **Illinois State Toll Highway Authority Revenue Bonds, Series 2019** <br>5.000% due 01/01/2030 | 2500 | 2695 |
| **Illinois State Toll Highway Authority Revenue Bonds, Series 2020** <br>5.000% due 01/01/2045 | 14400 | 14859 |
| **Illinois State Toll Highway Authority Revenue Bonds, Series 2024**  |  |  |
| 5.000% due 01/01/2035  | 2600 | 2970 |
| 5.000% due 01/01/2036  | 5000 | 5642 |
| **Metropolitan Pier & Exposition Authority, Illinois Revenue Bonds, Series 2022**  |  |  |
| 0.000% due 06/15/2036 (c)  | 500 | 324 |
| 0.000% due 06/15/2037 (c)  | 1500 | 919 |
| **Regional Transportation Authority, Illinois Revenue Bonds, Series 2025** <br>5.000% due 06/01/2038 | 2520 | 2796 |
| **Sales Tax Securitization Corp. Illinois Revenue Bonds, Series 2018** <br>5.000% due 01/01/2037 | 1350 | 1389 |
| **Sales Tax Securitization Corp. Illinois Revenue Bonds, Series 2023** <br>5.000% due 01/01/2037 | 1000 | 1059 |
|  |  | 111861 |
| **INDIANA 1.1%**  |  |  |
| **Indiana Finance Authority Revenue Bonds, Series 2010** <br>2.500% due 11/01/2030 | 3825 | 3647 |
| **Indiana Finance Authority Revenue Bonds, Series 2012**  |  |  |
| 3.000% due 11/01/2030  | 2100 | 2055 |
| 4.250% due 11/01/2030  | 1500 | 1537 |
| **Indiana Finance Authority Revenue Bonds, Series 2018** <br>5.000% due 02/01/2030 | 1500 | 1587 |
| **Indiana Finance Authority Revenue Bonds, Series 2023**  |  |  |
| 5.000% due 10/01/2036  | 1000 | 1120 |
| 5.000% due 10/01/2037  | 800 | 888 |
| **Indiana Finance Authority Revenue Bonds, Series 2025** <br>5.000% due 10/01/2057 | 3000 | 3357 |
| **Indiana Finance Authority Revenue Notes, Series 2024**  |  |  |
| 5.000% due 03/01/2031  | 600 | 657 |
| 5.000% due 03/01/2032  | 700 | 772 |
| **Indianapolis Local Public Improvement Bond Bank, Indiana Revenue Bonds, Series 2023** <br>6.000% due 02/01/2048 | 4000 | 4449 |
| **Whiting, Indiana Revenue Bonds, Series 2008** <br>4.200% due 06/01/2044 | 3900 | 4082 |
|  |  | 24151 |
| **IOWA 0.2%**  |  |  |
| **Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds, Series 2022**  |  |  |
| 4.000% due 12/01/2050  | 3000 | 3261 |
| 5.000% due 12/01/2050  | 800 | 922 |
|  |  | 4183 |
| **KANSAS 0.1%**  |  |  |
| **Leavenworth County, Kansas Unified School District No 458 General Obligation Bonds, Series 2024** <br>5.000% due 09/01/2041 | 2105 | 2199 |
| **KENTUCKY 0.7%**  |  |  |
| **Kentucky Bond Development Corp. Revenue Bonds, Series 2025** <br>5.000% due 08/15/2055 | 4500 | 4965 |
| **Kentucky Economic Development Finance Authority Revenue Bonds, Series 2015** <br>5.000% due 07/01/2040 | 1650 | 1651 |
| **Kentucky Public Energy Authority Revenue Bonds, Series 2024** <br>5.000% due 01/01/2055 | 1800 | 1951 |
| **Kentucky Public Energy Authority Revenue Bonds, Series 2025** <br>5.250% due 06/01/2055 | 1700 | 1824 |

---

------

<br> Schedule of Investments PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Kentucky** **State Property & Building Commission Revenue Bonds, (FNMA Insured), Series 2024** <br>4.375% due 09/01/2040 | 5810 | 6047 |
|  |  | 16438 |
| **LOUISIANA 1.2%**  |  |  |
| **East Baton Rouge Sewerage Commission, Louisiana Revenue Bonds, Series 2019** <br>4.000% due 02/01/2045 | 13100 | 12508 |
| **Louisiana Local Government Environmental Facilities & Community Development Auth Revenue Notes, Series 2022**  |  |  |
| 5.000% due 08/15/2027  | 1200 | 1253 |
| 5.000% due 08/15/2028  | 1200 | 1246 |
| **Louisiana Public Facilities Authority Revenue Bonds, (AGM Insured), Series 2025**  |  |  |
| 5.000% due 01/01/2037  | 960 | 1071 |
| 5.000% due 07/01/2040  | 700 | 754 |
| **Louisiana Public Facilities Authority Revenue Bonds, Series 2020** <br>4.000% due 04/01/2050 | 1980 | 1747 |
| **Louisiana Public Facilities Authority Revenue Bonds, Series 2023** <br>5.000% due 10/15/2036 | 1000 | 1096 |
| **Louisiana Public Facilities Authority Revenue Notes, Series 2025** <br>5.000% due 05/15/2030 | 4400 | 4768 |
| **Tangipahoa Parish Hospital Service District No 1, Louisiana Revenue Bonds, Series 2021** <br>4.000% due 02/01/2037 | 2000 | 1982 |
|  |  | 26425 |
| **MARYLAND 1.2%**  |  |  |
| **Maryland Department of Housing & Community Development Corp. Revenue Bonds, Series 2025** <br>6.250% due 09/01/2056 | 6900 | 7741 |
| **Maryland Department of Transportation State Revenue Bonds, Series 2019** <br>4.000% due 10/01/2032 | 1450 | 1477 |
| **Maryland Health & Higher Educational Facilities Authority Revenue Bonds, Series 2021**  |  |  |
| 4.000% due 06/01/2035  | 450 | 444 |
| 4.000% due 06/01/2037  | 225 | 217 |
| **Maryland Health & Higher Educational Facilities Authority Revenue Bonds, Series 2025** <br>5.000% due 07/01/2045 | 2200 | 2410 |
| **Maryland Health & Higher Educational Facilities Authority Revenue Notes, Series 2021** <br>5.000% due 06/01/2031 | 350 | 376 |
| **Maryland State General Obligation Bonds, Series 2022** <br>5.000% due 06/01/2037 | 3490 | 3843 |
| **Washington Suburban Sanitary Commission, Maryland Revenue Bonds, (CNTY Insured), Series 2013** <br>3.850% due 06/01/2027 | 9840 | 9840 |
|  |  | 26348 |
| **MASSACHUSETTS 1.2%**  |  |  |
| **Commonwealth of Massachusetts General Obligation Bonds, Series 2022** <br>5.000% due 10/01/2037 | 3400 | 3756 |
| **Commonwealth of Massachusetts General Obligation Bonds, Series 2025**  |  |  |
| 5.000% due 07/01/2036  | 5000 | 5792 |
| 5.000% due 04/01/2040  | 1750 | 1940 |
| 5.000% due 04/01/2042  | 2000 | 2169 |
| 5.000% due 04/01/2043  | 2500 | 2689 |
| 5.000% due 08/01/2048  | 6500 | 6859 |
| **Massachusetts Bay Transportation Authority Sales Tax Revenue Notes, Series 2023** <br>5.000% due 07/01/2033 | 1500 | 1747 |
| **Massachusetts Development Finance Agency Revenue Bonds, Series 2018** <br>5.000% due 07/01/2030 | 1500 | 1591 |
| **Massachusetts Development Finance Agency Revenue Bonds, Series 2019** <br>3.490% (MUNIPSA) due 07/01/2049 ~ | 1000 | 1000 |
|  |  | 27543 |
| **MICHIGAN 3.0%**  |  |  |
| **Detroit, Michigan Sewage Disposal System Revenue Bonds, (AGM Insured), Series 2006** <br>3.650% (TSFR3M) due 07/01/2032 ~ | 3000 | 2976 |
| **Grand Traverse County, Michigan Hospital Finance Authority Revenue Notes, Series 2021**  |  |  |
| 5.000% due 07/01/2029  | 1175 | 1269 |
| 5.000% due 07/01/2030  | 1715 | 1883 |
| **Great Lakes Water Authority Sewage Disposal System, Michigan Revenue Bonds, Series 2023** <br>5.000% due 07/01/2037 | 5000 | 5573 |
| **Michigan Finance Authority Hospital Revenue Refunding Bonds, Series 2022** <br>3.640% (MUNIPSA) due 04/15/2047 ~ | 3500 | 3490 |
| **Michigan Finance Authority Hospital Revenue Refunding Notes, Series 2022** <br>5.000% due 04/15/2030 | 2000 | 2210 |
| **Michigan Finance Authority Revenue Bonds, Series 2020** <br>5.000% due 06/01/2040 | 5000 | 5072 |
| **Michigan Finance Authority Revenue Bonds, Series 2024** <br>5.000% due 02/28/2039 | 1290 | 1393 |
| **Michigan Finance Authority Revenue Notes, Series 2024** <br>5.000% due 08/31/2034 | 1930 | 2168 |
| **Michigan State Building Authority Revenue Bonds, Series 2015** <br>5.000% due 04/15/2034 | 2000 | 2002 |
| **Michigan State Building Authority Revenue Bonds, Series 2023** <br>5.000% due 10/15/2037 | 1000 | 1109 |

---

------

<br> Schedule of Investments PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Michigan** **State Hospital Finance Authority Revenue Notes, Series 2025** <br>5.000% due 08/15/2035 | 4600 | 5248 |
| **Michigan State Housing Development Authority Revenue Bonds, Series 2024** <br>6.250% due 06/01/2055 | 1800 | 1986 |
| **Michigan State Housing Development Authority Revenue Bonds, Series 2025** <br>6.000% due 06/01/2056 (a) | 19900 | 22201 |
| **Michigan Trunk Line State Revenue Bonds, Series 2023** <br>5.000% due 11/15/2038 | 1800 | 2004 |
| **Northern Michigan University Revenue Bonds, Series 2025** <br>5.250% due 06/01/2046 | 1890 | 2006 |
| **Western Michigan University Revenue Notes, (AGC Insured), Series 2025**  |  |  |
| 5.000% due 11/15/2031  | 2730 | 3073 |
| 5.000% due 11/15/2033  | 2020 | 2308 |
|  |  | 67971 |
| **MINNESOTA 1.0%**  |  |  |
| **Fairview Health Services Obligated Group, Minnesota Revenue Bonds, Series 2017** <br>5.000% due 11/15/2033 | 3410 | 3505 |
| **Housing & Redevelopment Authority of The City of St Paul Minnesota Revenue Notes, Series 2025**  |  |  |
| 5.000% due 07/01/2030  | 8000 | 8770 |
| 5.000% due 07/01/2032  | 2000 | 2230 |
| **Minneapolis, Minnesota Revenue Bonds, Series 2023** <br>5.000% due 11/15/2052 | 3060 | 3233 |
| **Minnesota Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024** <br>6.250% due 01/01/2055 | 1680 | 1888 |
| **St Cloud, Minnesota Revenue Bonds, Series 2019** <br>5.000% due 05/01/2048 | 1800 | 1821 |
| **St Cloud, Minnesota Revenue Bonds, Series 2024** <br>5.000% due 05/01/2039 | 1000 | 1083 |
|  |  | 22530 |
| **MISSISSIPPI 0.2%**  |  |  |
| **Mississippi Business Finance Corp. Revenue Bonds, Series 2002** <br>3.200% due 09/01/2028 | 1500 | 1501 |
| **Mississippi Development Bank Revenue Bonds, Series 2025** <br>5.000% due 03/01/2040 | 1000 | 1062 |
| **Mississippi Development Bank Revenue Notes, Series 2024** <br>5.000% due 01/01/2031 | 1250 | 1395 |
|  |  | 3958 |
| **MISSOURI 0.7%**  |  |  |
| **Health & Educational Facilities Authority of the State of Missouri Revenue Bonds, Series 2012** <br>4.000% due 11/15/2042 | 2700 | 2510 |
| **Health & Educational Facilities Authority of the State of Missouri Revenue Notes, Series 2023** <br>5.000% due 05/01/2033 | 4000 | 4551 |
| **Missouri Housing Development Commission Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025**  |  |  |
| 6.000% due 05/01/2056  | 7000 | 7780 |
| 6.250% due 05/01/2056  | 1700 | 1911 |
|  |  | 16752 |
| **MULTI-STATE 4.0%**  |  |  |
| **FHLMC Multifamily VRD Certificates, New York Revenue Bonds, Series 2025** <br>4.497% due 06/25/2042 | 2800 | 2835 |
| **FHLMC Multifamily VRD Certificates, Revenue Bonds, Series 2025**  |  |  |
| 4.388% due 11/25/2042  | 15441 | 15174 |
| 4.869% due 01/25/2043  | 20954 | 21698 |
| **Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023**  |  |  |
| 4.033% due 12/25/2036  | 8367 | 8396 |
| 4.140% due 01/25/2040  | 10754 | 10569 |
| 4.553% due 08/25/2040  | 13138 | 13365 |
| **Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2024**  |  |  |
| 4.615% due 08/25/2041 ~(f)  | 6662 | 6783 |
| 4.685% due 10/25/2040  | 6435 | 6610 |
| 4.700% due 04/25/2042 ~  | 4982 | 5052 |
|  |  | 90482 |
| **NEBRASKA 0.2%**  |  |  |
| **Omaha Public Power District, Nebraska Revenue Bonds, Series 2024** <br>5.000% due 02/01/2042 | 3625 | 3916 |
| **NEVADA 1.5%**  |  |  |
| **Clark County, Nevada Department of Highway Revenue Bonds, Series 2024** <br>4.000% due 07/01/2042 | 5000 | 4828 |
| **Clark County, Nevada Revenue Bonds, Series 2010** <br>2.100% due 06/01/2031 | 5000 | 4550 |
| **Humboldt County, Nevada Revenue Bonds, Series 2016** <br>3.550% due 10/01/2029 | 5000 | 5101 |

---

------

<br> Schedule of Investments PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Las** **Vegas Redevelopment Agency, Nevada Tax Allocation Bonds, Series 2016** <br>5.000% due 06/15/2031 | 1465 | 1479 |
| **Nevada State General Obligation Bonds, Series 2023** <br>5.000% due 05/01/2040 | 10000 | 10907 |
| **Washoe County School District, Nevada General Obligation Bonds, Series 2023** <br>4.125% due 06/01/2041 | 4235 | 4255 |
| **Washoe County, Nevada Revenue Bonds, Series 2016** <br>3.625% due 03/01/2036 | 2500 | 2528 |
|  |  | 33648 |
| **NEW HAMPSHIRE 1.7%**  |  |  |
| **New Hampshire Business Finance Authority Affordable Housing Bonds, (HUD Insured), Series 2024** <br>4.150% due 10/20/2040 | 5085 | 4969 |
| **New Hampshire Business Finance Authority Revenue Bonds, Series 2023** <br>3.875% due 01/20/2038 | 4871 | 4525 |
| **New Hampshire Business Finance Authority Revenue Bonds, Series 2024** <br>4.163% due 10/01/2051 | 1390 | 1332 |
| **New Hampshire Business Finance Authority Revenue Bonds, Series 2025**  |  |  |
| 4.168% due 01/20/2041 ~  | 6273 | 6048 |
| 4.216% due 11/20/2042  | 9193 | 8729 |
| **New Hampshire Health and Education Facilities Authority Act Revenue Notes, Series 2025**  |  |  |
| 5.000% due 08/01/2033  | 4000 | 4486 |
| 5.000% due 08/01/2034  | 1700 | 1911 |
| **New Hampshire Housing Finance Authority Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024** <br>6.500% due 07/01/2055 | 5260 | 5958 |
|  |  | 37958 |
| **NEW JERSEY 2.2%**  |  |  |
| **Federal Home Loan Mortgage Corp. Enhanced Receipt, New Jersey Revenue Bonds, Series 2019** <br>3.870% due 11/15/2035 (f) | 12552 | 11441 |
| **New Jersey Economic Development Authority Revenue Bonds, Series 2015** <br>5.250% due 06/15/2027 | 975 | 976 |
| **New Jersey Economic Development Authority Revenue Bonds, Series 2021** <br>4.000% due 06/15/2034 | 500 | 515 |
| **New Jersey Economic Development Authority Revenue Bonds, Series 2022** <br>5.000% due 11/01/2036 | 2500 | 2737 |
| **New Jersey Housing & Mortgage Finance Agency Revenue Bonds, Series 2025** <br>6.500% due 04/01/2056 | 2400 | 2721 |
| **New Jersey State General Obligation Notes, Series 2020** <br>5.000% due 06/01/2026 | 2000 | 2031 |
| **New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2009** <br>0.000% due 12/15/2034 (c) | 1500 | 1087 |
| **New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2018** <br>5.000% due 12/15/2036 | 1380 | 1438 |
| **New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2023**  |  |  |
| 5.000% due 06/15/2036  | 6500 | 7191 |
| 5.000% due 06/15/2037  | 10985 | 12051 |
| **Tobacco Settlement Financing Corp. New Jersey Revenue Bonds, Series 2018** <br>5.000% due 06/01/2031 | 7870 | 8245 |
|  |  | 50433 |
| **NEW MEXICO 0.9%**  |  |  |
| **Farmington, New Mexico Revenue Bonds, Series 2005** <br>1.800% due 04/01/2029 | 5000 | 4735 |
| **Farmington, New Mexico Revenue Bonds, Series 2010** <br>3.875% due 06/01/2040 | 7000 | 7119 |
| **New Mexico Hospital Equipment Loan Council Revenue Bonds, Series 2017** <br>4.000% due 08/01/2039 | 7950 | 7600 |
|  |  | 19454 |
| **NEW YORK 10.4%**  |  |  |
| **Albany City School District, New York General Obligation Notes, Series 2025** <br>4.000% due 06/25/2026 | 5000 | 5040 |
| **Battery Park City Authority, New York Revenue Bonds, Series 2019** <br>5.000% due 11/01/2040 | 2500 | 2641 |
| **Long Island Power Authority, New York Revenue Bonds, Series 2023** <br>5.000% due 09/01/2040 | 1665 | 1804 |
| **Monroe County, New York Industrial Development Agency Revenue Bonds, (FNMA Insured),Series 2023** <br>4.720% due 01/01/2044 | 1800 | 1832 |
| **Nassau County, New York General Obligation Notes, Series 2016** <br>5.000% due 04/01/2026 | 1360 | 1378 |
| **New York City, New York General Obligation Bonds, Series 2015** <br>3.850% due 06/01/2044 | 5000 | 5000 |
| **New York City, New York General Obligation Bonds, Series 2017** <br>3.850% due 10/01/2046 | 14200 | 14200 |
| **New York City, New York General Obligation Bonds, Series 2018** <br>3.850% due 12/01/2047 | 10000 | 10000 |
| **New York City, New York Industrial Development Agency Revenue Notes, (AGM Insured), Series 2021** <br>5.000% due 01/01/2030 | 2005 | 2187 |

---

------

<br> Schedule of Investments PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **New** **York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2013** <br>3.700% due 06/15/2048 | 20000 | 20000 |
| **New York City, New York Municipal Water Finance Authority Revenue Notes, Series 2022** <br>5.000% due 06/15/2028 | 2000 | 2141 |
| **New York City, New York Transitional Finance Authority Building Aid Revenue Bonds, Series 2018** <br>5.000% due 07/15/2031 | 1520 | 1617 |
| **New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2014** <br>3.850% due 11/01/2042 | 20000 | 20000 |
| **New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2018** <br>3.700% due 08/01/2042 | 15150 | 15150 |
| **New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2019** <br>3.850% due 11/01/2044 | 8000 | 8000 |
| **New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2022**  |  |  |
| 5.000% due 08/01/2035  | 2000 | 2223 |
| 5.000% due 02/01/2040  | 2450 | 2608 |
| 5.250% due 08/01/2040  | 4890 | 5304 |
| **New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2023** <br>5.000% due 02/01/2039 | 3000 | 3264 |
| **New York City, New York Transitional Finance Authority Revenue Bonds, Series 2023** <br>5.000% due 05/01/2037 | 2000 | 2213 |
| **New York City, New York Transitional Finance Authority Revenue Bonds, Series 2024**  |  |  |
| 5.000% due 11/01/2037  | 4500 | 5000 |
| 5.000% due 05/01/2046  | 8000 | 8382 |
| **New York City, New York Transitional Finance Authority Revenue Bonds, Series 2025**  |  |  |
| 5.000% due 11/01/2035  | 1000 | 1160 |
| 5.000% due 11/01/2036  | 1300 | 1480 |
| 5.000% due 11/01/2037  | 4500 | 5049 |
| 5.000% due 11/01/2046  | 4000 | 4191 |
| **New York Energy Finance Development Corp. Revenue Bonds, Series 2025** <br>5.000% due 07/01/2056 | 5800 | 6202 |
| **New York Power Authority Revenue Bonds, (AGM Insured), Series 2023**  |  |  |
| 5.000% due 11/15/2036  | 1000 | 1140 |
| 5.000% due 11/15/2037  | 1000 | 1127 |
| **New York State Dormitory Authority Revenue Bonds, Series 2015** <br>5.000% due 03/15/2030 | 3500 | 3503 |
| **New York State Dormitory Authority Revenue Bonds, Series 2020**  |  |  |
| 4.000% due 03/15/2034  | 4705 | 4849 |
| 4.000% due 03/15/2048  | 5000 | 4661 |
| **New York State Dormitory Authority Revenue Bonds, Series 2022** <br>4.000% due 05/01/2045 | 4740 | 4310 |
| **New York State Dormitory Authority Revenue Bonds, Series 2024** <br>5.000% due 03/15/2042 | 2000 | 2137 |
| **New York State Dormitory Authority Revenue Bonds, Series 2025**  |  |  |
| 5.000% due 07/01/2039  | 3385 | 3640 |
| 5.000% due 07/01/2040  | 1500 | 1596 |
| 5.000% due 03/15/2042  | 2250 | 2426 |
| **New York State Dormitory Authority Revenue Notes, Series 2024** <br>5.000% due 05/01/2034 | 6100 | 6897 |
| **New York State Energy Research & Development Authority Revenue Bonds, Series 1994** <br>3.500% due 10/01/2029 | 3000 | 3004 |
| **New York State Housing Finance Agency Revenue Bonds, (FHA Insured), Series 2020** <br>4.200% due 11/01/2054 (f) | 6500 | 6092 |
| **New York State Thruway Authority Revenue Bonds, Series 2025** <br>5.000% due 03/15/2042 | 4300 | 4633 |
| **New York State Urban Development Corp. Revenue Bonds, Series 2015** <br>5.000% due 03/15/2035 | 2500 | 2503 |
| **New York State Urban Development Corp. Revenue Bonds, Series 2023** <br>5.000% due 03/15/2037 | 4900 | 5492 |
| **New York Transportation Development Corp. Revenue Notes, Series 2020** <br>5.000% due 12/01/2026 | 1070 | 1096 |
| **Riverhead IDA Economic Job Development Corp. New York Revenue Bonds, (FNMA Insured), Series 2023** <br>4.500% due 02/01/2041 | 2955 | 3006 |
| **Triborough Bridge & Tunnel Authority Sales Tax, New York Revenue Bonds, Series 2022** <br>5.250% due 05/15/2062 | 5000 | 5222 |
| **Triborough Bridge & Tunnel Authority, New York Revenue Notes, Series 2022** <br>5.000% due 11/15/2032 | 4200 | 4795 |
| **Triborough Bridge & Tunnel Authority, New York Revenue Notes, Series 2025** <br>5.000% due 12/01/2033 | 1000 | 1159 |
| **TSASC, Inc., New York Revenue Notes, Series 2017**  |  |  |
| 5.000% due 06/01/2026  | 1270 | 1286 |
| 5.000% due 06/01/2027  | 2800 | 2888 |
|  |  | 235528 |
| **NORTH CAROLINA 1.6%**  |  |  |
| **Charlotte-Mecklenburg Hospital Authority, North Carolina Revenue Bonds, Series 2007** <br>3.700% due 01/15/2037 | 17765 | 17765 |
| **Charlotte-Mecklenburg Hospital Authority, North Carolina Revenue Bonds, Series 2021** <br>5.000% due 01/15/2049 | 2000 | 2226 |
| **Inlivian, North Carolina Revenue Bonds, (FNMA Insured), Series 2024** <br>4.450% due 06/01/2041 | 2990 | 3038 |
| **North Carolina Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024** <br>6.250% due 07/01/2055 | 3390 | 3749 |

---

------

<br> Schedule of Investments PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **North** **Carolina Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025** <br>6.500% due 01/01/2056 | 4100 | 4706 |
| **North Carolina State Revenue Notes, Series 2025** <br>5.000% due 03/01/2030 | 4300 | 4758 |
|  |  | 36242 |
| **NORTH DAKOTA 0.2%**  |  |  |
| **Grand Forks, North Dakota Revenue Bonds, (AGM Insured), Series 2023** <br>5.000% due 12/01/2036 | 1050 | 1139 |
| **North Dakota Housing Finance Agency Revenue Bonds, Series 2025** <br>6.000% due 01/01/2056 | 2650 | 2935 |
|  |  | 4074 |
| **OHIO 2.7%**  |  |  |
| **Buckeye Tobacco Settlement Financing Authority, Ohio Revenue Bonds, Series 2020**  |  |  |
| 5.000% due 06/01/2035  | 1000 | 1050 |
| 5.000% due 06/01/2036  | 2065 | 2152 |
| **Butler County, Ohio Revenue Bonds, Series 2017** <br>5.000% due 11/15/2030 | 1235 | 1262 |
| **Columbus Regional Airport Authority, Ohio Revenue Bonds, Series 2025** <br>5.000% due 01/01/2039 | 1000 | 1104 |
| **Kent State University, Ohio Revenue Bonds, Series 2022** <br>5.000% due 05/01/2033 | 510 | 574 |
| **Northeast Ohio Medical University Revenue Notes, Series 2021** <br>5.000% due 12/01/2029 | 115 | 123 |
| **Ohio Air Quality Development Authority Revenue Bonds, Series 2009** <br>4.750% due 06/01/2033 | 8950 | 9330 |
| **Ohio Air Quality Development Authority Revenue Bonds, Series 2014** <br>2.400% due 12/01/2038 | 3200 | 3051 |
| **Ohio Higher Educational Facility Commission Revenue Bonds, Series 2008** <br>3.800% due 01/01/2043 | 8000 | 8000 |
| **Ohio Higher Educational Facility Commission Revenue Bonds, Series 2025**  |  |  |
| 5.000% due 02/01/2038  | 1500 | 1668 |
| 5.000% due 02/01/2039  | 1750 | 1924 |
| 5.000% due 02/01/2042  | 1700 | 1812 |
| **Ohio Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024** <br>6.250% due 03/01/2055 | 9015 | 9953 |
| **Ohio Water Development Authority Revenue Bonds, Series 2023** <br>5.000% due 12/01/2038 | 1250 | 1383 |
| **Ohio Water Development Authority Water Pollution Control Loan Fund Revenue Bonds, Series 2009** <br>4.750% due 06/01/2033 | 5000 | 5213 |
| **Ohio Water Development Authority Water Pollution Control Loan Fund Revenue Bonds, Series 2023** <br>5.000% due 12/01/2037 | 4985 | 5532 |
| **Port of Greater Cincinnati Development Authority, Ohio Revenue Bonds, (AGM Insured), Series 2024**  |  |  |
| 5.000% due 12/01/2036  | 380 | 420 |
| 5.000% due 12/01/2039  | 430 | 462 |
| 5.000% due 12/01/2040  | 410 | 437 |
| 5.000% due 12/01/2041  | 460 | 485 |
| **University of Cincinnati, Ohio Revenue Bonds, Series 2025** <br>5.000% due 06/01/2041 | 2765 | 2970 |
| **Worthington City School District, Ohio General Obligation Notes, Series 2023**  |  |  |
| 0.000% due 12/01/2031 (c)  | 845 | 689 |
| 0.000% due 12/01/2032 (c)  | 880 | 686 |
|  |  | 60280 |
| **OKLAHOMA 0.4%**  |  |  |
| **Grand River Dam Authority, Oklahoma Revenue Bonds, Series 2023**  |  |  |
| 5.000% due 06/01/2036  | 1850 | 2056 |
| 5.000% due 06/01/2037  | 1100 | 1210 |
| **Grand River Dam Authority, Oklahoma Revenue Bonds, Series 2024** <br>5.000% due 06/01/2036 | 4000 | 4495 |
| **Tulsa County, Oklahoma Industrial Authority Revenue Notes, Series 2025** <br>5.000% due 09/01/2032 | 1600 | 1812 |
|  |  | 9573 |
| **OREGON 0.7%**  |  |  |
| **Medford Hospital Facilities Authority, Oregon Revenue Bonds, Series 2020**  |  |  |
| 5.000% due 08/15/2035  | 1500 | 1600 |
| 5.000% due 08/15/2036  | 1500 | 1589 |
| 5.000% due 08/15/2037  | 1600 | 1683 |
| **Oregon Department of Transportation State Revenue Bonds, Series 2024**  |  |  |
| 5.000% due 05/15/2036  | 2000 | 2271 |
| 5.000% due 05/15/2037  | 1000 | 1125 |
| 5.000% due 05/15/2038  | 2250 | 2505 |
| **Oregon State Lottery Revenue Bonds, Series 2025** <br>5.000% due 04/01/2036 | 1440 | 1664 |
| **Oregon State Lottery Revenue Notes, Series 2025**  |  |  |
| 5.000% due 04/01/2034  | 1390 | 1617 |

---

------

<br> Schedule of Investments PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| 5.000% due 04/01/2035  | 2015 | 2355 |
|  |  | 16409 |
| **PENNSYLVANIA 3.2%**  |  |  |
| **Allegheny County, Pennsylvania Hospital Development Authority Revenue Bonds, Series 2017** <br>3.590% (MUNIPSA) due 11/15/2047 ~ | 10000 | 9918 |
| **Commonwealth Financing Authority, Pennsylvania Revenue Bonds, (AGM Insured), Series 2018** <br>4.000% due 06/01/2039 | 4150 | 4077 |
| **Commonwealth of Pennsylvania, General Obligation Bonds, Series 2022** <br>5.000% due 10/01/2033 | 5000 | 5697 |
| **Delaware Valley Regional Finance Authority, Pennsylvania Revenue Bonds, Series 2007** <br>3.720% (TSFR3M) due 06/01/2037 ~ | 4000 | 3742 |
| **Delaware Valley Regional Finance Authority, Pennsylvania Revenue Bonds, Series 2023** <br>4.000% due 03/01/2035 | 1100 | 1155 |
| **Delaware Valley Regional Finance Authority, Pennsylvania Revenue Notes, Series 2023** <br>4.000% due 03/01/2033 | 600 | 632 |
| **Monroeville Finance Authority, Pennsylvania Revenue Bonds, Series 2022** <br>4.000% due 02/15/2042 | 4060 | 3753 |
| **Montgomery County Industrial Development Authority, Pennsylvania Revenue Notes, Series 2023** <br>4.100% due 06/01/2029 | 5500 | 5718 |
| **Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2025** <br>5.000% due 03/15/2060 | 6900 | 7621 |
| **Pennsylvania Higher Educational Facilities Authority Revenue Bonds, Series 2017** <br>5.000% due 08/15/2029 | 1250 | 1289 |
| **Pennsylvania Housing Finance Agency Revenue Bonds, Series 2024** <br>6.250% due 10/01/2054 | 1100 | 1208 |
| **Pennsylvania Turnpike Commission Revenue Bonds, Series 2021** <br>5.000% due 12/01/2036 | 8170 | 8899 |
| **Pennsylvania Turnpike Commission Revenue Bonds, Series 2024**  |  |  |
| 5.000% due 12/01/2039  | 2350 | 2570 |
| 5.000% due 12/01/2043  | 4000 | 4255 |
| **Philadelphia, Pennsylvania General Obligation Bonds, Series 2019** <br>5.000% due 02/01/2031 | 2500 | 2716 |
| **Philadelphia, Pennsylvania General Obligation Bonds, Series 2021** <br>4.000% due 05/01/2037 | 2700 | 2722 |
| **School District of Philadelphia, Pennsylvania General Obligation Bonds, Series 2019** <br>4.000% due 09/01/2038 | 2200 | 2205 |
| **Southeastern Pennsylvania Transportation Authority Revenue Bonds, Series 2022** <br>5.250% due 06/01/2042 | 3750 | 4032 |
| **Southeastern Pennsylvania Transportation Authority Revenue Notes, Series 2022** <br>5.000% due 06/01/2031 | 1000 | 1130 |
|  |  | 73339 |
| **PUERTO RICO 1.8%**  |  |  |
| **Puerto Rico Electric Power Authority Revenue Bonds, (AGM Insured), Series 2007** <br>3.571% (0.67\*US0003M + 0.520%) due 07/01/2029 ~ | 930 | 895 |
| **Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018**  |  |  |
| 0.000% due 07/01/2046 (c)  | 34300 | 11713 |
| 0.000% due 07/01/2051 (c)  | 26355 | 6629 |
| 4.500% due 07/01/2034  | 8671 | 8674 |
| 5.000% due 07/01/2058  | 1000 | 967 |
| **Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2019**  |  |  |
| 4.329% due 07/01/2040  | 9000 | 8621 |
| 4.550% due 07/01/2040  | 4200 | 4108 |
|  |  | 41607 |
| **RHODE ISLAND 1.1%**  |  |  |
| **Rhode Island Health & Educational Building Corp. Revenue Bonds, Series 2023** <br>5.000% due 09/01/2036 | 3065 | 3447 |
| **Rhode Island Health & Educational Building Corp. Revenue Bonds, Series 2024** <br>5.000% due 05/15/2037 | 1000 | 1080 |
| **Rhode Island Health & Educational Building Corp. Revenue Notes, Series 2024** <br>5.000% due 05/15/2034 | 6500 | 7185 |
| **Tobacco Settlement Financing Corp. Rhode Island Revenue Bonds, Series 2015**  |  |  |
| 5.000% due 06/01/2035  | 11000 | 11006 |
| 5.000% due 06/01/2040  | 2000 | 2000 |
|  |  | 24718 |
| **SOUTH CAROLINA 0.9%**  |  |  |
| **Charleston County, South Carolina Airport District Revenue Notes, Series 2024** <br>5.000% due 07/01/2033 | 1720 | 1965 |
| **Patriots Energy Group Financing Agency, South Carolina Revenue Bonds, Series 2023** <br>5.250% due 02/01/2054 | 2800 | 3057 |
| **South Carolina Jobs-Economic Development Authority Revenue Bonds, Series 2025** <br>5.000% due 11/01/2049 | 9000 | 10011 |
| **South Carolina Public Service Authority Revenue Bonds, Series 2024** <br>5.500% due 12/01/2054 | 3000 | 3192 |
| **South Carolina Public Service Authority Revenue Bonds, Series 2025**  |  |  |
| 5.000% due 12/01/2040  | 1175 | 1266 |

---

------

<br> Schedule of Investments PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| 5.000% due 12/01/2042  | 1500 | 1581 |
|  |  | 21072 |
| **SOUTH DAKOTA 0.2%**  |  |  |
| **South Dakota Health & Educational Facilities Authority Revenue Bonds, Series 2015** <br>5.000% due 11/01/2028 | 900 | 902 |
| **South Dakota Housing Development Authority Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025** <br>4.500% due 11/01/2045 | 3305 | 3305 |
|  |  | 4207 |
| **TENNESSEE 1.4%**  |  |  |
| **Knox County, Tennessee Health Educational & Housing Facility Board Revenue Notes, (HUD Insured), Series 2022** <br>3.950% due 12/01/2027 | 3500 | 3504 |
| **Metropolitan Government of Nashville & Davidson County Sports Auth, Tennessee Revenue Bonds, Series 2023**  |  |  |
| 5.000% due 07/01/2036  | 760 | 855 |
| 5.000% due 07/01/2038  | 500 | 552 |
| **Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Bonds, (HUD Insured), Series 2023** <br>4.875% due 10/01/2038 | 3275 | 3362 |
| **Tennergy Corp. Tennessee Revenue Bonds, Series 2021** <br>4.000% due 12/01/2051 | 2000 | 2050 |
| **Tennergy Corp. Tennessee Revenue Bonds, Series 2022** <br>5.500% due 10/01/2053 | 6000 | 6478 |
| **Tennessee Energy Acquisition Corp. Revenue Bonds, Series 2006** <br>5.000% due 02/01/2027 | 3000 | 3057 |
| **Tennessee Energy Acquisition Corp. Revenue Bonds, Series 2021** <br>5.000% due 05/01/2052 | 3400 | 3659 |
| **Tennessee Housing Development Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025** <br>6.000% due 01/01/2056 | 6600 | 7313 |
|  |  | 30830 |
| **TEXAS 14.9%**  |  |  |
| **AG East Montgomery County, Texas Improvement District Sales Tax Revenue Bonds, (AGM Insured), Series 2024** <br>4.000% due 08/15/2044 | 3575 | 3349 |
| **Aldine Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024**  |  |  |
| 5.000% due 02/15/2040  | 4000 | 4330 |
| 5.000% due 02/15/2041  | 2800 | 3002 |
| **Austin Affordable PFC Inc., Texas Revenue Bonds, (FNMA Insured), Series 2024** <br>4.500% due 03/01/2043 | 3750 | 3729 |
| **Austin Housing Finance Corp. Texas Revenue Bonds, Series 2024** <br>3.400% due 11/01/2042 | 1700 | 1713 |
| **Board of Regents of the University of Texas System Revenue Bonds, Series 2024** <br>5.000% due 08/15/2041 | 5385 | 5891 |
| **Board of Regents of the University of Texas System Revenue Bonds, Series 2025** <br>5.000% due 08/15/2036 | 3500 | 4039 |
| **Central Texas Turnpike System Revenue Bonds, (BHAC/CR/AMBAC Insured), Series 2002** <br>0.000% due 08/15/2026 (c) | 3000 | 2929 |
| **Central Texas Turnpike System Revenue Bonds, Series 2024** <br>5.000% due 08/15/2042 | 3600 | 3890 |
| **Clifton Higher Education Finance Corp. Texas Revenue Bonds, (PSF Insured), Series 2025** <br>5.250% due 02/15/2044 | 4450 | 4692 |
| **Comal Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2022** <br>4.000% due 02/01/2042 | 5000 | 4934 |
| **Conroe Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025** <br>5.000% due 02/15/2039 | 5300 | 5855 |
| **Cypress-Fairbanks Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023** <br>5.000% due 02/15/2037 | 1350 | 1494 |
| **Dallas Fort Worth International Airport, Texas Revenue Bonds, Series 2022** <br>5.000% due 11/01/2034 | 3000 | 3363 |
| **Dallas Housing Finance Corp. Texas Revenue Bonds, (FNMA Insured), Series 2024** <br>4.350% due 10/01/2041 | 2330 | 2343 |
| **Dallas Housing Finance Corp. Texas Revenue Bonds, (FNMA Insured), Series 2025** <br>4.450% due 04/01/2041 | 2000 | 2041 |
| **Dallas Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025** <br>5.000% due 02/15/2055 | 16500 | 18100 |
| **Denton Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023** <br>5.000% due 08/15/2036 | 2550 | 2850 |
| **Ector County, Texas General Obligation Bonds, Series 2024** <br>5.000% due 02/15/2037 | 5220 | 5811 |
| **Ector County, Texas General Obligation Notes, Series 2024** <br>5.000% due 02/15/2035 | 1700 | 1926 |
| **EP Essential Housing WF PFC, Texas Revenue Notes, Series 2024** <br>4.250% due 12/01/2034 | 14200 | 14385 |
| **EP Tuscany Zaragosa PFC, Texas Revenue Notes, Series 2023** <br>4.000% due 12/01/2033 | 5000 | 4993 |
| **Fort Bend Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025** <br>3.800% due 08/01/2055 | 24000 | 24627 |
| **Garland Housing Finance Corp. Texas Revenue Bonds, (FNMA Insured), Series 2024** <br>4.610% due 01/01/2043 | 1097 | 1104 |
| **Grand Parkway Transportation Corp. Texas Revenue Bonds, Series 2023** <br>5.000% due 10/01/2052 | 5000 | 5237 |

---

------

<br> Schedule of Investments PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Harris** **County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2021** <br>3.700% due 10/01/2041 | 13400 | 13400 |
| **Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2024** <br>5.000% due 07/01/2054 | 6000 | 6426 |
| **Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Notes, Series 2024** <br>5.000% due 10/01/2031 | 2200 | 2464 |
| **Harris County, Texas Hospital District General Obligation Bonds, Series 2025** <br>5.000% due 02/15/2041 | 7800 | 8309 |
| **Harris County, Texas Toll Road Revenue Bonds, Series 2023** <br>5.000% due 08/15/2035 | 2960 | 3333 |
| **Harris County, Texas Toll Road Revenue Bonds, Series 2024** <br>5.000% due 08/15/2037 | 5000 | 5591 |
| **Hays Consolidated Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023** <br>5.000% due 02/15/2036 | 1540 | 1693 |
| **Houston, Texas Airport System Revenue Bonds, Series 2018** <br>5.000% due 07/01/2030 | 3300 | 3502 |
| **Katy Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2018** <br>5.000% due 02/15/2029 | 1435 | 1521 |
| **Katy Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2020** <br>4.000% due 02/15/2039 | 3250 | 3275 |
| **Lamar Consolidated Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023**  |  |  |
| 5.000% due 02/15/2037  | 1500 | 1650 |
| 5.000% due 02/15/2038  | 2000 | 2181 |
| 5.000% due 02/15/2039  | 5000 | 5409 |
| **Las Varas Public Facility Corp. Texas Revenue Bonds, Series 2025** <br>4.000% due 05/01/2043 | 14500 | 14797 |
| **Liberty Hill Independent School District, Texas General Obligation Notes, (PSF Insured), Series 2022** <br>5.000% due 02/01/2030 | 2290 | 2522 |
| **Lower Colorado River Authority, Texas Revenue Bonds, (AGM Insured), Series 2024** <br>5.000% due 05/15/2039 | 1200 | 1296 |
| **Lower Colorado River Authority, Texas Revenue Bonds, Series 2025** <br>5.000% due 05/15/2045 | 4000 | 4396 |
| **Manor Housing Public Facility Corp. Texas Revenue Bonds, Series 2024** <br>3.400% due 11/01/2042 | 2600 | 2622 |
| **Midland County, Texas Hospital District Revenue Bonds, (BAM Insured), Series 2024**  |  |  |
| 4.000% due 05/15/2042  | 1335 | 1281 |
| 4.000% due 05/15/2044  | 720 | 681 |
| 5.000% due 05/15/2038  | 1000 | 1095 |
| 5.000% due 05/15/2039  | 1000 | 1084 |
| **New Hope Cultural Education Facilities Finance Corp. Texas Revenue Bonds, Series 2017** <br>4.000% due 08/15/2040 | 2000 | 1889 |
| **New Hope Cultural Education Facilities Finance Corp. Texas Revenue Bonds, Series 2025** <br>5.250% due 08/15/2041 | 5000 | 5518 |
| **Newark Higher Education Finance Corp. Texas Revenue Bonds, (PSF Insured), Series 2025** <br>5.000% due 08/15/2040 | 940 | 1016 |
| **North Texas Tollway Authority Revenue Bonds, Series 2016** <br>5.000% due 01/01/2028 | 2875 | 2893 |
| **North Texas Tollway Authority Revenue Notes, Series 2023** <br>5.000% due 01/01/2031 | 4300 | 4804 |
| **Permanent University Fund - University of Texas System Revenue Bonds, Series 2023** <br>5.000% due 07/01/2040 | 1090 | 1178 |
| **Permanent University Fund - University of Texas System Revenue Bonds, Series 2024** <br>5.000% due 07/01/2038 | 3600 | 4026 |
| **Rockwall Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2015** <br>4.000% due 02/15/2037 | 2420 | 2423 |
| **San Antonio Housing Trust Public Facility Corp. Texas Revenue Bonds, (FNMA Insured), Series 2024** <br>4.550% due 03/01/2043 | 5000 | 4990 |
| **San Antonio Water System, Texas Revenue Bonds, Series 2025** <br>5.000% due 05/15/2039 | 4200 | 4644 |
| **San Antonio, Texas Electric & Gas Systems Revenue Bonds, Series 2015** <br>1.125% due 12/01/2045 | 2500 | 2435 |
| **San Antonio, Texas Electric & Gas Systems Revenue Bonds, Series 2024**  |  |  |
| 5.000% due 02/01/2036  | 3500 | 3905 |
| 5.000% due 02/01/2040  | 4380 | 4703 |
| 5.000% due 02/01/2041  | 3000 | 3198 |
| **Southwest Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023** <br>4.000% due 02/01/2043 | 2500 | 2438 |
| **Tarrant County Housing Finance Corp. Texas Revenue Bonds, (FNMA Insured), Series 2024** <br>4.600% due 03/01/2043 | 2000 | 2007 |
| **Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2022** <br>5.000% due 07/01/2053 | 5000 | 5532 |
| **Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2025** <br>5.000% due 11/15/2064 | 6400 | 7125 |
| **Texas Department of Housing & Community Affairs Revenue Bonds, (GNMA Insured), Series 2025** <br>6.000% due 01/01/2056 | 8300 | 9305 |
| **Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2006** <br>4.331% (TSFR3M) due 12/15/2026 ~ | 2500 | 2501 |
| **Texas Private Activity Bond Surface Transportation Corp. Revenue Bonds, Series 2020** <br>4.000% due 06/30/2037 | 2950 | 2894 |
| **Texas State General Obligation Bonds, Series 2024**  |  |  |
| 5.000% due 10/01/2039  | 4500 | 4950 |
| 5.000% due 10/01/2042  | 5790 | 6202 |
| **Texas State University System Revenue Bonds, Series 2024**  |  |  |
| 5.000% due 03/15/2040  | 2000 | 2167 |

---

------

<br> Schedule of Investments PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| 5.000% due 03/15/2041  | 2000 | 2144 |
| **Texas Transportation Commission Revenue Bonds, Series 2019** <br>0.000% due 08/01/2046 (c) | 2950 | 1055 |
| **Texas Water Development Board Revenue Bonds, Series 2022** <br>4.800% due 10/15/2052 | 8400 | 8580 |
| **Texas Water Development Board Revenue Bonds, Series 2023** <br>4.600% due 10/15/2039 | 2045 | 2160 |
| **Texas Water Development Board Revenue Notes, Series 2022**  |  |  |
| 5.000% due 10/15/2029  | 1200 | 1320 |
| 5.000% due 10/15/2030  | 1775 | 1988 |
| **Town of Trophy Club, Texas Public Improvement District No 1 Special Assessment Notes, Series 2025**  |  |  |
| 5.000% due 09/01/2028  | 500 | 514 |
| 5.000% due 09/01/2032  | 400 | 429 |
|  |  | 336088 |
| **UTAH 0.3%**  |  |  |
| **Utah Housing Corp. Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024** <br>6.250% due 07/01/2055 | 2980 | 3364 |
| **Utah Housing Corp. Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025** <br>6.500% due 07/01/2055 | 3800 | 4362 |
|  |  | 7726 |
| **VIRGINIA 0.9%**  |  |  |
| **Arlington County, Virginia Industrial Development Authority Revenue Bonds, Series 2023** <br>5.000% due 07/01/2053 | 3000 | 3276 |
| **Henrico County, Virginia Economic Development Authority Revenue Notes, Series 2025** <br>5.000% due 11/01/2035 | 4000 | 4530 |
| **Isle of Wight County Economic Development Authority, Virginia Revenue Bonds, (AGM Insured), Series 2023**  |  |  |
| 5.000% due 07/01/2036  | 925 | 1027 |
| 5.000% due 07/01/2038  | 600 | 652 |
| **Virginia Public Building Authority Revenue Bonds, Series 2015** <br>4.000% due 08/01/2030 | 3300 | 3303 |
| **Virginia Small Business Financing Authority Revenue Bonds, Series 2025** <br>5.000% due 06/15/2060 | 6500 | 7154 |
|  |  | 19942 |
| **WASHINGTON 2.5%**  |  |  |
| **Energy Northwest, Washington Revenue Bonds, Series 2022** <br>5.000% due 07/01/2035 | 3000 | 3358 |
| **Energy Northwest, Washington Revenue Bonds, Series 2025** <br>5.000% due 07/01/2041 | 3500 | 3827 |
| **Grant County, Washington Public Utility District No 2, Revenue Bonds, Series 2023** <br>5.000% due 01/01/2036 | 1265 | 1413 |
| **Pierce County, Washington School District No 401, Peninsula General Obligation Bonds, Series 2020** <br>4.000% due 12/01/2037 | 2135 | 2171 |
| **Seattle, Washington Municipal Light & Power Revenue Bonds, Series 2017** <br>4.000% due 09/01/2037 | 5000 | 5024 |
| **Snohomish County, Washington Housing Authority Revenue Bonds, Series 2019** <br>4.000% due 04/01/2044 | 2000 | 1838 |
| **Washington Health Care Facilities Authority Revenue Bonds, Series 2019** <br>4.000% due 08/01/2044 | 2000 | 1787 |
| **Washington Health Care Facilities Authority Revenue Bonds, Series 2020** <br>5.000% due 09/01/2032 | 450 | 491 |
| **Washington Health Care Facilities Authority Revenue Notes, Series 2025** <br>5.000% due 10/01/2030 (a) | 3200 | 3510 |
| **Washington Higher Education Facilities Authority Revenue Bonds, Series 2017** <br>4.000% due 05/01/2037 | 3055 | 3056 |
| **Washington State General Obligation Bonds, Series 2016** <br>5.000% due 07/01/2033 | 5000 | 5026 |
| **Washington State Housing Finance Commission Revenue Bonds, (BAM Insured), Series 2025** <br>5.000% due 07/01/2037 | 1500 | 1602 |
| **Washington State Housing Finance Commission Revenue Bonds, (FNMA Insured), Series 2024** <br>4.400% due 03/01/2043 | 4500 | 4427 |
| **Washington State Housing Finance Commission Revenue Bonds, Series 2023** <br>3.375% due 04/20/2037 | 4123 | 3834 |
| **Washington State Housing Finance Commission Revenue Bonds, Series 2024** <br>4.220% due 03/01/2050 | 4672 | 4495 |
| **Washington State Housing Finance Commission Revenue Bonds, Series 2025** <br>4.078% due 11/20/2041 | 10192 | 9625 |
| **Washington State Housing Finance Commission Revenue Notes, (BAM Insured), Series 2025** <br>5.000% due 07/01/2035 | 1000 | 1088 |
|  |  | 56572 |
| **WEST VIRGINIA 0.1%**  |  |  |
| **West Virginia Hospital Finance Authority Revenue Bonds, Series 2023** <br>5.750% due 09/01/2041 | 2400 | 2588 |

---

------

<br> Schedule of Investments PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **WISCONSIN 1.3%**  |  |  |
| **Franklin Public School District, Wisconsin General Obligation Bonds, Series 2025** <br>5.000% due 04/01/2040 | 6180 | 6622 |
| **Public Finance Authority, Wisconsin Revenue Bonds, Series 2021** <br>4.000% due 10/01/2041 | 2250 | 2367 |
| **Public Finance Authority, Wisconsin Revenue Notes, Series 2021** <br>4.000% due 10/01/2030 | 265 | 269 |
| **University of Wisconsin Hospitals & Clinics Revenue Bonds, Series 2018** <br>3.800% due 04/01/2048 | 7150 | 7150 |
| **University of Wisconsin Hospitals & Clinics Revenue Bonds, Series 2021** <br>4.000% due 04/01/2046 | 4440 | 4139 |
| **Wisconsin Center District Revenue Notes, (AGM Insured), Series 2020** <br>0.000% due 12/15/2028 (c) | 1075 | 980 |
| **Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2016** <br>4.000% due 11/15/2046 | 4000 | 3844 |
| **Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2021** <br>4.000% due 08/15/2040 | 2000 | 1952 |
| **Wisconsin Health & Educational Facilities Authority Revenue Notes, Series 2018** <br>5.000% due 04/01/2029 | 1925 | 2048 |
|  |  | 29371 |
| Total Municipal Bonds & Notes (Cost $2,064,031) |  | 2101453 |
| **U.S. GOVERNMENT AGENCIES 0.4%**  |  |  |
| **Federal Home Loan Mortgage Corp.**<br>3.800% due 01/01/2040 | 9849 | 9284 |
| Total U.S. Government Agencies (Cost $9,477) |  | 9284 |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES 0.3%**  |  |  |
| **City of Dallas Housing Finance Corp.** <br>4.625% due 10/01/2043 | 2900 | 2919 |
| **Multifamily Tax-Exempt Mortgage-Backed Bonds** <br>4.500% due 08/01/2041 | 993 | 1007 |
| **San Antonio Housing Trust Public Facility Corp.** <br>4.450% due 04/01/2043 | 3000 | 2970 |
| Total Non-Agency Mortgage-Backed Securities (Cost $6,893) |  | 6896 |
|  | SHARES |  |
| **SHORT-TERM INSTRUMENTS 6.1%**  |  |  |
| **MUTUAL FUNDS 0.0%**  |  |  |
| **State Street Institutional U.S. Government Money Market Fund, Premier Class** <br> 4.200% (e) | 564812 | 565 |
|  | PRINCIPAL<br>AMOUNT<br>(000s) |  |
| **SHORT-TERM NOTES 0.3%**  |  |  |
| **Federal Home Loan Bank Discount Notes**<br>3.950% due 10/01/2025 (c)(d) | $6926 | 6925 |
| **U.S. TREASURY BILLS 5.6%**  |  |  |
| 4.210% due 10/02/2025 - 12/11/2025 (b)(c) | 126974 | 126667 |
| **MUNICIPAL BONDS & NOTES 0.2%**  |  |  |
| **Honeoye Falls-Lima Central School District, New York General Obligation Notes, Series 2025** <br>4.000% due 06/25/2026 | 3000 | 3026 |
| Total Municipal Bonds & Notes (Cost $3,019) |  | 3026 |
| Total Short-Term Instruments (Cost $137,169) |  | 137183 |
| Total Investments in Securities (Cost $2,217,570) |  | 2254816 |
| Total Investments 100.0% (Cost $2,217,570) |  | $2254816 |
| Other Assets and Liabilities, net 0.0% |  | (403) |
| Net Assets 100.0% |  | $2254413 |

---

------

<br> Schedule of Investments PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  |
| **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** |
| **¤** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** |
| **~** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.** |
| **(a)** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** |
| **(b)** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** |
| **(c)** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** |
| **(d)** | **Coupon represents a yield to maturity.** | **Coupon represents a yield to maturity.** | **Coupon represents a yield to maturity.** | **Coupon represents a yield to maturity.** | **Coupon represents a yield to maturity.** | **Coupon represents a yield to maturity.** | **Coupon represents a yield to maturity.** |
| **(e)** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** |
| **(f)** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** |
| Issuer Description | Coupon | Coupon | Maturity<br>Date | Acquisition<br>Date | Acquisition<br>Date | Cost | <br>Market Value<br>as Percentage<br>of Net Assets |
| Federal Home Loan Mortgage Corp. Enhanced Receipt, New Jersey Revenue Bonds, Series 2019 | 3.870 | % | 11/15/2035 | 11/28/2023 | 11/28/2023 | 11127 | 0.51 |
| Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2024 | 4.615 |  | 08/25/2041 | 03/19/2024 | 03/19/2024 | 6710 | 0.30 |
| New York State Housing Finance Agency Revenue Bonds, (FHA Insured), Series 2020 | 4.200 |  | 11/01/2054 | 11/28/2023 | 11/28/2023 | 5835 | 0.27 |
|  |  |  |  |  | $ | $ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08% |
| **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** |
| **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: |
| Category and Subcategory | Category and Subcategory | Level 1 | Level 1 | Level 1 | Level 2 | Level 3 | Fair Value<br>at 09/30/2025 |
| **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** |
| Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| Alabama | Alabama | $ | $0 | 0 | 86993 | 0 | 86993 |
| Alaska | Alaska |  | 0 | 0 | 6229 | 0 | 6229 |
| Arizona | Arizona |  | 0 | 0 | 19481 | 0 | 19481 |
| California | California |  | 0 | 0 | 116957 | 0 | 116957 |
| Colorado | Colorado |  | 0 | 0 | 41405 | 0 | 41405 |
| Connecticut | Connecticut |  | 0 | 0 | 23904 | 0 | 23904 |
| Delaware | Delaware |  | 0 | 0 | 2000 | 0 | 2000 |
| District of Columbia | District of Columbia |  | 0 | 0 | 50467 | 0 | 50467 |
| Florida | Florida |  | 0 | 0 | 80156 | 0 | 80156 |
| Georgia | Georgia |  | 0 | 0 | 66509 | 0 | 66509 |
| Hawaii | Hawaii |  | 0 | 0 | 2000 | 0 | 2000 |
| Idaho | Idaho |  | 0 | 0 | 8936 | 0 | 8936 |
| Illinois | Illinois |  | 0 | 0 | 111861 | 0 | 111861 |
| Indiana | Indiana |  | 0 | 0 | 24151 | 0 | 24151 |
| Iowa | Iowa |  | 0 | 0 | 4183 | 0 | 4183 |
| Kansas | Kansas |  | 0 | 0 | 2199 | 0 | 2199 |
| Kentucky | Kentucky |  | 0 | 0 | 16438 | 0 | 16438 |
| Louisiana | Louisiana |  | 0 | 0 | 26425 | 0 | 26425 |
| Maryland | Maryland |  | 0 | 0 | 26348 | 0 | 26348 |
| Massachusetts | Massachusetts |  | 0 | 0 | 27543 | 0 | 27543 |
| Michigan | Michigan |  | 0 | 0 | 67971 | 0 | 67971 |
| Minnesota | Minnesota |  | 0 | 0 | 22530 | 0 | 22530 |
| Mississippi | Mississippi |  | 0 | 0 | 3958 | 0 | 3958 |
| Missouri | Missouri |  | 0 | 0 | 16752 | 0 | 16752 |
| Multi-State | Multi-State |  | 0 | 0 | 90482 | 0 | 90482 |
| Nebraska | Nebraska |  | 0 | 0 | 3916 | 0 | 3916 |
| Nevada | Nevada |  | 0 | 0 | 33648 | 0 | 33648 |
| New Hampshire | New Hampshire |  | 0 | 0 | 37958 | 0 | 37958 |
| New Jersey | New Jersey |  | 0 | 0 | 50433 | 0 | 50433 |
| New Mexico | New Mexico |  | 0 | 0 | 19454 | 0 | 19454 |
| New York | New York |  | 0 | 0 | 235528 | 0 | 235528 |
| North Carolina | North Carolina |  | 0 | 0 | 36242 | 0 | 36242 |
| North Dakota | North Dakota |  | 0 | 0 | 4074 | 0 | 4074 |
| Ohio | Ohio |  | 0 | 0 | 60280 | 0 | 60280 |
| Oklahoma | Oklahoma |  | 0 | 0 | 9573 | 0 | 9573 |
| Oregon | Oregon |  | 0 | 0 | 16409 | 0 | 16409 |
| Pennsylvania | Pennsylvania |  | 0 | 0 | 73339 | 0 | 73339 |
| Puerto Rico | Puerto Rico |  | 0 | 0 | 41607 | 0 | 41607 |
| Rhode Island | Rhode Island |  | 0 | 0 | 24718 | 0 | 24718 |
| South Carolina | South Carolina |  | 0 | 0 | 21072 | 0 | 21072 |

---

------

<br> Schedule of Investments PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| South Dakota | 0 | 4207 | 0 | 4207 |
| Tennessee | 0 | 30830 | 0 | 30830 |
| Texas | 0 | 336088 | 0 | 336088 |
| Utah | 0 | 7726 | 0 | 7726 |
| Virginia | 0 | 19942 | 0 | 19942 |
| Washington | 0 | 56572 | 0 | 56572 |
| West Virginia | 0 | 2588 | 0 | 2588 |
| Wisconsin | 0 | 29371 | 0 | 29371 |
| U.S. Government Agencies | 0 | 9284 | 0 | 9284 |
| Non-Agency Mortgage-Backed Securities | 0 | 6896 | 0 | 6896 |
| Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| Mutual Funds | 0 | 565 | 0 | 565 |
| Short-Term Notes | 0 | 6925 | 0 | 6925 |
| U.S. Treasury Bills | 0 | 126667 | 0 | 126667 |
| Municipal Bonds & Notes | 0 | 3026 | 0 | 3026 |
| Total Investments | $0 | $2254816 | $0 | $2254816 |
| **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** |

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------

<br> Schedule of Investments PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** | **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** | **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** |
|  | PRINCIPAL<br>AMOUNT<br>(000s) | MARKET<br>VALUE<br>(000s) |
| **INVESTMENTS IN SECURITIES 100.7% ¤** |  |  |
| **CORPORATE BONDS & NOTES 89.7%**  |  |  |
| **BANKING & FINANCE 33.5%**  |  |  |
| **AerCap Ireland Capital DAC/AerCap Global Aviation Trust**  |  |  |
| 2.450% due 10/29/2026  | $3165 | $3110 |
| 3.000% due 10/29/2028  | 210 | 202 |
| 3.300% due 01/30/2032  | 2168 | 1998 |
| 3.400% due 10/29/2033  | 146 | 131 |
| 3.850% due 10/29/2041  | 63 | 52 |
| 4.450% due 10/01/2025  | 729 | 729 |
| **AIA Group Ltd.** <br>4.950% due 04/04/2033 (d) | 1949 | 2002 |
| **Aircastle Ltd.**  |  |  |
| 4.250% due 06/15/2026  | 835 | 834 |
| 6.500% due 07/18/2028  | 638 | 671 |
| **Aircastle Ltd./Aircastle Ireland DAC** <br>5.000% due 09/15/2030 | 1312 | 1322 |
| **Alexandria Real Estate Equities, Inc.** <br>1.875% due 02/01/2033 | 1793 | 1474 |
| **Allstate Corp.** <br>4.200% due 12/15/2046 | 88 | 74 |
| **Ally Financial, Inc.**  |  |  |
| 2.200% due 11/02/2028  | 1668 | 1559 |
| 5.548% due 07/31/2033 •  | 1228 | 1234 |
| 6.184% due 07/26/2035 •  | 4396 | 4537 |
| 6.848% due 01/03/2030 •  | 150 | 159 |
| **American Express Co.**  |  |  |
| 5.389% due 07/28/2027 •  | 82 | 83 |
| 5.645% due 04/23/2027 •  | 26 | 26 |
| 6.489% due 10/30/2031 •  | 275 | 301 |
| **American Financial Group, Inc.** <br>4.500% due 06/15/2047 | 423 | 355 |
| **American Homes 4 Rent LP** <br>5.500% due 02/01/2034 | 382 | 394 |
| **American Tower Corp.**  |  |  |
| 2.100% due 06/15/2030  | 500 | 451 |
| 2.750% due 01/15/2027  | 624 | 613 |
| 2.900% due 01/15/2030  | 2547 | 2401 |
| 2.950% due 01/15/2051  | 2219 | 1440 |
| 3.125% due 01/15/2027  | 322 | 318 |
| 3.600% due 01/15/2028  | 1025 | 1013 |
| 5.200% due 02/15/2029  | 1293 | 1331 |
| 5.650% due 03/15/2033  | 100 | 106 |
| **Aon Corp./Aon Global Holdings PLC**  |  |  |
| 2.900% due 08/23/2051  | 2421 | 1535 |
| 3.900% due 02/28/2052  | 236 | 179 |
| **Arch Capital Group Ltd.** <br>3.635% due 06/30/2050 | 242 | 180 |
| **ARES Capital Corp.**  |  |  |
| 2.875% due 06/15/2027  | 1237 | 1208 |
| 2.875% due 06/15/2028  | 1749 | 1670 |
| **ARES Management Corp.** <br>5.600% due 10/11/2054 | 2 | 2 |
| **Arthur J Gallagher & Co.**  |  |  |
| 3.500% due 05/20/2051  | 946 | 672 |
| 5.750% due 07/15/2054  | 86 | 86 |
| **ASB Bank Ltd.** <br>2.375% due 10/22/2031 | 125 | 112 |
| **Assured Guaranty U.S. Holdings, Inc.** <br>3.150% due 06/15/2031 | 582 | 546 |
| **Athene Global Funding**  |  |  |
| 1.450% due 01/08/2026  | 564 | 560 |
| 1.608% due 06/29/2026  | 1220 | 1198 |
| 2.673% due 06/07/2031  | 850 | 760 |
| 5.322% due 11/13/2031  | 2088 | 2138 |
| **Australia & New Zealand Banking Group Ltd.** <br>4.400% due 05/19/2026 (e) | 468 | 469 |
| **AvalonBay Communities, Inc.** <br>5.350% due 06/01/2034 | 1475 | 1536 |
| **Aviation Capital Group LLC**  |  |  |
| 1.950% due 01/30/2026  | 168 | 167 |
| 6.250% due 04/15/2028  | 2411 | 2515 |

---

------

<br> Schedule of Investments PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Avolon** **Holdings Funding Ltd.**  |  |  |
| 2.125% due 02/21/2026  | 19 | 19 |
| 2.528% due 11/18/2027  | 752 | 723 |
| 5.500% due 01/15/2026  | 1977 | 1980 |
| **AXIS Specialty Finance PLC** <br>4.000% due 12/06/2027 | 273 | 272 |
| **Banco Bilbao Vizcaya Argentaria SA** <br>7.883% due 11/15/2034 •  | 1598 | 1860 |
| **Banco de Credito e Inversiones SA** <br>3.500% due 10/12/2027 (d) | 798 | 787 |
| **Banco Santander SA**  |  |  |
| 1.849% due 03/25/2026  | 86 | 85 |
| 5.294% due 08/18/2027  | 120 | 122 |
| **Bank of America Corp.**  |  |  |
| 1.898% due 07/23/2031 •  | 417 | 373 |
| 2.572% due 10/20/2032 •  | 3480 | 3120 |
| 2.592% due 04/29/2031 •  | 343 | 318 |
| 2.687% due 04/22/2032 •  | 938 | 855 |
| 2.972% due 02/04/2033 •  | 313 | 285 |
| 3.194% due 07/23/2030 •  | 150 | 145 |
| 3.419% due 12/20/2028 •  | 3012 | 2967 |
| 3.593% due 07/21/2028 •  | 74 | 73 |
| 3.970% due 03/05/2029 •  | 173 | 172 |
| 5.015% due 07/22/2033 •  | 2680 | 2740 |
| 5.080% due 01/20/2027 •  | 1409 | 1412 |
| 5.202% due 04/25/2029 •  | 2467 | 2529 |
| 5.288% due 04/25/2034 •  | 1912 | 1979 |
| 5.468% due 01/23/2035 •  | 2940 | 3072 |
| 5.872% due 09/15/2034 •  | 140 | 150 |
| **Bank of Ireland Group PLC** <br>2.029% due 09/30/2027 •  | 1211 | 1184 |
| **Bank of Montreal** <br>5.717% due 09/25/2028 | 115 | 120 |
| **Bank of New York Mellon Corp.**  |  |  |
| 4.706% due 02/01/2034 •  | 647 | 650 |
| 5.802% due 10/25/2028 •  | 327 | 339 |
| 5.834% due 10/25/2033 •  | 2123 | 2287 |
| **Bank of New Zealand** <br>1.000% due 03/03/2026 | 110 | 109 |
| **Bank of Nova Scotia** <br>4.404% due 09/08/2028 •  | 570 | 573 |
| **Barclays PLC**  |  |  |
| 4.375% due 01/12/2026  | 3107 | 3107 |
| 4.972% due 05/16/2029 •  | 2467 | 2504 |
| 5.785% due 02/25/2036 •  | 500 | 522 |
| 5.829% due 05/09/2027 •  | 120 | 121 |
| 6.224% due 05/09/2034 •  | 148 | 159 |
| 6.496% due 09/13/2027 •  | 1289 | 1316 |
| 7.325% due 11/02/2026 •  | 120 | 120 |
| 7.385% due 11/02/2028 •  | 558 | 592 |
| 7.437% due 11/02/2033 •  | 253 | 290 |
| **Berkshire Hathaway Finance Corp.** <br>3.850% due 03/15/2052 | 1646 | 1293 |
| **BGC Group, Inc.** <br>6.600% due 06/10/2029 | 1618 | 1683 |
| **Blackstone Holdings Finance Co. LLC**  |  |  |
| 1.625% due 08/05/2028  | 288 | 269 |
| 4.000% due 10/02/2047  | 397 | 317 |
| 5.900% due 11/03/2027  | 130 | 135 |
| **Blackstone Private Credit Fund** <br>4.000% due 01/15/2029 | 150 | 147 |
| **Blackstone Secured Lending Fund**  |  |  |
| 2.750% due 09/16/2026  | 1211 | 1192 |
| 3.625% due 01/15/2026  | 251 | 250 |
| **Block Financial LLC** <br>3.875% due 08/15/2030 | 1082 | 1043 |
| **Blue Owl Capital Corp.**  |  |  |
| 3.400% due 07/15/2026  | 201 | 199 |
| 4.250% due 01/15/2026  | 10 | 10 |
| **Blue Owl Finance LLC**  |  |  |
| 3.125% due 06/10/2031  | 1189 | 1083 |
| 4.125% due 10/07/2051  | 656 | 481 |
| 6.250% due 04/18/2034  | 2467 | 2589 |
| **BNP Paribas SA**  |  |  |
| 1.323% due 01/13/2027 •  | 1401 | 1388 |
| 4.400% due 08/14/2028  | 3653 | 3665 |
| **Boston Properties LP** <br>2.550% due 04/01/2032 | 100 | 86 |
| **BPCE SA**  |  |  |
| 1.000% due 01/20/2026  | 314 | 311 |
| 1.652% due 10/06/2026 •  | 2024 | 2023 |
| 3.500% due 10/23/2027  | 622 | 612 |
| 5.975% due 01/18/2027 •  | 1446 | 1452 |
| 6.612% due 10/19/2027 •  | 650 | 665 |

---

------

<br> Schedule of Investments PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Brandywine** **Operating Partnership LP** <br>3.950% due 11/15/2027 | 375 | 368 |
| **Brighthouse Financial Global Funding** <br>1.550% due 05/24/2026 | 446 | 437 |
| **Brighthouse Financial, Inc.** <br>4.700% due 06/22/2047 | 65 | 52 |
| **Broadridge Financial Solutions, Inc.** <br>2.900% due 12/01/2029 | 1386 | 1309 |
| **Brookfield Finance, Inc.**  |  |  |
| 3.625% due 02/15/2052  | 942 | 682 |
| 3.900% due 01/25/2028  | 1202 | 1194 |
| 4.850% due 03/29/2029  | 1959 | 1992 |
| **CaixaBank SA** <br>6.684% due 09/13/2027 •  | 1792 | 1832 |
| **Cantor Fitzgerald LP** <br>7.200% due 12/12/2028 | 928 | 992 |
| **Capital One Financial Corp.**  |  |  |
| 4.100% due 02/09/2027  | 184 | 184 |
| 5.247% due 07/26/2030 •  | 328 | 337 |
| 5.268% due 05/10/2033 •  | 145 | 148 |
| 5.468% due 02/01/2029 •  | 120 | 123 |
| 5.700% due 02/01/2030 •  | 1471 | 1528 |
| **Capital One NA** <br>4.650% due 09/13/2028 | 2794 | 2828 |
| **CBRE Services, Inc.** <br>5.950% due 08/15/2034 | 4525 | 4829 |
| **Charles Schwab Corp.**  |  |  |
| 1.650% due 03/11/2031  | 5161 | 4489 |
| 1.950% due 12/01/2031  | 374 | 325 |
| 2.300% due 05/13/2031  | 142 | 128 |
| 2.900% due 03/03/2032  | 180 | 164 |
| **Chubb INA Holdings LLC** <br>3.050% due 12/15/2061 | 417 | 262 |
| **CI Financial Corp.** <br>7.500% due 05/30/2029 | 1283 | 1368 |
| **Citibank NA**  |  |  |
| 5.570% due 04/30/2034  | 4038 | 4281 |
| 5.803% due 09/29/2028  | 150 | 157 |
| **Citigroup, Inc.**  |  |  |
| 2.561% due 05/01/2032 •  | 1590 | 1433 |
| 2.572% due 06/03/2031 •  | 500 | 460 |
| 3.057% due 01/25/2033 •  | 2345 | 2136 |
| 3.070% due 02/24/2028 •  | 130 | 128 |
| 3.668% due 07/24/2028 •  | 563 | 558 |
| 4.075% due 04/23/2029 •  | 393 | 392 |
| 4.412% due 03/31/2031 •  | 80 | 80 |
| 4.542% due 09/19/2030 •  | 2431 | 2443 |
| 4.910% due 05/24/2033 •  | 150 | 152 |
| 5.333% due 03/27/2036 •  | 1276 | 1305 |
| 6.270% due 11/17/2033 •  | 1161 | 1267 |
| **Citizens Bank NA**  |  |  |
| 3.750% due 02/18/2026  | 633 | 632 |
| 4.575% due 08/09/2028 •  | 463 | 466 |
| **Citizens Financial Group, Inc.**  |  |  |
| 2.850% due 07/27/2026  | 943 | 933 |
| 3.250% due 04/30/2030  | 10 | 9 |
| 5.718% due 07/23/2032 •  | 2561 | 2675 |
| **CNO Global Funding** <br>5.875% due 06/04/2027 | 1196 | 1227 |
| **Commonwealth Bank of Australia** <br>2.688% due 03/11/2031 (e) | 1215 | 1100 |
| **Cooperatieve Rabobank UA**  |  |  |
| 1.980% due 12/15/2027 •  | 774 | 753 |
| 3.750% due 07/21/2026  | 891 | 887 |
| 5.800% due 09/30/2110  | 3 | 3 |
| **Corebridge Financial, Inc.**  |  |  |
| 3.650% due 04/05/2027  | 1842 | 1827 |
| 3.850% due 04/05/2029  | 1222 | 1204 |
| 4.400% due 04/05/2052  | 199 | 165 |
| **Credit Agricole SA**  |  |  |
| 1.247% due 01/26/2027 •  | 1263 | 1250 |
| 5.301% due 07/12/2028  | 51 | 53 |
| 6.316% due 10/03/2029 •  | 1807 | 1906 |
| **Crown Castle, Inc.**  |  |  |
| 2.100% due 04/01/2031  | 20 | 18 |
| 2.250% due 01/15/2031  | 986 | 878 |
| 2.500% due 07/15/2031  | 10 | 9 |
| 2.900% due 03/15/2027  | 619 | 607 |
| 2.900% due 04/01/2041  | 172 | 126 |
| 3.100% due 11/15/2029  | 1418 | 1349 |
| 3.300% due 07/01/2030  | 100 | 95 |
| 4.300% due 02/15/2029  | 681 | 678 |
| 4.450% due 02/15/2026  | 1020 | 1020 |

---

------

<br> Schedule of Investments PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **CubeSmart** **LP** <br>3.000% due 02/15/2030 | 56 | 53 |
| **DAE Sukuk Difc Ltd.** <br>3.750% due 02/15/2026 | 1215 | 1210 |
| **Danske Bank AS** <br>4.375% due 06/12/2028 | 1381 | 1387 |
| **Deutsche Bank AG**  |  |  |
| 2.129% due 11/24/2026 •  | 1569 | 1563 |
| 5.373% due 01/10/2029 •  | 980 | 1001 |
| 6.720% due 01/18/2029 •  | 540 | 567 |
| 7.079% due 02/10/2034 •  | 847 | 931 |
| **Digital Realty Trust LP**  |  |  |
| 3.700% due 08/15/2027  | 51 | 51 |
| 5.550% due 01/15/2028  | 469 | 483 |
| **DNB Bank ASA** <br>1.535% due 05/25/2027 •  | 1825 | 1793 |
| **DOC Dr. LLC** <br>3.950% due 01/15/2028 | 264 | 262 |
| **Empower Finance 2020 LP** <br>3.075% due 09/17/2051 | 2743 | 1787 |
| **Enstar Group Ltd.** <br>3.100% due 09/01/2031 | 396 | 354 |
| **EPR Properties**  |  |  |
| 3.750% due 08/15/2029  | 2170 | 2090 |
| 4.950% due 04/15/2028  | 60 | 60 |
| **EQT AB** <br>5.850% due 05/08/2035 | 1698 | 1756 |
| **Equinix, Inc.**  |  |  |
| 1.450% due 05/15/2026  | 10 | 10 |
| 2.150% due 07/15/2030  | 1044 | 942 |
| 3.000% due 07/15/2050  | 1113 | 728 |
| 3.200% due 11/18/2029  | 1222 | 1171 |
| **Equitable Financial Life Global Funding** <br>1.300% due 07/12/2026 | 620 | 607 |
| **Essex Portfolio LP** <br>2.650% due 03/15/2032 | 3158 | 2819 |
| **Extra Space Storage LP** <br>2.350% due 03/15/2032 | 1710 | 1485 |
| **F&G Global Funding**  |  |  |
| 1.750% due 06/30/2026  | 135 | 132 |
| 2.300% due 04/11/2027  | 641 | 622 |
| **Fairfax Financial Holdings Ltd.** <br>5.625% due 08/16/2032 | 1536 | 1598 |
| **Fidelity National Financial, Inc.** <br>3.200% due 09/17/2051 | 313 | 202 |
| **First American Financial Corp.** <br>4.000% due 05/15/2030 | 213 | 206 |
| **Ford Motor Credit Co. LLC**  |  |  |
| 2.900% due 02/16/2028  | 928 | 882 |
| 3.815% due 11/02/2027  | 865 | 844 |
| 4.125% due 08/17/2027  | 1345 | 1323 |
| 4.389% due 01/08/2026  | 1543 | 1543 |
| 4.542% due 08/01/2026  | 936 | 935 |
| 5.727% (SOFRRATE + 1.450%) due 11/05/2026 ~  | 1218 | 1217 |
| 5.850% due 05/17/2027  | 1161 | 1176 |
| 6.532% due 03/19/2032 (d)  | 2210 | 2301 |
| 6.800% due 05/12/2028  | 120 | 125 |
| 6.950% due 03/06/2026  | 785 | 791 |
| **FS KKR Capital Corp.** <br>3.400% due 01/15/2026 | 262 | 261 |
| **GA Global Funding Trust**  |  |  |
| 1.950% due 09/15/2028  | 181 | 169 |
| 2.250% due 01/06/2027  | 775 | 756 |
| 5.900% due 01/13/2035  | 572 | 594 |
| **GATX Corp.** <br>3.500% due 06/01/2032 | 50 | 46 |
| **General Motors Financial Co., Inc.**  |  |  |
| 1.250% due 01/08/2026  | 1865 | 1850 |
| 1.500% due 06/10/2026  | 1209 | 1186 |
| 2.350% due 01/08/2031  | 150 | 133 |
| 4.300% due 04/06/2029  | 132 | 131 |
| 5.850% due 04/06/2030  | 100 | 105 |
| **Global Atlantic Fin Co.** <br>3.125% due 06/15/2031 | 511 | 462 |
| **GLP Capital LP/GLP Financing II, Inc.**  |  |  |
| 3.250% due 01/15/2032  | 100 | 90 |
| 4.000% due 01/15/2030  | 1240 | 1202 |
| 4.000% due 01/15/2031  | 475 | 455 |
| 5.300% due 01/15/2029  | 1443 | 1471 |
| 5.625% due 09/15/2034  | 2339 | 2369 |
| **Goldman Sachs Group, Inc.**  |  |  |
| 1.431% due 03/09/2027 •  | 1681 | 1660 |
| 1.948% due 10/21/2027 •  | 2131 | 2081 |
| 1.992% due 01/27/2032 •  | 4719 | 4165 |

---

------

<br> Schedule of Investments PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| 2.615% due 04/22/2032 •  | 2704 | 2454 |
| 2.640% due 02/24/2028 •  | 1230 | 1204 |
| 3.102% due 02/24/2033 •  | 1728 | 1586 |
| 3.615% due 03/15/2028 •  | 289 | 287 |
| 4.482% due 08/23/2028 •  | 1628 | 1639 |
| 5.016% due 10/23/2035 •  | 1370 | 1380 |
| 5.851% due 04/25/2035 •  | 1002 | 1068 |
| 6.484% due 10/24/2029 •  | 138 | 147 |
| **Goodman U.S. Finance Five LLC** <br>4.625% due 05/04/2032 | 1930 | 1920 |
| **Guardian Life Insurance Co. of America** <br>4.850% due 01/24/2077 | 1217 | 1027 |
| **HAT Holdings I LLC/HAT Holdings II LLC** <br>8.000% due 06/15/2027 | 155 | 161 |
| **Highwoods Realty LP** <br>3.050% due 02/15/2030 | 2065 | 1913 |
| **Horizon Mutual Holdings, Inc.** <br>6.200% due 11/15/2034 | 385 | 377 |
| **Host Hotels & Resorts LP**  |  |  |
| 4.500% due 02/01/2026  | 476 | 475 |
| 5.700% due 07/01/2034  | 2936 | 3009 |
| **HSBC Holdings PLC**  |  |  |
| 2.013% due 09/22/2028 •  | 52 | 50 |
| 2.206% due 08/17/2029 •  | 280 | 264 |
| 2.357% due 08/18/2031 •  | 1243 | 1125 |
| 2.871% due 11/22/2032 •  | 234 | 211 |
| 3.973% due 05/22/2030 •  | 1829 | 1802 |
| 4.041% due 03/13/2028 •  | 210 | 209 |
| 4.583% due 06/19/2029 •  | 1140 | 1148 |
| 4.755% due 06/09/2028 •  | 208 | 210 |
| 5.130% due 03/03/2031 •  | 3394 | 3477 |
| 5.210% due 08/11/2028 •  | 100 | 102 |
| 5.546% due 03/04/2030 •  | 139 | 144 |
| 5.790% due 05/13/2036 •  | 1356 | 1431 |
| 5.887% due 08/14/2027 •  | 272 | 276 |
| 7.390% due 11/03/2028 •  | 69 | 73 |
| **HSBC USA, Inc.** <br>5.294% due 03/04/2027 | 145 | 147 |
| **ING Groep NV**  |  |  |
| 1.726% due 04/01/2027 •  | 55 | 54 |
| 4.017% due 03/28/2028 •  | 382 | 381 |
| **Intesa Sanpaolo SpA**  |  |  |
| 7.000% due 11/21/2025  | 100 | 100 |
| 7.778% due 06/20/2054 •  | 1157 | 1391 |
| 8.248% due 11/21/2033 •  | 563 | 665 |
| **Invitation Homes Operating Partnership LP** <br>2.000% due 08/15/2031 | 2523 | 2182 |
| **JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL**  |  |  |
| 5.750% due 04/01/2033  | 27 | 28 |
| 6.500% due 12/01/2052  | 229 | 242 |
| **Jefferies Financial Group, Inc.** <br>6.200% due 04/14/2034 | 140 | 149 |
| **JPMorgan Chase & Co.**  |  |  |
| 1.045% due 11/19/2026 •  | 100 | 100 |
| 1.470% due 09/22/2027 •  | 1257 | 1225 |
| 2.522% due 04/22/2031 •  | 320 | 297 |
| 2.947% due 02/24/2028 •  | 1559 | 1535 |
| 2.963% due 01/25/2033 •  | 715 | 654 |
| 3.509% due 01/23/2029 •  | 922 | 910 |
| 4.005% due 04/23/2029 •  | 478 | 477 |
| 4.323% due 04/26/2028 •  | 1525 | 1529 |
| 4.586% due 04/26/2033 •  | 876 | 879 |
| 4.851% due 07/25/2028 •  | 1451 | 1470 |
| 4.912% due 07/25/2033 •  | 2813 | 2869 |
| 4.979% due 07/22/2028 •  | 1005 | 1021 |
| 5.336% due 01/23/2035 •  | 1220 | 1268 |
| 5.571% due 04/22/2028 •  | 432 | 442 |
| 5.766% due 04/22/2035 •  | 4042 | 4308 |
| **KKR Group Finance Co. X LLC** <br>3.250% due 12/15/2051 | 3059 | 2064 |
| **Lazard Group LLC** <br>4.500% due 09/19/2028 | 2467 | 2479 |
| **Liberty Mutual Group, Inc.** <br>4.850% due 08/01/2044 | 20 | 18 |
| **Lloyds Banking Group PLC**  |  |  |
| 3.574% due 11/07/2028 •  | 180 | 178 |
| 3.750% due 03/18/2028 •  | 495 | 492 |
| 5.871% due 03/06/2029 •  | 803 | 833 |
| 7.953% due 11/15/2033 •  | 1598 | 1862 |
| **LPL Holdings, Inc.** <br>5.750% due 06/15/2035 | 80 | 82 |
| **Lseg U.S. Fin Corp.** <br>4.875% due 03/28/2027 | 308 | 311 |

