# EDGAR Filing Document

**Accession Number:** 0001450011
**File Stem:** 0001193125-23-064723
**Filing Date:** 2023-3
**Character Count:** 1250297
**Document Hash:** b6c26557870c6a0d7c17a5a3ede97d10
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-064723.hdr.sgml**: 20230309

**ACCESSION NUMBER**: 0001193125-23-064723

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 24

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230309

**DATE AS OF CHANGE**: 20230308

**EFFECTIVENESS DATE**: 20230309

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PIMCO ETF Trust
- **CENTRAL INDEX KEY:** 0001450011
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22250
- **FILM NUMBER:** 23717368

**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 Broad U.S. TIPS Index Exchange-Traded Fund (Series ID: S000026341)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000079102 | PIMCO Broad U.S. TIPS Index Exchange-Traded Fund | TIPZ            |

### 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            |

### PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund (Series ID: S000026343)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000079104 | PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund | LTPZ            |

### PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund (Series ID: S000026750)

| Class ID   | Class Name                                                          | Ticker Symbol   |
|:---|:---|:---|
| C000080240 | PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund | ZROZ            |

### PIMCO Enhanced Short Maturity Active Exchange-Traded Fund (Series ID: S000026751)

| Class ID   | Class Name                                                | Ticker Symbol   |
|:---|:---|:---|
| C000080241 | PIMCO Enhanced Short Maturity Active Exchange-Traded Fund | MINT            |

### PIMCO Short Term Municipal Bond Active Exchange-Traded Fund (Series ID: S000026754)

| Class ID   | Class Name                                                  | Ticker Symbol   |
|:---|:---|:---|
| C000080244 | PIMCO Short Term Municipal Bond Active Exchange-Traded Fund | SMMU            |

### PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund (Series ID: S000026755)

| Class ID   | Class Name                                                    | Ticker Symbol   |
|:---|:---|:---|
| C000080245 | PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund | MUNI            |

### PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund (Series ID: S000028996)

| Class ID   | Class Name                                                          | Ticker Symbol   |
|:---|:---|:---|
| C000089019 | PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund | HYS             |

### PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund (Series ID: S000028999)

| Class ID   | Class Name                                                       | Ticker Symbol   |
|:---|:---|:---|
| C000089022 | PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund | CORP            |

### PIMCO Active Bond Exchange-Traded Fund (Series ID: S000033233)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000102215 | PIMCO Active Bond Exchange-Traded Fund | BOND            |

### PIMCO Enhanced Low Duration Active Exchange-Traded Fund (Series ID: S000037977)

| Class ID   | Class Name                                              | Ticker Symbol   |
|:---|:---|:---|
| C000117167 | PIMCO Enhanced Low Duration Active Exchange-Traded Fund | LDUR            |

### PIMCO Senior Loan Active Exchange-Traded Fund (Series ID: S000046484)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000145158 | PIMCO Senior Loan Active Exchange-Traded Fund |  |

### PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund (Series ID: S000066983)

| Class ID   | Class Name                                                    | Ticker Symbol   |
|:---|:---|:---|
| C000215593 | PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund | EMNT            |

### PIMCO Municipal Income Opportunities Active Exchange-Traded Fund (Series ID: S000072714)

| Class ID   | Class Name                                                       | Ticker Symbol   |
|:---|:---|:---|
| C000229173 | PIMCO Municipal Income Opportunities Active Exchange-Traded Fund | MINO            |

##### [**Table of Contents**](#toc)
**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM N-CSR** 

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES** 

Investment Company Act file number: 811-22250

**PIMCO ETF Trust** 

**(Exact name of registrant as specified in charter)** 

650 Newport Center Drive, Newport Beach, CA 92660

**(Address of principal executive office)** 

**Bijal Y. Parikh** 

**Treasurer (Principal Financial & Accounting Officer)** 

**PIMCO ETF Trust** 

**650 Newport Center Drive** 

**Newport Beach, CA 92660** 

**(Name and address of agent for service)** 

Copies to:

**Adam T. Teufel** 

**Dechert LLP** 

**1900 K Street, N.W.** 

**Washington, D.C. 20006** 

Registrant's telephone number, including area code: (888) 877-4626

Date of fiscal year end: June 30

Date of reporting period: December 31, 2022

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

------

##### [**Table of Contents**](#toc)
**Item 1.** **Reports to Shareholders.** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment
Company Act of 1940, as amended (the "Act") (17 CFR 270.30e-1).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• PIMCO Enhanced Short Maturity Active Exchange-Traded Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• PIMCO Short Term Municipal Bond Active Exchange-Traded Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• PIMCO Broad U.S. TIPS Index Exchange-Traded Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• PIMCO Active Bond Exchange-Traded Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• PIMCO Enhanced Low Duration Active Exchange-Traded Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• PIMCO Municipal Income Opportunities Active Exchange-Traded Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• PIMCO Senior Loan Active Exchange-Traded Fund

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##### [**Table of Contents**](#toc)
![LOGO](g523054g13e39.jpg)

PIMCO ETF TRUST

## Semiannual Report
December 31, 2022

**Index Exchange-Traded Funds**

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

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

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

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

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

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

**Actively-Managed Exchange-Traded Funds**

PIMCO Active Bond Exchange-Traded Fund \| BOND \| NYSE Arca

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

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

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

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

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

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

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

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##### [**Table of Contents**](#toc)
**Table of Contents** 

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| | | |
|:---|:---|:---|
|  | | Page |
| &nbsp;&nbsp; [Chairman's Letter](#tx523054_1) |  | 2 |
| &nbsp;&nbsp; [Important Information About the Funds](#tx523054_2) |  | 4 |
| &nbsp;&nbsp; [Expense Examples](#tx523054_3) |  | 22 |
| &nbsp;&nbsp; [Financial Highlights](#tx523054_4) |  | 24 |
| &nbsp;&nbsp; [Statements of Assets and Liabilities](#tx523054_5) |  | 28 |
| &nbsp;&nbsp; [Statements of Operations](#tx523054_6) |  | 30 |
| &nbsp;&nbsp; [Statements of Changes in Net Assets](#tx523054_7) |  | 32 |
| &nbsp;&nbsp; [Notes to Financial Statements](#tx523054_9) |  | 114 |
| &nbsp;&nbsp; [Glossary](#tx523054_10) |  | 139 |
| &nbsp;&nbsp; [Distribution Information](#tx523054_10a) |  | 140 |
| &nbsp;&nbsp; [Approval of Investment Advisory Contract and Other Agreements](#tx523054_11) |  | 143 |
| Fund | Fund<br>Summary | Schedule of<br>Investments |
| &nbsp;&nbsp; [PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund](#tx523054_12) | 8 | [36](#tx523054_26) |
| &nbsp;&nbsp; [PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund](#tx523054_13) | 9 | [38](#tx523054_27) |
| &nbsp;&nbsp; [PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund](#tx523054_14) | 10 | [39](#tx523054_28) |
| &nbsp;&nbsp; [PIMCO Broad U.S. TIPS Index Exchange-Traded Fund](#tx523054_15) | 11 | [40](#tx523054_29) |
| &nbsp;&nbsp; [PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund](#tx523054_16) | 12 | [42](#tx523054_30) |
| &nbsp;&nbsp; [PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund](#tx523054_17) | 13 | [51](#tx523054_31) |
| &nbsp;&nbsp; [PIMCO Active Bond Exchange-Traded Fund](#tx523054_18) | 14 | [63](#tx523054_32) |
| &nbsp;&nbsp; [PIMCO Enhanced Low Duration Active Exchange-Traded Fund](#tx523054_19) | 15 | [74](#tx523054_33) |
| &nbsp;&nbsp; [PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund](#tx523054_20) | 16 | [82](#tx523054_34) |
| &nbsp;&nbsp; [PIMCO Enhanced Short Maturity Active Exchange-Traded Fund](#tx523054_21) | 17 | [86](#tx523054_35) |
| &nbsp;&nbsp; [PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund](#tx523054_22) | 18 | [92](#tx523054_36) |
| &nbsp;&nbsp; [PIMCO Municipal Income Opportunities Active Exchange-Traded Fund](#tx523054_23) | 19 | [98](#tx523054_37) |
| &nbsp;&nbsp; [PIMCO Senior Loan Active Exchange-Traded Fund](#tx523054_24) | 20 | [103](#tx523054_38) |
| &nbsp;&nbsp; [PIMCO Short Term Municipal Bond Active Exchange-Traded Fund](#tx523054_25) | 21 | [108](#tx523054_39) |

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

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##### [**Table of Contents**](#toc)
**Chairman's Letter**

Dear Shareholder,

2022 was a challenging year in the financial markets. We continue to work tirelessly to navigate global markets and manage the assets that you have entrusted with us. Following this letter is the PIMCO ETF Semiannual Report, which covers the six-month reporting period ended December 31, 2022 (the "reporting period"). On the subsequent pages, you will find details regarding investment results and a discussion of the factors that most affected performance during the reporting period.

For the six-month reporting period ended December 31, 2022

The global economy faced significant headwinds in 2022, including those related to higher inflation, the COVID-19 pandemic, and the Russia-Ukraine conflict. In the U.S., second quarter 2022, prior to the beginning of the reporting period, annualized gross domestic product ("GDP") was -0.6%. The economy then strengthened, as third quarter annualized GDP was +3.2%. The Commerce Department's initial estimate for fourth quarter 2022 annualized GDP — released after the reporting period ended — was 2.9%.

The Federal Reserve Board (the "Fed" or "U.S. central bank") took actions to combat elevated inflation. In March 2022, the Fed raised the federal funds rate 0.25% to a range between 0.25% and 0.50%, its first rate hike since 2018. The U.S. central bank then raised rates at its next six meetings, for a total increase of 4.25% in 2022. At the end of the year, the federal funds rate was in a range between 4.25% and 4.50%.

Economies outside the U.S. also faced several headwinds. In its October 2022 World Economic Outlook Update, the International Monetary Fund (the "IMF") downgraded its expectation for 2022 GDP citing "turbulent challenges" including high inflation, tightening financial conditions, as well as the ongoing Russia-Ukraine conflict and COVID-19 pandemic. For 2022, the IMF included in its projections that GDP would grow 1.6% in the U.S. (from 5.7% in 2021), 3.1% in the eurozone (from 5.2% in 2021), 3.6% in the U.K. (from 7.4% in 2021), and 1.7% in Japan (the same as in 2021).

Several central banks tightened their respective monetary policies in recent years. For example, in December 2021, prior to the beginning of the reporting period, the Bank of England (the "BoE") raised rates for the first time since COVID-19 began. The BoE again raised rates at its next eight meetings, for a total of 3.50% in rate hikes since its first increase. The European Central Bank raised rates four times in 2022, for a total increase of 2.50%. In contrast, the Bank of Japan (the "BoJ") maintained its loose monetary policy for most of 2022. However, in December 2022 the BoJ announced that it would allow its 10-year government bond yield to rise to 0.5% (previously limited to 0.25%). The news sent the 10-year bond yield and Japanese yen higher, as market participants interpreted the announcement to mean that the BoJ may pivot from its previous monetary stance.

During the reporting period, short- and long-term U.S. Treasury yields moved higher. The yield on the benchmark 10-year U.S. Treasury note was 3.88% on December 31, 2022, versus 2.98% on June 30, 2022. The Bloomberg Global Treasury Index (USD Hedged), which tracks fixed-rate, local currency government debt of investment grade countries, including developed and emerging markets, returned -2.97%. Meanwhile, the Bloomberg Global Aggregate Credit Index (USD Hedged), a widely used index of global investment grade credit bonds, returned -1.59%. In contrast, riskier fixed income asset classes, including high yield corporate bonds and emerging market debt, generated positive returns. The ICE BofAML Developed Markets High Yield Constrained Index (USD Hedged), a widely used index of below-investment-grade bonds, returned 3.82%, whereas emerging market external debt, as represented by the JPMorgan Emerging Markets Bond Index (EMBI) Global (USD Hedged), returned 2.93%. Emerging market local bonds, as represented by the JPMorgan Government Bond Index-Emerging Markets Global Diversified Index (Unhedged), returned 3.33%.

Amid periods of volatility, global equities generally posted mixed results during the reporting period as economic and geopolitical concerns impacted investor sentiment. U.S. equities, as represented by the S&P 500 Index, returned

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|:---|:---|
| **2** | **PIMCO ETF TRUST** |

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##### [**Table of Contents**](#toc)
2.31%. Global equities, as represented by the MSCI World Index, returned 2.97%, while emerging market equities, as measured by the MSCI Emerging Markets Index, returned -2.99%. Meanwhile, Japanese equities, as represented by the Nikkei 225 Index (in Japanese yen), returned -0.06% and European equities, as represented by the MSCI Europe Index (in euro), returned 5.05%.

Commodity prices were volatile and generated mixed returns during the reporting period. Brent crude oil, which was approximately $119.78 a barrel at the start of the reporting period, fell to roughly $82.82 a barrel at the end of December 2022. In contrast, prices of other commodities, such as copper and gold, edged higher during the period.

Finally, there were also periods of volatility in the foreign exchange markets. We believe this was driven by several factors, including economic growth expectations and changing central bank monetary policies, as well as rising inflation, COVID-19 variants, and geopolitical events. The U.S. dollar was mixed against several major currencies. For example, during the reporting period, the U.S. dollar returned -2.11%, +0.78%, and -3.51% versus the euro, the British pound and the Japanese yen, respectively.

Thank you for the assets you have placed with us. We deeply value your trust, and we will continue to work diligently to meet your broad investment needs. For any questions regarding the PIMCO ETF Trust, please contact your financial adviser, or call one of our shareholder associates at (888) 400-4ETF. We also invite you to visit our website at www.pimco.com to learn more about PIMCO ETFs.

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| | |
|:---|:---|
| ![LOGO](g523054g19a01.jpg) | Sincerely,<br>![LOGO](g523054g65f33.jpg) <br>Peter G. Strelow<br> Chairman of the Board<br>PIMCO ETF Trust<br>|

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Past performance is no guarantee of future results. Unless otherwise noted, index returns reflect the reinvestment of income distributions and capital gains, if any, but do not reflect fees, brokerage commissions or other expenses of investing. It is not possible to invest directly in an unmanaged index.

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| | | |
|:---|:---|:---|
| **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>3</sub> |

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##### [**Table of Contents**](#toc)
**Important Information About the Funds**

PIMCO ETF Trust (the "Trust") is an open-end management investment company that includes the PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund, PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund, PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund, PIMCO Broad U.S. TIPS Index Exchange-Traded Fund, PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund, and PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund, which are exchange-traded funds ("ETFs") that seek to provide total return that closely corresponds, before fees and expenses, to the total return of a specified index (collectively, the "Index Funds"). Each Index Fund employs a representative sampling strategy in seeking to achieve its investment objective. In using this strategy, PIMCO seeks to invest in a combination of instruments such that the portfolio effectively provides exposure to the underlying index. An Index Fund may not track its underlying index with the same degree of accuracy as a fund that replicates the composition and weighting of the underlying index. The PIMCO Active Bond Exchange-Traded Fund, PIMCO Enhanced Low Duration Active Exchange-Traded Fund, PIMCO Enhanced Short Maturity Active Exchange-Traded Fund, PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund, PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund, PIMCO Municipal Income Opportunities Active Exchange-Traded Fund, PIMCO Senior Loan Active Exchange-Traded Fund, and PIMCO Short Term Municipal Bond Active Exchange-Traded Fund, unlike the Index Funds, are actively managed ETFs that do not seek to track the performance of a specified index (collectively, the "Active Funds" and together with the Index Funds, a "Fund" or the "Funds"). Shares of the Funds will be listed and traded at market prices on NYSE Arca, Inc. ("NYSE Arca") and other secondary markets. The market price for each Fund's shares may be different from the Fund's net asset value ("NAV"). Each Fund issues and redeems shares at its NAV only in blocks of a specified number of shares ("Creation Units"). Only certain large institutional investors may purchase or redeem Creation Units directly with the Funds at NAV ("Authorized Participants"). These transactions are in exchange for certain securities similar to a Fund's portfolio and/or cash. Except when aggregated in Creation Units, shares of a Fund are not redeemable securities. Shareholders who are not Authorized Participants may not redeem shares from the Funds at NAV.

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

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

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

The Funds may be subject to various risks as described in each Fund's prospectus and in the Principal and Other Risks in the Notes to Financial Statements.

Classifications of the Funds' portfolio holdings in this report are made according to financial reporting standards. The classification of a particular portfolio holding as shown in the Allocation Breakdown and Schedule of Investments sections of this report may differ from the classification used for the Funds' compliance calculations, including those used in the Funds' prospectus, investment objectives, regulatory, and other investment limitations and policies, which may be based on different asset class, sector or geographical classifications. Each Fund is separately monitored for compliance with respect to prospectus and regulatory requirements.

The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.

Beginning in January 2020, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of a novel coronavirus known as COVID-19. The outbreak of COVID-19 has resulted in travel and border restrictions, quarantines,

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|:---|:---|
| **4** | **PIMCO ETF TRUST** |

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##### [**Table of Contents**](#toc)
supply chain disruptions, lower consumer demand and general market uncertainty. In 2022, many countries lifted some or all restrictions related to COVID-19. However, the effects of COVID-19 have and may continue to adversely affect the global economy, the economies of certain nations and individual issuers, all of which may negatively impact the Funds' performance. In addition, COVID-19 and governmental responses to COVID-19 may negatively impact the capabilities of the Funds' service providers and disrupt the Funds' operations.

The United States' enforcement of restrictions on U.S. investments in certain issuers and tariffs on goods from certain other countries has contributed to and may continue to contribute to international trade tensions and may impact portfolio securities. The United States' enforcement of sanctions or other similar measures on various Russian entities and persons, and the Russian government's response, may also negatively impact securities and instruments that are economically tied to Russia.

The United Kingdom's withdrawal from the European Union may impact Fund returns. The withdrawal may cause substantial volatility in foreign exchange markets, lead to weakness in the exchange rate of the British pound, result in a sustained period of market uncertainty, and destabilize some or all of the other European Union member countries and/or the Eurozone.

A Fund may invest in certain instruments that rely in some fashion upon the London Interbank Offered Rate ("LIBOR"). LIBOR is an average interest rate, determined by the ICE Benchmark Administration, that banks charge one another for the use of short-term money. The United Kingdom's Financial Conduct Authority, which regulates LIBOR, has announced plans to ultimately phase out the use of LIBOR. There remains uncertainty regarding future utilization of LIBOR and the nature of any replacement rate (e.g., the Secured Overnight Financing Rate, which is intended to replace U.S. dollar LIBOR and measures the cost of overnight borrowings through repurchase agreement transactions collateralized with U.S. Treasury securities). Any potential effects of the transition away from LIBOR on a Fund or on certain instruments in which a Fund invests can be difficult to ascertain, and they may vary depending on a variety of factors. Any such effects of the transition away from LIBOR, as well as other unforeseen effects, could result in losses to a Fund.

Engaging in a responsible investment strategy, which may select or exclude securities of certain issuers for reasons other than performance, carries the risk that a Fund may underperform funds that do not utilize a responsible investment strategy. The application of this strategy may affect a Fund's exposure to certain sectors or types of investments, which could negatively impact the Fund's performance. Responsible investing is qualitative and subjective by nature, and there is no guarantee that the criteria utilized or any judgment exercised in pursuing a responsible investment strategy will reflect the beliefs or values of any particular investor. In evaluating a company, the information and data obtained through voluntary or third-party reporting may be incomplete, inaccurate or unavailable, which could cause an incorrect assessment of a company's business practices with respect to the environment, social responsibility and corporate governance ("ESG practices"). Socially responsible norms differ by region, and a company's ESG practices or the assessment of a company's ESG practices may change over time.

On each individual Fund Summary page in this Shareholder Report, the Average Annual Total Return table and Cumulative Returns chart measure performance assuming that any dividend and capital gain distributions were reinvested. Returns do not reflect the deduction of taxes that a shareholder would pay on: (i) Fund distributions; or (ii) the sale of Fund shares. Each Fund's performance is measured against the performance of at least one broad-based securities market index ("benchmark index"). A Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. There is no assurance that any Fund, including any Fund that has experienced high or unusual performance for one or more periods, will experience similar levels of performance in the future. High performance is defined as a significant increase in either 1) a Fund's total return in excess of that of the Fund's benchmark between reporting periods or 2) a Fund's total return in excess of the Fund's historical returns between reporting periods. Unusual performance is defined as a significant change in a Fund's performance as compared to one or more previous reporting periods. Historical performance for a Fund may have been positively impacted by fee waivers or expense limitations in place during some or all of the periods shown, if applicable. Future performance (including total return or yield) and distributions may be negatively impacted by the expiration or reduction of any such fee waivers or expense limitations.

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| | | |
|:---|:---|:---|
| **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>5</sub> |

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##### [**Table of Contents**](#toc)

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| | |
|:---|:---|
| **Important Information About the Funds** | **(Cont.)** |

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The following table discloses the inception dates of each Fund along with each Fund's diversification status as of period end:

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| | | |
|:---|:---|:---|
| **Fund Name** | **Fund<br>Inception** | **Diversification<br>Status** |
|  PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund | 10/30/09 | Diversified |
|  PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund | 08/20/09 | Diversified |
|  PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund | 09/03/09 | Diversified |
|  PIMCO Broad U.S. TIPS Index Exchange-Traded Fund | 09/03/09 | Diversified |
|  PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund | 06/16/11 | Diversified |
|  PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund | 09/20/10 | Diversified |
|  PIMCO Active Bond Exchange-Traded Fund | 02/29/12 | Diversified |
|  PIMCO Enhanced Low Duration Active Exchange-Traded Fund | 01/22/14 | Diversified |
|  PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund | 12/10/19 | Diversified |
|  PIMCO Enhanced Short Maturity Active Exchange-Traded Fund | 11/16/09 | Diversified |
|  PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund | 11/30/09 | Diversified |
|  PIMCO Municipal Income Opportunities Active Exchange-Traded Fund | 09/08/21 | Diversified |
|  PIMCO Senior Loan Active Exchange-Traded Fund | 06/08/22 | Diversified |
|  PIMCO Short Term Municipal Bond Active Exchange-Traded Fund | 02/01/10 | Diversified |

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

The Trustees are responsible generally for overseeing the management of the Trust. The Trustees authorize the Trust to enter into service agreements with the Adviser, the Distributor, the Administrator and other service providers in order to provide, and in some cases authorize service providers to procure through other parties, necessary or desirable services on behalf of the Trust and the Funds. Shareholders are not parties to or third-party beneficiaries of such service agreements. Neither a Fund's prospectus nor a Fund's summary prospectus, the Trust's Statement of Additional Information ("SAI"), any contracts filed as exhibits to the Trust's registration statement, nor any other communications, disclosure documents or regulatory filings (including this report) from or on behalf of the Trust or a Fund creates a contract between or among any shareholder of a Fund, on the one hand, and the Trust, a Fund, a service provider to the Trust or a Fund, and/or the Trustees or officers of the Trust, on the other hand. The Trustees (or the Trust and its officers, service providers or other delegates acting under authority of the Trustees) may amend the most recent prospectus or use a new prospectus, summary prospectus or SAI with respect to a Fund or the Trust, and/or amend, file and/or issue any other communications, disclosure documents or regulatory filings, and may amend or enter into any contracts to which the Trust or a Fund is a party, and interpret the investment objective(s), policies, restrictions and contractual provisions applicable to any Fund, without shareholder input or approval, except in circumstances in which shareholder approval is specifically required by law (such as changes to fundamental investment policies) or where a shareholder approval requirement is specifically disclosed in the Trust's then-current prospectus or SAI.

On each business day, before commencement of trading on NYSE Arca, each Fund will disclose on www.pimcoetfs.com the identities and quantities of the Fund's portfolio holdings. The frequency at which the daily market prices were at a discount or premium to each Fund's NAV is disclosed on www.pimcoetfs.com. Please see "Disclosure of Portfolio Holdings" in the SAI for information about the availability of the complete schedule of each Fund's holdings. Fund fact sheets provide additional information regarding a Fund and may be requested by calling (888) 400-4ETF and are available on the Fund's website at www.pimcoetfs.com.

PIMCO has adopted written proxy voting policies and procedures ("Proxy Policy") as required by Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Funds. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of each Fund, and information about how each Fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at (888) 400-4ETF, on the Funds' website at www.pimcoetfs.com, and on the Securities and Exchange Commission's ("SEC") website at www.sec.gov.

The Funds file portfolio holdings information with the SEC on Form N-PORT within 60 days of the end of each fiscal quarter. The Funds' complete schedules of securities holdings as of the end of each fiscal quarter will be made available to the public on the SEC's website at www.sec.gov and on PIMCO's website at www.pimcoetfs.com, and will be made available, upon request, by calling PIMCO at (888) 400-4ETF.

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| | |
|:---|:---|
| **6** | **PIMCO ETF TRUST** |

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##### [**Table of Contents**](#toc)
SEC rules allow the Funds to fulfill their obligation to deliver shareholder reports to investors by providing access to such reports online free of charge and by mailing a notice that the report is electronically available. Investors may elect to receive all future reports in paper free of charge by contacting their financial intermediary. Any election to receive reports in paper will apply to all funds held in the investor's account at the financial intermediary.

In October 2020, the SEC adopted a rule related to the use of derivatives, short sales, reverse repurchase agreements and certain other transactions by registered investment companies that rescinds and withdraws the guidance of the SEC and its staff regarding asset segregation and cover transactions. Subject to certain exceptions, the rule requires funds that trade derivatives and other transactions that create future payment or delivery obligations to comply with a value-at-risk leverage limit and certain derivatives risk management program and reporting requirements. These requirements may limit the ability of the Funds to use derivatives and reverse repurchase agreements and similar financing transactions as part of their investment strategies and may increase the cost of the Funds' investments and cost of doing business, which could adversely affect investors. The rule went into effect on February 19, 2021. The compliance date for the new rule and related reporting requirements was August 19, 2022.

In December 2020, the SEC adopted a rule addressing fair valuation of fund investments. The new rule sets forth requirements for good faith determinations of fair value as well as for the performance of fair value determinations, including related oversight and reporting obligations. The new rule also defines "readily available market quotations" for purposes of the definition of "value" under the Investment Company Act of 1940 (the "Act"), and the SEC noted that this definition will apply in all contexts under the Act. The effective date for the rule was March 8, 2021. The compliance date for the new rule and the related reporting requirements was September 8, 2022.

In May 2022, the SEC proposed amendments to a current rule governing fund naming conventions. In general, the current rule requires funds with certain types of names to adopt a policy to invest at least 80% of their assets in the type of investment suggested by the name. The proposed amendments would expand the scope of the current rule in a number of ways that would result in an expansion of the types of fund names that would require the fund to adopt an 80% investment policy under the rule. Additionally, the proposed amendments would modify the circumstances under which a fund may deviate from its 80% investment policy and address the use and valuation of derivatives instruments for purposes of the rule. The proposal's impact on the Funds will not be known unless and until any final rulemaking is adopted.

In May 2022, the SEC proposed a framework that would require certain registered funds (such as the Funds) to disclose their environmental, social, and governance ("ESG") investing practices. Among other things, the proposed requirements would mandate that funds meeting three pre-defined classifications (*i.e.*, integrated, ESG focused and/or impact funds) provide prospectus and shareholder report disclosure related to the ESG factors, criteria and processes used in managing the fund. The proposal's impact on the Funds will not be known unless and until any final rulemaking is adopted.

In October 2022, the SEC adopted changes to the mutual fund and exchange-traded fund ("ETF") shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which will impact the disclosures provided to shareholders. The rule amendments are effective as of January 24, 2023, but the SEC is providing an 18-month compliance period following the effective date for such amendments other than those addressing fee and expense information in advertisements that might be materially misleading.

In November 2022, the SEC proposed rule amendments which, among other things, would require funds to adopt swing pricing in order to mitigate dilution of shareholders' interests in a fund by requiring the adjustment of fund net asset value per share to pass on costs stemming from shareholder purchase or redemption activity. In addition the proposed rule would amend the liquidity rule framework. The proposal's impact on the Funds will not be known unless and until any final rulemaking is adopted.

In November 2022, the SEC adopted amendments to Form N-PX under the act to improve the utility to investors of proxy voting information reported by mutual funds, ETFs and certain other funds. The rule amendments will expand the scope of funds' Form N-PX reporting obligations, subject managers to Form N-PX reporting obligations for "Say on Pay" votes, enhance Form N-PX disclosures, permit joint reporting by funds, managers and affiliated managers on Form N-PX; and require website availability of fund proxy voting records. The amendments will become effective on July 1, 2024. Funds and managers will be required to file their first reports covering the period from July 1, 2023 to June 30, 2024 on amended Form N-PX by August 31, 2024.

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| | | |
|:---|:---|:---|
| **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>7</sub> |

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##### [**Table of Contents**](#toc)
**PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund** 

Ticker Symbol - **ZROZ**

Cumulative Returns Through December 31, 2022

![LOGO](g523054g07f28.jpg)

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

Allocation Breakdown as of December 31, 2022<sup>†</sup><sup>§</sup>

---

| | |
|:---|:---|
|  U.S. Treasury Obligations | 99.5% |
|  Short-Term Instruments | 0.5% |

---

---

| | |
|:---|:---|
| <sup>†</sup> | % of Investments, at value.  |

---

---

| | |
|:---|:---|
| <sup>§</sup> | Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 |  |
|  |  | 6 Months\* | 1 Year | 5 Year | 10 Years | Fund Inception<br>(10/30/2009) |
| ![LOGO](g523054g94o20.jpg) | PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund (Based on Net Asset Value) | (17.85)% | (41.50)% | (4.28)% | 0.30% | 3.90% |
| ![LOGO](g523054g52z21.jpg) | PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund (At Market Price)<sup>(1)</sup> | (17.84)% | (41.30)% | (4.29)% | 0.34% | 3.91% |
| ![LOGO](g523054g08y58.jpg) | The ICE BofAML Long U.S. Treasury Principal STRIPS Index<sup>±</sup> | (17.16)% | (41.05)% | (3.90)% | 0.55% | 4.13% |

---

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

\* Cumulative return.

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

<sup>(1)</sup> The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund's NAV is calculated.

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

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

*Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed by authorized participants. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Differences in the Fund's performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. Performance data current to the most recent month-end is available at www.pimcoetfs.com or via (888) 400-4ETF.* 

*The Fund's total annual operating expense ratio in effect as of period end was 0.15%. Details regarding any changes to the Fund's operating expenses, subsequent to period end, can be found in the Fund's current prospectus, as supplemented.* 

Investment Objective and Strategy Overview

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

Fund Insights at NAV

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

» Underweight exposure to U.S. interest rate strategies overall, including duration, curve positioning, and instrument selection, contributed to performance, as U.S. Treasury yields rose across the curve.

» There were no additional material contributors or detractors for the Fund.

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| | |
|:---|:---|
| **8** | **PIMCO ETF TRUST** |

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##### [**Table of Contents**](#toc)
**PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund** 

Ticker Symbol - **STPZ**

Cumulative Returns Through December 31, 2022

![LOGO](g523054g79m72.jpg)

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

Allocation Breakdown as of December 31, 2022<sup>†§</sup>

---

| | |
|:---|:---|
|  U.S. Treasury Obligations | 100.0% |

---

---

| | |
|:---|:---|
| <sup>†</sup> | % of Investments, at value.  |

---

---

| | |
|:---|:---|
| <sup>§</sup> | Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 |
|  |  | 6 Months\* | 1 Year | 5 Year | 10 Years | Fund Inception<br>(08/20/2009) |
| ![LOGO](g523054g94o20.jpg) | PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund (Based on Net Asset Value) | (2.03)% | (4.24)% | 2.24% | 1.08% | 1.84% |
| ![LOGO](g523054g52z21.jpg) | PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund (At Market Price)<sup>(1)</sup> | (2.00)% | (4.47)% | 2.25% | 1.08% | 1.84% |
| ![LOGO](g523054g08y58.jpg) | The ICE BofAML 1-5 Year U.S. Inflation-Linked Treasury Index<sup>±</sup> | (1.86)% | (3.95)% | 2.47% | 1.30% | 2.07% |

---

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

\* Cumulative return.

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

<sup>(1)</sup> The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund's NAV is calculated.

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

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

*Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed by authorized participants. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Differences in the Fund's performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. Performance data current to the most recent month-end is available at www.pimcoetfs.com or via (888) 400-4ETF.* 

*The Fund's total annual operating expense ratio in effect as of period end was 0.20%. Details regarding any changes to the Fund's operating expenses, subsequent to period end, can be found in the Fund's current prospectus, as supplemented.* 

Investment Objective and Strategy Overview

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

Fund Insights at NAV

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

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

» There were no other material contributors or detractors for the Fund.

---

| | | |
|:---|:---|:---|
| **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>9</sub> |

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##### [**Table of Contents**](#toc)
**PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund** 

Ticker Symbol - **LTPZ**

Cumulative Returns Through December 31, 2022

![LOGO](g523054g76j00.jpg)

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

Allocation Breakdown as of December 31, 2022<sup>†</sup><sup>§</sup>

---

| | |
|:---|:---|
|  U.S. Treasury Obligations | 99.9% |
|  Short-Term Instruments | 0.1% |

---

---

| | |
|:---|:---|
| <sup>†</sup> | % of Investments, at value.  |

---

---

| | |
|:---|:---|
| <sup>§</sup> | Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 |
|  |  | 6 Months\* | 1 Year | 5 Year | 10 Years | Fund Inception<br>(09/03/2009) |
| ![LOGO](g523054g94o20.jpg) | PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund (Based on Net Asset Value) | (7.31)% | (31.60)% | (0.10)% | 0.44% | 3.80% |
| ![LOGO](g523054g52z21.jpg) | PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund (At Market Price)<sup>(1)</sup> | (7.40)% | (31.68)% | (0.08)% | 0.45% | 3.79% |
| ![LOGO](g523054g08y58.jpg) | The ICE BofAML 15+ Year U.S. Inflation-Linked Treasury Index<sup>±</sup> | (7.48)% | (31.51)% | 0.09% | 0.61% | 4.00% |

---

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

\* Cumulative return.

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

<sup>(1)</sup> The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund's NAV is calculated.

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

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

*Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed by authorized participants. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Differences in the Fund's performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. Performance data current to the most recent month-end is available at www.pimcoetfs.com or via (888) 400-4ETF.* 

*The Fund's total annual operating expense ratio in effect as of period end was 0.20%. Details regarding any changes to the Fund's operating expenses, subsequent to period end, can be found in the Fund's current prospectus, as supplemented.* 

Investment Objective and Strategy Overview

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

Fund Insights at NAV

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

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

» There were no other material contributors or detractors for the Fund.

---

| | |
|:---|:---|
| **10** | **PIMCO ETF TRUST** |

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##### [**Table of Contents**](#toc)
**PIMCO Broad U.S. TIPS Index Exchange-Traded Fund** 

Ticker Symbol - **TIPZ**

Cumulative Returns Through December 31, 2022

![LOGO](g523054g91w52.jpg)

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

Allocation Breakdown as of December 31, 2022<sup>†</sup><sup>§</sup>

---

| | |
|:---|:---|
|  U.S. Treasury Obligations | 99.9% |
|  Short-Term Instruments | 0.1% |

---

---

| | |
|:---|:---|
| <sup>†</sup> | % of Investments, at value.  |

---

---

| | |
|:---|:---|
| <sup>§</sup> | Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 |
|  |  | 6 Months\* | 1 Year | 5 Year | 10 Years | Fund Inception<br>(09/03/2009) |
| ![LOGO](g523054g94o20.jpg) | PIMCO Broad U.S. TIPS Index Exchange-Traded Fund (Based on Net Asset Value) | (3.13)% | (12.74)% | 1.83% | 0.93% | 2.91% |
| ![LOGO](g523054g52z21.jpg) | PIMCO Broad U.S. TIPS Index Exchange-Traded Fund (At Market Price)<sup>(1)</sup> | (2.77)% | (12.65)% | 1.88% | 0.97% | 2.93% |
| ![LOGO](g523054g08y58.jpg) | The ICE BofAML U.S. Inflation-Linked Treasury Index<sup>±</sup> | (3.31)% | (12.57)% | 2.06% | 1.11% | 3.11% |

---

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

\* Cumulative return.

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

<sup>(1)</sup> The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund's NAV is calculated.

<sup>±</sup> The ICE BofAML US Inflation-Linked Treasury Index is an unmanaged index comprised of TIPS (Treasury Inflation Protected Securities).

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

*Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed by authorized participants. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Differences in the Fund's performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. Performance data current to the most recent month-end is available at www.pimcoetfs.com or via (888) 400-4ETF.*

*The Fund's total annual operating expense ratio in effect as of period end was 0.20%. Details regarding any changes to the Fund's operating expenses, subsequent to period end, can be found in the Fund's current prospectus, as supplemented.* 

Investment Objective and Strategy Overview

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

Fund Insights at NAV

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

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

» There were no other material contributors or detractors for the Fund.

---

| | | |
|:---|:---|:---|
| **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>11</sub> |

---

------

##### [**Table of Contents**](#toc)
**PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund** 

Ticker Symbol - **HYS**

Cumulative Returns Through December 31, 2022

![LOGO](g523054g50x80.jpg)

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

Allocation Breakdown as of December 31, 2022<sup>†</sup><sup>§</sup>

---

| | |
|:---|:---|
|  Corporate Bonds & Notes | 87.4% |
|  Short-Term Instruments | 12.1% |
|  Other | 0.5% |

---

---

| | |
|:---|:---|
| <sup>†</sup> | % of Investments, at value.  |

---

---

| | |
|:---|:---|
| <sup>§</sup> | Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 |
|  |  | 6 Months\* | 1 Year | 5 Year | 10 Years | Fund Inception<br>(06/16/2011) |
| ![LOGO](g523054g94o20.jpg) | PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund (Based on Net Asset Value) | 3.99% | (5.28)% | 2.21% | 3.43% | 4.00% |
| ![LOGO](g523054g52z21.jpg) | PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund (At Market Price)<sup>(1)</sup> | 4.19% | (5.44)% | 2.28% | 3.41% | 4.02% |
| ![LOGO](g523054g08y58.jpg) | ICE BofAML 0-5 Year US High Yield Constrained Index<sup>±</sup> | 3.85% | (5.45)% | 2.72% | 3.95% | 4.53% |

---

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

\* Cumulative return.

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

<sup>(1)</sup> The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund's NAV is calculated.

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

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

*Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed by authorized participants. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Differences in the Fund's performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. Performance data current to the most recent month-end is available at www.pimcoetfs.com or via (888) 400-4ETF.* 

*The Fund's total annual operating expense ratio in effect as of period end was 0.55%. Details regarding any changes to the Fund's operating expenses, subsequent to period end, can be found in the Fund's current prospectus, as supplemented.* 

Investment Objective and Strategy Overview

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

Fund Insights at NAV

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

» Underweight exposure to the retail sector contributed to performance, as the sector underperformed.

» Security selection within the forest products, paper and packaging sector contributed to performance, as overweight exposure to a select issuer outperformed.

» Overweight exposure to the aerospace and defense sector contributed to performance, as the sector outperformed.

» Security selection within the healthcare sector detracted from performance, as overweight exposure to a select issuer underperformed.

» Security selection within the automotive sector detracted from performance, as underweight exposure to a select issuer's security outperformed.

---

| | |
|:---|:---|
| **12** | **PIMCO ETF TRUST** |

---

------

##### [**Table of Contents**](#toc)
**PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund** 

Ticker Symbol - **CORP**

Cumulative Returns Through December 31, 2022

![LOGO](g523054g07v97.jpg)

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

Allocation Breakdown as of December 31, 2022<sup>†</sup><sup>§</sup>

---

| | |
|:---|:---|
|  Industrials | 45.6% |
|  Banking & Finance | 35.6% |
|  Utilities | 12.3% |
|  Short-Term Instruments | 3.3% |
|  U.S. Treasury Obligations | 3.2% |

---

---

| | |
|:---|:---|
| <sup>†</sup> | % of Investments, at value.  |

---

---

| | |
|:---|:---|
| <sup>§</sup> | Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 |
|  |  | 6 Months\* | 1 Year | 5 Year | 10 Years | Fund Inception<br>(09/20/2010) |
| ![LOGO](g523054g94o20.jpg) | PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund (Based on Net Asset Value) | (1.43)% | (15.03)% | 0.58% | 2.04% | 2.98% |
| ![LOGO](g523054g52z21.jpg) | PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund (At Market Price)<sup>(1)</sup> | (1.55)% | (14.97)% | 0.54% | 2.04% | 2.97% |
| ![LOGO](g523054g08y58.jpg) | ICE BofAML US Corporate Index<sup>±</sup> | (1.50)% | (15.32)% | 0.56% | 2.02% | 3.03% |

---

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

\* Cumulative return.

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

<sup>(1)</sup> The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund's NAV is calculated.

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

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

*Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed by authorized participants. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Differences in the Fund's performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. Performance data current to the most recent month-end is available at www.pimcoetfs.com or via (888) 400-4ETF.* 

*The Fund's total annual operating expense ratio in effect as of period end was 0.20%. Details regarding any changes to the Fund's operating expenses, subsequent to period end, can be found in the Fund's current prospectus, as supplemented.* 

Investment Objective and Strategy Overview

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

Fund Insights at NAV

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

» The Fund had negative performance, as the Underlying Index had negative performance.

» There were no material contributors for this Fund

---

| | | |
|:---|:---|:---|
| **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>13</sub> |

---

------

##### [**Table of Contents**](#toc)
**PIMCO Active Bond Exchange-Traded Fund** 

Ticker Symbol - **BOND**

Cumulative Returns Through December 31, 2022

![LOGO](g523054g15y33.jpg)

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

Allocation Breakdown as of December 31, 2022<sup>†</sup><sup>§</sup>

---

| | |
|:---|:---|
|  U.S. Government Agencies | 30.3% |
|  Corporate Bonds & Notes | 26.4% |
|  Asset-Backed Securities | 16.0% |
|  U.S. Treasury Obligations | 11.5% |
|  Non-Agency Mortgage-Backed Securities | 6.3% |
|  Short-Term Instruments | 4.7% |
|  Preferred Securities | 2.4% |
|  Municipal Bonds & Notes | 1.6% |
|  Other | 0.8% |

---

---

| | |
|:---|:---|
| <sup>†</sup> | % of Investments, at value.  |

---

---

| | |
|:---|:---|
| <sup>§</sup> | Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 |
|  |  | 6 Months\* | 1 Year | 5 Year | 10 Years | Fund Inception<br>(02/29/2012) |
| ![LOGO](g523054g94o20.jpg) | PIMCO Active Bond Exchange-Traded Fund (Based on Net Asset Value) | (2.80)% | (14.50)% | (0.08)% | 1.36% | 2.30% |
| ![LOGO](g523054g52z21.jpg) | PIMCO Active Bond Exchange-Traded Fund (At Market Price)<sup>(1)</sup> | (3.03)% | (14.57)% | (0.10)% | 1.34% | 2.28% |
| ![LOGO](g523054g08y58.jpg) | Bloomberg U.S. Aggregate Index<sup>±</sup> | (2.97)% | (13.01)% | 0.02% | 1.06% | 1.28% |

---

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

\* Cumulative return.

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

<sup>(1)</sup> The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund's NAV is calculated.

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

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

*Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed by authorized participants. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Differences in the Fund's performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. Performance data current to the most recent month-end is available at www.pimcoetfs.com or via (888) 400-4ETF.* 

*The Fund's total annual operating expense ratio in effect as of period end was 0.56%. Details regarding any changes to the Fund's operating expenses, subsequent to period end, can be found in the Fund's current prospectus, as supplemented.* 

Investment Objective and Strategy Overview

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

Fund Insights at NAV

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

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

» A modest allocation to high yield credit contributed to relative performance, as high yield credit spreads tightened.

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

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

» Short exposure to U.K. and U.S. breakeven inflation ("BEI") in July and August detracted from returns, as BEI rates rose.

» Local rate exposure to Canada detracted from relative performance, as interest rates rose.

» Positions in non-agency mortgage-backed securities and other securitized assets detracted from relative performance particularly in October and November, as spreads widened.

---

| | |
|:---|:---|
| **14** | **PIMCO ETF TRUST** |

---

------

##### [**Table of Contents**](#toc)
**PIMCO Enhanced Low Duration Active Exchange-Traded Fund** 

Ticker Symbol - **LDUR**

Cumulative Returns Through December 31, 2022

![LOGO](g523054g85n85.jpg)

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

Allocation Breakdown as of December 31, 2022<sup>†</sup><sup>§</sup>

---

| | |
|:---|:---|
|  Corporate Bonds & Notes | 53.9% |
|  Asset-Backed Securities | 16.5% |
|  Short-Term Instruments | 10.4% |
|  Non-Agency Mortgage-Backed Securities | 8.7% |
|  U.S. Government Agencies | 5.5% |
|  U.S. Treasury Obligations | 4.5% |
|  Other | 0.5% |

---

---

| | |
|:---|:---|
| <sup>†</sup> | % of Investments, at value.  |

---

---

| | |
|:---|:---|
| <sup>§</sup> | Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 |
|  |  | 6 Months\* | 1 Year | 5 Year | Fund Inception<br>(01/22/2014) |
| ![LOGO](g523054g94o20.jpg) | PIMCO Enhanced Low Duration Active Exchange-Traded Fund (Based on Net Asset Value) | (0.52)% | (4.40)% | 1.04% | 1.57% |
| ![LOGO](g523054g52z21.jpg) | PIMCO Enhanced Low Duration Active Exchange-Traded Fund (At Market Price)<sup>(1)</sup> | (0.41)% | (4.23)% | 1.03% | 1.57% |
| ![LOGO](g523054g08y58.jpg) | ICE BofAML 1-3 Year U.S. Treasury Index<sup>±</sup> | (0.84)% | (3.65)% | 0.77% | 0.71% |

---

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

\* Cumulative return.

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

<sup>(1)</sup> The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund's NAV is calculated.

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

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

*Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed by authorized participants. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Differences in the Fund's performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. Performance data current to the most recent month-end is available at www.pimcoetfs.com or via (888) 400-4ETF.* 

*The Fund's total annual operating expense ratio in effect as of period end was 0.53%. Details regarding any changes to the Fund's operating expenses, subsequent to period end, can be found in the Fund's current prospectus, as supplemented.* 

Investment Objective and Strategy Overview

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

Fund Insights at NAV

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

» Holdings of investment grade corporate credit contributed to relative performance, as the income from corporate bonds offset the impact from credit spread widening.

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

» Holdings of emerging market external debt contributed to relative performance, as spreads tightened.

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

---

| | |
|:---|:---|
| » | Select holdings of securitized credit detracted from relative performance, as holdings of commercial mortgage-backed securities provided negative total return. |

---

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **15** |

---

------

##### [**Table of Contents**](#toc)
**PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund** 

Ticker Symbol - **EMNT**

Cumulative Returns Through December 31, 2022

![LOGO](g523054g51r99.jpg)

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

Allocation Breakdown as of December 31, 2022<sup>†</sup><sup>§</sup>

---

| | |
|:---|:---|
|  Corporate Bonds & Notes | 45.4% |
|  Short-Term Instruments | 31.8% |
|  Asset-Backed Securities | 16.7% |
|  Non-Agency Mortgage-Backed Securities | 3.9% |
|  U.S. Government Agencies | 2.2% |

---

---

| | |
|:---|:---|
| <sup>†</sup> | % of Investments, at value.  |

---

---

| | |
|:---|:---|
| <sup>§</sup> | Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 |
|  |  | 6 Months\* | 1 Year | Fund Inception<br>(12/10/2019) |
| ![LOGO](g523054g94o20.jpg) | PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund (Based on Net Asset Value) | 0.96% | (0.46)% | 0.67% |
| ![LOGO](g523054g52z21.jpg) | PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund (At Market Price)<sup>(1)(2)</sup> | 0.78% | (0.58)% | 0.62% |
| ![LOGO](g523054g08y58.jpg) | FTSE 3-Month Treasury Bill Index<sup>±</sup> | 1.33% | 1.50% | 0.73% |

---

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

\* Cumulative return.

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

<sup>(1)</sup> The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund's NAV is calculated.

<sup>(2)</sup> The Fund was seeded on December 10, 2019, but was not listed for trading until December 12, 2019. Accordingly, there is no Market Price information for December 10, 2019 through December 11, 2019.

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

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

*Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed by authorized participants. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Differences in the Fund's performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. Performance data current to the most recent month-end is available at www.pimcoetfs.com or via (888) 400-4ETF.* 

*The Fund's total annual operating expense ratio in effect as of period end was 0.37%. Details regarding any changes to the Fund's operating expenses, subsequent to period end, can be found in the Fund's current prospectus, as supplemented.* 

Investment Objective and Strategy Overview

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

Fund Insights at NAV

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

» Holdings of investment grade corporate credit contributed to relative performance, as the income from corporate bonds offset the impact from credit spread widening.

» There were no other material contributors for this Fund.

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

---

| | |
|:---|:---|
| » | Holdings of agency mortgage-backed securities detracted from relative performance, as the asset class provided negative total return. |

---

» Select holdings of securitized credit detracted from relative performance, as spreads of consumer asset-backed securities widened.

---

| | |
|:---|:---|
| **16** | **PIMCO ETF TRUST** |

---

------

##### [**Table of Contents**](#toc)
**PIMCO Enhanced Short Maturity Active Exchange-Traded Fund** 

Ticker Symbol - **MINT**

Cumulative Returns Through December 31, 2022

![LOGO](g523054g87y90.jpg)

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

Allocation Breakdown as of December 31, 2022<sup>†</sup><sup>§</sup>

---

| | |
|:---|:---|
|  Corporate Bonds & Notes | 44.8% |
|  Short-Term Instruments | 21.5% |
|  Asset-Backed Securities | 20.4% |
|  Non-Agency Mortgage-Backed Securities | 9.0% |
|  U.S. Government Agencies | 4.2% |
|  Sovereign Issues | 0.1% |

---

---

| | |
|:---|:---|
| <sup>†</sup> | % of Investments, at value.  |

---

---

| | |
|:---|:---|
| <sup>§</sup> | Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 |
|  |  | 6 Months\* | 1 Year | 5 Year | 10 Years | Fund Inception<br>(11/16/2009) |
| ![LOGO](g523054g94o20.jpg) | PIMCO Enhanced Short Maturity Active Exchange-Traded Fund (Based on Net Asset Value) | 1.12% | (0.96)% | 1.13% | 1.13% | 1.21% |
| ![LOGO](g523054g52z21.jpg) | PIMCO Enhanced Short Maturity Active Exchange-Traded Fund (At Market Price)<sup>(1)</sup> | 1.07% | (1.01)% | 1.11% | 1.12% | 1.21% |
| ![LOGO](g523054g08y58.jpg) | FTSE 3-Month Treasury Bill Index<sup>±</sup> | 1.33% | 1.50% | 1.25% | 0.74% | 0.59%<sup>¨</sup> |

---

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

\* Cumulative return.

<sup>¨</sup> Average annual total return since 11/30/2009.

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

<sup>(1)</sup> The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund's NAV is calculated.

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

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

*Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed by authorized participants. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Differences in the Fund's performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. Performance data current to the most recent month-end is available at www.pimcoetfs.com or via (888) 400-4ETF.* 

*The Fund's total annual operating expense ratio in effect as of period end was 0.36%. Details regarding any changes to the Fund's operating expenses, subsequent to period end, can be found in the Fund's current prospectus, as supplemented.* 

Investment Objective and Strategy Overview

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

Fund Insights at NAV

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

» Holdings of investment grade corporate credit contributed to relative performance, as the income from corporate bonds offset the impact from credit spread widening.

» There were no other material contributors for this Fund.

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

---

| | |
|:---|:---|
| » | Holdings of agency mortgage-backed securities ("MBS") detracted from relative performance, as the asset class provided negative total return. |

---

» Overweight exposure to non-agency residential MBS detracted from relative performance, as spreads widened.

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **17** |

---

------

##### [**Table of Contents**](#toc)
**PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund** 

Ticker Symbol - **MUNI**

Cumulative Returns Through December 31, 2022

![LOGO](g523054g85w46.jpg)

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

Allocation Breakdown as of December 31, 2022<sup>†</sup><sup>§</sup>

---

| | |
|:---|:---|
|  Municipal Bonds & Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ad Valorem Property Tax | 16.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health, Hospital & Nursing Home Revenue | 15.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Water Revenue | 6.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income Tax Revenue | 6.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural Gas Revenue | 5.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Fund | 4.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous Revenue | 4.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tobacco Settlement Funded | 4.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electric Power & Light Revenue | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Highway Revenue Tolls | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales Tax Revenue | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Appropriations | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial Revenue | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; College & University Revenue | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fuel Sales Tax Revenue | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Port, Airport & Marina Revenue | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lease (Appropriation) | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nuclear Revenue | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transit Revenue | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 3.5% |
|  Short-Term Instruments | 7.3% |

---

---

| | |
|:---|:---|
| <sup>†</sup> | % of Investments, at value.  |

---

---

| | |
|:---|:---|
| <sup>§</sup> | Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 |
|  |  | 6 Months\* | 1 Year | 5 Year | 10 Years | Fund Inception<br>(11/30/2009) |
| ![LOGO](g523054g94o20.jpg) | PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund (Based on Net Asset Value) | 1.00% | (6.78)% | 1.31% | 1.63% | 2.45% |
| ![LOGO](g523054g52z21.jpg) | PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund (At Market Price)<sup>(1)</sup> | 1.25% | (6.63)% | 1.28% | 1.63% | 2.46% |
| ![LOGO](g523054g08y58.jpg) | Bloomberg 1-15 Year Municipal Bond Index<sup>±</sup> | 0.92% | (5.95)% | 1.44% | 1.95% | 2.73% |

---

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

\* Cumulative return.

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

<sup>(1)</sup> The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund's NAV is calculated.

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

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

*Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed by authorized participants. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Differences in the Fund's performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. Performance data current to the most recent month-end is available at www.pimcoetfs.com or via (888) 400-4ETF.* 

*The Fund's total annual operating expense ratio in effect as of period end was 0.35%. Details regarding any changes to the Fund's operating expenses, subsequent to period end, can be found in the Fund's current prospectus, as supplemented.* 

Investment Objective and Strategy Overview

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

Fund Insights at NAV

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

» Underweight exposure to a duration position contributed to performance, as municipal yields broadly rose.

» Security selection within the water & sewer sector contributed to performance, as the Fund's holdings outperformed the broader market.

» Security selection within the healthcare sector contributed to performance, as the Fund's holdings outperformed the broader market.

» Underweight exposure to the general obligation segment detracted from performance, as the segment outperformed the broader municipal market.

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

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

---

| | |
|:---|:---|
| **18** | **PIMCO ETF TRUST** |

---

------

##### [**Table of Contents**](#toc)
**PIMCO Municipal Income Opportunities Active Exchange-Traded Fund** 

Ticker Symbol - **MINO**

Cumulative Returns Through December 31, 2022

![LOGO](g523054g00a63.jpg)

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

Allocation Breakdown as of December 31, 2022<sup>†</sup><sup>§</sup>

---

| | |
|:---|:---|
|  Municipal Bonds & Notes | 91.8% |
|  Short-Term Instruments | 7.7% |
|  Corporate Bonds & Notes | 0.5% |

---

---

| | |
|:---|:---|
| <sup>†</sup> | % of Investments, at value.  |

---

---

| | |
|:---|:---|
| <sup>§</sup> | Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 |
|  |  | 6 Months\* | 1 Year | Fund Inception<br>(09/08/2021) |
| ![LOGO](g523054g94o20.jpg) | PIMCO Municipal Income Opportunities Active Exchange-Traded Fund (Based on Net Asset Value) | 0.81% | (10.45)% | (7.85)% |
| ![LOGO](g523054g52z21.jpg) | PIMCO Municipal Income Opportunities Active Exchange-Traded Fund (At Market Price)<sup>(1)</sup> | 0.65% | (10.43)% | (7.86)% |
| ![LOGO](g523054g08y58.jpg) | Bloomberg Municipal Bond Index<sup>±</sup> | 0.50% | (8.53)% | (6.55)% |

---

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

\* Cumulative return.

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

<sup>(1)</sup> The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund's NAV is calculated.

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

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

*Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed by authorized participants. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Differences in the Fund's performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. Performance data current to the most recent month-end is available at www.pimcoetfs.com or via (888) 400-4ETF.* 

*The Fund's total annual operating expense ratio in effect as of period end was 0.49%. Details regarding any changes to the Fund's operating expenses, subsequent to period end, can be found in the Fund's current prospectus, as supplemented.* 

Investment Objective and Strategy Overview

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

Fund Insights at NAV

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

» Underweight exposure to a particular duration position contributed to performance, as municipal yields broadly rose.

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

» Security selection within the industrial revenue sector contributed to performance, as the Fund's holdings outperformed the broader market.

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

» Underweight exposure to the electric utility sector detracted from performance, as the sector outperformed the broader municipal market.

» Overweight exposure to the healthcare sector detracted from performance, as the sector underperformed the broader municipal market.

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **19** |

---

------

##### [**Table of Contents**](#toc)
**PIMCO Senior Loan Active Exchange-Traded Fund** 

Ticker Symbol - **LONZ**

Cumulative Returns Through December 31, 2022

![LOGO](g523054g69r81.jpg)

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

Allocation Breakdown as of December 31, 2022<sup>†§</sup>

---

| | |
|:---|:---|
|  Loan Participations and Assignments | 80.7% |
|  Short-Term Instruments | 11.6% |
|  Corporate Bonds & Notes | 7.7% |

---

---

| | |
|:---|:---|
| <sup>†</sup> | % of Investments, at value.  |

---

---

| | |
|:---|:---|
| <sup>§</sup> | Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.  |

---

---

| | | | |
|:---|:---|:---|:---|
| Cumulative Total Return for the period ended December 31, 2022 | Cumulative Total Return for the period ended December 31, 2022 | Cumulative Total Return for the period ended December 31, 2022 | Cumulative Total Return for the period ended December 31, 2022 |
|  |  | 6 Months\* | Fund Inception<br>(06/08/2022) |
| ![LOGO](g523054g94o20.jpg) | PIMCO Senior Loan Active Exchange-Traded Fund (Based on Net Asset Value) | 4.67% | 0.82% |
| ![LOGO](g523054g52z21.jpg) | PIMCO Senior Loan Active Exchange-Traded Fund (At Market Price)<sup>(1)</sup> | 4.39% | 0.84% |
| ![LOGO](g523054g08y58.jpg) | iBoxx USD Liquid Leveraged Loans Index<sup>±</sup> | 4.59% | 1.04% |

---

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

\* Cumulative return.

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

<sup>(1)</sup> The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund's NAV is calculated.

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

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

*Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed by authorized participants. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Differences in the Fund's performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. Performance data current to the most recent month-end is available at www.pimcoetfs.com or via (888) 400-4ETF.* 

*The Fund's total annual operating expense ratio in effect as of period end was 0.72%. Details regarding any changes to the Fund's operating expenses, subsequent to period end, can be found in the Fund's current prospectus, as supplemented.* 

Investment Objective and Strategy Overview

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

Fund Insights at NAV

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

» Security selection in the gaming and lodging sector contributed to performance, as prices of underweight exposure within the gaming & lodging sector fell.

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

» Overweight exposure to the chemicals sector contributed to performance, as the sector outperformed the broader market.

» Security selection in the telecommunications sector detracted from performance, as prices of overweight exposure within the telecommunications sector fell.

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

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

---

| | |
|:---|:---|
| **20** | **PIMCO ETF TRUST** |

---

------

##### [**Table of Contents**](#toc)
**PIMCO Short Term Municipal Bond Active Exchange-Traded Fund** 

Ticker Symbol - **SMMU**

Cumulative Returns Through December 31, 2022

![LOGO](g523054g50s26.jpg)

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

Allocation Breakdown as of December 31, 2022<sup>†</sup><sup>§</sup>

---

| | |
|:---|:---|
|  Municipal Bonds & Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ad Valorem Property Tax | 16.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health, Hospital & Nursing Home Revenue | 15.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electric Power & Light Revenue | 7.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural Gas Revenue | 7.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; College & University Revenue | 6.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Fund | 5.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Water Revenue | 5.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous Revenue | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Highway Revenue Tolls | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales Tax Revenue | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tobacco Settlement Funded | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial Revenue | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Local or Guaranteed Housing | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income Tax Revenue | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lease (Appropriation) | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fuel Sales Tax Revenue | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 7.3% |
|  Short-Term Instruments | 5.9% |
|  U.S. Treasury Obligations | 0.3% |

---

---

| | |
|:---|:---|
| <sup>†</sup> | % of Investments, at value.  |

---

---

| | |
|:---|:---|
| <sup>§</sup> | Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 |
|  |  | 6 Months\* | 1 Year | 5 Year | 10 Years | Fund Inception<br>(02/01/2010) |
| ![LOGO](g523054g94o20.jpg) | PIMCO Short Term Municipal Bond Active Exchange-Traded Fund (Based on Net Asset Value) | 0.56% | (2.40)% | 1.08% | 0.91% | 1.01% |
| ![LOGO](g523054g52z21.jpg) | PIMCO Short Term Municipal Bond Active Exchange-Traded Fund (At Market Price)<sup>(1)</sup> | 0.38% | (2.46)% | 1.14% | 0.92% | 1.01% |
| ![LOGO](g523054g08y58.jpg) | Bloomberg 1-Year Municipal Bond Index<sup>±</sup> | 0.10% | (1.13)% | 1.02% | 0.83% | 0.91% |

---

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

\* Cumulative return.

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

<sup>(1)</sup> The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund's NAV is calculated.

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

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

*Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed by authorized participants. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Differences in the Fund's performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. Performance data current to the most recent month-end is available at www.pimcoetfs.com or via (888) 400-4ETF.* 

*The Fund's total annual operating expense ratio in effect as of period end was 0.35%. Details regarding any changes to the Fund's operating expenses, subsequent to period end, can be found in the Fund's current prospectus, as supplemented.* 

Investment Objective and Strategy Overview

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

Fund Insights at NAV

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

» Yield curve strategies contributed to performance, as benchmark municipal yields increased.

» Security selection within the healthcare sector contributed to performance, as the Fund's holdings outperformed the broader market.

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

» Overweight exposure to the industrial revenue sector detracted from performance, as the sector underperformed the general municipal market.

» Security selection within the electric utility sector detracted from performance, as the Fund's holdings underperformed the broader market.

» There were no other material detractors for this Fund.

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **21** |

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##### [**Table of Contents**](#toc)
**Expense Examples**

Example

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of Fund shares and (2) ongoing costs, management fees and other Fund expenses. The Example is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other exchange-traded funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period indicated, which for all Funds is from July 1, 2022 to December 31, 2022 unless noted otherwise in the table and footnotes below.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

The information in the table under the heading "Hypothetical (5% return before expenses)" provides information about hypothetical account values and hypothetical expenses based on a Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Fund and other exchange-traded funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other exchange-traded funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of shares of the Funds. Therefore, the information under the heading "Hypothetical (5% return before expenses)" is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different exchange-traded funds. In addition, if these transactional costs were included, your costs would have been higher.

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

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Actual** | **Actual** | **Actual** | **Hypothetical <br>(5% return before expenses)** | **Hypothetical <br>(5% return before expenses)** | **Hypothetical <br>(5% return before expenses)** | |
|  | **Beginning<br>Account Value<br>(07/01/22)** | **Ending<br>Account Value<br>(12/31/22)** | **Expenses Paid<br>During Period\*** | **Beginning<br>Account Value<br>(07/01/22)** | **Ending<br>Account Value<br>(12/31/22)** | **Expenses Paid<br>During Period\*** | **Net Annualized<br>Expense Ratio\*\*** |
| PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund | $1000.00 | $&nbsp;&nbsp;&nbsp;&nbsp;821.50 | $0.70 | $1000.00 | $1024.72 | $0.77 | 0.15% |
| PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund | 1000.00 | 979.70 | 1.01 | 1000.00 | 1024.46 | 1.03 | 0.20 |
| PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund | 1000.00 | 926.90 | 0.98 | 1000.00 | 1024.46 | 1.03 | 0.20 |
| PIMCO Broad U.S. TIPS Index Exchange-Traded Fund | 1000.00 | 968.70 | 1.00 | 1000.00 | 1024.46 | 1.03 | 0.20 |
| PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund | 1000.00 | 1039.90 | 2.86 | 1000.00 | 1022.68 | 2.83 | 0.55 |
| PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund | 1000.00 | 985.70 | 1.01 | 1000.00 | 1024.46 | 1.03 | 0.20 |
| PIMCO Active Bond Exchange-Traded Fund | 1000.00 | 972.00 | 2.91 | 1000.00 | 1022.52 | 2.99 | 0.58 |
| PIMCO Enhanced Low Duration Active Exchange-Traded Fund | 1000.00 | 994.80 | 2.44 | 1000.00 | 1023.03 | 2.47 | 0.48 |
| PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund | 1000.00 | 1009.60 | 1.33 | 1000.00 | 1024.15 | 1.34 | 0.26 |
| PIMCO Enhanced Short Maturity Active Exchange-Traded Fund | 1000.00 | 1011.20 | 1.79 | 1000.00 | 1023.70 | 1.80 | 0.35 |
| PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund | 1000.00 | 1010.00 | 1.79 | 1000.00 | 1023.70 | 1.80 | 0.35 |
| PIMCO Municipal Income Opportunities Active Exchange-Traded Fund | 1000.00 | 1008.10 | 2.05 | 1000.00 | 1023.44 | 2.06 | 0.40 |
| PIMCO Senior Loan Active Exchange-Traded Fund | 1000.00 | 1046.70 | 2.76 | 1000.00 | 1022.78 | 2.73 | 0.53 |
| PIMCO Short Term Municipal Bond Active Exchange-Traded Fund | 1000.00 | 1005.60 | 1.79 | 1000.00 | 1023.70 | 1.80 | 0.35 |

---

\* Expenses Paid During Period are equal to the net annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 186/365 (to reflect the one-half year period).

\*\* Net Annualized Expense Ratio is reflective of any applicable contractual fee waivers and/or expense reimbursements or voluntary fee waivers. Details regarding fee waivers, if any, can be found in Note 9, Fees and Expenses, in the Notes to Financial Statements.

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|:---|:---|
| **22** | **PIMCO ETF TRUST** |

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##### [**Table of Contents**](#toc)
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| **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **23** |

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##### [**Table of Contents**](#toc)
**Financial Highlights**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period Ended^: | **Net Asset<br>Value<br>Beginning<br>of Year<br>or Period<sup>(a)</sup>** | **Net<br>Investment<br>Income (Loss)<sup>(b)</sup>** | **Net<br>Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital<br>Gains** | **Tax Basis<br>Return of<br>Capital** | **Total** |
|  **PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/2022 - 12/31/2022+ | $&nbsp;&nbsp;&nbsp;&nbsp;108.27 | $&nbsp;&nbsp;&nbsp;&nbsp;1.53 | $&nbsp;&nbsp;&nbsp;&nbsp;(20.69) | $&nbsp;&nbsp;&nbsp;&nbsp;(19.16) | $&nbsp;&nbsp;&nbsp;&nbsp;(1.86) | $&nbsp;&nbsp;&nbsp;&nbsp;0.00 | $&nbsp;&nbsp;&nbsp;&nbsp;0.00 | $&nbsp;&nbsp;&nbsp;&nbsp;(1.86) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2022 | 145.38 | 2.59 | (37.32) | (34.73) | (2.38) | 0.00 | 0.00 | (2.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2021 | 173.14 | 2.49 | (27.75) | (25.26) | (2.50) | 0.00 | 0.00 | (2.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2020 | 128.17 | 2.99 | 45.06 | 48.05 | (3.08) | 0.00 | 0.00 | (3.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2019 | 115.51 | 3.15 | 12.73 | 15.88 | (3.22) | 0.00 | 0.00 | (3.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2018 | 117.38 | 3.11 | (1.85) | 1.26 | (3.13) | 0.00 | 0.00 | (3.13) |
|  **PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/2022 - 12/31/2022+ | $52.31 | $1.12 | $(2.15) | $(1.03) | $(1.41) | $0.00 | $0.00 | $(1.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2022 | 55.05 | 2.97 | (2.83) | 0.14 | (2.88) | 0.00 | 0.00 | (2.88) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2021 | 53.21 | 1.85 | 1.35 | 3.20 | (1.36) | 0.00 | 0.00 | (1.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2020 | 52.62 | 0.26 | 1.56 | 1.82 | (1.07) | 0.00 | (0.16) | (1.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2019 | 51.76 | 0.97 | 0.64 | 1.61 | (0.75) | 0.00 | 0.00 | (0.75) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2018 | 52.18 | 1.04 | (0.51) | 0.53 | (0.95) | 0.00 | 0.00 | (0.95) |
|  **PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/2022 - 12/31/2022+ | $65.19 | $1.91 | $(6.45) | $(4.54) | $(2.34) | $0.00 | $0.00 | $(2.34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2022 | 86.49 | 4.78 | (21.26) | (16.48) | (4.82) | 0.00 | 0.00 | (4.82) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2021 | 83.31 | 2.10 | 2.85 | 4.95 | (1.77) | 0.00 | 0.00 | (1.77) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2020 | 69.61 | 0.19 | 15.22 | 15.41 | (1.71) | 0.00 | 0.00 | (1.71) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2019 | 67.57 | 1.58 | 1.72 | 3.30 | (1.26) | 0.00 | 0.00 | (1.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2018 | 65.64 | 2.03 | 1.79 | 3.82 | (1.89) | 0.00 | 0.00 | (1.89) |
|  **PIMCO Broad U.S. TIPS Index Exchange-Traded Fund** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/2022 - 12/31/2022+ | $57.62 | $1.96 | $(3.68) | $(1.72) | $(1.98) | $0.00 | $0.00 | $(1.98) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2022 | 65.77 | 3.65 | (7.47) | (3.82) | (3.79) | &nbsp;&nbsp;&nbsp;&nbsp;(0.54) | 0.00 | (4.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2021 | 63.20 | 2.07 | 1.89 | 3.96 | (1.39) | 0.00 | 0.00 | (1.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2020 | 59.46 | 0.22 | 4.82 | 5.04 | (1.09) | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;(0.21) | (1.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2019 | 57.61 | 1.08 | 1.57 | 2.65 | (0.80) | 0.00 | 0.00 | (0.80) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2018 | 57.61 | 1.25 | (0.07) | 1.18 | (1.18) | 0.00 | 0.00 | (1.18) |
|  **PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/2022 - 12/31/2022+ | $88.56 | $2.45 | $1.04 | $3.49 | $(2.95) | $0.00 | $0.00 | $(2.95) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2022 | 99.99 | 3.33 | (11.31) | (7.98) | (3.45) | 0.00 | 0.00 | (3.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2021 | 91.45 | 3.70 | 9.16 | 12.86 | (4.32) | 0.00 | 0.00 | (4.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2020 | 100.71 | 4.08 | (8.54) | (4.46) | (4.80) | 0.00 | 0.00 | (4.80) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2019 | 100.07 | 4.63 | 0.90 | 5.53 | (4.89) | 0.00 | 0.00 | (4.89) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2018 | 101.62 | 4.44 | (1.28) | 3.16 | (4.71) | 0.00 | 0.00 | (4.71) |
|  **PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/2022 - 12/31/2022+ | $96.33 | $1.74 | $(3.11) | $(1.37) | $(1.90) | $0.00 | $0.00 | $(1.90) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2022 | 114.60 | 2.64 | (18.11) | (15.47) | (2.72) | (0.08) | 0.00 | (2.80) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2021 | 114.04 | 2.92 | 0.79 | 3.71 | (3.01) | (0.14) | 0.00 | (3.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2020 | 107.27 | 3.40 | 6.88 | 10.28 | (3.51) | 0.00 | 0.00 | (3.51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2019 | 100.41 | 3.44 | 6.96 | 10.40 | (3.54) | 0.00 | 0.00 | (3.54) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2018 | 104.90 | 3.31 | (4.43) | (1.12) | (3.31) | (0.06) | 0.00 | (3.37) |
|  **PIMCO Active Bond Exchange-Traded Fund** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/2022 - 12/31/2022+ | $95.16 | $1.73 | $(4.38) | $(2.65) | $(1.91) | $0.00 | $0.00 | $(1.91) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2022 | 111.01 | 2.52 | (15.52) | (13.00) | (2.85) | 0.00 | 0.00 | (2.85) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2021 | 111.39 | 2.27 | 0.16 | 2.43 | (2.81) | 0.00 | 0.00 | (2.81) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2020 | 107.54 | 2.88 | 4.42 | 7.30 | (3.45) | 0.00 | 0.00 | (3.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2019 | 103.19 | 3.54 | 4.49 | 8.03 | (3.68) | 0.00 | 0.00 | (3.68) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2018 | 106.07 | 3.17 | (2.73) | 0.44 | (3.06) | 0.00 | (0.26) | (3.32) |
|  **PIMCO Enhanced Low Duration Active Exchange-Traded Fund** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/2022 - 12/31/2022+ | $96.16 | $1.40 | $(1.93) | $(0.53) | $(1.37) | $0.00 | $0.00 | $(1.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2022 | 101.78 | 1.43 | (5.87) | (4.44) | (1.18) | 0.00 | 0.00 | (1.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2021 | 101.79 | 1.16 | 0.43 | 1.59 | (1.60) | 0.00 | 0.00 | (1.60) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2020 | 100.15 | 2.61 | 2.06 | 4.67 | (3.03) | 0.00 | 0.00 | (3.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2019 | 99.61 | 2.96 | 0.62 | 3.58 | (3.04) | 0.00 | 0.00 | (3.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2018 | 101.02 | 2.51 | (1.42) | 1.09 | (2.50) | 0.00 | 0.00 | (2.50) |

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|:---|:---|:---|
| **24** | **PIMCO ETF TRUST** | See Accompanying Notes |

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##### [**Table of Contents**](#toc)

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** |  | |
|<br>**Net Assets<br>Value End of<br>Year or<br>Period<sup>(a)</sup>** |<br>**Total<br>Return<sup>(d)</sup>** |<br>**Net Assets<br>End of Year<br>or Period<br>(000s)** | **Expenses** | | **Expenses<br>Excluding<br>Waivers** | | **Expenses<br>Excluding<br>Interest<br>Expense** | | **Expenses<br>Excluding<br>Interest<br>Expense and<br>Waivers** | | **Net<br>Investment<br>Income (Loss)** | |<br>**Portfolio<br>Turnover<br>Rate<sup>(e)</sup>** |
| $87.25 | (17.85)% | $747763 | 0.15 | %\* | 0.15 | %\* | 0.15 | %\* | 0.15 | %\* | 3.12 | %\* | 10% |
| &nbsp;&nbsp;&nbsp;&nbsp;108.27 | (24.29) | 435244 | 0.15 |  | 0.15 |  | 0.15 |  | 0.15 |  | 1.90 |  | 12 |
| 145.38 | (14.70) | 395447 | 0.15 |  | 0.15 |  | 0.15 |  | 0.15 |  | 1.59 |  | 25 |
| 173.14 | 37.97 | 375713 | 0.15 |  | 0.15 |  | 0.15 |  | 0.15 |  | 1.98 |  | 14 |
| 128.17 | 14.17 | 265315 | 0.15 |  | 0.15 |  | 0.15 |  | 0.15 |  | 2.79 |  | 21 |
| 115.51 | 1.08 | 164028 | 0.15 |  | 0.15 |  | 0.15 |  | 0.15 |  | 2.71 |  | 19 |
| $49.87 | (2.03)% | $&nbsp;&nbsp;&nbsp;&nbsp;1130640 | 0.20 | %\* | 0.20 | %\* | 0.20 | %\* | 0.20 | %\* | 4.31 | %\* | 12% |
| 52.31 | 0.18 | 1575509 | 0.20 |  | 0.20 |  | 0.20 |  | 0.20 |  | 5.46 |  | 23 |
| 55.05 | 6.07 | 972716 | 0.20 |  | 0.20 |  | 0.20 |  | 0.20 |  | 3.40 |  | 26 |
| 53.21 | 3.52 | 628978 | 0.20 |  | 0.20 |  | 0.20 |  | 0.20 |  | 0.49 |  | 30 |
| 52.62 | 3.17 | 748304 | 0.20 |  | 0.20 |  | 0.20 |  | 0.20 |  | 1.89 |  | 36 |
| 51.76 | 1.02 | 826530 | 0.20 |  | 0.20 |  | 0.20 |  | 0.20 |  | 2.01 |  | 32 |
| $58.31 | (7.31)% | $630898 | 0.20 | %\* | 0.20 | %\* | 0.20 | %\* | 0.20 | %\* | 6.02 | %\* | 3% |
| 65.19 | (20.04) | 620606 | 0.20 |  | 0.20 |  | 0.20 |  | 0.20 |  | 5.69 |  | 4 |
| 86.49 | 6.00 | 602828 | 0.20 |  | 0.20 |  | 0.20 |  | 0.20 |  | 2.46 |  | 4 |
| 83.31 | 22.47 | 614024 | 0.20 |  | 0.20 |  | 0.20 |  | 0.20 |  | 0.25 |  | 9 |
| 69.61 | 5.06 | 178903 | 0.20 |  | 0.20 |  | 0.20 |  | 0.20 |  | 2.45 |  | 6 |
| 67.57 | 5.88 | 254745 | 0.20 |  | 0.20 |  | 0.20 |  | 0.20 |  | 3.05 |  | 10 |
| $53.92 | (3.13)% | $147208 | 0.20 | %\* | 0.20 | %\* | 0.20 | %\* | 0.20 | %\* | 6.81 | %\* | 132% |
| 57.62 | (6.25) | 194771 | 0.20 |  | 0.20 |  | 0.20 |  | 0.20 |  | 5.70 |  | 177 |
| 65.77 | 6.31 | 176261 | 0.20 |  | 0.20 |  | 0.20 |  | 0.20 |  | 3.19 |  | 5 |
| 63.20 | 8.61 | 61936 | 0.20 |  | 0.20 |  | 0.20 |  | 0.20 |  | 0.35 |  | 10 |
| 59.46 | 4.69 | 52327 | 0.20 |  | 0.20 |  | 0.20 |  | 0.20 |  | 1.89 |  | 9 |
| 57.61 | 2.07 | 50695 | 0.21 |  | 0.21 |  | 0.21 |  | 0.21 |  | 2.18 |  | 8 |
| $89.10 | 3.98% | $1327579 | 0.55 | %\* | 0.55 | %\* | 0.55 | %\* | 0.55 | %\* | 5.36 | %\* | 12% |
| 88.56 | (8.24) | 1115806 | 0.55 |  | 0.55 |  | 0.55 |  | 0.55 |  | 3.43 |  | 45 |
| 99.99 | 14.35 | 2239839 | 0.55 |  | 0.55 |  | 0.55 |  | 0.55 |  | 3.81 |  | 65 |
| 91.45 | (4.56) | 1156826 | 0.56 |  | 0.56 |  | 0.55 |  | 0.55 |  | 4.22 |  | 36 |
| 100.71 | 5.71 | 1460224 | 0.56 |  | 0.56 |  | 0.55 |  | 0.55 |  | 4.66 |  | 27 |
| 100.07 | 3.18 | 1666164 | 0.56 |  | 0.56 |  | 0.55 |  | 0.55 |  | 4.41 |  | 42 |
| $93.06 | (1.43)% | $900828 | 0.20 | %\* | 0.20 | %\* | 0.20 | %\* | 0.20 | %\* | 3.63 | %\* | 10% |
| 96.33 | (13.77) | 580883 | 0.20 |  | 0.20 |  | 0.20 |  | 0.20 |  | 2.42 |  | 41 |
| 114.60 | 3.29 | 794189 | 0.20 |  | 0.20 |  | 0.20 |  | 0.20 |  | 2.55 |  | 21 |
| 114.04 | 9.76 | 659123 | 0.20 |  | 0.20 |  | 0.20 |  | 0.20 |  | 3.10 |  | 18 |
| 107.27 | 10.65 | 797018 | 0.20 |  | 0.20 |  | 0.20 |  | 0.20 |  | 3.41 |  | 27 |
| 100.41 | (1.12) | 756084 | 0.20 |  | 0.20 |  | 0.20 |  | 0.20 |  | 3.20 |  | 10 |
| $90.60 | (2.80)% | $3211853 | 0.58 | %\* | 0.58 | %\* | 0.55 | %\* | 0.55 | %\* | 3.67 | %\* | 183% |
| 95.16 | (11.96) | 3224915 | 0.56 |  | 0.56 |  | 0.55 |  | 0.55 |  | 2.37 |  | 368 |
| 111.01 | 2.20 | 4282895 | 0.55 |  | 0.55 |  | 0.55 |  | 0.55 |  | 2.04 |  | 273 |
| 111.39 | 6.92 | 3400704 | 0.57 |  | 0.57 |  | 0.55 |  | 0.55 |  | 2.65 |  | 146 |
| 107.54 | 7.99 | 2422925 | 0.73 |  | 0.73 |  | 0.55 |  | 0.55 |  | 3.42 |  | 155 |
| 103.19 | 0.41 | 2072132 | 0.76 |  | 0.76 |  | 0.55 |  | 0.55 |  | 3.03 |  | 142 |
| $94.26 | (0.55)% | $1379950 | 0.48 | %\* | 0.48 | %\* | 0.47 | %\* | 0.47 | %\* | 2.91 | %\* | 47% |
| 96.16 | (4.38) | 1444341 | 0.53 |  | 0.53 |  | 0.46 |  | 0.46 |  | 1.44 |  | 269 |
| 101.78 | 1.57 | 1129706 | 0.47 |  | 0.49 |  | 0.44 |  | 0.46 |  | 1.13 |  | 73 |
| 101.79 | 4.77 | 496743 | 0.49 |  | 0.56 |  | 0.39 |  | 0.46 |  | 2.61 |  | 378 |
| 100.15 | 3.66 | 352514 | 0.79 |  | 0.86 |  | 0.39 |  | 0.46 |  | 2.98 |  | 1613 |
| 99.61 | 1.09 | 157382 | 1.02 |  | 1.09 |  | 0.39 |  | 0.46 |  | 2.51 |  | 326 |

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|:---|:---|:---|:---|
| **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **25** |

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##### [**Table of Contents**](#toc)

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|:---|:---|
| **Financial Highlights** | **(Cont.)** |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period Ended^: | **Net Asset<br>Value<br>Beginning<br>of Year<br>or Period<sup>(a)</sup>** | **Net<br>Investment<br>Income (Loss)<sup>(b)</sup>** | **Net<br>Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital<br>Gains** | **Tax Basis<br>Return of<br>Capital** | **Total** |
|  **PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/2022 - 12/31/2022+ | $98.43 | $1.23 | $(0.29) | $0.94 | $(2.35) | $0.00 | $0.00 | $(2.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2022 | &nbsp;&nbsp;&nbsp;&nbsp;100.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;(2.11) | &nbsp;&nbsp;&nbsp;&nbsp;(1.44) | &nbsp;&nbsp;&nbsp;&nbsp;(0.71) | &nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;(0.79) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2021 | 100.64 | 0.74 | 0.26 | 1.00 | (0.98) | 0.00 | 0.00 | (0.98) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/10/2019 - 06/30/2020 | 100.00 | 1.04 | 0.49 | 1.53 | (0.89) | 0.00 | 0.00 | (0.89) |
|  **PIMCO Enhanced Short Maturity Active Exchange-Traded Fund** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/2022 - 12/31/2022+ | $99.13 | $1.32 | $(0.22) | $1.10 | $(1.50) | $0.00 | $0.00 | $(1.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2022 | 101.99 | 0.67 | (2.90) | (2.23) | (0.62) | (0.01) | 0.00 | (0.63) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2021 | 101.65 | 0.52 | 0.39 | 0.91 | (0.57) | 0.00 | 0.00 | (0.57) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2020 | 101.75 | 2.06 | 0.15 | 2.21 | (2.31) | 0.00 | 0.00 | (2.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2019 | 101.58 | 2.73 | 0.11 | 2.84 | (2.67) | 0.00 | 0.00 | (2.67) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2018 | 101.74 | 1.95 | (0.23) | 1.72 | (1.85) | (0.03) | 0.00 | (1.88) |
|  **PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/2022 - 12/31/2022+ | $51.56 | $0.69 | $(0.18) | $0.51 | $(0.74) | $0.00 | $0.00 | $(0.74) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2022 | 56.72 | 0.92 | (5.19) | (4.27) | (0.89) | 0.00 | 0.00 | (0.89) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2021 | 55.73 | 0.97 | 1.00 | 1.97 | (0.98) | 0.00 | 0.00 | (0.98) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2020 | 54.77 | 1.24 | 0.96 | 2.20 | (1.24) | 0.00 | 0.00 | (1.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2019 | 52.84 | 1.40 | 1.93 | 3.33 | (1.40) | 0.00 | 0.00 | (1.40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2018 | 53.48 | 1.30 | (0.64) | 0.66 | (1.30) | 0.00 | 0.00 | (1.30) |
|  **PIMCO Municipal Income Opportunities Active Exchange-Traded Fund** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/2022 - 12/31/2022+ | $44.06 | $0.80 | $(0.45) | $0.35 | $(0.87) | $0.00 | $0.00 | $(0.87) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/08/2021 - 06/30/2022 | 50.00 | 0.66 | (6.07) | (5.41) | (0.53) | 0.00 | 0.00 | (0.53) |
|  **PIMCO Senior Loan Active Exchange-Traded Fund** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/2022 - 12/31/2022+ | $48.18 | $1.68 | $0.53 | $2.21 | $(1.62) | $0.00 | $0.00 | $(1.62) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/08/2022 – 06/30/2022 | 50.00 | 0.06 | (1.88) | (1.82) | 0.00 | 0.00 | 0.00 | 0.00 |
|  **PIMCO Short Term Municipal Bond Active Exchange-Traded Fund** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/2022 - 12/31/2022+ | $49.56 | $0.48 | $(0.20) | $0.28 | $(0.53) | $0.00 | $0.00 | $(0.53) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2022 | 51.41 | 0.34 | (1.89) | (1.55) | (0.30) | 0.00 | 0.00 | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2021 | 51.04 | 0.42 | 0.42 | 0.84 | (0.47) | 0.00 | 0.00 | (0.47) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2020 | 50.53 | 0.81 | 0.51 | 1.32 | (0.81) | 0.00 | 0.00 | (0.81) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2019 | 49.91 | 0.95 | 0.61 | 1.56 | (0.94) | 0.00 | 0.00 | (0.94) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2018 | 50.25 | 0.77 | (0.35) | 0.42 | (0.76) | 0.00 | 0.00 | (0.76) |

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

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+ Unaudited

\* Annualized, except for organizational expense, if any.

<sup>(a)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Funds.

<sup>(b)</sup> Per share amounts based on average number of shares outstanding during the year or period. 

<sup>(c)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations. The actual tax characterization of distributions paid is determined at the end of the fiscal year. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information. 

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

<sup>(e)</sup> Portfolio turnover rate excludes securities received or delivered from in-kind processing of creation or redemptions.

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|:---|:---|:---|
| **26** | **PIMCO ETF TRUST** | See Accompanying Notes |

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##### [**Table of Contents**](#toc)

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** |  | |
|<br>**Net Assets<br>Value End of<br>Year or<br>Period<sup>(a)</sup>** |<br>**Total<br>Return<sup>(d)</sup>** |<br>**Net Assets<br>End of Year<br>or Period<br>(000s)** | **Expenses** | | **Expenses<br>Excluding<br>Waivers** | | **Expenses<br>Excluding<br>Interest<br>Expense** | | **Expenses<br>Excluding<br>Interest<br>Expense and<br>Waivers** | | **Net<br>Investment<br>Income (Loss)** | |<br>**Portfolio<br>Turnover<br>Rate<sup>(e)</sup>** |
| $97.02 | 0.96% | $154258 | 0.26 | %\* | 0.38 | %\* | 0.25 | %\* | 0.37 | %\* | 2.46 | %\* | 21% |
| 98.43 | (1.43) | 184071 | 0.25 |  | 0.37 |  | 0.24 |  | 0.36 |  | 0.67 |  | 75 |
| 100.66 | 0.99 | 153000 | 0.25 |  | 0.37 |  | 0.25 |  | 0.37 |  | 0.74 |  | 120 |
| 100.64 | 1.54 | 87553 | 0.27 | \* | 0.51 | \* | 0.24 | \* | 0.48 | \* | 1.87 | \* | 102 |
| $98.73 | 1.12% | $8814475 | 0.35 | %\* | 0.35 | %\* | 0.35 | %\* | 0.35 | %\* | 2.62 | %\* | 8% |
| 99.13 | (2.20) | &nbsp;&nbsp;&nbsp;&nbsp;11757526 | 0.36 |  | 0.36 |  | 0.35 |  | 0.35 |  | 0.67 |  | 100 |
| 101.99 | 0.89 | 14024433 | 0.35 |  | 0.35 |  | 0.35 |  | 0.35 |  | 0.51 |  | 71 |
| 101.65 | 2.21 | 13914440 | 0.37 |  | 0.37 |  | 0.35 |  | 0.35 |  | 2.03 |  | 81 |
| 101.75 | 2.84 | 11939913 | 0.36 |  | 0.36 |  | 0.35 |  | 0.35 |  | 2.70 |  | 72 |
| 101.58 | 1.70 | 9410140 | 0.42 |  | 0.42 |  | 0.35 |  | 0.35 |  | 1.92 |  | 86 |
| $51.33 | 1.00% | $991151 | 0.35 | %\* | 0.35 | %\* | 0.35 | %\* | 0.35 | %\* | 2.63 | %\* | 33% |
| 51.56 | (7.63) | 847128 | 0.35 |  | 0.35 |  | 0.35 |  | 0.35 |  | 1.68 |  | 50 |
| 56.72 | 3.56 | 647152 | 0.35 |  | 0.35 |  | 0.35 |  | 0.35 |  | 1.72 |  | 16 |
| 55.73 | 4.06 | 468662 | 0.35 |  | 0.35 |  | 0.35 |  | 0.35 |  | 2.25 |  | 34 |
| 54.77 | 6.41 | 304515 | 0.35 |  | 0.35 |  | 0.35 |  | 0.35 |  | 2.63 |  | 39 |
| 52.84 | 1.25 | 275309 | 0.35 |  | 0.35 |  | 0.35 |  | 0.35 |  | 2.44 |  | 27 |
| $43.54 | 0.81% | $53115 | 0.40 | %\* | 0.50 | %\* | 0.40 | %\* | 0.50 | %\* | 3.58 | %\* | 73% |
| 44.06 | (10.89) | 42296 | 0.40 | \* | 0.68 | \* | 0.40 | \* | 0.68 | \* | 1.71 | \* | 238 |
| $48.77 | 4.63% | $124851 | 0.53 | %\* | 0.73 | %\* | 0.51 | %\* | 0.71 | %\* | 6.72 | %\* | 7% |
| 48.18 | (3.64) | 64557 | 0.50 | \* | 0.95 | \* | 0.50 | \* | 0.95 | \* | 1.95 | \* | 0 |
| $49.31 | 0.56% | $565080 | 0.35 | %\* | 0.35 | %\* | 0.35 | %\* | 0.35 | %\* | 1.92 | %\* | 35% |
| 49.56 | (3.03) | 562994 | 0.35 |  | 0.35 |  | 0.35 |  | 0.35 |  | 0.67 |  | 64 |
| 51.41 | 1.66 | 452932 | 0.35 |  | 0.35 |  | 0.35 |  | 0.35 |  | 0.83 |  | 27 |
| 51.04 | 2.64 | 176581 | 0.35 |  | 0.35 |  | 0.35 |  | 0.35 |  | 1.60 |  | 55 |
| 50.53 | 3.17 | 96505 | 0.35 |  | 0.35 |  | 0.35 |  | 0.35 |  | 1.91 |  | 49 |
| 49.91 | 0.83 | 67874 | 0.35 |  | 0.35 |  | 0.35 |  | 0.35 |  | 1.55 |  | 87 |

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|:---|:---|:---|:---|
| **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **27** |

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##### [**Table of Contents**](#toc)
**Statements of Assets and Liabilities**

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| | | | | |
|:---|:---|:---|:---|:---|
| (Amounts in thousands<sup>†</sup>, except per share amounts) | **PIMCO<br>25+ Year Zero<br>Coupon U.S.<br>Treasury Index<br>Exchange-<br>Traded Fund** | **PIMCO<br>1-5 Year<br>U.S. TIPS Index<br>Exchange-<br>Traded Fund** | **PIMCO<br>15+ Year<br>U.S. TIPS Index<br>Exchange-<br>Traded Fund** | **PIMCO<br>Broad U.S.<br>TIPS Index<br>Exchange-<br>Traded Fund** |
|  **Assets:** |  |  |  |  |
|  *Investments, at value* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities\*^ | $753181 | $1126979 | $628456 | $&nbsp;&nbsp;&nbsp;&nbsp;147035 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 0 | 0 | 0 | 0 |
|  *Financial Derivative Instruments* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 0 | 0 | 0 | 0 |
|  Cash | 0 | 98 | 0 | 0 |
|  Deposits with counterparty | 0 | 0 | 0 | 0 |
|  Foreign currency, at value | 0 | 0 | 0 | 0 |
|  Receivable for investments sold | 0 | 25003 | 3235 | 880 |
|  Receivable for TBA investments sold | 0 | 0 | 0 | 0 |
|  Receivable for Fund shares sold | 0 | 0 | 0 | 0 |
|  Interest and/or dividends receivable | 1 | 2361 | 2722 | 495 |
|  Reimbursement receivable from PIMCO | 0 | 0 | 0 | 0 |
|  **Total Assets** | 753182 | 1154441 | 634413 | 148410 |
|  **Liabilities:** |  |  |  |  |
|  *Financial Derivative Instruments* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | $0 | $0 | $0 | $0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 0 | 0 | 0 | 0 |
|  Payable for investments purchased | 0 | 21319 | 0 | 0 |
|  Payable for investments purchased on a delayed-delivery basis | 0 | 0 | 0 | 0 |
|  Payable for TBA investments purchased | 0 | 0 | 0 | 0 |
|  Payable for unfunded loan commitments | 0 | 0 | 0 | 0 |
|  Payable upon return of securities loaned | 0 | 0 | 0 | 0 |
|  Deposits from counterparty | 0 | 0 | 0 | 0 |
|  Distributions payable | 5313 | 2267 | 3385 | 1174 |
|  Overdraft due to custodian | 0 | 0 | 0 | 0 |
|  Accrued management fees | 106 | 215 | 130 | 28 |
|  Accrued reimbursement to PIMCO | 0 | 0 | 0 | 0 |
|  Other liabilities | 0 | 0 | 0 | 0 |
|  **Total Liabilities** | 5419 | 23801 | 3515 | 1202 |
|  **Net Assets** | $747763 | $1130640 | $630898 | $147208 |
|  **Net Assets Consist of:** |  |  |  |  |
|  Paid in capital | $1060092 | $1286383 | $922989 | $188815 |
|  Distributable earnings (accumulated loss) | (312329) | (155743) | &nbsp;&nbsp;&nbsp;&nbsp;(292091) | (41607) |
|  **Net Assets** | $747763 | $1130640 | $630898 | $147208 |
|  **Shares Issued and Outstanding** | 8570 | 22670 | 10820 | 2730 |
|  **Net Asset Value Per Share Outstanding<sup>(a)</sup>:** | $87.25 | $49.87 | $58.31 | $53.92 |
|  Cost of investments in securities | $&nbsp;&nbsp;&nbsp;&nbsp;1006284 | $&nbsp;&nbsp;&nbsp;&nbsp;1231732 | $890799 | $160753 |
|  Cost of investments in Affiliates | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;0 |
|  Cost of foreign currency held | $0 | $0 | $0 | $0 |
|  Cost or premiums of financial derivative instruments, net | $0 | $0 | $0 | $0 |
|  \* Includes repurchase agreements of: | $4141 | $0 | $690 | $150 |
|  ^ Includes securities on loan of: | $0 | $0 | $0 | $0 |

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

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<sup>(a)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Funds.

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| | | |
|:---|:---|:---|
| **28** | **PIMCO ETF TRUST** | See Accompanying Notes |

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##### [**Table of Contents**](#toc)
December 31, 2022 (Unaudited)

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **PIMCO<br>0-5 Year High<br>Yield Corporate<br>Bond Index<br>Exchange-<br>Traded Fund** | **PIMCO<br>Investment<br>Grade Corporate<br>Bond Index<br>Exchange-<br>Traded Fund** | **PIMCO<br>Active Bond<br>Exchange-<br>Traded Fund** | **PIMCO<br>Enhanced Low<br>Duration Active<br>Exchange-<br>Traded Fund** | **PIMCO<br>Enhanced Short<br>Maturity Active<br>ESG Exchange-<br>Traded Fund** | **PIMCO<br>Enhanced Short<br>Maturity Active<br>Exchange-<br>Traded Fund** | **PIMCO<br>Intermediate<br>Municipal<br>Bond Active<br>Exchange-<br>Traded Fund** | **PIMCO<br>Municipal Income<br>Opportunities<br>Active<br>Exchange-<br>Traded Fund** | **PIMCO<br>Senior Loan<br>Active<br>Exchange-<br>Traded Fund** | **PIMCO<br>Short Term<br>Municipal<br>Bond Active<br>Exchange-<br>Traded Fund** |
| $1304089 | $890974 | $3763960 | $1363357 | $159939 | $8779663 | $960842 | $52159 | $130714 | $561944 |
| 34423 | 3744 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 0 | 11 | 470 | 577 | 0 | 0 | 0 | 4 | 12 | 0 |
| 0 | 0 | 25 | 311 | 203 | 0 | 0 | 0 | 0 | 0 |
| 0 | 0 | 0 | 0 | 107 | 101 | 0 | 502 | 177 | 0 |
| 11323 | 3193 | 39170 | 11598 | 0 | 0 | 0 | 132 | 170 | 0 |
| 0 | 0 | 1263 | 43 | 110 | 0 | 0 | 0 | 0 | 0 |
| 112 | 0 | 566 | 19 | 0 | 885 | 0 | 15 | 1119 | 0 |
| 0 | 0 | 861437 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 0 | 0 | 0 | 0 | 0 | 27644 | 23600 | 0 | 0 | 0 |
| 21753 | 10009 | 25119 | 9746 | 891 | 48500 | 9458 | 504 | 1067 | 4576 |
| 0 | 0 | 0 | 0 | 18 | 0 | 0 | 5 | 24 | 0 |
| 1371700 | 907931 | 4692010 | 1385651 | 161268 | 8856793 | 993900 | 53321 | 133283 | 566520 |
| $33 | $0 | $303 | $953 | $0 | $0 | $0 | $0 | $0 | $0 |
| 578 | 0 | 39 | 800 | 1376 | 0 | 0 | 0 | 190 | 0 |
| 0 | 0 | 49434 | 0 | 3877 | 10072 | 0 | 0 | 7139 | 0 |
| 79 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 0 | 0 | 1409967 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 77 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 34728 | 3744 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 0 | 0 | 8556 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 7880 | 3194 | 10280 | 3367 | 1703 | 29370 | 2450 | 182 | 1024 | 1261 |
| 12 | 7 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 734 | 156 | 1578 | 579 | 54 | 2876 | 299 | 24 | 79 | 179 |
| 0 | 0 | 0 | 2 | 0 | 0 | 0 | 0 | 0 | 0 |
| 0 | 2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 44121 | 7103 | 1480157 | 5701 | 7010 | 42318 | 2749 | 206 | 8432 | 1440 |
| $&nbsp;&nbsp;&nbsp;&nbsp;1327579 | $900828 | $3211853 | $1379950 | $154258 | $8814475 | $991151 | $53115 | $124851 | $565080 |
| $1650617 | $&nbsp;&nbsp;&nbsp;&nbsp;1008537 | $&nbsp;&nbsp;&nbsp;&nbsp;3890075 | $&nbsp;&nbsp;&nbsp;&nbsp;1475161 | $&nbsp;&nbsp;&nbsp;&nbsp;160073 | $&nbsp;&nbsp;&nbsp;&nbsp;9209998 | $&nbsp;&nbsp;&nbsp;&nbsp;1032516 | $&nbsp;&nbsp;&nbsp;&nbsp;58592 | $&nbsp;&nbsp;&nbsp;&nbsp;127378 | $&nbsp;&nbsp;&nbsp;&nbsp;584723 |
| (323038) | (107709) | (678222) | (95211) | (5815) | (395523) | (41365) | (5477) | (2527) | (19643) |
| $1327579 | $900828 | $3211853 | $1379950 | $154258 | $8814475 | $991151 | $53115 | $124851 | $565080 |
| 14900 | 9680 | 35450 | 14640 | 1590 | 89280 | 19310 | 1220 | 2560 | 11460 |
| $89.10 | $93.06 | $90.60 | $94.26 | $97.02 | $98.73 | $51.33 | $43.54 | $48.77 | $49.31 |
| $1402199 | $971064 | $4057187 | $1403388 | $161790 | $8976989 | $968011 | $52364 | $132989 | $570782 |
| $34423 | $3744 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| $0 | $0 | $1338 | $49 | $111 | $0 | $0 | $0 | $0 | $0 |
| $(2336) | $159 | $780 | $(4454) | $0 | $0 | $0 | $0 | $295 | $0 |
| $117852 | $26318 | $172326 | $5488 | $19000 | $162402 | $716 | $4000 | $13100 | $560 |
| $34040 | $3669 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **29** |

---

------

##### [**Table of Contents**](#toc)
**Statements of Operations**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Six Months Ended December 31, 2022 (Unaudited) |  |  |  |  |
| (Amounts in thousands<sup>†</sup>) | **PIMCO<br>25+ Year Zero<br>Coupon U.S.<br>Treasury Index<br>Exchange-<br>Traded Fund** | **PIMCO<br>1-5 Year<br>U.S. TIPS Index<br>Exchange-<br>Traded Fund** | **PIMCO<br>15+ Year<br>U.S. TIPS Index<br>Exchange-<br>Traded Fund** | **PIMCO<br>Broad U.S.<br>TIPS Index<br>Exchange-<br>Traded Fund** |
|  **Investment Income:** |  |  |  |  |
|  Interest | $9228 | $31370 | $20770 | $8358 |
|  Dividends, net of foreign taxes\* | 0 | 0 | 0 | 0 |
|  Securities lending income | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 9228 | 31370 | 20770 | 8358 |
|  **Expenses:** |  |  |  |  |
|  Management fees | 423 | 1392 | 667 | 238 |
|  Trustee fees | 3 | 9 | 4 | 1 |
|  Interest expense | 0 | 0 | 0 | 0 |
|  Miscellaneous expense | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 426 | 1401 | 671 | 239 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 426 | 1401 | 671 | 239 |
|  **Net Investment Income (Loss)** | 8802 | 29969 | 20099 | 8119 |
|  **Net Realized Gain (Loss):** |  |  |  |  |
|  Investments in securities | (26253) | (7141) | (13516) | (16723) |
|  In-kind redemptions | (722) | (22258) | 5056 | (6583) |
|  Exchange-traded or centrally cleared financial derivative instruments | 0 | 0 | 0 | 0 |
|  Over the counter financial derivative instruments | 0 | 0 | 0 | 0 |
|  Foreign currency | 0 | 0 | 0 | 0 |
|  **Net Realized Gain (Loss)** | (26975) | (29399) | (8460) | &nbsp;&nbsp;&nbsp;&nbsp;(23306) |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |  |  |  |
|  Investments in securities | (95210) | (26429) | (55573) | 5666 |
|  Investments in Affiliates | 0 | 0 | 0 | 0 |
|  Exchange-traded or centrally cleared financial derivative instruments | 0 | 0 | 0 | 0 |
|  Over the counter financial derivative instruments | 0 | 0 | 0 | 0 |
|  Foreign currency assets and liabilities | 0 | 0 | 0 | 0 |
|  **Net Change in Unrealized Appreciation (Depreciation)** | (95210) | (26429) | (55573) | 5666 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $&nbsp;&nbsp;&nbsp;&nbsp;(113383) | $&nbsp;&nbsp;&nbsp;&nbsp;(25859) | $&nbsp;&nbsp;&nbsp;&nbsp;(43934) | $(9521) |
|  \* Foreign tax withholdings - Dividends | $0 | $0 | $0 | $0 |

---

---

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

---

---

| | | |
|:---|:---|:---|
| **30** | **PIMCO ETF TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **PIMCO<br>0-5 Year High<br>Yield Corporate<br>Bond Index<br>Exchange-<br>Traded Fund** | **PIMCO<br>Investment<br>Grade Corporate<br>Bond Index<br>Exchange-<br>Traded Fund** | **PIMCO<br>Active Bond<br>Exchange-<br>Traded Fund** | **PIMCO<br>Enhanced Low<br>Duration Active<br>Exchange-<br>Traded Fund** | **PIMCO<br>Enhanced Short<br>Maturity Active<br>ESG Exchange-<br>Traded Fund** | **PIMCO<br>Enhanced Short<br>Maturity Active<br>Exchange-<br>Traded Fund** | **PIMCO<br>Intermediate<br>Municipal<br>Bond Active<br>Exchange-<br>Traded Fund** | **PIMCO<br>Municipal Income<br>Opportunities<br>Active<br>Exchange-<br>Traded Fund** | **PIMCO<br>Senior Loan<br>Active<br>Exchange-<br>Traded Fund** | **PIMCO<br>Short Term<br>Municipal<br>Bond Active<br>Exchange-<br>Traded Fund** |
| $39529 | $13385 | $66917 | $24798 | $2522 | $160379 | $12733 | $994 | $3797 | $6570 |
| 1 | 0 | 1029 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 226 | 5 | 0 | 0 | 0 | 4 | 0 | 0 | 0 | 0 |
| 39756 | 13390 | 67946 | 24798 | 2522 | 160383 | 12733 | 994 | 3797 | 6570 |
| 3700 | 700 | 8787 | 3370 | 334 | 18898 | 1494 | 123 | 366 | 1009 |
| 8 | 4 | 20 | 8 | 1 | 71 | 5 | 0 | 2 | 3 |
| 16 | 7 | 432 | 99 | 7 | 39 | 11 | 0 | 8 | 9 |
| 0 | 0 | 3 | 36 | 4 | 0 | 0 | 1 | 3 | 0 |
| 3724 | 711 | 9242 | 3513 | 346 | 19008 | 1510 | 124 | 379 | 1021 |
| 0 | 0 | 0 | (8) | (112) | 0 | 0 | (25) | (101) | 0 |
| 3724 | 711 | 9242 | 3505 | 234 | 19008 | 1510 | 99 | 278 | 1021 |
| 36032 | 12679 | 58704 | 21293 | 2288 | 141375 | 11223 | 895 | 3519 | 5549 |
| (7706) | (9099) | (85378) | (21284) | &nbsp;&nbsp;&nbsp;&nbsp;(1594) | (80591) | (14519) | (1495) | (371) | (3423) |
| &nbsp;&nbsp;&nbsp;&nbsp;(12384) | (2966) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| (2254) | 288 | (19776) | (11596) | 0 | 0 | 0 | 184 | 2 | 0 |
| 552 | 265 | 654 | (3603) | 939 | 0 | 0 | 0 | 99 | 0 |
| 0 | 0 | (985) | (662) | (20) | 0 | 0 | 0 | 0 | 0 |
| (21792) | &nbsp;&nbsp;&nbsp;&nbsp;(11512) | &nbsp;&nbsp;&nbsp;&nbsp;(105485) | &nbsp;&nbsp;&nbsp;&nbsp;(37145) | (675) | (80591) | &nbsp;&nbsp;&nbsp;&nbsp;(14519) | &nbsp;&nbsp;&nbsp;&nbsp;(1311) | (270) | &nbsp;&nbsp;&nbsp;&nbsp;(3423) |
| 24203 | (7080) | (59165) | 4257 | 1818 | 46327 | 15491 | 877 | 200 | 749 |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 7008 | 955 | 14504 | 2114 | 0 | 0 | 0 | (18) | 248 | 0 |
| 628 | (104) | (114) | 1088 | (1745) | 0 | 0 | 0 | (197) | 0 |
| 0 | 0 | (227) | 34 | (4) | 0 | 0 | 0 | 0 | 0 |
| 31839 | (6229) | (45002) | 7493 | 69 | 46327 | 15491 | 859 | 251 | 749 |
| $46079 | $(5062) | $(91783) | $(8359) | $1682 | $&nbsp;&nbsp;&nbsp;&nbsp;107111 | $12195 | $443 | $&nbsp;&nbsp;&nbsp;&nbsp;3500 | $2875 |
| $0 | $0 | $17 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **31** |

---

------

##### [**Table of Contents**](#toc)
**Statements of Changes in Net Assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PIMCO**<br> **25+ Year Zero Coupon**<br> **U.S. Treasury Index**<br> **Exchange-Traded Fund** | **PIMCO**<br> **25+ Year Zero Coupon**<br> **U.S. Treasury Index**<br> **Exchange-Traded Fund** | **PIMCO**<br> **1-5 Year U.S. TIPS Index**<br> **Exchange-Traded Fund** | **PIMCO**<br> **1-5 Year U.S. TIPS Index**<br> **Exchange-Traded Fund** |
| (Amounts in thousands<sup>†</sup>) | **Six Months Ended**<br> **December 31, 2022**<br> **(Unaudited)** | **Year Ended<br>June 30, 2022** | **Six Months Ended**<br> **December 31, 2022**<br> **(Unaudited)** | **Year Ended<br>June 30, 2022** |
|  **Increase (Decrease) in Net Assets from:** |  |  |  |  |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $8802 | $7604 | $29969 | $71273 |
|  Net realized gain (loss) | (26975) | (247) | (29399) | 8287 |
|  Net change in unrealized appreciation (depreciation) | (95210) | (117925) | (26429) | (88032) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | (113383) | (110568) | (25859) | (8472) |
|  **Distributions to Shareholders:** |  |  |  |  |
|  From net investment income and/or net realized capital gains | (11275) | (6660) | (39063) | (69174) |
|  **Total Distributions<sup>(a)</sup>** | (11275) | (6660) | (39063) | (69174) |
|  **Fund Share Transactions:** |  |  |  |  |
|  Receipts for shares sold | 574436 | 391628 | 152221 | 949963 |
|  Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(137259) | &nbsp;&nbsp;&nbsp;&nbsp;(234603) | (532168) | (269524) |
|  Net increase (decrease) resulting from Fund share transactions | 437177 | 157025 | (379947) | 680439 |
|  **Total Increase (Decrease) in Net Assets** | 312519 | 39797 | (444869) | 602793 |
|  **Net Assets:** |  |  |  |  |
|  Beginning of period | 435244 | 395447 | 1575509 | 972716 |
|  End of period | $747763 | $435244 | $&nbsp;&nbsp;&nbsp;&nbsp;1130640 | $&nbsp;&nbsp;&nbsp;&nbsp;1575509 |
|  **Shares of Beneficial Interest:** |  |  |  |  |
|  Shares sold | 6100 | 2900 | 3000 | 17400 |
|  Shares redeemed | (1550) | (1600) | (10450) | (4950) |
|  Net increase (decrease) in shares outstanding | 4550 | 1300 | (7450) | 12450 |

---

---

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

---

<sup>(a)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations. The actual tax characterization of distributions paid is determined at the end of the fiscal year. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information. 