---

------

<br> Schedule of Investments PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **LSEGA** **Financing PLC**  |  |  |
| 2.000% due 04/06/2028  | 1597 | 1515 |
| 3.200% due 04/06/2041  | 1514 | 1169 |
| **Macquarie Group Ltd.**  |  |  |
| 1.935% due 04/14/2028 •  | 1192 | 1150 |
| 3.763% due 11/28/2028 •  | 60 | 59 |
| **Main Street Capital Corp.** <br>5.400% due 08/15/2028 | 1522 | 1529 |
| **Manulife Financial Corp.** <br>4.150% due 03/04/2026 | 813 | 813 |
| **Marex Group PLC** <br>6.404% due 11/04/2029 | 1866 | 1925 |
| **Marsh & McLennan Cos., Inc.**  |  |  |
| 2.375% due 12/15/2031  | 2 | 2 |
| 4.550% due 11/08/2027  | 224 | 227 |
| 4.850% due 11/15/2031  | 1 | 1 |
| 5.000% due 03/15/2035  | 12 | 12 |
| **MassMutual Global Funding II** <br>5.050% due 12/07/2027 | 351 | 358 |
| **Meiji Yasuda Life Insurance Co.** <br>5.200% due 10/20/2045 •  | 49 | 49 |
| **Met Tower Global Funding** <br>1.250% due 09/14/2026 | 111 | 108 |
| **MetLife, Inc.**  |  |  |
| 4.125% due 08/13/2042  | 130 | 112 |
| 9.250% due 04/08/2068  | 163 | 196 |
| **Metropolitan Life Global Funding I**  |  |  |
| 1.875% due 01/11/2027  | 2306 | 2247 |
| 5.150% due 03/28/2033  | 3052 | 3163 |
| **Mitsubishi HC Capital, Inc.** <br>5.080% due 09/15/2027 | 1275 | 1292 |
| **Mitsubishi UFJ Financial Group, Inc.**  |  |  |
| 2.309% due 07/20/2032 •  | 638 | 565 |
| 2.341% due 01/19/2028 •  | 2941 | 2873 |
| 3.195% due 07/18/2029  | 1398 | 1347 |
| 5.017% due 07/20/2028 •  | 1088 | 1105 |
| **Mizuho Financial Group, Inc.**  |  |  |
| 5.414% due 09/13/2028 •  | 2078 | 2129 |
| 5.748% due 07/06/2034 •  | 307 | 326 |
| **Morgan Stanley**  |  |  |
| 1.593% due 05/04/2027 •  | 116 | 114 |
| 1.928% due 04/28/2032 •  | 3241 | 2829 |
| 2.511% due 10/20/2032 •  | 309 | 276 |
| 3.622% due 04/01/2031 •  | 3095 | 3004 |
| 4.300% due 01/27/2045  | 717 | 629 |
| 4.889% due 07/20/2033 •  | 2250 | 2285 |
| 5.123% due 02/01/2029 •  | 1561 | 1595 |
| 5.164% due 04/20/2029 •  | 130 | 133 |
| 5.652% due 04/13/2028 •  | 168 | 172 |
| 5.831% due 04/19/2035 •  | 1202 | 1282 |
| 6.627% due 11/01/2034 •  | 1515 | 1696 |
| **Morgan Stanley Bank NA** <br>5.258% (SOFRRATE + 0.940%) due 07/14/2028 ~ | 952 | 958 |
| **Morgan Stanley Private Bank NA** <br>4.734% due 07/18/2031 •  | 2467 | 2505 |
| **Nasdaq, Inc.**  |  |  |
| 2.500% due 12/21/2040  | 714 | 506 |
| 3.950% due 03/07/2052  | 192 | 149 |
| **Nationwide Building Society**  |  |  |
| 4.649% due 07/14/2029 •  | 1212 | 1222 |
| 5.537% due 07/14/2036 •  | 1212 | 1247 |
| **Nationwide Mutual Insurance Co.**  |  |  |
| 4.350% due 04/30/2050  | 1319 | 1050 |
| 4.950% due 04/22/2044  | 54 | 48 |
| **NatWest Group PLC** <br>4.964% due 08/15/2030 •  | 3037 | 3094 |
| **New York Life Global Funding** <br>2.350% due 07/14/2026 | 100 | 99 |
| **New York Life Insurance Co.**  |  |  |
| 3.750% due 05/15/2050  | 135 | 102 |
| 4.450% due 05/15/2069  | 169 | 135 |
| 6.750% due 11/15/2039  | 655 | 749 |
| **Nissan Motor Acceptance Co. LLC**  |  |  |
| 1.850% due 09/16/2026  | 125 | 121 |
| 2.450% due 09/15/2028  | 100 | 92 |
| **NMI Holdings, Inc.** <br>6.000% due 08/15/2029 | 1838 | 1902 |
| **Nomura Holdings, Inc.** <br>2.172% due 07/14/2028 | 117 | 111 |
| **Nordea Bank Abp**  |  |  |
| 1.500% due 09/30/2026  | 55 | 54 |
| 5.375% due 09/22/2027  | 1592 | 1633 |
| **Norinchukin Bank**  |  |  |
| 4.867% due 09/14/2027  | 676 | 683 |

---

------

<br> Schedule of Investments PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| 5.071% due 09/14/2032  | 300 | 304 |
| 5.430% due 03/09/2028 (d)  | 1126 | 1153 |
| **Northwestern Mutual Global Funding** <br>0.800% due 01/14/2026 | 314 | 311 |
| **Nuveen LLC** <br>4.000% due 11/01/2028 | 60 | 60 |
| **Old Republic International Corp.** <br>3.875% due 08/26/2026 | 702 | 700 |
| **Omega Healthcare Investors, Inc.** <br>3.375% due 02/01/2031 | 2207 | 2049 |
| **Pacific Life Global Funding II**  |  |  |
| 1.600% due 09/21/2028  | 2574 | 2382 |
| 4.875% due 07/17/2032  | 1000 | 1019 |
| **Phillips Edison Grocery Center Operating Partnership I LP** <br>5.750% due 07/15/2034 | 1221 | 1271 |
| **PNC Financial Services Group, Inc.**  |  |  |
| 2.307% due 04/23/2032 •  | 260 | 232 |
| 5.068% due 01/24/2034 •  | 2899 | 2959 |
| 5.354% due 12/02/2028 •  | 47 | 48 |
| 5.373% due 07/21/2036 •  | 5025 | 5173 |
| 5.492% due 05/14/2030 •  | 1718 | 1789 |
| **Popular, Inc.** <br>7.250% due 03/13/2028 | 1349 | 1410 |
| **Pricoa Global Funding I**  |  |  |
| 4.400% due 08/27/2027  | 387 | 390 |
| 4.700% due 05/28/2030  | 2 | 2 |
| **Principal Life Global Funding II** <br>3.000% due 04/18/2026 | 783 | 778 |
| **Prologis LP** <br>4.000% due 09/15/2028 | 1365 | 1365 |
| **Protective Life Global Funding** <br>1.303% due 09/20/2026 | 824 | 803 |
| **Prudential Financial, Inc.** <br>3.000% due 03/10/2040 | 172 | 134 |
| **Prudential Funding Asia PLC** <br>3.125% due 04/14/2030 | 957 | 919 |
| **Realty Income Corp.**  |  |  |
| 3.250% due 01/15/2031  | 132 | 125 |
| 3.400% due 01/15/2028  | 589 | 581 |
| 4.450% due 09/15/2026  | 509 | 510 |
| **Reinsurance Group of America, Inc.** <br>3.950% due 09/15/2026 | 1215 | 1214 |
| **Reliance Standard Life Global Funding II** <br>1.512% due 09/28/2026 | 157 | 153 |
| **Rexford Industrial Realty LP** <br>2.150% due 09/01/2031 | 1130 | 983 |
| **RGA Global Funding**  |  |  |
| 5.000% due 08/25/2032  | 1934 | 1947 |
| 6.000% due 11/21/2028  | 1763 | 1855 |
| **Royal Bank of Canada** <br>4.715% due 03/27/2028 •  | 71 | 72 |
| **Sabra Health Care LP** <br>3.200% due 12/01/2031 | 290 | 264 |
| **Santander Holdings USA, Inc.**  |  |  |
| 2.490% due 01/06/2028 •  | 1818 | 1774 |
| 6.499% due 03/09/2029 •  | 2019 | 2107 |
| **Santander U.K. Group Holdings PLC** <br>1.673% due 06/14/2027 •  | 2705 | 2655 |
| **SMBC Aviation Capital Finance DAC** <br>1.900% due 10/15/2026 | 1354 | 1320 |
| **Societe Generale SA**  |  |  |
| 1.792% due 06/09/2027 •  | 433 | 425 |
| 3.337% due 01/21/2033 •  | 1614 | 1469 |
| 6.691% due 01/10/2034 •  | 807 | 879 |
| **Standard Chartered PLC** <br>2.678% due 06/29/2032 •  | 172 | 154 |
| **State Street Corp.** <br>5.820% due 11/04/2028 •  | 1067 | 1105 |
| **Sumitomo Mitsui Financial Group, Inc.**  |  |  |
| 2.222% due 09/17/2031  | 4003 | 3535 |
| 2.472% due 01/14/2029  | 685 | 650 |
| 2.750% due 01/15/2030  | 3439 | 3228 |
| 5.766% due 01/13/2033  | 301 | 322 |
| **Sumitomo Mitsui Trust Bank Ltd.** <br>4.950% due 09/15/2027 | 1639 | 1667 |
| **Sun Communities Operating LP** <br>2.300% due 11/01/2028 | 483 | 457 |
| **Synchrony Financial** <br>5.150% due 03/19/2029 | 274 | 278 |
| **Teachers Insurance & Annuity Association of America** <br>6.850% due 12/16/2039 | 1 | 1 |
| **Toronto-Dominion Bank**  |  |  |
| 3.200% due 03/10/2032  | 3172 | 2946 |
| 4.108% due 06/08/2027  | 359 | 360 |

---

------

<br> Schedule of Investments PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| 5.156% due 01/10/2028  | 110 | 113 |
| **Toyota Motor Credit Corp.** <br>4.550% due 08/09/2029 | 1743 | 1770 |
| **Travelers Cos., Inc.** <br>5.050% due 07/24/2035 | 1 | 1 |
| **Truist Financial Corp.**  |  |  |
| 4.873% due 01/26/2029 •  | 673 | 683 |
| 5.122% due 01/26/2034 •  | 120 | 122 |
| 5.867% due 06/08/2034 •  | 395 | 419 |
| 7.161% due 10/30/2029 •  | 1444 | 1564 |
| **U.S. Bancorp**  |  |  |
| 4.548% due 07/22/2028 •  | 946 | 953 |
| 4.653% due 02/01/2029 •  | 608 | 615 |
| 5.727% due 10/21/2026 •  | 1086 | 1087 |
| 5.775% due 06/12/2029 •  | 810 | 843 |
| 5.836% due 06/12/2034 •  | 417 | 444 |
| **UBS AG**  |  |  |
| 1.250% due 06/01/2026  | 540 | 530 |
| 1.250% due 08/07/2026  | 332 | 325 |
| **UBS Group AG**  |  |  |
| 1.305% due 02/02/2027 •  | 976 | 966 |
| 3.126% due 08/13/2030 •  | 1078 | 1030 |
| 4.194% due 04/01/2031 •  | 2421 | 2394 |
| 4.751% due 05/12/2028 •  | 1579 | 1593 |
| 6.442% due 08/11/2028 •  | 371 | 386 |
| 6.537% due 08/12/2033 •  | 1215 | 1341 |
| **UDR, Inc.** <br>2.100% due 08/01/2032 | 1554 | 1326 |
| **UniCredit SpA**  |  |  |
| 1.982% due 06/03/2027 •  | 1085 | 1068 |
| 3.127% due 06/03/2032 •  | 145 | 134 |
| **VICI Properties LP**  |  |  |
| 5.125% due 05/15/2032  | 51 | 52 |
| 5.625% due 05/15/2052  | 1217 | 1162 |
| **VICI Properties LP/VICI Note Co., Inc.** <br>4.625% due 12/01/2029 | 4074 | 4035 |
| **Wells Fargo & Co.**  |  |  |
| 2.879% due 10/30/2030 •  | 1507 | 1427 |
| 3.068% due 04/30/2041 •  | 376 | 292 |
| 3.350% due 03/02/2033 •  | 220 | 205 |
| 3.526% due 03/24/2028 •  | 1702 | 1687 |
| 3.584% due 05/22/2028 •  | 723 | 717 |
| 4.478% due 04/04/2031 •  | 410 | 412 |
| 4.611% due 04/25/2053 •  | 1222 | 1074 |
| 4.808% due 07/25/2028 •  | 1633 | 1653 |
| 4.897% due 07/25/2033 •  | 5150 | 5234 |
| 5.198% due 01/23/2030 •  | 2467 | 2541 |
| 5.389% due 04/24/2034 •  | 120 | 125 |
| 6.303% due 10/23/2029 •  | 150 | 159 |
| **Welltower OP LLC** <br>4.250% due 04/15/2028 | 1216 | 1224 |
| **Weyerhaeuser Co.**  |  |  |
| 6.875% due 12/15/2033  | 334 | 374 |
| 7.375% due 03/15/2032  | 2269 | 2601 |
| **WP Carey, Inc.** <br>4.650% due 07/15/2030 | 2249 | 2263 |
|  |  | 443592 |
| **INDUSTRIALS 43.3%**  |  |  |
| **7-Eleven, Inc.** <br>0.950% due 02/10/2026 | 1393 | 1376 |
| **AbbVie, Inc.**  |  |  |
| 2.950% due 11/21/2026  | 1441 | 1425 |
| 3.200% due 05/14/2026  | 25 | 25 |
| 4.050% due 11/21/2039  | 81 | 73 |
| 4.250% due 11/14/2028  | 70 | 71 |
| 4.400% due 11/06/2042  | 52 | 47 |
| 4.550% due 03/15/2035  | 2036 | 2005 |
| 4.950% due 03/15/2031  | 637 | 659 |
| 5.200% due 03/15/2035  | 81 | 84 |
| **Adobe, Inc.** <br>4.800% due 04/04/2029 | 563 | 578 |
| **Aker BP ASA**  |  |  |
| 3.100% due 07/15/2031  | 794 | 726 |
| 5.125% due 10/01/2034  | 476 | 468 |
| 5.800% due 10/01/2054  | 2162 | 2006 |
| **Alcon Finance Corp.** <br>2.600% due 05/27/2030 | 2814 | 2605 |
| **Algonquin Power & Utilities Corp.** <br>5.365% due 06/15/2026 þ | 1661 | 1673 |
| **Alibaba Group Holding Ltd.** <br>3.400% due 12/06/2027 | 1118 | 1105 |

---

------

<br> Schedule of Investments PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Alimentation** **Couche-Tard, Inc.**  |  |  |
| 2.950% due 01/25/2030  | 228 | 215 |
| 3.800% due 01/25/2050  | 44 | 33 |
| 5.267% due 02/12/2034  | 210 | 215 |
| **Allegion PLC** <br>3.500% due 10/01/2029 | 686 | 664 |
| **Amazon.com, Inc.**  |  |  |
| 2.100% due 05/12/2031  | 3808 | 3428 |
| 2.700% due 06/03/2060  | 1633 | 967 |
| 3.100% due 05/12/2051  | 140 | 98 |
| 3.250% due 05/12/2061  | 642 | 430 |
| 3.875% due 08/22/2037  | 1752 | 1616 |
| 4.100% due 04/13/2062  | 246 | 198 |
| **Amcor Flexibles North America, Inc.** <br>5.100% due 03/17/2030 | 1100 | 1126 |
| **America Movil SAB de CV** <br>3.625% due 04/22/2029 | 317 | 310 |
| **Amgen, Inc.**  |  |  |
| 2.200% due 02/21/2027  | 76 | 74 |
| 2.450% due 02/21/2030  | 239 | 221 |
| 3.000% due 02/22/2029  | 177 | 171 |
| 3.000% due 01/15/2052  | 320 | 210 |
| 3.150% due 02/21/2040  | 788 | 621 |
| 3.200% due 11/02/2027  | 595 | 585 |
| 4.200% due 02/22/2052  | 284 | 228 |
| 4.400% due 05/01/2045  | 2653 | 2305 |
| 4.400% due 02/22/2062  | 477 | 382 |
| 5.150% due 03/02/2028  | 1389 | 1422 |
| 5.250% due 03/02/2033  | 30 | 31 |
| 5.750% due 03/02/2063  | 223 | 223 |
| **Amphenol Corp.** <br>2.800% due 02/15/2030 | 160 | 151 |
| **Anglo American Capital PLC**  |  |  |
| 3.875% due 03/16/2029  | 355 | 349 |
| 6.000% due 04/05/2054  | 1363 | 1403 |
| **AngloGold Ashanti Holdings PLC** <br>3.750% due 10/01/2030 | 1047 | 999 |
| **Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.** <br>4.700% due 02/01/2036 | 1705 | 1684 |
| **Anheuser-Busch InBev Finance, Inc.** <br>4.900% due 02/01/2046 | 1007 | 941 |
| **Anheuser-Busch InBev Worldwide, Inc.**  |  |  |
| 3.500% due 06/01/2030  | 60 | 58 |
| 4.900% due 01/23/2031  | 600 | 620 |
| 4.950% due 01/15/2042  | 113 | 109 |
| 5.000% due 06/15/2034  | 269 | 278 |
| 5.450% due 01/23/2039  | 134 | 139 |
| 5.800% due 01/23/2059  | 167 | 174 |
| **Apple, Inc.**  |  |  |
| 1.200% due 02/08/2028  | 10 | 9 |
| 1.650% due 05/11/2030  | 1447 | 1308 |
| 2.200% due 09/11/2029  | 10 | 9 |
| 2.375% due 02/08/2041  | 120 | 86 |
| 2.800% due 02/08/2061  | 73 | 44 |
| 2.850% due 08/05/2061  | 172 | 105 |
| 3.350% due 08/08/2032  | 858 | 821 |
| 3.850% due 08/04/2046  | 1295 | 1073 |
| 3.950% due 08/08/2052  | 941 | 766 |
| 4.650% due 02/23/2046  | 1095 | 1025 |
| **Aptiv Swiss Holdings Ltd.**  |  |  |
| 3.100% due 12/01/2051  | 349 | 222 |
| 4.350% due 03/15/2029  | 260 | 261 |
| 5.150% due 09/13/2034  | 1706 | 1697 |
| 5.750% due 09/13/2054  | 1952 | 1864 |
| **Ashtead Capital, Inc.** <br>5.500% due 08/11/2032 | 1596 | 1653 |
| **Astrazeneca Finance LLC**  |  |  |
| 1.750% due 05/28/2028  | 283 | 268 |
| 2.250% due 05/28/2031  | 200 | 181 |
| **AstraZeneca PLC**  |  |  |
| 1.375% due 08/06/2030  | 1578 | 1390 |
| 4.000% due 01/17/2029  | 1530 | 1532 |
| **Atlassian Corp.** <br>5.250% due 05/15/2029 | 1773 | 1823 |
| **Autodesk, Inc.** <br>2.850% due 01/15/2030 | 55 | 52 |
| **AutoNation, Inc.** <br>3.800% due 11/15/2027 | 130 | 129 |
| **AutoZone, Inc.** <br>4.750% due 08/01/2032 | 243 | 245 |
| **Bacardi Ltd.**  |  |  |
| 2.750% due 07/15/2026  | 100 | 99 |
| 4.700% due 05/15/2028  | 703 | 709 |
| 5.300% due 05/15/2048  | 206 | 188 |

---

------

<br> Schedule of Investments PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **BAE** **Systems Holdings, Inc.** <br>3.850% due 12/15/2025 | 376 | 376 |
| **BAE Systems PLC**  |  |  |
| 1.900% due 02/15/2031  | 2045 | 1801 |
| 3.400% due 04/15/2030  | 1664 | 1604 |
| **Baidu, Inc.** <br>1.720% due 04/09/2026 | 53 | 52 |
| **BAT Capital Corp.** <br>4.540% due 08/15/2047 | 533 | 447 |
| **Bayer U.S. Finance II LLC**  |  |  |
| 4.250% due 12/15/2025  | 1600 | 1599 |
| 4.375% due 12/15/2028  | 2860 | 2850 |
| **Bayer U.S. Finance LLC**  |  |  |
| 6.250% due 01/21/2029  | 381 | 401 |
| 6.500% due 11/21/2033  | 381 | 411 |
| **Becton Dickinson & Co.**  |  |  |
| 1.957% due 02/11/2031  | 130 | 115 |
| 2.823% due 05/20/2030  | 3263 | 3059 |
| 4.669% due 06/06/2047  | 617 | 546 |
| **BHP Billiton Finance USA Ltd.** <br>5.250% due 09/08/2030 | 50 | 52 |
| **Biogen, Inc.** <br>3.250% due 02/15/2051 | 67 | 44 |
| **BMW U.S. Capital LLC**  |  |  |
| 2.550% due 04/01/2031  | 55 | 50 |
| 3.300% due 04/06/2027  | 50 | 49 |
| 4.150% due 04/09/2030  | 2148 | 2134 |
| **Boardwalk Pipelines LP** <br>3.400% due 02/15/2031 | 1895 | 1775 |
| **Boeing Co.**  |  |  |
| 2.196% due 02/04/2026  | 3469 | 3443 |
| 2.250% due 06/15/2026  | 150 | 148 |
| 2.750% due 02/01/2026  | 10 | 10 |
| 3.100% due 05/01/2026  | 10 | 10 |
| 3.250% due 02/01/2028  | 1457 | 1423 |
| 3.600% due 05/01/2034  | 90 | 81 |
| 3.625% due 02/01/2031  | 1428 | 1369 |
| 3.950% due 08/01/2059  | 2657 | 1911 |
| 5.705% due 05/01/2040  | 1215 | 1241 |
| 5.805% due 05/01/2050  | 100 | 100 |
| **Booz Allen Hamilton, Inc.** <br>5.950% due 08/04/2033 | 642 | 675 |
| **BorgWarner, Inc.** <br>4.950% due 08/15/2029 | 1703 | 1740 |
| **Boston Scientific Corp.** <br>6.500% due 11/15/2035 | 93 | 104 |
| **BP Capital Markets America, Inc.**  |  |  |
| 2.772% due 11/10/2050  | 379 | 238 |
| 3.060% due 06/17/2041  | 196 | 149 |
| 3.119% due 05/04/2026  | 243 | 242 |
| 3.379% due 02/08/2061  | 3627 | 2423 |
| 3.543% due 04/06/2027  | 10 | 10 |
| 3.937% due 09/21/2028  | 739 | 738 |
| 4.234% due 11/06/2028  | 30 | 30 |
| **Bristol-Myers Squibb Co.**  |  |  |
| 1.125% due 11/13/2027  | 80 | 76 |
| 1.450% due 11/13/2030  | 359 | 315 |
| 3.900% due 02/20/2028  | 2267 | 2268 |
| 4.125% due 06/15/2039  | 81 | 73 |
| 4.900% due 02/22/2029  | 351 | 361 |
| 5.100% due 02/22/2031  | 142 | 148 |
| 5.200% due 02/22/2034  | 72 | 75 |
| 6.250% due 11/15/2053  | 507 | 554 |
| **Broadcom, Inc.**  |  |  |
| 1.950% due 02/15/2028  | 1173 | 1118 |
| 2.600% due 02/15/2033  | 1330 | 1168 |
| 3.137% due 11/15/2035  | 1004 | 869 |
| 3.187% due 11/15/2036  | 1384 | 1182 |
| 3.419% due 04/15/2033  | 1282 | 1187 |
| 3.469% due 04/15/2034  | 1734 | 1583 |
| 4.110% due 09/15/2028  | 122 | 122 |
| 4.150% due 04/15/2032  | 676 | 663 |
| 4.926% due 05/15/2037  | 1608 | 1604 |
| **Cameron LNG LLC** <br>3.701% due 01/15/2039 | 1858 | 1595 |
| **Canadian National Railway Co.** <br>5.850% due 11/01/2033 | 968 | 1055 |
| **Canadian Natural Resources Ltd.**  |  |  |
| 5.000% due 12/15/2029  | 143 | 146 |
| 6.450% due 06/30/2033  | 125 | 136 |
| **Canadian Pacific Railway Co.** <br>3.500% due 05/01/2050 | 2467 | 1812 |
| **Carlisle Cos., Inc.** <br>2.750% due 03/01/2030 | 528 | 495 |

---

------

<br> Schedule of Investments PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Carnival** **Corp.** <br>4.000% due 08/01/2028 | 2101 | 2072 |
| **Carrier Global Corp.** <br>2.722% due 02/15/2030 | 2074 | 1945 |
| **Caterpillar, Inc.** <br>5.300% due 09/15/2035 | 30 | 31 |
| **CDW LLC/CDW Finance Corp.**  |  |  |
| 2.670% due 12/01/2026  | 1052 | 1032 |
| 3.250% due 02/15/2029  | 335 | 321 |
| 3.276% due 12/01/2028  | 422 | 408 |
| 4.250% due 04/01/2028  | 27 | 27 |
| 5.100% due 03/01/2030  | 1542 | 1570 |
| **Cenovus Energy, Inc.**  |  |  |
| 5.400% due 06/15/2047  | 546 | 504 |
| 6.750% due 11/15/2039  | 257 | 284 |
| **Centene Corp.**  |  |  |
| 2.500% due 03/01/2031  | 292 | 252 |
| 2.625% due 08/01/2031  | 220 | 189 |
| 3.000% due 10/15/2030  | 258 | 231 |
| 4.250% due 12/15/2027  | 453 | 445 |
| 4.625% due 12/15/2029  | 4821 | 4678 |
| **CenterPoint Energy Resources Corp.** <br>1.750% due 10/01/2030 | 412 | 365 |
| **CF Industries, Inc.** <br>5.150% due 03/15/2034 | 4788 | 4834 |
| **CGI, Inc.** <br>4.950% due 03/14/2030 | 2467 | 2512 |
| **Charter Communications Operating LLC/Charter Communications Operating Capital**  |  |  |
| 2.250% due 01/15/2029  | 338 | 314 |
| 2.300% due 02/01/2032  | 1201 | 1028 |
| 2.800% due 04/01/2031  | 150 | 135 |
| 3.750% due 02/15/2028  | 692 | 681 |
| 3.850% due 04/01/2061  | 1247 | 778 |
| 3.950% due 06/30/2062  | 1168 | 740 |
| 4.200% due 03/15/2028  | 190 | 189 |
| 5.375% due 04/01/2038  | 371 | 350 |
| 6.100% due 06/01/2029  | 2078 | 2181 |
| 6.650% due 02/01/2034  | 1052 | 1125 |
| **Cheniere Corpus Christi Holdings LLC**  |  |  |
| 2.742% due 12/31/2039  | 147 | 123 |
| 3.700% due 11/15/2029  | 129 | 125 |
| **Cheniere Energy Partners LP** <br>5.750% due 08/15/2034 | 3250 | 3380 |
| **Chevron USA, Inc.** <br>2.343% due 08/12/2050 | 2297 | 1369 |
| **Choice Hotels International, Inc.** <br>3.700% due 01/15/2031 | 597 | 559 |
| **Cigna Group**  |  |  |
| 3.400% due 03/01/2027  | 3053 | 3025 |
| 3.875% due 10/15/2047  | 310 | 240 |
| 4.375% due 10/15/2028  | 150 | 151 |
| 4.800% due 08/15/2038  | 100 | 95 |
| 4.800% due 07/15/2046  | 5 | 5 |
| 5.600% due 02/15/2054  | 2422 | 2383 |
| **CK Hutchison International 24 Ltd.** <br>5.500% due 04/26/2034 | 452 | 475 |
| **Coca-Cola Co.**  |  |  |
| 1.375% due 03/15/2031  | 143 | 124 |
| 2.125% due 09/06/2029  | 139 | 130 |
| 2.500% due 06/01/2040  | 474 | 353 |
| 3.450% due 03/25/2030  | 403 | 393 |
| 5.000% due 05/13/2034  | 832 | 867 |
| **Comcast Corp.**  |  |  |
| 2.350% due 01/15/2027  | 74 | 73 |
| 2.650% due 02/01/2030  | 202 | 189 |
| 2.887% due 11/01/2051  | 1800 | 1110 |
| 2.937% due 11/01/2056  | 150 | 89 |
| 3.200% due 07/15/2036  | 1558 | 1329 |
| 3.400% due 07/15/2046  | 239 | 173 |
| 3.750% due 04/01/2040  | 466 | 392 |
| 3.969% due 11/01/2047  | 1016 | 795 |
| 4.000% due 08/15/2047  | 931 | 732 |
| 4.049% due 11/01/2052  | 285 | 219 |
| 4.600% due 10/15/2038  | 155 | 146 |
| 4.950% due 10/15/2058  | 160 | 140 |
| 5.500% due 11/15/2032  | 1554 | 1647 |
| 6.050% due 05/15/2055  | 1276 | 1320 |
| **Conagra Brands, Inc.**  |  |  |
| 4.850% due 11/01/2028  | 280 | 283 |
| 5.300% due 11/01/2038  | 732 | 703 |
| 5.750% due 08/01/2035  | 1807 | 1841 |
| **ConocoPhillips Co.**  |  |  |
| 3.758% due 03/15/2042  | 11 | 9 |
| 3.800% due 03/15/2052  | 1587 | 1194 |

---

------

<br> Schedule of Investments PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| 4.300% due 11/15/2044  | 1722 | 1490 |
| **Constellation Brands, Inc.**  |  |  |
| 2.875% due 05/01/2030  | 1221 | 1143 |
| 3.150% due 08/01/2029  | 1468 | 1413 |
| 4.100% due 02/15/2048  | 179 | 141 |
| 5.250% due 11/15/2048  | 2216 | 2064 |
| **Continental Resources, Inc.**  |  |  |
| 2.268% due 11/15/2026  | 1198 | 1168 |
| 4.375% due 01/15/2028  | 100 | 99 |
| 5.750% due 01/15/2031  | 1522 | 1570 |
| **Corning, Inc.** <br>5.450% due 11/15/2079 | 832 | 782 |
| **Corp. Nacional del Cobre de Chile**  |  |  |
| 3.150% due 01/14/2030  | 210 | 200 |
| 5.950% due 01/08/2034  | 1900 | 2000 |
| **Cox Communications, Inc.**  |  |  |
| 1.800% due 10/01/2030  | 2816 | 2461 |
| 5.450% due 09/01/2034  | 2190 | 2183 |
| **CRH America Finance, Inc.** <br>3.400% due 05/09/2027 | 969 | 957 |
| **CRH SMW Finance DAC** <br>5.200% due 05/21/2029 | 2184 | 2253 |
| **CSX Corp.**  |  |  |
| 4.100% due 03/15/2044  | 1098 | 932 |
| 6.220% due 04/30/2040  | 1767 | 1954 |
| **CVS Health Corp.**  |  |  |
| 1.750% due 08/21/2030  | 10 | 9 |
| 3.000% due 08/15/2026  | 20 | 20 |
| 3.250% due 08/15/2029  | 1209 | 1159 |
| 3.625% due 04/01/2027  | 953 | 945 |
| 3.750% due 04/01/2030  | 1049 | 1016 |
| 4.125% due 04/01/2040  | 510 | 434 |
| 5.050% due 03/25/2048  | 2072 | 1845 |
| 5.125% due 02/21/2030  | 1604 | 1645 |
| 5.125% due 07/20/2045  | 1922 | 1746 |
| 6.000% due 06/01/2044  | 118 | 120 |
| 6.000% due 06/01/2063  | 100 | 99 |
| **Daimler Truck Finance North America LLC** <br>2.500% due 12/14/2031 | 629 | 557 |
| **Darden Restaurants, Inc.** <br>6.300% due 10/10/2033 | 1333 | 1444 |
| **DCP Midstream Operating LP**  |  |  |
| 5.125% due 05/15/2029  | 1445 | 1478 |
| 5.625% due 07/15/2027  | 380 | 388 |
| **Dell International LLC/EMC Corp.** <br>8.100% due 07/15/2036 | 488 | 595 |
| **Delta Air Lines, Inc./SkyMiles IP Ltd.** <br>4.750% due 10/20/2028 | 10 | 10 |
| **Devon Energy Corp.**  |  |  |
| 5.000% due 06/15/2045  | 174 | 152 |
| 5.200% due 09/15/2034 (d)  | 3429 | 3416 |
| **Diamondback Energy, Inc.**  |  |  |
| 5.200% due 04/18/2027  | 957 | 971 |
| 5.900% due 04/18/2064  | 2310 | 2226 |
| 6.250% due 03/15/2033  | 91 | 98 |
| **Dow Chemical Co.**  |  |  |
| 2.100% due 11/15/2030  | 157 | 139 |
| 6.900% due 05/15/2053  | 9 | 10 |
| **DR Horton, Inc.** <br>5.000% due 10/15/2034 | 2095 | 2120 |
| **eBay, Inc.** <br>5.900% due 11/22/2025 | 485 | 485 |
| **Electronic Arts, Inc.** <br>1.850% due 02/15/2031 | 1216 | 1155 |
| **Elevance Health, Inc.**  |  |  |
| 2.250% due 05/15/2030  | 1585 | 1447 |
| 3.600% due 03/15/2051  | 149 | 107 |
| 3.700% due 09/15/2049  | 106 | 78 |
| 4.100% due 05/15/2032  | 151 | 147 |
| 4.550% due 03/01/2048  | 2476 | 2118 |
| 4.850% due 08/15/2054  | 807 | 690 |
| 5.125% due 02/15/2053  | 1698 | 1552 |
| 5.950% due 12/15/2034  | 250 | 267 |
| **Eli Lilly & Co.**  |  |  |
| 4.150% due 03/15/2059  | 1325 | 1074 |
| 5.100% due 02/12/2035  | 7 | 7 |
| 5.950% due 11/15/2037  | 331 | 363 |
| **Embraer Netherlands Finance BV** <br>5.980% due 02/11/2035 | 1698 | 1802 |
| **EMD Finance LLC** <br>4.625% due 10/15/2032 | 1613 | 1611 |
| **Enbridge, Inc.**  |  |  |
| 2.500% due 08/01/2033  | 572 | 487 |
| 3.125% due 11/15/2029  | 420 | 400 |

---

------

<br> Schedule of Investments PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| 3.700% due 07/15/2027  | 332 | 329 |
| 5.250% due 04/05/2027  | 71 | 72 |
| 5.900% due 11/15/2026  | 200 | 204 |
| 5.950% due 04/05/2054  | 72 | 74 |
| 6.000% due 11/15/2028  | 230 | 242 |
| 6.700% due 11/15/2053  | 2785 | 3113 |
| **Energy Transfer LP**  |  |  |
| 4.950% due 05/15/2028  | 1771 | 1801 |
| 5.000% due 05/15/2050  | 1599 | 1370 |
| 5.250% due 04/15/2029  | 120 | 124 |
| 5.300% due 04/15/2047  | 1157 | 1046 |
| 5.600% due 09/01/2034  | 2134 | 2191 |
| 6.250% due 04/15/2049  | 1220 | 1232 |
| 6.550% due 12/01/2033  | 120 | 131 |
| 7.375% due 02/01/2031  | 120 | 125 |
| **Eni SpA**  |  |  |
| 5.500% due 05/15/2034  | 554 | 570 |
| 5.950% due 05/15/2054  | 3313 | 3314 |
| **Entergy Louisiana LLC**  |  |  |
| 4.200% due 09/01/2048  | 4870 | 4013 |
| 5.800% due 03/15/2055  | 1347 | 1381 |
| **Enterprise Products Operating LLC**  |  |  |
| 3.200% due 02/15/2052  | 2985 | 2026 |
| 3.950% due 01/31/2060  | 1357 | 1013 |
| 4.200% due 01/31/2050  | 2893 | 2363 |
| 4.250% due 02/15/2048  | 336 | 280 |
| 4.850% due 08/15/2042  | 396 | 370 |
| **EQT Corp.**  |  |  |
| 3.900% due 10/01/2027  | 53 | 53 |
| 5.700% due 04/01/2028  | 1240 | 1282 |
| **Equifax, Inc.** <br>7.000% due 07/01/2037 | 364 | 412 |
| **Equinor ASA**  |  |  |
| 2.375% due 05/22/2030  | 2446 | 2265 |
| 3.625% due 04/06/2040  | 15 | 13 |
| 7.150% due 11/15/2025  | 26 | 26 |
| **ERAC USA Finance LLC**  |  |  |
| 3.300% due 12/01/2026  | 152 | 151 |
| 7.000% due 10/15/2037  | 645 | 753 |
| **Essential Utilities, Inc.** <br>2.704% due 04/15/2030 | 425 | 396 |
| **FedEx Corp.**  |  |  |
| 3.100% due 08/05/2029  | 450 | 432 |
| 3.900% due 02/01/2035  | 28 | 26 |
| 4.050% due 02/15/2048  | 80 | 61 |
| 4.100% due 02/01/2045  | 160 | 125 |
| 4.250% due 05/15/2030  | 133 | 133 |
| 4.550% due 04/01/2046  | 4 | 3 |
| 4.750% due 11/15/2045  | 39 | 34 |
| **Fidelity National Information Services, Inc.** <br>1.150% due 03/01/2026 | 134 | 132 |
| **FirstEnergy Pennsylvania Electric Co.**  |  |  |
| 3.600% due 06/01/2029  | 640 | 625 |
| 4.300% due 01/15/2029  | 125 | 125 |
| 5.150% due 03/30/2026  | 100 | 100 |
| **Fiserv, Inc.**  |  |  |
| 3.200% due 07/01/2026  | 939 | 933 |
| 4.400% due 07/01/2049  | 180 | 149 |
| **Flex Intermediate Holdco LLC** <br>3.363% due 06/30/2031 | 295 | 272 |
| **Flutter Treasury DAC** <br>6.375% due 04/29/2029 | 1042 | 1077 |
| **Foundry JV Holdco LLC** <br>5.900% due 01/25/2030 | 200 | 211 |
| **Fox Corp.**  |  |  |
| 5.476% due 01/25/2039  | 328 | 329 |
| 5.576% due 01/25/2049  | 1521 | 1482 |
| **Freeport Indonesia PT** <br>4.763% due 04/14/2027 | 376 | 379 |
| **Freeport-McMoRan, Inc.**  |  |  |
| 4.125% due 03/01/2028  | 2192 | 2180 |
| 4.625% due 08/01/2030  | 101 | 100 |
| **Fresenius Medical Care U.S. Finance III, Inc.** <br>2.375% due 02/16/2031 | 223 | 197 |
| **Gartner, Inc.** <br>4.500% due 07/01/2028 | 1384 | 1373 |
| **General Motors Co.**  |  |  |
| 5.400% due 04/01/2048  | 1244 | 1135 |
| 6.600% due 04/01/2036  | 78 | 84 |
| 6.750% due 04/01/2046  | 46 | 49 |
| 6.800% due 10/01/2027  | 2005 | 2092 |
| **Gilead Sciences, Inc.**  |  |  |
| 1.200% due 10/01/2027  | 540 | 512 |
| 2.800% due 10/01/2050  | 411 | 266 |

---

------

<br> Schedule of Investments PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| 2.950% due 03/01/2027  | 106 | 105 |
| 4.800% due 11/15/2029  | 242 | 248 |
| **Glencore Funding LLC**  |  |  |
| 3.875% due 10/27/2027  | 100 | 99 |
| 5.400% due 05/08/2028  | 2881 | 2960 |
| 5.405% (SOFRINDX + 1.060%) due 04/04/2027 ~  | 2621 | 2636 |
| **Global Payments, Inc.** <br>4.150% due 08/15/2049 | 938 | 714 |
| **Graphic Packaging International LLC** <br>1.512% due 04/15/2026 | 230 | 226 |
| **Greensaif Pipelines Bidco SARL** <br>5.853% due 02/23/2036 | 2465 | 2591 |
| **Gulfstream Natural Gas System LLC** <br>5.600% due 07/23/2035 | 1706 | 1749 |
| **Haleon U.S. Capital LLC** <br>3.375% due 03/24/2027 | 2257 | 2235 |
| **Halliburton Co.**  |  |  |
| 2.920% due 03/01/2030  | 747 | 703 |
| 5.000% due 11/15/2045  | 306 | 279 |
| **Harley-Davidson Financial Services, Inc.** <br>6.500% due 03/10/2028 | 867 | 908 |
| **Hasbro, Inc.** <br>3.900% due 11/19/2029 | 1199 | 1168 |
| **HCA, Inc.**  |  |  |
| 3.125% due 03/15/2027  | 163 | 161 |
| 3.500% due 07/15/2051  | 770 | 527 |
| 3.625% due 03/15/2032  | 1148 | 1077 |
| 4.125% due 06/15/2029  | 1601 | 1588 |
| 4.375% due 03/15/2042  | 2154 | 1844 |
| 5.250% due 06/15/2049  | 2256 | 2068 |
| 5.875% due 02/01/2029  | 60 | 62 |
| **Health Care Service Corp. A Mutual Legal Reserve Co.** <br>5.200% due 06/15/2029 | 200 | 206 |
| **Hess Corp.**  |  |  |
| 5.800% due 04/01/2047  | 1603 | 1671 |
| 7.125% due 03/15/2033  | 251 | 291 |
| **Home Depot, Inc.**  |  |  |
| 2.375% due 03/15/2051  | 2311 | 1351 |
| 3.125% due 12/15/2049  | 2115 | 1471 |
| 4.250% due 04/01/2046  | 7 | 6 |
| 4.500% due 12/06/2048  | 70 | 62 |
| 4.950% due 09/15/2052  | 1218 | 1138 |
| **Howmet Aerospace, Inc.**  |  |  |
| 4.850% due 10/15/2031  | 2190 | 2249 |
| 6.750% due 01/15/2028  | 130 | 138 |
| **Humana, Inc.**  |  |  |
| 5.750% due 03/01/2028  | 786 | 811 |
| 5.750% due 04/15/2054  | 144 | 138 |
| 5.875% due 03/01/2033  | 1214 | 1278 |
| 8.150% due 06/15/2038  | 323 | 393 |
| **Huntington Ingalls Industries, Inc.** <br>2.043% due 08/16/2028 | 1215 | 1142 |
| **Hyatt Hotels Corp.**  |  |  |
| 5.250% due 06/30/2029  | 1934 | 1984 |
| 5.750% due 03/30/2032  | 821 | 857 |
| **Hyundai Capital America**  |  |  |
| 1.500% due 06/15/2026  | 772 | 757 |
| 1.650% due 09/17/2026  | 1348 | 1316 |
| 1.800% due 10/15/2025  | 133 | 133 |
| 2.000% due 06/15/2028  | 1141 | 1073 |
| 2.100% due 09/15/2028  | 247 | 232 |
| 5.600% due 03/30/2028  | 451 | 464 |
| **Illumina, Inc.** <br>2.550% due 03/23/2031 | 1221 | 1092 |
| **Imperial Brands Finance PLC**  |  |  |
| 3.500% due 07/26/2026  | 244 | 242 |
| 6.125% due 07/27/2027  | 370 | 382 |
| **Intel Corp.**  |  |  |
| 3.100% due 02/15/2060  | 1351 | 801 |
| 4.875% due 02/10/2028  | 915 | 929 |
| 5.200% due 02/10/2033 (d)  | 781 | 799 |
| 5.600% due 02/21/2054  | 3394 | 3261 |
| **International Business Machines Corp.**  |  |  |
| 4.400% due 07/27/2032  | 585 | 585 |
| 4.900% due 07/27/2052  | 1159 | 1056 |
| **International Flavors & Fragrances, Inc.** <br>4.450% due 09/26/2028 | 1455 | 1461 |
| **IQVIA, Inc.** <br>5.700% due 05/15/2028 | 1382 | 1428 |
| **JBS USA LUX SARL/JBS USA Food Co./JBS USA Foods Group** <br>6.375% due 02/25/2055 | 80 | 83 |
| **JDE Peet's NV** <br>2.250% due 09/24/2031 | 539 | 468 |

---

------

<br> Schedule of Investments PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **KazMunayGas** **National Co. JSC** <br>5.750% due 04/19/2047 | 464 | 433 |
| **Keurig Dr. Pepper, Inc.**  |  |  |
| 4.050% due 04/15/2032  | 1840 | 1759 |
| 4.500% due 04/15/2052  | 1893 | 1530 |
| **Kinder Morgan, Inc.**  |  |  |
| 5.000% due 02/01/2029  | 500 | 511 |
| 5.300% due 12/01/2034  | 514 | 525 |
| 5.450% due 08/01/2052  | 122 | 115 |
| 5.550% due 06/01/2045  | 2052 | 1995 |
| **Kraft Heinz Foods Co.**  |  |  |
| 6.875% due 01/26/2039  | 2151 | 2401 |
| 7.125% due 08/01/2039  | 1299 | 1483 |
| **Kroger Co.**  |  |  |
| 5.000% due 09/15/2034  | 483 | 487 |
| 7.500% due 04/01/2031  | 153 | 175 |
| **L3Harris Technologies, Inc.**  |  |  |
| 3.850% due 12/15/2026  | 2342 | 2336 |
| 4.400% due 06/15/2028  | 713 | 718 |
| **Las Vegas Sands Corp.** <br>6.000% due 08/15/2029 | 3263 | 3400 |
| **Leidos, Inc.**  |  |  |
| 2.300% due 02/15/2031  | 1149 | 1026 |
| 4.375% due 05/15/2030  | 928 | 925 |
| **Lennar Corp.** <br>5.250% due 06/01/2026 | 48 | 48 |
| **LKQ Corp.** <br>5.750% due 06/15/2028 | 1058 | 1094 |
| **Lockheed Martin Corp.**  |  |  |
| 4.300% due 06/15/2062  | 262 | 212 |
| 4.700% due 12/15/2031  | 141 | 144 |
| 5.250% due 01/15/2033  | 69 | 73 |
| 5.900% due 11/15/2063  | 493 | 523 |
| **Lowe's Cos., Inc.** <br>3.100% due 05/03/2027 | 583 | 575 |
| **LYB International Finance III LLC** <br>1.250% due 10/01/2025 | 114 | 114 |
| **Marathon Petroleum Corp.** <br>3.800% due 04/01/2028 | 1972 | 1954 |
| **Marriott International, Inc.**  |  |  |
| 2.750% due 10/15/2033  | 889 | 772 |
| 2.850% due 04/15/2031  | 548 | 504 |
| 4.625% due 06/15/2030  | 3010 | 3041 |
| **Mars, Inc.**  |  |  |
| 5.000% due 03/01/2032  | 3917 | 4009 |
| 5.200% due 03/01/2035  | 800 | 818 |
| **Marvell Technology, Inc.**  |  |  |
| 2.450% due 04/15/2028  | 378 | 362 |
| 4.875% due 06/22/2028  | 459 | 466 |
| 5.950% due 09/15/2033  | 1180 | 1267 |
| **Masco Corp.** <br>1.500% due 02/15/2028 | 819 | 771 |
| **Massachusetts Institute of Technology** <br>3.885% due 07/01/2116 | 172 | 123 |
| **Mattel, Inc.** <br>3.375% due 04/01/2026 | 1218 | 1209 |
| **McDonald's Corp.**  |  |  |
| 2.625% due 09/01/2029  | 1706 | 1617 |
| 3.500% due 07/01/2027  | 1691 | 1678 |
| 4.875% due 12/09/2045  | 2034 | 1882 |
| 5.700% due 02/01/2039  | 252 | 269 |
| **Mead Johnson Nutrition Co.** <br>4.125% due 11/15/2025 | 156 | 156 |
| **Medtronic Global Holdings SCA** <br>4.250% due 03/30/2028 | 2373 | 2390 |
| **Mercedes-Benz Finance North America LLC** <br>1.450% due 03/02/2026 | 634 | 627 |
| **Merck & Co., Inc.**  |  |  |
| 1.700% due 06/10/2027  | 1385 | 1339 |
| 2.900% due 12/10/2061  | 4272 | 2566 |
| **Meta Platforms, Inc.**  |  |  |
| 3.850% due 08/15/2032  | 1618 | 1575 |
| 4.650% due 08/15/2062  | 2186 | 1877 |
| **Micron Technology, Inc.** <br>5.327% due 02/06/2029 | 100 | 103 |
| **Microsoft Corp.**  |  |  |
| 1.350% due 09/15/2030  | 10 | 9 |
| 2.525% due 06/01/2050  | 3161 | 2003 |
| 2.675% due 06/01/2060  | 929 | 556 |
| 2.921% due 03/17/2052  | 60 | 41 |
| **Molson Coors Beverage Co.** <br>4.200% due 07/15/2046 | 625 | 510 |
| **Mondelez International Holdings Netherlands BV** <br>1.250% due 09/24/2026 | 1220 | 1188 |

---

------

<br> Schedule of Investments PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Mondelez** **International, Inc.** <br>6.500% due 11/01/2031 | 913 | 1012 |
| **Motorola Solutions, Inc.**  |  |  |
| 2.300% due 11/15/2030  | 668 | 604 |
| 2.750% due 05/24/2031  | 146 | 133 |
| 5.500% due 09/01/2044  | 899 | 898 |
| **MPLX LP**  |  |  |
| 1.750% due 03/01/2026  | 52 | 51 |
| 4.125% due 03/01/2027  | 1843 | 1841 |
| 4.700% due 04/15/2048  | 40 | 34 |
| 4.950% due 03/14/2052  | 1449 | 1237 |
| 5.200% due 03/01/2047  | 1789 | 1611 |
| 5.500% due 02/15/2049  | 335 | 312 |
| **MSCI, Inc.** <br>4.000% due 11/15/2029 | 2589 | 2530 |
| **National Fuel Gas Co.** <br>5.500% due 10/01/2026 | 200 | 202 |
| **Nestle Capital Corp.** <br>4.750% due 03/12/2031 | 3324 | 3409 |
| **Nestle Holdings, Inc.** <br>5.000% due 03/14/2028 | 945 | 967 |
| **Netflix, Inc.**  |  |  |
| 4.375% due 11/15/2026  | 28 | 28 |
| 4.875% due 04/15/2028  | 1995 | 2039 |
| 6.375% due 05/15/2029  | 232 | 250 |
| **Nordson Corp.** <br>5.800% due 09/15/2033 | 425 | 454 |
| **Norfolk Southern Corp.**  |  |  |
| 4.100% due 05/15/2121  | 242 | 172 |
| 5.950% due 03/15/2064  | 1771 | 1874 |
| **Northrop Grumman Corp.**  |  |  |
| 3.250% due 01/15/2028  | 2 | 2 |
| 3.850% due 04/15/2045  | 200 | 163 |
| 4.950% due 03/15/2053  | 199 | 183 |
| 5.200% due 06/01/2054  | 62 | 59 |
| **NTT Finance Corp.**  |  |  |
| 1.162% due 04/03/2026  | 120 | 118 |
| 4.620% due 07/16/2028  | 1200 | 1212 |
| 5.104% due 07/02/2027  | 1345 | 1367 |
| 5.110% due 07/02/2029  | 1219 | 1250 |
| 5.171% due 07/16/2032  | 1312 | 1344 |
| **NXP BV/NXP Funding LLC/NXP USA, Inc.**  |  |  |
| 2.500% due 05/11/2031  | 2356 | 2116 |
| 3.150% due 05/01/2027  | 132 | 130 |
| 4.300% due 06/18/2029  | 134 | 134 |
| 4.400% due 06/01/2027  | 100 | 100 |
| 5.000% due 01/15/2033  | 173 | 175 |
| **Occidental Petroleum Corp.**  |  |  |
| 6.050% due 10/01/2054  | 1200 | 1172 |
| 6.125% due 01/01/2031  | 200 | 211 |
| 6.450% due 09/15/2036  | 3152 | 3352 |
| 6.625% due 09/01/2030  | 130 | 139 |
| 7.500% due 05/01/2031  | 591 | 664 |
| **Open Text Corp.** <br>6.900% due 12/01/2027 | 685 | 714 |
| **Oracle Corp.**  |  |  |
| 1.650% due 03/25/2026  | 505 | 499 |
| 2.300% due 03/25/2028  | 1730 | 1654 |
| 3.950% due 03/25/2051  | 3354 | 2495 |
| 4.125% due 05/15/2045  | 1735 | 1395 |
| 4.900% due 02/06/2033  | 812 | 820 |
| 5.375% due 07/15/2040  | 60 | 59 |
| 5.800% due 11/10/2025  | 70 | 70 |
| **Otis Worldwide Corp.** <br>2.565% due 02/15/2030 | 10 | 9 |
| **Ovintiv, Inc.**  |  |  |
| 5.650% due 05/15/2028  | 1062 | 1094 |
| 7.100% due 07/15/2053  | 638 | 690 |
| **Owens Corning** <br>3.400% due 08/15/2026 | 100 | 99 |
| **Paramount Global**  |  |  |
| 2.900% due 01/15/2027  | 188 | 184 |
| 3.700% due 06/01/2028  | 261 | 255 |
| 4.200% due 05/19/2032  | 200 | 186 |
| 4.600% due 01/15/2045  | 69 | 54 |
| 4.850% due 07/01/2042  | 335 | 273 |
| 4.900% due 08/15/2044  | 1218 | 982 |
| 4.950% due 05/19/2050  | 65 | 52 |
| 5.850% due 09/01/2043  | 3 | 3 |
| **Penske Truck Leasing Co. LP/PTL Finance Corp.**  |  |  |
| 1.200% due 11/15/2025  | 466 | 464 |
| 1.700% due 06/15/2026  | 2 | 2 |
| 3.400% due 11/15/2026  | 1395 | 1381 |
| 5.875% due 11/15/2027  | 943 | 973 |

---

------

<br> Schedule of Investments PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **PepsiCo** **, Inc.**  |  |  |
| 3.500% due 03/19/2040  | 56 | 48 |
| 4.600% due 07/17/2045  | 672 | 620 |
| **Pertamina Persero PT** <br>1.400% due 02/09/2026 | 317 | 313 |
| **Pfizer Investment Enterprises Pte. Ltd.** <br>4.650% due 05/19/2030 | 452 | 461 |
| **Philip Morris International, Inc.**  |  |  |
| 1.750% due 11/01/2030  | 192 | 170 |
| 2.750% due 02/25/2026  | 158 | 157 |
| 3.875% due 08/21/2042  | 443 | 368 |
| 5.000% due 11/17/2025  | 323 | 323 |
| 5.250% due 02/13/2034  | 1212 | 1252 |
| 5.625% due 11/17/2029  | 323 | 340 |
| 5.750% due 11/17/2032  | 323 | 344 |
| 6.375% due 05/16/2038  | 431 | 484 |
| **Pioneer Natural Resources Co.** <br>1.125% due 01/15/2026 | 135 | 134 |
| **PRA Health Sciences, Inc.** <br>2.875% due 07/15/2026 | 557 | 549 |
| **Prosus NV**  |  |  |
| 3.680% due 01/21/2030  | 1666 | 1601 |
| 4.027% due 08/03/2050  | 116 | 81 |
| 4.193% due 01/19/2032  | 180 | 173 |
| **Qatarenergy LNG S3** <br>5.838% due 09/30/2027 | 130 | 133 |
| **Qorvo, Inc.** <br>4.375% due 10/15/2029 | 1021 | 1002 |
| **Quanta Services, Inc.**  |  |  |
| 2.350% due 01/15/2032  | 1869 | 1641 |
| 2.900% due 10/01/2030  | 56 | 52 |
| **Regeneron Pharmaceuticals, Inc.** <br>2.800% due 09/15/2050 | 2888 | 1797 |
| **RELX Capital, Inc.**  |  |  |
| 3.000% due 05/22/2030  | 614 | 582 |
| 4.000% due 03/18/2029  | 1665 | 1656 |
| **Renesas Electronics Corp.** <br>2.170% due 11/25/2026 | 1058 | 1031 |
| **Republic Services, Inc.** <br>3.375% due 11/15/2027 | 943 | 932 |
| **Roche Holdings, Inc.**  |  |  |
| 4.790% due 03/08/2029  | 2220 | 2270 |
| 5.338% due 11/13/2028  | 925 | 961 |
| **Rogers Communications, Inc.**  |  |  |
| 3.200% due 03/15/2027  | 971 | 958 |
| 5.000% due 02/15/2029  | 30 | 31 |
| **Royalty Pharma PLC**  |  |  |
| 3.300% due 09/02/2040  | 523 | 401 |
| 3.350% due 09/02/2051  | 224 | 150 |
| 3.550% due 09/02/2050  | 1723 | 1211 |
| 5.150% due 09/02/2029  | 1181 | 1212 |
| **RTX Corp.**  |  |  |
| 1.900% due 09/01/2031  | 59 | 51 |
| 4.050% due 05/04/2047  | 2041 | 1665 |
| 4.125% due 11/16/2028  | 238 | 238 |
| 4.350% due 04/15/2047  | 474 | 406 |
| 4.500% due 06/01/2042  | 1390 | 1258 |
| 5.375% due 02/27/2053  | 1218 | 1192 |
| 5.750% due 11/08/2026  | 888 | 903 |
| **SABIC Capital II BV** <br>4.500% due 10/10/2028 | 73 | 74 |
| **Sabine Pass Liquefaction LLC**  |  |  |
| 4.500% due 05/15/2030  | 812 | 815 |
| 5.900% due 09/15/2037  | 64 | 68 |
| **Santos Finance Ltd.** <br>3.649% due 04/29/2031 | 1432 | 1337 |
| **Saudi Arabian Oil Co.** <br>5.250% due 07/17/2034 | 40 | 41 |
| **Schlumberger Holdings Corp.** <br>5.000% due 05/29/2027 | 1429 | 1450 |
| **Sealed Air Corp.** <br>1.573% due 10/15/2026 | 1213 | 1176 |
| **Sherwin-Williams Co.**  |  |  |
| 2.900% due 03/15/2052  | 80 | 51 |
| 4.550% due 08/01/2045  | 53 | 47 |
| **Silgan Holdings, Inc.** <br>1.400% due 04/01/2026 | 361 | 355 |
| **SK Hynix, Inc.**  |  |  |
| 1.500% due 01/19/2026  | 54 | 54 |
| 5.500% due 01/16/2027  | 5 | 5 |
| 6.375% due 01/17/2028  | 646 | 675 |
| **Skyworks Solutions, Inc.** <br>1.800% due 06/01/2026 | 567 | 558 |

---

------

<br> Schedule of Investments PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Smith** **& Nephew PLC** <br>2.032% due 10/14/2030 | 555 | 496 |
| **Snam SpA** <br>5.750% due 05/28/2035 | 1329 | 1379 |
| **South Bow USA Infrastructure Holdings LLC** <br>5.584% due 10/01/2034 | 2343 | 2357 |
| **South32 Treasury Ltd.** <br>4.350% due 04/14/2032 | 1042 | 1001 |
| **Southern Co.**  |  |  |
| 4.400% due 07/01/2046  | 1048 | 895 |
| 4.850% due 03/15/2035  | 385 | 381 |
| **Southwest Airlines Co.** <br>5.125% due 06/15/2027 | 190 | 192 |
| **Spectra Energy Partners LP**  |  |  |
| 3.375% due 10/15/2026  | 80 | 79 |
| 4.500% due 03/15/2045  | 571 | 490 |
| **Starbucks Corp.**  |  |  |
| 2.000% due 03/12/2027  | 129 | 125 |
| 2.550% due 11/15/2030  | 860 | 790 |
| 3.000% due 02/14/2032  | 3567 | 3283 |
| **Steel Dynamics, Inc.** <br>3.250% due 01/15/2031 | 50 | 47 |
| **Stryker Corp.**  |  |  |
| 1.950% due 06/15/2030  | 835 | 755 |
| 3.500% due 03/15/2026  | 1193 | 1190 |
| **Sydney Airport Finance Co. Pty. Ltd.** <br>3.625% due 04/28/2026 | 50 | 50 |
| **Synopsys, Inc.** <br>5.150% due 04/01/2035 | 1781 | 1812 |
| **Sysco Corp.**  |  |  |
| 2.400% due 02/15/2030  | 200 | 185 |
| 5.950% due 04/01/2030  | 45 | 48 |
| 6.000% due 01/17/2034  | 1495 | 1618 |
| **T-Mobile USA, Inc.**  |  |  |
| 1.500% due 02/15/2026  | 587 | 581 |
| 2.250% due 11/15/2031  | 117 | 103 |
| 2.400% due 03/15/2029  | 244 | 230 |
| 2.625% due 04/15/2026  | 51 | 51 |
| 2.700% due 03/15/2032  | 1499 | 1344 |
| 3.000% due 02/15/2041  | 2354 | 1770 |
| 3.400% due 10/15/2052  | 1221 | 837 |
| 3.600% due 11/15/2060  | 2768 | 1882 |
| 3.750% due 04/15/2027  | 2006 | 1995 |
| 3.875% due 04/15/2030  | 51 | 50 |
| 4.375% due 04/15/2040  | 1769 | 1598 |
| 5.650% due 01/15/2053  | 170 | 168 |
| 5.750% due 01/15/2034  | 1204 | 1276 |
| **Take-Two Interactive Software, Inc.** <br>3.700% due 04/14/2027 | 1191 | 1182 |
| **Takeda Pharmaceutical Co. Ltd.** <br>3.375% due 07/09/2060 | 3829 | 2513 |
| **Targa Resources Corp.**  |  |  |
| 4.950% due 04/15/2052  | 14 | 12 |
| 5.200% due 07/01/2027  | 1786 | 1815 |
| 6.250% due 07/01/2052  | 924 | 943 |
| 6.500% due 02/15/2053  | 237 | 250 |
| **Target Corp.** <br>5.250% due 02/15/2036 | 1866 | 1922 |
| **TCI Communications, Inc.** <br>7.875% due 02/15/2026 | 1369 | 1386 |
| **TD SYNNEX Corp.** <br>1.750% due 08/09/2026 | 1190 | 1164 |
| **Telefonica Emisiones SA**  |  |  |
| 4.103% due 03/08/2027  | 1195 | 1193 |
| 4.665% due 03/06/2038  | 1830 | 1667 |
| **Tencent Holdings Ltd.**  |  |  |
| 3.925% due 01/19/2038  | 59 | 55 |
| 3.975% due 04/11/2029  | 561 | 561 |
| 4.525% due 04/11/2049  | 212 | 194 |
| **Tennessee Gas Pipeline Co. LLC**  |  |  |
| 2.900% due 03/01/2030  | 400 | 375 |
| 7.625% due 04/01/2037  | 1209 | 1426 |
| **Textron, Inc.** <br>3.900% due 09/17/2029 | 52 | 51 |
| **TotalEnergies Capital International SA**  |  |  |
| 2.986% due 06/29/2041  | 199 | 151 |
| 3.386% due 06/29/2060  | 1159 | 781 |
| **TotalEnergies Capital SA**  |  |  |
| 3.883% due 10/11/2028  | 221 | 221 |
| 4.724% due 09/10/2034  | 392 | 395 |
| 5.150% due 04/05/2034  | 148 | 154 |
| 5.425% due 09/10/2064  | 73 | 70 |
| **Toyota Industries Corp.** <br>3.566% due 03/16/2028 | 456 | 448 |

---

------

<br> Schedule of Investments PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **TransCanada** **PipeLines Ltd.**  |  |  |
| 4.100% due 04/15/2030  | 340 | 335 |
| 4.250% due 05/15/2028  | 394 | 394 |
| 4.625% due 03/01/2034  | 545 | 532 |
| 7.625% due 01/15/2039  | 2284 | 2733 |
| **Transcontinental Gas Pipe Line Co. LLC**  |  |  |
| 3.950% due 05/15/2050  | 662 | 519 |
| 4.600% due 03/15/2048  | 305 | 265 |
| **TWDC Enterprises 18 Corp.**  |  |  |
| 2.950% due 06/15/2027  | 570 | 562 |
| 7.000% due 03/01/2032  | 128 | 146 |
| **Tyson Foods, Inc.** <br>4.000% due 03/01/2026 | 300 | 300 |
| **Unilever Capital Corp.** <br>4.625% due 08/12/2034 | 1148 | 1155 |
| **Union Pacific Corp.**  |  |  |
| 2.150% due 02/05/2027  | 77 | 75 |
| 2.800% due 02/14/2032  | 1358 | 1244 |
| 3.375% due 02/01/2035  | 120 | 109 |
| **United Airlines Pass-Through Trust** <br>5.800% due 07/15/2037 | 1291 | 1340 |
| **United Rentals North America, Inc.**  |  |  |
| 3.875% due 11/15/2027  | 325 | 320 |
| 6.000% due 12/15/2029  | 316 | 326 |
| **UnitedHealth Group, Inc.**  |  |  |
| 1.150% due 05/15/2026  | 79 | 78 |
| 2.000% due 05/15/2030  | 174 | 158 |
| 2.900% due 05/15/2050  | 1152 | 743 |
| 3.050% due 05/15/2041  | 1515 | 1153 |
| 3.125% due 05/15/2060  | 158 | 98 |
| 3.375% due 04/15/2027  | 156 | 155 |
| 3.700% due 08/15/2049  | 1221 | 918 |
| 3.750% due 10/15/2047  | 192 | 148 |
| 3.875% due 08/15/2059  | 188 | 138 |
| 4.250% due 01/15/2029  | 1783 | 1790 |
| 4.500% due 04/15/2033  | 44 | 44 |
| 4.750% due 07/15/2045  | 1253 | 1141 |
| 4.950% due 05/15/2062  | 221 | 195 |
| 5.000% due 04/15/2034  | 240 | 244 |
| 5.050% due 04/15/2053  | 862 | 790 |
| 5.250% due 02/15/2028  | 241 | 248 |
| 5.300% due 02/15/2030  | 49 | 51 |
| 5.350% due 02/15/2033  | 115 | 120 |
| 5.500% due 04/15/2064  | 45 | 43 |
| 6.050% due 02/15/2063  | 70 | 73 |
| 6.625% due 11/15/2037  | 41 | 46 |
| 6.875% due 02/15/2038  | 628 | 728 |
| **Vale Overseas Ltd.** <br>3.750% due 07/08/2030 | 80 | 77 |
| **Valero Energy Corp.** <br>4.350% due 06/01/2028 | 1749 | 1759 |
| **Var Energi ASA** <br>8.000% due 11/15/2032 | 1598 | 1857 |
| **Verisk Analytics, Inc.** <br>4.125% due 03/15/2029 | 1595 | 1592 |
| **VF Corp.** <br>6.000% due 10/15/2033 | 35 | 34 |
| **Viper Energy Partners LLC** <br>5.700% due 08/01/2035 | 2083 | 2119 |
| **VMware LLC**  |  |  |
| 1.400% due 08/15/2026  | 736 | 720 |
| 1.800% due 08/15/2028  | 115 | 108 |
| 2.200% due 08/15/2031  | 933 | 823 |
| **Volkswagen Group of America Finance LLC**  |  |  |
| 1.250% due 11/24/2025  | 1012 | 1007 |
| 4.850% due 08/15/2027  | 1033 | 1043 |
| 5.650% due 09/12/2028  | 1658 | 1711 |
| 6.200% due 11/16/2028  | 2986 | 3129 |
| **Walmart, Inc.** <br>4.500% due 04/15/2053 | 1217 | 1091 |
| **Walt Disney Co.**  |  |  |
| 2.200% due 01/13/2028  | 78 | 75 |
| 2.650% due 01/13/2031  | 311 | 289 |
| 3.800% due 05/13/2060  | 20 | 15 |
| 6.150% due 03/01/2037  | 90 | 100 |
| 6.200% due 12/15/2034  | 203 | 229 |
| 6.650% due 11/15/2037  | 121 | 140 |
| **Warnermedia Holdings, Inc.**  |  |  |
| 5.050% due 03/15/2042  | 576 | 460 |
| 5.141% due 03/15/2052  | 264 | 197 |
| **Waste Connections, Inc.**  |  |  |
| 2.600% due 02/01/2030  | 1464 | 1375 |
| 2.950% due 01/15/2052  | 700 | 458 |

---

------

<br> Schedule of Investments PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Western** **Digital Corp.** <br>2.850% due 02/01/2029 | 100 | 94 |
| **Western Midstream Operating LP**  |  |  |
| 5.450% due 11/15/2034  | 2514 | 2519 |
| 6.150% due 04/01/2033  | 1410 | 1490 |
| **Westinghouse Air Brake Technologies Corp.** <br>4.700% due 09/15/2028 | 1707 | 1731 |
| **Williams Cos., Inc.**  |  |  |
| 3.750% due 06/15/2027  | 130 | 129 |
| 4.650% due 08/15/2032  | 421 | 421 |
| 5.300% due 08/15/2028  | 2078 | 2143 |
| 5.300% due 08/15/2052  | 409 | 384 |
| 5.400% due 03/04/2044  | 1583 | 1543 |
| **WMG Acquisition Corp.** <br>3.875% due 07/15/2030 | 580 | 551 |
| **Woodside Finance Ltd.**  |  |  |
| 3.700% due 09/15/2026  | 1213 | 1206 |
| 5.100% due 09/12/2034  | 1386 | 1376 |
| 5.700% due 09/12/2054  | 200 | 192 |
| 6.000% due 05/19/2035  | 2467 | 2576 |
| **Workday, Inc.**  |  |  |
| 3.700% due 04/01/2029  | 720 | 709 |
| 3.800% due 04/01/2032  | 450 | 430 |
| **Wyeth LLC** <br>5.950% due 04/01/2037 | 915 | 992 |
| **Zimmer Biomet Holdings, Inc.** <br>3.550% due 03/20/2030 | 55 | 53 |
| **Zoetis, Inc.** <br>2.000% due 05/15/2030 | 776 | 706 |
|  |  | 574103 |
| **UTILITIES 12.9%**  |  |  |
| **AEP Texas, Inc.**  |  |  |
| 3.450% due 01/15/2050  | 1630 | 1132 |
| 5.250% due 05/15/2052  | 181 | 167 |
| **AES Corp.**  |  |  |
| 2.450% due 01/15/2031  | 4886 | 4378 |
| 5.450% due 06/01/2028  | 236 | 242 |
| **Alabama Power Co.** <br>3.450% due 10/01/2049 | 410 | 301 |
| **Ameren Corp.** <br>5.700% due 12/01/2026 | 70 | 71 |
| **Ameren Illinois Co.**  |  |  |
| 3.700% due 12/01/2047  | 1180 | 924 |
| 4.800% due 12/15/2043  | 51 | 47 |
| **American Water Capital Corp.**  |  |  |
| 3.000% due 12/01/2026  | 51 | 50 |
| 4.200% due 09/01/2048  | 719 | 595 |
| 5.450% due 03/01/2054  | 216 | 214 |
| **Appalachian Power Co.** <br>7.000% due 04/01/2038 | 1324 | 1503 |
| **Arizona Public Service Co.**  |  |  |
| 2.200% due 12/15/2031  | 61 | 53 |
| 4.500% due 04/01/2042  | 56 | 50 |
| 5.700% due 08/15/2034  | 2101 | 2203 |
| **AT&T, Inc.**  |  |  |
| 1.650% due 02/01/2028  | 90 | 85 |
| 3.500% due 09/15/2053  | 3311 | 2292 |
| 3.650% due 09/15/2059  | 2998 | 2051 |
| 4.100% due 02/15/2028  | 1552 | 1551 |
| 4.300% due 12/15/2042  | 37 | 32 |
| 4.350% due 03/01/2029  | 1462 | 1469 |
| 4.500% due 03/09/2048  | 130 | 110 |
| 4.550% due 03/09/2049  | 37 | 31 |
| 4.850% due 03/01/2039  | 987 | 949 |
| 5.400% due 02/15/2034  | 120 | 125 |
| **Atmos Energy Corp.**  |  |  |
| 1.500% due 01/15/2031  | 229 | 199 |
| 4.150% due 01/15/2043  | 1285 | 1103 |
| **Avangrid, Inc.** <br>3.800% due 06/01/2029 | 1519 | 1492 |
| **Baltimore Gas & Electric Co.** <br>5.400% due 06/01/2053 | 118 | 116 |
| **Berkshire Hathaway Energy Co.**  |  |  |
| 1.650% due 05/15/2031  | 1939 | 1682 |
| 3.700% due 07/15/2030  | 337 | 330 |
| 4.450% due 01/15/2049  | 176 | 151 |
| 4.500% due 02/01/2045  | 100 | 89 |
| 6.125% due 04/01/2036  | 1364 | 1485 |
| **BG Energy Capital PLC** <br>5.125% due 10/15/2041 | 525 | 509 |
| **Black Hills Corp.**  |  |  |
| 3.150% due 01/15/2027  | 1194 | 1179 |

---

------

<br> Schedule of Investments PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| 4.200% due 09/15/2046  | 100 | 81 |
| 6.000% due 01/15/2035  | 1129 | 1203 |
| 6.150% due 05/15/2034  | 25 | 27 |
| **BP Capital Markets PLC**  |  |  |
| 3.279% due 09/19/2027  | 174 | 172 |
| 4.875% due 03/22/2030 •(b)  | 51 | 51 |
| **British Telecommunications PLC** <br>9.625% due 12/15/2030 | 1390 | 1712 |
| **Brooklyn Union Gas Co.**  |  |  |
| 3.407% due 03/10/2026  | 1193 | 1189 |
| 4.487% due 03/04/2049  | 58 | 47 |
| 4.504% due 03/10/2046  | 61 | 51 |
| **CenterPoint Energy Houston Electric LLC** <br>4.950% due 04/01/2033 | 2604 | 2651 |
| **CenterPoint Energy, Inc.** <br>1.450% due 06/01/2026 | 591 | 580 |
| **Chile Electricity Lux MPC II SARL** <br>5.672% due 10/20/2035 | 1276 | 1317 |
| **Cleveland Electric Illuminating Co.** <br>4.550% due 11/15/2030 | 120 | 119 |
| **CMS Energy Corp.** <br>4.750% due 06/01/2050 •  | 1783 | 1742 |
| **Columbia Pipelines Holding Co. LLC** <br>6.042% due 08/15/2028 | 1464 | 1528 |
| **Comision Federal de Electricidad** <br>3.348% due 02/09/2031 | 86 | 78 |
| **Commonwealth Edison Co.**  |  |  |
| 3.700% due 03/01/2045  | 197 | 156 |
| 3.750% due 08/15/2047  | 196 | 153 |
| 4.000% due 03/01/2048  | 3878 | 3124 |
| 5.650% due 06/01/2054  | 1088 | 1110 |
| **Consolidated Edison Co. of New York, Inc.**  |  |  |
| 3.000% due 12/01/2060  | 683 | 417 |
| 3.600% due 06/15/2061  | 1050 | 733 |
| 3.850% due 06/15/2046  | 2614 | 2094 |
| 6.150% due 11/15/2052  | 1302 | 1403 |
| **Constellation Energy Generation LLC** <br>5.600% due 06/15/2042 | 1335 | 1357 |
| **Consumers Energy Co.** <br>4.600% due 05/30/2029 | 463 | 470 |
| **Dominion Energy, Inc.** <br>7.000% due 06/01/2054 •  | 1057 | 1148 |
| **DTE Electric Co.** <br>3.000% due 03/01/2032 | 638 | 590 |
| **DTE Energy Co.** <br>3.400% due 06/15/2029 | 2589 | 2504 |
| **Duke Energy Carolinas LLC**  |  |  |
| 2.550% due 04/15/2031  | 411 | 377 |
| 2.850% due 03/15/2032  | 246 | 224 |
| 3.550% due 03/15/2052  | 480 | 354 |
| 3.875% due 03/15/2046  | 60 | 48 |
| 6.000% due 12/01/2028  | 1049 | 1106 |
| **Duke Energy Corp.**  |  |  |
| 2.450% due 06/01/2030  | 713 | 657 |
| 2.550% due 06/15/2031  | 10 | 9 |
| 3.150% due 08/15/2027  | 129 | 127 |
| 3.400% due 06/15/2029  | 10 | 10 |
| 3.500% due 06/15/2051  | 252 | 178 |
| 3.750% due 09/01/2046  | 460 | 353 |
| 5.000% due 08/15/2052  | 178 | 160 |
| **Duke Energy Florida LLC**  |  |  |
| 2.400% due 12/15/2031  | 1372 | 1234 |
| 3.400% due 10/01/2046  | 589 | 438 |
| 5.650% due 04/01/2040  | 11 | 12 |
| **Duke Energy Progress LLC**  |  |  |
| 3.400% due 04/01/2032  | 100 | 95 |
| 3.450% due 03/15/2029  | 12 | 12 |
| 3.600% due 09/15/2047  | 100 | 76 |
| 4.000% due 04/01/2052  | 195 | 154 |
| 5.250% due 03/15/2033  | 1463 | 1523 |
| **Duquesne Light Holdings, Inc.** <br>3.616% due 08/01/2027 | 126 | 123 |
| **Edison International** <br>5.750% due 06/15/2027 | 454 | 459 |
| **Electricite de France SA**  |  |  |
| 4.875% due 01/22/2044  | 1211 | 1080 |
| 6.375% due 01/13/2055  | 1363 | 1428 |
| 6.900% due 05/23/2053  | 1756 | 1961 |
| **Emera U.S. Finance LP** <br>4.750% due 06/15/2046 | 625 | 540 |
| **Enel Finance International NV**  |  |  |
| 5.000% due 06/15/2032  | 1658 | 1687 |
| 6.000% due 10/07/2039  | 1526 | 1601 |

---

------

<br> Schedule of Investments PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Evergy** **, Inc.** <br>2.900% due 09/15/2029 | 1731 | 1643 |
| **Eversource Energy**  |  |  |
| 2.900% due 03/01/2027  | 176 | 173 |
| 3.375% due 03/01/2032  | 58 | 54 |
| 4.600% due 07/01/2027  | 789 | 794 |
| 5.000% due 01/01/2027  | 50 | 51 |
| 5.125% due 05/15/2033  | 745 | 756 |
| **Exelon Corp.** <br>4.450% due 04/15/2046 | 210 | 179 |
| **FirstEnergy Corp.**  |  |  |
| 2.250% due 09/01/2030  | 437 | 393 |
| 3.900% due 07/15/2027  | 30 | 30 |
| **Florida Power & Light Co.**  |  |  |
| 3.150% due 10/01/2049  | 4129 | 2887 |
| 4.125% due 02/01/2042  | 968 | 843 |
| **Fortis, Inc.** <br>3.055% due 10/04/2026 | 28 | 28 |
| **Galaxy Pipeline Assets Bidco Ltd.** <br>1.750% due 09/30/2027 | 1 | 1 |
| **Georgia Power Co.** <br>5.250% due 03/15/2034 | 1013 | 1045 |
| **Indiana Michigan Power Co.** <br>4.250% due 08/15/2048 | 1193 | 974 |
| **Interstate Power & Light Co.**  |  |  |
| 3.100% due 11/30/2051  | 28 | 18 |
| 3.700% due 09/15/2046  | 25 | 19 |
| 6.250% due 07/15/2039  | 128 | 139 |
| **Jersey Central Power & Light Co.** <br>2.750% due 03/01/2032 | 872 | 780 |
| **Kentucky Utilities Co.**  |  |  |
| 5.125% due 11/01/2040  | 344 | 337 |
| 5.450% due 04/15/2033  | 2159 | 2261 |
| **KeySpan Gas East Corp.** <br>2.742% due 08/15/2026 | 1365 | 1348 |
| **LLPL Capital Pte. Ltd.** <br>6.875% due 02/04/2039 | 188 | 196 |
| **Massachusetts Electric Co.** <br>5.867% due 02/26/2054 | 30 | 30 |
| **MidAmerican Energy Co.** <br>4.250% due 07/15/2049 | 2497 | 2092 |
| **National Rural Utilities Cooperative Finance Corp.** <br>4.400% due 11/01/2048 | 1261 | 1088 |
| **New York State Electric & Gas Corp.**  |  |  |
| 2.150% due 10/01/2031  | 100 | 87 |
| 3.250% due 12/01/2026  | 1083 | 1070 |
| **NextEra Energy Capital Holdings, Inc.**  |  |  |
| 4.800% due 12/01/2077 •  | 1072 | 1040 |
| 5.000% due 02/28/2030  | 101 | 104 |
| **NGPL PipeCo LLC**  |  |  |
| 3.250% due 07/15/2031  | 324 | 294 |
| 4.875% due 08/15/2027  | 303 | 304 |
| **NiSource, Inc.**  |  |  |
| 2.950% due 09/01/2029  | 1394 | 1331 |
| 5.000% due 06/15/2052  | 130 | 117 |
| **Northern States Power Co.** <br>2.900% due 03/01/2050 | 1974 | 1327 |
| **NRG Energy, Inc.**  |  |  |
| 2.000% due 12/02/2025  | 481 | 478 |
| 7.000% due 03/15/2033  | 1689 | 1869 |
| **NSTAR Electric Co.** <br>4.400% due 03/01/2044 | 43 | 38 |
| **Oglethorpe Power Corp.** <br>6.200% due 12/01/2053 | 537 | 566 |
| **Oklahoma Gas & Electric Co.**  |  |  |
| 4.150% due 04/01/2047  | 10 | 8 |
| 4.550% due 03/15/2044  | 30 | 27 |
| **Oncor Electric Delivery Co. LLC** <br>3.100% due 09/15/2049 | 828 | 563 |
| **ONEOK, Inc.**  |  |  |
| 3.400% due 09/01/2029  | 1386 | 1335 |
| 4.250% due 09/24/2027  | 476 | 477 |
| 4.400% due 10/15/2029  | 1793 | 1793 |
| 4.550% due 07/15/2028  | 573 | 578 |
| 4.750% due 10/15/2031  | 638 | 639 |
| 5.200% due 07/15/2048  | 1271 | 1137 |
| 6.100% due 11/15/2032  | 871 | 934 |
| 6.500% due 09/01/2030  | 1467 | 1577 |
| **Pacific Gas & Electric Co.**  |  |  |
| 2.500% due 02/01/2031  | 420 | 374 |
| 3.250% due 06/01/2031  | 81 | 75 |
| 3.300% due 08/01/2040  | 260 | 197 |
| 3.750% due 07/01/2028  | 1521 | 1494 |
| 3.950% due 12/01/2047  | 1050 | 786 |

---

------

<br> Schedule of Investments PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| 4.550% due 07/01/2030  | 103 | 102 |
| 4.650% due 08/01/2028  | 52 | 52 |
| 4.950% due 07/01/2050  | 103 | 88 |
| 5.450% due 06/15/2027  | 1207 | 1228 |
| 6.100% due 01/15/2029  | 1580 | 1653 |
| **PacifiCorp**  |  |  |
| 4.150% due 02/15/2050  | 300 | 234 |
| 5.450% due 02/15/2034  | 2003 | 2053 |
| **PECO Energy Co.** <br>3.000% due 09/15/2049 | 736 | 498 |
| **Perusahaan Perseroan Persero PT Perusahaan Listrik Negara** <br>4.125% due 05/15/2027 | 429 | 428 |
| **Piedmont Natural Gas Co., Inc.** <br>2.500% due 03/15/2031 | 58 | 52 |
| **Pinnacle West Capital Corp.** <br>5.005% (SOFRRATE + 0.820%) due 06/10/2026 ~ | 287 | 288 |
| **Plains All American Pipeline LP/PAA Finance Corp.**  |  |  |
| 3.550% due 12/15/2029  | 354 | 342 |
| 5.150% due 06/01/2042  | 2298 | 2099 |
| **Public Service Co. of Colorado**  |  |  |
| 1.900% due 01/15/2031  | 339 | 299 |
| 3.550% due 06/15/2046  | 52 | 39 |
| 5.850% due 05/15/2055  | 1276 | 1314 |
| **Public Service Electric & Gas Co.** <br>4.650% due 03/15/2033 | 2549 | 2565 |
| **Puget Energy, Inc.**  |  |  |
| 4.100% due 06/15/2030  | 629 | 615 |
| 4.224% due 03/15/2032  | 1174 | 1126 |
| **Puget Sound Energy, Inc.**  |  |  |
| 3.250% due 09/15/2049  | 242 | 168 |
| 5.795% due 03/15/2040  | 30 | 31 |
| **RWE Finance U.S. LLC** <br>6.250% due 04/16/2054 | 229 | 238 |
| **San Diego Gas & Electric Co.**  |  |  |
| 1.700% due 10/01/2030  | 305 | 269 |
| 3.000% due 03/15/2032  | 431 | 395 |
| 4.150% due 05/15/2048  | 324 | 264 |
| 5.350% due 04/01/2053  | 308 | 297 |
| **Sempra**  |  |  |
| 3.250% due 06/15/2027  | 59 | 58 |
| 5.500% due 08/01/2033  | 359 | 374 |
| **Shell Finance U.S., Inc.**  |  |  |
| 2.375% due 11/07/2029  | 471 | 442 |
| 2.750% due 04/06/2030  | 553 | 522 |
| **Shell International Finance BV**  |  |  |
| 3.125% due 11/07/2049  | 217 | 150 |
| 4.375% due 05/11/2045  | 1060 | 931 |
| **Southern California Edison Co.**  |  |  |
| 2.850% due 08/01/2029  | 1298 | 1216 |
| 3.650% due 02/01/2050  | 1615 | 1130 |
| 4.125% due 03/01/2048  | 2681 | 2051 |
| 5.450% due 06/01/2031  | 2217 | 2285 |
| **Southern California Gas Co.**  |  |  |
| 4.125% due 06/01/2048  | 1832 | 1491 |
| 4.450% due 03/15/2044  | 52 | 45 |
| 5.600% due 04/01/2054  | 3048 | 3064 |
| **Southern Power Co.** <br>5.150% due 09/15/2041 | 580 | 557 |
| **Southwest Gas Corp.**  |  |  |
| 4.050% due 03/15/2032  | 713 | 686 |
| 5.450% due 03/23/2028  | 1221 | 1255 |
| **Southwestern Electric Power Co.** <br>4.100% due 09/15/2028 | 821 | 819 |
| **Southwestern Public Service Co.**  |  |  |
| 3.150% due 05/01/2050  | 1711 | 1156 |
| 3.700% due 08/15/2047  | 177 | 134 |
| 3.750% due 06/15/2049  | 314 | 236 |
| **Tampa Electric Co.**  |  |  |
| 4.350% due 05/15/2044  | 30 | 26 |
| 5.000% due 07/15/2052  | 100 | 91 |
| **Tucson Electric Power Co.** <br>5.200% due 09/15/2034 | 2713 | 2763 |
| **Union Electric Co.**  |  |  |
| 2.150% due 03/15/2032  | 965 | 842 |
| 3.900% due 04/01/2052  | 387 | 303 |
| **Verizon Communications, Inc.**  |  |  |
| 2.355% due 03/15/2032  | 3738 | 3279 |
| 2.550% due 03/21/2031  | 1586 | 1442 |
| 2.987% due 10/30/2056  | 111 | 68 |
| 3.700% due 03/22/2061  | 106 | 75 |
| 4.672% due 03/15/2055  | 311 | 269 |
| 4.780% due 02/15/2035  | 1461 | 1438 |
| 4.812% due 03/15/2039  | 2053 | 1959 |
| 5.401% due 07/02/2037  | 416 | 423 |

---

------

<br> Schedule of Investments PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Virginia** **Electric & Power Co.**  |  |  |
| 4.625% due 05/15/2052  | 280 | 243 |
| 6.000% due 01/15/2036  | 60 | 65 |
| 8.875% due 11/15/2038  | 2083 | 2807 |
| **Vistra Operations Co. LLC** <br>4.300% due 07/15/2029 | 2249 | 2233 |
| **Vodafone Group PLC**  |  |  |
| 5.750% due 02/10/2063  | 2527 | 2463 |
| 6.150% due 02/27/2037  | 87 | 95 |
| **WEC Energy Group, Inc.** <br>2.200% due 12/15/2028 | 1419 | 1339 |
| **Wisconsin Power & Light Co.** <br>3.950% due 09/01/2032 | 2235 | 2147 |
| **Wisconsin Public Service Corp.** <br>3.671% due 12/01/2042 | 3 | 2 |
| **Xcel Energy, Inc.** <br>4.600% due 06/01/2032 | 51 | 51 |
|  |  | 171333 |
| Total Corporate Bonds & Notes (Cost $1,191,383) |  | 1189028 |
| **U.S. TREASURY OBLIGATIONS 10.8%**  |  |  |
| **U.S. Treasury Bonds**  |  |  |
| 3.375% due 08/15/2042 | 2402 | 2047 |
| 3.875% due 05/15/2043 | 1500 | 1359 |
| 4.000% due 11/15/2042 | 3186 | 2947 |
| 4.500% due 02/15/2044 | 15700 | 15360 |
| 4.625% due 02/15/2055 | 20687 | 20341 |
| **U.S. Treasury Inflation Protected Securities (a)** |  |  |
| 1.750% due 01/15/2034 (i) | 20387 | 20490 |
| 1.875% due 07/15/2034  | 1029 | 1045 |
| **U.S. Treasury Notes**  |  |  |
| 3.875% due 08/15/2033 (i) | 1800 | 1786 |
| 4.000% due 02/15/2034 | 14200 | 14166 |
| 4.375% due 05/15/2034 | 21300 | 21797 |
| 4.625% due 02/15/2035 (g) | 39900 | 41474 |
| Total U.S. Treasury Obligations (Cost $142,231) |  | 142812 |
| **SOVEREIGN ISSUES 0.1%**  |  |  |
| **Peru Government International Bonds** <br>5.500% due 03/30/2036 | 800 | 816 |
| **Province of British Columbia** <br>4.750% due 06/12/2034 | 480 | 493 |
| Total Sovereign Issues (Cost $1,276) |  | 1309 |
|  | SHARES |  |
| **PREFERRED SECURITIES 0.0%**  |  |  |
| **INDUSTRIALS 0.0%**  |  |  |
| **SVB Financial Trust**<br>11.000% due 11/07/2032 | 1 | 1 |
| Total Preferred Securities (Cost $1) |  | 1 |
| **SHORT-TERM INSTRUMENTS 0.1%**  |  |  |
| **MUTUAL FUNDS 0.1%** |  |  |
| **State Street Institutional U.S. Government Money Market Fund, Premier Class** <br> 4.200% **(f)** | 890300 | 890 |
| Total Short-Term Instruments (Cost $890) |  | 890 |
| Total Investments in Securities (Cost $1,335,781) |  | 1334040 |
| **INVESTMENTS IN AFFILIATES 0.4%**  |  |  |
| **SHORT-TERM INSTRUMENTS 0.4%**  |  |  |
| **MUTUAL FUNDS 0.4%**  |  |  |
| **PIMCO Government Money Market Fund 4.290% (c)(d)(f)** | 5971233 | 5971 |
| Total Short-Term Instruments (Cost $5,971) |  | 5971 |
| Total Investments in Affiliates (Cost $5,971) |  | 5971 |
| Total Investments 101.1% (Cost $1,341,752) |  | $1340011 |
| **Financial Derivative Instruments (h) 0.0**%(Cost or Premiums, net $3,947) |  | 4 |

---

------

<br> Schedule of Investments PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| Other Assets and Liabilities, net (1.1)% | (15147) |
| Net Assets 100.0% | $1324868 |

---

------

<br> Schedule of Investments PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  |
| **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** |
| **¤** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** |
| **~** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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)** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** |
| **(b)** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** |
| **(c)** | **Institutional Class Shares of each Fund.** | **Institutional Class Shares of each Fund.** | **Institutional Class Shares of each Fund.** | **Institutional Class Shares of each Fund.** | **Institutional Class Shares of each Fund.** | **Institutional Class Shares of each Fund.** | **Institutional Class Shares of each Fund.** | **Institutional Class Shares of each Fund.** | **Institutional Class Shares of each Fund.** | **Institutional Class Shares of each Fund.** | **Institutional Class Shares of each Fund.** | **Institutional Class Shares of each Fund.** | **Institutional Class Shares of each Fund.** |
| **(d)** | **Securities with an aggregate market value of $5,820 were out on loan in exchange for $5,971 of cash collateral as of September 30, 2025.**  | **Securities with an aggregate market value of $5,820 were out on loan in exchange for $5,971 of cash collateral as of September 30, 2025.**  | **Securities with an aggregate market value of $5,820 were out on loan in exchange for $5,971 of cash collateral as of September 30, 2025.**  | **Securities with an aggregate market value of $5,820 were out on loan in exchange for $5,971 of cash collateral as of September 30, 2025.**  | **Securities with an aggregate market value of $5,820 were out on loan in exchange for $5,971 of cash collateral as of September 30, 2025.**  | **Securities with an aggregate market value of $5,820 were out on loan in exchange for $5,971 of cash collateral as of September 30, 2025.**  | **Securities with an aggregate market value of $5,820 were out on loan in exchange for $5,971 of cash collateral as of September 30, 2025.**  | **Securities with an aggregate market value of $5,820 were out on loan in exchange for $5,971 of cash collateral as of September 30, 2025.**  | **Securities with an aggregate market value of $5,820 were out on loan in exchange for $5,971 of cash collateral as of September 30, 2025.**  | **Securities with an aggregate market value of $5,820 were out on loan in exchange for $5,971 of cash collateral as of September 30, 2025.**  | **Securities with an aggregate market value of $5,820 were out on loan in exchange for $5,971 of cash collateral as of September 30, 2025.**  | **Securities with an aggregate market value of $5,820 were out on loan in exchange for $5,971 of cash collateral as of September 30, 2025.**  | **Securities with an aggregate market value of $5,820 were out on loan in exchange for $5,971 of cash collateral as of September 30, 2025.**  |
| **(e)** | **Contingent convertible security.** | **Contingent convertible security.** | **Contingent convertible security.** | **Contingent convertible security.** | **Contingent convertible security.** | **Contingent convertible security.** | **Contingent convertible security.** | **Contingent convertible security.** | **Contingent convertible security.** | **Contingent convertible security.** | **Contingent convertible security.** | **Contingent convertible security.** | **Contingent convertible security.** |
| **(f)** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** |
| **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** |
| **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** |
| Counterparty | Counterparty | Counterparty | Borrowing Rate<sup>(1)</sup> | Borrowing Rate<sup>(1)</sup> | Settlement Date | Settlement Date | Maturity Date | Maturity Date | Amount<br>Borrowed<sup>(1</sup><sup>)</sup> | Amount<br>Borrowed<sup>(1</sup><sup>)</sup> |  | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Reverse<br>Repurchase<br>Agreements |
| STR | STR | STR | 4.270%  | 4.270%  | 10/01/2025 | 10/01/2025 | 10/02/2025 | 10/02/2025 | (26012) | (26012) | $ | $(26012) | (26012) |
|  |  |  | 4.370  | 4.370  | 09/30/2025 | 09/30/2025 | 10/01/2025 | 10/01/2025 | (28197) | (28197) |  | (28200) | (28200) |
| **Total Reverse Repurchase Agreements** | **Total Reverse Repurchase Agreements** | **Total Reverse Repurchase Agreements** |  |  |  |  |  |  |  |  | **$** | $**(54212)** | **(54212)** |
| **(g)** | **Securities with an aggregate market value of $28,585 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $28,585 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $28,585 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $28,585 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $28,585 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $28,585 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $28,585 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $28,585 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $28,585 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $28,585 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $28,585 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $28,585 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $28,585 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** |
| <sup>(1)</sup> | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(6233) at a weighted average interest rate of 4.807%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(6233) at a weighted average interest rate of 4.807%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(6233) at a weighted average interest rate of 4.807%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(6233) at a weighted average interest rate of 4.807%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(6233) at a weighted average interest rate of 4.807%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(6233) at a weighted average interest rate of 4.807%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(6233) at a weighted average interest rate of 4.807%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(6233) at a weighted average interest rate of 4.807%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(6233) at a weighted average interest rate of 4.807%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(6233) at a weighted average interest rate of 4.807%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(6233) at a weighted average interest rate of 4.807%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(6233) at a weighted average interest rate of 4.807%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(6233) at a weighted average interest rate of 4.807%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. |
| **(h)** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** |
| **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** |
| **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** |
|  |  |  |  |  |  |  |  |  |  | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> |
| Description | Description | Expiration<br>Month | Expiration<br>Month | # of<br>Contracts | # of<br>Contracts | Notional<br>Amount | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Asset |  | Liability |
| U.S. Treasury 5-Year Note December Futures  | U.S. Treasury 5-Year Note December Futures  | 12/2025 | 12/2025 | 99 | 99 | 10810 | 10810 | $(1) | (1) | 4 | 4 | $ | 0 |
| U.S. Treasury Ultra Long-Term Bond December Futures  | U.S. Treasury Ultra Long-Term Bond December Futures  | 12/2025 | 12/2025 | 13 | 13 | 1561 | 1561 | 41 | 41 | 0 | 0 |  | (7) |
| U.S. Ultra Treasury 10-Year Note December Futures  | U.S. Ultra Treasury 10-Year Note December Futures  | 12/2025 | 12/2025 | 174 | 174 | 20024 | 20024 | 193 | 193 | 0 | 0 |  | (11) |
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **233** | **$** | **4** | **$** | **$** | **(18)** |
| **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** |
| **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> |
|  |  |  |  |  |  |  |  |  |  | <u>Variation Margin</u><sup>(5)</sup> | <u>Variation Margin</u><sup>(5)</sup> | <u>Variation Margin</u><sup>(5)</sup> | <u>Variation Margin</u><sup>(5)</sup> |
| Reference Entity | Maturity<br>Date | Implied<br>Credit Spread at<br>September 30, 2025<sup>(2)</sup> | Implied<br>Credit Spread at<br>September 30, 2025<sup>(2)</sup> | Notional<br>Amount<sup>(3)</sup> | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/<br>(Received) |  | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Asset | Asset | Asset | Liability |
| Morgan Stanley  | 06/20/2026 | 0.240 | 0.240% | $4200 | 4200 | $27 | $ | (3) | 24 | $0 | 0 | 0 | $0 |

---

------

<br> Schedule of Investments PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CREDIT** **DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT** **DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT** **DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT** **DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT** **DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT** **DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT** **DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT** **DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT** **DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT** **DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT** **DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> |
|  |  |  |  |  |  |  |  | <u>Variation Margin</u><sup>(5)</sup> | <u>Variation Margin</u><sup>(5)</sup> | <u>Variation Margin</u><sup>(5)</sup> |
| Index/Tranches | Notional<br>Amount<sup>(3)</sup> | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/<br>(Received) | Premiums<br>Paid/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Market<br>Value<sup>(4)</sup> | Asset | Liability |
| CDX.IG-44 5-Year Index  | $143400 | 143400 | $2349 | 2349 | $949 | 949 | $3298 | 3298 | 11 | $(3) |
| CDX.IG-45 5-Year Index  | 69800 | 69800 | 1571 | 1571 | 33 | 33 | 1604 | 1604 | 11 | 0 |
|  |  |  | $3920 | 3920 | $982 | 982 | $4902 | 4902 | 22 | $(3) |
| **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | $**3947** | **3947** | $**979** | **979** | $**4926** | **4926** | **22** | $**(3)** |
| **(i)** | **Securities with an aggregate market value of $4,157 and cash of $5,281 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $4,157 and cash of $5,281 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $4,157 and cash of $5,281 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $4,157 and cash of $5,281 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $4,157 and cash of $5,281 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $4,157 and cash of $5,281 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $4,157 and cash of $5,281 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $4,157 and cash of $5,281 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $4,157 and cash of $5,281 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $4,157 and cash of $5,281 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** |
| <sup>(1)</sup> | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. |
| <sup>(2)</sup> | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. |
| <sup>(3)</sup> | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. |
| <sup>(4)</sup> | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. |
| <sup>(5)</sup> | Unsettled variation margin liability of $(1) for closed swap agreements is outstanding at period end. | Unsettled variation margin liability of $(1) for closed swap agreements is outstanding at period end. | Unsettled variation margin liability of $(1) for closed swap agreements is outstanding at period end. | Unsettled variation margin liability of $(1) for closed swap agreements is outstanding at period end. | Unsettled variation margin liability of $(1) for closed swap agreements is outstanding at period end. | Unsettled variation margin liability of $(1) for closed swap agreements is outstanding at period end. | Unsettled variation margin liability of $(1) for closed swap agreements is outstanding at period end. | Unsettled variation margin liability of $(1) for closed swap agreements is outstanding at period end. | Unsettled variation margin liability of $(1) for closed swap agreements is outstanding at period end. | Unsettled variation margin liability of $(1) for closed swap agreements is outstanding at period end. |
| **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** |
| **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: |  |
| Category and Subcategory | Category and Subcategory | Level 1 | Level 1 | Level 2 | Level 2 | Level 3 | Level 3 | Fair Value<br>at 09/30/2025 | Fair Value<br>at 09/30/2025 |  |
| **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** |  |
| Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |  |
| Banking & Finance | Banking & Finance | $0 | 0 | $ | 443592 | $ | 0 | $ | $443592 |  |
| Industrials | Industrials | 0 | 0 |  | 574103 |  | 0 |  | 574103 |  |
| Utilities | Utilities | 0 | 0 |  | 171333 |  | 0 |  | 171333 |  |
| U.S. Treasury Obligations | U.S. Treasury Obligations | 0 | 0 |  | 142812 |  | 0 |  | 142812 |  |
| Sovereign Issues | Sovereign Issues | 0 | 0 |  | 1309 |  | 0 |  | 1309 |  |
| Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |  |
| Industrials | Industrials | 0 | 0 |  | 1 |  | 0 |  | 1 |  |
| Mutual Funds | Mutual Funds | 0 | 0 |  | 890 |  | 0 |  | 890 |  |
|  |  | $0 | 0 | $ | 1334040 | $ | 0 | $ | $1334040 |  |
| **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** |  |
| Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |  |
| Mutual Funds | Mutual Funds | 5971 | 5971 |  | 0 |  | 0 |  | 5971 |  |
| Total Investments | Total Investments | $5971 | 5971 | $ | 1334040 | $ | 0 | $ | $1340011 |  |
| **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  |  |
| Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | $0 | 0 | $ | 26 | $ | 0 | $ | $26 |  |
| **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  |  |
| Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | $0 | 0 | $ | (21) | $ | 0 | $ | $(21) |  |
| Total Financial Derivative Instruments | Total Financial Derivative Instruments | $0 | 0 | $ | 5 | $ | 0 | $ | $5 |  |
| Totals | Totals | $5971 | 5971 | $ | 1334045 | $ | 0 | $ | $1340016 |  |
| **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** |

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<br> Schedule of Investments PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** | **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** | **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** |
|  | PRINCIPAL<br>AMOUNT<br>(000s) | MARKET<br>VALUE<br>(000s) |
| **INVESTMENTS IN SECURITIES 183.4% ¤** |  |  |
| **CORPORATE BONDS & NOTES 0.0%**  |  |  |
| **BANKING & FINANCE 0.0%**  |  |  |
| **Preferred Term Securities X Ltd./Preferred Term Securities X, Inc.** <br>5.424% (US0003M + 0.860%) due 07/03/2033 ~ | $82 | $82 |
| Total Corporate Bonds & Notes (Cost $70) |  | 82 |
| **U.S. GOVERNMENT AGENCIES 175.8%**  |  |  |
| **Federal Home Loan Mortgage Corp.**  |  |  |
| 2.500% due 12/01/2032 - 09/01/2046 | 463 | 426 |
| 3.000% due 10/01/2026 - 08/01/2046 | 2655 | 2496 |
| 3.050% due 03/01/2032 | 221 | 204 |
| 3.500% due 12/01/2033 - 12/01/2048 | 431 | 405 |
| 4.000% due 08/01/2042 - 04/01/2048 | 1541 | 1502 |
| 4.400% due 06/01/2030 | 82 | 83 |
| 4.500% due 04/01/2039 - 04/01/2049 | 1300 | 1288 |
| 5.000% due 09/01/2033 - 03/01/2055 | 51520 | 51526 |
| 5.500% due 11/01/2030 - 09/01/2055 | 97915 | 99482 |
| 6.000% due 08/01/2026 - 09/01/2055 | 46110 | 47829 |
| 6.375% due 11/01/2031 •  | 4 | 4 |
| 6.430% due 01/01/2034 •  | 2 | 2 |
| 6.500% due 02/01/2035 - 04/01/2035 •  | 13 | 13 |
| 6.500% due 05/01/2045 - 09/01/2055 | 18041 | 18749 |
| 6.520% due 02/01/2035 - 09/01/2035 •  | 36 | 37 |
| 6.600% due 09/01/2034 •  | 59 | 61 |
| 6.602% due 01/01/2035 •  | 3 | 3 |
| 6.671% due 11/01/2036 •  | 56 | 58 |
| 6.674% due 10/01/2039 •  | 131 | 135 |
| 6.775% due 03/01/2035 •  | 1 | 1 |
| 6.780% due 06/01/2035 •  | 7 | 7 |
| 6.814% due 08/01/2036 •  | 4 | 4 |
| 6.836% due 02/01/2035 •  | 3 | 3 |
| **Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates**  |  |  |
| 2.872% due 07/25/2054 ~ | 3265 | 3107 |
| 4.228% due 10/25/2034 ~ | 800 | 791 |
| **Federal Home Loan Mortgage Corp. REMICS**  |  |  |
| 0.000% due 05/15/2041 •  | 198 | 195 |
| 0.000% due 08/15/2056 - 10/15/2058 (b)(e) | 844 | 544 |
| 0.265% due 11/15/2040 •  | 111 | 88 |
| 0.347% due 05/15/2035 •  | 93 | 95 |
| 1.640% due 10/15/2037 ~(a) | 5 | 0 |
| 1.646% due 10/15/2037 ~(a) | 9 | 0 |
| 1.713% due 01/15/2043 •(a) | 838 | 104 |
| 1.755% due 03/15/2037 ~(a) | 10 | 1 |
| 1.774% due 05/15/2037 ~(a) | 9 | 0 |
| 1.887% due 11/15/2036 ~(a) | 28 | 2 |
| 1.931% due 08/15/2041 ~(a) | 9 | 0 |
| 1.936% due 02/15/2038 ~(a) | 17 | 1 |
| 1.941% due 11/15/2038 ~(a) | 28 | 2 |
| 2.000% due 11/25/2050 (a) | 380 | 52 |
| 2.012% due 10/15/2041 ~(a) | 23 | 1 |
| 2.019% due 06/15/2038 ~(a) | 23 | 1 |
| 2.190% due 08/15/2036 ~(a) | 14 | 1 |
| 2.500% due 01/15/2045 | 115 | 108 |
| 3.000% due 05/15/2044 | 184 | 127 |
| 4.000% due 03/15/2042 | 483 | 430 |
| 4.000% due 09/15/2045 - 04/15/2046 (a) | 705 | 103 |
| 4.737% due 05/15/2035 •  | 13 | 12 |
| 4.810% due 04/15/2038 •  | 171 | 169 |
| 4.937% due 12/15/2031 •  | 16 | 16 |
| 4.987% due 09/15/2030 - 06/15/2042 •  | 142 | 142 |
| 5.206% due 05/25/2054 •  | 1052 | 1050 |
| 5.306% due 08/25/2055 •  | 18856 | 18870 |
| 5.356% due 02/25/2055 •  | 920 | 922 |
| 5.456% due 07/25/2054 - 11/25/2054 •  | 9457 | 9480 |
| 5.500% due 09/15/2035 | 135 | 133 |
| 5.500% due 10/15/2035 (a) | 41 | 5 |
| 5.506% due 01/25/2055 •  | 1835 | 1842 |
| 5.556% due 10/25/2054 - 08/25/2055 •  | 20871 | 20969 |
| 5.656% due 11/25/2054 - 12/25/2054 •  | 10012 | 10012 |
| 5.756% due 02/25/2055 •  | 1912 | 1927 |
| 6.500% due 05/15/2028 - 03/15/2029 | 163 | 165 |

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<br> Schedule of Investments PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

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| | | |
|:---|:---|:---|
| 7.000% due 05/15/2037 | 339 | 365 |
| **Federal Home Loan Mortgage Corp. STRIPS**  |  |  |
| 2.500% due 10/15/2052 (a) | 3063 | 486 |
| 3.500% due 01/15/2043 - 08/15/2045 (a) | 345 | 54 |
| 4.810% due 10/15/2037 •  | 43 | 43 |
| 5.506% due 05/25/2054 •  | 832 | 836 |
| **Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates**<br>5.353% due 02/25/2045 •  | 58 | 56 |
| **Federal Home Loan Mortgage Corp. Whole Loan Securities Trust**  |  |  |
| 3.000% due 09/25/2045 - 12/25/2046 | 295 | 258 |
| 3.500% due 12/25/2046 | 218 | 193 |
| **Federal National Mortgage Association**  |  |  |
| 2.500% due 06/01/2028 - 12/01/2046 | 314 | 285 |
| 3.000% due 10/01/2026 - 07/01/2060 | 4119 | 3803 |
| 3.500% due 05/01/2034 - 01/01/2057 | 7280 | 6909 |
| 3.575% due 02/01/2026 | 500 | 498 |
| 3.800% due 10/01/2029 | 735 | 727 |
| 4.000% due 06/01/2033 - 08/01/2051 | 18692 | 18093 |
| 4.005% due 06/01/2030 | 10105 | 10037 |
| 4.140% due 04/01/2028 | 155 | 156 |
| 4.160% due 10/01/2032 | 610 | 603 |
| 4.190% due 07/01/2030 | 1920 | 1922 |
| 4.280% due 02/01/2030 | 555 | 560 |
| 4.350% due 12/01/2029 | 705 | 712 |
| 4.385% due 04/01/2033 | 166 | 166 |
| 4.490% due 04/01/2033 | 200 | 202 |
| 4.500% due 07/01/2032 - 04/01/2059 | 34116 | 33860 |
| 4.590% due 06/01/2033 | 335 | 339 |
| 4.680% due 06/01/2030 | 1480 | 1507 |
| 4.700% due 04/01/2033 - 05/01/2035 | 512 | 518 |
| 4.720% due 03/01/2030 | 4707 | 4805 |
| 4.730% due 08/01/2030 | 1700 | 1723 |
| 4.740% due 04/01/2030 | 1200 | 1215 |
| 4.750% due 09/01/2030 | 2153 | 2208 |
| 4.770% due 12/01/2029 | 90 | 92 |
| 4.800% due 09/01/2032 | 4542 | 4645 |
| 4.860% due 12/01/2027 - 05/01/2035 | 1107 | 1129 |
| 4.870% due 05/01/2035 | 200 | 205 |
| 4.900% due 09/01/2030 | 2535 | 2613 |
| 4.930% due 09/01/2030 | 1545 | 1593 |
| 4.960% due 09/01/2032 | 1372 | 1415 |
| 4.970% due 05/01/2035 | 4793 | 4929 |
| 4.980% due 05/01/2035 | 3900 | 4029 |
| 5.000% due 09/01/2049 - 02/01/2055 | 16328 | 16390 |
| 5.040% due 08/01/2030 | 2087 | 2157 |
| 5.050% due 03/01/2030 | 14677 | 15205 |
| 5.140% due 02/01/2035 | 3500 | 3643 |
| 5.160% due 03/01/2030 | 10377 | 10728 |
| 5.180% due 05/01/2035 | 1988 | 2075 |
| 5.200% due 11/01/2030 - 05/01/2035 | 3207 | 3352 |
| 5.210% due 05/01/2035 | 1096 | 1145 |
| 5.230% due 05/01/2033 - 05/01/2035 | 2812 | 2938 |
| 5.250% due 02/01/2031 | 627 | 652 |
| 5.280% due 07/01/2030 | 937 | 976 |
| 5.421% due 08/01/2042 - 10/01/2044 •  | 196 | 198 |
| 5.500% due 09/01/2034 - 08/01/2055 | 49069 | 49750 |
| 5.675% due 02/01/2036 •  | 86 | 86 |
| 5.810% due 06/01/2031 | 1700 | 1770 |
| 5.890% due 08/01/2027 - 11/01/2035 •  | 13 | 13 |
| 6.000% due 10/01/2032 - 09/01/2055 | 54500 | 56115 |
| 6.112% due 01/01/2035 •  | 4 | 4 |
| 6.115% due 01/01/2035 •  | 19 | 19 |
| 6.135% due 02/01/2035 •  | 3 | 3 |
| 6.160% due 01/01/2035 •  | 12 | 12 |
| 6.175% due 05/01/2035 •  | 20 | 21 |
| 6.191% due 03/01/2035 •  | 2 | 2 |
| 6.196% due 01/01/2035 •  | 5 | 5 |
| 6.270% due 01/01/2035 •  | 7 | 7 |
| 6.285% due 03/01/2035 •  | 1 | 1 |
| 6.306% due 09/01/2041 •  | 22 | 23 |
| 6.315% due 02/01/2035 •  | 10 | 10 |
| 6.340% due 03/01/2035 •  | 2 | 2 |
| 6.374% due 04/01/2033 •  | 6 | 6 |
| 6.404% due 01/01/2036 •  | 46 | 48 |
| 6.405% due 11/01/2035 •  | 6 | 7 |
| 6.420% due 12/01/2034 •  | 3 | 3 |
| 6.470% due 10/01/2037 •  | 193 | 200 |
| 6.487% due 09/01/2035 - 11/01/2048 •  | 91 | 95 |
| 6.500% due 11/01/2028 - 09/01/2055 | 13070 | 13598 |
| 6.534% due 02/01/2035 •  | 4 | 4 |
| 6.540% due 10/01/2035 •  | 4 | 4 |
| 6.565% due 07/01/2035 •  | 5 | 5 |
| 6.582% due 02/01/2035 •  | 4 | 5 |
| 6.593% due 02/01/2035 •  | 4 | 5 |

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<br> Schedule of Investments PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

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| | | |
|:---|:---|:---|
| 6.618% due 05/01/2038 •  | 133 | 138 |
| 6.624% due 07/01/2035 •  | 3 | 3 |
| 6.635% due 10/01/2028 •  | 1 | 1 |
| 6.664% due 02/01/2035 •  | 2 | 2 |
| 6.665% due 02/01/2042 •  | 14 | 14 |
| 6.667% due 07/01/2035 •  | 12 | 13 |
| 6.675% due 04/01/2035 •  | 11 | 11 |
| 6.676% due 11/01/2034 •  | 2 | 2 |
| 6.714% due 05/01/2035 •  | 12 | 12 |
| 6.737% due 05/01/2035 •  | 19 | 20 |
| 6.833% due 10/01/2035 •  | 1 | 1 |
| 6.880% due 10/01/2032 •  | 71 | 71 |
| 6.925% due 09/01/2034 •  | 19 | 19 |
| 7.000% due 06/01/2035 | 1 | 1 |
| **Federal National Mortgage Association Interest STRIPS**  |  |  |
| 2.000% due 04/25/2052 (a) | 11065 | 1436 |
| 6.500% due 04/25/2038 (a) | 10 | 2 |
| **Federal National Mortgage Association REMICS**  |  |  |
| 0.000% due 04/25/2043 - 10/25/2045 •  | 725 | 513 |
| 0.200% due 02/25/2043 •(a) | 103 | 1 |
| 1.129% due 06/25/2044 •(a) | 173 | 18 |
| 1.446% due 07/25/2044 ~(a) | 37 | 2 |
| 1.465% due 10/25/2046 ~(a) | 11 | 1 |
| 1.529% due 11/25/2049 •(a) | 65 | 9 |
| 1.595% due 07/25/2052 ~(a) | 38 | 2 |
| 1.625% due 07/25/2045 ~(a) | 134 | 8 |
| 1.666% due 07/25/2044 ~(a) | 33 | 2 |
| 1.673% due 09/25/2045 ~(a) | 23 | 1 |
| 1.698% due 04/25/2055 ~(a) | 61 | 3 |
| 1.734% due 03/25/2045 ~(a) | 81 | 5 |
| 1.744% due 08/25/2054 ~(a) | 54 | 3 |
| 1.745% due 01/25/2045 ~(a) | 24 | 1 |
| 1.897% due 08/25/2044 ~(a) | 25 | 2 |
| 1.980% due 08/25/2055 ~(a) | 38 | 2 |
| 2.000% due 08/25/2042 | 508 | 440 |
| 2.114% due 11/25/2035 •(a) | 247 | 18 |
| 2.500% due 02/25/2051 (a) | 543 | 93 |
| 3.000% due 07/25/2045 | 101 | 79 |
| 3.000% due 04/25/2046 (a) | 92 | 10 |
| 3.500% due 03/25/2044 - 12/25/2047 | 306 | 297 |
| 3.500% due 04/25/2046 (a) | 24 | 2 |
| 4.000% due 03/25/2041 - 11/25/2045 | 510 | 428 |
| 4.442% due 08/25/2050 •  | 97 | 92 |
| 4.500% due 11/25/2039 | 51 | 48 |
| 4.523% due 12/25/2036 •  | 255 | 250 |
| 4.583% due 03/25/2034 •  | 16 | 16 |
| 4.613% due 08/25/2034 •  | 1 | 1 |
| 4.771% due 12/25/2048 •  | 283 | 279 |
| 4.871% due 03/25/2049 •  | 189 | 187 |
| 4.921% due 07/25/2036 •  | 138 | 137 |
| 4.971% due 03/25/2032 •  | 29 | 29 |
| 5.131% due 04/25/2037 •  | 184 | 180 |
| 5.356% due 03/25/2055 •  | 616 | 615 |
| 5.471% due 04/25/2032 •  | 18 | 18 |
| 5.606% due 05/25/2054 •  | 8893 | 8927 |
| 5.616% due 09/25/2054 •  | 6567 | 6595 |
| 5.706% due 01/25/2055 •  | 1163 | 1170 |
| 5.756% due 08/25/2054 - 02/25/2055 •  | 47305 | 47629 |
| 5.806% due 06/25/2054 •  | 968 | 973 |
| 5.856% due 01/25/2055 •  | 947 | 958 |
| 6.373% due 05/25/2035 ~ | 18 | 18 |
| 6.500% due 01/25/2032 | 9 | 9 |
| 8.000% due 07/25/2034 | 149 | 160 |
| **Federal National Mortgage Association REMICS Trust**  |  |  |
| 4.591% due 06/25/2033 •  | 7 | 6 |
| 4.601% due 06/25/2032 •  | 24 | 24 |
| 4.641% due 11/25/2032 •  | 7 | 7 |
| **Federal National Mortgage Association-ACES**  |  |  |
| 2.349% due 01/25/2031 ~(a) | 1698 | 99 |
| 2.944% due 07/25/2039 | 103 | 95 |
| **Government National Mortgage Association**  |  |  |
| 2.000% due 03/20/2043 | 57 | 48 |
| 3.000% due 02/15/2043 - 03/15/2050 | 3319 | 3025 |
| 3.500% due 02/15/2042 - 03/20/2052 | 3878 | 3557 |
| 3.500% due 05/20/2049 (a) | 349 | 63 |
| 4.000% due 03/15/2045 - 10/20/2050 | 5282 | 5012 |
| 4.070% due 01/15/2050 | 1096 | 986 |
| 4.500% due 07/15/2039 - 07/15/2049 | 2001 | 1970 |
| 5.000% due 11/20/2034 - 12/20/2048 | 680 | 694 |
| 5.500% due 09/15/2033 - 12/15/2039 | 60 | 63 |
| 6.000% due 05/20/2042 - 09/20/2053 | 531 | 549 |
| 6.500% due 03/15/2026 - 04/20/2055 | 264 | 273 |
| **Government National Mortgage Association REMICS**  |  |  |
| 0.000% due 12/20/2036 (b)(e) | 78 | 65 |

---

------

<br> Schedule of Investments PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| 0.000% due 08/20/2045 - 09/20/2045 •  | 223 | 169 |
| 0.221% due 09/20/2045 ~(a) | 63 | 3 |
| 0.259% due 06/20/2043 ~(a) | 44 | 2 |
| 0.315% due 12/20/2045 ~(a) | 48 | 2 |
| 0.341% due 11/20/2045 ~(a) | 52 | 3 |
| 0.807% due 06/20/2042 ~(a) | 46 | 3 |
| 0.857% due 06/20/2042 ~(a) | 42 | 2 |
| 3.000% due 05/20/2047 - 11/20/2067 | 389 | 325 |
| 3.500% due 08/20/2042 (a) | 188 | 20 |
| 4.000% due 06/20/2045 (a) | 278 | 50 |
| 4.500% due 06/20/2043 | 88 | 85 |
| 4.689% due 11/20/2067 •  | 228 | 227 |
| 4.766% due 05/20/2068 •  | 418 | 417 |
| 4.816% due 02/20/2068 •  | 4 | 4 |
| 4.886% due 06/20/2070 •  | 244 | 242 |
| 4.896% due 05/20/2065 •  | 3 | 3 |
| 4.946% due 03/20/2061 •  | 5 | 5 |
| 5.039% due 02/20/2074 •  | 659 | 659 |
| 5.059% due 04/20/2072 •  | 674 | 670 |
| 5.099% due 01/20/2068 •  | 1124 | 1130 |
| 5.106% due 01/20/2065 •  | 15 | 15 |
| 5.116% due 09/20/2069 •  | 213 | 213 |
| 5.146% due 11/20/2065 •  | 189 | 190 |
| 5.163% due 10/20/2067 •  | 896 | 901 |
| 5.179% due 04/20/2074 •  | 478 | 478 |
| 5.186% due 09/20/2063 •  | 29 | 29 |
| 5.216% due 09/20/2065 •  | 331 | 331 |
| 5.266% due 01/20/2066 - 09/20/2066 •  | 122 | 122 |
| 5.289% due 08/20/2054 - 07/20/2074 •  | 2075 | 2079 |
| 5.389% due 12/20/2073 •  | 1435 | 1444 |
| 5.409% due 12/20/2072 •  | 402 | 407 |
| 5.439% due 08/20/2053 •  | 405 | 406 |
| 5.466% due 04/20/2063 - 03/20/2066 •  | 830 | 835 |
| 5.500% due 08/20/2035 | 33 | 34 |
| 5.516% due 07/20/2070 - 08/20/2070 •  | 2387 | 2416 |
| 5.539% due 12/20/2070 •  | 221 | 223 |
| 5.616% due 03/20/2066 •  | 40 | 41 |
| 5.716% due 10/20/2070 •  | 612 | 624 |
| 5.739% due 07/20/2055 •  | 19907 | 19991 |
| 5.766% due 09/20/2063 •  | 25 | 25 |
| 5.809% due 02/20/2073 •  | 1030 | 1052 |
| **Government National Mortgage Association, TBA**  |  |  |
| 2.000% due 10/01/2055 - 11/01/2055 | 29800 | 24644 |
| 2.500% due 10/01/2055 - 11/01/2055 | 40100 | 34531 |
| 3.000% due 10/01/2055 - 11/01/2055 | 63000 | 56249 |
| 3.500% due 10/01/2055 - 11/01/2055 | 38590 | 35183 |
| 4.000% due 10/01/2055 - 11/01/2055 | 32500 | 30557 |
| 4.500% due 11/01/2055 | 13500 | 13086 |
| 5.000% due 11/01/2055 | 19400 | 19274 |
| 5.500% due 11/01/2055 | 7700 | 7753 |
| 6.000% due 11/01/2055 | 8100 | 8238 |
| 6.500% due 11/01/2055 | 15000 | 15406 |
| **Uniform Mortgage-Backed Security, TBA**  |  |  |
| 2.000% due 10/01/2040 - 11/01/2055 | 45435 | 37214 |
| 2.500% due 10/01/2040 - 11/01/2055 | 30300 | 25645 |
| 3.000% due 10/01/2040 - 11/01/2055 | 55000 | 49480 |
| 3.500% due 10/01/2040 - 11/01/2055 | 3400 | 3167 |
| 4.000% due 10/01/2040 | 100 | 98 |
| 4.500% due 10/01/2040 - 11/01/2055 | 71350 | 69305 |
| 5.000% due 10/01/2040 - 11/01/2055 | 80700 | 80091 |
| 5.500% due 10/01/2040 - 10/01/2055 | 6200 | 6323 |
| 6.000% due 10/01/2055 - 11/01/2055 | 107100 | 109399 |
| 6.500% due 10/01/2055 - 11/01/2055 | 11400 | 11789 |
| 7.000% due 11/01/2055 | 8900 | 9319 |
| Total U.S. Government Agencies (Cost $1,359,180) |  | 1361997 |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES 1.4%**  |  |  |
| **Angel Oak Mortgage Trust** <br>5.985% due 01/25/2069 þ | 373 | 377 |
| **Banc of America Funding Trust**  |  |  |
| 4.830% due 05/20/2035 •  | 17 | 16 |
| 4.971% due 01/20/2047 ~  | 77 | 67 |
| **Bank of America Mortgage Trust** <br>5.750% due 07/20/2032 ~ | 1 | 1 |
| **Chevy Chase Funding LLC Mortgage-Backed Certificates** <br>4.552% due 01/25/2035 •  | 2 | 2 |
| **CHL Mortgage Pass-Through Trust**  |  |  |
| 3.649% due 04/25/2035 ~  | 205 | 154 |
| 4.852% due 04/25/2035 •  | 8 | 8 |
| 4.952% due 03/25/2036 •  | 1 | 0 |
| 4.972% due 02/25/2036 •  | 1 | 0 |
| 5.192% due 09/25/2034 •  | 30 | 27 |
| 6.305% due 06/19/2031 ~  | 12 | 12 |

---

------

<br> Schedule of Investments PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Citigroup** **Mortgage Loan Trust, Inc.**  |  |  |
| 5.072% due 08/25/2035 •  | 46 | 45 |
| 6.500% due 06/25/2054 ~  | 141 | 144 |
| **COMM Mortgage Trust** <br>5.565% due 12/15/2038 •  | 1439 | 1420 |
| **Countrywide Alternative Loan Trust**  |  |  |
| 4.650% due 07/20/2046 •  | 29 | 25 |
| 4.692% due 05/25/2035 •  | 119 | 114 |
| 4.772% due 09/25/2046 •  | 406 | 334 |
| 4.772% due 10/25/2046 •  | 31 | 24 |
| 4.952% due 10/25/2046 •  | 237 | 178 |
| **CSMC Trust** <br>2.500% due 07/25/2056 ~ | 138 | 115 |
| **GreenPoint Mortgage Funding Trust**  |  |  |
| 4.672% due 10/25/2046 •  | 109 | 101 |
| 4.672% due 12/25/2046 •  | 142 | 140 |
| 4.812% due 04/25/2036 •  | 37 | 33 |
| 4.952% due 10/25/2046 •  | 339 | 265 |
| **GS Mortgage Securities Corp. Trust** <br>5.348% due 07/15/2031 •  | 1100 | 854 |
| **GSR Mortgage Loan Trust** <br>4.792% due 08/25/2046 •  | 173 | 38 |
| **HarborView Mortgage Loan Trust** <br>4.728% due 03/19/2036 •  | 17 | 16 |
| **IMS Ecuadorian Mortgage Trust** <br>3.400% due 08/18/2043 | 547 | 536 |
| **IndyMac INDX Mortgage Loan Trust**  |  |  |
| 4.672% due 06/25/2046 •  | 43 | 39 |
| 4.672% due 11/25/2046 •  | 99 | 95 |
| **JP Morgan Mortgage Trust**  |  |  |
| 3.000% due 04/25/2052 ~  | 699 | 609 |
| 4.998% due 08/25/2051 •  | 1806 | 1676 |
| 5.172% due 11/25/2049 •  | 38 | 36 |
| **La Hipotecaria El Salvadorian Mortgage Trust**  |  |  |
| 3.358% due 01/15/2046 «  | 367 | 339 |
| 4.250% due 09/29/2046 «  | 678 | 621 |
| **La Hipotecaria Panamanian Mortgage Trust** <br>3.508% due 11/24/2042 «•  | 411 | 394 |
| **MASTR Alternative Loan Trust** <br>4.672% due 03/25/2036 •  | 958 | 87 |
| **Mellon Residential Funding Corp. Mortgage Pass-Through Certificates** <br>4.965% due 11/15/2031 •  | 8 | 8 |
| **MFA Trust** <br>1.381% due 04/25/2065 ~ | 78 | 77 |
| **New Residential Mortgage Loan Trust**  |  |  |
| 2.750% due 11/25/2059 ~  | 311 | 300 |
| 5.000% due 09/25/2051 •  | 725 | 679 |
| **OBX Trust** <br>3.000% due 01/25/2052 ~ | 323 | 279 |
| **RALI Trust**  |  |  |
| 4.104% due 08/25/2035 ~  | 146 | 51 |
| 4.672% due 12/25/2046 •  | 81 | 72 |
| 4.732% due 05/25/2037 •  | 16 | 14 |
| 4.812% due 05/25/2046 •  | 61 | 49 |
| **Sequoia Mortgage Trust 10** <br>5.010% due 10/20/2027 •  | 1 | 1 |
| **Sequoia Mortgage Trust 5** <br>4.948% due 10/19/2026 •  | 7 | 7 |
| **Structured Asset Mortgage Investments Trust** <br>4.908% due 09/19/2032 •  | 2 | 2 |
| **Thornburg Mortgage Securities Trust** <br>4.712% due 10/25/2046 •  | 26 | 25 |
| **Towd Point Mortgage Trust** <br>5.272% due 05/25/2058 •  | 107 | 110 |
| **WaMu Mortgage Pass-Through Certificates Trust**  |  |  |
| 5.272% due 07/25/2044 •  | 26 | 26 |
| 5.322% due 12/25/2045 •  | 247 | 218 |
| **Washington Mutual Mortgage Pass-Through Certificates WMALT Trust** <br>4.873% due 12/25/2046 •  | 96 | 79 |
| Total Non-Agency Mortgage-Backed Securities (Cost $12,041) |  | 10939 |
| **ASSET-BACKED SECURITIES 5.4%**  |  |  |
| **CMBS OTHER 0.1%**  |  |  |
| **Arbor Realty Commercial Real Estate Notes Ltd.** <br>5.615% due 11/15/2036 •  | 716 | 718 |
| **HOME EQUITY OTHER 0.1%**  |  |  |
| **Aegis Asset-Backed Securities Trust** <br>4.972% due 03/25/2035 •  | 50 | 49 |
| **Amortizing Residential Collateral Trust** <br>4.972% due 10/25/2031 •  | 3 | 3 |

---

------

<br> Schedule of Investments PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Centex** **Home Equity Loan Trust** <br>4.572% due 01/25/2032 •  | 4 | 4 |
| **Citigroup Mortgage Loan Trust, Inc.** <br>4.592% due 12/25/2036 •  | 519 | 293 |
| **Countrywide Asset-Backed Certificates** <br>4.772% due 03/25/2037 •  | 34 | 34 |
| **Countrywide Asset-Backed Certificates Trust** <br>4.552% due 04/25/2047 •  | 60 | 59 |
| **EMC Mortgage Loan Trust** <br>5.772% due 08/25/2040 •  | 27 | 28 |
| **GSAA Home Equity Trust** <br>4.872% due 03/25/2037 •  | 167 | 66 |
| **GSAMP Trust** <br>4.532% due 12/25/2046 •  | 371 | 197 |
| **Home Equity Asset Trust** <br>4.872% due 11/25/2032 •  | 3 | 2 |
| **HSI Asset Securitization Corp. Trust** <br>4.412% due 01/25/2037 •  | 254 | 195 |
| **Morgan Stanley ABS Capital I, Inc. Trust** <br>4.342% due 10/25/2036 •  | 375 | 196 |
| **Saxon Asset Securities Trust** <br>6.022% due 12/25/2037 •  | 150 | 132 |
|  |  | 1258 |
| **HOME EQUITY SEQUENTIAL 0.0%**  |  |  |
| **Morgan Stanley Mortgage Loan Trust** <br>4.992% due 04/25/2037 •  | 475 | 125 |
| **WHOLE LOAN COLLATERAL 0.1%**  |  |  |
| **PRET LLC** <br>6.721% due 07/25/2051 þ | 722 | 723 |
| **OTHER ABS 5.1%**  |  |  |
| **Anchorage Capital CLO 28 Ltd.** <br>6.025% due 04/20/2037 •  | 400 | 402 |
| **Apex Credit CLO Ltd.** <br>6.125% due 04/20/2036 •  | 500 | 503 |
| **ARES LXV CLO Ltd.** <br>5.278% due 07/25/2034 •  | 1700 | 1706 |
| **Bain Capital Credit CLO Ltd.** <br>5.482% due 07/17/2035 •  | 2000 | 2007 |
| **Benefit Street Partners CLO XXII Ltd.** <br>5.475% due 04/20/2035 •  | 2100 | 2107 |
| **Birch Grove CLO Ltd.** <br>5.870% due 07/17/2037 •  | 4700 | 4724 |
| **Canyon CLO Ltd.** <br>5.418% due 10/15/2034 •  | 1400 | 1400 |
| **Diameter Capital CLO 6 Ltd.** <br>5.928% due 04/15/2037 •  | 500 | 503 |
| **Fortress Credit BSL X Ltd.** <br>0.000% due 04/20/2033 •(c) | 1200 | 1200 |
| **Generate CLO 3 Ltd.** <br>6.155% due 10/20/2036 •  | 500 | 504 |
| **Golub Capital Partners CLO 50B-R Ltd.** <br>5.435% due 04/20/2035 •  | 2100 | 2107 |
| **KKR CLO 28 Ltd.** <br>5.758% due 02/09/2035 •  | 500 | 502 |
| **KKR CLO 42 Ltd.** <br>5.349% due 07/20/2034 •  | 2800 | 2800 |
| **Marble Point CLO XXII Ltd.** <br>5.538% due 07/25/2034 •  | 2700 | 2704 |
| **Park Avenue Institutional Advisers CLO Ltd.** <br>5.342% due 01/20/2034 •  | 1400 | 1401 |
| **Sycamore Tree CLO Ltd.** <br>6.005% due 01/20/2037 •  | 300 | 301 |
| **Symphony CLO XXIV Ltd.** <br>5.261% due 10/23/2035 •  | 1500 | 1500 |
| **Symphony CLO XXIX Ltd.** <br>5.433% due 10/15/2035 •  | 2200 | 2209 |
| **Symphony CLO XXXII Ltd.** <br>5.419% due 10/23/2035 •  | 2800 | 2811 |
| **TCW CLO Ltd.** <br>5.918% due 01/16/2037 •  | 500 | 502 |
| **Trinitas CLO VI Ltd.** <br>0.000% due 01/25/2034 •(c) | 2400 | 2400 |
| **Vibrant CLO XII Ltd.** <br>5.301% due 04/20/2034 •  | 2300 | 2300 |

---

------

<br> Schedule of Investments PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Wind** **River CLO Ltd.** <br>5.122% due 07/20/2034 •  | 2700 | 2700 |
|  |  | 39293 |
| Total Asset-Backed Securities (Cost $42,483) |  | 42117 |
|  | SHARES |  |
| **SHORT-TERM INSTRUMENTS 0.8%**  |  |  |
| **MUTUAL FUNDS 0.1%**  |  |  |
| **State Street Institutional U.S. Government Money Market Fund, Premier Class**<br> 4.200% (f) | 777472 | 777 |
|  | PRINCIPAL<br>AMOUNT<br>(000s) |  |
| **REPURCHASE AGREEMENTS (g) 0.5%** |  | 4100 |
| **U.S. TREASURY BILLS 0.2%**  |  |  |
| 4.086% due 10/30/2025 - 01/27/2026 (d)(e)(j) | $1360 | 1350 |
| Total Short-Term Instruments (Cost $6,227) |  | 6227 |
| Total Investments in Securities (Cost $1,420,001) |  | 1421362 |
| Total Investments 183.4% (Cost $1,420,001) |  | $1421362 |
| **Financial Derivative Instruments (h)(i) 2.1**%(Cost or Premiums, net $19,138) |  | 15897 |
| Other Assets and Liabilities, net (85.5)% |  | (662385) |
| Net Assets 100.0% |  | $774874 |

---

------

<br> Schedule of Investments PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  |
| **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** |
| **¤** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** |
| **«** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** |
| **(b)** | **Principal only security.** | **Principal only security.** | **Principal only security.** | **Principal only security.** | **Principal only security.** | **Principal only security.** | **Principal only security.** | **Principal only security.** | **Principal only security.** |
| **(c)** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** |
| **(d)** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** |
| **(e)** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** |
| **(f)** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** |
| **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** |
| **(g)** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** |
| Counterparty | Maturity<br>Date | &nbsp;&nbsp; Collateralized By | &nbsp;&nbsp; Collateralized By | &nbsp;&nbsp; Collateralized By | &nbsp;&nbsp; Collateralized By | Collateral<br>(Received) | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| SAL | 10/01/2025 | &nbsp;&nbsp; U.S. Treasury Notes 1.500% due 08/15/2026 | &nbsp;&nbsp; U.S. Treasury Notes 1.500% due 08/15/2026 | &nbsp;&nbsp; U.S. Treasury Notes 1.500% due 08/15/2026 | &nbsp;&nbsp; U.S. Treasury Notes 1.500% due 08/15/2026 | (4186) | (4186) | 4100 | $4100 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |  |  | **(4186)** | **(4186)** | **4100** | $**4100** |
| **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** |
| Description | Description | Description | Coupon | Maturity<br>Date | Maturity<br>Date | Principal<br>Amount | Proceeds | Proceeds | Payable for<br>Short Sales |
| U.S. Government Agencies (14.3)% | U.S. Government Agencies (14.3)% | U.S. Government Agencies (14.3)% | U.S. Government Agencies (14.3)% | U.S. Government Agencies (14.3)% | U.S. Government Agencies (14.3)% | U.S. Government Agencies (14.3)% | U.S. Government Agencies (14.3)% | U.S. Government Agencies (14.3)% | U.S. Government Agencies (14.3)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA  | 3.000% | 10/01/2055 | 10/01/2055 | 1000 | $ | (879) | $(879) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA  | 4.000 | 11/01/2055 | 11/01/2055 | 24150 |  | (22805) | (22758) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA  | 5.500 | 11/01/2055 | 11/01/2055 | 86300 |  | (87089) | (86960) |
| **Total Short Sales (14.3)%** | **Total Short Sales (14.3)%** | **Total Short Sales (14.3)%** |  |  |  |  | **$** | **(110773)** | $**(110597)** |
| <sup>(1)</sup> | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. |
| **The average amount of borrowings outstanding during the period ended September 30, 2024 was $(46) at a weighted average interest rate of 4.093%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** | **The average amount of borrowings outstanding during the period ended September 30, 2024 was $(46) at a weighted average interest rate of 4.093%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** | **The average amount of borrowings outstanding during the period ended September 30, 2024 was $(46) at a weighted average interest rate of 4.093%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** | **The average amount of borrowings outstanding during the period ended September 30, 2024 was $(46) at a weighted average interest rate of 4.093%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** | **The average amount of borrowings outstanding during the period ended September 30, 2024 was $(46) at a weighted average interest rate of 4.093%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** | **The average amount of borrowings outstanding during the period ended September 30, 2024 was $(46) at a weighted average interest rate of 4.093%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** | **The average amount of borrowings outstanding during the period ended September 30, 2024 was $(46) at a weighted average interest rate of 4.093%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** | **The average amount of borrowings outstanding during the period ended September 30, 2024 was $(46) at a weighted average interest rate of 4.093%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** | **The average amount of borrowings outstanding during the period ended September 30, 2024 was $(46) at a weighted average interest rate of 4.093%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** | **The average amount of borrowings outstanding during the period ended September 30, 2024 was $(46) at a weighted average interest rate of 4.093%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** |
| **(h)** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** |
| **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** |
| **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** |
|  |  |  |  |  |  | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> |
| Description | Description | # of<br>Contracts | Notional<br>Amount | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) |  | Asset | Asset | Liability |
| U.S. Treasury 5-Year Note December Futures  | U.S. Treasury 5-Year Note December Futures  | 9 | 983 | 983 | $4 | $ | 1 | 1 | 0 |
| **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** |
|  |  |  |  |  |  | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> |
| Description | Description | # of<br>Contracts | Notional<br>Amount | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) |  | Asset | Asset | Liability |
| U.S. Treasury 10-Year Note December Futures  | U.S. Treasury 10-Year Note December Futures  | 3 | (337) | (337) | $0 | $ | 0 | 0 | 0 |
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **4** | **$** | **1** | **$** | **0** |

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<br> Schedule of Investments PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

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| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** | **SWAP** **AGREEMENTS:** |
| **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> |
| Pay/<br>Receive<br>Floating Rate | Floating Rate Index | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Notional<br>Amount | Premiums<br>Paid/<br>(Received) | Premiums<br>Paid/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Market<br>Value | Asset | Asset | Liability |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.750% | Annual | Annual | 12/18/2029 | $2300 | 2300 | (27) | (27) | $4 | 4 | $(23) | (23) | $0 | 0 | $(1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | Annual | 03/19/2030 | 20900 | 20900 | 938 | 938 | (462) | (462) | 476 | 476 | 0 | 0 | (10) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | Annual | 12/18/2031 | 5500 | 5500 | (183) | (183) | 149 | 149 | (34) | (34) | 0 | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | Annual | 03/19/2032 | 8600 | 8600 | 426 | 426 | (213) | (213) | 213 | 213 | 0 | 0 | (3) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | Annual | 09/17/2032 | 14800 | 14800 | (366) | (366) | 136 | 136 | (230) | (230) | 0 | 0 | (4) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | Annual | 12/18/2034 | 2300 | 2300 | (52) | (52) | 41 | 41 | (11) | (11) | 0 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | Annual | 03/19/2035 | 12600 | 12600 | 940 | 940 | (474) | (474) | 466 | 466 | 0 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | Annual | 06/18/2035 | 15800 | 15800 | 430 | 430 | 136 | 136 | 566 | 566 | 0 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | Annual | 09/17/2035 | 21900 | 21900 | (193) | (193) | 31 | 31 | (162) | (162) | 0 | 0 | (1) |
| **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **$** | **1913** | **$** | **(652)** | **$** | **1261** | **$** | **0** | **$** | **(21)** |
| **Cash of $4,422 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $4,422 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $4,422 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $4,422 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $4,422 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $4,422 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $4,422 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $4,422 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $4,422 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $4,422 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $4,422 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $4,422 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $4,422 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $4,422 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $4,422 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $4,422 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $4,422 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $4,422 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** |
| **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** |
| **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** | **PURCHASED OPTIONS:** |
| **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** |
| Counterparty | Counterparty | Description | Description | Description | Floating Rate<br>Index | Floating Rate<br>Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Exercise<br>Rate | Expiration<br>Date | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Notional<br>Amount<sup>(1)</sup> | Cost | Cost |  | Market<br>Value |
| BOA | BOA | Call - OTC 7-Year Interest Rate Swap  | Call - OTC 7-Year Interest Rate Swap  | Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | 3-Month USD-SOFR | Pay | 3.184% | 3.184% | 10/14/2025 | 10/14/2025 | 35000 | 35000 | 87 | 87 | $ | 6 |
|  |  | Put - OTC 7-Year Interest Rate Swap  | Put - OTC 7-Year Interest Rate Swap  | Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | 3-Month USD-SOFR | Receive | 4.116 | 4.116 | 11/19/2025 | 11/19/2025 | 15000 | 15000 | 144 | 144 |  | 3 |
|  |  | Put - OTC 10-Year Interest Rate Swap  | Put - OTC 10-Year Interest Rate Swap  | Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | 3-Month USD-SOFR | Receive | 3.906 | 3.906 | 03/04/2026 | 03/04/2026 | 17600 | 17600 | 194 | 194 |  | 166 |
|  |  | Call - OTC 10-Year Interest Rate Swap  | Call - OTC 10-Year Interest Rate Swap  | Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | 3-Month USD-SOFR | Pay | 4.265 | 4.265 | 05/01/2035 | 05/01/2035 | 1400 | 1400 | 124 | 124 |  | 109 |
|  |  | Put - OTC 10-Year Interest Rate Swap  | Put - OTC 10-Year Interest Rate Swap  | Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | 3-Month USD-SOFR | Receive | 4.265 | 4.265 | 05/01/2035 | 05/01/2035 | 1400 | 1400 | 124 | 124 |  | 122 |
|  |  | Call - OTC 10-Year Interest Rate Swap  | Call - OTC 10-Year Interest Rate Swap  | Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | 3-Month USD-SOFR | Pay | 4.470 | 4.470 | 06/04/2035 | 06/04/2035 | 1400 | 1400 | 126 | 126 |  | 119 |
|  |  | Put - OTC 10-Year Interest Rate Swap  | Put - OTC 10-Year Interest Rate Swap  | Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | 3-Month USD-SOFR | Receive | 4.470 | 4.470 | 06/04/2035 | 06/04/2035 | 1400 | 1400 | 126 | 126 |  | 115 |
|  |  | Call - OTC 10-Year Interest Rate Swap  | Call - OTC 10-Year Interest Rate Swap  | Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | 3-Month USD-SOFR | Pay | 4.400 | 4.400 | 06/25/2035 | 06/25/2035 | 6000 | 6000 | 536 | 536 |  | 496 |
|  |  | Put - OTC 10-Year Interest Rate Swap  | Put - OTC 10-Year Interest Rate Swap  | Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | 3-Month USD-SOFR | Receive | 4.400 | 4.400 | 06/25/2035 | 06/25/2035 | 3000 | 3000 | 271 | 271 |  | 254 |
|  |  | Call - OTC 10-Year Interest Rate Swap  | Call - OTC 10-Year Interest Rate Swap  | Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | 3-Month USD-SOFR | Pay | 4.640 | 4.640 | 07/23/2035 | 07/23/2035 | 6000 | 6000 | 539 | 539 |  | 547 |
|  |  | Put - OTC 10-Year Interest Rate Swap  | Put - OTC 10-Year Interest Rate Swap  | Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | 3-Month USD-SOFR | Receive | 4.640 | 4.640 | 07/23/2035 | 07/23/2035 | 3000 | 3000 | 270 | 270 |  | 238 |
|  |  | Call - OTC 10-Year Interest Rate Swap  | Call - OTC 10-Year Interest Rate Swap  | Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | 3-Month USD-SOFR | Pay | 4.427 | 4.427 | 08/06/2035 | 08/06/2035 | 2800 | 2800 | 246 | 246 |  | 234 |
|  |  | Put - OTC 10-Year Interest Rate Swap  | Put - OTC 10-Year Interest Rate Swap  | Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | 3-Month USD-SOFR | Receive | 4.427 | 4.427 | 08/06/2035 | 08/06/2035 | 2800 | 2800 | 246 | 246 |  | 234 |
|  |  | Call - OTC 10-Year Interest Rate Swap  | Call - OTC 10-Year Interest Rate Swap  | Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | 3-Month USD-SOFR | Pay | 4.623 | 4.623 | 08/20/2035 | 08/20/2035 | 50500 | 50500 | 4383 | 4383 |  | 4539 |
|  |  | Call - OTC 10-Year Interest Rate Swap  | Call - OTC 10-Year Interest Rate Swap  | Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | 3-Month USD-SOFR | Pay | 4.693 | 4.693 | 08/27/2035 | 08/27/2035 | 2200 | 2200 | 190 | 190 |  | 203 |
|  |  | Put - OTC 10-Year Interest Rate Swap  | Put - OTC 10-Year Interest Rate Swap  | Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | 3-Month USD-SOFR | Receive | 4.693 | 4.693 | 08/27/2035 | 08/27/2035 | 2200 | 2200 | 190 | 190 |  | 170 |
| CBK | CBK | Put - OTC 7-Year Interest Rate Swap  | Put - OTC 7-Year Interest Rate Swap  | Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | 3-Month USD-SOFR | Receive | 5.000 | 5.000 | 10/08/2025 | 10/08/2025 | 50000 | 50000 | 75 | 75 |  | 0 |
| DUB | DUB | Put - OTC 7-Year Interest Rate Swap  | Put - OTC 7-Year Interest Rate Swap  | Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | 3-Month USD-SOFR | Receive | 5.000 | 5.000 | 03/30/2026 | 03/30/2026 | 118000 | 118000 | 34 | 34 |  | 29 |
|  |  | Call - OTC 7-Year Interest Rate Swap  | Call - OTC 7-Year Interest Rate Swap  | Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | 3-Month USD-SOFR | Pay | 3.135 | 3.135 | 09/14/2026 | 09/14/2026 | 5800 | 5800 | 75 | 75 |  | 59 |
|  |  | Put - OTC 7-Year Interest Rate Swap  | Put - OTC 7-Year Interest Rate Swap  | Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | 3-Month USD-SOFR | Receive | 3.635 | 3.635 | 09/14/2026 | 09/14/2026 | 5800 | 5800 | 75 | 75 |  | 96 |

---

------

<br> Schedule of Investments PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.308 | 4.308 | 05/02/2035 | 2900 | 258 | 230 |
|  | Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.308 | 4.308 | 05/02/2035 | 2900 | 258 | 249 |
|  | Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.630 | 4.630 | 05/22/2035 | 1600 | 146 | 145 |
|  | Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.630 | 4.630 | 05/22/2035 | 1600 | 146 | 127 |
|  | Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.520 | 4.520 | 05/29/2035 | 1600 | 144 | 139 |
|  | Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.520 | 4.520 | 05/29/2035 | 1600 | 144 | 130 |
|  | Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.440 | 4.440 | 06/18/2035 | 2200 | 197 | 185 |
|  | Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.440 | 4.440 | 06/18/2035 | 2200 | 197 | 183 |
|  | Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.559 | 4.559 | 07/09/2035 | 5600 | 497 | 493 |
|  | Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.559 | 4.559 | 07/09/2035 | 2800 | 249 | 225 |
|  | Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.460 | 4.460 | 08/06/2035 | 4200 | 369 | 355 |
|  | Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.460 | 4.460 | 08/06/2035 | 4200 | 369 | 347 |
|  | Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.628 | 4.628 | 08/20/2035 | 55000 | 4764 | 4328 |
| FAR | Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.750 | 4.750 | 10/14/2025 | 87700 | 27 | 0 |
|  | Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.181 | 3.181 | 12/04/2025 | 18100 | 90 | 44 |
|  | Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.750 | 2.750 | 02/09/2026 | 2500 | 9 | 4 |
| GLM | Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.103 | 3.103 | 10/09/2025 | 9700 | 14 | 0 |
|  | Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.310 | 4.310 | 04/24/2035 | 1500 | 133 | 119 |
|  | Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.310 | 4.310 | 04/24/2035 | 1500 | 133 | 129 |
|  | Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.430 | 4.430 | 05/16/2035 | 1500 | 134 | 125 |
|  | Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.430 | 4.430 | 05/16/2035 | 1500 | 134 | 125 |
| JPM | Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.750 | 2.750 | 02/05/2026 | 2500 | 10 | 3 |
|  | Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.285 | 4.285 | 05/07/2035 | 1600 | 144 | 126 |
|  | Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.285 | 4.285 | 05/07/2035 | 1600 | 144 | 139 |
|  | Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.693 | 4.693 | 08/27/2035 | 2800 | 241 | 258 |
|  | Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.693 | 4.693 | 08/27/2035 | 2800 | 241 | 216 |
| MYC | Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.077 | 3.077 | 11/10/2025 | 17400 | 56 | 14 |
|  | Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.485 | 4.485 | 08/07/2035 | 2600 | 229 | 222 |
|  | Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.485 | 4.485 | 08/07/2035 | 2600 | 229 | 214 |
|  |  |  |  |  |  |  |  | $17761 | $16613 |
| **OPTIONS ON SECURITIES** | **OPTIONS ON SECURITIES** | **OPTIONS ON SECURITIES** | **OPTIONS ON SECURITIES** | **OPTIONS ON SECURITIES** | **OPTIONS ON SECURITIES** | **OPTIONS ON SECURITIES** | **OPTIONS ON SECURITIES** | **OPTIONS ON SECURITIES** | **OPTIONS ON SECURITIES** |
| Counterparty | Description | Description | Strike<br>Price | Strike<br>Price | Expiration<br>Date | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BOA | Put - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055  | Put - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055  | $93.273 | 93.273 | 10/07/2025 | 10/07/2025 | 21000 | $8 | $8 |
|  | Call - OTC Uniform Mortgage-Backed Security, TBA due 11/01/2055  | Call - OTC Uniform Mortgage-Backed Security, TBA due 11/01/2055  | 96.672 | 96.672 | 11/06/2025 | 11/06/2025 | 15000 | 28 | 10 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA due 12/01/2055  | Put - OTC Uniform Mortgage-Backed Security, TBA due 12/01/2055  | 99.094 | 99.094 | 12/04/2025 | 12/04/2025 | 1000 | 1 | 1 |
| GSC | Put - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055  | Put - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055  | 96.980 | 96.980 | 10/07/2025 | 10/07/2025 | 2000 | 5 | 0 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055  | Put - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055  | 97.094 | 97.094 | 10/07/2025 | 10/07/2025 | 2000 | 4 | 0 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055  | Put - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055  | 98.875 | 98.875 | 10/07/2025 | 10/07/2025 | 3000 | 4 | 0 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055  | Put - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055  | 98.891 | 98.891 | 10/07/2025 | 10/07/2025 | 2000 | 3 | 0 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055  | Put - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055  | 98.961 | 98.961 | 10/07/2025 | 10/07/2025 | 4500 | 4 | 0 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055  | Put - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055  | 99.164 | 99.164 | 10/07/2025 | 10/07/2025 | 5500 | 6 | 0 |

---

------

<br> Schedule of Investments PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Put - OTC Uniform Mortgage-Backed Security, TBA due 11/01/2055  | Put - OTC Uniform Mortgage-Backed Security, TBA due 11/01/2055  | 99.813 | 99.813 | 11/06/2025 | 11/06/2025 | 19200 | 10 | 1 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA due 12/01/2055  | Put - OTC Uniform Mortgage-Backed Security, TBA due 12/01/2055  | 98.945 | 98.945 | 12/04/2025 | 12/04/2025 | 2000 | 2 | 2 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA due 12/01/2055  | Put - OTC Uniform Mortgage-Backed Security, TBA due 12/01/2055  | 98.969 | 98.969 | 12/04/2025 | 12/04/2025 | 3000 | 4 | 3 |
| JPM | Put - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055  | Put - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055  | 93.297 | 93.297 | 10/07/2025 | 10/07/2025 | 16000 | 5 | 7 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055  | Put - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055  | 93.656 | 93.656 | 10/07/2025 | 10/07/2025 | 15000 | 5 | 14 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA due 12/01/2055  | Put - OTC Uniform Mortgage-Backed Security, TBA due 12/01/2055  | 98.957 | 98.957 | 12/04/2025 | 12/04/2025 | 3000 | 3 | 3 |
| MSC | Put - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055  | Put - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055  | 99.641 | 99.641 | 10/07/2025 | 10/07/2025 | 1000 | 1 | 0 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA due 11/01/2055  | Put - OTC Uniform Mortgage-Backed Security, TBA due 11/01/2055  | 98.180 | 98.180 | 11/06/2025 | 11/06/2025 | 9600 | 11 | 1 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA due 11/01/2055  | Put - OTC Uniform Mortgage-Backed Security, TBA due 11/01/2055  | 99.797 | 99.797 | 11/06/2025 | 11/06/2025 | 9600 | 4 | 0 |
|  |  |  |  |  |  |  |  | $108 | $50 |
| **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | $**17869** | $**16663** |
| **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** | **WRITTEN OPTIONS:** |
| **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** |
| Counterparty | Description | Floating Rate<br>Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BPS | Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.248% | 4.248% | 10/07/2025 | 1300 | $(4) | $0 |
| BRC | Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.908 | 3.908 | 11/06/2025 | 7600 | (11) | (3) |
| DUB | Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.115 | 4.115 | 10/07/2025 | 3700 | (6) | 0 |
|  | Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.200 | 3.200 | 03/30/2026 | 5100 | (34) | (36) |
|  | Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.274 | 4.274 | 10/07/2025 | 1300 | (5) | 0 |
|  | Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.028 | 4.028 | 12/04/2025 | 2200 | (4) | (5) |
| FAR | Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.410 | 3.410 | 10/14/2025 | 5000 | (27) | (9) |
|  | Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.681 | 3.681 | 12/04/2025 | 20900 | (90) | (73) |
| GLM | Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.200 | 4.200 | 10/07/2025 | 2900 | (4) | 0 |
|  | Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.221 | 4.221 | 10/07/2025 | 2200 | (4) | 0 |
| JPM | Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.993 | 3.993 | 10/07/2025 | 600 | (1) | 0 |
|  | Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.032 | 4.032 | 12/04/2025 | 2200 | (3) | (4) |
|  | Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.036 | 4.036 | 12/04/2025 | 2200 | (3) | (4) |
| MYC | Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.200 | 4.200 | 10/07/2025 | 1300 | (3) | 0 |
|  | Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.081 | 4.081 | 11/06/2025 | 9600 | (6) | (1) |
|  | Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.084 | 4.084 | 11/06/2025 | 11000 | (7) | (1) |
|  | Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.577 | 3.577 | 11/10/2025 | 8700 | (24) | (35) |
|  |  |  |  |  |  |  |  | $(236) | $(171) |
| **OPTIONS ON SECURITIES** | **OPTIONS ON SECURITIES** | **OPTIONS ON SECURITIES** | **OPTIONS ON SECURITIES** | **OPTIONS ON SECURITIES** | **OPTIONS ON SECURITIES** | **OPTIONS ON SECURITIES** | **OPTIONS ON SECURITIES** | **OPTIONS ON SECURITIES** | **OPTIONS ON SECURITIES** |
| Counterparty | Description | Description | Strike<br>Price | Strike<br>Price | Expiration<br>Date | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| GSC | Put - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055  | Put - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055  | $93.770 | 93.770 | 10/07/2025 | 10/07/2025 | 10000 | $(24) | $(12) |
|  | Call - OTC Uniform Mortgage-Backed Security, TBA due 11/01/2055  | Call - OTC Uniform Mortgage-Backed Security, TBA due 11/01/2055  | 94.406 | 94.406 | 11/06/2025 | 11/06/2025 | 10000 | (28) | (59) |
|  | Call - OTC Uniform Mortgage-Backed Security, TBA due 11/01/2055  | Call - OTC Uniform Mortgage-Backed Security, TBA due 11/01/2055  | 94.414 | 94.414 | 11/06/2025 | 11/06/2025 | 7000 | (19) | (41) |
|  | Call - OTC Uniform Mortgage-Backed Security, TBA due 11/01/2055  | Call - OTC Uniform Mortgage-Backed Security, TBA due 11/01/2055  | 94.453 | 94.453 | 11/06/2025 | 11/06/2025 | 10000 | (28) | (57) |
|  | Call - OTC Uniform Mortgage-Backed Security, TBA due 11/01/2055  | Call - OTC Uniform Mortgage-Backed Security, TBA due 11/01/2055  | 94.488 | 94.488 | 11/06/2025 | 11/06/2025 | 10000 | (28) | (55) |
|  | Call - OTC Uniform Mortgage-Backed Security, TBA due 11/01/2055  | Call - OTC Uniform Mortgage-Backed Security, TBA due 11/01/2055  | 94.938 | 94.938 | 11/06/2025 | 11/06/2025 | 10000 | (27) | (38) |
|  | Call - OTC Uniform Mortgage-Backed Security, TBA due 11/01/2055  | Call - OTC Uniform Mortgage-Backed Security, TBA due 11/01/2055  | 97.844 | 97.844 | 11/06/2025 | 11/06/2025 | 5000 | (9) | (15) |

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<br> Schedule of Investments PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Call - OTC Uniform Mortgage-Backed Security, TBA due 12/01/2055  | 96.484 | 96.484 | 12/04/2025 |  | 10000 | 10000 | (33) | (33) | (18) |
| JPM | Call - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055  | 93.484 | 93.484 | 10/07/2025 |  | 10000 | 10000 | (38) | (38) | (84) |
|  | Call - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055  | 94.250 | 94.250 | 10/07/2025 |  | 5000 | 5000 | (17) | (17) | (15) |
| MSC | Call - OTC Uniform Mortgage-Backed Security, TBA due 12/01/2055  | 96.484 | 96.484 | 12/04/2025 |  | 10000 | 10000 | (38) | (38) | (18) |
| SAL | Call - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055  | 93.594 | 93.594 | 10/07/2025 |  | 10000 | 10000 | (38) | (38) | (75) |
|  | Call - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055  | 93.938 | 93.938 | 10/07/2025 |  | 10000 | 10000 | (34) | (34) | (49) |
|  | Call - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055  | 94.250 | 94.250 | 10/07/2025 |  | 10000 | 10000 | (31) | (31) | (31) |
|  | Call - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055  | 94.922 | 94.922 | 10/07/2025 |  | 10000 | 10000 | (16) | (16) | (8) |
|  |  |  |  |  |  |  |  | $(408) | (408) | $(575) |
| **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | $**(644)** | **(644)** | $**(746)** |
| **Securities with an aggregate market value of $1,058 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,058 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,058 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,058 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,058 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,058 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,058 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,058 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,058 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,058 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,058 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** |
| Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. | Notional Amount represents the number of contracts. |
| **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** |
| **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: |
| Category and Subcategory | Category and Subcategory | Category and Subcategory | Level 1 | Level 1 | Level 2 | Level 2 | Level 3 | Level 3 | Fair Value<br>at 09/30/2025 | Fair Value<br>at 09/30/2025 |
| **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** |
| Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| Banking & Finance | Banking & Finance | Banking & Finance | $0 | 0 | $82 | 82 | $0 | 0 | $82 | 82 |
| U.S. Government Agencies | U.S. Government Agencies | U.S. Government Agencies | 0 | 0 | 1361997 | 1361997 | 0 | 0 | 1361997 | 1361997 |
| Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | 0 | 0 | 9585 | 9585 | 1354 | 1354 | 10939 | 10939 |
| Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| CMBS Other | CMBS Other | CMBS Other | 0 | 0 | 718 | 718 | 0 | 0 | 718 | 718 |
| Home Equity Other | Home Equity Other | Home Equity Other | 0 | 0 | 1258 | 1258 | 0 | 0 | 1258 | 1258 |
| Home Equity Sequential | Home Equity Sequential | Home Equity Sequential | 0 | 0 | 125 | 125 | 0 | 0 | 125 | 125 |
| Whole Loan Collateral | Whole Loan Collateral | Whole Loan Collateral | 0 | 0 | 723 | 723 | 0 | 0 | 723 | 723 |
| Other ABS | Other ABS | Other ABS | 2400 | 2400 | 36893 | 36893 | 0 | 0 | 39293 | 39293 |
| Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| Mutual Funds | Mutual Funds | Mutual Funds | 0 | 0 | 777 | 777 | 0 | 0 | 777 | 777 |
| Repurchase Agreements | Repurchase Agreements | Repurchase Agreements | 0 | 0 | 4100 | 4100 | 0 | 0 | 4100 | 4100 |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | 0 | 0 | 1350 | 1350 | 0 | 0 | 1350 | 1350 |
| Total Investments | Total Investments | Total Investments | $2400 | 2400 | $1417608 | 1417608 | $1354 | 1354 | $1421362 | 1421362 |
| **Short Sales, at Value - Liabilities**  | **Short Sales, at Value - Liabilities**  | **Short Sales, at Value - Liabilities**  | **Short Sales, at Value - Liabilities**  | **Short Sales, at Value - Liabilities**  | **Short Sales, at Value - Liabilities**  | **Short Sales, at Value - Liabilities**  | **Short Sales, at Value - Liabilities**  | **Short Sales, at Value - Liabilities**  | **Short Sales, at Value - Liabilities**  | **Short Sales, at Value - Liabilities**  |
| U.S. Government Agencies | U.S. Government Agencies | U.S. Government Agencies | $0 | 0 | $(110597) | (110597) | $0 | 0 | $(110597) | (110597) |
| **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  |
| Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | 0 | 0 | 1 | 1 | 0 | 0 | 1 | 1 |
| Over the counter | Over the counter | Over the counter | 0 | 0 | 16663 | 16663 | 0 | 0 | 16663 | 16663 |
|  |  |  | $0 | 0 | $16664 | 16664 | $0 | 0 | $16664 | 16664 |
| **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  |
| Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | 0 | 0 | (21) | (21) | 0 | 0 | (21) | (21) |
| Over the counter | Over the counter | Over the counter | 0 | 0 | (746) | (746) | 0 | 0 | (746) | (746) |
|  |  |  | $0 | 0 | $(767) | (767) | $0 | 0 | $(767) | (767) |
| Total Financial Derivative Instruments | Total Financial Derivative Instruments | Total Financial Derivative Instruments | $0 | 0 | $15897 | 15897 | $0 | 0 | $15897 | 15897 |
| Totals | Totals | Totals | $2400 | 2400 | $1322908 | 1322908 | $1354 | 1354 | $1326662 | 1326662 |
| **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** |

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<br> Schedule of Investments PIMCO Multisector Bond Active Exchange - Traded Fund September 30, 2025 (Unaudited)

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| | | |
|:---|:---|:---|
| **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** | **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** | **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** |
|  | PRINCIPAL<br>AMOUNT<br>(000s) | MARKET<br>VALUE<br>(000s) |
| **INVESTMENTS IN SECURITIES 166.3% ¤** |  |  |
| **LOAN PARTICIPATIONS AND ASSIGNMENTS 3.0%**  |  |  |
| **Aligned Data Centers International LP**<br>7.538% due 12/18/2029 «~ | $22500 | $22677 |
| **Altice France SA**<br>9.818% (TSFR3M + 5.500%) due 08/15/2028 «~ | 1987 | 1928 |
| **American Axle & Manufacturing, Inc.**<br>TBD% due 02/24/2032 « | 10000 | 9963 |
| **Aspire Bakeries Holdings LLC**<br>7.663% (TSFR1M + 3.500%) due 12/23/2030 ~ | 2977 | 2999 |
| **Bank of Industry Ltd.**<br>3.803% (EUR003M + 1.700%) due 08/23/2027 ~ | 6000 | 7011 |
| **Clover Holdings 2 LLC**  |  |  |
| TBD% due 12/10/2029 µ | $116 | 116 |
| 7.942% (TSFR1M + 3.750%) due 12/09/2031 ~ | 898 | 900 |
| **Clydesdale Acquisition Holdings, Inc.**  |  |  |
| TBD% (TSFR1M + 3.250%) due 04/01/2032 ~µ | 33 | 33 |
| TBD% (TSFR1M + 3.250%) due 04/01/2032 ~ | 1962 | 1961 |
| **Cotiviti Corp.**  |  |  |
| 7.030% (TSFR1M + 2.750%) due 05/01/2031 ~ | 985 | 970 |
| 7.030% (TSFR1M + 2.750%) due 03/26/2032 ~ | 4988 | 4907 |
| **CPPIB OVM Member U.S. LLC**<br>6.502% (TSFR3M + 2.500%) due 08/20/2031 ~ | 1980 | 1987 |
| **Cyberswift U.S. Finco LLC**<br>TBD% due 09/23/2032 | 1200 | 1201 |
| **Databricks, Inc.**  |  |  |
| TBD% - 1.000% due 01/03/2031 «µ | 1087 | 1087 |
| TBD% - 1.000% (TSFR1M + 4.500%) due 01/03/2031 «~ | 4913 | 4999 |
| **DirecTV Financing LLC**<br>9.808% (TSFR3M + 5.500%) due 02/17/2031 ~ | 1820 | 1784 |
| **DK Crown Holdings, Inc.**<br>6.005% (TSFR1M + 1.750%) due 03/04/2032 ~ | 3980 | 3979 |
| **Endure Digital, Inc.**<br>7.838% (TSFR1M + 3.500%) due 02/10/2028 «~ | 2977 | 2158 |
| **Epic Crude Services LP**<br>6.828% (TSFR3M + 2.500%) due 10/15/2031 ~ | 2793 | 2799 |
| **Finastra USA, Inc.**  |  |  |
| 8.038% (TSFR3M + 4.000%) due 09/15/2032 ~ | 8000 | 7976 |
| 11.038% (TSFR3M + 7.000%) due 09/15/2033 ~ | 1300 | 1297 |
| **FinCo I LLC**<br>5.913% (TSFR1M + 1.750%) due 06/27/2029 ~ | 98 | 98 |
| **Froneri Lux FinCo SARL**<br>TBD% due 08/02/2032 | 1000 | 999 |
| **GFL Environmental, Inc.**<br>6.671% (TSFR3M + 2.500%) due 03/03/2032 ~ | 5000 | 5005 |
| **Global Medical Response, Inc.**<br>7.634% (TSFR1M + 3.500%) due 10/01/2032 ~ | 2090 | 2093 |
| **Golden State Foods LLC**<br>8.032% (TSFR1M + 4.000%) due 12/04/2031 ~ | 2970 | 2981 |
| **ION Platform Finance U.S., Inc.**<br>TBD% due 09/30/2032 | 7100 | 7029 |
| **Jane Street Group LLC**<br>6.199% (TSFR3M + 2.000%) due 12/15/2031 ~ | 5933 | 5897 |
| **Kaseya, Inc.**<br>7.413% (TSFR1M + 3.250%) due 03/20/2032 ~ | 3980 | 3990 |
| **LifePoint Health, Inc.**  |  |  |
| 7.660% (TSFR3M + 3.500%) due 05/19/2031 ~ | 792 | 790 |
| 8.068% (TSFR3M + 3.750%) due 05/19/2031 ~ | 4963 | 4960 |
| **Medline Borrower LP**<br>6.163% (TSFR1M + 2.000%) due 10/23/2030 ~ | 990 | 991 |
| **MH Sub I LLC**<br>8.413% (TSFR1M + 4.250%) due 12/31/2031 ~ | 2978 | 2747 |
| **Modena Buyer LLC**<br>8.808% (TSFR3M + 4.500%) due 07/01/2031 ~ | 1489 | 1472 |
| **Novelis Corp.**<br>5.752% (TSFR3M + 1.750%) due 03/11/2032 ~ | 4975 | 4990 |
| **OCS Group Holdings Ltd.**<br>9.961% due 11/28/2031 | 5000 | 6727 |
| **Olympus Water U.S. Holding Corp.**<br>TBD% due 07/23/2032 | $800 | 795 |
| **Panama Government International Bonds**  |  |  |
| 3.837% (EUR006M + 1.750%) due 03/05/2027 «~ | 10000 | 11760 |
| 4.804% (EUR006M + 2.450%) due 04/01/2027 «~ | 7600 | 8992 |
| **Pantheon Senior Debt Secondaries III**<br>6.043% (TSFR3M + 2.000%) due 03/26/2026 «~(g) | $1400 | 1400 |