---

| | | |
|:---|:---|:---|
| **32** | **PIMCO ETF TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **PIMCO**<br> **15+ Year U.S. TIPS Index**<br> **Exchange-Traded Fund** | **PIMCO**<br> **15+ Year U.S. TIPS Index**<br> **Exchange-Traded Fund** | **PIMCO**<br> **Broad U.S. TIPS Index**<br> **Exchange-Traded Fund** | **PIMCO**<br> **Broad U.S. TIPS Index**<br> **Exchange-Traded Fund** | **PIMCO**<br> **0-5 Year High Yield**<br> **Corporate Bond Index<br>Exchange-Traded Fund** | **PIMCO**<br> **0-5 Year High Yield**<br> **Corporate Bond Index<br>Exchange-Traded Fund** | **PIMCO**<br> **Investment Grade**<br> **Corporate Bond Index**<br> **Exchange-Traded Fund** | **PIMCO**<br> **Investment Grade**<br> **Corporate Bond Index**<br> **Exchange-Traded Fund** | **PIMCO**<br> **Active Bond**<br> **Exchange-Traded Fund** | **PIMCO**<br> **Active Bond**<br> **Exchange-Traded Fund** |
| **Six Months Ended**<br> **December 31, 2022**<br> **(Unaudited)** | **Year Ended<br>June 30, 2022** | **Six Months Ended**<br> **December 31, 2022**<br> **(Unaudited)** | **Year Ended<br>June 30, 2022** | **Six Months Ended**<br> **December 31, 2022**<br> **(Unaudited)** | **Year Ended<br>June 30, 2022** | **Six Months Ended**<br> **December 31, 2022**<br> **(Unaudited)** | **Year Ended<br>June 30, 2022** | **Six Months Ended**<br> **December 31, 2022**<br> **(Unaudited)** | **Year Ended<br>June 30, 2022** |
| $20099 | $43867 | $8119 | $12262 | $36032 | $61463 | $12679 | $18264 | $58704 | $96634 |
| (8460) | (7376) | (23306) | 685 | (21792) | (61057) | (11512) | (15120) | (105485) | (203891) |
| (55573) | (206156) | 5666 | (26644) | 31839 | (149141) | (6229) | (108859) | (45002) | (397304) |
| (43934) | (169665) | (9521) | (13697) | 46079 | (148735) | (5062) | (105715) | (91783) | (504561) |
| (23981) | (42424) | (8811) | (14257) | (42789) | (64850) | (14243) | (19457) | (65011) | (109815) |
| (23981) | (42424) | (8811) | (14257) | (42789) | (64850) | (14243) | (19457) | (65011) | (109815) |
| 255271 | 567756 | 159957 | 132061 | 797624 | 984145 | 377488 | 165347 | 246516 | 396091 |
| &nbsp;&nbsp;&nbsp;&nbsp;(177064) | &nbsp;&nbsp;&nbsp;&nbsp;(337889) | &nbsp;&nbsp;&nbsp;&nbsp;(189188) | (85597) | (589141) | (1894593) | (38238) | (253481) | (102784) | (839695) |
| 78207 | 229867 | (29231) | 46464 | 208483 | (910448) | 339250 | (88134) | 143732 | (443604) |
| 10292 | 17778 | (47563) | 18510 | 211773 | &nbsp;&nbsp;&nbsp;&nbsp;(1124033) | &nbsp;&nbsp;&nbsp;&nbsp;319945 | &nbsp;&nbsp;&nbsp;&nbsp;(213306) | (13062) | (1057980) |
| 620606 | 602828 | 194771 | 176261 | 1115806 | 2239839 | 580883 | 794189 | 3224915 | 4282895 |
| $630898 | $620606 | $147208 | $&nbsp;&nbsp;&nbsp;&nbsp;194771 | $&nbsp;&nbsp;&nbsp;&nbsp;1327579 | $1115806 | $900828 | $580883 | $&nbsp;&nbsp;&nbsp;&nbsp;3211853 | $&nbsp;&nbsp;&nbsp;&nbsp;3224915 |
| 4200 | 6600 | 2750 | 2050 | 8850 | 10250 | 4050 | 1450 | 2680 | 3690 |
| (2900) | (4050) | (3400) | (1350) | (6550) | (20050) | (400) | (2350) | (1120) | (8380) |
| 1300 | 2550 | (650) | 700 | 2300 | (9800) | 3650 | (900) | 1560 | (4690) |

---

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **33** |

---

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **Statements of Changes in Net Assets** | **(Cont.)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PIMCO**<br> **Enhanced Low**<br> **Duration Active**<br> **Exchange-Traded Fund** | **PIMCO**<br> **Enhanced Low**<br> **Duration Active**<br> **Exchange-Traded Fund** | **PIMCO**<br> **Enhanced Short**<br> **Maturity Active ESG**<br> **Exchange-Traded Fund** | **PIMCO**<br> **Enhanced Short**<br> **Maturity Active ESG**<br> **Exchange-Traded Fund** |
| (Amounts in thousands<sup>†</sup>) | **Six Months Ended**<br> **December 31, 2022**<br> **(Unaudited)** | **Year Ended<br>June 30, 2022** | **Six Months Ended**<br> **December 31, 2022**<br> **(Unaudited)** | **Year Ended<br>June 30, 2022** |
|  **Increase (Decrease) in Net Assets from:** |  |  |  |  |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $21293 | $17500 | $2288 | $1154 |
|  Net realized gain (loss) | (37145) | (18028) | (675) | (68) |
|  Net change in unrealized appreciation (depreciation) | 7493 | (54812) | 69 | (3625) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | (8359) | (55340) | 1682 | (2539) |
|  **Distributions to Shareholders:** |  |  |  |  |
|  From net investment income and/or net realized capital gains | (20592) | (14527) | (4113) | (1355) |
|  **Total Distributions<sup>(a)</sup>** | (20592) | (14527) | (4113) | (1355) |
|  **Fund Share Transactions:** |  |  |  |  |
|  Receipts for shares sold | 68159 | 434297 | 9803 | 90055 |
|  Cost of shares redeemed | (103599) | (49795) | (37185) | (55090) |
|  Net increase (decrease) resulting from Fund share transactions | (35440) | 384502 | (27382) | 34965 |
|  **Total Increase (Decrease) in Net Assets** | (64391) | 314635 | (29813) | 31071 |
|  **Net Assets:** |  |  |  |  |
|  Beginning of period | 1444341 | 1129706 | 184071 | 153000 |
|  End of period | $&nbsp;&nbsp;&nbsp;&nbsp;1379950 | $&nbsp;&nbsp;&nbsp;&nbsp;1444341 | $&nbsp;&nbsp;&nbsp;&nbsp;154258 | $&nbsp;&nbsp;&nbsp;&nbsp;184071 |
|  **Shares of Beneficial Interest:** |  |  |  |  |
|  Shares sold | 720 | 4420 | 100 | 900 |
|  Shares redeemed | (1100) | (500) | (380) | (550) |
|  Net increase (decrease) in shares outstanding | (380) | 3920 | (280) | 350 |

---

---

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

---

<sup>(a)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations. The actual tax characterization of distributions paid is determined at the end of the fiscal year. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information. 

<sup>(b)</sup> Inception date of the Fund was September 08, 2021.

<sup>(c)</sup> Inception date of the Fund was June 08, 2022.

---

| | | |
|:---|:---|:---|
| **34** | **PIMCO ETF TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **PIMCO**<br> **Enhanced Short**<br> **Maturity Active**<br> **Exchange-Traded Fund** | **PIMCO**<br> **Enhanced Short**<br> **Maturity Active**<br> **Exchange-Traded Fund** | **PIMCO**<br> **Intermediate Municipal**<br> **Bond Active**<br> **Exchange-Traded Fund** | **PIMCO**<br> **Intermediate Municipal**<br> **Bond Active**<br> **Exchange-Traded Fund** | **PIMCO**<br> **Municipal Income**<br> **Opportunities Active**<br> **Exchange-Traded Fund** | **PIMCO**<br> **Municipal Income**<br> **Opportunities Active**<br> **Exchange-Traded Fund** | **PIMCO**<br> **Senior Loan Active**<br> **Exchange-Traded Fund** | **PIMCO**<br> **Senior Loan Active**<br> **Exchange-Traded Fund** | **PIMCO**<br> **Short Term Municipal**<br> **Bond Active**<br> **Exchange-Traded Fund** | **PIMCO**<br> **Short Term Municipal**<br> **Bond Active**<br> **Exchange-Traded Fund** |
| **Six Months Ended**<br> **December 31, 2022**<br> **(Unaudited)** | **Year Ended<br>June 30, 2022** | **Six Months Ended**<br> **December 31, 2022**<br> **(Unaudited)** | **Year Ended<br>June 30, 2022** | **Six Months Ended**<br> **December 31, 2022**<br> **(Unaudited)** | **Inception date through**<br> **June 30, 2022<sup>(b)</sup>** | **Six Months Ended**<br> **December 31, 2022**<br> **(Unaudited)** | **Inception date through**<br> **June 30, 2022<sup>(c)</sup>** | **Six Months Ended**<br> **December 31, 2022**<br> **(Unaudited)** | **Year Ended<br>June 30, 2022** |
| $141375 | $90004 | $11223 | $11992 | $895 | $564 | $3519 | $76 | $5549 | $3532 |
| (80591) | (111160) | (14519) | (15189) | (1311) | (3982) | (270) | 3 | (3423) | (6193) |
| 46327 | (272391) | 15491 | (53344) | 859 | (1057) | 251 | (2475) | 749 | (14179) |
| 107111 | (293547) | 12195 | (56541) | 443 | (4475) | 3500 | (2396) | 2875 | (16840) |
| (156201) | (82303) | (12284) | (11421) | (992) | (453) | (3631) | 0 | (6033) | (3141) |
| (156201) | (82303) | (12284) | (11421) | (992) | (453) | (3631) | 0 | (6033) | (3141) |
| 978573 | 2413528 | 288602 | 442545 | 28769 | 53425 | 66311 | 66953 | 42562 | 232044 |
| (3872534) | (4304585) | (144490) | (174607) | (17401) | (6201) | (5886) | 0 | (37318) | (102001) |
| (2893961) | (1891057) | 144112 | 267938 | 11368 | 47224 | 60425 | 66953 | 5244 | 130043 |
| (2943051) | (2266907) | 144023 | 199976 | 10819 | 42296 | 60294 | 64557 | 2086 | 110062 |
| &nbsp;&nbsp;&nbsp;&nbsp;11757526 | 14024433 | 847128 | 647152 | 42296 | 0 | 64557 | 0 | 562994 | 452932 |
| $8814475 | $&nbsp;&nbsp;&nbsp;&nbsp;11757526 | $&nbsp;&nbsp;&nbsp;&nbsp;991151 | $&nbsp;&nbsp;&nbsp;&nbsp;847128 | $&nbsp;&nbsp;&nbsp;&nbsp;53115 | $&nbsp;&nbsp;&nbsp;&nbsp;42296 | $&nbsp;&nbsp;&nbsp;&nbsp;124851 | $&nbsp;&nbsp;&nbsp;&nbsp;64557 | $&nbsp;&nbsp;&nbsp;&nbsp;565080 | $&nbsp;&nbsp;&nbsp;&nbsp;562994 |
| 9870 | 23940 | 5660 | 8340 | 660 | 1100 | 1340 | 1340 | 860 | 4570 |
| (39200) | (42840) | (2780) | (3320) | (400) | (140) | (120) | 0 | (760) | (2020) |
| (29330) | (18900) | 2880 | 5020 | 260 | 960 | 1220 | 1340 | 100 | 2550 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **35** |

---

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **Schedule of Investments** | **PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **INVESTMENTS IN SECURITIES 100.7%** | **INVESTMENTS IN SECURITIES 100.7%** | **INVESTMENTS IN SECURITIES 100.7%** | **INVESTMENTS IN SECURITIES 100.7%** | **INVESTMENTS IN SECURITIES 100.7%** |
| **U.S. TREASURY OBLIGATIONS 100.1%** | **U.S. TREASURY OBLIGATIONS 100.1%** | **U.S. TREASURY OBLIGATIONS 100.1%** | **U.S. TREASURY OBLIGATIONS 100.1%** | **U.S. TREASURY OBLIGATIONS 100.1%** |
|  **U.S. Treasury STRIPS (a)** | **U.S. Treasury STRIPS (a)** | **U.S. Treasury STRIPS (a)** | **U.S. Treasury STRIPS (a)** | **U.S. Treasury STRIPS (a)** |
|  0.000% due 08/15/2047 | $— | 40566 | $— | 14775 |
|  0.000% due 11/15/2047 |  | 110486 |  | 40131 |
|  0.000% due 02/15/2048 |  | 110291 |  | 39792 |
|  0.000% due 05/15/2048 |  | 110390 |  | 39679 |
|  0.000% due 08/15/2048 |  | 110654 |  | 39527 |
|  0.000% due 11/15/2048 |  | 120694 |  | 43140 |
|  0.000% due 02/15/2049 |  | 111023 |  | 39395 |
|  0.000% due 05/15/2049 |  | 110040 |  | 38827 |
|  0.000% due 08/15/2049 |  | 110402 |  | 38386 |
|  0.000% due 11/15/2049 |  | 106457 |  | 36886 |
|  0.000% due 02/15/2050 |  | 104558 |  | 35690 |
|  0.000% due 05/15/2050 |  | 109999 |  | 37187 |
|  0.000% due 08/15/2050 |  | 115199 |  | 38528 |
|  0.000% due 11/15/2050 |  | 114514 |  | 37988 |
|  0.000% due 02/15/2051 |  | 111608 |  | 36835 |
|  0.000% due 05/15/2051 |  | 134037 |  | 44091 |
|  0.000% due 08/15/2051 |  | 133645 |  | 43567 |
|  0.000% due 11/15/2051 |  | 104393 |  | 33652 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  0.000% due 02/15/2052 | 75291 | $— | 24268 |
|  0.000% due 05/15/2052 | 89310 |  | 28738 |
|  0.000% due 08/15/2052 | 55955 |  | 17958 |
| **Total U.S. Treasury Obligations<br>(Cost $1,002,143)** | **Total U.S. Treasury Obligations<br>(Cost $1,002,143)** |  | **749040** |
| **SHORT-TERM INSTRUMENTS 0.6%** | **SHORT-TERM INSTRUMENTS 0.6%** | **SHORT-TERM INSTRUMENTS 0.6%** | **SHORT-TERM INSTRUMENTS 0.6%** |
| **REPURCHASE AGREEMENTS (b) 0.6%** | **REPURCHASE AGREEMENTS (b) 0.6%** | **REPURCHASE AGREEMENTS (b) 0.6%** | **REPURCHASE AGREEMENTS (b) 0.6%** |
|  |  |  | 4141 |
| **Total Short-Term Instruments<br>(Cost $4,141)** | **Total Short-Term Instruments<br>(Cost $4,141)** |  | **4141** |
| **Total Investments in Securities<br>(Cost $1,006,284)** | **Total Investments in Securities<br>(Cost $1,006,284)** |  | **753181** |
| **Total Investments 100.7%<br>(Cost $1,006,284)** | **Total Investments 100.7%<br>(Cost $1,006,284)** | $— | **753181** |
| **Other Assets and Liabilities, net (0.7)%** | **Other Assets and Liabilities, net (0.7)%** |  | **(5418)** |
| **Net Assets 100.0%** | **Net Assets 100.0%** | $— | **747763** |

---

**NOTES TO SCHEDULE OF INVESTMENTS:** 

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

**(a)** **Zero coupon security.** 

**BORROWINGS AND OTHER FINANCING TRANSACTIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;**(b) REPURCHASE AGREEMENTS:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Lending<br>Rate** | **Settlement<br>Date** | **Maturity<br>Date** | **Principal<br>Amount** | **Collateralized By** | **Collateral<br>(Received)** | **Repurchase<br>Agreements,<br>at Value** | **Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup>** |
| FICC | 1.900% | 12/30/2022 | 01/03/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4141 | U.S. Treasury Bills 0.000% due 12/28/2023 | $(4224) | $4141 | $4141 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** |  | $**(4224)** | $**4141** | $**4141** |

---

**BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY** 

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2022:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup>** | **Payable for<br>Reverse<br>Repurchase<br>Agreements** | **Payable for<br>Sale-Buyback<br>Transactions** | **Securities<br>Out on Loan** | **Total<br>Borrowings and<br>Other Financing<br>Transactions** | **Collateral<br>Pledged/(Received)** | **Net Exposure<sup>(2)</sup>** |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  FICC | $4141 | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4141 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4224) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(83) |
|  **Total Borrowings and Other Financing Transactions** | $**4141** | $**0** | $**0** | $**0** |  |  |  |

---

<sup>(1)</sup> Includes accrued interest.

<sup>(2)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

---

| | | |
|:---|:---|:---|
| **36** | **PIMCO ETF TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022 (Unaudited)

**FAIR VALUE MEASUREMENTS** 

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
|  **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 | $0 | $749040 | $0 | $749040 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 4141 | 0 | 4141 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753181 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753181 |

---

There were no significant transfers into or out of Level 3 during the period ended December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **37** |

---

------

##### [**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| **Schedule of Investments** | **PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund** | December 31, 2022 | (Unaudited) |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **INVESTMENTS IN SECURITIES 99.7%** | **INVESTMENTS IN SECURITIES 99.7%** | **INVESTMENTS IN SECURITIES 99.7%** | **INVESTMENTS IN SECURITIES 99.7%** | **INVESTMENTS IN SECURITIES 99.7%** |
| **U.S. TREASURY OBLIGATIONS 99.7%** | **U.S. TREASURY OBLIGATIONS 99.7%** | **U.S. TREASURY OBLIGATIONS 99.7%** | **U.S. TREASURY OBLIGATIONS 99.7%** | **U.S. TREASURY OBLIGATIONS 99.7%** |
|  **U.S. Treasury Inflation Protected Securities (a)** | **U.S. Treasury Inflation Protected Securities (a)** | **U.S. Treasury Inflation Protected Securities (a)** | **U.S. Treasury Inflation Protected Securities (a)** | **U.S. Treasury Inflation Protected Securities (a)** |
|  0.125% due 07/15/2024 | $— | 109819 | $— | 106292 |
|  0.125% due 10/15/2024 |  | 42516 |  | 40950 |
|  0.125% due 04/15/2025 |  | 90384 |  | 86155 |
|  0.125% due 10/15/2025 |  | 15677 |  | 14903 |
|  0.125% due 04/15/2026 |  | 134177 |  | 126182 |
|  0.125% due 07/15/2026 |  | 14048 |  | 13242 |
|  0.125% due 10/15/2026 |  | 20785 |  | 19489 |
|  0.125% due 04/15/2027 |  | 13777 |  | 12844 |
|  0.125% due 01/15/2032 |  | 11219 |  | 9835 |
|  0.250% due 01/15/2025 |  | 80780 |  | 77501 |
|  0.375% due 07/15/2025 |  | 88085 |  | 84616 |
|  0.375% due 01/15/2027 |  | 51909 |  | 48968 |
|  0.375% due 07/15/2027 |  | 37095 |  | 34975 |
|  0.500% due 04/15/2024 |  | 86702 |  | 84323 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  0.500% due 01/15/2028 | 83499 | $— | 78556 |
|  0.625% due 01/15/2024 | 24082 |  | 23572 |
|  0.625% due 01/15/2026 | 138763 |  | 133235 |
|  0.750% due 07/15/2028 | 41489 |  | 39541 |
|  1.625% due 10/15/2027 | 18718 |  | 18705 |
|  2.375% due 01/15/2025 | 73022 |  | 73095 |
| **Total U.S. Treasury Obligations<br>(Cost $1,231,732)** | **Total U.S. Treasury Obligations<br>(Cost $1,231,732)** |  | **1126979** |
| **Total Investments in Securities<br>(Cost $1,231,732)** | **Total Investments in Securities<br>(Cost $1,231,732)** |  | **1126979** |
| **Total Investments 99.7%<br>(Cost $1,231,732)** | **Total Investments 99.7%<br>(Cost $1,231,732)** | $— | **1126979** |
| **Other Assets and Liabilities, net 0.3%** | **Other Assets and Liabilities, net 0.3%** |  | **3661** |
| **Net Assets 100.0%** | **Net Assets 100.0%** | $— | **1130640** |

---

**NOTES TO SCHEDULE OF INVESTMENTS:** 

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

**(a)** **Principal amount of security is adjusted for inflation.** 

**FAIR VALUE MEASUREMENTS** 

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
|  **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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1126979 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1126979 |

---

There were no significant transfers into or out of Level 3 during the period ended December 31, 2022.

---

| | | |
|:---|:---|:---|
| **38** | **PIMCO ETF TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| **Schedule of Investments** | **PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund** | December 31, 2022 | (Unaudited) |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **INVESTMENTS IN SECURITIES 99.6%** | **INVESTMENTS IN SECURITIES 99.6%** | **INVESTMENTS IN SECURITIES 99.6%** | **INVESTMENTS IN SECURITIES 99.6%** | **INVESTMENTS IN SECURITIES 99.6%** |
| **U.S. TREASURY OBLIGATIONS 99.5%** | **U.S. TREASURY OBLIGATIONS 99.5%** | **U.S. TREASURY OBLIGATIONS 99.5%** | **U.S. TREASURY OBLIGATIONS 99.5%** | **U.S. TREASURY OBLIGATIONS 99.5%** |
|  **U.S. Treasury Inflation Protected Securities (a)** | **U.S. Treasury Inflation Protected Securities (a)** | **U.S. Treasury Inflation Protected Securities (a)** | **U.S. Treasury Inflation Protected Securities (a)** | **U.S. Treasury Inflation Protected Securities (a)** |
|  0.125% due 02/15/2051 | $— | 19605 | $— | 12645 |
|  0.125% due 02/15/2052 |  | 21314 |  | 13825 |
|  0.250% due 02/15/2050 |  | 42712 |  | 28844 |
|  0.625% due 02/15/2043 |  | 85080 |  | 68718 |
|  0.750% due 02/15/2042 |  | 79562 |  | 66663 |
|  0.750% due 02/15/2045 |  | 87187 |  | 70591 |
|  0.875% due 02/15/2047 |  | 68708 |  | 56394 |
|  1.000% due 02/15/2046 |  | 69384 |  | 58995 |
|  1.000% due 02/15/2048 |  | 68645 |  | 57846 |
|  1.000% due 02/15/2049 |  | 43788 |  | 36645 |
|  1.375% due 02/15/2044 |  | 80714 |  | 75035 |
|  2.125% due 02/15/2040 |  | 12067 |  | 12784 |
|  2.125% due 02/15/2041 |  | 64873 |  | 68781 |
| **Total U.S. Treasury Obligations<br>(Cost $890,109)** | **Total U.S. Treasury Obligations<br>(Cost $890,109)** | **Total U.S. Treasury Obligations<br>(Cost $890,109)** |  | **627766** |

---

---

| | | |
|:---|:---|:---|
|  | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **SHORT-TERM INSTRUMENTS 0.1%** | **SHORT-TERM INSTRUMENTS 0.1%** | **SHORT-TERM INSTRUMENTS 0.1%** |
| **REPURCHASE AGREEMENTS (b) 0.1%** | **REPURCHASE AGREEMENTS (b) 0.1%** | **REPURCHASE AGREEMENTS (b) 0.1%** |
|  | $— | 690 |
| **Total Short-Term Instruments<br>(Cost $690)** |  | **690** |
| **Total Investments in Securities<br>(Cost $890,799)** |  | **628456** |
| **Total Investments 99.6%<br>(Cost $890,799)** | $— | **628456** |
| **Other Assets and Liabilities, net 0.4%** |  | **2442** |
| **Net Assets 100.0%** | $— | **630898** |

---

**NOTES TO SCHEDULE OF INVESTMENTS:** 

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

**(a)** **Principal amount of security is adjusted for inflation.** 

**BORROWINGS AND OTHER FINANCING TRANSACTIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;**(b) REPURCHASE AGREEMENTS:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Lending<br>Rate** | **Settlement<br>Date** | **Maturity<br>Date** | **Principal<br>Amount** | **Collateralized By** | **Collateral<br>(Received)** | **Repurchase<br>Agreements,<br>at Value** | **Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup>** |
| FICC | 1.900% | 12/30/2022 | 01/03/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690 | U.S. Treasury Bills 0.000% due 12/28/2023 | $(704) | $690 | $690 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** |  | $**(704)** | $**690** | $**690** |

---

**BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY** 

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2022:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup>** | **Payable for<br>Reverse<br>Repurchase<br>Agreements** | **Payable for<br>Sale-Buyback<br>Transactions** | **Securities<br>Out on Loan** | **Total<br>Borrowings and<br>Other Financing<br>Transactions** | **Collateral<br>Pledged/(Received)** | **Net Exposure<sup>(2)</sup>** |
|  Global/Master Repurchase Agreement |  |  |  |  |  |  |  |
|  FICC | $690 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(704) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) |
|  **Total Borrowings and Other Financing Transactions** | $**690** | $**0** | $**0** | $**0** |  |  |  |

---

<sup>(1)</sup> Includes accrued interest.

<sup>(2)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

**FAIR VALUE MEASUREMENTS** 

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
|  **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 | $0 | $627766 | $0 | $627766 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 690 | 0 | 690 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;628456 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;628456 |

---

There were no significant transfers into or out of Level 3 during the period ended December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **39** |

---

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **Schedule of Investments** | **PIMCO Broad U.S. TIPS Index Exchange-Traded Fund** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **INVESTMENTS IN SECURITIES 99.9%** | **INVESTMENTS IN SECURITIES 99.9%** | **INVESTMENTS IN SECURITIES 99.9%** | **INVESTMENTS IN SECURITIES 99.9%** | **INVESTMENTS IN SECURITIES 99.9%** |
| **U.S. TREASURY OBLIGATIONS 99.8%** | **U.S. TREASURY OBLIGATIONS 99.8%** | **U.S. TREASURY OBLIGATIONS 99.8%** | **U.S. TREASURY OBLIGATIONS 99.8%** | **U.S. TREASURY OBLIGATIONS 99.8%** |
|  **U.S. Treasury Inflation Protected Securities (a)** | **U.S. Treasury Inflation Protected Securities (a)** | **U.S. Treasury Inflation Protected Securities (a)** | **U.S. Treasury Inflation Protected Securities (a)** | **U.S. Treasury Inflation Protected Securities (a)** |
|  0.125% due 07/15/2024 | $— | 6821 | $— | 6602 |
|  0.125% due 10/15/2024 |  | 6544 |  | 6303 |
|  0.125% due 04/15/2025 |  | 6960 |  | 6635 |
|  0.125% due 10/15/2025 |  | 548 |  | 521 |
|  0.125% due 04/15/2026 |  | 7237 |  | 6806 |
|  0.125% due 07/15/2026 |  | 1208 |  | 1139 |
|  0.125% due 10/15/2026 |  | 4302 |  | 4034 |
|  0.125% due 04/15/2027 |  | 836 |  | 779 |
|  0.125% due 01/15/2030 |  | 7504 |  | 6745 |
|  0.125% due 07/15/2030 |  | 6695 |  | 5999 |
|  0.125% due 01/15/2031 |  | 1256 |  | 1116 |
|  0.125% due 07/15/2031 |  | 6885 |  | 6088 |
|  0.125% due 01/15/2032 |  | 3445 |  | 3020 |
|  0.250% due 01/15/2025 |  | 7046 |  | 6760 |
|  0.250% due 07/15/2029 |  | 1353 |  | 1239 |
|  0.375% due 07/15/2025 |  | 2885 |  | 2772 |
|  0.375% due 01/15/2027 |  | 1532 |  | 1445 |
|  0.375% due 07/15/2027 |  | 1226 |  | 1155 |
|  0.500% due 04/15/2024 |  | 6554 |  | 6374 |
|  0.500% due 01/15/2028 |  | 1247 |  | 1173 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  0.625% due 01/15/2024 | $— | 6837 | $— | 6692 |
|  0.625% due 01/15/2026 |  | 2020 |  | 1940 |
|  0.625% due 07/15/2032 |  | 1410 |  | 1293 |
|  0.625% due 02/15/2043 |  | 6145 |  | 4963 |
|  0.750% due 07/15/2028 |  | 908 |  | 866 |
|  0.750% due 02/15/2042 |  | 4260 |  | 3569 |
|  0.750% due 02/15/2045 |  | 6252 |  | 5062 |
|  0.875% due 01/15/2029 |  | 1952 |  | 1861 |
|  1.000% due 02/15/2046 |  | 347 |  | 295 |
|  1.000% due 02/15/2048 |  | 4918 |  | 4145 |
|  1.000% due 02/15/2049 |  | 105 |  | 88 |
|  1.375% due 02/15/2044 |  | 5920 |  | 5504 |
|  2.000% due 01/15/2026 |  | 195 |  | 195 |
|  2.125% due 02/15/2040 |  | 176 |  | 187 |
|  2.125% due 02/15/2041 |  | 5851 |  | 6204 |
|  2.375% due 01/15/2025 |  | 7026 |  | 7033 |
|  2.375% due 01/15/2027 |  | 1089 |  | 1111 |
|  2.500% due 01/15/2029 |  | 5122 |  | 5343 |
|  3.375% due 04/15/2032 |  | 3009 |  | 3446 |
|  3.625% due 04/15/2028 |  | 4525 |  | 4934 |
|  3.875% due 04/15/2029 |  | 4847 |  | 5449 |
| **Total U.S. Treasury Obligations (Cost $160,603)** |  |  |  | **146885** |

---

---

| | | |
|:---|:---|:---|
|  | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **SHORT-TERM INSTRUMENTS 0.1%** | **SHORT-TERM INSTRUMENTS 0.1%** | **SHORT-TERM INSTRUMENTS 0.1%** |
| **REPURCHASE AGREEMENTS (b) 0.1%** | **REPURCHASE AGREEMENTS (b) 0.1%** | **REPURCHASE AGREEMENTS (b) 0.1%** |
|  | $— | 150 |
| **Total Short-Term Instruments<br>(Cost $150)** |  | **150** |
| **Total Investments in Securities<br>(Cost $160,753)** |  | **147035** |
| **Total Investments 99.9%<br>(Cost $160,753)** | $— | **147035** |
| **Other Assets and Liabilities, net 0.1%** |  | **173** |
| **Net Assets 100.0%** | $— | **147208** |

---

**NOTES TO SCHEDULE OF INVESTMENTS:** 

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

**(a)** **Principal amount of security is adjusted for inflation.** 

**BORROWINGS AND OTHER FINANCING TRANSACTIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;**(b) REPURCHASE AGREEMENTS:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Lending<br>Rate** | **Settlement<br>Date** | **Maturity<br>Date** | **Principal<br>Amount** | **Collateralized By** | **Collateral<br>(Received)** | **Repurchase<br>Agreements,<br>at Value** | **Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup>** |
| FICC | 1.900% | 12/30/2022 | 01/03/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | U.S. Treasury Bills 0.000% due 12/28/2023 | $(153) | $150 | $150 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** |  | $**(153)** | $**150** | $**150** |

---

**BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY** 

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2022:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup>** | **Payable for<br>Reverse<br>Repurchase<br>Agreements** | **Payable for<br>Sale-Buyback<br>Transactions** | **Securities<br>Out on Loan** | **Total<br>Borrowings and<br>Other Financing<br>Transactions** | **Collateral<br>Pledged/(Received)** | **Net Exposure<sup>(2)</sup>** |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  FICC | $150 | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(153) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) |
|  **Total Borrowings and Other Financing Transactions** | $**150** | $**0** | $**0** | $**0** |  |  |  |

---

<sup>(1)</sup> Includes accrued interest.

<sup>(2)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

---

| | | |
|:---|:---|:---|
| **40** | **PIMCO ETF TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022 (Unaudited)

**FAIR VALUE MEASUREMENTS** 

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
|  **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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146885 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146885 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 150 | 0 | 150 |
|  Total Investments | $0 | $147035 | $0 | $147035 |

---

There were no significant transfers into or out of Level 3 during the period ended December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **41** |

---

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **Schedule of Investments** | **PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund** |

---

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

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **INVESTMENTS IN SECURITIES 98.2%** | **INVESTMENTS IN SECURITIES 98.2%** | **INVESTMENTS IN SECURITIES 98.2%** |
| **LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2%** | **LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2%** | **LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2%** |
|  **AmSurg LLC** | **AmSurg LLC** | **AmSurg LLC** |
|  TBD% due 04/29/2027 µ | 77 | 75 |
|  **Envision Healthcare Corp.** | **Envision Healthcare Corp.** | **Envision Healthcare Corp.** |
|  12.119% due 04/29/2027 | 423 | 414 |
|  15.744% due 04/28/2028 | 739 | 605 |
|  **Intelsat Jackson Holdings SA** | **Intelsat Jackson Holdings SA** | **Intelsat Jackson Holdings SA** |
|  7.445% due 02/01/2029 | 1575 | 1523 |
|  **Total Loan Participations and Assignments (Cost $3,175)** | **Total Loan Participations and Assignments (Cost $3,175)** | **2617** |
| **CORPORATE BONDS & NOTES 88.1%** | **CORPORATE BONDS & NOTES 88.1%** | **CORPORATE BONDS & NOTES 88.1%** |
| **BANKING & FINANCE 16.0%** | **BANKING & FINANCE 16.0%** | **BANKING & FINANCE 16.0%** |
|  **Acrisure LLC** | **Acrisure LLC** | **Acrisure LLC** |
|  7.000% due 11/15/2025 | 935 | 861 |
|  10.125% due 08/01/2026 | 1712 | 1668 |
|  **AerCap Holdings NV** | **AerCap Holdings NV** | **AerCap Holdings NV** |
|  5.875% due 10/10/2079 •  | 741 | 676 |
|  **Allied Universal Holdco LLC** | **Allied Universal Holdco LLC** | **Allied Universal Holdco LLC** |
|  6.625% due 07/15/2026 | 6814 | 6249 |
|  9.750% due 07/15/2027 | 3801 | 3315 |
|  **Ally Financial, Inc.** | **Ally Financial, Inc.** | **Ally Financial, Inc.** |
|  5.750% due 11/20/2025 | 4801 | 4656 |
|  **AssuredPartners, Inc.** | **AssuredPartners, Inc.** | **AssuredPartners, Inc.** |
|  7.000% due 08/15/2025 | 1233 | 1194 |
|  **Brookfield Property REIT, Inc.** | **Brookfield Property REIT, Inc.** | **Brookfield Property REIT, Inc.** |
|  4.500% due 04/01/2027 | 3165 | 2650 |
|  5.750% due 05/15/2026 | 2723 | 2492 |
|  **Castlelake Aviation Finance DAC** | **Castlelake Aviation Finance DAC** | **Castlelake Aviation Finance DAC** |
|  5.000% due 04/15/2027 | 3641 | 3173 |
|  **Commerzbank AG** | **Commerzbank AG** | **Commerzbank AG** |
|  8.125% due 09/19/2023 | 3604 | 3633 |
|  **Credit Acceptance Corp.** | **Credit Acceptance Corp.** | **Credit Acceptance Corp.** |
|  5.125% due 12/31/2024 | 1119 | 1055 |
|  6.625% due 03/15/2026 | 3974 | 3773 |
|  **Deutsche Bank AG** | **Deutsche Bank AG** | **Deutsche Bank AG** |
|  4.296% due 05/24/2028 •  | 2756 | 2593 |
|  4.500% due 04/01/2025 | 1006 | 957 |
|  **Diversified Healthcare Trust** | **Diversified Healthcare Trust** | **Diversified Healthcare Trust** |
|  9.750% due 06/15/2025 | 1201 | 1153 |
|  **Enact Holdings, Inc.** | **Enact Holdings, Inc.** | **Enact Holdings, Inc.** |
|  6.500% due 08/15/2025 | 4060 | 3991 |
|  **Enova International, Inc.** | **Enova International, Inc.** | **Enova International, Inc.** |
|  8.500% due 09/01/2024 | 521 | 491 |
|  8.500% due 09/15/2025 | 1761 | 1636 |
|  **Five Point Operating Co. LP** | **Five Point Operating Co. LP** | **Five Point Operating Co. LP** |
|  7.875% due 11/15/2025 | 1920 | 1617 |
|  **Ford Motor Credit Co. LLC** | **Ford Motor Credit Co. LLC** | **Ford Motor Credit Co. LLC** |
|  2.300% due 02/10/2025 | 988 | 904 |
|  2.700% due 08/10/2026 | 2857 | 2485 |
|  3.370% due 11/17/2023 | 20 | 20 |
|  3.375% due 11/13/2025 | 250 | 226 |
|  3.664% due 09/08/2024 | 1044 | 996 |
|  3.810% due 01/09/2024 | 449 | 437 |
|  3.815% due 11/02/2027 | 200 | 176 |
|  4.063% due 11/01/2024 | 1011 | 973 |
|  4.134% due 08/04/2025 | 1599 | 1500 |
|  4.271% due 01/09/2027 | 3225 | 2922 |
|  4.389% due 01/08/2026 | 4436 | 4142 |
|  4.542% due 08/01/2026 | 1691 | 1561 |
|  4.687% due 06/09/2025 | 1188 | 1132 |
|  4.950% due 05/28/2027 | 1913 | 1788 |
|  5.125% due 06/16/2025 | 2858 | 2754 |
|  5.584% due 03/18/2024 | 1637 | 1619 |
|  **Fortress Transportation & Infrastructure Investors LLC** | **Fortress Transportation & Infrastructure Investors LLC** | **Fortress Transportation & Infrastructure Investors LLC** |
|  6.500% due 10/01/2025 | 4291 | 4042 |
|  9.750% due 08/01/2027 | 789 | 792 |
|  **Freedom Mortgage Corp.** | **Freedom Mortgage Corp.** | **Freedom Mortgage Corp.** |
|  6.625% due 01/15/2027 | 850 | 663 |
|  7.625% due 05/01/2026 | 2014 | 1683 |
|  8.125% due 11/15/2024 | 1413 | 1302 |
|  8.250% due 04/15/2025 | 1710 | 1541 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Getty Images, Inc.** | **Getty Images, Inc.** | **Getty Images, Inc.** |
|  9.750% due 03/01/2027 | 2607 | 2577 |
|  **Global Aircraft Leasing Co. Ltd. (6.500% Cash or 7.250% PIK)** | **Global Aircraft Leasing Co. Ltd. (6.500% Cash or 7.250% PIK)** | **Global Aircraft Leasing Co. Ltd. (6.500% Cash or 7.250% PIK)** |
|  6.500% due 09/15/2024 (a) | 155 | 132 |
|  **Global Atlantic Fin Co.** | **Global Atlantic Fin Co.** | **Global Atlantic Fin Co.** |
|  4.700% due 10/15/2051 •  | 2714 | 2072 |
|  **Greystar Real Estate Partners LLC** | **Greystar Real Estate Partners LLC** | **Greystar Real Estate Partners LLC** |
|  5.750% due 12/01/2025 | 250 | 245 |
|  **GTCR AP Finance, Inc.** | **GTCR AP Finance, Inc.** | **GTCR AP Finance, Inc.** |
|  8.000% due 05/15/2027 | 2113 | 2027 |
|  **HAT Holdings LLC** | **HAT Holdings LLC** | **HAT Holdings LLC** |
|  3.375% due 06/15/2026 | 4939 | 4298 |
|  **HUB International Ltd.** | **HUB International Ltd.** | **HUB International Ltd.** |
|  7.000% due 05/01/2026 | 4752 | 4662 |
|  **Icahn Enterprises LP** | **Icahn Enterprises LP** | **Icahn Enterprises LP** |
|  4.750% due 09/15/2024 | 2352 | 2260 |
|  6.250% due 05/15/2026 | 448 | 432 |
|  6.375% due 12/15/2025 | 906 | 880 |
|  **Intesa Sanpaolo SpA** | **Intesa Sanpaolo SpA** | **Intesa Sanpaolo SpA** |
|  5.017% due 06/26/2024 | 7668 | 7376 |
|  5.710% due 01/15/2026 | 1266 | 1218 |
|  **iStar, Inc.** | **iStar, Inc.** | **iStar, Inc.** |
|  4.250% due 08/01/2025 | 272 | 267 |
|  4.750% due 10/01/2024 | 742 | 738 |
|  **Jefferson Capital Holdings LLC** | **Jefferson Capital Holdings LLC** | **Jefferson Capital Holdings LLC** |
|  6.000% due 08/15/2026 | 2776 | 2301 |
|  **KCA Deutag U.K. Finance PLC** | **KCA Deutag U.K. Finance PLC** | **KCA Deutag U.K. Finance PLC** |
|  9.875% due 12/01/2025 (i) | 262 | 248 |
|  **Ladder Capital Finance Holdings LLLP** | **Ladder Capital Finance Holdings LLLP** | **Ladder Capital Finance Holdings LLLP** |
|  4.250% due 02/01/2027 | 3647 | 3070 |
|  5.250% due 10/01/2025 | 1340 | 1261 |
|  **LFS Topco LLC** | **LFS Topco LLC** | **LFS Topco LLC** |
|  5.875% due 10/15/2026 | 2817 | 2277 |
|  **Liberty Mutual Group, Inc.** | **Liberty Mutual Group, Inc.** | **Liberty Mutual Group, Inc.** |
|  4.125% due 12/15/2051 •  | 3312 | 2702 |
|  **MPT Operating Partnership LP** | **MPT Operating Partnership LP** | **MPT Operating Partnership LP** |
|  5.000% due 10/15/2027 | 1053 | 887 |
|  5.250% due 08/01/2026 (g) | 4025 | 3672 |
|  **Nationstar Mortgage Holdings, Inc.** | **Nationstar Mortgage Holdings, Inc.** | **Nationstar Mortgage Holdings, Inc.** |
|  6.000% due 01/15/2027 | 3367 | 3019 |
|  **Navient Corp.** | **Navient Corp.** | **Navient Corp.** |
|  5.000% due 03/15/2027 | 337 | 296 |
|  5.500% due 01/25/2023 | 1547 | 1547 |
|  5.875% due 10/25/2024 | 955 | 926 |
|  6.125% due 03/25/2024 | 3962 | 3888 |
|  6.750% due 06/25/2025 | 742 | 714 |
|  6.750% due 06/15/2026 | 3970 | 3770 |
|  7.250% due 09/25/2023 | 100 | 100 |
|  **Newmark Group, Inc.** | **Newmark Group, Inc.** | **Newmark Group, Inc.** |
|  6.125% due 11/15/2023 | 2402 | 2383 |
|  **NFP Corp.** | **NFP Corp.** | **NFP Corp.** |
|  6.875% due 08/15/2028 | 512 | 423 |
|  **NMI Holdings, Inc.** | **NMI Holdings, Inc.** | **NMI Holdings, Inc.** |
|  7.375% due 06/01/2025 | 2417 | 2445 |
|  **OneMain Finance Corp.** | **OneMain Finance Corp.** | **OneMain Finance Corp.** |
|  3.500% due 01/15/2027 | 40 | 33 |
|  5.625% due 03/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;5049 | &nbsp;&nbsp;&nbsp;&nbsp;5038 |
|  6.125% due 03/15/2024 | 3752 | 3638 |
|  6.875% due 03/15/2025 | 1929 | 1857 |
|  7.125% due 03/15/2026 | 6279 | 5985 |
|  8.250% due 10/01/2023 | 90 | 91 |
|  **Oxford Finance LLC** | **Oxford Finance LLC** | **Oxford Finance LLC** |
|  6.375% due 02/01/2027 | 4156 | 3874 |
|  **Park Intermediate Holdings LLC** | **Park Intermediate Holdings LLC** | **Park Intermediate Holdings LLC** |
|  7.500% due 06/01/2025 | 3105 | 3108 |
|  **PennyMac Financial Services, Inc.** | **PennyMac Financial Services, Inc.** | **PennyMac Financial Services, Inc.** |
|  5.375% due 10/15/2025 | 4542 | 4101 |
|  **PRA Group, Inc.** | **PRA Group, Inc.** | **PRA Group, Inc.** |
|  7.375% due 09/01/2025 | 4173 | 4061 |
|  **Provident Funding Associates LP** | **Provident Funding Associates LP** | **Provident Funding Associates LP** |
|  6.375% due 06/15/2025 | 4818 | 4216 |
|  **RLJ Lodging Trust LP** | **RLJ Lodging Trust LP** | **RLJ Lodging Trust LP** |
|  3.750% due 07/01/2026 | 1880 | 1677 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Rocket Mortgage LLC** | **Rocket Mortgage LLC** | **Rocket Mortgage LLC** |
|  2.875% due 10/15/2026 | 3584 | 3078 |
|  **SBA Communications Corp.** | **SBA Communications Corp.** | **SBA Communications Corp.** |
|  3.875% due 02/15/2027 | 10 | 9 |
|  **Service Properties Trust** | **Service Properties Trust** | **Service Properties Trust** |
|  4.750% due 10/01/2026 | 852 | 672 |
|  7.500% due 09/15/2025 | 7356 | 7019 |
|  **SLM Corp.** | **SLM Corp.** | **SLM Corp.** |
|  3.125% due 11/02/2026 | 3077 | 2621 |
|  4.200% due 10/29/2025 | 1915 | 1755 |
|  **Starwood Property Trust, Inc.** | **Starwood Property Trust, Inc.** | **Starwood Property Trust, Inc.** |
|  3.625% due 07/15/2026 | 978 | 857 |
|  3.750% due 12/31/2024 | 1489 | 1400 |
|  4.375% due 01/15/2027 | 1019 | 893 |
|  4.750% due 03/15/2025 | 336 | 321 |
|  5.500% due 11/01/2023 | 661 | 656 |
|  **UniCredit SpA** | **UniCredit SpA** | **UniCredit SpA** |
|  5.861% due 06/19/2032 •  | 1045 | 919 |
|  **Uniti Group LP** | **Uniti Group LP** | **Uniti Group LP** |
|  7.875% due 02/15/2025 | 1221 | 1185 |
|  **USI, Inc.** | **USI, Inc.** | **USI, Inc.** |
|  6.875% due 05/01/2025 | 3724 | 3593 |
|  **VICI Properties LP** | **VICI Properties LP** | **VICI Properties LP** |
|  3.750% due 02/15/2027 | 10 | 9 |
|  **Voyager Aviation Holdings LLC** | **Voyager Aviation Holdings LLC** | **Voyager Aviation Holdings LLC** |
|  8.500% due 05/09/2026 | 1147 | 910 |
|  **XHR LP** | **XHR LP** | **XHR LP** |
|  6.375% due 08/15/2025 | 2775 | 2672 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;212852 |
| **INDUSTRIALS 65.5%** | **INDUSTRIALS 65.5%** | **INDUSTRIALS 65.5%** |
|  **Adient Global Holdings Ltd.** | **Adient Global Holdings Ltd.** | **Adient Global Holdings Ltd.** |
|  4.875% due 08/15/2026 | 2593 | 2418 |
|  **ADT Security Corp.** | **ADT Security Corp.** | **ADT Security Corp.** |
|  4.125% due 06/15/2023 | 519 | 514 |
|  **AECOM** | **AECOM** | **AECOM** |
|  5.125% due 03/15/2027 | 10 | 10 |
|  **AerCap Global Aviation Trust** | **AerCap Global Aviation Trust** | **AerCap Global Aviation Trust** |
|  6.500% due 06/15/2045 •  | 110 | 104 |
|  **Air Canada** | **Air Canada** | **Air Canada** |
|  3.875% due 08/15/2026 | 7387 | 6555 |
|  **Albertsons Cos., Inc.** | **Albertsons Cos., Inc.** | **Albertsons Cos., Inc.** |
|  3.250% due 03/15/2026 | 2035 | 1859 |
|  3.500% due 02/15/2023 | 1048 | 1043 |
|  4.625% due 01/15/2027 | 245 | 228 |
|  7.500% due 03/15/2026 | 2903 | 2969 |
|  **Albion Financing 1 SARL** | **Albion Financing 1 SARL** | **Albion Financing 1 SARL** |
|  6.125% due 10/15/2026 | 1337 | 1194 |
|  **Albion Financing 2 SARL** | **Albion Financing 2 SARL** | **Albion Financing 2 SARL** |
|  8.750% due 04/15/2027 | 316 | 271 |
|  **Allegiant Travel Co.** | **Allegiant Travel Co.** | **Allegiant Travel Co.** |
|  7.250% due 08/15/2027 | 5413 | 5156 |
|  **Altice France Holding SA** | **Altice France Holding SA** | **Altice France Holding SA** |
|  10.500% due 05/15/2027 | 5431 | 4153 |
|  **Altice France SA** | **Altice France SA** | **Altice France SA** |
|  8.125% due 02/01/2027 | 5244 | 4787 |
|  **AMC Entertainment Holdings, Inc.** | **AMC Entertainment Holdings, Inc.** | **AMC Entertainment Holdings, Inc.** |
|  10.000% due 06/15/2026 (g) | 894 | 364 |
|  **AMC Networks, Inc.** | **AMC Networks, Inc.** | **AMC Networks, Inc.** |
|  4.750% due 08/01/2025 | 5000 | 3809 |
|  5.000% due 04/01/2024 | 1305 | 1222 |
|  **American Airlines Group, Inc.** | **American Airlines Group, Inc.** | **American Airlines Group, Inc.** |
|  3.750% due 03/01/2025 (g) | 507 | 430 |
|  **American Airlines Pass-Through Trust** | **American Airlines Pass-Through Trust** | **American Airlines Pass-Through Trust** |
|  3.375% due 11/01/2028 | 417 | 348 |
|  3.700% due 04/01/2028 | 323 | 279 |
|  **American Airlines, Inc.** | **American Airlines, Inc.** | **American Airlines, Inc.** |
|  5.500% due 04/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;14439 | 13910 |
|  11.750% due 07/15/2025 | 3606 | 3876 |
|  **Antero Resources Corp.** | **Antero Resources Corp.** | **Antero Resources Corp.** |
|  8.375% due 07/15/2026 | 20 | 21 |

---

---

| | | |
|:---|:---|:---|
| **42** | **PIMCO ETF TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Arconic Corp.** | **Arconic Corp.** | **Arconic Corp.** |
|  6.000% due 05/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;2092 | &nbsp;&nbsp;&nbsp;&nbsp;2062 |
|  **ARD Finance SA (6.500% Cash or 7.250% PIK)** | **ARD Finance SA (6.500% Cash or 7.250% PIK)** | **ARD Finance SA (6.500% Cash or 7.250% PIK)** |
|  6.500% due 06/30/2027 (a) | 4397 | 3065 |
|  **Ardagh Packaging Finance PLC** | **Ardagh Packaging Finance PLC** | **Ardagh Packaging Finance PLC** |
|  4.125% due 08/15/2026 | 3997 | 3470 |
|  5.250% due 04/30/2025 | 1366 | 1302 |
|  5.250% due 08/15/2027 | 1852 | 1388 |
|  **Artera Services LLC** | **Artera Services LLC** | **Artera Services LLC** |
|  9.033% due 12/04/2025 | 3107 | 2593 |
|  **Ascent Resources Utica Holdings LLC** | **Ascent Resources Utica Holdings LLC** | **Ascent Resources Utica Holdings LLC** |
|  7.000% due 11/01/2026 | 3953 | 3841 |
|  **At Home Group, Inc.** | **At Home Group, Inc.** | **At Home Group, Inc.** |
|  4.875% due 07/15/2028 (g) | 356 | 251 |
|  7.125% due 07/15/2029 (g) | 353 | 205 |
|  **ATP Tower Holdings LLC** | **ATP Tower Holdings LLC** | **ATP Tower Holdings LLC** |
|  4.050% due 04/27/2026 | 1947 | 1720 |
|  **Audacy Capital Corp.** | **Audacy Capital Corp.** | **Audacy Capital Corp.** |
|  6.500% due 05/01/2027 | 700 | 133 |
|  **Avient Corp.** | **Avient Corp.** | **Avient Corp.** |
|  5.750% due 05/15/2025 | 2267 | 2214 |
|  **Axalta Coating Systems LLC** | **Axalta Coating Systems LLC** | **Axalta Coating Systems LLC** |
|  4.750% due 06/15/2027 (g) | 2477 | 2294 |
|  **B&G Foods, Inc.** | **B&G Foods, Inc.** | **B&G Foods, Inc.** |
|  5.250% due 04/01/2025 | 6549 | 5753 |
|  **B.C. Unlimited Liability Co.** | **B.C. Unlimited Liability Co.** | **B.C. Unlimited Liability Co.** |
|  5.750% due 04/15/2025 | 495 | 492 |
|  **Ball Corp.** | **Ball Corp.** | **Ball Corp.** |
|  4.000% due 11/15/2023 | 19 | 19 |
|  4.875% due 03/15/2026 | 1948 | 1890 |
|  5.250% due 07/01/2025 | 4690 | 4637 |
|  **Bath & Body Works, Inc.** | **Bath & Body Works, Inc.** | **Bath & Body Works, Inc.** |
|  6.694% due 01/15/2027 | 1107 | 1102 |
|  9.375% due 07/01/2025 | 1922 | 2055 |
|  **Bausch Health Cos., Inc.** | **Bausch Health Cos., Inc.** | **Bausch Health Cos., Inc.** |
|  5.500% due 11/01/2025 (g) | 2019 | 1719 |
|  6.125% due 02/01/2027 | 741 | 512 |
|  11.000% due 09/30/2028 | 2522 | 1979 |
|  14.000% due 10/15/2030 (g) | 495 | 296 |
|  **BC Ltd.** | **BC Ltd.** | **BC Ltd.** |
|  9.000% due 01/30/2028 | 1392 | 1362 |
|  **BCPE Empire Holdings, Inc.** | **BCPE Empire Holdings, Inc.** | **BCPE Empire Holdings, Inc.** |
|  7.625% due 05/01/2027 | 2844 | 2554 |
|  **BCPE Ulysses Intermediate, Inc. (7.750% Cash or 8.500% PIK)** | **BCPE Ulysses Intermediate, Inc. (7.750% Cash or 8.500% PIK)** | **BCPE Ulysses Intermediate, Inc. (7.750% Cash or 8.500% PIK)** |
|  7.750% due 04/01/2027 (a) | 2288 | 1417 |
|  **Beacon Roofing Supply, Inc.** | **Beacon Roofing Supply, Inc.** | **Beacon Roofing Supply, Inc.** |
|  4.500% due 11/15/2026 (g) | 1991 | 1863 |
|  **Berry Global, Inc.** | **Berry Global, Inc.** | **Berry Global, Inc.** |
|  4.500% due 02/15/2026 | 772 | 739 |
|  **Blackstone Mortgage Trust, Inc.** | **Blackstone Mortgage Trust, Inc.** | **Blackstone Mortgage Trust, Inc.** |
|  3.750% due 01/15/2027 | 10 | 9 |
|  **Block, Inc.** | **Block, Inc.** | **Block, Inc.** |
|  2.750% due 06/01/2026 | 4017 | 3594 |
|  **Bombardier, Inc.** | **Bombardier, Inc.** | **Bombardier, Inc.** |
|  7.125% due 06/15/2026 | 9377 | 9115 |
|  7.500% due 03/15/2025 | 3151 | 3127 |
|  **Boxer Parent Co., Inc.** | **Boxer Parent Co., Inc.** | **Boxer Parent Co., Inc.** |
|  7.125% due 10/02/2025 | 2972 | 2895 |
|  9.125% due 03/01/2026 | 447 | 422 |
|  **Buckeye Partners LP** | **Buckeye Partners LP** | **Buckeye Partners LP** |
|  3.950% due 12/01/2026 | 940 | 842 |
|  4.125% due 03/01/2025 | 583 | 556 |
|  4.150% due 07/01/2023 | 270 | 266 |
|  4.350% due 10/15/2024 | 310 | 300 |
|  **Caesars Entertainment, Inc.** | **Caesars Entertainment, Inc.** | **Caesars Entertainment, Inc.** |
|  6.250% due 07/01/2025 | 11238 | 10943 |
|  **Caesars Resort Collection LLC** | **Caesars Resort Collection LLC** | **Caesars Resort Collection LLC** |
|  5.750% due 07/01/2025 | 746 | 731 |
|  **Camelot Finance SA** | **Camelot Finance SA** | **Camelot Finance SA** |
|  4.500% due 11/01/2026 | 824 | 774 |
|  **Carnival Corp.** | **Carnival Corp.** | **Carnival Corp.** |
|  5.750% due 03/01/2027 | 666 | 477 |
|  7.625% due 03/01/2026 | 1829 | 1453 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  9.875% due 08/01/2027 | $— | 666 | $— | 630 |
|  10.500% due 02/01/2026 |  | &nbsp;&nbsp;&nbsp;&nbsp;5192 |  | &nbsp;&nbsp;&nbsp;&nbsp;5225 |
|  **Carnival Holdings Bermuda Ltd.** | **Carnival Holdings Bermuda Ltd.** | **Carnival Holdings Bermuda Ltd.** | **Carnival Holdings Bermuda Ltd.** | **Carnival Holdings Bermuda Ltd.** |
|  10.375% due 05/01/2028 |  | 1584 |  | 1629 |
|  **Carvana Co.** | **Carvana Co.** | **Carvana Co.** | **Carvana Co.** | **Carvana Co.** |
|  5.625% due 10/01/2025 |  | 2511 |  | 1132 |
|  **Catalent Pharma Solutions, Inc.** | **Catalent Pharma Solutions, Inc.** | **Catalent Pharma Solutions, Inc.** | **Catalent Pharma Solutions, Inc.** | **Catalent Pharma Solutions, Inc.** |
|  5.000% due 07/15/2027 |  | 3370 |  | 3141 |
|  **CCO Holdings LLC** | **CCO Holdings LLC** | **CCO Holdings LLC** | **CCO Holdings LLC** | **CCO Holdings LLC** |
|  5.500% due 05/01/2026 |  | 4299 |  | 4169 |
|  **CD&R Smokey Buyer, Inc.** | **CD&R Smokey Buyer, Inc.** | **CD&R Smokey Buyer, Inc.** | **CD&R Smokey Buyer, Inc.** | **CD&R Smokey Buyer, Inc.** |
|  6.750% due 07/15/2025 |  | 4300 |  | 3711 |
|  **CEC Entertainment LLC** | **CEC Entertainment LLC** | **CEC Entertainment LLC** | **CEC Entertainment LLC** | **CEC Entertainment LLC** |
|  6.750% due 05/01/2026 |  | 1264 |  | 1177 |
|  **Cedar Fair LP** | **Cedar Fair LP** | **Cedar Fair LP** | **Cedar Fair LP** | **Cedar Fair LP** |
|  5.500% due 05/01/2025 |  | 1090 |  | 1080 |
|  **Cengage Learning, Inc.** | **Cengage Learning, Inc.** | **Cengage Learning, Inc.** | **Cengage Learning, Inc.** | **Cengage Learning, Inc.** |
|  9.500% due 06/15/2024 |  | 466 |  | 445 |
|  **CGG SA** | **CGG SA** | **CGG SA** | **CGG SA** | **CGG SA** |
|  8.750% due 04/01/2027 (g) |  | 4199 |  | 3363 |
|  **Chemours Co.** | **Chemours Co.** | **Chemours Co.** | **Chemours Co.** | **Chemours Co.** |
|  5.375% due 05/15/2027 |  | 2367 |  | 2190 |
|  **Chesapeake Energy Corp.** | **Chesapeake Energy Corp.** | **Chesapeake Energy Corp.** | **Chesapeake Energy Corp.** | **Chesapeake Energy Corp.** |
|  5.500% due 02/01/2026 |  | 4540 |  | 4387 |
|  **Chobani LLC** | **Chobani LLC** | **Chobani LLC** | **Chobani LLC** | **Chobani LLC** |
|  7.500% due 04/15/2025 |  | 2660 |  | 2594 |
|  **Churchill Downs, Inc.** | **Churchill Downs, Inc.** | **Churchill Downs, Inc.** | **Churchill Downs, Inc.** | **Churchill Downs, Inc.** |
|  5.500% due 04/01/2027 |  | 3614 |  | 3430 |
|  **Cimpress PLC** | **Cimpress PLC** | **Cimpress PLC** | **Cimpress PLC** | **Cimpress PLC** |
|  7.000% due 06/15/2026 |  | 4344 |  | 3010 |
|  **Cinemark USA, Inc.** | **Cinemark USA, Inc.** | **Cinemark USA, Inc.** | **Cinemark USA, Inc.** | **Cinemark USA, Inc.** |
|  5.875% due 03/15/2026 |  | 2074 |  | 1730 |
|  8.750% due 05/01/2025 |  | 744 |  | 753 |
|  **Citgo Holding, Inc.** | **Citgo Holding, Inc.** | **Citgo Holding, Inc.** | **Citgo Holding, Inc.** | **Citgo Holding, Inc.** |
|  9.250% due 08/01/2024 |  | 265 |  | 265 |
|  **Citgo Petroleum Corp.** | **Citgo Petroleum Corp.** | **Citgo Petroleum Corp.** | **Citgo Petroleum Corp.** | **Citgo Petroleum Corp.** |
|  7.000% due 06/15/2025 |  | 264 |  | 258 |
|  **Clarios Global LP** | **Clarios Global LP** | **Clarios Global LP** | **Clarios Global LP** | **Clarios Global LP** |
|  6.250% due 05/15/2026 |  | 3040 |  | 2976 |
|  6.750% due 05/15/2025 |  | 4122 |  | 4138 |
|  **Clear Channel International BV** | **Clear Channel International BV** | **Clear Channel International BV** | **Clear Channel International BV** | **Clear Channel International BV** |
|  6.625% due 08/01/2025 |  | 1546 |  | 1478 |
|  **Clearwater Paper Corp.** | **Clearwater Paper Corp.** | **Clearwater Paper Corp.** | **Clearwater Paper Corp.** | **Clearwater Paper Corp.** |
|  5.375% due 02/01/2025 |  | 374 |  | 365 |
|  **Cleveland-Cliffs, Inc.** | **Cleveland-Cliffs, Inc.** | **Cleveland-Cliffs, Inc.** | **Cleveland-Cliffs, Inc.** | **Cleveland-Cliffs, Inc.** |
|  6.750% due 03/15/2026 |  | 2375 |  | 2385 |
|  **Cloud Software Group Holdings, Inc.** | **Cloud Software Group Holdings, Inc.** | **Cloud Software Group Holdings, Inc.** | **Cloud Software Group Holdings, Inc.** | **Cloud Software Group Holdings, Inc.** |
|  6.500% due 03/31/2029 |  | 1584 |  | 1337 |
|  **CNX Resources Corp.** | **CNX Resources Corp.** | **CNX Resources Corp.** | **CNX Resources Corp.** | **CNX Resources Corp.** |
|  7.250% due 03/14/2027 |  | 133 |  | 132 |
|  **Cogent Communications Group, Inc.** | **Cogent Communications Group, Inc.** | **Cogent Communications Group, Inc.** | **Cogent Communications Group, Inc.** | **Cogent Communications Group, Inc.** |
|  3.500% due 05/01/2026 |  | 1025 |  | 932 |
|  7.000% due 06/15/2027 |  | 5407 |  | 5305 |
|  **Colgate Energy Partners LLC** | **Colgate Energy Partners LLC** | **Colgate Energy Partners LLC** | **Colgate Energy Partners LLC** | **Colgate Energy Partners LLC** |
|  7.750% due 02/15/2026 |  | 2561 |  | 2497 |
|  **CommScope Technologies LLC** | **CommScope Technologies LLC** | **CommScope Technologies LLC** | **CommScope Technologies LLC** | **CommScope Technologies LLC** |
|  5.000% due 03/15/2027 |  | 1301 |  | 886 |
|  6.000% due 06/15/2025 |  | 1338 |  | 1220 |
|  **CommScope, Inc.** | **CommScope, Inc.** | **CommScope, Inc.** | **CommScope, Inc.** | **CommScope, Inc.** |
|  6.000% due 03/01/2026 |  | 4801 |  | 4441 |
|  8.250% due 03/01/2027 |  | 6178 |  | 4798 |
|  **Community Health Systems, Inc.** | **Community Health Systems, Inc.** | **Community Health Systems, Inc.** | **Community Health Systems, Inc.** | **Community Health Systems, Inc.** |
|  5.625% due 03/15/2027 |  | 2746 |  | 2360 |
|  8.000% due 03/15/2026 |  | 7683 |  | 7011 |
|  **Connect Finco SARL** | **Connect Finco SARL** | **Connect Finco SARL** | **Connect Finco SARL** | **Connect Finco SARL** |
|  6.750% due 10/01/2026 |  | 6115 |  | 5680 |
|  **Cooper-Standard Automotive, Inc.** | **Cooper-Standard Automotive, Inc.** | **Cooper-Standard Automotive, Inc.** | **Cooper-Standard Automotive, Inc.** | **Cooper-Standard Automotive, Inc.** |
|  5.625% due 11/15/2026 (g) |  | 494 |  | 213 |
|  **Coty, Inc.** | **Coty, Inc.** | **Coty, Inc.** | **Coty, Inc.** | **Coty, Inc.** |
|  5.000% due 04/15/2026 |  | 4613 |  | 4381 |
|  6.500% due 04/15/2026 (g) |  | 4708 |  | 4527 |
|  **Crown Americas LLC** | **Crown Americas LLC** | **Crown Americas LLC** | **Crown Americas LLC** | **Crown Americas LLC** |
|  4.250% due 09/30/2026 |  | 1280 |  | 1223 |
|  4.750% due 02/01/2026 |  | 344 |  | 335 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Crown Cork & Seal Co., Inc.** | **Crown Cork & Seal Co., Inc.** | **Crown Cork & Seal Co., Inc.** |
|  7.375% due 12/15/2026 | 2527 | 2606 |
|  **CSC Holdings LLC** | **CSC Holdings LLC** | **CSC Holdings LLC** |
|  5.500% due 04/15/2027 | 312 | 262 |
|  **CVR Energy, Inc.** | **CVR Energy, Inc.** | **CVR Energy, Inc.** |
|  5.250% due 02/15/2025 | 2297 | 2117 |
|  **Dave & Buster's, Inc.** | **Dave & Buster's, Inc.** | **Dave & Buster's, Inc.** |
|  7.625% due 11/01/2025 | 257 | 259 |
|  **DCP Midstream Operating LP** | **DCP Midstream Operating LP** | **DCP Midstream Operating LP** |
|  3.875% due 03/15/2023 | 749 | 746 |
|  5.625% due 07/15/2027 | 1047 | 1040 |
|  **Delta Air Lines, Inc.** | **Delta Air Lines, Inc.** | **Delta Air Lines, Inc.** |
|  2.900% due 10/28/2024 | 2548 | 2418 |
|  3.800% due 04/19/2023 | 137 | 136 |
|  7.375% due 01/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;10553 | &nbsp;&nbsp;&nbsp;&nbsp;10800 |
|  **Diamond Foreign Asset Co. (9.000% Cash or 13.000% PIK)** | **Diamond Foreign Asset Co. (9.000% Cash or 13.000% PIK)** | **Diamond Foreign Asset Co. (9.000% Cash or 13.000% PIK)** |
|  9.000% due 04/22/2027 (a) | 157 | 149 |
|  **Diamond Offshore Drilling, Inc.** | **Diamond Offshore Drilling, Inc.** | **Diamond Offshore Drilling, Inc.** |
|  13.000% due 12/21/2026 « | 79 | 78 |
|  **Diamond Sports Group LLC** | **Diamond Sports Group LLC** | **Diamond Sports Group LLC** |
|  5.375% due 08/15/2026 | 6810 | 809 |
|  **Diebold Nixdorf, Inc.** | **Diebold Nixdorf, Inc.** | **Diebold Nixdorf, Inc.** |
|  9.375% due 07/15/2025 | 2176 | 1480 |
|  **DirecTV Financing LLC** | **DirecTV Financing LLC** | **DirecTV Financing LLC** |
|  5.875% due 08/15/2027 | 9643 | 8646 |
|  **DISH DBS Corp.** | **DISH DBS Corp.** | **DISH DBS Corp.** |
|  5.000% due 03/15/2023 | 4897 | 4884 |
|  5.250% due 12/01/2026 | 8082 | 6823 |
|  5.875% due 11/15/2024 | 1964 | 1829 |
|  7.750% due 07/01/2026 | 4428 | 3580 |
|  **DISH Network Corp.** | **DISH Network Corp.** | **DISH Network Corp.** |
|  11.750% due 11/15/2027 | 3394 | 3500 |
|  **DKT Finance ApS** | **DKT Finance ApS** | **DKT Finance ApS** |
|  9.375% due 06/17/2023 | 462 | 458 |
|  **Earthstone Energy Holdings LLC** | **Earthstone Energy Holdings LLC** | **Earthstone Energy Holdings LLC** |
|  8.000% due 04/15/2027 | 460 | 441 |
|  **Energean PLC** | **Energean PLC** | **Energean PLC** |
|  6.500% due 04/30/2027 | 1937 | 1805 |
|  **EnLink Midstream Partners LP** | **EnLink Midstream Partners LP** | **EnLink Midstream Partners LP** |
|  4.150% due 06/01/2025 | 748 | 708 |
|  4.850% due 07/15/2026 | 802 | 755 |
|  **Ensign Drilling, Inc.** | **Ensign Drilling, Inc.** | **Ensign Drilling, Inc.** |
|  9.250% due 04/15/2024 | 840 | 795 |
|  **EQM Midstream Partners LP** | **EQM Midstream Partners LP** | **EQM Midstream Partners LP** |
|  4.000% due 08/01/2024 | 1335 | 1285 |
|  4.125% due 12/01/2026 | 1421 | 1267 |
|  6.000% due 07/01/2025 | 1495 | 1445 |
|  7.500% due 06/01/2027 | 1995 | 1956 |
|  **Exela Intermediate LLC** | **Exela Intermediate LLC** | **Exela Intermediate LLC** |
|  11.500% due 07/15/2026 (g) | 1298 | 227 |
|  **FAGE International SA** | **FAGE International SA** | **FAGE International SA** |
|  5.625% due 08/15/2026 | 1559 | 1449 |
|  **Fair Isaac Corp.** | **Fair Isaac Corp.** | **Fair Isaac Corp.** |
|  5.250% due 05/15/2026 | 476 | 467 |
|  **FMG Resources Pty. Ltd.** | **FMG Resources Pty. Ltd.** | **FMG Resources Pty. Ltd.** |
|  4.500% due 09/15/2027 | 1527 | 1411 |
|  5.125% due 05/15/2024 | 1615 | 1590 |
|  **Foundation Building Materials, Inc.** | **Foundation Building Materials, Inc.** | **Foundation Building Materials, Inc.** |
|  6.000% due 03/01/2029 | 300 | 226 |
|  **Frontier Communications Holdings LLC** | **Frontier Communications Holdings LLC** | **Frontier Communications Holdings LLC** |
|  5.875% due 10/15/2027 | 7125 | 6632 |
|  **Gannett Holdings LLC** | **Gannett Holdings LLC** | **Gannett Holdings LLC** |
|  6.000% due 11/01/2026 (g) | 530 | 433 |
|  **Garda World Security Corp.** | **Garda World Security Corp.** | **Garda World Security Corp.** |
|  4.625% due 02/15/2027 | 3009 | 2662 |
|  9.500% due 11/01/2027 | 347 | 335 |
|  **Gates Global LLC** | **Gates Global LLC** | **Gates Global LLC** |
|  6.250% due 01/15/2026 | 3373 | 3260 |
|  **Gen Digital, Inc.** | **Gen Digital, Inc.** | **Gen Digital, Inc.** |
|  5.000% due 04/15/2025 | 1437 | 1401 |
|  6.750% due 09/30/2027 | 145 | 142 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **43** |

---

------

##### [**Table of Contents**](#toc)

---

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

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **GFL Environmental, Inc.** | **GFL Environmental, Inc.** | **GFL Environmental, Inc.** |
|  3.750% due 08/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;2636 | &nbsp;&nbsp;&nbsp;&nbsp;2495 |
|  4.250% due 06/01/2025 | 537 | 514 |
|  5.125% due 12/15/2026 | 968 | 927 |
|  **Global Medical Response, Inc.** | **Global Medical Response, Inc.** | **Global Medical Response, Inc.** |
|  6.500% due 10/01/2025 | 1628 | 1168 |
|  **goeasy Ltd.** | **goeasy Ltd.** | **goeasy Ltd.** |
|  4.375% due 05/01/2026 | 4101 | 3635 |
|  5.375% due 12/01/2024 | 2252 | 2164 |
|  **Golden Entertainment, Inc.** | **Golden Entertainment, Inc.** | **Golden Entertainment, Inc.** |
|  7.625% due 04/15/2026 | 577 | 570 |
|  **Goodyear Tire & Rubber Co.** | **Goodyear Tire & Rubber Co.** | **Goodyear Tire & Rubber Co.** |
|  9.500% due 05/31/2025 | 251 | 258 |
|  **GoTo Group, Inc.** | **GoTo Group, Inc.** | **GoTo Group, Inc.** |
|  5.500% due 09/01/2027 | 1397 | 754 |
|  **Gran Tierra Energy International Holdings Ltd.** | **Gran Tierra Energy International Holdings Ltd.** | **Gran Tierra Energy International Holdings Ltd.** |
|  6.250% due 02/15/2025 | 530 | 464 |
|  **Gran Tierra Energy, Inc.** | **Gran Tierra Energy, Inc.** | **Gran Tierra Energy, Inc.** |
|  7.750% due 05/23/2027 | 732 | 594 |
|  **Graphic Packaging International LLC** | **Graphic Packaging International LLC** | **Graphic Packaging International LLC** |
|  4.750% due 07/15/2027 | 656 | 618 |
|  **GrubHub Holdings, Inc.** | **GrubHub Holdings, Inc.** | **GrubHub Holdings, Inc.** |
|  5.500% due 07/01/2027 | 742 | 539 |
|  **Gulfport Energy Corp.** | **Gulfport Energy Corp.** | **Gulfport Energy Corp.** |
|  8.000% due 05/17/2026 | 515 | 503 |
|  **H-Food Holdings LLC** | **H-Food Holdings LLC** | **H-Food Holdings LLC** |
|  8.500% due 06/01/2026 | 1409 | 819 |
|  **Hadrian Merger Sub, Inc.** | **Hadrian Merger Sub, Inc.** | **Hadrian Merger Sub, Inc.** |
|  8.500% due 05/01/2026 | 2227 | 1971 |
|  **Hanesbrands, Inc.** | **Hanesbrands, Inc.** | **Hanesbrands, Inc.** |
|  4.625% due 05/15/2024 | 3475 | 3371 |
|  4.875% due 05/15/2026 | 1045 | 936 |
|  **Harbour Energy PLC** | **Harbour Energy PLC** | **Harbour Energy PLC** |
|  5.500% due 10/15/2026 | 2614 | 2347 |
|  **Harsco Corp.** | **Harsco Corp.** | **Harsco Corp.** |
|  5.750% due 07/31/2027 | 817 | 646 |
|  **Hawaiian Brand Intellectual Property Ltd.** | **Hawaiian Brand Intellectual Property Ltd.** | **Hawaiian Brand Intellectual Property Ltd.** |
|  5.750% due 01/20/2026 | 1041 | 944 |
|  **Hertz Corp.** | **Hertz Corp.** | **Hertz Corp.** |
|  4.625% due 12/01/2026 | 1462 | 1226 |
|  **Hess Midstream Operations LP** | **Hess Midstream Operations LP** | **Hess Midstream Operations LP** |
|  5.625% due 02/15/2026 | 3414 | 3331 |
|  **Hexcel Corp.** | **Hexcel Corp.** | **Hexcel Corp.** |
|  4.200% due 02/15/2027 | 3133 | 2898 |
|  4.950% due 08/15/2025 | 1179 | 1151 |
|  **Hillenbrand, Inc.** | **Hillenbrand, Inc.** | **Hillenbrand, Inc.** |
|  5.000% due 09/15/2026 | 1333 | 1289 |
|  5.750% due 06/15/2025 | 208 | 207 |
|  **Hilton Domestic Operating Co., Inc.** | **Hilton Domestic Operating Co., Inc.** | **Hilton Domestic Operating Co., Inc.** |
|  5.375% due 05/01/2025 | 2736 | 2715 |
|  **Howard Midstream Energy Partners LLC** | **Howard Midstream Energy Partners LLC** | **Howard Midstream Energy Partners LLC** |
|  6.750% due 01/15/2027 | 3043 | 2921 |
|  **Howmet Aerospace, Inc.** | **Howmet Aerospace, Inc.** | **Howmet Aerospace, Inc.** |
|  5.125% due 10/01/2024 | 278 | 276 |
|  5.900% due 02/01/2027 | 6612 | 6586 |
|  6.875% due 05/01/2025 | 3347 | 3440 |
|  **Hudbay Minerals, Inc.** | **Hudbay Minerals, Inc.** | **Hudbay Minerals, Inc.** |
|  4.500% due 04/01/2026 | 926 | 842 |
|  **iHeartCommunications, Inc.** | **iHeartCommunications, Inc.** | **iHeartCommunications, Inc.** |
|  5.250% due 08/15/2027 | 2706 | 2296 |
|  6.375% due 05/01/2026 | 847 | 781 |
|  8.375% due 05/01/2027 | 847 | 722 |
|  **IHO Verwaltungs GmbH (4.750% Cash or 5.500% PIK)** | **IHO Verwaltungs GmbH (4.750% Cash or 5.500% PIK)** | **IHO Verwaltungs GmbH (4.750% Cash or 5.500% PIK)** |
|  4.750% due 09/15/2026 (a) | 569 | 493 |
|  **IHO Verwaltungs GmbH (6.000% Cash or 6.750% PIK)** | **IHO Verwaltungs GmbH (6.000% Cash or 6.750% PIK)** | **IHO Verwaltungs GmbH (6.000% Cash or 6.750% PIK)** |
|  6.000% due 05/15/2027 (a) | 1376 | 1210 |
|  **INEOS Quattro Finance 2 PLC** | **INEOS Quattro Finance 2 PLC** | **INEOS Quattro Finance 2 PLC** |
|  3.375% due 01/15/2026 | 1833 | 1686 |
|  **Intelsat Jackson Holdings SA** | **Intelsat Jackson Holdings SA** | **Intelsat Jackson Holdings SA** |
|  6.500% due 03/15/2030 | 1765 | 1582 |
|  **International Game Technology PLC** | **International Game Technology PLC** | **International Game Technology PLC** |
|  4.125% due 04/15/2026 | 402 | 375 |
|  6.500% due 02/15/2025 | 918 | 925 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **IQVIA, Inc.** | **IQVIA, Inc.** | **IQVIA, Inc.** |
|  5.000% due 10/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;7112 | &nbsp;&nbsp;&nbsp;&nbsp;6807 |
|  5.000% due 05/15/2027 | 1889 | 1805 |
|  **IRB Holding Corp.** | **IRB Holding Corp.** | **IRB Holding Corp.** |
|  7.000% due 06/15/2025 | 4081 | 4077 |
|  **Jaguar Land Rover Automotive PLC** | **Jaguar Land Rover Automotive PLC** | **Jaguar Land Rover Automotive PLC** |
|  5.625% due 02/01/2023 (g) | 4312 | 4293 |
|  7.750% due 10/15/2025 | 1762 | 1624 |
|  **JELD-WEN, Inc.** | **JELD-WEN, Inc.** | **JELD-WEN, Inc.** |
|  4.625% due 12/15/2025 | 1213 | 1018 |
|  6.250% due 05/15/2025 | 259 | 244 |
|  **KAR Auction Services, Inc.** | **KAR Auction Services, Inc.** | **KAR Auction Services, Inc.** |
|  5.125% due 06/01/2025 | 1027 | 1005 |
|  **Kronos Acquisition Holdings, Inc.** | **Kronos Acquisition Holdings, Inc.** | **Kronos Acquisition Holdings, Inc.** |
|  5.000% due 12/31/2026 | 330 | 286 |
|  **LABL, Inc.** | **LABL, Inc.** | **LABL, Inc.** |
|  6.750% due 07/15/2026 | 2618 | 2472 |
|  10.500% due 07/15/2027 | 2822 | 2630 |
|  **Laredo Petroleum, Inc.** | **Laredo Petroleum, Inc.** | **Laredo Petroleum, Inc.** |
|  9.500% due 01/15/2025 | 271 | 268 |
|  **Las Vegas Sands Corp.** | **Las Vegas Sands Corp.** | **Las Vegas Sands Corp.** |
|  2.900% due 06/25/2025 | 3069 | 2823 |
|  3.500% due 08/18/2026 | 6547 | 5919 |
|  **Legacy LifePoint Health LLC** | **Legacy LifePoint Health LLC** | **Legacy LifePoint Health LLC** |
|  4.375% due 02/15/2027 | 10 | 8 |
|  6.750% due 04/15/2025 | 1620 | 1527 |
|  **Legends Hospitality Holding Co. LLC** | **Legends Hospitality Holding Co. LLC** | **Legends Hospitality Holding Co. LLC** |
|  5.000% due 02/01/2026 | 1343 | 1197 |
|  **Life Time, Inc.** | **Life Time, Inc.** | **Life Time, Inc.** |
|  5.750% due 01/15/2026 | 738 | 688 |
|  **Ligado Networks LLC (15.500% PIK)** | **Ligado Networks LLC (15.500% PIK)** | **Ligado Networks LLC (15.500% PIK)** |
|  15.500% due 11/01/2023 (a) | 7426 | 2224 |
|  **Ligado Networks LLC (17.500% PIK)** | **Ligado Networks LLC (17.500% PIK)** | **Ligado Networks LLC (17.500% PIK)** |
|  17.500% due 05/01/2024 (a) | 693 | 48 |
|  **Lindblad Expeditions LLC** | **Lindblad Expeditions LLC** | **Lindblad Expeditions LLC** |
|  6.750% due 02/15/2027 | 1470 | 1335 |
|  **Live Nation Entertainment, Inc.** | **Live Nation Entertainment, Inc.** | **Live Nation Entertainment, Inc.** |
|  4.875% due 11/01/2024 | 3657 | 3547 |
|  5.625% due 03/15/2026 | 928 | 879 |
|  6.500% due 05/15/2027 | 3370 | 3305 |
|  **LSF9 Atlantis Holdings LLC** | **LSF9 Atlantis Holdings LLC** | **LSF9 Atlantis Holdings LLC** |
|  7.750% due 02/15/2026 | 1190 | 1055 |
|  **Magnolia Oil & Gas Operating LLC** | **Magnolia Oil & Gas Operating LLC** | **Magnolia Oil & Gas Operating LLC** |
|  6.000% due 08/01/2026 | 1510 | 1452 |
|  **Manitowoc Co., Inc.** | **Manitowoc Co., Inc.** | **Manitowoc Co., Inc.** |
|  9.000% due 04/01/2026 (g) | 3262 | 3071 |
|  **Marriott Ownership Resorts, Inc.** | **Marriott Ownership Resorts, Inc.** | **Marriott Ownership Resorts, Inc.** |
|  6.125% due 09/15/2025 | 1609 | 1658 |
|  **Mattel, Inc.** | **Mattel, Inc.** | **Mattel, Inc.** |
|  3.375% due 04/01/2026 | 3161 | 2910 |
|  **Matthews International Corp.** | **Matthews International Corp.** | **Matthews International Corp.** |
|  5.250% due 12/01/2025 | 506 | 477 |
|  **Mauser Packaging Solutions Holding Co.** | **Mauser Packaging Solutions Holding Co.** | **Mauser Packaging Solutions Holding Co.** |
|  5.500% due 04/15/2024 | 7236 | 7051 |
|  7.250% due 04/15/2025 (g) | 3947 | 3658 |
|  **Maxar Technologies, Inc.** | **Maxar Technologies, Inc.** | **Maxar Technologies, Inc.** |
|  7.750% due 06/15/2027 | 437 | 454 |
|  **Mclaren Finance PLC** | **Mclaren Finance PLC** | **Mclaren Finance PLC** |
|  7.500% due 08/01/2026 | 2790 | 2106 |
|  **MEG Energy Corp.** | **MEG Energy Corp.** | **MEG Energy Corp.** |
|  7.125% due 02/01/2027 | 2577 | 2632 |
|  **Mercer International, Inc.** | **Mercer International, Inc.** | **Mercer International, Inc.** |
|  5.500% due 01/15/2026 | 40 | 38 |
|  **Merlin Entertainments Ltd.** | **Merlin Entertainments Ltd.** | **Merlin Entertainments Ltd.** |
|  5.750% due 06/15/2026 | 446 | 418 |
|  **MGM Resorts International** | **MGM Resorts International** | **MGM Resorts International** |
|  4.625% due 09/01/2026 | 3080 | 2828 |
|  5.500% due 04/15/2027 | 3149 | 2934 |
|  5.750% due 06/15/2025 | 2340 | 2278 |
|  6.000% due 03/15/2023 | 793 | 792 |
|  6.750% due 05/01/2025 | 2929 | 2949 |
|  **Mileage Plus Holdings LLC** | **Mileage Plus Holdings LLC** | **Mileage Plus Holdings LLC** |
|  6.500% due 06/20/2027 | 657 | 655 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Millennium Escrow Corp.** | **Millennium Escrow Corp.** | **Millennium Escrow Corp.** |
|  6.625% due 08/01/2026 | 1138 | 730 |
|  **Mineral Resources Ltd.** | **Mineral Resources Ltd.** | **Mineral Resources Ltd.** |
|  8.125% due 05/01/2027 | 2965 | 2991 |
|  **Mohegan Tribal Gaming Authority** | **Mohegan Tribal Gaming Authority** | **Mohegan Tribal Gaming Authority** |
|  8.000% due 02/01/2026 | 829 | 777 |
|  **MoneyGram International, Inc.** | **MoneyGram International, Inc.** | **MoneyGram International, Inc.** |
|  5.375% due 08/01/2026 | 923 | 937 |
|  **Moss Creek Resources Holdings, Inc.** | **Moss Creek Resources Holdings, Inc.** | **Moss Creek Resources Holdings, Inc.** |
|  7.500% due 01/15/2026 | 494 | 446 |
|  **Murphy Oil USA, Inc.** | **Murphy Oil USA, Inc.** | **Murphy Oil USA, Inc.** |
|  5.625% due 05/01/2027 | 327 | 318 |
|  **Nabors Industries Ltd.** | **Nabors Industries Ltd.** | **Nabors Industries Ltd.** |
|  7.250% due 01/15/2026 | 2378 | 2245 |
|  **Nabors Industries, Inc.** | **Nabors Industries, Inc.** | **Nabors Industries, Inc.** |
|  5.750% due 02/01/2025 | 3086 | 2948 |
|  7.375% due 05/15/2027 | 200 | 194 |
|  **NCL Corp. Ltd.** | **NCL Corp. Ltd.** | **NCL Corp. Ltd.** |
|  3.625% due 12/15/2024 | 1967 | 1684 |
|  5.875% due 03/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;6657 | &nbsp;&nbsp;&nbsp;&nbsp;5240 |
|  5.875% due 02/15/2027 | 1682 | 1459 |
|  **Neptune Bidco US, Inc.** | **Neptune Bidco US, Inc.** | **Neptune Bidco US, Inc.** |
|  9.290% due 04/15/2029 | 441 | 417 |
|  **New Fortress Energy, Inc.** | **New Fortress Energy, Inc.** | **New Fortress Energy, Inc.** |
|  6.500% due 09/30/2026 | 10 | 9 |
|  6.750% due 09/15/2025 | 448 | 425 |
|  **Newell Brands, Inc.** | **Newell Brands, Inc.** | **Newell Brands, Inc.** |
|  4.450% due 04/01/2026 | 10020 | 9449 |
|  4.875% due 06/01/2025 | 1019 | 993 |
|  6.375% due 09/15/2027 | 2253 | 2239 |
|  **NextEra Energy Operating Partners LP** | **NextEra Energy Operating Partners LP** | **NextEra Energy Operating Partners LP** |
|  3.875% due 10/15/2026 | 35 | 32 |
|  4.250% due 07/15/2024 | 1685 | 1637 |
|  **Nine Energy Service, Inc.** | **Nine Energy Service, Inc.** | **Nine Energy Service, Inc.** |
|  8.750% due 11/01/2023 (g) | 329 | 323 |
|  **Nokia Oyj** | **Nokia Oyj** | **Nokia Oyj** |
|  4.375% due 06/12/2027 | 3036 | 2871 |
|  **Northriver Midstream Finance LP** | **Northriver Midstream Finance LP** | **Northriver Midstream Finance LP** |
|  5.625% due 02/15/2026 | 2140 | 2030 |
|  **NOVA Chemicals Corp.** | **NOVA Chemicals Corp.** | **NOVA Chemicals Corp.** |
|  4.875% due 06/01/2024 | 441 | 428 |
|  **Novelis Corp.** | **Novelis Corp.** | **Novelis Corp.** |
|  3.250% due 11/15/2026 | 1458 | 1309 |
|  **NuStar Logistics LP** | **NuStar Logistics LP** | **NuStar Logistics LP** |
|  5.625% due 04/28/2027 | 2354 | 2205 |
|  5.750% due 10/01/2025 | 3101 | 2986 |
|  6.000% due 06/01/2026 | 1370 | 1322 |
|  **Occidental Petroleum Corp.** | **Occidental Petroleum Corp.** | **Occidental Petroleum Corp.** |
|  5.500% due 12/01/2025 (i) | 1107 | 1105 |
|  5.550% due 03/15/2026 | 2342 | 2337 |
|  5.875% due 09/01/2025 | 2729 | 2724 |
|  6.950% due 07/01/2024 | 507 | 518 |
|  8.500% due 07/15/2027 | 1504 | 1622 |
|  **Olympus Water US Holding Corp.** | **Olympus Water US Holding Corp.** | **Olympus Water US Holding Corp.** |
|  7.125% due 10/01/2027 | 2479 | 2377 |
|  **Open Text Corp.** | **Open Text Corp.** | **Open Text Corp.** |
|  6.900% due 12/01/2027 | 2122 | 2125 |
|  **Oriflame Investment Holding PLC** | **Oriflame Investment Holding PLC** | **Oriflame Investment Holding PLC** |
|  5.125% due 05/04/2026 | 1001 | 626 |
|  **Outfront Media Capital LLC** | **Outfront Media Capital LLC** | **Outfront Media Capital LLC** |
|  6.250% due 06/15/2025 | 798 | 792 |
|  **Owens-Brockway Glass Container, Inc.** | **Owens-Brockway Glass Container, Inc.** | **Owens-Brockway Glass Container, Inc.** |
|  5.375% due 01/15/2025 | 3235 | 3109 |
|  5.875% due 08/15/2023 | 660 | 658 |
|  6.375% due 08/15/2025 | 870 | 854 |
|  **Pactiv Evergreen Group Issuer, Inc.** | **Pactiv Evergreen Group Issuer, Inc.** | **Pactiv Evergreen Group Issuer, Inc.** |
|  4.000% due 10/15/2027 | 2134 | 1896 |
|  **Pactiv LLC** | **Pactiv LLC** | **Pactiv LLC** |
|  7.950% due 12/15/2025 | 2636 | 2550 |
|  **Parkland Corp.** | **Parkland Corp.** | **Parkland Corp.** |
|  5.875% due 07/15/2027 | 957 | 910 |
|  **PDC Energy, Inc.** | **PDC Energy, Inc.** | **PDC Energy, Inc.** |
|  5.750% due 05/15/2026 | 2189 | 2093 |

---

---

| | | |
|:---|:---|:---|
| **44** | **PIMCO ETF TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Penske Automotive Group, Inc.** | **Penske Automotive Group, Inc.** | **Penske Automotive Group, Inc.** |
|  3.500% due 09/01/2025 | 410 | 381 |
|  **Perenti Finance Pty. Ltd.** | **Perenti Finance Pty. Ltd.** | **Perenti Finance Pty. Ltd.** |
|  6.500% due 10/07/2025 (g) | &nbsp;&nbsp;&nbsp;&nbsp;1027 | 964 |
|  **Performance Food Group, Inc.** | **Performance Food Group, Inc.** | **Performance Food Group, Inc.** |
|  6.875% due 05/01/2025 | 1921 | 1928 |
|  **Permian Resources Operating LLC** | **Permian Resources Operating LLC** | **Permian Resources Operating LLC** |
|  5.375% due 01/15/2026 (g) | 1629 | &nbsp;&nbsp;&nbsp;&nbsp;1485 |
|  6.875% due 04/01/2027 | 285 | 269 |
|  **Perrigo Finance Unlimited Co.** | **Perrigo Finance Unlimited Co.** | **Perrigo Finance Unlimited Co.** |
|  4.375% due 03/15/2026 | 2781 | 2583 |
|  **Photo Holdings Merger Sub, Inc.** | **Photo Holdings Merger Sub, Inc.** | **Photo Holdings Merger Sub, Inc.** |
|  8.500% due 10/01/2026 | 3497 | 2022 |
|  **Post Holdings, Inc.** | **Post Holdings, Inc.** | **Post Holdings, Inc.** |
|  5.750% due 03/01/2027 | 1600 | 1550 |
|  **Precision Drilling Corp.** | **Precision Drilling Corp.** | **Precision Drilling Corp.** |
|  7.125% due 01/15/2026 | 745 | 722 |
|  **Presidio Holdings, Inc.** | **Presidio Holdings, Inc.** | **Presidio Holdings, Inc.** |
|  4.875% due 02/01/2027 | 3774 | 3447 |
|  **Prime Healthcare Services, Inc.** | **Prime Healthcare Services, Inc.** | **Prime Healthcare Services, Inc.** |
|  7.250% due 11/01/2025 | 2027 | 1716 |
|  **Prime Security Services Borrower LLC** | **Prime Security Services Borrower LLC** | **Prime Security Services Borrower LLC** |
|  5.250% due 04/15/2024 | 2059 | 2026 |
|  5.750% due 04/15/2026 | 3651 | 3522 |
|  **PTC, Inc.** | **PTC, Inc.** | **PTC, Inc.** |
|  3.625% due 02/15/2025 | 1421 | 1356 |
|  **Quebecor Media, Inc.** | **Quebecor Media, Inc.** | **Quebecor Media, Inc.** |
|  5.750% due 01/15/2023 | 5109 | 5105 |
|  **QVC, Inc.** | **QVC, Inc.** | **QVC, Inc.** |
|  4.850% due 04/01/2024 | 443 | 411 |
|  **Radiate Holdco LLC** | **Radiate Holdco LLC** | **Radiate Holdco LLC** |
|  4.500% due 09/15/2026 | 4168 | 3069 |
|  **Range Resources Corp.** | **Range Resources Corp.** | **Range Resources Corp.** |
|  4.875% due 05/15/2025 | 2390 | 2274 |
|  **RegionalCare Hospital Partners Holdings, Inc.** | **RegionalCare Hospital Partners Holdings, Inc.** | **RegionalCare Hospital Partners Holdings, Inc.** |
|  9.750% due 12/01/2026 | 6581 | 5310 |
|  **Resolute Forest Products, Inc.** | **Resolute Forest Products, Inc.** | **Resolute Forest Products, Inc.** |
|  4.875% due 03/01/2026 | 814 | 804 |
|  **Ritchie Bros Auctioneers, Inc.** | **Ritchie Bros Auctioneers, Inc.** | **Ritchie Bros Auctioneers, Inc.** |
|  5.375% due 01/15/2025 | 10 | 10 |
|  **Rite Aid Corp.** | **Rite Aid Corp.** | **Rite Aid Corp.** |
|  8.000% due 11/15/2026 | 1669 | 895 |
|  **Rockies Express Pipeline LLC** | **Rockies Express Pipeline LLC** | **Rockies Express Pipeline LLC** |
|  3.600% due 05/15/2025 | 443 | 419 |
|  **Rolls-Royce PLC** | **Rolls-Royce PLC** | **Rolls-Royce PLC** |
|  3.625% due 10/14/2025 | 6756 | 6249 |
|  5.750% due 10/15/2027 | 1585 | 1512 |
|  **Royal Caribbean Cruises Ltd.** | **Royal Caribbean Cruises Ltd.** | **Royal Caribbean Cruises Ltd.** |
|  5.375% due 07/15/2027 | 2046 | 1659 |
|  5.500% due 08/31/2026 | 674 | 568 |
|  7.500% due 10/15/2027 | 3084 | 2629 |
|  11.500% due 06/01/2025 | 2034 | 2186 |
|  **RP Escrow Issuer LLC** | **RP Escrow Issuer LLC** | **RP Escrow Issuer LLC** |
|  5.250% due 12/15/2025 | 1097 | 839 |
|  **Sabre Global, Inc.** | **Sabre Global, Inc.** | **Sabre Global, Inc.** |
|  7.375% due 09/01/2025 | 2810 | 2705 |
|  9.250% due 04/15/2025 | 5755 | 5743 |
|  11.250% due 12/15/2027 | 1037 | 1068 |
|  **Scientific Games International, Inc.** | **Scientific Games International, Inc.** | **Scientific Games International, Inc.** |
|  8.625% due 07/01/2025 | 2563 | 2619 |
|  **SCIL LLC** | **SCIL LLC** | **SCIL LLC** |
|  5.375% due 11/01/2026 | 1468 | 1246 |
|  **Seagate HDD Cayman** | **Seagate HDD Cayman** | **Seagate HDD Cayman** |
|  4.750% due 06/01/2023 | 3047 | 3035 |
|  4.750% due 01/01/2025 | 731 | 712 |
|  4.875% due 03/01/2024 | 2794 | 2743 |
|  **Sealed Air Corp.** | **Sealed Air Corp.** | **Sealed Air Corp.** |
|  5.125% due 12/01/2024 | &nbsp;&nbsp;&nbsp;&nbsp;1040 | &nbsp;&nbsp;&nbsp;&nbsp;1024 |
|  5.500% due 09/15/2025 | 318 | 314 |
|  **Select Medical Corp.** | **Select Medical Corp.** | **Select Medical Corp.** |
|  6.250% due 08/15/2026 | 1608 | 1532 |
|  **Sensata Technologies BV** | **Sensata Technologies BV** | **Sensata Technologies BV** |
|  5.000% due 10/01/2025 | 861 | 842 |
|  5.625% due 11/01/2024 | 1044 | 1039 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Shift4 Payments LLC** | **Shift4 Payments LLC** | **Shift4 Payments LLC** |
|  4.625% due 11/01/2026 | 1260 | 1193 |
|  **Sigma Holdco BV** | **Sigma Holdco BV** | **Sigma Holdco BV** |
|  7.875% due 05/15/2026 | 1438 | 1031 |
|  **Sinclair Television Group, Inc.** | **Sinclair Television Group, Inc.** | **Sinclair Television Group, Inc.** |
|  5.125% due 02/15/2027 (g) | 294 | 240 |
|  **Sirius XM Radio, Inc.** | **Sirius XM Radio, Inc.** | **Sirius XM Radio, Inc.** |
|  3.125% due 09/01/2026 | 3671 | 3264 |
|  5.000% due 08/01/2027 | 5029 | 4660 |
|  **Six Flags Entertainment Corp.** | **Six Flags Entertainment Corp.** | **Six Flags Entertainment Corp.** |
|  4.875% due 07/31/2024 | 4441 | 4283 |
|  **Six Flags Theme Parks, Inc.** | **Six Flags Theme Parks, Inc.** | **Six Flags Theme Parks, Inc.** |
|  7.000% due 07/01/2025 | 632 | 637 |
|  **Skillz, Inc.** | **Skillz, Inc.** | **Skillz, Inc.** |
|  10.250% due 12/15/2026 (g) | 387 | 257 |
|  **SM Energy Co.** | **SM Energy Co.** | **SM Energy Co.** |
|  5.625% due 06/01/2025 | 1132 | 1088 |
|  6.625% due 01/15/2027 | 966 | 932 |
|  6.750% due 09/15/2026 | 1475 | 1434 |
|  **Southwestern Energy Co.** | **Southwestern Energy Co.** | **Southwestern Energy Co.** |
|  5.700% due 01/23/2025 | 2200 | 2165 |
|  **Spectrum Brands, Inc.** | **Spectrum Brands, Inc.** | **Spectrum Brands, Inc.** |
|  5.750% due 07/15/2025 | 983 | 973 |
|  **Spirit AeroSystems, Inc.** | **Spirit AeroSystems, Inc.** | **Spirit AeroSystems, Inc.** |
|  3.850% due 06/15/2026 | 336 | 305 |
|  7.500% due 04/15/2025 | 7872 | 7796 |
|  9.375% due 11/30/2029 | 726 | 765 |
|  **Spirit Loyalty Cayman Ltd.** | **Spirit Loyalty Cayman Ltd.** | **Spirit Loyalty Cayman Ltd.** |
|  8.000% due 09/20/2025 | 1928 | 1940 |
|  **SS&C Technologies, Inc.** | **SS&C Technologies, Inc.** | **SS&C Technologies, Inc.** |
|  5.500% due 09/30/2027 | 7178 | 6736 |
|  **Standard Industries, Inc.** | **Standard Industries, Inc.** | **Standard Industries, Inc.** |
|  5.000% due 02/15/2027 | 742 | 686 |
|  **Staples, Inc.** | **Staples, Inc.** | **Staples, Inc.** |
|  7.500% due 04/15/2026 | 5464 | 4714 |
|  10.750% due 04/15/2027 (g) | 534 | 385 |
|  **Stevens Holding Co., Inc.** | **Stevens Holding Co., Inc.** | **Stevens Holding Co., Inc.** |
|  6.125% due 10/01/2026 | 297 | 298 |
|  **Strathcona Resources Ltd.** | **Strathcona Resources Ltd.** | **Strathcona Resources Ltd.** |
|  6.875% due 08/01/2026 | 1099 | 803 |
|  **Sugarhouse HSP Gaming Prop Mezz LP** | **Sugarhouse HSP Gaming Prop Mezz LP** | **Sugarhouse HSP Gaming Prop Mezz LP** |
|  5.875% due 05/15/2025 | 2059 | 1925 |
|  **Summer BC Bidco B LLC** | **Summer BC Bidco B LLC** | **Summer BC Bidco B LLC** |
|  5.500% due 10/31/2026 | 3104 | 2523 |
|  **Sunnova Energy Corp.** | **Sunnova Energy Corp.** | **Sunnova Energy Corp.** |
|  5.875% due 09/01/2026 (g) | 759 | 679 |
|  **Surgery Center Holdings, Inc.** | **Surgery Center Holdings, Inc.** | **Surgery Center Holdings, Inc.** |
|  6.750% due 07/01/2025 | 987 | 976 |
|  10.000% due 04/15/2027 | 1868 | 1904 |
|  **Tap Rock Resources LLC** | **Tap Rock Resources LLC** | **Tap Rock Resources LLC** |
|  7.000% due 10/01/2026 | 319 | 297 |
|  **Team Health Holdings, Inc.** | **Team Health Holdings, Inc.** | **Team Health Holdings, Inc.** |
|  6.375% due 02/01/2025 (g) | 3948 | 2281 |
|  **TEGNA, Inc.** | **TEGNA, Inc.** | **TEGNA, Inc.** |
|  4.750% due 03/15/2026 | 497 | 483 |
|  **Telesat Canada** | **Telesat Canada** | **Telesat Canada** |
|  5.625% due 12/06/2026 | 2122 | 979 |
|  **Tempo Acquisition LLC** | **Tempo Acquisition LLC** | **Tempo Acquisition LLC** |
|  5.750% due 06/01/2025 | 1955 | 1962 |
|  **Tenet Healthcare Corp.** | **Tenet Healthcare Corp.** | **Tenet Healthcare Corp.** |
|  4.625% due 07/15/2024 | 1162 | 1135 |
|  4.625% due 09/01/2024 | 3156 | 3070 |
|  4.875% due 01/01/2026 | 6543 | 6201 |
|  6.250% due 02/01/2027 | 10 | 10 |
|  **TransDigm U.K. Holdings PLC** | **TransDigm U.K. Holdings PLC** | **TransDigm U.K. Holdings PLC** |
|  6.875% due 05/15/2026 | 3403 | 3328 |
|  **TransDigm, Inc.** | **TransDigm, Inc.** | **TransDigm, Inc.** |
|  6.250% due 03/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;9860 | &nbsp;&nbsp;&nbsp;&nbsp;9746 |
|  6.375% due 06/15/2026 | 4226 | 4118 |
|  7.500% due 03/15/2027 | 971 | 962 |
|  8.000% due 12/15/2025 | 1533 | 1559 |
|  **Travel & Leisure Co.** | **Travel & Leisure Co.** | **Travel & Leisure Co.** |
|  3.900% due 03/01/2023 | 60 | 60 |
|  5.650% due 04/01/2024 | 2346 | 2315 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.000% due 04/01/2027 | 2018 | 1919 |
|  6.600% due 10/01/2025 | 298 | 293 |
|  6.625% due 07/31/2026 | 4050 | 3969 |
|  **Trident TPI Holdings, Inc.** | **Trident TPI Holdings, Inc.** | **Trident TPI Holdings, Inc.** |
|  6.625% due 11/01/2025 | 1621 | 1416 |
|  9.250% due 08/01/2024 | 1341 | 1284 |
|  **Trinity Industries, Inc.** | **Trinity Industries, Inc.** | **Trinity Industries, Inc.** |
|  4.550% due 10/01/2024 | 368 | 358 |
|  **Trinseo Materials Operating S.C.A.** | **Trinseo Materials Operating S.C.A.** | **Trinseo Materials Operating S.C.A.** |
|  5.375% due 09/01/2025 | 1116 | 920 |
|  **TripAdvisor, Inc.** | **TripAdvisor, Inc.** | **TripAdvisor, Inc.** |
|  7.000% due 07/15/2025 | 2357 | 2333 |
|  **Triumph Group, Inc.** | **Triumph Group, Inc.** | **Triumph Group, Inc.** |
|  6.250% due 09/15/2024 | 2710 | 2573 |
|  7.750% due 08/15/2025 | 2740 | 2335 |
|  8.875% due 06/01/2024 | 464 | 473 |
|  **Trivium Packaging Finance BV** | **Trivium Packaging Finance BV** | **Trivium Packaging Finance BV** |
|  5.500% due 08/15/2026 | 1789 | 1644 |
|  8.500% due 08/15/2027 | 1584 | 1456 |
|  **U.S. Acute Care Solutions LLC** | **U.S. Acute Care Solutions LLC** | **U.S. Acute Care Solutions LLC** |
|  6.375% due 03/01/2026 | 4896 | 4351 |
|  **U.S. Foods, Inc.** | **U.S. Foods, Inc.** | **U.S. Foods, Inc.** |
|  6.250% due 04/15/2025 | 5274 | 5227 |
|  **U.S. Renal Care, Inc.** | **U.S. Renal Care, Inc.** | **U.S. Renal Care, Inc.** |
|  10.625% due 07/15/2027 | 1021 | 225 |
|  **Uber Technologies, Inc.** | **Uber Technologies, Inc.** | **Uber Technologies, Inc.** |
|  7.500% due 05/15/2025 | 5321 | 5325 |
|  7.500% due 09/15/2027 | 2887 | 2895 |
|  **Under Armour, Inc.** | **Under Armour, Inc.** | **Under Armour, Inc.** |
|  3.250% due 06/15/2026 | 952 | 848 |
|  **United Airlines, Inc.** | **United Airlines, Inc.** | **United Airlines, Inc.** |
|  4.375% due 04/15/2026 | 6859 | 6369 |
|  **Univision Communications, Inc.** | **Univision Communications, Inc.** | **Univision Communications, Inc.** |
|  5.125% due 02/15/2025 | 6158 | 5877 |
|  6.625% due 06/01/2027 | 5306 | 5131 |
|  **USA Compression Partners LP** | **USA Compression Partners LP** | **USA Compression Partners LP** |
|  6.875% due 04/01/2026 | 6304 | 6057 |
|  **Vail Resorts, Inc.** | **Vail Resorts, Inc.** | **Vail Resorts, Inc.** |
|  6.250% due 05/15/2025 | 2551 | 2555 |
|  **Vericast Corp.** | **Vericast Corp.** | **Vericast Corp.** |
|  11.000% due 09/15/2026 | 2464 | 2636 |
|  **Veritas U.S., Inc.** | **Veritas U.S., Inc.** | **Veritas U.S., Inc.** |
|  7.500% due 09/01/2025 | 3061 | 2115 |
|  **Viasat, Inc.** | **Viasat, Inc.** | **Viasat, Inc.** |
|  5.625% due 09/15/2025 | 5075 | 4717 |
|  5.625% due 04/15/2027 | 749 | 682 |
|  **Videotron Ltd.** | **Videotron Ltd.** | **Videotron Ltd.** |
|  5.375% due 06/15/2024 | 1045 | 1034 |
|  **Viking Cruises Ltd.** | **Viking Cruises Ltd.** | **Viking Cruises Ltd.** |
|  6.250% due 05/15/2025 | 3172 | 2898 |
|  13.000% due 05/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;2546 | &nbsp;&nbsp;&nbsp;&nbsp;2690 |
|  **Vivo Energy Investments BV** | **Vivo Energy Investments BV** | **Vivo Energy Investments BV** |
|  5.125% due 09/24/2027 | 78 | 70 |
|  **VOC Escrow Ltd.** | **VOC Escrow Ltd.** | **VOC Escrow Ltd.** |
|  5.000% due 02/15/2028 | 200 | 172 |
|  **W&T Offshore, Inc.** | **W&T Offshore, Inc.** | **W&T Offshore, Inc.** |
|  9.750% due 11/01/2023 | 1313 | 1292 |
|  **Waste Pro USA, Inc.** | **Waste Pro USA, Inc.** | **Waste Pro USA, Inc.** |
|  5.500% due 02/15/2026 | 2173 | 1924 |
|  **Weatherford International Ltd.** | **Weatherford International Ltd.** | **Weatherford International Ltd.** |
|  11.000% due 12/01/2024 | 121 | 124 |
|  **Weir Group PLC** | **Weir Group PLC** | **Weir Group PLC** |
|  2.200% due 05/13/2026 | 4825 | 4285 |
|  **Wesco Aircraft Holdings, Inc.** | **Wesco Aircraft Holdings, Inc.** | **Wesco Aircraft Holdings, Inc.** |
|  9.000% due 11/15/2026 (g) | 729 | 494 |
|  **Wesco Aircraft Holdings, Inc. (7.500% Cash and 3.000% PIK)** | **Wesco Aircraft Holdings, Inc. (7.500% Cash and 3.000% PIK)** | **Wesco Aircraft Holdings, Inc. (7.500% Cash and 3.000% PIK)** |
|  10.500% due 11/15/2026 (a) | 1569 | 1447 |
|  **WESCO Distribution, Inc.** | **WESCO Distribution, Inc.** | **WESCO Distribution, Inc.** |
|  7.125% due 06/15/2025 | 2571 | 2609 |
|  **Western Digital Corp.** | **Western Digital Corp.** | **Western Digital Corp.** |
|  4.750% due 02/15/2026 | 3550 | 3351 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **45** |