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<br> Schedule of Investments PIMCO Multisector Bond Active Exchange - Traded Fund (Cont.) September 30, 2025 (Unaudited)

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| | | |
|:---|:---|:---|
| **Paradigm** **Parent LLC**<br>8.822% (TSFR3M + 4.500%) due 04/16/2032 ~ | 1600 | 1440 |
| **Petco Health & Wellness Co., Inc.**<br>TBD% due 03/03/2028 | 7450 | 7273 |
| **Primo Brands Corp.**<br>6.252% (TSFR3M + 2.250%) due 03/31/2028 ~ | 983 | 984 |
| **Project Alfa Investindustrial VIII SCSp**<br>4.117% (EUR003M + 2.100%) due 02/27/2026 «~(g) | 378 | 444 |
| **Project Flash**  |  |  |
| TBD% (TSFR1M + 2.250%) due 04/30/2030 «~µ | $3000 | 3000 |
| TBD% due 04/30/2030 «~µ | 3000 | 3000 |
| TBD% (TSFR3M + 2.250%) due 04/30/2030 «~µ | 3000 | 3000 |
| **Proofpoint, Inc.**<br>7.163% (TSFR1M + 3.000%) due 08/31/2028 ~ | 3970 | 3990 |
| **Qnity Electronics, Inc.**<br>TBD% due 08/12/2032 | 900 | 901 |
| **QualityTech LP**<br>7.723% (TSFR1M + 3.500%) due 10/30/2031 «~ | 3980 | 3990 |
| **QuidelOrtho Corp.**<br>8.002% (TSFR3M + 4.000%) due 08/20/2032 ~ | 10000 | 9960 |
| **Raven Acquisition Holdings LLC**  |  |  |
| TBD% - 3.250% due 11/19/2031 µ | 133 | 133 |
| TBD% - 3.250% (TSFR1M + 3.000%) due 11/19/2031 ~ | 1857 | 1859 |
| **Republic of Kenya Government International Bonds**<br>12.650% (PRIME + 5.400%) due 04/05/2028 «~ | 5000 | 5011 |
| **Rockpoint Gas Storage Partners LP**<br>7.002% (TSFR3M + 3.000%) due 09/18/2031 ~ | 4861 | 4883 |
| **Specialty Building Products Holdings LLC**<br>8.013% (TSFR1M + 3.750%) due 10/15/2028 ~ | 2672 | 2582 |
| **Stepstone Group MidCo 2 GmbH**<br>8.608% (TSFR3M + 4.500%) due 12/19/2031 ~ | 3990 | 3796 |
| **Subcalidora 2**<br>7.750% (EUR003M + 5.750%) due 08/14/2029 «~ | 2000 | 2360 |
| **TK Elevator Midco GmbH**<br>7.197% - 7.308% (TSFR6M + 3.000%) due 04/30/2030 ~ | $4975 | 4993 |
| **TransDigm, Inc.**<br>6.502% - 6.663% (TSFR1M + 2.338%) due 08/19/2032 ~ | 3700 | 3700 |
| **Transnet SOC Ltd.**<br>11.125% due 03/02/2028 «~ | 131429 | 7520 |
| **Truist Insurance Holdings LLC**<br>6.752% (TSFR3M + 2.750%) due 05/06/2031 ~ | $460 | 460 |
| **U.S. Renal Care, Inc.**<br>9.278% (TSFR1M + 5.000%) due 06/28/2028 ~ | 2970 | 2843 |
| **UKG, Inc.**<br>6.810% (TSFR3M + 2.500%) due 02/10/2031 ~ | 891 | 891 |
| **VEON Amsterdam BV**<br>8.548% (TSFR3M + 4.250%) due 03/25/2027 «~ | 4000 | 3997 |
| **Vista Management Holding, Inc.**<br>8.041% (TSFR3M + 3.750%) due 04/01/2031 ~ | 4950 | 4991 |
| Total Loan Participations and Assignments (Cost $239,287) |  | 244449 |
| **CORPORATE BONDS & NOTES 28.3%**  |  |  |
| **BANKING & FINANCE 7.7%**  |  |  |
| **123 Lights Re Ltd.** <br>14.904% (T-BILL 3MO + 11.000%) due 09/14/2031 ~ | 250 | 250 |
| **Aircastle Ltd./Aircastle Ireland DAC** <br>5.000% due 09/15/2030 | 500 | 504 |
| **Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer** <br>6.500% due 10/01/2031 | 2800 | 2866 |
| **American Tower Corp.**  |  |  |
| 2.750% due 01/15/2027  | 575 | 565 |
| 3.650% due 03/15/2027  | 200 | 199 |
| 3.800% due 08/15/2029  | 1400 | 1374 |
| **Antares Holdings LP** <br>6.500% due 02/08/2029 | 250 | 256 |
| **ARES Strategic Income Fund**  |  |  |
| 4.850% due 01/15/2029  | 5000 | 4949 |
| 5.150% due 01/15/2031  | 5000 | 4942 |
| 5.450% due 09/09/2028  | 8249 | 8316 |
| 6.200% due 03/21/2032  | 5864 | 6062 |
| **Armor RE II Ltd.** <br>12.407% (T-BILL 3MO + 8.500%) due 01/07/2032 ~ | 700 | 747 |
| **Avolon Holdings Funding Ltd.**  |  |  |
| 4.900% due 10/10/2030  | 7000 | 7042 |
| 4.950% due 10/15/2032  | 4200 | 4151 |
| **Banco Santander SA** <br>6.033% due 01/17/2035 | 4752 | 5109 |
| **Banco Votorantim SA** <br>5.875% due 04/08/2028 | 5000 | 5091 |
| **Bank of America Corp.**  |  |  |
| 2.592% due 04/29/2031 •  | 5085 | 4714 |
| 5.511% due 01/24/2036 •  | 9138 | 9556 |
| 5.819% due 09/15/2029 •  | 600 | 628 |

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<br> Schedule of Investments PIMCO Multisector Bond Active Exchange - Traded Fund (Cont.) September 30, 2025 (Unaudited)

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| | | |
|:---|:---|:---|
| **Barclays** **PLC** <br>5.690% due 03/12/2030 •  | 625 | 649 |
| **Boost Newco Borrower LLC** <br>7.500% due 01/15/2031 | 1300 | 1380 |
| **BPCE SA**  |  |  |
| 5.389% due 05/28/2031 •  | 5100 | 5235 |
| 6.027% due 05/28/2036 •  | 8967 | 9448 |
| 6.612% due 10/19/2027 •  | 250 | 256 |
| **Bread Financial Holdings, Inc.** <br>8.375% due 06/15/2035 •  | 4000 | 4111 |
| **Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC** <br>4.500% due 04/01/2027 | 160 | 157 |
| **Brown & Brown, Inc.** <br>4.900% due 06/23/2030 | 4817 | 4886 |
| **Burford Capital Global Finance LLC**  |  |  |
| 7.500% due 07/15/2033  | 6691 | 6817 |
| 9.250% due 07/01/2031  | 2205 | 2346 |
| **CaixaBank SA** <br>5.673% due 03/15/2030 •  | 1250 | 1297 |
| **Cantor Fitzgerald LP** <br>7.200% due 12/12/2028 | 850 | 908 |
| **CFE Fibra E** <br>5.875% due 09/23/2040 | 800 | 809 |
| **CI Financial Corp.** <br>7.500% due 05/30/2029 | 1000 | 1066 |
| **CIMA Finance DAC** <br>2.950% due 09/05/2029 | 3166 | 2964 |
| **Citadel Finance LLC** <br>5.900% due 02/10/2030 | 14370 | 14585 |
| **Citadel LP**  |  |  |
| 6.000% due 01/23/2030  | 7810 | 8121 |
| 6.375% due 01/23/2032  | 5929 | 6279 |
| **Citadel Securities Global Holdings LLC** <br>5.500% due 06/18/2030 | 3691 | 3790 |
| **COPT Defense Properties LP** <br>4.500% due 10/15/2030 (a) | 600 | 596 |
| **Credicorp Capital Sociedad Titulizadora SA**  |  |  |
| 9.700% due 03/05/2045  | 52100 | 15906 |
| 10.100% due 12/15/2043  | 8500 | 2638 |
| **Credit Acceptance Corp.** <br>9.250% due 12/15/2028 | $300 | 316 |
| **Credit Opportunities Partners LLC** <br>6.520% due 03/20/2028 «(g) | 8000 | 8102 |
| **CrossCountry Intermediate HoldCo LLC** <br>6.500% due 10/01/2030 | 800 | 804 |
| **Crown Castle, Inc.** <br>1.050% due 07/15/2026 | 475 | 463 |
| **Deloitte LLP**  |  |  |
| 5.250% due 01/30/2030 «(g)  | 2000 | 2047 |
| 5.410% due 01/30/2032 «(g)  | 2000 | 2055 |
| 5.590% due 01/30/2035 «(g)  | 2000 | 2050 |
| **EF Holdco/EF Cayman Holdings/Ellington Fin REIT Cayman/TRS/EF Cayman Non-MTM** <br>7.375% due 09/30/2030 (a) | 800 | 800 |
| **Encore Capital Group, Inc.**  |  |  |
| 6.625% due 04/15/2031 (a)  | 3400 | 3392 |
| 8.500% due 05/15/2030  | 11150 | 11850 |
| 9.250% due 04/01/2029  | 3484 | 3681 |
| **EPR Properties** <br>3.750% due 08/15/2029 | 14880 | 14330 |
| **Equitable Holdings, Inc.** <br>4.350% due 04/20/2028 | 20 | 20 |
| **Essential Properties LP** <br>5.400% due 12/01/2035 | 6369 | 6397 |
| **Everglades Re II Ltd.** <br>15.404% (GSMMUSTI + 11.500%) due 05/13/2031 ~ | 400 | 422 |
| **F&G Global Funding** <br>5.875% due 01/16/2030 | 9366 | 9740 |
| **Ford Motor Credit Co. LLC**  |  |  |
| 5.800% due 03/05/2027  | 1125 | 1137 |
| 5.875% due 11/07/2029  | 8000 | 8142 |
| 5.918% due 03/20/2028  | 15000 | 15260 |
| **Fortitude Group Holdings LLC** <br>6.250% due 04/01/2030 | 9525 | 9896 |
| **Freedom Mortgage Corp.**  |  |  |
| 6.625% due 01/15/2027  | 1560 | 1558 |
| 12.000% due 10/01/2028  | 250 | 265 |
| **Freedom Mortgage Holdings LLC**  |  |  |
| 8.375% due 04/01/2032  | 1836 | 1926 |
| 9.125% due 05/15/2031  | 6232 | 6636 |
| 9.250% due 02/01/2029  | 300 | 316 |
| **FS KKR Capital Corp.**  |  |  |
| 3.125% due 10/12/2028  | 13561 | 12574 |
| 6.125% due 01/15/2031  | 5000 | 4956 |
| **FTAI Aviation Investors LLC**  |  |  |
| 5.500% due 05/01/2028  | 1430 | 1431 |
| 7.000% due 05/01/2031  | 2675 | 2801 |

---

------

<br> Schedule of Investments PIMCO Multisector Bond Active Exchange - Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **GLP** **Capital LP/GLP Financing II, Inc.**  |  |  |
| 4.000% due 01/15/2031  | 1500 | 1437 |
| 5.250% due 02/15/2033  | 500 | 501 |
| 5.300% due 01/15/2029  | 1611 | 1642 |
| 5.625% due 09/15/2034  | 1950 | 1975 |
| 5.750% due 11/01/2037  | 2200 | 2186 |
| **Goldman Sachs Group, Inc.** <br>5.218% due 04/23/2031 •  | 12000 | 12412 |
| **Greengrove RE Ltd.** <br>11.654% (T-BILL 1MO + 7.750%) due 04/08/2032 ~ | 2000 | 2001 |
| **HA Sustainable Infrastructure Capital, Inc.**  |  |  |
| 6.150% due 01/15/2031  | 2700 | 2775 |
| 6.375% due 07/01/2034  | 1700 | 1731 |
| **Hardwood Funding LLC** <br>4.840% due 06/07/2028 «(g) | 6000 | 6078 |
| **HAT Holdings I LLC/HAT Holdings II LLC**  |  |  |
| 3.375% due 06/15/2026  | 13 | 13 |
| 8.000% due 06/15/2027  | 446 | 464 |
| **Host Hotels & Resorts LP** <br>3.500% due 09/15/2030 | 3018 | 2835 |
| **HPS Corporate Lending Fund** <br>5.450% due 01/14/2028 | 12250 | 12364 |
| **ION Platform Finance U.S., Inc.** <br>0.000% due 09/30/2032 (a) | 2100 | 2086 |
| **Jane Street Group/JSG Finance, Inc.**  |  |  |
| 6.125% due 11/01/2032  | 3000 | 3043 |
| 6.750% due 05/01/2033  | 6670 | 6933 |
| 7.125% due 04/30/2031  | 1100 | 1155 |
| **JPMorgan Chase & Co.**  |  |  |
| 5.294% due 07/22/2035 •  | 4238 | 4379 |
| 5.350% due 06/01/2034 •  | 2793 | 2911 |
| 5.502% due 01/24/2036 •  | 18384 | 19243 |
| **Kona Spc Ltd.** <br>5.718% due 09/15/2026 «•  | 1600 | 1878 |
| **Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.**  |  |  |
| 5.500% due 08/01/2030  | $2200 | 2245 |
| 7.000% due 07/15/2031  | 1200 | 1259 |
| **Lazard Group LLC** <br>6.000% due 03/15/2031 | 6623 | 7003 |
| **Lineage OP LP** <br>5.250% due 07/15/2030 | 10124 | 10267 |
| **Marex Group PLC** <br>5.829% due 05/08/2028 | 13159 | 13354 |
| **Mitsubishi UFJ Financial Group, Inc.**  |  |  |
| 5.406% due 04/19/2034 •  | 465 | 487 |
| 5.472% due 09/13/2033 •  | 2400 | 2521 |
| 5.574% due 01/16/2036 •  | 5049 | 5304 |
| **Morgan Stanley**  |  |  |
| 3.622% due 04/01/2031 •  | 9000 | 8735 |
| 3.955% due 03/21/2035 •  | 1000 | 1206 |
| 6.407% due 11/01/2029 •  | $500 | 531 |
| **National Health Investors, Inc.** <br>5.350% due 02/01/2033 | 200 | 198 |
| **Nature Coast Re Ltd.** <br>13.654% (T-BILL 3MO + 9.750%) due 04/10/2033 ~ | 2200 | 2302 |
| **Newmark Group, Inc.** <br>7.500% due 01/12/2029 | 6119 | 6569 |
| **Nissan Motor Acceptance Co. LLC**  |  |  |
| 2.450% due 09/15/2028  | 140 | 129 |
| 5.625% due 09/29/2028  | 3400 | 3404 |
| **Norinchukin Bank**  |  |  |
| 4.674% due 09/09/2030  | 400 | 402 |
| 5.094% due 10/16/2029  | 9950 | 10186 |
| 5.359% due 09/09/2035  | 700 | 712 |
| **OneMain Finance Corp.**  |  |  |
| 3.500% due 01/15/2027  | 3074 | 3006 |
| 6.125% due 05/15/2030  | 500 | 507 |
| 6.625% due 05/15/2029  | 4080 | 4199 |
| 7.125% due 11/15/2031  | 1250 | 1297 |
| 7.500% due 05/15/2031  | 3475 | 3636 |
| **Osaic Holdings, Inc.** <br>6.750% due 08/01/2032 | 300 | 310 |
| **Palm RE Ltd.** <br>11.654% (T-BILL 1MO + 7.750%) due 06/07/2032 ~ | 900 | 953 |
| **Panama Infrastructure Receivable Purchaser PLC** <br>0.000% due 04/05/2032 (c) | 2850 | 2148 |
| **Pebblebrook Hotel LP/PEB Finance Corp.** <br>6.375% due 10/15/2029 | 5150 | 5231 |
| **PennyMac Financial Services, Inc.**  |  |  |
| 5.750% due 09/15/2031  | 857 | 850 |
| 7.875% due 12/15/2029  | 350 | 372 |
| **PRA Group, Inc.** <br>8.875% due 01/31/2030 | 3000 | 3100 |
| **Realty Income Corp.** <br>1.625% due 12/15/2030 | 225 | 258 |

---

------

<br> Schedule of Investments PIMCO Multisector Bond Active Exchange - Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Rfna** **LP** <br>7.875% due 02/15/2030 | $4850 | 4946 |
| **Rocket Cos., Inc.** <br>6.125% due 08/01/2030 | 1200 | 1232 |
| **Sammons Financial Group Global Funding** <br>5.100% due 12/10/2029 | 2000 | 2058 |
| **Sammons Financial Group, Inc.** <br>6.875% due 04/15/2034 | 13005 | 14332 |
| **Santander Holdings USA, Inc.**  |  |  |
| 5.473% due 03/20/2029 •  | 7395 | 7539 |
| 6.174% due 01/09/2030 •  | 636 | 663 |
| **Santander U.K. Group Holdings PLC**  |  |  |
| 3.823% due 11/03/2028 •  | 800 | 792 |
| 4.320% due 09/22/2029 •  | 1600 | 1596 |
| 5.694% due 04/15/2031 •  | 4300 | 4489 |
| 6.534% due 01/10/2029 •  | 700 | 733 |
| **Selective Insurance Group, Inc.** <br>5.900% due 04/15/2035 | 16988 | 17661 |
| **Service Properties Trust** <br>0.000% due 09/30/2028 (c) | 900 | 794 |
| **Sixth Street Lending Partners**  |  |  |
| 5.750% due 01/15/2030  | 10811 | 10994 |
| 6.125% due 07/15/2030  | 5050 | 5223 |
| **SLM Corp.**  |  |  |
| 3.125% due 11/02/2026  | 2400 | 2353 |
| 6.500% due 01/31/2030  | 10715 | 11174 |
| **SOCAR Turkey Enerji AS via Steas Funding 1 DAC** <br>7.230% due 03/17/2026 | 4700 | 4696 |
| **Starwood Property Trust, Inc.**  |  |  |
| 5.250% due 10/15/2028 (a)  | 500 | 500 |
| 5.750% due 01/15/2031 (a)  | 11900 | 11907 |
| 6.500% due 07/01/2030  | 3000 | 3105 |
| **Stellantis Financial Services U.S. Corp.**  |  |  |
| 4.950% due 09/15/2028  | 700 | 700 |
| 5.400% due 09/15/2030  | 700 | 702 |
| **UBS Group AG**  |  |  |
| 5.699% due 02/08/2035 •  | 1000 | 1054 |
| 6.442% due 08/11/2028 •  | 550 | 572 |
| 6.537% due 08/12/2033 •  | 4091 | 4514 |
| **UniCredit SpA** <br>7.296% due 04/02/2034 •  | 300 | 320 |
| **VB DPR Finance Co.** <br>6.833% due 03/15/2035 «(g) | 4200 | 4333 |
| **VFH Parent LLC/Valor Co-Issuer, Inc.** <br>7.500% due 06/15/2031 | 2169 | 2245 |
| **VICI Properties LP**  |  |  |
| 4.950% due 02/15/2030  | 610 | 617 |
| 5.125% due 11/15/2031  | 7660 | 7776 |
| 5.750% due 04/01/2034  | 4015 | 4174 |
| **Wells Fargo & Co.**  |  |  |
| 5.244% due 01/24/2031 •  | 3900 | 4036 |
| 5.389% due 04/24/2034 •  | 2738 | 2846 |
| **Weyerhaeuser Co.** <br>7.375% due 03/15/2032 | 1000 | 1146 |
| **Winston RE Ltd.** <br>10.404% (T-BILL 3MO + 6.500%) due 02/21/2028 ~ | 300 | 312 |
|  |  | 629789 |
| **INDUSTRIALS 17.7%**  |  |  |
| **1011778 BC ULC/New Red Finance, Inc.**  |  |  |
| 3.500% due 02/15/2029  | 2704 | 2586 |
| 4.000% due 10/15/2030  | 18077 | 17055 |
| **Advance Auto Parts, Inc.**  |  |  |
| 7.000% due 08/01/2030  | 11479 | 11819 |
| 7.375% due 08/01/2033  | 600 | 619 |
| **Air Canada Pass-Through Trust**  |  |  |
| 3.300% due 07/15/2031  | 1104 | 1048 |
| 3.600% due 09/15/2028  | 532 | 525 |
| **Albion Financing 1 SARL/Aggreko Holdings, Inc.** <br>7.000% due 05/21/2030 | 17423 | 18064 |
| **Altice France SA**  |  |  |
| 5.500% due 10/15/2029  | 2660 | 2314 |
| 8.125% due 02/01/2027  | 5000 | 4784 |
| **Amer Sports Co.** <br>6.750% due 02/16/2031 | 775 | 806 |
| **American Airlines Pass-Through Trust**  |  |  |
| 3.200% due 12/15/2029  | 905 | 877 |
| 3.600% due 03/22/2029  | 319 | 313 |
| 3.650% due 08/15/2030  | 815 | 793 |
| **ams-OSRAM AG**  |  |  |
| 10.500% due 03/30/2029  | 1300 | 1632 |
| 12.250% due 03/30/2029  | $2250 | 2423 |
| **Aris Water Holdings LLC** <br>7.250% due 04/01/2030 | 5000 | 5283 |

---

------

<br> Schedule of Investments PIMCO Multisector Bond Active Exchange - Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **AS** **Mileage Plan IP Ltd.** <br>5.308% due 10/20/2031 | 4975 | 4955 |
| **Ashtead Capital, Inc.** <br>5.800% due 04/15/2034 | 23800 | 24955 |
| **Aston Martin Capital Holdings Ltd.** <br>10.000% due 03/31/2029 | 375 | 368 |
| **Axon Enterprise, Inc.** <br>6.125% due 03/15/2030 | 12520 | 12890 |
| **Bausch & Lomb Corp.** <br>8.375% due 10/01/2028 | 250 | 261 |
| **Beacon Mobility Corp.** <br>7.250% due 08/01/2030 | 11468 | 11931 |
| **Becton Dickinson & Co.**  |  |  |
| 1.957% due 02/11/2031  | 1453 | 1282 |
| 5.110% due 02/08/2034  | 1684 | 1722 |
| **Beignet** <br>6.850% due 06/01/2049 «(a) | 79500 | 79500 |
| **Block, Inc.**  |  |  |
| 5.625% due 08/15/2030  | 3297 | 3343 |
| 6.000% due 08/15/2033  | 2040 | 2090 |
| 6.500% due 05/15/2032  | 15663 | 16224 |
| **Boeing Co.**  |  |  |
| 2.196% due 02/04/2026  | 2300 | 2283 |
| 3.250% due 02/01/2028  | 3000 | 2931 |
| 3.625% due 02/01/2031  | 2569 | 2462 |
| 5.150% due 05/01/2030  | 1812 | 1860 |
| 6.528% due 05/01/2034  | 6421 | 7103 |
| 6.858% due 05/01/2054  | 2420 | 2762 |
| **Booz Allen Hamilton, Inc.** <br>5.950% due 04/15/2035 | 22133 | 23092 |
| **British Airways Pass-Through Trust**  |  |  |
| 3.300% due 06/15/2034  | 456 | 432 |
| 4.250% due 05/15/2034  | 1944 | 1899 |
| **Broadcom Corp./Broadcom Cayman Finance Ltd.** <br>3.500% due 01/15/2028 | 100 | 99 |
| **Broadcom, Inc.**  |  |  |
| 3.187% due 11/15/2036  | 11924 | 10180 |
| 4.926% due 05/15/2037  | 8978 | 8958 |
| **Builders FirstSource, Inc.**  |  |  |
| 4.250% due 02/01/2032  | 6263 | 5895 |
| 5.000% due 03/01/2030  | 2900 | 2873 |
| **Camelot Finance SA** <br>4.500% due 11/01/2026 | 224 | 223 |
| **Carnival Corp.**  |  |  |
| 4.000% due 08/01/2028  | 14284 | 14089 |
| 5.125% due 05/01/2029 (a)  | 1300 | 1300 |
| **Carvana Co. (9.000% Cash)** <br>9.000% due 06/01/2030 | 4000 | 4188 |
| **CDW LLC/CDW Finance Corp.**  |  |  |
| 3.569% due 12/01/2031  | 17117 | 16000 |
| 5.100% due 03/01/2030  | 14280 | 14537 |
| 5.550% due 08/22/2034  | 5257 | 5393 |
| **Centene Corp.**  |  |  |
| 2.500% due 03/01/2031  | 16458 | 14187 |
| 3.000% due 10/15/2030  | 17368 | 15530 |
| **Cerdia Finanz GmbH** <br>9.375% due 10/03/2031 | 3400 | 3608 |
| **CGI, Inc.** <br>1.450% due 09/14/2026 | 400 | 390 |
| **Charter Communications Operating LLC/Charter Communications Operating Capital**  |  |  |
| 2.250% due 01/15/2029  | 1000 | 930 |
| 2.800% due 04/01/2031  | 100 | 90 |
| 3.850% due 04/01/2061  | 15546 | 9697 |
| 3.950% due 06/30/2062  | 1850 | 1171 |
| **Chord Energy Corp.**  |  |  |
| 6.000% due 10/01/2030  | 9500 | 9440 |
| 6.750% due 03/15/2033  | 6862 | 6957 |
| **CHS/Community Health Systems, Inc.**  |  |  |
| 5.250% due 05/15/2030  | 10927 | 9895 |
| 9.750% due 01/15/2034  | 8193 | 8404 |
| **Clydesdale Acquisition Holdings, Inc.** <br>6.750% due 04/15/2032 | 15575 | 15989 |
| **CMA CGM SA**  |  |  |
| 5.000% due 01/15/2031  | 1500 | 1794 |
| 5.500% due 07/15/2029  | 1000 | 1223 |
| **Cogent Communications Group LLC/Cogent Finance, Inc.** <br>6.500% due 07/01/2032 | $15647 | 15220 |
| **Conagra Brands, Inc.**  |  |  |
| 5.000% due 08/01/2030  | 1075 | 1086 |
| 5.750% due 08/01/2035  | 11010 | 11216 |
| **CoreWeave, Inc.** <br>9.000% due 02/01/2031 | 11040 | 11328 |
| **Coterra Energy, Inc.** <br>5.400% due 02/15/2035 | 2000 | 2019 |
| **Coty, Inc.** <br>5.000% due 04/15/2026 | 57 | 57 |

---

------

<br> Schedule of Investments PIMCO Multisector Bond Active Exchange - Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Crowdstrike** **Holdings, Inc.** <br>3.000% due 02/15/2029 | 1110 | 1059 |
| **CVS Health Corp.** <br>4.300% due 03/25/2028 | 630 | 631 |
| **Dcli Bidco LLC** <br>7.750% due 11/15/2029 | 5000 | 5204 |
| **Delta Air Lines Pass-Through Trust** <br>2.000% due 12/10/2029 | 1402 | 1343 |
| **Diamond Foreign Asset Co./Diamond Finance LLC** <br>8.500% due 10/01/2030 | 8787 | 9318 |
| **Diamondback Energy, Inc.** <br>5.550% due 04/01/2035 | 9000 | 9244 |
| **Efesto Bidco SpA Efesto U.S. LLC** <br>7.500% due 02/15/2032 | 2200 | 2241 |
| **Elevance Health, Inc.** <br>4.750% due 02/15/2030 | 3000 | 3052 |
| **Embraer Netherlands Finance BV** <br>5.980% due 02/11/2035 | 6500 | 6900 |
| **Enbridge, Inc.** <br>5.700% due 03/08/2033 | 13387 | 14093 |
| **Energy Transfer LP**  |  |  |
| 3.750% due 05/15/2030  | 1736 | 1686 |
| 5.200% due 04/01/2030  | 5000 | 5158 |
| 5.600% due 09/01/2034  | 3300 | 3388 |
| 5.700% due 04/01/2035  | 5019 | 5185 |
| 6.550% due 12/01/2033  | 1594 | 1744 |
| **Eni SpA** <br>5.500% due 05/15/2034 | 14140 | 14553 |
| **Entergy Louisiana LLC**  |  |  |
| 4.000% due 03/15/2033  | 713 | 685 |
| 5.350% due 03/15/2034  | 625 | 649 |
| **EQT Corp.**  |  |  |
| 4.500% due 01/15/2029  | 2746 | 2747 |
| 4.750% due 01/15/2031  | 7624 | 7611 |
| **Essent Group Ltd.** <br>6.250% due 07/01/2029 | 10278 | 10773 |
| **Expand Energy Corp.** <br>5.700% due 01/15/2035 | 15095 | 15526 |
| **First Student Bidco, Inc./First Transit Parent, Inc.** <br>4.000% due 07/31/2029 | 1700 | 1618 |
| **Fiserv Funding ULC** <br>3.500% due 06/15/2032 | 5000 | 5862 |
| **Flex Intermediate Holdco LLC** <br>3.363% due 06/30/2031 | $7787 | 7169 |
| **Flora Food Management BV** <br>6.875% due 07/02/2029 | 3000 | 3528 |
| **Flutter Treasury DAC** <br>5.875% due 06/04/2031 | $19823 | 20134 |
| **Ford Motor Co.** <br>3.250% due 02/12/2032 | 185 | 162 |
| **Gartner, Inc.** <br>3.750% due 10/01/2030 | 42335 | 39992 |
| **Global Medical Response, Inc.** <br>7.375% due 10/01/2032 | 3600 | 3708 |
| **Global Payments, Inc.** <br>1.200% due 03/01/2026 | 300 | 296 |
| **goeasy Ltd.**  |  |  |
| 6.875% due 05/15/2030  | 3918 | 3901 |
| 7.625% due 07/01/2029  | 7292 | 7395 |
| 9.250% due 12/01/2028  | 3463 | 3617 |
| **Greensaif Pipelines Bidco SARL** <br>5.853% due 02/23/2036 | 3500 | 3679 |
| **HCA, Inc.**  |  |  |
| 3.625% due 03/15/2032  | 14810 | 13898 |
| 4.625% due 03/15/2052  | 4214 | 3482 |
| 5.500% due 03/01/2032  | 5433 | 5663 |
| 5.750% due 03/01/2035  | 18749 | 19611 |
| **Hologic, Inc.** <br>3.250% due 02/15/2029 | 14717 | 14224 |
| **Howard Midstream Energy Partners LLC** <br>6.625% due 01/15/2034 | 6597 | 6730 |
| **Howmet Aerospace, Inc.** <br>6.750% due 01/15/2028 | 60 | 64 |
| **Insulet Corp.** <br>6.500% due 04/01/2033 | 9591 | 9980 |
| **Intralot Capital Luxembourg SA** <br>6.750% due 10/15/2031 | 5300 | 6281 |
| **Inversion Escrow Issuer LLC** <br>6.750% due 08/01/2032 | $800 | 789 |
| **IPD 3 BV** <br>5.389% due 06/15/2031 •  | 1000 | 1179 |
| **IQVIA, Inc.**  |  |  |
| 6.250% due 02/01/2029  | $6239 | 6573 |
| 6.250% due 06/01/2032  | 4269 | 4394 |
| **JetBlue Airways Corp./JetBlue Loyalty LP** <br>9.875% due 09/20/2031 | 11417 | 11590 |

---

------

<br> Schedule of Investments PIMCO Multisector Bond Active Exchange - Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **JetBlue** **Pass-Through Trust**  |  |  |
| 2.750% due 11/15/2033  | 1562 | 1387 |
| 4.000% due 05/15/2034  | 1010 | 952 |
| **Kioxia Holdings Corp.**  |  |  |
| 0.000% due 07/24/2030  | 3412 | 3484 |
| 0.000% due 07/24/2033  | 11251 | 11579 |
| **Kodiak Gas Services LLC**  |  |  |
| 6.500% due 10/01/2033  | 1600 | 1630 |
| 6.750% due 10/01/2035  | 300 | 308 |
| **Kraken Oil & Gas Partners LLC** <br>7.625% due 08/15/2029 | 6200 | 6150 |
| **Las Vegas Sands Corp.**  |  |  |
| 3.500% due 08/18/2026  | 2800 | 2778 |
| 3.900% due 08/08/2029  | 6181 | 5983 |
| **LifePoint Health, Inc.** <br>11.000% due 10/15/2030 | 775 | 855 |
| **Lithia Motors, Inc.** <br>5.500% due 10/01/2030 | 1500 | 1499 |
| **Live Nation Entertainment, Inc.** <br>3.750% due 01/15/2028 | 10812 | 10576 |
| **Manuchar Group SARL** <br>7.014% due 07/07/2032 •  | 5000 | 5805 |
| **Marriott International, Inc.** <br>5.100% due 04/15/2032 | $10955 | 11248 |
| **Marvell Technology, Inc.**  |  |  |
| 4.750% due 07/15/2030  | 400 | 405 |
| 5.450% due 07/15/2035  | 500 | 516 |
| 5.750% due 02/15/2029  | 1500 | 1565 |
| **Matador Resources Co.** <br>6.250% due 04/15/2033 | 1000 | 1007 |
| **Mauser Packaging Solutions Holding Co.** <br>7.875% due 04/15/2027 | 425 | 430 |
| **Medline Borrower LP/Medline Co-Issuer, Inc.** <br>6.250% due 04/01/2029 | 2862 | 2938 |
| **MPLX LP** <br>1.750% due 03/01/2026 | 460 | 455 |
| **National Football League**  |  |  |
| 4.780% due 10/05/2030 «(g)  | 1000 | 1003 |
| 5.480% due 10/05/2028 «(g)  | 1600 | 1643 |
| **National Fuel Gas Co.**  |  |  |
| 5.500% due 03/15/2030  | 1000 | 1034 |
| 5.950% due 03/15/2035  | 3000 | 3132 |
| **NetApp, Inc.** <br>5.500% due 03/17/2032 | 9004 | 9373 |
| **Newfold Digital Holdings Group, Inc.** <br>11.750% due 10/15/2028 « | 2500 | 1775 |
| **Nidda Healthcare Holding GmbH** <br>5.625% due 02/21/2030 | 2000 | 2419 |
| **Nissan Motor Co. Ltd.** <br>4.345% due 09/17/2027 | $300 | 295 |
| **Noble Finance II LLC** <br>8.000% due 04/15/2030 | 5734 | 5939 |
| **Novelis Corp.** <br>6.875% due 01/30/2030 | 1700 | 1764 |
| **Novelis Sheet Ingot GmbH** <br>3.375% due 04/15/2029 | 1300 | 1490 |
| **NXP BV/NXP Funding LLC/NXP USA, Inc.** <br>3.875% due 06/18/2026 | $245 | 244 |
| **Occidental Petroleum Corp.**  |  |  |
| 5.375% due 01/01/2032  | 3000 | 3053 |
| 6.450% due 09/15/2036  | 2369 | 2519 |
| 8.875% due 07/15/2030  | 625 | 723 |
| **Olympus Water U.S. Holding Corp.** <br>9.750% due 11/15/2028 | 100 | 105 |
| **Organon & Co./Organon Foreign Debt Co-Issuer BV**  |  |  |
| 4.125% due 04/30/2028  | 9606 | 9289 |
| 6.750% due 05/15/2034  | 1980 | 1901 |
| **Paradigm Parent LLC & Paradigm Parent Co-Issuer, Inc.** <br>8.750% due 04/17/2032 | 2950 | 2869 |
| **Permian Resources Operating LLC** <br>6.250% due 02/01/2033 | 3100 | 3160 |
| **Petroleos Mexicanos** <br>7.690% due 01/23/2050 | 12350 | 11237 |
| **Post Holdings, Inc.** <br>4.625% due 04/15/2030 | 12464 | 12030 |
| **Prime Healthcare Services, Inc.** <br>9.375% due 09/01/2029 | 1500 | 1562 |
| **Primo Water Holdings, Inc./Triton Water Holdings, Inc.** <br>4.375% due 04/30/2029 | 12441 | 12085 |
| **Qnity Electronics, Inc.**  |  |  |
| 5.750% due 08/15/2032  | 2700 | 2724 |
| 6.250% due 08/15/2033  | 400 | 409 |
| **Quikrete Holdings, Inc.**  |  |  |
| 6.375% due 03/01/2032  | 5676 | 5884 |
| 6.750% due 03/01/2033  | 5068 | 5273 |

---

------

<br> Schedule of Investments PIMCO Multisector Bond Active Exchange - Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **QXO** **Building Products, Inc.** <br>6.750% due 04/30/2032 | 8451 | 8771 |
| **Raising Cane's Restaurants LLC** <br>9.375% due 05/01/2029 | 660 | 694 |
| **Rand Parent LLC** <br>8.500% due 02/15/2030 | 5995 | 6235 |
| **Rollins, Inc.** <br>5.250% due 02/24/2035 | 15261 | 15541 |
| **Rolls-Royce PLC** <br>5.750% due 10/15/2027 | 3425 | 3519 |
| **Royal Caribbean Cruises Ltd.** <br>5.500% due 04/01/2028 | 13774 | 14045 |
| **Santos Finance Ltd.** <br>6.875% due 09/19/2033 | 10788 | 11878 |
| **Seadrill Finance Ltd.** <br>8.375% due 08/01/2030 | 4050 | 4208 |
| **Seagate Data Storage Technology Pte. Ltd.**  |  |  |
| 8.250% due 12/15/2029  | 260 | 276 |
| 9.625% due 12/01/2032  | 3700 | 4194 |
| **Snam SpA** <br>5.750% due 05/28/2035 | 12784 | 13267 |
| **Snap, Inc.** <br>6.875% due 03/01/2033 | 25188 | 25772 |
| **Spirit AeroSystems, Inc.**  |  |  |
| 9.375% due 11/30/2029  | 250 | 264 |
| 9.750% due 11/15/2030  | 300 | 330 |
| **Spirit Airlines Pass-Through Trust**  |  |  |
| 3.375% due 08/15/2031  | 660 | 616 |
| 4.100% due 10/01/2029  | 3793 | 3604 |
| **Star Parent, Inc.** <br>9.000% due 10/01/2030 | 1257 | 1330 |
| **Stonepeak Nile Parent LLC** <br>7.250% due 03/15/2032 | 13315 | 14032 |
| **Stryker Corp.** <br>1.950% due 06/15/2030 | 1000 | 904 |
| **Sunoco LP** <br>5.625% due 03/15/2031 | 1600 | 1589 |
| **Synopsys, Inc.**  |  |  |
| 4.650% due 04/01/2028  | 2000 | 2023 |
| 4.850% due 04/01/2030  | 4000 | 4076 |
| 5.000% due 04/01/2032  | 8844 | 9041 |
| **T-Mobile USA, Inc.**  |  |  |
| 3.750% due 04/15/2027  | 555 | 552 |
| 3.875% due 04/15/2030  | 1440 | 1412 |
| **TGS ASA** <br>8.500% due 01/15/2030 | 3994 | 4118 |
| **Tidewater, Inc.** <br>9.125% due 07/15/2030 | 1783 | 1913 |
| **Time Warner Cable LLC** <br>4.500% due 09/15/2042 | 4504 | 3621 |
| **TopBuild Corp.**  |  |  |
| 3.625% due 03/15/2029  | 5000 | 4798 |
| 4.125% due 02/15/2032  | 6190 | 5807 |
| **Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo U.S. LLC** <br>9.500% due 05/15/2030 | 12311 | 12071 |
| **TransDigm, Inc.**  |  |  |
| 6.250% due 01/31/2034  | 300 | 309 |
| 6.750% due 01/31/2034  | 4300 | 4449 |
| 7.125% due 12/01/2031  | 325 | 339 |
| **Transocean Aquila Ltd.** <br>8.000% due 09/30/2028 | 181 | 186 |
| **Transocean International Ltd.** <br>7.875% due 10/15/2032 (a) | 400 | 404 |
| **Transocean Titan Financing Ltd.** <br>8.375% due 02/01/2028 | 150 | 154 |
| **U.S. Foods, Inc.** <br>4.750% due 02/15/2029 | 215 | 212 |
| **United Airlines Pass-Through Trust**  |  |  |
| 2.700% due 11/01/2033  | 1906 | 1752 |
| 3.500% due 09/01/2031  | 887 | 853 |
| 5.450% due 08/15/2038  | 4830 | 4985 |
| 5.875% due 04/15/2029  | 2656 | 2732 |
| **United Airlines, Inc.** <br>4.625% due 04/15/2029 | 3195 | 3149 |
| **Univision Communications, Inc.**  |  |  |
| 8.500% due 07/31/2031  | 10208 | 10550 |
| 9.375% due 08/01/2032  | 1200 | 1280 |
| **Valaris Ltd.** <br>8.375% due 04/30/2030 | 6690 | 6948 |
| **Vale Overseas Ltd.** <br>6.400% due 06/28/2054 | 200 | 206 |
| **Venture Global Calcasieu Pass LLC** <br>3.875% due 11/01/2033 | 9585 | 8643 |
| **Venture Global LNG, Inc.**  |  |  |
| 7.000% due 01/15/2030  | 21039 | 21786 |
| 8.375% due 06/01/2031  | 10792 | 11339 |

---

------

<br> Schedule of Investments PIMCO Multisector Bond Active Exchange - Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Venture** **Global Plaquemines LNG LLC**  |  |  |
| 6.500% due 01/15/2034  | 10066 | 10602 |
| 6.750% due 01/15/2036  | 23793 | 25287 |
| **Viking Cruises Ltd.** <br>9.125% due 07/15/2031 | 3675 | 3947 |
| **Viper Energy Partners LLC**  |  |  |
| 4.900% due 08/01/2030  | 300 | 302 |
| 5.700% due 08/01/2035  | 500 | 509 |
| **Virgin Media Secured Finance PLC** <br>4.250% due 01/15/2030 | 1085 | 1361 |
| **Viridien** <br>10.000% due 10/15/2030 | $4000 | 4115 |
| **Vmed O2 U.K. Financing I PLC**  |  |  |
| 4.250% due 01/31/2031  | 20125 | 18673 |
| 5.625% due 04/15/2032  | 10000 | 12080 |
| 7.750% due 04/15/2032  | $6200 | 6522 |
| **VMware LLC**  |  |  |
| 1.400% due 08/15/2026  | 60 | 59 |
| 2.200% due 08/15/2031  | 13532 | 11940 |
| **VOC Escrow Ltd.** <br>5.000% due 02/15/2028 | 705 | 704 |
| **Volkswagen Group of America Finance LLC**  |  |  |
| 4.950% due 03/25/2027  | 5000 | 5044 |
| 5.050% due 03/27/2028  | 5000 | 5066 |
| **Warnermedia Holdings, Inc.**  |  |  |
| 4.279% due 03/15/2032  | 10625 | 9748 |
| 5.050% due 03/15/2042  | 4600 | 3675 |
| **Wayfair LLC**  |  |  |
| 7.250% due 10/31/2029  | 7207 | 7449 |
| 7.750% due 09/15/2030  | 285 | 300 |
| **WBI Operating LLC** <br>6.250% due 10/15/2030 (a) | 1200 | 1202 |
| **Weatherford International Ltd.** <br>6.750% due 10/15/2033 (a) | 3000 | 3004 |
| **Weir Group, Inc.** <br>5.350% due 05/06/2030 | 17120 | 17617 |
| **Western Digital Corp.**  |  |  |
| 2.850% due 02/01/2029  | 2535 | 2386 |
| 4.750% due 02/15/2026  | 32 | 32 |
| **Westinghouse Air Brake Technologies Corp.** <br>3.450% due 11/15/2026 | 60 | 60 |
| **Woodside Finance Ltd.** <br>5.100% due 09/12/2034 | 4000 | 3971 |
| **Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.** <br>5.250% due 05/15/2027 | 345 | 345 |
| **Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.** <br>7.125% due 02/15/2031 | 393 | 423 |
| **Yinson Bergenia Production BV** <br>8.498% due 01/31/2045 | 9808 | 10539 |
| **Yinson Boronia Production BV** <br>8.947% due 07/31/2042 | 4709 | 5249 |
| **ZipRecruiter, Inc.** <br>5.000% due 01/15/2030 | 1050 | 846 |
|  |  | 1437879 |
| **UTILITIES 2.9%**  |  |  |
| **AES Corp.**  |  |  |
| 5.450% due 06/01/2028  | 310 | 318 |
| 5.800% due 03/15/2032  | 12273 | 12713 |
| **Aethon United BR LP/Aethon United Finance Corp.** <br>7.500% due 10/01/2029 | 2500 | 2609 |
| **AT&T, Inc.** <br>1.650% due 02/01/2028 | 1380 | 1307 |
| **Boston Gas Co.** <br>5.843% due 01/10/2035 | 16076 | 16970 |
| **Calpine Corp.** <br>4.500% due 02/15/2028 | 1785 | 1779 |
| **Chile Electricity Lux MPC II SARL**  |  |  |
| 5.580% due 10/20/2035  | 4399 | 4549 |
| 5.672% due 10/20/2035  | 7000 | 7227 |
| **Comision Ejecutiva Hidroelectrica del Rio Lempa** <br>8.650% due 01/24/2033 | 2300 | 2407 |
| **ContourGlobal Power Holdings SA** <br>6.750% due 02/28/2030 | 7898 | 8214 |
| **DTE Energy Co.** <br>5.200% due 04/01/2030 | 6000 | 6185 |
| **Edison International** <br>6.250% due 03/15/2030 | 11000 | 11444 |
| **Electricite de France SA**  |  |  |
| 4.875% due 09/21/2038  | 13749 | 12993 |
| 5.750% due 01/13/2035  | 8043 | 8359 |
| 9.125% due 03/15/2033 •(e)  | 120 | 139 |
| **Evergy Kansas Central, Inc.** <br>4.700% due 03/13/2028 | 4200 | 4254 |

---

------

<br> Schedule of Investments PIMCO Multisector Bond Active Exchange - Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **FIEMEX** **Energia - Banco Actinver SA Institucion de Banca Multiple** <br>7.250% due 01/31/2041 | 5369 | 5741 |
| **FirstEnergy Corp.** <br>3.400% due 03/01/2050 | 6608 | 4624 |
| **FORESEA Holding SA** <br>7.500% due 06/15/2030 | 3200 | 3135 |
| **Genesis Energy LP/Genesis Energy Finance Corp.** <br>8.250% due 01/15/2029 | 3600 | 3757 |
| **NRG Energy, Inc.** <br>4.734% due 10/15/2030 (a) | 15000 | 15005 |
| **ONEOK, Inc.** <br>5.200% due 07/15/2048 | 1111 | 994 |
| **Pacific Gas & Electric Co.**  |  |  |
| 2.100% due 08/01/2027  | 9400 | 9038 |
| 3.300% due 12/01/2027  | 6400 | 6265 |
| 4.550% due 07/01/2030  | 365 | 363 |
| 5.050% due 10/15/2032 (a)  | 4200 | 4192 |
| 5.700% due 03/01/2035  | 12338 | 12648 |
| 5.800% due 05/15/2034  | 8238 | 8541 |
| 6.000% due 08/15/2035  | 1924 | 2015 |
| 6.100% due 01/15/2029  | 4000 | 4186 |
| 6.950% due 03/15/2034  | 750 | 833 |
| **Puget Energy, Inc.** <br>5.725% due 03/15/2035 | 6500 | 6716 |
| **San Diego Gas & Electric Co.** <br>5.400% due 04/15/2035 | 5500 | 5683 |
| **Southern California Edison Co.**  |  |  |
| 5.200% due 06/01/2034  | 3000 | 2984 |
| 5.875% due 12/01/2053  | 1742 | 1684 |
| **Southern Gas Corridor CJSC** <br>6.875% due 03/24/2026 | 8000 | 8100 |
| **Sprint Capital Corp.** <br>6.875% due 11/15/2028 | 600 | 645 |
| **System Energy Resources, Inc.** <br>5.300% due 12/15/2034 | 20852 | 21002 |
| **Yinson Production Financial Services Pte. Ltd.** <br>9.625% due 05/03/2029 | 2900 | 3071 |
|  |  | 232689 |
| Total Corporate Bonds & Notes (Cost $2,248,285) |  | 2300357 |
| **MUNICIPAL BONDS & NOTES 0.0%**  |  |  |
| **ARIZONA 0.0%**  |  |  |
| **Maricopa County, Arizona Industrial Development Authority Revenue Notes, Series 2024** <br>7.375% due 10/01/2029 | 3000 | 3149 |
| **CALIFORNIA 0.0%**  |  |  |
| **California State General Obligation Bonds, Series 2023** <br>5.125% due 03/01/2038 | 155 | 157 |
| **California State University Revenue Bonds, Series 2020** <br>2.975% due 11/01/2051 | 215 | 150 |
|  |  | 307 |
| Total Municipal Bonds & Notes (Cost $3,313) |  | 3456 |
| **U.S. GOVERNMENT AGENCIES 53.5%**  |  |  |
| **Federal Home Loan Mortgage Corp.**  |  |  |
| 6.000% due 10/01/2053 | 136 | 140 |
| 6.500% due 09/01/2054 - 03/01/2055 | 9682 | 10013 |
| **Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates**<br>2.872% due 07/25/2054 ~ | 29683 | 28246 |
| **Federal Home Loan Mortgage Corp. REMICS**  |  |  |
| 5.256% due 11/25/2054 •  | 20706 | 20733 |
| 5.556% due 02/25/2055 •  | 9023 | 9072 |
| **Federal Home Loan Mortgage Corp. STACR REMICS Trust**  |  |  |
| 11.456% due 01/25/2042 •  | 6000 | 6368 |
| 12.156% due 11/25/2041 •  | 12648 | 13413 |
| **Federal National Mortgage Association**<br>6.500% due 11/01/2054 - 03/01/2055 | 19918 | 20610 |
| **Federal National Mortgage Association Connecticut Avenue Securities Trust**  |  |  |
| 11.356% due 04/25/2042 •  | 5800 | 6233 |
| 13.856% due 03/25/2042 •  | 2000 | 2205 |
| 14.206% due 03/25/2042 •  | 5000 | 5542 |
| **Government National Mortgage Association**<br>7.000% due 06/20/2055 | 1995 | 2022 |
| **Government National Mortgage Association, TBA**<br>3.000% due 11/01/2055 | 28300 | 25268 |
| **Uniform Mortgage-Backed Security, TBA**  |  |  |
| 3.000% due 11/01/2055 | 48400 | 42522 |
| 4.000% due 11/01/2055 | 46600 | 43914 |
| 4.500% due 11/01/2055 - 12/01/2055 | 665325 | 645088 |
| 5.000% due 11/01/2055 - 12/01/2055 | 581000 | 575880 |

---

------

<br> Schedule of Investments PIMCO Multisector Bond Active Exchange - Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| 6.000% due 11/01/2055 | 1347978 | 1376920 |
| 6.500% due 11/01/2055 - 12/01/2055 | 1465950 | 1515977 |
| Total U.S. Government Agencies (Cost $4,353,888) |  | 4350166 |
| **U.S. TREASURY OBLIGATIONS 4.9%**  |  |  |
| **U.S. Treasury Bonds**  |  |  |
| 2.375% due 11/15/2049 | 156000 | 102113 |
| 3.125% due 05/15/2048 (j) | 116700 | 90018 |
| **U.S. Treasury Inflation Protected Securities (d)** |  |  |
| 0.125% due 10/15/2025 (j) | 1618 | 1617 |
| 1.875% due 07/15/2034  | 100984 | 102493 |
| 2.125% due 04/15/2029 (j) | 97608 | 100775 |
| Total U.S. Treasury Obligations (Cost $389,987) |  | 397016 |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES 10.1%**  |  |  |
| **ACRA Trust** <br>5.608% due 10/25/2064 þ | 4901 | 4933 |
| **AG Trust** <br>6.166% due 07/15/2041 •  | 7365 | 7402 |
| **American Home Mortgage Assets Trust** <br>5.073% due 11/25/2046 •  | 501 | 122 |
| **American Home Mortgage Investment Trust** <br>6.000% due 02/25/2045 þ | 7500 | 6686 |
| **Angel Oak Mortgage Trust**  |  |  |
| 4.800% due 11/25/2067 þ  | 2066 | 2057 |
| 4.846% due 07/25/2062 þ  | 8500 | 8484 |
| 5.410% due 07/25/2070 þ  | 2081 | 2097 |
| 5.985% due 01/25/2069 þ  | 1493 | 1509 |
| 6.197% due 01/25/2069 þ  | 2832 | 2869 |
| 6.500% due 12/25/2067 þ  | 656 | 663 |
| **ATLX Trust**  |  |  |
| 3.850% due 04/25/2063 þ  | 5530 | 5338 |
| 3.850% due 04/25/2064 þ  | 5787 | 5621 |
| **Avon Finance** <br>4.886% due 12/28/2049 •  | 667 | 900 |
| **BAMLL Commercial Mortgage Securities Trust** <br>2.847% due 04/20/2042 ~ | $2790 | 2264 |
| **Banc of America Alternative Loan Trust**  |  |  |
| 5.707% due 10/25/2036 ~  | 3914 | 1042 |
| 6.359% due 10/25/2036 þ  | 5137 | 1365 |
| **BBCMS Mortgage Trust**  |  |  |
| 5.137% due 12/15/2057  | 5000 | 5134 |
| 5.609% due 12/15/2057  | 5000 | 5220 |
| **Bear Stearns Mortgage Funding Trust** <br>4.692% due 07/25/2036 •  | 725 | 668 |
| **Benchmark Mortgage Trust**  |  |  |
| 2.732% due 02/15/2053  | 1400 | 1302 |
| 3.944% due 07/15/2051  | 1300 | 1296 |
| **BINOM Securitization Trust** <br>4.441% due 08/25/2057 ~ | 5156 | 5028 |
| **BMO Mortgage Trust**  |  |  |
| 5.092% due 11/15/2057  | 10000 | 10240 |
| 5.153% due 12/15/2057  | 5000 | 5129 |
| 5.462% due 02/15/2057  | 2400 | 2471 |
| 5.566% due 11/15/2057 ~  | 10000 | 10395 |
| 5.625% due 12/15/2057 ~  | 5700 | 5945 |
| 5.857% due 02/15/2057  | 9600 | 10059 |
| **BX Commercial Mortgage Trust** <br>5.163% due 02/15/2039 •  | 109 | 109 |
| **Chase Home Lending Mortgage Trust**  |  |  |
| 3.250% due 03/25/2063 ~  | 953 | 867 |
| 3.250% due 09/25/2063 ~  | 18967 | 17213 |
| 3.250% due 03/25/2064 ~  | 3517 | 3164 |
| 3.250% due 08/25/2064 ~  | 4522 | 4058 |
| 3.250% due 09/25/2064 ~  | 7903 | 7103 |
| 3.375% due 12/25/2064 ~  | 12976 | 11769 |
| 3.375% due 04/25/2065 ~  | 982 | 892 |
| **CIM Trust**  |  |  |
| 3.250% due 10/25/2058 ~  | 1030 | 945 |
| 4.750% due 06/25/2064 ~  | 3848 | 3824 |
| 5.000% due 02/25/2099 þ  | 11680 | 11625 |
| 6.639% due 12/25/2067 þ  | 328 | 330 |
| **COLT Mortgage Loan Trust**  |  |  |
| 6.393% due 06/25/2069 þ  | 3474 | 3527 |
| 6.421% due 05/25/2069 þ  | 1570 | 1596 |
| **COMM Mortgage Trust** <br>3.140% due 10/10/2036 | 1900 | 1792 |
| **Cross Mortgage Trust**  |  |  |
| 5.181% due 07/25/2070 ~  | 5231 | 5249 |
| 5.549% due 12/25/2069 ~  | 4624 | 4661 |
| 6.093% due 04/25/2069 þ  | 671 | 679 |
| 6.147% due 07/25/2069 þ  | 3077 | 3118 |
| 6.272% due 06/25/2069 þ  | 4160 | 4218 |
| 6.615% due 03/25/2068 þ  | 273 | 275 |

---

------

<br> Schedule of Investments PIMCO Multisector Bond Active Exchange - Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **CSAB** **Mortgage-Backed Trust** <br>6.220% due 09/25/2036 þ | 5786 | 1603 |
| **CSMC Trust**  |  |  |
| 1.115% due 01/25/2060 ~  | 2644 | 2254 |
| 2.000% due 01/25/2060 ~  | 9301 | 8443 |
| 3.650% due 07/25/2058 ~  | 526 | 518 |
| 3.952% due 09/25/2057 ~  | 1000 | 950 |
| 4.408% due 08/01/2057 ~  | 906 | 892 |
| **DC Commercial Mortgage Trust** <br>6.314% due 09/12/2040 | 500 | 518 |
| **Deutsche Alt-A Securities, Inc. Mortgage Loan Trust**  |  |  |
| 4.572% due 09/25/2047 •  | 5888 | 5093 |
| 4.752% due 12/25/2036 •  | 24563 | 5085 |
| **Ellington Financial Mortgage Trust**  |  |  |
| 5.100% due 10/25/2070 þ  | 1000 | 1002 |
| 5.522% due 01/26/2060 þ  | 4873 | 4916 |
| 5.655% due 02/25/2060 þ  | 12854 | 12997 |
| 5.726% due 01/25/2060 þ  | 6303 | 6384 |
| **GCAT Trust**  |  |  |
| 4.250% due 05/25/2067 ~  | 2687 | 2576 |
| 6.007% due 01/25/2059 þ  | 613 | 619 |
| 6.085% due 06/25/2059 þ  | 1818 | 1841 |
| **GS Mortgage Securities Corp. Trust**  |  |  |
| 3.721% due 02/10/2037  | 6500 | 6334 |
| 5.520% due 12/15/2036 •  | 6270 | 6265 |
| **GS Mortgage-Backed Securities Trust**  |  |  |
| 3.900% due 09/25/2061 þ  | 5451 | 5337 |
| 4.100% due 07/25/2065 þ  | 981 | 956 |
| 5.648% due 06/25/2065 ~  | 22973 | 23173 |
| **GSR Mortgage Loan Trust** <br>4.852% due 08/25/2046 •  | 21271 | 4592 |
| **HarborView Mortgage Loan Trust**  |  |  |
| 4.868% due 11/19/2035 •  | 1385 | 897 |
| 4.930% due 06/20/2035 •  | 4864 | 4674 |
| **JP Morgan Chase Commercial Mortgage Securities Trust**  |  |  |
| 4.997% due 04/15/2037 •  | 2831 | 2792 |
| 5.248% due 02/15/2035 •  | 823 | 817 |
| **JP Morgan Mortgage Trust**  |  |  |
| 4.625% due 07/25/2063 ~  | 1553 | 1527 |
| 5.250% due 11/25/2063 ~  | 383 | 385 |
| 5.990% due 07/25/2064 ~  | 798 | 807 |
| **JP Morgan Seasoned Mortgage Trust**  |  |  |
| 3.692% due 01/25/2063 ~  | 963 | 907 |
| 4.415% due 01/25/2063 ~  | 1850 | 1782 |
| **Lehman Mortgage Trust** <br>4.772% due 10/25/2036 •  | 12618 | 3191 |
| **Lehman XS Trust**  |  |  |
| 4.652% due 12/25/2036 •  | 1633 | 1319 |
| 4.792% due 02/25/2046 •  | 9186 | 8286 |
| 5.212% due 09/25/2047 •  | 8274 | 7440 |
| **Merrill Lynch Alternative Note Asset Trust** <br>4.692% due 04/25/2037 •  | 760 | 607 |
| **Merrion Square Residential DAC** <br>3.008% due 03/24/2081 •  | 8077 | 9502 |
| **MF1 Trust** <br>5.220% due 12/15/2034 •  | $3790 | 3790 |
| **MFA Trust**  |  |  |
| 4.250% due 02/25/2066 ~  | 1747 | 1680 |
| 6.105% due 12/25/2068 þ  | 1712 | 1728 |
| 6.775% due 10/25/2058 þ  | 959 | 971 |
| **Mill City Mortgage Loan Trust**  |  |  |
| 3.250% due 07/25/2059 ~  | 13945 | 12299 |
| 3.250% due 01/25/2061 ~  | 3002 | 2684 |
| 3.250% due 10/25/2069 ~  | 3689 | 3608 |
| **Morgan Stanley Residential Mortgage Loan Trust**  |  |  |
| 4.000% due 06/25/2064 þ  | 7454 | 7286 |
| 5.443% due 07/25/2070 þ  | 1490 | 1502 |
| **New Orleans Hotel Trust** <br>5.187% due 04/15/2032 •  | 9793 | 9737 |
| **NLT Trust** <br>3.200% due 10/25/2062 ~ | 3096 | 2826 |
| **Nomura Asset Acceptance Corp. Alternative Loan Trust**  |  |  |
| 5.654% due 01/25/2036 ~  | 4689 | 1333 |
| 5.978% due 08/25/2036 ~  | 9161 | 2384 |
| 6.757% due 06/25/2036 þ  | 10311 | 2660 |
| **Nomura Resecuritization Trust** <br>1.060% due 10/26/2036 •  | 3263 | 2925 |
| **NYMT Loan Trust**  |  |  |
| 3.750% due 02/25/2068 ~  | 845 | 786 |
| 3.750% due 11/25/2069 ~  | 979 | 941 |
| 5.379% due 06/25/2069 ~  | 5735 | 5762 |
| **OBX Trust**  |  |  |
| 3.631% due 03/25/2053 ~  | 1109 | 1093 |
| 3.688% due 04/25/2053 ~  | 1479 | 1458 |
| 4.700% due 07/25/2062 þ  | 4738 | 4735 |
| 5.110% due 08/25/2062 þ  | 7690 | 7687 |

---

------

<br> Schedule of Investments PIMCO Multisector Bond Active Exchange - Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| 5.878% due 12/25/2063 þ  | 6628 | 6687 |
| 6.233% due 05/25/2064 þ  | 2397 | 2432 |
| 6.465% due 10/25/2063 þ  | 624 | 631 |
| 6.520% due 07/25/2063 þ  | 286 | 288 |
| 6.567% due 06/25/2063 þ  | 302 | 304 |
| 6.844% due 04/25/2063 þ  | 719 | 728 |
| 7.159% due 10/25/2063 þ  | 1218 | 1240 |
| **Oceanview Mortgage Trust** <br>5.298% due 05/25/2055 •  | 1395 | 1399 |
| **OPEN Trust** <br>7.239% due 11/15/2040 •  | 46 | 46 |
| **PMT Loan Trust** <br>5.706% due 08/25/2056 •  | 693 | 695 |
| **PRET LLC**  |  |  |
| 5.249% due 10/25/2055 «  | 4300 | 4298 |
| 5.963% due 11/25/2054 þ  | 7910 | 7924 |
| **PRET Trust**  |  |  |
| 4.000% due 08/25/2064 þ  | 4554 | 4416 |
| 4.000% due 03/25/2065 «þ  | 3100 | 3017 |
| 4.000% due 07/25/2069 þ  | 1877 | 1825 |
| 4.075% due 06/25/2064 ~  | 3399 | 3265 |
| 4.150% due 04/25/2065 þ  | 3298 | 3202 |
| **PRKCM Trust**  |  |  |
| 6.431% due 05/25/2059 þ  | 1758 | 1786 |
| 6.584% due 09/25/2058 þ  | 625 | 631 |
| 7.225% due 11/25/2058 þ  | 654 | 665 |
| **PRPM LLC**  |  |  |
| 3.750% due 03/25/2054 þ  | 789 | 774 |
| 3.750% due 04/25/2055 þ  | 11557 | 11263 |
| 4.000% due 11/25/2053 þ  | 851 | 842 |
| 4.000% due 01/25/2054 þ  | 1520 | 1499 |
| 4.000% due 05/25/2054 þ  | 705 | 697 |
| 4.000% due 07/25/2054 þ  | 723 | 713 |
| 4.000% due 08/25/2054 þ  | 1436 | 1416 |
| 4.000% due 11/25/2054 þ  | 7235 | 7080 |
| 4.000% due 10/25/2064 þ  | 1616 | 1587 |
| 4.200% due 12/25/2064 þ  | 2418 | 2388 |
| 4.500% due 02/25/2055 þ  | 1789 | 1778 |
| 4.500% due 08/25/2055 þ  | 487 | 483 |
| 5.250% due 07/25/2055 þ  | 931 | 938 |
| 5.503% due 08/25/2030 þ  | 1395 | 1398 |
| 5.699% due 11/25/2029 þ  | 1711 | 1714 |
| 5.729% due 07/25/2030 þ  | 985 | 986 |
| 5.774% due 08/25/2028 þ  | 952 | 954 |
| 5.870% due 11/25/2029 þ  | 7939 | 7948 |
| 5.897% due 12/25/2029 þ  | 8308 | 8308 |
| 6.179% due 06/25/2030 þ  | 971 | 974 |
| 6.255% due 05/25/2030 þ  | 5590 | 5607 |
| 6.469% due 05/25/2030 þ  | 8386 | 8423 |
| **PRPM Trust**  |  |  |
| 5.674% due 12/26/2069 þ  | 5720 | 5770 |
| 5.802% due 11/25/2069 þ  | 14882 | 15051 |
| 6.221% due 11/25/2068 þ  | 1468 | 1484 |
| 6.250% due 08/25/2068 þ  | 692 | 697 |
| 6.265% due 12/25/2068 þ  | 2845 | 2879 |
| 6.327% due 06/25/2069 þ  | 2518 | 2576 |
| **RALI Trust** <br>6.500% due 09/25/2037 | 5109 | 4272 |
| **RCKT Mortgage Trust**  |  |  |
| 5.158% due 10/25/2044 þ  | 6986 | 7007 |
| 5.472% due 06/25/2055 þ  | 6993 | 7069 |
| 5.553% due 03/25/2055 þ  | 23095 | 23385 |
| 5.582% due 12/25/2044 þ  | 12994 | 13142 |
| 5.653% due 01/25/2045 þ  | 16356 | 16560 |
| 5.846% due 08/25/2044 þ  | 5162 | 5220 |
| **Santander Mortgage Asset Receivable Trust**  |  |  |
| 5.545% due 01/25/2065 þ  | 1803 | 1816 |
| 5.732% due 02/25/2065 þ  | 13281 | 13421 |
| **Sequoia Mortgage Trust**  |  |  |
| 4.442% due 11/25/2063 ~  | 14456 | 14564 |
| 5.069% due 10/25/2055 ~  | 500 | 503 |
| **SMRT Commercial Mortgage Trust** <br>5.151% due 01/15/2039 •  | 1500 | 1499 |
| **Tib Finance PLC** <br>7.111% due 11/15/2034 «(g) | 2200 | 2198 |
| **Towd Point Mortgage Trust**  |  |  |
| 1.750% due 10/25/2060  | 946 | 864 |
| 2.900% due 10/25/2059 ~  | 855 | 822 |
| 3.750% due 04/25/2057 ~  | 1500 | 1483 |
| 3.750% due 09/25/2062  | 7303 | 7024 |
| 4.089% due 04/25/2055 ~  | 7500 | 7345 |
| 4.541% due 10/27/2064 ~  | 19585 | 19635 |
| 4.562% due 10/25/2064 ~  | 17249 | 17380 |
| 5.272% due 10/25/2048 •  | 553 | 554 |
| 5.725% due 11/25/2064 þ  | 8827 | 8911 |

---

------

<br> Schedule of Investments PIMCO Multisector Bond Active Exchange - Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Trinity** **Square PLC** <br>5.369% (SONIO/N + 1.300%) due 07/15/2059 ~ | 1000 | 1347 |
| **Verus Securitization Trust**  |  |  |
| 5.218% due 09/25/2069 ~  | $6644 | 6651 |
| 5.402% due 05/25/2065 þ  | 963 | 972 |
| 5.811% due 05/25/2068 þ  | 1130 | 1134 |
| 5.999% due 02/25/2068 þ  | 723 | 724 |
| 6.116% due 03/25/2069 þ  | 9255 | 9370 |
| 6.192% due 06/25/2069 þ  | 4295 | 4357 |
| 6.193% due 03/25/2068 þ  | 276 | 277 |
| 6.218% due 06/25/2069 þ  | 4182 | 4242 |
| 6.259% due 12/25/2068 þ  | 5536 | 5600 |
| 6.338% due 04/25/2069 þ  | 2536 | 2573 |
| 6.443% due 08/25/2068 þ  | 737 | 743 |
| 6.665% due 09/25/2068 þ  | 735 | 744 |
| 6.876% due 11/25/2068 ~  | 1082 | 1100 |
| 7.070% due 10/25/2068 þ  | 612 | 622 |
| **Visio Trust** <br>6.598% due 10/25/2058 þ | 731 | 737 |
| **WaMu Mortgage Pass-Through Certificates Trust**  |  |  |
| 4.936% due 01/25/2036 ~  | 4500 | 4337 |
| 5.132% due 10/25/2045 •  | 1830 | 1808 |
| **Wells Fargo Commercial Mortgage Trust**  |  |  |
| 2.892% due 08/15/2052  | 1400 | 1319 |
| 3.640% due 12/15/2059  | 500 | 494 |
| 5.439% due 11/15/2057  | 10000 | 10347 |
| 5.693% due 10/15/2042 «•(a)  | 1500 | 1496 |
| 5.793% due 07/15/2037 •  | 900 | 903 |
| 5.920% due 11/15/2057 ~  | 10000 | 10538 |
| **WSTN Trust** <br>6.518% due 07/05/2037 ~ | 400 | 408 |
| Total Non-Agency Mortgage-Backed Securities (Cost $809,505) |  | 819632 |
| **ASSET-BACKED SECURITIES 31.5%**  |  |  |
| **AUTOMOBILE ABS OTHER 4.5%**  |  |  |
| **Ally Bank Auto Credit-Linked Notes**  |  |  |
| 4.648% due 06/15/2033  | 929 | 932 |
| 6.315% due 05/17/2032  | 271 | 275 |
| **Arivo Acceptance Auto Loan Receivables Trust** <br>5.110% due 11/17/2031 | 5000 | 5017 |
| **Bridgecrest Lending Auto Securitization Trust** <br>5.170% due 03/17/2031 | 15000 | 15171 |
| **CarMax Select Receivables Trust**  |  |  |
| 4.350% due 07/15/2030  | 7000 | 6992 |
| 5.010% due 09/16/2030  | 10000 | 10141 |
| **Carvana Auto Receivables Trust**  |  |  |
| 4.670% due 12/10/2030  | 6000 | 6015 |
| 4.900% due 12/10/2030  | 6000 | 6024 |
| 5.820% due 09/10/2030  | 3750 | 3821 |
| **Consumer Portfolio Services Auto Trust**  |  |  |
| 4.790% due 11/15/2029  | 3500 | 3523 |
| 5.120% due 07/15/2031  | 3300 | 3331 |
| **CPS Auto Receivables Trust**  |  |  |
| 4.650% due 03/15/2029  | 5300 | 5313 |
| 4.710% due 12/17/2029  | 3400 | 3423 |
| 4.760% due 01/15/2031  | 7000 | 7015 |
| 4.910% due 10/15/2031  | 10600 | 10632 |
| 5.740% due 04/15/2030  | 1500 | 1517 |
| **Drive Auto Receivables Trust**  |  |  |
| 4.520% due 07/16/2029  | 6000 | 6022 |
| 4.670% due 05/17/2032  | 6000 | 6028 |
| 4.990% due 09/15/2032  | 13300 | 13442 |
| **Exeter Automobile Receivables Trust**  |  |  |
| 4.400% due 05/15/2030  | 5400 | 5424 |
| 4.480% due 04/16/2029  | 8000 | 8013 |
| 4.640% due 01/15/2030  | 8000 | 8022 |
| 4.920% due 09/17/2029  | 20000 | 20203 |
| 5.090% due 10/15/2031  | 21500 | 21783 |
| 5.160% due 07/15/2031  | 20000 | 20259 |
| 5.410% due 05/15/2030  | 1500 | 1519 |
| **Foursight Capital Automobile Receivables Trust** <br>5.550% due 05/15/2029 | 1000 | 1011 |
| **GLS Auto Receivables Issuer Trust**  |  |  |
| 4.570% due 01/15/2030  | 13000 | 13056 |
| 4.970% due 10/15/2029  | 20000 | 20220 |
| 5.080% due 01/16/2029  | 2800 | 2825 |
| 5.110% due 01/15/2031  | 17900 | 18119 |
| 5.210% due 02/18/2031  | 6000 | 6076 |
| **GLS Auto Select Receivables Trust**  |  |  |
| 4.500% due 11/15/2030  | 630 | 633 |
| 5.640% due 06/17/2030  | 3250 | 3330 |
| 5.640% due 08/15/2030  | 800 | 820 |
| 5.920% due 08/15/2030  | 1000 | 1033 |

---

------

<br> Schedule of Investments PIMCO Multisector Bond Active Exchange - Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Santander** **Drive Auto Receivables Trust**  |  |  |
| 4.490% due 09/15/2031  | 15100 | 15201 |
| 4.680% due 09/15/2031  | 10800 | 10871 |
| 4.870% due 05/15/2031  | 20000 | 20203 |
| 5.060% due 05/15/2031  | 20000 | 20286 |
| 5.450% due 03/15/2030  | 1295 | 1313 |
| 6.400% due 03/17/2031  | 500 | 517 |
| 6.430% due 02/18/2031  | 500 | 520 |
| **Westlake Automobile Receivables Trust** <br>4.630% due 01/15/2031 | 3100 | 3118 |
| **World Omni Select Auto Trust** <br>5.180% due 06/17/2030 | 27020 | 27362 |
|  |  | 366371 |
| **AUTOMOBILE SEQUENTIAL 2.8%**  |  |  |
| **Ally Bank Auto Credit-Linked Notes** <br>4.452% due 06/15/2033 | 13940 | 13978 |
| **American Credit Acceptance Receivables Trust** <br>4.730% due 01/12/2029 | 471 | 472 |
| **Arivo Acceptance Auto Loan Receivables Trust** <br>4.920% due 05/15/2029 | 500 | 501 |
| **Avis Budget Rental Car Funding AESOP LLC**  |  |  |
| 5.200% due 10/20/2027  | 500 | 504 |
| 5.360% due 06/20/2030  | 2000 | 2072 |
| 5.900% due 08/21/2028  | 1200 | 1234 |
| **Bridgecrest Lending Auto Securitization Trust** <br>4.730% due 02/15/2028 | 500 | 501 |
| **CarMax Select Receivables Trust**  |  |  |
| 4.190% due 03/15/2029  | 1600 | 1601 |
| 4.770% due 09/17/2029  | 10000 | 10098 |
| **Carvana Auto Receivables Trust** <br>5.050% due 04/10/2029 | 500 | 503 |
| **CPS Auto Receivables Trust** <br>4.710% due 03/15/2029 | 530 | 532 |
| **Drive Auto Receivables Trust**  |  |  |
| 4.140% due 09/15/2032  | 2000 | 2001 |
| 4.290% due 10/16/2028  | 3100 | 3101 |
| 4.730% due 09/15/2032  | 30000 | 30225 |
| **Exeter Automobile Receivables Trust**  |  |  |
| 4.390% due 09/17/2029  | 10000 | 10044 |
| 4.530% due 03/15/2028  | 1000 | 1001 |
| **Exeter Select Automobile Receivables Trust** <br>4.540% due 06/15/2029 | 500 | 502 |
| **FCCU Auto Receivables Trust** <br>5.460% due 04/15/2030 | 1000 | 1024 |
| **FHF Issuer Trust**  |  |  |
| 4.920% due 02/15/2031  | 18628 | 18601 |
| 4.940% due 11/15/2030  | 5746 | 5741 |
| 5.690% due 02/15/2030  | 1628 | 1643 |
| 5.890% due 06/15/2030  | 2094 | 2115 |
| **Ford Auto Securitization Trust**  |  |  |
| 4.972% due 03/15/2030  | 3000 | 2239 |
| 5.053% due 07/15/2028  | 2328 | 1697 |
| **Foursight Capital Automobile Receivables Trust** <br>5.490% due 01/16/2029 | $634 | 637 |
| **GLS Auto Receivables Issuer Trust**  |  |  |
| 4.440% due 03/15/2029  | 9300 | 9343 |
| 4.520% due 07/17/2028  | 3000 | 3007 |
| 4.750% due 01/16/2029  | 19000 | 19141 |
| **GLS Auto Select Receivables Trust** <br>4.460% due 10/15/2030 | 500 | 503 |
| **Lendbuzz Securitization Trust**  |  |  |
| 4.970% due 10/15/2029  | 3740 | 3744 |
| 5.100% due 10/15/2030  | 11306 | 11323 |
| 7.090% due 10/16/2028  | 767 | 780 |
| **OneMain Direct Auto Receivables Trust** <br>5.410% due 11/14/2029 | 4000 | 4036 |
| **Research-Driven Pagaya Motor Asset Trust**  |  |  |
| 4.731% due 07/27/2026  | 500 | 500 |
| 5.124% due 04/25/2034  | 500 | 502 |
| 7.130% due 01/26/2032  | 467 | 468 |
| **Research-Driven Pagaya Motor Trust** <br>7.090% due 06/25/2032 | 1210 | 1221 |
| **Santander Drive Auto Receivables Trust** <br>4.630% due 10/16/2028 | 3100 | 3110 |
| **SBNA Auto Lease Trust** <br>5.560% due 11/22/2027 | 2180 | 2195 |
| **SCCU Auto Receivables Trust**  |  |  |
| 4.570% due 01/15/2031  | 3000 | 3024 |
| 4.670% due 11/15/2028  | 500 | 502 |
| **Tesla Lease Electric Vehicle Securitization LLC**  |  |  |
| 4.140% due 06/20/2028  | 6100 | 6106 |
| 4.270% due 11/20/2028  | 25000 | 25029 |
| **Veros Auto Receivables Trust**  |  |  |
| 5.310% due 09/15/2028  | 18077 | 18146 |

---

------

<br> Schedule of Investments PIMCO Multisector Bond Active Exchange - Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| 6.280% due 11/15/2027  | 481 | 483 |
| **Westlake Automobile Receivables Trust**  |  |  |
| 4.510% due 05/15/2029  | 2300 | 2317 |
| 4.660% due 09/15/2028  | 2100 | 2107 |
|  |  | 230154 |
| **CMBS OTHER 0.9%**  |  |  |
| **ACRES LLC** <br>5.755% due 08/18/2040 •  | 2200 | 2207 |
| **AREIT Trust** <br>6.255% due 08/17/2041 •  | 441 | 441 |
| **Greystone CRE Notes LLC** <br>5.631% due 01/15/2043 •  | 50000 | 50131 |
| **KREF Ltd.** <br>5.584% due 02/17/2039 •  | 558 | 559 |
| **LoanCore Issuer Ltd.**  |  |  |
| 5.565% due 07/15/2036 •  | 146 | 146 |
| 5.931% due 01/17/2037 •  | 624 | 626 |
| **MF1 LLC**  |  |  |
| 5.586% due 02/18/2043 •  | 4400 | 4409 |
| 5.871% due 03/19/2039 •  | 2000 | 2009 |
| **PFP Ltd.** <br>6.050% due 09/17/2039 •  | 12677 | 12706 |
|  |  | 73234 |
| **HOME EQUITY OTHER 4.0%**  |  |  |
| **Accredited Mortgage Loan Trust** <br>4.712% due 12/25/2035 •  | 12262 | 11671 |
| **ACE Securities Corp. Home Equity Loan Trust**  |  |  |
| 4.632% due 07/25/2037 •  | 28704 | 6629 |
| 4.792% due 07/25/2036 •  | 8418 | 6992 |
| 6.522% due 08/25/2045 •  | 7382 | 6643 |
| **Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates**  |  |  |
| 5.217% due 07/25/2035 •  | 44 | 44 |
| 5.322% due 08/25/2035 •  | 734 | 728 |
| 6.072% due 09/25/2034 •  | 3414 | 2846 |
| **Argent Securities, Inc. Asset-Backed Pass-Through Certificates** <br>4.732% due 01/25/2036 •  | 347 | 334 |
| **Asset-Backed Securities Corp. Home Equity Loan Trust**  |  |  |
| 4.270% due 11/25/2035 •  | 5283 | 4689 |
| 6.297% due 05/25/2035 •  | 2778 | 2455 |
| **Bear Stearns Asset-Backed Securities I Trust**  |  |  |
| 4.658% due 12/25/2035 •  | 11588 | 11416 |
| 4.873% due 12/25/2035 •  | 9887 | 9779 |
| 4.972% due 04/25/2037 •  | 6733 | 6487 |
| 5.292% due 03/25/2035 •  | 899 | 902 |
| **BNC Mortgage Loan Trust** <br>5.772% due 11/25/2037 •  | 12673 | 9023 |
| **Chase Funding Trust** <br>4.732% due 12/25/2033 •  | 848 | 846 |
| **CIT Mortgage Loan Trust** <br>6.897% due 10/25/2037 •  | 30849 | 30622 |
| **Citicorp Residential Mortgage Trust** <br>4.416% due 07/25/2036 þ | 7347 | 7120 |
| **Citigroup Mortgage Loan Trust, Inc.** <br>7.581% due 10/25/2036 þ | 1642 | 954 |
| **Countrywide Asset-Backed Certificates** <br>6.447% due 12/25/2034 •  | 3471 | 3255 |
| **Countrywide Asset-Backed Certificates Trust**  |  |  |
| 3.943% due 12/25/2034 •  | 798 | 739 |
| 4.752% due 03/25/2047 •  | 6413 | 6110 |
| 4.912% due 09/25/2047 •  | 11025 | 9489 |
| 5.456% due 07/25/2035 ~  | 203 | 202 |
| 6.147% due 07/25/2035 •  | 5163 | 5113 |
| **Equifirst Loan Securitization Trust** <br>4.792% due 04/25/2037 •  | 5000 | 4037 |
| **Fieldstone Mortgage Investment Trust** <br>4.917% due 02/25/2036 •  | 2114 | 1865 |
| **Fremont Home Loan Trust** <br>4.572% due 08/25/2036 •  | 8101 | 3313 |
| **GSAA Home Equity Trust**  |  |  |
| 4.372% due 05/25/2037 •  | 7899 | 2755 |
| 5.069% due 09/25/2035 ~  | 404 | 268 |
| 6.158% due 09/25/2035 þ  | 2967 | 1967 |
| **GSAMP Trust**  |  |  |
| 4.412% due 01/25/2037 •  | 9540 | 5932 |
| 4.452% due 06/25/2036 •  | 813 | 450 |
| 4.767% due 03/25/2046 •  | 3000 | 2792 |
| 4.842% due 02/25/2036 •  | 2325 | 2408 |
| 5.007% due 09/25/2035 •  | 1240 | 1231 |
| 5.367% due 02/25/2035 •  | 5437 | 5227 |
| **HSI Asset Securitization Corp. Trust**  |  |  |
| 4.532% due 12/25/2036 •  | 4972 | 1881 |
| 4.552% due 04/25/2037 •  | 17705 | 11582 |

---

------

<br> Schedule of Investments PIMCO Multisector Bond Active Exchange - Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| 4.632% due 04/25/2037 •  | 5861 | 3865 |
| 4.832% due 04/25/2037 •  | 4161 | 2747 |
| **IXIS Real Estate Capital Trust** <br>4.872% due 03/25/2036 •  | 148 | 77 |
| **JP Morgan Mortgage Acquisition Trust** <br>4.592% due 03/25/2037 •  | 1500 | 1385 |
| **Long Beach Mortgage Loan Trust** <br>5.022% due 02/25/2034 •  | 1166 | 1163 |
| **MASTR Asset-Backed Securities Trust** <br>4.372% due 08/25/2036 •  | 6659 | 2266 |
| **MASTR Specialized Loan Trust** <br>6.672% due 01/25/2036 •  | 6094 | 4194 |
| **Merrill Lynch First Franklin Mortgage Loan Trust**  |  |  |
| 4.532% due 06/25/2037 •  | 1401 | 1398 |
| 4.612% due 05/25/2037 •  | 3978 | 2890 |
| 4.772% due 06/25/2037 •  | 257 | 258 |
| **Merrill Lynch Mortgage Investors Trust** <br>5.397% due 06/25/2035 •  | 3668 | 3873 |
| **Morgan Stanley ABS Capital I, Inc. Trust**  |  |  |
| 4.892% due 12/25/2035 •  | 242 | 239 |
| 5.172% due 05/25/2034 •  | 5870 | 5685 |
| 5.367% due 01/25/2035 •  | 463 | 481 |
| 7.047% due 08/25/2034 •  | 550 | 476 |
| **New Century Home Equity Loan Trust**  |  |  |
| 4.832% due 05/25/2036 •  | 1500 | 1418 |
| 5.157% due 05/25/2034 •  | 1543 | 1598 |
| **Nomura Home Equity Loan, Inc. Home Equity Loan Trust** <br>5.072% due 02/25/2037 •  | 1185 | 329 |
| **NovaStar Mortgage Funding Trust** <br>4.552% due 06/25/2036 •  | 207 | 189 |
| **RCKT Mortgage Trust**  |  |  |
| 4.795% due 09/25/2055 «þ  | 2100 | 2096 |
| 5.344% due 09/25/2044 þ  | 3857 | 3873 |
| 6.141% due 04/25/2044 ~  | 3124 | 3164 |
| 6.147% due 06/25/2044 þ  | 7355 | 7459 |
| **Renaissance Home Equity Loan Trust**  |  |  |
| 5.710% due 04/25/2037 þ  | 13614 | 3551 |
| 5.909% due 04/25/2037 þ  | 46054 | 12437 |
| **Residential Asset Securities Corporation Trust** <br>6.297% due 03/25/2035 •  | 669 | 628 |
| **Saxon Asset Securities Trust**  |  |  |
| 4.372% due 05/25/2047 •  | 286 | 211 |
| 4.512% due 01/25/2047 •  | 5644 | 5412 |
| 4.672% due 09/25/2047 •  | 6297 | 5895 |
| 4.767% due 03/25/2036 •  | 6050 | 4786 |
| 5.072% due 09/25/2047 •  | 10000 | 7866 |
| **Securitized Asset-Backed Receivables LLC Trust**  |  |  |
| 4.532% due 01/25/2037 •  | 622 | 594 |
| 4.632% due 02/25/2037 •  | 15075 | 13176 |
| 4.692% due 03/25/2036 •  | 3626 | 3494 |
| 4.692% due 12/25/2036 •  | 3453 | 1702 |
| 5.232% due 10/25/2035 •  | 3151 | 2346 |
| **Soundview Home Loan Trust** <br>4.792% due 02/25/2037 •  | 11186 | 3006 |
| **Structured Asset Investment Loan Trust** <br>5.222% due 10/25/2033 •  | 1483 | 1510 |
| **Structured Asset Securities Corp.** <br>4.364% due 02/25/2035 •  | 825 | 827 |
| **Structured Asset Securities Corp. Mortgage Loan Trust**  |  |  |
| 4.677% due 01/25/2037 •  | 13138 | 11919 |
| 4.692% due 02/25/2037 •  | 275 | 271 |
| **Towd Point Mortgage Trust**  |  |  |
| 5.278% due 08/25/2065 þ  | 1188 | 1195 |
| 6.125% due 02/25/2064 ~  | 1939 | 1960 |
| **Wells Fargo Home Equity Asset-Backed Securities Trust** <br>5.262% due 04/25/2035 •  | 190 | 190 |
|  |  | 324895 |
| **HOME EQUITY SEQUENTIAL 0.0%**  |  |  |
| **JP Morgan Mortgage Acquisition Trust** <br>3.927% due 11/25/2036 •  | 1195 | 1100 |
| **MANUFACTURING HOUSE SEQUENTIAL 0.0%**  |  |  |
| **Cascade MH Asset Trust** <br>5.695% due 11/25/2056 ~ | 2286 | 2356 |
| **WHOLE LOAN COLLATERAL 2.2%**  |  |  |
| **Citigroup Mortgage Loan Trust, Inc.** <br>4.672% due 11/25/2046 •  | 349 | 345 |
| **First Franklin Mortgage Loan Trust** <br>6.147% due 07/25/2034 •  | 262 | 264 |
| **Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates** <br>5.037% due 11/25/2035 •  | 3184 | 3079 |

---

------

<br> Schedule of Investments PIMCO Multisector Bond Active Exchange - Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **PRET** **LLC**  |  |  |
| 5.391% due 08/25/2055 þ  | 988 | 990 |
| 5.657% due 08/25/2055 þ  | 978 | 982 |
| 5.732% due 08/25/2055 þ  | 969 | 972 |
| 5.744% due 06/25/2055 þ  | 961 | 966 |
| 5.851% due 12/25/2054 þ  | 12909 | 12939 |
| 5.925% due 10/25/2054 þ  | 15876 | 15905 |
| 5.926% due 10/25/2054 þ  | 7137 | 7158 |
| 5.963% due 09/25/2054 þ  | 6140 | 6148 |
| 6.244% due 05/25/2055 þ  | 29166 | 29409 |
| 6.368% due 04/25/2055 þ  | 29020 | 29246 |
| **Residential Asset Mortgage Products Trust** <br>4.652% due 10/25/2036 •  | 17558 | 16376 |
| **Securitized Asset-Backed Receivables LLC Trust** <br>4.512% due 11/25/2036 •  | 27215 | 7538 |
| **Specialty Underwriting & Residential Finance Trust** <br>4.752% due 09/25/2037 •  | 2276 | 1592 |
| **VCAT LLC**  |  |  |
| 5.877% due 01/25/2055 þ  | 9168 | 9195 |
| 5.889% due 02/25/2055 þ  | 13994 | 14020 |
| 5.977% due 01/25/2055 þ  | 16129 | 16168 |
|  |  | 173292 |
| **OTHER ABS 17.1%**  |  |  |
| **37 Capital CLO 4 Ltd.** <br>5.408% due 04/15/2035 •  | 5200 | 5204 |
| **522 Funding CLO Ltd.** <br>5.519% due 10/23/2034 •  | 7800 | 7814 |
| **AASET MT-1 Ltd.** <br>5.522% due 02/16/2050 | 14730 | 14913 |
| **AASET Trust** <br>2.798% due 01/15/2047 | 5630 | 5313 |
| **ACHV ABS Trust**  |  |  |
| 4.760% due 04/26/2032  | 2542 | 2552 |
| 5.010% due 12/26/2031  | 331 | 334 |
| 5.040% due 04/26/2032  | 1733 | 1741 |
| 5.070% due 10/27/2031  | 1157 | 1165 |
| 5.430% due 10/27/2031  | 1919 | 1938 |
| 5.450% due 12/26/2031  | 2239 | 2261 |
| 5.680% due 12/26/2031  | 1902 | 1922 |
| 5.900% due 04/25/2031  | 271 | 274 |
| **Affirm Master Trust**  |  |  |
| 4.450% due 10/16/2034  | 1200 | 1199 |
| 4.670% due 07/15/2033  | 1600 | 1610 |
| 4.990% due 02/15/2033  | 30000 | 30257 |
| **AMMC CLO 24 Ltd.** <br>5.525% due 01/20/2035 •  | 9100 | 9118 |
| **Anchorage Capital CLO 21 Ltd.** <br>5.375% due 10/20/2034 •  | 20000 | 20019 |
| **Anchorage Capital CLO 28 Ltd.** <br>6.025% due 04/20/2037 •  | 1500 | 1506 |
| **Anchorage Credit Funding 1 Ltd.** <br>3.900% due 07/28/2037 | 9371 | 9276 |
| **Anchorage Credit Funding 10 Ltd.**  |  |  |
| 3.619% due 04/25/2038  | 10200 | 10027 |
| 4.169% due 04/25/2038  | 2000 | 1941 |
| **Anchorage Credit Funding 12 Ltd.** <br>3.177% due 10/25/2038 | 2400 | 2333 |
| **Anchorage Credit Funding 13 Ltd.** <br>2.875% due 07/27/2039 | 2000 | 1923 |
| **Anchorage Credit Funding 14 Ltd.** <br>3.000% due 01/21/2040 | 2000 | 1914 |
| **Anchorage Credit Funding 18 Ltd.**  |  |  |
| 5.327% due 10/22/2040  | 2600 | 2609 |
| 5.702% due 10/22/2040  | 500 | 503 |
| **Anchorage Credit Funding 3 Ltd.** <br>2.871% due 01/28/2039 | 4000 | 3873 |
| **Anchorage Credit Funding 4 Ltd.** <br>2.723% due 04/27/2039 | 2000 | 1924 |
| **Anchorage Credit Funding 9 Ltd.** <br>3.793% due 10/25/2037 | 10741 | 10639 |
| **Apidos CLO XI Ltd.** <br>5.520% due 04/17/2034 •  | 22200 | 22233 |
| **Aqua Finance Issuer Trust** <br>4.790% due 05/17/2051 | 844 | 850 |
| **Arcano Euro CLO II DAC** <br>0.000% due 07/25/2039 •  | 5400 | 6362 |
| **ARES LXV CLO Ltd.** <br>5.278% due 07/25/2034 •  | $1300 | 1305 |
| **Ares LXV CLO Ltd.** <br>5.658% due 07/25/2034 •  | 500 | 503 |
| **ARES XLIV CLO Ltd.** <br>5.424% due 04/15/2034 •  | 2700 | 2703 |
| **ARES XXVII CLO Ltd.** <br>5.464% due 10/28/2034 •  | 2500 | 2504 |

---

------

<br> Schedule of Investments PIMCO Multisector Bond Active Exchange - Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Ascent** **Education Funding Trust** <br>6.140% due 10/25/2050 | 1647 | 1689 |
| **Atlas Senior Loan Fund XVII Ltd.** <br>5.385% due 10/20/2034 •  | 2100 | 2102 |
| **Bain Capital Credit CLO Ltd.**  |  |  |
| 5.355% due 10/21/2034 •  | 18200 | 18219 |
| 5.379% due 07/24/2034 •  | 10000 | 10013 |
| 5.469% due 10/23/2034 •  | 6000 | 6007 |
| 5.482% due 04/22/2035 •  | 1900 | 1904 |
| 5.482% due 07/17/2035 •  | 1300 | 1305 |
| 5.525% due 10/20/2034 •  | 20000 | 20034 |
| 5.529% due 10/23/2034 •  | 8700 | 8720 |
| 5.548% due 07/16/2034 •  | 11100 | 11115 |
| 5.775% due 10/20/2034 •  | 1000 | 1000 |
| 5.798% due 07/16/2034 •  | 1500 | 1500 |
| **Bain Capital Euro CLO DAC** <br>3.267% due 01/22/2038 •  | 3900 | 4593 |
| **Benefit Street Partners CLO XXII Ltd.** <br>5.475% due 04/20/2035 •  | $1400 | 1405 |
| **BHG Securitization Trust**  |  |  |
| 4.820% due 04/17/2036  | 7945 | 8029 |
| 4.840% due 09/17/2036  | 985 | 993 |
| 5.170% due 09/17/2036  | 12300 | 12419 |
| 5.260% due 04/17/2036  | 12237 | 12381 |
| 5.550% due 04/17/2036  | 100 | 100 |
| 6.920% due 12/17/2036  | 119 | 124 |
| **Blackbird Capital II Aircraft Lease Ltd.** <br>2.443% due 07/15/2046 | 1554 | 1470 |
| **Canyon CLO Ltd.**  |  |  |
| 5.398% due 07/15/2034 •  | 5200 | 5205 |
| 5.418% due 10/15/2034 •  | 1000 | 1000 |
| **Capital Four CLO X DAC** <br>3.279% due 10/25/2038 •  | 2100 | 2469 |
| **Capital Street Master Trust**  |  |  |
| 0.000% due 08/16/2029 •  | $1000 | 1001 |
| 5.724% due 10/16/2028 •  | 8000 | 8027 |
| **Carbone CLO Ltd.** <br>5.727% due 01/20/2031 •  | 418 | 418 |
| **CarVal CLO III Ltd.** <br>5.315% due 07/20/2032 •  | 19241 | 19260 |
| **Castlelake Aircraft Structured Trust**  |  |  |
| 5.465% due 08/15/2050  | 1192 | 1203 |
| 5.783% due 02/15/2050  | 13359 | 13583 |
| **CIFC Funding Ltd.** <br>5.530% due 10/24/2030 •  | 406 | 406 |
| **College Avenue Student Loans LLC**  |  |  |
| 5.537% due 07/25/2051 •  | 2093 | 2091 |
| 5.672% due 12/28/2048 •  | 1215 | 1220 |
| 6.256% due 05/25/2055 •  | 2482 | 2515 |
| **CRB Securitization Trust** <br>6.960% due 10/20/2033 | 18 | 18 |
| **Dryden 43 Senior Loan Fund** <br>5.395% due 04/20/2034 •  | 1920 | 1922 |
| **Dryden 95 CLO Ltd.** <br>5.244% due 08/20/2034 •  | 48500 | 48545 |
| **ECMC Group Student Loan Trust** <br>5.621% due 11/25/2069 •  | 859 | 869 |
| **Elevation CLO Ltd.**  |  |  |
| 5.448% due 07/25/2034 •  | 24200 | 24241 |
| 5.618% due 01/25/2035 •  | 18000 | 18063 |
| 5.918% due 01/25/2035 •  | 2300 | 2314 |
| **Elmwood CLO 15 Ltd.** <br>5.408% due 04/22/2035 •  | 600 | 602 |
| **Fortress Credit BSL VII Ltd.** <br>5.409% due 07/23/2032 •  | 5008 | 5012 |
| **Fortress Credit BSL X Ltd.** <br>0.000% due 04/20/2033 •(a) | 1100 | 1100 |
| **Foundation Finance Trust** <br>4.670% due 04/15/2052 | 464 | 467 |
| **GoldenTree Loan Management U.S. CLO 8 Ltd.** <br>5.475% due 10/20/2034 •  | 5000 | 5010 |
| **Golub Capital Partners CLO 50B-R Ltd.**  |  |  |
| 5.435% due 04/20/2035 •  | 2000 | 2007 |
| 5.725% due 04/20/2035 •  | 900 | 905 |
| 5.825% due 04/20/2035 •  | 3800 | 3800 |
| **GreenSky Home Improvement Issuer Trust**  |  |  |
| 4.890% due 06/25/2060  | 499 | 503 |
| 4.930% due 06/25/2060  | 499 | 501 |
| 5.020% due 06/25/2060  | 500 | 507 |
| 5.120% due 03/25/2060  | 9533 | 9567 |
| 5.150% due 10/27/2059  | 3054 | 3096 |
| 5.220% due 03/25/2060  | 7707 | 7816 |
| 5.250% due 10/27/2059  | 916 | 919 |
| 5.260% due 10/27/2059  | 400 | 404 |
| 5.320% due 03/25/2060  | 13200 | 13510 |
| 5.550% due 10/27/2059  | 400 | 404 |

---

------

<br> Schedule of Investments PIMCO Multisector Bond Active Exchange - Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| 6.430% due 10/27/2059  | 400 | 409 |
| **GreenSky Home Improvement Trust**  |  |  |
| 5.550% due 06/25/2059  | 1100 | 1129 |
| 5.870% due 06/25/2059  | 1852 | 1891 |
| 6.360% due 06/25/2059  | 1852 | 1899 |
| **Greywolf CLO III Ltd.** <br>5.562% due 04/22/2033 •  | 20285 | 20339 |
| **ICG U.S. CLO Ltd.** <br>5.308% due 01/16/2033 •  | 13785 | 13785 |
| **IFC Emerging Markets Securitization Ltd.** <br>5.454% due 12/31/2035 •  | 2500 | 2500 |
| **Invesco CLO Ltd.** <br>5.441% due 07/20/2035 •  | 1700 | 1707 |
| **KKR CLO 18 Ltd.** <br>5.191% due 10/18/2035 •  | 5000 | 5003 |
| **KKR CLO 28 Ltd.** <br>5.758% due 02/09/2035 •  | 2000 | 2008 |
| **KKR CLO 36 Ltd.** <br>5.321% due 10/15/2034 •  | 2600 | 2600 |
| **KKR CLO 42 Ltd.** <br>5.349% due 07/20/2034 •  | 2100 | 2100 |
| **LCM 36 Ltd.** <br>5.388% due 01/15/2034 •  | 2000 | 2006 |
| **Lendmark Funding Trust** <br>5.530% due 06/21/2032 | 3100 | 3148 |
| **Madison Park Funding XLVI Ltd.** <br>5.318% due 10/15/2034 •  | 30000 | 30031 |
| **Madison Park Funding XXXVI Ltd.** <br>5.378% due 04/15/2035 •  | 1000 | 1004 |
| **Magnetite XXXII Ltd.** <br>5.332% due 10/15/2037 •  | 20000 | 19996 |
| **Marble Point CLO XXII Ltd.** <br>5.538% due 07/25/2034 •  | 1800 | 1802 |
| **Navesink CLO 2 Ltd.** <br>5.588% due 04/15/2036 •  | 4600 | 4604 |
| **Navient Education Loan Trust**  |  |  |
| 5.020% due 07/15/2055  | 3047 | 3081 |
| 5.320% due 07/15/2055  | 4200 | 4241 |
| **Navient Private Education Refi Loan Trust** <br>5.315% due 12/15/2059 •  | 992 | 989 |
| **Navient Student Loan Trust** <br>5.371% due 08/26/2069 •  | 795 | 796 |
| **Nelnet Student Loan Trust**  |  |  |
| 0.000% due 05/17/2055 •  | 4000 | 4030 |
| 0.000% due 06/22/2065 •  | 6700 | 6710 |
| 4.670% due 06/22/2065  | 8820 | 8798 |
| 4.840% due 05/17/2055  | 4200 | 4236 |
| 6.589% due 02/20/2041 •  | 251 | 257 |
| 6.640% due 02/20/2041  | 251 | 260 |
| **Neuberger Berman CLO XXI Ltd.** <br>5.645% due 01/20/2039 •  | 10000 | 10049 |
| **Neuberger Berman Loan Advisers CLO 43 Ltd.** <br>5.330% due 07/17/2036 •  | 21000 | 21023 |
| **Neuberger Berman Loan Advisers CLO 45 Ltd.** <br>5.380% due 10/14/2036 •  | 21300 | 21325 |
| **New Mountain CLO 5 Ltd.** <br>5.575% due 07/20/2036 •  | 8000 | 8019 |
| **Northwoods Capital 25 Ltd.** <br>4.862% due 07/20/2034 •  | 1900 | 1900 |
| **OCP Euro CLO DAC** <br>3.264% due 07/20/2036 •  | 2900 | 3415 |
| **Octagon 64 Ltd.** <br>5.585% due 07/21/2035 •  | $40000 | 40162 |
| **Octagon Investment Partners 39 Ltd.** <br>5.475% due 10/20/2030 •  | 1563 | 1565 |
| **Octagon Investment Partners 40 Ltd.** <br>5.365% due 01/20/2035 •  | 10600 | 10619 |
| **Octagon Investment Partners XVI Ltd.** <br>5.561% due 07/17/2030 •  | 88 | 88 |
| **OFSI BSL X Ltd.** <br>5.595% due 04/20/2034 •  | 15600 | 15617 |
| **Oportun Funding Trust**  |  |  |
| 4.960% due 08/16/2032  | 5618 | 5625 |
| 5.240% due 08/16/2032  | 7900 | 7941 |
| 5.780% due 08/16/2032  | 2000 | 2014 |
| **Oportun Issuance Trust**  |  |  |
| 5.010% due 02/08/2033  | 7300 | 7311 |
| 5.300% due 02/08/2033  | 2000 | 2003 |
| 5.860% due 02/09/2032  | 631 | 631 |
| 5.890% due 02/08/2033  | 1000 | 1002 |
| **OZLM XV Ltd.** <br>5.332% due 04/20/2033 •  | 30000 | 30023 |
| **Pagaya AI Debt Grantor Trust**  |  |  |
| 0.000% due 04/15/2032 «~  | 1230 | 673 |
| 4.497% due 04/15/2033  | 1600 | 1601 |
| 4.684% due 08/17/2026  | 1700 | 1702 |

---

------

<br> Schedule of Investments PIMCO Multisector Bond Active Exchange - Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| 4.865% due 10/15/2032  | 1299 | 1303 |
| 4.883% due 04/15/2033  | 18700 | 18698 |
| 4.961% due 10/15/2032  | 5172 | 5186 |
| 5.065% due 03/15/2032  | 1952 | 1958 |
| 5.092% due 07/15/2032  | 4693 | 4718 |
| 5.108% due 03/15/2033  | 500 | 504 |
| 5.156% due 07/15/2032  | 3701 | 3736 |
| 5.162% due 04/15/2032  | 378 | 379 |
| 5.183% due 06/15/2032  | 3121 | 3138 |
| 5.329% due 10/15/2032  | 13899 | 13974 |
| 5.331% due 01/15/2032  | 1650 | 1657 |
| 5.440% due 03/15/2033  | 20000 | 20172 |
| 5.617% due 04/15/2032 «  | 1369 | 1372 |
| 5.628% due 07/15/2032  | 9999 | 10115 |
| 5.637% due 07/15/2032  | 2148 | 2164 |
| 5.639% due 10/15/2032  | 16098 | 16205 |
| 5.640% due 03/15/2033  | 2400 | 2424 |
| 5.750% due 06/15/2032  | 3698 | 3726 |
| 5.823% due 04/15/2032 «  | 789 | 792 |
| 5.867% due 07/15/2032  | 5000 | 5044 |
| 5.992% due 06/15/2032  | 1216 | 1225 |
| 6.261% due 04/15/2032 «  | 829 | 832 |
| 6.278% due 10/15/2031  | 820 | 827 |
| 10.273% due 04/15/2032 «  | 1019 | 997 |
| **Pagaya AI Debt Grantor Trust & Pagaya AI Debt Trust** <br>6.093% due 11/15/2031 | 765 | 770 |
| **Pagaya AI Debt Selection Trust** <br>6.117% due 12/15/2031 | 1202 | 1212 |
| **Pagaya AI Debt Trust**  |  |  |
| 5.373% due 01/17/2033  | 2700 | 2722 |
| 6.258% due 10/15/2031  | 1163 | 1170 |
| 6.660% due 07/15/2031  | 861 | 867 |
| 7.299% due 06/16/2031  | 380 | 385 |
| 9.099% due 04/15/2031  | 323 | 325 |
| **Pagaya Point of Sale Holdings Grantor Trust** <br>5.715% due 01/20/2034 | 8600 | 8704 |
| **Parallel Ltd.** <br>5.428% due 07/15/2034 •  | 20000 | 20016 |
| **Park Avenue Institutional Advisers CLO Ltd.** <br>5.342% due 01/20/2034 •  | 1000 | 1001 |
| **PEAC Solutions Receivables LLC** <br>4.940% due 10/20/2028 | 17700 | 17842 |
| **Pikes Peak CLO 2** <br>5.549% due 10/11/2034 •  | 18000 | 18021 |
| **Pikes Peak CLO 4** <br>5.528% due 07/15/2034 •  | 18000 | 18028 |
| **PK ALIFT Loan Funding 4 LP** <br>5.052% due 10/15/2039 | 6012 | 6027 |
| **PK ALIFT Loan Funding 6 LP**  |  |  |
| 4.750% due 03/15/2043 «(a)  | 4300 | 4285 |
| 5.365% due 11/15/2042  | 19331 | 19480 |
| **RCKT Trust** <br>4.900% due 07/25/2034 | 413 | 414 |
| **Reach ABS Trust**  |  |  |
| 4.930% due 08/18/2032  | 1254 | 1259 |
| 4.960% due 08/16/2032  | 5367 | 5383 |
| 5.120% due 08/18/2032  | 4300 | 4338 |
| 5.340% due 08/16/2032  | 4600 | 4672 |
| 5.840% due 07/15/2031  | 5000 | 5085 |
| 5.880% due 07/15/2031  | 867 | 871 |
| 5.990% due 08/16/2032  | 1200 | 1223 |
| 6.290% due 02/18/2031  | 950 | 959 |
| 6.300% due 02/18/2031  | 168 | 169 |
| **Rockford Tower CLO Ltd.**  |  |  |
| 5.293% due 07/20/2034 •  | 600 | 600 |
| 5.475% due 07/20/2035 •  | 1500 | 1506 |
| **Romark CLO - IV Ltd.** <br>0.000% due 07/10/2034 •(a) | 6300 | 6300 |
| **Romark CLO V Ltd.** <br>5.476% due 01/15/2035 •  | 1900 | 1907 |
| **Romark Credit Funding III Ltd.** <br>5.539% due 09/15/2042 | 3400 | 3412 |
| **Romark Credit Funding Ltd.** <br>5.423% due 07/29/2043 | 1800 | 1805 |
| **Sculptor CLO XXVII Ltd.** <br>5.385% due 07/20/2034 •  | 10000 | 10005 |
| **Shackleton CLO Ltd.** <br>5.525% due 07/20/2034 •  | 1300 | 1302 |
| **Slam Ltd.** <br>5.807% due 05/15/2050 | 24498 | 25185 |
| **SLM Student Loan Trust**  |  |  |
| 2.339% due 10/25/2039 •  | 1096 | 1205 |
| 2.489% due 07/25/2039 •  | 1086 | 1204 |
| **SMB Private Education Loan Trust**  |  |  |
| 5.020% due 03/17/2053  | $1567 | 1586 |
| 5.060% due 03/16/2054  | 12593 | 12780 |

---

------

<br> Schedule of Investments PIMCO Multisector Bond Active Exchange - Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| 5.090% due 10/16/2056  | 1971 | 1999 |
| 5.130% due 04/15/2054  | 28828 | 29385 |
| 5.240% due 03/15/2056  | 492 | 503 |
| 5.380% due 01/15/2053  | 922 | 944 |
| 5.380% due 07/15/2053  | 4287 | 4404 |
| 5.474% due 06/17/2052 •  | 1335 | 1335 |
| 5.474% due 07/15/2053 •  | 4287 | 4279 |
| 5.500% due 06/17/2052  | 6144 | 6332 |
| 5.572% due 03/17/2053 •  | 490 | 492 |
| 5.722% due 10/16/2056 •  | 2486 | 2508 |
| 5.822% due 03/15/2056 •  | 1312 | 1328 |
| 6.172% due 10/16/2056 •  | 3496 | 3571 |
| **SoFi Consumer Loan Program Trust**  |  |  |
| 4.800% due 02/27/2034  | 9325 | 9374 |
| 4.820% due 06/25/2034  | 2791 | 2807 |
| **Sound Point CLO XVIII Ltd.** <br>5.707% due 01/21/2031 •  | 154 | 155 |
| **Stream Innovations Issuer Trust** <br>6.270% due 07/15/2044 | 1536 | 1601 |
| **Sunbit Asset Securitization Trust** <br>5.360% due 07/15/2030 | 600 | 603 |
| **Symphony CLO 37 Ltd.** <br>6.125% due 01/20/2037 •  | 1000 | 1004 |
| **Symphony CLO 43 Ltd.** <br>5.838% due 04/15/2037 •  | 2000 | 2011 |
| **Symphony CLO XXIV Ltd.** <br>5.261% due 10/23/2035 •  | 1100 | 1100 |
| **Symphony CLO XXIX Ltd.** <br>5.433% due 10/15/2035 •  | 3500 | 3514 |
| **TCW CLO AMR Ltd.** <br>5.484% due 08/16/2034 •  | 7100 | 7111 |
| **TCW CLO Ltd.** <br>5.918% due 01/16/2037 •  | 2000 | 2009 |
| **THL Credit Wind River CLO Ltd.** <br>5.488% due 04/15/2035 •  | 2900 | 2904 |
| **Trinitas CLO VI Ltd.** <br>0.000% due 01/25/2034 •(a) | 2000 | 2000 |
| **Trinitas CLO XIX Ltd.** <br>5.435% due 10/20/2033 •  | 23900 | 23951 |
| **Trinitas CLO XVII Ltd.** <br>5.310% due 10/20/2034 •  | 2800 | 2800 |
| **Trinitas CLO XX Ltd.** <br>5.365% due 07/20/2035 •  | 21000 | 21023 |
| **Upstart Pass-Through Trust** <br>7.900% due 10/20/2028 | 496 | 503 |
| **Upstart Securitization Trust**  |  |  |
| 4.600% due 09/20/2035  | 600 | 601 |
| 5.020% due 09/20/2035  | 500 | 500 |
| 5.220% due 06/20/2035  | 6200 | 6237 |
| **Venture 44 CLO Ltd.** <br>5.465% due 10/20/2034 •  | 1000 | 1002 |
| **Vibrant CLO XII Ltd.** <br>5.301% due 04/20/2034 •  | 1900 | 1900 |
| **Voya CLO Ltd.** <br>5.525% due 07/20/2032 •  | 446 | 446 |
| **Wellfleet CLO Ltd.**  |  |  |
| 5.436% due 07/15/2034 •  | 1200 | 1203 |
| 5.505% due 04/20/2034 •  | 4300 | 4306 |
| **Wind River CLO Ltd.**  |  |  |
| 5.122% due 07/20/2034 •  | 2100 | 2100 |
| 5.378% due 10/15/2034 •  | 21484 | 21515 |
|  |  | 1390382 |
| Total Asset-Backed Securities (Cost $2,546,860) |  | 2561784 |
| **SOVEREIGN ISSUES 4.7%**  |  |  |
| **Angola Government International Bonds** <br>8.000% due 11/26/2029 | 6100 | 5958 |
| **Avenir Issuer IV Ireland DAC** <br>6.000% due 10/25/2027 | 2864 | 2764 |
| **Bank Gospodarstwa Krajowego** <br>5.750% due 07/09/2034 | 1500 | 1583 |
| **Brazil Letras do Tesouro Nacional** <br>0.000% due 04/01/2026 (c) | 261800 | 45952 |
| **Colombia TES**  |  |  |
| 6.000% due 04/28/2028  | 22641200 | 5289 |
| 6.500% due 01/22/2031 (d)  | 3235944 | 830 |
| 7.000% due 03/26/2031  | 14020000 | 2989 |
| 11.000% due 08/22/2029  | 32337000 | 8331 |
| 11.500% due 07/25/2046  | 18959800 | 4672 |
| 11.750% due 01/24/2035  | 22724400 | 5777 |
| 12.750% due 11/28/2040  | 21619000 | 5778 |
| 13.250% due 02/09/2033  | 52886200 | 14585 |
| **Eagle Funding Luxco SARL** <br>5.500% due 08/17/2030 | $11100 | 11275 |

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------

<br> Schedule of Investments PIMCO Multisector Bond Active Exchange - Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Ecuador** **Government International Bonds** <br>6.900% due 07/31/2030 þ | 9800 | 8732 |
| **Egypt Government International Bonds** <br>6.375% due 04/11/2031 | 4850 | 5470 |
| **El Salvador Government International Bonds**  |  |  |
| 7.625% due 02/01/2041  | $725 | 696 |
| 9.250% due 04/17/2030  | 800 | 875 |
| **Israel Government International Bonds**  |  |  |
| 5.375% due 02/19/2030  | 5000 | 5164 |
| 5.625% due 02/19/2035  | 5000 | 5178 |
| **Ivory Coast Government International Bonds** <br>4.875% due 01/30/2032 | 3850 | 4321 |
| **Mexico Bonos** <br>7.000% due 09/03/2026 | 1156000 | 62862 |
| **Mexico Government International Bonds**  |  |  |
| 5.850% due 07/02/2032  | $1700 | 1757 |
| 6.625% due 01/29/2038  | 1600 | 1686 |
| **Mexico Udibonos** <br>4.000% due 11/30/2028 (d) | 63788 | 3474 |
| **Panama Government International Bonds**  |  |  |
| 7.500% due 03/01/2031  | $300 | 330 |
| 8.000% due 03/01/2038  | 4250 | 4848 |
| **Peru Government Bonds** <br>6.150% due 08/12/2032 | 4100 | 1252 |
| **Peru Government International Bonds**  |  |  |
| 6.150% due 08/12/2032  | 155450 | 47463 |
| 6.900% due 08/12/2037  | 7300 | 2200 |
| **Republic of South Africa Government Bonds**  |  |  |
| 7.000% due 02/28/2031  | 562500 | 30897 |
| 8.000% due 01/31/2030  | 83750 | 4867 |
| 8.500% due 01/31/2037  | 1106000 | 59009 |
| **Romania Government International Bonds**  |  |  |
| 5.125% due 09/24/2031  | 2000 | 2346 |
| 5.250% due 03/10/2030  | 2200 | 2663 |
| **Senegal Government International Bonds** <br>5.375% due 06/08/2037 | 1500 | 1157 |
| **Turkiye Government Bonds**  |  |  |
| 40.854% (BISTREFI) due 09/06/2028 ~  | 100000 | 2345 |
| 42.493% (BISTREFI) due 05/20/2026 ~  | 31100 | 757 |
| 42.493% (BISTREFI) due 05/17/2028 ~  | 59300 | 1404 |
| Total Sovereign Issues (Cost $357,765) |  | 377536 |
| **SHORT-TERM INSTRUMENTS 30.3%**  |  |  |
| **REPURCHASE AGREEMENTS (h) 29.8%** |  | 2421800 |
| **SHORT-TERM NOTES 0.1%**  |  |  |
| **Pagaya AI Debt Trust**<br>4.858% due 06/15/2026 | $2084 | 2086 |
| **Upstart Securitization Trust**  |  |  |
| 4.503% due 08/20/2026 | 2900 | 2901 |
| 4.840% due 06/20/2026 | 927 | 927 |
|  |  | 5914 |
| **NIGERIA TREASURY BILLS 0.1%**  |  |  |
| 33.141% due 06/11/2026 - 06/12/2026 (b)(c) | 13776118 | 8171 |
| **U.S. TREASURY BILLS 0.3%**  |  |  |
| 4.185% due 10/02/2025 - 01/27/2026 (b)(c)(j)(l) | $20555 | 20448 |
| Total Short-Term Instruments (Cost $2,455,561) |  | 2456333 |
| Total Investments in Securities (Cost $13,404,451) |  | 13510729 |
|  | SHARES |  |
| **INVESTMENTS IN AFFILIATES 0.2%**  |  |  |
| **MUTUAL FUNDS (f) 0.2%**  |  |  |
| **PIMCO Senior Loan Active Exchange-Traded Fund**  | 372228 | 19010 |
| Total Mutual Funds (Cost $19,002) |  | 19010 |
| Total Investments in Affiliates (Cost $19,002) |  | 19010 |
| Total Investments 166.5% (Cost $13,423,453) |  | $13529739 |
| **Financial Derivative Instruments (i)(k) (0.0)**%(Cost or Premiums, net $85,139) |  | (3922) |
| Other Assets and Liabilities, net (66.5)% |  | (5400168) |
| Net Assets 100.0% |  | $8125649 |

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------

<br> Schedule of Investments PIMCO Multisector Bond Active Exchange - Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  |
| **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** |
| **¤** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** |
| **«** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** |
| **~** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.** |
| **(a)** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** |
| **(b)** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** |
| **(c)** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** |
| **(d)** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** | **Principal amount of security is adjusted for inflation.** |
| **(e)** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** |
| **(f)** | **Institutional Class Shares of each Fund.** | **Institutional Class Shares of each Fund.** | **Institutional Class Shares of each Fund.** | **Institutional Class Shares of each Fund.** | **Institutional Class Shares of each Fund.** | **Institutional Class Shares of each Fund.** | **Institutional Class Shares of each Fund.** | **Institutional Class Shares of each Fund.** | **Institutional Class Shares of each Fund.** | **Institutional Class Shares of each Fund.** | **Institutional Class Shares of each Fund.** | **Institutional Class Shares of each Fund.** | **Institutional Class Shares of each Fund.** | **Institutional Class Shares of each Fund.** | **Institutional Class Shares of each Fund.** |
| **(g)** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** |
| Issuer Description | Issuer Description | Issuer Description | Issuer Description | Coupon | Maturity<br>Date | Maturity<br>Date | Acquisition<br>Date | Acquisition<br>Date | Cost | Cost |  | Market<br>Value | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets | Market Value<br>as Percentage<br>of Net Assets |
| Credit Opportunities Partners LLC | Credit Opportunities Partners LLC | Credit Opportunities Partners LLC | Credit Opportunities Partners LLC | 6.520 | 03/20/2028 | 03/20/2028 | 03/20/2025 | 03/20/2025 | 8000 | 8000 | $ | 8102 | 8102 | 0.10 | % |
| Deloitte LLP | Deloitte LLP | Deloitte LLP | Deloitte LLP | 5.250 | 01/30/2030 | 01/30/2030 | 10/30/2024 | 10/30/2024 | 2000 | 2000 |  | 2047 | 2047 | 0.02 |  |
| Deloitte LLP | Deloitte LLP | Deloitte LLP | Deloitte LLP | 5.410 | 01/30/2032 | 01/30/2032 | 10/30/2024 | 10/30/2024 | 2000 | 2000 |  | 2055 | 2055 | 0.03 |  |
| Deloitte LLP | Deloitte LLP | Deloitte LLP | Deloitte LLP | 5.590 | 01/30/2035 | 01/30/2035 | 10/30/2024 | 10/30/2024 | 2000 | 2000 |  | 2050 | 2050 | 0.03 |  |
| Hardwood Funding LLC | Hardwood Funding LLC | Hardwood Funding LLC | Hardwood Funding LLC | 4.840 | 06/07/2028 | 06/07/2028 | 03/11/2025 | 03/11/2025 | 6000 | 6000 |  | 6078 | 6078 | 0.07 |  |
| National Football League | National Football League | National Football League | National Football League | 4.780 | 10/05/2030 | 10/05/2030 | 06/27/2025 | 06/27/2025 | 1000 | 1000 |  | 1003 | 1003 | 0.01 |  |
| National Football League | National Football League | National Football League | National Football League | 5.480 | 10/05/2028 | 10/05/2028 | 03/14/2024 | 03/14/2024 | 1600 | 1600 |  | 1643 | 1643 | 0.02 |  |
| Pantheon Senior Debt Secondaries III | Pantheon Senior Debt Secondaries III | Pantheon Senior Debt Secondaries III | Pantheon Senior Debt Secondaries III | 6.043 | 03/26/2026 | 03/26/2026 | 03/18/2025 | 03/18/2025 | 1400 | 1400 |  | 1400 | 1400 | 0.02 |  |
| Project Alfa Investindustrial VIII SCSp | Project Alfa Investindustrial VIII SCSp | Project Alfa Investindustrial VIII SCSp | Project Alfa Investindustrial VIII SCSp | 4.117 | 02/27/2026 | 02/27/2026 | 02/28/2025 | 02/28/2025 | 392 | 392 |  | 444 | 444 | 0.01 |  |
| Tib Finance PLC | Tib Finance PLC | Tib Finance PLC | Tib Finance PLC | 7.111 | 11/15/2034 | 11/15/2034 | 09/18/2024 | 09/18/2024 | 2200 | 2200 |  | 2198 | 2198 | 0.03 |  |
| VB DPR Finance Co. | VB DPR Finance Co. | VB DPR Finance Co. | VB DPR Finance Co. | 6.833 | 03/15/2035 | 03/15/2035 | 01/31/2025 | 01/31/2025 | 4200 | 4200 |  | 4333 | 4333 | 0.05 |  |
|  |  |  |  |  |  |  |  | $ | 30792 | $ | $ | 31353 | 0.39%  | 0.39%  | 0.39%  |
| **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** |
| **(h)** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** |
| Counterparty | Lending<br>Rate | Maturity<br>Date | Principal<br>Amount | Principal<br>Amount | Principal<br>Amount | &nbsp;&nbsp; Collateralized By | &nbsp;&nbsp; Collateralized By | &nbsp;&nbsp; Collateralized By | &nbsp;&nbsp; Collateralized By | Collateral<br>(Received) | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value |  | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| BOS | 4.210%  | 10/02/2025 | 1112600 | 1112600 | 1112600 | &nbsp;&nbsp; U.S. Treasury Notes 1.500% - 1.625% due 10/31/2026 - 01/31/2027 | &nbsp;&nbsp; U.S. Treasury Notes 1.500% - 1.625% due 10/31/2026 - 01/31/2027 | &nbsp;&nbsp; U.S. Treasury Notes 1.500% - 1.625% due 10/31/2026 - 01/31/2027 | &nbsp;&nbsp; U.S. Treasury Notes 1.500% - 1.625% due 10/31/2026 - 01/31/2027 | (1135227) | (1135227) | 1112600 | $ | $1112600 | 1112600 |
|  | 4.220  | 10/01/2025 | 39300 | 39300 | 39300 | &nbsp;&nbsp; U.S. Treasury Notes 3.500% due 09/30/2029 | &nbsp;&nbsp; U.S. Treasury Notes 3.500% due 09/30/2029 | &nbsp;&nbsp; U.S. Treasury Notes 3.500% due 09/30/2029 | &nbsp;&nbsp; U.S. Treasury Notes 3.500% due 09/30/2029 | (40085) | (40085) | 39300 |  | 39305 | 39305 |
|  | 4.290  | 10/01/2025 | 369400 | 369400 | 369400 | &nbsp;&nbsp; U.S. Treasury Notes 0.375% - 4.125% due 12/31/2025 - 04/30/2027 | &nbsp;&nbsp; U.S. Treasury Notes 0.375% - 4.125% due 12/31/2025 - 04/30/2027 | &nbsp;&nbsp; U.S. Treasury Notes 0.375% - 4.125% due 12/31/2025 - 04/30/2027 | &nbsp;&nbsp; U.S. Treasury Notes 0.375% - 4.125% due 12/31/2025 - 04/30/2027 | (377139) | (377139) | 369400 |  | 369444 | 369444 |
|  | 4.320  | 10/01/2025 | 50500 | 50500 | 50500 | &nbsp;&nbsp; U.S. Treasury Notes 3.500% due 09/30/2027 | &nbsp;&nbsp; U.S. Treasury Notes 3.500% due 09/30/2027 | &nbsp;&nbsp; U.S. Treasury Notes 3.500% due 09/30/2027 | &nbsp;&nbsp; U.S. Treasury Notes 3.500% due 09/30/2027 | (51493) | (51493) | 50500 |  | 50506 | 50506 |
|  | 4.450  | 10/01/2025 | 850000 | 850000 | 850000 | &nbsp;&nbsp; U.S. Treasury Notes 3.625% - 4.000% due 08/15/2028 - 07/31/2032 | &nbsp;&nbsp; U.S. Treasury Notes 3.625% - 4.000% due 08/15/2028 - 07/31/2032 | &nbsp;&nbsp; U.S. Treasury Notes 3.625% - 4.000% due 08/15/2028 - 07/31/2032 | &nbsp;&nbsp; U.S. Treasury Notes 3.625% - 4.000% due 08/15/2028 - 07/31/2032 | (866770) | (866770) | 850000 |  | 850105 | 850105 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |  |  | **(2470714)** | **(2470714)** | **2421800** | **$** | $**2421960** | **2421960** |
| **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** | **SHORT SALES:** |
| Description | Description | Description | Description | Description | Description | Description | Description | Maturity<br>Date | Principal<br>Amount | Principal<br>Amount | Proceeds | Proceeds | Payable for<br>Short Sales | Payable for<br>Short Sales | Payable for<br>Short Sales |
| U.S. Government Agencies (0.3)% | U.S. Government Agencies (0.3)% | U.S. Government Agencies (0.3)% | U.S. Government Agencies (0.3)% | U.S. Government Agencies (0.3)% | U.S. Government Agencies (0.3)% | U.S. Government Agencies (0.3)% | U.S. Government Agencies (0.3)% | U.S. Government Agencies (0.3)% | U.S. Government Agencies (0.3)% | U.S. Government Agencies (0.3)% | U.S. Government Agencies (0.3)% | U.S. Government Agencies (0.3)% | U.S. Government Agencies (0.3)% | U.S. Government Agencies (0.3)% | U.S. Government Agencies (0.3)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA  | 11/01/2055 | $10500 | 10500 | $ | (9989) | $ | $(10181) | (10181) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA  | 11/01/2055 | 11700 | 11700 |  | (11428) |  | (11597) | (11597) |
| **Total Short Sales (0.3)%** | **Total Short Sales (0.3)%** | **Total Short Sales (0.3)%** | **Total Short Sales (0.3)%** | **Total Short Sales (0.3)%** | **Total Short Sales (0.3)%** | **Total Short Sales (0.3)%** | **Total Short Sales (0.3)%** |  |  |  | **$** | **(21417)** | **$** | $**(21778)** | **(21778)** |
| <sup>(1)</sup> | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. |
| **(i)** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** |

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<br> Schedule of Investments PIMCO Multisector Bond Active Exchange - Traded Fund (Cont.) September 30, 2025 (Unaudited)

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| | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **FUTURES** **CONTRACTS:** | **FUTURES** **CONTRACTS:** | **FUTURES** **CONTRACTS:** | **FUTURES** **CONTRACTS:** | **FUTURES** **CONTRACTS:** | **FUTURES** **CONTRACTS:** | **FUTURES** **CONTRACTS:** | **FUTURES** **CONTRACTS:** | **FUTURES** **CONTRACTS:** | **FUTURES** **CONTRACTS:** | **FUTURES** **CONTRACTS:** | **FUTURES** **CONTRACTS:** | **FUTURES** **CONTRACTS:** | **FUTURES** **CONTRACTS:** | **FUTURES** **CONTRACTS:** | **FUTURES** **CONTRACTS:** | **FUTURES** **CONTRACTS:** | **FUTURES** **CONTRACTS:** | **FUTURES** **CONTRACTS:** | **FUTURES** **CONTRACTS:** |
| **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> |
| Description | Description | Description | Description | Description |  | Expiration<br>Month | Expiration<br>Month | Expiration<br>Month | # of<br>Contracts | # of<br>Contracts | Notional<br>Amount | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Asset | Asset | Liability |
| Australia Government 10-Year Bond December Futures  | Australia Government 10-Year Bond December Futures  | Australia Government 10-Year Bond December Futures  | Australia Government 10-Year Bond December Futures  | Australia Government 10-Year Bond December Futures  | Australia Government 10-Year Bond December Futures  | 12/2025 | 12/2025 | 12/2025 | 98 | 98 | 7350 | 7350 | $(26) | (26) | (26) | 50 | 50 | 50 | 0 |
| Euro-BTP Future December Futures  | Euro-BTP Future December Futures  | Euro-BTP Future December Futures  | Euro-BTP Future December Futures  | Euro-BTP Future December Futures  | Euro-BTP Future December Futures  | 12/2025 | 12/2025 | 12/2025 | 762 | 762 | 107212 | 107212 | 23 | 23 | 23 | 340 | 340 | 340 | 0 |
| Long Guilt December Futures  | Long Guilt December Futures  | Long Guilt December Futures  | Long Guilt December Futures  | Long Guilt December Futures  | Long Guilt December Futures  | 12/2025 | 12/2025 | 12/2025 | 46 | 46 | 5620 | 5620 | 27 | 27 | 27 | 24 | 24 | 24 | (3) |
| U.S. Treasury 5-Year Note December Futures  | U.S. Treasury 5-Year Note December Futures  | U.S. Treasury 5-Year Note December Futures  | U.S. Treasury 5-Year Note December Futures  | U.S. Treasury 5-Year Note December Futures  | U.S. Treasury 5-Year Note December Futures  | 12/2025 | 12/2025 | 12/2025 | 3194 | 3194 | 348770 | 348770 | 404 | 404 | 404 | 125 | 125 | 125 | 0 |
| U.S. Treasury 10-Year Note December Futures  | U.S. Treasury 10-Year Note December Futures  | U.S. Treasury 10-Year Note December Futures  | U.S. Treasury 10-Year Note December Futures  | U.S. Treasury 10-Year Note December Futures  | U.S. Treasury 10-Year Note December Futures  | 12/2025 | 12/2025 | 12/2025 | 4222 | 4222 | 474975 | 474975 | 655 | 655 | 655 | 0 | 0 | 0 | (66) |
| U.S. Treasury Ultra Long-Term Bond December Futures  | U.S. Treasury Ultra Long-Term Bond December Futures  | U.S. Treasury Ultra Long-Term Bond December Futures  | U.S. Treasury Ultra Long-Term Bond December Futures  | U.S. Treasury Ultra Long-Term Bond December Futures  | U.S. Treasury Ultra Long-Term Bond December Futures  | 12/2025 | 12/2025 | 12/2025 | 426 | 426 | 51147 | 51147 | (37) | (37) | (37) | 0 | 0 | 0 | (239) |
| U.S. Ultra Treasury 10-Year Note December Futures  | U.S. Ultra Treasury 10-Year Note December Futures  | U.S. Ultra Treasury 10-Year Note December Futures  | U.S. Ultra Treasury 10-Year Note December Futures  | U.S. Ultra Treasury 10-Year Note December Futures  | U.S. Ultra Treasury 10-Year Note December Futures  | 12/2025 | 12/2025 | 12/2025 | 3821 | 3821 | 439714 | 439714 | 1320 | 1320 | 1320 | 0 | 0 | 0 | (239) |
|  |  |  |  |  |  |  |  |  |  |  |  |  | 2366 | 2366 | $ | 539 | 539 | $ | (547) |
| **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> |
| Description | Description | Description | Description | Description |  | Expiration<br>Month | Expiration<br>Month | Expiration<br>Month | # of<br>Contracts | # of<br>Contracts | Notional<br>Amount | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Asset | Asset | Liability |
| Euro-Bund December Futures  | Euro-Bund December Futures  | Euro-Bund December Futures  | Euro-Bund December Futures  | Euro-Bund December Futures  | Euro-Bund December Futures  | 12/2025 | 12/2025 | 12/2025 | 124 | 124 | (18718) | (18718) | $(111) | (111) | (111) | 5 | 5 | 5 | (49) |
| Euro-Oat December Futures  | Euro-Oat December Futures  | Euro-Oat December Futures  | Euro-Oat December Futures  | Euro-Oat December Futures  | Euro-Oat December Futures  | 12/2025 | 12/2025 | 12/2025 | 698 | 698 | (99445) | (99445) | 46 | 46 | 46 | 0 | 0 | 0 | (238) |
|  |  |  |  |  |  |  |  |  |  |  |  |  | (65) | (65) | $ | 5 | 5 | $ | (287) |
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **2301** | **2301** | **$** | **544** | **544** | **$** | **(834)** |
| **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** |
| **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION**<sup>(1)</sup> |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> |
| Reference Entity | Reference Entity | Fixed <br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>September 30, 2025<sup>(2)</sup> | Implied<br>Credit Spread at<br>September 30, 2025<sup>(2)</sup> | Implied<br>Credit Spread at<br>September 30, 2025<sup>(2)</sup> |  |  | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/<br>(Received) |  | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Market<br>Value<sup>(4)</sup> | Market<br>Value<sup>(4)</sup> | Asset | Asset | Liability |
| AT&T, Inc.  | AT&T, Inc.  | 1.000% | Quarterly | 06/20/2028 | 0.402 | 0.402 | % | $ | $ | $500 | 3 | $ | 5 | 8 | 8 | 8 | 0 | 0 | 0 |
| Boeing Co.  | Boeing Co.  | 1.000 | Quarterly | 12/20/2030 | 0.648 | 0.648 |  |  |  | 4600 | 77 |  | 1 | 78 | 78 | 78 | 0 | 0 | 0 |
| Bombardier, Inc.  | Bombardier, Inc.  | 5.000 | Quarterly | 06/20/2028 | 0.770 | 0.770 |  |  |  | 100 | 4 |  | 7 | 11 | 11 | 11 | 0 | 0 | 0 |
| Ford Motor Credit Co. LLC  | Ford Motor Credit Co. LLC  | 5.000 | Quarterly | 06/20/2028 | 1.109 | 1.109 |  |  |  | 200 | 21 |  | (1) | 20 | 20 | 20 | 0 | 0 | 0 |
| Morgan Stanley  | Morgan Stanley  | 1.000 | Quarterly | 12/20/2025 | 0.227 | 0.227 |  |  |  | 22900 | 58 |  | (13) | 45 | 45 | 45 | 0 | 0 | (1) |
| Verizon Communications, Inc.  | Verizon Communications, Inc.  | 1.000 | Quarterly | 12/20/2028 | 0.430 | 0.430 |  |  |  | 100 | 1 |  | 1 | 2 | 2 | 2 | 0 | 0 | 0 |
| ZF Europe Finance BV  | ZF Europe Finance BV  | 5.000 | Quarterly | 12/20/2029 | 3.496 | 3.496 |  | EUR | EUR | 1400 | 109 |  | (15) | 94 | 94 | 94 | 0 | 0 | (2) |
|  |  |  |  |  |  |  |  |  |  |  | 273 | $ | (15) | 258 | 258 | 258 | 0 | 0 | (3) |
| **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> |
| Index/Tranches | Index/Tranches | Index/Tranches | Fixed <br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Maturity<br>Date |  |  | Notional<br>Amount<sup>(3)</sup> | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/<br>(Received) |  | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Market<br>Value<sup>(4)</sup> | Market<br>Value<sup>(4)</sup> | Asset | Asset | Liability |
| CDX.EM-40 5-Year Index  | CDX.EM-40 5-Year Index  | CDX.EM-40 5-Year Index  | 1.000% | Quarterly | 12/20/2028 | 12/20/2028 | $ | $ | $200 | 200 | (10) | $ | 10 | 0 | 0 | 0 | 0 | 0 | 0 |
| CDX.EM-42 5-Year Index  | CDX.EM-42 5-Year Index  | CDX.EM-42 5-Year Index  | 1.000 | Quarterly | 12/20/2029 | 12/20/2029 |  |  | 100 | 100 | (3) |  | 2 | (1) | (1) | (1) | 0 | 0 | 0 |
| CDX.EM-44 5-Year Index  | CDX.EM-44 5-Year Index  | CDX.EM-44 5-Year Index  | 1.000 | Quarterly | 12/20/2030 | 12/20/2030 |  |  | 200 | 200 | (4) |  | 0 | (4) | (4) | (4) | 0 | 0 | 0 |
| CDX.HY-43 5-Year Index  | CDX.HY-43 5-Year Index  | CDX.HY-43 5-Year Index  | 5.000 | Quarterly | 12/20/2029 | 12/20/2029 |  |  | 123700 | 123700 | 9550 |  | (76) | 9474 | 9474 | 9474 | 0 | 0 | (176) |
| CDX.HY-44 5-Year Index  | CDX.HY-44 5-Year Index  | CDX.HY-44 5-Year Index  | 5.000 | Quarterly | 06/20/2030 | 06/20/2030 |  |  | 704800 | 704800 | 40335 |  | 16838 | 57173 | 57173 | 57173 | 254 | 254 | 0 |
| CDX.IG-43 5-Year Index  | CDX.IG-43 5-Year Index  | CDX.IG-43 5-Year Index  | 1.000 | Quarterly | 12/20/2029 | 12/20/2029 |  |  | 1300 | 1300 | 24 |  | 6 | 30 | 30 | 30 | 0 | 0 | 0 |
| CDX.IG-44 5-Year Index  | CDX.IG-44 5-Year Index  | CDX.IG-44 5-Year Index  | 1.000 | Quarterly | 06/20/2030 | 06/20/2030 |  |  | 1910300 | 1910300 | 38169 |  | 5760 | 43929 | 43929 | 43929 | 148 | 148 | 0 |
| CDX.IG-45 5-Year Index  | CDX.IG-45 5-Year Index  | CDX.IG-45 5-Year Index  | 1.000 | Quarterly | 12/20/2030 | 12/20/2030 |  |  | 501700 | 501700 | 11312 |  | 219 | 11531 | 11531 | 11531 | 56 | 56 | 0 |
|  |  |  |  |  |  |  |  |  |  |  | 99373 | $ | 22759 | 122132 | 122132 | 122132 | 458 | 458 | (176) |
| **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> |
| Pay/<br>Receive<br>Floating Rate | Floating Rate Index | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Maturity<br>Date | Maturity<br>Date |  |  | Notional<br>Amount | Premiums<br>Paid/<br>(Received) | Premiums<br>Paid/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Market<br>Value | Market<br>Value | Asset | Asset | Liability |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 1-Day GBP-SONIO Compounded-OIS | 3.750% | Annual | 09/17/2030 | 09/17/2030 | 09/17/2030 | GBP | GBP | 285800 | $(1814) | (1814) | 163 | $(1651) | (1651) | (1651) | $375 | 375 | $(6) |

---

------

<br> Schedule of Investments PIMCO Multisector Bond Active Exchange - Traded Fund (Cont.) September 30, 2025 (Unaudited)

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| | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay<sup>(5)</sup> | Pay<sup>(5)</sup> | 1-Day GBP-SONIO Compounded-OIS | 1-Day GBP-SONIO Compounded-OIS | 3.750 | Annual | Annual | 03/18/2031 | 13200 | 13200 |  | (22) |  | (61) |  | (83) |  | 21 |  | 0 |
| Receive | Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | Annual | 12/18/2026 | $117700 | 117700 |  | (1476) |  | 1843 |  | 367 |  | 0 |  | (27) |
| Receive<sup>(5)</sup> | Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.300 | Annual | Annual | 02/28/2030 | 500000 | 500000 |  | (1056) |  | 1636 |  | 580 |  | 0 |  | (253) |
| Receive | Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | Annual | 06/18/2030 | 132100 | 132100 |  | 82 |  | 1079 |  | 1161 |  | 0 |  | (59) |
| Receive<sup>(5)</sup> | Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | Annual | 12/17/2030 | 308400 | 308400 |  | (6613) |  | 1204 |  | (5409) |  | 0 |  | (128) |
| Receive | Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.200 | Annual | Annual | 08/31/2031 | 30500 | 30500 |  | (31) |  | 448 |  | 417 |  | 0 |  | (10) |
| Receive | Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.245 | Annual | Annual | 10/18/2034 | 33200 | 33200 |  | (114) |  | 1437 |  | 1323 |  | 0 |  | (3) |
| Receive<sup>(5)</sup> | Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | Annual | 12/17/2035 | 566600 | 566600 |  | (6904) |  | 2440 |  | (4464) |  | 4 |  | 0 |
| Receive | Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.300 | Annual | Annual | 11/15/2053 | 7400 | 7400 |  | 752 |  | 141 |  | 893 |  | 21 |  | 0 |
| Receive | Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | Annual | 09/17/2055 | 47300 | 47300 |  | 165 |  | 3430 |  | 3595 |  | 138 |  | 0 |
| Pay | Pay | 1-Year BRL-CDI | 1-Year BRL-CDI | 13.926 | Maturity | Maturity | 01/04/2027 | 24900 | 24900 |  | 0 |  | (22) |  | (22) |  | 0 |  | (5) |
| Pay | Pay | 1-Year BRL-CDI | 1-Year BRL-CDI | 13.927 | Maturity | Maturity | 01/04/2027 | 474400 | 474400 |  | (201) |  | (220) |  | (421) |  | 0 |  | (86) |
| Pay | Pay | 1-Year BRL-CDI | 1-Year BRL-CDI | 13.291 | Maturity | Maturity | 01/02/2029 | 306300 | 306300 |  | (119) |  | 25 |  | (94) |  | 0 |  | (1) |
| Pay | Pay | 1-Year BRL-CDI | 1-Year BRL-CDI | 13.320 | Maturity | Maturity | 01/02/2029 | 14000 | 14000 |  | 0 |  | (2) |  | (2) |  | 1 |  | 0 |
| Receive | Receive | 3-Month COP-IBR Compounded-OIS | 3-Month COP-IBR Compounded-OIS | 3.575 | Annual | Annual | 07/03/2030 | 163122 | 163122 |  | 121 |  | (8) |  | 113 |  | 0 |  | (3) |
| Pay<sup>(5)</sup> | Pay<sup>(5)</sup> | 6-Month AUD-BBR-BBSW | 6-Month AUD-BBR-BBSW | 4.750 | Semi-Annual | Semi-Annual | 12/20/2033 | 420675 | 420675 |  | 2597 |  | 1028 |  | 3625 |  | 827 |  | 0 |
| Pay<sup>(5)</sup> | Pay<sup>(5)</sup> | 6-Month AUD-BBR-BBSW | 6-Month AUD-BBR-BBSW | 4.250 | Semi-Annual | Semi-Annual | 03/18/2036 | 28900 | 28900 |  | 76 |  | (165) |  | (89) |  | 106 |  | 0 |
| Pay | Pay | 6-Month CZK-PRIBOR | 6-Month CZK-PRIBOR | 4.270 | Annual | Annual | 08/01/2028 | 48900 | 48900 |  | 22 |  | 12 |  | 34 |  | 0 |  | 0 |
| Pay | Pay | 6-Month CZK-PRIBOR | 6-Month CZK-PRIBOR | 3.365 | Annual | Annual | 11/28/2029 | 149700 | 149700 |  | (68) |  | 47 |  | (21) |  | 1 |  | 0 |
| Pay<sup>(5)</sup> | Pay<sup>(5)</sup> | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | 2.500 | Annual | Annual | 03/18/2031 | 58790 | 58790 |  | 269 |  | (92) |  | 177 |  | 99 |  | 0 |
| Receive | Receive | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | 2.510 | Annual | Annual | 04/09/2035 | 2900 | 2900 |  | (10) |  | 50 |  | 40 |  | 0 |  | (9) |
| Receive | Receive | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | 2.520 | Annual | Annual | 04/09/2035 | 1500 | 1500 |  | (6) |  | 25 |  | 19 |  | 0 |  | (5) |
| Receive | Receive | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | 2.550 | Annual | Annual | 04/16/2035 | 1400 | 1400 |  | (5) |  | 18 |  | 13 |  | 0 |  | (5) |
| Receive | Receive | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | 2.530 | Annual | Annual | 04/23/2035 | 3700 | 3700 |  | (14) |  | 56 |  | 42 |  | 0 |  | (12) |
| Receive | Receive | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | 2.450 | Annual | Annual | 05/05/2035 | 1500 | 1500 |  | (5) |  | 35 |  | 30 |  | 0 |  | (5) |
| Receive<sup>(5)</sup> | Receive<sup>(5)</sup> | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | 2.750 | Annual | Annual | 03/18/2036 | 16190 | 16190 |  | (29) |  | 6 |  | (23) |  | 0 |  | (54) |
| Receive<sup>(5)</sup> | Receive<sup>(5)</sup> | 6-Month EUR-EURIBOR | 6-Month EUR-EURIBOR | 3.000 | Annual | Annual | 03/18/2056 | 3830 | 3830 |  | (65) |  | (5) |  | (70) |  | 0 |  | (30) |
| Pay | Pay | 6-Month HUF-BBR | 6-Month HUF-BBR | 6.650 | Annual | Annual | 03/13/2030 | 4165800 | 4165800 |  | 6 |  | 607 |  | 613 |  | 0 |  | (9) |
|  |  |  |  |  |  |  |  |  | $ | $(14462) | (14462) | $15155 | 15155 | $693 | 693 | $1593 | 1593 | $(710) | (710) |
| **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **$** | $**85184** | **85184** | $**37899** | **37899** | $**123083** | **123083** | $**2051** | **2051** | $**(889)** | **(889)** |
| **(j)** | **Securities with an aggregate market value of $162,173 and cash of $59,425 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $162,173 and cash of $59,425 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $162,173 and cash of $59,425 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $162,173 and cash of $59,425 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $162,173 and cash of $59,425 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $162,173 and cash of $59,425 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $162,173 and cash of $59,425 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $162,173 and cash of $59,425 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $162,173 and cash of $59,425 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $162,173 and cash of $59,425 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $162,173 and cash of $59,425 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $162,173 and cash of $59,425 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $162,173 and cash of $59,425 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $162,173 and cash of $59,425 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $162,173 and cash of $59,425 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $162,173 and cash of $59,425 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $162,173 and cash of $59,425 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $162,173 and cash of $59,425 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Securities with an aggregate market value of $162,173 and cash of $59,425 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** |
| <sup>(1)</sup> | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. |
| <sup>(2)</sup> | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign 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. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign 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. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign 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. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign 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. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign 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. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign 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. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign 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. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign 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. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign 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. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign 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. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign 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. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign 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. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign 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. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign 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. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign 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. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign 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. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign 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. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign 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. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign 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. |
| <sup>(3)</sup> | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. |
| <sup>(4)</sup> | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. |
| <sup>(5)</sup> | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. |
| **(k)** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** |
| **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** |
|  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; Counterparty | &nbsp;&nbsp;&nbsp;&nbsp; Counterparty | &nbsp;&nbsp;&nbsp;&nbsp; Counterparty | Settlement<br>Month | Settlement<br>Month | Settlement<br>Month |  | Currency to<br>be Delivered | Currency to<br>be Delivered | Currency to<br>be Delivered |  | Currency to<br>be Received | Currency to<br>be Received | Currency to<br>be Received | Asset | Asset | Asset | Liability | Liability | Liability |
| &nbsp;&nbsp;&nbsp;&nbsp; BOA | &nbsp;&nbsp;&nbsp;&nbsp; BOA | &nbsp;&nbsp;&nbsp;&nbsp; BOA | 10/2025  | 10/2025  | 10/2025  | INR | 414 | 414 | 414 | $ | $5 | 5 | 5 | 0 | 0 | 0 | $0 | 0 | 0 |
|  |  |  | 10/2025  | 10/2025  | 10/2025  | JPY | 156992 | 156992 | 156992 |  | 1048 | 1048 | 1048 | 0 | 0 | 0 | (13) | (13) | (13) |
|  |  |  | 10/2025  | 10/2025  | 10/2025  | NZD | 222 | 222 | 222 |  | 128 | 128 | 128 | 0 | 0 | 0 | (1) | (1) | (1) |

---

------

<br> Schedule of Investments PIMCO Multisector Bond Active Exchange - Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 10/2025  | $109 | 15992 | 0 | (1) |
|  | 10/2025  | 686 | 2533 | 43 | 0 |
|  | 11/2025  | 2912 | 2475 | 0 | (1) |
|  | 11/2025  | 1048 | 156448 | 13 | 0 |
|  | 11/2025  | 128 | 222 | 1 | 0 |
|  | 12/2025  | 92 | $26 | 0 | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp; BPS | 10/2025  | 1801 | 1188 | 0 | (4) |
|  | 10/2025  | 32900 | 5788 | 2 | (395) |
|  | 10/2025  | 12364 | 14593 | 77 | 0 |
|  | 10/2025  | 250099 | 15 | 0 | 0 |
|  | 10/2025  | 181882 | 1224 | 0 | (6) |
|  | 10/2025  | 219 | 128 | 1 | 0 |
|  | 10/2025  | 766 | 18 | 0 | 0 |
|  | 10/2025  | $6025 | 32900 | 157 | 0 |
|  | 10/2025  | 18 | 131 | 0 | 0 |
|  | 10/2025  | 1875 | 31045836 | 0 | (14) |
|  | 10/2025  | 5607 | 7764299 | 0 | (76) |
|  | 10/2025  | 855 | 3112 | 1 | 0 |
|  | 10/2025  | 4387 | 133155 | 0 | (12) |
|  | 11/2025  | 1189 | 1801 | 4 | 0 |
|  | 11/2025  | 467 | 2499 | 0 | (1) |
|  | 11/2025  | 1224 | 181251 | 6 | 0 |
|  | 11/2025  | 128 | 219 | 0 | (1) |
|  | 12/2025  | 49327 | $149 | 1 | 0 |
|  | 12/2025  | 106212 | 6 | 0 | 0 |
|  | 04/2026  | 35000 | 6136 | 0 | (159) |
|  | 05/2030  | 2974 | 10242 | 354 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; BRC | 10/2025  | 480 | 602 | 0 | (2) |
|  | 10/2025  | 8316 | 2274 | 0 | (13) |
|  | 10/2025  | 2542 | 61 | 0 | 0 |
|  | 10/2025  | $706 | 566 | 5 | 0 |
|  | 10/2025  | 1805 | 1545 | 9 | 0 |
|  | 10/2025  | 6 | 59 | 0 | 0 |
|  | 10/2025  | 23103 | 997349 | 525 | 0 |
|  | 11/2025  | 2141 | $1415 | 0 | (2) |
|  | 11/2025  | 59 | 6 | 0 | 0 |
|  | 11/2025  | $602 | 478 | 2 | 0 |
|  | 11/2025  | 2981 | 10942 | 167 | 0 |
|  | 11/2025  | 4305 | 187468 | 33 | 0 |
|  | 11/2025  | 134954 | $7665 | 0 | (123) |
|  | 12/2025  | $2953 | 54608 | 5 | 0 |
|  | 12/2025  | 3556 | 155973 | 9 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBK | 10/2025  | 2141 | $1406 | 0 | (11) |
|  | 10/2025  | 11214607 | 2780 | 0 | (71) |
|  | 10/2025  | 7494 | 8789 | 2 | (11) |
|  | 10/2025  | 74131 | 5 | 0 | 0 |
|  | 10/2025  | 1393 | 16 | 0 | 0 |
|  | 10/2025  | 459 | 45 | 0 | (1) |
|  | 10/2025  | 49574 | 38757 | 326 | 0 |
|  | 10/2025  | $4308 | 6004 | 6 | 0 |
|  | 10/2025  | 5626 | 39974 | 0 | (16) |
|  | 10/2025  | 2902 | 2475 | 4 | 0 |
|  | 10/2025  | 7 | 109373 | 0 | 0 |
|  | 10/2025  | 4 | 361 | 0 | 0 |
|  | 10/2025  | 1886 | 275600 | 0 | (23) |
|  | 10/2025  | 584 | 5821 | 0 | 0 |
|  | 10/2025  | 5519 | 7122 | 2 | 0 |
|  | 10/2025  | 33475 | $1933 | 0 | (5) |
|  | 11/2025  | 5995 | 4308 | 0 | (6) |
|  | 11/2025  | 362 | 4 | 0 | 0 |
|  | 11/2025  | 5820 | 584 | 0 | 0 |
|  | 11/2025  | 7103 | 5519 | 0 | (2) |
|  | 11/2025  | $916 | 15968 | 6 | 0 |
|  | 12/2025  | 8114 | $392 | 0 | 0 |
|  | 12/2025  | 109683 | 7 | 0 | 0 |
|  | 12/2025  | 11157 | 3014 | 0 | (194) |
|  | 12/2025  | $331 | 185479 | 0 | (2) |
|  | 03/2026  | 65733 | $18733 | 0 | (112) |
| &nbsp;&nbsp;&nbsp;&nbsp; CIB | 10/2025  | 19210 | 3612 | 3 | 0 |
|  | 10/2025  | $3598 | 19210 | 11 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; DUB | 10/2025  | 797 | $9 | 0 | 0 |
|  | 10/2025  | $40 | 281 | 0 | 0 |
|  | 10/2025  | 7 | 584 | 0 | 0 |
|  | 11/2025  | 585 | $7 | 0 | 0 |
|  | 11/2025  | $831 | 463185 | 0 | 0 |
|  | 11/2025  | 325883 | $18617 | 0 | (188) |
|  | 12/2025  | 1116013 | 59192 | 0 | (1256) |
|  | 12/2025  | $1567 | 79427 | 44 | 0 |
|  | 12/2025  | 3532 | 1958165 | 0 | (48) |
|  | 03/2026  | 1998 | 1146840 | 0 | (22) |
| &nbsp;&nbsp;&nbsp;&nbsp; FAR | 10/2025  | 2056 | $1342 | 0 | (18) |
|  | 10/2025  | 196788 | 36735 | 0 | (240) |
|  | 10/2025  | 86 | 108 | 0 | 0 |
|  | 10/2025  | 1668 | 19 | 0 | 0 |
|  | 10/2025  | 154 | 90 | 1 | 0 |
|  | 10/2025  | 9255 | 2532 | 0 | (14) |

---

------

<br> Schedule of Investments PIMCO Multisector Bond Active Exchange - Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 10/2025  | $3544 | 5463 | 71 | 0 |
|  | 10/2025  | 37000 | 196788 | 0 | (25) |
|  | 10/2025  | 17 | 123 | 0 | 0 |
|  | 10/2025  | 7206 | 6168 | 35 | 0 |
|  | 10/2025  | 43217 | 6353396 | 0 | (255) |
|  | 10/2025  | 494 | 1801 | 2 | 0 |
|  | 10/2025  | 34541 | 44486 | 0 | (55) |
|  | 11/2025  | 6168 | $7221 | 0 | (36) |
|  | 11/2025  | 44373 | 34541 | 52 | 0 |
|  | 11/2025  | $1343 | 2056 | 18 | 0 |
|  | 11/2025  | 108 | 86 | 0 | 0 |
|  | 11/2025  | 90 | 154 | 0 | (1) |
|  | 12/2025  | 149558 | $7892 | 0 | (209) |
|  | 12/2025  | 166920 | 47016 | 0 | (963) |
|  | 12/2025  | $36735 | 199576 | 229 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; GLM | 10/2025  | 197127 | $36552 | 23 | (509) |
|  | 10/2025  | 74803 | 5 | 0 | 0 |
|  | 10/2025  | 475 | 5 | 0 | 0 |
|  | 10/2025  | $36246 | 197127 | 799 | (6) |
|  | 10/2025  | 1 | 10 | 0 | 0 |
|  | 10/2025  | 6 | 105067 | 0 | 0 |
|  | 10/2025  | 8 | 260 | 0 | 0 |
|  | 11/2025  | 1079 | 46989 | 8 | 0 |
|  | 12/2025  | 105319 | $6 | 0 | 0 |
|  | 12/2025  | $102 | 5131 | 2 | 0 |
|  | 04/2026  | 197000 | $34766 | 5 | (675) |
| &nbsp;&nbsp;&nbsp;&nbsp; JPM | 10/2025  | 3877 | 711 | 0 | (18) |
|  | 10/2025  | 6004 | 4344 | 30 | 0 |
|  | 10/2025  | 57039 | 66709 | 0 | (258) |
|  | 10/2025  | 80129 | 5 | 0 | 0 |
|  | 10/2025  | 5508 | 1499 | 0 | (16) |
|  | 10/2025  | $729 | 3877 | 0 | (1) |
|  | 11/2025  | 288581 | $16464 | 0 | (189) |
|  | 12/2025  | 3668977 | 931 | 5 | 0 |
|  | 12/2025  | $643 | 11915 | 2 | 0 |
|  | 04/2026  | 29800 | $5028 | 0 | (332) |
| &nbsp;&nbsp;&nbsp;&nbsp; MBC | 10/2025  | 4424 | 621 | 0 | 0 |
|  | 10/2025  | 5091 | 6006 | 29 | 0 |
|  | 10/2025  | 90143 | 606 | 0 | (4) |
|  | 10/2025  | 7768134 | 5572 | 38 | 0 |
|  | 10/2025  | 7106 | 5517 | 8 | 0 |
|  | 10/2025  | $20 | 143 | 0 | 0 |
|  | 10/2025  | 201 | 9950 | 6 | 0 |
|  | 10/2025  | 7861 | 6669 | 0 | (31) |
|  | 10/2025  | 11902 | 1755270 | 23 | (56) |
|  | 10/2025  | 5568 | 7758174 | 0 | (39) |
|  | 10/2025  | 6 | 60 | 0 | 0 |
|  | 10/2025  | 4000 | 5126 | 0 | (26) |
|  | 11/2025  | 60 | $6 | 0 | 0 |
|  | 11/2025  | $621 | 4414 | 0 | 0 |
|  | 11/2025  | 5892 | 868971 | 4 | 0 |
|  | 12/2025  | 719 | 36503 | 21 | 0 |
|  | 12/2025  | 3207 | 59588 | 20 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; MYI | 10/2025  | 800 | $132 | 0 | (19) |
|  | 10/2025  | 3438824 | 23035 | 0 | (219) |
|  | 10/2025  | $150 | 800 | 0 | 0 |
|  | 10/2025  | 20 | 144 | 0 | 0 |
|  | 10/2025  | 479 | 70718 | 0 | (1) |
|  | 10/2025  | 0 | 2 | 0 | 0 |
|  | 10/2025  | 466 | 1687 | 0 | (2) |
|  | 11/2025  | 2 | $0 | 0 | 0 |
|  | 11/2025  | $23035 | 3426973 | 219 | 0 |
|  | 12/2025  | 5656 | $274 | 1 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; NGF | 10/2025  | 67170 | 4 | 0 | 0 |
|  | 10/2025  | 9182 | 7 | 0 | 0 |
|  | 11/2025  | $1705 | 74513 | 28 | 0 |
|  | 12/2025  | 332 | 14549 | 1 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; RBC | 12/2025  | 2567 | 47914 | 29 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; RYL | 10/2025  | 48 | $37 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; SCX | 10/2025  | 74536 | 5 | 0 | 0 |
|  | 10/2025  | 414 | 5 | 0 | 0 |
|  | 10/2025  | $15 | 105 | 0 | 0 |
|  | 10/2025  | 15053 | 11254 | 82 | 0 |
|  | 10/2025  | 5 | 84604 | 0 | 0 |
|  | 10/2025  | 4 | 372 | 0 | 0 |
|  | 10/2025  | 2462 | 362066 | 0 | (14) |
|  | 11/2025  | 11254 | $15056 | 0 | (82) |
|  | 11/2025  | 372 | 4 | 0 | 0 |
|  | 11/2025  | $61 | 8998 | 0 | 0 |
|  | 11/2025  | 38 | 65 | 0 | 0 |
|  | 12/2025  | 1303 | $64 | 1 | 0 |
|  | 12/2025  | 84818 | 5 | 0 | 0 |
|  | 12/2025  | $1516 | 28094 | 5 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; SOG | 10/2025  | 1606 | $1061 | 0 | (2) |
|  | 10/2025  | 7488892 | 50329 | 0 | (311) |
|  | 10/2025  | $79505 | 67606 | 0 | (132) |

---

------

<br> Schedule of Investments PIMCO Multisector Bond Active Exchange - Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | 10/2025  | 10/2025  |  |  |  | 22544 | 22544 | JPY | 3315410 | 3315410 |  | 0 | 0 | 0 |  | (125) | (125) |
|  |  |  |  | 10/2025  | 10/2025  |  |  |  | 20 | 20 | NOK | 197 | 197 |  | 0 | 0 | 0 |  | 0 | 0 |
|  |  |  |  | 10/2025  | 10/2025  |  |  |  | 384 | 384 | NZD | 660 | 660 |  | 0 | 0 | 0 |  | (2) | (2) |
|  |  |  |  | 11/2025  | 11/2025  | COP | COP | COP | 68913002 | 68913002 | $ | 16892 | 16892 |  | 0 | 0 | 0 |  | (594) | (594) |
|  |  |  |  | 11/2025  | 11/2025  | EUR | EUR | EUR | 67606 | 67606 |  | 79664 | 79664 |  | 132 | 132 | 132 |  | 0 | 0 |
|  |  |  |  | 11/2025  | 11/2025  | NOK | NOK | NOK | 197 | 197 |  | 20 | 20 |  | 0 | 0 | 0 |  | 0 | 0 |
|  |  |  |  | 11/2025  | 11/2025  | $ | $ | $ | 1061 | 1061 | AUD | 1606 | 1606 |  | 2 | 2 | 2 |  | 0 | 0 |
|  |  |  |  | 11/2025  | 11/2025  |  |  |  | 50329 | 50329 | JPY | 7462993 | 7462993 |  | 312 | 312 | 312 |  | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; SSB | &nbsp;&nbsp;&nbsp;&nbsp; SSB | &nbsp;&nbsp;&nbsp;&nbsp; SSB | &nbsp;&nbsp;&nbsp;&nbsp; SSB | 10/2025  | 10/2025  | GBP | GBP | GBP | 11254 | 11254 | $ | 15169 | 15169 |  | 34 | 34 | 34 |  | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; UAG | &nbsp;&nbsp;&nbsp;&nbsp; UAG | &nbsp;&nbsp;&nbsp;&nbsp; UAG | &nbsp;&nbsp;&nbsp;&nbsp; UAG | 10/2025  | 10/2025  | NOK | NOK | NOK | 5680 | 5680 | $ | 558 | 558 |  | 0 | 0 | 0 |  | (11) | (11) |
|  |  |  |  | 10/2025  | 10/2025  | $ | $ | $ | 465 | 465 | PLN | 1686 | 1686 |  | 0 | 0 | 0 |  | (1) | (1) |
|  |  |  |  | 10/2025  | 10/2025  |  |  |  | 1938 | 1938 | ZAR | 33473 | 33473 |  | 1 | 1 | 1 |  | 0 | 0 |
|  |  |  |  | 10/2025  | 10/2025  | ZAR | ZAR | ZAR | 33489 | 33489 | $ | 1938 | 1938 |  | 0 | 0 | 0 |  | (1) | (1) |
|  |  |  |  | 11/2025  | 11/2025  | COP | COP | COP | 108073277 | 108073277 |  | 25978 | 25978 |  | 0 | 0 | 0 |  | (1472) | (1472) |
|  |  |  |  | 11/2025  | 11/2025  | ZAR | ZAR | ZAR | 146796 | 146796 |  | 8327 | 8327 |  | 0 | 0 | 0 |  | (144) | (144) |
|  |  |  |  | 12/2025  | 12/2025  | HUF | HUF | HUF | 35032 | 35032 |  | 106 | 106 |  | 1 | 1 | 1 |  | 0 | 0 |
|  |  |  |  | 12/2025  | 12/2025  | $ | $ | $ | 28324 | 28324 | MXN | 548329 | 548329 |  | 1376 | 1376 | 1376 |  | 0 | 0 |
| **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | $**5474** | **5474** | **5474** | **5474** | $**(9901)** | **(9901)** | **(9901)** |
| **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** |
| **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(1)</sup> |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Swap Agreements, at Value</u><sup>(4)</sup> | <u>Swap Agreements, at Value</u><sup>(4)</sup> | <u>Swap Agreements, at Value</u><sup>(4)</sup> |
| Counterparty | Counterparty | Reference Entity | Reference Entity | Reference Entity | Fixed <br>Receive Rate | Fixed <br>Receive Rate | Payment<br>Frequency | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>September 30, 2025<sup>(2)</sup> | Implied<br>Credit Spread at<br>September 30, 2025<sup>(2)</sup> | Implied<br>Credit Spread at<br>September 30, 2025<sup>(2)</sup> | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Asset | Liability |
| BPS | BPS | Mexico Government International Bonds  | Mexico Government International Bonds  | Mexico Government International Bonds  | 1.000% | 1.000% | Quarterly | Quarterly | 06/20/2026 | 0.210% | 0.210% | 0.210% | $4000 | 22 | 22 | $2 | 2 | 24 | 24 | $0 |
|  |  | Romania Government International Bonds  | Romania Government International Bonds  | Romania Government International Bonds  | 1.000 | 1.000 | Quarterly | Quarterly | 12/20/2025 | 0.593 | 0.593 | 0.593 | 7000 | 9 | 9 | (1) | (1) | 8 | 8 | 0 |
| DUB | DUB | Petroleos Mexicanos « | Petroleos Mexicanos « | Petroleos Mexicanos « | 4.750 | 4.750 | Monthly | Monthly | 07/06/2026 | —◆ | —◆ | —◆ | 2941 | 0 | 0 | 38 | 38 | 38 | 38 | 0 |
| GST | GST | Soft Bank Group,Inc.  | Soft Bank Group,Inc.  | Soft Bank Group,Inc.  | 1.000 | 1.000 | Quarterly | Quarterly | 06/20/2026 | 0.872 | 0.872 | 0.872 | 9000 | (76) | (76) | 86 | 86 | 10 | 10 | 0 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  | (45) | (45) | $125 | 125 | 80 | 80 | $0 |
| **TOTAL RETURN SWAPS ON INDEXES** | **TOTAL RETURN SWAPS ON INDEXES** | **TOTAL RETURN SWAPS ON INDEXES** | **TOTAL RETURN SWAPS ON INDEXES** | **TOTAL RETURN SWAPS ON INDEXES** | **TOTAL RETURN SWAPS ON INDEXES** | **TOTAL RETURN SWAPS ON INDEXES** | **TOTAL RETURN SWAPS ON INDEXES** | **TOTAL RETURN SWAPS ON INDEXES** | **TOTAL RETURN SWAPS ON INDEXES** | **TOTAL RETURN SWAPS ON INDEXES** | **TOTAL RETURN SWAPS ON INDEXES** | **TOTAL RETURN SWAPS ON INDEXES** | **TOTAL RETURN SWAPS ON INDEXES** | **TOTAL RETURN SWAPS ON INDEXES** | **TOTAL RETURN SWAPS ON INDEXES** | **TOTAL RETURN SWAPS ON INDEXES** | **TOTAL RETURN SWAPS ON INDEXES** | **TOTAL RETURN SWAPS ON INDEXES** | **TOTAL RETURN SWAPS ON INDEXES** | **TOTAL RETURN SWAPS ON INDEXES** |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Swap Agreements, at Value</u> | <u>Swap Agreements, at Value</u> | <u>Swap Agreements, at Value</u> |
| &nbsp;&nbsp; Counterparty | &nbsp;&nbsp; Counterparty | &nbsp;&nbsp; Counterparty | Pay/Receive<sup>(5)</sup> | Underlying<br>Reference | Underlying<br>Reference | # of Units | # of Units | &nbsp;&nbsp; Financing Rate | Payment<br>Frequency | Payment<br>Frequency | Maturity<br>Date | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Asset | Liability |
| &nbsp;&nbsp; BPS | &nbsp;&nbsp; BPS | &nbsp;&nbsp; BPS | Receive | iBoxx USD Liquid Leveraged Loan Index  | iBoxx USD Liquid Leveraged Loan Index  | 66222 | 66222 | &nbsp;&nbsp; 225.000% | Maturity | Maturity | 12/22/2025 | 12/22/2025 | 14900 | 0 | 0 | $(157) | (157) | 0 | 0 | $(157) |
| &nbsp;&nbsp; MYC | &nbsp;&nbsp; MYC | &nbsp;&nbsp; MYC | Receive | iBoxx USD Liquid Leveraged Loan Index  | iBoxx USD Liquid Leveraged Loan Index  | 132345 | 132345 | &nbsp;&nbsp; 225.170% | Maturity | Maturity | 12/22/2025 | 12/22/2025 | 29800 | 0 | 0 | (290) | (290) | 0 | 0 | (290) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  | 0 | 0 | $(447) | (447) | 0 | 0 | $(447) |
| **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **(45)** | **(45)** | $**(322)** | **(322)** | **80** | **80** | $**(447)** |
| **(l)** | **Securities with an aggregate market value of $5,869 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $5,869 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $5,869 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $5,869 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $5,869 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $5,869 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $5,869 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $5,869 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $5,869 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $5,869 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $5,869 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $5,869 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $5,869 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $5,869 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $5,869 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $5,869 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $5,869 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $5,869 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $5,869 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $5,869 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** |
| ◆ | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. | Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation. |
| <sup>(1)</sup> | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. |
| <sup>(2)</sup> | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign 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. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign 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. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign 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. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign 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. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign 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. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign 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. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign 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. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign 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. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign 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. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign 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. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign 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. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign 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. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign 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. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign 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. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign 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. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign 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. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign 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. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign 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. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign 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. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign 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. |
| <sup>(3)</sup> | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. |
| <sup>(4)</sup> | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. |
| <sup>(5)</sup> | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. |
| **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** |
| **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: |  |
| Category and Subcategory | Category and Subcategory | Category and Subcategory | Category and Subcategory | Category and Subcategory | Category and Subcategory | Category and Subcategory | Category and Subcategory | Category and Subcategory | Level 1 | Level 1 | Level 1 | Level 2 | Level 2 | Level 3 | Level 3 | Level 3 | Fair Value<br>at 09/30/2025 | Fair Value<br>at 09/30/2025 | Fair Value<br>at 09/30/2025 |  |