---

------

##### [**Table of Contents**](#toc)

---

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

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Western Midstream Operating LP** | **Western Midstream Operating LP** | **Western Midstream Operating LP** |
|  3.350% due 02/01/2025 | 4441 | 4209 |
|  3.950% due 06/01/2025 | 773 | 733 |
|  4.650% due 07/01/2026 | 838 | 797 |
|  **White Cap Parent LLC (8.250% Cash or 9.000% PIK)** | **White Cap Parent LLC (8.250% Cash or 9.000% PIK)** | **White Cap Parent LLC (8.250% Cash or 9.000% PIK)** |
|  8.250% due 03/15/2026 (a) | 3650 | 3160 |
|  **Williams Scotsman International, Inc.** | **Williams Scotsman International, Inc.** | **Williams Scotsman International, Inc.** |
|  6.125% due 06/15/2025 | 2904 | 2879 |
|  **WR Grace Holdings LLC** | **WR Grace Holdings LLC** | **WR Grace Holdings LLC** |
|  5.625% due 10/01/2024 | 259 | 255 |
|  **Wynn Las Vegas LLC** | **Wynn Las Vegas LLC** | **Wynn Las Vegas LLC** |
|  4.250% due 05/30/2023 | &nbsp;&nbsp;&nbsp;&nbsp;2207 | 2179 |
|  5.250% due 05/15/2027 (g) | 1441 | 1303 |
|  5.500% due 03/01/2025 | 7396 | 7037 |
|  **Wynn Resorts Finance LLC** | **Wynn Resorts Finance LLC** | **Wynn Resorts Finance LLC** |
|  7.750% due 04/15/2025 | 1734 | 1727 |
|  **Xerox Holdings Corp.** | **Xerox Holdings Corp.** | **Xerox Holdings Corp.** |
|  5.000% due 08/15/2025 | 1588 | 1464 |
|  **XPO Escrow Sub LLC** | **XPO Escrow Sub LLC** | **XPO Escrow Sub LLC** |
|  7.500% due 11/15/2027 | 741 | 751 |
|  **Yum! Brands, Inc.** | **Yum! Brands, Inc.** | **Yum! Brands, Inc.** |
|  3.875% due 11/01/2023 | 749 | 735 |
|  **Zayo Group Holdings, Inc.** | **Zayo Group Holdings, Inc.** | **Zayo Group Holdings, Inc.** |
|  4.000% due 03/01/2027 | 6736 | 4990 |
|  **ZF North America Capital, Inc.** | **ZF North America Capital, Inc.** | **ZF North America Capital, Inc.** |
|  4.750% due 04/29/2025 | 4205 | 3981 |
|  **Ziggo Bond Co. BV** | **Ziggo Bond Co. BV** | **Ziggo Bond Co. BV** |
|  6.000% due 01/15/2027 | 1570 | 1463 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;869442 |
| **UTILITIES 6.6%** | **UTILITIES 6.6%** | **UTILITIES 6.6%** |
|  **AmeriGas Partners LP** | **AmeriGas Partners LP** | **AmeriGas Partners LP** |
|  5.500% due 05/20/2025 | 1910 | 1838 |
|  **Antero Midstream Partners LP** | **Antero Midstream Partners LP** | **Antero Midstream Partners LP** |
|  5.750% due 03/01/2027 | 3687 | 3492 |
|  7.875% due 05/15/2026 | 2133 | 2162 |
|  **Blue Racer Midstream LLC** | **Blue Racer Midstream LLC** | **Blue Racer Midstream LLC** |
|  6.625% due 07/15/2026 | 590 | 572 |
|  7.625% due 12/15/2025 | 1536 | 1527 |
|  **C&W Senior Financing DAC** | **C&W Senior Financing DAC** | **C&W Senior Financing DAC** |
|  6.875% due 09/15/2027 | 2193 | 2044 |
|  **Calpine Corp.** | **Calpine Corp.** | **Calpine Corp.** |
|  5.250% due 06/01/2026 | 2816 | 2687 |
|  **Crestwood Midstream Partners LP** | **Crestwood Midstream Partners LP** | **Crestwood Midstream Partners LP** |
|  5.625% due 05/01/2027 | 180 | 168 |
|  5.750% due 04/01/2025 | 4273 | 4164 |
|  **CrownRock LP** | **CrownRock LP** | **CrownRock LP** |
|  5.625% due 10/15/2025 | 6690 | 6469 |
|  **DPL, Inc.** | **DPL, Inc.** | **DPL, Inc.** |
|  4.125% due 07/01/2025 | 328 | 309 |
|  **Drax Finco PLC** | **Drax Finco PLC** | **Drax Finco PLC** |
|  6.625% due 11/01/2025 | 1019 | 975 |
|  **Duke Energy Corp.** | **Duke Energy Corp.** | **Duke Energy Corp.** |
|  4.500% due 08/15/2032 | 200 | 188 |
|  **Electricite de France SA** | **Electricite de France SA** | **Electricite de France SA** |
|  5.250% due 01/29/2023 •(e) | 1948 | 1944 |
|  5.625% due 01/22/2024 •(e) | 2111 | 1999 |
|  **FirstEnergy Corp.** | **FirstEnergy Corp.** | **FirstEnergy Corp.** |
|  1.600% due 01/15/2026 | 331 | 293 |
|  2.050% due 03/01/2025 | 836 | 776 |
|  4.400% due 07/15/2027 | 4599 | 4288 |
|  **Genesis Energy LP** | **Genesis Energy LP** | **Genesis Energy LP** |
|  5.625% due 06/15/2024 | 443 | 428 |
|  6.250% due 05/15/2026 | 3107 | 2848 |
|  6.500% due 10/01/2025 | 1233 | 1180 |
|  8.000% due 01/15/2027 | 4836 | 4574 |
|  **Holly Energy Partners LP** | **Holly Energy Partners LP** | **Holly Energy Partners LP** |
|  6.375% due 04/15/2027 | 533 | 524 |
|  **Iliad Holding SASU** | **Iliad Holding SASU** | **Iliad Holding SASU** |
|  6.500% due 10/15/2026 | 3269 | 3038 |
|  **Lumen Technologies, Inc.** | **Lumen Technologies, Inc.** | **Lumen Technologies, Inc.** |
|  4.000% due 02/15/2027 | 1384 | 1176 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **NGL Energy Operating LLC** | **NGL Energy Operating LLC** | **NGL Energy Operating LLC** |
|  7.500% due 02/01/2026 | 3542 | 3160 |
|  **NGL Energy Partners LP** | **NGL Energy Partners LP** | **NGL Energy Partners LP** |
|  6.125% due 03/01/2025 (g) | 333 | 272 |
|  **PBF Holding Co. LLC** | **PBF Holding Co. LLC** | **PBF Holding Co. LLC** |
|  7.250% due 06/15/2025 | 3238 | 3205 |
|  **PBF Logistics LP** | **PBF Logistics LP** | **PBF Logistics LP** |
|  6.875% due 05/15/2023 | 1030 | 1031 |
|  **Qwest Corp.** | **Qwest Corp.** | **Qwest Corp.** |
|  7.250% due 09/15/2025 | 1316 | 1329 |
|  **Sprint LLC** | **Sprint LLC** | **Sprint LLC** |
|  7.125% due 06/15/2024 | 2696 | 2755 |
|  7.625% due 02/15/2025 | 526 | 544 |
|  7.625% due 03/01/2026 | 6366 | 6713 |
|  7.875% due 09/15/2023 | 4265 | 4334 |
|  **Summit Midstream Holdings LLC** | **Summit Midstream Holdings LLC** | **Summit Midstream Holdings LLC** |
|  8.500% due 10/15/2026 | 449 | 428 |
|  **Tallgrass Energy Partners LP** | **Tallgrass Energy Partners LP** | **Tallgrass Energy Partners LP** |
|  6.000% due 03/01/2027 | 1502 | 1405 |
|  7.500% due 10/01/2025 | 2385 | 2410 |
|  **Telecom Italia SpA** | **Telecom Italia SpA** | **Telecom Italia SpA** |
|  5.303% due 05/30/2024 | 2350 | 2231 |
|  **Transocean Sentry Ltd.** | **Transocean Sentry Ltd.** | **Transocean Sentry Ltd.** |
|  5.375% due 05/15/2023 | 1635 | 1621 |
|  **Vistra Operations Co. LLC** | **Vistra Operations Co. LLC** | **Vistra Operations Co. LLC** |
|  5.500% due 09/01/2026 | 2336 | 2254 |
|  5.625% due 02/15/2027 | 3554 | 3379 |
|  |  | 86734 |
|  **Total Corporate Bonds & Notes (Cost $1,254,831)** |  | **1169028** |
|  | **SHARES** |  |
| **COMMON STOCKS 0.2%** | **COMMON STOCKS 0.2%** | **COMMON STOCKS 0.2%** |
| **COMMUNICATION SERVICES 0.1%** | **COMMUNICATION SERVICES 0.1%** | **COMMUNICATION SERVICES 0.1%** |
|  **iHeartMedia, Inc. 'B' «(b)** | 122615 | 677 |
| **FINANCIALS 0.1%** | **FINANCIALS 0.1%** | **FINANCIALS 0.1%** |
|  **Intelsat SA «(b)(i)** | &nbsp;&nbsp;&nbsp;&nbsp;90699 | 2177 |
|  **Newco, Inc. «(b)** | 5855 | 418 |
|  |  | 2595 |
| **INDUSTRIALS 0.0%** | **INDUSTRIALS 0.0%** | **INDUSTRIALS 0.0%** |
|  **Bruin Blocker LLC «(b)(i)** | 182994 | 0 |
|  **Voyager Aviation Holdings LLC «(b)** | 530 | 0 |
|  |  | 0 |
| **INFORMATION TECHNOLOGY 0.0%** | **INFORMATION TECHNOLOGY 0.0%** | **INFORMATION TECHNOLOGY 0.0%** |
|  **Riverbed Technology, Inc. «(b)(i)** | 22812 | 6 |
| **REAL ESTATE 0.0%** | **REAL ESTATE 0.0%** | **REAL ESTATE 0.0%** |
|  **Stearns Holding LLC 'B' «(b)** | 214645 | 0 |
|  **Total Common Stocks (Cost $11,679)** | **Total Common Stocks (Cost $11,679)** | **3278** |
| **RIGHTS 0.0%** | **RIGHTS 0.0%** | **RIGHTS 0.0%** |
| **FINANCIALS 0.0%** | **FINANCIALS 0.0%** | **FINANCIALS 0.0%** |
|  **Intelsat Jackson Holdings SA «(b)** | 19758 | 133 |
|  **Total Rights (Cost $0)** | **Total Rights (Cost $0)** | **133** |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
| **WARRANTS 0.0%** | **WARRANTS 0.0%** | **WARRANTS 0.0%** |
| **FINANCIALS 0.0%** | **FINANCIALS 0.0%** | **FINANCIALS 0.0%** |
|  **Guranteed Rate, Inc. - Exp. 12/31/2060 «** | 1029 | 0 |
|  **Intelsat Emergence SA - Exp. 02/17/2027 «** | 28334 | 91 |
|  **Intelsat Jackson Holdings SA - Exp. 12/05/2025 «** | 8526 | 64 |
|  **Total Warrants (Cost $3,431)** | **Total Warrants (Cost $3,431)** | **155** |
| **PREFERRED SECURITIES 0.1%** | **PREFERRED SECURITIES 0.1%** | **PREFERRED SECURITIES 0.1%** |
| **BANKING & FINANCE 0.0%** | **BANKING & FINANCE 0.0%** | **BANKING & FINANCE 0.0%** |
|  **AGFC Capital Trust** | **AGFC Capital Trust** | **AGFC Capital Trust** |
|  5.829% (US0003M + 1.750%) due 01/15/2067 ~ | 453000 | 254 |
| **INDUSTRIALS 0.1%** | **INDUSTRIALS 0.1%** | **INDUSTRIALS 0.1%** |
|  **Voyager Aviation Holdings LLC «** | 3178 | 853 |
|  **Total Preferred Securities (Cost $1,312)** | **Total Preferred Securities (Cost $1,312)** | **1107** |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |
| **SHORT-TERM INSTRUMENTS 9.6%** | **SHORT-TERM INSTRUMENTS 9.6%** | **SHORT-TERM INSTRUMENTS 9.6%** |
| **REPURCHASE AGREEMENTS (j) 8.9%** | **REPURCHASE AGREEMENTS (j) 8.9%** | **REPURCHASE AGREEMENTS (j) 8.9%** |
|  |  | 117852 |
| **SHORT-TERM NOTES 0.6%** | **SHORT-TERM NOTES 0.6%** | **SHORT-TERM NOTES 0.6%** |
|  **Federal Home Loan Bank** | **Federal Home Loan Bank** | **Federal Home Loan Bank** |
|  4.320% due 01/06/2023 •  | 8391 | 8391 |
| **U.S. TREASURY BILLS 0.1%** | **U.S. TREASURY BILLS 0.1%** | **U.S. TREASURY BILLS 0.1%** |
|  3.784% due 01/05/2023 - 03/02/2023 (c)(d)(m) | 1530 | 1528 |
| **Total Short-Term Instruments<br>(Cost $127,771)** | **Total Short-Term Instruments<br>(Cost $127,771)** | **127771** |
| **Total Investments in Securities<br>(Cost $1,402,199)** | **Total Investments in Securities<br>(Cost $1,402,199)** | **1304089** |
|  | **SHARES** |  |
| **INVESTMENTS IN AFFILIATES 2.6%** | **INVESTMENTS IN AFFILIATES 2.6%** | **INVESTMENTS IN AFFILIATES 2.6%** |
| **SHORT-TERM INSTRUMENTS 2.6%** | **SHORT-TERM INSTRUMENTS 2.6%** | **SHORT-TERM INSTRUMENTS 2.6%** |
| **MUTUAL FUNDS 2.6%** | **MUTUAL FUNDS 2.6%** | **MUTUAL FUNDS 2.6%** |
|  **PIMCO Government Money Market Fund** | **PIMCO Government Money Market Fund** | **PIMCO Government Money Market Fund** |
|  4.310% (f)(g)(h) | 34422773 | 34423 |
| **Total Short-Term Instruments<br>(Cost $34,423)** | **Total Short-Term Instruments<br>(Cost $34,423)** | **34423** |
| **Total Investments in Affiliates<br>(Cost $34,423)** | **Total Investments in Affiliates<br>(Cost $34,423)** | **34423** |
| **Total Investments 100.8%<br>(Cost $1,436,622)** | **Total Investments 100.8%<br>(Cost $1,436,622)** | **1338512** |
|  **Financial Derivative<br>Instruments (k)(l) (0.0)%**<br> **(Cost or Premiums, net $(2336))** | **Financial Derivative<br>Instruments (k)(l) (0.0)%**<br> **(Cost or Premiums, net $(2336))** | **(611)** |
| **Other Assets and Liabilities, net (0.8)%** | **Other Assets and Liabilities, net (0.8)%** | **(10322)** |
| **Net Assets 100.0%** | **Net Assets 100.0%** | **1327579** |

---

---

| | | |
|:---|:---|:---|
| **46** | **PIMCO ETF TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022 (Unaudited)

**NOTES TO SCHEDULE OF INVESTMENTS:** 

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

---

| | |
|:---|:---|
| **«** | **Security valued using significant unobservable inputs (Level 3).**  |

---

---

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

---

---

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

---

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

**(a)** **Payment in-kind security.** 

**(b)** **Security did not produce income within the last twelve months.** 

**(c)** **Coupon represents a weighted average yield to maturity.** 

**(d)** **Zero coupon security.** 

**(e)** **Perpetual maturity; date shown, if applicable, represents next contractual call date.** 

**(f)** **Institutional Class Shares of each Fund.** 

**(g)** **Securities with an aggregate market value of $34,040 were out on loan in exchange for $34,728 of cash collateral as of December 31, 2022. See Note 5, Securities Lending, in the Notes to Financial Statements for more information regarding securities on loan and cash collateral.** 

**(h)** **Coupon represents a 7-Day Yield.** 

&nbsp;&nbsp;&nbsp;&nbsp;**(i) RESTRICTED SECURITIES:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issuer Description** | **Acquisition<br>Date** | **Cost** | **Market<br>Value** | **Market Value<br>as Percentage<br>of Net Assets** |
|  Bruin Blocker LLC | 04/20/2021 | $0 | $0 | 0.00% |
|  Intelsat SA | 10/02/2018 - 02/23/2022 | 6884 | 2177 | 0.16 |
|  KCA Deutag U.K. Finance PLC 9.875% due 12/01/2025 | 12/21/2020 | 270 | 248 | 0.02 |
|  Occidental Petroleum Corp. 5.500% due 12/01/2025 | 09/02/2021 - 12/28/2021 | 1195 | 1105 | 0.08 |
|  Riverbed Technology, Inc. | 04/24/2018 - 12/07/2021 | 1634 | 6 | 0.00 |
|  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9983 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3536 | 0.26% |

---

**BORROWINGS AND OTHER FINANCING TRANSACTIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;**(j) REPURCHASE AGREEMENTS:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Lending<br>Rate** | **Settlement<br>Date** | **Maturity<br>Date** | **Principal<br>Amount** | **Collateralized By** | **Collateral<br>(Received)** | **Repurchase<br>Agreements,<br>at Value** | **Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup>** |
| FICC | 1.900% | 12/30/2022 | 01/03/2023 | $2952 | U.S. Treasury Bills 0.000% due 12/28/2023 | $(3011) | $2952 | $2952 |
| MBC | 4.320 | 12/30/2022 | 01/03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114900 | U.S. Treasury Notes 2.750% due 02/15/2024 | (118554) | 114900 | 114955 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** |  | $**(121565)** | $**117852** | $**117907** |

---

**BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY** 

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2022:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup>** | **Payable for<br>Reverse<br>Repurchase<br>Agreements** | **Payable for<br>Sale-Buyback<br>Transactions** | **Securities<br>Out on Loan** | **Total<br>Borrowings and<br>Other Financing<br>Transactions** | **Collateral<br>Pledged/(Received)** | **Net Exposure<sup>(2)</sup>** |
|  Global/Master Repurchase Agreement |  |  |  |  |  |  |  |
|  FICC | $2952 | $0 | $0 | $0 | $2952 | $(3011) | $(59) |
|  MBC | 114955 | 0 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(118554) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3599) |
|  Master Securities Lending Agreement |  |  |  |  |  |  |  |
|  BCY | 0 | 0 | 0 | 6214 | 6214 | (6335) | (121) |
|  BMO | 0 | 0 | 0 | 1117 | 1117 | (1140) | (23) |
|  BPG | 0 | 0 | 0 | 2220 | 2220 | (2265) | (45) |
|  BSN | 0 | 0 | 0 | 1203 | 1203 | (1227) | (24) |
|  FOB | 0 | 0 | 0 | 753 | 753 | (767) | (14) |
|  GSC | 0 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20443 | 20443 | (20854) | (411) |
|  RDR | 0 | 0 | 0 | 2090 | 2090 | (2140) | (50) |
|  **Total Borrowings and Other Financing Transactions** | $**117907** | $**0** | $**0** | $**34040** |  |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **47** |

---

------

##### [**Table of Contents**](#toc)

---

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

---

**CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS** 

**Remaining Contractual Maturity of the Agreements** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Overnight and<br>Continuous** | **Up to 30 days** | **31-90 days** | **Greater Than 90 days** | **Total** |
|  **Securities Lending Transactions<sup>(3)</sup>** | **Securities Lending Transactions<sup>(3)</sup>** | **Securities Lending Transactions<sup>(3)</sup>** | **Securities Lending Transactions<sup>(3)</sup>** | **Securities Lending Transactions<sup>(3)</sup>** | **Securities Lending Transactions<sup>(3)</sup>** |
|  Corporate Bonds & Notes | $34728 | $0 | $0 | $0 | $34728 |
|  **Total Borrowings** | $**34728** | $**0** | $**0** | $**0** | $**34728** |
|  **Payable for securities on loan - cash collateral**  | **Payable for securities on loan - cash collateral**  | **Payable for securities on loan - cash collateral**  | **Payable for securities on loan - cash collateral**  | **Payable for securities on loan - cash collateral**  | $**34728** |

---

<sup>(1)</sup> Includes accrued interest.

<sup>(2)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

<sup>(3)</sup> Includes cash collateral as described in Note 5 in the Notes to Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;**(k) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** 

**FUTURES CONTRACTS:** 

**LONG FUTURES CONTRACTS** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Variation Margin** | **Variation Margin** |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  U.S. Treasury 5-Year Note March Futures  | 03/2023 | 247 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26659 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) |
|  **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | $**(33)** | $**0** | $**(21)** |

---

**SWAP AGREEMENTS:** 

**CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(1)</sup>** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>December 31, 2022<sup>(2)</sup>** | **Notional<br>Amount<sup>(3)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(4)</sup>** | **Variation Margin** | **Variation Margin** |
| **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>December 31, 2022<sup>(2)</sup>** | **Notional<br>Amount<sup>(3)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(4)</sup>** | **Asset** | **Liability** |
|  Royal Caribbean Cruises Ltd. | 5.000% | Quarterly | 12/20/2026 | 7.513% | $2500 | $(175) | $(6) | $(181) | $0 | $(1) |
|  Royal Caribbean Cruises Ltd. | 5.000 | Quarterly | 12/20/2027 | 7.613 | 2500 | (212) | (8) | (220) | 0 | (1) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(387) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(401) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |

---

**CREDIT DEFAULT SWAPS ON CREDIT INDICES - SELL PROTECTION<sup>(1)</sup>** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(3)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(4)</sup>** | **Variation Margin** | **Variation Margin** |
| **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(3)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(4)</sup>** | **Asset** | **Liability** |
|  CDX.HY-38 5-Year Index | 5.000% | Quarterly | 06/20/2027 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11880 | $(8) | $277 | $269 | $0 | $0 |
|  CDX.HY-39 5-Year Index | 5.000 | Quarterly | 12/20/2027 | 63900 | (1750) | 2246 | 496 | 0 | (10) |
|  |  |  |  |  | $(1758) | $2523 | $765 | $0 | $(10) |
|  **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | $**(2145)** | $**2509** | $**364** | $**0** | $**(12)** |

---

**FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY** 

The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of December 31, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** |
|  | **Market Value** | **Variation Margin<br>Asset** | **Variation Margin<br>Asset** | **Total** | **Market Value** | **Variation Margin<br>Liability** |  | **Total** |
| | **Purchased<br>Options** | **Futures** | **Swap<br>Agreements** | **Total** | **Written<br>Options** | **Futures** | | **Total** |
|  **Total Exchange-Traded or Centrally Cleared** | $**0** | $**0** | $**0** | $**0** | $**0** | $**(21)** | $**(12)** | $**(33)** |

---

**Cash of $11,323 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2022. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.** 

---

| | | |
|:---|:---|:---|
| **48** | **PIMCO ETF TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022 (Unaudited)

<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. 

<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. 

<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. 

<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. 

&nbsp;&nbsp;&nbsp;&nbsp;**(l) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** 

**SWAP AGREEMENTS:** 

**TOTAL RETURN SWAPS ON INTEREST RATE INDICES** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Pay/Receive<sup>(1)</sup>** | **Underlying Reference** | **# of Units** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Swap Agreements,<br>at Value** | **Swap Agreements,<br>at Value** |
| **Counterparty** | **Pay/Receive<sup>(1)</sup>** | **Underlying Reference** | **# of Units** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
| BPS | Receive | iBoxx USD Liquid High Yield Index | N/A | 1.058% | Maturity | 03/20/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12700 | $0 | $(119) | $0 | $(119) |
| GST | Receive | iBoxx USD Liquid High Yield Index | N/A | 1.058% | Maturity | 06/20/2023 | 24700 | (191) | (268) | 0 | (459) |
|  **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | $**(191)** | $**(387)** | $**0** | $**(578)** |

---

**FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY** 

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of December 31, 2022:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | | | |
| <br>**Counterparty** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Purchased<br>Options** | **Swap<br>Agreements** | **Total<br>Over the<br>Counter** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Written<br>Options** | **Swap<br>Agreements** | **Total<br>Over the<br>Counter** |<br>**Net Market<br>Value of OTC<br>Derivatives** |<br>**Collateral<br>Pledged/<br>(Received)** |<br>**Net<br>Exposure<sup>(2)</sup>** |
|  BPS | $0 | $0 | $0 | $0 | $0 | $0 | $(119) | $(119) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(119) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(119) |
|  GST | 0 | 0 | 0 | 0 | 0 | 0 | (459) | (459) | (459) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261 | (198) |
|  **Total Over the Counter** | $**0** | $**0** | $**0** | $**0** | $**0** | $**0** | $**(578)** | $**(578)** |  |  |  |

---

**(m)** **Securities with an aggregate market value of $261 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of December 31, 2022.** 

<sup>(1)</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. 

<sup>(2)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **49** |

---

------

##### [**Table of Contents**](#toc)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Schedule of Investments** | **PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund** | **(Cont.)** | December 31, 2022 | (Unaudited) |

---

**FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS** 

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
| | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  **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 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $21 | $21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 12 | 0 | 0 | 0 | 12 |
|  | $0 | $12 | $0 | $0 | $21 | $33 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | $0 | $0 | $0 | $0 | $578 | $578 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
| | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** |  |  |  |  |
|  Exchange-traded or centrally cleared |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $(1229) | $(1229) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (1021) | 0 | 0 | (4) | (1025) |
|  | $0 | $(1021) | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1233) | $(2254) |
|  Over the counter |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | $0 | $3 | $0 | $0 | $549 | $552 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1018) | $0 | $0 | $(684) | $(1702) |
|  **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** |
|  Exchange-traded or centrally cleared |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $56 | $56 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 6952 | 0 | 0 | 0 | 6952 |
|  | $0 | $6952 | $0 | $0 | $56 | $7008 |
|  Over the counter |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | $0 | $0 | $0 | $0 | $628 | $628 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6952 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $684 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7636 |

---

**FAIR VALUE MEASUREMENTS** 

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
|  **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 | $0 | $2617 | $0 | $2617 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212852 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212852 |
| &nbsp;&nbsp; Industrials | 0 | 869364 | 78 | 869442 |
| &nbsp;&nbsp; Utilities | 0 | 86734 | 0 | 86734 |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Communication Services | 0 | 0 | 677 | 677 |
| &nbsp;&nbsp; Financials | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2595 | 2595 |
| &nbsp;&nbsp; Information Technology | 0 | 0 | 6 | 6 |
|  Rights | Rights | Rights | Rights | Rights |
| &nbsp;&nbsp; Financials | 0 | 0 | 133 | 133 |
|  Warrants | Warrants | Warrants | Warrants | Warrants |
| &nbsp;&nbsp; Financials | 0 | 0 | 155 | 155 |
|  Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| &nbsp;&nbsp; Banking & Finance | 0 | 254 | 0 | 254 |
| &nbsp;&nbsp; Industrials | 0 | 0 | 853 | 853 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 117852 | 0 | 117852 |
| &nbsp;&nbsp; Short-Term Notes | 0 | 8391 | 0 | 8391 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
| &nbsp;&nbsp; U.S. Treasury Bills | $0 | $1528 | $0 | $1528 |
|  | 0 | 1299592 | 4497 | 1304089 |
|  **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 |
| &nbsp;&nbsp; Mutual Funds | 34423 | 0 | 0 | 34423 |
|  Total Investments | $34423 | $1299592 | $4497 | $1338512 |
|  **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 | (33) | 0 | (33) |
|  Over the counter | 0 | (578) | 0 | (578) |
|  | $0 | $(611) | $0 | $(611) |
|  Total Financial Derivative Instruments | $0 | $(611) | $0 | $(611) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34423 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1298981 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4497 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1337901 |

---

There were no significant transfers into or out of Level 3 during the period ended December 31, 2022.

---

| | | |
|:---|:---|:---|
| **50** | **PIMCO ETF TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| **Schedule of Investments** | **PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund** | December 31, 2022 | (Unaudited) |

---

**(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 98.9%** | **INVESTMENTS IN SECURITIES 98.9%** | **INVESTMENTS IN SECURITIES 98.9%** |
| **CORPORATE BONDS & NOTES 92.8%** | **CORPORATE BONDS & NOTES 92.8%** | **CORPORATE BONDS & NOTES 92.8%** |
| **BANKING & FINANCE 35.3%** | **BANKING & FINANCE 35.3%** | **BANKING & FINANCE 35.3%** |
|  **AerCap Ireland Capital DAC** | **AerCap Ireland Capital DAC** | **AerCap Ireland Capital DAC** |
|  2.450% due 10/29/2026 | 3237 | 2835 |
|  3.300% due 01/30/2032 | 502 | 394 |
|  3.400% due 10/29/2033 | 146 | 111 |
|  3.850% due 10/29/2041 | 63 | 45 |
|  4.125% due 07/03/2023 | 60 | 60 |
|  4.450% due 10/01/2025 | 706 | 679 |
|  **Aircastle Ltd.** | **Aircastle Ltd.** | **Aircastle Ltd.** |
|  4.250% due 06/15/2026 | 10 | 9 |
|  **Alexandria Real Estate Equities, Inc.** | **Alexandria Real Estate Equities, Inc.** | **Alexandria Real Estate Equities, Inc.** |
|  1.875% due 02/01/2033 | 2550 | 1903 |
|  **Alleghany Corp.** | **Alleghany Corp.** | **Alleghany Corp.** |
|  3.250% due 08/15/2051 | 2324 | 1646 |
|  **Ally Financial, Inc.** | **Ally Financial, Inc.** | **Ally Financial, Inc.** |
|  1.450% due 10/02/2023 | 478 | 463 |
|  3.875% due 05/21/2024 | 40 | 39 |
|  5.800% due 05/01/2025 | 130 | 129 |
|  **American Express Co.** | **American Express Co.** | **American Express Co.** |
|  3.950% due 08/01/2025 | 950 | 932 |
|  4.050% due 12/03/2042 | 123 | 106 |
|  4.420% due 08/03/2033 •  | 710 | 673 |
|  5.850% due 11/05/2027 | 2093 | 2183 |
|  **American International Group, Inc.** | **American International Group, Inc.** | **American International Group, Inc.** |
|  3.900% due 04/01/2026 | 161 | 156 |
|  **American Tower Corp.** | **American Tower Corp.** | **American Tower Corp.** |
|  1.450% due 09/15/2026 | 100 | 87 |
|  2.100% due 06/15/2030 | 1221 | 969 |
|  2.300% due 09/15/2031 | 100 | 78 |
|  2.400% due 03/15/2025 | 1417 | 1334 |
|  2.750% due 01/15/2027 | 804 | 730 |
|  2.900% due 01/15/2030 | 1687 | 1432 |
|  2.950% due 01/15/2051 | 1129 | 704 |
|  3.125% due 01/15/2027 | 501 | 460 |
|  3.375% due 10/15/2026 | 830 | 777 |
|  3.500% due 01/31/2023 | 1183 | 1182 |
|  3.600% due 01/15/2028 | 673 | 620 |
|  **ANZ New Zealand International Ltd.** | **ANZ New Zealand International Ltd.** | **ANZ New Zealand International Ltd.** |
|  1.250% due 06/22/2026 | 136 | 119 |
|  **Aon Corp.** | **Aon Corp.** | **Aon Corp.** |
|  2.800% due 05/15/2030 | 1135 | 971 |
|  2.900% due 08/23/2051 | 1079 | 691 |
|  5.000% due 09/12/2032 | 100 | 99 |
|  **Arch Capital Group Ltd.** | **Arch Capital Group Ltd.** | **Arch Capital Group Ltd.** |
|  3.635% due 06/30/2050 | 142 | 99 |
|  **Ares Capital Corp.** | **Ares Capital Corp.** | **Ares Capital Corp.** |
|  2.875% due 06/15/2027 | 384 | 326 |
|  2.875% due 06/15/2028 | 10 | 8 |
|  **Assured Guaranty U.S. Holdings, Inc.** | **Assured Guaranty U.S. Holdings, Inc.** | **Assured Guaranty U.S. Holdings, Inc.** |
|  3.150% due 06/15/2031 | 56 | 47 |
|  **Athene Global Funding** | **Athene Global Funding** | **Athene Global Funding** |
|  0.914% due 08/19/2024 | 734 | 674 |
|  1.000% due 04/16/2024 | 10 | 9 |
|  1.608% due 06/29/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1753 | &nbsp;&nbsp;&nbsp;&nbsp;1514 |
|  1.716% due 01/07/2025 | 41 | 38 |
|  2.673% due 06/07/2031 | 10 | 8 |
|  **Australia & New Zealand Banking Group Ltd.** | **Australia & New Zealand Banking Group Ltd.** | **Australia & New Zealand Banking Group Ltd.** |
|  2.570% due 11/25/2035 •(e) | 1103 | 812 |
|  2.950% due 07/22/2030 •  | 179 | 162 |
|  **Aviation Capital Group LLC** | **Aviation Capital Group LLC** | **Aviation Capital Group LLC** |
|  1.950% due 01/30/2026 | 193 | 168 |
|  **Avolon Holdings Funding Ltd.** | **Avolon Holdings Funding Ltd.** | **Avolon Holdings Funding Ltd.** |
|  2.125% due 02/21/2026 | 45 | 39 |
|  2.528% due 11/18/2027 | 352 | 282 |
|  2.875% due 02/15/2025 | 2329 | 2153 |
|  5.500% due 01/15/2026 | 2029 | 1931 |
|  **Banco de Credito e Inversiones SA** | **Banco de Credito e Inversiones SA** | **Banco de Credito e Inversiones SA** |
|  3.500% due 10/12/2027 | 1275 | 1176 |
|  **Banco Santander Chile** | **Banco Santander Chile** | **Banco Santander Chile** |
|  2.700% due 01/10/2025 | 125 | 119 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand** | **Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand** | **Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand** |
|  5.375% due 04/17/2025 | 173 | 172 |
|  **Banco Santander SA** | **Banco Santander SA** | **Banco Santander SA** |
|  5.147% due 08/18/2025 | 710 | 703 |
|  5.294% due 08/18/2027 | 189 | 185 |
|  **Bank of America Corp.** | **Bank of America Corp.** | **Bank of America Corp.** |
|  1.530% due 12/06/2025 •  | 1557 | 1437 |
|  2.572% due 10/20/2032 •  | &nbsp;&nbsp;&nbsp;&nbsp;4123 | 3239 |
|  2.687% due 04/22/2032 •  | 58 | 47 |
|  3.384% due 04/02/2026 •  | 1475 | 1410 |
|  3.419% due 12/20/2028 •  | 2049 | 1859 |
|  3.458% due 03/15/2025 •  | 1972 | 1921 |
|  3.500% due 04/19/2026 | 1432 | 1368 |
|  3.970% due 03/05/2029 •  | 100 | 92 |
|  4.000% due 04/01/2024 | 593 | 586 |
|  4.083% due 03/20/2051 •  | 3046 | 2398 |
|  4.271% due 07/23/2029 •  | 1522 | 1422 |
|  4.827% due 07/22/2026 •  | 952 | 942 |
|  4.948% due 07/22/2028 •  | 460 | 450 |
|  5.015% due 07/22/2033 •  | 2180 | &nbsp;&nbsp;&nbsp;&nbsp;2076 |
|  6.204% due 11/10/2028 •  | 1190 | 1231 |
|  **Bank of New York Mellon Corp.** | **Bank of New York Mellon Corp.** | **Bank of New York Mellon Corp.** |
|  5.802% due 10/25/2028 •  | 777 | 805 |
|  5.834% due 10/25/2033 •  | 500 | 520 |
|  **Bank of New Zealand** | **Bank of New Zealand** | **Bank of New Zealand** |
|  1.000% due 03/03/2026 | 110 | 97 |
|  **Barclays PLC** | **Barclays PLC** | **Barclays PLC** |
|  4.375% due 01/12/2026 | 5188 | 5026 |
|  7.437% due 11/02/2033 •  | 44 | 46 |
|  **Berkshire Hathaway Finance Corp.** | **Berkshire Hathaway Finance Corp.** | **Berkshire Hathaway Finance Corp.** |
|  2.850% due 10/15/2050 | 1388 | 934 |
|  3.850% due 03/15/2052 | 916 | 735 |
|  4.200% due 08/15/2048 | 562 | 498 |
|  4.250% due 01/15/2049 | 304 | 272 |
|  5.750% due 01/15/2040 | 1110 | 1211 |
|  **Berkshire Hathaway, Inc.** | **Berkshire Hathaway, Inc.** | **Berkshire Hathaway, Inc.** |
|  4.500% due 02/11/2043 | 977 | 918 |
|  **BGC Partners, Inc.** | **BGC Partners, Inc.** | **BGC Partners, Inc.** |
|  5.375% due 07/24/2023 | 50 | 50 |
|  **Blackstone Holdings Finance Co. LLC** | **Blackstone Holdings Finance Co. LLC** | **Blackstone Holdings Finance Co. LLC** |
|  2.800% due 09/30/2050 | 75 | 44 |
|  2.850% due 08/05/2051 | 2461 | 1439 |
|  3.500% due 09/10/2049 | 681 | 464 |
|  **Blackstone Secured Lending Fund** | **Blackstone Secured Lending Fund** | **Blackstone Secured Lending Fund** |
|  2.750% due 09/16/2026 | 278 | 244 |
|  3.625% due 01/15/2026 | 128 | 118 |
|  **Block Financial LLC** | **Block Financial LLC** | **Block Financial LLC** |
|  3.875% due 08/15/2030 | 826 | 725 |
|  **Blue Owl Finance LLC** | **Blue Owl Finance LLC** | **Blue Owl Finance LLC** |
|  3.125% due 06/10/2031 | 390 | 290 |
|  4.125% due 10/07/2051 | 662 | 392 |
|  **BNP Paribas SA** | **BNP Paribas SA** | **BNP Paribas SA** |
|  1.323% due 01/13/2027 •  | 1191 | 1042 |
|  2.591% due 01/20/2028 •  | 1243 | 1095 |
|  3.132% due 01/20/2033 •  | 1186 | 939 |
|  3.800% due 01/10/2024 | 10 | 10 |
|  4.400% due 08/14/2028 | 2466 | 2336 |
|  **BOC Aviation Ltd.** | **BOC Aviation Ltd.** | **BOC Aviation Ltd.** |
|  3.250% due 04/29/2025 | 66 | 63 |
|  **Brookfield Finance, Inc.** | **Brookfield Finance, Inc.** | **Brookfield Finance, Inc.** |
|  3.625% due 02/15/2052 | 389 | 254 |
|  3.900% due 01/25/2028 | 1627 | 1495 |
|  4.850% due 03/29/2029 | 2013 | 1924 |
|  **Brown & Brown, Inc.** | **Brown & Brown, Inc.** | **Brown & Brown, Inc.** |
|  2.375% due 03/15/2031 | 146 | 111 |
|  4.950% due 03/17/2052 | 100 | 82 |
|  **Capital One Financial Corp.** | **Capital One Financial Corp.** | **Capital One Financial Corp.** |
|  5.247% due 07/26/2030 •  | 234 | 223 |
|  **Charles Schwab Corp.** | **Charles Schwab Corp.** | **Charles Schwab Corp.** |
|  1.650% due 03/11/2031 | 2863 | &nbsp;&nbsp;&nbsp;&nbsp;2236 |
|  1.950% due 12/01/2031 | 164 | 129 |
|  2.000% due 03/20/2028 | 10 | 9 |
|  2.300% due 05/13/2031 | 10 | 8 |
|  2.900% due 03/03/2032 | 100 | 85 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **China Cinda Finance Ltd.** | **China Cinda Finance Ltd.** | **China Cinda Finance Ltd.** |
|  4.250% due 04/23/2025 | 271 | 261 |
|  **Chubb INA Holdings, Inc.** | **Chubb INA Holdings, Inc.** | **Chubb INA Holdings, Inc.** |
|  1.375% due 09/15/2030 | 60 | 47 |
|  4.350% due 11/03/2045 | 736 | 641 |
|  **Citigroup, Inc.** | **Citigroup, Inc.** | **Citigroup, Inc.** |
|  2.561% due 05/01/2032 •(g) | 1500 | 1188 |
|  2.572% due 06/03/2031 •(g) | 500 | 405 |
|  3.057% due 01/25/2033 •(g) | 168 | 136 |
|  3.400% due 05/01/2026 | 500 | 474 |
|  3.668% due 07/24/2028 •  | 10 | 9 |
|  3.700% due 01/12/2026 | 100 | 96 |
|  3.887% due 01/10/2028 •  | 3052 | 2856 |
|  4.910% due 05/24/2033 •  | &nbsp;&nbsp;&nbsp;&nbsp;4500 | &nbsp;&nbsp;&nbsp;&nbsp;4227 |
|  6.270% due 11/17/2033 •(g) | 1000 | 1035 |
|  **Citizens Financial Group, Inc.** | **Citizens Financial Group, Inc.** | **Citizens Financial Group, Inc.** |
|  3.250% due 04/30/2030 | 10 | 9 |
|  **CNH Industrial Capital LLC** | **CNH Industrial Capital LLC** | **CNH Industrial Capital LLC** |
|  1.950% due 07/02/2023 | 50 | 49 |
|  **Commonwealth Bank of Australia** | **Commonwealth Bank of Australia** | **Commonwealth Bank of Australia** |
|  2.688% due 03/11/2031 (e) | 2190 | 1692 |
|  3.743% due 09/12/2039 (e) | 626 | 460 |
|  **Cooperatieve Rabobank UA** | **Cooperatieve Rabobank UA** | **Cooperatieve Rabobank UA** |
|  5.800% due 09/30/2110 | 927 | 900 |
|  **Corebridge Financial, Inc.** | **Corebridge Financial, Inc.** | **Corebridge Financial, Inc.** |
|  3.500% due 04/04/2025 | 1037 | 995 |
|  3.650% due 04/05/2027 | 1297 | 1211 |
|  3.850% due 04/05/2029 | 353 | 322 |
|  3.900% due 04/05/2032 | 174 | 152 |
|  4.400% due 04/05/2052 | 100 | 80 |
|  **Credit Suisse AG** | **Credit Suisse AG** | **Credit Suisse AG** |
|  1.250% due 08/07/2026 | 514 | 416 |
|  **Credit Suisse Group AG** | **Credit Suisse Group AG** | **Credit Suisse Group AG** |
|  1.305% due 02/02/2027 •  | 205 | 164 |
|  2.193% due 06/05/2026 •  | 1276 | 1091 |
|  3.800% due 06/09/2023 | 1488 | 1449 |
|  4.194% due 04/01/2031 •  | 60 | 47 |
|  4.875% due 05/15/2045 | 1202 | 826 |
|  6.373% due 07/15/2026 •  | 371 | 349 |
|  6.442% due 08/11/2028 •  | 470 | 429 |
|  6.537% due 08/12/2033 •  | 460 | 405 |
|  **Crown Castle, Inc.** | **Crown Castle, Inc.** | **Crown Castle, Inc.** |
|  1.350% due 07/15/2025 | 23 | 21 |
|  2.100% due 04/01/2031 | 20 | 16 |
|  2.250% due 01/15/2031 | 1222 | 983 |
|  2.500% due 07/15/2031 | 10 | 8 |
|  2.900% due 03/15/2027 | 172 | 157 |
|  2.900% due 04/01/2041 | 172 | 118 |
|  3.100% due 11/15/2029 | 1717 | 1500 |
|  3.300% due 07/01/2030 | 100 | 88 |
|  4.300% due 02/15/2029 | 431 | 408 |
|  4.450% due 02/15/2026 | 1577 | 1543 |
|  **Danske Bank AS** | **Danske Bank AS** | **Danske Bank AS** |
|  3.244% due 12/20/2025 •  | 1716 | 1607 |
|  5.375% due 01/12/2024 | 1236 | 1226 |
|  **Deutsche Bank AG** | **Deutsche Bank AG** | **Deutsche Bank AG** |
|  2.129% due 11/24/2026 •(g) | 1838 | 1623 |
|  2.222% due 09/18/2024 •  | 920 | 889 |
|  3.961% due 11/26/2025 •  | 317 | 303 |
|  4.100% due 01/13/2026 | 1520 | 1462 |
|  **Digital Realty Trust LP** | **Digital Realty Trust LP** | **Digital Realty Trust LP** |
|  3.600% due 07/01/2029 | 10 | 9 |
|  3.700% due 08/15/2027 | 51 | 47 |
|  **Discover Bank** | **Discover Bank** | **Discover Bank** |
|  4.650% due 09/13/2028 | 1008 | 946 |
|  **DNB Bank ASA** | **DNB Bank ASA** | **DNB Bank ASA** |
|  1.535% due 05/25/2027 •  | 1254 | 1092 |
|  **Empower Finance LP** | **Empower Finance LP** | **Empower Finance LP** |
|  3.075% due 09/17/2051 | 2355 | 1476 |
|  **Enstar Group Ltd.** | **Enstar Group Ltd.** | **Enstar Group Ltd.** |
|  3.100% due 09/01/2031 | 604 | 442 |
|  **Equinix, Inc.** | **Equinix, Inc.** | **Equinix, Inc.** |
|  1.450% due 05/15/2026 | 10 | 9 |
|  2.150% due 07/15/2030 | 390 | 311 |
|  2.625% due 11/18/2024 | 50 | 48 |
|  3.000% due 07/15/2050 | 1173 | 741 |
|  3.200% due 11/18/2029 | 1029 | 898 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **51** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund** | **(Cont.)** |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Equitable Holdings, Inc.** | **Equitable Holdings, Inc.** | **Equitable Holdings, Inc.** |
|  5.000% due 04/20/2048 | 938 | 826 |
|  **Essex Portfolio LP** | **Essex Portfolio LP** | **Essex Portfolio LP** |
|  2.650% due 03/15/2032 | 2507 | 1982 |
|  3.500% due 04/01/2025 | 50 | 48 |
|  **Extra Space Storage LP** | **Extra Space Storage LP** | **Extra Space Storage LP** |
|  2.350% due 03/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;2737 | &nbsp;&nbsp;&nbsp;&nbsp;2078 |
|  **F&G Global Funding** | **F&G Global Funding** | **F&G Global Funding** |
|  1.750% due 06/30/2026 | 135 | 120 |
|  2.300% due 04/11/2027 | 748 | 659 |
|  **Fairfax Financial Holdings Ltd.** | **Fairfax Financial Holdings Ltd.** | **Fairfax Financial Holdings Ltd.** |
|  4.850% due 04/17/2028 | 838 | 794 |
|  5.625% due 08/16/2032 | 781 | 735 |
|  **Fidelity National Financial, Inc.** | **Fidelity National Financial, Inc.** | **Fidelity National Financial, Inc.** |
|  2.450% due 03/15/2031 | 10 | 8 |
|  3.200% due 09/17/2051 | 425 | 248 |
|  3.400% due 06/15/2030 | 136 | 115 |
|  **First Republic Bank** | **First Republic Bank** | **First Republic Bank** |
|  4.375% due 08/01/2046 | 157 | 120 |
|  **First-Citizens Bank & Trust Co.** | **First-Citizens Bank & Trust Co.** | **First-Citizens Bank & Trust Co.** |
|  2.969% due 09/27/2025 •  | 50 | 47 |
|  **FS KKR Capital Corp.** | **FS KKR Capital Corp.** | **FS KKR Capital Corp.** |
|  1.650% due 10/12/2024 | 377 | 341 |
|  3.125% due 10/12/2028 | 220 | 178 |
|  3.400% due 01/15/2026 | 389 | 345 |
|  **GA Global Funding Trust** | **GA Global Funding Trust** | **GA Global Funding Trust** |
|  0.800% due 09/13/2024 | 134 | 123 |
|  1.950% due 09/15/2028 | 214 | 178 |
|  2.250% due 01/06/2027 | 759 | 669 |
|  **GAIF Bond Issuer Pty. Ltd.** | **GAIF Bond Issuer Pty. Ltd.** | **GAIF Bond Issuer Pty. Ltd.** |
|  3.400% due 09/30/2026 | 30 | 28 |
|  **GATX Corp.** | **GATX Corp.** | **GATX Corp.** |
|  3.500% due 06/01/2032 | 50 | 42 |
|  4.700% due 04/01/2029 | 1232 | &nbsp;&nbsp;&nbsp;&nbsp;1173 |
|  **General Motors Financial Co., Inc.** | **General Motors Financial Co., Inc.** | **General Motors Financial Co., Inc.** |
|  1.050% due 03/08/2024 | &nbsp;&nbsp;&nbsp;&nbsp;1045 | 993 |
|  1.250% due 01/08/2026 | 1318 | 1162 |
|  1.500% due 06/10/2026 | 10 | 9 |
|  2.350% due 01/08/2031 | 150 | 113 |
|  2.750% due 06/20/2025 | 10 | 9 |
|  4.150% due 06/19/2023 | 10 | 10 |
|  5.100% due 01/17/2024 | 10 | 10 |
|  **Global Atlantic Fin Co.** | **Global Atlantic Fin Co.** | **Global Atlantic Fin Co.** |
|  3.125% due 06/15/2031 | 100 | 74 |
|  **Globe Life, Inc.** | **Globe Life, Inc.** | **Globe Life, Inc.** |
|  4.800% due 06/15/2032 | 100 | 95 |
|  **GLP Capital LP** | **GLP Capital LP** | **GLP Capital LP** |
|  3.250% due 01/15/2032 | 100 | 80 |
|  4.000% due 01/15/2030 | 1555 | 1365 |
|  4.000% due 01/15/2031 | 264 | 227 |
|  5.300% due 01/15/2029 | 1417 | 1343 |
|  5.375% due 11/01/2023 | 585 | 584 |
|  **Goldman Sachs Group, Inc.** | **Goldman Sachs Group, Inc.** | **Goldman Sachs Group, Inc.** |
|  1.431% due 03/09/2027 •  | 772 | 678 |
|  1.948% due 10/21/2027 •  | 2994 | 2622 |
|  1.992% due 01/27/2032 •  | 3860 | 2949 |
|  2.600% due 02/07/2030 | 10 | 8 |
|  2.615% due 04/22/2032 •  | 2556 | 2044 |
|  2.640% due 02/24/2028 •  | 739 | 659 |
|  3.102% due 02/24/2033 •  | 1077 | 877 |
|  3.800% due 03/15/2030 | 10 | 9 |
|  4.017% due 10/31/2038 •  | 55 | 45 |
|  4.482% due 08/23/2028 •  | 1999 | 1919 |
|  **Guardian Life Global Funding** | **Guardian Life Global Funding** | **Guardian Life Global Funding** |
|  1.625% due 09/16/2028 | 903 | 755 |
|  **Guardian Life Insurance Co. of America** | **Guardian Life Insurance Co. of America** | **Guardian Life Insurance Co. of America** |
|  4.850% due 01/24/2077 | 2227 | 1830 |
|  **Highwoods Realty LP** | **Highwoods Realty LP** | **Highwoods Realty LP** |
|  3.050% due 02/15/2030 | 1695 | 1354 |
|  **Host Hotels & Resorts LP** | **Host Hotels & Resorts LP** | **Host Hotels & Resorts LP** |
|  3.875% due 04/01/2024 | 358 | 349 |
|  **HSBC Holdings PLC** | **HSBC Holdings PLC** | **HSBC Holdings PLC** |
|  1.589% due 05/24/2027 •  | 1332 | 1150 |
|  2.206% due 08/17/2029 •  | 142 | 115 |
|  2.357% due 08/18/2031 •  | 146 | 112 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  2.871% due 11/22/2032 •  | $— | 61 | $— | 47 |
|  3.900% due 05/25/2026 |  | 1433 |  | 1367 |
|  3.973% due 05/22/2030 •  |  | 3121 |  | 2738 |
|  4.300% due 03/08/2026 |  | 1669 |  | 1616 |
|  4.583% due 06/19/2029 •  |  | &nbsp;&nbsp;&nbsp;&nbsp;2631 |  | &nbsp;&nbsp;&nbsp;&nbsp;2427 |
|  **Hudson Pacific Properties LP** | **Hudson Pacific Properties LP** | **Hudson Pacific Properties LP** | **Hudson Pacific Properties LP** | **Hudson Pacific Properties LP** |
|  5.950% due 02/15/2028 |  | 400 |  | 374 |
|  **Hutchison Whampoa International Ltd.** | **Hutchison Whampoa International Ltd.** | **Hutchison Whampoa International Ltd.** | **Hutchison Whampoa International Ltd.** | **Hutchison Whampoa International Ltd.** |
|  7.450% due 11/24/2033 |  | 1828 |  | 2137 |
|  **ING Bank NV** | **ING Bank NV** | **ING Bank NV** | **ING Bank NV** | **ING Bank NV** |
|  5.800% due 09/25/2023 |  | 155 |  | 155 |
|  **ING Groep NV** | **ING Groep NV** | **ING Groep NV** | **ING Groep NV** | **ING Groep NV** |
|  4.017% due 03/28/2028 •  |  | 60 |  | 56 |
|  **Intercontinental Exchange, Inc.** | **Intercontinental Exchange, Inc.** | **Intercontinental Exchange, Inc.** | **Intercontinental Exchange, Inc.** | **Intercontinental Exchange, Inc.** |
|  5.200% due 06/15/2062 |  | 100 |  | 95 |
|  **Intesa Sanpaolo SpA** | **Intesa Sanpaolo SpA** | **Intesa Sanpaolo SpA** | **Intesa Sanpaolo SpA** | **Intesa Sanpaolo SpA** |
|  7.000% due 11/21/2025 |  | 100 |  | 102 |
|  8.248% due 11/21/2033 •  |  | 889 |  | 904 |
|  **Invitation Homes Operating Partnership LP** | **Invitation Homes Operating Partnership LP** | **Invitation Homes Operating Partnership LP** | **Invitation Homes Operating Partnership LP** | **Invitation Homes Operating Partnership LP** |
|  2.000% due 08/15/2031 |  | 1473 |  | 1092 |
|  **Jackson National Life Global Funding** | **Jackson National Life Global Funding** | **Jackson National Life Global Funding** | **Jackson National Life Global Funding** | **Jackson National Life Global Funding** |
|  1.750% due 01/12/2025 |  | 256 |  | 238 |
|  **JPMorgan Chase & Co.** | **JPMorgan Chase & Co.** | **JPMorgan Chase & Co.** | **JPMorgan Chase & Co.** | **JPMorgan Chase & Co.** |
|  1.045% due 11/19/2026 •  |  | 100 |  | 88 |
|  1.470% due 09/22/2027 •  |  | 2131 |  | 1848 |
|  1.561% due 12/10/2025 •  |  | 408 |  | 378 |
|  1.764% due 11/19/2031 •  |  | 214 |  | 163 |
|  2.005% due 03/13/2026 •  |  | 989 |  | 916 |
|  2.580% due 04/22/2032 •  |  | 4610 |  | 3704 |
|  2.947% due 02/24/2028 •  |  | 1305 |  | 1182 |
|  2.950% due 10/01/2026 |  | 1364 |  | 1274 |
|  2.963% due 01/25/2033 •  |  | 1022 |  | 834 |
|  3.509% due 01/23/2029 •  |  | 1004 |  | 913 |
|  4.005% due 04/23/2029 •  |  | 50 |  | 46 |
|  4.080% due 04/26/2026 •  |  | 434 |  | 422 |
|  4.323% due 04/26/2028 •  |  | 1034 |  | 989 |
|  4.565% due 06/14/2030 •  |  | 777 |  | 733 |
|  4.586% due 04/26/2033 •  |  | 100 |  | 93 |
|  4.851% due 07/25/2028 •  |  | 983 |  | 960 |
|  4.912% due 07/25/2033 •  |  | 3291 |  | 3143 |
|  5.400% due 01/06/2042 |  | 979 |  | 964 |
|  **Kimco Realty Corp.** | **Kimco Realty Corp.** | **Kimco Realty Corp.** | **Kimco Realty Corp.** | **Kimco Realty Corp.** |
|  2.250% due 12/01/2031 |  | 779 |  | 600 |
|  **KKR Group Finance Co. LLC** | **KKR Group Finance Co. LLC** | **KKR Group Finance Co. LLC** | **KKR Group Finance Co. LLC** | **KKR Group Finance Co. LLC** |
|  3.250% due 12/15/2051 |  | 1188 |  | 757 |
|  **Lazard Group LLC** | **Lazard Group LLC** | **Lazard Group LLC** | **Lazard Group LLC** | **Lazard Group LLC** |
|  3.750% due 02/13/2025 |  | 3277 |  | 3168 |
|  **Liberty Mutual Group, Inc.** | **Liberty Mutual Group, Inc.** | **Liberty Mutual Group, Inc.** | **Liberty Mutual Group, Inc.** | **Liberty Mutual Group, Inc.** |
|  3.951% due 10/15/2050 |  | 2236 |  | 1569 |
|  5.500% due 06/15/2052 |  | 998 |  | 901 |
|  **Lloyds Banking Group PLC** | **Lloyds Banking Group PLC** | **Lloyds Banking Group PLC** | **Lloyds Banking Group PLC** | **Lloyds Banking Group PLC** |
|  3.750% due 01/11/2027 |  | 2088 |  | 1945 |
|  3.870% due 07/09/2025 •  |  | 724 |  | 701 |
|  **LSEGA Financing PLC** | **LSEGA Financing PLC** | **LSEGA Financing PLC** | **LSEGA Financing PLC** | **LSEGA Financing PLC** |
|  2.000% due 04/06/2028 |  | 1129 |  | 964 |
|  **Macquarie Group Ltd.** | **Macquarie Group Ltd.** | **Macquarie Group Ltd.** | **Macquarie Group Ltd.** | **Macquarie Group Ltd.** |
|  1.935% due 04/14/2028 •  |  | 1669 |  | 1413 |
|  3.763% due 11/28/2028 •  |  | 60 |  | 55 |
|  **Manulife Financial Corp.** | **Manulife Financial Corp.** | **Manulife Financial Corp.** | **Manulife Financial Corp.** | **Manulife Financial Corp.** |
|  4.150% due 03/04/2026 |  | 1200 |  | 1170 |
|  **Marsh & McLennan Cos., Inc.** | **Marsh & McLennan Cos., Inc.** | **Marsh & McLennan Cos., Inc.** | **Marsh & McLennan Cos., Inc.** | **Marsh & McLennan Cos., Inc.** |
|  2.375% due 12/15/2031 |  | 100 |  | 81 |
|  4.350% due 01/30/2047 |  | 126 |  | 106 |
|  **Meiji Yasuda Life Insurance Co.** | **Meiji Yasuda Life Insurance Co.** | **Meiji Yasuda Life Insurance Co.** | **Meiji Yasuda Life Insurance Co.** | **Meiji Yasuda Life Insurance Co.** |
|  5.200% due 10/20/2045 •  |  | 49 |  | 47 |
|  **MET Tower Global Funding** | **MET Tower Global Funding** | **MET Tower Global Funding** | **MET Tower Global Funding** | **MET Tower Global Funding** |
|  1.250% due 09/14/2026 |  | 111 |  | 97 |
|  **MetLife, Inc.** | **MetLife, Inc.** | **MetLife, Inc.** | **MetLife, Inc.** | **MetLife, Inc.** |
|  5.000% due 07/15/2052 |  | 100 |  | 96 |
|  9.250% due 04/08/2068 |  | 219 |  | 255 |
|  **Metropolitan Life Global Funding** | **Metropolitan Life Global Funding** | **Metropolitan Life Global Funding** | **Metropolitan Life Global Funding** | **Metropolitan Life Global Funding** |
|  1.875% due 01/11/2027 |  | 3469 |  | 3073 |
|  **Mitsubishi HC Capital, Inc.** | **Mitsubishi HC Capital, Inc.** | **Mitsubishi HC Capital, Inc.** | **Mitsubishi HC Capital, Inc.** | **Mitsubishi HC Capital, Inc.** |
|  5.080% due 09/15/2027 |  | 1955 |  | 1923 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Mitsubishi UFJ Financial Group, Inc.** | **Mitsubishi UFJ Financial Group, Inc.** | **Mitsubishi UFJ Financial Group, Inc.** |
|  2.048% due 07/17/2030 | 2260 | 1788 |
|  2.309% due 07/20/2032 •  | 164 | 127 |
|  2.341% due 01/19/2028 •  | 974 | 859 |
|  2.559% due 02/25/2030 | 560 | 465 |
|  2.852% due 01/19/2033 •  | 1009 | 806 |
|  3.195% due 07/18/2029 | 767 | 671 |
|  3.751% due 07/18/2039 | 120 | 98 |
|  3.850% due 03/01/2026 | 597 | 572 |
|  4.788% due 07/18/2025 •  | 1724 | 1708 |
|  5.017% due 07/20/2028 •  | 460 | 450 |
|  5.133% due 07/20/2033 •  | 784 | 751 |
|  **Mizuho Financial Group, Inc.** | **Mizuho Financial Group, Inc.** | **Mizuho Financial Group, Inc.** |
|  2.564% due 09/13/2031 | 164 | 125 |
|  3.170% due 09/11/2027 | 60 | 55 |
|  5.414% due 09/13/2028 •(d) | 1328 | 1330 |
|  5.669% due 09/13/2033 •  | 1555 | 1548 |
|  **Morgan Stanley** | **Morgan Stanley** | **Morgan Stanley** |
|  1.928% due 04/28/2032 •  | 2624 | 1986 |
|  2.511% due 10/20/2032 •  | 119 | 93 |
|  2.630% due 02/18/2026 •  | 300 | 282 |
|  3.620% due 04/17/2025 •  | 766 | 748 |
|  3.622% due 04/01/2031 •  | 1993 | 1744 |
|  4.210% due 04/20/2028 •  | 528 | 503 |
|  4.679% due 07/17/2026 •  | 1746 | 1718 |
|  4.889% due 07/20/2033 •  | &nbsp;&nbsp;&nbsp;&nbsp;1581 | &nbsp;&nbsp;&nbsp;&nbsp;1490 |
|  **Morgan Stanley Domestic Holdings, Inc.** | **Morgan Stanley Domestic Holdings, Inc.** | **Morgan Stanley Domestic Holdings, Inc.** |
|  4.500% due 06/20/2028 | 2000 | 1949 |
|  **National Australia Bank Ltd.** | **National Australia Bank Ltd.** | **National Australia Bank Ltd.** |
|  2.990% due 05/21/2031 (e) | 100 | 78 |
|  3.347% due 01/12/2037 •(e) | 50 | 38 |
|  **Nationwide Building Society** | **Nationwide Building Society** | **Nationwide Building Society** |
|  2.972% due 02/16/2028 •  | 50 | 44 |
|  3.960% due 07/18/2030 •  | 1563 | 1356 |
|  **Nationwide Mutual Insurance Co.** | **Nationwide Mutual Insurance Co.** | **Nationwide Mutual Insurance Co.** |
|  4.350% due 04/30/2050 | 2172 | 1633 |
|  4.950% due 04/22/2044 | 54 | 45 |
|  **NatWest Group PLC** | **NatWest Group PLC** | **NatWest Group PLC** |
|  3.032% due 11/28/2035 •  | 248 | 183 |
|  4.269% due 03/22/2025 •  | 947 | 926 |
|  4.892% due 05/18/2029 •  | &nbsp;&nbsp;&nbsp;&nbsp;3408 | 3231 |
|  **New York Life Global Funding** | **New York Life Global Funding** | **New York Life Global Funding** |
|  2.350% due 07/14/2026 | 100 | 92 |
|  **New York Life Insurance Co.** | **New York Life Insurance Co.** | **New York Life Insurance Co.** |
|  3.750% due 05/15/2050 | 135 | 104 |
|  4.450% due 05/15/2069 | 172 | 143 |
|  6.750% due 11/15/2039 | 748 | 837 |
|  **Nippon Life Insurance Co.** | **Nippon Life Insurance Co.** | **Nippon Life Insurance Co.** |
|  2.900% due 09/16/2051 •  | 499 | 400 |
|  3.400% due 01/23/2050 •(d) | 1002 | 852 |
|  5.100% due 10/16/2044 •  | 259 | 253 |
|  **Nissan Motor Acceptance Co. LLC** | **Nissan Motor Acceptance Co. LLC** | **Nissan Motor Acceptance Co. LLC** |
|  1.125% due 09/16/2024 | 100 | 91 |
|  1.850% due 09/16/2026 | 125 | 104 |
|  2.000% due 03/09/2026 | 502 | 432 |
|  2.450% due 09/15/2028 | 100 | 78 |
|  **Nomura Holdings, Inc.** | **Nomura Holdings, Inc.** | **Nomura Holdings, Inc.** |
|  2.329% due 01/22/2027 | 2625 | 2302 |
|  2.648% due 01/16/2025 | 2375 | 2244 |
|  **NongHyup Bank** | **NongHyup Bank** | **NongHyup Bank** |
|  1.250% due 07/20/2025 | 37 | 33 |
|  **Nordea Bank Abp** | **Nordea Bank Abp** | **Nordea Bank Abp** |
|  1.500% due 09/30/2026 | 55 | 48 |
|  **Norinchukin Bank** | **Norinchukin Bank** | **Norinchukin Bank** |
|  4.867% due 09/14/2027 | 1050 | 1040 |
|  5.071% due 09/14/2032 | 47 | 46 |
|  **NTT Finance Corp.** | **NTT Finance Corp.** | **NTT Finance Corp.** |
|  1.162% due 04/03/2026 | 120 | 106 |
|  **Nuveen Finance LLC** | **Nuveen Finance LLC** | **Nuveen Finance LLC** |
|  4.125% due 11/01/2024 | 1290 | 1257 |
|  **Oversea-Chinese Banking Corp. Ltd.** | **Oversea-Chinese Banking Corp. Ltd.** | **Oversea-Chinese Banking Corp. Ltd.** |
|  1.832% due 09/10/2030 •(e) | 274 | 246 |
|  **Owl Rock Capital Corp.** | **Owl Rock Capital Corp.** | **Owl Rock Capital Corp.** |
|  2.875% due 06/11/2028 | 157 | 124 |
|  3.400% due 07/15/2026 | 126 | 110 |
|  4.250% due 01/15/2026 | 10 | 9 |

---

---

| | | |
|:---|:---|:---|
| **52** | **PIMCO ETF TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Pacific Life Global Funding II** | **Pacific Life Global Funding II** | **Pacific Life Global Funding II** |
|  1.600% due 09/21/2028 | 3270 | 2652 |
|  **Pacific LifeCorp** | **Pacific LifeCorp** | **Pacific LifeCorp** |
|  5.400% due 09/15/2052 | 1030 | 987 |
|  **PNC Bank N.A.** | **PNC Bank N.A.** | **PNC Bank N.A.** |
|  3.800% due 07/25/2023 | 1333 | 1324 |
|  **Pricoa Global Funding** | **Pricoa Global Funding** | **Pricoa Global Funding** |
|  0.800% due 09/01/2025 | 768 | 688 |
|  **Principal Life Global Funding** | **Principal Life Global Funding** | **Principal Life Global Funding** |
|  1.375% due 01/10/2025 | 1482 | 1372 |
|  3.000% due 04/18/2026 | 1259 | 1169 |
|  **Progressive Corp.** | **Progressive Corp.** | **Progressive Corp.** |
|  3.000% due 03/15/2032 | 189 | 165 |
|  3.700% due 03/15/2052 | 100 | 77 |
|  **Prologis LP** | **Prologis LP** | **Prologis LP** |
|  4.000% due 09/15/2028 | 1867 | &nbsp;&nbsp;&nbsp;&nbsp;1775 |
|  **Protective Life Global Funding** | **Protective Life Global Funding** | **Protective Life Global Funding** |
|  1.303% due 09/20/2026 | 1074 | 933 |
|  1.646% due 01/13/2025 | 819 | 757 |
|  **Prudential Financial, Inc.** | **Prudential Financial, Inc.** | **Prudential Financial, Inc.** |
|  3.000% due 03/10/2040 | 172 | 129 |
|  3.905% due 12/07/2047 | 135 | 108 |
|  **Prudential PLC** | **Prudential PLC** | **Prudential PLC** |
|  3.125% due 04/14/2030 | 397 | 347 |
|  3.625% due 03/24/2032 | 824 | 722 |
|  **Realty Income Corp.** | **Realty Income Corp.** | **Realty Income Corp.** |
|  3.250% due 01/15/2031 | 132 | 115 |
|  3.400% due 01/15/2028 | 553 | 510 |
|  **Regency Centers LP** | **Regency Centers LP** | **Regency Centers LP** |
|  2.950% due 09/15/2029 | 1080 | 909 |
|  **Reinsurance Group of America, Inc.** | **Reinsurance Group of America, Inc.** | **Reinsurance Group of America, Inc.** |
|  3.950% due 09/15/2026 | 1112 | 1075 |
|  **Reliance Standard Life Global Funding** | **Reliance Standard Life Global Funding** | **Reliance Standard Life Global Funding** |
|  1.512% due 09/28/2026 | 157 | 136 |
|  **Rexford Industrial Realty LP** | **Rexford Industrial Realty LP** | **Rexford Industrial Realty LP** |
|  2.150% due 09/01/2031 | 1757 | 1350 |
|  **RGA Global Funding** | **RGA Global Funding** | **RGA Global Funding** |
|  2.000% due 11/30/2026 | 53 | 47 |
|  **Royal Bank of Canada** | **Royal Bank of Canada** | **Royal Bank of Canada** |
|  3.625% due 05/04/2027 | 50 | 48 |
|  **Sabra Health Care LP** | **Sabra Health Care LP** | **Sabra Health Care LP** |
|  3.200% due 12/01/2031 | 286 | 213 |
|  **Santander Holdings USA, Inc.** | **Santander Holdings USA, Inc.** | **Santander Holdings USA, Inc.** |
|  2.490% due 01/06/2028 •  | 515 | 443 |
|  4.500% due 07/17/2025 | 1567 | 1533 |
|  **Santander U.K. Group Holdings PLC** | **Santander U.K. Group Holdings PLC** | **Santander U.K. Group Holdings PLC** |
|  1.673% due 06/14/2027 •  | 2458 | 2093 |
|  **Scentre Group Trust** | **Scentre Group Trust** | **Scentre Group Trust** |
|  3.500% due 02/12/2025 | 50 | 48 |
|  **SITE Centers Corp.** | **SITE Centers Corp.** | **SITE Centers Corp.** |
|  3.625% due 02/01/2025 | 370 | 349 |
|  **SMBC Aviation Capital Finance DAC** | **SMBC Aviation Capital Finance DAC** | **SMBC Aviation Capital Finance DAC** |
|  1.900% due 10/15/2026 | 1169 | 997 |
|  4.125% due 07/15/2023 | 40 | 40 |
|  **Societe Generale SA** | **Societe Generale SA** | **Societe Generale SA** |
|  1.488% due 12/14/2026 •  | 2453 | 2135 |
|  1.792% due 06/09/2027 •  | 105 | 90 |
|  2.797% due 01/19/2028 •  | 1231 | 1079 |
|  3.337% due 01/21/2033 •  | 868 | 686 |
|  4.250% due 04/14/2025 | 1120 | 1075 |
|  **Spirit Realty LP** | **Spirit Realty LP** | **Spirit Realty LP** |
|  3.400% due 01/15/2030 | 1022 | 854 |
|  4.450% due 09/15/2026 | 713 | 682 |
|  **Standard Chartered PLC** | **Standard Chartered PLC** | **Standard Chartered PLC** |
|  2.678% due 06/29/2032 •  | 84 | 64 |
|  2.819% due 01/30/2026 •  | &nbsp;&nbsp;&nbsp;&nbsp;4265 | &nbsp;&nbsp;&nbsp;&nbsp;3969 |
|  4.644% due 04/01/2031 •  | 1914 | 1724 |
|  **State Street Corp.** | **State Street Corp.** | **State Street Corp.** |
|  5.751% due 11/04/2026 •  | 1568 | 1607 |
|  5.820% due 11/04/2028 •  | 1409 | 1458 |
|  **Stellantis Finance U.S., Inc.** | **Stellantis Finance U.S., Inc.** | **Stellantis Finance U.S., Inc.** |
|  1.711% due 01/29/2027 | 137 | 118 |
|  **Sumitomo Life Insurance Co.** | **Sumitomo Life Insurance Co.** | **Sumitomo Life Insurance Co.** |
|  6.500% due 09/20/2073 •  | 172 | 171 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Sumitomo Mitsui Financial Group, Inc.** | **Sumitomo Mitsui Financial Group, Inc.** | **Sumitomo Mitsui Financial Group, Inc.** |
|  2.222% due 09/17/2031 | 1158 | 896 |
|  2.472% due 01/14/2029 | 799 | 674 |
|  2.750% due 01/15/2030 | 2691 | 2264 |
|  4.306% due 10/16/2028 | 50 | 48 |
|  **Sumitomo Mitsui Trust Bank Ltd.** | **Sumitomo Mitsui Trust Bank Ltd.** | **Sumitomo Mitsui Trust Bank Ltd.** |
|  4.950% due 09/15/2027 | 2280 | 2255 |
|  **SVB Financial Group** | **SVB Financial Group** | **SVB Financial Group** |
|  1.800% due 02/02/2031 | 1 | 1 |
|  **Svenska Handelsbanken AB** | **Svenska Handelsbanken AB** | **Svenska Handelsbanken AB** |
|  1.418% due 06/11/2027 •  | 135 | 118 |
|  **Synchrony Financial** | **Synchrony Financial** | **Synchrony Financial** |
|  2.875% due 10/28/2031 | 1266 | 948 |
|  5.150% due 03/19/2029 | 122 | 116 |
|  **Teachers Insurance & Annuity Association of America** | **Teachers Insurance & Annuity Association of America** | **Teachers Insurance & Annuity Association of America** |
|  6.850% due 12/16/2039 | 1 | 1 |
|  **Toronto-Dominion Bank** | **Toronto-Dominion Bank** | **Toronto-Dominion Bank** |
|  4.108% due 06/08/2027 | 49 | 47 |
|  **Toyota Motor Credit Corp.** | **Toyota Motor Credit Corp.** | **Toyota Motor Credit Corp.** |
|  5.050% due 12/11/2023 •  | 1300 | 1302 |
|  **Truist Financial Corp.** | **Truist Financial Corp.** | **Truist Financial Corp.** |
|  1.125% due 08/03/2027 | 15 | 13 |
|  **UBS AG** | **UBS AG** | **UBS AG** |
|  4.500% due 06/26/2048 | 641 | 543 |
|  **UBS Group AG** | **UBS Group AG** | **UBS Group AG** |
|  3.126% due 08/13/2030 •  | 55 | 47 |
|  4.125% due 09/24/2025 | 2708 | 2636 |
|  **UDR, Inc.** | **UDR, Inc.** | **UDR, Inc.** |
|  2.100% due 08/01/2032 | 2268 | 1673 |
|  3.000% due 08/15/2031 | 100 | 84 |
|  **UniCredit SpA** | **UniCredit SpA** | **UniCredit SpA** |
|  1.982% due 06/03/2027 •  | 140 | 119 |
|  3.127% due 06/03/2032 •  | 145 | 109 |
|  **USAA Capital Corp.** | **USAA Capital Corp.** | **USAA Capital Corp.** |
|  2.125% due 05/01/2030 | 57 | 47 |
|  **VICI Properties LP** | **VICI Properties LP** | **VICI Properties LP** |
|  4.625% due 12/01/2029 | 3788 | 3453 |
|  **Visa, Inc.** | **Visa, Inc.** | **Visa, Inc.** |
|  1.900% due 04/15/2027 | 359 | 324 |
|  2.700% due 04/15/2040 | 164 | 125 |
|  **Wells Fargo & Co.** | **Wells Fargo & Co.** | **Wells Fargo & Co.** |
|  3.068% due 04/30/2041 •  | 63 | 45 |
|  3.526% due 03/24/2028 •  | 1306 | 1212 |
|  3.908% due 04/25/2026 •  | 1120 | 1090 |
|  4.150% due 01/24/2029 | 759 | 715 |
|  4.611% due 04/25/2053 •  | 434 | 370 |
|  4.808% due 07/25/2028 •  | 2483 | 2429 |
|  4.897% due 07/25/2033 •  | &nbsp;&nbsp;&nbsp;&nbsp;4892 | &nbsp;&nbsp;&nbsp;&nbsp;4660 |
|  **Welltower, Inc.** | **Welltower, Inc.** | **Welltower, Inc.** |
|  4.250% due 04/15/2028 | 1247 | 1171 |
|  **Westpac Banking Corp.** | **Westpac Banking Corp.** | **Westpac Banking Corp.** |
|  2.894% due 02/04/2030 •(e) | 10 | 9 |
|  2.963% due 11/16/2040 (e) | 158 | 105 |
|  3.020% due 11/18/2036 •(e) | 60 | 45 |
|  5.405% due 08/10/2033 •(e) | 51 | 48 |
|  **Weyerhaeuser Co.** | **Weyerhaeuser Co.** | **Weyerhaeuser Co.** |
|  6.875% due 12/15/2033 | 529 | 570 |
|  7.375% due 03/15/2032 | 484 | 537 |
|  **Willis North America, Inc.** | **Willis North America, Inc.** | **Willis North America, Inc.** |
|  4.650% due 06/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;1915 | 1853 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;318181 |
| **INDUSTRIALS 45.3%** | **INDUSTRIALS 45.3%** | **INDUSTRIALS 45.3%** |
|  **7-Eleven, Inc.** | **7-Eleven, Inc.** | **7-Eleven, Inc.** |
|  0.800% due 02/10/2024 | 10 | 10 |
|  0.950% due 02/10/2026 | 1758 | 1542 |
|  1.300% due 02/10/2028 | 20 | 17 |
|  **AbbVie, Inc.** | **AbbVie, Inc.** | **AbbVie, Inc.** |
|  2.950% due 11/21/2026 | 1310 | 1220 |
|  3.200% due 05/14/2026 | 25 | 24 |
|  3.800% due 03/15/2025 | 312 | 304 |
|  3.850% due 06/15/2024 | 172 | 169 |
|  4.050% due 11/21/2039 | 2013 | 1731 |
|  4.400% due 11/06/2042 | 52 | 45 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.550% due 03/15/2035 | $— | 674 | $— | 633 |
|  4.700% due 05/14/2045 |  | 4608 |  | 4115 |
|  **Activision Blizzard, Inc.** | **Activision Blizzard, Inc.** | **Activision Blizzard, Inc.** | **Activision Blizzard, Inc.** | **Activision Blizzard, Inc.** |
|  1.350% due 09/15/2030 |  | 10 |  | 8 |
|  **Aetna, Inc.** | **Aetna, Inc.** | **Aetna, Inc.** | **Aetna, Inc.** | **Aetna, Inc.** |
|  3.875% due 08/15/2047 |  | 1042 |  | 805 |
|  **Agilent Technologies, Inc.** | **Agilent Technologies, Inc.** | **Agilent Technologies, Inc.** | **Agilent Technologies, Inc.** | **Agilent Technologies, Inc.** |
|  2.300% due 03/12/2031 |  | 10 |  | 8 |
|  **Aker BP ASA** | **Aker BP ASA** | **Aker BP ASA** | **Aker BP ASA** | **Aker BP ASA** |
|  2.000% due 07/15/2026 |  | 136 |  | 120 |
|  3.100% due 07/15/2031 |  | 80 |  | 66 |
|  **Alcon Finance Corp.** | **Alcon Finance Corp.** | **Alcon Finance Corp.** | **Alcon Finance Corp.** | **Alcon Finance Corp.** |
|  2.600% due 05/27/2030 |  | 973 |  | 829 |
|  **Alibaba Group Holding Ltd.** | **Alibaba Group Holding Ltd.** | **Alibaba Group Holding Ltd.** | **Alibaba Group Holding Ltd.** | **Alibaba Group Holding Ltd.** |
|  2.800% due 06/06/2023 |  | 182 |  | 180 |
|  3.400% due 12/06/2027 |  | 1208 |  | 1113 |
|  3.600% due 11/28/2024 |  | 1414 |  | 1368 |
|  4.400% due 12/06/2057 |  | 458 |  | 352 |
|  **Allegion PLC** | **Allegion PLC** | **Allegion PLC** | **Allegion PLC** | **Allegion PLC** |
|  3.500% due 10/01/2029 |  | 54 |  | 47 |
|  **Alphabet, Inc.** | **Alphabet, Inc.** | **Alphabet, Inc.** | **Alphabet, Inc.** | **Alphabet, Inc.** |
|  0.450% due 08/15/2025 |  | 395 |  | 357 |
|  **Amazon.com, Inc.** | **Amazon.com, Inc.** | **Amazon.com, Inc.** | **Amazon.com, Inc.** | **Amazon.com, Inc.** |
|  2.100% due 05/12/2031 |  | 3205 |  | 2626 |
|  2.700% due 06/03/2060 |  | 1011 |  | 614 |
|  3.100% due 05/12/2051 |  | 140 |  | 100 |
|  3.250% due 05/12/2061 |  | 143 |  | 99 |
|  3.875% due 08/22/2037 |  | 1752 |  | 1559 |
|  4.100% due 04/13/2062 |  | 60 |  | 50 |
|  **Amcor Flexibles North America, Inc.** | **Amcor Flexibles North America, Inc.** | **Amcor Flexibles North America, Inc.** | **Amcor Flexibles North America, Inc.** | **Amcor Flexibles North America, Inc.** |
|  2.690% due 05/25/2031 |  | 40 |  | 33 |
|  **America Movil SAB de CV** | **America Movil SAB de CV** | **America Movil SAB de CV** | **America Movil SAB de CV** | **America Movil SAB de CV** |
|  5.375% due 04/04/2032 |  | 573 |  | 518 |
|  **Amgen, Inc.** | **Amgen, Inc.** | **Amgen, Inc.** | **Amgen, Inc.** | **Amgen, Inc.** |
|  3.000% due 02/22/2029 |  | 100 |  | 89 |
|  3.150% due 02/21/2040 |  | &nbsp;&nbsp;&nbsp;&nbsp;2940 |  | &nbsp;&nbsp;&nbsp;&nbsp;2176 |
|  3.200% due 11/02/2027 |  | 496 |  | 460 |
|  3.625% due 05/22/2024 |  | 845 |  | 829 |
|  4.200% due 02/22/2052 |  | 100 |  | 80 |
|  4.400% due 05/01/2045 |  | 937 |  | 789 |
|  4.400% due 02/22/2062 |  | 172 |  | 137 |
|  4.663% due 06/15/2051 |  | 290 |  | 251 |
|  4.950% due 10/01/2041 |  | 623 |  | 573 |
|  **Amphenol Corp.** | **Amphenol Corp.** | **Amphenol Corp.** | **Amphenol Corp.** | **Amphenol Corp.** |
|  2.800% due 02/15/2030 |  | 160 |  | 137 |
|  **AngloGold Ashanti Holdings PLC** | **AngloGold Ashanti Holdings PLC** | **AngloGold Ashanti Holdings PLC** | **AngloGold Ashanti Holdings PLC** | **AngloGold Ashanti Holdings PLC** |
|  3.750% due 10/01/2030 |  | 719 |  | 624 |
|  **Anheuser-Busch Cos. LLC** | **Anheuser-Busch Cos. LLC** | **Anheuser-Busch Cos. LLC** | **Anheuser-Busch Cos. LLC** | **Anheuser-Busch Cos. LLC** |
|  4.700% due 02/01/2036 |  | 1319 |  | 1251 |
|  4.900% due 02/01/2046 |  | 4828 |  | 4413 |
|  **Anheuser-Busch InBev Finance, Inc.** | **Anheuser-Busch InBev Finance, Inc.** | **Anheuser-Busch InBev Finance, Inc.** | **Anheuser-Busch InBev Finance, Inc.** | **Anheuser-Busch InBev Finance, Inc.** |
|  4.900% due 02/01/2046 |  | 30 |  | 27 |
|  **Anheuser-Busch InBev Worldwide, Inc.** | **Anheuser-Busch InBev Worldwide, Inc.** | **Anheuser-Busch InBev Worldwide, Inc.** | **Anheuser-Busch InBev Worldwide, Inc.** | **Anheuser-Busch InBev Worldwide, Inc.** |
|  5.450% due 01/23/2039 |  | 885 |  | 887 |
|  5.800% due 01/23/2059 |  | 172 |  | 177 |
|  **Apache Corp.** | **Apache Corp.** | **Apache Corp.** | **Apache Corp.** | **Apache Corp.** |
|  5.100% due 09/01/2040 |  | 77 |  | 64 |
|  **Apple, Inc.** | **Apple, Inc.** | **Apple, Inc.** | **Apple, Inc.** | **Apple, Inc.** |
|  1.200% due 02/08/2028 |  | 10 |  | 8 |
|  1.650% due 05/11/2030 |  | 2326 |  | 1905 |
|  2.200% due 09/11/2029 |  | 10 |  | 9 |
|  2.375% due 02/08/2041 |  | 120 |  | 85 |
|  2.800% due 02/08/2061 |  | 10 |  | 6 |
|  2.850% due 08/05/2061 |  | 172 |  | 111 |
|  3.250% due 02/23/2026 |  | 2300 |  | 2212 |
|  3.350% due 08/08/2032 |  | 936 |  | 853 |
|  3.450% due 05/06/2024 |  | 187 |  | 184 |
|  3.850% due 08/04/2046 |  | 2479 |  | 2118 |
|  3.950% due 08/08/2052 |  | 660 |  | 565 |
|  4.650% due 02/23/2046 |  | 1754 |  | 1670 |
|  **Aptiv PLC** | **Aptiv PLC** | **Aptiv PLC** | **Aptiv PLC** | **Aptiv PLC** |
|  2.396% due 02/18/2025 |  | 128 |  | 121 |
|  **ArcelorMittal SA** | **ArcelorMittal SA** | **ArcelorMittal SA** | **ArcelorMittal SA** | **ArcelorMittal SA** |
|  4.250% due 07/16/2029 |  | 52 |  | 47 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **53** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund** | **(Cont.)** |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Ashtead Capital, Inc.** | **Ashtead Capital, Inc.** | **Ashtead Capital, Inc.** |
|  4.250% due 11/01/2029 | 102 | 92 |
|  5.500% due 08/11/2032 | 1094 | 1050 |
|  **Astrazeneca Finance LLC** | **Astrazeneca Finance LLC** | **Astrazeneca Finance LLC** |
|  2.250% due 05/28/2031 | 10 | 8 |
|  **AstraZeneca PLC** | **AstraZeneca PLC** | **AstraZeneca PLC** |
|  1.375% due 08/06/2030 | 464 | 368 |
|  4.000% due 01/17/2029 | 944 | 908 |
|  6.450% due 09/15/2037 | 3347 | 3788 |
|  **Bacardi Ltd.** | **Bacardi Ltd.** | **Bacardi Ltd.** |
|  2.750% due 07/15/2026 | 100 | 90 |
|  4.450% due 05/15/2025 | 10 | 10 |
|  5.300% due 05/15/2048 | 40 | 36 |
|  **BAE Systems Holdings, Inc.** | **BAE Systems Holdings, Inc.** | **BAE Systems Holdings, Inc.** |
|  3.850% due 12/15/2025 | 577 | 557 |
|  **BAE Systems PLC** | **BAE Systems PLC** | **BAE Systems PLC** |
|  1.900% due 02/15/2031 | 2084 | 1621 |
|  3.400% due 04/15/2030 | 1323 | 1170 |
|  **Baidu, Inc.** | **Baidu, Inc.** | **Baidu, Inc.** |
|  4.125% due 06/30/2025 | 46 | 44 |
|  **BAT Capital Corp.** | **BAT Capital Corp.** | **BAT Capital Corp.** |
|  3.222% due 08/15/2024 | 618 | 595 |
|  4.540% due 08/15/2047 | 1283 | 911 |
|  **Baxter International, Inc.** | **Baxter International, Inc.** | **Baxter International, Inc.** |
|  2.272% due 12/01/2028 | 1491 | 1274 |
|  **Bayer U.S. Finance LLC** | **Bayer U.S. Finance LLC** | **Bayer U.S. Finance LLC** |
|  4.250% due 12/15/2025 | 2279 | 2211 |
|  4.375% due 12/15/2028 | 734 | 690 |
|  4.875% due 06/25/2048 | 1490 | 1292 |
|  **Becton Dickinson & Co.** | **Becton Dickinson & Co.** | **Becton Dickinson & Co.** |
|  2.823% due 05/20/2030 | 2940 | 2530 |
|  4.298% due 08/22/2032 | 49 | 46 |
|  **Berry Global, Inc.** | **Berry Global, Inc.** | **Berry Global, Inc.** |
|  0.950% due 02/15/2024 | 306 | 290 |
|  4.875% due 07/15/2026 | 1121 | 1082 |
|  **BMW U.S. Capital LLC** | **BMW U.S. Capital LLC** | **BMW U.S. Capital LLC** |
|  2.550% due 04/01/2031 | 55 | 46 |
|  3.300% due 04/06/2027 | 50 | 47 |
|  3.900% due 04/09/2025 | 10 | 10 |
|  4.150% due 04/09/2030 | 248 | 236 |
|  **Boardwalk Pipelines LP** | **Boardwalk Pipelines LP** | **Boardwalk Pipelines LP** |
|  3.400% due 02/15/2031 | 172 | 144 |
|  **Boeing Co.** | **Boeing Co.** | **Boeing Co.** |
|  2.196% due 02/04/2026 | 2053 | 1868 |
|  2.750% due 02/01/2026 | 10 | 9 |
|  2.950% due 02/01/2030 | 174 | 148 |
|  3.100% due 05/01/2026 | 10 | 9 |
|  3.200% due 03/01/2029 | 136 | 120 |
|  3.625% due 02/01/2031 | 1746 | 1534 |
|  3.750% due 02/01/2050 | 1966 | 1358 |
|  3.900% due 05/01/2049 | 410 | 290 |
|  3.950% due 08/01/2059 | &nbsp;&nbsp;&nbsp;&nbsp;3244 | &nbsp;&nbsp;&nbsp;&nbsp;2193 |
|  5.040% due 05/01/2027 | 10 | 10 |
|  5.150% due 05/01/2030 | 21 | 21 |
|  5.705% due 05/01/2040 | 889 | 852 |
|  **Booking Holdings, Inc.** | **Booking Holdings, Inc.** | **Booking Holdings, Inc.** |
|  4.625% due 04/13/2030 | 10 | 10 |
|  **Boston Scientific Corp.** | **Boston Scientific Corp.** | **Boston Scientific Corp.** |
|  1.900% due 06/01/2025 | 10 | 9 |
|  2.650% due 06/01/2030 | 193 | 165 |
|  4.550% due 03/01/2039 | 1663 | 1499 |
|  6.750% due 11/15/2035 | 93 | 102 |
|  **BP Capital Markets America, Inc.** | **BP Capital Markets America, Inc.** | **BP Capital Markets America, Inc.** |
|  3.067% due 03/30/2050 | 495 | 445 |
|  3.937% due 09/21/2028 | 300 | 287 |
|  **Braskem Finance Ltd.** | **Braskem Finance Ltd.** | **Braskem Finance Ltd.** |
|  6.450% due 02/03/2024 | 19 | 19 |
|  **Bristol-Myers Squibb Co.** | **Bristol-Myers Squibb Co.** | **Bristol-Myers Squibb Co.** |
|  3.400% due 07/26/2029 | 500 | 464 |
|  3.900% due 02/20/2028 | 2063 | 1990 |
|  4.350% due 11/15/2047 | 2197 | 1947 |
|  4.550% due 02/20/2048 | 8 | 7 |
|  5.875% due 11/15/2036 | 181 | 187 |
|  **Broadcom, Inc.** | **Broadcom, Inc.** | **Broadcom, Inc.** |
|  1.950% due 02/15/2028 | 1534 | 1298 |
|  2.600% due 02/15/2033 | 1121 | 844 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  3.137% due 11/15/2035 | $— | 578 | $— | 427 |
|  3.187% due 11/15/2036 |  | 1597 |  | 1152 |
|  3.419% due 04/15/2033 |  | 786 |  | 632 |
|  3.469% due 04/15/2034 |  | 1194 |  | 956 |
|  4.000% due 04/15/2029 |  | 612 |  | 557 |
|  4.150% due 04/15/2032 |  | 273 |  | 240 |
|  4.926% due 05/15/2037 |  | 745 |  | 653 |
|  **Broadridge Financial Solutions, Inc.** | **Broadridge Financial Solutions, Inc.** | **Broadridge Financial Solutions, Inc.** | **Broadridge Financial Solutions, Inc.** | **Broadridge Financial Solutions, Inc.** |
|  2.900% due 12/01/2029 |  | 914 |  | 775 |
|  **Cameron LNG LLC** | **Cameron LNG LLC** | **Cameron LNG LLC** | **Cameron LNG LLC** | **Cameron LNG LLC** |
|  3.701% due 01/15/2039 |  | 482 |  | 384 |
|  **Campbell Soup Co.** | **Campbell Soup Co.** | **Campbell Soup Co.** | **Campbell Soup Co.** | **Campbell Soup Co.** |
|  2.375% due 04/24/2030 |  | 517 |  | 431 |
|  **Canadian Natural Resources Ltd.** | **Canadian Natural Resources Ltd.** | **Canadian Natural Resources Ltd.** | **Canadian Natural Resources Ltd.** | **Canadian Natural Resources Ltd.** |
|  3.900% due 02/01/2025 |  | 1625 |  | 1581 |
|  6.450% due 06/30/2033 |  | 45 |  | 46 |
|  **Canadian Pacific Railway Co.** | **Canadian Pacific Railway Co.** | **Canadian Pacific Railway Co.** | **Canadian Pacific Railway Co.** | **Canadian Pacific Railway Co.** |
|  2.050% due 03/05/2030 |  | 1425 |  | 1171 |
|  3.100% due 12/02/2051 |  | 1482 |  | 1003 |
|  **Carrier Global Corp.** | **Carrier Global Corp.** | **Carrier Global Corp.** | **Carrier Global Corp.** | **Carrier Global Corp.** |
|  2.242% due 02/15/2025 |  | 2 |  | 2 |
|  2.700% due 02/15/2031 |  | 10 |  | 8 |
|  2.722% due 02/15/2030 |  | &nbsp;&nbsp;&nbsp;&nbsp;1357 |  | &nbsp;&nbsp;&nbsp;&nbsp;1145 |
|  3.577% due 04/05/2050 |  | 621 |  | 446 |
|  **Caterpillar, Inc.** | **Caterpillar, Inc.** | **Caterpillar, Inc.** | **Caterpillar, Inc.** | **Caterpillar, Inc.** |
|  5.300% due 09/15/2035 |  | 30 |  | 31 |
|  **CDW LLC** | **CDW LLC** | **CDW LLC** | **CDW LLC** | **CDW LLC** |
|  2.670% due 12/01/2026 |  | 53 |  | 47 |
|  3.276% due 12/01/2028 |  | 50 |  | 43 |
|  4.125% due 05/01/2025 |  | 20 |  | 19 |
|  **Cenovus Energy, Inc.** | **Cenovus Energy, Inc.** | **Cenovus Energy, Inc.** | **Cenovus Energy, Inc.** | **Cenovus Energy, Inc.** |
|  6.750% due 11/15/2039 |  | 112 |  | 117 |
|  **Centene Corp.** | **Centene Corp.** | **Centene Corp.** | **Centene Corp.** | **Centene Corp.** |
|  3.000% due 10/15/2030 |  | 57 |  | 47 |
|  **CenterPoint Energy Resources Corp.** | **CenterPoint Energy Resources Corp.** | **CenterPoint Energy Resources Corp.** | **CenterPoint Energy Resources Corp.** | **CenterPoint Energy Resources Corp.** |
|  1.750% due 10/01/2030 |  | 149 |  | 118 |
|  **CH Robinson Worldwide, Inc.** | **CH Robinson Worldwide, Inc.** | **CH Robinson Worldwide, Inc.** | **CH Robinson Worldwide, Inc.** | **CH Robinson Worldwide, Inc.** |
|  4.200% due 04/15/2028 |  | 50 |  | 47 |
|  **Charter Communications Operating LLC** | **Charter Communications Operating LLC** | **Charter Communications Operating LLC** | **Charter Communications Operating LLC** | **Charter Communications Operating LLC** |
|  2.250% due 01/15/2029 |  | 220 |  | 177 |
|  2.300% due 02/01/2032 |  | 560 |  | 414 |
|  3.950% due 06/30/2062 |  | 1656 |  | 983 |
|  4.800% due 03/01/2050 |  | 2820 |  | 2058 |
|  4.908% due 07/23/2025 |  | 4282 |  | 4201 |
|  **Cheniere Corpus Christi Holdings LLC** | **Cheniere Corpus Christi Holdings LLC** | **Cheniere Corpus Christi Holdings LLC** | **Cheniere Corpus Christi Holdings LLC** | **Cheniere Corpus Christi Holdings LLC** |
|  3.700% due 11/15/2029 |  | 129 |  | 117 |
|  **Choice Hotels International, Inc.** | **Choice Hotels International, Inc.** | **Choice Hotels International, Inc.** | **Choice Hotels International, Inc.** | **Choice Hotels International, Inc.** |
|  3.700% due 01/15/2031 |  | 50 |  | 43 |
|  **Cigna Corp.** | **Cigna Corp.** | **Cigna Corp.** | **Cigna Corp.** | **Cigna Corp.** |
|  3.400% due 03/01/2027 |  | 2388 |  | 2243 |
|  4.125% due 11/15/2025 |  | 10 |  | 10 |
|  4.500% due 02/25/2026 |  | 10 |  | 10 |
|  **Clorox Co.** | **Clorox Co.** | **Clorox Co.** | **Clorox Co.** | **Clorox Co.** |
|  3.100% due 10/01/2027 |  | 1191 |  | 1101 |
|  **Coca-Cola Co.** | **Coca-Cola Co.** | **Coca-Cola Co.** | **Coca-Cola Co.** | **Coca-Cola Co.** |
|  2.125% due 09/06/2029 |  | 139 |  | 119 |
|  3.450% due 03/25/2030 |  | 168 |  | 157 |
|  **Comcast Corp.** | **Comcast Corp.** | **Comcast Corp.** | **Comcast Corp.** | **Comcast Corp.** |
|  2.937% due 11/01/2056 |  | 150 |  | 93 |
|  3.200% due 07/15/2036 |  | 469 |  | 382 |
|  3.950% due 10/15/2025 |  | 121 |  | 119 |
|  5.250% due 11/07/2025 |  | 100 |  | 101 |
|  5.350% due 11/15/2027 |  | 2482 |  | 2539 |
|  5.500% due 11/15/2032 |  | 1000 |  | 1046 |
|  **Conagra Brands, Inc.** | **Conagra Brands, Inc.** | **Conagra Brands, Inc.** | **Conagra Brands, Inc.** | **Conagra Brands, Inc.** |
|  4.300% due 05/01/2024 |  | 1982 |  | 1956 |
|  5.300% due 11/01/2038 |  | 20 |  | 19 |
|  **Constellation Brands, Inc.** | **Constellation Brands, Inc.** | **Constellation Brands, Inc.** | **Constellation Brands, Inc.** | **Constellation Brands, Inc.** |
|  2.875% due 05/01/2030 |  | 627 |  | 535 |
|  3.150% due 08/01/2029 |  | 2169 |  | 1905 |
|  4.100% due 02/15/2048 |  | 181 |  | 145 |
|  5.250% due 11/15/2048 |  | 1940 |  | 1829 |
|  **Continental Resources, Inc.** | **Continental Resources, Inc.** | **Continental Resources, Inc.** | **Continental Resources, Inc.** | **Continental Resources, Inc.** |
|  2.268% due 11/15/2026 |  | 960 |  | 833 |
|  3.800% due 06/01/2024 |  | 50 |  | 49 |
|  4.375% due 01/15/2028 |  | 100 |  | 92 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.500% due 04/15/2023 | $— | 51 | $— | 51 |
|  5.750% due 01/15/2031 |  | 2300 |  | 2145 |
|  **Corning, Inc.** | **Corning, Inc.** | **Corning, Inc.** | **Corning, Inc.** | **Corning, Inc.** |
|  5.450% due 11/15/2079 |  | 988 |  | 858 |
|  **Corp. Nacional del Cobre de Chile** | **Corp. Nacional del Cobre de Chile** | **Corp. Nacional del Cobre de Chile** | **Corp. Nacional del Cobre de Chile** | **Corp. Nacional del Cobre de Chile** |
|  3.150% due 01/14/2030 |  | 286 |  | 253 |
|  4.500% due 09/16/2025 |  | 12 |  | 12 |
|  **Cox Communications, Inc.** | **Cox Communications, Inc.** | **Cox Communications, Inc.** | **Cox Communications, Inc.** | **Cox Communications, Inc.** |
|  1.800% due 10/01/2030 |  | 3533 |  | 2695 |
|  **CRH America Finance, Inc.** | **CRH America Finance, Inc.** | **CRH America Finance, Inc.** | **CRH America Finance, Inc.** | **CRH America Finance, Inc.** |
|  3.400% due 05/09/2027 |  | 811 |  | 753 |
|  **CSX Corp.** | **CSX Corp.** | **CSX Corp.** | **CSX Corp.** | **CSX Corp.** |
|  2.400% due 02/15/2030 |  | 300 |  | 255 |
|  6.220% due 04/30/2040 |  | 1507 |  | 1636 |
|  **CVS Health Corp.** | **CVS Health Corp.** | **CVS Health Corp.** | **CVS Health Corp.** | **CVS Health Corp.** |
|  1.750% due 08/21/2030 |  | 10 |  | 8 |
|  3.000% due 08/15/2026 |  | 20 |  | 19 |
|  3.250% due 08/15/2029 |  | 719 |  | 645 |
|  3.375% due 08/12/2024 |  | 1000 |  | 975 |
|  3.625% due 04/01/2027 |  | 635 |  | 604 |
|  3.750% due 04/01/2030 |  | 889 |  | 808 |
|  4.125% due 04/01/2040 |  | 164 |  | 137 |
|  5.050% due 03/25/2048 |  | &nbsp;&nbsp;&nbsp;&nbsp;2810 |  | &nbsp;&nbsp;&nbsp;&nbsp;2536 |
|  5.125% due 07/20/2045 |  | 2131 |  | 1953 |
|  **Dell International LLC** | **Dell International LLC** | **Dell International LLC** | **Dell International LLC** | **Dell International LLC** |
|  4.000% due 07/15/2024 |  | 10 |  | 10 |
|  4.900% due 10/01/2026 |  | 100 |  | 99 |
|  5.300% due 10/01/2029 |  | 75 |  | 74 |
|  5.450% due 06/15/2023 |  | 639 |  | 639 |
|  8.100% due 07/15/2036 |  | 612 |  | 688 |
|  **Delta Air Lines, Inc.** | **Delta Air Lines, Inc.** | **Delta Air Lines, Inc.** | **Delta Air Lines, Inc.** | **Delta Air Lines, Inc.** |
|  4.750% due 10/20/2028 |  | 10 |  | 9 |
|  7.000% due 05/01/2025 |  | 3649 |  | 3732 |
|  **Devon Energy Corp.** | **Devon Energy Corp.** | **Devon Energy Corp.** | **Devon Energy Corp.** | **Devon Energy Corp.** |
|  4.500% due 01/15/2030 |  | 200 |  | 187 |
|  **Diageo Capital PLC** | **Diageo Capital PLC** | **Diageo Capital PLC** | **Diageo Capital PLC** | **Diageo Capital PLC** |
|  5.300% due 10/24/2027 |  | 46 |  | 47 |
|  **Diamondback Energy, Inc.** | **Diamondback Energy, Inc.** | **Diamondback Energy, Inc.** | **Diamondback Energy, Inc.** | **Diamondback Energy, Inc.** |
|  3.500% due 12/01/2029 |  | 780 |  | 686 |
|  6.250% due 03/15/2033 |  | 45 |  | 46 |
|  **Discovery Communications LLC** | **Discovery Communications LLC** | **Discovery Communications LLC** | **Discovery Communications LLC** | **Discovery Communications LLC** |
|  4.000% due 09/15/2055 |  | 1079 |  | 652 |
|  4.650% due 05/15/2050 |  | 169 |  | 117 |
|  **DT Midstream, Inc.** | **DT Midstream, Inc.** | **DT Midstream, Inc.** | **DT Midstream, Inc.** | **DT Midstream, Inc.** |
|  4.300% due 04/15/2032 |  | 142 |  | 125 |
|  **Eastern Energy Gas Holdings LLC** | **Eastern Energy Gas Holdings LLC** | **Eastern Energy Gas Holdings LLC** | **Eastern Energy Gas Holdings LLC** | **Eastern Energy Gas Holdings LLC** |
|  3.600% due 12/15/2024 |  | 477 |  | 461 |
|  **eBay, Inc.** | **eBay, Inc.** | **eBay, Inc.** | **eBay, Inc.** | **eBay, Inc.** |
|  2.600% due 05/10/2031 |  | 50 |  | 41 |
|  2.700% due 03/11/2030 |  | 611 |  | 520 |
|  5.900% due 11/22/2025 |  | 500 |  | 511 |
|  6.300% due 11/22/2032 |  | 1519 |  | 1583 |
|  **Electronic Arts, Inc.** | **Electronic Arts, Inc.** | **Electronic Arts, Inc.** | **Electronic Arts, Inc.** | **Electronic Arts, Inc.** |
|  1.850% due 02/15/2031 |  | 1303 |  | 1027 |
|  **Elevance Health, Inc.** | **Elevance Health, Inc.** | **Elevance Health, Inc.** | **Elevance Health, Inc.** | **Elevance Health, Inc.** |
|  2.250% due 05/15/2030 |  | 1786 |  | 1482 |
|  2.550% due 03/15/2031 |  | 50 |  | 42 |
|  3.125% due 05/15/2050 |  | 169 |  | 117 |
|  3.700% due 09/15/2049 |  | 10 |  | 8 |
|  4.550% due 03/01/2048 |  | 916 |  | 804 |
|  4.850% due 08/15/2054 |  | 1320 |  | 1104 |
|  5.950% due 12/15/2034 |  | 22 |  | 23 |
|  **Eli Lilly & Co.** | **Eli Lilly & Co.** | **Eli Lilly & Co.** | **Eli Lilly & Co.** | **Eli Lilly & Co.** |
|  2.750% due 06/01/2025 |  | 864 |  | 827 |
|  4.150% due 03/15/2059 |  | 876 |  | 768 |
|  5.950% due 11/15/2037 |  | 524 |  | 563 |
|  **Enbridge, Inc.** | **Enbridge, Inc.** | **Enbridge, Inc.** | **Enbridge, Inc.** | **Enbridge, Inc.** |
|  2.500% due 01/15/2025 |  | 2799 |  | 2650 |
|  2.500% due 08/01/2033 |  | 539 |  | 416 |
|  3.125% due 11/15/2029 |  | 40 |  | 35 |
|  3.400% due 08/01/2051 |  | 360 |  | 246 |
|  5.500% due 12/01/2046 |  | 47 |  | 44 |
|  **Energy Transfer LP** | **Energy Transfer LP** | **Energy Transfer LP** | **Energy Transfer LP** | **Energy Transfer LP** |
|  4.050% due 03/15/2025 |  | 152 |  | 147 |
|  4.150% due 09/15/2029 |  | 2120 |  | 1920 |
|  4.200% due 09/15/2023 |  | 655 |  | 651 |