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<br> Schedule of Investments PIMCO Multisector Bond Active Exchange - Traded Fund (Cont.) September 30, 2025 (Unaudited)

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** **in Securities, at Value** | **Investments** **in Securities, at Value** | **Investments** **in Securities, at Value** | **Investments** **in Securities, at Value** | **Investments** **in Securities, at Value** | **Investments** **in Securities, at Value** | **Investments** **in Securities, at Value** | **Investments** **in Securities, at Value** | **Investments** **in Securities, at Value** | **Investments** **in Securities, at Value** | **Investments** **in Securities, at Value** | **Investments** **in Securities, at Value** | **Investments** **in Securities, at Value** | **Investments** **in Securities, at Value** | |
| Loan Participations and Assignments | Loan Participations and Assignments | Loan Participations and Assignments | Loan Participations and Assignments | Loan Participations and Assignments | $7029 | 7029 | 7029 | $140134 | 140134 | $97286 | 97286 | $ | 244449 |  |
| Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |  |
| Banking & Finance | Banking & Finance | Banking & Finance | Banking & Finance | Banking & Finance | 2886 | 2886 | 2886 | 600360 | 600360 | 26543 | 26543 |  | 629789 |  |
| Industrials | Industrials | Industrials | Industrials | Industrials | 1704 | 1704 | 1704 | 1352254 | 1352254 | 83921 | 83921 |  | 1437879 |  |
| Utilities | Utilities | Utilities | Utilities | Utilities | 4192 | 4192 | 4192 | 228497 | 228497 | 0 | 0 |  | 232689 |  |
| Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |  |
| Arizona | Arizona | Arizona | Arizona | Arizona | 0 | 0 | 0 | 3149 | 3149 | 0 | 0 |  | 3149 |  |
| California | California | California | California | California | 0 | 0 | 0 | 307 | 307 | 0 | 0 |  | 307 |  |
| U.S. Government Agencies | U.S. Government Agencies | U.S. Government Agencies | U.S. Government Agencies | U.S. Government Agencies | 0 | 0 | 0 | 4350166 | 4350166 | 0 | 0 |  | 4350166 |  |
| U.S. Treasury Obligations | U.S. Treasury Obligations | U.S. Treasury Obligations | U.S. Treasury Obligations | U.S. Treasury Obligations | 0 | 0 | 0 | 397016 | 397016 | 0 | 0 |  | 397016 |  |
| Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | 0 | 0 | 0 | 808623 | 808623 | 11009 | 11009 |  | 819632 |  |
| Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |  |
| Automobile ABS Other | Automobile ABS Other | Automobile ABS Other | Automobile ABS Other | Automobile ABS Other | 0 | 0 | 0 | 366371 | 366371 | 0 | 0 |  | 366371 |  |
| Automobile Sequential | Automobile Sequential | Automobile Sequential | Automobile Sequential | Automobile Sequential | 0 | 0 | 0 | 230154 | 230154 | 0 | 0 |  | 230154 |  |
| CMBS Other | CMBS Other | CMBS Other | CMBS Other | CMBS Other | 0 | 0 | 0 | 73234 | 73234 | 0 | 0 |  | 73234 |  |
| Home Equity Other | Home Equity Other | Home Equity Other | Home Equity Other | Home Equity Other | 0 | 0 | 0 | 322799 | 322799 | 2096 | 2096 |  | 324895 |  |
| Home Equity Sequential | Home Equity Sequential | Home Equity Sequential | Home Equity Sequential | Home Equity Sequential | 0 | 0 | 0 | 1100 | 1100 | 0 | 0 |  | 1100 |  |
| Manufacturing House Sequential | Manufacturing House Sequential | Manufacturing House Sequential | Manufacturing House Sequential | Manufacturing House Sequential | 0 | 0 | 0 | 2356 | 2356 | 0 | 0 |  | 2356 |  |
| Whole Loan Collateral | Whole Loan Collateral | Whole Loan Collateral | Whole Loan Collateral | Whole Loan Collateral | 0 | 0 | 0 | 173292 | 173292 | 0 | 0 |  | 173292 |  |
| Other ABS | Other ABS | Other ABS | Other ABS | Other ABS | 2000 | 2000 | 2000 | 1379431 | 1379431 | 8951 | 8951 |  | 1390382 |  |
| Sovereign Issues | Sovereign Issues | Sovereign Issues | Sovereign Issues | Sovereign Issues | 0 | 0 | 0 | 377536 | 377536 | 0 | 0 |  | 377536 |  |
| Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |  |
| Repurchase Agreements | Repurchase Agreements | Repurchase Agreements | Repurchase Agreements | Repurchase Agreements | 0 | 0 | 0 | 2421800 | 2421800 | 0 | 0 |  | 2421800 |  |
| Short-Term Notes | Short-Term Notes | Short-Term Notes | Short-Term Notes | Short-Term Notes | 0 | 0 | 0 | 5914 | 5914 | 0 | 0 |  | 5914 |  |
| Nigeria Treasury Bills | Nigeria Treasury Bills | Nigeria Treasury Bills | Nigeria Treasury Bills | Nigeria Treasury Bills | 0 | 0 | 0 | 8171 | 8171 | 0 | 0 |  | 8171 |  |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | 0 | 0 | 0 | 20448 | 20448 | 0 | 0 |  | 20448 |  |
|  |  |  |  |  | $17811 | 17811 | 17811 | $13263112 | 13263112 | $229806 | 229806 | $ | 13510729 |  |
| **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** |  |
| Mutual Funds | Mutual Funds | Mutual Funds | Mutual Funds | Mutual Funds | 19010 | 19010 | 19010 | 0 | 0 | 0 | 0 |  | 19010 |  |
| Total Investments | Total Investments | Total Investments | Total Investments | Total Investments | $36821 | 36821 | 36821 | $13263112 | 13263112 | $229806 | 229806 | $ | 13529739 |  |
| **Short Sales, at Value - Liabilities**  | **Short Sales, at Value - Liabilities**  | **Short Sales, at Value - Liabilities**  | **Short Sales, at Value - Liabilities**  | **Short Sales, at Value - Liabilities**  | **Short Sales, at Value - Liabilities**  | **Short Sales, at Value - Liabilities**  | **Short Sales, at Value - Liabilities**  | **Short Sales, at Value - Liabilities**  | **Short Sales, at Value - Liabilities**  | **Short Sales, at Value - Liabilities**  | **Short Sales, at Value - Liabilities**  | **Short Sales, at Value - Liabilities**  | **Short Sales, at Value - Liabilities**  |  |
| U.S. Government Agencies | U.S. Government Agencies | U.S. Government Agencies | U.S. Government Agencies | U.S. Government Agencies | $0 | 0 | 0 | $(21778) | (21778) | $0 | 0 | $ | (21778) |  |
| **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  |  |
| Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | 419 | 419 | 419 | 2176 | 2176 | 0 | 0 |  | 2595 |  |
| Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | 0 | 0 | 0 | 5516 | 5516 | 38 | 38 |  | 5554 |  |
|  |  |  |  |  | $419 | 419 | 419 | $7692 | 7692 | $38 | 38 | $ | 8149 |  |
| **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  |  |
| Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | (290) | (290) | (290) | (1433) | (1433) | 0 | 0 |  | (1723) |  |
| Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | 0 | 0 | 0 | (10348) | (10348) | 0 | 0 |  | (10348) |  |
|  |  |  |  |  | $(290) | (290) | (290) | $(11781) | (11781) | $0 | 0 | $ | (12071) |  |
| Total Financial Derivative Instruments | Total Financial Derivative Instruments | Total Financial Derivative Instruments | Total Financial Derivative Instruments | Total Financial Derivative Instruments | $129 | 129 | 129 | $(4089) | (4089) | $38 | 38 | $ | (3922) |  |
| Totals | Totals | Totals | Totals | Totals | $36950 | 36950 | 36950 | $13237245 | 13237245 | $229844 | 229844 | $ | 13504039 |  |
| **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** |
| Category and Subcategory | Beginning<br>Balance<br>at 06/30/2025 | Net<br>Purchases<sup>(1)</sup> | Net<br>Sales/Settlements<sup>(1)</sup> | Accrued<br>Discounts/<br>(Premiums) | Accrued<br>Discounts/<br>(Premiums) | Realized<br>Gain/(Loss) | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup> | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup> | Transfers into<br>Level 3 | Transfers into<br>Level 3 | Transfers out<br>of Level 3 | Transfers out<br>of Level 3 | Ending<br>Balance<br>at 09/30/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>09/30/2025<sup>(2)</sup> |
| **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** |
| Loan Participations and Assignments | 86836 | $9950 | $(1521) | $ | 138 | $109 | $ | (154) | $1928 | 1928 | $0 | 0 | $97286 | $(67) |
| Corporate Bonds & Notes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Banking & Finance | 36690 | 4821 | 0 |  | 0 | 0 |  | 938 | 0 | 0 | (15906) | (15906) | 26543 | 424 |
| Industrials | 4518 | 79500 | 0 |  | 1 | 0 |  | (98) | 0 | 0 | 0 | 0 | 83921 | (98) |
| Non-Agency Mortgage-Backed Securities | 9537 | 8833 | (307) |  | 0 | 0 |  | 15 | 0 | 0 | (7069) | (7069) | 11009 | (24) |
| Asset-Backed Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Home Equity Other | 0 | 2100 | 0 |  | 0 | 0 |  | (4) | 0 | 0 | 0 | 0 | 2096 | (4) |
| Other ABS | 27707 | 4300 | (1484) |  | 6 | 0 |  | (50) | 0 | 0 | (21528) | (21528) | 8951 | (133) |
| Short-Term Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Short-Term Notes | 2602 | 0 | (1673) |  | 0 | 0 |  | (2) | 0 | 0 | (927) | (927) | 0 | 0 |
|  | 167890 | $109504 | $(4985) | $ | 145 | $109 | $ | 645 | $1928 | 1928 | $(45430) | (45430) | $229806 | $98 |

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<br> Schedule of Investments PIMCO Multisector Bond Active Exchange - Traded Fund (Cont.) September 30, 2025 (Unaudited)

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Financial** **Derivative Instruments** **- Assets** | **Financial** **Derivative Instruments** **- Assets** | **Financial** **Derivative Instruments** **- Assets** | **Financial** **Derivative Instruments** **- Assets** | **Financial** **Derivative Instruments** **- Assets** | **Financial** **Derivative Instruments** **- Assets** | **Financial** **Derivative Instruments** **- Assets** | **Financial** **Derivative Instruments** **- Assets** | **Financial** **Derivative Instruments** **- Assets** | **Financial** **Derivative Instruments** **- Assets** | **Financial** **Derivative Instruments** **- Assets** | **Financial** **Derivative Instruments** **- Assets** | **Financial** **Derivative Instruments** **- Assets** | **Financial** **Derivative Instruments** **- Assets** |
| Over the counter | Over the counter | $21 | 0 | $ | $(3) | $0 | $ | $20 | $0 | 0 | 38 | $ | 20 |
| Totals | Totals | $167911 | 109504 | $ | $(4988) | $109 | $ | $665 | $(45430) | (45430) | 229844 | $ | 118 |
| <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** |
|  |  |  |  |  |  |  |  |  |  | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| Category and Subcategory | Category and Subcategory | Category and Subcategory | Ending<br>Balance<br>at 09/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation Technique | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation Technique | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation Technique | &nbsp;&nbsp;&nbsp;&nbsp; Unobservable Inputs | &nbsp;&nbsp;&nbsp;&nbsp; Unobservable Inputs | &nbsp;&nbsp;&nbsp;&nbsp; Unobservable Inputs | Input Value(s) | Input Value(s) | Weighted Average | Weighted Average |
| **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** |
| Loan Participations and Assignments | Loan Participations and Assignments | Loan Participations and Assignments | $70802 | 70802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate | 3.832 - 11.702 | 3.832 - 11.702 | 6.463 | 6.463 |
|  |  |  | 8244 | 8244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indicative Market Quotation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indicative Market Quotation | &nbsp;&nbsp;&nbsp;&nbsp; Broker Quote | &nbsp;&nbsp;&nbsp;&nbsp; Broker Quote | &nbsp;&nbsp;&nbsp;&nbsp; Broker Quote | 72.500 - 101.750 | 72.500 - 101.750 | 94.093 | 94.093 |
|  |  |  | 18240 | 18240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Third Party Vendor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Third Party Vendor | &nbsp;&nbsp;&nbsp;&nbsp; Broker Quote | &nbsp;&nbsp;&nbsp;&nbsp; Broker Quote | &nbsp;&nbsp;&nbsp;&nbsp; Broker Quote | 97.000 – 100.500 | 97.000 – 100.500 | 99.597 | 99.597 |
| Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| Banking & Finance | Banking & Finance | Banking & Finance | 24665 | 24665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate | 4.320 - 6.208 | 4.320 - 6.208 | 5.480 | 5.480 |
|  |  |  | 1878 | 1878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | 100.000 | 100.000 |  |  |
| Industrials | Industrials | Industrials | 1643 | 1643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate | 4.610 - 5.140 | 4.610 - 5.140 | 4.876 | 4.876 |
|  |  |  | 1775 | 1775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indicative Market Quotation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indicative Market Quotation | &nbsp;&nbsp;&nbsp;&nbsp; Broker Quote | &nbsp;&nbsp;&nbsp;&nbsp; Broker Quote | &nbsp;&nbsp;&nbsp;&nbsp; Broker Quote | 71.000 | 71.000 |  |  |
|  |  |  | 1003 | 1003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proxy pricing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proxy pricing | &nbsp;&nbsp;&nbsp;&nbsp; Base Price | &nbsp;&nbsp;&nbsp;&nbsp; Base Price | &nbsp;&nbsp;&nbsp;&nbsp; Base Price | 100.000 | 100.000 |  |  |
|  |  |  | 79500 | 79500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | 100.000 | 100.000 |  |  |
| Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | 2198 | 2198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate | 6.392 | 6.392 |  |  |
|  |  |  | 7315 | 7315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proxy pricing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proxy pricing | &nbsp;&nbsp;&nbsp;&nbsp; Base Price | &nbsp;&nbsp;&nbsp;&nbsp; Base Price | &nbsp;&nbsp;&nbsp;&nbsp; Base Price | 97.967 - 100.000 | 97.967 - 100.000 | 99.162 | 99.162 |
|  |  |  | 1496 | 1496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | 99.750 | 99.750 |  |  |
| Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |  |  |  |  |  |  |  |  |  |  |  |
| Home Equity Other | Home Equity Other | Home Equity Other | 2096 | 2096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proxy pricing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proxy pricing | &nbsp;&nbsp;&nbsp;&nbsp; Base Price | &nbsp;&nbsp;&nbsp;&nbsp; Base Price | &nbsp;&nbsp;&nbsp;&nbsp; Base Price | 99.999 | 99.999 |  |  |
| Other ABS | Other ABS | Other ABS | 4666 | 4666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate | 5.878 – 20.000 | 5.878 – 20.000 | 9.205 | 9.205 |
|  |  |  | 4285 | 4285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proxy pricing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proxy pricing | &nbsp;&nbsp;&nbsp;&nbsp; Base Price | &nbsp;&nbsp;&nbsp;&nbsp; Base Price | &nbsp;&nbsp;&nbsp;&nbsp; Base Price | 99.998 | 99.998 |  |  |
| **Financial Derivative Instruments** **- Assets** | **Financial Derivative Instruments** **- Assets** | **Financial Derivative Instruments** **- Assets** | **Financial Derivative Instruments** **- Assets** | **Financial Derivative Instruments** **- Assets** | **Financial Derivative Instruments** **- Assets** | **Financial Derivative Instruments** **- Assets** | **Financial Derivative Instruments** **- Assets** | **Financial Derivative Instruments** **- Assets** | **Financial Derivative Instruments** **- Assets** | **Financial Derivative Instruments** **- Assets** | **Financial Derivative Instruments** **- Assets** | **Financial Derivative Instruments** **- Assets** | **Financial Derivative Instruments** **- Assets** |
| Over the counter | Over the counter | Over the counter | 38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indicative Market Quotation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indicative Market Quotation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indicative Market Quotation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indicative Market Quotation | &nbsp;&nbsp;&nbsp;&nbsp; Broker Quote | &nbsp;&nbsp;&nbsp;&nbsp; Broker Quote | 0.939 | 0.939 | 0.939 |  |
| Total | Total | Total | $229844 | 229844 |  |  |  |  |  |  |  |  |  |
| <sup>(1)</sup> | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. | Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions. |
| <sup>(2)</sup> | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. |

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<br> Schedule of Investments PIMCO Municipal Income Opportunities Active Exchange-Traded Fund September 30, 2025 (Unaudited)

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| | | |
|:---|:---|:---|
| **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** | **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** | **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** |
|  | PRINCIPAL<br>AMOUNT<br>(000s) | MARKET<br>VALUE<br>(000s) |
| **INVESTMENTS IN SECURITIES 98.7% ¤** |  |  |
| **MUNICIPAL BONDS & NOTES 93.6%**  |  |  |
| **ALABAMA 2.9%**  |  |  |
| **Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2023** <br>5.500% due 10/01/2054 | $400 | $443 |
| **Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2024**  |  |  |
| 5.000% due 03/01/2055  | 1000 | 1091 |
| 5.000% due 10/01/2055  | 600 | 649 |
| **Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2025** <br>5.000% due 12/01/2055 | 500 | 539 |
| **Energy Southeast A Cooperative District, Alabama Revenue Bonds, Series 2024** <br>5.250% due 07/01/2054 | 500 | 548 |
| **Mobile County, Alabama Industrial Development Authority Revenue Bonds, Series 2024** <br>5.000% due 06/01/2054 | 995 | 958 |
| **Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2023** <br>5.000% due 01/01/2054 | 400 | 428 |
| **Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2024**  |  |  |
| 5.000% due 11/01/2035  | 1200 | 1266 |
| 5.000% due 10/01/2055  | 1700 | 1855 |
| **Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2025**  |  |  |
| 5.000% due 01/01/2056  | 1000 | 1057 |
| 5.250% due 03/01/2055  | 1500 | 1605 |
| 5.250% due 11/01/2055  | 300 | 333 |
|  |  | 10772 |
| **ALASKA 0.1%**  |  |  |
| **Municipality of Anchorage, Alaska Solid Waste Services Revenue Bonds, Series 2022** <br>5.250% due 11/01/2062 | 250 | 257 |
| **ARIZONA 1.5%**  |  |  |
| **Arizona Industrial Development Authority Revenue Bonds, Series 2019** <br>3.900% due 02/01/2048 | 3000 | 3000 |
| **Arizona Industrial Development Authority Revenue Bonds, Series 2025** <br>5.125% due 01/01/2059 | 480 | 444 |
| **Chandler Industrial Development Authority, Arizona Revenue Bonds, Series 2019** <br>4.000% due 06/01/2049 | 1000 | 1021 |
| **Phoenix Civic Improvement Corp. Arizona Revenue Bonds, Series 2023** <br>5.000% due 07/01/2042 | 1000 | 1067 |
|  |  | 5532 |
| **ARKANSAS 0.4%**  |  |  |
| **Arkansas Development Finance Authority Revenue Bonds, Series 2019** <br>4.500% due 09/01/2049 | 300 | 288 |
| **Arkansas Development Finance Authority Revenue Bonds, Series 2023** <br>7.375% due 07/01/2048 | 500 | 542 |
| **County of Pulaski Hospital, Arkansas Revenue Bonds, Series 2023** <br>4.250% due 03/01/2048 | 500 | 474 |
|  |  | 1304 |
| **CALIFORNIA 4.1%**  |  |  |
| **Anaheim Union High School District, California General Obligation Bonds, Series 2025** <br>4.375% due 08/01/2046 | 345 | 347 |
| **Burbank-Glendale-Pasadena Airport Authority Brick Campaign, California Revenue Bonds, (AGM Insured), Series 2024** <br>4.125% due 07/01/2041 | 1000 | 955 |
| **California Community Choice Financing Authority Revenue Bonds, Series 2021** <br>4.000% due 02/01/2052 | 1000 | 1025 |
| **California Community Choice Financing Authority Revenue Bonds, Series 2023**  |  |  |
| 5.000% due 02/01/2054  | 400 | 431 |
| 5.250% due 01/01/2054  | 250 | 267 |
| 5.250% due 11/01/2054  | 700 | 759 |
| 5.500% due 10/01/2054  | 200 | 219 |
| **California Community Choice Financing Authority Revenue Bonds, Series 2024**  |  |  |
| 5.000% due 05/01/2054  | 800 | 865 |
| 5.000% due 02/01/2055  | 1100 | 1199 |
| **California Community Choice Financing Authority Revenue Bonds, Series 2025** <br>5.000% due 10/01/2055 | 900 | 969 |
| **California Community Housing Agency Revenue Bonds, Series 2022** <br>4.500% due 08/01/2052 | 100 | 77 |

---

------

<br> Schedule of Investments PIMCO Municipal Income Opportunities Active Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **California** **Health Facilities Financing Authority Revenue Bonds, Series 2025** <br>5.000% due 10/01/2050 | 500 | 557 |
| **California Municipal Finance Authority Revenue Bonds, (FNMA Insured),Series 2024** <br>4.450% due 12/01/2042 | 100 | 101 |
| **California Municipal Finance Authority Revenue Bonds, Series 2021** <br>4.000% due 11/01/2036 | 250 | 235 |
| **California Municipal Finance Authority Revenue Bonds, Series 2024** <br>6.000% due 01/01/2039 | 1000 | 1027 |
| **California State General Obligation Bonds, Series 2015** <br>3.875% due 12/01/2030 | 600 | 600 |
| **California State General Obligation Bonds, Series 2023** <br>4.000% due 09/01/2043 | 400 | 396 |
| **California Statewide Communities Development Authority Revenue Bonds, (AGM Insured), Series 2022** <br>5.375% due 08/15/2057 | 250 | 257 |
| **CMFA Special Finance Agency, California Revenue Bonds, Series 2021** <br>4.000% due 08/01/2045 | 495 | 429 |
| **CSCDA Community Improvement Authority, California Revenue Bonds, Series 2022** <br>4.750% due 09/01/2062 (c) | 200 | 128 |
| **Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021**  |  |  |
| 3.714% due 06/01/2041  | 300 | 236 |
| 3.850% due 06/01/2050  | 435 | 397 |
| 4.214% due 06/01/2050  | 200 | 148 |
| **Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2022** <br>5.000% due 06/01/2051 | 250 | 247 |
| **Irvine Facilities Financing Authority, California Special Tax Bonds, (BAM Insured), Series 2023** <br>4.000% due 09/01/2058 | 500 | 453 |
| **Los Angeles Department of Airports, California Revenue Notes, Series 2025** <br>5.000% due 05/15/2034 | 1630 | 1838 |
| **Sacramento County, California Special Tax Bonds, Series 2022** <br>5.000% due 09/01/2047 | 150 | 151 |
| **San Joaquin Valley Clean Energy Authority, California Revenue Bonds, Series 2025** <br>5.500% due 01/01/2056 | 500 | 574 |
| **Tobacco Securitization Authority of Northern California Revenue Bonds, Series 2021** <br>0.000% due 06/01/2060 (b) | 1000 | 154 |
|  |  | 15041 |
| **COLORADO 3.3%**  |  |  |
| **Board of Governors of Colorado State University System Certificates of Participation Bonds, Series 2024** <br>5.000% due 11/01/2043 | 200 | 212 |
| **Board of Governors of Colorado State University System Revenue Bonds, Series 2025** <br>2.900% due 03/01/2055 | 3240 | 3240 |
| **Colorado Bridge & Tunnel Enterprise Revenue Bonds, (AGC Insured), Series 2025** <br>5.250% due 12/01/2050 | 500 | 530 |
| **Colorado Health Facilities Authority Revenue Bonds, Series 2018** <br>4.000% due 11/15/2048 | 500 | 457 |
| **Colorado Health Facilities Authority Revenue Bonds, Series 2024** <br>5.000% due 11/15/2059 | 500 | 559 |
| **Colorado School of Mines Revenue Bonds, Series 2024** <br>5.000% due 12/01/2054 | 500 | 514 |
| **Colorado State Certificates of Participation Bonds, Series 2017** <br>4.000% due 03/15/2042 | 1000 | 965 |
| **Colorado State Certificates of Participation Bonds, Series 2024** <br>5.000% due 11/01/2049 | 3000 | 3136 |
| **Denver Health & Hospital Authority, Colorado Revenue Bonds, Series 2025** <br>5.125% due 12/01/2050 | 1000 | 1010 |
| **Denver, Colorado Airport System City & County Revenue Bonds, Series 2018** <br>5.000% due 12/01/2031 | 440 | 463 |
| **Dominion Water & Sanitation District, Colorado Revenue Bonds, Series 2022** <br>5.875% due 12/01/2052 | 1000 | 1016 |
|  |  | 12102 |
| **CONNECTICUT 0.3%**  |  |  |
| **Norwalk, Connecticut Housing Authority Bonds, (FNMA Insured), Series 2024** <br>4.400% due 09/01/2042 | 1000 | 995 |
| **DELAWARE 0.1%**  |  |  |
| **Delaware State Economic Development Authority Revenue Bonds, Series 2020** <br>1.250% due 10/01/2045 | 250 | 250 |
| **DISTRICT OF COLUMBIA 1.3%**  |  |  |
| **Washington Metropolitan Area Transit Authority Dedicated, District of Columbia Revenue Bonds, Series 2023**  |  |  |
| 5.000% due 07/15/2037  | 500 | 555 |
| 5.000% due 07/15/2048  | 500 | 518 |
| **Washington Metropolitan Area Transit Authority Dedicated, District of Columbia Revenue Bonds, Series 2024** <br>5.000% due 07/15/2056 | 1000 | 1028 |

---

------

<br> Schedule of Investments PIMCO Municipal Income Opportunities Active Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Washington** **Metropolitan Area Transit Authority Dedicated, District of Columbia Revenue Bonds, Series 2025** <br>5.250% due 07/15/2050 | 2500 | 2651 |
|  |  | 4752 |
| **FLORIDA 5.2%**  |  |  |
| **Collier County, Florida Industrial Development Authority Revenue Bonds, (AGM Insured), Series 2024** <br>5.000% due 10/01/2049 | 1000 | 1032 |
| **Edgewater West Community Development District, Florida Special Assessment Bonds, Series 2024** <br>5.250% due 05/01/2044 | 500 | 484 |
| **Florida Atlantic University Finance Corp. Revenue Bonds, Series 2024** <br>5.000% due 07/01/2054 | 375 | 387 |
| **Florida Development Finance Corp. Revenue Bonds, (AGM Insured), Series 2024** <br>5.000% due 07/01/2044 | 1500 | 1477 |
| **Florida Development Finance Corp. Revenue Bonds, Series 2024** <br>5.250% due 08/01/2049 | 1000 | 1022 |
| **Florida Development Finance Corp. Revenue Notes, Series 2023** <br>5.000% due 09/01/2026 | 500 | 505 |
| **Greater Orlando Aviation Authority, Florida Revenue Bonds, Series 2019** <br>4.000% due 10/01/2035 | 1650 | 1645 |
| **Hernando County, Florida Revenue Bonds, Series 2022** <br>5.250% due 06/01/2052 | 400 | 415 |
| **Hillsborough County, Florida Industrial Development Authority Revenue Bonds, Series 2024** <br>3.650% due 11/15/2054 | 1300 | 1300 |
| **Jacksonville, Florida Revenue Bonds, Series 2023** <br>5.000% due 10/01/2043 | 510 | 545 |
| **Lakes of Sarasota Community Development District, Florida Revenue Bonds, Series 2018** <br>5.000% due 07/01/2041 | 3000 | 3044 |
| **Miami-Dade County, Florida Aviation Revenue Bonds, Series 2025** <br>5.000% due 10/01/2050 | 1000 | 1031 |
| **Midtown Miami Community Development District, Florida Special Assessment Bonds, Series 2014** <br>5.000% due 05/01/2029 | 410 | 410 |
| **Okaloosa County, Florida School Board Certificates of Participation Bonds, (AGC Insured), Series 2024** <br>5.000% due 10/01/2049 | 1200 | 1239 |
| **Palm Beach County, Florida Health Facilities Authority Revenue Bonds, Series 2019** <br>4.000% due 08/15/2049 | 1000 | 882 |
| **School Board of Miami-Dade County, Florida General Obligation Bonds, Series 2017** <br>4.000% due 03/15/2042 | 3000 | 2939 |
| **Tampa-Hillsborough County, Florida Expressway Authority Revenue Bonds, Series 2017** <br>4.000% due 07/01/2042 | 500 | 483 |
| **Village Community Development District No. 15, Florida Special Assessment Notes, Series 2023** <br>4.250% due 05/01/2028 | 250 | 253 |
| **Village Community Development District No. 15, Florida Special Assessment Notes, Series 2024** <br>4.000% due 05/01/2034 | 200 | 201 |
|  |  | 19294 |
| **GEORGIA 2.5%**  |  |  |
| **Atlanta Department of Aviation, Georgia Revenue Bonds, Series 2023** <br>5.000% due 07/01/2053 | 1000 | 1019 |
| **Columbia County Hospital Authority, Georgia Revenue Bonds, Series 2023** <br>5.750% due 04/01/2053 | 500 | 536 |
| **Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2024** <br>5.000% due 12/01/2054 | 300 | 327 |
| **Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2025** <br>5.000% due 12/01/2055 | 3400 | 3695 |
| **Municipal Electric Authority of Georgia Revenue Bonds, Series 2019** <br>5.000% due 01/01/2049 | 3000 | 2996 |
| **Municipal Electric Authority of Georgia Revenue Bonds, Series 2022** <br>5.500% due 07/01/2063 | 500 | 514 |
|  |  | 9087 |
| **IDAHO 0.9%**  |  |  |
| **Idaho Health Facilities Authority Revenue Bonds, Series 2025** <br>5.000% due 03/01/2040 | 2000 | 2152 |
| **Idaho Housing & Finance Association Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024** <br>4.650% due 01/01/2054 | 930 | 925 |
| **Spring Valley Community Infrastructure District No 1, Idaho Special Assessment Bonds, Series 2021** <br>3.750% due 09/01/2051 | 211 | 198 |
|  |  | 3275 |
| **ILLINOIS 6.0%**  |  |  |
| **Chicago Board of Education, Illinois General Obligation Bonds, Series 2017** <br>5.000% due 12/01/2036 | 1300 | 1290 |
| **Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2024**  |  |  |
| 5.000% due 01/01/2038  | 2500 | 2679 |
| 5.000% due 01/01/2048  | 500 | 516 |
| **DeKalb County, Illinois Community Unit School District No 428, DeKalb General Obligation Debt Certificates Bonds, Series 2023** <br>5.000% due 01/01/2041 | 500 | 519 |
| **Du Page & Will Counties Community School District No 204 Indian Prairie, Illinois General Obligation Bonds, Series 2025** <br>5.000% due 01/15/2040 | 500 | 542 |

---

------

<br> Schedule of Investments PIMCO Municipal Income Opportunities Active Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Illinois** **Finance Authority Revenue Bonds, Series 2010** <br>4.800% due 12/01/2043 | 500 | 514 |
| **Illinois Finance Authority Revenue Bonds, Series 2014** <br>4.000% due 08/01/2038 | 500 | 481 |
| **Illinois Finance Authority Revenue Bonds, Series 2016** <br>5.000% due 02/15/2041 | 500 | 511 |
| **Illinois Finance Authority Revenue Bonds, Series 2018** <br>5.000% due 05/15/2043 | 1600 | 1614 |
| **Illinois Finance Authority Revenue Bonds, Series 2025** <br>5.000% due 08/15/2043 | 500 | 540 |
| **Illinois Sales Tax State Revenue Notes, Series 2021** <br>5.000% due 06/15/2031 | 1000 | 1111 |
| **Illinois State General Obligation Bonds, Series 2016**  |  |  |
| 4.000% due 06/01/2033  | 1000 | 1002 |
| 4.000% due 06/01/2037  | 300 | 294 |
| **Illinois State General Obligation Bonds, Series 2024**  |  |  |
| 5.250% due 05/01/2044  | 2000 | 2094 |
| 5.250% due 05/01/2045  | 1000 | 1042 |
| **Illinois State General Obligation Bonds, Series 2025** <br>5.000% due 09/01/2042 | 1950 | 2032 |
| **Illinois State Toll Highway Authority Revenue Bonds, Series 2020** <br>5.000% due 01/01/2045 | 1250 | 1290 |
| **Illinois State Toll Highway Authority Revenue Bonds, Series 2021** <br>5.000% due 01/01/2046 | 1955 | 2004 |
| **Regional Transportation Authority, Illinois Revenue Bonds, Series 2025** <br>5.000% due 06/01/2038 | 1000 | 1110 |
| **Sales Tax Securitization Corp. Illinois Revenue Bonds, Series 2018** <br>5.000% due 01/01/2037 | 1000 | 1029 |
|  |  | 22214 |
| **INDIANA 1.4%**  |  |  |
| **Indiana Finance Authority Revenue Bonds, (AGC Insured), Series 2025** <br>5.928% due 07/01/2053 | 550 | 549 |
| **Indiana Finance Authority Revenue Bonds, Series 2012** <br>4.250% due 11/01/2030 | 1750 | 1794 |
| **Indiana Finance Authority Revenue Bonds, Series 2025** <br>5.000% due 10/01/2063 | 500 | 557 |
| **Indiana Housing & Community Development Authority Revenue Bonds, Series 2016** <br>6.250% due 07/01/2056 | 400 | 381 |
| **Indianapolis Local Public Improvement Bond Bank, Indiana Revenue Bonds, Series 2023** <br>5.750% due 03/01/2043 | 300 | 313 |
| **Indianapolis, Indiana Revenue Bonds, Series 2016** <br>6.250% due 07/01/2056 | 400 | 382 |
| **Mount Vernon, Indiana Revenue Bonds, Series 2015** <br>4.250% due 09/01/2055 | 100 | 102 |
| **Warrick County, Indiana Revenue Bonds, Series 2015** <br>4.250% due 09/01/2055 | 100 | 102 |
| **Whiting, Indiana Revenue Bonds, Series 2016** <br>4.400% due 03/01/2046 | 1000 | 1067 |
|  |  | 5247 |
| **IOWA 0.1%**  |  |  |
| **Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds, Series 2022** <br>4.000% due 12/01/2050 | 500 | 544 |
| **KENTUCKY 1.9%**  |  |  |
| **Kenton County, Kentucky Airport Board Revenue Bonds, Series 2024** <br>5.250% due 01/01/2054 | 2255 | 2332 |
| **Kentucky Bond Development Corp. Revenue Bonds, Series 2025** <br>5.000% due 08/15/2055 | 600 | 662 |
| **Kentucky Economic Development Finance Authority Revenue Bonds, Series 2015** <br>5.000% due 07/01/2040 | 500 | 500 |
| **Kentucky Public Energy Authority Revenue Bonds, Series 2024** <br>5.000% due 01/01/2055 | 300 | 325 |
| **Kentucky Public Energy Authority Revenue Bonds, Series 2025** <br>5.250% due 06/01/2055 | 250 | 268 |
| **Kentucky State Property & Building Commission Revenue Bonds, (FNMA Insured), Series 2024** <br>4.375% due 09/01/2040 | 645 | 671 |
| **Louisville/Jefferson County Metropolitan Government, Kentucky Revenue Bonds, Series 2023** <br>5.000% due 10/01/2038 | 700 | 754 |
| **Louisville/Jefferson County Metropolitan Government, Kentucky Revenue Bonds, Series 2025** <br>5.000% due 05/15/2050 | 400 | 420 |
| **University of Kentucky Revenue Bonds, Series 2025** <br>5.250% due 04/01/2050 | 1000 | 1047 |
|  |  | 6979 |
| **LOUISIANA 1.7%**  |  |  |
| **Louisiana Local Government Environmental Facilities & Community Development Auth Revenue Notes, Series 2022** <br>5.000% due 08/15/2026 | 475 | 484 |

---

------

<br> Schedule of Investments PIMCO Municipal Income Opportunities Active Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Louisiana** **Public Facilities Authority Revenue Bonds, (AGM Insured), Series 2025** <br>4.750% due 07/01/2065 | 3500 | 3412 |
| **Louisiana Stadium and Exposition District Revenue Bonds, Series 2023** <br>5.000% due 07/01/2040 | 250 | 267 |
| **New Orleans Aviation Board, Louisiana Revenue Notes, Series 2024** <br>5.000% due 01/01/2033 | 2000 | 2198 |
|  |  | 6361 |
| **MARYLAND 0.5%**  |  |  |
| **Maryland Health & Higher Educational Facilities Authority Revenue Bonds, (AGC Insured), Series 2025** <br>5.000% due 07/01/2043 | 1000 | 1053 |
| **Maryland Health & Higher Educational Facilities Authority Revenue Bonds, Series 2025** <br>5.000% due 07/01/2042 | 870 | 922 |
|  |  | 1975 |
| **MASSACHUSETTS 1.8%**  |  |  |
| **Commonwealth of Massachusetts General Obligation Bonds, Series 2022** <br>5.250% due 10/01/2047 | 1000 | 1057 |
| **Commonwealth of Massachusetts General Obligation Bonds, Series 2023** <br>5.000% due 10/01/2046 | 700 | 735 |
| **Commonwealth of Massachusetts General Obligation Bonds, Series 2024** <br>5.000% due 12/01/2054 | 500 | 521 |
| **Commonwealth of Massachusetts General Obligation Bonds, Series 2025** <br>5.000% due 08/01/2048 | 1000 | 1055 |
| **Commonwealth of Massachusetts Transportation Fund Revenue Bonds, Series 2022** <br>5.000% due 06/01/2050 | 1500 | 1543 |
| **Massachusetts Development Finance Agency Revenue Bonds, (AGM Insured), Series 2025** <br>5.000% due 07/01/2050 | 1000 | 1018 |
| **University of Massachusetts Building Authority Revenue Bonds, Series 2017** <br>5.000% due 11/01/2036 | 500 | 517 |
|  |  | 6446 |
| **MICHIGAN 3.3%**  |  |  |
| **Detroit, Michigan General Obligation Bonds, Series 2014** <br>4.000% due 04/01/2044 | 249 | 196 |
| **Detroit, Michigan General Obligation Bonds, Series 2023** <br>6.000% due 05/01/2039 | 300 | 337 |
| **Detroit, Michigan Sewage Disposal System Revenue Bonds, (NPFGC Insured), Series 2001** <br>5.500% due 07/01/2029 | 345 | 360 |
| **Great Lakes Water Authority Sewage Disposal System, Michigan Revenue Bonds, Series 2023** <br>5.250% due 07/01/2053 | 750 | 788 |
| **Karegnondi Water Authority, Michigan Revenue Bonds, (BAM Insured), Series 2024** <br>5.000% due 11/01/2041 | 1000 | 1074 |
| **Michigan Finance Authority Revenue Bonds, Series 2017** <br>4.000% due 12/01/2036 | 1775 | 1764 |
| **Michigan Finance Authority Revenue Bonds, Series 2019**  |  |  |
| 4.000% due 02/15/2047  | 1500 | 1332 |
| 4.000% due 12/01/2048  | 1000 | 883 |
| **Michigan Finance Authority Revenue Bonds, Series 2020**  |  |  |
| 0.000% due 06/01/2065 (b)  | 2500 | 247 |
| 5.000% due 06/01/2040  | 750 | 761 |
| **Michigan Finance Authority Revenue Bonds, Series 2024** <br>5.500% due 02/28/2057 | 500 | 517 |
| **Michigan State Hospital Finance Authority Revenue Bonds, Series 2025** <br>5.000% due 08/15/2055 | 1500 | 1668 |
| **Northern Michigan University Revenue Bonds, Series 2025**  |  |  |
| 5.250% due 06/01/2044  | 600 | 642 |
| 5.500% due 06/01/2050  | 650 | 700 |
| **Wayne County, Michigan Airport Authority Revenue Notes, (AGM Insured), Series 2023** <br>5.000% due 12/01/2031 | 750 | 830 |
|  |  | 12099 |
| **MINNESOTA 1.0%**  |  |  |
| **Duluth Economic Development Authority, Minnesota Revenue Bonds, Series 2018** <br>5.000% due 02/15/2048 | 500 | 503 |
| **Minneapolis, Minnesota Revenue Bonds, Series 2018**  |  |  |
| 5.000% due 11/15/2036  | 500 | 512 |
| 5.000% due 11/15/2049  | 250 | 251 |
| **Minnesota Agricultural & Economic Development Board Revenue Bonds, Series 2024** <br>5.250% due 01/01/2054 | 1000 | 1030 |
| **Minnesota Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024** <br>6.500% due 01/01/2055 | 485 | 549 |
| **Rochester, Minnesota Revenue Bonds, Series 2022** <br>4.000% due 11/15/2039 | 500 | 504 |

---

------

<br> Schedule of Investments PIMCO Municipal Income Opportunities Active Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **St** **Cloud, Minnesota Revenue Bonds, Series 2019** <br>5.000% due 05/01/2048 | 500 | 506 |
|  |  | 3855 |
| **MISSISSIPPI 0.1%**  |  |  |
| **Mississippi Development Bank Revenue Bonds, Series 2025** <br>5.000% due 03/01/2037 | 300 | 328 |
| **MISSOURI 0.9%**  |  |  |
| **Health & Educational Facilities Authority of the State of Missouri Revenue Bonds, Series 2012** <br>4.000% due 11/15/2042 | 500 | 465 |
| **Health & Educational Facilities Authority of the State of Missouri Revenue Bonds, Series 2025** <br>5.000% due 11/15/2044 (a) | 400 | 415 |
| **Kansas City Industrial Development Authority, Missouri Revenue Bonds, Series 2019** <br>5.000% due 03/01/2054 | 2000 | 1975 |
| **Missouri Housing Development Commission Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025** <br>6.250% due 05/01/2056 | 300 | 337 |
|  |  | 3192 |
| **MULTI-STATE 3.9%**  |  |  |
| **Douglas County, Georgia Housing Authority Multifamly Tax-Exempt Bonds, (FNMA Insured), Series 2024** <br>4.375% due 04/01/2043 | 2000 | 1981 |
| **FHLMC Multifamily VRD Certificates, New York Revenue Bonds, Series 2025** <br>4.497% due 06/25/2042 | 400 | 405 |
| **FHLMC Multifamily VRD Certificates, Revenue Bonds, Series 2025**  |  |  |
| 4.388% due 11/25/2042  | 2490 | 2447 |
| 4.869% due 01/25/2043  | 3393 | 3513 |
| **Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023**  |  |  |
| 4.033% due 12/25/2036  | 681 | 683 |
| 4.140% due 01/25/2040  | 391 | 384 |
| 4.553% due 08/25/2040  | 988 | 1005 |
| **Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2024**  |  |  |
| 4.615% due 08/25/2041 ~(e)  | 2188 | 2227 |
| 4.685% due 10/25/2040  | 693 | 712 |
| 4.700% due 04/25/2042 ~  | 996 | 1011 |
|  |  | 14368 |
| **NEBRASKA 0.1%**  |  |  |
| **Nebraska Investment Finance Authority Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024** <br>5.000% due 03/01/2049 | 250 | 256 |
| **NEVADA 1.0%**  |  |  |
| **Las Vegas Valley Water District, Nevada General Obligation Bonds, Series 2022** <br>4.000% due 06/01/2047 | 3000 | 2796 |
| **Las Vegas, Nevada Revenue Bonds, Series 2016** <br>4.375% due 06/15/2035 | 300 | 293 |
| **Reno, Nevada Revenue Bonds, Series 2018** <br>0.000% due 07/01/2058 (b) | 500 | 79 |
| **Washoe County, Nevada Revenue Bonds, Series 2016** <br>4.125% due 03/01/2036 | 500 | 506 |
|  |  | 3674 |
| **NEW HAMPSHIRE 1.5%**  |  |  |
| **New Hampshire Business Finance Authority Affordable Housing Bonds, (HUD Insured), Series 2024** <br>4.150% due 10/20/2040 | 599 | 586 |
| **New Hampshire Business Finance Authority Revenue Bonds, Series 2023** <br>3.875% due 01/20/2038 | 487 | 452 |
| **New Hampshire Business Finance Authority Revenue Bonds, Series 2025**  |  |  |
| 4.168% due 01/20/2041 ~  | 1494 | 1440 |
| 4.216% due 11/20/2042  | 1399 | 1328 |
| **New Hampshire Business Finance Authority Revenue Notes, Series 2022** <br>4.000% due 12/01/2028 | 1000 | 1017 |
| **New Hampshire Housing Finance Authority Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024** <br>6.500% due 07/01/2055 | 595 | 674 |
|  |  | 5497 |
| **NEW JERSEY 1.0%**  |  |  |
| **New Jersey Educational Facilities Authority Revenue Bonds, Series 2023** <br>4.625% due 09/01/2048 | 250 | 250 |
| **New Jersey Housing & Mortgage Finance Agency Revenue Bonds, (FNMA Insured), Series 2025** <br>4.550% due 05/01/2041 | 1000 | 1026 |
| **New Jersey Housing & Mortgage Finance Agency Revenue Bonds, Series 2025** <br>6.500% due 04/01/2056 | 400 | 454 |
| **New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2018** <br>5.000% due 12/15/2036 | 1000 | 1042 |

---

------

<br> Schedule of Investments PIMCO Municipal Income Opportunities Active Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Passaic** **County, New Jersey Improvement Authority Revenue Notes, Series 2025** <br>4.125% due 07/01/2033 | 900 | 919 |
|  |  | 3691 |
| **NEW MEXICO 0.2%**  |  |  |
| **Farmington, New Mexico Revenue Bonds, Series 2010** <br>3.875% due 06/01/2040 | 500 | 508 |
| **New Mexico Hospital Equipment Loan Council Revenue Bonds, Series 2017** <br>4.000% due 08/01/2039 | 350 | 335 |
|  |  | 843 |
| **NEW YORK 10.7%**  |  |  |
| **Albany City School District, New York General Obligation Notes, Series 2025** <br>4.000% due 06/25/2026 | 800 | 806 |
| **Build NYC Resource Corp. New York Revenue Bonds, Series 2024** <br>4.000% due 09/01/2041 | 1725 | 1637 |
| **New York City, New York General Obligation Bonds, Series 2012** <br>3.900% due 04/01/2042 | 3000 | 3000 |
| **New York City, New York General Obligation Bonds, Series 2022** <br>5.250% due 10/01/2041 | 250 | 269 |
| **New York City, New York General Obligation Bonds, Series 2024** <br>5.250% due 03/01/2053 | 500 | 527 |
| **New York City, New York Housing Development Corp. Revenue Bonds, Series 2025** <br>4.600% due 11/01/2045 | 250 | 251 |
| **New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2023** <br>5.250% due 06/15/2048 | 200 | 212 |
| **New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2024**  |  |  |
| 5.000% due 06/15/2051  | 2000 | 2090 |
| 5.250% due 06/15/2054  | 500 | 531 |
| **New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2022** <br>5.500% due 11/01/2045 | 500 | 538 |
| **New York City, New York Transitional Finance Authority Revenue Bonds, Series 2024**  |  |  |
| 5.000% due 05/01/2043  | 1500 | 1598 |
| 5.000% due 05/01/2044  | 1300 | 1376 |
| **New York Energy Finance Development Corp. Revenue Bonds, Series 2025** <br>5.000% due 07/01/2056 | 900 | 962 |
| **New York Liberty Development Corp. Revenue Bonds, Series 2014**  |  |  |
| 5.000% due 11/15/2044  | 1650 | 1650 |
| 5.150% due 11/15/2034  | 235 | 235 |
| **New York Power Authority Revenue Bonds, (AGM Insured), Series 2023** <br>5.000% due 11/15/2038 | 1000 | 1116 |
| **New York State Dormitory Authority Revenue Bonds, Series 2020** <br>5.000% due 07/01/2050 | 500 | 510 |
| **New York State Dormitory Authority Revenue Bonds, Series 2022** <br>5.000% due 03/15/2041 | 500 | 531 |
| **New York State Dormitory Authority Revenue Bonds, Series 2024**  |  |  |
| 4.000% due 05/01/2038  | 750 | 742 |
| 5.000% due 03/15/2049  | 3675 | 3821 |
| 5.000% due 03/15/2055  | 500 | 516 |
| **New York State Dormitory Authority Revenue Notes, Series 2024** <br>5.000% due 05/01/2034 | 200 | 226 |
| **New York State Urban Development Corp. Revenue Bonds, Series 2023**  |  |  |
| 5.000% due 03/15/2053  | 500 | 517 |
| 5.000% due 03/15/2063  | 1000 | 1030 |
| **New York State Urban Development Corp. Revenue Bonds, Series 2024** <br>5.000% due 03/15/2048 | 875 | 911 |
| **New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2023** <br>5.500% due 06/30/2044 | 500 | 516 |
| **New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2024** <br>5.000% due 06/30/2054 | 1600 | 1599 |
| **New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2025** <br>5.500% due 06/30/2059 | 1950 | 2018 |
| **New York Transportation Development Corp. Revenue Bonds, (BAM Insured), Series 2024** <br>5.500% due 06/30/2060 | 400 | 413 |
| **New York Transportation Development Corp. Revenue Bonds, Series 2023**  |  |  |
| 5.625% due 04/01/2040  | 500 | 523 |
| 6.000% due 04/01/2035  | 250 | 275 |
| **New York Transportation Development Corp. Revenue Bonds, Series 2025** <br>6.000% due 06/30/2040 | 300 | 335 |
| **New York Transportation Development Corp. Revenue Notes, Series 2018** <br>5.000% due 01/01/2027 | 250 | 255 |
| **New York Transportation Development Corp. Revenue Notes, Series 2020** <br>4.000% due 10/01/2030 | 550 | 558 |
| **Onondaga Civic Development Corp. New York Revenue Bonds, Series 2025** <br>5.250% due 12/01/2043 | 1325 | 1460 |
| **Port Authority of New York & New Jersey Revenue Bonds, Series 2025** <br>5.000% due 01/15/2040 | 1000 | 1109 |
| **Port Authority of New York & New Jersey Revenue Notes, Series 2024** <br>5.000% due 09/01/2034 | 500 | 558 |
| **Riverhead IDA Economic Job Development Corp. New York Revenue Bonds, (FNMA Insured), Series 2023** <br>4.500% due 02/01/2041 | 985 | 1002 |

---

------

<br> Schedule of Investments PIMCO Municipal Income Opportunities Active Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Suffolk** **Tobacco Asset Securitization Corp. New York Revenue Bonds, Series 2021**  |  |  |
| 0.000% due 06/01/2066 (b)  | 1500 | 130 |
| 4.000% due 06/01/2050  | 300 | 251 |
| **Town of Hempstead, New York General Obligation Bonds, Series 2024** <br>4.000% due 05/01/2047 | 500 | 484 |
| **Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2024** <br>5.250% due 05/15/2054 | 500 | 528 |
| **Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2025** <br>5.000% due 12/01/2045 | 1700 | 1783 |
|  |  | 39399 |
| **NORTH CAROLINA 0.7%**  |  |  |
| **Inlivian, North Carolina Revenue Bonds, (FNMA Insured), Series 2024** <br>4.450% due 06/01/2041 | 990 | 1006 |
| **North Carolina Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024** <br>6.250% due 07/01/2055 | 400 | 442 |
| **North Carolina State Revenue Bonds, Series 2021** <br>4.000% due 03/01/2035 | 1000 | 1030 |
|  |  | 2478 |
| **NORTH DAKOTA 0.1%**  |  |  |
| **Grand Forks, North Dakota Revenue Bonds, (AGM Insured), Series 2023** <br>5.000% due 12/01/2041 | 525 | 547 |
| **OHIO 4.1%**  |  |  |
| **Allen County, Ohio Hospital Facilities Revenue Bonds, Series 2017** <br>5.000% due 08/01/2042 | 500 | 506 |
| **Allen County, Ohio Hospital Facilities Revenue Bonds, Series 2025** <br>5.000% due 11/01/2041 | 1000 | 1070 |
| **Buckeye Tobacco Settlement Financing Authority, Ohio Revenue Bonds, Series 2020**  |  |  |
| 0.000% due 06/01/2057 (b)  | 5000 | 469 |
| 4.000% due 06/01/2048  | 500 | 421 |
| 5.000% due 06/01/2055  | 4050 | 3462 |
| **Columbus Regional Airport Authority, Ohio Revenue Bonds, Series 2025** <br>5.000% due 01/01/2036 | 1600 | 1747 |
| **Cuyahoga County, Ohio Revenue Bonds, Series 2017** <br>5.000% due 02/15/2057 | 500 | 455 |
| **Hamilton County, Ohio Revenue Bonds, Series 2021** <br>3.950% due 08/15/2051 | 1820 | 1820 |
| **Ohio Air Quality Development Authority Revenue Bonds, Series 2019** <br>5.000% due 07/01/2049 | 400 | 367 |
| **Ohio Air Quality Development Authority Revenue Bonds, Series 2022** <br>4.250% due 11/01/2039 | 500 | 510 |
| **Ohio Higher Educational Facility Commission Revenue Bonds, Series 2025** <br>5.000% due 02/01/2037 | 700 | 789 |
| **Ohio Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024** <br>6.250% due 03/01/2055 | 2280 | 2518 |
| **Ohio Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025** <br>4.150% due 09/01/2040 | 300 | 300 |
| **Port of Greater Cincinnati Development Authority, Ohio Revenue Bonds, (AGM Insured), Series 2024** <br>5.250% due 12/01/2048 | 750 | 779 |
|  |  | 15213 |
| **OKLAHOMA 0.2%**  |  |  |
| **Oklahoma Turnpike Authority Revenue Bonds, Series 2023** <br>5.500% due 01/01/2053 | 600 | 636 |
| **OREGON 0.6%**  |  |  |
| **Medford Hospital Facilities Authority, Oregon Revenue Bonds, Series 2020** <br>5.000% due 08/15/2038 | 1000 | 1046 |
| **Oregon State General Obligation Bonds, Series 2022** <br>3.700% due 06/01/2045 | 1100 | 1100 |
|  |  | 2146 |
| **PENNSYLVANIA 4.2%**  |  |  |
| **Allegheny County, Pennsylvania Sanitary Authority Revenue Bonds, Series 2024** <br>5.000% due 12/01/2043 | 700 | 741 |
| **Beaver Economic Development Authority Revenue Bonds, Series 2006** <br>4.750% due 01/01/2035 | 965 | 1008 |
| **Commonwealth Financing Authority, Pennsylvania Revenue Bonds, (AGM Insured), Series 2018** <br>4.000% due 06/01/2039 | 250 | 246 |
| **Commonwealth of Pennsylvania, General Obligation Bonds, Series 2016** <br>4.000% due 09/15/2034 | 500 | 504 |
| **Lehigh County, Pennsylvania Revenue Bonds, Series 2019** <br>3.990% (MUNIPSA) due 08/15/2038 ~(e) | 940 | 928 |
| **Montgomery County Industrial Development Authority, Pennsylvania Revenue Notes, Series 2023** <br>4.100% due 06/01/2029 | 500 | 520 |

---

------

<br> Schedule of Investments PIMCO Municipal Income Opportunities Active Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Northampton** **County, Pennsylvania General Purpose Authority Revenue Bonds, Series 2024** <br>3.900% due 08/15/2054 | 2500 | 2500 |
| **Pennsylvania Economic Development Financing Authority Revenue Bonds, (AGM Insured), Series 2022** <br>5.000% due 12/31/2057 | 300 | 302 |
| **Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2015**  |  |  |
| 5.000% due 12/31/2030  | 250 | 253 |
| 5.000% due 12/31/2038  | 500 | 502 |
| **Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2019** <br>3.850% due 04/01/2049 | 1000 | 1000 |
| **Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2022** <br>5.500% due 06/30/2039 | 500 | 527 |
| **Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2025** <br>5.000% due 03/15/2060 | 1000 | 1104 |
| **Pennsylvania Higher Educational Facilities Authority Revenue Bonds, Series 2024** <br>5.250% due 11/01/2040 | 1500 | 1633 |
| **Pennsylvania Housing Finance Agency Revenue Bonds, (FNMA Insured), Series 2025** <br>4.900% due 06/01/2041 | 1000 | 1038 |
| **Pennsylvania Housing Finance Agency Revenue Bonds, Series 2024**  |  |  |
| 6.000% due 10/01/2054  | 200 | 218 |
| 6.250% due 10/01/2054  | 200 | 220 |
| **Pennsylvania Turnpike Commission Revenue Bonds, Series 2013** <br>5.750% due 12/01/2037 (c) | 2100 | 2094 |
|  |  | 15338 |
| **PUERTO RICO 2.2%**  |  |  |
| **Commonwealth of Puerto Rico Bonds, Series 2022**  |  |  |
| 0.000% due 11/01/2043  | 239 | 158 |
| 0.000% due 11/01/2051  | 1966 | 1330 |
| **GDB Debt Recovery Authority of Puerto Rico Revenue Bonds, Series 2018** <br>7.500% due 08/20/2040 | 309 | 301 |
| **Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018**  |  |  |
| 0.000% due 07/01/2046 (b)  | 4400 | 1502 |
| 0.000% due 07/01/2051 (b)  | 5400 | 1358 |
| 5.000% due 07/01/2058  | 1750 | 1692 |
| **Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2019**  |  |  |
| 4.329% due 07/01/2040  | 1500 | 1437 |
| 4.550% due 07/01/2040  | 250 | 244 |
|  |  | 8022 |
| **RHODE ISLAND 0.3%**  |  |  |
| **Tobacco Settlement Financing Corp. Rhode Island Revenue Bonds, Series 2015**  |  |  |
| 5.000% due 06/01/2040  | 750 | 750 |
| 5.000% due 06/01/2050  | 200 | 196 |
|  |  | 946 |
| **SOUTH CAROLINA 1.3%**  |  |  |
| **Columbia, South Carolina Waterworks & Sewer System Revenue Bonds, Series 2022** <br>4.250% due 02/01/2041 | 625 | 628 |
| **Patriots Energy Group Financing Agency, South Carolina Revenue Bonds, Series 2023** <br>5.250% due 02/01/2054 | 200 | 218 |
| **South Carolina Public Service Authority Revenue Bonds, Series 2024**  |  |  |
| 5.250% due 12/01/2049  | 1300 | 1359 |
| 5.500% due 12/01/2054  | 1050 | 1117 |
| **Spartanburg Regional Health Services District, South Carolina Revenue Bonds, Series 2017** <br>5.000% due 04/15/2048 | 1300 | 1309 |
|  |  | 4631 |
| **SOUTH DAKOTA 0.1%**  |  |  |
| **South Dakota Housing Development Authority Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025** <br>4.500% due 11/01/2045 | 500 | 500 |
| **TENNESSEE 0.6%**  |  |  |
| **Tennergy Corp. Tennessee Revenue Bonds, Series 2021** <br>4.000% due 12/01/2051 | 1000 | 1025 |
| **Tennessee Housing Development Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025** <br>6.000% due 01/01/2056 | 1000 | 1108 |
|  |  | 2133 |
| **TEXAS 15.1%**  |  |  |
| **Aledo Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023** <br>5.000% due 02/15/2048 | 100 | 103 |
| **Arlington Higher Education Finance Corp. Texas Revenue Bonds, (PSF Insured), Series 2024**  |  |  |
| 4.125% due 06/15/2054  | 450 | 413 |
| 4.125% due 08/15/2054  | 500 | 452 |
| **Arlington Higher Education Finance Corp. Texas Revenue Bonds, (PSF Insured), Series 2025** <br>4.500% due 08/15/2050 | 1500 | 1472 |
| **Austin Affordable PFC Inc., Texas Revenue Bonds, (FNMA Insured), Series 2024** <br>4.500% due 03/01/2043 | 500 | 497 |

---

------

<br> Schedule of Investments PIMCO Municipal Income Opportunities Active Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Austin** **, Texas Water & Wastewater System Revenue Bonds, Series 2024** <br>5.000% due 11/15/2049 | 3000 | 3139 |
| **Barbers Hill Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024** <br>4.250% due 02/15/2054 | 300 | 286 |
| **Board of Regents of the University of Texas System Revenue Bonds, Series 2024** <br>5.000% due 08/15/2041 | 1500 | 1641 |
| **Canutillo Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024** <br>5.000% due 02/15/2040 | 1730 | 1868 |
| **City of Kyle, Texas , General Obligation Bonds, (AGM Insured), Series 2025** <br>5.000% due 08/15/2055 | 1100 | 1131 |
| **Clifton Higher Education Finance Corp. Texas Revenue Bonds, (PSF Insured), Series 2025** <br>4.375% due 02/15/2042 | 700 | 699 |
| **Dallas Fort Worth International Airport, Texas Revenue Bonds, Series 2025** <br>5.250% due 11/01/2042 (a) | 1500 | 1596 |
| **Dallas Housing Finance Corp. Texas Revenue Bonds, (FNMA Insured), Series 2024** <br>4.350% due 10/01/2041 | 500 | 503 |
| **Dallas Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025** <br>5.000% due 02/15/2055 | 2000 | 2209 |
| **Denton Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023** <br>5.000% due 08/15/2053 | 1500 | 1549 |
| **EP Essential Housing WF PFC, Texas Revenue Notes, Series 2024** <br>4.250% due 12/01/2034 | 500 | 507 |
| **Everman Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024** <br>4.000% due 02/15/2049 | 500 | 469 |
| **Garland Housing Finance Corp. Texas Revenue Bonds, (FNMA Insured), Series 2024** <br>4.610% due 01/01/2043 | 2093 | 2107 |
| **Grand Parkway Transportation Corp. Texas Revenue Bonds, Series 2023** <br>5.000% due 10/01/2052 | 500 | 524 |
| **Grayson County Junior College District, Texas General Obligation Bonds, Series 2024** <br>4.000% due 02/15/2049 | 1310 | 1197 |
| **Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2024** <br>5.000% due 07/01/2054 | 500 | 535 |
| **Harris County, Texas Hospital District General Obligation Bonds, Series 2025** <br>5.000% due 02/15/2042 | 1000 | 1055 |
| **Houston, Texas Airport System Revenue Bonds, Series 2024** <br>5.500% due 07/15/2035 | 1500 | 1649 |
| **Houston, Texas Airport System Revenue Bonds,(AGM Insured), Series 2023** <br>5.000% due 07/01/2038 | 100 | 106 |
| **Hurst-Euless-Bedford Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024** <br>4.000% due 08/15/2050 | 500 | 459 |
| **Hutto Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023** <br>5.000% due 08/01/2048 | 500 | 522 |
| **Jarrell Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023** <br>5.000% due 02/15/2053 | 1000 | 1024 |
| **Liberty Hill Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025** <br>5.000% due 02/01/2055 | 5000 | 5195 |
| **Lower Colorado River Authority, Texas Revenue Bonds, Series 2021** <br>5.000% due 05/15/2051 | 500 | 506 |
| **Lower Colorado River Authority, Texas Revenue Bonds, Series 2025** <br>5.000% due 05/15/2045 | 645 | 709 |
| **Manor Housing Public Facility Corp. Texas Revenue Bonds, Series 2024** <br>3.400% due 11/01/2042 | 2000 | 2017 |
| **Matagorda County, Texas Navigation District No 1, Revenue Bonds, Series 2001** <br>2.600% due 11/01/2029 | 250 | 243 |
| **Midland County, Texas Hospital District Revenue Bonds, (BAM Insured), Series 2024** <br>5.250% due 05/15/2054 | 1000 | 1038 |
| **Midland Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024** <br>5.000% due 02/15/2050 | 500 | 508 |
| **Mission Economic Development Corp. Texas Revenue Bonds, Series 2024** <br>4.000% due 06/01/2054 | 1000 | 1006 |
| **New Hope Cultural Education Facilities Finance Corp. Texas Revenue Bonds, Series 2019** <br>4.000% due 12/01/2054 | 250 | 181 |
| **New Hope Cultural Education Facilities Finance Corp. Texas Revenue Bonds, Series 2025** <br>5.250% due 08/15/2043 | 500 | 543 |
| **Newark Higher Education Finance Corp. Texas Revenue Bonds, (PSF Insured), Series 2025** <br>5.125% due 08/15/2045 | 700 | 737 |
| **North Texas Tollway Authority Revenue Bonds, Series 2018** <br>5.000% due 01/01/2048 | 1000 | 1009 |
| **Northside Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025** <br>5.000% due 08/15/2050 | 3000 | 3134 |
| **Permanent University Fund - University of Texas System Revenue Bonds, Series 2024** <br>5.000% due 07/01/2038 | 1030 | 1152 |
| **San Antonio Housing Trust Public Facility Corp. Texas Revenue Bonds, (FNMA Insured), Series 2024** <br>4.550% due 03/01/2043 | 650 | 649 |
| **Tarrant County Housing Finance Corp. Texas Revenue Bonds, (FNMA Insured), Series 2024** <br>4.600% due 03/01/2043 | 1000 | 1004 |
| **Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2025**  |  |  |
| 5.000% due 11/15/2049  | 500 | 519 |
| 5.500% due 11/15/2052  | 300 | 323 |
| **Texas Department of Housing & Community Affairs Revenue Bonds, (GNMA Insured), Series 2025** <br>6.000% due 01/01/2056 | 1000 | 1121 |
| **Texas Private Activity Bond Surface Transportation Corp. Revenue Bonds, Series 2020** <br>4.000% due 12/31/2037 | 250 | 244 |

---

------

<br> Schedule of Investments PIMCO Municipal Income Opportunities Active Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Texas** **State General Obligation Bonds, Series 2024** <br>5.000% due 10/01/2043 | 1700 | 1811 |
| **Texas Water Development Board Revenue Bonds, Series 2022**  |  |  |
| 4.800% due 10/15/2052  | 600 | 613 |
| 5.000% due 10/15/2057  | 250 | 258 |
| **Texas Water Development Board Revenue Bonds, Series 2023** <br>4.875% due 10/15/2048 | 500 | 517 |
| **Texas Water Development Board Revenue Bonds, Series 2025** <br>4.750% due 10/15/2055 (a) | 1215 | 1224 |
| **Waxahachie Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024** <br>4.000% due 02/15/2049 | 1500 | 1398 |
|  |  | 55371 |
| **UTAH 0.8%**  |  |  |
| **Downtown Revitalization Public Infrastructure District, Utah Revenue Bonds, (AGC Insured), Series 2025** <br>5.000% due 06/01/2040 | 1200 | 1313 |
| **Salt Lake City, Utah Airport Revenue Bonds, Series 2023** <br>5.250% due 07/01/2037 | 300 | 327 |
| **Utah Housing Corp. Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024** <br>6.250% due 07/01/2055 | 495 | 559 |
| **Utah Housing Corp. Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025** <br>6.500% due 07/01/2055 | 600 | 689 |
|  |  | 2888 |
| **VIRGINIA 0.2%**  |  |  |
| **Farms New Kent Community Development Authority, Virginia Special Assessment Bonds, Series 2021** <br>3.750% due 03/01/2036 | 290 | 279 |
| **Virginia Small Business Financing Authority Revenue Bonds, Series 2025** <br>5.000% due 06/15/2041 | 500 | 527 |
|  |  | 806 |
| **WASHINGTON 1.5%**  |  |  |
| **Washington Health Care Facilities Authority Revenue Notes, Series 2025** <br>5.000% due 10/01/2035 (a) | 1200 | 1348 |
| **Washington State Housing Finance Commission Revenue Bonds, (BAM Insured), Series 2025** <br>5.000% due 07/01/2040 | 1000 | 1040 |
| **Washington State Housing Finance Commission Revenue Bonds, (FNMA Insured), Series 2024** <br>4.400% due 03/01/2043 | 500 | 492 |
| **Washington State Housing Finance Commission Revenue Bonds, Series 2023** <br>3.375% due 04/20/2037 | 491 | 456 |
| **Washington State Housing Finance Commission Revenue Bonds, Series 2024** <br>4.220% due 03/01/2050 | 596 | 574 |
| **Washington State Housing Finance Commission Revenue Bonds, Series 2025** <br>4.078% due 11/20/2041 | 1599 | 1510 |
|  |  | 5420 |
| **WEST VIRGINIA 0.5%**  |  |  |
| **West Virginia Economic Development Authority Revenue Bonds, Series 2025** <br>5.450% due 01/01/2055 | 1250 | 1305 |
| **West Virginia Hospital Finance Authority Revenue Bonds, Series 2023** <br>6.000% due 09/01/2053 | 300 | 324 |
| **West Virginia Housing Development Fund Revenue Notes, (HUD Insured), Series 2024** <br>5.000% due 08/01/2027 | 175 | 180 |
|  |  | 1809 |
| **WISCONSIN 1.4%**  |  |  |
| **Public Finance Authority, Wisconsin Revenue Bonds, Series 2021**  |  |  |
| 4.000% due 10/01/2041  | 250 | 264 |
| 4.000% due 03/31/2056  | 250 | 200 |
| **Public Finance Authority, Wisconsin Revenue Bonds, Series 2022** <br>4.000% due 10/01/2052 | 400 | 354 |
| **Public Finance Authority, Wisconsin Revenue Bonds, Series 2025**  |  |  |
| 5.000% due 11/15/2039  | 300 | 316 |
| 5.250% due 06/15/2050  | 250 | 255 |
| 5.750% due 12/31/2065  | 2600 | 2675 |
| **University of Wisconsin Hospitals & Clinics Revenue Bonds, Series 2021** <br>4.000% due 04/01/2046 | 750 | 699 |

---

------

<br> Schedule of Investments PIMCO Municipal Income Opportunities Active Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Wisconsin** **Center District Revenue Bonds, (AGM Insured), Series 2020** <br>0.000% due 12/15/2045 (b) | 1000 | 385 |
|  |  | 5148 |
| Total Municipal Bonds & Notes (Cost $338,000) |  | 343661 |
| **U.S. GOVERNMENT AGENCIES 0.0%**  |  |  |
| **Federal Home Loan Mortgage Corp. Multifamily ML Certificates**<br>3.084% due 04/25/2043 ~ | 197 | 172 |
| Total U.S. Government Agencies (Cost $158) |  | 172 |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES 0.6%**  |  |  |
| **City of Dallas Housing Finance Corp.** <br>4.625% due 10/01/2043 | 400 | 403 |
| **Indiana Housing & Community Development Authority** <br>4.600% due 01/01/2042 | 300 | 306 |
| **Multifamily Tax-Exempt Mortgage-Backed Bonds** <br>4.500% due 08/01/2041 | 993 | 1007 |
| **San Antonio Housing Trust Public Facility Corp.** <br>4.450% due 04/01/2043 | 500 | 495 |
| Total Non-Agency Mortgage-Backed Securities (Cost $2,194) |  | 2211 |
|  | SHARES |  |
| **SHORT-TERM INSTRUMENTS 4.5%**  |  |  |
| **MUTUAL FUNDS 0.1%**  |  |  |
| **State Street Institutional U.S. Government Money Market Fund, Premier Class**<br> 4.200% (d) | 260375 | 260 |
| **REPURCHASE AGREEMENTS (f) 4.4%** |  | 16000 |
| Total Short-Term Instruments (Cost $16,260) |  | 16260 |
| Total Investments in Securities (Cost $356,612) |  | 362304 |
| Total Investments 98.7% (Cost $356,612) |  | $362304 |
| **Financial Derivative Instruments (g) 0.0**%(Cost or Premiums, net $511) |  | 16 |
| Other Assets and Liabilities, net 1.3% |  | 4832 |
| Net Assets 100.0% |  | $367152 |

---

------

<br> Schedule of Investments PIMCO Municipal Income Opportunities Active Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  |
| **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** |
| **¤** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** |
| **~** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.** |
| **(a)** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** |
| **(b)** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** |
| **(c)** | **Security becomes interest bearing at a future date.** | **Security becomes interest bearing at a future date.** | **Security becomes interest bearing at a future date.** | **Security becomes interest bearing at a future date.** | **Security becomes interest bearing at a future date.** | **Security becomes interest bearing at a future date.** | **Security becomes interest bearing at a future date.** | **Security becomes interest bearing at a future date.** | **Security becomes interest bearing at a future date.** | **Security becomes interest bearing at a future date.** | **Security becomes interest bearing at a future date.** | **Security becomes interest bearing at a future date.** | **Security becomes interest bearing at a future date.** |
| **(d)** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** |
| **(e)** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** |
| Issuer Description | Coupon | Maturity<br>Date | Maturity<br>Date | Maturity<br>Date | Acquisition<br>Date | Acquisition<br>Date | Acquisition<br>Date | Cost | Cost |  | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets | Market Value<br>as Percentage<br>of Net Assets |
| Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2024 | 4.615 | 08/25/2041 | 08/25/2041 | 08/25/2041 | 03/19/2024 - 01/22/2025 | 03/19/2024 - 01/22/2025 | 03/19/2024 - 01/22/2025 | 2179 | 2179 | $ | 2227 | 0.61 | 0.61 |
| Lehigh County, Pennsylvania Revenue Bonds, Series 2019 | 3.990 | 08/15/2038 | 08/15/2038 | 08/15/2038 | 09/14/2021 | 09/14/2021 | 09/14/2021 | 952 | 952 |  | 928 | 0.25 | 0.25 |
|  |  |  |  |  |  |  | $ | 3131 | $ | $ | 3155 | 0.86% | 0.86% |
| **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** |
| **(f)** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** |
| Counterparty | Principal<br>Amount | Principal<br>Amount | &nbsp;&nbsp; Collateralized By | &nbsp;&nbsp; Collateralized By | &nbsp;&nbsp; Collateralized By | &nbsp;&nbsp; Collateralized By | &nbsp;&nbsp; Collateralized By | &nbsp;&nbsp; Collateralized By | Collateral<br>(Received) | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value |  | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| BPS | 16000 | 16000 | &nbsp;&nbsp; U.S. Treasury Notes 4.500% due 12/31/2031 | &nbsp;&nbsp; U.S. Treasury Notes 4.500% due 12/31/2031 | &nbsp;&nbsp; U.S. Treasury Notes 4.500% due 12/31/2031 | &nbsp;&nbsp; U.S. Treasury Notes 4.500% due 12/31/2031 | &nbsp;&nbsp; U.S. Treasury Notes 4.500% due 12/31/2031 | &nbsp;&nbsp; U.S. Treasury Notes 4.500% due 12/31/2031 | (16312) | (16312) | 16000 | $ | 16002 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |  |  |  |  |  | **(16312)** | **(16312)** | **16000** | **$** | **16002** |
| <sup>(1)</sup> | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. |
| **(g)** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** |
| **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** |
| **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** |
|  |  |  |  |  |  |  |  |  |  | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> |
| Pay/<br>Receive<br>Floating Rate | Notional<br>Amount | Notional<br>Amount | Notional<br>Amount | Premiums<br>Paid/<br>(Received) | Premiums<br>Paid/<br>(Received) | Premiums<br>Paid/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Market<br>Value | Asset |  | Liability |
| Receive | $5100 | 5100 | 5100 | $511 | 511 | 511 | (118) | (118) | 393 | 393 | 16 | $ | $0 |
| **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **$** | **511** | **511** | **$** | **(118)** | **$** | **393** | **$** | **$** | **$** | **0** |
| **Cash of $486 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $486 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $486 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $486 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $486 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $486 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $486 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $486 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $486 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $486 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $486 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $486 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $486 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $486 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** |
| **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** |
| **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: |  |
| Category and Subcategory | Category and Subcategory | Level 1 | Level 1 | Level 1 | Level 1 | Level 2 | Level 2 | Level 3 | Level 3 | Fair Value<br>at 09/30/2025 | Fair Value<br>at 09/30/2025 | Fair Value<br>at 09/30/2025 |  |
| **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** |  |
| Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |  |
| Alabama | Alabama | $ | 0 | 0 | 0 | $ | 10772 | $ | 0 | $ | 10772 | 10772 |  |
| Alaska | Alaska |  | 0 | 0 | 0 |  | 257 |  | 0 |  | 257 | 257 |  |
| Arizona | Arizona |  | 0 | 0 | 0 |  | 5532 |  | 0 |  | 5532 | 5532 |  |
| Arkansas | Arkansas |  | 0 | 0 | 0 |  | 1304 |  | 0 |  | 1304 | 1304 |  |
| California | California |  | 0 | 0 | 0 |  | 15041 |  | 0 |  | 15041 | 15041 |  |
| Colorado | Colorado |  | 0 | 0 | 0 |  | 12102 |  | 0 |  | 12102 | 12102 |  |
| Connecticut | Connecticut |  | 0 | 0 | 0 |  | 995 |  | 0 |  | 995 | 995 |  |
| Delaware | Delaware |  | 0 | 0 | 0 |  | 250 |  | 0 |  | 250 | 250 |  |
| District of Columbia | District of Columbia |  | 0 | 0 | 0 |  | 4752 |  | 0 |  | 4752 | 4752 |  |
| Florida | Florida |  | 0 | 0 | 0 |  | 19294 |  | 0 |  | 19294 | 19294 |  |
| Georgia | Georgia |  | 0 | 0 | 0 |  | 9087 |  | 0 |  | 9087 | 9087 |  |
| Idaho | Idaho |  | 0 | 0 | 0 |  | 3275 |  | 0 |  | 3275 | 3275 |  |
| Illinois | Illinois |  | 0 | 0 | 0 |  | 22214 |  | 0 |  | 22214 | 22214 |  |

---

------

<br> Schedule of Investments PIMCO Municipal Income Opportunities Active Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Indiana | 0 | 5247 | 0 | 5247 |
| Iowa | 0 | 544 | 0 | 544 |
| Kentucky | 0 | 6979 | 0 | 6979 |
| Louisiana | 0 | 6361 | 0 | 6361 |
| Maryland | 0 | 1975 | 0 | 1975 |
| Massachusetts | 0 | 6446 | 0 | 6446 |
| Michigan | 0 | 12099 | 0 | 12099 |
| Minnesota | 0 | 3855 | 0 | 3855 |
| Mississippi | 0 | 328 | 0 | 328 |
| Missouri | 0 | 3192 | 0 | 3192 |
| Multi-State | 0 | 14368 | 0 | 14368 |
| Nebraska | 0 | 256 | 0 | 256 |
| Nevada | 0 | 3674 | 0 | 3674 |
| New Hampshire | 0 | 5497 | 0 | 5497 |
| New Jersey | 0 | 3691 | 0 | 3691 |
| New Mexico | 0 | 843 | 0 | 843 |
| New York | 0 | 39399 | 0 | 39399 |
| North Carolina | 0 | 2478 | 0 | 2478 |
| North Dakota | 0 | 547 | 0 | 547 |
| Ohio | 0 | 15213 | 0 | 15213 |
| Oklahoma | 0 | 636 | 0 | 636 |
| Oregon | 0 | 2146 | 0 | 2146 |
| Pennsylvania | 0 | 15338 | 0 | 15338 |
| Puerto Rico | 0 | 8022 | 0 | 8022 |
| Rhode Island | 0 | 946 | 0 | 946 |
| South Carolina | 0 | 4631 | 0 | 4631 |
| South Dakota | 0 | 500 | 0 | 500 |
| Tennessee | 0 | 2133 | 0 | 2133 |
| Texas | 0 | 55371 | 0 | 55371 |
| Utah | 0 | 2888 | 0 | 2888 |
| Virginia | 0 | 806 | 0 | 806 |
| Washington | 0 | 5420 | 0 | 5420 |
| West Virginia | 0 | 1809 | 0 | 1809 |
| Wisconsin | 0 | 5148 | 0 | 5148 |
| U.S. Government Agencies | 0 | 172 | 0 | 172 |
| Non-Agency Mortgage-Backed Securities | 0 | 2211 | 0 | 2211 |
| Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| Mutual Funds | 0 | 260 | 0 | 260 |
| Repurchase Agreements | 0 | 16000 | 0 | 16000 |
| Total Investments | $0 | $362304 | $0 | $362304 |
| **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  |
| Exchange-traded or centrally cleared | $0 | $16 | $0 | $16 |
| Total Financial Derivative Instruments | $0 | $16 | $0 | $16 |
| Totals | $0 | $362320 | $0 | $362320 |
| **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** |

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------

<br> Schedule of Investments PIMCO Preferred and Capital Securities Active Exchange-Traded Fund September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** | **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** | **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** |
|  | PRINCIPAL<br>AMOUNT<br>(000s) | MARKET<br>VALUE<br>(000s) |
| **INVESTMENTS IN SECURITIES 98.7% ¤** |  |  |
| **CORPORATE BONDS & NOTES 60.6%**  |  |  |
| **BANKING & FINANCE 40.7%**  |  |  |
| **AerCap Ireland Capital DAC/AerCap Global Aviation Trust** <br>6.950% due 03/10/2055 •  | $600 | $628 |
| **African Development Bank** <br>5.875% due 05/07/2035 •(c)(d) | 500 | 501 |
| **Allstate Corp.**  |  |  |
| 6.500% due 05/15/2067 •  | 400 | 424 |
| 7.411% (TSFR3M + 3.200%) due 08/15/2053 ~  | 1146 | 1152 |
| **American National Group, Inc.** <br>7.000% due 12/01/2055 •  | 1000 | 1032 |
| **Banco Bilbao Vizcaya Argentaria SA**  |  |  |
| 7.750% due 01/14/2032 •(c)(d)  | 600 | 637 |
| 9.375% due 03/19/2029 •(c)(d)  | 361 | 403 |
| **Banco Mercantil del Norte SA** <br>7.625% due 01/10/2028 •(c)(d) | 1500 | 1540 |
| **Banco Santander SA**  |  |  |
| 9.625% due 11/21/2028 •(c)(d)  | 800 | 898 |
| 9.625% due 05/21/2033 •(c)(d)  | 1800 | 2174 |
| **Bank of Montreal** <br>7.700% due 05/26/2084 •(d) | 1400 | 1489 |
| **Bank of Nova Scotia**  |  |  |
| 3.625% due 10/27/2081 •(d)  | 479 | 457 |
| 6.875% due 10/27/2085 •(a)(d)  | 500 | 500 |
| 7.350% due 04/27/2085 •(d)  | 1000 | 1045 |
| 8.000% due 01/27/2084 •(d)  | 1100 | 1182 |
| 8.625% due 10/27/2082 •(d)  | 500 | 532 |
| **Barclays PLC**  |  |  |
| 8.000% due 03/15/2029 •(c)(d)  | 2000 | 2120 |
| 8.875% due 09/15/2027 •(c)(d)  | 200 | 284 |
| 9.250% due 09/15/2028 •(c)(d)  | 200 | 291 |
| 9.625% due 12/15/2029 •(c)(d)  | $1000 | 1137 |
| **BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico**  |  |  |
| 7.625% due 02/11/2035 •(d)  | 500 | 527 |
| 8.125% due 01/08/2039 •(d)  | 1800 | 1964 |
| **BNP Paribas SA**  |  |  |
| 7.375% due 09/10/2034 •(c)(d)  | 400 | 419 |
| 8.000% due 08/22/2031 •(c)(d)  | 1000 | 1079 |
| 9.250% due 11/17/2027 •(c)(d)  | 1869 | 2014 |
| **Burford Capital Global Finance LLC** <br>9.250% due 07/01/2031 | 695 | 739 |
| **Canadian Imperial Bank of Commerce**  |  |  |
| 6.950% due 01/28/2085 •(d)  | 800 | 813 |
| 7.000% due 10/28/2085 •(d)  | 900 | 925 |
| **Commerzbank AG** <br>7.500% due 10/09/2030 •(c)(d) | 1800 | 1893 |
| **Cooperatieve Rabobank UA** <br>4.875% due 06/29/2029 •(c)(d) | 800 | 952 |
| **Corebridge Financial, Inc.**  |  |  |
| 6.375% due 09/15/2054 •  | $1200 | 1233 |
| 6.875% due 12/15/2052 •  | 1343 | 1378 |
| **Credit Suisse AG AT1 Claim**  | 800 | 104 |
| **Dai-ichi Life Insurance Co. Ltd.** <br>6.200% due 01/16/2035 •(c) | 800 | 832 |
| **DNB Bank ASA** <br>7.375% due 05/30/2029 •(c)(d) | 1600 | 1687 |
| **Equitable Holdings, Inc.** <br>6.700% due 03/28/2055 •  | 1000 | 1043 |
| **Global Atlantic Fin Co.**  |  |  |
| 4.700% due 10/15/2051 •  | 1200 | 1182 |
| 7.950% due 10/15/2054 •  | 550 | 583 |
| **HSBC Holdings PLC**  |  |  |
| 6.500% due 03/23/2028 •(c)(d)  | 1200 | 1227 |
| 7.050% due 06/05/2030 •(c)(d)  | 1000 | 1042 |
| **ING Groep NV**  |  |  |
| 7.000% due 11/16/2032 •(c)(d)  | 600 | 619 |
| 8.000% due 05/16/2030 •(c)(d)  | 1400 | 1521 |
| **Intesa Sanpaolo SpA**  |  |  |
| 7.778% due 06/20/2054 •  | 300 | 361 |
| 8.248% due 11/21/2033 •  | 1074 | 1268 |