---

---

| | | |
|:---|:---|:---|
| **54** | **PIMCO ETF TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.200% due 04/15/2027 | $— | 380 | $— | 359 |
|  4.500% due 04/15/2024 |  | 10 |  | 10 |
|  4.950% due 05/15/2028 |  | 1644 |  | 1580 |
|  5.250% due 04/15/2029 |  | 241 |  | 234 |
|  5.300% due 04/15/2047 |  | 853 |  | 714 |
|  5.500% due 06/01/2027 |  | 536 |  | 533 |
|  5.875% due 01/15/2024 |  | 10 |  | 10 |
|  6.250% due 04/15/2049 |  | 590 |  | 551 |
|  **Eni SpA** | **Eni SpA** | **Eni SpA** | **Eni SpA** | **Eni SpA** |
|  4.000% due 09/12/2023 |  | 1295 |  | 1277 |
|  4.750% due 09/12/2028 |  | 1170 |  | 1135 |
|  **Entergy Louisiana LLC** | **Entergy Louisiana LLC** | **Entergy Louisiana LLC** | **Entergy Louisiana LLC** | **Entergy Louisiana LLC** |
|  4.200% due 09/01/2048 |  | 3213 |  | 2645 |
|  **Enterprise Products Operating LLC** | **Enterprise Products Operating LLC** | **Enterprise Products Operating LLC** | **Enterprise Products Operating LLC** | **Enterprise Products Operating LLC** |
|  3.200% due 02/15/2052 |  | 714 |  | 471 |
|  3.750% due 02/15/2025 |  | 1700 |  | 1654 |
|  4.200% due 01/31/2050 |  | 637 |  | 504 |
|  4.250% due 02/15/2048 |  | 10 |  | 8 |
|  **EQT Corp.** | **EQT Corp.** | **EQT Corp.** | **EQT Corp.** | **EQT Corp.** |
|  3.900% due 10/01/2027 |  | 50 |  | 46 |
|  5.000% due 01/15/2029 |  | 1273 |  | 1199 |
|  5.700% due 04/01/2028 |  | 675 |  | 672 |
|  **Equifax, Inc.** | **Equifax, Inc.** | **Equifax, Inc.** | **Equifax, Inc.** | **Equifax, Inc.** |
|  5.100% due 12/15/2027 |  | 1163 |  | 1150 |
|  7.000% due 07/01/2037 |  | 565 |  | 591 |
|  **Equinor ASA** | **Equinor ASA** | **Equinor ASA** | **Equinor ASA** | **Equinor ASA** |
|  2.375% due 05/22/2030 |  | 2531 |  | 2158 |
|  3.125% due 04/06/2030 |  | 52 |  | 47 |
|  3.625% due 04/06/2040 |  | 15 |  | 12 |
|  3.700% due 04/06/2050 |  | 151 |  | 120 |
|  7.150% due 11/15/2025 |  | 26 |  | 27 |
|  **ERAC USA Finance LLC** | **ERAC USA Finance LLC** | **ERAC USA Finance LLC** | **ERAC USA Finance LLC** | **ERAC USA Finance LLC** |
|  3.300% due 12/01/2026 |  | 152 |  | 141 |
|  4.200% due 11/01/2046 |  | 389 |  | 304 |
|  7.000% due 10/15/2037 |  | 430 |  | 469 |
|  **Evernorth Health, Inc.** | **Evernorth Health, Inc.** | **Evernorth Health, Inc.** | **Evernorth Health, Inc.** | **Evernorth Health, Inc.** |
|  3.500% due 06/15/2024 |  | 223 |  | 218 |
|  **Expedia Group, Inc.** | **Expedia Group, Inc.** | **Expedia Group, Inc.** | **Expedia Group, Inc.** | **Expedia Group, Inc.** |
|  6.250% due 05/01/2025 |  | 10 |  | 10 |
|  **Exxon Mobil Corp.** | **Exxon Mobil Corp.** | **Exxon Mobil Corp.** | **Exxon Mobil Corp.** | **Exxon Mobil Corp.** |
|  3.176% due 03/15/2024 |  | 13 |  | 13 |
|  **FedEx Corp.** | **FedEx Corp.** | **FedEx Corp.** | **FedEx Corp.** | **FedEx Corp.** |
|  3.250% due 04/01/2026 |  | 993 |  | 946 |
|  4.250% due 05/15/2030 |  | 50 |  | 47 |
|  **Fibria Overseas Finance Ltd.** | **Fibria Overseas Finance Ltd.** | **Fibria Overseas Finance Ltd.** | **Fibria Overseas Finance Ltd.** | **Fibria Overseas Finance Ltd.** |
|  4.000% due 01/14/2025 |  | 252 |  | 245 |
|  **Fidelity National Information Services, Inc.** | **Fidelity National Information Services, Inc.** | **Fidelity National Information Services, Inc.** | **Fidelity National Information Services, Inc.** | **Fidelity National Information Services, Inc.** |
|  1.150% due 03/01/2026 |  | 134 |  | 118 |
|  2.250% due 03/01/2031 |  | 1181 |  | 928 |
|  4.700% due 07/15/2027 |  | 484 |  | 473 |
|  5.100% due 07/15/2032 |  | 100 |  | 97 |
|  5.625% due 07/15/2052 |  | 100 |  | 92 |
|  **Fiserv, Inc.** | **Fiserv, Inc.** | **Fiserv, Inc.** | **Fiserv, Inc.** | **Fiserv, Inc.** |
|  2.250% due 06/01/2027 |  | 10 |  | 9 |
|  2.650% due 06/01/2030 |  | 141 |  | 119 |
|  3.200% due 07/01/2026 |  | 818 |  | 767 |
|  3.500% due 07/01/2029 |  | 847 |  | 765 |
|  **Fomento Economico Mexicano SAB de CV** | **Fomento Economico Mexicano SAB de CV** | **Fomento Economico Mexicano SAB de CV** | **Fomento Economico Mexicano SAB de CV** | **Fomento Economico Mexicano SAB de CV** |
|  2.875% due 05/10/2023 |  | 1301 |  | 1289 |
|  **Fortune Brands Innovations, Inc.** | **Fortune Brands Innovations, Inc.** | **Fortune Brands Innovations, Inc.** | **Fortune Brands Innovations, Inc.** | **Fortune Brands Innovations, Inc.** |
|  4.000% due 03/25/2032 |  | 174 |  | 151 |
|  4.500% due 03/25/2052 |  | 100 |  | 76 |
|  **Fox Corp.** | **Fox Corp.** | **Fox Corp.** | **Fox Corp.** | **Fox Corp.** |
|  5.476% due 01/25/2039 |  | 100 |  | 91 |
|  **Freeport-McMoRan, Inc.** | **Freeport-McMoRan, Inc.** | **Freeport-McMoRan, Inc.** | **Freeport-McMoRan, Inc.** | **Freeport-McMoRan, Inc.** |
|  4.125% due 03/01/2028 |  | 2658 |  | 2463 |
|  4.625% due 08/01/2030 |  | 50 |  | 47 |
|  **Fresenius Medical Care U.S. Finance, Inc.** | **Fresenius Medical Care U.S. Finance, Inc.** | **Fresenius Medical Care U.S. Finance, Inc.** | **Fresenius Medical Care U.S. Finance, Inc.** | **Fresenius Medical Care U.S. Finance, Inc.** |
|  2.375% due 02/16/2031 |  | 50 |  | 37 |
|  **GE Capital Funding LLC** | **GE Capital Funding LLC** | **GE Capital Funding LLC** | **GE Capital Funding LLC** | **GE Capital Funding LLC** |
|  3.450% due 05/15/2025 |  | 327 |  | 312 |
|  **General Mills, Inc.** | **General Mills, Inc.** | **General Mills, Inc.** | **General Mills, Inc.** | **General Mills, Inc.** |
|  2.875% due 04/15/2030 |  | 1271 |  | 1101 |
|  **General Motors Co.** | **General Motors Co.** | **General Motors Co.** | **General Motors Co.** | **General Motors Co.** |
|  5.400% due 04/01/2048 |  | 1197 |  | 983 |
|  6.600% due 04/01/2036 |  | 10 |  | 10 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.750% due 04/01/2046 | $— | 46 | $— | 44 |
|  6.800% due 10/01/2027 (g) |  | 659 |  | 685 |
|  **Gilead Sciences, Inc.** | **Gilead Sciences, Inc.** | **Gilead Sciences, Inc.** | **Gilead Sciences, Inc.** | **Gilead Sciences, Inc.** |
|  2.800% due 10/01/2050 |  | 181 |  | 117 |
|  **Glencore Funding LLC** | **Glencore Funding LLC** | **Glencore Funding LLC** | **Glencore Funding LLC** | **Glencore Funding LLC** |
|  1.625% due 09/01/2025 |  | 10 |  | 9 |
|  2.625% due 09/23/2031 |  | 100 |  | 80 |
|  2.850% due 04/27/2031 |  | 531 |  | 436 |
|  3.875% due 10/27/2027 |  | 100 |  | 94 |
|  3.875% due 04/27/2051 |  | 10 |  | 7 |
|  4.125% due 03/12/2024 |  | 120 |  | 118 |
|  **Global Payments, Inc.** | **Global Payments, Inc.** | **Global Payments, Inc.** | **Global Payments, Inc.** | **Global Payments, Inc.** |
|  2.900% due 05/15/2030 |  | 1209 |  | 993 |
|  4.150% due 08/15/2049 |  | 172 |  | 123 |
|  4.950% due 08/15/2027 |  | 864 |  | 840 |
|  5.300% due 08/15/2029 |  | 614 |  | 595 |
|  5.400% due 08/15/2032 |  | 408 |  | 390 |
|  5.950% due 08/15/2052 |  | 100 |  | 91 |
|  **Graphic Packaging International LLC** | **Graphic Packaging International LLC** | **Graphic Packaging International LLC** | **Graphic Packaging International LLC** | **Graphic Packaging International LLC** |
|  0.821% due 04/15/2024 |  | 160 |  | 150 |
|  1.512% due 04/15/2026 |  | 346 |  | 302 |
|  **GS Caltex Corp.** | **GS Caltex Corp.** | **GS Caltex Corp.** | **GS Caltex Corp.** | **GS Caltex Corp.** |
|  3.000% due 06/04/2024 |  | 410 |  | 395 |
|  **GSK Consumer Healthcare Capital U.S. LLC** | **GSK Consumer Healthcare Capital U.S. LLC** | **GSK Consumer Healthcare Capital U.S. LLC** | **GSK Consumer Healthcare Capital U.S. LLC** | **GSK Consumer Healthcare Capital U.S. LLC** |
|  3.375% due 03/24/2027 |  | 2900 |  | 2704 |
|  3.375% due 03/24/2029 |  | 1782 |  | 1606 |
|  **Hasbro, Inc.** | **Hasbro, Inc.** | **Hasbro, Inc.** | **Hasbro, Inc.** | **Hasbro, Inc.** |
|  3.550% due 11/19/2026 |  | 10 |  | 9 |
|  3.900% due 11/19/2029 |  | 172 |  | 153 |
|  **HCA, Inc.** | **HCA, Inc.** | **HCA, Inc.** | **HCA, Inc.** | **HCA, Inc.** |
|  3.125% due 03/15/2027 |  | 172 |  | 157 |
|  3.500% due 09/01/2030 |  | 8 |  | 7 |
|  3.625% due 03/15/2032 |  | 172 |  | 146 |
|  4.125% due 06/15/2029 |  | 1290 |  | 1180 |
|  4.375% due 03/15/2042 |  | 1530 |  | 1225 |
|  4.625% due 03/15/2052 |  | 172 |  | 135 |
|  5.000% due 03/15/2024 |  | 970 |  | 965 |
|  5.250% due 06/15/2049 |  | 2538 |  | 2174 |
|  5.875% due 02/01/2029 |  | 60 |  | 60 |
|  **Hess Corp.** | **Hess Corp.** | **Hess Corp.** | **Hess Corp.** | **Hess Corp.** |
|  5.800% due 04/01/2047 |  | 458 |  | 440 |
|  **Home Depot, Inc.** | **Home Depot, Inc.** | **Home Depot, Inc.** | **Home Depot, Inc.** | **Home Depot, Inc.** |
|  2.950% due 06/15/2029 |  | 20 |  | 18 |
|  3.125% due 12/15/2049 |  | 2109 |  | 1503 |
|  4.250% due 04/01/2046 |  | 7 |  | 6 |
|  4.500% due 09/15/2032 |  | 1801 |  | 1764 |
|  4.500% due 12/06/2048 |  | 70 |  | 64 |
|  **Humana, Inc.** | **Humana, Inc.** | **Humana, Inc.** | **Humana, Inc.** | **Humana, Inc.** |
|  3.125% due 08/15/2029 |  | 75 |  | 66 |
|  3.700% due 03/23/2029 |  | 2391 |  | 2194 |
|  5.750% due 03/01/2028 |  | 650 |  | 665 |
|  5.875% due 03/01/2033 |  | 607 |  | 629 |
|  8.150% due 06/15/2038 |  | 481 |  | 562 |
|  **Huntington Ingalls Industries, Inc.** | **Huntington Ingalls Industries, Inc.** | **Huntington Ingalls Industries, Inc.** | **Huntington Ingalls Industries, Inc.** | **Huntington Ingalls Industries, Inc.** |
|  2.043% due 08/16/2028 |  | 1343 |  | 1109 |
|  **Hyatt Hotels Corp.** | **Hyatt Hotels Corp.** | **Hyatt Hotels Corp.** | **Hyatt Hotels Corp.** | **Hyatt Hotels Corp.** |
|  1.300% due 10/01/2023 |  | 562 |  | 546 |
|  1.800% due 10/01/2024 |  | 100 |  | 94 |
|  4.850% due 03/15/2026 |  | 100 |  | 98 |
|  5.625% due 04/23/2025 |  | 58 |  | 58 |
|  **Hyundai Capital America** | **Hyundai Capital America** | **Hyundai Capital America** | **Hyundai Capital America** | **Hyundai Capital America** |
|  0.800% due 01/08/2024 |  | 129 |  | 123 |
|  0.875% due 06/14/2024 |  | 286 |  | 267 |
|  1.000% due 09/17/2024 |  | 1244 |  | 1150 |
|  1.250% due 09/18/2023 |  | 100 |  | 97 |
|  1.500% due 06/15/2026 |  | 349 |  | 303 |
|  1.650% due 09/17/2026 |  | 1802 |  | 1586 |
|  1.800% due 10/15/2025 |  | 133 |  | 120 |
|  2.000% due 06/15/2028 |  | 408 |  | 333 |
|  2.100% due 09/15/2028 |  | 363 |  | 299 |
|  **Illumina, Inc.** | **Illumina, Inc.** | **Illumina, Inc.** | **Illumina, Inc.** | **Illumina, Inc.** |
|  2.550% due 03/23/2031 |  | 675 |  | 542 |
|  **Imperial Brands Finance PLC** | **Imperial Brands Finance PLC** | **Imperial Brands Finance PLC** | **Imperial Brands Finance PLC** | **Imperial Brands Finance PLC** |
|  3.125% due 07/26/2024 |  | 786 |  | 752 |
|  3.500% due 07/26/2026 |  | 1577 |  | 1448 |
|  6.125% due 07/27/2027 |  | 571 |  | 569 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Indonesia Asahan Aluminium Persero PT** | **Indonesia Asahan Aluminium Persero PT** | **Indonesia Asahan Aluminium Persero PT** |
|  5.710% due 11/15/2023 | 417 | 418 |
|  **Infor, Inc.** | **Infor, Inc.** | **Infor, Inc.** |
|  1.750% due 07/15/2025 | 15 | 14 |
|  **Intel Corp.** | **Intel Corp.** | **Intel Corp.** |
|  3.100% due 02/15/2060 | 1746 | 1084 |
|  **International Business Machines Corp.** | **International Business Machines Corp.** | **International Business Machines Corp.** |
|  4.400% due 07/27/2032 | 933 | 893 |
|  4.900% due 07/27/2052 | 1859 | 1700 |
|  5.600% due 11/30/2039 | 29 | 30 |
|  **International Flavors & Fragrances, Inc.** | **International Flavors & Fragrances, Inc.** | **International Flavors & Fragrances, Inc.** |
|  4.450% due 09/26/2028 | 1338 | 1262 |
|  **JDE Peet's NV** | **JDE Peet's NV** | **JDE Peet's NV** |
|  0.800% due 09/24/2024 | 1728 | 1579 |
|  2.250% due 09/24/2031 | 165 | 125 |
|  **Kansas City Southern** | **Kansas City Southern** | **Kansas City Southern** |
|  3.500% due 05/01/2050 | 1744 | 1250 |
|  **Kellogg Co.** | **Kellogg Co.** | **Kellogg Co.** |
|  2.100% due 06/01/2030 | 2701 | 2202 |
|  **Keurig Dr Pepper, Inc.** | **Keurig Dr Pepper, Inc.** | **Keurig Dr Pepper, Inc.** |
|  3.200% due 05/01/2030 | 135 | 118 |
|  4.050% due 04/15/2032 | 1619 | 1477 |
|  4.417% due 05/25/2025 | 34 | 34 |
|  4.500% due 04/15/2052 | 1340 | 1124 |
|  **Kia Corp.** | **Kia Corp.** | **Kia Corp.** |
|  1.000% due 04/16/2024 | 93 | 88 |
|  **Kinder Morgan, Inc.** | **Kinder Morgan, Inc.** | **Kinder Morgan, Inc.** |
|  5.550% due 06/01/2045 | 1095 | 1004 |
|  5.625% due 11/15/2023 | 755 | 756 |
|  **Kraft Heinz Foods Co.** | **Kraft Heinz Foods Co.** | **Kraft Heinz Foods Co.** |
|  6.875% due 01/26/2039 | 1043 | 1136 |
|  **L3Harris Technologies, Inc.** | **L3Harris Technologies, Inc.** | **L3Harris Technologies, Inc.** |
|  3.850% due 12/15/2026 | 2541 | 2427 |
|  4.400% due 06/15/2028 | 15 | 14 |
|  **Lafarge SA** | **Lafarge SA** | **Lafarge SA** |
|  7.125% due 07/15/2036 | 156 | 167 |
|  **Leidos, Inc.** | **Leidos, Inc.** | **Leidos, Inc.** |
|  2.300% due 02/15/2031 | 1148 | 882 |
|  4.375% due 05/15/2030 | 1130 | 1022 |
|  **Lowe's Cos., Inc.** | **Lowe's Cos., Inc.** | **Lowe's Cos., Inc.** |
|  2.500% due 04/15/2026 | 506 | 472 |
|  **LYB International Finance LLC** | **LYB International Finance LLC** | **LYB International Finance LLC** |
|  1.250% due 10/01/2025 | 114 | 102 |
|  **Marathon Petroleum Corp.** | **Marathon Petroleum Corp.** | **Marathon Petroleum Corp.** |
|  3.800% due 04/01/2028 | 2082 | 1930 |
|  **Marriott International, Inc.** | **Marriott International, Inc.** | **Marriott International, Inc.** |
|  2.750% due 10/15/2033 | 100 | 77 |
|  2.850% due 04/15/2031 | 140 | 114 |
|  4.625% due 06/15/2030 | 2646 | 2475 |
|  **Marvell Technology, Inc.** | **Marvell Technology, Inc.** | **Marvell Technology, Inc.** |
|  2.450% due 04/15/2028 | 56 | 47 |
|  **Massachusetts Institute of Technology** | **Massachusetts Institute of Technology** | **Massachusetts Institute of Technology** |
|  3.885% due 07/01/2116 | 172 | 125 |
|  **McCormick & Co., Inc.** | **McCormick & Co., Inc.** | **McCormick & Co., Inc.** |
|  0.900% due 02/15/2026 | 1323 | 1160 |
|  **McDonald's Corp.** | **McDonald's Corp.** | **McDonald's Corp.** |
|  3.500% due 07/01/2027 | 2550 | 2423 |
|  4.875% due 12/09/2045 | 2570 | 2388 |
|  5.700% due 02/01/2039 | 50 | 52 |
|  **Mead Johnson Nutrition Co.** | **Mead Johnson Nutrition Co.** | **Mead Johnson Nutrition Co.** |
|  4.125% due 11/15/2025 | 212 | 208 |
|  **Mercedes-Benz Finance North America LLC** | **Mercedes-Benz Finance North America LLC** | **Mercedes-Benz Finance North America LLC** |
|  1.450% due 03/02/2026 | 189 | 169 |
|  **Merck & Co., Inc.** | **Merck & Co., Inc.** | **Merck & Co., Inc.** |
|  1.700% due 06/10/2027 | 2622 | 2329 |
|  2.900% due 12/10/2061 | 1730 | 1108 |
|  3.400% due 03/07/2029 | 1018 | 951 |
|  **Meta Platforms, Inc.** | **Meta Platforms, Inc.** | **Meta Platforms, Inc.** |
|  3.850% due 08/15/2032 | 933 | 824 |
|  4.450% due 08/15/2052 | 933 | 746 |
|  4.650% due 08/15/2062 | 933 | 754 |
|  **Micron Technology, Inc.** | **Micron Technology, Inc.** | **Micron Technology, Inc.** |
|  4.185% due 02/15/2027 | 1231 | 1167 |
|  5.327% due 02/06/2029 | 100 | 96 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **55** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund** | **(Cont.)** |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Microsoft Corp.** | **Microsoft Corp.** | **Microsoft Corp.** |
|  2.525% due 06/01/2050 | 4815 | 3192 |
|  2.675% due 06/01/2060 | 563 | 360 |
|  2.921% due 03/17/2052 | 60 | 43 |
|  **Mondelez International Holdings Netherlands BV** | **Mondelez International Holdings Netherlands BV** | **Mondelez International Holdings Netherlands BV** |
|  1.250% due 09/24/2026 | 1160 | 1010 |
|  2.250% due 09/19/2024 | 26 | 25 |
|  4.250% due 09/15/2025 | 48 | 47 |
|  **Mondelez International, Inc.** | **Mondelez International, Inc.** | **Mondelez International, Inc.** |
|  1.875% due 10/15/2032 | 85 | 65 |
|  6.500% due 11/01/2031 | 1472 | 1517 |
|  **Moody's Corp.** | **Moody's Corp.** | **Moody's Corp.** |
|  3.100% due 11/29/2061 | 1079 | 684 |
|  3.750% due 02/25/2052 | 172 | 132 |
|  4.875% due 02/15/2024 | 2343 | 2337 |
|  **Motorola Solutions, Inc.** | **Motorola Solutions, Inc.** | **Motorola Solutions, Inc.** |
|  2.300% due 11/15/2030 | 362 | 284 |
|  2.750% due 05/24/2031 | 146 | 117 |
|  5.500% due 09/01/2044 | 1361 | 1232 |
|  **MPLX LP** | **MPLX LP** | **MPLX LP** |
|  4.125% due 03/01/2027 | 2261 | 2139 |
|  4.500% due 07/15/2023 | 60 | 60 |
|  4.700% due 04/15/2048 | 40 | 32 |
|  4.950% due 03/14/2052 | 663 | 545 |
|  5.200% due 03/01/2047 | 889 | 759 |
|  5.500% due 02/15/2049 | 122 | 108 |
|  **Netflix, Inc.** | **Netflix, Inc.** | **Netflix, Inc.** |
|  3.625% due 06/15/2025 | 1463 | 1403 |
|  4.375% due 11/15/2026 | 28 | 27 |
|  4.875% due 04/15/2028 | 2672 | 2586 |
|  5.375% due 11/15/2029 | 164 | 159 |
|  5.875% due 02/15/2025 | 50 | 51 |
|  **Nissan Motor Co. Ltd.** | **Nissan Motor Co. Ltd.** | **Nissan Motor Co. Ltd.** |
|  3.043% due 09/15/2023 | 171 | 168 |
|  3.522% due 09/17/2025 | 128 | 119 |
|  **Norfolk Southern Corp.** | **Norfolk Southern Corp.** | **Norfolk Southern Corp.** |
|  5.590% due 05/17/2025 | 1202 | 1214 |
|  **Northrop Grumman Corp.** | **Northrop Grumman Corp.** | **Northrop Grumman Corp.** |
|  3.850% due 04/15/2045 | 200 | 160 |
|  **Novartis Capital Corp.** | **Novartis Capital Corp.** | **Novartis Capital Corp.** |
|  2.000% due 02/14/2027 | 50 | 46 |
|  **NXP BV** | **NXP BV** | **NXP BV** |
|  2.500% due 05/11/2031 | 1332 | 1064 |
|  3.150% due 05/01/2027 | 132 | 120 |
|  4.300% due 06/18/2029 | 132 | 123 |
|  4.400% due 06/01/2027 | 100 | 96 |
|  5.000% due 01/15/2033 | 100 | 95 |
|  **ONEOK Partners LP** | **ONEOK Partners LP** | **ONEOK Partners LP** |
|  5.000% due 09/15/2023 | 157 | 157 |
|  **Open Text Corp.** | **Open Text Corp.** | **Open Text Corp.** |
|  6.900% due 12/01/2027 | 1035 | 1036 |
|  **Oracle Corp.** | **Oracle Corp.** | **Oracle Corp.** |
|  2.300% due 03/25/2028 (g) | 1640 | 1423 |
|  3.950% due 03/25/2051 (g) | &nbsp;&nbsp;&nbsp;&nbsp;3586 | &nbsp;&nbsp;&nbsp;&nbsp;2571 |
|  4.125% due 05/15/2045 | 2752 | 2087 |
|  5.375% due 07/15/2040 | 60 | 55 |
|  **Otis Worldwide Corp.** | **Otis Worldwide Corp.** | **Otis Worldwide Corp.** |
|  2.056% due 04/05/2025 | 35 | 33 |
|  2.565% due 02/15/2030 | 10 | 8 |
|  **Owens Corning** | **Owens Corning** | **Owens Corning** |
|  3.400% due 08/15/2026 | 100 | 93 |
|  **Panasonic Holdings Corp.** | **Panasonic Holdings Corp.** | **Panasonic Holdings Corp.** |
|  2.679% due 07/19/2024 | 50 | 48 |
|  **Paramount Global** | **Paramount Global** | **Paramount Global** |
|  4.750% due 05/15/2025 | 478 | 471 |
|  **PayPal Holdings, Inc.** | **PayPal Holdings, Inc.** | **PayPal Holdings, Inc.** |
|  2.850% due 10/01/2029 | 135 | 118 |
|  3.250% due 06/01/2050 | 1438 | 984 |
|  **Penske Truck Leasing Co. LP** | **Penske Truck Leasing Co. LP** | **Penske Truck Leasing Co. LP** |
|  1.200% due 11/15/2025 | 258 | 227 |
|  1.700% due 06/15/2026 | 2 | 2 |
|  3.400% due 11/15/2026 | 125 | 115 |
|  **PepsiCo, Inc.** | **PepsiCo, Inc.** | **PepsiCo, Inc.** |
|  2.850% due 02/24/2026 | 126 | 120 |
|  3.900% due 07/18/2032 | 3005 | 2843 |
|  4.600% due 07/17/2045 | 1074 | 994 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Pertamina Persero PT** | **Pertamina Persero PT** | **Pertamina Persero PT** |
|  4.300% due 05/20/2023 | 249 | 247 |
|  6.000% due 05/03/2042 | 501 | 481 |
|  **Philip Morris International, Inc.** | **Philip Morris International, Inc.** | **Philip Morris International, Inc.** |
|  1.750% due 11/01/2030 | 214 | 168 |
|  2.750% due 02/25/2026 | 172 | 161 |
|  3.375% due 08/11/2025 | 187 | 180 |
|  3.600% due 11/15/2023 | 606 | 599 |
|  3.875% due 08/21/2042 | 655 | 500 |
|  5.000% due 11/17/2025 | 500 | 503 |
|  5.625% due 11/17/2029 | 500 | 508 |
|  5.750% due 11/17/2032 | 500 | 511 |
|  6.375% due 05/16/2038 | 643 | 687 |
|  **Phillips 66** | **Phillips 66** | **Phillips 66** |
|  2.450% due 12/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;2220 | &nbsp;&nbsp;&nbsp;&nbsp;2087 |
|  **Pioneer Natural Resources Co.** | **Pioneer Natural Resources Co.** | **Pioneer Natural Resources Co.** |
|  1.125% due 01/15/2026 | 135 | 120 |
|  **Prosus NV** | **Prosus NV** | **Prosus NV** |
|  3.680% due 01/21/2030 | 417 | 348 |
|  4.193% due 01/19/2032 | 185 | 154 |
|  **Qorvo, Inc.** | **Qorvo, Inc.** | **Qorvo, Inc.** |
|  1.750% due 12/15/2024 | 52 | 48 |
|  4.375% due 10/15/2029 | 50 | 44 |
|  **QUALCOMM, Inc.** | **QUALCOMM, Inc.** | **QUALCOMM, Inc.** |
|  5.400% due 05/20/2033 | 1096 | 1145 |
|  6.000% due 05/20/2053 | 1035 | 1106 |
|  **Quanta Services, Inc.** | **Quanta Services, Inc.** | **Quanta Services, Inc.** |
|  2.350% due 01/15/2032 | 1929 | 1469 |
|  2.900% due 10/01/2030 | 56 | 46 |
|  **Ras Laffan Liquefied Natural Gas Co. Ltd.** | **Ras Laffan Liquefied Natural Gas Co. Ltd.** | **Ras Laffan Liquefied Natural Gas Co. Ltd.** |
|  5.838% due 09/30/2027 | 408 | 411 |
|  **Raytheon Technologies Corp.** | **Raytheon Technologies Corp.** | **Raytheon Technologies Corp.** |
|  1.900% due 09/01/2031 | 59 | 46 |
|  4.800% due 12/15/2043 | 2496 | 2296 |
|  **Reliance Industries Ltd.** | **Reliance Industries Ltd.** | **Reliance Industries Ltd.** |
|  3.625% due 01/12/2052 | 1812 | 1192 |
|  4.125% due 01/28/2025 | 259 | 252 |
|  **RELX Capital, Inc.** | **RELX Capital, Inc.** | **RELX Capital, Inc.** |
|  3.000% due 05/22/2030 | 527 | 450 |
|  4.000% due 03/18/2029 | 2169 | 2013 |
|  **Renesas Electronics Corp.** | **Renesas Electronics Corp.** | **Renesas Electronics Corp.** |
|  1.543% due 11/26/2024 | 652 | 598 |
|  2.170% due 11/25/2026 | 1707 | 1465 |
|  **Republic Services, Inc.** | **Republic Services, Inc.** | **Republic Services, Inc.** |
|  3.375% due 11/15/2027 | 1389 | 1297 |
|  **Reynolds American, Inc.** | **Reynolds American, Inc.** | **Reynolds American, Inc.** |
|  4.450% due 06/12/2025 | 1943 | 1903 |
|  **Rogers Communications, Inc.** | **Rogers Communications, Inc.** | **Rogers Communications, Inc.** |
|  5.000% due 03/15/2044 | 50 | 43 |
|  **Royalty Pharma PLC** | **Royalty Pharma PLC** | **Royalty Pharma PLC** |
|  0.750% due 09/02/2023 | 100 | 97 |
|  3.300% due 09/02/2040 | 64 | 45 |
|  **S&P Global, Inc.** | **S&P Global, Inc.** | **S&P Global, Inc.** |
|  4.250% due 05/01/2029 | 1882 | 1800 |
|  4.750% due 08/01/2028 | 1121 | 1110 |
|  **Sabine Pass Liquefaction LLC** | **Sabine Pass Liquefaction LLC** | **Sabine Pass Liquefaction LLC** |
|  4.500% due 05/15/2030 | 122 | 113 |
|  5.900% due 09/15/2037 | 46 | 46 |
|  **Sands China Ltd.** | **Sands China Ltd.** | **Sands China Ltd.** |
|  2.800% due 03/08/2027 | 425 | 365 |
|  3.350% due 03/08/2029 | 286 | 234 |
|  4.300% due 01/08/2026 | 41 | 38 |
|  **Santos Finance Ltd.** | **Santos Finance Ltd.** | **Santos Finance Ltd.** |
|  3.649% due 04/29/2031 | 1467 | 1167 |
|  **Saudi Arabian Oil Co.** | **Saudi Arabian Oil Co.** | **Saudi Arabian Oil Co.** |
|  3.500% due 11/24/2070 | 1613 | 1102 |
|  **Seagate HDD Cayman** | **Seagate HDD Cayman** | **Seagate HDD Cayman** |
|  4.091% due 06/01/2029 | 1071 | 889 |
|  **Sealed Air Corp.** | **Sealed Air Corp.** | **Sealed Air Corp.** |
|  1.573% due 10/15/2026 | 1954 | 1690 |
|  **Sherwin-Williams Co.** | **Sherwin-Williams Co.** | **Sherwin-Williams Co.** |
|  4.250% due 08/08/2025 | 1398 | 1375 |
|  4.550% due 08/01/2045 | 53 | 45 |
|  **Sky Ltd.** | **Sky Ltd.** | **Sky Ltd.** |
|  3.750% due 09/16/2024 | 240 | 234 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Smith & Nephew PLC** | **Smith & Nephew PLC** | **Smith & Nephew PLC** |
|  2.032% due 10/14/2030 | 105 | 82 |
|  **South32 Treasury Ltd.** | **South32 Treasury Ltd.** | **South32 Treasury Ltd.** |
|  4.350% due 04/14/2032 | 1687 | 1448 |
|  **Southern Co.** | **Southern Co.** | **Southern Co.** |
|  3.700% due 04/30/2030 | 3893 | 3523 |
|  4.400% due 07/01/2046 | 1066 | 894 |
|  5.700% due 10/15/2032 | 2000 | 2052 |
|  **Southern Copper Corp.** | **Southern Copper Corp.** | **Southern Copper Corp.** |
|  3.875% due 04/23/2025 | 149 | 144 |
|  **Southwest Airlines Co.** | **Southwest Airlines Co.** | **Southwest Airlines Co.** |
|  5.125% due 06/15/2027 | 118 | 117 |
|  **Stanley Black & Decker, Inc.** | **Stanley Black & Decker, Inc.** | **Stanley Black & Decker, Inc.** |
|  4.000% due 03/15/2060 •  | 131 | 112 |
|  **Starbucks Corp.** | **Starbucks Corp.** | **Starbucks Corp.** |
|  2.000% due 03/12/2027 | 129 | 115 |
|  2.550% due 11/15/2030 | 10 | 8 |
|  3.000% due 02/14/2032 (d) | 2885 | 2468 |
|  **Steel Dynamics, Inc.** | **Steel Dynamics, Inc.** | **Steel Dynamics, Inc.** |
|  2.800% due 12/15/2024 | 115 | 109 |
|  3.250% due 01/15/2031 | 50 | 43 |
|  **Stellantis NV** | **Stellantis NV** | **Stellantis NV** |
|  5.250% due 04/15/2023 | 560 | 561 |
|  **Stryker Corp.** | **Stryker Corp.** | **Stryker Corp.** |
|  3.500% due 03/15/2026 | 2033 | 1954 |
|  4.625% due 03/15/2046 | 725 | 642 |
|  **Sydney Airport Finance Co. Pty. Ltd.** | **Sydney Airport Finance Co. Pty. Ltd.** | **Sydney Airport Finance Co. Pty. Ltd.** |
|  3.625% due 04/28/2026 | 50 | 47 |
|  **Sysco Corp.** | **Sysco Corp.** | **Sysco Corp.** |
|  5.950% due 04/01/2030 | 45 | 47 |
|  **T-Mobile USA, Inc.** | **T-Mobile USA, Inc.** | **T-Mobile USA, Inc.** |
|  1.500% due 02/15/2026 | 464 | 416 |
|  2.250% due 11/15/2031 | 35 | 28 |
|  2.400% due 03/15/2029 | 165 | 140 |
|  2.700% due 03/15/2032 | 165 | 134 |
|  3.000% due 02/15/2041 | 277 | 197 |
|  3.400% due 10/15/2052 | 1240 | 839 |
|  3.500% due 04/15/2025 | 110 | 106 |
|  3.600% due 11/15/2060 | &nbsp;&nbsp;&nbsp;&nbsp;2513 | &nbsp;&nbsp;&nbsp;&nbsp;1671 |
|  3.750% due 04/15/2027 | 1719 | 1622 |
|  3.875% due 04/15/2030 | 51 | 46 |
|  4.375% due 04/15/2040 | 785 | 673 |
|  5.200% due 01/15/2033 | 947 | 941 |
|  5.650% due 01/15/2053 | 100 | 97 |
|  **Take-Two Interactive Software, Inc.** | **Take-Two Interactive Software, Inc.** | **Take-Two Interactive Software, Inc.** |
|  3.700% due 04/14/2027 | 1010 | 952 |
|  4.000% due 04/14/2032 | 1256 | 1115 |
|  **Targa Resources Corp.** | **Targa Resources Corp.** | **Targa Resources Corp.** |
|  5.200% due 07/01/2027 | 1736 | 1704 |
|  6.250% due 07/01/2052 | 100 | 95 |
|  **TC PipeLines LP** | **TC PipeLines LP** | **TC PipeLines LP** |
|  4.375% due 03/13/2025 | 517 | 506 |
|  **TCI Communications, Inc.** | **TCI Communications, Inc.** | **TCI Communications, Inc.** |
|  7.875% due 02/15/2026 | 2447 | 2653 |
|  **Teck Resources Ltd.** | **Teck Resources Ltd.** | **Teck Resources Ltd.** |
|  6.000% due 08/15/2040 | 313 | 300 |
|  **Telefonica Emisiones SA** | **Telefonica Emisiones SA** | **Telefonica Emisiones SA** |
|  7.045% due 06/20/2036 | 1516 | 1560 |
|  **Tencent Holdings Ltd.** | **Tencent Holdings Ltd.** | **Tencent Holdings Ltd.** |
|  3.280% due 04/11/2024 | 239 | 233 |
|  3.290% due 06/03/2060 | 466 | 280 |
|  3.940% due 04/22/2061 | 2113 | 1457 |
|  3.975% due 04/11/2029 | 703 | 648 |
|  4.525% due 04/11/2049 | 307 | 243 |
|  **Tennessee Gas Pipeline Co. LLC** | **Tennessee Gas Pipeline Co. LLC** | **Tennessee Gas Pipeline Co. LLC** |
|  7.625% due 04/01/2037 | 1122 | 1226 |
|  **Textron, Inc.** | **Textron, Inc.** | **Textron, Inc.** |
|  3.900% due 09/17/2029 | 52 | 47 |
|  **Thermo Fisher Scientific, Inc.** | **Thermo Fisher Scientific, Inc.** | **Thermo Fisher Scientific, Inc.** |
|  0.797% due 10/18/2023 | 719 | 696 |
|  1.215% due 10/18/2024 | 500 | 470 |
|  **TotalEnergies Capital International SA** | **TotalEnergies Capital International SA** | **TotalEnergies Capital International SA** |
|  3.455% due 02/19/2029 | 50 | 46 |
|  **Toyota Industries Corp.** | **Toyota Industries Corp.** | **Toyota Industries Corp.** |
|  3.566% due 03/16/2028 | 717 | 673 |

---

---

| | | |
|:---|:---|:---|
| **56** | **PIMCO ETF TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **TransCanada PipeLines Ltd.** | **TransCanada PipeLines Ltd.** | **TransCanada PipeLines Ltd.** |
|  4.100% due 04/15/2030 | 10 | 9 |
|  4.625% due 03/01/2034 | 300 | 274 |
|  7.625% due 01/15/2039 | 1323 | 1519 |
|  **TSMC Arizona Corp.** | **TSMC Arizona Corp.** | **TSMC Arizona Corp.** |
|  3.250% due 10/25/2051 | 92 | 67 |
|  **TSMC Global Ltd.** | **TSMC Global Ltd.** | **TSMC Global Ltd.** |
|  0.750% due 09/28/2025 | 646 | 583 |
|  **TWDC Enterprises 18 Corp.** | **TWDC Enterprises 18 Corp.** | **TWDC Enterprises 18 Corp.** |
|  7.000% due 03/01/2032 | 133 | 151 |
|  **Tyson Foods, Inc.** | **Tyson Foods, Inc.** | **Tyson Foods, Inc.** |
|  4.000% due 03/01/2026 | 300 | 291 |
|  4.875% due 08/15/2034 | 1671 | 1603 |
|  **Union Pacific Corp.** | **Union Pacific Corp.** | **Union Pacific Corp.** |
|  2.150% due 02/05/2027 | 517 | 468 |
|  **United Rentals North America, Inc.** | **United Rentals North America, Inc.** | **United Rentals North America, Inc.** |
|  3.875% due 11/15/2027 | 477 | 442 |
|  **UnitedHealth Group, Inc.** | **UnitedHealth Group, Inc.** | **UnitedHealth Group, Inc.** |
|  2.000% due 05/15/2030 | 34 | 28 |
|  2.900% due 05/15/2050 | 146 | 99 |
|  3.050% due 05/15/2041 | 139 | 105 |
|  3.375% due 04/15/2027 | 199 | 189 |
|  3.700% due 08/15/2049 | 152 | 121 |
|  4.750% due 07/15/2045 | 2108 | 1985 |
|  6.625% due 11/15/2037 | 41 | 47 |
|  6.875% due 02/15/2038 | 702 | 827 |
|  **Vale Overseas Ltd.** | **Vale Overseas Ltd.** | **Vale Overseas Ltd.** |
|  3.750% due 07/08/2030 | 274 | 240 |
|  6.875% due 11/21/2036 | 1482 | 1567 |
|  **Valero Energy Corp.** | **Valero Energy Corp.** | **Valero Energy Corp.** |
|  4.350% due 06/01/2028 | 1799 | 1737 |
|  **VeriSign, Inc.** | **VeriSign, Inc.** | **VeriSign, Inc.** |
|  5.250% due 04/01/2025 | 510 | 509 |
|  **Verisk Analytics, Inc.** | **Verisk Analytics, Inc.** | **Verisk Analytics, Inc.** |
|  4.125% due 03/15/2029 | 1729 | 1622 |
|  **VF Corp.** | **VF Corp.** | **VF Corp.** |
|  6.000% due 10/15/2033 | 35 | 35 |
|  **Viatris, Inc.** | **Viatris, Inc.** | **Viatris, Inc.** |
|  1.650% due 06/22/2025 | 373 | 338 |
|  **VMware, Inc.** | **VMware, Inc.** | **VMware, Inc.** |
|  1.000% due 08/15/2024 | 51 | 47 |
|  1.800% due 08/15/2028 | 35 | 29 |
|  4.500% due 05/15/2025 | 10 | 10 |
|  **Volkswagen Group of America Finance LLC** | **Volkswagen Group of America Finance LLC** | **Volkswagen Group of America Finance LLC** |
|  1.250% due 11/24/2025 | 1629 | 1454 |
|  3.125% due 05/12/2023 | 100 | 99 |
|  4.250% due 11/13/2023 | 363 | 360 |
|  **Walt Disney Co.** | **Walt Disney Co.** | **Walt Disney Co.** |
|  2.750% due 09/01/2049 | 100 | 67 |
|  3.500% due 05/13/2040 | 56 | 45 |
|  4.950% due 10/15/2045 | 1330 | 1255 |
|  6.400% due 12/15/2035 | 77 | 85 |
|  7.750% due 12/01/2045 | 1373 | 1726 |
|  **Warnermedia Holdings, Inc.** | **Warnermedia Holdings, Inc.** | **Warnermedia Holdings, Inc.** |
|  5.050% due 03/15/2042 | 456 | 350 |
|  5.141% due 03/15/2052 | 386 | 282 |
|  5.391% due 03/15/2062 | 3086 | 2265 |
|  **Waste Connections, Inc.** | **Waste Connections, Inc.** | **Waste Connections, Inc.** |
|  2.600% due 02/01/2030 | 1655 | &nbsp;&nbsp;&nbsp;&nbsp;1415 |
|  2.950% due 01/15/2052 | 371 | 245 |
|  4.200% due 01/15/2033 | 100 | 93 |
|  **Weir Group PLC** | **Weir Group PLC** | **Weir Group PLC** |
|  2.200% due 05/13/2026 | 1392 | 1236 |
|  **Western Digital Corp.** | **Western Digital Corp.** | **Western Digital Corp.** |
|  2.850% due 02/01/2029 | 100 | 78 |
|  **Westinghouse Air Brake Technologies Corp.** | **Westinghouse Air Brake Technologies Corp.** | **Westinghouse Air Brake Technologies Corp.** |
|  4.950% due 09/15/2028 | 3248 | 3125 |
|  **Westlake Corp.** | **Westlake Corp.** | **Westlake Corp.** |
|  0.875% due 08/15/2024 | 51 | 47 |
|  **Whirlpool Corp.** | **Whirlpool Corp.** | **Whirlpool Corp.** |
|  4.500% due 06/01/2046 | 50 | 39 |
|  **Williams Cos., Inc.** | **Williams Cos., Inc.** | **Williams Cos., Inc.** |
|  3.750% due 06/15/2027 | 50 | 47 |
|  4.300% due 03/04/2024 | 137 | 135 |
|  4.650% due 08/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;1011 | 944 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.300% due 08/15/2052 | 100 | 90 |
|  5.400% due 03/04/2044 | 1519 | 1384 |
|  **Woodside Finance Ltd.** | **Woodside Finance Ltd.** | **Woodside Finance Ltd.** |
|  3.650% due 03/05/2025 | 1771 | 1701 |
|  3.700% due 09/15/2026 | 1915 | 1793 |
|  **Workday, Inc.** | **Workday, Inc.** | **Workday, Inc.** |
|  3.700% due 04/01/2029 | 700 | 644 |
|  3.800% due 04/01/2032 | 509 | 451 |
|  **Wyeth LLC** | **Wyeth LLC** | **Wyeth LLC** |
|  5.950% due 04/01/2037 | 1498 | 1617 |
|  **Zimmer Biomet Holdings, Inc.** | **Zimmer Biomet Holdings, Inc.** | **Zimmer Biomet Holdings, Inc.** |
|  3.550% due 03/20/2030 | 55 | 47 |
|  **Zoetis, Inc.** | **Zoetis, Inc.** | **Zoetis, Inc.** |
|  2.000% due 05/15/2030 | 144 | 117 |
|  3.000% due 05/15/2050 | 419 | 285 |
|  3.900% due 08/20/2028 | 797 | 759 |
|  4.700% due 02/01/2043 | 1301 | 1173 |
|  5.400% due 11/14/2025 | 500 | 511 |
|  5.600% due 11/16/2032 | 1000 | 1040 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;408153 |
| **UTILITIES 12.2%** | **UTILITIES 12.2%** | **UTILITIES 12.2%** |
|  **AEP Texas, Inc.** | **AEP Texas, Inc.** | **AEP Texas, Inc.** |
|  3.450% due 01/15/2050 | 851 | 605 |
|  4.700% due 05/15/2032 | 100 | 96 |
|  5.250% due 05/15/2052 | 100 | 96 |
|  **AES Corp.** | **AES Corp.** | **AES Corp.** |
|  2.450% due 01/15/2031 | 1156 | 922 |
|  **Alabama Power Co.** | **Alabama Power Co.** | **Alabama Power Co.** |
|  3.750% due 09/01/2027 | 460 | 442 |
|  3.940% due 09/01/2032 | 460 | 424 |
|  **Ameren Corp.** | **Ameren Corp.** | **Ameren Corp.** |
|  3.500% due 01/15/2031 | 1438 | 1275 |
|  **Ameren Illinois Co.** | **Ameren Illinois Co.** | **Ameren Illinois Co.** |
|  4.800% due 12/15/2043 | 51 | 45 |
|  **American Electric Power Co., Inc.** | **American Electric Power Co., Inc.** | **American Electric Power Co., Inc.** |
|  2.031% due 03/15/2024 | 60 | 58 |
|  2.300% due 03/01/2030 | 100 | 82 |
|  **American Water Capital Corp.** | **American Water Capital Corp.** | **American Water Capital Corp.** |
|  2.800% due 05/01/2030 | 1941 | 1683 |
|  3.000% due 12/01/2026 | 51 | 47 |
|  **Appalachian Power Co.** | **Appalachian Power Co.** | **Appalachian Power Co.** |
|  7.000% due 04/01/2038 | 1393 | 1560 |
|  **Arizona Public Service Co.** | **Arizona Public Service Co.** | **Arizona Public Service Co.** |
|  3.350% due 06/15/2024 | 67 | 65 |
|  4.500% due 04/01/2042 | 56 | 46 |
|  **AT&T, Inc.** | **AT&T, Inc.** | **AT&T, Inc.** |
|  1.650% due 02/01/2028 | 10 | 8 |
|  3.500% due 09/15/2053 | 2423 | 1646 |
|  3.650% due 09/15/2059 | 1371 | 924 |
|  4.100% due 02/15/2028 | 1235 | 1179 |
|  4.300% due 02/15/2030 | 2833 | 2674 |
|  4.350% due 03/01/2029 | 1025 | 977 |
|  4.500% due 03/09/2048 | 1181 | 967 |
|  4.750% due 05/15/2046 | 50 | 43 |
|  **Atmos Energy Corp.** | **Atmos Energy Corp.** | **Atmos Energy Corp.** |
|  1.500% due 01/15/2031 | 50 | 39 |
|  4.150% due 01/15/2043 | 2192 | 1855 |
|  **Avangrid, Inc.** | **Avangrid, Inc.** | **Avangrid, Inc.** |
|  3.800% due 06/01/2029 | 621 | 566 |
|  **Bell Telephone Co. of Canada** | **Bell Telephone Co. of Canada** | **Bell Telephone Co. of Canada** |
|  3.650% due 03/17/2051 | 459 | 334 |
|  **Berkshire Hathaway Energy Co.** | **Berkshire Hathaway Energy Co.** | **Berkshire Hathaway Energy Co.** |
|  1.650% due 05/15/2031 | 865 | 672 |
|  3.700% due 07/15/2030 | 5 | 5 |
|  4.050% due 04/15/2025 | 365 | 360 |
|  6.125% due 04/01/2036 | 1541 | 1623 |
|  **BG Energy Capital PLC** | **BG Energy Capital PLC** | **BG Energy Capital PLC** |
|  5.125% due 10/15/2041 | 110 | 103 |
|  **Bharti Airtel International Netherlands BV** | **Bharti Airtel International Netherlands BV** | **Bharti Airtel International Netherlands BV** |
|  5.350% due 05/20/2024 | 384 | 382 |
|  **Bharti Airtel Ltd.** | **Bharti Airtel Ltd.** | **Bharti Airtel Ltd.** |
|  4.375% due 06/10/2025 | 212 | 206 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Black Hills Corp.** | **Black Hills Corp.** | **Black Hills Corp.** |
|  3.150% due 01/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;2099 | &nbsp;&nbsp;&nbsp;&nbsp;1945 |
|  4.200% due 09/15/2046 | 100 | 76 |
|  **British Telecommunications PLC** | **British Telecommunications PLC** | **British Telecommunications PLC** |
|  5.125% due 12/04/2028 | 1381 | 1343 |
|  9.625% due 12/15/2030 | 39 | 47 |
|  **Brooklyn Union Gas Co.** | **Brooklyn Union Gas Co.** | **Brooklyn Union Gas Co.** |
|  4.487% due 03/04/2049 | 58 | 45 |
|  **CenterPoint Energy, Inc.** | **CenterPoint Energy, Inc.** | **CenterPoint Energy, Inc.** |
|  1.450% due 06/01/2026 | 947 | 841 |
|  **CMS Energy Corp.** | **CMS Energy Corp.** | **CMS Energy Corp.** |
|  4.750% due 06/01/2050 •  | 274 | 238 |
|  **Commonwealth Edison Co.** | **Commonwealth Edison Co.** | **Commonwealth Edison Co.** |
|  4.000% due 03/01/2048 | 1046 | 865 |
|  **Consolidated Edison Co. of New York, Inc.** | **Consolidated Edison Co. of New York, Inc.** | **Consolidated Edison Co. of New York, Inc.** |
|  3.000% due 12/01/2060 | 395 | 248 |
|  3.600% due 06/15/2061 | 258 | 185 |
|  3.850% due 06/15/2046 | 1171 | 913 |
|  6.150% due 11/15/2052 | 1150 | 1238 |
|  **Constellation Energy Generation LLC** | **Constellation Energy Generation LLC** | **Constellation Energy Generation LLC** |
|  5.600% due 06/15/2042 | 1192 | 1154 |
|  **Consumers Energy Co.** | **Consumers Energy Co.** | **Consumers Energy Co.** |
|  3.125% due 08/31/2024 | 1259 | 1217 |
|  **Dominion Energy, Inc.** | **Dominion Energy, Inc.** | **Dominion Energy, Inc.** |
|  1.450% due 04/15/2026 | 1223 | 1090 |
|  3.071% due 08/15/2024 þ | 824 | 794 |
|  3.375% due 04/01/2030 | 10 | 9 |
|  5.375% due 11/15/2032 | 1303 | 1296 |
|  **DTE Electric Co.** | **DTE Electric Co.** | **DTE Electric Co.** |
|  3.650% due 03/15/2024 | 1281 | 1260 |
|  3.650% due 03/01/2052 | 100 | 78 |
|  **DTE Energy Co.** | **DTE Energy Co.** | **DTE Energy Co.** |
|  1.050% due 06/01/2025 | 286 | 259 |
|  3.400% due 06/15/2029 | 860 | 766 |
|  **Duke Energy Carolinas LLC** | **Duke Energy Carolinas LLC** | **Duke Energy Carolinas LLC** |
|  2.550% due 04/15/2031 | 325 | 272 |
|  2.850% due 03/15/2032 | 100 | 85 |
|  3.550% due 03/15/2052 | 100 | 75 |
|  3.875% due 03/15/2046 | 60 | 47 |
|  3.950% due 11/15/2028 | 644 | 619 |
|  6.000% due 12/01/2028 | 855 | 908 |
|  **Duke Energy Corp.** | **Duke Energy Corp.** | **Duke Energy Corp.** |
|  2.450% due 06/01/2030 | 390 | 322 |
|  2.550% due 06/15/2031 | 10 | 8 |
|  3.400% due 06/15/2029 | 10 | 9 |
|  3.500% due 06/15/2051 | 146 | 102 |
|  3.750% due 09/01/2046 | 100 | 75 |
|  3.950% due 10/15/2023 | 806 | 798 |
|  4.300% due 03/15/2028 | 284 | 274 |
|  4.500% due 08/15/2032 | 1431 | 1345 |
|  5.000% due 08/15/2052 | 234 | 209 |
|  **Duke Energy Florida LLC** | **Duke Energy Florida LLC** | **Duke Energy Florida LLC** |
|  2.400% due 12/15/2031 | 553 | 453 |
|  3.400% due 10/01/2046 | 100 | 72 |
|  5.650% due 04/01/2040 | 11 | 11 |
|  5.950% due 11/15/2052 | 100 | 107 |
|  **Duke Energy Progress LLC** | **Duke Energy Progress LLC** | **Duke Energy Progress LLC** |
|  3.400% due 04/01/2032 | 100 | 89 |
|  3.450% due 03/15/2029 | 10 | 9 |
|  3.600% due 09/15/2047 | 100 | 75 |
|  4.000% due 04/01/2052 | 100 | 81 |
|  **Duquesne Light Holdings, Inc.** | **Duquesne Light Holdings, Inc.** | **Duquesne Light Holdings, Inc.** |
|  3.616% due 08/01/2027 | 53 | 48 |
|  **East Ohio Gas Co.** | **East Ohio Gas Co.** | **East Ohio Gas Co.** |
|  1.300% due 06/15/2025 | 10 | 9 |
|  **Edison International** | **Edison International** | **Edison International** |
|  3.550% due 11/15/2024 | 60 | 58 |
|  5.750% due 06/15/2027 | 258 | 259 |
|  **Electricite de France SA** | **Electricite de France SA** | **Electricite de France SA** |
|  4.875% due 01/22/2044 | 802 | 648 |
|  **Enel Finance International NV** | **Enel Finance International NV** | **Enel Finance International NV** |
|  1.375% due 07/12/2026 | 138 | 119 |
|  4.250% due 06/15/2025 | 487 | 472 |
|  4.625% due 06/15/2027 | 777 | 736 |
|  5.000% due 06/15/2032 | 460 | 416 |
|  5.500% due 06/15/2052 | 460 | 379 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **57** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund** | **(Cont.)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.000% due 10/07/2039 | $— | 1272 | $— | 1163 |
|  **Entergy Corp.** | **Entergy Corp.** | **Entergy Corp.** | **Entergy Corp.** | **Entergy Corp.** |
|  0.900% due 09/15/2025 |  | 10 |  | 9 |
|  1.900% due 06/15/2028 |  | 10 |  | 8 |
|  2.400% due 06/15/2031 |  | 75 |  | 60 |
|  2.800% due 06/15/2030 |  | 2868 |  | 2429 |
|  **Evergy, Inc.** | **Evergy, Inc.** | **Evergy, Inc.** | **Evergy, Inc.** | **Evergy, Inc.** |
|  2.450% due 09/15/2024 |  | 190 |  | 180 |
|  2.900% due 09/15/2029 |  | 73 |  | 63 |
|  **Eversource Energy** | **Eversource Energy** | **Eversource Energy** | **Eversource Energy** | **Eversource Energy** |
|  0.800% due 08/15/2025 |  | 9 |  | 8 |
|  1.650% due 08/15/2030 |  | 1140 |  | 890 |
|  4.600% due 07/01/2027 |  | 1506 |  | 1488 |
|  **Exelon Corp.** | **Exelon Corp.** | **Exelon Corp.** | **Exelon Corp.** | **Exelon Corp.** |
|  3.950% due 06/15/2025 |  | 880 |  | 860 |
|  4.050% due 04/15/2030 |  | 1746 |  | 1625 |
|  4.450% due 04/15/2046 |  | 286 |  | 243 |
|  **Fells Point Funding Trust** | **Fells Point Funding Trust** | **Fells Point Funding Trust** | **Fells Point Funding Trust** | **Fells Point Funding Trust** |
|  3.046% due 01/31/2027 |  | 2354 |  | 2146 |
|  **Florida Power & Light Co.** | **Florida Power & Light Co.** | **Florida Power & Light Co.** | **Florida Power & Light Co.** | **Florida Power & Light Co.** |
|  3.150% due 10/01/2049 |  | 861 |  | 624 |
|  4.125% due 02/01/2042 |  | 100 |  | 87 |
|  **Fortis, Inc.** | **Fortis, Inc.** | **Fortis, Inc.** | **Fortis, Inc.** | **Fortis, Inc.** |
|  3.055% due 10/04/2026 |  | 28 |  | 26 |
|  **Idaho Power Co.** | **Idaho Power Co.** | **Idaho Power Co.** | **Idaho Power Co.** | **Idaho Power Co.** |
|  4.200% due 03/01/2048 |  | 21 |  | 17 |
|  **Indiana Michigan Power Co.** | **Indiana Michigan Power Co.** | **Indiana Michigan Power Co.** | **Indiana Michigan Power Co.** | **Indiana Michigan Power Co.** |
|  4.250% due 08/15/2048 |  | 2134 |  | 1742 |
|  **Interstate Power & Light Co.** | **Interstate Power & Light Co.** | **Interstate Power & Light Co.** | **Interstate Power & Light Co.** | **Interstate Power & Light Co.** |
|  3.100% due 11/30/2051 |  | 28 |  | 18 |
|  3.700% due 09/15/2046 |  | 25 |  | 18 |
|  6.250% due 07/15/2039 |  | 8 |  | 8 |
|  **Jersey Central Power & Light Co.** | **Jersey Central Power & Light Co.** | **Jersey Central Power & Light Co.** | **Jersey Central Power & Light Co.** | **Jersey Central Power & Light Co.** |
|  4.700% due 04/01/2024 |  | 71 |  | 70 |
|  **Kentucky Utilities Co.** | **Kentucky Utilities Co.** | **Kentucky Utilities Co.** | **Kentucky Utilities Co.** | **Kentucky Utilities Co.** |
|  5.125% due 11/01/2040 |  | 100 |  | 95 |
|  **KeySpan Gas East Corp.** | **KeySpan Gas East Corp.** | **KeySpan Gas East Corp.** | **KeySpan Gas East Corp.** | **KeySpan Gas East Corp.** |
|  2.742% due 08/15/2026 |  | 2400 |  | 2147 |
|  **LLPL Capital Pte. Ltd.** | **LLPL Capital Pte. Ltd.** | **LLPL Capital Pte. Ltd.** | **LLPL Capital Pte. Ltd.** | **LLPL Capital Pte. Ltd.** |
|  6.875% due 02/04/2039 |  | 324 |  | 286 |
|  **MidAmerican Energy Co.** | **MidAmerican Energy Co.** | **MidAmerican Energy Co.** | **MidAmerican Energy Co.** | **MidAmerican Energy Co.** |
|  4.250% due 07/15/2049 |  | 1697 |  | 1448 |
|  **National Rural Utilities Cooperative Finance Corp.** | **National Rural Utilities Cooperative Finance Corp.** | **National Rural Utilities Cooperative Finance Corp.** | **National Rural Utilities Cooperative Finance Corp.** | **National Rural Utilities Cooperative Finance Corp.** |
|  4.400% due 11/01/2048 |  | 1588 |  | 1331 |
|  5.450% due 10/30/2025 |  | 47 |  | 48 |
|  **New York State Electric & Gas Corp.** | **New York State Electric & Gas Corp.** | **New York State Electric & Gas Corp.** | **New York State Electric & Gas Corp.** | **New York State Electric & Gas Corp.** |
|  2.150% due 10/01/2031 |  | 100 |  | 78 |
|  **NextEra Energy Capital Holdings, Inc.** | **NextEra Energy Capital Holdings, Inc.** | **NextEra Energy Capital Holdings, Inc.** | **NextEra Energy Capital Holdings, Inc.** | **NextEra Energy Capital Holdings, Inc.** |
|  1.900% due 06/15/2028 |  | 60 |  | 51 |
|  2.750% due 11/01/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;3533 |  | &nbsp;&nbsp;&nbsp;&nbsp;3064 |
|  4.800% due 12/01/2077 •  |  | 570 |  | 466 |
|  **NiSource, Inc.** | **NiSource, Inc.** | **NiSource, Inc.** | **NiSource, Inc.** | **NiSource, Inc.** |
|  0.950% due 08/15/2025 |  | 10 |  | 9 |
|  **Northern States Power Co.** | **Northern States Power Co.** | **Northern States Power Co.** | **Northern States Power Co.** | **Northern States Power Co.** |
|  2.900% due 03/01/2050 |  | 1 |  | 0 |
|  **NSTAR Electric Co.** | **NSTAR Electric Co.** | **NSTAR Electric Co.** | **NSTAR Electric Co.** | **NSTAR Electric Co.** |
|  4.400% due 03/01/2044 |  | 43 |  | 38 |
|  **Oklahoma Gas and Electric Co.** | **Oklahoma Gas and Electric Co.** | **Oklahoma Gas and Electric Co.** | **Oklahoma Gas and Electric Co.** | **Oklahoma Gas and Electric Co.** |
|  4.150% due 04/01/2047 |  | 10 |  | 8 |
|  4.550% due 03/15/2044 |  | 30 |  | 25 |
|  **Oncor Electric Delivery Co. LLC** | **Oncor Electric Delivery Co. LLC** | **Oncor Electric Delivery Co. LLC** | **Oncor Electric Delivery Co. LLC** | **Oncor Electric Delivery Co. LLC** |
|  3.100% due 09/15/2049 |  | 172 |  | 123 |
|  **ONEOK, Inc.** | **ONEOK, Inc.** | **ONEOK, Inc.** | **ONEOK, Inc.** | **ONEOK, Inc.** |
|  3.400% due 09/01/2029 |  | 816 |  | 707 |
|  4.550% due 07/15/2028 |  | 744 |  | 704 |
|  5.200% due 07/15/2048 |  | 1639 |  | 1373 |
|  6.100% due 11/15/2032 |  | 1000 |  | 1003 |
|  **Pacific Gas & Electric Co.** | **Pacific Gas & Electric Co.** | **Pacific Gas & Electric Co.** | **Pacific Gas & Electric Co.** | **Pacific Gas & Electric Co.** |
|  2.500% due 02/01/2031 |  | 20 |  | 16 |
|  3.250% due 06/01/2031 |  | 1746 |  | 1423 |
|  3.300% due 08/01/2040 |  | 150 |  | 102 |
|  3.450% due 07/01/2025 |  | 128 |  | 121 |
|  3.750% due 07/01/2028 |  | 180 |  | 160 |
|  3.950% due 12/01/2047 |  | 1079 |  | 736 |
|  4.550% due 07/01/2030 |  | 103 |  | 93 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.650% due 08/01/2028 | $— | 52 | $— | 48 |
|  4.950% due 07/01/2050 |  | 103 |  | 80 |
|  5.450% due 06/15/2027 |  | 278 |  | 275 |
|  5.900% due 06/15/2032 |  | 100 |  | 98 |
|  **PacifiCorp** | **PacifiCorp** | **PacifiCorp** | **PacifiCorp** | **PacifiCorp** |
|  4.150% due 02/15/2050 |  | 70 |  | 58 |
|  **Perusahaan Perseroan Persero PT Perusahaan Listrik Negara** | **Perusahaan Perseroan Persero PT Perusahaan Listrik Negara** | **Perusahaan Perseroan Persero PT Perusahaan Listrik Negara** | **Perusahaan Perseroan Persero PT Perusahaan Listrik Negara** | **Perusahaan Perseroan Persero PT Perusahaan Listrik Negara** |
|  4.000% due 06/30/2050 |  | 842 |  | 604 |
|  **Piedmont Natural Gas Co., Inc.** | **Piedmont Natural Gas Co., Inc.** | **Piedmont Natural Gas Co., Inc.** | **Piedmont Natural Gas Co., Inc.** | **Piedmont Natural Gas Co., Inc.** |
|  3.500% due 06/01/2029 |  | 610 |  | 560 |
|  **Pinnacle West Capital Corp.** | **Pinnacle West Capital Corp.** | **Pinnacle West Capital Corp.** | **Pinnacle West Capital Corp.** | **Pinnacle West Capital Corp.** |
|  1.300% due 06/15/2025 |  | 50 |  | 46 |
|  **Plains All American Pipeline LP** | **Plains All American Pipeline LP** | **Plains All American Pipeline LP** | **Plains All American Pipeline LP** | **Plains All American Pipeline LP** |
|  3.550% due 12/15/2029 |  | 133 |  | 116 |
|  5.150% due 06/01/2042 |  | 565 |  | 460 |
|  **Public Service Co. of Colorado** | **Public Service Co. of Colorado** | **Public Service Co. of Colorado** | **Public Service Co. of Colorado** | **Public Service Co. of Colorado** |
|  3.550% due 06/15/2046 |  | 52 |  | 38 |
|  **Public Service Enterprise Group, Inc.** | **Public Service Enterprise Group, Inc.** | **Public Service Enterprise Group, Inc.** | **Public Service Enterprise Group, Inc.** | **Public Service Enterprise Group, Inc.** |
|  0.800% due 08/15/2025 |  | 1368 |  | 1227 |
|  **Puget Sound Energy, Inc.** | **Puget Sound Energy, Inc.** | **Puget Sound Energy, Inc.** | **Puget Sound Energy, Inc.** | **Puget Sound Energy, Inc.** |
|  5.795% due 03/15/2040 |  | 30 |  | 30 |
|  **San Diego Gas & Electric Co.** | **San Diego Gas & Electric Co.** | **San Diego Gas & Electric Co.** | **San Diego Gas & Electric Co.** | **San Diego Gas & Electric Co.** |
|  1.700% due 10/01/2030 |  | 10 |  | 8 |
|  **Saudi Electricity Global Sukuk Co.** | **Saudi Electricity Global Sukuk Co.** | **Saudi Electricity Global Sukuk Co.** | **Saudi Electricity Global Sukuk Co.** | **Saudi Electricity Global Sukuk Co.** |
|  5.500% due 04/08/2044 |  | 367 |  | 381 |
|  **Sempra Energy** | **Sempra Energy** | **Sempra Energy** | **Sempra Energy** | **Sempra Energy** |
|  3.300% due 04/01/2025 |  | 2224 |  | 2135 |
|  3.700% due 04/01/2029 |  | 174 |  | 159 |
|  **Shell International Finance BV** | **Shell International Finance BV** | **Shell International Finance BV** | **Shell International Finance BV** | **Shell International Finance BV** |
|  2.875% due 05/10/2026 |  | 1300 |  | 1226 |
|  **Sinopec Group Overseas Development Ltd.** | **Sinopec Group Overseas Development Ltd.** | **Sinopec Group Overseas Development Ltd.** | **Sinopec Group Overseas Development Ltd.** | **Sinopec Group Overseas Development Ltd.** |
|  4.125% due 09/12/2025 |  | 295 |  | 289 |
|  **Southern California Edison Co.** | **Southern California Edison Co.** | **Southern California Edison Co.** | **Southern California Edison Co.** | **Southern California Edison Co.** |
|  2.850% due 08/01/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;1602 |  | &nbsp;&nbsp;&nbsp;&nbsp;1396 |
|  3.650% due 02/01/2050 |  | 1843 |  | 1355 |
|  4.125% due 03/01/2048 |  | 1703 |  | 1367 |
|  5.850% due 11/01/2027 |  | 1000 |  | 1031 |
|  5.950% due 11/01/2032 |  | 100 |  | 106 |
|  **Southern California Gas Co.** | **Southern California Gas Co.** | **Southern California Gas Co.** | **Southern California Gas Co.** | **Southern California Gas Co.** |
|  3.150% due 09/15/2024 |  | 933 |  | 908 |
|  4.125% due 06/01/2048 |  | 1058 |  | 854 |
|  4.450% due 03/15/2044 |  | 52 |  | 43 |
|  **Southern Power Co.** | **Southern Power Co.** | **Southern Power Co.** | **Southern Power Co.** | **Southern Power Co.** |
|  5.150% due 09/15/2041 |  | 928 |  | 843 |
|  **Southwest Gas Corp.** | **Southwest Gas Corp.** | **Southwest Gas Corp.** | **Southwest Gas Corp.** | **Southwest Gas Corp.** |
|  4.050% due 03/15/2032 |  | 482 |  | 425 |
|  **Southwestern Electric Power Co.** | **Southwestern Electric Power Co.** | **Southwestern Electric Power Co.** | **Southwestern Electric Power Co.** | **Southwestern Electric Power Co.** |
|  4.100% due 09/15/2028 |  | 665 |  | 632 |
|  **Southwestern Public Service Co.** | **Southwestern Public Service Co.** | **Southwestern Public Service Co.** | **Southwestern Public Service Co.** | **Southwestern Public Service Co.** |
|  3.150% due 05/01/2050 |  | 10 |  | 7 |
|  3.700% due 08/15/2047 |  | 9 |  | 7 |
|  6.000% due 10/01/2036 |  | 1522 |  | 1516 |
|  **Tampa Electric Co.** | **Tampa Electric Co.** | **Tampa Electric Co.** | **Tampa Electric Co.** | **Tampa Electric Co.** |
|  3.875% due 07/12/2024 |  | 100 |  | 98 |
|  4.350% due 05/15/2044 |  | 30 |  | 25 |
|  5.000% due 07/15/2052 |  | 100 |  | 92 |
|  **Union Electric Co.** | **Union Electric Co.** | **Union Electric Co.** | **Union Electric Co.** | **Union Electric Co.** |
|  2.625% due 03/15/2051 |  | 172 |  | 109 |
|  3.900% due 04/01/2052 |  | 100 |  | 81 |
|  **Verizon Communications, Inc.** | **Verizon Communications, Inc.** | **Verizon Communications, Inc.** | **Verizon Communications, Inc.** | **Verizon Communications, Inc.** |
|  2.355% due 03/15/2032 |  | 4316 |  | 3433 |
|  2.550% due 03/21/2031 |  | 1746 |  | 1440 |
|  4.125% due 03/16/2027 |  | 1946 |  | 1898 |
|  4.125% due 08/15/2046 |  | 1069 |  | 854 |
|  4.400% due 11/01/2034 |  | 622 |  | 573 |
|  4.500% due 08/10/2033 |  | 60 |  | 56 |
|  4.812% due 03/15/2039 |  | 564 |  | 519 |
|  4.862% due 08/21/2046 |  | 966 |  | 871 |
|  **Virginia Electric & Power Co.** | **Virginia Electric & Power Co.** | **Virginia Electric & Power Co.** | **Virginia Electric & Power Co.** | **Virginia Electric & Power Co.** |
|  3.750% due 05/15/2027 |  | 186 |  | 178 |
|  4.625% due 05/15/2052 |  | 100 |  | 88 |
|  6.000% due 01/15/2036 |  | 60 |  | 62 |
|  8.875% due 11/15/2038 |  | 1689 |  | 2219 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Vistra Operations Co. LLC** | **Vistra Operations Co. LLC** | **Vistra Operations Co. LLC** |
|  4.300% due 07/15/2029 | 662 | 597 |
|  **Vodafone Group PLC** | **Vodafone Group PLC** | **Vodafone Group PLC** |
|  4.125% due 05/30/2025 | 213 | 210 |
|  7.875% due 02/15/2030 | 109 | 123 |
|  **WEC Energy Group, Inc.** | **WEC Energy Group, Inc.** | **WEC Energy Group, Inc.** |
|  2.200% due 12/15/2028 | 1072 | 910 |
|  **Wisconsin Power & Light Co.** | **Wisconsin Power & Light Co.** | **Wisconsin Power & Light Co.** |
|  3.950% due 09/01/2032 | 704 | 646 |
|  **Wisconsin Public Service Corp.** | **Wisconsin Public Service Corp.** | **Wisconsin Public Service Corp.** |
|  3.671% due 12/01/2042 | 3 | 2 |
|  |  | 109954 |
|  **Total Corporate Bonds & Notes<br>(Cost $913,252)** | **Total Corporate Bonds & Notes<br>(Cost $913,252)** | **836288** |
| **U.S. TREASURY OBLIGATIONS 3.2%** | **U.S. TREASURY OBLIGATIONS 3.2%** | **U.S. TREASURY OBLIGATIONS 3.2%** |
|  **U.S. Treasury Bonds** | **U.S. Treasury Bonds** | **U.S. Treasury Bonds** |
|  3.000% due 08/15/2052 | 8200 | 6759 |
|  3.375% due 08/15/2042 | 3500 | 3129 |
|  4.000% due 11/15/2042 (a) | 2600 | 2546 |
|  4.000% due 11/15/2052 | 2200 | 2204 |
|  **U.S. Treasury Notes** | **U.S. Treasury Notes** | **U.S. Treasury Notes** |
|  2.750% due 08/15/2032 | 9300 | 8470 |
|  **U.S. Treasury STRIPS** | **U.S. Treasury STRIPS** | **U.S. Treasury STRIPS** |
|  0.000% due 05/15/2051 (b) | 3290 | 1082 |
|  0.000% due 11/15/2051 (b) | 5529 | 1782 |
|  0.000% due 05/15/2052 (b) | 7445 | 2396 |
|  **Total U.S. Treasury Obligations<br>(Cost $31,494)** | **Total U.S. Treasury Obligations<br>(Cost $31,494)** | **28368** |
| **SHORT-TERM INSTRUMENTS 2.9%** | **SHORT-TERM INSTRUMENTS 2.9%** | **SHORT-TERM INSTRUMENTS 2.9%** |
| **REPURCHASE AGREEMENTS (h) 2.9%** | **REPURCHASE AGREEMENTS (h) 2.9%** | **REPURCHASE AGREEMENTS (h) 2.9%** |
|  |  | 26318 |
| **Total Short-Term Instruments<br>(Cost $26,318)** | **Total Short-Term Instruments<br>(Cost $26,318)** | **26318** |
| **Total Investments in Securities<br>(Cost $971,064)** | **Total Investments in Securities<br>(Cost $971,064)** | **890974** |
|  | **SHARES** |  |
| **INVESTMENTS IN AFFILIATES 0.4%** | **INVESTMENTS IN AFFILIATES 0.4%** | **INVESTMENTS IN AFFILIATES 0.4%** |
| **SHORT-TERM INSTRUMENTS 0.4%** | **SHORT-TERM INSTRUMENTS 0.4%** | **SHORT-TERM INSTRUMENTS 0.4%** |
| **MUTUAL FUNDS 0.4%** | **MUTUAL FUNDS 0.4%** | **MUTUAL FUNDS 0.4%** |
|  **PIMCO Government Money Market Fund** | **PIMCO Government Money Market Fund** | **PIMCO Government Money Market Fund** |
|  4.310% (c)(d)(f) | 3743714 | 3744 |
| **Total Short-Term Instruments<br>(Cost $3,744)** | **Total Short-Term Instruments<br>(Cost $3,744)** | **3744** |
| **Total Investments in Affiliates<br>(Cost $3,744)** | **Total Investments in Affiliates<br>(Cost $3,744)** | **3744** |
| **Total Investments 99.3%<br>(Cost $974,808)** | **Total Investments 99.3%<br>(Cost $974,808)** | **894718** |
|  **Financial Derivative<br>Instruments (i) 0.0%**<br> **(Cost or Premiums, net $159)** | **Financial Derivative<br>Instruments (i) 0.0%**<br> **(Cost or Premiums, net $159)** | **11** |
| **Other Assets and Liabilities, net 0.7%** | **Other Assets and Liabilities, net 0.7%** | **6099** |
| **Net Assets 100.0%** | **Net Assets 100.0%** | **900828** |

---

---

| | | |
|:---|:---|:---|
| **58** | **PIMCO ETF TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022 (Unaudited)

**NOTES TO SCHEDULE OF INVESTMENTS:** 

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

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

---

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

---

**(a)** **When-issued security.** 

**(b)** **Zero coupon security.** 

**(c)** **Institutional Class Shares of each Fund.** 

**(d)** **Securities with an aggregate market value of $3,669 were out on loan in exchange for $3,744 of cash collateral as of December 31, 2022. See Note 5, Securities Lending, in the Notes to Financial Statements for more information regarding securities on loan and cash collateral.** 

**(e)** **Contingent convertible security.** 

**(f)** **Coupon represents a 7-Day Yield.** 

&nbsp;&nbsp;&nbsp;&nbsp;**(g) RESTRICTED SECURITIES:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Issuer Description** | **Coupon** | **Maturity<br>Date** | **Acquisition<br>Date** | **Cost** | **Market<br>Value** | **Market Value<br>as Percentage<br>of Net Assets** |
|  Citigroup, Inc. | 2.561% | 05/01/2032 | 06/21/2021 | $1517 | $1188 | 0.13% |
|  Citigroup, Inc. | 2.572 | 06/03/2031 | 07/01/2021 - 07/29/2022 | 486 | 405 | 0.04 |
|  Citigroup, Inc. | 3.057 | 01/25/2033 | 01/18/2022 | 168 | 136 | 0.02 |
|  Citigroup, Inc. | 6.270 | 11/17/2033 | 11/09/2022 | 1000 | 1035 | 0.11 |
|  Deutsche Bank AG | 2.129 | 11/24/2026 | 08/11/2021 - 12/27/2022 | 1631 | 1623 | 0.18 |
|  General Motors Co. | 6.800 | 10/01/2027 | 11/04/2021 - 12/19/2022 | 706 | 685 | 0.08 |
|  Oracle Corp. | 2.300 | 03/25/2028 | 09/23/2021 - 12/27/2022 | 1522 | 1423 | 0.16 |
|  Oracle Corp. | 3.950 | 03/25/2051 | 04/09/2021 - 12/19/2022 | 3656 | 2571 | 0.29 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10686 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9066 | 1.01% |

---

**BORROWINGS AND OTHER FINANCING TRANSACTIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;**(h) REPURCHASE AGREEMENTS:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Lending<br>Rate** | **Settlement<br>Date** | **Maturity<br>Date** | **Principal<br>Amount** | **Collateralized By** | **Collateral<br>(Received)** | **Repurchase<br>Agreements,<br>at Value** | **Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup>** |
| BSN | 4.250% | 12/30/2022 | 01/03/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25700 | U.S. Treasury Notes 2.375% due 03/31/2029 | $(26203) | $25700 | $25712 |
| FICC | 1.900 | 12/30/2022 | 01/03/2023 | 618 | U.S. Treasury Bills 0.000% due 12/28/2023 | (630) | 618 | 618 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** |  | $**(26833)** | $**26318** | $**26330** |

---

**BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY** 

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2022:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup>** | **Payable for<br>Reverse<br>Repurchase<br>Agreements** | **Payable for<br>Sale-Buyback<br>Transactions** | **Securities<br>Out on Loan** | **Total<br>Borrowings and<br>Other Financing<br>Transactions** | **Collateral<br>Pledged/(Received)** | **Net Exposure<sup>(2)</sup>** |
|  Global/Master Repurchase Agreement |  |  |  |  |  |  |  |
|  BSN | $25712 | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25712 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26203) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(491) |
|  FICC | 618 | 0 | 0 | 0 | 618 | (630) | (12) |
|  Master Securities Lending Agreement |  |  |  |  |  |  |  |
|  BCY | 0 | 0 | 0 | 2434 | 2434 | (2484) | (50) |
|  BPG | 0 | 0 | 0 | 1017 | 1017 | (1037) | (20) |
|  GSC | 0 | 0 | 0 | 218 | 218 | (223) | (5) |
|  **Total Borrowings and Other Financing Transactions** | $**26330** | $**0** | $**0** | $**3669** |  |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **59** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund** | **(Cont.)** |

---

**CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS** 

**Remaining Contractual Maturity of the Agreements** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Overnight and<br>Continuous** | **Up to 30 days** | **31-90 days** | **Greater Than 90 days** | **Total** |
|  **Securities Lending Transactions<sup>(3)</sup>** | **Securities Lending Transactions<sup>(3)</sup>** | **Securities Lending Transactions<sup>(3)</sup>** | **Securities Lending Transactions<sup>(3)</sup>** | **Securities Lending Transactions<sup>(3)</sup>** | **Securities Lending Transactions<sup>(3)</sup>** |
|  Corporate Bonds & Notes | $3744 | $0 | $0 | $0 | $3744 |
|  **Total Borrowings** | $**3744** | $**0** | $**0** | $**0** | $**3744** |
|  **Payable for securities on loan - cash collateral**  | **Payable for securities on loan - cash collateral**  | **Payable for securities on loan - cash collateral**  | **Payable for securities on loan - cash collateral**  | **Payable for securities on loan - cash collateral**  | $**3744** |

---

<sup>(1)</sup> Includes accrued interest.

<sup>(2)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

<sup>(3)</sup> Includes cash collateral as described in Note 5 in the Notes to Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;**(i) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** 

**FUTURES CONTRACTS:** 

**SHORT FUTURES CONTRACTS** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Variation Margin** | **Variation Margin** |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  U.S. Treasury 10-Year Note March Futures  | 03/2023 | 62 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6962) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
|  **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | $**19** | $**9** | $**0** |

---

**SWAP AGREEMENTS:** 

**CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(1)</sup>** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>December 31, 2022<sup>(2)</sup>** | **Notional<br>Amount<sup>(3)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(4)</sup>** | **Variation Margin** | **Variation Margin** |
| **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>December 31, 2022<sup>(2)</sup>** | **Notional<br>Amount<sup>(3)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(4)</sup>** | **Asset** | **Liability** |
|  National Rural Utilities Cooperative Finance Corp. | 1.000% | Quarterly | 12/20/2026 | 0.282% | $100 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

**CREDIT DEFAULT SWAPS ON CREDIT INDICES - SELL PROTECTION<sup>(1)</sup>** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(3)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(4)</sup>** | **Variation Margin** | **Variation Margin** |
| **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(3)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(4)</sup>** | **Asset** | **Liability** |
|  CDX.IG-37 5-Year Index | 1.000% | Quarterly | 12/20/2026 | $200 | $4 | $(2) | $2 | $0 | $0 |
|  CDX.IG-38 5-Year Index | 1.000 | Quarterly | 06/20/2027 | 8900 | 100 | (3) | 97 | 0 | 0 |
|  CDX.IG-39 5-Year Index | 1.000 | Quarterly | 12/20/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60600 | 52 | 455 | 507 | 2 | 0 |
|  |  |  |  |  | $156 | $450 | $606 | $2 | $0 |
|  **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | $**159** | $**449** | $**608** | $**2** | $**0** |

---

**FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY** 

The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of December 31, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** |
|  | **Market Value** | **Variation Margin<br>Asset** | **Variation Margin<br>Asset** | **Total** | **Market Value** | **Variation Margin<br>Liability** | **Variation Margin<br>Liability** | **Total** |
| | **Purchased<br>Options** | **Futures** | **Swap<br>Agreements** | **Total** | **Written<br>Options** | **Futures** | **Swap<br>Agreements** | **Total** |
|  **Total Exchange-Traded or Centrally Cleared** | $**0** | $**9** | $**2** | $**11** | $**0** | $**0** | $**0** | $**0** |

---

**Cash of $3,193 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2022. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.**

---

| | | |
|:---|:---|:---|
| **60** | **PIMCO ETF TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022 (Unaudited)

<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. 

<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. 

<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. 

<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. 

**FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS** 

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
| | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  **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 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $9 | $9 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 2 | 0 | 0 | 0 | 2 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
| | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** |
|  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 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $246 | $246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 43 | 0 | 0 | (1) | 42 |
|  | $0 | $43 | $0 | $0 | $245 | $288 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | $0 | $0 | $0 | $0 | $265 | $265 |
|  | $0 | $43 | $0 | $0 | $510 | $553 |
|  **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** |
|  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 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $60 | $60 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 895 | 0 | 0 | 0 | 895 |
|  | $0 | $895 | $0 | $0 | $60 | $955 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | $0 | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(104) | $(104) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(44) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;851 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **61** |

---

------

##### [**Table of Contents**](#toc)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Schedule of Investments** | **PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund** | **(Cont.)** | December 31, 2022 | (Unaudited) |

---

**FAIR VALUE MEASUREMENTS** 

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
|  **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 |
| &nbsp;&nbsp; Banking & Finance | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318181 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318181 |
| &nbsp;&nbsp; Industrials | 0 | 408153 | 0 | 408153 |
| &nbsp;&nbsp; Utilities | 0 | 109954 | 0 | 109954 |
|  U.S. Treasury Obligations | 0 | 28368 | 0 | 28368 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 26318 | 0 | 26318 |
|  | $0 | $890974 | $0 | $890974 |
|  **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 |
| &nbsp;&nbsp; Mutual Funds | $3744 | $0 | $0 | $3744 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3744 | $890974 | $0 | $894718 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
|  **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 | $11 | $0 | $11 |
|  Total Financial Derivative Instruments | $0 | $11 | $0 | $11 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3744 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890985 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;894729 |

---

There were no significant transfers into or out of Level 3 during the period ended December 31, 2022.

---

| | | |
|:---|:---|:---|
| **62** | **PIMCO ETF TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| **Schedule of Investments** | **PIMCO Active Bond Exchange-Traded Fund** | December 31, 2022 | (Unaudited) |