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<br> Schedule of Investments PIMCO Preferred and Capital Securities Active Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Liberty** **Mutual Group, Inc.** <br>4.125% due 12/15/2051 •  | 1700 | 1670 |
| **Lloyds Banking Group PLC**  |  |  |
| 6.750% due 09/27/2031 •(c)(d)  | 900 | 923 |
| 8.000% due 09/27/2029 •(c)(d)  | 2333 | 2527 |
| **Meiji Yasuda Life Insurance Co.** <br>6.100% due 06/11/2055 •  | 500 | 521 |
| **MetLife, Inc.** <br>6.350% due 03/15/2055 •  | 500 | 532 |
| **Mitsubishi UFJ Financial Group, Inc.** <br>8.200% due 01/15/2029 •(c)(d) | 800 | 881 |
| **NatWest Group PLC**  |  |  |
| 7.300% due 11/19/2034 •(c)(d)  | 800 | 845 |
| 8.125% due 11/10/2033 •(c)(d)  | 2200 | 2480 |
| **Nippon Life Insurance Co.**  |  |  |
| 5.950% due 04/16/2054 •  | 1100 | 1149 |
| 6.250% due 09/13/2053 •  | 1000 | 1061 |
| 6.500% due 04/30/2055 •  | 1900 | 2048 |
| **Nomura Holdings, Inc.** <br>7.000% due 07/15/2030 •(c)(d) | 800 | 829 |
| **Nordea Bank Abp** <br>6.300% due 09/25/2031 •(c)(d) | 200 | 202 |
| **Prudential Financial, Inc.**  |  |  |
| 5.125% due 03/01/2052 •  | 1200 | 1207 |
| 6.000% due 09/01/2052 •  | 1518 | 1581 |
| 6.500% due 03/15/2054 •  | 1200 | 1286 |
| **Reinsurance Group of America, Inc.** <br>6.650% due 09/15/2055 •  | 900 | 945 |
| **Royal Bank of Canada**  |  |  |
| 6.750% due 08/24/2085 •(d)  | 500 | 516 |
| 7.500% due 05/02/2084 •(d)  | 3400 | 3588 |
| **Skandinaviska Enskilda Banken AB** <br>6.875% due 06/30/2027 •(c)(d) | 400 | 411 |
| **Societe Generale SA**  |  |  |
| 5.375% due 11/18/2030 •(c)(d)  | 500 | 472 |
| 9.375% due 11/22/2027 •(c)(d)  | 484 | 520 |
| 10.000% due 11/14/2028 •(c)(d)  | 600 | 666 |
| **Standard Chartered PLC** <br>7.875% due 03/08/2030 •(c)(d) | 800 | 860 |
| **Sumitomo Mitsui Financial Group, Inc.** <br>6.600% due 06/05/2034 •(c)(d) | 300 | 314 |
| **Svenska Handelsbanken AB**  |  |  |
| 4.375% due 03/01/2027 •(c)(d)  | 1000 | 985 |
| 4.750% due 03/01/2031 •(c)(d)  | 1000 | 954 |
| **Swiss RE Subordinated Finance PLC** <br>5.698% due 04/05/2035 •  | 500 | 519 |
| **Toronto-Dominion Bank**  |  |  |
| 7.250% due 07/31/2084 •(d)  | 300 | 316 |
| 8.125% due 10/31/2082 •(d)  | 1728 | 1829 |
| **UBS Group AG**  |  |  |
| 6.850% due 09/10/2029 •(c)(d)  | 800 | 828 |
| 7.750% due 04/12/2031 •(c)(d)(g)  | 1000 | 1081 |
| 9.250% due 11/13/2028 •(c)(d)  | 500 | 553 |
| 9.250% due 11/13/2033 •(c)(d)  | 1100 | 1312 |
|  |  | 80242 |
| **INDUSTRIALS 3.5%**  |  |  |
| **CVS Health Corp.** <br>7.000% due 03/10/2055 •  | 400 | 421 |
| **Enbridge, Inc.**  |  |  |
| 5.750% due 07/15/2080 •  | 2515 | 2543 |
| 6.250% due 03/01/2078 •  | 200 | 202 |
| 7.625% due 01/15/2083 •  | 1100 | 1195 |
| 8.250% due 01/15/2084 •  | 700 | 754 |
| **Energy Transfer LP** <br>6.500% due 02/15/2056 •  | 400 | 399 |
| **Enterprise Products Operating LLC**  |  |  |
| 5.375% due 02/15/2078 •  | 435 | 433 |
| 7.433% (TSFR3M + 3.248%) due 08/16/2077 ~  | 489 | 489 |
| **Plains All American Pipeline LP** <br>8.583% (TSFR3M + 4.372%) due 10/30/2025 ~(c) | 498 | 499 |
|  |  | 6935 |
| **UTILITIES 16.4%**  |  |  |
| **AES Corp.** <br>6.950% due 07/15/2055 •  | 600 | 590 |
| **American Electric Power Co., Inc.**  |  |  |
| 6.050% due 03/15/2056 •  | 500 | 502 |
| 6.950% due 12/15/2054 •  | 700 | 759 |
| 7.050% due 12/15/2054 •  | 300 | 315 |
| **BP Capital Markets PLC**  |  |  |
| 6.125% due 03/18/2035 •(c)  | 600 | 622 |

---

------

<br> Schedule of Investments PIMCO Preferred and Capital Securities Active Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| 6.450% due 12/01/2033 •(c)  | 2300 | 2459 |
| **British Telecommunications PLC** <br>4.875% due 11/23/2081 •  | 400 | 384 |
| **CenterPoint Energy, Inc.**  |  |  |
| 6.700% due 05/15/2055 •  | 400 | 414 |
| 6.850% due 02/15/2055 •  | 900 | 957 |
| 7.000% due 02/15/2055 •  | 250 | 261 |
| **CMS Energy Corp.**  |  |  |
| 3.750% due 12/01/2050 •  | 1300 | 1202 |
| 6.500% due 06/01/2055 •  | 600 | 622 |
| **Dominion Energy, Inc.**  |  |  |
| 6.200% due 02/15/2056 •  | 300 | 302 |
| 6.625% due 05/15/2055 •  | 1200 | 1244 |
| 7.000% due 06/01/2054 •  | 500 | 543 |
| **Duke Energy Corp.** <br>6.450% due 09/01/2054 •  | 2600 | 2750 |
| **Edison International** <br>8.125% due 06/15/2053 •(g) | 300 | 307 |
| **Electricite de France SA** <br>9.125% due 03/15/2033 •(c) | 1715 | 1990 |
| **Evergy, Inc.** <br>6.650% due 06/01/2055 •  | 810 | 831 |
| **Exelon Corp.** <br>6.500% due 03/15/2055 •  | 600 | 628 |
| **NextEra Energy Capital Holdings, Inc.**  |  |  |
| 6.700% due 09/01/2054 •  | 1200 | 1243 |
| 6.750% due 06/15/2054 •  | 1800 | 1941 |
| **NiSource, Inc.** <br>6.950% due 11/30/2054 •  | 800 | 834 |
| **Sempra**  |  |  |
| 6.375% due 04/01/2056 •  | 150 | 154 |
| 6.400% due 10/01/2054 •  | 300 | 307 |
| 6.625% due 04/01/2055 •  | 1250 | 1272 |
| 6.875% due 10/01/2054 •  | 1650 | 1712 |
| **Sierra Pacific Power Co.** <br>6.200% due 12/15/2055 •  | 700 | 701 |
| **Transcanada Trust**  |  |  |
| 5.500% due 09/15/2079 •  | 1600 | 1589 |
| 5.600% due 03/07/2082 •  | 1736 | 1723 |
| **Vodafone Group PLC**  |  |  |
| 5.125% due 06/04/2081 •  | 1900 | 1500 |
| 7.000% due 04/04/2079 •  | 1600 | 1693 |
|  |  | 32351 |
| Total Corporate Bonds & Notes (Cost $113,308) |  | 119528 |
|  | SHARES |  |
| **PREFERRED SECURITIES 35.8%**  |  |  |
| **BANKING & FINANCE 32.6%**  |  |  |
| **Aircastle Ltd.**<br>5.250% due 06/15/2026 •(c) | 1071000 | 1066 |
| **Ally Financial, Inc.**<br>4.700% due 05/15/2028 •(c) | 716000 | 660 |
| **American Express Co.**<br>3.550% due 09/15/2026 •(c) | 1400000 | 1374 |
| **Banco Santander SA**<br>8.000% due 02/01/2034 •(c)(d) | 600000 | 662 |
| **Bank of America Corp.**  |  |  |
| 4.375% due 01/27/2027 •(c) | 1433000 | 1409 |
| 5.875% due 03/15/2028 •(c) | 3418000 | 3457 |
| 6.625% due 05/01/2030 •(c) | 2300000 | 2398 |
| **Bank of New York Mellon Corp.**<br>4.625% due 09/20/2026 •(c) | 1400000 | 1392 |
| **Capital One Financial Corp.**<br>3.950% due 09/01/2026 •(c) | 1600000 | 1577 |
| **Charles Schwab Corp.**  |  |  |
| 4.000% due 12/01/2030 •(c) | 2836000 | 2667 |
| 5.000% due 12/01/2027 •(c) | 400000 | 394 |
| **Citigroup, Inc.**  |  |  |
| 6.750% due 02/15/2030 •(c) | 200000 | 203 |
| 6.875% (H15T5Y + 2.890%) due 12/31/2099 ~ | 500000 | 516 |
| 6.950% due 02/15/2030 •(c) | 4300000 | 4422 |
| 7.000% due 08/15/2034 •(c) | 1700000 | 1810 |
| **Citizens Financial Group, Inc.**<br>7.550% (TSFR3M + 3.265%) due 01/06/2026 ~(c) | 200000 | 201 |
| **CoBank ACB**  |  |  |
| 6.450% due 10/01/2027 •(c) | 400000 | 404 |
| 7.125% due 01/01/2030 •(c) | 75000 | 78 |
| **Dresdner Funding Trust I**<br>8.151% due 06/30/2031 | 600000 | 663 |

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<br> Schedule of Investments PIMCO Preferred and Capital Securities Active Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Farm** **Credit Bank of Texas**  |  |  |
| 7.000% due 09/15/2030 •(c) | 600000 | 630 |
| 7.750% due 06/15/2029 •(c) | 500000 | 525 |
| **Goldman Sachs Group, Inc.**  |  |  |
| 3.650% due 08/10/2026 •(c) | 1000000 | 981 |
| 5.158% due 10/30/2025 •(c) | 23700 | 495 |
| 6.125% due 11/10/2034 •(c) | 1200000 | 1223 |
| 6.850% due 02/10/2030 •(c) | 700000 | 728 |
| 7.186% due 02/10/2026 •(c) | 650000 | 654 |
| 7.500% due 02/10/2029 •(c) | 400000 | 426 |
| 7.500% due 05/10/2029 •(c) | 2600000 | 2753 |
| **Huntington Bancshares, Inc.**  |  |  |
| 5.625% due 07/15/2030 •(c) | 1000000 | 1015 |
| 6.250% due 10/15/2030 •(c) | 500000 | 500 |
| **JPMorgan Chase & Co.**  |  |  |
| 4.625% due 06/01/2026 (c) | 40500 | 821 |
| 6.500% due 04/01/2030 •(c) | 3600000 | 3731 |
| 6.875% due 06/01/2029 •(c) | 900000 | 950 |
| **MetLife Capital Trust IV**<br>7.875% due 12/15/2067 | 2100000 | 2352 |
| **MetLife, Inc.**  |  |  |
| 4.750% due 12/15/2025 (c) | 25100 | 524 |
| 5.875% due 03/15/2028 •(c) | 700000 | 719 |
| **Morgan Stanley**  |  |  |
| 4.875% due 01/15/2026 (c) | 24700 | 530 |
| 6.625% due 10/15/2029 (c) | 36000 | 933 |
| 7.459% (TSFR3M + 3.422%) due 12/15/2025 ~(c) | 400000 | 403 |
| **PNC Financial Services Group, Inc.**  |  |  |
| 3.400% due 09/15/2026 •(c) | 300000 | 291 |
| 6.000% due 05/15/2027 •(c) | 1200000 | 1212 |
| 6.200% due 09/15/2027 •(c) | 200000 | 204 |
| 6.250% due 03/15/2030 •(c) | 2439000 | 2505 |
| **State Street Corp.**  |  |  |
| 6.700% due 03/15/2029 •(c) | 1400000 | 1459 |
| 6.700% due 09/15/2029 •(c) | 700000 | 734 |
| **Synchrony Financial**<br>8.250% (H15T5Y + 4.044%) due 05/15/2029 ~(c) | 19200 | 497 |
| **Truist Financial Corp.**<br>5.100% due 03/01/2030 •(c) | 1296000 | 1296 |
| **U.S. Bancorp**<br>5.300% due 04/15/2027 •(c) | 688000 | 687 |
| **Voya Financial, Inc.**  |  |  |
| 5.350% (H15T5Y + 3.210%) due 09/15/2029 ~(c) | 20700 | 496 |
| 7.758% due 09/15/2028 •(c) | 925000 | 981 |
| **Wells Fargo & Co.**  |  |  |
| 3.900% due 03/15/2026 •(c) | 2300000 | 2281 |
| 4.750% due 12/15/2025 (c) | 41300 | 815 |
| 6.850% due 09/15/2029 •(c) | 3200000 | 3370 |
| 7.625% due 09/15/2028 •(c) | 1133000 | 1216 |
|  |  | 64290 |
| **INDUSTRIALS 1.9%**  |  |  |
| **Energy Transfer LP**  |  |  |
| 6.625% due 02/15/2028 •(c) | 1146000 | 1150 |
| 7.125% due 05/15/2030 •(c) | 1800000 | 1867 |
| **SVB Financial Trust**<br>0.000% due 11/07/2032 (b) | 48000 | 6 |
| **Venture Global LNG, Inc.**<br>9.000% due 09/30/2029 •(c) | 700000 | 694 |
|  |  | 3717 |
| **UTILITIES 1.3%**  |  |  |
| **AT&T, Inc.**<br>4.750% due 10/30/2025 (c) | 30700 | 612 |
| **Edison International**<br>5.000% due 12/15/2026 •(c) | 1700000 | 1618 |
| **SCE Trust VII**<br>7.500% due 11/22/2028 (c) | 12000 | 283 |
|  |  | 2513 |
| Total Preferred Securities (Cost $67,875) |  | 70520 |
| **SHORT-TERM INSTRUMENTS 2.3%**  |  |  |
| **MUTUAL FUNDS 0.5%**  |  |  |
| **State Street Institutional U.S. Government Money Market Fund, Premier Class** <br> 4.200% (e) | 849580 | 850 |

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<br> Schedule of Investments PIMCO Preferred and Capital Securities Active Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **REPURCHASE AGREEMENTS (f) 1.8%** | <br> 3600 |
| Total Short-Term Instruments (Cost $4,450) | 4450 |
| Total Investments in Securities (Cost $185,633) | 194498 |
| Total Investments 98.7% (Cost $185,633) | $194498 |
| **Financial Derivative Instruments (h)(i) (0.0)**%(Cost or Premiums, net $1,127) | (94) |
| Other Assets and Liabilities, net 1.3% | 2750 |
| Net Assets 100.0% | $197154 |

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<br> Schedule of Investments PIMCO Preferred and Capital Securities Active Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  |
| **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** |
| **¤** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** |
| **~** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.** |
| **(a)** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** |
| **(b)** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** |
| **(c)** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** |
| **(d)** | **Contingent convertible security.** | **Contingent convertible security.** | **Contingent convertible security.** | **Contingent convertible security.** | **Contingent convertible security.** | **Contingent convertible security.** | **Contingent convertible security.** | **Contingent convertible security.** | **Contingent convertible security.** | **Contingent convertible security.** | **Contingent convertible security.** |
| **(e)** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** |
| **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** |
| **(f)** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** |
| Counterparty | Maturity<br>Date |  | &nbsp;&nbsp; Collateralized By | &nbsp;&nbsp; Collateralized By | &nbsp;&nbsp; Collateralized By | &nbsp;&nbsp; Collateralized By | Collateral<br>(Received) | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| GSC | 10/01/2025 | $ | &nbsp;&nbsp; Ginnie Mae 5.500% due 06/20/2054 | &nbsp;&nbsp; Ginnie Mae 5.500% due 06/20/2054 | &nbsp;&nbsp; Ginnie Mae 5.500% due 06/20/2054 | &nbsp;&nbsp; Ginnie Mae 5.500% due 06/20/2054 | (3729) | (3729) | 3600 | 3600 | 3600 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |  |  | **(3729)** | **(3729)** | **3600** | **3600** | **3600** |
| **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** |
| Counterparty | Counterparty | Counterparty | Borrowing Rate<sup>(2)</sup> | Settlement Date | Maturity Date | Maturity Date | Amount<br>Borrowed | Amount<br>Borrowed | Amount<br>Borrowed | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Reverse<br>Repurchase<br>Agreements |
| MEI | MEI | MEI | 2.500%  | 09/19/2025 | 10/31/2025 | 10/31/2025 | (292) | (292) | (292) | $(292) | (292) |
| SOG | SOG | SOG | 3.550  | 09/25/2025 | TBD<sup>(3)</sup> | TBD<sup>(3)</sup> | (1073) | (1073) | (1073) | (1074) | (1074) |
| **Total Reverse Repurchase Agreements** | **Total Reverse Repurchase Agreements** | **Total Reverse Repurchase Agreements** |  |  |  |  |  |  |  | $**(1366)** | **(1366)** |
| **(g)** | **Securities with an aggregate market value of $1,388 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,388 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,388 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,388 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,388 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,388 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,388 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,388 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,388 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,388 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,388 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** |
| <sup>(1)</sup> | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. |
| <sup>(2)</sup> | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(172) at a weighted average interest rate of 1.843%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(172) at a weighted average interest rate of 1.843%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(172) at a weighted average interest rate of 1.843%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(172) at a weighted average interest rate of 1.843%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(172) at a weighted average interest rate of 1.843%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(172) at a weighted average interest rate of 1.843%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(172) at a weighted average interest rate of 1.843%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(172) at a weighted average interest rate of 1.843%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(172) at a weighted average interest rate of 1.843%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(172) at a weighted average interest rate of 1.843%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(172) at a weighted average interest rate of 1.843%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. |
| <sup>(3)</sup> | Open maturity reverse repurchase agreement. | Open maturity reverse repurchase agreement. | Open maturity reverse repurchase agreement. | Open maturity reverse repurchase agreement. | Open maturity reverse repurchase agreement. | Open maturity reverse repurchase agreement. | Open maturity reverse repurchase agreement. | Open maturity reverse repurchase agreement. | Open maturity reverse repurchase agreement. | Open maturity reverse repurchase agreement. | Open maturity reverse repurchase agreement. |
| **(h)** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** |
| **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** |
| **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** |
|  |  |  |  |  |  |  |  | <u>Variation Margin</u><sup>(4)</sup> | <u>Variation Margin</u><sup>(4)</sup> | <u>Variation Margin</u><sup>(4)</sup> | <u>Variation Margin</u><sup>(4)</sup> |
| Description | Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Asset |  | Liability |
| U.S. Treasury 2-Year Note December Futures  | U.S. Treasury 2-Year Note December Futures  | 12/2025 | 13 | $2709 | 2709 | $(5) | (5) | $1 | 1 | $ | 0 |
| U.S. Treasury 10-Year Note December Futures  | U.S. Treasury 10-Year Note December Futures  | 12/2025 | 109 | 12263 | 12263 | 4 | 4 | 0 | 0 |  | (6) |
| U.S. Treasury Long-Term Bond December Futures  | U.S. Treasury Long-Term Bond December Futures  | 12/2025 | 63 | 7345 | 7345 | 143 | 143 | 0 | 0 |  | (15) |
| U.S. Treasury Ultra Long-Term Bond December Futures  | U.S. Treasury Ultra Long-Term Bond December Futures  | 12/2025 | 104 | 12487 | 12487 | 279 | 279 | 0 | 0 |  | (58) |
| U.S. Ultra Treasury 10-Year Note December Futures  | U.S. Ultra Treasury 10-Year Note December Futures  | 12/2025 | 46 | 5294 | 5294 | 38 | 38 | 0 | 0 |  | (3) |
|  |  |  |  |  |  | 459 | $ | 1 | 1 | $ | (82) |
| **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** |
|  |  |  |  |  |  |  |  | <u>Variation Margin</u><sup>(4)</sup> | <u>Variation Margin</u><sup>(4)</sup> | <u>Variation Margin</u><sup>(4)</sup> | <u>Variation Margin</u><sup>(4)</sup> |
| Description | Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Asset |  | Liability |
| Euro-Bobl December Futures  | Euro-Bobl December Futures  | 12/2025 | 8 | $(1107) | (1107) | $(1) | (1) | $0 | 0 | $ | (2) |

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<br> Schedule of Investments PIMCO Preferred and Capital Securities Active Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

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| | | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Euro-Bund December Futures  | Euro-Bund December Futures  | Euro-Bund December Futures  | Euro-Bund December Futures  | Euro-Bund December Futures  | Euro-Bund December Futures  | Euro-Bund December Futures  | Euro-Bund December Futures  | 12/2025 | 12/2025 | 1 |  |  | (151) | (151) |  | (1) | (1) |  | 0 | 0 |  |  |  | 0 |
| U.S. Treasury 5-Year Note December Futures  | U.S. Treasury 5-Year Note December Futures  | U.S. Treasury 5-Year Note December Futures  | U.S. Treasury 5-Year Note December Futures  | U.S. Treasury 5-Year Note December Futures  | U.S. Treasury 5-Year Note December Futures  | U.S. Treasury 5-Year Note December Futures  | U.S. Treasury 5-Year Note December Futures  | 12/2025 | 12/2025 | 29 |  |  | (3167) | (3167) |  | 2 | 2 |  | 0 | 0 |  |  |  | (1) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $0 | 0 | 0 | $0 | 0 | 0 | $ | $ | $(3) | (3) |
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | $**459** | **459** | **459** | $**1** | **1** | **1** | **$** | **$** | $**(85)** | **(85)** |
| **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** |
| **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> |
| Index/Tranches | Index/Tranches | Index/Tranches | Fixed <br>Receive Rate | Fixed <br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Maturity<br>Date | Maturity<br>Date |  | Notional<br>Amount<sup>(2)</sup> |  |  | Premiums<br>Paid/<br>(Received) |  | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(3)</sup> | Market<br>Value<sup>(3)</sup> | Market<br>Value<sup>(3)</sup> | Asset | Asset |  |  | Liability |
| CDX.HY-44 5-Year Index  | CDX.HY-44 5-Year Index  | CDX.HY-44 5-Year Index  | 5.000% | 5.000% | Quarterly | 06/20/2030 | 06/20/2030 | 06/20/2030 | $ | 4900 | $ | $ | 361 | $ | 36 | 36 | 397 | 397 | 397 | 2 | 2 | $ | $ | (2) |
| CDX.HY-45 5-Year Index  | CDX.HY-45 5-Year Index  | CDX.HY-45 5-Year Index  | 5.000 | 5.000 | Quarterly | 12/20/2030 | 12/20/2030 | 12/20/2030 |  | 3900 |  |  | 296 |  | 10 | 10 | 306 | 306 | 306 | 4 | 4 |  |  | 0 |
|  |  |  |  |  |  |  |  |  |  |  | $ | $ | 657 | $ | 46 | 46 | 703 | 703 | 703 | 6 | 6 | $ | $ | (2) |
| **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> |
| Pay/<br>Receive<br>Floating Rate | Pay/<br>Receive<br>Floating Rate | Floating Rate Index | Floating Rate Index | Fixed Rate | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Maturity<br>Date |  | Notional<br>Amount | Notional<br>Amount |  | Premiums<br>Paid/<br>(Received) |  | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Market<br>Value | Market<br>Value | Asset | Asset | Asset |  | Liability |
| Pay | Pay | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.750% | 3.750% | Annual | 12/18/2026 | 12/18/2026 | $ | $1300 | 1300 | $ | (3) | $ | (1) | (1) | $(4) | (4) | (4) | $0 | 0 | 0 | $ | $0 |
| Pay | Pay | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.000 | 3.000 | Annual | 03/19/2027 | 03/19/2027 |  | 2100 | 2100 |  | (44) |  | 13 | 13 | (31) | (31) | (31) | 1 | 1 | 1 |  | 0 |
| Receive | Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.750 | 3.750 | Annual | 06/20/2029 | 06/20/2029 |  | 5600 | 5600 |  | 4 |  | (72) | (72) | (68) | (68) | (68) | 0 | 0 | 0 |  | (4) |
| Pay | Pay | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.750 | 3.750 | Annual | 12/18/2029 | 12/18/2029 |  | 800 | 800 |  | 20 |  | (12) | (12) | 8 | 8 | 8 | 0 | 0 | 0 |  | 0 |
| Receive | Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.000 | 3.000 | Annual | 03/19/2030 | 03/19/2030 |  | 300 | 300 |  | 17 |  | (10) | (10) | 7 | 7 | 7 | 0 | 0 | 0 |  | 0 |
| Receive | Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.250 | 3.250 | Annual | 06/18/2030 | 06/18/2030 |  | 2400 | 2400 |  | 37 |  | (16) | (16) | 21 | 21 | 21 | 0 | 0 | 0 |  | (1) |
| Receive | Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.750 | 3.750 | Annual | 06/20/2031 | 06/20/2031 |  | 700 | 700 |  | (6) |  | (4) | (4) | (10) | (10) | (10) | 0 | 0 | 0 |  | 0 |
| Pay | Pay | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.750 | 3.750 | Annual | 06/20/2034 | 06/20/2034 |  | 100 | 100 |  | 1 |  | 0 | 0 | 1 | 1 | 1 | 0 | 0 | 0 |  | 0 |
| Pay | Pay | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.750 | 3.750 | Annual | 12/18/2034 | 12/18/2034 |  | 400 | 400 |  | (2) |  | 4 | 4 | 2 | 2 | 2 | 0 | 0 | 0 |  | 0 |
| Receive | Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.250 | 3.250 | Annual | 03/19/2035 | 03/19/2035 |  | 5700 | 5700 |  | 395 |  | (187) | (187) | 208 | 208 | 208 | 0 | 0 | 0 |  | (1) |
| Receive | Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.750 | 3.750 | Annual | 09/17/2035 | 09/17/2035 |  | 700 | 700 |  | (3) |  | (2) | (2) | (5) | (5) | (5) | 0 | 0 | 0 |  | 0 |
| Pay | Pay | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.500 | 3.500 | Annual | 06/20/2054 | 06/20/2054 |  | 100 | 100 |  | (1) |  | (7) | (7) | (8) | (8) | (8) | 0 | 0 | 0 |  | 0 |
| Receive | Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.250 | 3.250 | Annual | 03/19/2055 | 03/19/2055 |  | 400 | 400 |  | 55 |  | (5) | (5) | 50 | 50 | 50 | 1 | 1 | 1 |  | 0 |
|  |  |  |  |  |  |  |  |  |  |  | $ | $ | 470 | $ | (299) | (299) | 171 | 171 | 171 | 2 | 2 | $ | $ | (6) |
| **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **$** | **$** | **1127** | **$** | **(253)** | **(253)** | **874** | **874** | **874** | **8** | **8** | **$** | **$** | **(8)** |
| **Cash of $2,319 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $2,319 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $2,319 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $2,319 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $2,319 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $2,319 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $2,319 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $2,319 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $2,319 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $2,319 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $2,319 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $2,319 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $2,319 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $2,319 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $2,319 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $2,319 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $2,319 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $2,319 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $2,319 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $2,319 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $2,319 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $2,319 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $2,319 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $2,319 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $2,319 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** |
| <sup>(1)</sup> | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. |
| <sup>(2)</sup> | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. |
| <sup>(3)</sup> | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. |
| <sup>(4)</sup> | Unsettled variation margin asset of $1 for closed futures is outstanding at period end. | Unsettled variation margin asset of $1 for closed futures is outstanding at period end. | Unsettled variation margin asset of $1 for closed futures is outstanding at period end. | Unsettled variation margin asset of $1 for closed futures is outstanding at period end. | Unsettled variation margin asset of $1 for closed futures is outstanding at period end. | Unsettled variation margin asset of $1 for closed futures is outstanding at period end. | Unsettled variation margin asset of $1 for closed futures is outstanding at period end. | Unsettled variation margin asset of $1 for closed futures is outstanding at period end. | Unsettled variation margin asset of $1 for closed futures is outstanding at period end. | Unsettled variation margin asset of $1 for closed futures is outstanding at period end. | Unsettled variation margin asset of $1 for closed futures is outstanding at period end. | Unsettled variation margin asset of $1 for closed futures is outstanding at period end. | Unsettled variation margin asset of $1 for closed futures is outstanding at period end. | Unsettled variation margin asset of $1 for closed futures is outstanding at period end. | Unsettled variation margin asset of $1 for closed futures is outstanding at period end. | Unsettled variation margin asset of $1 for closed futures is outstanding at period end. | Unsettled variation margin asset of $1 for closed futures is outstanding at period end. | Unsettled variation margin asset of $1 for closed futures is outstanding at period end. | Unsettled variation margin asset of $1 for closed futures is outstanding at period end. | Unsettled variation margin asset of $1 for closed futures is outstanding at period end. | Unsettled variation margin asset of $1 for closed futures is outstanding at period end. | Unsettled variation margin asset of $1 for closed futures is outstanding at period end. | Unsettled variation margin asset of $1 for closed futures is outstanding at period end. | Unsettled variation margin asset of $1 for closed futures is outstanding at period end. |
| **(i)** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** |
| **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; Counterparty | &nbsp;&nbsp;&nbsp;&nbsp; Counterparty | &nbsp;&nbsp;&nbsp;&nbsp; Counterparty | &nbsp;&nbsp;&nbsp;&nbsp; Counterparty | Settlement<br>Month | Settlement<br>Month | Settlement<br>Month |  | Currency to<br>be Delivered | Currency to<br>be Delivered | Currency to<br>be Delivered | Currency to<br>be Delivered |  | Currency to<br>be Received | Currency to<br>be Received | Currency to<br>be Received | Currency to<br>be Received | Asset | Asset | Asset | Asset | Liability | Liability | Liability | Liability |
| &nbsp;&nbsp;&nbsp;&nbsp; BSH | &nbsp;&nbsp;&nbsp;&nbsp; BSH | &nbsp;&nbsp;&nbsp;&nbsp; BSH | &nbsp;&nbsp;&nbsp;&nbsp; BSH | 10/2025  | 10/2025  | 10/2025  | EUR | 1067 | 1067 | 1067 | 1067 | $ | $1239 | 1239 | 1239 | 1239 | 0 | 0 | 0 | 0 | $(13) | (13) | (13) | (13) |
| &nbsp;&nbsp;&nbsp;&nbsp; SCX | &nbsp;&nbsp;&nbsp;&nbsp; SCX | &nbsp;&nbsp;&nbsp;&nbsp; SCX | &nbsp;&nbsp;&nbsp;&nbsp; SCX | 10/2025  | 10/2025  | 10/2025  | $ | $272 | 272 | 272 | 272 | EUR | 233 | 233 | 233 | 233 | 1 | 1 | 1 | 1 | 0 | 0 | 0 | 0 |
|  |  |  |  | 10/2025  | 10/2025  | 10/2025  |  | 554 | 554 | 554 | 554 | GBP | 414 | 414 | 414 | 414 | 3 | 3 | 3 | 3 | 0 | 0 | 0 | 0 |
|  |  |  |  | 11/2025  | 11/2025  | 11/2025  | GBP | 414 | 414 | 414 | 414 | $ | $554 | 554 | 554 | 554 | 0 | 0 | 0 | 0 | (3) | (3) | (3) | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp; SOG | &nbsp;&nbsp;&nbsp;&nbsp; SOG | &nbsp;&nbsp;&nbsp;&nbsp; SOG | &nbsp;&nbsp;&nbsp;&nbsp; SOG | 10/2025  | 10/2025  | 10/2025  | $ | $980 | 980 | 980 | 980 | EUR | 834 | 834 | 834 | 834 | 0 | 0 | 0 | 0 | (2) | (2) | (2) | (2) |

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<br> Schedule of Investments PIMCO Preferred and Capital Securities Active Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 11/2025  | EUR | 834 | 834 | $982 | 982 | 982 |  | 2 |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; SSB | 10/2025  | GBP | 414 | 414 | 558 | 558 | 558 |  | 1 |  | 0 |
| **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **$** | $**7** | **7** | $**(18)** | **(18)** |
| **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** |
| **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: |
| Category and Subcategory | Category and Subcategory | Category and Subcategory | Category and Subcategory | Level 1 | Level 1 | Level 2 | Level 2 | Level 3 | Level 3 | Fair Value<br>at 09/30/2025 | Fair Value<br>at 09/30/2025 |
| **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** |
| Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| Banking & Finance | Banking & Finance | Banking & Finance | Banking & Finance | $0 | 0 | $80242 | 80242 | $0 | 0 | 80242 | 80242 |
| Industrials | Industrials | Industrials | Industrials | 0 | 0 | 6935 | 6935 | 0 | 0 | 6935 | 6935 |
| Utilities | Utilities | Utilities | Utilities | 0 | 0 | 32351 | 32351 | 0 | 0 | 32351 | 32351 |
| Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| Banking & Finance | Banking & Finance | Banking & Finance | Banking & Finance | 5111 | 5111 | 59179 | 59179 | 0 | 0 | 64290 | 64290 |
| Industrials | Industrials | Industrials | Industrials | 0 | 0 | 3717 | 3717 | 0 | 0 | 3717 | 3717 |
| Utilities | Utilities | Utilities | Utilities | 895 | 895 | 1618 | 1618 | 0 | 0 | 2513 | 2513 |
| Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| Mutual Funds | Mutual Funds | Mutual Funds | Mutual Funds | 0 | 0 | 850 | 850 | 0 | 0 | 850 | 850 |
| Repurchase Agreements | Repurchase Agreements | Repurchase Agreements | Repurchase Agreements | 0 | 0 | 3600 | 3600 | 0 | 0 | 3600 | 3600 |
| Total Investments | Total Investments | Total Investments | Total Investments | $6006 | 6006 | $188492 | 188492 | $0 | 0 | 194498 | 194498 |
| **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  |
| Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | 0 | 0 | 9 | 9 | 0 | 0 | 9 | 9 |
| Over the counter | Over the counter | Over the counter | Over the counter | 0 | 0 | 7 | 7 | 0 | 0 | 7 | 7 |
|  |  |  |  | $0 | 0 | $16 | 16 | $0 | 0 | 16 | 16 |
| **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  |
| Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | (2) | (2) | (91) | (91) | 0 | 0 | (93) | (93) |
| Over the counter | Over the counter | Over the counter | Over the counter | 0 | 0 | (18) | (18) | 0 | 0 | (18) | (18) |
|  |  |  |  | $(2) | (2) | $(109) | (109) | $0 | 0 | (111) | (111) |
| Total Financial Derivative Instruments | Total Financial Derivative Instruments | Total Financial Derivative Instruments | Total Financial Derivative Instruments | $(2) | (2) | $(93) | (93) | $0 | 0 | (95) | (95) |
| Totals | Totals | Totals | Totals | $6004 | 6004 | $188399 | 188399 | $0 | 0 | 194403 | 194403 |
| **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** |

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<br> Schedule of Investments PIMCO Senior Loan Active Exchange-Traded Fund September 30, 2025 (Unaudited)

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| | | |
|:---|:---|:---|
| **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** | **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** | **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** |
|  | PRINCIPAL<br>AMOUNT<br>(000s) | MARKET<br>VALUE<br>(000s) |
| **INVESTMENTS IN SECURITIES 104.1% ¤** |  |  |
| **LOAN PARTICIPATIONS AND ASSIGNMENTS 81.1%**  |  |  |
| **ABG Intermediate Holdings 2 LLC**  |  |  |
| 6.413% (TSFR1M + 2.250%) due 12/21/2028 ~ | $1355 | $1354 |
| 6.413% (TSFR1M + 2.250%) due 02/13/2032 ~ | 1466 | 1466 |
| **Acrisure LLC**<br>7.163% (TSFR1M + 3.000%) due 11/06/2030 ~ | 3004 | 3003 |
| **Action Environmental Group, Inc.**<br>7.252% due 10/24/2030 «~ | 2374 | 2377 |
| **AI Aqua Merger Sub, Inc.**<br>7.280% (TSFR1M + 3.000%) due 07/31/2028 ~ | 6166 | 6185 |
| **AL NGPL HOLDINGS LLC**<br>1.000% (TSFR3M + 2.500%) due 12/09/2030 ~ | 1614 | 1616 |
| **Albion Financing 3 SARL**<br>7.215% (TSFR3M + 3.000%) due 05/21/2031 ~ | 3170 | 3184 |
| **AlixPartners LLP**<br>6.163% (TSFR1M + 2.000%) due 08/12/2032 ~ | 1150 | 1144 |
| **Alliant Holdings Intermediate LLC**<br>6.666% (TSFR1M + 2.500%) due 09/19/2031 ~ | 5338 | 5329 |
| **Allied Universal Holdco LLC**<br>7.513% (TSFR1M + 3.250%) due 08/20/2032 ~ | 1300 | 1306 |
| **Allspring Buyer LLC**<br>TBD% due 11/01/2030 | 1995 | 2001 |
| **Altar Bidco, Inc.**<br>7.078% - 7.247% due 02/01/2029 | 1457 | 1458 |
| **Altice France SA**<br>9.818% (TSFR3M + 5.500%) due 08/15/2028 «~ | 2775 | 2692 |
| **Amentum Government Services Holdings LLC**<br>6.413% (TSFR1M + 2.250%) due 09/29/2031 ~ | 1800 | 1802 |
| **American Airlines, Inc.**<br>6.575% (TSFR3M + 2.250%) due 04/20/2028 ~ | 1338 | 1337 |
| **American Axle & Manufacturing, Inc.**<br>TBD% due 02/24/2032 « | 825 | 822 |
| **Amspec Parent LLC**  |  |  |
| TBD% due 12/22/2031 ~µ | 266 | 268 |
| TBD% (TSFR3M + 3.500%) due 12/22/2031 ~ | 1729 | 1741 |
| **AmWINS Group, Inc.**<br>6.252% (TSFR3M + 2.250%) due 01/30/2032 ~ | 1907 | 1908 |
| **Amynta Agency Borrower, Inc.**<br>6.913% (TSFR1M + 2.750%) due 12/29/2031 ~ | 3772 | 3763 |
| **Anticimex International AB**<br>7.760% due 11/16/2028 ~ | 1985 | 1994 |
| **Applied Systems, Inc.**<br>6.252% (TSFR3M + 2.250%) due 02/24/2031 ~ | 2114 | 2118 |
| **Arches Buyer, Inc.**<br>7.513% (TSFR1M + 3.250%) due 12/06/2027 ~ | 1171 | 1174 |
| **Armor Holding II LLC**<br>7.916% (TSFR6M + 3.750%) due 12/11/2028 ~ | 1476 | 1479 |
| **Aspire Bakeries Holdings LLC**<br>7.663% (TSFR1M + 3.500%) due 12/23/2030 ~ | 2779 | 2799 |
| **ASURION LLC**<br>1.000% due 12/17/2029 | 1700 | 1659 |
| **Asurion LLC**  |  |  |
| 8.413% (TSFR1M + 4.250%) due 09/19/2030 ~ | 1250 | 1244 |
| 8.513% (TSFR1M + 4.250%) due 08/19/2028 ~ | 2062 | 2071 |
| **AthenaHealth Group, Inc.**<br>6.913% (TSFR1M + 2.750%) due 02/15/2029 ~ | 5318 | 5314 |
| **Auris Luxembourg III SARL**<br>7.819% (TSFR3M + 3.500%) due 02/28/2029 ~ | 562 | 560 |
| **Avalara, Inc.**<br>7.252% (TSFR3M + 3.250%) due 03/26/2032 ~ | 998 | 999 |
| **B&G Foods, Inc.**<br>7.663% (TSFR1M + 3.500%) due 10/10/2029 ~ | 2748 | 2647 |
| **Baldwin Insurance Group Holdings LLC**<br>6.636% (TSFR3M + 2.500%) due 05/26/2031 ~ | 1990 | 1994 |
| **Barnes Group, Inc.**<br>6.913% (TSFR1M + 2.750%) due 01/27/2032 ~ | 1590 | 1594 |
| **Bausch & Lomb Corp.**  |  |  |
| 8.166% (TSFR1M + 4.000%) due 09/29/2028 ~ | 833 | 834 |
| 8.413% (TSFR1M + 4.250%) due 01/15/2031 ~ | 4885 | 4895 |
| **Bayonne Energy Center LLC**<br>TBD% due 09/22/2032 | 2763 | 2763 |
| **BCP Renaissance Parent LLC**<br>6.502% (TSFR3M + 2.500%) due 10/31/2028 ~ | 1336 | 1340 |

---

------

<br> Schedule of Investments PIMCO Senior Loan Active Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **BCPE** **Empire Holdings, Inc.**<br>7.413% (TSFR1M + 3.250%) due 12/11/2030 ~ | 4097 | 4094 |
| **Beach Acquisition Bidco LLC**<br>7.308% (TSFR3M + 3.250%) due 09/12/2032 ~ | 2725 | 2741 |
| **Belron Finance LLC**<br>6.742% (TSFR3M + 2.500%) due 10/16/2031 ~ | 3044 | 3063 |
| **Blackhawk Network Holdings, Inc.**<br>8.163% (TSFR1M + 4.000%) due 03/12/2029 ~ | 428 | 430 |
| **Boxer Parent Co., Inc.**<br>7.199% (TSFR3M + 3.000%) due 07/30/2031 ~ | 103 | 103 |
| **Brazos Delaware II LLC**<br>6.723% (TSFR1M + 2.500%) due 02/11/2030 ~ | 1481 | 1484 |
| **Caesars Entertainment, Inc.**<br>6.413% (TSFR1M + 2.250%) due 02/06/2031 ~ | 956 | 955 |
| **Camelot U.S. Acquisition LLC**<br>6.913% (TSFR1M + 2.750%) due 01/31/2031 ~ | 1575 | 1567 |
| **Cast & Crew Payroll LLC**<br>7.913% (TSFR1M + 3.750%) due 12/29/2028 ~ | 2657 | 2414 |
| **Cengage Learning, Inc.**<br>7.666% - 7.698% (TSFR1M + 3.500%) due 03/24/2031 ~ | 648 | 647 |
| **Central Parent, Inc.**<br>7.252% (TSFR3M + 3.250%) due 07/06/2029 ~ | 7409 | 6428 |
| **Century De Buyer LLC**<br>7.301% (TSFR3M + 3.000%) due 10/30/2030 ~ | 1191 | 1193 |
| **Chamberlain Group, Inc.**<br>7.163% (TSFR1M + 3.000%) due 09/08/2032 ~ | 2500 | 2505 |
| **Charlotte Buyer, Inc.**<br>8.425% (TSFR1M + 4.250%) due 02/11/2028 ~ | 1178 | 1177 |
| **Charter Communications Operating LLC**<br>6.541% (TSFR3M + 2.250%) due 12/15/2031 ~ | 1265 | 1266 |
| **Charter NEX U.S., Inc.**<br>6.925% (TSFR1M + 2.750%) due 11/29/2030 ~ | 1442 | 1448 |
| **Chobani LLC**<br>6.663% (TSFR1M + 2.500%) due 10/25/2027 ~ | 2957 | 2969 |
| **Chromalloy Corp.**<br>7.560% (TSFR3M + 3.250%) due 03/27/2031 ~ | 1281 | 1286 |
| **Cloud Software Group, Inc.**  |  |  |
| 7.252% (TSFR3M + 3.250%) due 03/21/2031 ~ | 2811 | 2825 |
| 7.252% (TSFR3M + 3.250%) due 08/13/2032 ~ | 650 | 653 |
| **Clover Holdings 2 LLC**  |  |  |
| TBD% due 12/10/2029 µ | 74 | 74 |
| 7.942% (TSFR1M + 3.750%) due 12/09/2031 ~ | 2544 | 2549 |
| **Clydesdale Acquisition Holdings, Inc.**  |  |  |
| TBD% (TSFR1M + 3.250%) due 04/01/2032 ~µ | 96 | 96 |
| 7.338% (TSFR1M + 3.175%) due 04/13/2029 ~ | 3025 | 3024 |
| TBD% (TSFR1M + 3.250%) due 04/01/2032 ~ | 2507 | 2506 |
| **CNT Holdings I Corp.**<br>6.558% (TSFR3M + 2.250%) due 11/08/2032 ~ | 1879 | 1880 |
| **COMMSCOPE**<br>1.000% due 03/29/2032 | 2600 | 2635 |
| **ConnectWise LLC**<br>7.763% (TSFR3M + 3.500%) due 09/29/2028 ~ | 1927 | 1933 |
| **Cotiviti Corp.**<br>7.030% (TSFR1M + 2.750%) due 05/01/2031 ~ | 5327 | 5242 |
| **Covia Holdings Corp.**<br>6.948% (TSFR3M + 2.750%) due 02/26/2032 ~ | 2444 | 2461 |
| **CP Atlas Buyer, Inc.**<br>9.413% (TSFR1M + 5.250%) due 07/08/2030 ~ | 1325 | 1302 |
| **CPI Holdco B LLC**<br>6.163% (TSFR1M + 2.000%) due 05/19/2031 ~ | 1156 | 1156 |
| **CPPIB OVM Member U.S. LLC**<br>6.502% (TSFR3M + 2.500%) due 08/20/2031 ~ | 2319 | 2328 |
| **Crown Subsea Communications Holding, Inc.**<br>7.663% (TSFR1M + 3.500%) due 01/30/2031 ~ | 569 | 574 |
| **Cube Industrials Buyer, Inc.**<br>7.582% (TSFR3M + 3.250%) due 10/17/2031 ~ | 1441 | 1449 |
| **CWGS Group LLC**<br>6.778% (TSFR1M + 2.500%) due 06/03/2028 ~ | 1960 | 1919 |
| **Cyberswift U.S. Finco LLC**<br>TBD% due 09/23/2032 | 1400 | 1401 |
| **Darktrace PLC**<br>7.570% (TSFR3M + 3.250%) due 10/09/2031 ~ | 1492 | 1494 |
| **Deep Blue Operating I LLC**<br>TBD% due 09/17/2032 | 1975 | 1980 |
| **Delta 2 Lux SARL**<br>6.002% (TSFR3M + 2.000%) due 09/30/2031 ~ | 1967 | 1971 |
| **Delta TopCo, Inc.**<br>7.023% (TSFR1M + 2.750%) due 11/30/2029 ~ | 1681 | 1665 |
| **DexKo Global, Inc.**<br>8.028% (TSFR1M + 3.750%) due 10/04/2028 ~ | 1224 | 1209 |
| **DirecTV Financing LLC**<br>9.820% (TSFR3M + 5.250%) due 08/02/2029 ~ | 702 | 704 |
| **Disco Parent, Inc.**<br>7.484% (TSFR3M + 3.250%) due 08/06/2032 «~ | 1300 | 1307 |
| **Dotdash Meredith, Inc.**<br>7.780% (TSFR1M + 3.500%) due 06/17/2032 ~ | 250 | 250 |

---

------

<br> Schedule of Investments PIMCO Senior Loan Active Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Dragon** **Buyer, Inc.**<br>6.752% (TSFR3M + 2.750%) due 09/30/2031 ~ | 1489 | 1492 |
| **DTI Holdco, Inc.**<br>8.163% (TSFR1M + 4.000%) due 04/26/2029 ~ | 641 | 573 |
| **Edelman Financial Center LLC**<br>7.163% (TSFR1M + 3.000%) due 04/07/2028 ~ | 1054 | 1056 |
| **Ellucian Holdings, Inc.**<br>6.913% (TSFR1M + 2.750%) due 10/09/2029 ~ | 1959 | 1961 |
| **EMRLD Borrower LP**<br>6.122% (TSFR6M + 2.250%) due 08/04/2031 ~ | 1505 | 1500 |
| **Endure Digital, Inc.**<br>7.838% (TSFR1M + 3.500%) due 02/10/2028 «~ | 978 | 709 |
| **Ensemble RCM LLC**<br>7.308% (TSFR3M + 3.000%) due 08/01/2029 ~ | 1316 | 1322 |
| **EOC Borrower LLC**<br>7.163% (TSFR1M + 3.000%) due 03/24/2032 ~ | 2893 | 2900 |
| **EP Purchaser LLC**  |  |  |
| 7.778% (TSFR1M + 3.500%) due 11/06/2028 ~ | 982 | 927 |
| 8.778% (TSFR1M + 4.500%) due 11/06/2028 «~ | 1707 | 1588 |
| **Epic Crude Services LP**<br>6.828% (TSFR3M + 2.500%) due 10/15/2031 ~ | 1461 | 1464 |
| **Fertitta Entertainment LLC**<br>7.413% (TSFR1M + 3.250%) due 01/27/2029 ~ | 4775 | 4773 |
| **Fiesta Purchaser, Inc.**<br>6.913% (TSFR1M + 2.750%) due 02/12/2031 ~ | 1353 | 1352 |
| **Finastra USA, Inc.**<br>8.038% (TSFR3M + 4.000%) due 09/15/2032 ~ | 2750 | 2742 |
| **FinCo I LLC**<br>5.913% (TSFR1M + 1.750%) due 06/27/2029 ~ | 1736 | 1733 |
| **First Advantage Holdings LLC**<br>6.913% (TSFR1M + 2.750%) due 10/31/2031 ~ | 1645 | 1610 |
| **First Student Bidco, Inc.**<br>6.711% (TSFR3M + 2.500%) due 08/15/2030 ~ | 3401 | 3408 |
| **Focus Financial Partners LLC**<br>6.913% (TSFR1M + 2.750%) due 09/15/2031 ~ | 2275 | 2278 |
| **Forward Air Corp.**<br>8.810% (TSFR3M + 4.500%) due 12/19/2030 ~ | 1831 | 1830 |
| **Foundation Building Materials Holding Co. LLC**<br>8.308% due 01/29/2031 | 9 | 9 |
| **Freeport LNG Investments LLLP**<br>7.575% (TSFR3M + 3.250%) due 12/21/2028 ~ | 3322 | 3328 |
| **Garda World Security Corp.**<br>7.174% (TSFR1M + 3.000%) due 02/01/2029 ~ | 1241 | 1244 |
| **GBT U.S. III LLC**<br>6.814% (TSFR3M + 2.500%) due 07/25/2031 ~ | 1113 | 1117 |
| **GC Ferry Acquisition I, Inc.**  |  |  |
| TBD% - 1.750% due 08/16/2032 µ | 273 | 271 |
| TBD% - 1.750% (TSFR3M + 3.500%) due 08/16/2032 ~ | 1602 | 1588 |
| **GEN II Fund Services LLC**<br>6.752% (TSFR6M + 2.750%) due 11/26/2031 ~ | 1393 | 1396 |
| **Genesys Cloud Services Holdings II LLC**<br>6.663% (TSFR1M + 2.500%) due 01/30/2032 ~ | 1000 | 995 |
| **GFL Environmental, Inc.**<br>6.671% (TSFR3M + 2.500%) due 03/03/2032 ~ | 3900 | 3904 |
| **Global Medical Response, Inc.**<br>7.634% (TSFR1M + 3.500%) due 10/01/2032 ~ | 3400 | 3405 |
| **Golden State Foods LLC**<br>8.032% (TSFR1M + 4.000%) due 12/04/2031 ~ | 2177 | 2185 |
| **Graham Packaging Co., Inc.**<br>6.663% (TSFR1M + 2.500%) due 08/04/2027 ~ | 1019 | 1020 |
| **Gray Television, Inc.**<br>9.530% (TSFR1M + 5.250%) due 06/04/2029 ~ | 7 | 7 |
| **Green Infrastructure Partners, Inc.**<br>TBD% due 09/24/2032 | 1475 | 1478 |
| **Grifols Worldwide Operations USA, Inc.**<br>6.263% (TSFR1M + 2.000%) due 11/15/2027 ~ | 1475 | 1472 |
| **Grinding Media, Inc.**<br>7.698% (TSFR3M + 3.500%) due 10/12/2028 «~ | 1209 | 1212 |
| **Gryphon Acquire NewCo LLC**<br>6.879% (TSFR6M + 3.000%) due 09/13/2032 ~ | 2175 | 2184 |
| **GTCR Everest Borrower LLC**<br>6.752% (TSFR3M + 2.750%) due 09/05/2031 ~ | 2367 | 2370 |
| **Guggenheim Partners LLC**<br>6.502% (TSFR3M + 2.500%) due 11/26/2031 ~ | 1092 | 1097 |
| **Hanger, Inc.**  |  |  |
| TBD% due 10/23/2031 ~µ | 114 | 114 |
| TBD% (TSFR1M + 3.500%) due 10/23/2031 ~ | 884 | 887 |
| **Harbor Freight Tools USA, Inc.**<br>6.413% (TSFR1M + 2.250%) due 06/11/2031 ~ | 1496 | 1472 |
| **Heartland Dental LLC**<br>7.913% (TSFR1M + 3.750%) due 08/25/2032 ~ | 2768 | 2767 |
| **HUB International Ltd.**<br>6.575% (TSFR3M + 2.250%) due 06/20/2030 ~ | 3768 | 3777 |
| **Hudson River Trading LLC**<br>7.150% (TSFR1M + 3.000%) due 03/18/2030 ~ | 1726 | 1730 |

---

------

<br> Schedule of Investments PIMCO Senior Loan Active Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **IMC** **Financing LLC**<br>7.636% (TSFR1M + 3.500%) due 06/18/2032 ~ | 1471 | 1486 |
| **Instructure Holdings, Inc.**<br>6.753% (TSFR3M + 2.750%) due 11/13/2031 ~ | 2796 | 2795 |
| **ION PLATFORM FINANCE US INC**<br>1.000% due 09/30/2032 | 2025 | 2005 |
| **IRB Holding Corp.**<br>6.663% (TSFR1M + 2.500%) due 12/15/2027 ~ | 1731 | 1733 |
| **Iridium Satellite LLC**<br>6.413% (TSFR1M + 2.250%) due 09/20/2030 ~ | 5292 | 5026 |
| **Jane Street Group LLC**<br>6.199% (TSFR3M + 2.000%) due 12/15/2031 ~ | 6879 | 6838 |
| **Jazz Financing Lux SARL**<br>6.413% (TSFR1M + 2.250%) due 05/05/2028 ~ | 1985 | 1990 |
| **JetBlue Airways Corp.**<br>8.753% (TSFR3M + 4.750%) due 08/27/2029 ~ | 2368 | 2279 |
| **Johnstone Supply LLC**<br>6.635% (TSFR1M + 2.500%) due 06/09/2031 ~ | 1677 | 1676 |
| **Jump Financial LLC**<br>7.502% (TSFR3M + 3.500%) due 02/26/2032 ~ | 2312 | 2330 |
| **June Purchaser LLC**  |  |  |
| TBD% - 3.000% due 11/28/2031 µ | 286 | 287 |
| TBD% - 3.000% (TSFR3M + 3.000%) due 11/28/2031 ~ | 1460 | 1466 |
| **Kaman Corp.**  |  |  |
| TBD% - 6.828% due 02/26/2032 ~µ | 116 | 116 |
| TBD% - 6.828% (TSFR6M + 2.500%) due 02/26/2032 ~ | 1234 | 1231 |
| **Kaseya, Inc.**<br>7.413% (TSFR1M + 3.250%) due 03/20/2032 ~ | 1068 | 1071 |
| **KKR Apple Bidco LLC**<br>6.663% (TSFR1M + 2.500%) due 09/23/2031 ~ | 1412 | 1413 |
| **KnowBe4, Inc.**<br>8.064% (TSFR3M + 3.750%) due 07/23/2032 ~ | 2550 | 2556 |
| **Kohler Energy Co. LLC**<br>7.752% (TSFR3M + 3.750%) due 05/01/2031 ~ | 1012 | 1015 |
| **Lakeshore Intermediate LLC**<br>7.778% (TSFR1M + 3.500%) due 09/29/2028 ~ | 1974 | 1653 |
| **LBM Acquisition LLC**  |  |  |
| 7.986% (TSFR1M + 3.750%) due 06/06/2031 ~ | 4048 | 3958 |
| 9.136% (TSFR1M + 5.000%) due 06/06/2031 ~ | 1984 | 1981 |
| **LC AHAB U.S. Bidco LLC**<br>7.163% (TSFR1M + 3.000%) due 05/01/2031 ~ | 4871 | 4876 |
| **LEVEL 3 FINANCING INC**<br>1.000% due 03/11/2030 | 200 | 200 |
| **LifePoint Health, Inc.**  |  |  |
| 7.660% (TSFR3M + 3.500%) due 05/19/2031 ~ | 1161 | 1157 |
| 8.068% (TSFR3M + 3.750%) due 05/19/2031 ~ | 1472 | 1471 |
| **M6 ETX Holdings II Midco LLC**<br>9.250% (PRIME + 2.000%) due 04/01/2032 ~ | 1820 | 1824 |
| **Madison IAQ LLC**  |  |  |
| 6.702% (TSFR6M + 2.500%) due 06/21/2028 ~ | 1261 | 1264 |
| 7.452% (TSFR6M + 3.250%) due 05/06/2032 ~ | 2 | 2 |
| **Mauser Packaging Solutions Holding Co.**<br>7.280% (TSFR1M + 3.000%) due 04/15/2027 ~ | 1975 | 1978 |
| **Mavis Tire Express Services Corp.**<br>7.199% (TSFR3M + 3.000%) due 05/04/2028 ~ | 1465 | 1467 |
| **McAfee LLC**<br>7.223% (TSFR1M + 3.000%) due 03/01/2029 ~ | 3550 | 3401 |
| **McGraw-Hill Education, Inc.**<br>6.913% (TSFR1M + 2.750%) due 08/06/2031 ~ | 1318 | 1320 |
| **Meade Pipeline Co. LLC**<br>6.003% (TSFR3M + 2.000%) due 09/22/2032 ~ | 950 | 951 |
| **Medline Borrower LP**<br>6.163% (TSFR1M + 2.000%) due 10/23/2030 ~ | 5683 | 5686 |
| **Mermaid Bidco, Inc.**<br>7.571% (TSFR3M + 3.250%) due 07/03/2031 ~ | 1097 | 1097 |
| **MH Sub I LLC**<br>8.252% (TSFR3M + 4.250%) due 05/03/2028 ~ | 2910 | 2806 |
| **Mitchell International, Inc.**<br>7.413% (TSFR1M + 3.250%) due 06/17/2031 ~ | 1186 | 1186 |
| **Modena Buyer LLC**<br>8.808% (TSFR3M + 4.500%) due 07/01/2031 ~ | 1336 | 1321 |
| **Motion Finco SARL**<br>7.502% (TSFR3M + 3.500%) due 11/12/2029 ~ | 1643 | 1480 |
| **MV Holding GmbH**<br>6.413% (TSFR1M + 2.250%) due 03/17/2032 ~ | 1496 | 1500 |
| **National Mentor Holdings, Inc.**<br>7.852% - 8.013% (TSFR3M + 3.750%) due 03/02/2028 ~ | 2226 | 2221 |
| **NCR Atleos LLC**<br>8.058% (TSFR3M + 3.750%) due 04/16/2029 ~ | 923 | 926 |
| **Neptune Bidco U.S., Inc.**<br>9.429% (TSFR3M + 5.000%) due 04/11/2029 ~ | 743 | 709 |
| **Nielsen Consumer, Inc.**<br>6.663% (TSFR1M + 2.500%) due 10/31/2030 ~ | 1315 | 1314 |
| **Nouryon Finance BV**<br>7.500% (TSFR1M + 3.250%) due 04/03/2028 ~ | 961 | 963 |

---

------

<br> Schedule of Investments PIMCO Senior Loan Active Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Nuvei** **Technologies Corp.**<br>6.913% (TSFR1M + 2.750%) due 11/17/2031 ~ | 1394 | 1395 |
| **Olympus Water U.S. Holding Corp.**<br>7.002% (TSFR3M + 3.000%) due 06/20/2031 ~ | 1417 | 1405 |
| **OMNIA Partners LLC**<br>6.814% (TSFR3M + 2.500%) due 07/25/2030 ~ | 1965 | 1969 |
| **Onex TSG Intermediate Corp.**<br>8.005% (TSFR3M + 3.750%) due 08/06/2032 ~ | 3150 | 3171 |
| **Opal Bidco SAS**<br>7.252% (TSFR3M + 3.250%) due 04/28/2032 ~ | 2350 | 2359 |
| **Oryx Midstream Services Permian Basin LLC**<br>6.416% (TSFR1M + 2.250%) due 10/05/2028 ~ | 1268 | 1269 |
| **Paradigm Parent LLC**<br>8.822% (TSFR3M + 4.500%) due 04/16/2032 ~ | 1050 | 945 |
| **Parexel International Corp.**<br>6.663% (TSFR1M + 2.500%) due 11/15/2028 ~ | 2736 | 2742 |
| **Particle Investments SARL**<br>7.913% (TSFR1M + 3.750%) due 03/28/2031 ~ | 690 | 693 |
| **Pasadena Performance Products LLC**<br>7.252% (TSFR3M + 3.250%) due 02/27/2032 «~ | 3483 | 3489 |
| **Peer Holding III BV**<br>6.502% (TSFR3M + 2.500%) due 07/01/2031 ~ | 2581 | 2586 |
| **Penn Entertainment, Inc.**<br>6.663% (TSFR1M + 2.500%) due 05/03/2029 ~ | 881 | 881 |
| **Peraton Corp.**<br>8.013% (TSFR1M + 3.750%) due 02/01/2028 ~ | 2536 | 2146 |
| **PetSmart, Inc.**<br>8.136% (TSFR1M + 4.000%) due 08/18/2032 ~ | 2437 | 2404 |
| **Phoenix Guarantor, Inc.**<br>6.663% (TSFR1M + 2.500%) due 02/21/2031 ~ | 1997 | 2000 |
| **Pinnacle Buyer LLC**  |  |  |
| TBD% due 09/10/2032 | 1363 | 1366 |
| TBD% due 09/10/2032 µ | 262 | 263 |
| **Planet U.S. Buyer LLC**<br>7.198% (TSFR3M + 3.000%) due 02/07/2031 ~ | 1350 | 1359 |
| **Polaris Newco LLC**<br>8.570% (TSFR3M + 4.000%) due 06/02/2028 ~ | 6263 | 6050 |
| **Primo Brands Corp.**<br>6.252% (TSFR3M + 2.250%) due 03/31/2028 ~ | 4568 | 4573 |
| **Project Alpha Intermediate Holding, Inc.**<br>7.252% (TSFR3M + 3.250%) due 10/26/2030 ~ | 1114 | 1119 |
| **Proofpoint, Inc.**<br>7.163% (TSFR1M + 3.000%) due 08/31/2028 ~ | 1908 | 1917 |
| **Qnity Electronics, Inc.**<br>TBD% due 08/12/2032 | 2275 | 2278 |
| **Quartz Acquireco LLC**<br>6.252% (TSFR3M + 2.250%) due 06/28/2030 ~ | 1258 | 1257 |
| **QuidelOrtho Corp.**<br>8.002% (TSFR3M + 4.000%) due 08/20/2032 ~ | 3350 | 3337 |
| **Quikrete Holdings, Inc.**  |  |  |
| 6.413% (TSFR1M + 2.250%) due 03/19/2029 ~ | 3281 | 3287 |
| 6.413% (TSFR1M + 2.250%) due 04/14/2031 ~ | 997 | 998 |
| 6.413% (TSFR1M + 2.250%) due 02/10/2032 ~ | 1193 | 1193 |
| **Rand Parent LLC**<br>7.002% (TSFR3M + 3.000%) due 03/18/2030 ~ | 3931 | 3920 |
| **Raven Acquisition Holdings LLC**  |  |  |
| TBD% - 3.250% due 11/19/2031 µ | 155 | 155 |
| TBD% - 3.250% (TSFR1M + 3.000%) due 11/19/2031 ~ | 1164 | 1165 |
| **RealPage, Inc.**  |  |  |
| 7.263% (TSFR3M + 3.000%) due 04/24/2028 ~ | 1017 | 1015 |
| 7.752% (TSFR3M + 3.750%) due 04/24/2028 ~ | 995 | 999 |
| **Recess Holdings, Inc.**<br>8.069% (TSFR3M + 3.750%) due 02/20/2030 ~ | 1486 | 1494 |
| **RELADYNE INC**<br>1.000% due 12/09/2030 | 499 | 501 |
| **Restoration Hardware, Inc.**<br>TBD% due 10/20/2028 | 2294 | 2238 |
| **Reworld Holding Corp.**  |  |  |
| 6.385% (TSFR1M + 2.250%) due 11/30/2028 ~ | 1986 | 1990 |
| 6.386% (TSFR1M + 2.250%) due 11/30/2028 ~ | 1481 | 1483 |
| **Rockpoint Gas Storage Partners LP**<br>7.002% (TSFR3M + 3.000%) due 09/18/2031 ~ | 4317 | 4337 |
| **Sauer Brands, Inc.**  |  |  |
| TBD% - 3.000% due 02/19/2032 µ | 86 | 87 |
| TBD% - 3.000% (TSFR1M + 3.000%) due 02/19/2032 ~ | 914 | 920 |
| **SCIH Salt Holdings, Inc.**<br>7.197% (TSFR6M + 3.000%) due 01/31/2029 ~ | 1474 | 1477 |
| **Sedgwick Claims Management Services, Inc.**<br>6.663% (TSFR1M + 2.500%) due 07/31/2031 ~ | 1060 | 1060 |
| **SGH2 LLC**<br>8.508% (TSFR3M + 4.500%) due 08/18/2032 ~ | 600 | 602 |
| **Sharp Services LLC**<br>7.240% (TSFR3M + 3.250%) due 12/31/2028 ~ | 1490 | 1493 |
| **Somnigroup International, Inc.**<br>6.370% due 10/24/2031 ~ | 961 | 968 |

---

------

<br> Schedule of Investments PIMCO Senior Loan Active Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Specialty** **Building Products Holdings LLC**<br>8.013% (TSFR1M + 3.750%) due 10/15/2028 ~ | 1822 | 1761 |
| **Speedster Bidco GmbH**<br>7.240% (TSFR3M + 3.250%) due 12/10/2031 ~ | 1990 | 1997 |
| **Stakeholder Midstream LLC**<br>8.042% (TSFR3M + 4.000%) due 01/01/2031 ~ | 1000 | 1004 |
| **Starwood Property Trust, Inc.**<br>6.163% (TSFR1M + 2.000%) due 01/02/2030 ~ | 4024 | 4032 |
| **Stonepeak Bayou Holdings LP**<br>TBD% due 09/24/2032 « | 2350 | 2350 |
| **Stonepeak Nile Parent LLC**<br>7.079% - 9.250% (TSFR3M + 2.750%) due 04/09/2032 ~ | 1675 | 1676 |
| **Student Transportation of America Holdings, Inc.**<br>1.625% - 7.564% (TSFR3M + 3.250%) due 06/24/2032 ~ | 1322 | 1327 |
| **Sunrise Financing Partnership**<br>6.691% (TSFR6M + 2.500%) due 02/15/2032 ~ | 1212 | 1211 |
| **Syniverse Holdings, Inc.**<br>11.002% (TSFR3M + 7.000%) due 05/13/2027 ~ | 1752 | 1714 |
| **Tacala LLC**<br>7.663% (TSFR1M + 3.500%) due 01/31/2031 ~ | 1702 | 1712 |
| **Third Coast Infrastructure LLC**<br>7.913% (TSFR1M + 3.750%) due 09/25/2030 ~ | 994 | 999 |
| **Tidal Waste & Recycling Holdings LLC**<br>7.002% (TSFR3M + 3.000%) due 10/24/2031 ~ | 1667 | 1678 |
| **TK Elevator Midco GmbH**<br>7.197% - 7.308% (TSFR6M + 3.000%) due 04/30/2030 ~ | 6459 | 6482 |
| **TKO Worldwide Holdings LLC**<br>6.038% (TSFR3M + 2.000%) due 11/21/2031 ~ | 989 | 991 |
| **TransDigm, Inc.**<br>6.502% (TSFR3M + 2.500%) due 02/28/2031 ~ | 2945 | 2947 |
| **Travel & Leisure Co.**<br>6.663% (TSFR1M + 2.500%) due 12/14/2029 ~ | 2773 | 2783 |
| **Trident TPI Holdings, Inc.**<br>7.752% (TSFR3M + 3.750%) due 09/15/2028 ~ | 3819 | 3757 |
| **Truist Insurance Holdings LLC**<br>6.752% (TSFR3M + 2.750%) due 05/06/2031 ~ | 2925 | 2930 |
| **Turquoise Topco Ltd.**<br>TBD% due 07/31/2032 | 2000 | 2004 |
| **U.S. Renal Care, Inc.**<br>9.278% (TSFR1M + 5.000%) due 06/28/2028 ~ | 2593 | 2483 |
| **UKG, Inc.**<br>6.810% (TSFR3M + 2.500%) due 02/10/2031 ~ | 5287 | 5288 |
| **United Talent Agency LLC**<br>7.650% (TSFR1M + 3.500%) due 06/10/2032 «~ | 2980 | 3002 |
| **Upfield BV**<br>8.300% due 01/03/2028 ~ | 1985 | 1920 |
| **USI, Inc.**  |  |  |
| 6.252% (TSFR3M + 2.250%) due 11/21/2029 ~ | 1484 | 1484 |
| 6.252% (TSFR3M + 2.250%) due 09/29/2030 ~ | 2454 | 2453 |
| **Van Pool Transportation LLC**  |  |  |
| TBD% - 7.252% (TSFR3M + 3.250%) due 08/06/2030 ~µ | 446 | 448 |
| TBD% - 7.252% (TSFR1M + 3.250%) due 08/06/2030 ~ | 3254 | 3269 |
| **Veritiv Corp.**<br>8.002% (TSFR3M + 4.000%) due 11/30/2030 ~ | 3191 | 3164 |
| **VFS Global**<br>TBD% due 09/23/2032 « | 1963 | 1964 |
| **Viavi Solutions, Inc.**<br>TBD% due 06/15/2032 | 1000 | 1004 |
| **Virgin Media Bristol LLC**  |  |  |
| 6.926% - 7.373% (TSFR6M + 3.175%) due 03/31/2031 ~ | 1900 | 1876 |
| 7.515% (TSFR1M + 3.250%) due 01/31/2029 ~ | 1469 | 1470 |
| 6.926% - 7.373% (TSFR3M + 3.175%) due 03/31/2031 ~ | 5900 | 5826 |
| **Vista Management Holding, Inc.**<br>8.041% (TSFR3M + 3.750%) due 04/01/2031 ~ | 198 | 200 |
| **VS Buyer LLC**<br>6.560% (TSFR3M + 2.250%) due 04/12/2031 ~ | 2582 | 2583 |
| **Wash Multifamily Parent, Inc.**<br>7.442% (TSFR1M + 3.250%) due 09/10/2032 ~ | 1000 | 1005 |
| **Wasserman Media Group LLC**<br>7.158% (TSFR1M + 3.000%) due 06/23/2032 ~ | 1900 | 1910 |
| **WaterBridge Midstream Operating LLC**<br>8.174% (TSFR1M + 4.000%) due 05/10/2029 ~ | 1485 | 1490 |
| **WCG Intermediate Corp.**<br>7.163% (TSFR1M + 3.000%) due 02/25/2032 ~ | 1601 | 1592 |
| **WEC U.S. Holdings Ltd.**<br>6.530% (TSFR1M + 2.250%) due 01/27/2031 ~ | 2825 | 2829 |
| **Whatabrands LLC**<br>6.663% (TSFR1M + 2.500%) due 08/03/2028 ~ | 4442 | 4451 |
| **White Cap Buyer LLC**<br>7.416% (TSFR1M + 3.250%) due 10/19/2029 ~ | 2890 | 2893 |
| **Wilsonart LLC**<br>8.252% (TSFR3M + 4.250%) due 08/05/2031 ~ | 1097 | 1064 |
| **X Corp.**  |  |  |
| 9.500% due 10/26/2029 | 6400 | 6429 |
| 10.958% (TSFR3M + 6.500%) due 10/26/2029 ~ | 7666 | 7531 |

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------

<br> Schedule of Investments PIMCO Senior Loan Active Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **ZAYO** **GROUP HOLDINGS INC**<br>1.000% due 12/23/2030 | 2000 | 1955 |
| **Zayo Group Holdings, Inc.**<br>7.278% (TSFR1M + 3.000%) due 03/09/2027 ~ | 1445 | 1429 |
| **Zelis Payments Buyer, Inc.**<br>7.413% (TSFR1M + 3.250%) due 11/26/2031 ~ | 1465 | 1467 |
| **Ziggo Financing Partnership**<br>6.765% (TSFR1M + 2.500%) due 04/30/2028 ~ | 2000 | 1997 |
| **Zuora, Inc.**<br>7.663% (TSFR1M + 3.500%) due 02/14/2032 ~ | 1000 | 995 |
| Total Loan Participations and Assignments (Cost $532,613) |  | 532044 |
| **CORPORATE BONDS & NOTES 2.1%**  |  |  |
| **BANKING & FINANCE 0.1%**  |  |  |
| **Panther Escrow Issuer LLC** <br>7.125% due 06/01/2031 | 400 | 416 |
| **INDUSTRIALS 2.0%**  |  |  |
| **Aston Martin Capital Holdings Ltd.** <br>10.000% due 03/31/2029 | 675 | 661 |
| **Beignet** <br>6.850% due 06/01/2049 «(a) | 6675 | 6675 |
| **Cerdia Finanz GmbH** <br>9.375% due 10/03/2031 | 500 | 531 |
| **CoreWeave, Inc.** <br>9.000% due 02/01/2031 | 1150 | 1180 |
| **Merlin Entertainments Group U.S. Holdings, Inc.** <br>7.375% due 02/15/2031 | 250 | 216 |
| **Organon & Co./Organon Foreign Debt Co-Issuer BV** <br>4.125% due 04/30/2028 | 2000 | 1934 |
| **Venture Global LNG, Inc.**  |  |  |
| 9.500% due 02/01/2029  | 800 | 882 |
| 9.875% due 02/01/2032  | 800 | 871 |
| **Venture Global Plaquemines LNG LLC**  |  |  |
| 6.500% due 01/15/2034  | 300 | 316 |
| 6.750% due 01/15/2036  | 218 | 232 |
|  |  | 13498 |
| Total Corporate Bonds & Notes (Cost $13,846) |  | 13914 |
| **SHORT-TERM INSTRUMENTS 20.9%**  |  |  |
| **REPURCHASE AGREEMENTS (b) 20.9%** |  | 137000 |
| Total Short-Term Instruments (Cost $137,000) |  | 137000 |
| Total Investments in Securities (Cost $683,459) |  | 682958 |
| Total Investments 104.1% (Cost $683,459) |  | $682958 |
| **Financial Derivative Instruments (c) 0.0**%(Cost or Premiums, net $9,987) |  | 6 |
| Other Assets and Liabilities, net (4.1)% |  | (26831) |
| Net Assets 100.0% |  | $656133 |

---

------

<br> Schedule of Investments PIMCO Senior Loan Active Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  |
| **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** |
| **¤** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** |
| **«** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** |
| **~** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.** |
| **(a)** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** |
| **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** |
| **(b)** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** |
| Counterparty | Lending<br>Rate | Lending<br>Rate | Settlement<br>Date | Maturity<br>Date | Maturity<br>Date | Principal<br>Amount | Principal<br>Amount | Principal<br>Amount | &nbsp;&nbsp; Collateralized By | &nbsp;&nbsp; Collateralized By | &nbsp;&nbsp; Collateralized By | &nbsp;&nbsp; Collateralized By | Collateral<br>(Received) | Collateral<br>(Received) | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| BOS | 4.320%  | 4.320%  | 09/30/2025 | 10/01/2025 | 10/01/2025 | $4400 | 4400 | 4400 | &nbsp;&nbsp; U.S. Treasury Notes 3.500% due 09/30/2027 | &nbsp;&nbsp; U.S. Treasury Notes 3.500% due 09/30/2027 | &nbsp;&nbsp; U.S. Treasury Notes 3.500% due 09/30/2027 | &nbsp;&nbsp; U.S. Treasury Notes 3.500% due 09/30/2027 | $(4486) | (4486) | (4486) | $4400 | 4400 | 4400 |
| GSC | 4.250  | 4.250  | 09/30/2025 | 10/01/2025 | 10/01/2025 | 132600 | 132600 | 132600 | &nbsp;&nbsp; Ginnie Mae 5.500% due 06/20/2054 | &nbsp;&nbsp; Ginnie Mae 5.500% due 06/20/2054 | &nbsp;&nbsp; Ginnie Mae 5.500% due 06/20/2054 | &nbsp;&nbsp; Ginnie Mae 5.500% due 06/20/2054 | (137343) | (137343) | (137343) | 132600 | 132600 | 132616 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |  |  | $**(141829)** | **(141829)** | **(141829)** | $**137000** | **137000** | **137016** |
| <sup>(1)</sup> | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. |
| **(c)** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** |
| **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** |
| **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> |
| Description | Description | Description | Description | Description |  | Expiration<br>Month | Expiration<br>Month | # of<br>Contracts | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Asset | Asset | Liability |
| U.S. Treasury 5-Year Note December Futures  | U.S. Treasury 5-Year Note December Futures  | U.S. Treasury 5-Year Note December Futures  | U.S. Treasury 5-Year Note December Futures  | U.S. Treasury 5-Year Note December Futures  | U.S. Treasury 5-Year Note December Futures  | 12/2025 | 12/2025 | 138 | 138 | 15069 | $(35) | (35) | (35) | (35) | 5 | 5 | 5 | 0 |
| U.S. Treasury 10-Year Note December Futures  | U.S. Treasury 10-Year Note December Futures  | U.S. Treasury 10-Year Note December Futures  | U.S. Treasury 10-Year Note December Futures  | U.S. Treasury 10-Year Note December Futures  | U.S. Treasury 10-Year Note December Futures  | 12/2025 | 12/2025 | 44 | 44 | 4950 | (27) | (27) | (27) | (27) | 0 | 0 | 0 | (1) |
|  |  |  |  |  |  |  |  |  |  |  | (62) | (62) | (62) | $ | 5 | 5 | $ | (1) |
| **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> |
| Description | Description | Description | Description | Description |  | Expiration<br>Month | Expiration<br>Month | # of<br>Contracts | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Asset | Asset | Liability |
| U.S. Ultra Treasury 10-Year Note December Futures  | U.S. Ultra Treasury 10-Year Note December Futures  | U.S. Ultra Treasury 10-Year Note December Futures  | U.S. Ultra Treasury 10-Year Note December Futures  | U.S. Ultra Treasury 10-Year Note December Futures  | U.S. Ultra Treasury 10-Year Note December Futures  | 12/2025 | 12/2025 | 13 | 13 | (1496) | $(21) | (21) | (21) | (21) | 1 | 1 | 1 | 0 |
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **(83)** | **(83)** | **(83)** | **$** | **6** | **6** | **$** | **(1)** |
| **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** |
| **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION**<sup>(1)</sup> |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> |
| Index/Tranches | Index/Tranches | Fixed <br>Receive Rate | Fixed <br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Maturity<br>Date |  | Notional<br>Amount<sup>(2)</sup> | Notional<br>Amount<sup>(2)</sup> | Premiums<br>Paid/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) |  | Market<br>Value<sup>(3)</sup> | Market<br>Value<sup>(3)</sup> | Market<br>Value<sup>(3)</sup> | Asset | Asset | Liability |
| CDX.HY-43 5-Year Index  | CDX.HY-43 5-Year Index  | 5.000% | 5.000% | Quarterly | 12/20/2029 | 12/20/2029 | $ | 22725 | 22725 | 1448 | 293 | $ | 1741 | 1741 | 1741 | 0 | 0 | (32) |
| CDX.HY-44 5-Year Index  | CDX.HY-44 5-Year Index  | 5.000 | 5.000 | Quarterly | 06/20/2030 | 06/20/2030 |  | 84050 | 84050 | 5755 | 1062 |  | 6817 | 6817 | 6817 | 31 | 31 | 0 |
| CDX.HY-45 5-Year Index  | CDX.HY-45 5-Year Index  | 5.000 | 5.000 | Quarterly | 12/20/2030 | 12/20/2030 |  | 28300 | 28300 | 2171 | 50 |  | 2221 | 2221 | 2221 | 11 | 11 | 0 |
|  |  |  |  |  |  |  |  |  |  | 9374 | 1405 | $ | 10779 | 10779 | 10779 | 42 | 42 | (32) |
| **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> |
| Pay/<br>Receive<br>Floating Rate | Floating Rate Index | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Maturity<br>Date |  | Notional<br>Amount | Notional<br>Amount | Premiums<br>Paid/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Market<br>Value | Market<br>Value | Asset | Asset | Liability |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 1.750% | Annual | 06/15/2027 | 06/15/2027 | $ | $6000 | 6000 | $287 | (73) | (73) | 214 | 214 | 214 | 0 | 0 | $(2) |

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<br> Schedule of Investments PIMCO Senior Loan Active Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