---

**(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 117.2%** | **INVESTMENTS IN SECURITIES 117.2%** | **INVESTMENTS IN SECURITIES 117.2%** |
| **LOAN PARTICIPATIONS AND ASSIGNMENTS 0.8%** | **LOAN PARTICIPATIONS AND ASSIGNMENTS 0.8%** | **LOAN PARTICIPATIONS AND ASSIGNMENTS 0.8%** |
|  **Air Canada** | **Air Canada** | **Air Canada** |
|  8.130% (LIBOR03M + 3.500%) due 08/11/2028 ~ | 2594 | 2571 |
|  **American Airlines, Inc.** | **American Airlines, Inc.** | **American Airlines, Inc.** |
|  8.993% (LIBOR03M + 4.750%) due 04/20/2028 ~ | 3700 | 3690 |
|  **Avolon TLB Borrower 1 (U.S.) LLC** | **Avolon TLB Borrower 1 (U.S.) LLC** | **Avolon TLB Borrower 1 (U.S.) LLC** |
|  6.603% (LIBOR01M + 2.250%) due 12/01/2027 ~ | 1280 | 1280 |
|  **Bally's Corp.** | **Bally's Corp.** | **Bally's Corp.** |
|  7.542% (LIBOR03M + 3.250%) due 10/02/2028 ~ | 3970 | 3684 |
|  **Castlelake LP** | **Castlelake LP** | **Castlelake LP** |
|  2.950% (LIBOR03M + 2.950%) due 05/13/2031 «~ | 6077 | 5499 |
|  **SkyMiles IP Ltd.** | **SkyMiles IP Ltd.** | **SkyMiles IP Ltd.** |
|  7.993% (LIBOR03M + 3.750%) due 10/20/2027 ~ | 4900 | 5004 |
|  **United Airlines, Inc.** | **United Airlines, Inc.** | **United Airlines, Inc.** |
|  8.108% (LIBOR03M + 3.750%) due 04/21/2028 ~ | 1969 | 1950 |
|  **Zephyrus Capital Aviation Partners LLC** | **Zephyrus Capital Aviation Partners LLC** | **Zephyrus Capital Aviation Partners LLC** |
|  4.605% due 10/15/2038 | 2148 | 1837 |
|  **Total Loan Participations and Assignments (Cost $26,662)** | **Total Loan Participations and Assignments (Cost $26,662)** | **25515** |
| **CORPORATE BONDS & NOTES 31.0%** | **CORPORATE BONDS & NOTES 31.0%** | **CORPORATE BONDS & NOTES 31.0%** |
| **BANKING & FINANCE 19.9%** | **BANKING & FINANCE 19.9%** | **BANKING & FINANCE 19.9%** |
|  **AerCap Ireland Capital DAC** | **AerCap Ireland Capital DAC** | **AerCap Ireland Capital DAC** |
|  3.875% due 01/23/2028 | 2100 | 1892 |
|  **Aircastle Ltd.** | **Aircastle Ltd.** | **Aircastle Ltd.** |
|  4.250% due 06/15/2026 | 3800 | 3578 |
|  **American Assets Trust LP** | **American Assets Trust LP** | **American Assets Trust LP** |
|  3.375% due 02/01/2031 | 2800 | 2227 |
|  **American Homes 4 Rent LP** | **American Homes 4 Rent LP** | **American Homes 4 Rent LP** |
|  4.250% due 02/15/2028 | 2900 | 2687 |
|  **American Tower Corp.** | **American Tower Corp.** | **American Tower Corp.** |
|  1.300% due 09/15/2025 | 500 | 452 |
|  3.375% due 10/15/2026 | 3300 | 3090 |
|  3.650% due 03/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;3500 | 3274 |
|  **AmFam Holdings, Inc.** | **AmFam Holdings, Inc.** | **AmFam Holdings, Inc.** |
|  2.805% due 03/11/2031 | 700 | 546 |
|  **Antares Holdings LP** | **Antares Holdings LP** | **Antares Holdings LP** |
|  2.750% due 01/15/2027 | 4050 | 3249 |
|  3.750% due 07/15/2027 | 3700 | 2996 |
|  3.950% due 07/15/2026 | 1000 | 866 |
|  **Arch Capital Group Ltd.** | **Arch Capital Group Ltd.** | **Arch Capital Group Ltd.** |
|  3.635% due 06/30/2050 | 6900 | 4791 |
|  **Ares Capital Corp.** | **Ares Capital Corp.** | **Ares Capital Corp.** |
|  2.875% due 06/15/2027 | 6000 | 5094 |
|  2.875% due 06/15/2028 | 6000 | 4821 |
|  **Ares Finance Co. LLC** | **Ares Finance Co. LLC** | **Ares Finance Co. LLC** |
|  3.250% due 06/15/2030 | 3500 | 2896 |
|  **AvalonBay Communities, Inc.** | **AvalonBay Communities, Inc.** | **AvalonBay Communities, Inc.** |
|  2.450% due 01/15/2031 | 2550 | 2115 |
|  **Aviation Capital Group LLC** | **Aviation Capital Group LLC** | **Aviation Capital Group LLC** |
|  3.500% due 11/01/2027 | 500 | 437 |
|  5.500% due 12/15/2024 | 1500 | 1475 |
|  **Avolon Holdings Funding Ltd.** | **Avolon Holdings Funding Ltd.** | **Avolon Holdings Funding Ltd.** |
|  2.528% due 11/18/2027 | 1993 | 1596 |
|  2.875% due 02/15/2025 | 3900 | 3606 |
|  3.950% due 07/01/2024 | 3500 | 3353 |
|  **Banco de Credito e Inversiones SA** | **Banco de Credito e Inversiones SA** | **Banco de Credito e Inversiones SA** |
|  2.875% due 10/14/2031 | 2800 | 2333 |
|  **Banco Santander SA** | **Banco Santander SA** | **Banco Santander SA** |
|  3.490% due 05/28/2030 | 3400 | 2869 |
|  **Bank of America Corp.** | **Bank of America Corp.** | **Bank of America Corp.** |
|  2.687% due 04/22/2032 •  | 12200 | 9794 |
|  3.593% due 07/21/2028 •  | 9000 | 8300 |
|  4.948% due 07/22/2028 •  | 6500 | 6359 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Barclays PLC** | **Barclays PLC** | **Barclays PLC** |
|  2.667% due 03/10/2032 •  | 800 | 612 |
|  2.852% due 05/07/2026 •  | 2100 | 1953 |
|  4.375% due 01/12/2026 | 1000 | 969 |
|  4.375% due 03/15/2028 •(e)(f) | 2200 | 1683 |
|  4.972% due 05/16/2029 •  | 1000 | 941 |
|  7.385% due 11/02/2028 •  | 3000 | 3132 |
|  7.750% due 09/15/2023 •(e)(f) | 1100 | 1077 |
|  **BGC Partners, Inc.** | **BGC Partners, Inc.** | **BGC Partners, Inc.** |
|  3.750% due 10/01/2024 | 3300 | 3159 |
|  5.375% due 07/24/2023 | 5000 | 4977 |
|  **Blackstone Holdings Finance Co. LLC** | **Blackstone Holdings Finance Co. LLC** | **Blackstone Holdings Finance Co. LLC** |
|  1.625% due 08/05/2028 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp;2447 |
|  **Blue Owl Finance LLC** | **Blue Owl Finance LLC** | **Blue Owl Finance LLC** |
|  3.125% due 06/10/2031 | 4300 | 3203 |
|  **BNP Paribas SA** | **BNP Paribas SA** | **BNP Paribas SA** |
|  1.904% due 09/30/2028 •  | 3200 | 2669 |
|  2.219% due 06/09/2026 •  | 3000 | 2757 |
|  2.591% due 01/20/2028 •  | 3500 | 3083 |
|  4.400% due 08/14/2028 | 700 | 663 |
|  4.500% due 02/25/2030 •(e)(f) | 200 | 154 |
|  4.625% due 02/25/2031 •(e)(f) | 2000 | 1550 |
|  **Brixmor Operating Partnership LP** | **Brixmor Operating Partnership LP** | **Brixmor Operating Partnership LP** |
|  3.650% due 06/15/2024 | 7000 | 6789 |
|  4.125% due 05/15/2029 | 5000 | 4480 |
|  **Cantor Fitzgerald LP** | **Cantor Fitzgerald LP** | **Cantor Fitzgerald LP** |
|  4.875% due 05/01/2024 | 1300 | 1276 |
|  **Carlyle Finance Subsidiary LLC** | **Carlyle Finance Subsidiary LLC** | **Carlyle Finance Subsidiary LLC** |
|  3.500% due 09/19/2029 | 4500 | 3815 |
|  **CI Financial Corp.** | **CI Financial Corp.** | **CI Financial Corp.** |
|  3.200% due 12/17/2030 | 4000 | 3043 |
|  4.100% due 06/15/2051 | 2500 | 1481 |
|  **Citigroup, Inc.** | **Citigroup, Inc.** | **Citigroup, Inc.** |
|  3.887% due 01/10/2028 •  | 10750 | &nbsp;&nbsp;&nbsp;&nbsp;10061 |
|  3.980% due 03/20/2030 •  | 3700 | 3344 |
|  **CNO Global Funding** | **CNO Global Funding** | **CNO Global Funding** |
|  1.650% due 01/06/2025 | 2000 | 1854 |
|  **Corebridge Financial, Inc.** | **Corebridge Financial, Inc.** | **Corebridge Financial, Inc.** |
|  3.850% due 04/05/2029 | 2000 | 1826 |
|  **Credit Suisse AG** | **Credit Suisse AG** | **Credit Suisse AG** |
|  5.000% due 07/09/2027 | 3500 | 3195 |
|  6.500% due 08/08/2023 (f) | 15400 | 14949 |
|  **Credit Suisse Group AG** | **Credit Suisse Group AG** | **Credit Suisse Group AG** |
|  3.750% due 03/26/2025 | 2000 | 1802 |
|  6.250% due 12/18/2024 •(e)(f) | 200 | 158 |
|  6.373% due 07/15/2026 •  | 1600 | 1504 |
|  7.500% due 07/17/2023 •(e)(f) | 2000 | 1603 |
|  7.500% due 12/11/2023 •(e)(f) | 6700 | 5869 |
|  **Crown Castle, Inc.** | **Crown Castle, Inc.** | **Crown Castle, Inc.** |
|  4.300% due 02/15/2029 | 2000 | 1893 |
|  **DAE Sukuk Difc Ltd.** | **DAE Sukuk Difc Ltd.** | **DAE Sukuk Difc Ltd.** |
|  3.750% due 02/15/2026 | 1300 | 1236 |
|  **Deutsche Bank AG** | **Deutsche Bank AG** | **Deutsche Bank AG** |
|  3.035% due 05/28/2032 •(g) | 9000 | 6842 |
|  3.547% due 09/18/2031 •  | 7600 | 6109 |
|  3.729% due 01/14/2032 •(g) | 2200 | 1617 |
|  3.742% due 01/07/2033 •  | 2900 | 2066 |
|  3.961% due 11/26/2025 •  | 5300 | 5068 |
|  5.882% due 07/08/2031 •  | 5000 | 4327 |
|  **Discover Financial Services** | **Discover Financial Services** | **Discover Financial Services** |
|  4.500% due 01/30/2026 | 5400 | 5226 |
|  **Doctors Co. An Interinsurance Exchange** | **Doctors Co. An Interinsurance Exchange** | **Doctors Co. An Interinsurance Exchange** |
|  4.500% due 01/18/2032 | 7800 | 6286 |
|  **Doric Nimrod Air Alpha Pass-Through Trust** | **Doric Nimrod Air Alpha Pass-Through Trust** | **Doric Nimrod Air Alpha Pass-Through Trust** |
|  5.250% due 05/30/2025 | 127 | 126 |
|  **Equinix, Inc.** | **Equinix, Inc.** | **Equinix, Inc.** |
|  3.400% due 02/15/2052 | 200 | 137 |
|  **Equitable Holdings, Inc.** | **Equitable Holdings, Inc.** | **Equitable Holdings, Inc.** |
|  4.350% due 04/20/2028 | 1000 | 955 |
|  **F&G Global Funding** | **F&G Global Funding** | **F&G Global Funding** |
|  2.000% due 09/20/2028 | 800 | 661 |
|  **Fairfax Financial Holdings Ltd.** | **Fairfax Financial Holdings Ltd.** | **Fairfax Financial Holdings Ltd.** |
|  4.850% due 04/17/2028 | 300 | 284 |
|  5.625% due 08/16/2032 | 2000 | 1883 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Farmers Insurance Exchange** | **Farmers Insurance Exchange** | **Farmers Insurance Exchange** |
|  4.747% due 11/01/2057 •  | 2000 | 1611 |
|  **Fidelity National Financial, Inc.** | **Fidelity National Financial, Inc.** | **Fidelity National Financial, Inc.** |
|  2.450% due 03/15/2031 | 3050 | 2335 |
|  **First American Financial Corp.** | **First American Financial Corp.** | **First American Financial Corp.** |
|  4.000% due 05/15/2030 | 4000 | 3360 |
|  **Ford Motor Credit Co. LLC** | **Ford Motor Credit Co. LLC** | **Ford Motor Credit Co. LLC** |
|  2.300% due 02/10/2025 | 3300 | 3018 |
|  2.700% due 08/10/2026 | 3600 | 3131 |
|  2.900% due 02/10/2029 | 2000 | 1600 |
|  **Freedom Mortgage Corp.** | **Freedom Mortgage Corp.** | **Freedom Mortgage Corp.** |
|  8.250% due 04/15/2025 | 1564 | 1409 |
|  **FS KKR Capital Corp.** | **FS KKR Capital Corp.** | **FS KKR Capital Corp.** |
|  1.650% due 10/12/2024 | 1000 | 903 |
|  2.625% due 01/15/2027 | 6000 | 5017 |
|  3.125% due 10/12/2028 | 1200 | 969 |
|  **GA Global Funding Trust** | **GA Global Funding Trust** | **GA Global Funding Trust** |
|  1.625% due 01/15/2026 | 700 | 622 |
|  2.250% due 01/06/2027 | 7500 | 6612 |
|  **General Motors Financial Co., Inc.** | **General Motors Financial Co., Inc.** | **General Motors Financial Co., Inc.** |
|  4.738% (US0003M + 0.990%) due 01/05/2023 ~ | 500 | 500 |
|  **Global Atlantic Fin Co.** | **Global Atlantic Fin Co.** | **Global Atlantic Fin Co.** |
|  4.400% due 10/15/2029 | 6000 | 5034 |
|  **GLP Capital LP** | **GLP Capital LP** | **GLP Capital LP** |
|  4.000% due 01/15/2030 | 5100 | 4476 |
|  5.300% due 01/15/2029 | 400 | 379 |
|  5.750% due 06/01/2028 | 3000 | 2955 |
|  **Goldman Sachs Group, Inc.** | **Goldman Sachs Group, Inc.** | **Goldman Sachs Group, Inc.** |
|  3.691% due 06/05/2028 •  | 7600 | 7073 |
|  4.482% due 08/23/2028 •  | 12000 | 11521 |
|  6.162% (SOFRRATE + 1.850%) due 03/15/2028 ~ | 5500 | 5420 |
|  **Golub Capital BDC, Inc.** | **Golub Capital BDC, Inc.** | **Golub Capital BDC, Inc.** |
|  2.050% due 02/15/2027 | 1500 | 1222 |
|  2.500% due 08/24/2026 | 3000 | 2551 |
|  **Goodman U.S. Finance Three LLC** | **Goodman U.S. Finance Three LLC** | **Goodman U.S. Finance Three LLC** |
|  3.700% due 03/15/2028 | 5000 | 4520 |
|  **Healthcare Realty Holdings LP** | **Healthcare Realty Holdings LP** | **Healthcare Realty Holdings LP** |
|  3.750% due 07/01/2027 | 4600 | 4283 |
|  **HSBC Holdings PLC** | **HSBC Holdings PLC** | **HSBC Holdings PLC** |
|  2.251% due 11/22/2027 •  | 4000 | 3469 |
|  2.804% due 05/24/2032 •  | 9000 | 6984 |
|  4.583% due 06/19/2029 •  | 5300 | 4889 |
|  6.000% due 05/22/2027 •(e)(f) | 2600 | 2393 |
|  6.250% due 03/23/2023 •(e)(f) | 200 | 195 |
|  6.500% due 03/23/2028 •(e)(f) | 3300 | 3046 |
|  **Hyundai Capital Services, Inc.** | **Hyundai Capital Services, Inc.** | **Hyundai Capital Services, Inc.** |
|  0.750% due 09/15/2023 | 5000 | 4809 |
|  **ING Groep NV** | **ING Groep NV** | **ING Groep NV** |
|  3.875% due 05/16/2027 •(e)(f) | 600 | 440 |
|  4.250% due 05/16/2031 •(e)(f) | 600 | 413 |
|  **Intesa Sanpaolo SpA** | **Intesa Sanpaolo SpA** | **Intesa Sanpaolo SpA** |
|  4.950% due 06/01/2042 •  | 8000 | 5159 |
|  **JPMorgan Chase & Co.** | **JPMorgan Chase & Co.** | **JPMorgan Chase & Co.** |
|  2.963% due 01/25/2033 •  | 3000 | 2450 |
|  3.782% due 02/01/2028 •  | 13000 | 12165 |
|  4.005% due 04/23/2029 •  | 6000 | 5562 |
|  4.323% due 04/26/2028 •  | 12000 | 11478 |
|  4.565% due 06/14/2030 •  | 12000 | &nbsp;&nbsp;&nbsp;&nbsp;11316 |
|  **KKR Financial Holdings LLC** | **KKR Financial Holdings LLC** | **KKR Financial Holdings LLC** |
|  5.400% due 05/23/2033 | 6000 | 5604 |
|  **KKR Group Finance Co. LLC** | **KKR Group Finance Co. LLC** | **KKR Group Finance Co. LLC** |
|  3.250% due 12/15/2051 | 1000 | 637 |
|  3.750% due 07/01/2029 | 1250 | 1127 |
|  **LeasePlan Corp. NV** | **LeasePlan Corp. NV** | **LeasePlan Corp. NV** |
|  2.875% due 10/24/2024 | 3300 | 3099 |
|  **Liberty Mutual Group, Inc.** | **Liberty Mutual Group, Inc.** | **Liberty Mutual Group, Inc.** |
|  4.125% due 12/15/2051 •  | 4000 | 3264 |
|  4.300% due 02/01/2061 | 4800 | 2935 |
|  **Life Storage LP** | **Life Storage LP** | **Life Storage LP** |
|  3.875% due 12/15/2027 | 2100 | 1947 |
|  **Lloyds Banking Group PLC** | **Lloyds Banking Group PLC** | **Lloyds Banking Group PLC** |
|  3.574% due 11/07/2028 •  | 16300 | 14685 |
|  3.870% due 07/09/2025 •  | 1500 | 1453 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **63** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO Active Bond Exchange-Traded Fund** | **(Cont.)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  7.500% due 09/27/2025 •(e)(f) | $— | 5000 | $— | 4836 |
|  **Loews Corp.** | **Loews Corp.** | **Loews Corp.** | **Loews Corp.** | **Loews Corp.** |
|  3.200% due 05/15/2030 |  | 2050 |  | 1813 |
|  **Low Income Investment Fund** | **Low Income Investment Fund** | **Low Income Investment Fund** | **Low Income Investment Fund** | **Low Income Investment Fund** |
|  3.711% due 07/01/2029 |  | 2500 |  | 2347 |
|  **LXP Industrial Trust** | **LXP Industrial Trust** | **LXP Industrial Trust** | **LXP Industrial Trust** | **LXP Industrial Trust** |
|  2.375% due 10/01/2031 |  | 3500 |  | 2662 |
|  **Maple Grove Funding Trust** | **Maple Grove Funding Trust** | **Maple Grove Funding Trust** | **Maple Grove Funding Trust** | **Maple Grove Funding Trust** |
|  4.161% due 08/15/2051 |  | 5500 |  | 3710 |
|  **Marsh & McLennan Cos., Inc.** | **Marsh & McLennan Cos., Inc.** | **Marsh & McLennan Cos., Inc.** | **Marsh & McLennan Cos., Inc.** | **Marsh & McLennan Cos., Inc.** |
|  6.250% due 11/01/2052 |  | 600 |  | 669 |
|  **Massachusetts Mutual Life Insurance Co.** | **Massachusetts Mutual Life Insurance Co.** | **Massachusetts Mutual Life Insurance Co.** | **Massachusetts Mutual Life Insurance Co.** | **Massachusetts Mutual Life Insurance Co.** |
|  5.077% due 02/15/2069 •  |  | 3250 |  | 2903 |
|  **Metropolitan Life Global Funding** | **Metropolitan Life Global Funding** | **Metropolitan Life Global Funding** | **Metropolitan Life Global Funding** | **Metropolitan Life Global Funding** |
|  1.875% due 01/11/2027 |  | 1500 |  | 1329 |
|  4.050% due 08/25/2025 |  | 2500 |  | 2447 |
|  **Mid-America Apartments LP** | **Mid-America Apartments LP** | **Mid-America Apartments LP** | **Mid-America Apartments LP** | **Mid-America Apartments LP** |
|  4.000% due 11/15/2025 |  | 4000 |  | 3890 |
|  **Mitsubishi UFJ Financial Group, Inc.** | **Mitsubishi UFJ Financial Group, Inc.** | **Mitsubishi UFJ Financial Group, Inc.** | **Mitsubishi UFJ Financial Group, Inc.** | **Mitsubishi UFJ Financial Group, Inc.** |
|  2.341% due 01/19/2028 •  |  | 8500 |  | 7493 |
|  3.195% due 07/18/2029 |  | 1500 |  | 1313 |
|  **MMcapS Funding Ltd.** | **MMcapS Funding Ltd.** | **MMcapS Funding Ltd.** | **MMcapS Funding Ltd.** | **MMcapS Funding Ltd.** |
|  5.014% (US0003M + 0.290%) due 12/26/2039 ~ |  | 566 |  | 536 |
|  **Morgan Stanley** | **Morgan Stanley** | **Morgan Stanley** | **Morgan Stanley** | **Morgan Stanley** |
|  0.000% due 04/02/2032 þ(g) |  | 9000 |  | 5140 |
|  2.511% due 10/20/2032 •  |  | 2200 |  | 1728 |
|  3.772% due 01/24/2029 •  |  | 5500 |  | 5046 |
|  4.431% due 01/23/2030 •  |  | 1900 |  | 1772 |
|  6.296% due 10/18/2028 •  |  | &nbsp;&nbsp;&nbsp;&nbsp;20000 |  | &nbsp;&nbsp;&nbsp;&nbsp;20682 |
|  **NatWest Group PLC** | **NatWest Group PLC** | **NatWest Group PLC** | **NatWest Group PLC** | **NatWest Group PLC** |
|  4.269% due 03/22/2025 •  |  | 3500 |  | 3424 |
|  4.519% due 06/25/2024 •  |  | 5000 |  | 4954 |
|  4.600% due 06/28/2031 •(e)(f) |  | 200 |  | 144 |
|  4.800% due 04/05/2026 |  | 1000 |  | 979 |
|  **New York Life Insurance Co.** | **New York Life Insurance Co.** | **New York Life Insurance Co.** | **New York Life Insurance Co.** | **New York Life Insurance Co.** |
|  4.450% due 05/15/2069 |  | 3700 |  | 3067 |
|  **Nippon Life Insurance Co.** | **Nippon Life Insurance Co.** | **Nippon Life Insurance Co.** | **Nippon Life Insurance Co.** | **Nippon Life Insurance Co.** |
|  2.750% due 01/21/2051 •  |  | 5750 |  | 4622 |
|  **Nissan Motor Acceptance Co. LLC** | **Nissan Motor Acceptance Co. LLC** | **Nissan Motor Acceptance Co. LLC** | **Nissan Motor Acceptance Co. LLC** | **Nissan Motor Acceptance Co. LLC** |
|  2.450% due 09/15/2028 |  | 1000 |  | 779 |
|  3.875% due 09/21/2023 |  | 3800 |  | 3731 |
|  **Nomura Holdings, Inc.** | **Nomura Holdings, Inc.** | **Nomura Holdings, Inc.** | **Nomura Holdings, Inc.** | **Nomura Holdings, Inc.** |
|  1.653% due 07/14/2026 |  | 3000 |  | 2615 |
|  2.329% due 01/22/2027 |  | 1500 |  | 1315 |
|  2.608% due 07/14/2031 |  | 9300 |  | 7215 |
|  2.710% due 01/22/2029 |  | 950 |  | 793 |
|  **Nordea Bank Abp** | **Nordea Bank Abp** | **Nordea Bank Abp** | **Nordea Bank Abp** | **Nordea Bank Abp** |
|  3.750% due 03/01/2029 •(e)(f) |  | 5000 |  | 3873 |
|  6.125% due 09/23/2024 •(e)(f) |  | 550 |  | 533 |
|  6.625% due 03/26/2026 •(e)(f) |  | 5600 |  | 5528 |
|  **Ohio National Financial Services, Inc.** | **Ohio National Financial Services, Inc.** | **Ohio National Financial Services, Inc.** | **Ohio National Financial Services, Inc.** | **Ohio National Financial Services, Inc.** |
|  5.800% due 01/24/2030 |  | 3300 |  | 3039 |
|  **Omega Healthcare Investors, Inc.** | **Omega Healthcare Investors, Inc.** | **Omega Healthcare Investors, Inc.** | **Omega Healthcare Investors, Inc.** | **Omega Healthcare Investors, Inc.** |
|  4.750% due 01/15/2028 |  | 3350 |  | 3093 |
|  5.250% due 01/15/2026 |  | 200 |  | 196 |
|  **Owl Rock Capital Corp.** | **Owl Rock Capital Corp.** | **Owl Rock Capital Corp.** | **Owl Rock Capital Corp.** | **Owl Rock Capital Corp.** |
|  2.875% due 06/11/2028 |  | 6300 |  | 4957 |
|  **Pacific Life Insurance Co.** | **Pacific Life Insurance Co.** | **Pacific Life Insurance Co.** | **Pacific Life Insurance Co.** | **Pacific Life Insurance Co.** |
|  9.250% due 06/15/2039 |  | 5000 |  | 6622 |
|  **Park Aerospace Holdings Ltd.** | **Park Aerospace Holdings Ltd.** | **Park Aerospace Holdings Ltd.** | **Park Aerospace Holdings Ltd.** | **Park Aerospace Holdings Ltd.** |
|  5.500% due 02/15/2024 |  | 699 |  | 690 |
|  **Physicians Realty LP** | **Physicians Realty LP** | **Physicians Realty LP** | **Physicians Realty LP** | **Physicians Realty LP** |
|  4.300% due 03/15/2027 |  | 2000 |  | 1889 |
|  **Preferred Term Securities Ltd.** | **Preferred Term Securities Ltd.** | **Preferred Term Securities Ltd.** | **Preferred Term Securities Ltd.** | **Preferred Term Securities Ltd.** |
|  5.069% (US0003M + 0.300%) due 03/22/2037 ~ |  | 1863 |  | 1709 |
|  **Realty Income Corp.** | **Realty Income Corp.** | **Realty Income Corp.** | **Realty Income Corp.** | **Realty Income Corp.** |
|  3.100% due 12/15/2029 |  | 4000 |  | 3492 |
|  **RGA Global Funding** | **RGA Global Funding** | **RGA Global Funding** | **RGA Global Funding** | **RGA Global Funding** |
|  2.700% due 01/18/2029 |  | 2900 |  | 2463 |
|  **Santander Holdings USA, Inc.** | **Santander Holdings USA, Inc.** | **Santander Holdings USA, Inc.** | **Santander Holdings USA, Inc.** | **Santander Holdings USA, Inc.** |
|  2.490% due 01/06/2028 •  |  | 5400 |  | 4640 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Santander U.K. Group Holdings PLC** | **Santander U.K. Group Holdings PLC** | **Santander U.K. Group Holdings PLC** |
|  1.673% due 06/14/2027 •  | 6500 | 5534 |
|  2.469% due 01/11/2028 •  | 1500 | 1283 |
|  3.373% due 01/05/2024 •  | 2900 | 2900 |
|  3.823% due 11/03/2028 •  | 5000 | 4476 |
|  **Santander UK Group Holdings PLC** | **Santander UK Group Holdings PLC** | **Santander UK Group Holdings PLC** |
|  6.833% due 11/21/2026 •  | 3500 | 3549 |
|  **Societe Generale SA** | **Societe Generale SA** | **Societe Generale SA** |
|  5.375% due 11/18/2030 •(e)(f) | 3200 | 2600 |
|  7.375% due 10/04/2023 •(e)(f) | 1300 | 1247 |
|  **Spirit Realty LP** | **Spirit Realty LP** | **Spirit Realty LP** |
|  4.450% due 09/15/2026 | 700 | 669 |
|  **Swedbank AB** | **Swedbank AB** | **Swedbank AB** |
|  4.000% due 03/17/2029 •(e)(f) | 400 | 310 |
|  **Trust Fibra Uno** | **Trust Fibra Uno** | **Trust Fibra Uno** |
|  4.869% due 01/15/2030 | 4900 | 4217 |
|  6.950% due 01/30/2044 | 300 | 261 |
|  **UBS Group AG** | **UBS Group AG** | **UBS Group AG** |
|  5.125% due 07/29/2026 •(e)(f) | 800 | 750 |
|  7.000% due 02/19/2025 •(e)(f) | 200 | 198 |
|  **UDR, Inc.** | **UDR, Inc.** | **UDR, Inc.** |
|  3.500% due 07/01/2027 | 2400 | 2235 |
|  **UniCredit SpA** | **UniCredit SpA** | **UniCredit SpA** |
|  7.830% due 12/04/2023 | 5000 | 5053 |
|  **Wells Fargo & Co.** | **Wells Fargo & Co.** | **Wells Fargo & Co.** |
|  2.572% due 02/11/2031 •  | 9500 | 7887 |
|  3.584% due 05/22/2028 •  | 17250 | 16043 |
|  4.478% due 04/04/2031 •  | 1600 | 1504 |
|  4.897% due 07/25/2033 •  | 5000 | 4763 |
|  **Willis North America, Inc.** | **Willis North America, Inc.** | **Willis North America, Inc.** |
|  2.950% due 09/15/2029 | 1300 | 1095 |
|  **WP Carey, Inc.** | **WP Carey, Inc.** | **WP Carey, Inc.** |
|  2.400% due 02/01/2031 | 3900 | 3117 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;637899 |
| **INDUSTRIALS 9.2%** | **INDUSTRIALS 9.2%** | **INDUSTRIALS 9.2%** |
|  **AbbVie, Inc.** | **AbbVie, Inc.** | **AbbVie, Inc.** |
|  4.400% due 11/06/2042 | 300 | 262 |
|  **Adani Electricity Mumbai Ltd.** | **Adani Electricity Mumbai Ltd.** | **Adani Electricity Mumbai Ltd.** |
|  3.949% due 02/12/2030 | 2700 | 2069 |
|  **Air Canada** | **Air Canada** | **Air Canada** |
|  3.875% due 08/15/2026 | 1000 | 887 |
|  **Air Canada Pass-Through Trust** | **Air Canada Pass-Through Trust** | **Air Canada Pass-Through Trust** |
|  5.250% due 10/01/2030 | 1946 | 1842 |
|  **Aker BP ASA** | **Aker BP ASA** | **Aker BP ASA** |
|  3.100% due 07/15/2031 | 200 | 165 |
|  **Alcon Finance Corp.** | **Alcon Finance Corp.** | **Alcon Finance Corp.** |
|  2.600% due 05/27/2030 | 3200 | 2726 |
|  **American Airlines Pass-Through Trust** | **American Airlines Pass-Through Trust** | **American Airlines Pass-Through Trust** |
|  3.375% due 11/01/2028 | 8480 | 7088 |
|  3.700% due 04/01/2028 | 1785 | 1544 |
|  4.000% due 01/15/2027 | 2466 | 2142 |
|  **American Airlines, Inc.** | **American Airlines, Inc.** | **American Airlines, Inc.** |
|  5.500% due 04/20/2026 | 3900 | 3757 |
|  5.750% due 04/20/2029 | 1400 | 1282 |
|  **Arrow Electronics, Inc.** | **Arrow Electronics, Inc.** | **Arrow Electronics, Inc.** |
|  3.875% due 01/12/2028 | 2500 | 2275 |
|  **Ashtead Capital, Inc.** | **Ashtead Capital, Inc.** | **Ashtead Capital, Inc.** |
|  4.250% due 11/01/2029 | 5000 | 4492 |
|  **Bacardi Ltd.** | **Bacardi Ltd.** | **Bacardi Ltd.** |
|  4.450% due 05/15/2025 | 5000 | 4856 |
|  5.150% due 05/15/2038 | 1200 | 1090 |
|  **BAT Capital Corp.** | **BAT Capital Corp.** | **BAT Capital Corp.** |
|  2.259% due 03/25/2028 | 2000 | 1663 |
|  4.390% due 08/15/2037 | 3200 | 2498 |
|  **Bio-Rad Laboratories, Inc.** | **Bio-Rad Laboratories, Inc.** | **Bio-Rad Laboratories, Inc.** |
|  3.300% due 03/15/2027 | 1000 | 926 |
|  **Boeing Co.** | **Boeing Co.** | **Boeing Co.** |
|  5.705% due 05/01/2040 | 100 | 96 |
|  5.805% due 05/01/2050 | 100 | 93 |
|  **Bowdoin College** | **Bowdoin College** | **Bowdoin College** |
|  4.693% due 07/01/2112 | 3400 | 2788 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Broadcom, Inc.** | **Broadcom, Inc.** | **Broadcom, Inc.** |
|  3.187% due 11/15/2036 | 3600 | 2597 |
|  3.419% due 04/15/2033 | 2000 | 1609 |
|  3.469% due 04/15/2034 | 500 | 400 |
|  4.110% due 09/15/2028 | 7435 | &nbsp;&nbsp;&nbsp;&nbsp;6929 |
|  **California Institute of Technology** | **California Institute of Technology** | **California Institute of Technology** |
|  4.283% due 09/01/2116 | 3000 | 2259 |
|  **CDW LLC** | **CDW LLC** | **CDW LLC** |
|  2.670% due 12/01/2026 | 3000 | 2669 |
|  **Centene Corp.** | **Centene Corp.** | **Centene Corp.** |
|  3.000% due 10/15/2030 | 1500 | 1233 |
|  **CH Robinson Worldwide, Inc.** | **CH Robinson Worldwide, Inc.** | **CH Robinson Worldwide, Inc.** |
|  4.200% due 04/15/2028 | 1000 | 946 |
|  **Charter Communications Operating LLC** | **Charter Communications Operating LLC** | **Charter Communications Operating LLC** |
|  5.050% due 03/30/2029 | 2000 | 1886 |
|  **Choice Hotels International, Inc.** | **Choice Hotels International, Inc.** | **Choice Hotels International, Inc.** |
|  3.700% due 12/01/2029 | 6700 | 5850 |
|  **Claremont Mckenna College** | **Claremont Mckenna College** | **Claremont Mckenna College** |
|  3.775% due 01/01/2122 | 3000 | 1913 |
|  **CommonSpirit Health** | **CommonSpirit Health** | **CommonSpirit Health** |
|  4.187% due 10/01/2049 | 7300 | 5713 |
|  **CVS Health Corp.** | **CVS Health Corp.** | **CVS Health Corp.** |
|  3.750% due 04/01/2030 | 2600 | 2363 |
|  4.125% due 04/01/2040 | 4200 | 3512 |
|  5.300% due 12/05/2043 | 2000 | 1878 |
|  **DAE Funding LLC** | **DAE Funding LLC** | **DAE Funding LLC** |
|  2.625% due 03/20/2025 | 4000 | 3748 |
|  3.375% due 03/20/2028 | 5000 | 4445 |
|  **Dell International LLC** | **Dell International LLC** | **Dell International LLC** |
|  5.300% due 10/01/2029 | 4900 | 4803 |
|  6.100% due 07/15/2027 | 700 | 720 |
|  6.200% due 07/15/2030 | 1000 | 1019 |
|  **Delta Air Lines, Inc.** | **Delta Air Lines, Inc.** | **Delta Air Lines, Inc.** |
|  4.375% due 04/19/2028 | 800 | 714 |
|  4.750% due 10/20/2028 | 1800 | 1695 |
|  7.000% due 05/01/2025 | 200 | 205 |
|  7.375% due 01/15/2026 | 2200 | 2251 |
|  **Diamondback Energy, Inc.** | **Diamondback Energy, Inc.** | **Diamondback Energy, Inc.** |
|  3.500% due 12/01/2029 | 200 | 176 |
|  **Discovery Communications LLC** | **Discovery Communications LLC** | **Discovery Communications LLC** |
|  4.000% due 09/15/2055 | 300 | 181 |
|  **Elevance Health, Inc.** | **Elevance Health, Inc.** | **Elevance Health, Inc.** |
|  5.500% due 10/15/2032 | 1500 | 1540 |
|  **Energy Transfer LP** | **Energy Transfer LP** | **Energy Transfer LP** |
|  3.900% due 07/15/2026 | 100 | 95 |
|  5.950% due 12/01/2025 | 2300 | 2335 |
|  **Enterprise Products Operating LLC** | **Enterprise Products Operating LLC** | **Enterprise Products Operating LLC** |
|  4.450% due 02/15/2043 | 400 | 339 |
|  5.700% due 02/15/2042 | 200 | 195 |
|  **ERAC USA Finance LLC** | **ERAC USA Finance LLC** | **ERAC USA Finance LLC** |
|  3.800% due 11/01/2025 | 900 | 862 |
|  **Expedia Group, Inc.** | **Expedia Group, Inc.** | **Expedia Group, Inc.** |
|  3.800% due 02/15/2028 | 2500 | 2299 |
|  **Ferguson Finance PLC** | **Ferguson Finance PLC** | **Ferguson Finance PLC** |
|  3.250% due 06/02/2030 | 2000 | 1701 |
|  **Flex Intermediate Holdco LLC** | **Flex Intermediate Holdco LLC** | **Flex Intermediate Holdco LLC** |
|  3.363% due 06/30/2031 | 2700 | 2114 |
|  4.317% due 12/30/2039 | 2700 | 1949 |
|  **Flex Ltd.** | **Flex Ltd.** | **Flex Ltd.** |
|  4.875% due 06/15/2029 | 2000 | 1886 |
|  **General Electric Co.** | **General Electric Co.** | **General Electric Co.** |
|  4.250% due 05/01/2040 | 6000 | 4905 |
|  **Georgetown University** | **Georgetown University** | **Georgetown University** |
|  5.215% due 10/01/2118 | 6560 | 5773 |
|  **Global Payments, Inc.** | **Global Payments, Inc.** | **Global Payments, Inc.** |
|  3.200% due 08/15/2029 | 2600 | 2215 |
|  5.400% due 08/15/2032 | 1500 | 1433 |
|  **HCA, Inc.** | **HCA, Inc.** | **HCA, Inc.** |
|  3.625% due 03/15/2032 | 3000 | 2546 |
|  **Home Depot, Inc.** | **Home Depot, Inc.** | **Home Depot, Inc.** |
|  3.500% due 09/15/2056 | 600 | 450 |
|  **Hyundai Capital America** | **Hyundai Capital America** | **Hyundai Capital America** |
|  5.875% due 04/07/2025 | 6000 | 6029 |

---

---

| | | |
|:---|:---|:---|
| **64** | **PIMCO ETF TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Imperial Brands Finance PLC** | **Imperial Brands Finance PLC** | **Imperial Brands Finance PLC** |
|  3.500% due 07/26/2026 | 5000 | 4592 |
|  3.875% due 07/26/2029 | 3000 | 2572 |
|  **Infor, Inc.** | **Infor, Inc.** | **Infor, Inc.** |
|  1.750% due 07/15/2025 | 2600 | 2351 |
|  **KB Home** | **KB Home** | **KB Home** |
|  4.000% due 06/15/2031 | 4000 | 3220 |
|  **Kinder Morgan, Inc.** | **Kinder Morgan, Inc.** | **Kinder Morgan, Inc.** |
|  7.750% due 01/15/2032 | 3000 | 3383 |
|  **Las Vegas Sands Corp.** | **Las Vegas Sands Corp.** | **Las Vegas Sands Corp.** |
|  3.200% due 08/08/2024 | 3600 | 3405 |
|  3.500% due 08/18/2026 | 1100 | 994 |
|  **Marriott International, Inc.** | **Marriott International, Inc.** | **Marriott International, Inc.** |
|  2.750% due 10/15/2033 | 1300 | 995 |
|  **Massachusetts Institute of Technology** | **Massachusetts Institute of Technology** | **Massachusetts Institute of Technology** |
|  4.678% due 07/01/2114 | 1360 | 1167 |
|  **MDC Holdings, Inc.** | **MDC Holdings, Inc.** | **MDC Holdings, Inc.** |
|  3.966% due 08/06/2061 | 5000 | 2810 |
|  6.000% due 01/15/2043 | 500 | 408 |
|  **Melco Resorts Finance Ltd.** | **Melco Resorts Finance Ltd.** | **Melco Resorts Finance Ltd.** |
|  5.750% due 07/21/2028 | 400 | 336 |
|  **MGM China Holdings Ltd.** | **MGM China Holdings Ltd.** | **MGM China Holdings Ltd.** |
|  5.250% due 06/18/2025 | 400 | 377 |
|  5.875% due 05/15/2026 | 200 | 187 |
|  **Micron Technology, Inc.** | **Micron Technology, Inc.** | **Micron Technology, Inc.** |
|  4.185% due 02/15/2027 | 6000 | &nbsp;&nbsp;&nbsp;&nbsp;5690 |
|  **Mileage Plus Holdings LLC** | **Mileage Plus Holdings LLC** | **Mileage Plus Holdings LLC** |
|  6.500% due 06/20/2027 | 4590 | 4574 |
|  **MPLX LP** | **MPLX LP** | **MPLX LP** |
|  4.250% due 12/01/2027 | 4200 | 3976 |
|  **National Fuel Gas Co.** | **National Fuel Gas Co.** | **National Fuel Gas Co.** |
|  2.950% due 03/01/2031 | 3900 | 3065 |
|  **New York & Presbyterian Hospital** | **New York & Presbyterian Hospital** | **New York & Presbyterian Hospital** |
|  4.763% due 08/01/2116 | 3000 | 2486 |
|  **Nissan Motor Co. Ltd.** | **Nissan Motor Co. Ltd.** | **Nissan Motor Co. Ltd.** |
|  3.043% due 09/15/2023 | 1000 | 980 |
|  3.522% due 09/17/2025 | 3800 | 3534 |
|  4.345% due 09/17/2027 | 2500 | 2271 |
|  **NXP BV** | **NXP BV** | **NXP BV** |
|  3.150% due 05/01/2027 | 700 | 636 |
|  3.400% due 05/01/2030 | 1000 | 866 |
|  **Pacific National Finance Pty. Ltd.** | **Pacific National Finance Pty. Ltd.** | **Pacific National Finance Pty. Ltd.** |
|  4.750% due 03/22/2028 | 4300 | 3819 |
|  **Perrigo Finance Unlimited Co.** | **Perrigo Finance Unlimited Co.** | **Perrigo Finance Unlimited Co.** |
|  4.375% due 03/15/2026 | 200 | 186 |
|  4.400% due 06/15/2030 | 1900 | 1621 |
|  **Petroleos Mexicanos** | **Petroleos Mexicanos** | **Petroleos Mexicanos** |
|  6.490% due 01/23/2027 | 311 | 284 |
|  6.700% due 02/16/2032 | 4600 | 3621 |
|  **Prosus NV** | **Prosus NV** | **Prosus NV** |
|  3.257% due 01/19/2027 | 2500 | 2238 |
|  3.680% due 01/21/2030 | 2700 | 2251 |
|  4.193% due 01/19/2032 | 2300 | 1910 |
|  **Quanta Services, Inc.** | **Quanta Services, Inc.** | **Quanta Services, Inc.** |
|  2.900% due 10/01/2030 | 4850 | 3999 |
|  **RELX Capital, Inc.** | **RELX Capital, Inc.** | **RELX Capital, Inc.** |
|  3.000% due 05/22/2030 | 500 | 427 |
|  **Reynolds American, Inc.** | **Reynolds American, Inc.** | **Reynolds American, Inc.** |
|  5.850% due 08/15/2045 | 710 | 608 |
|  **Rockies Express Pipeline LLC** | **Rockies Express Pipeline LLC** | **Rockies Express Pipeline LLC** |
|  3.600% due 05/15/2025 | 3000 | 2838 |
|  **Royalty Pharma PLC** | **Royalty Pharma PLC** | **Royalty Pharma PLC** |
|  1.750% due 09/02/2027 | 1500 | 1272 |
|  **Sands China Ltd.** | **Sands China Ltd.** | **Sands China Ltd.** |
|  2.800% due 03/08/2027 | 900 | 772 |
|  3.350% due 03/08/2029 | 2000 | 1637 |
|  3.750% due 08/08/2031 | 1800 | 1419 |
|  4.300% due 01/08/2026 | 800 | 739 |
|  5.625% due 08/08/2025 | 800 | 766 |
|  5.900% due 08/08/2028 | &nbsp;&nbsp;&nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;&nbsp;2157 |
|  **Starbucks Corp.** | **Starbucks Corp.** | **Starbucks Corp.** |
|  4.450% due 08/15/2049 | 400 | 342 |
|  **Studio City Finance Ltd.** | **Studio City Finance Ltd.** | **Studio City Finance Ltd.** |
|  6.000% due 07/15/2025 | 200 | 174 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Syngenta Finance NV** | **Syngenta Finance NV** | **Syngenta Finance NV** |
|  4.441% due 04/24/2023 | 5400 | 5376 |
|  **Sysco Corp.** | **Sysco Corp.** | **Sysco Corp.** |
|  6.600% due 04/01/2050 | 700 | 767 |
|  **T-Mobile USA, Inc.** | **T-Mobile USA, Inc.** | **T-Mobile USA, Inc.** |
|  2.050% due 02/15/2028 | 3500 | 3012 |
|  5.200% due 01/15/2033 | 3500 | 3480 |
|  **Tennessee Gas Pipeline Co. LLC** | **Tennessee Gas Pipeline Co. LLC** | **Tennessee Gas Pipeline Co. LLC** |
|  2.900% due 03/01/2030 | 8000 | 6718 |
|  **Time Warner Cable Enterprises LLC** | **Time Warner Cable Enterprises LLC** | **Time Warner Cable Enterprises LLC** |
|  8.375% due 07/15/2033 | 500 | 557 |
|  **Time Warner Cable LLC** | **Time Warner Cable LLC** | **Time Warner Cable LLC** |
|  7.300% due 07/01/2038 | 2500 | 2489 |
|  **Trustees of the University of Pennsylvania** | **Trustees of the University of Pennsylvania** | **Trustees of the University of Pennsylvania** |
|  4.674% due 09/01/2112 | 1180 | 1010 |
|  **Turkish Airlines Pass-Through Trust** | **Turkish Airlines Pass-Through Trust** | **Turkish Airlines Pass-Through Trust** |
|  4.200% due 09/15/2028 | 3047 | 2669 |
|  **U.S. Airways Pass-Through Trust** | **U.S. Airways Pass-Through Trust** | **U.S. Airways Pass-Through Trust** |
|  3.950% due 05/15/2027 | 1864 | 1696 |
|  **United Airlines Pass-Through Trust** | **United Airlines Pass-Through Trust** | **United Airlines Pass-Through Trust** |
|  3.100% due 01/07/2030 | 1031 | 931 |
|  3.450% due 01/07/2030 | 3092 | 2609 |
|  4.550% due 02/25/2033 | 2090 | 1762 |
|  **United Airlines, Inc.** | **United Airlines, Inc.** | **United Airlines, Inc.** |
|  4.375% due 04/15/2026 | 3400 | 3157 |
|  4.625% due 04/15/2029 | 2500 | 2181 |
|  **Vmed O2 U.K. Financing PLC** | **Vmed O2 U.K. Financing PLC** | **Vmed O2 U.K. Financing PLC** |
|  4.750% due 07/15/2031 | 3900 | 3176 |
|  **VMware, Inc.** | **VMware, Inc.** | **VMware, Inc.** |
|  4.700% due 05/15/2030 | 6700 | 6248 |
|  **Warnermedia Holdings, Inc.** | **Warnermedia Holdings, Inc.** | **Warnermedia Holdings, Inc.** |
|  5.391% due 03/15/2062 | 1100 | 807 |
|  **Weir Group PLC** | **Weir Group PLC** | **Weir Group PLC** |
|  2.200% due 05/13/2026 | 2000 | 1776 |
|  **Wesleyan University** | **Wesleyan University** | **Wesleyan University** |
|  4.781% due 07/01/2116 | 3248 | 2548 |
|  **Westinghouse Air Brake Technologies Corp.** | **Westinghouse Air Brake Technologies Corp.** | **Westinghouse Air Brake Technologies Corp.** |
|  3.200% due 06/15/2025 | 2200 | 2073 |
|  4.950% due 09/15/2028 | 6130 | 5897 |
|  **WRKCo, Inc.** | **WRKCo, Inc.** | **WRKCo, Inc.** |
|  3.900% due 06/01/2028 | 500 | 460 |
|  **Wynn Macau Ltd.** | **Wynn Macau Ltd.** | **Wynn Macau Ltd.** |
|  5.500% due 01/15/2026 | 400 | 368 |
|  5.500% due 10/01/2027 | 200 | 175 |
|  5.625% due 08/26/2028 | 1000 | 856 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;295674 |
| **UTILITIES 1.9%** | **UTILITIES 1.9%** | **UTILITIES 1.9%** |
|  **American Transmission Systems, Inc.** | **American Transmission Systems, Inc.** | **American Transmission Systems, Inc.** |
|  5.000% due 09/01/2044 | 300 | 274 |
|  **AT&T, Inc.** | **AT&T, Inc.** | **AT&T, Inc.** |
|  3.550% due 09/15/2055 | 60 | 40 |
|  3.650% due 09/15/2059 | 98 | 66 |
|  3.800% due 12/01/2057 | 602 | 418 |
|  **Duke Energy Carolinas LLC** | **Duke Energy Carolinas LLC** | **Duke Energy Carolinas LLC** |
|  3.200% due 08/15/2049 | 500 | 353 |
|  **Enel Finance International NV** | **Enel Finance International NV** | **Enel Finance International NV** |
|  7.750% due 10/14/2052 | 200 | 215 |
|  **Exelon Corp.** | **Exelon Corp.** | **Exelon Corp.** |
|  4.050% due 04/15/2030 | 3250 | 3025 |
|  **FirstEnergy Corp.** | **FirstEnergy Corp.** | **FirstEnergy Corp.** |
|  4.400% due 07/15/2027 | 6100 | 5688 |
|  **Georgia Power Co.** | **Georgia Power Co.** | **Georgia Power Co.** |
|  4.300% due 03/15/2042 | 200 | 173 |
|  **IPALCO Enterprises, Inc.** | **IPALCO Enterprises, Inc.** | **IPALCO Enterprises, Inc.** |
|  3.700% due 09/01/2024 | 1000 | 970 |
|  **Israel Electric Corp. Ltd.** | **Israel Electric Corp. Ltd.** | **Israel Electric Corp. Ltd.** |
|  3.750% due 02/22/2032 | 6300 | 5537 |
|  **Metropolitan Edison Co.** | **Metropolitan Edison Co.** | **Metropolitan Edison Co.** |
|  4.300% due 01/15/2029 | 600 | 564 |
|  **Mid-Atlantic Interstate Transmission LLC** | **Mid-Atlantic Interstate Transmission LLC** | **Mid-Atlantic Interstate Transmission LLC** |
|  4.100% due 05/15/2028 | 900 | 849 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **NGPL PipeCo LLC** | **NGPL PipeCo LLC** | **NGPL PipeCo LLC** |
|  4.875% due 08/15/2027 | 3200 | 3045 |
|  **ONEOK, Inc.** | **ONEOK, Inc.** | **ONEOK, Inc.** |
|  7.150% due 01/15/2051 | 100 | 102 |
|  **Pacific Gas & Electric Co.** | **Pacific Gas & Electric Co.** | **Pacific Gas & Electric Co.** |
|  2.500% due 02/01/2031 | 2400 | 1868 |
|  3.300% due 12/01/2027 | 100 | 88 |
|  3.300% due 08/01/2040 | 4200 | 2858 |
|  3.500% due 08/01/2050 | 500 | 312 |
|  4.450% due 04/15/2042 | 2000 | 1496 |
|  4.500% due 07/01/2040 | 1700 | 1335 |
|  4.550% due 07/01/2030 | 7200 | 6543 |
|  5.900% due 06/15/2032 | 1500 | 1468 |
|  **Pennsylvania Electric Co.** | **Pennsylvania Electric Co.** | **Pennsylvania Electric Co.** |
|  3.250% due 03/15/2028 | 1100 | 990 |
|  3.600% due 06/01/2029 | 2000 | 1799 |
|  **Puget Energy, Inc.** | **Puget Energy, Inc.** | **Puget Energy, Inc.** |
|  4.224% due 03/15/2032 (g) | 3000 | 2671 |
|  **SES SA** | **SES SA** | **SES SA** |
|  3.600% due 04/04/2023 | 1700 | 1689 |
|  **Texas Electric Market Stabilization Funding N LLC** | **Texas Electric Market Stabilization Funding N LLC** | **Texas Electric Market Stabilization Funding N LLC** |
|  5.057% due 08/01/2048 | 15500 | 14664 |
|  **Toledo Edison Co.** | **Toledo Edison Co.** | **Toledo Edison Co.** |
|  2.650% due 05/01/2028 | 2918 | 2555 |
|  |  | 61655 |
|  **Total Corporate Bonds & Notes<br>(Cost $1,124,153)** | **Total Corporate Bonds & Notes<br>(Cost $1,124,153)** | **995228** |
| **MUNICIPAL BONDS & NOTES 1.9%** | **MUNICIPAL BONDS & NOTES 1.9%** | **MUNICIPAL BONDS & NOTES 1.9%** |
| **CALIFORNIA 0.7%** | **CALIFORNIA 0.7%** | **CALIFORNIA 0.7%** |
|  **Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021** | **Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021** | **Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021** |
|  3.714% due 06/01/2041 | 3700 | 2781 |
|  3.850% due 06/01/2050 | 4750 | 4209 |
|  **Golden State, California Tobacco Securitization Corp. Revenue Notes, Series 2021** | **Golden State, California Tobacco Securitization Corp. Revenue Notes, Series 2021** | **Golden State, California Tobacco Securitization Corp. Revenue Notes, Series 2021** |
|  2.158% due 06/01/2026 | 4800 | 4315 |
|  **Regents of the University of California Medical Center Pooled Revenue Bonds, Series 2020** | **Regents of the University of California Medical Center Pooled Revenue Bonds, Series 2020** | **Regents of the University of California Medical Center Pooled Revenue Bonds, Series 2020** |
|  3.706% due 05/15/2120 | 6000 | 3783 |
|  **University of California Revenue Bonds, Series 2012** | **University of California Revenue Bonds, Series 2012** | **University of California Revenue Bonds, Series 2012** |
|  4.858% due 05/15/2112 | 7506 | 6349 |
|  **University of California Revenue Bonds, Series 2015** | **University of California Revenue Bonds, Series 2015** | **University of California Revenue Bonds, Series 2015** |
|  4.767% due 05/15/2115 | 2100 | 1719 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;23156 |
| **FLORIDA 0.2%** | **FLORIDA 0.2%** | **FLORIDA 0.2%** |
|  **Palm Beach County, Florida Revenue Bonds, Series 2013** | **Palm Beach County, Florida Revenue Bonds, Series 2013** | **Palm Beach County, Florida Revenue Bonds, Series 2013** |
|  5.250% due 11/01/2043 | 7520 | 7536 |
| **GEORGIA 0.0%** | **GEORGIA 0.0%** | **GEORGIA 0.0%** |
|  **Municipal Electric Authority of Georgia Revenue Bonds, (BABs), Series 2010** | **Municipal Electric Authority of Georgia Revenue Bonds, (BABs), Series 2010** | **Municipal Electric Authority of Georgia Revenue Bonds, (BABs), Series 2010** |
|  6.637% due 04/01/2057 | 1087 | 1166 |
| **ILLINOIS 0.2%** | **ILLINOIS 0.2%** | **ILLINOIS 0.2%** |
|  **Illinois State General Obligation Bonds, (BABs), Series 2010** | **Illinois State General Obligation Bonds, (BABs), Series 2010** | **Illinois State General Obligation Bonds, (BABs), Series 2010** |
|  7.350% due 07/01/2035 | 6314 | 6650 |
| **MICHIGAN 0.1%** | **MICHIGAN 0.1%** | **MICHIGAN 0.1%** |
|  **University of Michigan Revenue Bonds, Series 2022** | **University of Michigan Revenue Bonds, Series 2022** | **University of Michigan Revenue Bonds, Series 2022** |
|  4.454% due 04/01/2122 | 2000 | 1627 |
| **NEW JERSEY 0.1%** | **NEW JERSEY 0.1%** | **NEW JERSEY 0.1%** |
|  **Rutgers, The State University of New Jersey Revenue Bonds, Series 2019** | **Rutgers, The State University of New Jersey Revenue Bonds, Series 2019** | **Rutgers, The State University of New Jersey Revenue Bonds, Series 2019** |
|  3.915% due 05/01/2119 | &nbsp;&nbsp;&nbsp;&nbsp;5400 | 3578 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **65** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO Active Bond Exchange-Traded Fund** | **(Cont.)** |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **NEW YORK 0.2%** | **NEW YORK 0.2%** | **NEW YORK 0.2%** |
|  **New York City, New York Industrial Development Agency Revenue Bonds, (AGM Insured), Series 2006** | **New York City, New York Industrial Development Agency Revenue Bonds, (AGM Insured), Series 2006** | **New York City, New York Industrial Development Agency Revenue Bonds, (AGM Insured), Series 2006** |
|  6.027% due 01/01/2046 | 600 | 583 |
|  **Port Authority of New York & New Jersey Revenue Bonds, Series 2015** | **Port Authority of New York & New Jersey Revenue Bonds, Series 2015** | **Port Authority of New York & New Jersey Revenue Bonds, Series 2015** |
|  4.810% due 10/15/2065 | 1000 | 930 |
|  **Port Authority of New York & New Jersey Revenue Bonds, Series 2019** | **Port Authority of New York & New Jersey Revenue Bonds, Series 2019** | **Port Authority of New York & New Jersey Revenue Bonds, Series 2019** |
|  3.287% due 08/01/2069 | 7500 | 4909 |
|  |  | 6422 |
| **TEXAS 0.1%** | **TEXAS 0.1%** | **TEXAS 0.1%** |
|  **Texas Private Activity Bond Surface Transportation Corp. Revenue Bonds, Series 2019** | **Texas Private Activity Bond Surface Transportation Corp. Revenue Bonds, Series 2019** | **Texas Private Activity Bond Surface Transportation Corp. Revenue Bonds, Series 2019** |
|  3.922% due 12/31/2049 | 4200 | 3193 |
| **VIRGINIA 0.1%** | **VIRGINIA 0.1%** | **VIRGINIA 0.1%** |
|  **University of Virginia Revenue Bonds, Series 2017** | **University of Virginia Revenue Bonds, Series 2017** | **University of Virginia Revenue Bonds, Series 2017** |
|  4.179% due 09/01/2117 | 870 | 666 |
|  **University of Virginia Revenue Bonds, Series 2019** | **University of Virginia Revenue Bonds, Series 2019** | **University of Virginia Revenue Bonds, Series 2019** |
|  3.227% due 09/01/2119 | 5300 | 3110 |
|  |  | 3776 |
| **WEST VIRGINIA 0.2%** | **WEST VIRGINIA 0.2%** | **WEST VIRGINIA 0.2%** |
|  **Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2020** | **Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2020** | **Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2020** |
|  3.000% due 06/01/2035 | 864 | 777 |
|  4.875% due 06/01/2049 | 5000 | 4277 |
|  |  | 5054 |
|  **Total Municipal Bonds & Notes (Cost $79,896)** | **Total Municipal Bonds & Notes (Cost $79,896)** | **62158** |
| **U.S. GOVERNMENT AGENCIES 35.5%** | **U.S. GOVERNMENT AGENCIES 35.5%** | **U.S. GOVERNMENT AGENCIES 35.5%** |
|  **Fannie Mae** | **Fannie Mae** | **Fannie Mae** |
|  0.000% due 07/25/2031 - 02/25/2040 (b)(d) | 88 | 73 |
|  0.856% due 05/25/2042 •  | 134 | 94 |
|  1.611% due 09/25/2042 •(a) | 22262 | 2838 |
|  2.031% due 04/25/2040 ~(a) | 38 | 3 |
|  2.811% due 05/25/2036 •(a) | 815 | 74 |
|  3.000% due 03/25/2033 - 02/25/2043 | 3 | 3 |
|  3.195% due 04/01/2036 •  | 5 | 5 |
|  3.500% due 06/25/2042 | 587 | 543 |
|  3.700% due 12/01/2028 •  | 146 | 145 |
|  4.000% due 10/01/2026 - 07/01/2044 | 853 | 816 |
|  4.030% due 11/01/2035 •  | 2 | 2 |
|  4.085% due 10/01/2035 •  | 3 | 3 |
|  4.218% due 09/01/2034 •  | 21 | 21 |
|  4.500% due 09/01/2023 - 06/01/2051 | 972 | 932 |
|  5.000% due 05/01/2026 - 11/01/2039 | 1019 | 997 |
|  5.500% due 12/01/2031 - 04/01/2039 | 580 | 574 |
|  6.000% due 05/25/2031 - 09/01/2037 | 533 | 539 |
|  6.500% due 01/01/2036 - 05/01/2038 | 47 | 49 |
|  6.797% due 01/25/2036 ~ | 99 | 87 |
|  7.000% due 04/01/2037 - 03/01/2038 | 47 | 48 |
|  7.500% due 10/01/2037 | 60 | 63 |
|  **Freddie Mac** | **Freddie Mac** | **Freddie Mac** |
|  0.000% due 01/15/2033 - 07/15/2039 (b)(d) | 418 | 368 |
|  0.380% due 06/15/2040 ~(a) | 8576 | 313 |
|  0.443% due 11/15/2048 •(a) | 20875 | 645 |
|  0.467% due 06/15/2042 ~ | 50 | 23 |
|  0.632% due 12/15/2040 ~(a) | 1216 | 46 |
|  0.712% due 05/15/2041 •  | 827 | 663 |
|  1.264% due 01/15/2041 •  | 3901 | 3355 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  3.000% due 01/01/2043 - 04/01/2043 | 4 | 4 |
|  3.500% due 12/15/2028 (a) | 733 | 31 |
|  3.500% due 10/01/2033 - 04/01/2049 | 45407 | 42070 |
|  3.597% due 10/01/2036 • | 1 | 1 |
|  3.853% due 12/01/2031 • | 44 | 44 |
|  4.000% due 09/01/2033 - 06/01/2049 | 53774 | 51436 |
|  4.105% due 07/01/2036 • | 2 | 2 |
|  4.500% due 02/01/2034 - 11/01/2044 | 3788 | 3728 |
|  5.000% due 03/01/2033 - 07/15/2041 | 324 | 321 |
|  5.250% due 04/15/2033 | 23 | 23 |
|  5.500% due 01/01/2023 - 10/01/2037 | 763 | 763 |
|  6.000% due 12/01/2034 - 08/01/2037 | 86 | 86 |
|  6.500% due 01/01/2037 - 07/01/2037 | 19 | 19 |
|  7.788% due 05/15/2033 ~ | 29 | 28 |
|  8.040% due 10/15/2023 ~ | 8 | 8 |
|  9.500% due 01/01/2025 | 5 | 5 |
|  10.000% due 04/01/2025 | 1 | 1 |
|  **Ginnie Mae** | **Ginnie Mae** | **Ginnie Mae** |
|  3.500% due 12/20/2040 - 03/20/2047 | 9367 | 8680 |
|  4.000% due 09/20/2040 - 06/15/2047 | 14059 | 13540 |
|  4.500% due 08/20/2038 - 02/20/2047 | 1467 | 1432 |
|  4.750% due 01/20/2035 | 47 | 47 |
|  5.000% due 03/20/2034 - 04/20/2040 | 364 | 361 |
|  5.500% due 04/16/2034 - 11/20/2038 | 35 | 35 |
|  6.000% due 08/20/2038 - 02/20/2039 | 55 | 55 |
|  6.500% due 12/20/2038 | 25 | 25 |
|  **Ginnie Mae, TBA** | **Ginnie Mae, TBA** | **Ginnie Mae, TBA** |
|  3.500% due 01/01/2053 - 02/01/2053 | 102800 | 94492 |
|  **Tennessee Valley Authority STRIPS** | **Tennessee Valley Authority STRIPS** | **Tennessee Valley Authority STRIPS** |
|  0.000% due 06/15/2038 (d) | 2500 | 1185 |
|  4.250% due 09/15/2065 | 10000 | 8694 |
|  **Uniform Mortgage-Backed Security** | **Uniform Mortgage-Backed Security** | **Uniform Mortgage-Backed Security** |
|  3.000% due 03/01/2050 - 07/01/2052 | 107145 | 94257 |
|  3.500% due 06/01/2045 - 07/01/2052 | 119116 | 109600 |
|  4.000% due 05/01/2023 - 01/01/2053 | 119926 | &nbsp;&nbsp;&nbsp;&nbsp;114182 |
|  4.500% due 06/01/2039 - 10/01/2052 | 101729 | 98378 |
|  5.000% due 09/01/2052 | 24668 | 24592 |
|  **Uniform Mortgage-Backed Security, TBA** | **Uniform Mortgage-Backed Security, TBA** | **Uniform Mortgage-Backed Security, TBA** |
|  2.500% due 02/01/2053 | 252378 | 213987 |
|  3.000% due 02/01/2053 | 179366 | 157594 |
|  3.500% due 02/01/2053 | 95600 | 86920 |
|  **Total U.S. Government Agencies<br>(Cost $1,183,656)** | **Total U.S. Government Agencies<br>(Cost $1,183,656)** | **1139948** |
| **U.S. TREASURY OBLIGATIONS 13.5%** | **U.S. TREASURY OBLIGATIONS 13.5%** | **U.S. TREASURY OBLIGATIONS 13.5%** |
|  **U.S. Treasury Bonds** | **U.S. Treasury Bonds** | **U.S. Treasury Bonds** |
|  3.375% due 08/15/2042 | 300000 | 268219 |
|  **U.S. Treasury Notes** | **U.S. Treasury Notes** | **U.S. Treasury Notes** |
|  3.875% due 11/30/2027 | 130000 | 129309 |
|  4.500% due 11/30/2024 | 36000 | 36004 |
|  **Total U.S. Treasury Obligations<br>(Cost $448,623)** | **Total U.S. Treasury Obligations<br>(Cost $448,623)** | **433532** |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES 7.4%** | **NON-AGENCY MORTGAGE-BACKED SECURITIES 7.4%** | **NON-AGENCY MORTGAGE-BACKED SECURITIES 7.4%** |
|  **American Home Mortgage Investment Trust** | **American Home Mortgage Investment Trust** | **American Home Mortgage Investment Trust** |
|  4.749% due 12/25/2046 •  | 3211 | 2622 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Arbor Multifamily Mortgage Securities Trust** | **Arbor Multifamily Mortgage Securities Trust** | **Arbor Multifamily Mortgage Securities Trust** |
|  2.756% due 05/15/2053 | 4600 | 3925 |
|  **BAMLL Commercial Mortgage Securities Trust** | **BAMLL Commercial Mortgage Securities Trust** | **BAMLL Commercial Mortgage Securities Trust** |
|  5.518% due 03/15/2034 •  | 5385 | &nbsp;&nbsp;&nbsp;&nbsp;5239 |
|  **Banc of America Funding Trust** | **Banc of America Funding Trust** | **Banc of America Funding Trust** |
|  2.943% due 08/27/2036 ~ | 8672 | 8149 |
|  **Barclays Commercial Mortgage Securities Trust** | **Barclays Commercial Mortgage Securities Trust** | **Barclays Commercial Mortgage Securities Trust** |
|  4.314% due 12/15/2051 | 1000 | 954 |
|  **BCAP LLC Trust** | **BCAP LLC Trust** | **BCAP LLC Trust** |
|  4.689% due 05/25/2047 ^•  | 1653 | 1522 |
|  **Bear Stearns ALT-A Trust** | **Bear Stearns ALT-A Trust** | **Bear Stearns ALT-A Trust** |
|  5.029% due 04/25/2034 ~ | 12 | 11 |
|  **BWAY Mortgage Trust** | **BWAY Mortgage Trust** | **BWAY Mortgage Trust** |
|  5.568% due 09/15/2036 •  | 5000 | 4777 |
|  **BX Commercial Mortgage Trust** | **BX Commercial Mortgage Trust** | **BX Commercial Mortgage Trust** |
|  5.048% due 10/15/2036 •  | 1639 | 1577 |
|  **Chase Mortgage Finance Trust** | **Chase Mortgage Finance Trust** | **Chase Mortgage Finance Trust** |
|  6.000% due 05/25/2036 | 3676 | 1792 |
|  **ChaseFlex Trust** | **ChaseFlex Trust** | **ChaseFlex Trust** |
|  6.500% due 02/25/2037 | 3875 | 1428 |
|  **Citigroup Commercial Mortgage Trust** | **Citigroup Commercial Mortgage Trust** | **Citigroup Commercial Mortgage Trust** |
|  3.209% due 05/10/2049 | 7800 | 7261 |
|  3.778% due 09/10/2058 | 8100 | 7715 |
|  **Citigroup Mortgage Loan Trust** | **Citigroup Mortgage Loan Trust** | **Citigroup Mortgage Loan Trust** |
|  4.709% due 09/25/2036 ~ | 745 | 697 |
|  5.189% due 08/25/2035 ^•  | 331 | 318 |
|  5.500% due 08/25/2034 | 1418 | 1359 |
|  **Commercial Mortgage Trust** | **Commercial Mortgage Trust** | **Commercial Mortgage Trust** |
|  5.618% due 12/15/2038 ~ | 6400 | 5918 |
|  **Countrywide Alternative Loan Trust** | **Countrywide Alternative Loan Trust** | **Countrywide Alternative Loan Trust** |
|  4.639% due 06/25/2037 ^~ | 525 | 419 |
|  4.749% due 05/25/2047 ~ | 154 | 130 |
|  4.993% due 12/20/2035 ~ | 3225 | 2815 |
|  5.500% due 07/25/2035 | 1119 | 781 |
|  5.500% due 08/25/2035 | 328 | 286 |
|  5.500% due 12/25/2035 | 734 | 521 |
|  5.500% due 02/25/2036 | 1503 | 1190 |
|  5.750% due 05/25/2036 | 362 | 163 |
|  6.000% due 04/25/2037 | 3102 | 2635 |
|  6.250% due 08/25/2036 | 333 | 199 |
|  **Countrywide Home Loan Mortgage Pass-Through Trust** | **Countrywide Home Loan Mortgage Pass-Through Trust** | **Countrywide Home Loan Mortgage Pass-Through Trust** |
|  3.324% due 03/20/2036 ~ | 585 | 488 |
|  3.726% due 11/25/2037 ~ | 2337 | 2106 |
|  3.792% due 02/20/2036 ~ | 657 | 568 |
|  4.929% due 03/25/2035 ~ | 76 | 67 |
|  **Countrywide Home Loan Reperforming REMIC Trust** | **Countrywide Home Loan Reperforming REMIC Trust** | **Countrywide Home Loan Reperforming REMIC Trust** |
|  4.729% due 01/25/2036 •  | 1347 | 1281 |
|  **Credit Suisse First Boston Mortgage Securities Corp.** | **Credit Suisse First Boston Mortgage Securities Corp.** | **Credit Suisse First Boston Mortgage Securities Corp.** |
|  3.630% due 11/25/2034 ~ | 21 | 20 |
|  5.039% due 11/25/2031 •  | 29 | 19 |
|  **Credit Suisse Mortgage Capital Certificates** | **Credit Suisse Mortgage Capital Certificates** | **Credit Suisse Mortgage Capital Certificates** |
|  2.436% due 02/25/2061 ~ | 1851 | 1706 |
|  6.000% due 07/25/2037 ^ | 394 | 326 |
|  **Credit Suisse Mortgage Capital Mortgage-Backed Trust** | **Credit Suisse Mortgage Capital Mortgage-Backed Trust** | **Credit Suisse Mortgage Capital Mortgage-Backed Trust** |
|  5.500% due 03/25/2037 | 759 | 426 |
|  6.421% due 10/25/2037 ~ | 3043 | 1880 |
|  **Credit Suisse Mortgage Capital Trust** | **Credit Suisse Mortgage Capital Trust** | **Credit Suisse Mortgage Capital Trust** |
|  1.796% due 12/27/2060 ~ | 2302 | 2114 |
|  1.926% due 07/27/2061 ~ | 3587 | 3255 |
|  2.691% due 03/25/2060 ~ | 4993 | 4781 |
|  3.023% due 08/25/2060 ~ | 3747 | 3595 |
|  **Deutsche ALT-A Securities, Inc. Mortgage Loan Trust** | **Deutsche ALT-A Securities, Inc. Mortgage Loan Trust** | **Deutsche ALT-A Securities, Inc. Mortgage Loan Trust** |
|  4.869% due 01/25/2047 •  | 4075 | 3371 |
|  **Deutsche ALT-B Securities, Inc. Mortgage Loan Trust** | **Deutsche ALT-B Securities, Inc. Mortgage Loan Trust** | **Deutsche ALT-B Securities, Inc. Mortgage Loan Trust** |
|  5.431% due 02/25/2036 ~ | 145 | 131 |
|  5.665% due 02/25/2036 ~ | 1346 | 1216 |
|  **EQUS Mortgage Trust** | **EQUS Mortgage Trust** | **EQUS Mortgage Trust** |
|  5.073% due 10/15/2038 •  | 4700 | 4530 |
|  **GCAT LLC** | **GCAT LLC** | **GCAT LLC** |
|  2.981% due 09/25/2025 þ | 2278 | 2207 |
|  **Great Hall Mortgages PLC** | **Great Hall Mortgages PLC** | **Great Hall Mortgages PLC** |
|  4.868% due 06/18/2039 ~ | 1010 | 991 |
|  **GS Mortgage Securities Corp.** | **GS Mortgage Securities Corp.** | **GS Mortgage Securities Corp.** |
|  7.736% due 08/15/2039 ~ | 2300 | 2321 |

---

---

| | | |
|:---|:---|:---|
| **66** | **PIMCO ETF TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **GSMPS Mortgage Loan Trust** | **GSMPS Mortgage Loan Trust** | **GSMPS Mortgage Loan Trust** |
|  4.739% due 01/25/2036 ~ | 2079 | 1727 |
|  **GSR Mortgage Loan Trust** | **GSR Mortgage Loan Trust** | **GSR Mortgage Loan Trust** |
|  3.719% due 11/25/2035 ~ | 7 | 6 |
|  3.796% due 01/25/2036 ~ | 1110 | 1068 |
|  4.250% due 09/25/2034 ~ | 127 | 120 |
|  6.000% due 03/25/2036 | 4172 | 1686 |
|  6.500% due 05/25/2036 | 645 | 214 |
|  **HarborView Mortgage Loan Trust** | **HarborView Mortgage Loan Trust** | **HarborView Mortgage Loan Trust** |
|  4.719% due 01/19/2038 •  | 3160 | 2777 |
|  4.749% due 12/19/2036 •  | 2231 | 1839 |
|  4.879% due 03/19/2035 •  | 855 | 822 |
|  **Impac Secured Assets Trust** | **Impac Secured Assets Trust** | **Impac Secured Assets Trust** |
|  4.789% due 11/25/2036 •  | 590 | 579 |
|  **IndyMac INDX Mortgage Loan Trust** | **IndyMac INDX Mortgage Loan Trust** | **IndyMac INDX Mortgage Loan Trust** |
|  3.489% due 09/25/2036 ~ | 1536 | 1045 |
|  **JP Morgan Alternative Loan Trust** | **JP Morgan Alternative Loan Trust** | **JP Morgan Alternative Loan Trust** |
|  4.141% due 12/25/2035 ^~ | 503 | 367 |
|  **JP Morgan Chase Commercial Mortgage Securities Trust** | **JP Morgan Chase Commercial Mortgage Securities Trust** | **JP Morgan Chase Commercial Mortgage Securities Trust** |
|  3.648% due 12/15/2049 ~ | 3700 | 3456 |
|  **JP Morgan Mortgage Trust** | **JP Morgan Mortgage Trust** | **JP Morgan Mortgage Trust** |
|  3.346% due 07/25/2035 ~ | 14 | 13 |
|  3.381% due 02/25/2036 ^~ | 796 | 622 |
|  6.000% due 08/25/2037 ^ | 808 | 449 |
|  6.500% due 01/25/2036 ^ | 5050 | 2748 |
|  **Key Commercial Mortgage Securities Trust** | **Key Commercial Mortgage Securities Trust** | **Key Commercial Mortgage Securities Trust** |
|  2.233% due 09/16/2052 | 10000 | &nbsp;&nbsp;&nbsp;&nbsp;8186 |
|  **Legacy Mortgage Asset Trust** | **Legacy Mortgage Asset Trust** | **Legacy Mortgage Asset Trust** |
|  1.750% due 07/25/2061 þ | 1316 | 1196 |
|  1.875% due 10/25/2068 þ | 3766 | 3390 |
|  1.892% due 10/25/2066 þ | 1680 | 1544 |
|  1.991% due 09/25/2060 ~ | 685 | 672 |
|  2.250% due 07/25/2067 þ | 2242 | 2018 |
|  **Lehman XS Trust** | **Lehman XS Trust** | **Lehman XS Trust** |
|  3.048% due 11/25/2035 •  | 15 | 15 |
|  4.749% due 12/25/2036 •  | 2546 | 2390 |
|  4.769% due 11/25/2046 •  | 2923 | 2468 |
|  **LUXE Commercial Mortgage Trust** | **LUXE Commercial Mortgage Trust** | **LUXE Commercial Mortgage Trust** |
|  5.368% due 10/15/2038 ~ | 2284 | 2188 |
|  **MASTR Adjustable Rate Mortgages Trust** | **MASTR Adjustable Rate Mortgages Trust** | **MASTR Adjustable Rate Mortgages Trust** |
|  2.208% due 04/25/2034 ~ | 335 | 277 |
|  2.981% due 03/25/2035 ~ | 29 | 28 |
|  7.303% due 12/25/2035 •  | 3558 | 3436 |
|  **Merrill Lynch Mortgage Investors Trust** | **Merrill Lynch Mortgage Investors Trust** | **Merrill Lynch Mortgage Investors Trust** |
|  4.486% due 05/25/2029 ~ | 11 | 10 |
|  4.949% due 07/25/2029 •  | 177 | 165 |
|  **MFA Trust** | **MFA Trust** | **MFA Trust** |
|  1.014% due 01/26/2065 ~ | 2220 | 2035 |
|  1.324% due 01/26/2065 ~ | 605 | 555 |
|  1.381% due 04/25/2065 ~ | 4004 | 3610 |
|  1.632% due 01/26/2065 ~ | 1162 | 1069 |
|  1.638% due 04/25/2065 ~ | 1655 | 1494 |
|  **Mill City Mortgage Loan Trust** | **Mill City Mortgage Loan Trust** | **Mill City Mortgage Loan Trust** |
|  2.750% due 07/25/2059 ~ | 3005 | 2806 |
|  2.750% due 08/25/2059 ~ | 826 | 776 |
|  **Morgan Stanley Mortgage Loan Trust** | **Morgan Stanley Mortgage Loan Trust** | **Morgan Stanley Mortgage Loan Trust** |
|  4.386% due 06/25/2036 ~ | 2694 | 2572 |
|  **Natixis Commercial Mortgage Securities Trust** | **Natixis Commercial Mortgage Securities Trust** | **Natixis Commercial Mortgage Securities Trust** |
|  5.268% due 08/15/2038 •  | 900 | 847 |
|  **New York Mortgage Trust** | **New York Mortgage Trust** | **New York Mortgage Trust** |
|  1.670% due 08/25/2061 þ | 3516 | 3169 |
|  **Nomura Asset Acceptance Corp. Alternative Loan Trust** | **Nomura Asset Acceptance Corp. Alternative Loan Trust** | **Nomura Asset Acceptance Corp. Alternative Loan Trust** |
|  4.639% due 06/25/2037 ~ | 5914 | 5199 |
|  **Nomura Resecuritization Trust** | **Nomura Resecuritization Trust** | **Nomura Resecuritization Trust** |
|  6.500% due 10/26/2037 | 1883 | 955 |
|  **One New York Plaza Trust** | **One New York Plaza Trust** | **One New York Plaza Trust** |
|  5.268% due 01/15/2036 •  | 6100 | 5766 |
|  **Preston Ridge Partners Mortgage LLC** | **Preston Ridge Partners Mortgage LLC** | **Preston Ridge Partners Mortgage LLC** |
|  3.720% due 02/25/2027 þ | 4126 | 3877 |
|  **RBSGC Mortgage Loan Trust** | **RBSGC Mortgage Loan Trust** | **RBSGC Mortgage Loan Trust** |
|  4.769% due 12/25/2034 ~ | 1438 | 1285 |
|  **Residential Accredit Loans, Inc. Trust** | **Residential Accredit Loans, Inc. Trust** | **Residential Accredit Loans, Inc. Trust** |
|  6.000% due 06/25/2036 | 1392 | 1125 |
|  6.000% due 12/25/2036 ^ | 1080 | 854 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.500% due 07/25/2037 ^ | 2398 | 1920 |
|  **Residential Asset Securitization Trust** | **Residential Asset Securitization Trust** | **Residential Asset Securitization Trust** |
|  4.939% due 08/25/2033 ~ | 22 | 20 |
|  5.500% due 08/25/2034 | 1505 | 1426 |
|  **Residential Funding Mortgage Securities, Inc. Trust** | **Residential Funding Mortgage Securities, Inc. Trust** | **Residential Funding Mortgage Securities, Inc. Trust** |
|  6.000% due 06/25/2036 ^ | 478 | 398 |
|  **Sequoia Mortgage Trust** | **Sequoia Mortgage Trust** | **Sequoia Mortgage Trust** |
|  3.767% due 02/20/2035 ~ | 488 | 438 |
|  5.053% due 07/20/2033 ~ | 19 | 17 |
|  **Starwood Mortgage Residential Trust** | **Starwood Mortgage Residential Trust** | **Starwood Mortgage Residential Trust** |
|  1.439% due 11/25/2055 ~ | 688 | 636 |
|  1.593% due 11/25/2055 ~ | 889 | 819 |
|  **Thornburg Mortgage Securities Trust** | **Thornburg Mortgage Securities Trust** | **Thornburg Mortgage Securities Trust** |
|  3.433% due 10/25/2046 ~ | 1034 | 963 |
|  6.666% due 06/25/2037 •  | 240 | 215 |
|  **Verus Securitization Trust** | **Verus Securitization Trust** | **Verus Securitization Trust** |
|  1.824% due 11/25/2066 ~ | 3173 | 2687 |
|  3.035% due 03/25/2060 ~ | 100 | 92 |
|  3.889% due 03/25/2060 ~ | 300 | 272 |
|  **WaMu Mortgage Pass-Through Certificates Trust** | **WaMu Mortgage Pass-Through Certificates Trust** | **WaMu Mortgage Pass-Through Certificates Trust** |
|  2.710% due 01/25/2037 ^~ | 2717 | 2332 |
|  3.524% due 07/25/2037 ^~ | 2176 | 1979 |
|  3.548% due 10/25/2046 ~ | 1055 | 936 |
|  **Washington Mutual Mortgage Pass-Through Certificates Trust** | **Washington Mutual Mortgage Pass-Through Certificates Trust** | **Washington Mutual Mortgage Pass-Through Certificates Trust** |
|  3.018% due 05/25/2046 ^•  | 405 | 321 |
|  4.174% due 10/25/2036 ^þ | 7614 | 2811 |
|  4.909% due 12/25/2035 •  | 7309 | 6230 |
|  **Wells Fargo Commercial Mortgage Trust** | **Wells Fargo Commercial Mortgage Trust** | **Wells Fargo Commercial Mortgage Trust** |
|  2.448% due 06/15/2053 | 13900 | 11570 |
|  3.451% due 02/15/2048 | 3500 | 3333 |
|  **Wells Fargo Mortgage-Backed Securities Trust** | **Wells Fargo Mortgage-Backed Securities Trust** | **Wells Fargo Mortgage-Backed Securities Trust** |
|  4.046% due 08/25/2036 ^~ | 302 | 278 |
|  4.495% due 12/28/2037 ~ | 1478 | 1283 |
|  **Worldwide Plaza Trust** | **Worldwide Plaza Trust** | **Worldwide Plaza Trust** |
|  3.526% due 11/10/2036 | 8900 | 7657 |
|  **Total Non-Agency Mortgage-Backed Securities (Cost $267,931)** | **Total Non-Agency Mortgage-Backed Securities (Cost $267,931)** | **235950** |
| **ASSET-BACKED SECURITIES 18.7%** | **ASSET-BACKED SECURITIES 18.7%** | **ASSET-BACKED SECURITIES 18.7%** |
|  **510 Asset-Backed Trust** | **510 Asset-Backed Trust** | **510 Asset-Backed Trust** |
|  2.240% due 06/25/2061 þ | 2438 | 2240 |
|  **522 Funding CLO Ltd.** | **522 Funding CLO Ltd.** | **522 Funding CLO Ltd.** |
|  5.283% due 10/20/2031 •  | 4400 | 4323 |
|  **AASET Trust** | **AASET Trust** | **AASET Trust** |
|  2.798% due 01/15/2047 | 2819 | 2276 |
|  3.844% due 01/16/2038 | 1598 | 984 |
|  3.967% due 05/16/2042 | 1327 | 1030 |
|  **ACE Securities Corp. Home Equity Loan Trust** | **ACE Securities Corp. Home Equity Loan Trust** | **ACE Securities Corp. Home Equity Loan Trust** |
|  4.889% due 10/25/2036 ~ | 4706 | 1854 |
|  **ACREC Ltd.** | **ACREC Ltd.** | **ACREC Ltd.** |
|  5.476% due 10/16/2036 ~ | 2000 | 1928 |
|  **Aegis Asset-Backed Securities Trust** | **Aegis Asset-Backed Securities Trust** | **Aegis Asset-Backed Securities Trust** |
|  5.109% due 08/25/2035 •  | 187 | 179 |
|  **ALESCO Preferred Funding Ltd.** | **ALESCO Preferred Funding Ltd.** | **ALESCO Preferred Funding Ltd.** |
|  5.059% due 12/23/2036 •  | 1052 | 988 |
|  5.479% due 09/23/2038 •  | 2260 | 2145 |
|  **Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates** | **Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates** | **Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates** |
|  2.834% due 06/25/2033 ~ | 3707 | 3374 |
|  **Apex Credit CLO Ltd.** | **Apex Credit CLO Ltd.** | **Apex Credit CLO Ltd.** |
|  5.736% due 09/20/2029 ~ | 2468 | 2429 |
|  **Argent Securities Trust** | **Argent Securities Trust** | **Argent Securities Trust** |
|  4.769% due 03/25/2036 ~ | 3454 | 2989 |
|  **Argent Securities, Inc. Asset-Backed Pass-Through Certificates** | **Argent Securities, Inc. Asset-Backed Pass-Through Certificates** | **Argent Securities, Inc. Asset-Backed Pass-Through Certificates** |
|  4.849% due 01/25/2036 •  | 5281 | 4752 |
|  **Asset-Backed Funding Certificates Trust** | **Asset-Backed Funding Certificates Trust** | **Asset-Backed Funding Certificates Trust** |
|  4.529% due 10/25/2036 ~ | 1315 | 1192 |
|  4.549% due 01/25/2037 •  | 1964 | 1167 |
|  4.869% due 09/25/2036 •  | 3913 | 3708 |
|  **Asset-Backed Securities Corp. Home Equity Loan Trust** | **Asset-Backed Securities Corp. Home Equity Loan Trust** | **Asset-Backed Securities Corp. Home Equity Loan Trust** |
|  5.094% due 11/25/2035 ~ | 2510 | 2454 |
|  5.199% due 06/25/2034 ~ | 2621 | 2432 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.214% due 04/25/2034 •  | $— | 750 | $— | 696 |
|  7.543% due 08/15/2032 ~ |  | 365 |  | 335 |
|  **Atlas Senior Loan Fund Ltd.** | **Atlas Senior Loan Fund Ltd.** | **Atlas Senior Loan Fund Ltd.** | **Atlas Senior Loan Fund Ltd.** | **Atlas Senior Loan Fund Ltd.** |
|  5.229% due 01/16/2030 •  |  | 6857 |  | &nbsp;&nbsp;&nbsp;&nbsp;6784 |
|  **Bear Stearns Asset-Backed Securities Trust** | **Bear Stearns Asset-Backed Securities Trust** | **Bear Stearns Asset-Backed Securities Trust** | **Bear Stearns Asset-Backed Securities Trust** | **Bear Stearns Asset-Backed Securities Trust** |
|  4.619% due 11/25/2036 •  |  | 3200 |  | 2907 |
|  4.916% due 03/25/2034 •  |  | 2185 |  | 2127 |
|  4.991% due 12/25/2034 •  |  | 1828 |  | 1794 |
|  5.514% due 03/25/2035 ~ |  | 447 |  | 441 |
|  **BSPRT Issuer Ltd.** | **BSPRT Issuer Ltd.** | **BSPRT Issuer Ltd.** | **BSPRT Issuer Ltd.** | **BSPRT Issuer Ltd.** |
|  6.632% due 07/15/2039 •  |  | 4000 |  | 3914 |
|  **BXMT Ltd.** | **BXMT Ltd.** | **BXMT Ltd.** | **BXMT Ltd.** | **BXMT Ltd.** |
|  5.322% due 11/15/2037 ~ |  | 7500 |  | 7385 |
|  **Carlyle Global Market Strategies CLO Ltd.** | **Carlyle Global Market Strategies CLO Ltd.** | **Carlyle Global Market Strategies CLO Ltd.** | **Carlyle Global Market Strategies CLO Ltd.** | **Carlyle Global Market Strategies CLO Ltd.** |
|  5.600% due 08/14/2030 ~ |  | 10184 |  | &nbsp;&nbsp;&nbsp;&nbsp;10073 |
|  **Carrington Mortgage Loan Trust** | **Carrington Mortgage Loan Trust** | **Carrington Mortgage Loan Trust** | **Carrington Mortgage Loan Trust** | **Carrington Mortgage Loan Trust** |
|  4.549% due 10/25/2036 •  |  | 2601 |  | 2122 |
|  4.649% due 02/25/2037 ~ |  | 4676 |  | 4202 |
|  5.439% due 05/25/2035 ~ |  | 5100 |  | 4862 |
|  **Castlelake Aircraft Securitization Trust** | **Castlelake Aircraft Securitization Trust** | **Castlelake Aircraft Securitization Trust** | **Castlelake Aircraft Securitization Trust** | **Castlelake Aircraft Securitization Trust** |
|  4.125% due 06/15/2043 |  | 698 |  | 612 |
|  **Cathedral Lake Ltd.** | **Cathedral Lake Ltd.** | **Cathedral Lake Ltd.** | **Cathedral Lake Ltd.** | **Cathedral Lake Ltd.** |
|  1.929% due 10/20/2030 |  | 9000 |  | 8519 |
|  **CIT Mortgage Loan Trust** | **CIT Mortgage Loan Trust** | **CIT Mortgage Loan Trust** | **CIT Mortgage Loan Trust** | **CIT Mortgage Loan Trust** |
|  5.739% due 10/25/2037 •  |  | 511 |  | 508 |
|  5.889% due 10/25/2037 ~ |  | 5000 |  | 4761 |
|  **Citigroup Mortgage Loan Trust** | **Citigroup Mortgage Loan Trust** | **Citigroup Mortgage Loan Trust** | **Citigroup Mortgage Loan Trust** | **Citigroup Mortgage Loan Trust** |
|  4.649% due 03/25/2037 •  |  | 241 |  | 205 |
|  4.709% due 09/25/2036 •  |  | 1160 |  | 835 |
|  5.064% due 10/25/2035 ^•  |  | 564 |  | 547 |
|  5.289% due 01/25/2036 ~ |  | 1780 |  | 1704 |
|  6.664% due 05/25/2036 þ |  | 4386 |  | 1628 |
|  **CLNC Ltd.** | **CLNC Ltd.** | **CLNC Ltd.** | **CLNC Ltd.** | **CLNC Ltd.** |
|  5.689% due 08/20/2035 •  |  | 1804 |  | 1773 |
|  **Countrywide Asset-Backed Certificates Trust** | **Countrywide Asset-Backed Certificates Trust** | **Countrywide Asset-Backed Certificates Trust** | **Countrywide Asset-Backed Certificates Trust** | **Countrywide Asset-Backed Certificates Trust** |
|  4.529% due 06/25/2035 •  |  | 3058 |  | 2763 |
|  4.529% due 05/25/2037 ~ |  | 3202 |  | 2935 |
|  4.589% due 06/25/2047 ^•  |  | 7750 |  | 6633 |
|  4.609% due 09/25/2037 ^•  |  | 1922 |  | 1973 |
|  4.619% due 04/25/2047 •  |  | 6800 |  | 6133 |
|  5.189% due 08/25/2047 ~ |  | 504 |  | 502 |
|  5.439% due 09/25/2034 •  |  | 815 |  | 797 |
|  **Daimler Trucks Retail Trust** | **Daimler Trucks Retail Trust** | **Daimler Trucks Retail Trust** | **Daimler Trucks Retail Trust** | **Daimler Trucks Retail Trust** |
|  5.390% due 01/15/2030 |  | 2500 |  | 2511 |
|  **Diamond Issuer** | **Diamond Issuer** | **Diamond Issuer** | **Diamond Issuer** | **Diamond Issuer** |
|  2.305% due 11/20/2051 |  | 1800 |  | 1496 |
|  **Dryden Senior Loan Fund** | **Dryden Senior Loan Fund** | **Dryden Senior Loan Fund** | **Dryden Senior Loan Fund** | **Dryden Senior Loan Fund** |
|  5.099% due 04/15/2029 ~ |  | 8034 |  | 7948 |
|  **ECMC Group Student Loan Trust** | **ECMC Group Student Loan Trust** | **ECMC Group Student Loan Trust** | **ECMC Group Student Loan Trust** | **ECMC Group Student Loan Trust** |
|  5.389% due 01/27/2070 •  |  | 3926 |  | 3901 |
|  **EMC Mortgage Loan Trust** | **EMC Mortgage Loan Trust** | **EMC Mortgage Loan Trust** | **EMC Mortgage Loan Trust** | **EMC Mortgage Loan Trust** |
|  5.489% due 08/25/2040 •  |  | 939 |  | 890 |
|  **First Franklin Mortgage Loan Asset-Backed Certificates** | **First Franklin Mortgage Loan Asset-Backed Certificates** | **First Franklin Mortgage Loan Asset-Backed Certificates** | **First Franklin Mortgage Loan Asset-Backed Certificates** | **First Franklin Mortgage Loan Asset-Backed Certificates** |
|  5.214% due 05/25/2034 •  |  | 1672 |  | 1622 |
|  **First Franklin Mortgage Loan Trust** | **First Franklin Mortgage Loan Trust** | **First Franklin Mortgage Loan Trust** | **First Franklin Mortgage Loan Trust** | **First Franklin Mortgage Loan Trust** |
|  4.499% due 12/25/2037 ~ |  | 2820 |  | 2625 |
|  4.709% due 10/25/2036 •  |  | 3355 |  | 2290 |
|  4.989% due 11/25/2035 ~ |  | 245 |  | 234 |
|  5.574% due 12/25/2034 ~ |  | 1475 |  | 1414 |
|  5.814% due 10/25/2034 ~ |  | 1089 |  | 1071 |
|  **Fremont Home Loan Trust** | **Fremont Home Loan Trust** | **Fremont Home Loan Trust** | **Fremont Home Loan Trust** | **Fremont Home Loan Trust** |
|  5.259% due 11/25/2034 ~ |  | 6050 |  | 5189 |
|  5.439% due 11/25/2034 •  |  | 443 |  | 413 |
|  **Galaxy CLO Ltd.** | **Galaxy CLO Ltd.** | **Galaxy CLO Ltd.** | **Galaxy CLO Ltd.** | **Galaxy CLO Ltd.** |
|  5.049% due 10/15/2030 •  |  | 700 |  | 685 |
|  **GSAA Home Equity Trust** | **GSAA Home Equity Trust** | **GSAA Home Equity Trust** | **GSAA Home Equity Trust** | **GSAA Home Equity Trust** |
|  4.829% due 03/25/2047 •  |  | 3018 |  | 1212 |
|  **GSAMP Trust** | **GSAMP Trust** | **GSAMP Trust** | **GSAMP Trust** | **GSAMP Trust** |
|  5.139% due 01/25/2034 •  |  | 1044 |  | 997 |
|  5.169% due 07/25/2045 •  |  | 2633 |  | 2567 |
|  6.264% due 08/25/2034 ~ |  | 4885 |  | 4616 |
|  **Hertz Vehicle Financing LLC** | **Hertz Vehicle Financing LLC** | **Hertz Vehicle Financing LLC** | **Hertz Vehicle Financing LLC** | **Hertz Vehicle Financing LLC** |
|  1.990% due 06/25/2026 |  | 2300 |  | 2114 |
|  2.330% due 06/26/2028 |  | 4700 |  | 4129 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **67** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO Active Bond Exchange-Traded Fund** | **(Cont.)** |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Home Equity Asset Trust** | **Home Equity Asset Trust** | **Home Equity Asset Trust** |
|  4.869% due 08/25/2037 •  | 769 | 753 |
|  **Home Equity Mortgage Loan Asset-Backed Trust** | **Home Equity Mortgage Loan Asset-Backed Trust** | **Home Equity Mortgage Loan Asset-Backed Trust** |
|  4.579% due 07/25/2037 ~ | 8123 | 3333 |
|  4.629% due 11/25/2036 ~ | 6129 | &nbsp;&nbsp;&nbsp;&nbsp;4912 |
|  **Horizon Aircraft Finance Ltd.** | **Horizon Aircraft Finance Ltd.** | **Horizon Aircraft Finance Ltd.** |
|  3.721% due 07/15/2039 | 3967 | 3130 |
|  **IXIS Real Estate Capital Trust** | **IXIS Real Estate Capital Trust** | **IXIS Real Estate Capital Trust** |
|  5.019% due 02/25/2036 •  | 271 | 285 |
|  **JP Morgan Mortgage Acquisition Corp.** | **JP Morgan Mortgage Acquisition Corp.** | **JP Morgan Mortgage Acquisition Corp.** |
|  4.974% due 05/25/2035 ~ | 2736 | 2666 |
|  **JP Morgan Mortgage Acquisition Trust** | **JP Morgan Mortgage Acquisition Trust** | **JP Morgan Mortgage Acquisition Trust** |
|  3.773% due 07/25/2036 ~ | 1510 | 1362 |
|  4.769% due 07/25/2036 ~ | 1100 | 1041 |
|  **KDAC Aviation Finance Ltd.** | **KDAC Aviation Finance Ltd.** | **KDAC Aviation Finance Ltd.** |
|  4.212% due 12/15/2042 | 3393 | 2613 |
|  **KKR CLO Ltd.** | **KKR CLO Ltd.** | **KKR CLO Ltd.** |
|  5.029% due 07/15/2030 •  | 9282 | 9113 |
|  **LCCM Trust** | **LCCM Trust** | **LCCM Trust** |
|  5.518% due 12/13/2038 ~ | 2900 | 2814 |
|  5.768% due 11/15/2038 ~ | 3000 | 2882 |
|  **LCM LP** | **LCM LP** | **LCM LP** |
|  5.243% due 07/20/2030 •  | 9632 | 9488 |
|  **Lehman XS Trust** | **Lehman XS Trust** | **Lehman XS Trust** |
|  4.292% due 06/25/2036 þ | 2239 | 2208 |
|  6.260% due 11/25/2035 þ | 3376 | 1701 |
|  **LL ABS Trust** | **LL ABS Trust** | **LL ABS Trust** |
|  1.070% due 05/15/2029 | 675 | 652 |
|  **LoanCore Issuer Ltd.** | **LoanCore Issuer Ltd.** | **LoanCore Issuer Ltd.** |
|  5.618% due 11/15/2038 ~ | 3300 | 3156 |
|  **Long Beach Mortgage Loan Trust** | **Long Beach Mortgage Loan Trust** | **Long Beach Mortgage Loan Trust** |
|  5.439% due 06/25/2035 •  | 4687 | 4539 |
|  5.539% due 09/25/2034 ~ | 705 | 683 |
|  **Lunar Aircraft Ltd.** | **Lunar Aircraft Ltd.** | **Lunar Aircraft Ltd.** |
|  3.376% due 02/15/2045 | 2103 | 1729 |
|  **Madison Park Funding Ltd.** | **Madison Park Funding Ltd.** | **Madison Park Funding Ltd.** |
|  5.155% due 04/22/2027 ~ | 1589 | 1573 |
|  **Magnetite Ltd.** | **Magnetite Ltd.** | **Magnetite Ltd.** |
|  5.486% due 11/15/2028 ~ | 3280 | 3245 |
|  **Marathon CLO Ltd.** | **Marathon CLO Ltd.** | **Marathon CLO Ltd.** |
|  5.229% due 04/15/2029 •  | 2185 | 2172 |
|  **Marble Point CLO Ltd.** | **Marble Point CLO Ltd.** | **Marble Point CLO Ltd.** |
|  5.119% due 10/15/2030 •  | 4200 | 4119 |
|  **Merrill Lynch Mortgage Investors Trust** | **Merrill Lynch Mortgage Investors Trust** | **Merrill Lynch Mortgage Investors Trust** |
|  3.788% due 02/25/2037 ^þ | 12360 | 1759 |
|  **METAL LLC** | **METAL LLC** | **METAL LLC** |
|  4.581% due 10/15/2042 | 2929 | 1539 |
|  **MF1 Ltd.** | **MF1 Ltd.** | **MF1 Ltd.** |
|  5.176% due 02/19/2037 ~ | 7300 | 7033 |
|  6.150% due 11/15/2035 ~ | 5359 | 5290 |
|  **MKS CLO Ltd.** | **MKS CLO Ltd.** | **MKS CLO Ltd.** |
|  5.243% due 07/20/2030 •  | 3788 | 3722 |
|  **Morgan Stanley ABS Capital, Inc. Trust** | **Morgan Stanley ABS Capital, Inc. Trust** | **Morgan Stanley ABS Capital, Inc. Trust** |
|  4.459% due 10/25/2036 ~ | 74 | 35 |
|  4.519% due 01/25/2037 ~ | 1812 | 898 |
|  4.529% due 05/25/2037 •  | 119 | 105 |
|  4.539% due 10/25/2036 ~ | 295 | 146 |
|  4.609% due 11/25/2036 ~ | 2977 | 1487 |
|  4.889% due 07/25/2036 ~ | 1521 | 625 |
|  4.889% due 08/25/2036 •  | 13761 | 7170 |
|  5.049% due 11/25/2035 •  | 5020 | 4766 |
|  5.169% due 01/25/2035 •  | 122 | 117 |
|  5.304% due 07/25/2034 •  | 835 | 813 |
|  5.639% due 07/25/2037 •  | 6420 | 5345 |
|  **Morgan Stanley Mortgage Loan Trust** | **Morgan Stanley Mortgage Loan Trust** | **Morgan Stanley Mortgage Loan Trust** |
|  6.465% due 09/25/2046 ^þ | 2856 | 1094 |
|  **Mountain View CLO LLC** | **Mountain View CLO LLC** | **Mountain View CLO LLC** |
|  5.169% due 10/16/2029 •  | 3643 | 3604 |
|  **Navient Private Education Loan Trust** | **Navient Private Education Loan Trust** | **Navient Private Education Loan Trust** |
|  5.768% due 07/16/2040 •  | 1330 | 1312 |
|  **Navient Private Education Refi Loan Trust** | **Navient Private Education Refi Loan Trust** | **Navient Private Education Refi Loan Trust** |
|  1.310% due 01/15/2069 | 1376 | 1236 |
|  1.330% due 04/15/2069 | 3739 | 3190 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **New Century Home Equity Loan Trust** | **New Century Home Equity Loan Trust** | **New Century Home Equity Loan Trust** |
|  5.274% due 08/25/2034 ~ | 745 | 717 |
|  **Nomura Home Equity Loan, Inc. Home Equity Loan Trust** | **Nomura Home Equity Loan, Inc. Home Equity Loan Trust** | **Nomura Home Equity Loan, Inc. Home Equity Loan Trust** |
|  5.154% due 05/25/2035 ~ | 1253 | 1220 |
|  **Octane Receivables Trust** | **Octane Receivables Trust** | **Octane Receivables Trust** |
|  1.210% due 09/20/2028 | 4665 | 4437 |
|  **Option One Mortgage Loan Trust** | **Option One Mortgage Loan Trust** | **Option One Mortgage Loan Trust** |
|  4.569% due 04/25/2037 ~ | 2300 | 1110 |
|  4.669% due 07/25/2036 •  | 2100 | 1213 |
|  **Pagaya AI Debt Selection Trust** | **Pagaya AI Debt Selection Trust** | **Pagaya AI Debt Selection Trust** |
|  1.150% due 05/15/2029 | 1107 | 1079 |
|  **Palmer Square Loan Funding Ltd.** | **Palmer Square Loan Funding Ltd.** | **Palmer Square Loan Funding Ltd.** |
|  4.879% due 10/15/2029 ~ | 4890 | 4819 |
|  5.475% due 02/20/2028 •  | 2341 | 2325 |
|  **PRET LLC** | **PRET LLC** | **PRET LLC** |
|  1.744% due 07/25/2051 þ | 1370 | 1244 |
|  1.868% due 07/25/2051 þ | 3893 | 3455 |
|  1.992% due 02/25/2061 þ | 1580 | 1432 |
|  2.487% due 10/25/2051 ~ | 1166 | 1026 |
|  5.240% due 04/25/2052 þ | 6236 | 6021 |
|  **Raptor Aircraft Finance LLC** | **Raptor Aircraft Finance LLC** | **Raptor Aircraft Finance LLC** |
|  4.213% due 08/23/2044 | 2115 | 1543 |
|  **Ready Capital Mortgage Financing LLC** | **Ready Capital Mortgage Financing LLC** | **Ready Capital Mortgage Financing LLC** |
|  6.875% due 10/25/2039 •  | 5392 | 5384 |
|  **Renaissance Home Equity Loan Trust** | **Renaissance Home Equity Loan Trust** | **Renaissance Home Equity Loan Trust** |
|  4.769% due 11/25/2035 •  | 870 | 741 |
|  5.586% due 11/25/2036 þ | 662 | 248 |
|  5.608% due 05/25/2036 þ | 13878 | 6479 |
|  5.812% due 11/25/2036 þ | 12195 | 4741 |
|  5.893% due 06/25/2037 ^þ | 2722 | 872 |
|  6.115% due 08/25/2036 þ | 8664 | 3702 |
|  6.120% due 11/25/2036 þ | 1166 | 476 |
|  **Residential Asset Mortgage Products Trust** | **Residential Asset Mortgage Products Trust** | **Residential Asset Mortgage Products Trust** |
|  4.291% due 03/25/2032 ~ | 911 | 802 |
|  4.899% due 03/25/2036 ~ | 1505 | 1447 |
|  **Residential Asset Securities Corp. Trust** | **Residential Asset Securities Corp. Trust** | **Residential Asset Securities Corp. Trust** |
|  4.609% due 02/25/2037 •  | 4599 | 4367 |
|  **S-Jets Ltd.** | **S-Jets Ltd.** | **S-Jets Ltd.** |
|  3.967% due 08/15/2042 | 3912 | 3041 |
|  **Santander Revolving Auto Lease Trust** | **Santander Revolving Auto Lease Trust** | **Santander Revolving Auto Lease Trust** |
|  2.510% due 01/26/2032 | 3500 | 3300 |
|  **Sapphire Aviation Finance Ltd.** | **Sapphire Aviation Finance Ltd.** | **Sapphire Aviation Finance Ltd.** |
|  4.250% due 03/15/2040 | 2439 | 1895 |
|  **Saranac CLO Ltd.** | **Saranac CLO Ltd.** | **Saranac CLO Ltd.** |
|  5.873% due 08/13/2031 ~ | 8500 | 8237 |
|  **Saxon Asset Securities Trust** | **Saxon Asset Securities Trust** | **Saxon Asset Securities Trust** |
|  1.799% due 05/25/2035 •  | 595 | 452 |
|  2.047% due 03/25/2035 ^•  | 417 | 403 |
|  6.114% due 12/26/2034 •  | 1773 | 1342 |
|  6.139% due 12/25/2037 •  | 610 | 563 |
|  **Securitized Asset-Backed Receivables LLC Trust** | **Securitized Asset-Backed Receivables LLC Trust** | **Securitized Asset-Backed Receivables LLC Trust** |
|  4.969% due 12/25/2035 •  | 1864 | 1791 |
|  5.169% due 02/25/2034 •  | 2483 | 2391 |
|  **Shackleton CLO Ltd.** | **Shackleton CLO Ltd.** | **Shackleton CLO Ltd.** |
|  5.163% due 10/20/2027 •  | 613 | 610 |
|  **Signal Peak CLO Ltd.** | **Signal Peak CLO Ltd.** | **Signal Peak CLO Ltd.** |
|  5.468% due 04/25/2031 •  | 3750 | 3691 |
|  **SLM Private Credit Student Loan Trust** | **SLM Private Credit Student Loan Trust** | **SLM Private Credit Student Loan Trust** |
|  5.039% due 12/15/2039 ~ | 2587 | 2448 |
|  5.079% due 12/15/2038 •  | 436 | 416 |
|  **SLM Private Education Loan Trust** | **SLM Private Education Loan Trust** | **SLM Private Education Loan Trust** |
|  9.068% due 10/15/2041 •  | 3586 | 3850 |
|  **SLM Student Loan Trust** | **SLM Student Loan Trust** | **SLM Student Loan Trust** |
|  5.108% due 04/25/2023 •  | 2453 | 2375 |
|  5.258% due 07/25/2023 ~ | 3666 | 3630 |
|  5.858% due 04/25/2023 ~ | 2417 | 2406 |
|  6.058% due 07/25/2023 ~ | 1587 | 1572 |
|  **SMB Private Education Loan Trust** | **SMB Private Education Loan Trust** | **SMB Private Education Loan Trust** |
|  5.239% due 09/15/2054 •  | 3028 | 2932 |
|  **Sound Point CLO Ltd.** | **Sound Point CLO Ltd.** | **Sound Point CLO Ltd.** |
|  5.225% due 01/23/2029 ~ | 7467 | 7374 |
|  5.293% due 10/20/2028 •  | 12396 | &nbsp;&nbsp;&nbsp;&nbsp;12298 |
|  5.338% due 07/25/2030 •  | 12100 | 11919 |
|  5.453% due 07/20/2032 ~ | 13000 | 12561 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Soundview Home Loan Trust** | **Soundview Home Loan Trust** | **Soundview Home Loan Trust** |
|  4.639% due 07/25/2037 •  | 4030 | 3223 |
|  **Specialty Underwriting & Residential Finance Trust** | **Specialty Underwriting & Residential Finance Trust** | **Specialty Underwriting & Residential Finance Trust** |
|  4.689% due 09/25/2037 •  | 6552 | 4570 |
|  **Starwood Commercial Mortgage Trust** | **Starwood Commercial Mortgage Trust** | **Starwood Commercial Mortgage Trust** |
|  5.526% due 04/18/2038 ~ | 10100 | 9793 |
|  **Stonepeak ABS** | **Stonepeak ABS** | **Stonepeak ABS** |
|  2.301% due 02/28/2033 | 927 | 826 |
|  **Structured Asset Investment Loan Trust** | **Structured Asset Investment Loan Trust** | **Structured Asset Investment Loan Trust** |
|  4.561% due 07/25/2036 ~ | 4950 | 2936 |
|  5.019% due 11/25/2035 ~ | 2531 | 2445 |
|  5.094% due 03/25/2034 ~ | 2421 | 2278 |
|  5.889% due 11/25/2034 ~ | 4118 | 4045 |
|  **Structured Asset Securities Corp. Mortgage Loan Trust** | **Structured Asset Securities Corp. Mortgage Loan Trust** | **Structured Asset Securities Corp. Mortgage Loan Trust** |
|  5.259% due 07/25/2035 ~ | 3693 | 3646 |
|  5.424% due 07/25/2035 •  | 2915 | 2790 |
|  **Theorem Funding Trust** | **Theorem Funding Trust** | **Theorem Funding Trust** |
|  1.210% due 12/15/2027 | 894 | 880 |
|  1.850% due 02/15/2028 | 1029 | 1004 |
|  **THL Credit Wind River CLO Ltd.** | **THL Credit Wind River CLO Ltd.** | **THL Credit Wind River CLO Ltd.** |
|  5.159% due 04/15/2031 ~ | 9000 | 8759 |
|  **TICP CLO Ltd.** | **TICP CLO Ltd.** | **TICP CLO Ltd.** |
|  5.083% due 04/20/2028 •  | 2694 | 2686 |
|  **TPG Real Estate Finance Issuer Ltd.** | **TPG Real Estate Finance Issuer Ltd.** | **TPG Real Estate Finance Issuer Ltd.** |
|  5.458% due 02/15/2039 ~ | 5000 | 4884 |
|  5.526% due 03/15/2038 •  | 8300 | 8035 |
|  **Venture CLO Ltd.** | **Venture CLO Ltd.** | **Venture CLO Ltd.** |
|  4.959% due 04/15/2027 ~ | 6151 | 6141 |
|  5.139% due 07/15/2031 ~ | 4700 | 4634 |
|  5.143% due 10/20/2028 •  | 4949 | 4889 |
|  5.233% due 07/20/2030 •  | 5000 | 4912 |
|  5.263% due 04/20/2029 ~ | 7484 | 7411 |
|  5.293% due 07/20/2030 ~ | 3797 | 3710 |
|  5.596% due 09/07/2030 •  | 10650 | &nbsp;&nbsp;&nbsp;&nbsp;10456 |
|  5.766% due 08/28/2029 •  | 11493 | 11376 |
|  **Vertical Bridge Holdings LLC** | **Vertical Bridge Holdings LLC** | **Vertical Bridge Holdings LLC** |
|  2.636% due 09/15/2050 | 8000 | 7147 |
|  3.706% due 02/15/2057 | 2400 | 1905 |
|  **Vibrant CLO Ltd.** | **Vibrant CLO Ltd.** | **Vibrant CLO Ltd.** |
|  5.283% due 09/15/2030 •  | 8964 | 8822 |
|  **Voya CLO Ltd.** | **Voya CLO Ltd.** | **Voya CLO Ltd.** |
|  5.079% due 10/15/2030 •  | 3000 | 2947 |
|  **WaMu Asset-Backed Certificates WaMu Trust** | **WaMu Asset-Backed Certificates WaMu Trust** | **WaMu Asset-Backed Certificates WaMu Trust** |
|  4.614% due 05/25/2037 •  | 2122 | 1933 |
|  **WAVE LLC** | **WAVE LLC** | **WAVE LLC** |
|  3.597% due 09/15/2044 | 4052 | 3086 |
|  **Wellfleet CLO Ltd.** | **Wellfleet CLO Ltd.** | **Wellfleet CLO Ltd.** |
|  5.133% due 04/20/2029 •  | 1110 | 1097 |
|  5.133% due 07/20/2029 •  | 728 | 719 |
|  **Wells Fargo Home Equity Asset-Backed Securities Trust** | **Wells Fargo Home Equity Asset-Backed Securities Trust** | **Wells Fargo Home Equity Asset-Backed Securities Trust** |
|  5.139% due 12/25/2035 •  | 3100 | 3024 |
|  6.939% due 04/25/2035 ~ | 131 | 128 |
|  **Wells Fargo Home Equity Trust Mortgage Pass-Through Certificates** | **Wells Fargo Home Equity Trust Mortgage Pass-Through Certificates** | **Wells Fargo Home Equity Trust Mortgage Pass-Through Certificates** |
|  4.989% due 04/25/2034 •  | 75 | 71 |
|  **Total Asset-Backed Securities<br>(Cost $640,252)** | **Total Asset-Backed Securities<br>(Cost $640,252)** | **601898** |
| **SOVEREIGN ISSUES 0.1%** | **SOVEREIGN ISSUES 0.1%** | **SOVEREIGN ISSUES 0.1%** |
|  **Mexico Government International Bond** | **Mexico Government International Bond** | **Mexico Government International Bond** |
|  5.750% due 10/12/2110 | 4000 | 3380 |
|  **Total Sovereign Issues (Cost $4,211)** | **Total Sovereign Issues (Cost $4,211)** | **3380** |
|  | **SHARES** |  |
| **PREFERRED SECURITIES 2.8%** | **PREFERRED SECURITIES 2.8%** | **PREFERRED SECURITIES 2.8%** |
| **BANKING & FINANCE 2.5%** | **BANKING & FINANCE 2.5%** | **BANKING & FINANCE 2.5%** |
|  **American AgCredit Corp.** | **American AgCredit Corp.** | **American AgCredit Corp.** |
|  5.250% due 06/15/2026 •(e) | 4000000 | 3382 |
|  **American Express Co.** | **American Express Co.** | **American Express Co.** |
|  3.550% due 09/15/2026 •(e) | 5000000 | 4116 |
|  **Bank of America Corp.** | **Bank of America Corp.** | **Bank of America Corp.** |
|  5.875% due 03/15/2028 •(e) | 5300000 | 4700 |

---

---

| | | |
|:---|:---|:---|
| **68** | **PIMCO ETF TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Capital Farm Credit ACA** | **Capital Farm Credit ACA** | **Capital Farm Credit ACA** | **Capital Farm Credit ACA** |
|  5.000% due 03/15/2026 •(e) | 3300000 | $— | 2863 |
|  **Capital One Financial Corp.** | **Capital One Financial Corp.** | **Capital One Financial Corp.** | **Capital One Financial Corp.** |
|  3.950% due 09/01/2026 •(e) | 4000000 |  | 3159 |
|  **Charles Schwab Corp.** | **Charles Schwab Corp.** | **Charles Schwab Corp.** | **Charles Schwab Corp.** |
|  4.000% due 12/01/2030 •(e) | 11000000 |  | &nbsp;&nbsp;&nbsp;&nbsp;8768 |
|  5.000% due 12/01/2027 •(e) | 5500000 |  | 4601 |
|  **Citigroup, Inc.** | **Citigroup, Inc.** | **Citigroup, Inc.** | **Citigroup, Inc.** |
|  5.000% due 09/12/2024 •(e) | 1500000 |  | 1342 |
|  **CoBank ACB** | **CoBank ACB** | **CoBank ACB** | **CoBank ACB** |
|  4.250% due 01/01/2027 •(e) | 1700000 |  | 1452 |
|  **Farm Credit Bank of Texas** | **Farm Credit Bank of Texas** | **Farm Credit Bank of Texas** | **Farm Credit Bank of Texas** |
|  5.700% due 09/15/2025 •(e) | 4250000 |  | 3952 |
|  **Goldman Sachs Group, Inc.** | **Goldman Sachs Group, Inc.** | **Goldman Sachs Group, Inc.** | **Goldman Sachs Group, Inc.** |
|  3.650% due 08/10/2026 •(e) | 11600000 |  | 9407 |
|  3.800% due 05/10/2026 •(e) | 1400000 |  | 1150 |
|  **Northern Trust Corp.** | **Northern Trust Corp.** | **Northern Trust Corp.** | **Northern Trust Corp.** |
|  4.600% due 10/01/2026 •(e) | 8700000 |  | 7656 |
|  **PNC Financial Services Group, Inc.** | **PNC Financial Services Group, Inc.** | **PNC Financial Services Group, Inc.** | **PNC Financial Services Group, Inc.** |
|  3.400% due 09/15/2026 •(e) | 5000000 |  | 3965 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  **State Street Corp.** | **State Street Corp.** | **State Street Corp.** |
|  5.625% due 12/15/2023 •(e) | 5000000 | 4647 |
|  **SVB Financial Group** | **SVB Financial Group** | **SVB Financial Group** |
|  4.100% due 02/15/2031 •(e) | 2800000 | 1630 |
|  **U.S. Bancorp** | **U.S. Bancorp** | **U.S. Bancorp** |
|  5.300% due 04/15/2027 •(e) | 700000 | 611 |
|  **Wells Fargo & Co.** | **Wells Fargo & Co.** | **Wells Fargo & Co.** |
|  5.900% due 06/15/2024 •(e) | 15000000 | 13620 |
|  |  | 81021 |
| **INDUSTRIALS 0.3%** | **INDUSTRIALS 0.3%** | **INDUSTRIALS 0.3%** |
|  **Energy Transfer LP** | **Energy Transfer LP** | **Energy Transfer LP** |
|  6.750% due 05/15/2025 •(e) | 3000000 | 2606 |
|  **General Electric Co.** | **General Electric Co.** | **General Electric Co.** |
|  8.099% (US0003M + 3.330%) due 03/15/2023 ~(e) | 6000000 | 5951 |
|  |  | 8557 |
|  **Total Preferred Securities (Cost $105,029)** | **Total Preferred Securities (Cost $105,029)** | **89578** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **SHORT-TERM INSTRUMENTS 5.5%** | **SHORT-TERM INSTRUMENTS 5.5%** | **SHORT-TERM INSTRUMENTS 5.5%** | **SHORT-TERM INSTRUMENTS 5.5%** | **SHORT-TERM INSTRUMENTS 5.5%** |
| **REPURCHASE AGREEMENTS (h) 5.4%** | **REPURCHASE AGREEMENTS (h) 5.4%** | **REPURCHASE AGREEMENTS (h) 5.4%** | **REPURCHASE AGREEMENTS (h) 5.4%** | **REPURCHASE AGREEMENTS (h) 5.4%** |
|  |  |  | $— | 172326 |
| **U.S. TREASURY BILLS 0.1%** | **U.S. TREASURY BILLS 0.1%** | **U.S. TREASURY BILLS 0.1%** | **U.S. TREASURY BILLS 0.1%** | **U.S. TREASURY BILLS 0.1%** |
|  4.246% due 03/02/2023 - 03/23/2023 (c)(d) | $— | 4485 |  | 4447 |
| **Total Short-Term Instruments<br>(Cost $176,774)** | **Total Short-Term Instruments<br>(Cost $176,774)** | **Total Short-Term Instruments<br>(Cost $176,774)** |  | **176773** |
| **Total Investments in Securities<br>(Cost $4,057,187)** | **Total Investments in Securities<br>(Cost $4,057,187)** | **Total Investments in Securities<br>(Cost $4,057,187)** |  | **3763960** |
| **Total Investments 117.2%<br>(Cost $4,057,187)** | **Total Investments 117.2%<br>(Cost $4,057,187)** | **Total Investments 117.2%<br>(Cost $4,057,187)** | $— | **3763960** |
|  **Financial Derivative<br>Instruments (i)(j) 0.0%**<br> **(Cost or Premiums, net $780)** | **Financial Derivative<br>Instruments (i)(j) 0.0%**<br> **(Cost or Premiums, net $780)** | **Financial Derivative<br>Instruments (i)(j) 0.0%**<br> **(Cost or Premiums, net $780)** |  | **153** |
| **Other Assets and Liabilities, net (17.2)%** | **Other Assets and Liabilities, net (17.2)%** | **Other Assets and Liabilities, net (17.2)%** |  | **(552260)** |
| **Net Assets 100.0%** |  |  | $— | **3211853** |

---

**NOTES TO SCHEDULE OF INVESTMENTS:** 

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

---

| | |
|:---|:---|
| **^** | **Security is in default.**  |

---

---

| | |
|:---|:---|
| **«** | **Security valued using significant unobservable inputs (Level 3).**  |

---

---

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

---

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

---

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

---

**(a)** **Security is an Interest Only ("IO") or IO Strip.** 

**(b)** **Principal only security.** 

**(c)** **Coupon represents a weighted average yield to maturity.** 

**(d)** **Zero coupon security.** 

**(e)** **Perpetual maturity; date shown, if applicable, represents next contractual call date.** 

**(f)** **Contingent convertible security.** 

&nbsp;&nbsp;&nbsp;&nbsp;**(g) RESTRICTED SECURITIES:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Issuer Description** | **Coupon** | **Maturity<br>Date** | **Acquisition<br>Date** | **Cost** | **Market<br>Value** | **Market Value<br>as Percentage<br>of Net Assets** |
|  Deutsche Bank AG | 3.035% | 05/28/2032 | 06/11/2021 - 08/31/2021 | $9207 | $6842 | 0.21% |
|  Deutsche Bank AG | 3.729 | 01/14/2032 | 01/11/2021 - 01/25/2021 | 2201 | 1617 | 0.05 |
|  Morgan Stanley | 0.000 | 04/02/2032 | 02/11/2020 | 7837 | 5140 | 0.16 |
|  Puget Energy, Inc. | 4.224 | 03/15/2032 | 03/14/2022 | 3000 | 2671 | 0.09 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22245 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16270 | 0.51% |

---

**BORROWINGS AND OTHER FINANCING TRANSACTIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;**(h) REPURCHASE AGREEMENTS:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Lending<br>Rate** | **Settlement<br>Date** | **Maturity<br>Date** | **Principal<br>Amount** | **Collateralized By** | **Collateral<br>(Received)** | **Repurchase<br>Agreements,<br>at Value** | **Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup>** |
| BPS | 4.150% | 12/30/2022 | 01/03/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149400 | U.S. Treasury Notes 0.875% due 11/15/2030 | $(152369) | $149400 | $149469 |
| FICC | 1.900 | 12/30/2022 | 01/03/2023 | 1226 | U.S. Treasury Bills 0.000% due 12/28/2023 | (1251) | 1226 | 1226 |
| NOM | 4.320 | 12/30/2022 | 01/03/2023 | 21700 | U.S. Treasury Bonds 3.000% due 11/15/2044 | (21981) | 21700 | 21710 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** |  | $**(175601)** | $**172326** | $**172405** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **69** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO Active Bond Exchange-Traded Fund** | **(Cont.)** |

---

**BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY** 

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2022:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup>** | **Payable for<br>Reverse<br>Repurchase<br>Agreements** | **Payable for<br>Sale-Buyback<br>Transactions** | **Securities<br>Out on Loan** | **Total<br>Borrowings and<br>Other Financing<br>Transactions** | **Collateral<br>Pledged/(Received)** | **Net Exposure<sup>(2)</sup>** |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  BPS | $149469 | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149469 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(152369) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2900) |
|  FICC | 1226 | 0 | 0 | 0 | 1226 | (1251) | (25) |
|  NOM | 21710 | 0 | 0 | 0 | 21710 | (21981) | (271) |
|  **Total Borrowings and Other Financing Transactions** | $**172405** | $**0** | $**0** | $**0** |  |  |  |

---

<sup>(1)</sup> Includes accrued interest.

<sup>(2)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

**The average amount of borrowings outstanding during the period ended December 31, 2022 was $(26,967) at a weighted average interest rate of 1.905%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** 

&nbsp;&nbsp;&nbsp;&nbsp;**(i) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** 

**FUTURES CONTRACTS:** 

**SHORT FUTURES CONTRACTS** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Variation Margin** | **Variation Margin** |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  U.S. Ultra Treasury Note March Futures  | 03/2023 | 1019 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(120529) | $2604 | $462 | $0 |
|  **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | $**2604** | $**462** | $**0** |

---

**SWAP AGREEMENTS:** 

**CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(1)</sup>** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>December 31, 2022<sup>(2)</sup>** | **Notional<br>Amount<sup>(3)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(4)</sup>** | **Variation Margin** | **Variation Margin** |
| **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>December 31, 2022<sup>(2)</sup>** | **Notional<br>Amount<sup>(3)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(4)</sup>** | **Asset** | **Liability** |
|  AES Corp. | 5.000% | Quarterly | 06/20/2026 | 1.034% | $3400 | $695 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(259) | $436 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |
|  American International Group, Inc. | 1.000 | Quarterly | 12/20/2026 | 0.791 | 1400 | 30 | (19) | 11 | 0 | 0 |
|  AT&T, Inc. | 1.000 | Quarterly | 06/20/2024 | 0.901 | 1500 | 0 | 3 | 3 | 0 | 0 |
|  Boeing Co. | 1.000 | Quarterly | 06/20/2023 | 0.709 | 1100 | 3 | (1) | 2 | 0 | 0 |
|  Boeing Co. | 1.000 | Quarterly | 12/20/2023 | 0.847 | 1800 | 12 | (9) | 3 | 0 | 0 |
|  Boeing Co. | 1.000 | Quarterly | 06/20/2026 | 1.265 | 1500 | (11) | (1) | (12) | 0 | 0 |
|  Boeing Co. | 1.000 | Quarterly | 12/20/2026 | 1.297 | 5300 | (22) | (32) | (54) | 2 | 0 |
|  British Telecommunications PLC | 1.000 | Quarterly | 12/20/2027 | 1.531 | 200 | (1) | (4) | (5) | 0 | 0 |
|  British Telecommunications PLC | 1.000 | Quarterly | 06/20/2028 | 1.674 | 8200 | (50) | (233) | (283) | 0 | (2) |
|  British Telecommunications PLC | 1.000 | Quarterly | 12/20/2028 | 1.792 | 800 | (10) | (25) | (35) | 0 | 0 |
|  Devon Energy Corp. | 1.000 | Quarterly | 12/20/2026 | 1.109 | $2000 | (16) | 9 | (7) | 1 | 0 |
|  Devon Energy Corp. | 1.000 | Quarterly | 06/20/2027 | 1.230 | 1000 | (26) | 17 | (9) | 0 | 0 |
|  Energy Transfer Operating LP | 1.000 | Quarterly | 12/20/2025 | 0.751 | 1100 | (14) | 22 | 8 | 1 | 0 |
|  Ford Motor Credit Co. LLC | 5.000 | Quarterly | 06/20/2027 | 3.169 | 300 | 16 | 5 | 21 | 0 | 0 |
|  General Electric Co. | 1.000 | Quarterly | 12/20/2026 | 0.870 | 700 | 8 | (4) | 4 | 0 | 0 |
|  General Motors Co. | 5.000 | Quarterly | 12/20/2026 | 1.964 | 5600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1108 | (500) | 608 | 1 | 0 |
|  Hess Corp. | 1.000 | Quarterly | 06/20/2026 | 1.028 | 3600 | (86) | 84 | (2) | 0 | 0 |
|  Rolls-Royce PLC | 1.000 | Quarterly | 06/20/2025 | 2.473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | (982) | 766 | (216) | 0 | (8) |
|  Rolls-Royce PLC | 1.000 | Quarterly | 12/20/2025 | 2.767 | 1400 | (143) | 72 | (71) | 0 | 0 |
|  Rolls-Royce PLC | 1.000 | Quarterly | 06/20/2026 | 2.993 | 2100 | (215) | 77 | (138) | 0 | (1) |
|  Stellantis NV | 5.000 | Quarterly | 12/20/2026 | 1.519 | 800 | 185 | (75) | 110 | 1 | 0 |
|  Telefonica Emisiones SAU | 1.000 | Quarterly | 06/20/2028 | 1.311 | 300 | 0 | (5) | (5) | 0 | 0 |
|  Tesco PLC | 1.000 | Quarterly | 06/20/2028 | 1.445 | 900 | 1 | (21) | (20) | 0 | (1) |
|  Valeo SA | 1.000 | Quarterly | 06/20/2026 | 2.293 | 1800 | (25) | (53) | (78) | 0 | (1) |
|  Valeo SA | 1.000 | Quarterly | 06/20/2028 | 2.989 | 2500 | (106) | (138) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(244) | 1 | 0 |
|  Verizon Communications, Inc. | 1.000 | Quarterly | 06/20/2026 | 0.979 | $900 | 20 | (19) | 1 | 0 | 0 |
|  Verizon Communications, Inc. | 1.000 | Quarterly | 12/20/2026 | 1.009 | 5600 | 132 | (132) | 0 | 0 | 0 |
|  Verizon Communications, Inc. | 1.000 | Quarterly | 06/20/2027 | 1.073 | 1300 | (10) | 7 | (3) | 0 | (1) |

---

---

| | | |
|:---|:---|:---|
| **70** | **PIMCO ETF TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022 (Unaudited)

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>December 31, 2022<sup>(2)</sup>** | **Notional<br>Amount<sup>(3)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(4)</sup>** | **Variation Margin** | **Variation Margin** |
| **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>December 31, 2022<sup>(2)</sup>** | **Notional<br>Amount<sup>(3)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(4)</sup>** | **Asset** | **Liability** |
|  Verizon Communications, Inc. | 1.000% | Quarterly | 12/20/2027 | 1.123% | $200 | $(3) | $2 | $(1) | $0 | $0 |
|  Williams Cos., Inc. | 1.000 | Quarterly | 12/20/2026 | 0.765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2600 | 19 | 4 | 23 | 1 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(462) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) |

---

**INTEREST RATE SWAPS** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/ Receive <br>Floating<br>Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/ Receive <br>Floating<br>Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Pay | 3-Month CAD-Bank Bill | 0.980% | Semi-Annual | 02/26/2024 | CAD | 228000 | $92 | $(9198) | $(9106) | $0 | $(57) |
|  Pay | 3-Month CAD-Bank Bill | 0.880 | Semi-Annual | 03/03/2024 |  | 44800 | 3 | (1849) | (1846) | 0 | (13) |
|  Pay | 3-Month CAD-Bank Bill | 1.275 | Semi-Annual | 03/03/2025 |  | 46700 | 0 | (2583) | (2583) | 0 | (74) |
|  Pay | 3-Month CAD-Bank Bill | 1.276 | Semi-Annual | 03/03/2025 |  | 28000 | 0 | (1548) | (1548) | 0 | (45) |
|  Pay | 3-Month CAD-Bank Bill | 1.290 | Semi-Annual | 03/03/2025 |  | 14000 | 0 | (771) | (771) | 0 | (22) |
|  Pay | 3-Month CAD-Bank Bill | 1.235 | Semi-Annual | 03/04/2025 |  | &nbsp;&nbsp;&nbsp;&nbsp;42400 | 29 | (2406) | (2377) | 0 | (68) |
|  Pay | 3-Month CAD-Bank Bill | 1.900 | Semi-Annual | 12/18/2029 |  | 3500 | 147 | (434) | (287) | 0 | (8) |
|  |  |  |  |  |  |  | $271 | $(18789) | $(18518) | $0 | $(287) |
|  **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | $**780** | $**(19251)** | $**(18471)** | $**8** | $**(303)** |

---

**FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY** 

The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of December 31, 2022:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** |
|  | **Market Value** | **Variation Margin<br>Asset** | **Variation Margin<br>Asset** | **Total** | **Market Value** | **Variation Margin<br>Liability** | **Variation Margin<br>Liability** | **Total** |
| | **Purchased<br>Options** | **Futures** | **Swap<br>Agreements** | **Total** | **Written<br>Options** | **Futures** | **Swap<br>Agreements** | **Total** |
|  **Total Exchange-Traded or Centrally Cleared** | $**0** | $**462** | $**8** | $**470** | $**0** | $**0** | $**(303)** | $**(303)** |

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**Cash of $39,170 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2022. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.** 

<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. 

<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. 

<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. 

<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. 

&nbsp;&nbsp;&nbsp;&nbsp;**(j) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** 

**FORWARD FOREIGN CURRENCY CONTRACTS:** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/**<br> **(Depreciation)** | **Unrealized Appreciation/**<br> **(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  MBC | 01/2023 | CAD | 4718 | $3500 | $21 | $(5) |
|  | 01/2023 | EUR | 1429 | 1497 | 0 | (34) |
|  | 01/2023 | GBP | 453 | 552 | 4 | 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** | $**25** | $**(39)** |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **71** |

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##### [**Table of Contents**](#toc)

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| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO Active Bond Exchange-Traded Fund** | **(Cont.)** |

---

**FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY** 

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of December 31, 2022:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | | | |
| <br>**Counterparty** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Purchased<br>Options** | **Swap<br>Agreements** | **Total<br>Over the<br>Counter** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Written<br>Options** | **Swap<br>Agreements** | **Total<br>Over the<br>Counter** |<br>**Net Market<br>Value of OTC<br>Derivatives** |<br>**Collateral<br>Pledged/<br>(Received)** |<br>**Net<br>Exposure<sup>(1)</sup>** |
|  MBC | $25 | $0 | $0 | $25 | $(39) | $0 | $0 | $(39) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) |
|  **Total Over the Counter** | $**25** | $**0** | $**0** | $**25** | $**(39)** | $**0** | $**0** | $**(39)** |  |  |  |

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<sup>(1)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

**FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS** 

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
| | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  **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 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $462 | $462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 8 | 0 | 0 | 0 | 8 |
|  | $0 | $8 | $0 | $0 | $462 | $470 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $25 | $0 | $25 |
|  | $0 | $8 | $0 | $25 | $462 | $495 |
|  **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 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | $0 | $16 | $0 | $0 | $287 | $303 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $39 | $0 | $39 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
| | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** |
|  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 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $(1019) | $(1019) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 374 | 0 | 0 | (19131) | (18757) |
|  | $0 | $374 | $0 | $0 | $(20150) | $(19776) |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $653 | $0 | $653 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1 | 0 | 0 | 0 | 1 |
|  | $0 | $1 | $0 | $653 | $0 | $654 |
|  | $0 | $375 | $0 | $653 | $(20150) | $(19122) |
|  **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** |
|  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 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $2724 | $2724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 3293 | 0 | 0 | 8487 | 11780 |
|  | $0 | $3293 | $0 | $0 | $11211 | $14504 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $(114) | $0 | $(114) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3293 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(114) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11211 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14390 |

---

---

| | | |
|:---|:---|:---|
| **72** | **PIMCO ETF TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022 (Unaudited)

**FAIR VALUE MEASUREMENTS** 

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value<br>at 12/31/2022** |
|  **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 | $0 | $20016 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5499 | $25515 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 0 | 637899 | 0 | 637899 |
| &nbsp;&nbsp; Industrials | 0 | 295674 | 0 | 295674 |
| &nbsp;&nbsp; Utilities | 0 | 61655 | 0 | 61655 |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; California | 0 | 23156 | 0 | 23156 |
| &nbsp;&nbsp; Florida | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | 7536 | 0 | 7536 |
| &nbsp;&nbsp; Georgia | 0 | 1166 | 0 | 1166 |
| &nbsp;&nbsp; Illinois | 0 | 6650 | 0 | 6650 |
| &nbsp;&nbsp; Michigan | 0 | 1627 | 0 | 1627 |
| &nbsp;&nbsp; New Jersey | 0 | 3578 | 0 | 3578 |
| &nbsp;&nbsp; New York | 0 | 6422 | 0 | 6422 |
| &nbsp;&nbsp; Texas | 0 | 3193 | 0 | 3193 |
| &nbsp;&nbsp; Virginia | 0 | 3776 | 0 | 3776 |
| &nbsp;&nbsp; West Virginia | 0 | 5054 | 0 | 5054 |
|  U.S. Government Agencies | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1139948 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1139948 |
|  U.S. Treasury Obligations | 0 | 433532 | 0 | 433532 |
|  Non-Agency Mortgage-Backed Securities | 0 | 235950 | 0 | 235950 |
|  Asset-Backed Securities | 0 | 601898 | 0 | 601898 |
|  Sovereign Issues | 0 | 3380 | 0 | 3380 |
|  Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| &nbsp;&nbsp; Banking & Finance | 0 | 81021 | 0 | 81021 |
| &nbsp;&nbsp; Industrials | 0 | 8557 | 0 | 8557 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value<br>at 12/31/2022** |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Repurchase Agreements | $0 | $172326 | $0 | $172326 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 4447 | 0 | 4447 |
|  Total Investments | $0 | $3758461 | $5499 | $3763960 |
|  **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 | 470 | 0 | 470 |
|  Over the counter | 0 | 25 | 0 | 25 |
|  | $0 | $495 | $0 | $495 |
|  **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 | (303) | 0 | (303) |
|  Over the counter | 0 | (39) | 0 | (39) |
|  | $0 | $(342) | $0 | $(342) |
|  Total Financial Derivative Instruments | $0 | $153 | $0 | $153 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3758614 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5499 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3764113 |

---

There were no significant transfers into or out of Level 3 during the period ended December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **73** |

---

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **Schedule of Investments** | **PIMCO Enhanced Low Duration Active Exchange-Traded Fund** |

---

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

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **INVESTMENTS IN SECURITIES 98.8%** | **INVESTMENTS IN SECURITIES 98.8%** | **INVESTMENTS IN SECURITIES 98.8%** |
| **LOAN PARTICIPATIONS AND ASSIGNMENTS 0.5%** | **LOAN PARTICIPATIONS AND ASSIGNMENTS 0.5%** | **LOAN PARTICIPATIONS AND ASSIGNMENTS 0.5%** |
|  **Qatar National Bank QPSC** | **Qatar National Bank QPSC** | **Qatar National Bank QPSC** |
|  5.557% (LIBOR03M + 0.800%) due 11/06/2023 «~ | 6400 | 6376 |
|  **Total Loan Participations and Assignments (Cost $6,363)** | **Total Loan Participations and Assignments (Cost $6,363)** | **6376** |
| **CORPORATE BONDS & NOTES 53.3%** | **CORPORATE BONDS & NOTES 53.3%** | **CORPORATE BONDS & NOTES 53.3%** |
| **BANKING & FINANCE 30.3%** | **BANKING & FINANCE 30.3%** | **BANKING & FINANCE 30.3%** |
|  **AerCap Ireland Capital DAC** | **AerCap Ireland Capital DAC** | **AerCap Ireland Capital DAC** |
|  1.650% due 10/29/2024 | 5000 | 4615 |
|  **Air Lease Corp.** | **Air Lease Corp.** | **Air Lease Corp.** |
|  2.750% due 01/15/2023 | 1300 | 1298 |
|  **Aircastle Ltd.** | **Aircastle Ltd.** | **Aircastle Ltd.** |
|  4.400% due 09/25/2023 | 3874 | 3837 |
|  5.000% due 04/01/2023 | 200 | 200 |
|  **Ally Financial, Inc.** | **Ally Financial, Inc.** | **Ally Financial, Inc.** |
|  1.450% due 10/02/2023 | 3300 | 3200 |
|  **American Tower Corp.** | **American Tower Corp.** | **American Tower Corp.** |
|  0.600% due 01/15/2024 | 110 | 105 |
|  1.300% due 09/15/2025 | 1100 | 994 |
|  **Avolon Holdings Funding Ltd.** | **Avolon Holdings Funding Ltd.** | **Avolon Holdings Funding Ltd.** |
|  5.125% due 10/01/2023 | 400 | 396 |
|  5.500% due 01/15/2023 | 1100 | 1097 |
|  **Banco Bilbao Vizcaya Argentaria SA** | **Banco Bilbao Vizcaya Argentaria SA** | **Banco Bilbao Vizcaya Argentaria SA** |
|  0.875% due 09/18/2023 | 10200 | 9881 |
|  **Banco Santander SA** | **Banco Santander SA** | **Banco Santander SA** |
|  3.892% due 05/24/2024 | 5000 | 4897 |
|  **Bank of America Corp.** | **Bank of America Corp.** | **Bank of America Corp.** |
|  1.486% due 05/19/2024 •  | 3000 | 2953 |
|  3.384% due 04/02/2026 •  | 4000 | 3824 |
|  4.827% due 07/22/2026 •  | 5000 | 4946 |
|  **Barclays PLC** | **Barclays PLC** | **Barclays PLC** |
|  2.852% due 05/07/2026 •  | 800 | 744 |
|  5.304% due 08/09/2026 •  | 7700 | 7650 |
|  6.024% (US0003M + 1.380%) due 05/16/2024 ~ | 6600 | 6600 |
|  **BGC Partners, Inc.** | **BGC Partners, Inc.** | **BGC Partners, Inc.** |
|  5.375% due 07/24/2023 | 6543 | 6513 |
|  **BNP Paribas SA** | **BNP Paribas SA** | **BNP Paribas SA** |
|  3.375% due 01/09/2025 | 4000 | 3852 |
|  3.800% due 01/10/2024 | 14574 | 14326 |
|  4.705% due 01/10/2025 •  | 748 | 741 |
|  **BOC Aviation Ltd.** | **BOC Aviation Ltd.** | **BOC Aviation Ltd.** |
|  5.849% (US0003M + 1.125%) due 09/26/2023 ~ | 2700 | 2697 |
|  **BPCE SA** | **BPCE SA** | **BPCE SA** |
|  1.652% due 10/06/2026 •  | 2000 | 1779 |
|  **Cantor Fitzgerald LP** | **Cantor Fitzgerald LP** | **Cantor Fitzgerald LP** |
|  4.875% due 05/01/2024 | 6374 | 6257 |
|  **Citigroup, Inc.** | **Citigroup, Inc.** | **Citigroup, Inc.** |
|  1.678% due 05/15/2024 •  | 3000 | 2958 |
|  4.140% due 05/24/2025 •  | 1500 | 1472 |
|  5.850% (SOFRRATE + 1.528%) due 03/17/2026 ~(c) | 3400 | 3410 |
|  **CK Hutchison International Ltd.** | **CK Hutchison International Ltd.** | **CK Hutchison International Ltd.** |
|  3.250% due 04/11/2024 | 3100 | 3029 |
|  **CNO Global Funding** | **CNO Global Funding** | **CNO Global Funding** |
|  1.650% due 01/06/2025 | 4000 | 3709 |
|  **Corebridge Financial, Inc.** | **Corebridge Financial, Inc.** | **Corebridge Financial, Inc.** |
|  3.500% due 04/04/2025 | 7700 | 7388 |
|  3.650% due 04/05/2027 | 2300 | 2147 |
|  **Credit Agricole SA** | **Credit Agricole SA** | **Credit Agricole SA** |
|  1.247% due 01/26/2027 •  | 300 | 263 |
|  **Credit Suisse Group AG** | **Credit Suisse Group AG** | **Credit Suisse Group AG** |
|  2.193% due 06/05/2026 •  | 1500 | 1282 |
|  4.207% due 06/12/2024 •  | 3000 | 2925 |
|  5.975% (US0003M + 1.240%) due 06/12/2024 ~ | 4428 | 4194 |
|  6.373% due 07/15/2026 •  | 1900 | 1786 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Danske Bank AS** | **Danske Bank AS** | **Danske Bank AS** |
|  3.875% due 09/12/2023 | 500 | 494 |
|  5.375% due 01/12/2024 | 3000 | 2976 |
|  5.795% (US0003M + 1.060%) due 09/12/2023 ~ | 8459 | 8461 |
|  **Deutsche Bank AG** | **Deutsche Bank AG** | **Deutsche Bank AG** |
|  0.962% due 11/08/2023 | 4700 | 4524 |
|  2.222% due 09/18/2024 •  | 9000 | 8695 |
|  3.950% due 02/27/2023 | 3800 | 3787 |
|  5.966% (US0003M + 1.230%) due 02/27/2023 ~ | 500 | 500 |
|  **DNB Bank ASA** | **DNB Bank ASA** | **DNB Bank ASA** |
|  2.968% due 03/28/2025 •  | 4000 | 3860 |
|  **Federation des Caisses Desjardins du Quebec** | **Federation des Caisses Desjardins du Quebec** | **Federation des Caisses Desjardins du Quebec** |
|  2.050% due 02/10/2025 | 5000 | 4664 |
|  **First Abu Dhabi Bank PJSC** | **First Abu Dhabi Bank PJSC** | **First Abu Dhabi Bank PJSC** |
|  5.400% (US0003M + 0.850%) due 08/08/2023 ~ | 4000 | 3999 |
|  **Five Corners Funding Trust** | **Five Corners Funding Trust** | **Five Corners Funding Trust** |
|  4.419% due 11/15/2023 | 400 | 397 |
|  **Ford Motor Credit Co. LLC** | **Ford Motor Credit Co. LLC** | **Ford Motor Credit Co. LLC** |
|  3.370% due 11/17/2023 | 200 | 195 |
|  **FS KKR Capital Corp.** | **FS KKR Capital Corp.** | **FS KKR Capital Corp.** |
|  1.650% due 10/12/2024 | 5000 | 4516 |
|  **GA Global Funding Trust** | **GA Global Funding Trust** | **GA Global Funding Trust** |
|  0.800% due 09/13/2024 | 2153 | 1969 |
|  1.250% due 12/08/2023 | 3500 | 3359 |
|  1.625% due 01/15/2026 | 900 | 800 |
|  4.790% (SOFRRATE + 0.500%) due 09/13/2024 ~ | 1000 | 972 |
|  5.085% (SOFRRATE + 1.360%) due 04/11/2025 ~ | 3000 | 2934 |
|  **General Motors Financial Co., Inc.** | **General Motors Financial Co., Inc.** | **General Motors Financial Co., Inc.** |
|  3.250% due 01/05/2023 | 1500 | 1500 |
|  3.950% due 04/13/2024 | 3100 | 3040 |
|  4.250% due 05/15/2023 | 1000 | 996 |
|  5.100% due 01/17/2024 | 11500 | &nbsp;&nbsp;&nbsp;&nbsp;11459 |
|  5.360% (SOFRRATE + 1.200%) due 11/17/2023 ~ | 5600 | 5586 |
|  **Goldman Sachs Group, Inc.** | **Goldman Sachs Group, Inc.** | **Goldman Sachs Group, Inc.** |
|  4.853% due 03/08/2024 •  | 1000 | 994 |
|  5.442% (US0003M + 0.750%) due 02/23/2023 ~ | 3000 | 3002 |
|  5.700% due 11/01/2024 | 2500 | 2532 |
|  **HSBC Holdings PLC** | **HSBC Holdings PLC** | **HSBC Holdings PLC** |
|  5.965% (US0003M + 1.230%) due 03/11/2025 ~ | 10107 | 10022 |
|  6.115% (US0003M + 1.380%) due 09/12/2026 ~ | 4850 | 4777 |
|  **Hyundai Capital Services, Inc.** | **Hyundai Capital Services, Inc.** | **Hyundai Capital Services, Inc.** |
|  0.750% due 09/15/2023 | 2100 | 2020 |
|  **ING Groep NV** | **ING Groep NV** | **ING Groep NV** |
|  3.869% due 03/28/2026 •  | 1500 | 1445 |
|  5.334% (SOFRRATE + 1.010%) due 04/01/2027 ~ | 5594 | 5402 |
|  **Jackson Financial, Inc.** | **Jackson Financial, Inc.** | **Jackson Financial, Inc.** |
|  1.125% due 11/22/2023 | 3125 | 3010 |
|  **JPMorgan Chase & Co.** | **JPMorgan Chase & Co.** | **JPMorgan Chase & Co.** |
|  0.969% due 06/23/2025 •  | 1000 | 933 |
|  **KKR Financial Holdings LLC** | **KKR Financial Holdings LLC** | **KKR Financial Holdings LLC** |
|  5.400% due 05/23/2033 | 5500 | 5137 |
|  **LeasePlan Corp. NV** | **LeasePlan Corp. NV** | **LeasePlan Corp. NV** |
|  2.875% due 10/24/2024 | 9625 | 9038 |
|  **Lloyds Banking Group PLC** | **Lloyds Banking Group PLC** | **Lloyds Banking Group PLC** |
|  3.511% due 03/18/2026 •  | 2500 | 2377 |
|  4.716% due 08/11/2026 •  | 3000 | 2938 |
|  **Mitsubishi UFJ Financial Group, Inc.** | **Mitsubishi UFJ Financial Group, Inc.** | **Mitsubishi UFJ Financial Group, Inc.** |
|  0.848% due 09/15/2024 •  | 14000 | 13516 |
|  **Mizuho Financial Group, Inc.** | **Mizuho Financial Group, Inc.** | **Mizuho Financial Group, Inc.** |
|  4.899% (US0003M + 0.990%) due 07/10/2024 ~ | 1500 | 1497 |
|  5.387% (US0003M + 0.630%) due 05/25/2024 ~ | 10800 | 10742 |
|  **Morgan Stanley** | **Morgan Stanley** | **Morgan Stanley** |
|  1.593% due 05/04/2027 •  | 500 | 439 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  3.737% due 04/24/2024 •  | 5821 | 5790 |
|  4.679% due 07/17/2026 •  | 5000 | 4919 |
|  **Nationwide Building Society** | **Nationwide Building Society** | **Nationwide Building Society** |
|  3.766% due 03/08/2024 •  | 9075 | 9026 |
|  4.363% due 08/01/2024 •  | 1163 | 1148 |
|  **NatWest Group PLC** | **NatWest Group PLC** | **NatWest Group PLC** |
|  4.519% due 06/25/2024 •  | 2600 | 2576 |
|  **Navient Corp.** | **Navient Corp.** | **Navient Corp.** |
|  5.500% due 01/25/2023 | 5500 | 5500 |
|  **Nissan Motor Acceptance Co. LLC** | **Nissan Motor Acceptance Co. LLC** | **Nissan Motor Acceptance Co. LLC** |
|  1.050% due 03/08/2024 | 1200 | 1125 |
|  3.875% due 09/21/2023 | 4000 | 3927 |
|  **Nomura Holdings, Inc.** | **Nomura Holdings, Inc.** | **Nomura Holdings, Inc.** |
|  1.851% due 07/16/2025 | 5960 | &nbsp;&nbsp;&nbsp;&nbsp;5438 |
|  2.329% due 01/22/2027 | 8800 | 7716 |
|  2.648% due 01/16/2025 | 2000 | 1890 |
|  **Nordea Bank Abp** | **Nordea Bank Abp** | **Nordea Bank Abp** |
|  3.600% due 06/06/2025 | 2000 | 1932 |
|  **Pacific Life Global Funding II** | **Pacific Life Global Funding II** | **Pacific Life Global Funding II** |
|  4.867% (SOFRRATE + 0.620%) due 06/04/2026 ~ | 1496 | 1437 |
|  **Park Aerospace Holdings Ltd.** | **Park Aerospace Holdings Ltd.** | **Park Aerospace Holdings Ltd.** |
|  4.500% due 03/15/2023 | 3580 | 3571 |
|  **Piper Sandler Cos.** | **Piper Sandler Cos.** | **Piper Sandler Cos.** |
|  5.200% due 10/15/2023 | 600 | 595 |
|  **QNB Finance Ltd.** | **QNB Finance Ltd.** | **QNB Finance Ltd.** |
|  5.988% (US0003M + 1.250%) due 03/21/2024 ~ | 2600 | 2616 |
|  **Santander U.K. Group Holdings PLC** | **Santander U.K. Group Holdings PLC** | **Santander U.K. Group Holdings PLC** |
|  1.089% due 03/15/2025 •  | 7000 | 6543 |
|  3.373% due 01/05/2024 •  | 1250 | 1250 |
|  4.796% due 11/15/2024 •  | 2000 | 1967 |
|  **SBA Tower Trust** | **SBA Tower Trust** | **SBA Tower Trust** |
|  2.836% due 01/15/2050 | 5000 | 4716 |
|  **Scentre Group Trust** | **Scentre Group Trust** | **Scentre Group Trust** |
|  3.500% due 02/12/2025 | 3859 | 3696 |
|  **SMBC Aviation Capital Finance DAC** | **SMBC Aviation Capital Finance DAC** | **SMBC Aviation Capital Finance DAC** |
|  3.550% due 04/15/2024 | 1500 | 1451 |
|  4.125% due 07/15/2023 | 3674 | 3636 |
|  **Societe Generale SA** | **Societe Generale SA** | **Societe Generale SA** |
|  1.488% due 12/14/2026 •  | 5200 | 4525 |
|  2.625% due 01/22/2025 | 6824 | 6421 |
|  3.875% due 03/28/2024 | 300 | 293 |
|  **Standard Chartered PLC** | **Standard Chartered PLC** | **Standard Chartered PLC** |
|  1.822% due 11/23/2025 •  | 3000 | 2742 |
|  3.971% due 03/30/2026 •  | 2300 | 2199 |
|  6.063% (SOFRRATE + 1.740%) due 03/30/2026 ~ | 5000 | 4920 |
|  **Stellantis Finance U.S., Inc.** | **Stellantis Finance U.S., Inc.** | **Stellantis Finance U.S., Inc.** |
|  1.711% due 01/29/2027 | 3000 | 2578 |
|  **Synchrony Bank** | **Synchrony Bank** | **Synchrony Bank** |
|  5.400% due 08/22/2025 | 7200 | 7074 |
|  **UBS Group AG** | **UBS Group AG** | **UBS Group AG** |
|  4.488% due 05/12/2026 •  | 12000 | 11739 |
|  **VICI Properties LP** | **VICI Properties LP** | **VICI Properties LP** |
|  4.375% due 05/15/2025 | 1700 | 1653 |
|  **Wells Fargo & Co.** | **Wells Fargo & Co.** | **Wells Fargo & Co.** |
|  4.808% due 07/25/2028 •  | 4000 | 3913 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;417991 |
| **INDUSTRIALS 16.8%** | **INDUSTRIALS 16.8%** | **INDUSTRIALS 16.8%** |
|  **7-Eleven, Inc.** | **7-Eleven, Inc.** | **7-Eleven, Inc.** |
|  0.800% due 02/10/2024 | 2131 | 2029 |
|  **American Airlines Pass-Through Trust** | **American Airlines Pass-Through Trust** | **American Airlines Pass-Through Trust** |
|  4.000% due 01/15/2027 | 436 | 379 |
|  **Ausgrid Finance Pty. Ltd.** | **Ausgrid Finance Pty. Ltd.** | **Ausgrid Finance Pty. Ltd.** |
|  3.850% due 05/01/2023 | 1100 | 1095 |
|  **Barry Callebaut Services NV** | **Barry Callebaut Services NV** | **Barry Callebaut Services NV** |
|  5.500% due 06/15/2023 | 5400 | 5375 |
|  **BAT Capital Corp.** | **BAT Capital Corp.** | **BAT Capital Corp.** |
|  2.789% due 09/06/2024 | 2500 | 2394 |
|  3.557% due 08/15/2027 | 1017 | 931 |

---

---

| | | |
|:---|:---|:---|
| **74** | **PIMCO ETF TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **BAT International Finance PLC** | **BAT International Finance PLC** | **BAT International Finance PLC** |
|  3.950% due 06/15/2025 | 1000 | 961 |
|  **Bayer U.S. Finance LLC** | **Bayer U.S. Finance LLC** | **Bayer U.S. Finance LLC** |
|  3.375% due 07/15/2024 | 931 | 902 |
|  3.375% due 10/08/2024 | 3000 | 2901 |
|  3.875% due 12/15/2023 | 2000 | 1972 |
|  5.779% (US0003M + 1.010%) due 12/15/2023 ~ | 2000 | 1996 |
|  **Berry Global, Inc.** | **Berry Global, Inc.** | **Berry Global, Inc.** |
|  0.950% due 02/15/2024 | 8132 | 7708 |
|  1.570% due 01/15/2026 | 4000 | 3568 |
|  4.875% due 07/15/2026 | 2000 | 1930 |
|  **Boston Scientific Corp.** | **Boston Scientific Corp.** | **Boston Scientific Corp.** |
|  3.450% due 03/01/2024 | 219 | 215 |
|  **Broadcom, Inc.** | **Broadcom, Inc.** | **Broadcom, Inc.** |
|  3.150% due 11/15/2025 | 1200 | 1138 |
|  3.459% due 09/15/2026 | 4238 | 3999 |
|  **CenterPoint Energy Resources Corp.** | **CenterPoint Energy Resources Corp.** | **CenterPoint Energy Resources Corp.** |
|  5.279% (US0003M + 0.500%) due 03/02/2023 ~ | 460 | 460 |
|  **Charter Communications Operating LLC** | **Charter Communications Operating LLC** | **Charter Communications Operating LLC** |
|  4.908% due 07/23/2025 | 1000 | 981 |
|  6.090% (US0003M + 1.650%) due 02/01/2024 ~ | 10500 | &nbsp;&nbsp;&nbsp;&nbsp;10550 |
|  **Cigna Corp.** | **Cigna Corp.** | **Cigna Corp.** |
|  3.750% due 07/15/2023 | 361 | 359 |
|  **CNH Industrial NV** | **CNH Industrial NV** | **CNH Industrial NV** |
|  4.500% due 08/15/2023 | 14254 | 14167 |
|  **CommonSpirit Health** | **CommonSpirit Health** | **CommonSpirit Health** |
|  1.547% due 10/01/2025 | 3700 | 3331 |
|  **Conagra Brands, Inc.** | **Conagra Brands, Inc.** | **Conagra Brands, Inc.** |
|  4.300% due 05/01/2024 | 500 | 493 |
|  **ConocoPhillips Co.** | **ConocoPhillips Co.** | **ConocoPhillips Co.** |
|  2.400% due 03/07/2025 | 4200 | 3995 |
|  **DAE Funding LLC** | **DAE Funding LLC** | **DAE Funding LLC** |
|  1.550% due 08/01/2024 | 2700 | 2511 |
|  **Dell International LLC** | **Dell International LLC** | **Dell International LLC** |
|  4.900% due 10/01/2026 | 1700 | 1676 |
|  5.450% due 06/15/2023 | 134 | 134 |
|  **Delta Air Lines, Inc.** | **Delta Air Lines, Inc.** | **Delta Air Lines, Inc.** |
|  7.375% due 01/15/2026 | 3000 | 3070 |
|  **Energy Transfer LP** | **Energy Transfer LP** | **Energy Transfer LP** |
|  4.250% due 03/15/2023 | 500 | 499 |
|  **Eni SpA** | **Eni SpA** | **Eni SpA** |
|  4.000% due 09/12/2023 | 4567 | 4504 |
|  **Gilead Sciences, Inc.** | **Gilead Sciences, Inc.** | **Gilead Sciences, Inc.** |
|  1.200% due 10/01/2027 | 2900 | 2464 |
|  **Global Payments, Inc.** | **Global Payments, Inc.** | **Global Payments, Inc.** |
|  1.200% due 03/01/2026 | 2600 | 2269 |
|  **Harley-Davidson Financial Services, Inc.** | **Harley-Davidson Financial Services, Inc.** | **Harley-Davidson Financial Services, Inc.** |
|  3.350% due 02/15/2023 | 3890 | 3881 |
|  **Hyatt Hotels Corp.** | **Hyatt Hotels Corp.** | **Hyatt Hotels Corp.** |
|  1.800% due 10/01/2024 | 1100 | 1031 |
|  **Hyundai Capital America** | **Hyundai Capital America** | **Hyundai Capital America** |
|  0.800% due 01/08/2024 | 6555 | 6238 |
|  5.750% due 04/06/2023 | 3000 | 3002 |
|  **Illumina, Inc.** | **Illumina, Inc.** | **Illumina, Inc.** |
|  5.800% due 12/12/2025 | 1700 | 1713 |
|  **Imperial Brands Finance PLC** | **Imperial Brands Finance PLC** | **Imperial Brands Finance PLC** |
|  3.125% due 07/26/2024 | 8725 | 8346 |
|  3.500% due 07/26/2026 | 1300 | 1194 |
|  4.250% due 07/21/2025 | 1841 | 1760 |
|  6.125% due 07/27/2027 | 4000 | 3987 |
|  **Kansas City Southern** | **Kansas City Southern** | **Kansas City Southern** |
|  3.000% due 05/15/2023 | 1100 | 1090 |
|  3.125% due 06/01/2026 | 700 | 658 |
|  **Leidos, Inc.** | **Leidos, Inc.** | **Leidos, Inc.** |
|  2.950% due 05/15/2023 | 10200 | 10120 |
|  **Mercedes-Benz Finance North America LLC** | **Mercedes-Benz Finance North America LLC** | **Mercedes-Benz Finance North America LLC** |
|  5.500% due 11/27/2024 | 3200 | 3221 |
|  **MGM Resorts International** | **MGM Resorts International** | **MGM Resorts International** |
|  6.000% due 03/15/2023 | 600 | 599 |
|  **Microchip Technology, Inc.** | **Microchip Technology, Inc.** | **Microchip Technology, Inc.** |
|  4.333% due 06/01/2023 | 5000 | 4980 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Micron Technology, Inc.** | **Micron Technology, Inc.** | **Micron Technology, Inc.** |
|  4.185% due 02/15/2027 | 2300 | 2181 |
|  **Nissan Motor Co. Ltd.** | **Nissan Motor Co. Ltd.** | **Nissan Motor Co. Ltd.** |
|  3.043% due 09/15/2023 | 8396 | 8229 |
|  **Pacific National Finance Pty. Ltd.** | **Pacific National Finance Pty. Ltd.** | **Pacific National Finance Pty. Ltd.** |
|  6.000% due 04/07/2023 | 1000 | 1000 |
|  **Penske Truck Leasing Co. LP** | **Penske Truck Leasing Co. LP** | **Penske Truck Leasing Co. LP** |
|  3.450% due 07/01/2024 | 1000 | 966 |
|  **Petronas Energy Canada Ltd.** | **Petronas Energy Canada Ltd.** | **Petronas Energy Canada Ltd.** |
|  2.112% due 03/23/2028 | 4000 | 3503 |
|  **Renesas Electronics Corp.** | **Renesas Electronics Corp.** | **Renesas Electronics Corp.** |
|  1.543% due 11/26/2024 | 9700 | 8899 |
|  **Reynolds American, Inc.** | **Reynolds American, Inc.** | **Reynolds American, Inc.** |
|  4.450% due 06/12/2025 | 1000 | 979 |
|  **Sands China Ltd.** | **Sands China Ltd.** | **Sands China Ltd.** |
|  5.625% due 08/08/2025 | 2800 | 2681 |
|  **SK Hynix, Inc.** | **SK Hynix, Inc.** | **SK Hynix, Inc.** |
|  1.000% due 01/19/2024 | 12666 | 12038 |
|  3.000% due 09/17/2024 | 2500 | 2360 |
|  **Stellantis NV** | **Stellantis NV** | **Stellantis NV** |
|  5.250% due 04/15/2023 | 10000 | 10009 |
|  **Sydney Airport Finance Co. Pty. Ltd.** | **Sydney Airport Finance Co. Pty. Ltd.** | **Sydney Airport Finance Co. Pty. Ltd.** |
|  3.900% due 03/22/2023 | 2500 | 2493 |
|  **TD SYNNEX Corp.** | **TD SYNNEX Corp.** | **TD SYNNEX Corp.** |
|  1.250% due 08/09/2024 | 4000 | 3717 |
|  **Volkswagen Group of America Finance LLC** | **Volkswagen Group of America Finance LLC** | **Volkswagen Group of America Finance LLC** |
|  3.950% due 06/06/2025 | 9900 | 9589 |
|  **Warnermedia Holdings, Inc.** | **Warnermedia Holdings, Inc.** | **Warnermedia Holdings, Inc.** |
|  3.788% due 03/15/2025 | 3300 | 3155 |
|  **Westinghouse Air Brake Technologies Corp.** | **Westinghouse Air Brake Technologies Corp.** | **Westinghouse Air Brake Technologies Corp.** |
|  4.400% due 03/15/2024 | 6500 | 6397 |
|  **Woodside Finance Ltd.** | **Woodside Finance Ltd.** | **Woodside Finance Ltd.** |
|  3.650% due 03/05/2025 | 6600 | 6341 |
|  3.700% due 09/15/2026 | 4650 | 4355 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;231668 |
| **UTILITIES 6.2%** | **UTILITIES 6.2%** | **UTILITIES 6.2%** |
|  **AES Corp.** | **AES Corp.** | **AES Corp.** |
|  1.375% due 01/15/2026 | 4300 | 3823 |
|  **AT&T, Inc.** | **AT&T, Inc.** | **AT&T, Inc.** |
|  5.540% (US0003M + 0.890%) due 02/15/2023 ~ | 1100 | 1100 |
|  **Chugoku Electric Power Co., Inc.** | **Chugoku Electric Power Co., Inc.** | **Chugoku Electric Power Co., Inc.** |
|  2.401% due 08/27/2024 | 10800 | 10273 |
|  3.488% due 02/28/2024 | 1900 | 1858 |
|  **Electricite de France SA** | **Electricite de France SA** | **Electricite de France SA** |
|  3.625% due 10/13/2025 | 2297 | 2216 |
|  **Enel Finance International NV** | **Enel Finance International NV** | **Enel Finance International NV** |
|  4.250% due 06/15/2025 | 12500 | 12114 |
|  6.800% due 10/14/2025 | 2500 | 2570 |
|  **Iberdrola International BV** | **Iberdrola International BV** | **Iberdrola International BV** |
|  5.810% due 03/15/2025 | 400 | 406 |
|  **Israel Electric Corp. Ltd.** | **Israel Electric Corp. Ltd.** | **Israel Electric Corp. Ltd.** |
|  5.000% due 11/12/2024 | 11636 | 11538 |
|  **KT Corp.** | **KT Corp.** | **KT Corp.** |
|  4.000% due 08/08/2025 | 9800 | 9543 |
|  **NextEra Energy Capital Holdings, Inc.** | **NextEra Energy Capital Holdings, Inc.** | **NextEra Energy Capital Holdings, Inc.** |
|  2.940% due 03/21/2024 | 4000 | 3896 |
|  **Pacific Gas & Electric Co.** | **Pacific Gas & Electric Co.** | **Pacific Gas & Electric Co.** |
|  1.700% due 11/15/2023 | 4100 | 3969 |
|  2.100% due 08/01/2027 | 800 | 684 |
|  2.950% due 03/01/2026 | 100 | 92 |
|  3.250% due 06/15/2023 | 1500 | 1484 |
|  3.400% due 08/15/2024 | 200 | 192 |
|  3.750% due 02/15/2024 | 200 | 196 |
|  3.850% due 11/15/2023 | 100 | 99 |
|  4.250% due 08/01/2023 | 1500 | 1493 |
|  4.950% due 06/08/2025 | 3500 | 3449 |
|  **SES SA** | **SES SA** | **SES SA** |
|  3.600% due 04/04/2023 | 1000 | 993 |
|  **Southern California Gas Co.** | **Southern California Gas Co.** | **Southern California Gas Co.** |
|  2.550% due 02/01/2030 | 1800 | 1536 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Sprint LLC** | **Sprint LLC** | **Sprint LLC** |
|  7.875% due 09/15/2023 | 900 | 915 |
|  **System Energy Resources, Inc.** | **System Energy Resources, Inc.** | **System Energy Resources, Inc.** |
|  2.140% due 12/09/2025 | 4800 | 4395 |
|  **Verizon Communications, Inc.** | **Verizon Communications, Inc.** | **Verizon Communications, Inc.** |
|  5.706% (US0003M + 1.100%) due 05/15/2025 ~ | 6613 | 6669 |
|  |  | 85503 |
|  **Total Corporate Bonds & Notes (Cost $760,052)** | **Total Corporate Bonds & Notes (Cost $760,052)** | **735162** |
| **MUNICIPAL BONDS & NOTES 0.0%** | **MUNICIPAL BONDS & NOTES 0.0%** | **MUNICIPAL BONDS & NOTES 0.0%** |
| **ILLINOIS 0.0%** | **ILLINOIS 0.0%** | **ILLINOIS 0.0%** |
|  **Illinois State General Obligation Notes, Series 2020** | **Illinois State General Obligation Notes, Series 2020** | **Illinois State General Obligation Notes, Series 2020** |
|  5.375% due 05/01/2023 | 450 | 453 |
|  **Total Municipal Bonds & Notes (Cost $450)** | **Total Municipal Bonds & Notes (Cost $450)** | **453** |
| **U.S. GOVERNMENT AGENCIES 5.4%** | **U.S. GOVERNMENT AGENCIES 5.4%** | **U.S. GOVERNMENT AGENCIES 5.4%** |
|  **Fannie Mae** | **Fannie Mae** | **Fannie Mae** |
|  4.000% due 06/01/2042 - 03/01/2047 | 525 | 502 |
|  5.000% due 07/01/2033 - 07/01/2044 | 1374 | 1352 |
|  5.150% due 05/01/2035 | 40 | 39 |
|  5.350% due 02/01/2035 - 01/01/2038 | 385 | 382 |
|  5.450% due 04/01/2036 | 91 | 90 |
|  5.500% due 12/01/2028 - 03/01/2050 | 1137 | 1143 |
|  6.000% due 09/01/2028 - 04/01/2048 | 814 | 820 |
|  6.500% due 07/01/2036 - 09/01/2048 | 367 | 375 |
|  **Federal Home Loan Bank** | **Federal Home Loan Bank** | **Federal Home Loan Bank** |
|  5.300% due 12/06/2024 | 27000 | 26990 |
|  **Freddie Mac** | **Freddie Mac** | **Freddie Mac** |
|  2.000% due 02/01/2028 - 04/01/2028 | 4 | 4 |
|  2.500% due 10/25/2048 | 161 | 144 |
|  5.000% due 01/01/2024 - 02/01/2038 | 317 | 319 |
|  5.310% due 11/15/2024 | 5400 | 5401 |
|  5.360% due 11/22/2024 | 29500 | 29536 |
|  5.400% due 09/01/2037 - 11/01/2038 | 421 | 428 |
|  5.500% due 08/01/2033 - 06/01/2047 | 1238 | 1248 |
|  5.550% due 06/01/2037 - 07/01/2037 | 105 | 106 |
|  6.000% due 09/01/2031 - 05/01/2033 | 46 | 46 |
|  6.500% due 11/01/2036 - 10/17/2038 | 410 | 417 |
|  7.000% due 05/01/2029 | 13 | 13 |
|  **Ginnie Mae** | **Ginnie Mae** | **Ginnie Mae** |
|  2.500% due 10/20/2049 | 128 | 112 |
|  3.000% due 11/20/2046 | 93 | 84 |
|  3.500% due 05/20/2042 | 66 | 60 |
|  3.700% due 04/15/2042 | 122 | 116 |
|  3.740% due 03/20/2042 - 07/20/2042 | 77 | 72 |
|  3.750% due 04/15/2042 - 03/20/2044 | 147 | 139 |
|  4.000% due 04/20/2040 - 06/20/2043 | 580 | 546 |
|  4.500% due 08/20/2038 - 11/20/2048 | 513 | 501 |
|  4.576% due 10/20/2072 •  | 2025 | 2021 |
|  5.326% due 08/16/2039 ~ | 4 | 4 |
|  5.350% due 12/15/2036 - 01/15/2038 | 337 | 343 |
|  5.400% due 06/20/2039 | 85 | 86 |
|  5.500% due 03/20/2034 - 08/20/2041 | 356 | 353 |
|  6.000% due 09/20/2038 | 40 | 40 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **75** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO Enhanced Low Duration Active Exchange-Traded Fund** | **(Cont.)** |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.500% due 09/20/2025 - 07/20/2039 | 35 | 35 |
|  7.000% due 09/15/2024 - 06/20/2039 | 595 | 603 |
|  **Uniform Mortgage-Backed Security** | **Uniform Mortgage-Backed Security** | **Uniform Mortgage-Backed Security** |
|  4.250% due 01/01/2036 | 85 | 83 |
|  4.750% due 09/01/2034 - 04/01/2036 | 366 | 364 |
|  5.340% due 09/01/2029 | 53 | 53 |
|  6.000% due 06/01/2031 | 1 | 1 |
|  **Total U.S. Government Agencies (Cost $75,645)** | **Total U.S. Government Agencies (Cost $75,645)** | **74971** |
| **U.S. TREASURY OBLIGATIONS 4.5%** | **U.S. TREASURY OBLIGATIONS 4.5%** | **U.S. TREASURY OBLIGATIONS 4.5%** |
|  **U.S. Treasury Notes** | **U.S. Treasury Notes** | **U.S. Treasury Notes** |
|  3.500% due 09/15/2025 (f) | 62700 | 61456 |
|  **Total U.S. Treasury Obligations (Cost $62,273)** | **Total U.S. Treasury Obligations (Cost $62,273)** | **61456** |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES 8.6%** | **NON-AGENCY MORTGAGE-BACKED SECURITIES 8.6%** | **NON-AGENCY MORTGAGE-BACKED SECURITIES 8.6%** |
|  **Angel Oak Mortgage Trust** | **Angel Oak Mortgage Trust** | **Angel Oak Mortgage Trust** |
|  1.469% due 06/25/2065 ~ | 665 | 597 |
|  **Bear Stearns Adjustable Rate Mortgage Trust** | **Bear Stearns Adjustable Rate Mortgage Trust** | **Bear Stearns Adjustable Rate Mortgage Trust** |
|  4.340% due 02/25/2033 ~ | 1 | 1 |
|  **Bear Stearns ALT-A Trust** | **Bear Stearns ALT-A Trust** | **Bear Stearns ALT-A Trust** |
|  3.115% due 05/25/2035 ~ | 30 | 28 |
|  4.709% due 02/25/2034 •  | 873 | 773 |
|  **Beneria Cowen & Pritzer Collateral Funding Corp.** | **Beneria Cowen & Pritzer Collateral Funding Corp.** | **Beneria Cowen & Pritzer Collateral Funding Corp.** |
|  5.117% due 06/15/2038 ~ | 5600 | 5241 |
|  **BFLD Trust** | **BFLD Trust** | **BFLD Trust** |
|  5.468% due 10/15/2035 ~ | 2000 | 1904 |
|  **Brass PLC** | **Brass PLC** | **Brass PLC** |
|  5.344% due 11/16/2066 ~ | 53 | 54 |
|  **BWAY Mortgage Trust** | **BWAY Mortgage Trust** | **BWAY Mortgage Trust** |
|  5.568% due 09/15/2036 •  | 3000 | 2866 |
|  **BX Commercial Mortgage Trust** | **BX Commercial Mortgage Trust** | **BX Commercial Mortgage Trust** |
|  5.018% due 01/15/2034 •  | 3800 | 3682 |
|  **Chase Mortgage Finance Trust** | **Chase Mortgage Finance Trust** | **Chase Mortgage Finance Trust** |
|  4.123% due 02/25/2037 ~ | 382 | 364 |
|  **Chevy Chase Funding LLC Mortgage-Backed Certificates** | **Chevy Chase Funding LLC Mortgage-Backed Certificates** | **Chevy Chase Funding LLC Mortgage-Backed Certificates** |
|  4.589% due 01/25/2036 •  | 34 | 30 |
|  4.619% due 10/25/2035 •  | 198 | 179 |
|  4.689% due 08/25/2035 •  | 23 | 20 |
|  **Citigroup Commercial Mortgage Trust** | **Citigroup Commercial Mortgage Trust** | **Citigroup Commercial Mortgage Trust** |
|  5.498% due 10/15/2036 •  | 1950 | 1858 |
|  **Citigroup Mortgage Loan Trust** | **Citigroup Mortgage Loan Trust** | **Citigroup Mortgage Loan Trust** |
|  4.371% due 05/25/2051 ~ | 4014 | 3670 |
|  **Countrywide Alternative Loan Trust** | **Countrywide Alternative Loan Trust** | **Countrywide Alternative Loan Trust** |
|  4.669% due 06/25/2037 ~ | 63 | 55 |
|  **Credit Suisse Mortgage Capital Trust** | **Credit Suisse Mortgage Capital Trust** | **Credit Suisse Mortgage Capital Trust** |
|  2.963% due 12/26/2059 ~ | 1058 | 1044 |
|  **DROP Mortgage Trust** | **DROP Mortgage Trust** | **DROP Mortgage Trust** |
|  5.470% due 10/15/2043 •  | 6000 | 5725 |
|  **Extended Stay America Trust** | **Extended Stay America Trust** | **Extended Stay America Trust** |
|  5.398% due 07/15/2038 ~ | 5467 | 5317 |
|  **First Horizon Alternative Mortgage Securities Trust** | **First Horizon Alternative Mortgage Securities Trust** | **First Horizon Alternative Mortgage Securities Trust** |
|  3.790% due 02/25/2035 ~ | 197 | 183 |
|  **GCAT Trust** | **GCAT Trust** | **GCAT Trust** |
|  1.348% due 05/25/2066 ~ | 2940 | 2363 |
|  1.503% due 05/25/2066 ~ | 2656 | 2095 |
|  2.650% due 10/25/2068 ~ | 418 | 394 |
|  2.885% due 12/27/2066 ~ | 2174 | 1943 |
|  **GCT Commercial Mortgage Trust** | **GCT Commercial Mortgage Trust** | **GCT Commercial Mortgage Trust** |
|  5.118% due 02/15/2038 •  | 800 | 744 |
|  **GS Mortgage Securities Corp.** | **GS Mortgage Securities Corp.** | **GS Mortgage Securities Corp.** |
|  7.736% due 08/15/2039 ~ | 7300 | 7367 |
|  **GS Mortgage-Backed Securities Trust** | **GS Mortgage-Backed Securities Trust** | **GS Mortgage-Backed Securities Trust** |
|  4.371% due 02/25/2052 •  | 4378 | 4001 |
|  4.778% due 12/25/2051 •  | 2651 | 2423 |
|  **GSR Mortgage Loan Trust** | **GSR Mortgage Loan Trust** | **GSR Mortgage Loan Trust** |
|  3.955% due 09/25/2035 ~ | 4 | 4 |
|  7.303% due 08/25/2033 •  | 68 | 63 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Impac CMB Trust** | **Impac CMB Trust** | **Impac CMB Trust** |
|  5.029% due 03/25/2035 ~ | 87 | 79 |
|  **InTown Mortgage Trust** | **InTown Mortgage Trust** | **InTown Mortgage Trust** |
|  6.825% due 08/15/2039 ~ | 2900 | 2888 |
|  **JP Morgan Chase Commercial Mortgage Securities Trust** | **JP Morgan Chase Commercial Mortgage Securities Trust** | **JP Morgan Chase Commercial Mortgage Securities Trust** |
|  3.379% due 09/15/2050 | 300 | 289 |
|  5.118% due 04/15/2038 •  | 945 | 921 |
|  5.768% due 12/15/2031 •  | 1060 | 1010 |
|  **JP Morgan Mortgage Trust** | **JP Morgan Mortgage Trust** | **JP Morgan Mortgage Trust** |
|  3.346% due 07/25/2035 ~ | 213 | 196 |
|  **JPMBB Commercial Mortgage Securities Trust** | **JPMBB Commercial Mortgage Securities Trust** | **JPMBB Commercial Mortgage Securities Trust** |
|  3.801% due 09/15/2047 | 4410 | 4269 |
|  **Legacy Mortgage Asset Trust** | **Legacy Mortgage Asset Trust** | **Legacy Mortgage Asset Trust** |
|  1.991% due 09/25/2060 ~ | 1082 | 1061 |
|  **LUXE Commercial Mortgage Trust** | **LUXE Commercial Mortgage Trust** | **LUXE Commercial Mortgage Trust** |
|  5.368% due 10/15/2038 ~ | 2077 | 1989 |
|  **MASTR Adjustable Rate Mortgages Trust** | **MASTR Adjustable Rate Mortgages Trust** | **MASTR Adjustable Rate Mortgages Trust** |
|  4.021% due 04/21/2034 ~ | 17 | 16 |
|  **Merrill Lynch Mortgage Investors Trust** | **Merrill Lynch Mortgage Investors Trust** | **Merrill Lynch Mortgage Investors Trust** |
|  3.994% due 12/25/2035 ~ | 206 | 194 |
|  4.849% due 04/25/2029 •  | 126 | 115 |
|  **MFA Trust** | **MFA Trust** | **MFA Trust** |
|  1.131% due 07/25/2060 ~ | 2827 | 2490 |
|  1.381% due 04/25/2065 ~ | 534 | 481 |
|  **Morgan Stanley Mortgage Loan Trust** | **Morgan Stanley Mortgage Loan Trust** | **Morgan Stanley Mortgage Loan Trust** |
|  5.469% due 11/25/2035 •  | 755 | 745 |
|  **Morgan Stanley Residential Mortgage Loan Trust** | **Morgan Stanley Residential Mortgage Loan Trust** | **Morgan Stanley Residential Mortgage Loan Trust** |
|  4.371% due 09/25/2051 •  | 871 | 797 |
|  **New Residential Mortgage Loan Trust** | **New Residential Mortgage Loan Trust** | **New Residential Mortgage Loan Trust** |
|  0.941% due 10/25/2058 ~ | 1685 | 1465 |
|  2.464% due 01/26/2060 ~ | 5785 | 5182 |
|  2.750% due 07/25/2059 ~ | 2029 | 1894 |
|  2.750% due 11/25/2059 ~ | 2335 | 2139 |
|  3.500% due 12/25/2057 ~ | 1178 | 1116 |
|  3.500% due 10/25/2059 ~ | 468 | 434 |
|  4.500% due 05/25/2058 ~ | 117 | 110 |
|  **NYO Commercial Mortgage Trust** | **NYO Commercial Mortgage Trust** | **NYO Commercial Mortgage Trust** |
|  5.413% due 11/15/2038 ~ | 6000 | 5457 |
|  **OBX Trust** | **OBX Trust** | **OBX Trust** |
|  1.957% due 10/25/2061 ~ | 251 | 201 |
|  **One New York Plaza Trust** | **One New York Plaza Trust** | **One New York Plaza Trust** |
|  5.268% due 01/15/2036 •  | 3700 | 3498 |
|  **ONE Park Mortgage Trust** | **ONE Park Mortgage Trust** | **ONE Park Mortgage Trust** |
|  5.150% due 03/15/2036 •  | 3914 | 3733 |
|  **RESIMAC Bastille Trust** | **RESIMAC Bastille Trust** | **RESIMAC Bastille Trust** |
|  4.822% due 02/03/2053 ~ | 3000 | 2967 |
|  **Sequoia Mortgage Trust** | **Sequoia Mortgage Trust** | **Sequoia Mortgage Trust** |
|  4.753% due 07/20/2036 •  | 699 | 598 |
|  5.013% due 06/20/2033 ~ | 1 | 1 |
|  **Starwood Mortgage Residential Trust** | **Starwood Mortgage Residential Trust** | **Starwood Mortgage Residential Trust** |
|  1.486% due 04/25/2065 ~ | 431 | 396 |
|  **Starwood Mortgage Trust** | **Starwood Mortgage Trust** | **Starwood Mortgage Trust** |
|  5.368% due 04/15/2034 ~ | 3100 | 3002 |
|  **Structured Asset Mortgage Investments Trust** | **Structured Asset Mortgage Investments Trust** | **Structured Asset Mortgage Investments Trust** |
|  4.919% due 07/19/2034 ~ | 4 | 4 |
|  4.999% due 09/19/2032 ~ | 7 | 6 |
|  **Thornburg Mortgage Securities Trust** | **Thornburg Mortgage Securities Trust** | **Thornburg Mortgage Securities Trust** |
|  2.412% due 04/25/2045 ~ | 45 | 42 |
|  **Towd Point Mortgage Trust** | **Towd Point Mortgage Trust** | **Towd Point Mortgage Trust** |
|  1.636% due 04/25/2060 ~ | 3114 | 2742 |
|  2.250% due 11/25/2061 ~ | 901 | 808 |
|  2.250% due 12/25/2061 ~ | 3894 | &nbsp;&nbsp;&nbsp;&nbsp;3580 |
|  2.710% due 01/25/2060 ~ | 1016 | 936 |
|  3.750% due 05/25/2058 ~ | 2518 | 2385 |
|  3.773% due 02/25/2057 •  | 101 | 100 |
|  5.389% due 05/25/2058 ~ | 1032 | 1024 |
|  5.389% due 10/25/2059 ~ | 679 | 672 |
|  **WaMu Mortgage Pass-Through Certificates Trust** | **WaMu Mortgage Pass-Through Certificates Trust** | **WaMu Mortgage Pass-Through Certificates Trust** |
|  3.028% due 06/25/2046 •  | 23 | 21 |
|  3.206% due 06/25/2033 ~ | 1 | 1 |
|  3.367% due 07/25/2037 ^~ | 404 | 338 |
|  5.009% due 01/25/2045 ~ | 8 | 7 |
|  5.189% due 06/25/2044 •  | 411 | 370 |
|  5.249% due 10/25/2045 •  | 71 | 65 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Wells Fargo Commercial Mortgage Trust** | **Wells Fargo Commercial Mortgage Trust** | **Wells Fargo Commercial Mortgage Trust** |
|  4.218% due 07/15/2046 ~ | 1000 | 991 |
|  **Total Non-Agency Mortgage-Backed Securities (Cost $126,878)** | **Total Non-Agency Mortgage-Backed Securities (Cost $126,878)** | **118813** |
| **ASSET-BACKED SECURITIES 16.3%** | **ASSET-BACKED SECURITIES 16.3%** | **ASSET-BACKED SECURITIES 16.3%** |
|  **American Money Management Corp. CLO Ltd.** | **American Money Management Corp. CLO Ltd.** | **American Money Management Corp. CLO Ltd.** |
|  4.991% due 04/14/2029 •  | 342 | 340 |
|  **Anchorage Capital CLO Ltd.** | **Anchorage Capital CLO Ltd.** | **Anchorage Capital CLO Ltd.** |
|  5.129% due 07/15/2030 ~ | 2800 | 2762 |
|  **Apex Credit CLO Ltd.** | **Apex Credit CLO Ltd.** | **Apex Credit CLO Ltd.** |
|  5.736% due 09/20/2029 ~ | 823 | 810 |
|  **AREIT Trust** | **AREIT Trust** | **AREIT Trust** |
|  5.710% due 09/14/2036 ~ | 23 | 23 |
|  6.567% due 06/17/2039 ~ | 7200 | 7147 |
|  **Ares CLO Ltd.** | **Ares CLO Ltd.** | **Ares CLO Ltd.** |
|  5.244% due 04/18/2031 •  | 4400 | 4323 |
|  **Asset-Backed Securities Corp. Home Equity Loan Trust** | **Asset-Backed Securities Corp. Home Equity Loan Trust** | **Asset-Backed Securities Corp. Home Equity Loan Trust** |
|  5.199% due 06/25/2034 ~ | 70 | 65 |
|  **Atlas Static Senior Loan Fund Ltd.** | **Atlas Static Senior Loan Fund Ltd.** | **Atlas Static Senior Loan Fund Ltd.** |
|  5.100% due 07/15/2030 ~ | 4700 | 4686 |
|  **Bear Stearns Asset-Backed Securities Trust** | **Bear Stearns Asset-Backed Securities Trust** | **Bear Stearns Asset-Backed Securities Trust** |
|  5.124% due 09/25/2035 ~ | 822 | 819 |
|  5.189% due 10/27/2032 ~ | 21 | 20 |
|  5.289% due 08/25/2034 ~ | 464 | 442 |
|  **Benefit Street Partners CLO Ltd.** | **Benefit Street Partners CLO Ltd.** | **Benefit Street Partners CLO Ltd.** |
|  5.029% due 10/15/2030 •  | 1500 | 1481 |
|  5.109% due 01/17/2032 ~ | 400 | 392 |
|  **BXMT Ltd.** | **BXMT Ltd.** | **BXMT Ltd.** |
|  5.322% due 11/15/2037 ~ | 3900 | 3840 |
|  **Carlyle U.S. CLO Ltd.** | **Carlyle U.S. CLO Ltd.** | **Carlyle U.S. CLO Ltd.** |
|  5.243% due 04/20/2031 •  | 5600 | 5511 |
|  **Carrington Mortgage Loan Trust** | **Carrington Mortgage Loan Trust** | **Carrington Mortgage Loan Trust** |
|  5.363% due 10/20/2029 •  | 7757 | 7664 |
|  **Chase Funding Trust** | **Chase Funding Trust** | **Chase Funding Trust** |
|  4.989% due 07/25/2033 •  | 210 | 198 |
|  **Countrywide Asset-Backed Certificates Trust** | **Countrywide Asset-Backed Certificates Trust** | **Countrywide Asset-Backed Certificates Trust** |
|  3.209% due 03/25/2036 •  | 211 | 207 |
|  4.539% due 09/25/2046 •  | 275 | 273 |
|  5.439% due 11/25/2035 ~ | 62 | 62 |
|  **CQS U.S. CLO Ltd.** | **CQS U.S. CLO Ltd.** | **CQS U.S. CLO Ltd.** |
|  5.997% due 07/20/2031 •  | 1500 | 1496 |
|  **Dryden CLO Ltd.** | **Dryden CLO Ltd.** | **Dryden CLO Ltd.** |
|  5.129% due 07/15/2031 •  | 7400 | 7273 |
|  **Dryden Senior Loan Fund** | **Dryden Senior Loan Fund** | **Dryden Senior Loan Fund** |
|  5.059% due 04/15/2028 ~ | 2364 | 2342 |
|  5.099% due 04/15/2029 ~ | 3287 | 3252 |
|  **Elevation CLO Ltd.** | **Elevation CLO Ltd.** | **Elevation CLO Ltd.** |
|  5.308% due 10/25/2030 •  | 7800 | 7661 |
|  **ELFI Graduate Loan Program LLC** | **ELFI Graduate Loan Program LLC** | **ELFI Graduate Loan Program LLC** |
|  1.530% due 12/26/2046 | 5257 | 4598 |
|  **Enterprise Fleet Financing LLC** | **Enterprise Fleet Financing LLC** | **Enterprise Fleet Financing LLC** |
|  5.760% due 10/22/2029 | 7000 | 7037 |
|  **Finance America Mortgage Loan Trust** | **Finance America Mortgage Loan Trust** | **Finance America Mortgage Loan Trust** |
|  5.214% due 08/25/2034 ~ | 128 | 118 |
|  **First Franklin Mortgage Loan Trust** | **First Franklin Mortgage Loan Trust** | **First Franklin Mortgage Loan Trust** |
|  4.709% due 04/25/2036 •  | 1273 | 1230 |
|  5.139% due 11/25/2034 •  | 111 | 106 |
|  5.319% due 07/25/2034 ~ | 99 | 99 |
|  **Golden Credit Card Trust** | **Golden Credit Card Trust** | **Golden Credit Card Trust** |
|  4.310% due 09/15/2027 | 10000 | 9849 |
|  **Greenwood Park CLO Ltd.** | **Greenwood Park CLO Ltd.** | **Greenwood Park CLO Ltd.** |
|  5.089% due 04/15/2031 •  | 4100 | 4049 |
|  **Greystone Commercial Real Estate Notes Ltd.** | **Greystone Commercial Real Estate Notes Ltd.** | **Greystone Commercial Real Estate Notes Ltd.** |
|  5.498% due 09/15/2037 •  | 697 | 686 |
|  **GSAA Home Equity Trust** | **GSAA Home Equity Trust** | **GSAA Home Equity Trust** |
|  4.929% due 07/25/2037 ~ | 154 | 146 |
|  **GSAMP Trust** | **GSAMP Trust** | **GSAMP Trust** |
|  4.909% due 06/25/2036 •  | 611 | 585 |
|  **HERA Commercial Mortgage Ltd.** | **HERA Commercial Mortgage Ltd.** | **HERA Commercial Mortgage Ltd.** |
|  5.389% due 02/18/2038 ~ | 3300 | 3196 |

---

---

| | | |
|:---|:---|:---|
| **76** | **PIMCO ETF TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Home Equity Asset Trust** | **Home Equity Asset Trust** | **Home Equity Asset Trust** |
|  5.439% due 11/25/2034 ~ | 871 | 850 |
|  **Hyundai Auto Receivables Trust** | **Hyundai Auto Receivables Trust** | **Hyundai Auto Receivables Trust** |
|  5.350% due 11/17/2025 | 3000 | 3007 |
|  **KKR CLO Ltd.** | **KKR CLO Ltd.** | **KKR CLO Ltd.** |
|  5.029% due 07/15/2030 •  | 2228 | &nbsp;&nbsp;&nbsp;&nbsp;2187 |
|  5.134% due 07/18/2030 ~ | 566 | 561 |
|  **LCCM Trust** | **LCCM Trust** | **LCCM Trust** |
|  5.518% due 12/13/2038 ~ | 4000 | 3881 |
|  **LCM LP** | **LCM LP** | **LCM LP** |
|  5.097% due 07/19/2027 ~ | 844 | 835 |
|  5.243% due 07/20/2030 •  | 4720 | 4649 |
|  5.283% due 10/20/2027 •  | 142 | 141 |
|  **LCM Ltd.** | **LCM Ltd.** | **LCM Ltd.** |
|  5.323% due 04/20/2031 ~ | 1100 | 1075 |
|  **LoanCore Issuer Ltd.** | **LoanCore Issuer Ltd.** | **LoanCore Issuer Ltd.** |
|  4.722% due 07/15/2035 ~ | 1270 | 1233 |
|  **MF1 Ltd.** | **MF1 Ltd.** | **MF1 Ltd.** |
|  6.150% due 11/15/2035 ~ | 1448 | 1430 |
|  **MF1 Multifamily Housing Mortgage Loan Trust** | **MF1 Multifamily Housing Mortgage Loan Trust** | **MF1 Multifamily Housing Mortgage Loan Trust** |
|  5.300% due 07/15/2036 ~ | 1977 | 1929 |
|  **MidOcean Credit CLO** | **MidOcean Credit CLO** | **MidOcean Credit CLO** |
|  5.445% due 01/29/2030 •  | 3207 | 3170 |
|  **MKS CLO Ltd.** | **MKS CLO Ltd.** | **MKS CLO Ltd.** |
|  5.243% due 07/20/2030 •  | 4586 | 4505 |
|  **MMAF Equipment Finance LLC** | **MMAF Equipment Finance LLC** | **MMAF Equipment Finance LLC** |
|  4.924% due 12/01/2023 | 3073 | 3073 |
|  **Mountain View CLO LLC** | **Mountain View CLO LLC** | **Mountain View CLO LLC** |
|  5.169% due 10/16/2029 •  | 280 | 277 |
|  **Nassau Ltd.** | **Nassau Ltd.** | **Nassau Ltd.** |
|  5.229% due 10/15/2029 •  | 1630 | 1610 |
|  **Navient Private Education Loan Trust** | **Navient Private Education Loan Trust** | **Navient Private Education Loan Trust** |
|  2.460% due 11/15/2068 | 917 | 838 |
|  5.518% due 12/15/2028 ~ | 73 | 73 |
|  5.768% due 07/16/2040 •  | 2418 | 2385 |
|  **Navient Private Education Refi Loan Trust** | **Navient Private Education Refi Loan Trust** | **Navient Private Education Refi Loan Trust** |
|  0.840% due 05/15/2069 | 1386 | 1199 |
|  1.170% due 09/16/2069 | 1963 | 1742 |
|  1.310% due 01/15/2069 | 822 | 738 |
|  1.690% due 05/15/2069 | 2674 | 2407 |
|  2.230% due 07/15/2070 | 5241 | 4554 |
|  5.318% due 04/15/2069 ~ | 2077 | 2022 |
|  **New Century Home Equity Loan Trust** | **New Century Home Equity Loan Trust** | **New Century Home Equity Loan Trust** |
|  5.319% due 11/25/2034 •  | 374 | 355 |
|  **NovaStar Mortgage Funding Trust** | **NovaStar Mortgage Funding Trust** | **NovaStar Mortgage Funding Trust** |
|  5.049% due 01/25/2036 ~ | 367 | 360 |
|  **Oaktree CLO Ltd.** | **Oaktree CLO Ltd.** | **Oaktree CLO Ltd.** |
|  5.435% due 04/22/2030 •  | 1600 | 1565 |
|  **Palmer Square Loan Funding Ltd.** | **Palmer Square Loan Funding Ltd.** | **Palmer Square Loan Funding Ltd.** |
|  4.879% due 10/15/2029 ~ | 169 | 166 |
|  5.475% due 02/20/2028 •  | 684 | 680 |
|  **PFP Ltd.** | **PFP Ltd.** | **PFP Ltd.** |
|  5.326% due 08/09/2037 •  | 1586 | 1518 |
|  6.600% due 08/19/2035 ~ | 6000 | 5894 |
|  **PRET LLC** | **PRET LLC** | **PRET LLC** |
|  1.992% due 02/25/2061 þ | 1770 | 1604 |
|  2.487% due 07/25/2051 þ | 3276 | 3043 |
|  **RAAC Trust** | **RAAC Trust** | **RAAC Trust** |
|  4.939% due 01/25/2046 ~ | 468 | 456 |
|  **Renaissance Home Equity Loan Trust** | **Renaissance Home Equity Loan Trust** | **Renaissance Home Equity Loan Trust** |
|  3.894% due 08/25/2033 •  | 759 | 702 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Residential Asset Securities Corp. Trust** | **Residential Asset Securities Corp. Trust** | **Residential Asset Securities Corp. Trust** |
|  5.089% due 06/25/2035 ~ | 505 | 501 |
|  5.484% due 03/25/2035 •  | 253 | 245 |
|  **Saranac CLO Ltd.** | **Saranac CLO Ltd.** | **Saranac CLO Ltd.** |
|  5.873% due 08/13/2031 ~ | 5200 | 5039 |
|  **Saxon Asset Securities Trust** | **Saxon Asset Securities Trust** | **Saxon Asset Securities Trust** |
|  1.799% due 05/25/2035 ~ | 154 | 144 |
|  **SBA Tower Trust** | **SBA Tower Trust** | **SBA Tower Trust** |
|  3.869% due 10/15/2049 þ | 1000 | 956 |
|  **Securitized Asset-Backed Receivables LLC Trust** | **Securitized Asset-Backed Receivables LLC Trust** | **Securitized Asset-Backed Receivables LLC Trust** |
|  5.064% due 01/25/2035 ~ | 110 | 101 |
|  **SLM Student Loan Trust** | **SLM Student Loan Trust** | **SLM Student Loan Trust** |
|  5.108% due 04/25/2023 •  | 332 | 321 |
|  5.858% due 04/25/2023 ~ | 177 | 175 |
|  6.058% due 07/25/2023 ~ | 151 | 150 |
|  **SMB Private Education Loan Trust** | **SMB Private Education Loan Trust** | **SMB Private Education Loan Trust** |
|  1.600% due 09/15/2054 | 1170 | 1041 |
|  2.230% due 09/15/2037 | 1938 | 1770 |
|  4.436% due 09/15/2054 ~ | 2601 | 2499 |
|  4.480% due 05/16/2050 | 3293 | &nbsp;&nbsp;&nbsp;&nbsp;3153 |
|  4.918% due 03/17/2053 •  | 542 | 523 |
|  5.239% due 09/15/2054 •  | 2061 | 1996 |
|  **SoFi Professional Loan Program LLC** | **SoFi Professional Loan Program LLC** | **SoFi Professional Loan Program LLC** |
|  3.020% due 02/25/2040 | 67 | 64 |
|  **SoFi Professional Loan Program Trust** | **SoFi Professional Loan Program Trust** | **SoFi Professional Loan Program Trust** |
|  1.950% due 02/15/2046 | 705 | 632 |
|  **Sound Point CLO Ltd.** | **Sound Point CLO Ltd.** | **Sound Point CLO Ltd.** |
|  5.225% due 01/23/2029 ~ | 3734 | 3687 |
|  5.338% due 07/25/2030 •  | 2400 | 2364 |
|  **Soundview Home Loan Trust** | **Soundview Home Loan Trust** | **Soundview Home Loan Trust** |
|  5.064% due 06/25/2035 ~ | 328 | 319 |
|  **Structured Asset Investment Loan Trust** | **Structured Asset Investment Loan Trust** | **Structured Asset Investment Loan Trust** |
|  4.939% due 09/25/2034 •  | 1632 | 1504 |
|  5.094% due 03/25/2034 ~ | 496 | 467 |
|  **Structured Asset Securities Corp. Mortgage Loan Trust** | **Structured Asset Securities Corp. Mortgage Loan Trust** | **Structured Asset Securities Corp. Mortgage Loan Trust** |
|  4.524% due 07/25/2036 •  | 323 | 318 |
|  **Towd Point Asset Trust** | **Towd Point Asset Trust** | **Towd Point Asset Trust** |
|  5.053% due 11/20/2061 •  | 1678 | 1654 |
|  **Towd Point Mortgage Trust** | **Towd Point Mortgage Trust** | **Towd Point Mortgage Trust** |
|  3.000% due 11/25/2058 ~ | 214 | 210 |
|  **Toyota Auto Receivables Owner Trust** | **Toyota Auto Receivables Owner Trust** | **Toyota Auto Receivables Owner Trust** |
|  5.270% due 01/15/2026 | 5000 | 5010 |
|  **Venture CLO Ltd.** | **Venture CLO Ltd.** | **Venture CLO Ltd.** |
|  5.263% due 04/20/2029 ~ | 1663 | 1647 |
|  5.293% due 07/20/2030 ~ | 8694 | 8494 |
|  5.343% due 01/20/2029 •  | 1160 | 1146 |
|  5.373% due 04/20/2032 ~ | 1100 | 1072 |
|  **Vibrant CLO Ltd.** | **Vibrant CLO Ltd.** | **Vibrant CLO Ltd.** |
|  5.363% due 07/20/2032 •  | 300 | 295 |
|  **VMC Finance LLC** | **VMC Finance LLC** | **VMC Finance LLC** |
|  5.426% due 09/15/2036 ~ | 140 | 135 |
|  5.439% due 06/16/2036 ~ | 2229 | 2092 |
|  **Voya CLO Ltd.** | **Voya CLO Ltd.** | **Voya CLO Ltd.** |
|  5.029% due 04/17/2030 •  | 4726 | 4667 |
|  5.079% due 10/15/2030 •  | 3500 | 3438 |
|  **Wells Fargo Home Equity Trust Mortgage Pass-Through Certificates** | **Wells Fargo Home Equity Trust Mortgage Pass-Through Certificates** | **Wells Fargo Home Equity Trust Mortgage Pass-Through Certificates** |
|  4.989% due 04/25/2034 •  | 1059 | 1006 |
|  **World Omni Auto Receivables Trust** | **World Omni Auto Receivables Trust** | **World Omni Auto Receivables Trust** |
|  5.510% due 03/16/2026 | 4350 | 4361 |
|  **Total Asset-Backed Securities (Cost $230,236)** | **Total Asset-Backed Securities (Cost $230,236)** | **224698** |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **SHORT-TERM INSTRUMENTS 10.2%** | **SHORT-TERM INSTRUMENTS 10.2%** | **SHORT-TERM INSTRUMENTS 10.2%** |
| **COMMERCIAL PAPER 9.8%** | **COMMERCIAL PAPER 9.8%** | **COMMERCIAL PAPER 9.8%** |
|  **American Electric Power Co., Inc.** | **American Electric Power Co., Inc.** | **American Electric Power Co., Inc.** |
|  4.800% due 01/19/2023 | 11800 | 11770 |
|  **AT&T, Inc.** | **AT&T, Inc.** | **AT&T, Inc.** |
|  4.650% due 01/03/2023 | 18000 | 17991 |
|  **Consolidated Edison Co. of New York, Inc.** | **Consolidated Edison Co. of New York, Inc.** | **Consolidated Edison Co. of New York, Inc.** |
|  4.800% due 01/17/2023 | 3200 | 3193 |
|  4.800% due 01/18/2023 | 3500 | 3491 |
|  4.800% due 01/19/2023 | 3600 | 3591 |
|  4.800% due 01/20/2023 | 3600 | 3590 |
|  **Crown Castle, Inc.** | **Crown Castle, Inc.** | **Crown Castle, Inc.** |
|  5.000% due 01/04/2023 | 2000 | 1999 |
|  5.100% due 01/09/2023 | 11000 | 10985 |
|  5.150% due 01/10/2023 | 1100 | 1098 |
|  **Electricite de France SA** | **Electricite de France SA** | **Electricite de France SA** |
|  5.000% due 01/20/2023 | 11600 | 11569 |
|  **Enbridge (US), Inc.** | **Enbridge (US), Inc.** | **Enbridge (US), Inc.** |
|  4.780% due 01/20/2023 | 4300 | 4288 |
|  4.830% due 01/25/2023 | 11700 | 11659 |
|  4.830% due 01/26/2023 | 1000 | 996 |
|  **Fiserv, Inc.** | **Fiserv, Inc.** | **Fiserv, Inc.** |
|  4.730% due 01/17/2023 | 2800 | 2793 |
|  **McCormick & Co., Inc.** | **McCormick & Co., Inc.** | **McCormick & Co., Inc.** |
|  4.750% due 01/27/2023 | 13900 | 13849 |
|  **Mercedes-Benz Finance North America LLC** | **Mercedes-Benz Finance North America LLC** | **Mercedes-Benz Finance North America LLC** |
|  4.800% due 01/30/2023 | 10700 | 10657 |
|  **Quanta Services, Inc.** | **Quanta Services, Inc.** | **Quanta Services, Inc.** |
|  5.300% due 01/19/2023 | 3850 | 3839 |
|  **Thomson Reuters Corp.** | **Thomson Reuters Corp.** | **Thomson Reuters Corp.** |
|  4.770% due 01/25/2023 | 13900 | 13855 |
|  **VW Credit, Inc.** | **VW Credit, Inc.** | **VW Credit, Inc.** |
|  4.700% due 01/27/2023 | 4200 | 4185 |
|  |  | 135398 |
| **REPURCHASE AGREEMENTS (d) 0.4%** | **REPURCHASE AGREEMENTS (d) 0.4%** | **REPURCHASE AGREEMENTS (d) 0.4%** |
|  |  | 5488 |
| **U.S. TREASURY BILLS 0.0%** | **U.S. TREASURY BILLS 0.0%** | **U.S. TREASURY BILLS 0.0%** |
|  4.193% due 03/02/2023 (a)(b)(h) | 546 | 542 |
| **Total Short-Term Instruments<br>(Cost $141,491)** | **Total Short-Term Instruments<br>(Cost $141,491)** | **141428** |
| **Total Investments in Securities<br>(Cost $1,403,388)** | **Total Investments in Securities<br>(Cost $1,403,388)** | **1363357** |
| **Total Investments 98.8%<br>(Cost $1,403,388)** | **Total Investments 98.8%<br>(Cost $1,403,388)** | **1363357** |
|  **Financial Derivative<br>Instruments (e)(g) (0.1)%**<br> **(Cost or Premiums, net $(4454))** | **Financial Derivative<br>Instruments (e)(g) (0.1)%**<br> **(Cost or Premiums, net $(4454))** | **(865)** |
| **Other Assets and Liabilities, net 1.3%** | **Other Assets and Liabilities, net 1.3%** | **17458** |
| **Net Assets 100.0%** | **Net Assets 100.0%** | **1379950** |

---

**NOTES TO SCHEDULE OF INVESTMENTS:** 

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

---

| | |
|:---|:---|
| **^** | **Security is in default.**  |

---

---

| | |
|:---|:---|
| **«** | **Security valued using significant unobservable inputs (Level 3).**  |

---

---

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

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **77** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO Enhanced Low Duration Active Exchange-Traded Fund** | **(Cont.)** |

---

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

---

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

---

**(a)** **Coupon represents a weighted average yield to maturity.** 

**(b)** **Zero coupon security.** 

&nbsp;&nbsp;&nbsp;&nbsp;**(c) RESTRICTED SECURITIES:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Issuer Description** | **Coupon** | **Maturity<br>Date** | **Acquisition<br>Date** | **Cost** | **Market<br>Value** | **Market Value<br>as Percentage<br>of Net Assets** |
|  Citigroup, Inc. | 5.850% | 03/17/2026 | 03/10/2022 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3400 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3410 | 0.25% |

---

**BORROWINGS AND OTHER FINANCING TRANSACTIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;**(d) REPURCHASE AGREEMENTS:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Lending<br>Rate** | **Settlement<br>Date** | **Maturity<br>Date** | **Principal<br>Amount** | **Collateralized By** | **Collateral<br>(Received)** | **Repurchase<br>Agreements,<br>at Value** | **Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup>** |
| BPS | 4.310% | 12/30/2022 | 01/03/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3400 | U.S. Treasury Notes 0.625% due 05/15/2030 | $(3475) | $3400 | $3402 |
| FICC | 1.900 | 12/30/2022 | 01/03/2023 | 2088 | U.S. Treasury Bills 0.000% due 12/28/2023 | (2130) | 2088 | 2088 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** |  | $**(5605)** | $**5488** | $**5490** |

---

**BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY** 

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2022:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup>** | **Payable for<br>Reverse<br>Repurchase<br>Agreements** | **Payable for<br>Sale-Buyback<br>Transactions** | **Securities<br>Out on Loan** | **Total<br>Borrowings and<br>Other Financing<br>Transactions** | **Collateral<br>Pledged/(Received)** | **Net Exposure<sup>(2)</sup>** |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  BPS | $3402 | $0 | $0 | $0 | $3402 | $(3475) | $(73) |
|  FICC | 2088 | 0 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2130) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42) |
|  **Total Borrowings and Other Financing Transactions** | $**5490** | $**0** | $**0** | $**0** |  |  |  |

---

<sup>(1)</sup> Includes accrued interest.

<sup>(2)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

**The average amount of borrowings outstanding during the period ended December 31, 2022 was $(41,435) at a weighted average interest rate of 0.232%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** 

&nbsp;&nbsp;&nbsp;&nbsp;**(e) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** 

**FUTURES CONTRACTS:** 

**LONG FUTURES CONTRACTS** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Variation Margin** | **Variation Margin** |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  3-Month SOFR Active Contract June Futures  | 09/2023 | 2221 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527710 | $(223) | $0 | $(236) |
|  U.S. Treasury 2-Year Note March Futures  | 03/2023 | 662 | 135762 | 25 | 0 | (158) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(198) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(394) |

---

**SHORT FUTURES CONTRACTS** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Variation Margin** | **Variation Margin** |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  3-Month SOFR Active Contract June Futures  | 09/2024 | 790 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(190054) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
|  U.S. Treasury 5-Year Note March Futures  | 03/2023 | 888 | (95842) | 99 | 170 | 0 |

---

---

| | | |
|:---|:---|:---|
| **78** | **PIMCO ETF TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022 (Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Variation Margin** | **Variation Margin** |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  U.S. Treasury Ultra Long-Term Bond March Futures  | 03/2023 | 76 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10208) | $35 | $96 | $0 |
|  U.S. Ultra Treasury Note March Futures  | 03/2023 | 435 | (51452) | 529 | 197 | 0 |
|  |  |  |  | $1235 | $567 | $0 |
|  **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | $**1037** | $**567** | $**(394)** |

---

**SWAP AGREEMENTS:** 

**CREDIT DEFAULT SWAPS ON CREDIT INDICES - BUY PROTECTION<sup>(1)</sup>** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Index/Tranches** | **Fixed<br>(Pay) Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(2)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(3)</sup>** | **Variation Margin** | **Variation Margin** |
| **Index/Tranches** | **Fixed<br>(Pay) Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(2)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(3)</sup>** | **Asset** | **Liability** |
|  CDX.IG-37 5-Year Index | (1.000)% | Quarterly | 12/20/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103900 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2527) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1340 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1187) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | $0 |
|  CDX.IG-39 5-Year Index | (1.000) | Quarterly | 12/20/2027 | 266300 | (1911) | (315) | (2226) | 0 | (10) |
|  |  |  |  |  | $(4438) | $1025 | $(3413) | $10 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) |

---

**INTEREST RATE SWAPS - BASIS SWAPS** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay Floating<br>Rate Index** | **Receive Floating Rate Index** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay Floating<br>Rate Index** | **Receive Floating Rate Index** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  3-Month USD-LIBOR | 01-Month USD-LIBOR + 0.098% | Quarterly | 01/13/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18000 | $0 | $(1) | $(1) | $0 | $(1) |
|  3-Month USD-LIBOR | 01-Month USD-LIBOR + 0.098% | Quarterly | 01/13/2023 | 13800 | 0 | 0 | 0 | 0 | (1) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |

---

**INTEREST RATE SWAPS** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.530% | Annual | 10/26/2024 | 615300 | $(69) | $482 | $413 | $0 | $(450) |
|  Pay | 3-Month USD-LIBOR | 0.250 | Semi-Annual | 06/16/2023 | 168600 | 53 | (4050) | (3997) | 0 | (97) |
|  |  |  |  |  |  | $(16) | $(3568) | $(3584) | $0 | $(547) |
|  **Total Swap Agreements** | **Total Swap Agreements** |  |  |  |  | $**(4454)** | $**(2544)** | $**(6998)** | $**10** | $**(559)** |

---

**FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY** 

The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of December 31, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** |
|  | **Market Value** | **Variation Margin<br>Asset** | **Variation Margin<br>Asset** | | **Market Value** | **Variation Margin<br>Liability** | **Variation Margin<br>Liability** | |
| | **Purchased<br>Options** | **Futures** | **Swap<br>Agreements** |<br>**Total** | **Written<br>Options** | **Futures** | **Swap<br>Agreements** |<br>**Total** |
|  **Total Exchange-Traded or Centrally Cleared** | $**0** | $**567** | $**10** | $**577** | $**0** | $**(394)** | $**(559)** | $**(953)** |

---

**(f)** **Securities with an aggregate market value of $10,428 and cash of $11,598 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2022. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.** 

<sup>(1)</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. 

<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. 

<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. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **79** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO Enhanced Low Duration Active Exchange-Traded Fund** | **(Cont.)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;**(g) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** 

**FORWARD FOREIGN CURRENCY CONTRACTS:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  CBK | 01/2023 | $31463 | 29515 | $145 | $0 |
|  MBC | 01/2023 | 29553 | $30974 | 0 | (675) |
|  | 01/2023 | 513900 | 3793 | 0 | (125) |
|  MYI | 01/2023 | $3740 | 512274 | 166 | 0 |
|  **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | $**311** | $**(800)** |

---

**FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY** 

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of December 31, 2022:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | | | |
| <br>**Counterparty** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Purchased<br>Options** | **Swap<br>Agreements** | **Total<br>Over the<br>Counter** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Written<br>Options** | **Swap<br>Agreements** | **Total<br>Over the<br>Counter** |<br>**Net Market<br>Value of OTC<br>Derivatives** |<br>**Collateral<br>Pledged/<br>(Received)** |<br>**Net<br>Exposure<sup>(1)</sup>** |
|  CBK | $145 | $0 | $0 | $145 | $0 | $0 | $0 | $0 | $145 | $0 | $145 |
|  MBC | 0 | 0 | 0 | 0 | (800) | 0 | 0 | (800) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(800) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(258) |
|  MYI | 166 | 0 | 0 | 166 | 0 | 0 | 0 | 0 | 166 | 0 | 166 |
|  **Total Over the Counter** | $**311** | $**0** | $**0** | $**311** | $**(800)** | $**0** | $**0** | $**(800)** |  |  |  |

---

**(h)** **Securities with an aggregate market value of $542 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of December 31, 2022.** 

<sup>(1)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

**FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS** 

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
| | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  **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 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $567 | $567 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 10 | 0 | 0 | 0 | 10 |
|  | $0 | $10 | $0 | $0 | $567 | $577 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $311 | $0 | $311 |
|  | $0 | $10 | $0 | $311 | $567 | $888 |
|  **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 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $394 | $394 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 10 | 0 | 0 | 549 | 559 |
|  | $0 | $10 | $0 | $0 | $943 | $953 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $800 | $0 | $800 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;943 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1753 |

---

---

| | | |
|:---|:---|:---|
| **80** | **PIMCO ETF TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022 (Unaudited)

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
| | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** |
|  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 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $13605 | $13605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (1716) | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23485) | (25201) |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1716) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $(9880) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11596) |
|  Over the counter |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3706) | $0 | $(3706) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 103 | 0 | 0 | 0 | 103 |
|  | $0 | $103 | $0 | $(3706) | $0 | $(3603) |
|  | $0 | $(1613) | $0 | $(3706) | $(9880) | $(15199) |
|  **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** |
|  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 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $(1502) | $(1502) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (2727) | 0 | 0 | 6343 | 3616 |
|  | $0 | $(2727) | $0 | $0 | $4841 | $2114 |
|  Over the counter |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $1098 | $0 | $1098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | (10) | 0 | 0 | 0 | (10) |
|  | $0 | $(10) | $0 | $1098 | $0 | $1088 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(2737) | $0 | $1098 | $4841 | $3202 |

---

**FAIR VALUE MEASUREMENTS** 

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at**<br> **12/31/2022** |
|  **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 | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;6376 | $6376 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 0 | &nbsp;&nbsp;&nbsp;&nbsp;417991 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;417991 |
| &nbsp;&nbsp; Industrials | 0 | 231668 | 0 | 231668 |
| &nbsp;&nbsp; Utilities | 0 | 85503 | 0 | 85503 |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; Illinois | 0 | 453 | 0 | 453 |
|  U.S. Government Agencies | 0 | 74971 | 0 | 74971 |
|  U.S. Treasury Obligations | 0 | 61456 | 0 | 61456 |
|  Non-Agency Mortgage-Backed Securities | 0 | 118813 | 0 | 118813 |
|  Asset-Backed Securities | 0 | 224698 | 0 | 224698 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Commercial Paper | 0 | 135398 | 0 | 135398 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 5488 | 0 | 5488 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 542 | 0 | 542 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1356981 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6376 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1363357 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at**<br> **12/31/2022** |
|  **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 | $577 | $0 | $577 |
|  Over the counter | 0 | 311 | 0 | 311 |
|  | $0 | $888 | $0 | $888 |
|  **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 | (953) | 0 | (953) |
|  Over the counter | 0 | (800) | 0 | (800) |
|  | $0 | $(1753) | $0 | $(1753) |
|  Total Financial Derivative Instruments | $0 | $(865) | $0 | $(865) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1356116 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6376 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1362492 |

---

There were no significant transfers into or out of Level 3 during the period ended December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **81** |

---

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **Schedule of Investments** | **PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund** |

---

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

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **INVESTMENTS IN SECURITIES 103.7%** | **INVESTMENTS IN SECURITIES 103.7%** | **INVESTMENTS IN SECURITIES 103.7%** |
| **CORPORATE BONDS & NOTES 47.0%** | **CORPORATE BONDS & NOTES 47.0%** | **CORPORATE BONDS & NOTES 47.0%** |
| **BANKING & FINANCE 30.2%** | **BANKING & FINANCE 30.2%** | **BANKING & FINANCE 30.2%** |
|  **AIA Group Ltd.** | **AIA Group Ltd.** | **AIA Group Ltd.** |
|  3.125% due 03/13/2023 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;1993 |
|  **Allstate Corp.** | **Allstate Corp.** | **Allstate Corp.** |
|  5.356% (US0003M + 0.630%) due 03/29/2023 ~ | 300 | 300 |
|  **American Tower Corp.** | **American Tower Corp.** | **American Tower Corp.** |
|  3.500% due 01/31/2023 | 1100 | 1099 |
|  **Athene Global Funding** | **Athene Global Funding** | **Athene Global Funding** |
|  0.950% due 01/08/2024 | 1200 | 1142 |
|  **Aviation Capital Group LLC** | **Aviation Capital Group LLC** | **Aviation Capital Group LLC** |
|  3.875% due 05/01/2023 | 500 | 496 |
|  **Bank of America Corp.** | **Bank of America Corp.** | **Bank of America Corp.** |
|  1.486% due 05/19/2024 •  | 1700 | 1674 |
|  4.640% (SOFRRATE + 0.690%) due 04/22/2025 ~ | 200 | 198 |
|  **Bank of Nova Scotia** | **Bank of Nova Scotia** | **Bank of Nova Scotia** |
|  2.375% due 01/18/2023 | 2700 | 2697 |
|  5.245% (SOFRINDX + 0.960%) due 03/11/2024 ~ | 1000 | 999 |
|  **BNP Paribas SA** | **BNP Paribas SA** | **BNP Paribas SA** |
|  3.500% due 03/01/2023 | 1110 | 1107 |
|  **Citigroup, Inc.** | **Citigroup, Inc.** | **Citigroup, Inc.** |
|  1.678% due 05/15/2024 •  | 1000 | 986 |
|  4.615% (SOFRRATE + 0.694%) due 01/25/2026 ~(d) | 1000 | 978 |
|  **Cooperatieve Rabobank UA** | **Cooperatieve Rabobank UA** | **Cooperatieve Rabobank UA** |
|  4.389% (US0003M + 0.480%) due 01/10/2023 ~ | 1400 | 1400 |
|  **Credit Agricole SA** | **Credit Agricole SA** | **Credit Agricole SA** |
|  5.345% (US0003M + 1.020%) due 04/24/2023 ~ | 1000 | 1001 |
|  **Deutsche Bank AG** | **Deutsche Bank AG** | **Deutsche Bank AG** |
|  3.950% due 02/27/2023 | 1200 | 1196 |
|  **First American Financial Corp.** | **First American Financial Corp.** | **First American Financial Corp.** |
|  4.300% due 02/01/2023 | 1500 | 1499 |
|  **Goldman Sachs Group, Inc.** | **Goldman Sachs Group, Inc.** | **Goldman Sachs Group, Inc.** |
|  6.334% (US0003M + 1.600%) due 11/29/2023 ~ | 1800 | 1814 |
|  **Intesa Sanpaolo SpA** | **Intesa Sanpaolo SpA** | **Intesa Sanpaolo SpA** |
|  3.375% due 01/12/2023 | 1305 | 1304 |
|  **JPMorgan Chase & Co.** | **JPMorgan Chase & Co.** | **JPMorgan Chase & Co.** |
|  0.768% due 08/09/2025 •  | 800 | 739 |
|  **Mitsubishi UFJ Financial Group, Inc.** | **Mitsubishi UFJ Financial Group, Inc.** | **Mitsubishi UFJ Financial Group, Inc.** |
|  5.187% (US0003M + 0.860%) due 07/26/2023 ~ | 500 | 501 |
|  5.519% (US0003M + 0.740%) due 03/02/2023 ~ | 500 | 500 |
|  **Mitsui Fudosan Co. Ltd.** | **Mitsui Fudosan Co. Ltd.** | **Mitsui Fudosan Co. Ltd.** |
|  2.950% due 01/23/2023 | 3500 | 3496 |
|  **Mizuho Financial Group, Inc.** | **Mizuho Financial Group, Inc.** | **Mizuho Financial Group, Inc.** |
|  5.387% (US0003M + 0.630%) due 05/25/2024 ~ | 2200 | 2188 |
|  **Morgan Stanley** | **Morgan Stanley** | **Morgan Stanley** |
|  3.737% due 04/24/2024 •  | 500 | 497 |
|  **National Bank of Canada** | **National Bank of Canada** | **National Bank of Canada** |
|  0.550% due 11/15/2024 •  | 500 | 479 |
|  **Nationwide Building Society** | **Nationwide Building Society** | **Nationwide Building Society** |
|  3.766% due 03/08/2024 •  | 1555 | 1547 |
|  **NatWest Group PLC** | **NatWest Group PLC** | **NatWest Group PLC** |
|  2.359% due 05/22/2024 •  | 2000 | 1972 |
|  **Nomura Holdings, Inc.** | **Nomura Holdings, Inc.** | **Nomura Holdings, Inc.** |
|  2.648% due 01/16/2025 | 900 | 850 |
|  **Royal Bank of Canada** | **Royal Bank of Canada** | **Royal Bank of Canada** |
|  4.353% (SOFRINDX + 0.360%) due 07/29/2024 ~ | 1369 | 1354 |
|  4.439% (US0003M + 0.360%) due 01/17/2023 ~ | 847 | 847 |
|  **Societe Generale SA** | **Societe Generale SA** | **Societe Generale SA** |
|  3.875% due 03/28/2024 | 200 | 195 |
|  4.934% (SOFRRATE + 1.050%) due 01/21/2026 ~ | 1000 | 966 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Standard Chartered PLC** | **Standard Chartered PLC** | **Standard Chartered PLC** |
|  1.214% due 03/23/2025 •  | 600 | 566 |
|  **Sumitomo Mitsui Financial Group, Inc.** | **Sumitomo Mitsui Financial Group, Inc.** | **Sumitomo Mitsui Financial Group, Inc.** |
|  0.508% due 01/12/2024 | 1000 | 952 |
|  4.819% (US0003M + 0.740%) due 01/17/2023 ~ | 1345 | &nbsp;&nbsp;&nbsp;&nbsp;1345 |
|  **Sumitomo Mitsui Trust Bank Ltd.** | **Sumitomo Mitsui Trust Bank Ltd.** | **Sumitomo Mitsui Trust Bank Ltd.** |
|  0.850% due 03/25/2024 | 700 | 662 |
|  **Toronto-Dominion Bank** | **Toronto-Dominion Bank** | **Toronto-Dominion Bank** |
|  4.773% (SOFRRATE + 0.450%) due 09/28/2023 ~ | 415 | 414 |
|  5.183% (SOFRRATE + 0.910%) due 03/08/2024 ~ | 1200 | 1198 |
|  **USAA Capital Corp.** | **USAA Capital Corp.** | **USAA Capital Corp.** |
|  1.500% due 05/01/2023 | 1000 | 990 |
|  **Vonovia Finance BV** | **Vonovia Finance BV** | **Vonovia Finance BV** |
|  5.000% due 10/02/2023 | 1000 | 987 |
|  **Westpac Banking Corp.** | **Westpac Banking Corp.** | **Westpac Banking Corp.** |
|  2.750% due 01/11/2023 | 1000 | 1000 |
|  4.479% (US0003M + 0.570%) due 01/11/2023 ~ | 500 | 500 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;46628 |
| **INDUSTRIALS 13.1%** | **INDUSTRIALS 13.1%** | **INDUSTRIALS 13.1%** |
|  **Amazon.com, Inc.** | **Amazon.com, Inc.** | **Amazon.com, Inc.** |
|  0.250% due 05/12/2023 | 500 | 492 |
|  **Apple, Inc.** | **Apple, Inc.** | **Apple, Inc.** |
|  2.850% due 02/23/2023 | 2000 | 1995 |
|  **Baxter International, Inc.** | **Baxter International, Inc.** | **Baxter International, Inc.** |
|  4.495% (SOFRINDX + 0.260%) due 12/01/2023 ~ | 700 | 695 |
|  **Caterpillar, Inc.** | **Caterpillar, Inc.** | **Caterpillar, Inc.** |
|  8.000% due 02/15/2023 | 300 | 302 |
|  **Central Japan Railway Co.** | **Central Japan Railway Co.** | **Central Japan Railway Co.** |
|  3.400% due 09/06/2023 | 1995 | 1972 |
|  **CNH Industrial NV** | **CNH Industrial NV** | **CNH Industrial NV** |
|  4.500% due 08/15/2023 | 700 | 696 |
|  **Conagra Brands, Inc.** | **Conagra Brands, Inc.** | **Conagra Brands, Inc.** |
|  3.200% due 01/25/2023 | 1000 | 999 |
|  **Dell International LLC** | **Dell International LLC** | **Dell International LLC** |
|  5.450% due 06/15/2023 | 1760 | 1761 |
|  **GSK Consumer Healthcare Capital U.S. LLC** | **GSK Consumer Healthcare Capital U.S. LLC** | **GSK Consumer Healthcare Capital U.S. LLC** |
|  5.213% (SOFRRATE + 0.890%) due 03/24/2024 ~ | 200 | 199 |
|  **International Flavors & Fragrances, Inc.** | **International Flavors & Fragrances, Inc.** | **International Flavors & Fragrances, Inc.** |
|  3.200% due 05/01/2023 | 1100 | 1093 |
|  **JDE Peet's NV** | **JDE Peet's NV** | **JDE Peet's NV** |
|  0.800% due 09/24/2024 | 1585 | 1449 |
|  **John Lewis PLC** | **John Lewis PLC** | **John Lewis PLC** |
|  6.125% due 01/21/2025 | 1000 | 1162 |
|  **Kia Corp.** | **Kia Corp.** | **Kia Corp.** |
|  1.000% due 04/16/2024 | 700 | 659 |
|  **RELX Capital, Inc.** | **RELX Capital, Inc.** | **RELX Capital, Inc.** |
|  3.500% due 03/16/2023 | 2300 | 2291 |
|  **SK Broadband Co. Ltd.** | **SK Broadband Co. Ltd.** | **SK Broadband Co. Ltd.** |
|  3.875% due 08/13/2023 | 1000 | 992 |
|  **SK Telecom Co. Ltd.** | **SK Telecom Co. Ltd.** | **SK Telecom Co. Ltd.** |
|  3.750% due 04/16/2023 | 1000 | 996 |
|  **Warnermedia Holdings, Inc.** | **Warnermedia Holdings, Inc.** | **Warnermedia Holdings, Inc.** |
|  3.528% due 03/15/2024 | 400 | 388 |
|  6.092% (SOFRINDX + 1.780%) due 03/15/2024 ~ | 200 | 200 |
|  **Zoetis, Inc.** | **Zoetis, Inc.** | **Zoetis, Inc.** |
|  3.250% due 02/01/2023 | 1900 | 1897 |
|  |  | 20238 |
| **UTILITIES 3.7%** | **UTILITIES 3.7%** | **UTILITIES 3.7%** |
|  **Avangrid, Inc.** | **Avangrid, Inc.** | **Avangrid, Inc.** |
|  3.150% due 12/01/2024 | 500 | 478 |
|  **Enel Finance International NV** | **Enel Finance International NV** | **Enel Finance International NV** |
|  2.650% due 09/10/2024 | 1500 | 1436 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Southern California Edison Co.** | **Southern California Edison Co.** | **Southern California Edison Co.** |
|  4.963% (SOFRRATE + 0.640%) due 04/03/2023 ~ | 1000 | 999 |
|  **Verizon Communications, Inc.** | **Verizon Communications, Inc.** | **Verizon Communications, Inc.** |
|  4.263% (BBSW3M + 1.220%) due 02/17/2023 ~ | 1000 | 681 |
|  5.706% (US0003M + 1.100%) due 05/15/2025 ~ | 1100 | 1109 |
|  **Vodafone Group PLC** | **Vodafone Group PLC** | **Vodafone Group PLC** |
|  2.950% due 02/19/2023 | 1000 | 998 |
|  |  | 5701 |
|  **Total Corporate Bonds & Notes (Cost $73,643)** | **Total Corporate Bonds & Notes (Cost $73,643)** | **72567** |
| **U.S. GOVERNMENT AGENCIES 2.3%** | **U.S. GOVERNMENT AGENCIES 2.3%** | **U.S. GOVERNMENT AGENCIES 2.3%** |
|  **Fannie Mae** | **Fannie Mae** | **Fannie Mae** |
|  3.492% due 08/25/2044 •  | 944 | 912 |
|  4.739% due 10/25/2058 •  | 853 | 833 |
|  4.889% due 05/25/2046 •  | 258 | 251 |
|  **Freddie Mac** | **Freddie Mac** | **Freddie Mac** |
|  4.918% due 01/15/2054 ~ | 482 | 470 |
|  **Ginnie Mae** | **Ginnie Mae** | **Ginnie Mae** |
|  3.000% due 06/20/2051 ~ | 1251 | 1076 |
|  **Total U.S. Government Agencies (Cost $3,781)** | **Total U.S. Government Agencies (Cost $3,781)** | **3542** |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES 4.1%** | **NON-AGENCY MORTGAGE-BACKED SECURITIES 4.1%** | **NON-AGENCY MORTGAGE-BACKED SECURITIES 4.1%** |
|  **280 Park Avenue Mortgage Trust** | **280 Park Avenue Mortgage Trust** | **280 Park Avenue Mortgage Trust** |
|  5.117% due 09/15/2034 •  | 500 | 488 |
|  **BSST Mortgage Trust** | **BSST Mortgage Trust** | **BSST Mortgage Trust** |
|  5.636% due 02/15/2037 •  | 500 | 467 |
|  **DROP Mortgage Trust** | **DROP Mortgage Trust** | **DROP Mortgage Trust** |
|  5.470% due 10/15/2043 •  | 1000 | 954 |
|  **GCAT Trust** | **GCAT Trust** | **GCAT Trust** |
|  2.885% due 12/27/2066 ~ | 272 | 243 |
|  **Gemgarto PLC** | **Gemgarto PLC** | **Gemgarto PLC** |
|  3.999% due 12/16/2067 •  | 337 | 400 |
|  **Hilton USA Trust** | **Hilton USA Trust** | **Hilton USA Trust** |
|  2.828% due 11/05/2035 | 800 | 761 |
|  **MFA Trust** | **MFA Trust** | **MFA Trust** |
|  1.381% due 04/25/2065 ~ | 107 | 96 |
|  **OBX Trust** | **OBX Trust** | **OBX Trust** |
|  2.305% due 11/25/2061 ~ | 678 | 584 |
|  2.783% due 01/25/2062 þ | 541 | 487 |
|  **One Market Plaza Trust** | **One Market Plaza Trust** | **One Market Plaza Trust** |
|  3.614% due 02/10/2032 | 600 | 578 |
|  **RESIMAC Premier** | **RESIMAC Premier** | **RESIMAC Premier** |
|  4.974% due 07/10/2052 •  | 228 | 226 |
|  **Starwood Mortgage Residential Trust** | **Starwood Mortgage Residential Trust** | **Starwood Mortgage Residential Trust** |
|  1.027% due 11/25/2055 ~ | 200 | 185 |
|  **Towd Point Mortgage Trust** | **Towd Point Mortgage Trust** | **Towd Point Mortgage Trust** |
|  3.750% due 05/25/2058 ~ | 360 | 341 |
|  **VASA Trust** | **VASA Trust** | **VASA Trust** |
|  5.218% due 07/15/2039 •  | 500 | 462 |
|  **Total Non-Agency Mortgage-Backed Securities (Cost $6,767)** | **Total Non-Agency Mortgage-Backed Securities (Cost $6,767)** | **6272** |
| **ASSET-BACKED SECURITIES 17.4%** | **ASSET-BACKED SECURITIES 17.4%** | **ASSET-BACKED SECURITIES 17.4%** |
|  **ACAS CLO Ltd.** | **ACAS CLO Ltd.** | **ACAS CLO Ltd.** |
|  5.084% due 10/18/2028 •  | 647 | 639 |
|  **American Money Management Corp. CLO Ltd.** | **American Money Management Corp. CLO Ltd.** | **American Money Management Corp. CLO Ltd.** |
|  4.949% due 04/17/2029 ~ | 348 | 346 |
|  **American Tower Trust 1** | **American Tower Trust 1** | **American Tower Trust 1** |
|  3.070% due 03/15/2048 | 2000 | 1989 |
|  **Apres Static CLO Ltd.** | **Apres Static CLO Ltd.** | **Apres Static CLO Ltd.** |
|  5.149% due 10/15/2028 ~ | 175 | 173 |
|  **Ares CLO Ltd.** | **Ares CLO Ltd.** | **Ares CLO Ltd.** |
|  4.949% due 01/15/2029 ~ | 727 | 718 |
|  **College Avenue Student Loans LLC** | **College Avenue Student Loans LLC** | **College Avenue Student Loans LLC** |
|  5.589% due 12/26/2047 ~ | 664 | 653 |
|  **Commonbond Student Loan Trust** | **Commonbond Student Loan Trust** | **Commonbond Student Loan Trust** |
|  1.980% due 08/25/2050 | 1474 | 1257 |
|  3.560% due 09/25/2045 | 654 | 613 |