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| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.326 | 3.326 | Annual | 12/17/2029 | 12/17/2029 | 2900 | 2900 | 2900 | 2900 |  | 1 | 1 | 1 |  | 28 | 28 | 28 |  | 29 | 29 |  |  | 0 |  |  |  | (2) |
| Receive | Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.000 | 3.000 | Annual | 03/19/2030 | 03/19/2030 | 1825 | 1825 | 1825 | 1825 |  | 72 | 72 | 72 |  | (30) | (30) | (30) |  | 42 | 42 |  |  | 0 |  |  |  | (1) |
| Receive | Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.250 | 3.250 | Annual | 06/18/2030 | 06/18/2030 | 6750 | 6750 | 6750 | 6750 |  | 125 | 125 | 125 |  | (66) | (66) | (66) |  | 59 | 59 |  |  | 0 |  |  |  | (3) |
| Receive | Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.250 | 3.250 | Annual | 03/19/2032 | 03/19/2032 | 1350 | 1350 | 1350 | 1350 |  | 50 | 50 | 50 |  | (25) | (25) | (25) |  | 25 | 25 |  |  | 0 |  |  |  | 0 |
| Receive | Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.250 | 3.250 | Annual | 06/18/2032 | 06/18/2032 | 3350 | 3350 | 3350 | 3350 |  | 93 | 93 | 93 |  | (37) | (37) | (37) |  | 56 | 56 |  |  | 0 |  |  |  | (1) |
| Receive | Receive | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.532 | 3.532 | Annual | 08/20/2034 | 08/20/2034 | 1100 | 1100 | 1100 | 1100 |  | (15) | (15) | (15) |  | 22 | 22 | 22 |  | 7 | 7 |  |  | 0 |  |  |  | 0 |
|  |  |  |  |  |  |  |  |  |  |  |  | $ | $613 | 613 | 613 | 613 | $(181) | (181) | (181) | (181) | $432 | 432 | $ | $ | 0 | $ | $ | $ | (9) | (9) |
| **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **$** | $**9987** | **9987** | **9987** | **9987** | $**1224** | **1224** | **1224** | **1224** | $**11211** | **11211** | **$** | **$** | **42** | **$** | **$** | **$** | **(41)** | **(41)** |
| **Cash of $10,449 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $10,449 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $10,449 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $10,449 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $10,449 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $10,449 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $10,449 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $10,449 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $10,449 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $10,449 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $10,449 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $10,449 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $10,449 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $10,449 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $10,449 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $10,449 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $10,449 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $10,449 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $10,449 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $10,449 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $10,449 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $10,449 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $10,449 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $10,449 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $10,449 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $10,449 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $10,449 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $10,449 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $10,449 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $10,449 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $10,449 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** |
| <sup>(1)</sup> | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. |
| <sup>(2)</sup> | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. |
| <sup>(3)</sup> | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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 MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** |
| **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: |  |  |  |
| Category and Subcategory | Category and Subcategory | Category and Subcategory | Category and Subcategory | Category and Subcategory | Category and Subcategory | Category and Subcategory | Category and Subcategory | Category and Subcategory | Category and Subcategory | Category and Subcategory | Level 1 | Level 1 | Level 1 | Level 1 | Level 1 | Level 2 | Level 2 | Level 2 | Level 2 | Level 3 | Level 3 | Level 3 | Fair Value<br>at 09/30/2025 | Fair Value<br>at 09/30/2025 | Fair Value<br>at 09/30/2025 | Fair Value<br>at 09/30/2025 | Fair Value<br>at 09/30/2025 |  |  |  |
| **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** |  |  |  |
| Loan Participations and Assignments | Loan Participations and Assignments | Loan Participations and Assignments | Loan Participations and Assignments | Loan Participations and Assignments | Loan Participations and Assignments | Loan Participations and Assignments | Loan Participations and Assignments | Loan Participations and Assignments | Loan Participations and Assignments | Loan Participations and Assignments | $2005 | 2005 | 2005 | 2005 | 2005 | $ | 508527 | 508527 | 508527 | $ | 21512 | 21512 | $ | $ | $ | 521473 | 521473 |  |  |  |
| Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |  |  |  |
| Banking & Finance | Banking & Finance | Banking & Finance | Banking & Finance | Banking & Finance | Banking & Finance | Banking & Finance | Banking & Finance | Banking & Finance | Banking & Finance | Banking & Finance | 0 | 0 | 0 | 0 | 0 |  | 416 | 416 | 416 |  | 0 | 0 |  |  |  | 416 | 416 |  |  |  |
| Industrials | Industrials | Industrials | Industrials | Industrials | Industrials | Industrials | Industrials | Industrials | Industrials | Industrials | 0 | 0 | 0 | 0 | 0 |  | 6823 | 6823 | 6823 |  | 6675 | 6675 |  |  |  | 13498 | 13498 |  |  |  |
| Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |  |  |  |
| Repurchase Agreements | Repurchase Agreements | Repurchase Agreements | Repurchase Agreements | Repurchase Agreements | Repurchase Agreements | Repurchase Agreements | Repurchase Agreements | Repurchase Agreements | Repurchase Agreements | Repurchase Agreements | 0 | 0 | 0 | 0 | 0 |  | 137000 | 137000 | 137000 |  | 0 | 0 |  |  |  | 137000 | 137000 |  |  |  |
| Total Investments | Total Investments | Total Investments | Total Investments | Total Investments | Total Investments | Total Investments | Total Investments | Total Investments | Total Investments | Total Investments | $2005 | 2005 | 2005 | 2005 | 2005 | $ | 652766 | 652766 | 652766 | $ | 28187 | 28187 | $ | $ | $ | 682958 | 682958 |  |  |  |
| **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  |  |  |  |
| Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | $0 | 0 | 0 | 0 | 0 | $ | 48 | 48 | 48 | $ | 0 | 0 | $ | $ | $ | 48 | 48 |  |  |  |
| **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  |  |  |  |
| Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | $0 | 0 | 0 | 0 | 0 | $ | (42) | (42) | (42) | $ | 0 | 0 | $ | $ | $ | (42) | (42) |  |  |  |
| Total Financial Derivative Instruments | Total Financial Derivative Instruments | Total Financial Derivative Instruments | Total Financial Derivative Instruments | Total Financial Derivative Instruments | Total Financial Derivative Instruments | Total Financial Derivative Instruments | Total Financial Derivative Instruments | Total Financial Derivative Instruments | Total Financial Derivative Instruments | Total Financial Derivative Instruments | $0 | 0 | 0 | 0 | 0 | $ | 6 | 6 | 6 | $ | 0 | 0 | $ | $ | $ | 6 | 6 |  |  |  |
| Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | $2005 | 2005 | 2005 | 2005 | 2005 | $ | 652772 | 652772 | 652772 | $ | 28187 | 28187 | $ | $ | $ | 682964 | 682964 |  |  |  |
| **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** |
| Category and Subcategory | Category and Subcategory | Category and Subcategory | Beginning<br>Balance<br>at 06/30/2025 | Beginning<br>Balance<br>at 06/30/2025 | Net<br>Purchases  | Net<br>Purchases  | Net<br>Purchases  | Net<br>Sales/Settlements  | Net<br>Sales/Settlements  | Accrued<br>Discounts/<br>(Premiums) | Accrued<br>Discounts/<br>(Premiums) | Accrued<br>Discounts/<br>(Premiums) | Realized<br>Gain/(Loss) | Realized<br>Gain/(Loss) | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(1)</sup> | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(1)</sup> | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(1)</sup> | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(1)</sup> | Transfers into<br>Level 3 | Transfers into<br>Level 3 | Transfers into<br>Level 3 | Transfers out<br>of Level 3 | Transfers out<br>of Level 3 | Ending<br>Balance<br>at 09/30/2025 | Ending<br>Balance<br>at 09/30/2025 | Ending<br>Balance<br>at 09/30/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>09/30/2025<sup>(1)</sup> | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>09/30/2025<sup>(1)</sup> | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>09/30/2025<sup>(1)</sup> | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>09/30/2025<sup>(1)</sup> |
| **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** |
| Loan Participations and Assignments | Loan Participations and Assignments | Loan Participations and Assignments | 23931 | 23931 | $ | 9910 | 9910 | $(14135) | (14135) | $ | 3 | 3 | 18 | 18 | $ | $21 | 21 | 21 | $6657 | 6657 | 6657 | $(4893) | (4893) | $ | $ | 21512 | $ | $ | $ | 6 |
| Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Industrials | Industrials | Industrials | 0 | 0 |  | 6675 | 6675 | 0 | 0 |  | 0 | 0 | 0 | 0 |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |  |  | 6675 |  |  |  | 0 |
| Totals | Totals | Totals | 23931 | 23931 | $ | 16585 | 16585 | $(14135) | (14135) | $ | 3 | 3 | 18 | 18 | $ | $21 | 21 | 21 | $6657 | 6657 | 6657 | $(4893) | (4893) | $ | $ | 28187 | $ | $ | $ | 6 |
| <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** | <br>**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:** |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| Category and Subcategory | Category and Subcategory | Category and Subcategory | Category and Subcategory | Category and Subcategory | Ending<br>Balance<br>at 09/30/2025 | Ending<br>Balance<br>at 09/30/2025 | Ending<br>Balance<br>at 09/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation Technique | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation Technique | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation Technique | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation Technique | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation Technique | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation Technique | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation Technique | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation Technique | &nbsp;&nbsp;&nbsp;&nbsp; Unobservable Inputs | &nbsp;&nbsp;&nbsp;&nbsp; Unobservable Inputs | &nbsp;&nbsp;&nbsp;&nbsp; Unobservable Inputs | &nbsp;&nbsp;&nbsp;&nbsp; Unobservable Inputs | &nbsp;&nbsp;&nbsp;&nbsp; Unobservable Inputs | &nbsp;&nbsp;&nbsp;&nbsp; Unobservable Inputs | &nbsp;&nbsp;&nbsp;&nbsp; Unobservable Inputs | Input Value(s) | Input Value(s) | Input Value(s) | Input Value(s) | Input Value(s) | Weighted Average | Weighted Average | Weighted Average |
| **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** |
| Loan Participations and Assignments | Loan Participations and Assignments | Loan Participations and Assignments | Loan Participations and Assignments | Loan Participations and Assignments | $ | $709 | 709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indicative Market Quotation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indicative Market Quotation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indicative Market Quotation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indicative Market Quotation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indicative Market Quotation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indicative Market Quotation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indicative Market Quotation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indicative Market Quotation | &nbsp;&nbsp;&nbsp;&nbsp; Broker Quote | &nbsp;&nbsp;&nbsp;&nbsp; Broker Quote | &nbsp;&nbsp;&nbsp;&nbsp; Broker Quote | &nbsp;&nbsp;&nbsp;&nbsp; Broker Quote | &nbsp;&nbsp;&nbsp;&nbsp; Broker Quote | &nbsp;&nbsp;&nbsp;&nbsp; Broker Quote | &nbsp;&nbsp;&nbsp;&nbsp; Broker Quote | 72.500  | 72.500  | 72.500  | 72.500  | 72.500  |  |  |  |
|  |  |  |  |  |  | 20803 | 20803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Third Party Vendor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Third Party Vendor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Third Party Vendor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Third Party Vendor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Third Party Vendor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Third Party Vendor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Third Party Vendor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Third Party Vendor | &nbsp;&nbsp;&nbsp;&nbsp; Broker Quote | &nbsp;&nbsp;&nbsp;&nbsp; Broker Quote | &nbsp;&nbsp;&nbsp;&nbsp; Broker Quote | &nbsp;&nbsp;&nbsp;&nbsp; Broker Quote | &nbsp;&nbsp;&nbsp;&nbsp; Broker Quote | &nbsp;&nbsp;&nbsp;&nbsp; Broker Quote | &nbsp;&nbsp;&nbsp;&nbsp; Broker Quote | 93.000 - 100.750  | 93.000 - 100.750  | 93.000 - 100.750  | 93.000 - 100.750  | 93.000 - 100.750  | 99.269 | 99.269 | 99.269 |
| Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |

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------

<br> Schedule of Investments PIMCO Senior Loan Active Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Industrials | Industrials | 6675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | 100.000 |
| Total | Total | $28187 |  |  |  |
| <sup>(1)</sup> | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. |

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<br> Schedule of Investments PIMCO Short Term Municipal Bond Active Exchange-Traded Fund September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** | **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** | **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** |
|  | PRINCIPAL<br>AMOUNT<br>(000s) | MARKET<br>VALUE<br>(000s) |
| **INVESTMENTS IN SECURITIES 99.2% ¤** |  |  |
| **MUNICIPAL BONDS & NOTES 91.0%**  |  |  |
| **ALABAMA 4.1%**  |  |  |
| **Alabama Housing Finance Authority Revenue Notes, Series 2024** <br>5.000% due 02/01/2029 | $840 | $880 |
| **Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2021** <br>3.240% (MUNIPSA) due 10/01/2052 ~ | 1500 | 1481 |
| **Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2022**  |  |  |
| 4.000% due 04/01/2053  | 8745 | 8916 |
| 5.250% due 02/01/2053  | 680 | 727 |
| **Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2023**  |  |  |
| 5.250% due 12/01/2053  | 2000 | 2179 |
| 5.500% due 06/01/2049  | 1470 | 1576 |
| 5.500% due 10/01/2054  | 2400 | 2655 |
| **Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2024**  |  |  |
| 5.000% due 03/01/2055  | 2700 | 2946 |
| 5.000% due 10/01/2055  | 1800 | 1947 |
| **Energy Southeast A Cooperative District, Alabama Revenue Bonds, Series 2023** <br>5.750% due 04/01/2054 | 1000 | 1121 |
| **Healthcare Authority of Baptist Health, Alabama Revenue Notes, Series 2023** <br>5.000% due 11/15/2025 | 1000 | 1002 |
| **Jefferson County, Alabama Sewer Revenue Notes, Series 2024** <br>5.000% due 10/01/2031 | 3000 | 3346 |
| **Selma Industrial Development Board, Alabama Revenue Bonds, Series 2019** <br>3.450% due 11/01/2033 | 725 | 730 |
| **Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2023** <br>5.000% due 01/01/2054 | 2400 | 2568 |
| **Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2024**  |  |  |
| 5.000% due 11/01/2035  | 3300 | 3481 |
| 5.000% due 10/01/2055  | 250 | 273 |
| **Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2025** <br>5.000% due 05/01/2055 | 3500 | 3782 |
|  |  | 39610 |
| **ARIZONA 1.3%**  |  |  |
| **Arizona Health Facilities Authority Revenue Bonds, Series 2015** <br>3.140% (MUNIPSA) due 01/01/2046 ~ | 1125 | 1118 |
| **Coconino County, Arizona Pollution Control Corp. Revenue Bonds, Series 2017** <br>3.750% due 03/01/2039 | 1000 | 1003 |
| **Maricopa County, Arizona & Phoenix Industrial Development Authorities Revenue Bonds, (GNMA Insured), Series 2025** <br>5.750% due 03/01/2056 | 1100 | 1222 |
| **Maricopa County, Arizona Industrial Development Authority Revenue Bonds, Series 2023** <br>5.000% due 01/01/2053 | 4355 | 4511 |
| **Maricopa County, Arizona Pollution Control Corp. Revenue Bonds, Series 2003** <br>3.875% due 01/01/2038 | 3000 | 3060 |
| **Town of Gilbert, Arizona General Obligation Notes, Series 2022** <br>5.000% due 07/15/2028 | 1425 | 1530 |
|  |  | 12444 |
| **CALIFORNIA 4.8%**  |  |  |
| **Bay Area Toll Authority, California Revenue Bonds, Series 2021**  |  |  |
| 3.300% (MUNIPSA) due 04/01/2056 ~  | 2000 | 1936 |
| 3.340% (MUNIPSA) due 04/01/2056 ~  | 1500 | 1492 |
| **California Community Choice Financing Authority Revenue Bonds, Series 2023** <br>5.000% due 02/01/2054 | 2500 | 2691 |
| **California Health Facilities Financing Authority Revenue Bonds, Series 2025** <br>5.000% due 10/01/2050 | 2600 | 2843 |
| **California Infrastructure & Economic Development Bank Revenue Bonds, Series 2021** <br>3.590% (MUNIPSA) due 12/01/2050 ~ | 1000 | 996 |
| **California Infrastructure & Economic Development Bank Revenue Notes, Series 2018** <br>5.000% due 10/01/2025 | 2250 | 2250 |
| **California State General Obligation Bonds, (AGM Insured), Series 2007** <br>5.250% due 08/01/2032 | 1000 | 1159 |
| **California State General Obligation Bonds, Series 2016** <br>5.000% due 09/01/2031 | 975 | 996 |
| **California State General Obligation Bonds, Series 2017** <br>5.000% due 08/01/2029 | 7000 | 7145 |
| **California State General Obligation Notes, Series 2020** <br>5.000% due 11/01/2027 | 1250 | 1320 |
| **California State Public Works Board Revenue Notes, Series 2021** <br>5.000% due 11/01/2029 | 1500 | 1660 |

---

------

<br> Schedule of Investments PIMCO Short Term Municipal Bond Active Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **California** **Statewide Communities Development Authority Revenue Notes, Series 2021** <br>1.462% due 02/01/2028 | 3680 | 3470 |
| **East Bay Municipal Utility District Water System, California Revenue Notes, Series 2025** <br>5.000% due 06/01/2028 | 8000 | 8637 |
| **Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021** <br>3.850% due 06/01/2050 | 755 | 688 |
| **Inland Empire Tobacco Securitization Corp. California Revenue Bonds, Series 2019** <br>3.678% due 06/01/2038 | 605 | 583 |
| **Los Angeles Unified School District, California General Obligation Notes, Series 2024** <br>5.000% due 07/01/2026 | 2300 | 2347 |
| **San Francisco Unified School District, California General Obligation Notes, Series 2025** <br>5.000% due 06/15/2026 | 3025 | 3082 |
| **Silicon Valley Clean Water, California Revenue Notes, Series 2021** <br>0.500% due 03/01/2026 | 2500 | 2475 |
| **Tobacco Securitization Authority of Southern California Revenue Bonds, Series 2019** <br>5.000% due 06/01/2030 | 1000 | 1076 |
|  |  | 46846 |
| **COLORADO 3.1%**  |  |  |
| **Colorado Health Facilities Authority Revenue Bonds, Series 2019** <br>5.000% due 08/01/2049 | 1700 | 1709 |
| **Colorado Health Facilities Authority Revenue Bonds, Series 2022** <br>3.440% (MUNIPSA) due 05/15/2061 ~ | 5000 | 4970 |
| **Colorado Health Facilities Authority Revenue Bonds, Series 2023** <br>5.000% due 11/15/2058 | 1000 | 1061 |
| **Colorado Health Facilities Authority Revenue Bonds, Series 2024**  |  |  |
| 5.000% due 12/01/2034  | 2500 | 2780 |
| 5.000% due 11/15/2059  | 2200 | 2392 |
| **Colorado Health Facilities Authority Revenue Notes, Series 2020** <br>2.800% due 12/01/2026 | 275 | 270 |
| **Colorado Health Facilities Authority Revenue Notes, Series 2022** <br>5.000% due 11/01/2026 | 500 | 511 |
| **E-470 Public Highway Authority, Colorado Revenue Bonds, Series 2024** <br>3.537% (SOFRRATE) due 09/01/2039 ~ | 2900 | 2894 |
| **Eagle County, Colorado Housing & Development Authority Revenue Bonds, Series 2025** <br>3.550% due 12/01/2045 | 3750 | 3778 |
| **University of Colorado Hospital Authority Revenue Notes, Series 2024** <br>5.000% due 11/15/2031 | 3400 | 3846 |
| **University of Colorado Revenue Notes, Series 2024** <br>5.000% due 10/01/2028 | 5490 | 5907 |
|  |  | 30118 |
| **CONNECTICUT 1.9%**  |  |  |
| **Connecticut Special Tax State Revenue Notes, Series 2018** <br>5.000% due 10/01/2025 | 1000 | 1000 |
| **Connecticut Special Tax State Revenue Notes, Series 2022**  |  |  |
| 5.000% due 07/01/2027  | 1000 | 1044 |
| 5.000% due 07/01/2029  | 3000 | 3279 |
| **Connecticut State General Obligation Notes, Series 2022** <br>5.000% due 11/15/2028 | 1500 | 1616 |
| **Connecticut State General Obligation Notes, Series 2025**  |  |  |
| 5.000% due 12/01/2030  | 2500 | 2807 |
| 5.000% due 12/01/2031  | 2500 | 2844 |
| 5.000% due 12/01/2033  | 5000 | 5785 |
|  |  | 18375 |
| **DELAWARE 0.2%**  |  |  |
| **Delaware State Economic Development Authority Revenue Bonds, Series 2020** <br>1.250% due 10/01/2045 | 2000 | 2000 |
| **DISTRICT OF COLUMBIA 1.5%**  |  |  |
| **District of Columbia General Obligation Bonds, Series 2018** <br>5.000% due 06/01/2030 | 2205 | 2352 |
| **District of Columbia Housing Finance Agency Revenue Bonds, Series 2022** <br>2.950% due 09/01/2040 | 3450 | 3448 |
| **District of Columbia Income Tax Revenue Notes, Series 2025** <br>5.000% due 06/01/2027 | 8000 | 8343 |
|  |  | 14143 |
| **FLORIDA 3.9%**  |  |  |
| **Duval County, Florida Public Schools Certificates of Participation Notes, (AGC Insured), Series 2025** <br>5.000% due 07/01/2028 | 3250 | 3468 |
| **Florida Development Finance Corp. Revenue Notes, Series 2023** <br>5.000% due 09/01/2026 | 1550 | 1564 |
| **Florida Housing Finance Corp. Revenue Bonds, Series 2024** <br>3.500% due 11/01/2042 | 3000 | 3036 |
| **Florida Housing Finance Corp. Revenue Notes, Series 2025** <br>3.650% due 05/01/2028 | 1110 | 1120 |

---

------

<br> Schedule of Investments PIMCO Short Term Municipal Bond Active Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Lee** **County, Florida Airport Revenue Bonds, Series 2019** <br>5.000% due 04/01/2033 | 1000 | 1001 |
| **Miami-Dade County, Florida Housing Finance Authority Revenue Bonds, Series 2025** <br>3.250% due 02/01/2044 | 12500 | 12607 |
| **Mid-Bay Bridge Authority, Florida Revenue Bonds, Series 2015** <br>5.000% due 10/01/2035 | 2000 | 2000 |
| **Mid-Bay Bridge Authority, Florida Revenue Notes, (AGC Insured), Series 2025** <br>5.000% due 10/01/2026 | 2240 | 2288 |
| **Orange County, Florida School Board Certificates of Participation Notes, Series 2024** <br>5.000% due 08/01/2033 | 4000 | 4566 |
| **Palm Beach County, Florida School District Certificates of Participation Notes, Series 2025** <br>5.000% due 08/01/2028 | 3750 | 4011 |
| **South Miami Health Facilities Authority, Florida Revenue Bonds, Series 2025** <br>5.000% due 08/15/2065 | 2300 | 2529 |
|  |  | 38190 |
| **GEORGIA 4.7%**  |  |  |
| **Atlanta Urban Residential Finance Authority, Georgia Revenue Bonds, Series 2024** <br>2.990% due 10/01/2042 | 7300 | 7336 |
| **Bartow County, Georgia Development Authority Revenue Bonds, Series 1997** <br>1.800% due 09/01/2029 | 3000 | 2727 |
| **Cobb County, Georgia Kennestone Hospital Authority Revenue Notes, Series 2023**  |  |  |
| 5.000% due 04/01/2029  | 1625 | 1751 |
| 5.000% due 04/01/2030  | 1500 | 1643 |
| **College Park Housing Authority, Georgia Revenue Bonds, Series 2025** <br>3.450% due 04/01/2044 | 3000 | 3031 |
| **Columbus County, Georgia Housing Authority Revenue Notes, (HUD Insured), Series 2025** <br>5.000% due 04/01/2028 | 600 | 619 |
| **DeKalb County, Georgia Housing Authority Revenue Notes, Series 2025** <br>3.230% due 04/01/2026 | 430 | 430 |
| **Development Authority of Burke County, Georgia Revenue Bonds, Series 2013** <br>3.375% due 11/01/2053 | 4350 | 4377 |
| **Development Authority of Burke County, Georgia Revenue Bonds, Series 2018** <br>3.800% due 11/01/2052 | 10000 | 10000 |
| **Douglas County Housing Authority, Georgia Revenue Notes, Series 2024** <br>5.000% due 10/01/2028 | 1000 | 1042 |
| **Housing Authority of the City of Waycross, Georgia Revenue Notes, (HUD Insured), Series 2024** <br>5.000% due 04/01/2028 | 1687 | 1740 |
| **Lawrenceville Housing Authority, Georgia Revenue Notes, Series 2024** <br>5.000% due 10/01/2028 | 1615 | 1683 |
| **Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2022**  |  |  |
| 4.000% due 09/01/2052  | 1000 | 1026 |
| 5.000% due 12/01/2052  | 3000 | 3180 |
| **Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2023** <br>5.000% due 06/01/2053 | 750 | 799 |
| **Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2024** <br>5.000% due 12/01/2054 | 750 | 817 |
| **Municipal Electric Authority of Georgia Revenue Notes, (AGM Insured), Series 2021** <br>5.000% due 01/01/2026 | 385 | 387 |
| **Municipal Electric Authority of Georgia Revenue Notes, Series 2024**  |  |  |
| 5.000% due 01/01/2031  | 1250 | 1385 |
| 5.000% due 01/01/2032  | 1000 | 1120 |
| **Warner Robins Housing Authority Resident Council Corp. Georgia Revenue Notes, Series 2024** <br>5.000% due 02/01/2029 | 775 | 813 |
|  |  | 45906 |
| **IDAHO 0.5%**  |  |  |
| **Idaho Housing & Finance Association Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025** <br>6.250% due 01/01/2056 | 1250 | 1420 |
| **Idaho Housing & Finance Association Revenue Bonds, Series 2025** <br>3.350% due 06/10/2050 | 3600 | 3628 |
|  |  | 5048 |
| **ILLINOIS 4.6%**  |  |  |
| **Chicago Midway International Airport, Illinois Revenue Notes, (BAM Insured), Series 2023**  |  |  |
| 5.000% due 01/01/2028  | 1465 | 1547 |
| 5.000% due 01/01/2029  | 2000 | 2157 |
| **Chicago, Illinois Revenue Notes, Series 2025** <br>3.200% due 10/01/2028 | 2800 | 2821 |
| **Illinois Finance Authority Revenue Bonds, Series 2015** <br>5.000% due 11/15/2033 | 1895 | 1896 |
| **Illinois Finance Authority Revenue Bonds, Series 2021** <br>3.590% (MUNIPSA) due 05/01/2042 ~ | 1000 | 995 |
| **Illinois Finance Authority Revenue Notes, Series 2025** <br>5.000% due 08/15/2031 | 5000 | 5510 |
| **Illinois Housing Development Authority Revenue Notes, (HUD Insured), Series 2024** <br>5.000% due 10/01/2027 | 2000 | 2038 |
| **Illinois Housing Development Authority Revenue Notes, Series 2025** <br>3.150% due 02/01/2029 | 4750 | 4768 |
| **Illinois State General Obligation Notes, Series 2020**  |  |  |
| 5.000% due 10/01/2028  | 3200 | 3412 |

---

------

<br> Schedule of Investments PIMCO Short Term Municipal Bond Active Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| 5.500% due 05/01/2030  | 7750 | 8369 |
| **Illinois State General Obligation Notes, Series 2024**  |  |  |
| 5.000% due 05/01/2029  | 3000 | 3232 |
| 5.000% due 02/01/2032  | 2000 | 2230 |
| 5.000% due 02/01/2033  | 3000 | 3364 |
| **Illinois State Toll Highway Authority Revenue Notes, Series 2024**  |  |  |
| 5.000% due 01/01/2030  | 1000 | 1101 |
| 5.000% due 01/01/2031  | 1250 | 1400 |
|  |  | 44840 |
| **INDIANA 1.3%**  |  |  |
| **Indiana Finance Authority Revenue Bonds, Series 2010** <br>3.000% due 11/01/2030 | 2500 | 2447 |
| **Indiana Finance Authority Revenue Bonds, Series 2012** <br>3.000% due 11/01/2030 | 4400 | 4307 |
| **Indiana Finance Authority Revenue Bonds, Series 2023** <br>5.000% due 10/01/2062 | 2000 | 2110 |
| **Indiana Finance Authority Revenue Bonds, Series 2025** <br>5.000% due 10/01/2063 | 1500 | 1672 |
| **Whiting, Indiana Revenue Bonds, Series 2008** <br>4.200% due 06/01/2044 | 1600 | 1675 |
|  |  | 12211 |
| **KANSAS 1.5%**  |  |  |
| **Burlington, Kansas Revenue Bonds, Series 2023** <br>4.300% due 03/01/2045 | 5500 | 5522 |
| **Kansas Development Finance Authority Revenue Notes, Series 2025** <br>5.000% due 09/01/2028 | 1000 | 1038 |
| **Kansas Housing Development Finance Authority Revenue Notes, (HUD Insured), Series 2024** <br>3.010% due 11/01/2027 | 2400 | 2404 |
| **Shawnee County, Kansas Revenue Bonds, Series 2025** <br>3.750% due 05/01/2059 | 5000 | 5055 |
|  |  | 14019 |
| **KENTUCKY 1.4%**  |  |  |
| **Kentucky Asset Liability Commission Revenue Notes, Series 2024** <br>5.000% due 09/01/2026 | 5000 | 5106 |
| **Kentucky Economic Development Finance Authority Revenue Bonds, Series 2015** <br>4.250% due 07/01/2035 | 1000 | 1000 |
| **Kentucky Public Energy Authority Revenue Bonds, Series 2020** <br>4.000% due 12/01/2050 | 500 | 504 |
| **Kentucky Public Energy Authority Revenue Bonds, Series 2024** <br>5.000% due 01/01/2055 | 750 | 813 |
| **Kentucky Public Energy Authority Revenue Bonds, Series 2025** <br>5.250% due 06/01/2055 | 3750 | 4023 |
| **Kentucky State Property & Building Commission Revenue Bonds, Series 2016** <br>5.000% due 11/01/2028 | 1810 | 1855 |
| **Kentucky State Property & Building Commission Revenue Notes, Series 2022** <br>5.000% due 06/01/2031 | 500 | 562 |
|  |  | 13863 |
| **LOUISIANA 0.7%**  |  |  |
| **Louisiana Housing Corp. Revenue Notes, (FHA Insured), Series 2024** <br>5.000% due 04/01/2028 | 4200 | 4319 |
| **Louisiana Public Facilities Authority Revenue Notes, Series 2025** <br>5.000% due 05/15/2030 | 1800 | 1951 |
|  |  | 6270 |
| **MARYLAND 1.0%**  |  |  |
| **Howard County, Maryland General Obligation Notes, Series 2018** <br>5.000% due 02/15/2027 | 3000 | 3108 |
| **Maryland Community Development Administration Revenue Notes, Series 2025** <br>3.700% due 01/01/2029 | 3450 | 3514 |
| **Maryland Department of Housing & Community Development Corp. Revenue Bonds, Series 2025** <br>6.250% due 09/01/2056 | 3100 | 3478 |
|  |  | 10100 |
| **MASSACHUSETTS 1.4%**  |  |  |
| **Commonwealth of Massachusetts General Obligation Notes, Series 2025** <br>5.000% due 07/01/2035 | 3500 | 4105 |
| **Commonwealth of Massachusetts Special Obligation Revenue Bonds, (BAM Insured), Series 2005** <br>5.500% due 01/01/2034 | 5000 | 5751 |
| **Massachusetts Bay Transportation Authority Sales Tax Revenue Notes, Series 2023** <br>5.000% due 07/01/2029 | 1300 | 1429 |

---

------

<br> Schedule of Investments PIMCO Short Term Municipal Bond Active Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Massachusetts** **Development Finance Agency Revenue Bonds, Series 2019** <br>3.490% (MUNIPSA) due 07/01/2049 ~ | 1750 | 1750 |
|  |  | 13035 |
| **MICHIGAN 2.6%**  |  |  |
| **Detroit, Michigan Sewage Disposal System Revenue Bonds, (AGM Insured), Series 2006** <br>3.650% (TSFR3M) due 07/01/2032 ~ | 2000 | 1984 |
| **Michigan Finance Authority Hospital Revenue Refunding Bonds, Series 2022** <br>3.640% (MUNIPSA) due 04/15/2047 ~ | 3000 | 2991 |
| **Michigan Finance Authority Revenue Bonds, Series 2015** <br>1.200% due 10/15/2030 | 2000 | 1905 |
| **Michigan Finance Authority Revenue Notes, Series 2024**  |  |  |
| 5.000% due 02/28/2029  | 900 | 956 |
| 5.000% due 02/28/2030  | 1170 | 1260 |
| **Michigan State Building Authority Revenue Bonds, Series 2020** <br>2.990% due 10/15/2042 | 1000 | 1000 |
| **Michigan State Housing Development Authority Revenue Bonds, Series 2024** <br>6.250% due 06/01/2055 | 700 | 772 |
| **Michigan State Housing Development Authority Revenue Notes, (HUD Insured), Series 2025** <br>2.920% due 05/01/2029 | 3500 | 3497 |
| **Michigan State Housing Development Authority Revenue Notes, Series 2025** <br>3.350% due 09/01/2027 | 985 | 989 |
| **Michigan Trunk Line State Revenue Notes, Series 2023** <br>5.000% due 11/15/2026 | 1500 | 1544 |
| **Western Michigan University Revenue Notes, (AGC Insured), Series 2025** <br>5.000% due 11/15/2028 | 7530 | 8070 |
|  |  | 24968 |
| **MINNESOTA 0.9%**  |  |  |
| **Housing & Redevelopment Authority of The City of St Paul Minnesota Revenue Bonds, Series 2017**  |  |  |
| 5.000% due 11/15/2028  | 600 | 622 |
| 5.000% due 11/15/2029  | 550 | 570 |
| **Housing & Redevelopment Authority of The City of St Paul Minnesota Revenue Notes, Series 2025** <br>5.000% due 07/01/2028 | 5200 | 5510 |
| **Minnesota Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025** <br>6.250% due 07/01/2055 | 2000 | 2268 |
|  |  | 8970 |
| **MISSISSIPPI 0.2%**  |  |  |
| **Mississippi Home Corp. Revenue Bonds, (HUD Insured), Series 2025** <br>3.625% due 06/01/2043 | 2250 | 2262 |
| **MISSOURI 2.3%**  |  |  |
| **Health & Educational Facilities Authority of the State of Missouri Revenue Notes, Series 2023** <br>5.000% due 05/01/2033 | 2650 | 3015 |
| **Industrial Development Authority of the City of St Louis Missouri Revenue Bonds, Series 2025** <br>3.150% due 04/01/2046 | 1100 | 1104 |
| **Kansas City Area Transportation Authority, Missouri Revenue Bonds, Series 2024** <br>3.050% due 10/01/2045 | 4220 | 4230 |
| **Missouri Housing Development Commission Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025**  |  |  |
| 6.000% due 05/01/2056  | 3000 | 3334 |
| 6.250% due 05/01/2056  | 8500 | 9554 |
| **St Louis School District, Missouri General Obligation Bonds, (AGM Insured), Series 2023** <br>5.000% due 04/01/2034 | 1000 | 1114 |
|  |  | 22351 |
| **MONTANA 0.2%**  |  |  |
| **Montana Board of Housing Revenue Notes, Series 2024** <br>5.000% due 09/01/2028 | 1800 | 1873 |
| **MULTI-STATE 0.5%**  |  |  |
| **Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023** <br>4.553% due 08/25/2040 | 4445 | 4522 |
| **NEBRASKA 0.2%**  |  |  |
| **Nebraska Public Power District Revenue Notes, Series 2023** <br>5.000% due 07/01/2028 | 1750 | 1847 |
| **NEVADA 0.6%**  |  |  |
| **Clark County, Nevada General Obligation Bonds, Series 2018** <br>5.000% due 06/01/2030 | 1470 | 1567 |
| **Clark County, Nevada General Obligation Bonds, Series 2019** <br>5.000% due 07/01/2031 | 2150 | 2339 |

---

------

<br> Schedule of Investments PIMCO Short Term Municipal Bond Active Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Washoe** **County, Nevada Revenue Bonds, Series 2016** <br>3.625% due 03/01/2036 | 2000 | 2022 |
|  |  | 5928 |
| **NEW HAMPSHIRE 0.5%**  |  |  |
| **New Hampshire Business Finance Authority Revenue Notes, Series 2021**  |  |  |
| 4.000% due 01/01/2026  | 265 | 265 |
| 4.000% due 01/01/2027  | 250 | 251 |
| **New Hampshire Health and Education Facilities Authority Act Revenue Notes, Series 2025**  |  |  |
| 5.000% due 08/01/2031  | 1235 | 1369 |
| 5.000% due 08/01/2032  | 3000 | 3349 |
|  |  | 5234 |
| **NEW JERSEY 1.5%**  |  |  |
| **New Jersey Economic Development Authority Revenue Notes, Series 2023** <br>5.000% due 03/01/2028 | 2200 | 2329 |
| **New Jersey Housing & Mortgage Finance Agency Revenue Bonds, Series 2025** <br>6.500% due 04/01/2056 | 1100 | 1247 |
| **New Jersey State General Obligation Notes, Series 2020** <br>5.000% due 06/01/2028 | 2000 | 2133 |
| **New Jersey Turnpike Authority Revenue Notes, Series 2020** <br>5.000% due 01/01/2028 | 3800 | 3907 |
| **Tobacco Settlement Financing Corp. New Jersey Revenue Notes, Series 2018** <br>5.000% due 06/01/2026 | 4750 | 4819 |
|  |  | 14435 |
| **NEW MEXICO 0.9%**  |  |  |
| **New Mexico Mortgage Finance Authority Revenue Bonds, (HUD Insured), Series 2023**  |  |  |
| 2.970% due 02/01/2042  | 4000 | 3996 |
| 3.730% due 02/01/2042  | 5000 | 5004 |
|  |  | 9000 |
| **NEW YORK 15.6%**  |  |  |
| **Albany City School District, New York General Obligation Notes, Series 2025** <br>4.000% due 06/25/2026 | 4500 | 4536 |
| **Chautauqua County, New York Capital Resource Corp. Revenue Bonds, Series 2020** <br>4.250% due 04/01/2042 | 2000 | 2026 |
| **Long Island Power Authority, New York Revenue Bonds, Series 2025** <br>3.000% due 09/01/2055 | 3900 | 3882 |
| **Metropolitan Transportation Authority, New York Revenue Bonds, (AGM Insured), Series 2002** <br>3.587% (SOFRRATE) due 11/01/2032 ~ | 1500 | 1501 |
| **New York City, New York General Obligation Bonds, Series 2012** <br>3.900% due 04/01/2042 | 16300 | 16300 |
| **New York City, New York General Obligation Bonds, Series 2015** <br>3.850% due 06/01/2044 | 2000 | 2000 |
| **New York City, New York General Obligation Bonds, Series 2019** <br>3.700% due 10/01/2046 | 10000 | 10000 |
| **New York City, New York Housing Development Corp. Revenue Bonds, Series 2025** <br>3.750% due 05/01/2065 | 3900 | 3972 |
| **New York City, New York Industrial Development Agency Revenue Bonds, Series 2007** <br>3.700% due 10/01/2042 | 17100 | 17100 |
| **New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2013**  |  |  |
| 3.700% due 06/15/2048  | 4700 | 4700 |
| 3.700% due 06/15/2050  | 15400 | 15400 |
| **New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2014** <br>3.850% due 06/15/2050 | 4000 | 4000 |
| **New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2022** <br>3.700% due 06/15/2033 | 10000 | 10000 |
| **New York City, New York Municipal Water Finance Authority Revenue Notes, Series 2022** <br>5.000% due 06/15/2027 | 1250 | 1256 |
| **New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2012** <br>3.700% due 11/01/2036 | 3800 | 3800 |
| **New York City, New York Transitional Finance Authority Revenue Bonds, Series 2024** <br>5.000% due 11/01/2036 | 3500 | 3942 |
| **New York City, New York Transitional Finance Authority Revenue Notes, Series 2025** <br>5.000% due 05/01/2030 | 4000 | 4444 |
| **New York Power Authority Revenue Notes, (AGM Insured), Series 2023** <br>5.000% due 11/15/2027 | 1700 | 1801 |
| **New York State Dormitory Authority Revenue Bonds, Series 2016**  |  |  |
| 5.000% due 02/15/2028  | 4565 | 4666 |
| 5.000% due 03/15/2035  | 4500 | 4582 |
| 5.000% due 03/15/2036  | 1500 | 1525 |
| **New York State Housing Finance Agency Revenue Bonds, Series 2025** <br>3.600% due 11/01/2064 | 4300 | 4347 |
| **New York State Urban Development Corp. Revenue Bonds, Series 2015** <br>5.000% due 03/15/2035 | 5000 | 5006 |
| **Port Authority of New York & New Jersey Revenue Bonds, Series 2017** <br>5.000% due 11/15/2029 | 1110 | 1167 |
| **Starpoint Central School District, New York General Obligation Notes, Series 2025** <br>4.000% due 06/26/2026 | 3000 | 3022 |

---

------

<br> Schedule of Investments PIMCO Short Term Municipal Bond Active Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Triborough** **Bridge & Tunnel Authority, New York Revenue Notes, Series 2025**  |  |  |
| 5.000% due 03/01/2028  | 6000 | 6357 |
| 5.000% due 03/15/2029  | 7000 | 7635 |
| **Utility Debt Securitization Authority, New York Revenue Bonds, Series 2015** <br>5.000% due 12/15/2032 | 2500 | 2510 |
|  |  | 151477 |
| **NORTH CAROLINA 3.1%**  |  |  |
| **Charlotte-Mecklenburg Hospital Authority, North Carolina Revenue Bonds, Series 2007** <br>3.700% due 01/15/2037 | 6000 | 6000 |
| **Durham Housing Authority, North Carolina Revenue Notes, (FHA Insured), Series 2025** <br>3.625% due 04/01/2029 | 3000 | 3050 |
| **Inlivian, North Carolina Revenue Bonds, Series 2025**  |  |  |
| 3.300% due 11/10/2043  | 2600 | 2627 |
| 3.625% due 11/01/2058  | 5400 | 5472 |
| **North Carolina Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024** <br>6.250% due 07/01/2055 | 1295 | 1432 |
| **North Carolina Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025** <br>6.500% due 01/01/2056 | 1700 | 1951 |
| **North Carolina State Revenue Notes, Series 2025** <br>5.000% due 03/01/2030 | 5000 | 5533 |
| **Raleigh Housing Authority, North Carolina Revenue Bonds, Series 2025** <br>2.950% due 09/01/2059 | 4000 | 3993 |
|  |  | 30058 |
| **NORTH DAKOTA 0.1%**  |  |  |
| **North Dakota Housing Finance Agency Revenue Bonds, Series 2025** <br>6.000% due 01/01/2056 | 1100 | 1218 |
| **OHIO 2.6%**  |  |  |
| **Franklin County, Ohio Revenue Bonds, Series 2022** <br>3.700% due 11/01/2042 | 5600 | 5600 |
| **Lancaster Port Authority, Ohio Revenue Bonds, Series 2024** <br>5.000% due 02/01/2055 | 650 | 698 |
| **Ohio Air Quality Development Authority Revenue Bonds, Series 2009**  |  |  |
| 1.500% due 02/01/2026  | 2200 | 2193 |
| 4.750% due 06/01/2033  | 900 | 938 |
| **Ohio Air Quality Development Authority Revenue Notes, Series 2022** <br>4.000% due 09/01/2030 | 2900 | 2958 |
| **Ohio Housing Finance Agency Revenue Bonds, Series 2025** <br>3.700% due 11/01/2047 | 1150 | 1165 |
| **Ohio State General Obligation Notes, Series 2025** <br>5.000% due 11/01/2028 | 6000 | 6479 |
| **Ohio Water Development Authority Water Pollution Control Loan Fund Revenue Bonds, Series 2009** <br>4.750% due 06/01/2033 | 4500 | 4691 |
| **Port of Greater Cincinnati Development Authority, Ohio Revenue Bonds, (AGM Insured), Series 2024** <br>5.000% due 12/01/2034 | 415 | 469 |
| **Worthington City School District, Ohio General Obligation Notes, Series 2023** <br>0.000% due 12/01/2029 (c) | 500 | 440 |
|  |  | 25631 |
| **OKLAHOMA 0.4%**  |  |  |
| **Oklahoma Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025** <br>6.500% due 09/01/2056 | 3000 | 3435 |
| **Oklahoma Housing Finance Agency Revenue Bonds, (HUD Insured), Series 2025** <br>3.200% due 10/01/2042 | 750 | 752 |
|  |  | 4187 |
| **OREGON 0.3%**  |  |  |
| **Multnomah County School District 40, Oregon General Obligation Notes, Series 2023** <br>0.000% due 06/15/2027 (c) | 325 | 310 |
| **Oregon Department of Transportation State Revenue Notes, Series 2024** <br>5.000% due 05/15/2026 | 1000 | 1015 |
| **Oregon State Facilities Authority Revenue Notes, Series 2020** <br>5.000% due 10/01/2026 | 145 | 147 |
| **Oregon State General Obligation Notes, Series 2023** <br>5.000% due 05/01/2026 | 1625 | 1648 |
|  |  | 3120 |
| **PENNSYLVANIA 1.6%**  |  |  |
| **Allegheny County, Pennsylvania Hospital Development Authority Revenue Bonds, Series 2017** <br>3.590% (MUNIPSA) due 11/15/2047 ~ | 5000 | 4959 |
| **Lehigh County, Pennsylvania Revenue Bonds, Series 2019** <br>3.990% (MUNIPSA) due 08/15/2038 ~(f) | 2360 | 2329 |
| **Montgomery County Industrial Development Authority, Pennsylvania Revenue Notes, Series 2023** <br>4.100% due 06/01/2029 | 4500 | 4679 |
| **Pennsylvania Turnpike Commission Revenue Notes, Series 2024** <br>5.000% due 12/01/2031 | 2150 | 2435 |

---

------

<br> Schedule of Investments PIMCO Short Term Municipal Bond Active Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Westmoreland** **County Industrial Development Authority, Pennsylvania Revenue Notes, Series 2020** <br>4.000% due 07/01/2026 | 1250 | 1253 |
|  |  | 15655 |
| **PUERTO RICO 0.5%**  |  |  |
| **Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018** <br>4.500% due 07/01/2034 | 4750 | 4752 |
| **SOUTH CAROLINA 1.0%**  |  |  |
| **Charleston Educational Excellence Finance Corp. South Carolina Revenue Notes, Series 2024**  |  |  |
| 5.000% due 12/01/2026  | 1000 | 1028 |
| 5.000% due 12/01/2027  | 1000 | 1055 |
| **Patriots Energy Group Financing Agency, South Carolina Revenue Bonds, Series 2023** <br>5.250% due 02/01/2054 | 1400 | 1529 |
| **South Carolina Jobs-Economic Development Authority Revenue Bonds, Series 2020** <br>5.000% due 12/01/2048 | 1250 | 1250 |
| **South Carolina Public Service Authority Revenue Notes, Series 2025** <br>5.000% due 12/01/2028 | 2350 | 2529 |
| **South Carolina State Housing Finance & Development Authority Revenue Bonds, (HUD Insured), Series 2024** <br>3.000% due 04/01/2043 | 2200 | 2203 |
|  |  | 9594 |
| **TENNESSEE 0.7%**  |  |  |
| **Metropolitan Government of Nashville & Davidson County Sports Auth, Tennessee Revenue Notes, Series 2023** <br>5.000% due 07/01/2029 | 1000 | 1088 |
| **Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Notes, (FHA Insured), Series 2025** <br>5.000% due 10/01/2028 | 750 | 779 |
| **Tennergy Corp. Tennessee Revenue Bonds, Series 2022** <br>5.500% due 10/01/2053 | 1250 | 1349 |
| **Tennessee Energy Acquisition Corp. Revenue Bonds, Series 2021** <br>5.000% due 05/01/2052 | 3220 | 3466 |
|  |  | 6682 |
| **TEXAS 12.2%**  |  |  |
| **Austin Affordable PFC Inc., Texas Revenue Notes, Series 2024** <br>5.000% due 09/01/2028 | 1060 | 1105 |
| **Austin, Texas Electric Utility Revenue Notes, Series 2023** <br>5.000% due 11/15/2025 | 1200 | 1203 |
| **Central Texas Regional Mobility Authority Revenue Notes, Series 2018** <br>5.000% due 01/01/2027 | 1100 | 1130 |
| **Central Texas Turnpike System Revenue Bonds, Series 2024** <br>5.000% due 08/15/2042 | 1400 | 1513 |
| **Dallas Fort Worth International Airport, Texas Revenue Notes, Series 2023** <br>5.000% due 11/01/2028 | 2000 | 2150 |
| **Dallas Fort Worth International Airport, Texas Revenue Notes, Series 2024** <br>5.000% due 11/01/2028 | 1500 | 1612 |
| **Dallas Housing Finance Corp. Texas Revenue Notes, Series 2024** <br>5.000% due 10/01/2028 | 935 | 973 |
| **Dallas Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025** <br>5.000% due 02/15/2055 | 7000 | 7518 |
| **Denton Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025** <br>4.000% due 08/15/2055 | 2000 | 2134 |
| **Denton Independent School District, Texas General Obligation Notes, (PSF Insured), Series 2020** <br>5.000% due 08/15/2028 | 2000 | 2070 |
| **EP Tuscany Zaragosa PFC, Texas Revenue Notes, Series 2023** <br>4.000% due 12/01/2033 | 2500 | 2496 |
| **Fort Bend Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025** <br>3.800% due 08/01/2055 | 14000 | 14366 |
| **Grand Parkway Transportation Corp. Texas Revenue Bonds, Series 2023** <br>5.000% due 10/01/2052 | 2500 | 2619 |
| **Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2019** <br>5.000% due 07/01/2049 | 2500 | 2566 |
| **Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2021** <br>3.700% due 10/01/2041 | 10090 | 10090 |
| **Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2024** <br>5.000% due 07/01/2054 | 2000 | 2142 |
| **Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Notes, Series 2024**  |  |  |
| 5.000% due 10/01/2031  | 800 | 896 |
| 5.000% due 07/01/2033  | 6170 | 7053 |
| **Harris County, Texas General Obligation Bonds, Series 2015** <br>5.000% due 10/01/2026 | 2920 | 2920 |
| **Harris County, Texas Housing Finance Corp. Revenue Bonds, Series 2025** <br>2.950% due 09/01/2043 | 4500 | 4496 |
| **Harris County, Texas Toll Road Revenue Notes, Series 2024** <br>5.000% due 08/15/2027 | 2250 | 2355 |
| **Las Varas Public Facility Corp. Texas Revenue Bonds, Series 2025** <br>4.000% due 05/01/2043 | 6000 | 6123 |
| **Liberty Hill Independent School District, Texas General Obligation Notes, (PSF Insured), Series 2022** <br>5.000% due 02/01/2027 | 2000 | 2069 |

---

------

<br> Schedule of Investments PIMCO Short Term Municipal Bond Active Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Matagorda** **County, Texas Navigation District No 1, Revenue Bonds, Series 2001** <br>2.600% due 11/01/2029 | 1500 | 1457 |
| **North Texas Tollway Authority Revenue Notes, Series 2023** <br>5.000% due 01/01/2027 | 2750 | 2836 |
| **Northside Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2022** <br>2.000% due 06/01/2052 | 1300 | 1282 |
| **San Antonio, Texas Electric & Gas Systems Revenue Bonds, Series 2015** <br>1.125% due 12/01/2045 | 2500 | 2435 |
| **Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2022** <br>5.000% due 11/15/2052 | 1900 | 1917 |
| **Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2025** <br>5.000% due 11/15/2064 | 2800 | 3117 |
| **Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Notes, Series 2022** <br>5.000% due 10/01/2026 | 225 | 230 |
| **Tarrant Regional Water District, Texas Revenue Notes, Series 2021** <br>1.050% due 09/01/2027 | 5000 | 4753 |
| **Texas Department of Housing & Community Affairs Revenue Bonds, (GNMA Insured), Series 2025** <br>6.000% due 01/01/2056 | 2000 | 2242 |
| **Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2006** <br>4.331% (TSFR3M) due 12/15/2026 ~ | 1000 | 1000 |
| **Texas Municipal Gas Acquisition & Supply Corp. Revenue Notes, Series 2021** <br>5.000% due 12/15/2026 | 1750 | 1786 |
| **Texas State General Obligation Bonds, Series 2024**  |  |  |
| 5.000% due 10/01/2043  | 3800 | 4048 |
| 5.000% due 10/01/2044  | 500 | 530 |
| **Texas Water Development Board Revenue Notes, Series 2022** <br>5.000% due 10/15/2025 | 1250 | 1251 |
| **THF Public Facility Corp. Texas Revenue Bonds, Series 2025** <br>3.340% due 02/01/2044 | 1580 | 1596 |
| **Travis County, Texas Housing Finance Corp. Revenue Bonds, Series 2022** <br>4.125% due 06/01/2045 | 1000 | 1002 |
| **University of North Texas System Revenue Notes, Series 2025**  |  |  |
| 5.000% due 04/15/2027  | 2000 | 2078 |
| 5.000% due 04/15/2028  | 1500 | 1595 |
| 5.000% due 04/15/2029  | 1400 | 1521 |
| **Waco Educational Finance Corp. Texas Revenue Notes, Series 2021** <br>4.000% due 03/01/2026 | 525 | 528 |
|  |  | 118803 |
| **UTAH 0.3%**  |  |  |
| **Downtown Revitalization Public Infrastructure District, Utah Revenue Notes, (AGC Insured), Series 2025**  |  |  |
| 5.000% due 06/01/2027  | 500 | 520 |
| 5.000% due 06/01/2028  | 675 | 717 |
| **Utah Housing Corp. Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025** <br>6.500% due 07/01/2055 | 1400 | 1607 |
|  |  | 2844 |
| **VIRGINIA 0.5%**  |  |  |
| **Arlington County, Virginia Industrial Development Authority Revenue Bonds, Series 2023** <br>5.000% due 07/01/2053 | 1600 | 1747 |
| **Arlington County, Virginia Industrial Development Authority Revenue Bonds, Series 2025** <br>2.950% due 09/01/2049 | 2125 | 2127 |
| **Virginia Public Building Authority Revenue Bonds, Series 2015** <br>4.000% due 08/01/2030 | 1300 | 1301 |
|  |  | 5175 |
| **WASHINGTON 2.2%**  |  |  |
| **Central Puget Sound Regional Transit Authority Sales & Rental Car Taxes, Washington Revenue Bonds, Series 2015** <br>3.090% (MUNIPSA) due 11/01/2045 ~ | 4500 | 4471 |
| **Energy Northwest, Washington Revenue Notes, Series 2024** <br>5.000% due 07/01/2027 | 5000 | 5229 |
| **Seattle, Washington Municipal Light & Power Revenue Bonds, Series 2021** <br>3.140% (MUNIPSA) due 05/01/2045 ~ | 3000 | 2974 |
| **Washington Health Care Facilities Authority Revenue Notes, Series 2025** <br>5.000% due 10/01/2030 (a) | 1400 | 1536 |
| **Washington State General Obligation Bonds, Series 2016** <br>5.000% due 07/01/2033 | 3000 | 3016 |
| **Washington State General Obligation Notes, Series 2022** <br>4.000% due 07/01/2026 | 1000 | 1011 |
| **Washington State Housing Finance Commission Revenue Bonds, Series 2023** <br>3.375% due 04/20/2037 | 1325 | 1232 |
| **Washington State Housing Finance Commission Revenue Bonds, Series 2025** <br>2.700% due 04/01/2044 | 1825 | 1816 |
|  |  | 21285 |
| **WEST VIRGINIA 0.8%**  |  |  |
| **West Virginia Economic Development Authority Revenue Bonds, Series 2015** <br>3.375% due 03/01/2040 | 3000 | 3050 |

---

------

<br> Schedule of Investments PIMCO Short Term Municipal Bond Active Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **West** **Virginia Housing Development Fund Revenue Notes, (HUD Insured), Series 2024** <br>5.000% due 12/01/2027 | 4954 | 5075 |
|  |  | 8125 |
| **WISCONSIN 0.8%**  |  |  |
| **Public Finance Authority, Wisconsin Revenue Bonds, Series 2022** <br>3.700% due 10/01/2046 | 2500 | 2557 |
| **Public Finance Authority, Wisconsin Revenue Notes, Series 2021** <br>4.000% due 10/01/2026 | 305 | 306 |
| **Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2018** <br>3.070% (MUNIPSA) due 08/15/2054 ~ | 2500 | 2485 |
| **Wisconsin Housing & Economic Development Authority Revenue Bonds, Series 2024** <br>5.000% due 08/01/2058 | 2000 | 2030 |
|  |  | 7378 |
| Total Municipal Bonds & Notes (Cost $873,636) |  | 884392 |
|  | SHARES |  |
| **SHORT-TERM INSTRUMENTS 8.2%**  |  |  |
| **MUTUAL FUNDS 0.2%**  |  |  |
| **State Street Institutional U.S. Government Money Market Fund, Premier Class** <br> 4.200%(e) | 1617672 | 1618 |
|  | PRINCIPAL<br>AMOUNT<br>(000s) |  |
| **SHORT-TERM NOTES 2.4%**  |  |  |
| **Federal Home Loan Bank Discount Notes**  |  |  |
| 3.905% due 12/24/2025 (c)(d) | $16000 | 15854 |
| 3.954% due 12/05/2025 (c)(d) | 3000 | 2979 |
| 4.050% due 10/08/2025 (c)(d) | 4700 | 4696 |
|  |  | 23529 |
| **U.S. TREASURY BILLS 4.6%**  |  |  |
| 4.242% due 10/02/2025 - 12/11/2025 (b)(c) | 44400 | 44326 |
| **MUNICIPAL BONDS & NOTES 1.0%**  |  |  |
| **Chittenango Central School District, New York General Obligation Notes, Series 2025** <br>4.000% due 06/25/2026 | 5500 | 5541 |
| **Downtown Revitalization Public Infrastructure District, Utah Revenue Notes, (AGM Insured),Series 2025** <br>5.000% due 06/01/2026 | 700 | 710 |
| **Honeoye Falls-Lima Central School District, New York General Obligation Notes, Series 2025** <br>4.000% due 06/25/2026 | 1000 | 1009 |
| **North Syracuse Central School District, New York General Obligation Notes, Series 2025** <br>4.000% due 07/31/2026 | 3000 | 3032 |
| Total Municipal Bonds & Notes (Cost $10,276) |  | 10292 |
| Total Short-Term Instruments (Cost $79,747) |  | 79765 |
| Total Investments in Securities (Cost $953,383) |  | 964157 |
| Total Investments 99.2% (Cost $953,383) |  | $964157 |
| Other Assets and Liabilities, net 0.8% |  | 7947 |
| Net Assets 100.0% |  | $972104 |

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<br> Schedule of Investments PIMCO Short Term Municipal Bond Active Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  |
| **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** |
| **¤** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** |
| **~** | **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.** | **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.** | **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.** | **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.** | **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.** | **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.** | **Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.** |
| **(a)** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** |
| **(b)** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** |
| **(c)** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** |
| **(d)** | **Coupon represents a yield to maturity.** | **Coupon represents a yield to maturity.** | **Coupon represents a yield to maturity.** | **Coupon represents a yield to maturity.** | **Coupon represents a yield to maturity.** | **Coupon represents a yield to maturity.** | **Coupon represents a yield to maturity.** |
| **(e)** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** |
| **(f)** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** |
| Issuer Description | Coupon | Coupon | Maturity<br>Date | Acquisition<br>Date | Acquisition<br>Date | Cost | <br>Market Value<br>as Percentage<br>of Net Assets |
| Lehigh County, Pennsylvania Revenue Bonds, Series 2019 | % | % | 08/15/2038 | 09/14/2021 | 09/14/2021 | 2391 | 0.24% |
| **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** |
| **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: |
| Category and Subcategory | Category and Subcategory | Level 1 | Level 1 | Level 1 | Level 2 | Level 3 | Fair Value<br>at 09/30/2025 |
| **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** |
| Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| Alabama | Alabama | $ | $0 | 0 | $39610 | $0 | 39610 |
| Arizona | Arizona |  | 0 | 0 | 12444 | 0 | 12444 |
| California | California |  | 0 | 0 | 46846 | 0 | 46846 |
| Colorado | Colorado |  | 0 | 0 | 30118 | 0 | 30118 |
| Connecticut | Connecticut |  | 0 | 0 | 18375 | 0 | 18375 |
| Delaware | Delaware |  | 0 | 0 | 2000 | 0 | 2000 |
| District of Columbia | District of Columbia |  | 0 | 0 | 14143 | 0 | 14143 |
| Florida | Florida |  | 0 | 0 | 38190 | 0 | 38190 |
| Georgia | Georgia |  | 0 | 0 | 45906 | 0 | 45906 |
| Idaho | Idaho |  | 0 | 0 | 5048 | 0 | 5048 |
| Illinois | Illinois |  | 0 | 0 | 44840 | 0 | 44840 |
| Indiana | Indiana |  | 0 | 0 | 12211 | 0 | 12211 |
| Kansas | Kansas |  | 0 | 0 | 14019 | 0 | 14019 |
| Kentucky | Kentucky |  | 0 | 0 | 13863 | 0 | 13863 |
| Louisiana | Louisiana |  | 0 | 0 | 6270 | 0 | 6270 |
| Maryland | Maryland |  | 0 | 0 | 10100 | 0 | 10100 |
| Massachusetts | Massachusetts |  | 0 | 0 | 13035 | 0 | 13035 |
| Michigan | Michigan |  | 0 | 0 | 24968 | 0 | 24968 |
| Minnesota | Minnesota |  | 0 | 0 | 8970 | 0 | 8970 |
| Mississippi | Mississippi |  | 0 | 0 | 2262 | 0 | 2262 |
| Missouri | Missouri |  | 0 | 0 | 22351 | 0 | 22351 |
| Montana | Montana |  | 0 | 0 | 1873 | 0 | 1873 |
| Multi-State | Multi-State |  | 0 | 0 | 4522 | 0 | 4522 |
| Nebraska | Nebraska |  | 0 | 0 | 1847 | 0 | 1847 |
| Nevada | Nevada |  | 0 | 0 | 5928 | 0 | 5928 |
| New Hampshire | New Hampshire |  | 0 | 0 | 5234 | 0 | 5234 |
| New Jersey | New Jersey |  | 0 | 0 | 14435 | 0 | 14435 |
| New Mexico | New Mexico |  | 0 | 0 | 9000 | 0 | 9000 |
| New York | New York |  | 0 | 0 | 151477 | 0 | 151477 |
| North Carolina | North Carolina |  | 0 | 0 | 30058 | 0 | 30058 |
| North Dakota | North Dakota |  | 0 | 0 | 1218 | 0 | 1218 |
| Ohio | Ohio |  | 0 | 0 | 25631 | 0 | 25631 |
| Oklahoma | Oklahoma |  | 0 | 0 | 4187 | 0 | 4187 |
| Oregon | Oregon |  | 0 | 0 | 3120 | 0 | 3120 |
| Pennsylvania | Pennsylvania |  | 0 | 0 | 15655 | 0 | 15655 |
| Puerto Rico | Puerto Rico |  | 0 | 0 | 4752 | 0 | 4752 |
| South Carolina | South Carolina |  | 0 | 0 | 9594 | 0 | 9594 |
| Tennessee | Tennessee |  | 0 | 0 | 6682 | 0 | 6682 |
| Texas | Texas |  | 0 | 0 | 118803 | 0 | 118803 |
| Utah | Utah |  | 0 | 0 | 2844 | 0 | 2844 |
| Virginia | Virginia |  | 0 | 0 | 5175 | 0 | 5175 |
| Washington | Washington |  | 0 | 0 | 21285 | 0 | 21285 |
| West Virginia | West Virginia |  | 0 | 0 | 8125 | 0 | 8125 |
| Wisconsin | Wisconsin |  | 0 | 0 | 7378 | 0 | 7378 |
| Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| Mutual Funds | Mutual Funds |  | 0 | 0 | 1618 | 0 | 1618 |

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<br> Schedule of Investments PIMCO Short Term Municipal Bond Active Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

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| | | | | |
|:---|:---|:---|:---|:---|
| Short-Term Notes | 0 | 23529 | 0 | 23529 |
| U.S. Treasury Bills | 0 | 44326 | 0 | 44326 |
| Municipal Bonds & Notes | 0 | 10292 | 0 | 10292 |
| Total Investments | $0 | $964157 | $0 | $964157 |
| **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** |

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<br> Schedule of Investments PIMCO Ultra Short Government Active Exchange-Traded Fund September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** | **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** | **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** |
|  | PRINCIPAL<br>AMOUNT<br>(000s) | MARKET<br>VALUE<br>(000s) |
| **INVESTMENTS IN SECURITIES 100.1% ¤** |  |  |
| **SHORT-TERM INSTRUMENTS 100.1%**  |  |  |
| **U.S. TREASURY BILLS 100.1%**  |  |  |
| 4.006% due 10/16/2025 - 01/20/2026 (a)(b) | $865272 | $856697 |
| Total Short-Term Instruments (Cost $856,611) |  | 856697 |
| Total Investments in Securities (Cost $856,611) |  | 856697 |
| Total Investments 100.1% (Cost $856,611) |  | $856697 |
| Other Assets and Liabilities, net (0.1)% |  | (516) |
| Net Assets 100.0% |  | $856181 |

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------

<br> Schedule of Investments PIMCO Ultra Short Government Active Exchange-Traded Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  | **NOTES TO SCHEDULE OF INVESTMENTS:**  |
| **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** |
| **¤** | **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.** | **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.** | **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.** | **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.** | **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.** |
| **(a)** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** |
| **(b)** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** |
| **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** |
| **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: |
| Category and Subcategory | Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair Value<br>at 09/30/2025 |
| **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** |
| Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| U.S. Treasury Bills | U.S. Treasury Bills | $0 | $856697 | $0 | $856697 |
| **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** | **There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.** |

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Notes to Financial Statements

**1** **. BASIS FOR CONSOLIDATION**

The Commodity Subsidiary, PIMCO Cayman Commodity Fund CMDT, Ltd., 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 22.9% of the Fund's consolidated net assets.

**2. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS**

**(a) Investment Valuation Policies** The net asset value ("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, each Fund's 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 the Pacific Investment Management Company LLC ("PIMCO" or "Manager") 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 Investment Company Act of 1940, as amended (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 of Trustees 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 portfolio 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. Common stocks, exchange-traded funds ("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. Exchange traded options, except equity options, futures and options on futures, are valued at the settlement price determined by the relevant exchange. Swap agreements and swaptions 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 the Trust is not open for business, which may result in a Fund's portfolio investments being affected when shareholders are unable to buy or sell shares.

Investments valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from Pricing Sources. As a result, the value of such investments and, in turn, the NAV of a Fund's shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the Trust is not open for business. As a result, to the extent that a Fund holds foreign (non-U.S.) investments, the value of those investments may change at times when shareholders are unable to buy or sell shares and the value of such investments will be reflected in each Fund's next calculated NAV. An alternative exchange rate may be obtained from a Pricing Source or an exchange rate may otherwise be determined if believed to be more reflective of the rates at which the Portfolio may transact.

------

Notes to Financial Statements (Cont.)

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.

In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to Schedule of Investments for each respective Fund.

For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to realized gain (loss), unrealized appreciation (depreciation), purchases and sales, accrued discounts (premiums), and transfers into and out of the Level 3 category during the period. The end of period value is used for the transfers between fair value 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, non-U.S. bonds and short-term debt instruments (such as commercial paper, time deposits and certificates of deposit) 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, indexes, 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,

------

Notes to Financial Statements (Cont.)

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, indexes, 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, indexes, 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, interest rates, yield curves and credit spreads. These securities are categorized as Level 2 of the fair value hierarchy.

Proxy pricing procedures set the base price of a fixed income security and subsequently adjust the price proportionally to market value changes of a pre-determined security deemed to be comparable in duration, generally a U.S. Treasury or sovereign note based on country of issuance. The base price may be a broker-dealer quote, transaction price or an internal value as derived by analysis of market data. The base price of the security may be reset on a periodic basis based on the availability of market data and procedures approved by the Valuation Oversight Committee. Significant changes in the unobservable inputs of the proxy pricing process (the base price) 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.

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.

The Discounted Cash Flow model is based on future cash flows generated by the investment and may be normalized based on expected investment performance. Future cash flows are discounted to present value using an appropriate rate of return, typically calibrated to the initial transaction date and adjusted based on Capital Asset Pricing Model and/or other market-based inputs. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

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, time deposits and certificates of deposit) 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.

**3. 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 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 September 30, 2025, 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.

**4. 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 and PIMCO Active Bond Exchange-Traded Fund under the Securities Lending Agreement. PIMCO Government Money Market Fund and PIMCO Active Bond Exchange-Traded Fund considered to be affiliated with the Funds. A copy of each affiliate fund's shareholder report is available at the U.S. Securities and Exchange Commission ("SEC") 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 September 30, 2025 (amounts in thousands<sup>†</sup>):

**Investments in PIMCO Government Money Market Fund**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund Name** | **Market Value<br>06/30/2025** | **Purchases**<br> **at Cost** | **Proceeds <br>from Sales** | **Net<br>Realized<br>Gain (Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Market Value<br>09/30/2025** | **Dividend<br>Income**<sup>(1)</sup> | **Realized Net<br>Capital<br>Gain<br>Distributions**<sup>(1)</sup> |
| PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund | $54359 | $66597 | $(68078) | $0 | $0 | $52878 | $(521) | $0 |
| PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund | 5656 | 17867 | (17552) | 0 | 0 | 5971 | (260) | 0 |

---

------

Notes to Financial Statements (Cont.)

<br> <u> PIMCO Enhanced Short Maturity Active Exchange-Traded Fund </u>   <u> 516 </u>   <u> 1,691 </u>   <u> (1,690) </u>   <u> 0 </u>   <u> 0 </u>   <u> 517 </u>   <u> (103) </u>   <u> 0 </u>

<sup>†</sup> A zero balance may reflect actual amounts rounding to less than one thousand.

<sup>(1)</sup> 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.

The tables below show the Funds' transactions in and earnings from investments in the affiliated fund for the period ended September 30, 2025 (amounts in thousands<sup>†</sup>):

**PIMCO Active Bond Exchange-Traded Fund**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Underlying PIMCO Fund** | **Market Value<br>06/30/2025** | **Purchases at<br>Cost** | **Proceeds from<br>Sales** | **Net<br>Realized<br>Gain (Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Market Value<br>09/30/2025** | **Dividend<br>Income**<sup>(1)</sup> | **Realized Net<br>Capital<br>Gain<br>Distributions**<sup>(1)</sup> |
| 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund | $55389 | $0 | $(55034) | $373 | $(728) | $0 | $286 | $0 |
| PIMCO Preferred and Capital Securities Active Exchange-Traded Fund | 43005 | 0 | (12292) | 74 | 430 | 31217 | 550 | 0 |
| PIMCO Senior Loan Active Exchange-Traded Fund | 75912 | 0 | (49832) | 252 | (379) | 25953 | 773 | 0 |
| PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund | 99585 | 69479 | 0 | 0 | 1658 | 170722 | 1481 | 0 |

---

**PIMCO Commodity Strategy Active Exchange-Traded Fund**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Underlying PIMCO Fund** | **Market Value<br>06/30/2025** | **Purchases at<br>Cost** | **Proceeds from<br>Sales** | **Net<br>Realized<br>Gain (Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Market Value<br>09/30/2025** | **Dividend<br>Income**<sup>(1)</sup> | **Realized Net<br>Capital<br>Gain<br>Distributions**<sup>(1)</sup> |
| PIMCO Enhanced Short Maturity Active Exchange-Traded Fund | $7113 | $19800 | $(10136) | $(17) | $31 | $16791 | $183 | $0 |

---

**PIMCO Multisector Bond Active Exchange-Traded Fund**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Underlying PIMCO Fund** | **Market Value<br>06/30/2025** | **Purchases at<br>Cost** | **Proceeds from<br>Sales** | **Net<br>Realized<br>Gain (Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Market Value<br>09/30/2025** | **Dividend<br>Income**<sup>(1)</sup> | **Realized Net<br>Capital<br>Gain<br>Distributions**<sup>(1)</sup> |
| PIMCO Senior Loan Active Exchange-Traded Fund | $18981 | $0 | $0 | $0 | $29 | $19010 | $328 | $0 |

---

<sup>†</sup> A zero balance may reflect actual amounts rounding to less than one thousand.

<sup>(1)</sup> 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.

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Glossary: (abbreviations that may be used in the preceding statements)** | **Glossary: (abbreviations that may be used in the preceding statements)** | **Glossary: (abbreviations that may be used in the preceding statements)** | **Glossary: (abbreviations that may be used in the preceding statements)** |  | (Unaudited) |
| **Counterparty Abbreviations:** | **Counterparty Abbreviations:** |  |  |  |  |
| **AZD** | Australia and New Zealand Banking Group | **FAR** | Wells Fargo Bank National Association | **MYI** | Morgan Stanley & Co. International PLC |
| **BOA** | Bank of America N.A. | **GLM** | Goldman Sachs Bank USA | **NGF** | Nomura Global Financial Products, Inc. |
| **BOS** | BofA Securities, Inc. | **GSC** | Goldman Sachs & Co. LLC | **RBC** | Royal Bank of Canada |
| **BPS** | BNP Paribas S.A. | **GST** | Goldman Sachs International | **RYL** | NatWest Markets Plc |
| **BRC** | Barclays Bank PLC | **IND** | Crédit Agricole Corporate and Investment Bank <br> S.A. | **SAL** | Citigroup Global Markets, Inc. |
| **BSH** | Banco Santander S.A. - New York Branch | **JPM** | JP Morgan Chase Bank N.A. | **SCX** | Standard Chartered Bank, London |
| **BSN** | The Bank of Nova Scotia - Toronto | **JPS** | J.P. Morgan Securities LLC | **SOG** | Societe Generale Paris |
| **CBK** | Citibank N.A. | **MBC** | HSBC Bank Plc | **SSB** | State Street Bank and Trust Co. |
| **CIB** | Canadian Imperial Bank of Commerce | **MEI** | Merrill Lynch International | **STR** | State Street FICC Repo |
| **DEU** | Deutsche Bank Securities, Inc. | **MSC** | Morgan Stanley & Co. LLC. | **UAG** | UBS AG Stamford |
| **DUB** | Deutsche Bank AG | **MYC** | Morgan Stanley Capital Services LLC |  |  |
| **Currency Abbreviations:** | **Currency Abbreviations:** |  |  |  |  |
| **AUD** | Australian Dollar | **IDR** | Indonesian Rupiah | **NZD** | New Zealand Dollar |
| **BRL** | Brazilian Real | **ILS** | Israeli Shekel | **PEN** | Peruvian New Sol |
| **CAD** | Canadian Dollar | **INR** | Indian Rupee | **PLN** | Polish Zloty |
| **CHF** | Swiss Franc | **JPY** | Japanese Yen | **SEK** | Swedish Krona |
| **CNH** | Chinese Renminbi (Offshore) | **KRW** | South Korean Won | **SGD** | Singapore Dollar |
| **COP** | Colombian Peso | **KWD** | Kuwaiti Dinar | **THB** | Thai Baht |
| **CZK** | Czech Koruna | **KZT** | Kazakhstani Tenge | **TRY** | Turkish New Lira |
| **EGP** | Egyptian Pound | **MXN** | Mexican Peso | **TWD** | Taiwanese Dollar |
| **EUR** | Euro | **NGN** | Nigerian Naira | **USD (or $)** | United States Dollar |
| **GBP** | British Pound | **NOK** | Norwegian Krone | **ZAR** | South African Rand |
| **HUF** | Hungarian Forint |  |  |  |  |
| **Exchange Abbreviations:** | **Exchange Abbreviations:** |  |  |  |  |
| **CME** | Chicago Mercantile Exchange | **NYMEX** | New York Mercantile Exchange | **OTC** | Over the Counter |
| **LME** | London Metal Exchange |  |  |  |  |
| **Index/Spread Abbreviations:** | **Index/Spread Abbreviations:** |  |  |  |  |
| **BBSW3M** | 3 Month Bank Bill Swap Rate | **CDX.IG** | Credit Derivatives Index - Investment Grade | **MUNIPSA** | Securities Industry and Financial Markets Association (SIFMA) Municipal Swap Index |
| **BISTREFI** | Turkish Lira Overnight Reference Rate | **EUR003M** | 3 Month EUR Swap Rate | **PRIME** | Daily US Prime Rate |
| **Bobl** | Bundesobligation, the German word for federal government bond | **EUR006M** | 6 Month EUR Swap Rate | **SOFR** | Secured Overnight Financing Rate |
| **Brent** | Brent Crude | **FHMMUSTF** | Federated Hermes US Treasury Cash Reserves Fund Yield | **SOFR30A** | Secured Overnight Financing Rate 30-Day Average |
| **BRMMUSDF** | BlackRock Money Market US Treasury Fund Index | **GSMMUSTI** | Goldman Sachs Money Market US Treasury <br> Instrument Index | **SONIO** | Sterling Overnight Interbank Average Rate |
| **CAONINDX** | Bloomberg CORRA Compounded Index | **H15T5Y** | 5 Year US Treasury Yield Curve Constant Maturity <br> Rate | **TSFR1M** | Term SOFR 1-Month |
| **CAONREPO** | Canadian Overnight Repo Rate Average | **IBR** | Indicador Bancario de Referencia | **TSFR3M** | Term SOFR 3-Month |
| **CDX.EM** | Credit Derivatives Index - Emerging Markets | **JMMMUSTF** | JP Morgan Money Market US Treasury Fund Index | **TSFR6M** | Term SOFR 6-Month |
| **CDX.HY** | Credit Derivatives Index - High Yield | **MSMMUSTF** | MSILF Money Market US Treasury Fund Index | **US0003M** | ICE 3-Month USD LIBOR |
| **Municipal Bond or Agency Abbreviations:** | **Municipal Bond or Agency Abbreviations:** |  |  |  |  |
| **ACA** | American Capital Access Holding Ltd. | **BHAC** | Berkshire Hathaway Assurance Corporation | **GNMA** | Government National Mortgage Association |
| **AGC** | Assured Guaranty Corp. | **CR** | Custodial Receipts | **HUD** | U.S. Department of Housing and Urban Development |
| **AGM** | Assured Guaranty Municipal | **FHA** | Federal Housing Administration | **NPFGC** | National Public Finance Guarantee Corp. |
| **AMBAC** | American Municipal Bond Assurance Corp. | **FHLMC** | Federal Home Loan Mortgage Corp. | **PSF** | Public School Fund |
| **BAM** | Build America Mutual Assurance | **FNMA** | Federal National Mortgage Association |  |  |
| **Other Abbreviations:** | **Other Abbreviations:** |  |  |  |  |
| **ABS** | Asset-Backed Security | **CMBS** | Collateralized Mortgage-Backed Security | **PRIBOR** | Prague Interbank Offered Rate |
| **ALT** | Alternate Loan Trust | **DAC** | Designated Activity Company | **RBOB** | Reformulated Blendstock for Oxygenate Blending |
| **BABs** | Build America Bonds | **EURIBOR** | Euro Interbank Offered Rate | **REIT** | Real Estate Investment Trust |
| **BBR** | Bank Bill Rate | **JSC** | Joint Stock Company | **REMIC** | Real Estate Mortgage Investment Conduit |
| **BBSW** | Bank Bill Swap Reference Rate | **Oat** | Obligations Assimilables du Trésor | **TBA** | To-Be-Announced |
| **BRL-CDI** | Brazil Interbank Deposit Rate | **OIS** | Overnight Index Swap | **TBD** | To-Be-Determined |
| **BTP** | Buoni del Tesoro Poliennali "Long-term Treasury Bond" | **oz.** | Ounce | **TBD%** | Interest rate to be determined when loan settles or at the time of funding |
| **CLO** | Collateralized Loan Obligation | **PIK** | Payment-in-Kind | **WTI** | West Texas Intermediate |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** PIMCO ETF Trust

- **b. Investment Company Act file number:** 811-22250

- **c. CIK number of Registrant:** 0001450011

- **d. LEI of Registrant:** 5493004M9TBGFQUJ6D27

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 650 Newport Center Drive

  - **City:** Newport Beach

  - **State:** CA

  - **Foreign country:** US

  - **Zip / Postal Code:** 92660

  - **Telephone number:** (888) 400-4383

**Item A.2. Information about the Series.**

- **a. Name of Series:** PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund

- **b. EDGAR series identifier (if any):** S000026342

- **c. LEI of Series:** CGBCXOHVREVKRN953H79

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-06-30

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $450760284.50

**Total Liabilities:** $70284.78

**Net Assets:** $450689999.72

**Cash Not Reported:** $61917.87

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 0.000000 | **1-Year:** 0.000000 | **5-Year:** 0.000000 | **10-Year:** 0.000000 | **30-Year:** 0.000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.000000 | **1-Year:** 0.000000 | **5-Year:** 0.000000 | **10-Year:** 0.000000 | **30-Year:** 0.000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000079103 | 0.32%                | 1.51%                | -0.18%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-331683.74              | $487295.37                                 |
| Month 2  | $336482.36               | $4474926.30                                |
| Month 3  | $3714.75                 | $-1735019.57                               |

**Designated Index Information**

- **Index Name:** ICE BofA 1-5Y US Inflation-Linked Treasury Index

- **Index Identifier:** GVQI4PM

### Schedule of Portfolio Investments

| Name               | Title                       | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| UNITED STATES GOVT | TSY INFL IX N/B 07/32 0.625 | CUSIP: 91282CEZ0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2908469 | PA      | $2753795.93   | 0.61%             | 2032-07-15      | Fixed         | 0.62%                 | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT | TSY INFL IX N/B 04/29 2.125 | CUSIP: 91282CKL4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  25327017 | PA      | $26148841.84  | 5.80%             | 2029-04-15      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT | TSY INFL IX N/B 01/27 0.375 | CUSIP: 912828V49<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  31657429 | PA      | $31417912.49  | 6.97%             | 2027-01-15      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT | TSY INFL IX N/B 01/29 2.5   | CUSIP: 912810PZ5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  16262897 | PA      | $16998274.60  | 3.77%             | 2029-01-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT | TSY INFL IX N/B 07/34 1.875 | CUSIP: 91282CLE9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     43238 | PA      | $43883.78     | 0.01%             | 2034-07-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT | TSY INFL IX N/B 01/28 0.5   | CUSIP: 9128283R9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  34616392 | PA      | $34222120.76  | 7.59%             | 2028-01-15      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT | TSY INFL IX N/B 10/27 1.625 | CUSIP: 91282CFR7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  17515290 | PA      | $17799777.12  | 3.95%             | 2027-10-15      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT | TSY INFL IX N/B 01/29 0.875 | CUSIP: 9128285W6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  20548438 | PA      | $20396974.89  | 4.53%             | 2029-01-15      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT | TSY INFL IX N/B 04/28 3.625 | CUSIP: 912810FD5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5416488 | PA      | $5764288.13   | 1.28%             | 2028-04-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT | TSY INFL IX N/B 04/30 1.625 | CUSIP: 91282CNB3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  61384452 | PA      | $62344983.70  | 13.83%            | 2030-04-15      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT | TSY INFL IX N/B 10/26 0.125 | CUSIP: 91282CDC2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  22514047 | PA      | $22391710.82  | 4.97%             | 2026-10-15      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT | TSY INFL IX N/B 01/30 0.125 | CUSIP: 912828Z37<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  26165662 | PA      | $24988736.28  | 5.54%             | 2030-01-15      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT | TSY INFL IX N/B 04/29 3.875 | CUSIP: 912810FH6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5329053 | PA      | $5828079.73   | 1.29%             | 2029-04-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT | TSY INFL IX N/B 07/30 0.125 | CUSIP: 912828ZZ6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  12626918 | PA      | $12009383.40  | 2.66%             | 2030-07-15      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT | TSY INFL IX N/B 01/28 1.75  | CUSIP: 912810PV4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  19382186 | PA      | $19706249.16  | 4.37%             | 2028-01-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT | TSY INFL IX N/B 07/29 0.25  | CUSIP: 9128287D6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  16369191 | PA      | $15884250.26  | 3.52%             | 2029-07-15      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT | TSY INFL IX N/B 07/26 0.125 | CUSIP: 912828S50<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1040378 | PA      | $1036822.50   | 0.23%             | 2026-07-15      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT | TSY INFL IX N/B 04/27 0.125 | CUSIP: 91282CEJ6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  22680638 | PA      | $22371279.03  | 4.96%             | 2027-04-15      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT | TSY INFL IX N/B 10/29 1.625 | CUSIP: 91282CLV1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  25231240 | PA      | $25737841.15  | 5.71%             | 2029-10-15      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT | TSY INFL IX N/B 10/28 2.375 | CUSIP: 91282CJH5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  13757909 | PA      | $14333137.48  | 3.18%             | 2028-10-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT | TSY INFL IX N/B 07/28 0.75  | CUSIP: 912828Y38<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  16542971 | PA      | $16469874.51  | 3.65%             | 2028-07-15      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT | TSY INFL IX N/B 01/32 0.125 | CUSIP: 91282CDX6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2428548 | PA      | $2236941.93   | 0.50%             | 2032-01-15      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT | TSY INFL IX N/B 07/27 0.375 | CUSIP: 9128282L3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  26723970 | PA      | $26547533.89  | 5.89%             | 2027-07-15      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT | TSY INFL IX N/B 04/28 1.25  | CUSIP: 91282CGW5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  21334380 | PA      | $21420002.26  | 4.75%             | 2028-04-15      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-26

**Name of Applicant:** PIMCO ETF Trust

**Signature:** /s/ Bijal Parikh

**Name of Signer:** Bijal Parikh

**Title:** Treasurer