---

---

| | | |
|:---|:---|:---|
| **82** | **PIMCO ETF TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Dell Equipment Finance Trust** | **Dell Equipment Finance Trust** | **Dell Equipment Finance Trust** |
|  0.330% due 12/22/2026 | 229 | 226 |
|  **Dryden Senior Loan Fund** | **Dryden Senior Loan Fund** | **Dryden Senior Loan Fund** |
|  5.059% due 04/15/2028 ~ | 378 | 375 |
|  **FHF Trust** | **FHF Trust** | **FHF Trust** |
|  3.100% due 09/15/2025 | 731 | 725 |
|  **Ford Auto Securitization Trust Asset-Backed Notes** | **Ford Auto Securitization Trust Asset-Backed Notes** | **Ford Auto Securitization Trust Asset-Backed Notes** |
|  4.956% due 10/15/2024 | 415 | 306 |
|  **Halseypoint CLO Ltd.** | **Halseypoint CLO Ltd.** | **Halseypoint CLO Ltd.** |
|  5.343% due 07/20/2031 ~ | 996 | 980 |
|  **LCM LP** | **LCM LP** | **LCM LP** |
|  5.097% due 07/19/2027 ~ | 633 | 626 |
|  **Marathon Static CLO Ltd.** | **Marathon Static CLO Ltd.** | **Marathon Static CLO Ltd.** |
|  5.070% due 07/20/2030 •  | 1100 | 1092 |
|  **Nassau Ltd.** | **Nassau Ltd.** | **Nassau Ltd.** |
|  5.229% due 10/15/2029 •  | 408 | 402 |
|  **Navient Private Education Loan Trust** | **Navient Private Education Loan Trust** | **Navient Private Education Loan Trust** |
|  2.650% due 12/15/2028 | 17 | 17 |
|  5.568% due 02/15/2029 ~ | 17 | 17 |
|  **Navient Private Education Refi Loan Trust** | **Navient Private Education Refi Loan Trust** | **Navient Private Education Refi Loan Trust** |
|  1.060% due 10/15/2069 | 1165 | 991 |
|  1.310% due 01/15/2069 | 191 | 172 |
|  2.400% due 10/15/2068 | 167 | 153 |
|  2.600% due 08/15/2068 | 1049 | 972 |
|  3.130% due 02/15/2068 | 1046 | 988 |
|  5.318% due 04/15/2069 ~ | 297 | 289 |
|  **OCP CLO Ltd.** | **OCP CLO Ltd.** | **OCP CLO Ltd.** |
|  5.363% due 07/20/2029 ~ | 563 | 558 |
|  **OSD CLO Ltd.** | **OSD CLO Ltd.** | **OSD CLO Ltd.** |
|  4.949% due 04/17/2031 ~ | 996 | 980 |
|  **Palmer Square Loan Funding Ltd.** | **Palmer Square Loan Funding Ltd.** | **Palmer Square Loan Funding Ltd.** |
|  4.879% due 10/15/2029 ~ | 1518 | &nbsp;&nbsp;&nbsp;&nbsp;1496 |
|  **PRET LLC** | **PRET LLC** | **PRET LLC** |
|  1.868% due 07/25/2051 þ | 433 | 384 |
|  **Santander Retail Auto Lease Trust** | **Santander Retail Auto Lease Trust** | **Santander Retail Auto Lease Trust** |
|  0.290% due 04/22/2024 | 33 | 33 |
|  **SMB Private Education Loan Trust** | **SMB Private Education Loan Trust** | **SMB Private Education Loan Trust** |
|  1.390% due 01/15/2053 | 796 | 680 |
|  5.118% due 01/15/2053 ~ | 985 | 940 |
|  **SoFi Professional Loan Program LLC** | **SoFi Professional Loan Program LLC** | **SoFi Professional Loan Program LLC** |
|  2.630% due 07/25/2040 | 42 | 41 |
|  2.720% due 11/26/2040 | 122 | 121 |
|  4.989% due 07/25/2040 ~ | 129 | 128 |
|  5.089% due 03/26/2040 •  | 312 | 311 |
|  5.339% due 01/25/2039 ~ | 150 | 150 |
|  **Sound Point CLO Ltd.** | **Sound Point CLO Ltd.** | **Sound Point CLO Ltd.** |
|  5.293% due 10/20/2028 •  | 272 | 270 |
|  **Stratus CLO Ltd.** | **Stratus CLO Ltd.** | **Stratus CLO Ltd.** |
|  5.143% due 12/28/2029 •  | 534 | 528 |
|  5.193% due 12/29/2029 •  | 724 | 712 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Symphony Static CLO Ltd.** | **Symphony Static CLO Ltd.** | **Symphony Static CLO Ltd.** |
|  5.188% due 10/25/2029 •  | 1600 | 1576 |
|  **Tesla Auto Lease Trust** | **Tesla Auto Lease Trust** | **Tesla Auto Lease Trust** |
|  0.360% due 09/22/2025 | 612 | 599 |
|  **Towd Point HE Trust** | **Towd Point HE Trust** | **Towd Point HE Trust** |
|  0.918% due 02/25/2063 ~ | 137 | 129 |
|  **Toyota Auto Receivables Owner Trust** | **Toyota Auto Receivables Owner Trust** | **Toyota Auto Receivables Owner Trust** |
|  5.026% due 01/15/2026 •  | 900 | 902 |
|  **Tricolor Auto Securitization Trust** | **Tricolor Auto Securitization Trust** | **Tricolor Auto Securitization Trust** |
|  3.300% due 02/18/2025 | 703 | 695 |
|  **Venture CLO Ltd.** | **Venture CLO Ltd.** | **Venture CLO Ltd.** |
|  4.959% due 07/15/2027 •  | 238 | 239 |
|  5.766% due 08/28/2029 •  | 442 | 438 |
|  **Wellfleet CLO Ltd.** | **Wellfleet CLO Ltd.** | **Wellfleet CLO Ltd.** |
|  5.133% due 07/20/2029 •  | 146 | 144 |
|  **Total Asset-Backed Securities (Cost $27,814)** | **Total Asset-Backed Securities (Cost $27,814)** | **26773** |
| **SHORT-TERM INSTRUMENTS 32.9%** | **SHORT-TERM INSTRUMENTS 32.9%** | **SHORT-TERM INSTRUMENTS 32.9%** |
| **COMMERCIAL PAPER 11.7%** | **COMMERCIAL PAPER 11.7%** | **COMMERCIAL PAPER 11.7%** |
|  **AT&T, Inc.** | **AT&T, Inc.** | **AT&T, Inc.** |
|  4.650% due 01/03/2023 | 2000 | 1999 |
|  **Baxter International, Inc.** | **Baxter International, Inc.** | **Baxter International, Inc.** |
|  4.730% due 01/23/2023 | 900 | 897 |
|  **Consolidated Edison Co. of New York, Inc.** | **Consolidated Edison Co. of New York, Inc.** | **Consolidated Edison Co. of New York, Inc.** |
|  4.800% due 01/17/2023 | 400 | 399 |
|  4.800% due 01/18/2023 | 400 | 399 |
|  4.800% due 01/19/2023 | 400 | 399 |
|  4.800% due 01/20/2023 | 400 | 399 |
|  **Crown Castle, Inc.** | **Crown Castle, Inc.** | **Crown Castle, Inc.** |
|  5.100% due 01/09/2023 | 250 | 250 |
|  **Fiserv, Inc.** | **Fiserv, Inc.** | **Fiserv, Inc.** |
|  4.630% due 01/09/2023 | 1000 | 999 |
|  4.730% due 01/17/2023 | 300 | 299 |
|  **Humana, Inc.** | **Humana, Inc.** | **Humana, Inc.** |
|  4.850% due 01/05/2023 | 250 | 250 |
|  4.900% due 02/01/2023 | 1300 | 1294 |
|  **Medtronic Global Holdings SCA** | **Medtronic Global Holdings SCA** | **Medtronic Global Holdings SCA** |
|  4.750% due 01/27/2023 | 1600 | 1594 |
|  **Mercedes-Benz Finance North America LLC** | **Mercedes-Benz Finance North America LLC** | **Mercedes-Benz Finance North America LLC** |
|  4.750% due 01/23/2023 | 1600 | 1595 |
|  **Newell Brands, Inc.** | **Newell Brands, Inc.** | **Newell Brands, Inc.** |
|  5.300% due 01/12/2023 | 800 | 799 |
|  **ORACLE Corp.** | **ORACLE Corp.** | **ORACLE Corp.** |
|  4.800% due 01/26/2023 | 1800 | 1794 |
|  **Republic Services, Inc.** | **Republic Services, Inc.** | **Republic Services, Inc.** |
|  4.650% due 01/12/2023 | 1600 | 1597 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Vodafone Group PLC** | **Vodafone Group PLC** | **Vodafone Group PLC** | **Vodafone Group PLC** |
|  4.600% due 01/05/2023 | 1500 | $— | 1499 |
|  **Walgreens Boots Alliance, Inc.** | **Walgreens Boots Alliance, Inc.** | **Walgreens Boots Alliance, Inc.** | **Walgreens Boots Alliance, Inc.** |
|  4.950% due 01/18/2023 | 1600 |  | 1596 |
|  |  |  | 18058 |
| **REPURCHASE AGREEMENTS (e) 12.3%** | **REPURCHASE AGREEMENTS (e) 12.3%** | **REPURCHASE AGREEMENTS (e) 12.3%** | **REPURCHASE AGREEMENTS (e) 12.3%** |
|  |  |  | 19000 |
| **AUSTRIA TREASURY BILLS 2.1%** | **AUSTRIA TREASURY BILLS 2.1%** | **AUSTRIA TREASURY BILLS 2.1%** | **AUSTRIA TREASURY BILLS 2.1%** |
|  **Austria Treasury Bills** | **Austria Treasury Bills** | **Austria Treasury Bills** | **Austria Treasury Bills** |
|  1.267% due 02/23/2023 (b)(c) | 3000 |  | 3206 |
| **ISRAEL TREASURY BILLS 1.6%** | **ISRAEL TREASURY BILLS 1.6%** | **ISRAEL TREASURY BILLS 1.6%** | **ISRAEL TREASURY BILLS 1.6%** |
|  0.526% due 02/08/2023 (b)(c) | 8500 |  | 2409 |
| **JAPAN TREASURY BILLS 4.8%** | **JAPAN TREASURY BILLS 4.8%** | **JAPAN TREASURY BILLS 4.8%** | **JAPAN TREASURY BILLS 4.8%** |
|  (0.169)% due 01/16/2023 - 01/30/2023 (a)(b) | 980000 |  | 7468 |
| **U.S. TREASURY BILLS 0.4%** | **U.S. TREASURY BILLS 0.4%** | **U.S. TREASURY BILLS 0.4%** | **U.S. TREASURY BILLS 0.4%** |
|  4.168% due 02/02/2023 - 03/02/2023 (a)(b)(g) | 647 |  | 644 |
| **Total Short-Term Instruments<br>(Cost $49,785)** | **Total Short-Term Instruments<br>(Cost $49,785)** |  | **50785** |
| **Total Investments in Securities (Cost $161,790)** | **Total Investments in Securities (Cost $161,790)** |  | **159939** |
| **Total Investments 103.7% (Cost $161,790)** | **Total Investments 103.7% (Cost $161,790)** | $— | **159939** |
|  **Financial Derivative<br>Instruments (f) (0.8)%**<br> **(Cost or Premiums, net $0)** | **Financial Derivative<br>Instruments (f) (0.8)%**<br> **(Cost or Premiums, net $0)** |  | **(1173)** |
| **Other Assets and Liabilities, net (2.9)%** | **Other Assets and Liabilities, net (2.9)%** |  | **(4508)** |
| **Net Assets 100.0%** | **Net Assets 100.0%** | $— | **154258** |

---

**NOTES TO SCHEDULE OF INVESTMENTS:** 

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

---

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

---

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

---

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

---

**(a)** **Coupon represents a weighted average yield to maturity.** 

**(b)** **Zero coupon security.** 

**(c)** **Coupon represents a yield to maturity.** 

&nbsp;&nbsp;&nbsp;&nbsp;**(d) RESTRICTED SECURITIES:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Issuer Description** | **Coupon** | **Maturity<br>Date** | **Acquisition<br>Date** | **Cost** | **Market<br>Value** | **Market Value<br>as Percentage<br>of Net Assets** |
|  Citigroup, Inc. | 4.615% | 01/25/2026 | 01/18/2022 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;978 | 0.63% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **83** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund** | **(Cont.)** |

---

**BORROWINGS AND OTHER FINANCING TRANSACTIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;**(e) REPURCHASE AGREEMENTS:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Lending<br>Rate** | **Settlement<br>Date** | **Maturity<br>Date** | **Principal<br>Amount** | **Collateralized By** | **Collateral<br>(Received)** | **Repurchase<br>Agreements,<br>at Value** | **Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup>** |
| BPS | 4.100% | 12/30/2022 | 01/03/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19000 | U.S. Treasury Notes 0.375% due 11/30/2025 | $(19392) | $19000 | $19009 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** |  | $**(19392)** | $**19000** | $**19009** |

---

**BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY** 

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2022:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup>** | **Payable for<br>Reverse<br>Repurchase<br>Agreements** | **Payable for<br>Sale-Buyback<br>Transactions** | **Securities<br>Out on Loan** | **Total<br>Borrowings and<br>Other Financing<br>Transactions** | **Collateral<br>Pledged/(Received)** | **Net Exposure<sup>(2)</sup>** |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  BPS | $19009 | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19009 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19392) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(383) |
|  **Total Borrowings and Other Financing Transactions** | $**19009** | $**0** | $**0** | $**0** |  |  |  |

---

<sup>(1)</sup> Includes accrued interest.

<sup>(2)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

&nbsp;&nbsp;&nbsp;&nbsp;**(f) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** 

**FORWARD FOREIGN CURRENCY CONTRACTS:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  BRC | 01/2023 | 150000 | $1022 | $0 | $(122) |
|  | 01/2023 | $1100 | 150000 | 45 | 0 |
|  CBK | 02/2023 | 8455 | $2458 | 49 | 0 |
|  MBC | 01/2023 | 28 | 19 | 0 | 0 |
|  | 01/2023 | 440 | 328 | 3 | 0 |
|  | 01/2023 | 1394 | 1699 | 13 | 0 |
|  | 01/2023 | $2655 | 360045 | 93 | 0 |
|  MYI | 01/2023 | 895 | $601 | 0 | (9) |
|  NGF | 01/2023 | 790000 | 5516 | 0 | (513) |
|  RBC | 01/2023 | 10 | 7 | 0 | 0 |
|  | 02/2023 | 2987 | 2974 | 0 | (235) |
|  RYL | 01/2023 | 550000 | 3708 | 0 | (496) |
|  SCX | 01/2023 | 60 | 40 | 0 | (1) |
|  **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | $**203** | $**(1376)** |

---

**FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY** 

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of December 31, 2022:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | | | |
| <br>**Counterparty** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Purchased<br>Options** | **Swap<br>Agreements** | **Total<br>Over the<br>Counter** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Written<br>Options** | **Swap<br>Agreements** | **Total<br>Over the<br>Counter** |<br>**Net Market<br>Value of OTC<br>Derivatives** |<br>**Collateral<br>Pledged/<br>(Received)** |<br>**Net<br>Exposure<sup>(1)</sup>** |
|  BRC | $45 | $0 | $0 | $45 | $(122) | $0 | $0 | $(122) | $(77) | $0 | $(77) |
|  CBK | 49 | 0 | 0 | 49 | 0 | 0 | 0 | 0 | 49 | 0 | 49 |
|  MBC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109 | 0 | 0 | 0 | 0 | 109 | 0 | 109 |
|  MYI | 0 | 0 | 0 | 0 | (9) | 0 | 0 | (9) | (9) | 0 | (9) |
|  NGF | 0 | 0 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(513) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(513) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(513) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(161) |
|  RBC | 0 | 0 | 0 | 0 | (235) | 0 | 0 | (235) | (235) | 0 | (235) |

---

---

| | | |
|:---|:---|:---|
| **84** | **PIMCO ETF TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022 (Unaudited)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | | | |
| <br>**Counterparty** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Purchased<br>Options** | **Swap<br>Agreements** | **Total<br>Over the<br>Counter** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Written<br>Options** | **Swap<br>Agreements** | **Total<br>Over the<br>Counter** |<br>**Net Market<br>Value of OTC<br>Derivatives** |<br>**Collateral<br>Pledged** |<br>**Net<br>Exposure<sup>(1)</sup>** |
|  RYL | $0 | $0 | $0 | $0 | $(496) | $0 | $0 | $(496) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(496) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(204) |
|  SCX | 0 | 0 | 0 | 0 | (1) | 0 | 0 | (1) | (1) | 0 | (1) |
|  **Total Over the Counter** | $**203** | $**0** | $**0** | $**203** | $**(1376)** | $**0** | $**0** | $**(1376)** |  |  |  |

---

**(g)** **Securities with an aggregate market value of $644 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of December 31, 2022.** 

<sup>(1)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

**FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS** 

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
| | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  **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 | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $203 | $0 | $203 |
|  **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** |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1376 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1376 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
| | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $939 | $0 | $939 |
|  **Net Change in Unrealized (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized (Depreciation) on Financial Derivative Instruments** |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1745) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1745) |

---

**FAIR VALUE MEASUREMENTS** 

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
|  **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 |
| &nbsp;&nbsp; Banking & Finance | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46628 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46628 |
| &nbsp;&nbsp; Industrials | 0 | 20238 | 0 | 20238 |
| &nbsp;&nbsp; Utilities | 0 | 5701 | 0 | 5701 |
|  U.S. Government Agencies | 0 | 3542 | 0 | 3542 |
|  Non-Agency Mortgage-Backed Securities | 0 | 6272 | 0 | 6272 |
|  Asset-Backed Securities | 0 | 26773 | 0 | 26773 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Commercial Paper | 0 | 18058 | 0 | 18058 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 19000 | 0 | 19000 |
| &nbsp;&nbsp; Israel Treasury Bills | 0 | 2409 | 0 | 2409 |
| &nbsp;&nbsp; Japan Treasury Bills | 0 | 7468 | 0 | 7468 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 644 | 0 | 644 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
| &nbsp;&nbsp; Austria Treasury Bills | $0 | $3206 | $0 | $3206 |
|  Total Investments | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159939 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159939 |
|  **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** |
|  Over the counter | $0 | $203 | $0 | $203 |
|  **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** |
|  Over the counter | $0 | $(1376) | $0 | $(1376) |
|  Total Financial Derivative Instruments | $0 | $(1173) | $0 | $(1173) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158766 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158766 |

---

There were no significant transfers into or out of Level 3 during the period ended December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **85** |

---

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **Schedule of Investments** | **PIMCO Enhanced Short Maturity Active Exchange-Traded Fund** |

---

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

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **INVESTMENTS IN SECURITIES 99.6%** | **INVESTMENTS IN SECURITIES 99.6%** | **INVESTMENTS IN SECURITIES 99.6%** |
| **CORPORATE BONDS & NOTES 44.7%** | **CORPORATE BONDS & NOTES 44.7%** | **CORPORATE BONDS & NOTES 44.7%** |
| **BANKING & FINANCE 25.9%** | **BANKING & FINANCE 25.9%** | **BANKING & FINANCE 25.9%** |
|  **ADCB Finance Cayman Ltd.** | **ADCB Finance Cayman Ltd.** | **ADCB Finance Cayman Ltd.** |
|  4.000% due 03/29/2023 | 2366 | 2361 |
|  **AerCap Ireland Capital DAC** | **AerCap Ireland Capital DAC** | **AerCap Ireland Capital DAC** |
|  1.150% due 10/29/2023 | 10000 | 9625 |
|  1.750% due 10/29/2024 | 23800 | &nbsp;&nbsp;&nbsp;&nbsp;21901 |
|  5.003% (SOFRRATE + 0.680%) due 09/29/2023 ~ | 12450 | 12223 |
|  **American Tower Corp.** | **American Tower Corp.** | **American Tower Corp.** |
|  3.000% due 06/15/2023 | 6100 | 6036 |
|  **Aozora Bank Ltd.** | **Aozora Bank Ltd.** | **Aozora Bank Ltd.** |
|  1.050% due 09/09/2024 | 50280 | 46658 |
|  **Athene Global Funding** | **Athene Global Funding** | **Athene Global Funding** |
|  1.200% due 10/13/2023 | 8000 | 7733 |
|  **Aviation Capital Group LLC** | **Aviation Capital Group LLC** | **Aviation Capital Group LLC** |
|  3.875% due 05/01/2023 | 6351 | 6300 |
|  **Avolon Holdings Funding Ltd.** | **Avolon Holdings Funding Ltd.** | **Avolon Holdings Funding Ltd.** |
|  5.500% due 01/15/2023 | 3003 | 2995 |
|  **Banco Bilbao Vizcaya Argentaria SA** | **Banco Bilbao Vizcaya Argentaria SA** | **Banco Bilbao Vizcaya Argentaria SA** |
|  0.875% due 09/18/2023 | 29400 | &nbsp;&nbsp;&nbsp;&nbsp;28479 |
|  **Banco Santander SA** | **Banco Santander SA** | **Banco Santander SA** |
|  3.848% due 04/12/2023 | 4772 | 4747 |
|  5.039% (US0003M + 1.120%) due 04/12/2023 ~ | 7000 | 7001 |
|  **Bank of America Corp.** | **Bank of America Corp.** | **Bank of America Corp.** |
|  4.640% (SOFRRATE + 0.690%) due 04/22/2025 ~ | 37879 | 37411 |
|  4.684% due 10/24/2024 •  | 31400 | 31120 |
|  5.555% (US0003M + 0.790%) due 03/05/2024 ~ | 35700 | 35683 |
|  **Bank of Nova Scotia** | **Bank of Nova Scotia** | **Bank of Nova Scotia** |
|  5.245% (SOFRINDX + 0.960%) due 03/11/2024 ~ | 24100 | 24066 |
|  **Banque Federative du Credit Mutuel SA** | **Banque Federative du Credit Mutuel SA** | **Banque Federative du Credit Mutuel SA** |
|  5.203% (US0003M + 0.960%) due 07/20/2023 ~ | 2100 | 2103 |
|  **Barclays PLC** | **Barclays PLC** | **Barclays PLC** |
|  4.338% due 05/16/2024 •  | 2804 | 2785 |
|  6.024% (US0003M + 1.380%) due 05/16/2024 ~ | 68782 | 68785 |
|  **BGC Partners, Inc.** | **BGC Partners, Inc.** | **BGC Partners, Inc.** |
|  5.375% due 07/24/2023 | 900 | 896 |
|  **BNP Paribas SA** | **BNP Paribas SA** | **BNP Paribas SA** |
|  3.500% due 03/01/2023 | 14075 | 14041 |
|  3.800% due 01/10/2024 | 60247 | 59221 |
|  4.705% due 01/10/2025 •  | 9330 | 9241 |
|  5.309% (US0003M + 1.230%) due 01/15/2024 ~ | 4000 | 4040 |
|  **BPCE SA** | **BPCE SA** | **BPCE SA** |
|  5.975% (US0003M + 1.240%) due 09/12/2023 ~ | 1125 | 1127 |
|  **Canadian Imperial Bank of Commerce** | **Canadian Imperial Bank of Commerce** | **Canadian Imperial Bank of Commerce** |
|  4.706% (SOFRRATE + 0.400%) due 12/14/2023 ~ | 10000 | 9967 |
|  **Caterpillar Financial Services Corp.** | **Caterpillar Financial Services Corp.** | **Caterpillar Financial Services Corp.** |
|  5.116% (US0003M + 0.510%) due 05/15/2023 ~ | 3100 | 3102 |
|  **Citigroup, Inc.** | **Citigroup, Inc.** | **Citigroup, Inc.** |
|  5.750% (US0003M + 1.100%) due 05/17/2024 ~ | 8724 | 8738 |
|  5.784% (US0003M + 1.023%) due 06/01/2024 ~ | 55800 | 55884 |
|  **CNH Industrial Capital LLC** | **CNH Industrial Capital LLC** | **CNH Industrial Capital LLC** |
|  1.950% due 07/02/2023 | 9860 | 9694 |
|  4.200% due 01/15/2024 | 20000 | 19721 |
|  **Corebridge Global Funding** | **Corebridge Global Funding** | **Corebridge Global Funding** |
|  0.400% due 09/13/2023 | 2000 | 1938 |
|  **Credit Suisse AG** | **Credit Suisse AG** | **Credit Suisse AG** |
|  1.000% due 05/05/2023 | 19750 | 19295 |
|  4.441% (SOFRRATE + 0.390%) due 02/02/2024 ~ | 62400 | 59705 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.495% (SOFRINDX + 0.380%) due 08/09/2023 ~ | $— | 5658 | $— | 5521 |
|  **Credit Suisse Group AG** | **Credit Suisse Group AG** | **Credit Suisse Group AG** | **Credit Suisse Group AG** | **Credit Suisse Group AG** |
|  3.800% due 06/09/2023 |  | 10800 |  | 10518 |
|  4.207% due 06/12/2024 •  |  | 10000 |  | 9752 |
|  5.975% (US0003M + 1.240%) due 06/12/2024 ~ |  | 6000 |  | 5683 |
|  **Danske Bank AS** | **Danske Bank AS** | **Danske Bank AS** | **Danske Bank AS** | **Danske Bank AS** |
|  5.375% due 01/12/2024 |  | 46102 |  | 45739 |
|  5.795% (US0003M + 1.060%) due 09/12/2023 ~ |  | 30685 |  | 30692 |
|  **Deutsche Bank AG** | **Deutsche Bank AG** | **Deutsche Bank AG** | **Deutsche Bank AG** | **Deutsche Bank AG** |
|  3.950% due 02/27/2023 |  | 58408 |  | 58210 |
|  4.603% due 11/08/2023 •  |  | 32300 |  | 32091 |
|  5.966% (US0003M + 1.230%) due 02/27/2023 ~ |  | 1750 |  | 1751 |
|  **Federation des Caisses Desjardins du Quebec** | **Federation des Caisses Desjardins du Quebec** | **Federation des Caisses Desjardins du Quebec** | **Federation des Caisses Desjardins du Quebec** | **Federation des Caisses Desjardins du Quebec** |
|  0.700% due 05/21/2024 |  | 4000 |  | 3749 |
|  **First Abu Dhabi Bank PJSC** | **First Abu Dhabi Bank PJSC** | **First Abu Dhabi Bank PJSC** | **First Abu Dhabi Bank PJSC** | **First Abu Dhabi Bank PJSC** |
|  5.400% (US0003M + 0.850%) due 08/08/2023 ~ |  | 9000 |  | 8997 |
|  **GA Global Funding Trust** | **GA Global Funding Trust** | **GA Global Funding Trust** | **GA Global Funding Trust** | **GA Global Funding Trust** |
|  1.000% due 04/08/2024 |  | 63200 |  | 59235 |
|  4.790% (SOFRRATE + 0.500%) due 09/13/2024 ~ |  | 50570 |  | 49138 |
|  5.085% (SOFRRATE + 1.360%) due 04/11/2025 ~ |  | 17100 |  | 16725 |
|  **General Motors Financial Co., Inc.** | **General Motors Financial Co., Inc.** | **General Motors Financial Co., Inc.** | **General Motors Financial Co., Inc.** | **General Motors Financial Co., Inc.** |
|  1.050% due 03/08/2024 |  | 882 |  | 838 |
|  1.700% due 08/18/2023 |  | 865 |  | 845 |
|  3.250% due 01/05/2023 |  | 43000 |  | 42998 |
|  3.700% due 05/09/2023 |  | 6986 |  | 6952 |
|  4.150% due 06/19/2023 |  | 17993 |  | 17900 |
|  4.250% due 05/15/2023 |  | 13000 |  | &nbsp;&nbsp;&nbsp;&nbsp;12948 |
|  4.738% (US0003M + 0.990%) due 01/05/2023 ~ |  | 30240 |  | 30238 |
|  5.100% due 01/17/2024 |  | 5000 |  | 4982 |
|  5.360% (SOFRRATE + 1.200%) due 11/17/2023 ~ |  | 29931 |  | 29854 |
|  **Goldman Sachs Group, Inc.** | **Goldman Sachs Group, Inc.** | **Goldman Sachs Group, Inc.** | **Goldman Sachs Group, Inc.** | **Goldman Sachs Group, Inc.** |
|  4.374% (SOFRRATE + 0.490%) due 10/21/2024 ~ |  | 26600 |  | 26192 |
|  4.853% due 03/08/2024 •  |  | 500 |  | 497 |
|  5.442% (US0003M + 0.750%) due 02/23/2023 ~ |  | 21715 |  | 21727 |
|  5.702% (SOFRRATE + 1.390%) due 03/15/2024 ~ |  | 16600 |  | 16594 |
|  6.334% (US0003M + 1.600%) due 11/29/2023 ~ |  | 2478 |  | 2497 |
|  **Hana Bank** | **Hana Bank** | **Hana Bank** | **Hana Bank** | **Hana Bank** |
|  5.127% (US0003M + 0.800%) due 07/26/2023 ~ |  | 3000 |  | 3004 |
|  5.483% (US0003M + 0.750%) due 06/13/2024 ~ |  | 1900 |  | 1902 |
|  5.533% (US0003M + 0.800%) due 03/13/2023 ~ |  | 18900 |  | 18913 |
|  **HSBC Holdings PLC** | **HSBC Holdings PLC** | **HSBC Holdings PLC** | **HSBC Holdings PLC** | **HSBC Holdings PLC** |
|  5.674% (US0003M + 1.000%) due 05/18/2024 ~ |  | 134185 |  | &nbsp;&nbsp;&nbsp;&nbsp;133690 |
|  5.965% (US0003M + 1.230%) due 03/11/2025 ~ |  | 2300 |  | 2281 |
|  **Hyundai Capital Services, Inc.** | **Hyundai Capital Services, Inc.** | **Hyundai Capital Services, Inc.** | **Hyundai Capital Services, Inc.** | **Hyundai Capital Services, Inc.** |
|  0.750% due 09/15/2023 |  | 14476 |  | 13923 |
|  3.750% due 03/05/2023 |  | 3410 |  | 3399 |
|  **ING Groep NV** | **ING Groep NV** | **ING Groep NV** | **ING Groep NV** | **ING Groep NV** |
|  4.100% due 10/02/2023 |  | 16246 |  | 16119 |
|  5.754% (US0003M + 1.000%) due 10/02/2023 ~ |  | 37989 |  | 38091 |
|  **Jackson National Life Global Funding** | **Jackson National Life Global Funding** | **Jackson National Life Global Funding** | **Jackson National Life Global Funding** | **Jackson National Life Global Funding** |
|  5.473% (SOFRRATE + 1.150%) due 06/28/2024 ~ |  | 40800 |  | 40817 |
|  **JPMorgan Chase & Co.** | **JPMorgan Chase & Co.** | **JPMorgan Chase & Co.** | **JPMorgan Chase & Co.** | **JPMorgan Chase & Co.** |
|  3.559% due 04/23/2024 •  |  | 35090 |  | 34863 |
|  5.055% (US0003M + 0.730%) due 04/23/2024 ~ |  | 25991 |  | 25998 |
|  5.118% due 02/24/2026 •  |  | 12682 |  | 12480 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Kookmin Bank** | **Kookmin Bank** | **Kookmin Bank** |
|  2.875% due 03/25/2023 | 1180 | 1175 |
|  **Lloyds Banking Group PLC** | **Lloyds Banking Group PLC** | **Lloyds Banking Group PLC** |
|  4.050% due 08/16/2023 | 720 | 715 |
|  **Mitsubishi HC Capital, Inc.** | **Mitsubishi HC Capital, Inc.** | **Mitsubishi HC Capital, Inc.** |
|  3.559% due 02/28/2024 | 7093 | 6933 |
|  3.960% due 09/19/2023 | 210 | 208 |
|  **Mitsubishi UFJ Financial Group, Inc.** | **Mitsubishi UFJ Financial Group, Inc.** | **Mitsubishi UFJ Financial Group, Inc.** |
|  5.187% (US0003M + 0.860%) due 07/26/2023 ~ | 37312 | 37379 |
|  5.653% (SOFRRATE + 1.385%) due 09/12/2025 ~ | 5300 | 5301 |
|  **Mitsui Fudosan Co. Ltd.** | **Mitsui Fudosan Co. Ltd.** | **Mitsui Fudosan Co. Ltd.** |
|  2.950% due 01/23/2023 | 5000 | 4994 |
|  **Mizuho Financial Group, Inc.** | **Mizuho Financial Group, Inc.** | **Mizuho Financial Group, Inc.** |
|  4.899% (US0003M + 0.990%) due 07/10/2024 ~ | 3760 | 3752 |
|  5.118% (SOFRRATE + 0.960%) due 05/22/2026 ~ | 36640 | 35977 |
|  5.345% (US0003M + 0.610%) due 09/08/2024 ~ | 41300 | 41041 |
|  5.387% (US0003M + 0.630%) due 05/25/2024 ~ | 13710 | 13637 |
|  **Morgan Stanley** | **Morgan Stanley** | **Morgan Stanley** |
|  3.737% due 04/24/2024 •  | 6400 | 6366 |
|  5.132% (SOFRRATE + 0.950%) due 02/18/2026 ~ | 66700 | &nbsp;&nbsp;&nbsp;&nbsp;65683 |
|  **MUFG Bank Ltd.** | **MUFG Bank Ltd.** | **MUFG Bank Ltd.** |
|  4.100% due 09/09/2023 | 1757 | 1743 |
|  **Nationwide Building Society** | **Nationwide Building Society** | **Nationwide Building Society** |
|  3.766% due 03/08/2024 •  | 8677 | 8630 |
|  **NatWest Group PLC** | **NatWest Group PLC** | **NatWest Group PLC** |
|  6.274% (US0003M + 1.550%) due 06/25/2024 ~ | 7500 | 7503 |
|  **Nissan Motor Acceptance Co. LLC** | **Nissan Motor Acceptance Co. LLC** | **Nissan Motor Acceptance Co. LLC** |
|  3.450% due 03/15/2023 | 3421 | 3407 |
|  3.875% due 09/21/2023 | 6700 | 6578 |
|  5.375% (US0003M + 0.640%) due 03/08/2024 ~ | 39530 | 38908 |
|  **Nomura Holdings, Inc.** | **Nomura Holdings, Inc.** | **Nomura Holdings, Inc.** |
|  2.648% due 01/16/2025 | 100795 | 95246 |
|  **Nordea Bank Abp** | **Nordea Bank Abp** | **Nordea Bank Abp** |
|  5.211% (SOFRRATE + 0.960%) due 06/06/2025 ~ | 12000 | 11939 |
|  5.675% (US0003M + 0.940%) due 08/30/2023 ~ | 1549 | 1551 |
|  **ORIX Corp.** | **ORIX Corp.** | **ORIX Corp.** |
|  4.050% due 01/16/2024 | 4916 | 4848 |
|  **Park Aerospace Holdings Ltd.** | **Park Aerospace Holdings Ltd.** | **Park Aerospace Holdings Ltd.** |
|  4.500% due 03/15/2023 | 9645 | 9622 |
|  **QNB Finance Ltd.** | **QNB Finance Ltd.** | **QNB Finance Ltd.** |
|  5.988% (US0003M + 1.250%) due 03/21/2024 ~ | 25000 | 25151 |
|  **Royal Bank of Canada** | **Royal Bank of Canada** | **Royal Bank of Canada** |
|  4.396% (SOFRRATE + 0.525%) due 01/20/2026 ~ | 31476 | 30575 |
|  **Santander U.K. Group Holdings PLC** | **Santander U.K. Group Holdings PLC** | **Santander U.K. Group Holdings PLC** |
|  1.089% due 03/15/2025 •  | 35000 | 32717 |
|  3.373% due 01/05/2024 •  | 1020 | 1020 |
|  **Skandinaviska Enskilda Banken AB** | **Skandinaviska Enskilda Banken AB** | **Skandinaviska Enskilda Banken AB** |
|  5.239% (SOFRRATE + 0.960%) due 06/09/2025 ~ | 31750 | 31492 |
|  **Societe Generale SA** | **Societe Generale SA** | **Societe Generale SA** |
|  3.875% due 03/28/2024 | 32990 | 32238 |
|  4.250% due 09/14/2023 | 21608 | 21424 |
|  **Standard Chartered PLC** | **Standard Chartered PLC** | **Standard Chartered PLC** |
|  3.885% due 03/15/2024 •  | 5200 | 5175 |
|  5.123% (SOFRRATE + 0.930%) due 11/23/2025 ~ | 50400 | &nbsp;&nbsp;&nbsp;&nbsp;48987 |
|  6.063% (SOFRRATE + 1.740%) due 03/30/2026 ~ | 5300 | 5216 |
|  **Sumitomo Mitsui Financial Group, Inc.** | **Sumitomo Mitsui Financial Group, Inc.** | **Sumitomo Mitsui Financial Group, Inc.** |
|  4.819% (US0003M + 0.740%) due 01/17/2023 ~ | 943 | 943 |

---

---

| | | |
|:---|:---|:---|
| **86** | **PIMCO ETF TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Sumitomo Mitsui Trust Bank Ltd.** | **Sumitomo Mitsui Trust Bank Ltd.** | **Sumitomo Mitsui Trust Bank Ltd.** |
|  0.800% due 09/12/2023 | 6000 | 5822 |
|  2.550% due 03/10/2025 | 4100 | 3867 |
|  4.746% (SOFRRATE + 0.440%) due 09/16/2024 ~ | 3700 | 3677 |
|  **Toronto-Dominion Bank** | **Toronto-Dominion Bank** | **Toronto-Dominion Bank** |
|  5.183% (SOFRRATE + 0.910%) due 03/08/2024 ~ | 41800 | 41742 |
|  **UBS AG** | **UBS AG** | **UBS AG** |
|  4.475% (SOFRRATE + 0.360%) due 02/09/2024 ~ | 14800 | 14733 |
|  **UBS Group AG** | **UBS Group AG** | **UBS Group AG** |
|  5.706% (SOFRRATE + 1.580%) due 05/12/2026 ~ | 21200 | 21373 |
|  **Westpac Banking Corp.** | **Westpac Banking Corp.** |  |
|  4.331% (US0003M + 0.390%) due 01/13/2023 ~ | 6353 | 6352 |
|  4.479% (US0003M + 0.570%) due 01/11/2023 ~ | 3619 | 3619 |
|  **Woori Bank** | **Woori Bank** |  |
|  5.310% (US0003M + 0.870%) due 02/01/2023 ~ | 2000 | 2001 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2284225 |
| **INDUSTRIALS 11.2%** | **INDUSTRIALS 11.2%** | **INDUSTRIALS 11.2%** |
|  **7-Eleven, Inc.** | **7-Eleven, Inc.** |  |
|  0.625% due 02/10/2023 | 13165 | 13098 |
|  0.800% due 02/10/2024 | 30665 | 29194 |
|  **Altria Group, Inc.** | **Altria Group, Inc.** |  |
|  2.950% due 05/02/2023 | 2400 | 2383 |
|  **AstraZeneca PLC** | **AstraZeneca PLC** |  |
|  5.315% (US0003M + 0.665%) due 08/17/2023 ~ | 1895 | 1895 |
|  **Ausgrid Finance Pty. Ltd.** | **Ausgrid Finance Pty. Ltd.** |  |
|  3.850% due 05/01/2023 | 20000 | 19901 |
|  **Barry Callebaut Services NV** | **Barry Callebaut Services NV** |  |
|  5.500% due 06/15/2023 | 1610 | 1602 |
|  **Baxter International, Inc.** | **Baxter International, Inc.** |  |
|  4.495% (SOFRINDX + 0.260%) due 12/01/2023 ~ | 3648 | 3621 |
|  **Bayer U.S. Finance LLC** | **Bayer U.S. Finance LLC** |  |
|  3.875% due 12/15/2023 | 12238 | 12066 |
|  5.779% (US0003M + 1.010%) due 12/15/2023 ~ | 65833 | 65700 |
|  **Boeing Co.** | **Boeing Co.** |  |
|  1.167% due 02/04/2023 | 40610 | 40455 |
|  1.433% due 02/04/2024 | 44917 | 43063 |
|  2.800% due 03/01/2023 | 425 | 423 |
|  4.508% due 05/01/2023 | 66926 | 66811 |
|  **CenterPoint Energy Resources Corp.** | **CenterPoint Energy Resources Corp.** |  |
|  5.279% (US0003M + 0.500%) due 03/02/2023 ~ | 31980 | 31965 |
|  **Charter Communications Operating LLC** | **Charter Communications Operating LLC** |  |
|  6.090% (US0003M + 1.650%) due 02/01/2024 ~ | 54793 | 55054 |
|  **Cigna Corp.** | **Cigna Corp.** |  |
|  3.750% due 07/15/2023 | 4942 | 4910 |
|  4.969% (US0003M + 0.890%) due 07/15/2023 ~ | 25946 | 25993 |
|  **CNH Industrial NV** | **CNH Industrial NV** |  |
|  4.500% due 08/15/2023 | 46930 | 46645 |
|  **Daimler Trucks Finance North America LLC** | **Daimler Trucks Finance North America LLC** | **Daimler Trucks Finance North America LLC** |
|  4.663% (SOFRRATE + 1.000%) due 04/05/2024 ~ | 1000 | 997 |
|  4.779% (SOFRRATE + 0.500%) due 06/14/2023 ~ | 39800 | 39754 |
|  4.918% (SOFRRATE + 0.600%) due 12/14/2023 ~ | 23400 | 23263 |
|  **eBay, Inc.** | **eBay, Inc.** | **eBay, Inc.** |
|  2.750% due 01/30/2023 | 6100 | 6090 |
|  **General Motors Co.** | **General Motors Co.** | **General Motors Co.** |
|  4.875% due 10/02/2023 | 3242 | 3233 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** |  | **MARKET<br>VALUE<br>(000S)** |
|  **GSK Consumer Healthcare Capital U.S. LLC** | **GSK Consumer Healthcare Capital U.S. LLC** | **GSK Consumer Healthcare Capital U.S. LLC** | **GSK Consumer Healthcare Capital U.S. LLC** |
|  5.213% (SOFRRATE + 0.890%) due 03/24/2024 ~ | 18900 | $| 18839 |
|  **Harley-Davidson Financial Services, Inc.** | **Harley-Davidson Financial Services, Inc.** | **Harley-Davidson Financial Services, Inc.** | **Harley-Davidson Financial Services, Inc.** |
|  3.350% due 02/15/2023 | 9570 |  | 9548 |
|  **Heineken NV** | **Heineken NV** | **Heineken NV** | **Heineken NV** |
|  2.750% due 04/01/2023 | 24061 |  | 23918 |
|  **Hyundai Capital America** | **Hyundai Capital America** | **Hyundai Capital America** | **Hyundai Capital America** |
|  0.800% due 01/08/2024 | 4000 |  | 3807 |
|  1.250% due 09/18/2023 | 18265 |  | 17707 |
|  2.375% due 02/10/2023 | 6000 |  | 5987 |
|  **Illumina, Inc.** | **Illumina, Inc.** | **Illumina, Inc.** | **Illumina, Inc.** |
|  0.550% due 03/23/2023 | 8166 |  | 8083 |
|  **Kia Corp.** | **Kia Corp.** | **Kia Corp.** | **Kia Corp.** |
|  1.000% due 04/16/2024 | 2200 |  | 2072 |
|  3.000% due 04/25/2023 | 1000 |  | 993 |
|  **Kinder Morgan, Inc.** | **Kinder Morgan, Inc.** | **Kinder Morgan, Inc.** | **Kinder Morgan, Inc.** |
|  5.625% due 11/15/2023 | 2695 |  | 2697 |
|  **L3Harris Technologies, Inc.** | **L3Harris Technologies, Inc.** | **L3Harris Technologies, Inc.** | **L3Harris Technologies, Inc.** |
|  3.850% due 06/15/2023 | 21693 |  | 21570 |
|  **Leidos, Inc.** | **Leidos, Inc.** | **Leidos, Inc.** | **Leidos, Inc.** |
|  2.950% due 05/15/2023 | 39357 |  | 39046 |
|  **Marvell Technology, Inc.** | **Marvell Technology, Inc.** | **Marvell Technology, Inc.** | **Marvell Technology, Inc.** |
|  4.200% due 06/22/2023 | 9000 |  | 8950 |
|  **Mercedes-Benz Finance North America LLC** | **Mercedes-Benz Finance North America LLC** | **Mercedes-Benz Finance North America LLC** | **Mercedes-Benz Finance North America LLC** |
|  5.348% (US0003M + 0.840%) due 05/04/2023 ~ | 3200 |  | 3200 |
|  **Mondelez International, Inc.** | **Mondelez International, Inc.** | **Mondelez International, Inc.** | **Mondelez International, Inc.** |
|  2.125% due 03/17/2024 | 6400 |  | 6175 |
|  **Nissan Motor Co. Ltd.** | **Nissan Motor Co. Ltd.** | **Nissan Motor Co. Ltd.** | **Nissan Motor Co. Ltd.** |
|  3.043% due 09/15/2023 | 3821 |  | 3745 |
|  **Penske Truck Leasing Co. LP** | **Penske Truck Leasing Co. LP** | **Penske Truck Leasing Co. LP** | **Penske Truck Leasing Co. LP** |
|  4.125% due 08/01/2023 | 2143 |  | 2131 |
|  **RELX Capital, Inc.** | **RELX Capital, Inc.** | **RELX Capital, Inc.** | **RELX Capital, Inc.** |
|  3.500% due 03/16/2023 | 16870 |  | 16803 |
|  **SK Hynix, Inc.** | **SK Hynix, Inc.** | **SK Hynix, Inc.** | **SK Hynix, Inc.** |
|  1.000% due 01/19/2024 | 4000 |  | 3802 |
|  **SK Telecom Co. Ltd.** | **SK Telecom Co. Ltd.** | **SK Telecom Co. Ltd.** | **SK Telecom Co. Ltd.** |
|  3.750% due 04/16/2023 | 1400 |  | 1395 |
|  **Stellantis NV** | **Stellantis NV** | **Stellantis NV** | **Stellantis NV** |
|  5.250% due 04/15/2023 | 25565 | 25588 | 25588 |
|  **Sydney Airport Finance Co. Pty. Ltd.** | **Sydney Airport Finance Co. Pty. Ltd.** | **Sydney Airport Finance Co. Pty. Ltd.** | **Sydney Airport Finance Co. Pty. Ltd.** |
|  3.900% due 03/22/2023 | 3410 |  | 3401 |
|  **Thermo Fisher Scientific, Inc.** | **Thermo Fisher Scientific, Inc.** |  |  |
|  4.160% (SOFRINDX + 0.350%) due 04/18/2023 ~ | 44000 |  | 43903 |
|  4.200% (SOFRINDX + 0.390%) due 10/18/2023 ~ | 39900 |  | 39762 |
|  **Time Warner Cable Enterprises LLC** | **Time Warner Cable Enterprises LLC** |  |  |
|  8.375% due 03/15/2023 | 13192 |  | 13275 |
|  **VMware, Inc.** | **VMware, Inc.** |  |  |
|  0.600% due 08/15/2023 | 48511 |  | 47255 |
|  **Volkswagen Group of America Finance LLC** | **Volkswagen Group of America Finance LLC** |  |  |
|  4.250% due 11/13/2023 | 11148 |  | 11043 |
|  **Warnermedia Holdings, Inc.** | **Warnermedia Holdings, Inc.** |  |  |
|  3.528% due 03/15/2024 | 38100 |  | 36941 |
|  6.092% (SOFRINDX + 1.780%) due 03/15/2024 ~ | 19700 |  | 19642 |
|  **Zoetis, Inc.** | **Zoetis, Inc.** |  |  |
|  3.250% due 02/01/2023 | 6600 |  | 6591 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;985985 |
| **UTILITIES 7.6%** | **UTILITIES 7.6%** | **UTILITIES 7.6%** | **UTILITIES 7.6%** |
|  **American Electric Power Co., Inc.** | **American Electric Power Co., Inc.** | **American Electric Power Co., Inc.** | **American Electric Power Co., Inc.** |
|  4.920% (US0003M + 0.480%) due 11/01/2023 ~ | 111100 |  | 110600 |
|  **AT&T, Inc.** | **AT&T, Inc.** |  |  |
|  5.540% (US0003M + 0.890%) due 02/15/2023 ~ | 74811 |  | 74831 |
|  5.915% (US0003M + 1.180%) due 06/12/2024 ~ | 3265 |  | 3289 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Atmos Energy Corp.** | **Atmos Energy Corp.** |  |
|  5.103% (US0003M + 0.380%) due 03/09/2023 ~ | 102934 | 102875 |
|  **Chugoku Electric Power Co., Inc.** | **Chugoku Electric Power Co., Inc.** |  |
|  2.401% due 08/27/2024 | 11600 | 11034 |
|  **Enel Finance International NV** | **Enel Finance International NV** |  |
|  2.650% due 09/10/2024 | 14100 | 13500 |
|  **Kansai Electric Power Co., Inc.** | **Kansai Electric Power Co., Inc.** |  |
|  2.550% due 09/17/2024 | 14272 | 13604 |
|  **Mississippi Power Co.** | **Mississippi Power Co.** |  |
|  4.623% (SOFRRATE + 0.300%) due 06/28/2024 ~ | 16575 | 16249 |
|  **NextEra Energy Capital Holdings, Inc.** | **NextEra Energy Capital Holdings, Inc.** |  |
|  4.465% (SOFRINDX + 0.400%) due 11/03/2023 ~ | 2035 | 2027 |
|  4.775% (SOFRRATE + 0.540%) due 03/01/2023 ~ | 28500 | 28488 |
|  5.342% (SOFRINDX + 1.020%) due 03/21/2024 ~ | 28000 | 27850 |
|  **Pacific Gas & Electric Co.** | **Pacific Gas & Electric Co.** |  |
|  1.700% due 11/15/2023 | 14000 | 13554 |
|  4.250% due 08/01/2023 | 24070 | 23952 |
|  **SGSP Australia Assets Pty. Ltd.** | **SGSP Australia Assets Pty. Ltd.** |  |
|  3.300% due 04/09/2023 | 11350 | 11296 |
|  **Southern California Edison Co.** | **Southern California Edison Co.** |  |
|  0.700% due 04/03/2023 | 27400 | 27125 |
|  4.963% (SOFRRATE + 0.640%) due 04/03/2023 ~ | 62700 | 62608 |
|  **Southern California Gas Co.** | **Southern California Gas Co.** |  |
|  5.103% (US0003M + 0.350%) due 09/14/2023 ~ | 2000 | 1994 |
|  **Verizon Communications, Inc.** | **Verizon Communications, Inc.** |  |
|  5.706% (US0003M + 1.100%) due 05/15/2025 ~ | 120952 | 121975 |
|  |  | 666851 |
|  **Total Corporate Bonds & Notes (Cost $3,987,232)** | **Total Corporate Bonds & Notes (Cost $3,987,232)** | **3937061** |
| **U.S. GOVERNMENT AGENCIES 4.2%** | **U.S. GOVERNMENT AGENCIES 4.2%** | **U.S. GOVERNMENT AGENCIES 4.2%** |
|  **Fannie Mae** | **Fannie Mae** | **Fannie Mae** |
|  2.000% due 12/25/2044 | 976 | 856 |
|  2.932% due 08/25/2044 ~ | 5733 | 5589 |
|  3.197% due 07/25/2046 •  | 4025 | 3915 |
|  3.277% due 07/25/2044 ~ | 2370 | 2297 |
|  3.315% due 09/25/2049 •  | 7253 | 6995 |
|  3.352% due 03/25/2060 ~ | 8352 | 8274 |
|  3.363% due 07/25/2046 •  | 6001 | 5841 |
|  3.366% due 10/25/2059 •  | 4967 | 4964 |
|  3.449% due 08/25/2044 ~ | 2904 | 2822 |
|  3.462% due 05/01/2038 •  | 234 | 237 |
|  3.489% due 07/25/2046 •  | 274 | 267 |
|  3.506% due 01/01/2036 •  | 1732 | 1765 |
|  3.677% due 10/25/2044 ~ | 3758 | 3643 |
|  3.684% due 06/25/2048 •  | 8090 | 7906 |
|  4.316% due 01/25/2037 •  | 259 | 251 |
|  4.639% due 05/25/2037 •  | 11 | 10 |
|  4.689% due 12/25/2045 ~ | 1842 | 1794 |
|  4.719% due 02/25/2037 •  | 17 | 17 |
|  4.739% due 04/18/2028 ~ | 39 | 39 |
|  4.739% due 09/18/2031 - 11/25/2036 •  | 292 | 290 |
|  4.789% due 06/25/2026 •  | 59 | 58 |
|  4.799% due 09/25/2035 ~ | 242 | 238 |
|  4.809% due 03/25/2037 ~ | 158 | 155 |
|  4.839% due 05/18/2032 - 06/25/2059 ~ | 5483 | 5318 |
|  4.839% due 02/25/2038 •  | 264 | 260 |
|  4.889% due 06/25/2031 - 03/18/2032 •  | 125 | 125 |
|  5.069% due 12/25/2037 •  | 267 | 265 |
|  5.089% due 05/25/2037 ~ | 50 | 50 |
|  5.139% due 03/25/2037 ~ | 40 | 39 |
|  5.139% due 02/25/2040 •  | 11 | 11 |
|  5.169% due 02/25/2038 •  | 649 | 648 |
|  5.239% due 07/25/2038 ~ | 12 | 12 |
|  5.289% due 03/25/2032 •  | 12 | 12 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **87** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO Enhanced Short Maturity Active Exchange-Traded Fund** | **(Cont.)** |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Freddie Mac** | **Freddie Mac** | **Freddie Mac** |
|  1.000% due 08/15/2044 | 4514 | 3569 |
|  3.090% due 03/15/2037 ~ | 5834 | 5633 |
|  3.104% due 12/15/2042 ~ | 1548 | 1537 |
|  3.151% due 06/15/2044 •  | 6284 | 6252 |
|  3.156% due 03/15/2043 •  | 4848 | 4808 |
|  3.195% due 02/15/2038 ~ | 4596 | 4475 |
|  3.226% due 05/15/2038 •  | 2001 | 1974 |
|  3.286% due 05/15/2041 ~ | 2141 | 2079 |
|  3.337% due 08/15/2042 ~ | 4134 | 3826 |
|  3.338% due 10/15/2038 ~ | 418 | 407 |
|  3.400% due 12/15/2037 •  | 1039 | 1008 |
|  3.428% due 11/15/2044 •  | 3474 | 3474 |
|  3.560% due 10/15/2037 ~ | 11578 | 11610 |
|  3.604% due 10/15/2037 ~ | 2980 | 2930 |
|  3.756% due 09/01/2037 •  | 1318 | 1340 |
|  4.568% due 11/15/2036 •  | 2 | 2 |
|  4.568% due 01/15/2040 ~ | 11 | 11 |
|  4.632% due 02/25/2026 •  | 2712 | 2691 |
|  4.638% due 02/15/2037 •  | 632 | 617 |
|  4.738% due 04/15/2041 •  | 164 | 161 |
|  4.768% due 09/15/2048 ~ | 892 | 864 |
|  4.768% due 04/15/2049 •  | 3257 | 3171 |
|  4.818% due 07/15/2039 •  | 22 | 22 |
|  **Ginnie Mae** | **Ginnie Mae** | **Ginnie Mae** |
|  0.706% due 12/20/2068 •  | 5678 | 5533 |
|  1.968% due 04/20/2067 ~ | 1301 | 1288 |
|  2.500% due 01/20/2049 - 10/20/2049 | 2874 | 2557 |
|  3.000% due 07/20/2046 | 328 | 313 |
|  3.000% due 06/20/2051 ~ | 116426 | &nbsp;&nbsp;&nbsp;&nbsp;100124 |
|  3.205% due 02/20/2066 ~ | 8824 | 8713 |
|  3.379% due 06/20/2067 ~ | 4704 | 4683 |
|  3.494% due 12/20/2064 •  | 5892 | 5776 |
|  3.928% due 05/20/2065 ~ | 6949 | 6844 |
|  4.042% due 06/20/2066 ~ | 142 | 142 |
|  4.312% due 06/20/2067 •  | 965 | 942 |
|  4.342% due 03/20/2061 - 07/20/2067 ~ | 3552 | 3525 |
|  4.342% due 07/20/2063 •  | 477 | 474 |
|  4.417% due 07/20/2065 •  | 3751 | 3718 |
|  4.492% due 10/20/2065 •  | 8357 | 8215 |
|  4.542% due 04/20/2070 •  | 35539 | 34281 |
|  4.601% due 07/20/2066 ~ | 2187 | 2168 |
|  4.622% due 09/20/2066 •  | 1189 | 1177 |
|  4.672% due 08/20/2066 ~ | 773 | 765 |
|  4.803% due 03/20/2049 - 06/20/2049 •  | 14155 | 13811 |
|  4.842% due 01/20/2066 •  | 3627 | 3580 |
|  4.953% due 09/20/2040 ~ | 3254 | 3209 |
|  4.973% due 05/20/2041 •  | 6407 | 6324 |
|  4.983% due 10/20/2040 •  | 5972 | 5899 |
|  4.991% due 05/20/2063 •  | 501 | 499 |
|  5.003% due 05/20/2041 ~ | 1742 | 1719 |
|  5.026% due 01/16/2040 ~ | 2387 | 2371 |
|  5.093% due 02/20/2040 •  | 2055 | 2049 |
|  5.123% due 04/20/2040 •  | 4226 | 4217 |
|  5.153% due 03/20/2040 ~ | 4444 | 4437 |
|  6.000% due 12/15/2033 | 10 | 11 |
|  6.500% due 11/15/2033 - 09/15/2034 | 15 | 14 |
|  7.000% due 02/15/2024 - 07/15/2032 | 35 | 35 |
|  7.500% due 07/15/2024 - 06/15/2028 | 24 | 24 |
|  **Total U.S. Government Agencies (Cost $389,729)** | **Total U.S. Government Agencies (Cost $389,729)** | **366861** |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES 9.0%** | **NON-AGENCY MORTGAGE-BACKED SECURITIES 9.0%** | **NON-AGENCY MORTGAGE-BACKED SECURITIES 9.0%** |
|  **Arroyo Mortgage Trust** | **Arroyo Mortgage Trust** | **Arroyo Mortgage Trust** |
|  1.175% due 10/25/2048 ~ | 15128 | 11954 |
|  **Ashford Hospitality Trust** | **Ashford Hospitality Trust** | **Ashford Hospitality Trust** |
|  5.218% due 04/15/2035 •  | 1819 | 1759 |
|  5.318% due 06/15/2035 ~ | 9300 | 8967 |
|  **Bear Stearns Adjustable Rate Mortgage Trust** | **Bear Stearns Adjustable Rate Mortgage Trust** | **Bear Stearns Adjustable Rate Mortgage Trust** |
|  3.236% due 08/25/2033 ~ | 313 | 296 |
|  **Beast Mortgage Trust** | **Beast Mortgage Trust** | **Beast Mortgage Trust** |
|  5.368% due 03/15/2036 ~ | 600 | 566 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Beneria Cowen & Pritzer Collateral Funding Corp.** | **Beneria Cowen & Pritzer Collateral Funding Corp.** | **Beneria Cowen & Pritzer Collateral Funding Corp.** |
|  5.117% due 06/15/2038 ~ | 5500 | 5148 |
|  **BFLD Trust** | **BFLD Trust** | **BFLD Trust** |
|  5.468% due 10/15/2035 ~ | 12000 | 11422 |
|  **BHP Trust** | **BHP Trust** | **BHP Trust** |
|  5.293% due 08/15/2036 ~ | 2561 | 2493 |
|  **Brass PLC** | **Brass PLC** | **Brass PLC** |
|  5.344% due 11/16/2066 ~ | 1723 | 1723 |
|  **BSST Mortgage Trust** | **BSST Mortgage Trust** | **BSST Mortgage Trust** |
|  5.636% due 02/15/2037 •  | 8000 | 7463 |
|  **COLT Mortgage Loan Trust** | **COLT Mortgage Loan Trust** | **COLT Mortgage Loan Trust** |
|  1.397% due 10/25/2066 ~ | 27850 | 22747 |
|  **Commercial Mortgage Trust** | **Commercial Mortgage Trust** | **Commercial Mortgage Trust** |
|  5.618% due 12/15/2038 ~ | 10000 | 9246 |
|  **Credit Suisse Mortgage Capital Trust** | **Credit Suisse Mortgage Capital Trust** | **Credit Suisse Mortgage Capital Trust** |
|  5.068% due 07/15/2032 ~ | 13000 | 12261 |
|  5.668% due 10/15/2037 •  | 8700 | 8495 |
|  **CRSNT Commercial Mortgage Trust** | **CRSNT Commercial Mortgage Trust** | **CRSNT Commercial Mortgage Trust** |
|  5.140% due 04/15/2036 ~ | 52400 | 49346 |
|  **DBCG Mortgage Trust** | **DBCG Mortgage Trust** | **DBCG Mortgage Trust** |
|  5.018% due 06/15/2034 •  | 78640 | 77312 |
|  **DBWF Mortgage Trust** | **DBWF Mortgage Trust** | **DBWF Mortgage Trust** |
|  5.469% due 12/19/2030 •  | 900 | 875 |
|  **Ellington Financial Mortgage Trust** | **Ellington Financial Mortgage Trust** | **Ellington Financial Mortgage Trust** |
|  2.206% due 01/25/2067 ~ | 41677 | 35061 |
|  **Extended Stay America Trust** | **Extended Stay America Trust** | **Extended Stay America Trust** |
|  5.398% due 07/15/2038 ~ | 2343 | 2279 |
|  **GCAT Trust** | **GCAT Trust** | **GCAT Trust** |
|  2.650% due 10/25/2068 ~ | 1987 | 1873 |
|  2.885% due 12/27/2066 ~ | 25634 | 22915 |
|  **GS Mortgage Securities Corp. Trust** | **GS Mortgage Securities Corp. Trust** | **GS Mortgage Securities Corp. Trust** |
|  5.468% due 07/15/2031 •  | 9100 | 8690 |
|  **GS Mortgage Securities Trust** | **GS Mortgage Securities Trust** | **GS Mortgage Securities Trust** |
|  3.648% due 01/10/2047 | 1871 | 1852 |
|  **GS Mortgage-Backed Securities Corp. Trust** | **GS Mortgage-Backed Securities Corp. Trust** | **GS Mortgage-Backed Securities Corp. Trust** |
|  1.750% due 12/25/2060 ~ | 54371 | 49421 |
|  **Hilton USA Trust** | **Hilton USA Trust** | **Hilton USA Trust** |
|  2.828% due 11/05/2035 | 11600 | 11034 |
|  **JP Morgan Chase Commercial Mortgage Securities Trust** | **JP Morgan Chase Commercial Mortgage Securities Trust** | **JP Morgan Chase Commercial Mortgage Securities Trust** |
|  5.568% due 09/15/2029 •  | 39072 | &nbsp;&nbsp;&nbsp;&nbsp;37916 |
|  **Legacy Mortgage Asset Trust** | **Legacy Mortgage Asset Trust** | **Legacy Mortgage Asset Trust** |
|  1.892% due 10/25/2066 þ | 5521 | 5073 |
|  **LUXE Commercial Mortgage Trust** | **LUXE Commercial Mortgage Trust** | **LUXE Commercial Mortgage Trust** |
|  5.368% due 10/15/2038 ~ | 8999 | 8621 |
|  **MAD Mortgage Trust** | **MAD Mortgage Trust** | **MAD Mortgage Trust** |
|  3.188% due 08/15/2034 ~ | 3528 | 3294 |
|  **Mellon Residential Funding Corp. Mortgage Pass-Through Certificates** | **Mellon Residential Funding Corp. Mortgage Pass-Through Certificates** | **Mellon Residential Funding Corp. Mortgage Pass-Through Certificates** |
|  5.018% due 11/15/2031 •  | 350 | 333 |
|  **MF1 Ltd.** | **MF1 Ltd.** | **MF1 Ltd.** |
|  5.406% due 12/15/2034 ~ | 2700 | 2553 |
|  **MFA Trust** | **MFA Trust** | **MFA Trust** |
|  1.381% due 04/25/2065 ~ | 11691 | 10539 |
|  **Mill City Mortgage Loan Trust** | **Mill City Mortgage Loan Trust** | **Mill City Mortgage Loan Trust** |
|  2.750% due 07/25/2059 ~ | 608 | 568 |
|  **Morgan Stanley Capital Trust** | **Morgan Stanley Capital Trust** | **Morgan Stanley Capital Trust** |
|  5.218% due 07/15/2035 •  | 2300 | 2256 |
|  5.293% due 11/15/2034 ~ | 4535 | 4395 |
|  5.487% due 12/15/2023 •  | 47200 | &nbsp;&nbsp;&nbsp;&nbsp;45265 |
|  **Natixis Commercial Mortgage Securities Trust** | **Natixis Commercial Mortgage Securities Trust** | **Natixis Commercial Mortgage Securities Trust** |
|  5.268% due 08/15/2038 •  | 3000 | 2825 |
|  **OBX Trust** | **OBX Trust** | **OBX Trust** |
|  1.957% due 10/25/2061 ~ | 32802 | 26250 |
|  2.305% due 11/25/2061 ~ | 45774 | 39437 |
|  2.783% due 01/25/2062 þ | 48296 | 43513 |
|  **RESIMAC Bastille Trust** | **RESIMAC Bastille Trust** | **RESIMAC Bastille Trust** |
|  4.822% due 02/03/2053 ~ | 21872 | 21636 |
|  **RESIMAC Premier** | **RESIMAC Premier** | **RESIMAC Premier** |
|  4.974% due 07/10/2052 •  | 5689 | 5643 |
|  **Starwood Mortgage Residential Trust** | **Starwood Mortgage Residential Trust** | **Starwood Mortgage Residential Trust** |
|  1.027% due 11/25/2055 ~ | 4780 | 4420 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Starwood Mortgage Trust** | **Starwood Mortgage Trust** | **Starwood Mortgage Trust** |
|  5.176% due 11/15/2036 ~ | 17200 | 16602 |
|  **Tharaldson Hotel Portfolio Trust** | **Tharaldson Hotel Portfolio Trust** | **Tharaldson Hotel Portfolio Trust** |
|  5.268% due 11/11/2034 ~ | 4467 | 4346 |
|  **Towd Point Mortgage Trust** | **Towd Point Mortgage Trust** | **Towd Point Mortgage Trust** |
|  1.636% due 04/25/2060 ~ | 58962 | 51924 |
|  2.710% due 01/25/2060 ~ | 19045 | 17545 |
|  2.900% due 10/25/2059 ~ | 15993 | 14926 |
|  3.722% due 03/25/2058 ~ | 10405 | 9838 |
|  3.773% due 02/25/2057 •  | 759 | 751 |
|  5.389% due 10/25/2059 ~ | 1697 | 1680 |
|  **Verus Securitization Trust** | **Verus Securitization Trust** | **Verus Securitization Trust** |
|  0.820% due 10/25/2063 ~ | 7139 | 6407 |
|  1.630% due 10/25/2066 ~ | 39511 | 32067 |
|  **Wells Fargo Commercial Mortgage Trust** | **Wells Fargo Commercial Mortgage Trust** | **Wells Fargo Commercial Mortgage Trust** |
|  5.370% due 12/13/2031 •  | 5400 | 5329 |
|  5.376% due 07/15/2046 •  | 3932 | 3927 |
|  **Total Non-Agency Mortgage-Backed Securities (Cost $874,538)** | **Total Non-Agency Mortgage-Backed Securities (Cost $874,538)** | **795077** |
| **ASSET-BACKED SECURITIES 20.3%** | **ASSET-BACKED SECURITIES 20.3%** | **ASSET-BACKED SECURITIES 20.3%** |
|  **ACAS CLO Ltd.** | **ACAS CLO Ltd.** | **ACAS CLO Ltd.** |
|  5.084% due 10/18/2028 •  | 21480 | 21212 |
|  **American Money Management Corp. CLO Ltd.** | **American Money Management Corp. CLO Ltd.** | **American Money Management Corp. CLO Ltd.** |
|  4.949% due 04/17/2029 ~ | 11090 | 11037 |
|  **Anchorage Capital CLO Ltd.** | **Anchorage Capital CLO Ltd.** | **Anchorage Capital CLO Ltd.** |
|  5.129% due 07/15/2030 ~ | 4400 | 4340 |
|  **Apex Credit CLO Ltd.** | **Apex Credit CLO Ltd.** | **Apex Credit CLO Ltd.** |
|  5.736% due 09/20/2029 ~ | 8393 | 8257 |
|  **Apidos CLO** | **Apidos CLO** | **Apidos CLO** |
|  5.009% due 07/17/2030 ~ | 15800 | 15631 |
|  5.094% due 07/18/2029 •  | 24900 | 24607 |
|  5.253% due 04/20/2031 •  | 9450 | 9316 |
|  **Arbor Realty Commercial Real Estate Notes Ltd.** | **Arbor Realty Commercial Real Estate Notes Ltd.** | **Arbor Realty Commercial Real Estate Notes Ltd.** |
|  5.418% due 05/15/2036 ~ | 6400 | 6188 |
|  **AREIT Trust** | **AREIT Trust** | **AREIT Trust** |
|  5.076% due 01/16/2037 ~ | 38788 | 37065 |
|  5.419% due 11/17/2038 ~ | 22898 | 21922 |
|  5.710% due 09/14/2036 ~ | 657 | 646 |
|  **Ares CLO Ltd.** | **Ares CLO Ltd.** | **Ares CLO Ltd.** |
|  4.949% due 01/15/2029 ~ | 7029 | 6938 |
|  5.244% due 04/18/2031 •  | 2200 | 2162 |
|  **Arkansas Student Loan Authority** | **Arkansas Student Loan Authority** | **Arkansas Student Loan Authority** |
|  5.599% due 11/25/2043 •  | 270 | 266 |
|  **Atlas Senior Loan Fund Ltd.** | **Atlas Senior Loan Fund Ltd.** | **Atlas Senior Loan Fund Ltd.** |
|  5.113% due 04/20/2028 •  | 965 | 959 |
|  5.405% due 04/22/2031 •  | 2000 | 1948 |
|  **Barings CLO Ltd.** | **Barings CLO Ltd.** | **Barings CLO Ltd.** |
|  5.193% due 07/20/2029 •  | 5044 | 5001 |
|  **Benefit Street Partners CLO Ltd.** | **Benefit Street Partners CLO Ltd.** | **Benefit Street Partners CLO Ltd.** |
|  5.029% due 10/15/2030 •  | 12300 | 12144 |
|  5.109% due 01/17/2032 ~ | 8600 | 8421 |
|  **BlueMountain CLO Ltd.** | **BlueMountain CLO Ltd.** | **BlueMountain CLO Ltd.** |
|  5.505% due 10/22/2030 •  | 4466 | 4404 |
|  **BXMT Ltd.** | **BXMT Ltd.** | **BXMT Ltd.** |
|  5.322% due 11/15/2037 ~ | 57900 | 57013 |
|  **Capital One Multi-Asset Execution Trust** | **Capital One Multi-Asset Execution Trust** | **Capital One Multi-Asset Execution Trust** |
|  4.898% due 07/15/2027 ~ | 34100 | 34058 |
|  **Carlyle Global Market Strategies CLO Ltd.** | **Carlyle Global Market Strategies CLO Ltd.** | **Carlyle Global Market Strategies CLO Ltd.** |
|  5.408% due 07/27/2031 ~ | 4711 | 4644 |
|  5.600% due 08/14/2030 ~ | 42118 | 41662 |
|  **Carlyle U.S. CLO Ltd.** | **Carlyle U.S. CLO Ltd.** | **Carlyle U.S. CLO Ltd.** |
|  5.243% due 04/20/2031 •  | 10000 | 9841 |
|  **Carrington Mortgage Loan Trust** | **Carrington Mortgage Loan Trust** | **Carrington Mortgage Loan Trust** |
|  5.493% due 07/20/2030 •  | 6878 | 6809 |
|  **Catamaran CLO Ltd.** | **Catamaran CLO Ltd.** | **Catamaran CLO Ltd.** |
|  5.425% due 04/22/2030 •  | 20893 | 20595 |
|  **Chesapeake Funding LLC** | **Chesapeake Funding LLC** | **Chesapeake Funding LLC** |
|  0.870% due 08/15/2032 | 5871 | 5790 |
|  4.798% due 09/15/2031 ~ | 553 | 552 |
|  4.968% due 08/15/2032 •  | 6393 | 6389 |
|  **CIFC Funding Ltd.** | **CIFC Funding Ltd.** | **CIFC Funding Ltd.** |
|  5.275% due 10/24/2030 ~ | 44000 | 43562 |

---

---

| | | |
|:---|:---|:---|
| **88** | **PIMCO ETF TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **CIT Mortgage Loan Trust** | **CIT Mortgage Loan Trust** | **CIT Mortgage Loan Trust** |
|  5.739% due 10/25/2037 •  | 3175 | 3160 |
|  **Citibank Credit Card Issuance Trust** | **Citibank Credit Card Issuance Trust** | **Citibank Credit Card Issuance Trust** |
|  4.827% due 08/07/2027 •  | 34100 | 34100 |
|  4.981% due 04/22/2026 ~ | 55100 | 55138 |
|  **Commonbond Student Loan Trust** | **Commonbond Student Loan Trust** | **Commonbond Student Loan Trust** |
|  5.239% due 05/25/2041 ~ | 340 | 335 |
|  **Crestline Denali CLO Ltd.** | **Crestline Denali CLO Ltd.** | **Crestline Denali CLO Ltd.** |
|  5.273% due 04/20/2030 •  | 21586 | 21316 |
|  **Daimler Trucks Retail Trust** | **Daimler Trucks Retail Trust** | **Daimler Trucks Retail Trust** |
|  5.070% due 09/16/2024 | 700 | 700 |
|  **Discover Card Execution Note Trust** | **Discover Card Execution Note Trust** | **Discover Card Execution Note Trust** |
|  4.918% due 12/15/2026 ~ | 34100 | &nbsp;&nbsp;&nbsp;&nbsp;34117 |
|  **DLLMT LLC** | **DLLMT LLC** | **DLLMT LLC** |
|  1.000% due 07/21/2025 | 3000 | 2849 |
|  **Dryden CLO Ltd.** | **Dryden CLO Ltd.** | **Dryden CLO Ltd.** |
|  5.114% due 01/17/2033 •  | 3400 | 3334 |
|  **Dryden Senior Loan Fund** | **Dryden Senior Loan Fund** | **Dryden Senior Loan Fund** |
|  5.059% due 04/15/2028 ~ | 4539 | 4497 |
|  **Edsouth Indenture LLC** | **Edsouth Indenture LLC** | **Edsouth Indenture LLC** |
|  5.119% due 04/25/2039 •  | 414 | 409 |
|  5.539% due 09/25/2040 •  | 23 | 23 |
|  **Elevation CLO Ltd.** | **Elevation CLO Ltd.** | **Elevation CLO Ltd.** |
|  5.308% due 10/25/2030 •  | 15600 | 15321 |
|  **ELFI Graduate Loan Program LLC** | **ELFI Graduate Loan Program LLC** | **ELFI Graduate Loan Program LLC** |
|  1.530% due 12/26/2046 | 7509 | 6569 |
|  **Flagship Credit Auto Trust** | **Flagship Credit Auto Trust** | **Flagship Credit Auto Trust** |
|  0.700% due 04/15/2025 | 13 | 13 |
|  **Ford Credit Auto Owner Trust** | **Ford Credit Auto Owner Trust** | **Ford Credit Auto Owner Trust** |
|  4.327% due 04/15/2025 •  | 21300 | 21328 |
|  **Ford Credit Floorplan Master Owner Trust** | **Ford Credit Floorplan Master Owner Trust** | **Ford Credit Floorplan Master Owner Trust** |
|  4.818% due 09/15/2025 •  | 47700 | 47545 |
|  **Foursight Capital Automobile Receivables Trust** | **Foursight Capital Automobile Receivables Trust** | **Foursight Capital Automobile Receivables Trust** |
|  1.150% due 09/15/2025 | 14843 | 14581 |
|  **Galaxy CLO Ltd.** | **Galaxy CLO Ltd.** | **Galaxy CLO Ltd.** |
|  5.049% due 10/15/2030 •  | 6900 | 6748 |
|  **Gallatin CLO Ltd.** | **Gallatin CLO Ltd.** | **Gallatin CLO Ltd.** |
|  5.169% due 07/15/2031 ~ | 6000 | 5897 |
|  **GM Financial Consumer Automobile Receivables Trust** | **GM Financial Consumer Automobile Receivables Trust** | **GM Financial Consumer Automobile Receivables Trust** |
|  4.408% due 09/16/2025 ~ | 19200 | 19226 |
|  4.458% due 11/17/2025 •  | 12500 | 12525 |
|  **GoldenTree Loan Management U.S. CLO Ltd.** | **GoldenTree Loan Management U.S. CLO Ltd.** | **GoldenTree Loan Management U.S. CLO Ltd.** |
|  5.153% due 11/20/2030 •  | 31500 | 31115 |
|  **GPMT Ltd.** | **GPMT Ltd.** | **GPMT Ltd.** |
|  5.589% due 07/16/2035 •  | 25387 | 24914 |
|  **Halseypoint CLO Ltd.** | **Halseypoint CLO Ltd.** | **Halseypoint CLO Ltd.** |
|  5.343% due 07/20/2031 ~ | 13194 | 12991 |
|  **Hyundai Auto Lease Securitization Trust** | **Hyundai Auto Lease Securitization Trust** | **Hyundai Auto Lease Securitization Trust** |
|  4.507% due 01/15/2025 ~ | 15000 | 15012 |
|  **KKR CLO Ltd.** | **KKR CLO Ltd.** | **KKR CLO Ltd.** |
|  5.134% due 07/18/2030 ~ | 3773 | 3738 |
|  **LCM LP** | **LCM LP** | **LCM LP** |
|  5.097% due 07/19/2027 ~ | 3939 | 3896 |
|  5.243% due 07/20/2030 •  | 771 | 759 |
|  5.283% due 10/20/2027 •  | 994 | 989 |
|  **LCM Ltd.** | **LCM Ltd.** | **LCM Ltd.** |
|  5.149% due 04/15/2031 ~ | 1000 | 983 |
|  5.403% due 10/20/2028 ~ | 5636 | 5593 |
|  **LMREC LLC** | **LMREC LLC** | **LMREC LLC** |
|  5.436% due 04/22/2037 ~ | 6336 | 6277 |
|  **LoanCore Issuer Ltd.** | **LoanCore Issuer Ltd.** | **LoanCore Issuer Ltd.** |
|  4.722% due 07/15/2035 ~ | 8465 | 8220 |
|  **Madison Park Funding Ltd.** | **Madison Park Funding Ltd.** | **Madison Park Funding Ltd.** |
|  0.000% due 07/29/2030 ~ | 4000 | 3943 |
|  5.233% due 04/20/2032 ~ | 4500 | 4423 |
|  5.245% due 01/22/2028 •  | 459 | 455 |
|  5.278% due 07/21/2030 ~ | 3965 | 3915 |
|  5.328% due 07/27/2031 ~ | 7400 | 7316 |
|  5.478% due 04/25/2032 •  | 6800 | 6693 |
|  **Magnetite Ltd.** | **Magnetite Ltd.** | **Magnetite Ltd.** |
|  5.486% due 11/15/2028 ~ | 4534 | 4485 |
|  **Marathon CLO Ltd.** | **Marathon CLO Ltd.** | **Marathon CLO Ltd.** |
|  5.229% due 04/15/2029 •  | 13277 | 13194 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Marble Point CLO Ltd.** | **Marble Point CLO Ltd.** | **Marble Point CLO Ltd.** |
|  5.374% due 12/18/2030 ~ | 5331 | 5229 |
|  **Master Credit Card Trust** | **Master Credit Card Trust** | **Master Credit Card Trust** |
|  4.844% due 07/21/2024 •  | 16213 | &nbsp;&nbsp;&nbsp;&nbsp;16213 |
|  **MMAF Equipment Finance LLC** | **MMAF Equipment Finance LLC** | **MMAF Equipment Finance LLC** |
|  2.330% due 12/08/2025 | 49 | 49 |
|  4.924% due 12/01/2023 | 21513 | 21513 |
|  **Mountain View CLO LLC** | **Mountain View CLO LLC** | **Mountain View CLO LLC** |
|  5.119% due 01/16/2031 •  | 16500 | 16244 |
|  5.169% due 10/16/2029 •  | 9342 | 9242 |
|  **Nassau Ltd.** | **Nassau Ltd.** | **Nassau Ltd.** |
|  5.229% due 10/15/2029 •  | 21600 | 21326 |
|  **Navient Private Education Loan Trust** | **Navient Private Education Loan Trust** | **Navient Private Education Loan Trust** |
|  5.568% due 02/15/2029 ~ | 45 | 45 |
|  **Navient Private Education Refi Loan Trust** | **Navient Private Education Refi Loan Trust** | **Navient Private Education Refi Loan Trust** |
|  0.840% due 05/15/2069 | 5511 | 4769 |
|  1.310% due 01/15/2069 | 16852 | 15136 |
|  1.580% due 04/15/2070 | 36101 | 30614 |
|  1.690% due 05/15/2069 | 8774 | 7893 |
|  2.230% due 07/15/2070 | 28335 | &nbsp;&nbsp;&nbsp;&nbsp;24625 |
|  3.130% due 02/15/2068 | 2999 | 2833 |
|  5.318% due 04/15/2069 ~ | 10090 | 9823 |
|  **Navient Student Loan Trust** | **Navient Student Loan Trust** | **Navient Student Loan Trust** |
|  5.189% due 07/26/2066 ~ | 5763 | 5620 |
|  5.439% due 12/27/2066 •  | 15440 | 15188 |
|  **Nelnet Student Loan Trust** | **Nelnet Student Loan Trust** | **Nelnet Student Loan Trust** |
|  1.420% due 04/20/2062 | 877 | 780 |
|  4.873% due 12/24/2035 •  | 2280 | 2211 |
|  4.989% due 03/25/2030 •  | 566 | 564 |
|  5.189% due 09/25/2065 •  | 10653 | 10535 |
|  5.189% due 08/25/2067 ~ | 16866 | 16593 |
|  5.239% due 02/25/2066 ~ | 8317 | 8164 |
|  **Neuberger Berman CLO Ltd.** | **Neuberger Berman CLO Ltd.** | **Neuberger Berman CLO Ltd.** |
|  5.124% due 10/18/2029 ~ | 2000 | 1970 |
|  5.247% due 04/19/2030 •  | 1382 | 1365 |
|  5.283% due 04/20/2031 ~ | 600 | 590 |
|  **Northstar Education Finance, Inc.** | **Northstar Education Finance, Inc.** | **Northstar Education Finance, Inc.** |
|  5.089% due 12/26/2031 •  | 289 | 287 |
|  **Octagon Investment Partners Ltd.** | **Octagon Investment Partners Ltd.** | **Octagon Investment Partners Ltd.** |
|  5.650% due 02/14/2031 •  | 3900 | 3836 |
|  **Oscar U.S. Funding LLC** | **Oscar U.S. Funding LLC** | **Oscar U.S. Funding LLC** |
|  0.390% due 08/12/2024 | 3725 | 3696 |
|  1.600% due 03/10/2025 | 35202 | 34373 |
|  **OZLM Ltd.** | **OZLM Ltd.** | **OZLM Ltd.** |
|  5.059% due 10/17/2029 •  | 29766 | 29337 |
|  5.089% due 07/17/2029 ~ | 3281 | 3244 |
|  5.674% due 05/16/2030 ~ | 6774 | 6671 |
|  **Palmer Square Loan Funding Ltd.** | **Palmer Square Loan Funding Ltd.** | **Palmer Square Loan Funding Ltd.** |
|  5.143% due 04/20/2029 •  | 2842 | 2809 |
|  5.475% due 02/20/2028 •  | 10404 | 10334 |
|  **Pawneee Equipment Receivables LLC** | **Pawneee Equipment Receivables LLC** | **Pawneee Equipment Receivables LLC** |
|  3.809% due 08/15/2023 | 863 | 862 |
|  4.840% due 02/15/2028 | 4800 | 4763 |
|  **PFP Ltd.** | **PFP Ltd.** | **PFP Ltd.** |
|  5.168% due 04/14/2038 •  | 6180 | 6017 |
|  **PHEAA Student Loan Trust** | **PHEAA Student Loan Trust** | **PHEAA Student Loan Trust** |
|  5.339% due 11/25/2065 •  | 4690 | 4654 |
|  **PRET LLC** | **PRET LLC** | **PRET LLC** |
|  1.868% due 07/25/2051 þ | 4844 | 4300 |
|  **Ready Capital Mortgage Financing LLC** | **Ready Capital Mortgage Financing LLC** | **Ready Capital Mortgage Financing LLC** |
|  5.389% due 04/25/2038 •  | 17778 | 17300 |
|  5.594% due 01/25/2037 •  | 25000 | 24405 |
|  **Romark CLO Ltd.** | **Romark CLO Ltd.** | **Romark CLO Ltd.** |
|  5.355% due 10/23/2030 ~ | 40500 | 39781 |
|  **Santander Drive Auto Receivables Trust** | **Santander Drive Auto Receivables Trust** | **Santander Drive Auto Receivables Trust** |
|  2.120% due 10/15/2026 | 4380 | 4366 |
|  **Saranac CLO Ltd.** | **Saranac CLO Ltd.** | **Saranac CLO Ltd.** |
|  5.873% due 08/13/2031 ~ | 16400 | 15892 |
|  **SLM Private Credit Student Loan Trust** | **SLM Private Credit Student Loan Trust** | **SLM Private Credit Student Loan Trust** |
|  5.079% due 12/15/2038 •  | 5108 | 4870 |
|  **SLM Student Loan Trust** | **SLM Student Loan Trust** | **SLM Student Loan Trust** |
|  4.478% due 01/25/2027 •  | 1513 | 1510 |
|  4.498% due 10/25/2028 •  | 542 | 539 |
|  5.039% due 12/27/2038 ~ | 2106 | 2020 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.089% due 01/25/2029 •  | 2428 | 2322 |
|  5.858% due 04/25/2023 ~ | 177 | 175 |
|  **SMB Private Education Loan Trust** | **SMB Private Education Loan Trust** | **SMB Private Education Loan Trust** |
|  1.290% due 07/15/2053 | 16723 | 14766 |
|  2.340% due 09/15/2034 | 3062 | 2917 |
|  4.918% due 03/17/2053 •  | 7050 | 6801 |
|  5.218% due 09/15/2034 ~ | 5813 | 5745 |
|  5.418% due 09/15/2034 •  | 2391 | 2382 |
|  5.418% due 07/15/2053 ~ | 2109 | 2044 |
|  **SoFi Professional Loan Program LLC** | **SoFi Professional Loan Program LLC** | **SoFi Professional Loan Program LLC** |
|  2.650% due 09/25/2040 | 1210 | 1157 |
|  2.740% due 05/25/2040 | 531 | 525 |
|  4.739% due 02/25/2042 •  | 83 | 83 |
|  4.989% due 07/25/2040 ~ | 198 | 197 |
|  5.089% due 03/26/2040 •  | 216 | 216 |
|  5.339% due 01/25/2039 ~ | 59 | 59 |
|  5.689% due 02/25/2040 •  | 424 | 424 |
|  **SoFi Professional Loan Program Trust** | **SoFi Professional Loan Program Trust** | **SoFi Professional Loan Program Trust** |
|  1.950% due 02/15/2046 | 14107 | &nbsp;&nbsp;&nbsp;&nbsp;12647 |
|  **Sound Point CLO Ltd.** | **Sound Point CLO Ltd.** | **Sound Point CLO Ltd.** |
|  5.159% due 04/15/2030 ~ | 3055 | 3009 |
|  5.223% due 10/20/2030 •  | 4500 | 4439 |
|  5.225% due 01/23/2029 ~ | 6571 | 6490 |
|  5.293% due 10/20/2028 •  | 1744 | 1730 |
|  5.315% due 01/23/2029 •  | 13461 | 13393 |
|  5.338% due 07/25/2030 •  | 29350 | 28910 |
|  5.344% due 04/18/2031 •  | 1000 | 979 |
|  5.427% due 07/26/2031 •  | 600 | 584 |
|  **Starwood Mortgage Trust** | **Starwood Mortgage Trust** | **Starwood Mortgage Trust** |
|  5.157% due 11/15/2038 •  | 23200 | 22476 |
|  **Stratus CLO Ltd.** | **Stratus CLO Ltd.** | **Stratus CLO Ltd.** |
|  5.143% due 12/28/2029 •  | 4628 | 4574 |
|  **Symphony CLO Ltd.** | **Symphony CLO Ltd.** | **Symphony CLO Ltd.** |
|  4.961% due 07/14/2026 ~ | 895 | 895 |
|  **Symphony Static CLO Ltd.** | **Symphony Static CLO Ltd.** | **Symphony Static CLO Ltd.** |
|  5.188% due 10/25/2029 •  | 3777 | 3720 |
|  **TCW CLO Ltd.** | **TCW CLO Ltd.** | **TCW CLO Ltd.** |
|  5.328% due 04/25/2031 ~ | 19100 | 18809 |
|  **TICP CLO Ltd.** | **TICP CLO Ltd.** | **TICP CLO Ltd.** |
|  5.083% due 04/20/2028 ~ | 411 | 409 |
|  **Towd Point HE Trust** | **Towd Point HE Trust** | **Towd Point HE Trust** |
|  0.918% due 02/25/2063 ~ | 9244 | 8685 |
|  **Toyota Auto Loan Extended Note Trust** | **Toyota Auto Loan Extended Note Trust** | **Toyota Auto Loan Extended Note Trust** |
|  1.350% due 05/25/2033 | 41800 | 38272 |
|  **Toyota Auto Receivables Owner Trust** | **Toyota Auto Receivables Owner Trust** | **Toyota Auto Receivables Owner Trust** |
|  4.378% due 08/15/2025 ~ | 10000 | 10009 |
|  **Venture CLO Ltd.** | **Venture CLO Ltd.** | **Venture CLO Ltd.** |
|  4.959% due 07/15/2027 •  | 2647 | 2653 |
|  5.233% due 07/20/2030 •  | 34400 | 33682 |
|  5.263% due 04/20/2029 ~ | 24255 | 24016 |
|  5.293% due 07/20/2030 ~ | 8494 | 8299 |
|  5.766% due 08/28/2029 •  | 32180 | 31852 |
|  **Vibrant CLO Ltd.** | **Vibrant CLO Ltd.** | **Vibrant CLO Ltd.** |
|  5.696% due 06/20/2029 •  | 6466 | 6379 |
|  **VMC Finance LLC** | **VMC Finance LLC** | **VMC Finance LLC** |
|  5.439% due 06/16/2036 ~ | 11293 | 10599 |
|  **Voya CLO Ltd.** | **Voya CLO Ltd.** | **Voya CLO Ltd.** |
|  5.029% due 04/17/2030 •  | 28828 | 28471 |
|  5.059% due 06/07/2030 ~ | 9609 | 9441 |
|  5.079% due 10/15/2030 •  | 14500 | 14242 |
|  **Wellfleet CLO Ltd.** | **Wellfleet CLO Ltd.** | **Wellfleet CLO Ltd.** |
|  5.133% due 04/20/2029 •  | 7143 | 7057 |
|  5.133% due 07/20/2029 •  | 14344 | 14159 |
|  **Total Asset-Backed Securities (Cost $1,832,054)** | **Total Asset-Backed Securities (Cost $1,832,054)** | **1787714** |
| **SOVEREIGN ISSUES 0.1%** | **SOVEREIGN ISSUES 0.1%** | **SOVEREIGN ISSUES 0.1%** |
|  **Korea National Oil Corp.** | **Korea National Oil Corp.** | **Korea National Oil Corp.** |
|  4.954% (US0003M + 0.875%) due 07/16/2023 ~ | 7400 | 7412 |
|  **Total Sovereign Issues (Cost $7,422)** | **Total Sovereign Issues (Cost $7,422)** | **7412** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **89** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO Enhanced Short Maturity Active Exchange-Traded Fund** | **(Cont.)** |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **SHORT-TERM INSTRUMENTS 21.3%** | **SHORT-TERM INSTRUMENTS 21.3%** | **SHORT-TERM INSTRUMENTS 21.3%** |
| **COMMERCIAL PAPER 12.9%** | **COMMERCIAL PAPER 12.9%** | **COMMERCIAL PAPER 12.9%** |
|  **BP Capital Markets PLC** | **BP Capital Markets PLC** | **BP Capital Markets PLC** |
|  4.750% due 02/10/2023 | 83200 | 82760 |
|  **Consolidated Edison Co. of New York, Inc.** | **Consolidated Edison Co. of New York, Inc.** | **Consolidated Edison Co. of New York, Inc.** |
|  4.800% due 01/17/2023 | 10250 | 10226 |
|  4.800% due 01/18/2023 | 10350 | 10325 |
|  4.800% due 01/19/2023 | 10250 | 10224 |
|  4.800% due 01/20/2023 | 10250 | 10222 |
|  **Constellation Brands, Inc.** | **Constellation Brands, Inc.** | **Constellation Brands, Inc.** |
|  5.000% due 01/09/2023 | 4900 | 4893 |
|  5.000% due 01/10/2023 | 11200 | &nbsp;&nbsp;&nbsp;&nbsp;11183 |
|  5.000% due 01/11/2023 | 13450 | 13428 |
|  5.000% due 01/12/2023 | 4950 | 4941 |
|  5.000% due 01/17/2023 | 27100 | 27033 |
|  5.110% due 01/25/2023 | 13800 | 13750 |
|  **Crown Castle, Inc.** | **Crown Castle, Inc.** | **Crown Castle, Inc.** |
|  5.100% due 01/05/2023 | 42500 | 42466 |
|  5.100% due 01/09/2023 | 57100 | 57023 |
|  5.250% due 01/31/2023 | 9100 | 9060 |
|  **Dominion Energy, Inc.** | **Dominion Energy, Inc.** | **Dominion Energy, Inc.** |
|  4.700% due 02/01/2023 | 16300 | 16230 |
|  4.750% due 01/31/2023 | 10500 | 10457 |
|  **Electricite de France SA** | **Electricite de France SA** | **Electricite de France SA** |
|  5.000% due 01/20/2023 | 4000 | 3989 |
|  **Enbridge (US), Inc.** | **Enbridge (US), Inc.** | **Enbridge (US), Inc.** |
|  4.700% due 01/04/2023 | 18500 | 18488 |
|  4.750% due 01/09/2023 | 19000 | 18975 |
|  4.780% due 01/20/2023 | 27800 | 27722 |
|  **Enel Finance America LLC** | **Enel Finance America LLC** | **Enel Finance America LLC** |
|  6.000% due 01/12/2023 | 43200 | 43127 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Energy Transfer LP** | **Energy Transfer LP** | **Energy Transfer LP** |
|  5.080% due 01/05/2023 | 47000 | 46962 |
|  **Fiserv, Inc.** | **Fiserv, Inc.** | **Fiserv, Inc.** |
|  4.630% due 01/09/2023 | 15300 | 15281 |
|  **Humana, Inc.** | **Humana, Inc.** | **Humana, Inc.** |
|  4.900% due 01/17/2023 | 3400 | 3392 |
|  4.900% due 02/01/2023 | 1700 | 1693 |
|  **McCormick & Co., Inc.** | **McCormick & Co., Inc.** | **McCormick & Co., Inc.** |
|  4.750% due 01/27/2023 | 26600 | 26503 |
|  **Mercedes-Benz Finance North America LLC** | **Mercedes-Benz Finance North America LLC** | **Mercedes-Benz Finance North America LLC** |
|  4.800% due 01/30/2023 | 52900 | &nbsp;&nbsp;&nbsp;&nbsp;52685 |
|  **Quanta Services, Inc.** | **Quanta Services, Inc.** | **Quanta Services, Inc.** |
|  5.100% due 01/09/2023 | 13950 | 13931 |
|  5.100% due 01/11/2023 | 13550 | 13528 |
|  5.100% due 01/13/2023 | 11300 | 11278 |
|  5.300% due 01/19/2023 | 6650 | 6632 |
|  **Republic Services, Inc.** | **Republic Services, Inc.** | **Republic Services, Inc.** |
|  4.650% due 01/12/2023 | 4550 | 4542 |
|  **Tampa Electric Co.** | **Tampa Electric Co.** | **Tampa Electric Co.** |
|  4.800% due 01/12/2023 | 65300 | 65191 |
|  **Targa Resources Corp.** | **Targa Resources Corp.** | **Targa Resources Corp.** |
|  5.250% due 01/13/2023 | 95800 | 95640 |
|  **Thomson Reuters Corp.** | **Thomson Reuters Corp.** | **Thomson Reuters Corp.** |
|  4.770% due 01/25/2023 | 88700 | 88413 |
|  **Toronto-Dominion Bank** | **Toronto-Dominion Bank** | **Toronto-Dominion Bank** |
|  3.640% due 04/21/2023 | 2300 | 2301 |
|  **TransCanada PipeLines Ltd.** | **TransCanada PipeLines Ltd.** | **TransCanada PipeLines Ltd.** |
|  4.750% due 01/19/2023 | 3200 | 3192 |
|  **Vodafone Group PLC** | **Vodafone Group PLC** | **Vodafone Group PLC** |
|  4.600% due 01/05/2023 | 80700 | 80638 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **VW Credit, Inc.** | **VW Credit, Inc.** | **VW Credit, Inc.** | **VW Credit, Inc.** |
|  4.700% due 01/26/2023 | 6800 | $— | 6776 |
|  4.700% due 01/27/2023 | 22100 |  | &nbsp;&nbsp;&nbsp;&nbsp;22019 |
|  4.800% due 01/26/2023 | 48700 |  | 48529 |
|  **Walgreens Boots Alliance, Inc.** | **Walgreens Boots Alliance, Inc.** | **Walgreens Boots Alliance, Inc.** | **Walgreens Boots Alliance, Inc.** |
|  4.900% due 01/11/2023 | 38150 |  | 38091 |
|  4.950% due 01/18/2023 | 32050 |  | 31970 |
|  **Walt Disney Co.** | **Walt Disney Co.** | **Walt Disney Co.** | **Walt Disney Co.** |
|  4.700% due 02/21/2023 | 11500 |  | 11423 |
|  |  |  | 1137132 |
| **REPURCHASE AGREEMENTS (a) 1.8%** | **REPURCHASE AGREEMENTS (a) 1.8%** | **REPURCHASE AGREEMENTS (a) 1.8%** | **REPURCHASE AGREEMENTS (a) 1.8%** |
|  |  |  | 162402 |
| **SHORT-TERM NOTES 6.6%** | **SHORT-TERM NOTES 6.6%** | **SHORT-TERM NOTES 6.6%** | **SHORT-TERM NOTES 6.6%** |
|  **Federal Home Loan Bank** | **Federal Home Loan Bank** | **Federal Home Loan Bank** | **Federal Home Loan Bank** |
|  4.310% due 01/17/2023 •  | 250000 |  | 250003 |
|  4.320% due 01/10/2023 •  | 336000 |  | 336001 |
|  |  |  | 586004 |
| **Total Short-Term Instruments (Cost $1,886,014)** | **Total Short-Term Instruments (Cost $1,886,014)** |  | **1885538** |
| **Total Investments in Securities (Cost $8,976,989)** | **Total Investments in Securities (Cost $8,976,989)** |  | **8779663** |
| **Total Investments 99.6% (Cost $8,976,989)** | **Total Investments 99.6% (Cost $8,976,989)** | $— | **8779663** |
| **Other Assets and Liabilities, net 0.4%** | **Other Assets and Liabilities, net 0.4%** |  | **34812** |
| **Net Assets 100.0%** |  | $— | **8814475** |

---

**NOTES TO SCHEDULE OF INVESTMENTS:** 

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

---

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

---

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

---

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

---

**BORROWINGS AND OTHER FINANCING TRANSACTIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;**(a) REPURCHASE AGREEMENTS:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Lending<br>Rate** | **Settlement<br>Date** | **Maturity<br>Date** | **Principal<br>Amount** | **Collateralized By** | **Collateral<br>(Received)** | **Repurchase<br>Agreements,<br>at Value** | **Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup>** |
| BPS | 4.150% | 12/30/2022 | 01/03/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137500 | U.S. Treasury Notes 2.500% due 05/31/2024 | $(140360) | $137500 | $137563 |
|  | 4.310 | 12/30/2022 | 01/03/2023 | 24400 | U.S. Treasury Notes 0.625% due 05/15/2030 | (24941) | 24400 | 24412 |
| FICC | 1.900 | 12/30/2022 | 01/03/2023 | 502 | U.S. Treasury Bills 0.000% due 12/28/2023 | (512) | 502 | 502 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** |  | $**(165813)** | $**162402** | $**162477** |

---

---

| | | |
|:---|:---|:---|
| **90** | **PIMCO ETF TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022 (Unaudited)

**BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY** 

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2022:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup>** | **Payable for<br>Reverse<br>Repurchase<br>Agreements** | **Payable for<br>Sale-<br>Buyback<br>Transactions** | **Securities<br>Out on Loan** | **Total<br>Borrowings and<br>Other Financing<br>Transactions** | **Collateral<br>Pledged/(Received)** | **Net Exposure<sup>(2)</sup>** |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  BPS | $161975 | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161975 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(165301) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3326) |
|  FICC | 502 | 0 | 0 | 0 | 502 | (512) | (10) |
|  **Total Borrowings and Other Financing Transactions** | $**162477** | $**0** | $**0** | $**0** |  |  |  |

---

<sup>(1)</sup> Includes accrued interest.

<sup>(2)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

**The average amount of borrowings outstanding during the period ended December 31, 2022 was $(18) at a weighted average interest rate of 2.360%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** 

**FAIR VALUE MEASUREMENTS** 

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
|  **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 |
| &nbsp;&nbsp; Banking & Finance | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2284225 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2284225 |
| &nbsp;&nbsp; Industrials | 0 | 985985 | 0 | 985985 |
| &nbsp;&nbsp; Utilities | 0 | 666851 | 0 | 666851 |
|  U.S. Government Agencies | 0 | 366861 | 0 | 366861 |
|  Non-Agency Mortgage-Backed Securities | 0 | 795077 | 0 | 795077 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
|  Asset-Backed Securities | $0 | $1787714 | $0 | $1787714 |
|  Sovereign Issues | 0 | 7412 | 0 | 7412 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Commercial Paper | 0 | 1137132 | 0 | 1137132 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 162402 | 0 | 162402 |
| &nbsp;&nbsp; Short-Term Notes | 0 | 586004 | 0 | 586004 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8779663 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8779663 |

---

There were no significant transfers into or out of Level 3 during the period ended December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **91** |

---

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **Schedule of Investments** | **PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund** |

---

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

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **INVESTMENTS IN SECURITIES 96.9%** | **INVESTMENTS IN SECURITIES 96.9%** | **INVESTMENTS IN SECURITIES 96.9%** |
| **MUNICIPAL BONDS & NOTES 89.8%** | **MUNICIPAL BONDS & NOTES 89.8%** | **MUNICIPAL BONDS & NOTES 89.8%** |
| **ALABAMA 2.3%** | **ALABAMA 2.3%** | **ALABAMA 2.3%** |
|  **Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2021** | **Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2021** | **Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2021** |
|  4.000% due 10/01/2052 | 7385 | 7299 |
|  4.010% (MUNIPSA) due 10/01/2052 ~ | 2000 | 1901 |
|  **Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2022** | **Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2022** | **Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2022** |
|  5.250% due 02/01/2053 | 5000 | 5215 |
|  **Chatom Industrial Development Board, Alabama Revenue Notes, (AGM Insured), Series 2020** | **Chatom Industrial Development Board, Alabama Revenue Notes, (AGM Insured), Series 2020** | **Chatom Industrial Development Board, Alabama Revenue Notes, (AGM Insured), Series 2020** |
|  5.000% due 08/01/2027 | 1000 | 1067 |
|  **Lower Alabama Gas District Revenue Bonds, Series 2020** | **Lower Alabama Gas District Revenue Bonds, Series 2020** | **Lower Alabama Gas District Revenue Bonds, Series 2020** |
|  4.000% due 12/01/2050 | 3000 | 2977 |
|  **Selma Industrial Development Board, Alabama Revenue Bonds, Series 2019** | **Selma Industrial Development Board, Alabama Revenue Bonds, Series 2019** | **Selma Industrial Development Board, Alabama Revenue Bonds, Series 2019** |
|  2.000% due 11/01/2033 | 1350 | 1300 |
|  **Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2021** | **Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2021** | **Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2021** |
|  4.000% due 12/01/2051 | 2935 | 2833 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;22592 |
| **ALASKA 0.2%** | **ALASKA 0.2%** | **ALASKA 0.2%** |
|  **Alaska Housing Finance Corp. Revenue Bonds, Series 2022** | **Alaska Housing Finance Corp. Revenue Bonds, Series 2022** | **Alaska Housing Finance Corp. Revenue Bonds, Series 2022** |
|  5.000% due 12/01/2033 | 1905 | 2112 |
| **ARIZONA 0.9%** | **ARIZONA 0.9%** | **ARIZONA 0.9%** |
|  **Chandler Industrial Development Authority, Arizona Revenue Bonds, Series 2005** | **Chandler Industrial Development Authority, Arizona Revenue Bonds, Series 2005** | **Chandler Industrial Development Authority, Arizona Revenue Bonds, Series 2005** |
|  2.400% due 12/01/2035 | 2750 | 2729 |
|  **Maricopa County, Arizona Special Health Care District General Obligation Bonds, Series 2018** | **Maricopa County, Arizona Special Health Care District General Obligation Bonds, Series 2018** | **Maricopa County, Arizona Special Health Care District General Obligation Bonds, Series 2018** |
|  5.000% due 07/01/2029 | 1940 | 2160 |
|  **Phoenix Civic Improvement Corp., Arizona Revenue Bonds, Series 2017** | **Phoenix Civic Improvement Corp., Arizona Revenue Bonds, Series 2017** | **Phoenix Civic Improvement Corp., Arizona Revenue Bonds, Series 2017** |
|  3.125% due 07/01/2034 | 425 | 406 |
|  **Phoenix, Arizona General Obligation Refunding Bonds, Series 2022** | **Phoenix, Arizona General Obligation Refunding Bonds, Series 2022** | **Phoenix, Arizona General Obligation Refunding Bonds, Series 2022** |
|  5.000% due 07/01/2026 | 1500 | 1617 |
|  **Town of Gilbert, Arizona General Obligation Bonds, Series 2022** | **Town of Gilbert, Arizona General Obligation Bonds, Series 2022** | **Town of Gilbert, Arizona General Obligation Bonds, Series 2022** |
|  5.000% due 07/15/2027 | 2000 | 2204 |
|  |  | 9116 |
| **CALIFORNIA 8.0%** | **CALIFORNIA 8.0%** | **CALIFORNIA 8.0%** |
|  **Anaheim Public Financing Authority, California Revenue Bonds, (AGM/CR Insured), Series 2019** | **Anaheim Public Financing Authority, California Revenue Bonds, (AGM/CR Insured), Series 2019** | **Anaheim Public Financing Authority, California Revenue Bonds, (AGM/CR Insured), Series 2019** |
|  5.000% due 09/01/2027 | 2500 | 2726 |
|  **Bay Area Toll Authority, California Revenue Bonds, Series 2021** | **Bay Area Toll Authority, California Revenue Bonds, Series 2021** | **Bay Area Toll Authority, California Revenue Bonds, Series 2021** |
|  4.110% (MUNIPSA) due 04/01/2056 ~ | 2000 | 1970 |
|  **California Department of Water Resources State Revenue Bonds, Series 2022** | **California Department of Water Resources State Revenue Bonds, Series 2022** | **California Department of Water Resources State Revenue Bonds, Series 2022** |
|  5.000% due 12/01/2035 | 7500 | 8927 |
|  **California Health Facilities Financing Authority Revenue Bonds, Series 2016** | **California Health Facilities Financing Authority Revenue Bonds, Series 2016** | **California Health Facilities Financing Authority Revenue Bonds, Series 2016** |
|  4.000% due 10/01/2036 | 1000 | 1004 |
|  **California Health Facilities Financing Authority Revenue Bonds, Series 2020** | **California Health Facilities Financing Authority Revenue Bonds, Series 2020** | **California Health Facilities Financing Authority Revenue Bonds, Series 2020** |
|  4.000% due 04/01/2040 | 3250 | 3036 |
|  **California State General Obligation Bonds, Series 2016** | **California State General Obligation Bonds, Series 2016** | **California State General Obligation Bonds, Series 2016** |
|  4.000% due 09/01/2037 | 4495 | 4539 |
|  **California State General Obligation Bonds, Series 2018** | **California State General Obligation Bonds, Series 2018** | **California State General Obligation Bonds, Series 2018** |
|  5.000% due 08/01/2037 | 6000 | 6547 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **California State General Obligation Notes, Series 2018** | **California State General Obligation Notes, Series 2018** | **California State General Obligation Notes, Series 2018** |
|  5.000% due 10/01/2028 | 3500 | 3952 |
|  **California State General Obligation Notes, Series 2022** | **California State General Obligation Notes, Series 2022** | **California State General Obligation Notes, Series 2022** |
|  5.000% due 11/01/2026 | 6400 | 6979 |
|  **Chino Valley Unified School District, California General Obligation Bonds, Series 2022** | **Chino Valley Unified School District, California General Obligation Bonds, Series 2022** | **Chino Valley Unified School District, California General Obligation Bonds, Series 2022** |
|  0.000% due 08/01/2041 (b) | 1500 | 662 |
|  **East Bay Municipal Utility District Water System, California Revenue Bonds, Series 2015** | **East Bay Municipal Utility District Water System, California Revenue Bonds, Series 2015** | **East Bay Municipal Utility District Water System, California Revenue Bonds, Series 2015** |
|  5.000% due 06/01/2032 | 3000 | 3175 |
|  **Foothill-Eastern Transportation Corridor Agency, California Revenue Bonds, Series 2021** | **Foothill-Eastern Transportation Corridor Agency, California Revenue Bonds, Series 2021** | **Foothill-Eastern Transportation Corridor Agency, California Revenue Bonds, Series 2021** |
|  4.000% due 01/15/2033 | 1153 | 1179 |
|  **Fremont Unified School District/Alameda County, California General Obligation Notes, Series 2021** | **Fremont Unified School District/Alameda County, California General Obligation Notes, Series 2021** | **Fremont Unified School District/Alameda County, California General Obligation Notes, Series 2021** |
|  1.313% due 08/01/2028 | 5735 | 4664 |
|  **Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021** | **Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021** | **Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021** |
|  2.746% due 06/01/2034 | 3000 | 2414 |
|  **Golden State, California Tobacco Securitization Corp. Revenue Notes, Series 2021** | **Golden State, California Tobacco Securitization Corp. Revenue Notes, Series 2021** | **Golden State, California Tobacco Securitization Corp. Revenue Notes, Series 2021** |
|  2.687% due 06/01/2030 | 6000 | &nbsp;&nbsp;&nbsp;&nbsp;4911 |
|  **Long Beach, California Senior Airport Revenue Refunding Bonds, (AGM Insured), Series 2022** | **Long Beach, California Senior Airport Revenue Refunding Bonds, (AGM Insured), Series 2022** | **Long Beach, California Senior Airport Revenue Refunding Bonds, (AGM Insured), Series 2022** |
|  5.000% due 06/01/2038 | 1000 | 1104 |
|  **Los Angeles, California Revenue Notes, Series 2022** | **Los Angeles, California Revenue Notes, Series 2022** | **Los Angeles, California Revenue Notes, Series 2022** |
|  4.000% due 06/29/2023 | 6705 | 6740 |
|  **Los Angeles, California Wastewater System Revenue Bonds, Series 2015** | **Los Angeles, California Wastewater System Revenue Bonds, Series 2015** | **Los Angeles, California Wastewater System Revenue Bonds, Series 2015** |
|  5.000% due 06/01/2029 | 1350 | 1430 |
|  **Sacramento Municipal Utility District, California Revenue Bonds, Series 2013** | **Sacramento Municipal Utility District, California Revenue Bonds, Series 2013** | **Sacramento Municipal Utility District, California Revenue Bonds, Series 2013** |
|  5.000% due 08/15/2029 | 1000 | 1015 |
|  **San Francisco, California City & County Certificates of Participation Bonds, Series 2017** | **San Francisco, California City & County Certificates of Participation Bonds, Series 2017** | **San Francisco, California City & County Certificates of Participation Bonds, Series 2017** |
|  4.000% due 04/01/2036 | 6320 | 6369 |
|  **University of California Revenue Bonds, Series 2013** | **University of California Revenue Bonds, Series 2013** | **University of California Revenue Bonds, Series 2013** |
|  5.000% due 05/15/2048 | 6120 | 6166 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;79509 |
| **COLORADO 1.0%** | **COLORADO 1.0%** | **COLORADO 1.0%** |
|  **Colorado Health Facilities Authority Revenue Bonds, Series 2018** | **Colorado Health Facilities Authority Revenue Bonds, Series 2018** | **Colorado Health Facilities Authority Revenue Bonds, Series 2018** |
|  5.000% due 11/15/2048 | 2500 | 2616 |
|  **Colorado Health Facilities Authority Revenue Bonds, Series 2019** | **Colorado Health Facilities Authority Revenue Bonds, Series 2019** | **Colorado Health Facilities Authority Revenue Bonds, Series 2019** |
|  5.000% due 08/01/2031 | 850 | 905 |
|  5.000% due 11/15/2049 | 1500 | 1592 |
|  **Colorado Health Facilities Authority Revenue Bonds, Series 2022** | **Colorado Health Facilities Authority Revenue Bonds, Series 2022** | **Colorado Health Facilities Authority Revenue Bonds, Series 2022** |
|  5.250% due 11/01/2035 | 1200 | 1314 |
|  5.250% due 11/01/2037 | 1450 | 1554 |
|  **E-470 Public Highway Authority, Colorado Revenue Bonds, Series 2020** | **E-470 Public Highway Authority, Colorado Revenue Bonds, Series 2020** | **E-470 Public Highway Authority, Colorado Revenue Bonds, Series 2020** |
|  5.000% due 09/01/2035 | 1250 | 1389 |
|  **Regional Transportation District, Colorado Revenue Notes, Series 2020** | **Regional Transportation District, Colorado Revenue Notes, Series 2020** | **Regional Transportation District, Colorado Revenue Notes, Series 2020** |
|  5.000% due 07/15/2028 | 875 | 918 |
|  |  | 10288 |
| **CONNECTICUT 3.6%** | **CONNECTICUT 3.6%** | **CONNECTICUT 3.6%** |
|  **Bridgeport, Connecticut General Obligation Notes, Series 2017** | **Bridgeport, Connecticut General Obligation Notes, Series 2017** | **Bridgeport, Connecticut General Obligation Notes, Series 2017** |
|  5.000% due 08/15/2023 | 1635 | 1654 |
|  5.000% due 08/15/2027 | 3000 | 3267 |
|  **Connecticut Special Tax Revenue State Special Tax Bonds, Series 2020** | **Connecticut Special Tax Revenue State Special Tax Bonds, Series 2020** | **Connecticut Special Tax Revenue State Special Tax Bonds, Series 2020** |
|  5.000% due 05/01/2031 | 3500 | 4006 |
|  5.000% due 05/01/2032 | 1380 | 1576 |
|  **Connecticut Special Tax State Revenue Bonds, Series 2018** | **Connecticut Special Tax State Revenue Bonds, Series 2018** | **Connecticut Special Tax State Revenue Bonds, Series 2018** |
|  5.000% due 01/01/2030 | 3000 | 3308 |
|  5.000% due 10/01/2033 | 1020 | 1132 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Connecticut Special Tax State Revenue Bonds, Series 2022** | **Connecticut Special Tax State Revenue Bonds, Series 2022** | **Connecticut Special Tax State Revenue Bonds, Series 2022** |
|  5.000% due 07/01/2039 | 5000 | 5576 |
|  **Connecticut State General Obligation Bonds, Series 2018** | **Connecticut State General Obligation Bonds, Series 2018** | **Connecticut State General Obligation Bonds, Series 2018** |
|  5.000% due 09/15/2030 | 3640 | 4059 |
|  **Connecticut State General Obligation Bonds, Series 2020** | **Connecticut State General Obligation Bonds, Series 2020** | **Connecticut State General Obligation Bonds, Series 2020** |
|  4.000% due 06/01/2031 | 1750 | 1867 |
|  **Connecticut State General Obligation Bonds, Series 2022** | **Connecticut State General Obligation Bonds, Series 2022** | **Connecticut State General Obligation Bonds, Series 2022** |
|  5.000% due 09/15/2028 | 1000 | 1118 |
|  **Connecticut State General Obligation Notes, Series 2022** | **Connecticut State General Obligation Notes, Series 2022** | **Connecticut State General Obligation Notes, Series 2022** |
|  5.000% due 11/15/2028 | 4100 | 4595 |
|  **Connecticut State Health & Educational Facilities Authority Revenue Bonds, Series 2018** | **Connecticut State Health & Educational Facilities Authority Revenue Bonds, Series 2018** | **Connecticut State Health & Educational Facilities Authority Revenue Bonds, Series 2018** |
|  5.000% due 07/01/2029 | 1200 | 1310 |
|  **Metropolitan District, Connecticut General Obligation Bonds, Series 2018** | **Metropolitan District, Connecticut General Obligation Bonds, Series 2018** | **Metropolitan District, Connecticut General Obligation Bonds, Series 2018** |
|  5.000% due 07/15/2029 | 1845 | 2065 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;35533 |
| **DELAWARE 0.2%** | **DELAWARE 0.2%** | **DELAWARE 0.2%** |
|  **Delaware State Economic Development Authority Revenue Bonds, Series 2020** | **Delaware State Economic Development Authority Revenue Bonds, Series 2020** | **Delaware State Economic Development Authority Revenue Bonds, Series 2020** |
|  1.250% due 10/01/2045 | 2000 | 1855 |
| **DISTRICT OF COLUMBIA 0.2%** | **DISTRICT OF COLUMBIA 0.2%** | **DISTRICT OF COLUMBIA 0.2%** |
|  **District of Columbia Revenue Bonds, Series 2015** | **District of Columbia Revenue Bonds, Series 2015** | **District of Columbia Revenue Bonds, Series 2015** |
|  5.000% due 07/15/2028 | 2000 | 2105 |
| **FLORIDA 1.5%** | **FLORIDA 1.5%** | **FLORIDA 1.5%** |
|  **Broward County, Florida Airport System Revenue Bonds, Series 2012** | **Broward County, Florida Airport System Revenue Bonds, Series 2012** | **Broward County, Florida Airport System Revenue Bonds, Series 2012** |
|  5.000% due 10/01/2023 | 1000 | 1001 |
|  **Central Florida Expressway Authority Revenue Bonds, Series 2018** | **Central Florida Expressway Authority Revenue Bonds, Series 2018** | **Central Florida Expressway Authority Revenue Bonds, Series 2018** |
|  5.000% due 07/01/2030 | 450 | 496 |
|  5.000% due 07/01/2031 | 900 | 992 |
|  **Florida's Turnpike Enterprise Revenue Bonds, Series 2018** | **Florida's Turnpike Enterprise Revenue Bonds, Series 2018** | **Florida's Turnpike Enterprise Revenue Bonds, Series 2018** |
|  4.000% due 07/01/2048 | 4500 | 4280 |
|  **Orlando Utilities Commission, Florida Revenue Bonds, Series 2021** | **Orlando Utilities Commission, Florida Revenue Bonds, Series 2021** | **Orlando Utilities Commission, Florida Revenue Bonds, Series 2021** |
|  1.250% due 10/01/2046 | 3500 | 2980 |
|  **Osceola County, Florida Transportation Revenue Bonds, Series 2020** | **Osceola County, Florida Transportation Revenue Bonds, Series 2020** | **Osceola County, Florida Transportation Revenue Bonds, Series 2020** |
|  0.000% due 10/01/2034 (b) | 1850 | 1025 |
|  **Osceola County, Florida Transportation Revenue Notes, Series 2020** | **Osceola County, Florida Transportation Revenue Notes, Series 2020** | **Osceola County, Florida Transportation Revenue Notes, Series 2020** |
|  0.000% due 10/01/2027 (b) | 350 | 280 |
|  0.000% due 10/01/2029 (b) | 700 | 508 |
|  **Palm Beach County, Florida Health Facilities Authority Revenue Bonds, Series 2022** | **Palm Beach County, Florida Health Facilities Authority Revenue Bonds, Series 2022** | **Palm Beach County, Florida Health Facilities Authority Revenue Bonds, Series 2022** |
|  5.000% due 11/01/2033 | 700 | 741 |
|  **School District of Broward County, Florida Certificates of Participation Bonds, Series 2020** | **School District of Broward County, Florida Certificates of Participation Bonds, Series 2020** | **School District of Broward County, Florida Certificates of Participation Bonds, Series 2020** |
|  5.000% due 07/01/2032 | 2000 | 2281 |
|  **Tampa, Florida Revenue Bonds, Series 2020** | **Tampa, Florida Revenue Bonds, Series 2020** | **Tampa, Florida Revenue Bonds, Series 2020** |
|  0.000% due 09/01/2033 (b) | 200 | 129 |
|  |  | 14713 |
| **GEORGIA 3.5%** | **GEORGIA 3.5%** | **GEORGIA 3.5%** |
|  **Bartow County, Georgia Development Authority Revenue Bonds, Series 1997** | **Bartow County, Georgia Development Authority Revenue Bonds, Series 1997** | **Bartow County, Georgia Development Authority Revenue Bonds, Series 1997** |
|  1.800% due 09/01/2029 | 2000 | 1787 |
|  **Brookhaven Development Authority, Georgia Revenue Bonds, Series 2019** | **Brookhaven Development Authority, Georgia Revenue Bonds, Series 2019** | **Brookhaven Development Authority, Georgia Revenue Bonds, Series 2019** |
|  5.000% due 07/01/2038 | 1800 | 1947 |

---

---

| | | |
|:---|:---|:---|
| **92** | **PIMCO ETF TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Burke County, Georgia Development Authority Revenue Bonds, Series 2008** | **Burke County, Georgia Development Authority Revenue Bonds, Series 2008** | **Burke County, Georgia Development Authority Revenue Bonds, Series 2008** |
|  2.925% due 11/01/2048 | 3000 | 2967 |
|  **Burke County, Georgia Development Authority Revenue Bonds, Series 2017** | **Burke County, Georgia Development Authority Revenue Bonds, Series 2017** | **Burke County, Georgia Development Authority Revenue Bonds, Series 2017** |
|  3.250% due 11/01/2045 | 3750 | 3721 |
|  **Cobb County, Georgia Kennestone Hospital Authority Revenue Bonds, Series 2017** | **Cobb County, Georgia Kennestone Hospital Authority Revenue Bonds, Series 2017** | **Cobb County, Georgia Kennestone Hospital Authority Revenue Bonds, Series 2017** |
|  5.000% due 04/01/2028 | 600 | 638 |
|  **Development Authority of Monroe County, Georgia Revenue Bonds, Series 2013** | **Development Authority of Monroe County, Georgia Revenue Bonds, Series 2013** | **Development Authority of Monroe County, Georgia Revenue Bonds, Series 2013** |
|  1.500% due 01/01/2039 | 1250 | &nbsp;&nbsp;&nbsp;&nbsp;1182 |
|  **Fulton County, Georgia Development Authority Revenue Bonds, Series 2019** | **Fulton County, Georgia Development Authority Revenue Bonds, Series 2019** | **Fulton County, Georgia Development Authority Revenue Bonds, Series 2019** |
|  5.000% due 07/01/2030 | 1000 | 1130 |
|  **Georgia State General Obligation Notes, Series 2022** | **Georgia State General Obligation Notes, Series 2022** | **Georgia State General Obligation Notes, Series 2022** |
|  5.000% due 07/01/2030 | 6640 | 7740 |
|  **LaGrange-Troup County, Georgia Hospital Authority Revenue Bonds, Series 2017** | **LaGrange-Troup County, Georgia Hospital Authority Revenue Bonds, Series 2017** | **LaGrange-Troup County, Georgia Hospital Authority Revenue Bonds, Series 2017** |
|  5.000% due 04/01/2028 | 700 | 744 |
|  **Main Street Natural Gas Inc, Georgia Revenue Bonds, Series 2021** | **Main Street Natural Gas Inc, Georgia Revenue Bonds, Series 2021** | **Main Street Natural Gas Inc, Georgia Revenue Bonds, Series 2021** |
|  4.000% due 07/01/2052 | 700 | 695 |
|  **Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2018** | **Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2018** | **Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2018** |
|  3.590% (0.67\*US0001M + 0.830%) due 08/01/2048 ~ | 1510 | 1501 |
|  **Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2019** | **Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2019** | **Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2019** |
|  5.000% due 05/15/2033 | 2500 | 2594 |
|  **Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2021** | **Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2021** | **Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2021** |
|  4.000% due 05/01/2052 | 3000 | 2931 |
|  **Municipal Electric Authority of Georgia Revenue Bonds, Series 2019** | **Municipal Electric Authority of Georgia Revenue Bonds, Series 2019** | **Municipal Electric Authority of Georgia Revenue Bonds, Series 2019** |
|  5.000% due 01/01/2031 | 1200 | 1294 |
|  **Municipal Electric Authority of Georgia Revenue Notes, (AGM Insured), Series 2021** | **Municipal Electric Authority of Georgia Revenue Notes, (AGM Insured), Series 2021** | **Municipal Electric Authority of Georgia Revenue Notes, (AGM Insured), Series 2021** |
|  5.000% due 01/01/2027 | 335 | 358 |
|  5.000% due 01/01/2028 | 400 | 434 |
|  5.000% due 01/01/2029 | 450 | 495 |
|  5.000% due 01/01/2031 | 360 | 401 |
|  5.000% due 01/01/2032 | 285 | 316 |
|  **Municipal Electric Authority of Georgia Revenue Notes, Series 2019** | **Municipal Electric Authority of Georgia Revenue Notes, Series 2019** | **Municipal Electric Authority of Georgia Revenue Notes, Series 2019** |
|  5.000% due 01/01/2029 | 1000 | 1082 |
|  **Municipal Electric Authority of Georgia Revenue Notes, Series 2021** | **Municipal Electric Authority of Georgia Revenue Notes, Series 2021** | **Municipal Electric Authority of Georgia Revenue Notes, Series 2021** |
|  5.000% due 01/01/2028 | 175 | 187 |
|  5.000% due 01/01/2029 | 165 | 178 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;34322 |
| **GUAM 0.1%** | **GUAM 0.1%** | **GUAM 0.1%** |
|  **Guam Government Waterworks Authority Revenue Notes, Series 2014** | **Guam Government Waterworks Authority Revenue Notes, Series 2014** | **Guam Government Waterworks Authority Revenue Notes, Series 2014** |
|  5.000% due 07/01/2023 | 770 | 772 |
| **HAWAII 0.2%** | **HAWAII 0.2%** | **HAWAII 0.2%** |
|  **Honolulu, Hawaii City & County General Obligation Bonds, Series 2015** | **Honolulu, Hawaii City & County General Obligation Bonds, Series 2015** | **Honolulu, Hawaii City & County General Obligation Bonds, Series 2015** |
|  5.000% due 10/01/2030 | 2000 | 2123 |
| **ILLINOIS 6.2%** | **ILLINOIS 6.2%** | **ILLINOIS 6.2%** |
|  **Chicago Midway International Airport, Illinois Revenue Bonds, Series 2014** | **Chicago Midway International Airport, Illinois Revenue Bonds, Series 2014** | **Chicago Midway International Airport, Illinois Revenue Bonds, Series 2014** |
|  5.000% due 01/01/2035 | 6500 | 6552 |
|  **Chicago, Illinois General Obligation Bonds, Series 2015** | **Chicago, Illinois General Obligation Bonds, Series 2015** | **Chicago, Illinois General Obligation Bonds, Series 2015** |
|  5.250% due 01/01/2027 | 4000 | 4085 |
|  **Chicago, Illinois General Obligation Bonds, Series 2017** | **Chicago, Illinois General Obligation Bonds, Series 2017** | **Chicago, Illinois General Obligation Bonds, Series 2017** |
|  5.625% due 01/01/2030 | 1865 | 1956 |
|  **Chicago, Illinois General Obligation Notes, Series 2015** | **Chicago, Illinois General Obligation Notes, Series 2015** | **Chicago, Illinois General Obligation Notes, Series 2015** |
|  5.000% due 01/01/2026 | 2000 | 2033 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Illinois Finance Authority Revenue Bonds, Series 2008** | **Illinois Finance Authority Revenue Bonds, Series 2008** | **Illinois Finance Authority Revenue Bonds, Series 2008** |
|  4.000% due 11/01/2030 | 1000 | 1011 |
|  **Illinois Finance Authority Revenue Bonds, Series 2019** | **Illinois Finance Authority Revenue Bonds, Series 2019** | **Illinois Finance Authority Revenue Bonds, Series 2019** |
|  2.450% due 10/01/2039 | 2000 | 1783 |
|  **Illinois Finance Authority Revenue Bonds, Series 2020** | **Illinois Finance Authority Revenue Bonds, Series 2020** | **Illinois Finance Authority Revenue Bonds, Series 2020** |
|  3.650% due 08/15/2049 | 7600 | 7600 |
|  **Illinois State General Obligation Bonds, Series 2012** | **Illinois State General Obligation Bonds, Series 2012** | **Illinois State General Obligation Bonds, Series 2012** |
|  5.000% due 08/01/2023 | 2590 | &nbsp;&nbsp;&nbsp;&nbsp;2610 |
|  **Illinois State General Obligation Bonds, Series 2021** | **Illinois State General Obligation Bonds, Series 2021** | **Illinois State General Obligation Bonds, Series 2021** |
|  5.000% due 03/01/2037 | 5860 | 5883 |
|  **Illinois State General Obligation Bonds, Series 2022** | **Illinois State General Obligation Bonds, Series 2022** | **Illinois State General Obligation Bonds, Series 2022** |
|  5.000% due 03/01/2026 | 7000 | 7192 |
|  **Illinois State General Obligation Notes, Series 2017** | **Illinois State General Obligation Notes, Series 2017** | **Illinois State General Obligation Notes, Series 2017** |
|  5.000% due 11/01/2023 | 2765 | 2794 |
|  **Illinois State General Obligation Notes, Series 2020** | **Illinois State General Obligation Notes, Series 2020** | **Illinois State General Obligation Notes, Series 2020** |
|  5.000% due 10/01/2025 | 2300 | 2357 |
|  **Illinois State Revenue Bonds, Series 2013** | **Illinois State Revenue Bonds, Series 2013** | **Illinois State Revenue Bonds, Series 2013** |
|  5.000% due 06/15/2026 | 1500 | 1509 |
|  **Illinois State Toll Highway Authority Revenue Bonds, Series 2019** | **Illinois State Toll Highway Authority Revenue Bonds, Series 2019** | **Illinois State Toll Highway Authority Revenue Bonds, Series 2019** |
|  5.000% due 01/01/2030 | 2500 | 2801 |
|  **Illinois State Toll Highway Authority Revenue Notes, Series 2019** | **Illinois State Toll Highway Authority Revenue Notes, Series 2019** | **Illinois State Toll Highway Authority Revenue Notes, Series 2019** |
|  5.000% due 01/01/2027 | 775 | 841 |
|  **Metropolitan Pier & Exposition Authority, Illinois Revenue Bonds, Series 2022** | **Metropolitan Pier & Exposition Authority, Illinois Revenue Bonds, Series 2022** | **Metropolitan Pier & Exposition Authority, Illinois Revenue Bonds, Series 2022** |
|  0.000% due 06/15/2036 (b) | 500 | 263 |
|  0.000% due 06/15/2037 (b) | 1500 | 741 |
|  **Railsplitter Tobacco Settlement Authority, Illinois Revenue Notes, Series 2017** | **Railsplitter Tobacco Settlement Authority, Illinois Revenue Notes, Series 2017** | **Railsplitter Tobacco Settlement Authority, Illinois Revenue Notes, Series 2017** |
|  5.000% due 06/01/2023 | 1100 | 1108 |
|  **Regional Transportation Authority, Illinois Revenue Bonds, (NPFGC Insured), Series 2003** | **Regional Transportation Authority, Illinois Revenue Bonds, (NPFGC Insured), Series 2003** | **Regional Transportation Authority, Illinois Revenue Bonds, (NPFGC Insured), Series 2003** |
|  5.750% due 06/01/2033 | 1800 | 2099 |
|  **Sales Tax Securitization Corp., Illinois Revenue Bonds, Series 2018** | **Sales Tax Securitization Corp., Illinois Revenue Bonds, Series 2018** | **Sales Tax Securitization Corp., Illinois Revenue Bonds, Series 2018** |
|  5.000% due 01/01/2037 | 1350 | 1398 |
|  **Sales Tax Securitization Corp., Illinois Revenue Notes, Series 2020** | **Sales Tax Securitization Corp., Illinois Revenue Notes, Series 2020** | **Sales Tax Securitization Corp., Illinois Revenue Notes, Series 2020** |
|  5.000% due 01/01/2028 | 4500 | 4832 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;61448 |
| **INDIANA 0.8%** | **INDIANA 0.8%** | **INDIANA 0.8%** |
|  **Indiana Finance Authority Midwestern Disaster Relief Revenue Bonds, Series 2012** | **Indiana Finance Authority Midwestern Disaster Relief Revenue Bonds, Series 2012** | **Indiana Finance Authority Midwestern Disaster Relief Revenue Bonds, Series 2012** |
|  4.250% due 11/01/2030 | 1500 | 1450 |
|  **Indiana Finance Authority Revenue Bonds, Series 2010** | **Indiana Finance Authority Revenue Bonds, Series 2010** | **Indiana Finance Authority Revenue Bonds, Series 2010** |
|  2.500% due 11/01/2030 | 3825 | 3266 |
|  **Indiana Finance Authority Revenue Bonds, Series 2018** | **Indiana Finance Authority Revenue Bonds, Series 2018** | **Indiana Finance Authority Revenue Bonds, Series 2018** |
|  5.000% due 02/01/2030 | 1500 | 1666 |
|  **Indiana Municipal Power Agency Revenue Notes, Series 2019** | **Indiana Municipal Power Agency Revenue Notes, Series 2019** | **Indiana Municipal Power Agency Revenue Notes, Series 2019** |
|  5.000% due 01/01/2029 | 285 | 319 |
|  **Rockport, Indiana Revenue Bonds, Series 2009** | **Rockport, Indiana Revenue Bonds, Series 2009** | **Rockport, Indiana Revenue Bonds, Series 2009** |
|  3.050% due 06/01/2025 | 1500 | 1503 |
|  |  | 8204 |
| **IOWA 0.2%** | **IOWA 0.2%** | **IOWA 0.2%** |
|  **Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds, Series 2022** | **Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds, Series 2022** | **Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds, Series 2022** |
|  4.000% due 12/01/2050 | 2000 | 1918 |
| **KENTUCKY 0.3%** | **KENTUCKY 0.3%** | **KENTUCKY 0.3%** |
|  **Kentucky Public Energy Authority Revenue Bonds, Series 2018** | **Kentucky Public Energy Authority Revenue Bonds, Series 2018** | **Kentucky Public Energy Authority Revenue Bonds, Series 2018** |
|  4.000% due 04/01/2048 | 500 | 499 |
|  **Kentucky Public Energy Authority Revenue Bonds, Series 2020** | **Kentucky Public Energy Authority Revenue Bonds, Series 2020** | **Kentucky Public Energy Authority Revenue Bonds, Series 2020** |
|  4.000% due 12/01/2050 | 3000 | 2971 |
|  |  | 3470 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **LOUISIANA 1.4%** | **LOUISIANA 1.4%** | **LOUISIANA 1.4%** |
|  **East Baton Rouge Sewerage Commission, Louisiana Revenue Bonds, Series 2019** | **East Baton Rouge Sewerage Commission, Louisiana Revenue Bonds, Series 2019** | **East Baton Rouge Sewerage Commission, Louisiana Revenue Bonds, Series 2019** |
|  5.000% due 02/01/2031 | 2330 | 2707 |
|  **Louisiana Local Government Environmental Facilities & Community Development Auth Revenue Notes, Series 2022** | **Louisiana Local Government Environmental Facilities & Community Development Auth Revenue Notes, Series 2022** | **Louisiana Local Government Environmental Facilities & Community Development Auth Revenue Notes, Series 2022** |
|  5.000% due 08/15/2027 | 1200 | 1302 |
|  5.000% due 08/15/2028 | 1200 | 1299 |
|  **Louisiana Public Facilities Authority Revenue Bonds, Series 2017** | **Louisiana Public Facilities Authority Revenue Bonds, Series 2017** | **Louisiana Public Facilities Authority Revenue Bonds, Series 2017** |
|  5.000% due 05/15/2028 | 855 | 911 |
|  **Louisiana State General Obligation Bonds, Series 2015** | **Louisiana State General Obligation Bonds, Series 2015** | **Louisiana State General Obligation Bonds, Series 2015** |
|  4.000% due 05/01/2035 | 1700 | 1727 |
|  **Parish of St John the Baptist, Louisiana Revenue Bonds, Series 2017** | **Parish of St John the Baptist, Louisiana Revenue Bonds, Series 2017** | **Parish of St John the Baptist, Louisiana Revenue Bonds, Series 2017** |
|  2.100% due 06/01/2037 | 2900 | 2810 |
|  2.125% due 06/01/2037 | 800 | 775 |
|  **Tangipahoa Parish Hospital Service District No 1, Louisiana Revenue Bonds, Series 2021** | **Tangipahoa Parish Hospital Service District No 1, Louisiana Revenue Bonds, Series 2021** | **Tangipahoa Parish Hospital Service District No 1, Louisiana Revenue Bonds, Series 2021** |
|  4.000% due 02/01/2037 | 2000 | 1858 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;13389 |
| **MAINE 0.1%** | **MAINE 0.1%** | **MAINE 0.1%** |
|  **Portland, Maine General Airport Revenue Notes, Series 2019** | **Portland, Maine General Airport Revenue Notes, Series 2019** | **Portland, Maine General Airport Revenue Notes, Series 2019** |
|  5.000% due 01/01/2028 | 300 | 324 |
|  5.000% due 01/01/2029 | 225 | 245 |
|  5.000% due 01/01/2030 | 270 | 298 |
|  |  | 867 |
| **MARYLAND 2.0%** | **MARYLAND 2.0%** | **MARYLAND 2.0%** |
|  **Maryland Department of Transportation State Revenue Bonds, Series 2019** | **Maryland Department of Transportation State Revenue Bonds, Series 2019** | **Maryland Department of Transportation State Revenue Bonds, Series 2019** |
|  4.000% due 10/01/2032 | 1450 | 1521 |
|  **Maryland Health & Higher Educational Facilities Authority Revenue Bonds, Series 2021** | **Maryland Health & Higher Educational Facilities Authority Revenue Bonds, Series 2021** | **Maryland Health & Higher Educational Facilities Authority Revenue Bonds, Series 2021** |
|  4.000% due 06/01/2037 | 225 | 213 |
|  5.000% due 06/01/2033 | 445 | 475 |
|  **Maryland Health & Higher Educational Facilities Authority Revenue Notes, Series 2021** | **Maryland Health & Higher Educational Facilities Authority Revenue Notes, Series 2021** | **Maryland Health & Higher Educational Facilities Authority Revenue Notes, Series 2021** |
|  5.000% due 06/01/2031 | 350 | 377 |
|  **Maryland State General Obligation Bonds, Series 2022** | **Maryland State General Obligation Bonds, Series 2022** | **Maryland State General Obligation Bonds, Series 2022** |
|  5.000% due 06/01/2035 | 7000 | 8169 |
|  5.000% due 06/01/2036 | 8000 | 9247 |
|  |  | 20002 |
| **MASSACHUSETTS 2.1%** | **MASSACHUSETTS 2.1%** | **MASSACHUSETTS 2.1%** |
|  **Commonwealth of Massachusetts General Obligation Bonds, Series 2022** | **Commonwealth of Massachusetts General Obligation Bonds, Series 2022** | **Commonwealth of Massachusetts General Obligation Bonds, Series 2022** |
|  5.000% due 10/01/2037 | 3400 | 3881 |
|  **Commonwealth of Massachusetts General Obligation Notes, Series 2022** | **Commonwealth of Massachusetts General Obligation Notes, Series 2022** | **Commonwealth of Massachusetts General Obligation Notes, Series 2022** |
|  5.000% due 10/01/2031 | 5200 | 6148 |
|  **Massachusetts Bay Transportation Authority Revenue Notes, Series 2021** | **Massachusetts Bay Transportation Authority Revenue Notes, Series 2021** | **Massachusetts Bay Transportation Authority Revenue Notes, Series 2021** |
|  5.000% due 07/01/2028 | 1000 | 1119 |
|  **Massachusetts Development Finance Agency Revenue Bonds, Series 2013** | **Massachusetts Development Finance Agency Revenue Bonds, Series 2013** | **Massachusetts Development Finance Agency Revenue Bonds, Series 2013** |
|  5.000% due 07/01/2044 | 4000 | 4007 |
|  **Massachusetts Development Finance Agency Revenue Bonds, Series 2018** | **Massachusetts Development Finance Agency Revenue Bonds, Series 2018** | **Massachusetts Development Finance Agency Revenue Bonds, Series 2018** |
|  5.000% due 07/01/2030 | 1500 | 1626 |
|  **Massachusetts Development Finance Agency Revenue Bonds, Series 2019** | **Massachusetts Development Finance Agency Revenue Bonds, Series 2019** | **Massachusetts Development Finance Agency Revenue Bonds, Series 2019** |
|  4.260% (MUNIPSA) due 07/01/2049 ~ | 1000 | 986 |
|  **Massachusetts Development Finance Agency Revenue Bonds, Series 2022** | **Massachusetts Development Finance Agency Revenue Bonds, Series 2022** | **Massachusetts Development Finance Agency Revenue Bonds, Series 2022** |
|  5.000% due 10/01/2038 | 2000 | 2269 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **93** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund** | **(Cont.)** |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Massachusetts State College Building Authority Revenue Notes, Series 2022** | **Massachusetts State College Building Authority Revenue Notes, Series 2022** | **Massachusetts State College Building Authority Revenue Notes, Series 2022** |
|  5.000% due 05/01/2030 | 500 | 574 |
|  5.000% due 05/01/2031 | 500 | 581 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;21191 |
| **MICHIGAN 2.0%** | **MICHIGAN 2.0%** | **MICHIGAN 2.0%** |
|  **Detroit City School District, Michigan General Obligation Bonds, (AGM/Q-SBLF Insured), Series 2001** | **Detroit City School District, Michigan General Obligation Bonds, (AGM/Q-SBLF Insured), Series 2001** | **Detroit City School District, Michigan General Obligation Bonds, (AGM/Q-SBLF Insured), Series 2001** |
|  6.000% due 05/01/2029 | 4035 | 4441 |
|  **Detroit, Michigan Sewage Disposal System Revenue Bonds, (AGM Insured), Series 2006** | **Detroit, Michigan Sewage Disposal System Revenue Bonds, (AGM Insured), Series 2006** | **Detroit, Michigan Sewage Disposal System Revenue Bonds, (AGM Insured), Series 2006** |
|  3.108% (US0003M) due 07/01/2032 ~ | 3000 | 2936 |
|  **Grand Traverse County, Michigan Hospital Finance Authority Revenue Notes, Series 2021** | **Grand Traverse County, Michigan Hospital Finance Authority Revenue Notes, Series 2021** | **Grand Traverse County, Michigan Hospital Finance Authority Revenue Notes, Series 2021** |
|  5.000% due 07/01/2029 | 1175 | 1307 |
|  5.000% due 07/01/2030 | 1715 | 1928 |
|  **Lake Orion Community School District, Michigan General Obligation Notes, (Q-SBLF Insured), Series 2022** | **Lake Orion Community School District, Michigan General Obligation Notes, (Q-SBLF Insured), Series 2022** | **Lake Orion Community School District, Michigan General Obligation Notes, (Q-SBLF Insured), Series 2022** |
|  4.000% due 05/01/2030 | 500 | 535 |
|  **Michigan Finance Authority Hospital Revenue Refunding Bonds, Series 2022** | **Michigan Finance Authority Hospital Revenue Refunding Bonds, Series 2022** | **Michigan Finance Authority Hospital Revenue Refunding Bonds, Series 2022** |
|  4.410% (MUNIPSA) due 04/15/2047 ~ | 3500 | 3442 |
|  **Michigan Finance Authority Revenue Bonds, Series 2015** | **Michigan Finance Authority Revenue Bonds, Series 2015** | **Michigan Finance Authority Revenue Bonds, Series 2015** |
|  5.000% due 07/01/2030 | 1200 | 1247 |
|  **Michigan Finance Authority Revenue Bonds, Series 2020** | **Michigan Finance Authority Revenue Bonds, Series 2020** | **Michigan Finance Authority Revenue Bonds, Series 2020** |
|  5.000% due 06/01/2040 | 2500 | 2531 |
|  **Michigan State Hospital Finance Authority Revenue Bonds, Series 2010** | **Michigan State Hospital Finance Authority Revenue Bonds, Series 2010** | **Michigan State Hospital Finance Authority Revenue Bonds, Series 2010** |
|  5.000% due 11/15/2047 | 1500 | 1533 |
|  |  | 19900 |
| **MINNESOTA 0.2%** | **MINNESOTA 0.2%** | **MINNESOTA 0.2%** |
|  **Minneapolis-St Paul Metropolitan Airports Commission, Minnesota Revenue Notes, Series 2022** | **Minneapolis-St Paul Metropolitan Airports Commission, Minnesota Revenue Notes, Series 2022** | **Minneapolis-St Paul Metropolitan Airports Commission, Minnesota Revenue Notes, Series 2022** |
|  5.000% due 01/01/2031 | 500 | 570 |
|  **Rochester, Minnesota Electric Utility Revenue Bonds, Series 2017** | **Rochester, Minnesota Electric Utility Revenue Bonds, Series 2017** | **Rochester, Minnesota Electric Utility Revenue Bonds, Series 2017** |
|  5.000% due 12/01/2029 | 1000 | 1087 |
|  |  | 1657 |
| **MISSISSIPPI 0.1%** | **MISSISSIPPI 0.1%** | **MISSISSIPPI 0.1%** |
|  **Mississippi Business Finance Corp. Revenue Bonds, Series 2002** | **Mississippi Business Finance Corp. Revenue Bonds, Series 2002** | **Mississippi Business Finance Corp. Revenue Bonds, Series 2002** |
|  3.200% due 09/01/2028 | 1500 | 1480 |
| **MISSOURI 0.2%** | **MISSOURI 0.2%** | **MISSOURI 0.2%** |
|  **Kansas City, Missouri Water Revenue Bonds, Series 2020** | **Kansas City, Missouri Water Revenue Bonds, Series 2020** | **Kansas City, Missouri Water Revenue Bonds, Series 2020** |
|  4.000% due 12/01/2034 | 1000 | 1046 |
|  **Republic, Missouri Revenue Notes, Series 2022** | **Republic, Missouri Revenue Notes, Series 2022** | **Republic, Missouri Revenue Notes, Series 2022** |
|  4.000% due 05/01/2028 | 500 | 521 |
|  |  | 1567 |
| **NEBRASKA 0.5%** | **NEBRASKA 0.5%** | **NEBRASKA 0.5%** |
|  **Douglas County, Nebraska Revenue Bonds, Series 2021** | **Douglas County, Nebraska Revenue Bonds, Series 2021** | **Douglas County, Nebraska Revenue Bonds, Series 2021** |
|  4.190% (MUNIPSA) due 07/01/2035 ~ | 1980 | 1950 |
|  **Public Power Generation Agency, Nebraska Revenue Bonds, Series 2015** | **Public Power Generation Agency, Nebraska Revenue Bonds, Series 2015** | **Public Power Generation Agency, Nebraska Revenue Bonds, Series 2015** |
|  5.000% due 01/01/2030 | 1085 | 1121 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Public Power Generation Agency, Nebraska Revenue Notes, Series 2015** | **Public Power Generation Agency, Nebraska Revenue Notes, Series 2015** | **Public Power Generation Agency, Nebraska Revenue Notes, Series 2015** |
|  5.000% due 01/01/2025 | 1905 | 1974 |
|  |  | 5045 |
| **NEVADA 1.6%** | **NEVADA 1.6%** | **NEVADA 1.6%** |
|  **Clark County, Nevada School District General Obligation Notes, (AGM Insured), Series 2019** | **Clark County, Nevada School District General Obligation Notes, (AGM Insured), Series 2019** | **Clark County, Nevada School District General Obligation Notes, (AGM Insured), Series 2019** |
|  5.000% due 06/15/2028 | 5000 | 5551 |
|  **Clark County, Nevada School District General Obligation Notes, (AGM Insured), Series 2020** | **Clark County, Nevada School District General Obligation Notes, (AGM Insured), Series 2020** | **Clark County, Nevada School District General Obligation Notes, (AGM Insured), Series 2020** |
|  5.000% due 06/15/2028 | 1000 | 1110 |
|  5.000% due 06/15/2029 | 2030 | 2284 |
|  **Las Vegas Valley Water District, Nevada General Obligation Bonds, Series 2015** | **Las Vegas Valley Water District, Nevada General Obligation Bonds, Series 2015** | **Las Vegas Valley Water District, Nevada General Obligation Bonds, Series 2015** |
|  5.000% due 06/01/2034 | 1500 | 1555 |
|  **Las Vegas Valley Water District, Nevada General Obligation Notes, Series 2021** | **Las Vegas Valley Water District, Nevada General Obligation Notes, Series 2021** | **Las Vegas Valley Water District, Nevada General Obligation Notes, Series 2021** |
|  5.000% due 06/01/2029 | 5000 | 5686 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;16186 |
| **NEW HAMPSHIRE 0.1%** | **NEW HAMPSHIRE 0.1%** | **NEW HAMPSHIRE 0.1%** |
|  **New Hampshire Business Finance Authority Revenue Notes, Series 2021** | **New Hampshire Business Finance Authority Revenue Notes, Series 2021** | **New Hampshire Business Finance Authority Revenue Notes, Series 2021** |
|  4.000% due 01/01/2024 | 220 | 219 |
|  4.000% due 01/01/2025 | 285 | 282 |
|  |  | 501 |
| **NEW JERSEY 4.5%** | **NEW JERSEY 4.5%** | **NEW JERSEY 4.5%** |
|  **Cherry Hill Township School District, New Jersey General Obligation Bonds, Series 2022** | **Cherry Hill Township School District, New Jersey General Obligation Bonds, Series 2022** | **Cherry Hill Township School District, New Jersey General Obligation Bonds, Series 2022** |
|  4.000% due 08/01/2034 | 5000 | 5209 |
|  **New Jersey Economic Development Authority Revenue Bonds, Series 2013** | **New Jersey Economic Development Authority Revenue Bonds, Series 2013** | **New Jersey Economic Development Authority Revenue Bonds, Series 2013** |
|  5.210% (MUNIPSA + 1.550%) due 09/01/2027 ~ | 3000 | 3000 |
|  **New Jersey Economic Development Authority Revenue Bonds, Series 2015** | **New Jersey Economic Development Authority Revenue Bonds, Series 2015** | **New Jersey Economic Development Authority Revenue Bonds, Series 2015** |
|  5.250% due 06/15/2027 | 2100 | 2196 |
|  **New Jersey Economic Development Authority Revenue Bonds, Series 2021** | **New Jersey Economic Development Authority Revenue Bonds, Series 2021** | **New Jersey Economic Development Authority Revenue Bonds, Series 2021** |
|  4.000% due 06/15/2034 | 500 | 502 |
|  **New Jersey Economic Development Authority Revenue Bonds, Series 2022** | **New Jersey Economic Development Authority Revenue Bonds, Series 2022** | **New Jersey Economic Development Authority Revenue Bonds, Series 2022** |
|  5.000% due 11/01/2036 | 2500 | 2687 |
|  **New Jersey Economic Development Authority Revenue Notes, Series 2019** | **New Jersey Economic Development Authority Revenue Notes, Series 2019** | **New Jersey Economic Development Authority Revenue Notes, Series 2019** |
|  5.250% due 09/01/2024 | 3500 | 3617 |
|  **New Jersey State General Obligation Notes, Series 2020** | **New Jersey State General Obligation Notes, Series 2020** | **New Jersey State General Obligation Notes, Series 2020** |
|  5.000% due 06/01/2026 | 2000 | 2148 |
|  **New Jersey Transportation Trust Fund Authority Revenue Bonds, (NPFGC Insured), Series 2006** | **New Jersey Transportation Trust Fund Authority Revenue Bonds, (NPFGC Insured), Series 2006** | **New Jersey Transportation Trust Fund Authority Revenue Bonds, (NPFGC Insured), Series 2006** |
|  0.000% due 12/15/2031 (b) | 6865 | 4784 |
|  **New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2009** | **New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2009** | **New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2009** |
|  0.000% due 12/15/2034 (b) | 1500 | 885 |
|  **New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2018** | **New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2018** | **New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2018** |
|  5.000% due 12/15/2036 | 1380 | 1446 |
|  **New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2020** | **New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2020** | **New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2020** |
|  4.000% due 06/15/2035 | 2250 | 2224 |
|  **New Jersey Turnpike Authority Revenue Bonds, Series 2017** | **New Jersey Turnpike Authority Revenue Bonds, Series 2017** | **New Jersey Turnpike Authority Revenue Bonds, Series 2017** |
|  4.000% due 01/01/2034 | 7500 | 7721 |
|  5.000% due 01/01/2030 | 2250 | 2438 |
|  **Tobacco Settlement Financing Corp., New Jersey Revenue Bonds, Series 2018** | **Tobacco Settlement Financing Corp., New Jersey Revenue Bonds, Series 2018** | **Tobacco Settlement Financing Corp., New Jersey Revenue Bonds, Series 2018** |
|  5.000% due 06/01/2031 | 4500 | 4723 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Tobacco Settlement Financing Corp., New Jersey Revenue Notes, Series 2018** | **Tobacco Settlement Financing Corp., New Jersey Revenue Notes, Series 2018** | **Tobacco Settlement Financing Corp., New Jersey Revenue Notes, Series 2018** |
|  5.000% due 06/01/2025 | 1020 | 1047 |
|  |  | 44627 |
| **NEW MEXICO 1.1%** | **NEW MEXICO 1.1%** | **NEW MEXICO 1.1%** |
|  **Farmington, New Mexico Revenue Bonds, Series 2010** | **Farmington, New Mexico Revenue Bonds, Series 2010** | **Farmington, New Mexico Revenue Bonds, Series 2010** |
|  1.100% due 06/01/2040 | 3500 | 3459 |
|  **New Mexico Hospital Equipment Loan Council Revenue Bonds, Series 2017** | **New Mexico Hospital Equipment Loan Council Revenue Bonds, Series 2017** | **New Mexico Hospital Equipment Loan Council Revenue Bonds, Series 2017** |
|  4.000% due 08/01/2039 | 7950 | 7859 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;11318 |
| **NEW YORK 17.4%** | **NEW YORK 17.4%** | **NEW YORK 17.4%** |
|  **Albany City School District, New York General Obligation Notes, Series 2022** | **Albany City School District, New York General Obligation Notes, Series 2022** | **Albany City School District, New York General Obligation Notes, Series 2022** |
|  2.500% due 03/24/2023 | 6000 | 5985 |
|  **Dobbs Ferry New York Union Free School District, Series 2022** | **Dobbs Ferry New York Union Free School District, Series 2022** | **Dobbs Ferry New York Union Free School District, Series 2022** |
|  3.000% due 06/02/2023 | 2350 | 2348 |
|  **Enlarged City New York School District of the City of Troy, Series 2022** | **Enlarged City New York School District of the City of Troy, Series 2022** | **Enlarged City New York School District of the City of Troy, Series 2022** |
|  4.000% due 06/08/2023 | 8000 | 8023 |
|  **Metropolitan Transportation Authority, New York Revenue Bonds, Series 2014** | **Metropolitan Transportation Authority, New York Revenue Bonds, Series 2014** | **Metropolitan Transportation Authority, New York Revenue Bonds, Series 2014** |
|  5.000% due 11/15/2029 | 3000 | 3126 |
|  **Metropolitan Transportation Authority, New York Revenue Notes, Series 2020** | **Metropolitan Transportation Authority, New York Revenue Notes, Series 2020** | **Metropolitan Transportation Authority, New York Revenue Notes, Series 2020** |
|  5.000% due 02/01/2023 | 1695 | 1696 |
|  **Monroe County Industrial Development Corp, New York Revenue Bonds, Series 2017** | **Monroe County Industrial Development Corp, New York Revenue Bonds, Series 2017** | **Monroe County Industrial Development Corp, New York Revenue Bonds, Series 2017** |
|  5.000% due 07/01/2030 | 1040 | 1134 |
|  **Monroe County Industrial Development Corp., New York Revenue Bonds, Series 2017** | **Monroe County Industrial Development Corp., New York Revenue Bonds, Series 2017** | **Monroe County Industrial Development Corp., New York Revenue Bonds, Series 2017** |
|  5.000% due 12/01/2027 | 1000 | 1045 |
|  **Nassau County, New York General Obligation Notes, Series 2016** | **Nassau County, New York General Obligation Notes, Series 2016** | **Nassau County, New York General Obligation Notes, Series 2016** |
|  5.000% due 04/01/2026 | 1360 | 1458 |
|  **New York City Industrial Development Agency, New York Revenue Notes, (AGM Insured), Series 2021** | **New York City Industrial Development Agency, New York Revenue Notes, (AGM Insured), Series 2021** | **New York City Industrial Development Agency, New York Revenue Notes, (AGM Insured), Series 2021** |
|  5.000% due 01/01/2030 | 2005 | 2240 |
|  **New York City Transitional Finance Authority Building Aid, New York Revenue Bonds, Series 2018** | **New York City Transitional Finance Authority Building Aid, New York Revenue Bonds, Series 2018** | **New York City Transitional Finance Authority Building Aid, New York Revenue Bonds, Series 2018** |
|  5.000% due 07/15/2031 | 1520 | 1694 |
|  **New York City Transitional Finance Authority Building Aid, New York Revenue Bonds, Series 2021** | **New York City Transitional Finance Authority Building Aid, New York Revenue Bonds, Series 2021** | **New York City Transitional Finance Authority Building Aid, New York Revenue Bonds, Series 2021** |
|  4.000% due 07/15/2036 | 5000 | 5015 |
|  **New York City Transitional Finance Authority Future Tax Secured, New York Revenue Bonds, Series 2012** | **New York City Transitional Finance Authority Future Tax Secured, New York Revenue Bonds, Series 2012** | **New York City Transitional Finance Authority Future Tax Secured, New York Revenue Bonds, Series 2012** |
|  5.000% due 08/01/2029 | 2300 | 2625 |
|  **New York City Transitional Finance Authority Future Tax Secured, New York Revenue Bonds, Series 2014** | **New York City Transitional Finance Authority Future Tax Secured, New York Revenue Bonds, Series 2014** | **New York City Transitional Finance Authority Future Tax Secured, New York Revenue Bonds, Series 2014** |
|  3.400% due 11/01/2042 | 20000 | 20000 |
|  5.000% due 08/01/2031 | 5000 | 5156 |
|  **New York City Transitional Finance Authority Future Tax Secured, New York Revenue Bonds, Series 2019** | **New York City Transitional Finance Authority Future Tax Secured, New York Revenue Bonds, Series 2019** | **New York City Transitional Finance Authority Future Tax Secured, New York Revenue Bonds, Series 2019** |
|  3.400% due 11/01/2044 | 8000 | 8000 |
|  **New York City Transitional Finance Authority Future Tax Secured, New York Revenue Bonds, Series 2022** | **New York City Transitional Finance Authority Future Tax Secured, New York Revenue Bonds, Series 2022** | **New York City Transitional Finance Authority Future Tax Secured, New York Revenue Bonds, Series 2022** |
|  5.000% due 08/01/2035 | 2000 | 2287 |
|  5.250% due 08/01/2040 | 4890 | 5469 |
|  **New York City Transitional Finance Authority Future Tax Secured, New York Revenue Notes, Series 2020** | **New York City Transitional Finance Authority Future Tax Secured, New York Revenue Notes, Series 2020** | **New York City Transitional Finance Authority Future Tax Secured, New York Revenue Notes, Series 2020** |
|  5.000% due 11/01/2024 | 1500 | 1563 |
|  **New York City, New York General Obligation Bonds, Series 2015** | **New York City, New York General Obligation Bonds, Series 2015** | **New York City, New York General Obligation Bonds, Series 2015** |
|  3.400% due 06/01/2044 | 5000 | 5000 |
|  **New York City, New York General Obligation Bonds, Series 2018** | **New York City, New York General Obligation Bonds, Series 2018** | **New York City, New York General Obligation Bonds, Series 2018** |
|  3.400% due 12/01/2047 | 10000 | 10000 |
|  **New York City, New York General Obligation Bonds, Series 2022** | **New York City, New York General Obligation Bonds, Series 2022** | **New York City, New York General Obligation Bonds, Series 2022** |
|  5.250% due 10/01/2041 | 4250 | 4743 |

---

---

| | | |
|:---|:---|:---|
| **94** | **PIMCO ETF TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2013** | **New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2013** | **New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2013** |
|  3.650% due 06/15/2048 | 20000 | 20000 |
|  **New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2021** | **New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2021** | **New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2021** |
|  5.000% due 06/15/2032 | 5000 | 5894 |
|  **New York City, New York Municipal Water Finance Authority Revenue Notes, Series 2022** | **New York City, New York Municipal Water Finance Authority Revenue Notes, Series 2022** | **New York City, New York Municipal Water Finance Authority Revenue Notes, Series 2022** |
|  5.000% due 06/15/2028 | 2000 | 2247 |
|  **New York Liberty Development Corp. Revenue Bonds, Series 2005** | **New York Liberty Development Corp. Revenue Bonds, Series 2005** | **New York Liberty Development Corp. Revenue Bonds, Series 2005** |
|  5.250% due 10/01/2035 | 1000 | 1099 |
|  **New York State Dormitory Authority Northwell Health Obligated Group Revenue Bonds, Series 2022** | **New York State Dormitory Authority Northwell Health Obligated Group Revenue Bonds, Series 2022** | **New York State Dormitory Authority Northwell Health Obligated Group Revenue Bonds, Series 2022** |
|  4.000% due 05/01/2045 | 4740 | 4447 |
|  **New York State Dormitory Authority Revenue Bonds, Series 2018** | **New York State Dormitory Authority Revenue Bonds, Series 2018** | **New York State Dormitory Authority Revenue Bonds, Series 2018** |
|  5.000% due 03/15/2031 | 3000 | 3362 |
|  5.000% due 01/15/2032 | 500 | 549 |
|  **New York State Dormitory Authority Revenue Bonds, Series 2020** | **New York State Dormitory Authority Revenue Bonds, Series 2020** | **New York State Dormitory Authority Revenue Bonds, Series 2020** |
|  4.000% due 03/15/2034 | 4705 | 4845 |
|  4.000% due 02/15/2047 | 5000 | 4680 |
|  **New York State Energy Research & Development Authority Revenue Bonds, Series 1994** | **New York State Energy Research & Development Authority Revenue Bonds, Series 1994** | **New York State Energy Research & Development Authority Revenue Bonds, Series 1994** |
|  3.500% due 10/01/2029 | 3000 | 2968 |
|  **New York State Urban Development Corp. Revenue Notes, Series 2022** | **New York State Urban Development Corp. Revenue Notes, Series 2022** | **New York State Urban Development Corp. Revenue Notes, Series 2022** |
|  5.000% due 03/15/2029 | 3500 | 3970 |
|  **New York Transportation Development Corp. Revenue Notes, Series 2020** | **New York Transportation Development Corp. Revenue Notes, Series 2020** | **New York Transportation Development Corp. Revenue Notes, Series 2020** |
|  5.000% due 12/01/2026 | 1070 | 1133 |
|  **Onondaga County, New York Trust for Cultural Resources Revenue Bonds, Series 2019** | **Onondaga County, New York Trust for Cultural Resources Revenue Bonds, Series 2019** | **Onondaga County, New York Trust for Cultural Resources Revenue Bonds, Series 2019** |
|  5.000% due 12/01/2043 | 2000 | 2171 |
|  **Tompkins-Seneca-Tioga Board of Cooperative Educational Services, New York Revenue Notes, Series 2022** | **Tompkins-Seneca-Tioga Board of Cooperative Educational Services, New York Revenue Notes, Series 2022** | **Tompkins-Seneca-Tioga Board of Cooperative Educational Services, New York Revenue Notes, Series 2022** |
|  4.750% due 06/30/2023 | 4100 | 4128 |
|  **Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2021** | **Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2021** | **Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2021** |
|  2.000% due 05/15/2045 | 3000 | 2740 |
|  **Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2022** | **Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2022** | **Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2022** |
|  5.000% due 11/15/2032 | 4200 | 4967 |
|  **TSASC, Inc., New York Revenue Notes, Series 2017** | **TSASC, Inc., New York Revenue Notes, Series 2017** | **TSASC, Inc., New York Revenue Notes, Series 2017** |
|  5.000% due 06/01/2026 | 1270 | 1317 |
|  5.000% due 06/01/2027 | 2800 | 2926 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;172050 |
| **NORTH CAROLINA 3.1%** | **NORTH CAROLINA 3.1%** | **NORTH CAROLINA 3.1%** |
|  **Charlotte-Mecklenburg Hospital Authority, North Carolina Revenue Bonds, Series 2007** | **Charlotte-Mecklenburg Hospital Authority, North Carolina Revenue Bonds, Series 2007** | **Charlotte-Mecklenburg Hospital Authority, North Carolina Revenue Bonds, Series 2007** |
|  3.600% due 01/15/2037 | 17765 | 17765 |
|  **Charlotte-Mecklenburg Hospital Authority, North Carolina Revenue Bonds, Series 2021** | **Charlotte-Mecklenburg Hospital Authority, North Carolina Revenue Bonds, Series 2021** | **Charlotte-Mecklenburg Hospital Authority, North Carolina Revenue Bonds, Series 2021** |
|  5.000% due 01/15/2049 | 2000 | 2294 |
|  5.000% due 01/15/2050 | 2700 | 2985 |
|  **Charlotte-Mecklenburg Hospital Authority, North Carolina Revenue Notes, Series 2022** | **Charlotte-Mecklenburg Hospital Authority, North Carolina Revenue Notes, Series 2022** | **Charlotte-Mecklenburg Hospital Authority, North Carolina Revenue Notes, Series 2022** |
|  5.000% due 01/15/2028 | 1000 | 1105 |
|  **State of North Carolina Build Revenue Bonds, Series 2022** | **State of North Carolina Build Revenue Bonds, Series 2022** | **State of North Carolina Build Revenue Bonds, Series 2022** |
|  5.000% due 05/01/2028 | 5625 | 6285 |
|  **University of North Carolina at Greensboro Revenue Bonds, Series 2014** | **University of North Carolina at Greensboro Revenue Bonds, Series 2014** | **University of North Carolina at Greensboro Revenue Bonds, Series 2014** |
|  5.000% due 04/01/2026 | 250 | 255 |
|  |  | 30689 |
| **OHIO 2.7%** | **OHIO 2.7%** | **OHIO 2.7%** |
|  **Akron Bath Copley Joint Township Hospital District, Ohio Revenue Bonds, Series 2022** | **Akron Bath Copley Joint Township Hospital District, Ohio Revenue Bonds, Series 2022** | **Akron Bath Copley Joint Township Hospital District, Ohio Revenue Bonds, Series 2022** |
|  5.000% due 11/15/2028 | 400 | 442 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Allen County, Ohio Hospital Facilities Revenue Notes, Series 2020** | **Allen County, Ohio Hospital Facilities Revenue Notes, Series 2020** | **Allen County, Ohio Hospital Facilities Revenue Notes, Series 2020** |
|  5.000% due 12/01/2029 | 1500 | 1678 |
|  **Buckeye Tobacco Settlement Financing Authority, Ohio Revenue Bonds, Series 2020** | **Buckeye Tobacco Settlement Financing Authority, Ohio Revenue Bonds, Series 2020** | **Buckeye Tobacco Settlement Financing Authority, Ohio Revenue Bonds, Series 2020** |
|  5.000% due 06/01/2035 | 1000 | 1046 |
|  5.000% due 06/01/2036 | 2065 | 2148 |
|  **Butler County, Ohio Revenue Bonds, Series 2017** | **Butler County, Ohio Revenue Bonds, Series 2017** | **Butler County, Ohio Revenue Bonds, Series 2017** |
|  5.000% due 11/15/2030 | 1235 | 1316 |
|  **Cleveland Department of Public Utilities Division of Water, Ohio Revenue Bonds, Series 2020** | **Cleveland Department of Public Utilities Division of Water, Ohio Revenue Bonds, Series 2020** | **Cleveland Department of Public Utilities Division of Water, Ohio Revenue Bonds, Series 2020** |
|  5.000% due 01/01/2033 | 700 | 795 |
|  **Cuyahoga County, Ohio Certificates of Participation Bonds, Series 2014** | **Cuyahoga County, Ohio Certificates of Participation Bonds, Series 2014** | **Cuyahoga County, Ohio Certificates of Participation Bonds, Series 2014** |
|  5.000% due 12/01/2025 | 3000 | 3072 |
|  **Hamilton County, Ohio Sales Tax Revenue Notes, Series 2016** | **Hamilton County, Ohio Sales Tax Revenue Notes, Series 2016** | **Hamilton County, Ohio Sales Tax Revenue Notes, Series 2016** |
|  5.000% due 12/01/2026 | 750 | 814 |
|  **Kent State University, Ohio Revenue Bonds, Series 2022** | **Kent State University, Ohio Revenue Bonds, Series 2022** | **Kent State University, Ohio Revenue Bonds, Series 2022** |
|  5.000% due 05/01/2033 | 510 | 580 |
|  **Northeast Ohio Medical University Revenue Notes, Series 2021** | **Northeast Ohio Medical University Revenue Notes, Series 2021** | **Northeast Ohio Medical University Revenue Notes, Series 2021** |
|  5.000% due 12/01/2029 | 115 | 124 |
|  **Ohio Air Quality Development Authority Revenue Bonds, Series 2014** | **Ohio Air Quality Development Authority Revenue Bonds, Series 2014** | **Ohio Air Quality Development Authority Revenue Bonds, Series 2014** |
|  2.400% due 12/01/2038 | 3200 | 2830 |
|  **Ohio Higher Educational Facility Commission Revenue Bonds, Series 2008** | **Ohio Higher Educational Facility Commission Revenue Bonds, Series 2008** | **Ohio Higher Educational Facility Commission Revenue Bonds, Series 2008** |
|  3.370% due 01/01/2043 | 8000 | 8000 |
|  **Ohio Water Development Authority Revenue Notes, Series 2019** | **Ohio Water Development Authority Revenue Notes, Series 2019** | **Ohio Water Development Authority Revenue Notes, Series 2019** |
|  5.000% due 12/01/2028 | 1000 | 1131 |
|  **Ohio Water Development Authority Water Pollution Control Loan Fund Revenue Bonds, Series 2020** | **Ohio Water Development Authority Water Pollution Control Loan Fund Revenue Bonds, Series 2020** | **Ohio Water Development Authority Water Pollution Control Loan Fund Revenue Bonds, Series 2020** |
|  5.000% due 12/01/2032 | 2000 | 2308 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;26284 |
| **OREGON 0.8%** | **OREGON 0.8%** | **OREGON 0.8%** |
|  **Medford Hospital Facilities Authority, Oregon Revenue Bonds, Series 2020** | **Medford Hospital Facilities Authority, Oregon Revenue Bonds, Series 2020** | **Medford Hospital Facilities Authority, Oregon Revenue Bonds, Series 2020** |
|  5.000% due 08/15/2035 | 1500 | 1624 |
|  5.000% due 08/15/2036 | 1500 | 1615 |
|  5.000% due 08/15/2037 | 1600 | 1714 |
|  5.000% due 08/15/2038 | 1000 | 1067 |
|  **Salem-Keizer School District No 24J, Oregon General Obligation Notes, Series 2020** | **Salem-Keizer School District No 24J, Oregon General Obligation Notes, Series 2020** | **Salem-Keizer School District No 24J, Oregon General Obligation Notes, Series 2020** |
|  5.000% due 06/15/2028 | 700 | 781 |
|  5.000% due 06/15/2029 | 800 | 908 |
|  |  | 7709 |
| **PENNSYLVANIA 3.4%** | **PENNSYLVANIA 3.4%** | **PENNSYLVANIA 3.4%** |
|  **Commonwealth Financing Authority, Pennsylvania Revenue Notes, Series 2018** | **Commonwealth Financing Authority, Pennsylvania Revenue Notes, Series 2018** | **Commonwealth Financing Authority, Pennsylvania Revenue Notes, Series 2018** |
|  5.000% due 06/01/2025 | 1500 | 1563 |
|  **Commonwealth of Pennsylvania General Obligation Notes, Series 2016** | **Commonwealth of Pennsylvania General Obligation Notes, Series 2016** | **Commonwealth of Pennsylvania General Obligation Notes, Series 2016** |
|  5.000% due 01/15/2027 | 2000 | 2171 |
|  **Commonwealth of Pennsylvania General Obligation Notes, Series 2019** | **Commonwealth of Pennsylvania General Obligation Notes, Series 2019** | **Commonwealth of Pennsylvania General Obligation Notes, Series 2019** |
|  5.000% due 07/15/2024 | 5000 | 5171 |
|  **Commonwealth of Pennsylvania, General Obligation Bonds, Series 2022** | **Commonwealth of Pennsylvania, General Obligation Bonds, Series 2022** | **Commonwealth of Pennsylvania, General Obligation Bonds, Series 2022** |
|  5.000% due 10/01/2033 | 5000 | 5813 |
|  **Delaware River Port Authority, Pennsylvania Revenue Notes, Series 2012** | **Delaware River Port Authority, Pennsylvania Revenue Notes, Series 2012** | **Delaware River Port Authority, Pennsylvania Revenue Notes, Series 2012** |
|  5.000% due 01/01/2023 | 900 | 900 |
|  **Geisinger Authority, Pennsylvania Revenue Bonds, Series 2020** | **Geisinger Authority, Pennsylvania Revenue Bonds, Series 2020** | **Geisinger Authority, Pennsylvania Revenue Bonds, Series 2020** |
|  5.000% due 04/01/2043 | 4500 | 4752 |
|  **Lehigh County, Pennsylvania Industrial Development Authority Revenue Bonds, Series 2016** | **Lehigh County, Pennsylvania Industrial Development Authority Revenue Bonds, Series 2016** | **Lehigh County, Pennsylvania Industrial Development Authority Revenue Bonds, Series 2016** |
|  3.000% due 09/01/2029 | 3500 | 3455 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** |  | **MARKET<br>VALUE<br>(000S)** |
|  **Lehigh County, Pennsylvania Revenue Notes, Series 2019** | **Lehigh County, Pennsylvania Revenue Notes, Series 2019** | **Lehigh County, Pennsylvania Revenue Notes, Series 2019** | **Lehigh County, Pennsylvania Revenue Notes, Series 2019** |
|  5.000% due 07/01/2029 | 1310 | $| 1433 |
|  **Pennsylvania Higher Educational Facilities Authority Revenue Bonds, Series 2015** | **Pennsylvania Higher Educational Facilities Authority Revenue Bonds, Series 2015** | **Pennsylvania Higher Educational Facilities Authority Revenue Bonds, Series 2015** | **Pennsylvania Higher Educational Facilities Authority Revenue Bonds, Series 2015** |
|  5.000% due 08/15/2029 | 340 |  | 358 |
|  5.000% due 08/15/2031 | 300 |  | 316 |
|  5.000% due 08/15/2033 | 1000 |  | 1050 |
|  **Pennsylvania Higher Educational Facilities Authority Revenue Bonds, Series 2017** | **Pennsylvania Higher Educational Facilities Authority Revenue Bonds, Series 2017** | **Pennsylvania Higher Educational Facilities Authority Revenue Bonds, Series 2017** | **Pennsylvania Higher Educational Facilities Authority Revenue Bonds, Series 2017** |
|  5.000% due 08/15/2029 | 1250 |  | 1362 |
|  **Southeastern Pennsylvania Transportation Authority Revenue Bonds, Series 2022** | **Southeastern Pennsylvania Transportation Authority Revenue Bonds, Series 2022** | **Southeastern Pennsylvania Transportation Authority Revenue Bonds, Series 2022** | **Southeastern Pennsylvania Transportation Authority Revenue Bonds, Series 2022** |
|  5.250% due 06/01/2042 | 3750 |  | 4189 |
|  **Southeastern Pennsylvania Transportation Authority Revenue Notes, Series 2022** | **Southeastern Pennsylvania Transportation Authority Revenue Notes, Series 2022** | **Southeastern Pennsylvania Transportation Authority Revenue Notes, Series 2022** | **Southeastern Pennsylvania Transportation Authority Revenue Notes, Series 2022** |
|  5.000% due 06/01/2031 | 1000 |  | 1159 |
|  |  |  | 33692 |
| **PUERTO RICO 1.7%** | **PUERTO RICO 1.7%** | **PUERTO RICO 1.7%** | **PUERTO RICO 1.7%** |
|  **Puerto Rico Electric Power Authority Revenue Bonds, (AGM Insured), Series 2007** | **Puerto Rico Electric Power Authority Revenue Bonds, (AGM Insured), Series 2007** | **Puerto Rico Electric Power Authority Revenue Bonds, (AGM Insured), Series 2007** | **Puerto Rico Electric Power Authority Revenue Bonds, (AGM Insured), Series 2007** |
|  3.027% (0.67\*US0003M + 0.520%) due 07/01/2029 ~ | 1280 |  | 1153 |
|  **Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018** | **Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018** | **Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018** | **Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018** |
|  0.000% due 07/01/2051 (b) | 26355 |  | 4777 |
|  4.500% due 07/01/2034 | 5171 |  | 4891 |
|  **Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2019** | **Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2019** | **Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2019** | **Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2019** |
|  4.329% due 07/01/2040 | 7000 |  | 6324 |
|  |  |  | 17145 |
| **RHODE ISLAND 1.3%** | **RHODE ISLAND 1.3%** | **RHODE ISLAND 1.3%** | **RHODE ISLAND 1.3%** |
|  **Tobacco Settlement Financing Corp., Rhode Island Revenue Bonds, Series 2015** | **Tobacco Settlement Financing Corp., Rhode Island Revenue Bonds, Series 2015** | **Tobacco Settlement Financing Corp., Rhode Island Revenue Bonds, Series 2015** | **Tobacco Settlement Financing Corp., Rhode Island Revenue Bonds, Series 2015** |
|  5.000% due 06/01/2035 | 11000 |  | 11142 |
|  5.000% due 06/01/2040 | 2000 |  | 2012 |
|  |  |  | 13154 |
| **SOUTH DAKOTA 0.2%** | **SOUTH DAKOTA 0.2%** | **SOUTH DAKOTA 0.2%** | **SOUTH DAKOTA 0.2%** |
|  **South Dakota Health & Educational Facilities Authority Revenue Bonds, Series 2014** | **South Dakota Health & Educational Facilities Authority Revenue Bonds, Series 2014** | **South Dakota Health & Educational Facilities Authority Revenue Bonds, Series 2014** | **South Dakota Health & Educational Facilities Authority Revenue Bonds, Series 2014** |
|  5.000% due 11/01/2027 | 925 |  | 956 |
|  **South Dakota Health & Educational Facilities Authority Revenue Bonds, Series 2015** | **South Dakota Health & Educational Facilities Authority Revenue Bonds, Series 2015** | **South Dakota Health & Educational Facilities Authority Revenue Bonds, Series 2015** | **South Dakota Health & Educational Facilities Authority Revenue Bonds, Series 2015** |
|  5.000% due 11/01/2028 | 900 |  | 946 |
|  |  |  | 1902 |
| **TENNESSEE 2.1%** | **TENNESSEE 2.1%** | **TENNESSEE 2.1%** | **TENNESSEE 2.1%** |
|  **Knox County, Tennessee Health Educational & Housing Facility Board Revenue Notes, Series 2022** | **Knox County, Tennessee Health Educational & Housing Facility Board Revenue Notes, Series 2022** | **Knox County, Tennessee Health Educational & Housing Facility Board Revenue Notes, Series 2022** | **Knox County, Tennessee Health Educational & Housing Facility Board Revenue Notes, Series 2022** |
|  3.950% due 12/01/2027 | 3500 |  | 3521 |
|  **Tennergy Corp, Tennessee Revenue Bonds, Series 2022** | **Tennergy Corp, Tennessee Revenue Bonds, Series 2022** | **Tennergy Corp, Tennessee Revenue Bonds, Series 2022** | **Tennergy Corp, Tennessee Revenue Bonds, Series 2022** |
|  5.500% due 10/01/2053 | 6000 |  | 6351 |
|  **Tennergy Corp., Tennessee Revenue Bonds, Series 2019** | **Tennergy Corp., Tennessee Revenue Bonds, Series 2019** | **Tennergy Corp., Tennessee Revenue Bonds, Series 2019** | **Tennergy Corp., Tennessee Revenue Bonds, Series 2019** |
|  5.000% due 02/01/2050 | 4500 |  | 4566 |
|  **Tennergy Corp., Tennessee Revenue Bonds, Series 2021** | **Tennergy Corp., Tennessee Revenue Bonds, Series 2021** | **Tennergy Corp., Tennessee Revenue Bonds, Series 2021** | **Tennergy Corp., Tennessee Revenue Bonds, Series 2021** |
|  4.000% due 12/01/2051 | 2000 |  | 1956 |
|  **Tennessee Energy Acquisition Corp. Revenue Bonds, Series 2006** | **Tennessee Energy Acquisition Corp. Revenue Bonds, Series 2006** | **Tennessee Energy Acquisition Corp. Revenue Bonds, Series 2006** | **Tennessee Energy Acquisition Corp. Revenue Bonds, Series 2006** |
|  5.000% due 02/01/2027 | 3000 |  | 3074 |
|  5.250% due 09/01/2026 | 1745 |  | 1803 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;21271 |
| **TEXAS 5.3%** | **TEXAS 5.3%** | **TEXAS 5.3%** | **TEXAS 5.3%** |
|  **Arlington Higher Education Finance Corp., Texas Revenue Notes, (PSF Insured), Series 2021** | **Arlington Higher Education Finance Corp., Texas Revenue Notes, (PSF Insured), Series 2021** | **Arlington Higher Education Finance Corp., Texas Revenue Notes, (PSF Insured), Series 2021** | **Arlington Higher Education Finance Corp., Texas Revenue Notes, (PSF Insured), Series 2021** |
|  4.000% due 02/15/2028 | 300 | 310 | 310 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **95** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund** | **(Cont.)** |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Austin Independent School District, Texas General Obligation Notes, (PSF Insured), Series 2022** | **Austin Independent School District, Texas General Obligation Notes, (PSF Insured), Series 2022** | **Austin Independent School District, Texas General Obligation Notes, (PSF Insured), Series 2022** |
|  5.000% due 08/01/2028 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;2244 |
|  **Central Texas Turnpike System Revenue Bonds, (BHAC/CR/NPFGC Insured), Series 2002** | **Central Texas Turnpike System Revenue Bonds, (BHAC/CR/NPFGC Insured), Series 2002** | **Central Texas Turnpike System Revenue Bonds, (BHAC/CR/NPFGC Insured), Series 2002** |
|  0.000% due 08/15/2026 (b) | 3000 | 2685 |
|  **Central Texas Turnpike System Revenue Bonds, Series 2015** | **Central Texas Turnpike System Revenue Bonds, Series 2015** | **Central Texas Turnpike System Revenue Bonds, Series 2015** |
|  0.000% due 08/15/2037 (b) | 5000 | 2554 |
|  **Clifton Higher Education Finance Corp., Texas Revenue Bonds, (PSF Insured), Series 2021** | **Clifton Higher Education Finance Corp., Texas Revenue Bonds, (PSF Insured), Series 2021** | **Clifton Higher Education Finance Corp., Texas Revenue Bonds, (PSF Insured), Series 2021** |
|  4.000% due 08/15/2033 | 1110 | 1162 |
|  4.000% due 08/15/2034 | 950 | 987 |
|  4.000% due 08/15/2036 | 700 | 695 |
|  **Corpus Christi Independent School District, Texas General Obligation Notes, (PSF Insured), Series 2016** | **Corpus Christi Independent School District, Texas General Obligation Notes, (PSF Insured), Series 2016** | **Corpus Christi Independent School District, Texas General Obligation Notes, (PSF Insured), Series 2016** |
|  5.000% due 08/15/2025 | 2115 | 2236 |
|  **Dallas Fort Worth International Airport, Texas Revenue Bonds, Series 2022** | **Dallas Fort Worth International Airport, Texas Revenue Bonds, Series 2022** | **Dallas Fort Worth International Airport, Texas Revenue Bonds, Series 2022** |
|  5.000% due 11/01/2034 | 3000 | 3466 |
|  **Dallas, Texas Waterworks & Sewer System Revenue Bonds, Series 2012** | **Dallas, Texas Waterworks & Sewer System Revenue Bonds, Series 2012** | **Dallas, Texas Waterworks & Sewer System Revenue Bonds, Series 2012** |
|  5.000% due 10/01/2023 | 1000 | 1001 |
|  **Fort Bend Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2020** | **Fort Bend Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2020** | **Fort Bend Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2020** |
|  5.000% due 08/15/2031 | 920 | 1043 |
|  **Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2014** | **Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2014** | **Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2014** |
|  5.000% due 12/01/2025 | 500 | 520 |
|  **Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2019** | **Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2019** | **Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2019** |
|  3.534% (US0001M) due 11/15/2046 ~ | 1000 | 1001 |
|  **Houston, Texas Airport System Revenue Bonds, Series 2018** | **Houston, Texas Airport System Revenue Bonds, Series 2018** | **Houston, Texas Airport System Revenue Bonds, Series 2018** |
|  5.000% due 07/01/2030 | 3300 | 3648 |
|  **Houston, Texas General Obligation Notes, Series 2019** | **Houston, Texas General Obligation Notes, Series 2019** | **Houston, Texas General Obligation Notes, Series 2019** |
|  5.000% due 03/01/2029 | 1100 | 1232 |
|  **Katy Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2018** | **Katy Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2018** | **Katy Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2018** |
|  5.000% due 02/15/2029 | 1435 | 1585 |
|  **Liberty Hill Independent School District, Texas General Obligation Notes, (PSF Insured), Series 2022** | **Liberty Hill Independent School District, Texas General Obligation Notes, (PSF Insured), Series 2022** | **Liberty Hill Independent School District, Texas General Obligation Notes, (PSF Insured), Series 2022** |
|  5.000% due 02/01/2030 | 2290 | 2625 |
|  **North Texas Tollway Authority Revenue Bonds, Series 2016** | **North Texas Tollway Authority Revenue Bonds, Series 2016** | **North Texas Tollway Authority Revenue Bonds, Series 2016** |
|  5.000% due 01/01/2028 | 2875 | 3051 |
|  **San Antonio, Texas Electric & Gas Systems Revenue Bonds, Series 2015** | **San Antonio, Texas Electric & Gas Systems Revenue Bonds, Series 2015** | **San Antonio, Texas Electric & Gas Systems Revenue Bonds, Series 2015** |
|  1.125% due 12/01/2045 | 2500 | 2197 |
|  **San Antonio, Texas Electric & Gas Systems Revenue Bonds, Series 2022** | **San Antonio, Texas Electric & Gas Systems Revenue Bonds, Series 2022** | **San Antonio, Texas Electric & Gas Systems Revenue Bonds, Series 2022** |
|  2.000% due 02/01/2049 | 1000 | 939 |
|  **Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Notes, Series 2022** | **Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Notes, Series 2022** | **Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Notes, Series 2022** |
|  5.000% due 10/01/2030 | 450 | 513 |
|  **Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2006** | **Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2006** | **Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2006** |
|  4.645% (US0003M) due 12/15/2026 ~ | 2500 | 2437 |
|  **Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2008** | **Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2008** | **Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2008** |
|  6.250% due 12/15/2026 | 1185 | 1248 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Texas Water Development Board Revenue Bonds, Series 2018** | **Texas Water Development Board Revenue Bonds, Series 2018** | **Texas Water Development Board Revenue Bonds, Series 2018** |
|  5.000% due 04/15/2030 | 250 | 281 |
|  5.000% due 10/15/2030 | 3010 | 3385 |
|  **Texas Water Development Board Revenue Bonds, Series 2022** | **Texas Water Development Board Revenue Bonds, Series 2022** | **Texas Water Development Board Revenue Bonds, Series 2022** |
|  5.000% due 08/01/2032 | 2250 | 2673 |
|  **Texas Water Development Board Revenue Notes, Series 2022** | **Texas Water Development Board Revenue Notes, Series 2022** | **Texas Water Development Board Revenue Notes, Series 2022** |
|  5.000% due 08/01/2029 | 1050 | 1199 |
|  5.000% due 10/15/2029 | 1200 | 1375 |
|  5.000% due 10/15/2030 | 1775 | 2064 |
|  **Williamson County, Texas General Obligation Notes, Series 2021** | **Williamson County, Texas General Obligation Notes, Series 2021** | **Williamson County, Texas General Obligation Notes, Series 2021** |
|  0.640% due 02/15/2026 | 2500 | 2185 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;52541 |
| **VIRGINIA 1.5%** | **VIRGINIA 1.5%** | **VIRGINIA 1.5%** |
|  **Roanoke Economic Development Authority, Virginia Revenue Bonds, Series 2020** | **Roanoke Economic Development Authority, Virginia Revenue Bonds, Series 2020** | **Roanoke Economic Development Authority, Virginia Revenue Bonds, Series 2020** |
|  5.000% due 07/01/2053 | 6700 | 7479 |
|  **Virginia College Building Authority Revenue Notes, Series 2021** | **Virginia College Building Authority Revenue Notes, Series 2021** | **Virginia College Building Authority Revenue Notes, Series 2021** |
|  5.000% due 02/01/2028 | 4500 | 5001 |
|  **Virginia Public School Authority Revenue Notes, Series 2022** | **Virginia Public School Authority Revenue Notes, Series 2022** | **Virginia Public School Authority Revenue Notes, Series 2022** |
|  5.000% due 01/15/2029 | 2320 | 2632 |
|  |  | 15112 |
| **WASHINGTON 2.3%** | **WASHINGTON 2.3%** | **WASHINGTON 2.3%** |
|  **Energy Northwest, Washington Revenue Bonds, Series 2018** | **Energy Northwest, Washington Revenue Bonds, Series 2018** | **Energy Northwest, Washington Revenue Bonds, Series 2018** |
|  5.000% due 07/01/2031 | 3035 | 3374 |
|  **Energy Northwest, Washington Revenue Bonds, Series 2020** | **Energy Northwest, Washington Revenue Bonds, Series 2020** | **Energy Northwest, Washington Revenue Bonds, Series 2020** |
|  5.000% due 07/01/2033 | 2000 | 2278 |
|  **Energy Northwest, Washington Revenue Bonds, Series 2022** | **Energy Northwest, Washington Revenue Bonds, Series 2022** | **Energy Northwest, Washington Revenue Bonds, Series 2022** |
|  5.000% due 07/01/2035 | 3000 | 3446 |
|  **Seattle, Washington Municipal Light & Power Revenue Bonds, Series 2017** | **Seattle, Washington Municipal Light & Power Revenue Bonds, Series 2017** | **Seattle, Washington Municipal Light & Power Revenue Bonds, Series 2017** |
|  4.000% due 09/01/2037 | 5000 | 5053 |
|  **Seattle, Washington Solid Waste Revenue Notes, Series 2014** | **Seattle, Washington Solid Waste Revenue Notes, Series 2014** | **Seattle, Washington Solid Waste Revenue Notes, Series 2014** |
|  5.000% due 05/01/2024 | 545 | 561 |
|  **State of Washington General Obligation Refunding Bonds, Series 2022** | **State of Washington General Obligation Refunding Bonds, Series 2022** | **State of Washington General Obligation Refunding Bonds, Series 2022** |
|  4.000% due 07/01/2026 | 1900 | 1989 |
|  **Washington Health Care Facilities Authority Revenue Bonds, Series 2017** | **Washington Health Care Facilities Authority Revenue Bonds, Series 2017** | **Washington Health Care Facilities Authority Revenue Bonds, Series 2017** |
|  4.710% (MUNIPSA + 1.050%) due 01/01/2042 ~ | 2500 | 2500 |
|  **Washington Health Care Facilities Authority Revenue Bonds, Series 2020** | **Washington Health Care Facilities Authority Revenue Bonds, Series 2020** | **Washington Health Care Facilities Authority Revenue Bonds, Series 2020** |
|  5.000% due 09/01/2032 | 450 | 487 |
|  **Washington Health Care Facilities Authority Revenue Bonds, Series 2021** | **Washington Health Care Facilities Authority Revenue Bonds, Series 2021** | **Washington Health Care Facilities Authority Revenue Bonds, Series 2021** |
|  4.000% due 10/01/2042 | 2700 | 2773 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;22461 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **WEST VIRGINIA 0.1%** | **WEST VIRGINIA 0.1%** | **WEST VIRGINIA 0.1%** |
|  **Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2020** | **Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2020** | **Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2020** |
|  3.000% due 06/01/2035 | 807 | 725 |
| **WISCONSIN 2.8%** | **WISCONSIN 2.8%** | **WISCONSIN 2.8%** |
|  **Public Finance Authority, Wisconsin Revenue Bonds, Series 2021** | **Public Finance Authority, Wisconsin Revenue Bonds, Series 2021** | **Public Finance Authority, Wisconsin Revenue Bonds, Series 2021** |
|  4.000% due 10/01/2041 | 2250 | 2315 |
|  **Public Finance Authority, Wisconsin Revenue Notes, Series 2021** | **Public Finance Authority, Wisconsin Revenue Notes, Series 2021** | **Public Finance Authority, Wisconsin Revenue Notes, Series 2021** |
|  4.000% due 10/01/2030 | 265 | 252 |
|  **University of Wisconsin Hospitals & Clinics Revenue Bonds, Series 2018** | **University of Wisconsin Hospitals & Clinics Revenue Bonds, Series 2018** | **University of Wisconsin Hospitals & Clinics Revenue Bonds, Series 2018** |
|  3.370% due 04/01/2048 | 9370 | 9370 |
|  **University of Wisconsin Hospitals & Clinics Revenue Bonds, Series 2021** | **University of Wisconsin Hospitals & Clinics Revenue Bonds, Series 2021** | **University of Wisconsin Hospitals & Clinics Revenue Bonds, Series 2021** |
|  4.000% due 04/01/2046 | 4440 | 4233 |
|  **Wisconsin Center District Revenue Notes, (AGM Insured), Series 2020** | **Wisconsin Center District Revenue Notes, (AGM Insured), Series 2020** | **Wisconsin Center District Revenue Notes, (AGM Insured), Series 2020** |
|  0.000% due 12/15/2028 (b) | 1075 | 867 |
|  **Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2016** | **Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2016** | **Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2016** |
|  4.000% due 11/15/2046 | 4000 | 3675 |
|  **Wisconsin Health & Educational Facilities Authority Revenue Notes, Series 2018** | **Wisconsin Health & Educational Facilities Authority Revenue Notes, Series 2018** | **Wisconsin Health & Educational Facilities Authority Revenue Notes, Series 2018** |
|  5.000% due 04/01/2029 | 1925 | 2139 |
|  **Wisconsin State General Obligation Notes, Series 2022** | **Wisconsin State General Obligation Notes, Series 2022** | **Wisconsin State General Obligation Notes, Series 2022** |
|  4.080% (MUNIPSA) due 05/01/2025 ~ | 5045 | 4980 |
|  |  | 27831 |
|  **Total Municipal Bonds & Notes (Cost $897,540)** | **Total Municipal Bonds & Notes (Cost $897,540)** | **890376** |
| **SHORT-TERM INSTRUMENTS 7.1%** | **SHORT-TERM INSTRUMENTS 7.1%** | **SHORT-TERM INSTRUMENTS 7.1%** |
| **REPURCHASE AGREEMENTS (c) 0.1%** | **REPURCHASE AGREEMENTS (c) 0.1%** | **REPURCHASE AGREEMENTS (c) 0.1%** |
|  |  | 716 |
| **SHORT-TERM NOTES 1.5%** | **SHORT-TERM NOTES 1.5%** | **SHORT-TERM NOTES 1.5%** |
|  **Federal Home Loan Bank** | **Federal Home Loan Bank** | **Federal Home Loan Bank** |
|  4.180% due 02/03/2011 | 15600 | 15539 |
| **U.S. TREASURY BILLS 5.5%** | **U.S. TREASURY BILLS 5.5%** | **U.S. TREASURY BILLS 5.5%** |
|  4.278% due 01/26/2023 - 03/30/2023 (a)(b) | 54600 | 54211 |
| **Total Short-Term Instruments<br>(Cost $70,471)** | **Total Short-Term Instruments<br>(Cost $70,471)** | **70466** |
| **Total Investments in Securities<br>(Cost $968,011)** | **Total Investments in Securities<br>(Cost $968,011)** | **960842** |
| **Total Investments 96.9%<br>(Cost $968,011)** | **Total Investments 96.9%<br>(Cost $968,011)** | **960842** |
| **Other Assets and Liabilities, net 3.1%** | **Other Assets and Liabilities, net 3.1%** | **30309** |
| **Net Assets 100.0%** | **Net Assets 100.0%** | **991151** |

---

**NOTES TO SCHEDULE OF INVESTMENTS:** 

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

---

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

---

**(a)** **Coupon represents a weighted average yield to maturity.** 

**(b)** **Zero coupon security.** 

---

| | | |
|:---|:---|:---|
| **96** | **PIMCO ETF TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022 (Unaudited)

**BORROWINGS AND OTHER FINANCING TRANSACTIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;**(c) REPURCHASE AGREEMENTS:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Lending<br>Rate** | **Settlement<br>Date** | **Maturity<br>Date** | **Principal<br>Amount** | **Collateralized By** | **Collateral<br>(Received)** | **Repurchase<br>Agreements,<br>at Value** | **Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup>** |
| FICC | 1.900% | 12/30/2022 | 01/03/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;716 | U.S. Treasury Bills 0.000% due 12/28/2023 | $(730) | $716 | $716 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** |  | $**(730)** | $**716** | $**716** |

---

**BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY** 

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2022:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup>** | **Payable for<br>Reverse<br>Repurchase<br>Agreements** | **Payable for<br>Sale-<br>Buyback<br>Transactions** | **Securities<br>Out on Loan** | **Total<br>Borrowings and<br>Other Financing<br>Transactions** | **Collateral<br>Pledged/(Received)** | **Net Exposure<sup>(2)</sup>** |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  FICC | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;716 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;716 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(730) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) |
|  **Total Borrowings and Other Financing Transactions** | $**716** | $**0** | $**0** | $**0** |  |  |  |

---

<sup>(1)</sup> Includes accrued interest.

<sup>(2)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

**FAIR VALUE MEASUREMENTS** 

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
|  **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 |
| &nbsp;&nbsp; Alabama | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22592 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22592 |
| &nbsp;&nbsp; Alaska | 0 | 2112 | 0 | 2112 |
| &nbsp;&nbsp; Arizona | 0 | 9116 | 0 | 9116 |
| &nbsp;&nbsp; California | 0 | 79509 | 0 | 79509 |
| &nbsp;&nbsp; Colorado | 0 | 10288 | 0 | 10288 |
| &nbsp;&nbsp; Connecticut | 0 | 35533 | 0 | 35533 |
| &nbsp;&nbsp; Delaware | 0 | 1855 | 0 | 1855 |
| &nbsp;&nbsp; District of Columbia | 0 | 2105 | 0 | 2105 |
| &nbsp;&nbsp; Florida | 0 | 14713 | 0 | 14713 |
| &nbsp;&nbsp; Georgia | 0 | 34322 | 0 | 34322 |
| &nbsp;&nbsp; Guam | 0 | 772 | 0 | 772 |
| &nbsp;&nbsp; Hawaii | 0 | 2123 | 0 | 2123 |
| &nbsp;&nbsp; Illinois | 0 | 61448 | 0 | 61448 |
| &nbsp;&nbsp; Indiana | 0 | 8204 | 0 | 8204 |
| &nbsp;&nbsp; Iowa | 0 | 1918 | 0 | 1918 |
| &nbsp;&nbsp; Kentucky | 0 | 3470 | 0 | 3470 |
| &nbsp;&nbsp; Louisiana | 0 | 13389 | 0 | 13389 |
| &nbsp;&nbsp; Maine | 0 | 867 | 0 | 867 |
| &nbsp;&nbsp; Maryland | 0 | 20002 | 0 | 20002 |
| &nbsp;&nbsp; Massachusetts | 0 | 21191 | 0 | 21191 |
| &nbsp;&nbsp; Michigan | 0 | 19900 | 0 | 19900 |
| &nbsp;&nbsp; Minnesota | 0 | 1657 | 0 | 1657 |
| &nbsp;&nbsp; Mississippi | 0 | 1480 | 0 | 1480 |
| &nbsp;&nbsp; Missouri | 0 | 1567 | 0 | 1567 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
| &nbsp;&nbsp; Nebraska | $0 | $5045 | $0 | $5045 |
| &nbsp;&nbsp; Nevada | 0 | 16186 | 0 | 16186 |
| &nbsp;&nbsp; New Hampshire | 0 | 501 | 0 | 501 |
| &nbsp;&nbsp; New Jersey | 0 | 44627 | 0 | 44627 |
| &nbsp;&nbsp; New Mexico | 0 | 11318 | 0 | 11318 |
| &nbsp;&nbsp; New York | 0 | 172050 | 0 | 172050 |
| &nbsp;&nbsp; North Carolina | 0 | 30689 | 0 | 30689 |
| &nbsp;&nbsp; Ohio | 0 | 26284 | 0 | 26284 |
| &nbsp;&nbsp; Oregon | 0 | 7709 | 0 | 7709 |
| &nbsp;&nbsp; Pennsylvania | 0 | 33692 | 0 | 33692 |
| &nbsp;&nbsp; Puerto Rico | 0 | 17145 | 0 | 17145 |
| &nbsp;&nbsp; Rhode Island | 0 | 13154 | 0 | 13154 |
| &nbsp;&nbsp; South Dakota | 0 | 1902 | 0 | 1902 |
| &nbsp;&nbsp; Tennessee | 0 | 21271 | 0 | 21271 |
| &nbsp;&nbsp; Texas | 0 | 52541 | 0 | 52541 |
| &nbsp;&nbsp; Virginia | 0 | 15112 | 0 | 15112 |
| &nbsp;&nbsp; Washington | 0 | 22461 | 0 | 22461 |
| &nbsp;&nbsp; West Virginia | 0 | 725 | 0 | 725 |
| &nbsp;&nbsp; Wisconsin | 0 | 27831 | 0 | 27831 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 716 | 0 | 716 |
| &nbsp;&nbsp; Short-Term Notes | 0 | 15539 | 0 | 15539 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 54211 | 0 | 54211 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960842 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960842 |

---

There were no significant transfers into or out of Level 3 during the period ended December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **97** |

---

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **Schedule of Investments** | **PIMCO Municipal Income Opportunities Active Exchange-Traded Fund** |

---

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

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL**<br> **AMOUNT**<br> **(000S)** | **MARKET**<br> **VALUE**<br> **(000S)** |
| **INVESTMENTS IN SECURITIES 98.2%** | **INVESTMENTS IN SECURITIES 98.2%** | **INVESTMENTS IN SECURITIES 98.2%** |
| **CORPORATE BONDS & NOTES 0.6%** | **CORPORATE BONDS & NOTES 0.6%** | **CORPORATE BONDS & NOTES 0.6%** |
| **INDUSTRIALS 0.6%** | **INDUSTRIALS 0.6%** | **INDUSTRIALS 0.6%** |
|  **Toledo Hospital** | **Toledo Hospital** | **Toledo Hospital** |
|  5.325% due 11/15/2028 | 250 | 196 |
|  **Tower Health** | **Tower Health** | **Tower Health** |
|  4.451% due 02/01/2050 | 200 | 97 |
|  **Total Corporate Bonds & Notes (Cost $320)** | **Total Corporate Bonds & Notes (Cost $320)** | **293** |
| **MUNICIPAL BONDS & NOTES 90.1%** | **MUNICIPAL BONDS & NOTES 90.1%** | **MUNICIPAL BONDS & NOTES 90.1%** |
| **ALABAMA 2.3%** | **ALABAMA 2.3%** | **ALABAMA 2.3%** |
|  **Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2021** | **Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2021** | **Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2021** |
|  4.000% due 10/01/2052 | 1000 | 988 |
|  **Tuscaloosa County, Alabama Industrial Development Authority Revenue Bonds, Series 2019** | **Tuscaloosa County, Alabama Industrial Development Authority Revenue Bonds, Series 2019** | **Tuscaloosa County, Alabama Industrial Development Authority Revenue Bonds, Series 2019** |
|  4.500% due 05/01/2032 | 256 | 232 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1220 |
| **ALASKA 0.5%** | **ALASKA 0.5%** | **ALASKA 0.5%** |
|  **Municipality of Anchorage, Alaska Solid Waste Services Revenue Bonds, Series 2022** | **Municipality of Anchorage, Alaska Solid Waste Services Revenue Bonds, Series 2022** | **Municipality of Anchorage, Alaska Solid Waste Services Revenue Bonds, Series 2022** |
|  5.250% due 11/01/2062 | 250 | 263 |
| **ARIZONA 1.1%** | **ARIZONA 1.1%** | **ARIZONA 1.1%** |
|  **Arizona Industrial Development Authority Revenue Bonds, Series 2019** | **Arizona Industrial Development Authority Revenue Bonds, Series 2019** | **Arizona Industrial Development Authority Revenue Bonds, Series 2019** |
|  4.250% due 01/01/2040 | 480 | 298 |
|  **Chandler Industrial Development Authority, Arizona Revenue Bonds, Series 2022** | **Chandler Industrial Development Authority, Arizona Revenue Bonds, Series 2022** | **Chandler Industrial Development Authority, Arizona Revenue Bonds, Series 2022** |
|  5.000% due 09/01/2052 | 250 | 261 |
|  |  | 559 |
| **ARKANSAS 0.5%** | **ARKANSAS 0.5%** | **ARKANSAS 0.5%** |
|  **Arkansas Development Finance Authority Revenue Bonds, Series 2019** | **Arkansas Development Finance Authority Revenue Bonds, Series 2019** | **Arkansas Development Finance Authority Revenue Bonds, Series 2019** |
|  4.500% due 09/01/2049 | 300 | 262 |
| **CALIFORNIA 12.5%** | **CALIFORNIA 12.5%** | **CALIFORNIA 12.5%** |
|  **Alameda Corridor Transportation Authority, California Revenue Bonds, Series 2022** | **Alameda Corridor Transportation Authority, California Revenue Bonds, Series 2022** | **Alameda Corridor Transportation Authority, California Revenue Bonds, Series 2022** |
|  0.000% due 10/01/2047 (b) | 500 | 239 |
|  **California Community Choice Financing Authority Revenue Bonds, Series 2021** | **California Community Choice Financing Authority Revenue Bonds, Series 2021** | **California Community Choice Financing Authority Revenue Bonds, Series 2021** |
|  4.000% due 02/01/2052 | 1000 | 985 |
|  **California Community Housing Agency Revenue Bonds, Series 2019** | **California Community Housing Agency Revenue Bonds, Series 2019** | **California Community Housing Agency Revenue Bonds, Series 2019** |
|  5.000% due 04/01/2049 | 300 | 263 |
|  **California Community Housing Agency Revenue Bonds, Series 2022** | **California Community Housing Agency Revenue Bonds, Series 2022** | **California Community Housing Agency Revenue Bonds, Series 2022** |
|  4.500% due 08/01/2052 | 100 | 82 |
|  **California Municipal Finance Authority Revenue Bonds, Series 2021** | **California Municipal Finance Authority Revenue Bonds, Series 2021** | **California Municipal Finance Authority Revenue Bonds, Series 2021** |
|  4.000% due 11/01/2036 | 250 | 224 |
|  **California Pollution Control Financing Authority Revenue Bonds, Series 2019** | **California Pollution Control Financing Authority Revenue Bonds, Series 2019** | **California Pollution Control Financing Authority Revenue Bonds, Series 2019** |
|  7.500% due 12/01/2040 | 250 | 164 |
|  **California Statewide Communities Development Authority Revenue Bonds, (AGM Insured), Series 2022** | **California Statewide Communities Development Authority Revenue Bonds, (AGM Insured), Series 2022** | **California Statewide Communities Development Authority Revenue Bonds, (AGM Insured), Series 2022** |
|  5.375% due 08/15/2057 | 250 | 264 |
|  **California Statewide Communities Development Authority Revenue Bonds, Series 2006** | **California Statewide Communities Development Authority Revenue Bonds, Series 2006** | **California Statewide Communities Development Authority Revenue Bonds, Series 2006** |
|  2.625% due 11/01/2033 | 250 | 246 |
|  **California Statewide Communities Development Authority Revenue Bonds, Series 2016** | **California Statewide Communities Development Authority Revenue Bonds, Series 2016** | **California Statewide Communities Development Authority Revenue Bonds, Series 2016** |
|  5.250% due 12/01/2056 | 250 | 248 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL**<br> **AMOUNT**<br> **(000S)** | **MARKET**<br> **VALUE**<br> **(000S)** |
|  **CMFA Special Finance Agency, California Revenue Bonds, Series 2021** | **CMFA Special Finance Agency, California Revenue Bonds, Series 2021** | **CMFA Special Finance Agency, California Revenue Bonds, Series 2021** |
|  4.000% due 08/01/2045 | 500 | 395 |
|  **CSCDA Community Improvement Authority, California Revenue Bonds, Series 2021** | **CSCDA Community Improvement Authority, California Revenue Bonds, Series 2021** | **CSCDA Community Improvement Authority, California Revenue Bonds, Series 2021** |
|  3.500% due 10/01/2046 | 500 | 364 |
|  **CSCDA Community Improvement Authority, California Revenue Bonds, Series 2022** | **CSCDA Community Improvement Authority, California Revenue Bonds, Series 2022** | **CSCDA Community Improvement Authority, California Revenue Bonds, Series 2022** |
|  0.000% due 09/01/2062 (b) | 200 | 95 |
|  **Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021** | **Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021** | **Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021** |
|  0.000% due 06/01/2066 (a) | 3500 | 408 |
|  3.850% due 06/01/2050 | 1000 | 886 |
|  **Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2022** | **Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2022** | **Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2022** |
|  5.000% due 06/01/2051 | 250 | 257 |
|  **Sacramento County, California Special Tax Bonds, Series 2022** | **Sacramento County, California Special Tax Bonds, Series 2022** | **Sacramento County, California Special Tax Bonds, Series 2022** |
|  5.000% due 09/01/2047 | 150 | 146 |
|  **San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2014** | **San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2014** | **San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2014** |
|  5.000% due 05/01/2044 | 250 | 250 |
|  **San Joaquin Hills Transportation Corridor Agency, California Revenue Bonds, Series 1993** | **San Joaquin Hills Transportation Corridor Agency, California Revenue Bonds, Series 1993** | **San Joaquin Hills Transportation Corridor Agency, California Revenue Bonds, Series 1993** |
|  0.000% due 01/01/2025 (a) | 500 | 474 |
|  **Tobacco Securitization Authority of Northern California Revenue Bonds, Series 2021** | **Tobacco Securitization Authority of Northern California Revenue Bonds, Series 2021** | **Tobacco Securitization Authority of Northern California Revenue Bonds, Series 2021** |
|  0.000% due 06/01/2060 (a) | 1000 | 156 |
|  **University of California Revenue Bonds, Series 2015** | **University of California Revenue Bonds, Series 2015** | **University of California Revenue Bonds, Series 2015** |
|  5.000% due 05/15/2040 | 500 | 518 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;6664 |
| **COLORADO 5.0%** | **COLORADO 5.0%** | **COLORADO 5.0%** |
|  **Colorado Health Facilities Authority Revenue Bonds, Series 2022** | **Colorado Health Facilities Authority Revenue Bonds, Series 2022** | **Colorado Health Facilities Authority Revenue Bonds, Series 2022** |
|  4.210% (MUNIPSA) due 05/15/2061 ~ | 500 | 494 |
|  5.000% due 05/15/2062 | 1500 | 1609 |
|  **Denver, Colorado Airport System City & County Revenue Bonds, Series 2022** | **Denver, Colorado Airport System City & County Revenue Bonds, Series 2022** | **Denver, Colorado Airport System City & County Revenue Bonds, Series 2022** |
|  5.000% due 11/15/2029 | 500 | 541 |
|  |  | 2644 |
| **FLORIDA 2.5%** | **FLORIDA 2.5%** | **FLORIDA 2.5%** |
|  **Greater Orlando Aviation Authority, Florida Revenue Bonds, Series 2015** | **Greater Orlando Aviation Authority, Florida Revenue Bonds, Series 2015** | **Greater Orlando Aviation Authority, Florida Revenue Bonds, Series 2015** |
|  5.000% due 10/01/2040 | 500 | 508 |
|  **Hernando County, Florida Revenue Bonds, Series 2022** | **Hernando County, Florida Revenue Bonds, Series 2022** | **Hernando County, Florida Revenue Bonds, Series 2022** |
|  5.250% due 06/01/2052 | 400 | 429 |
|  **Palm Beach County, Florida Health Facilities Authority Revenue Notes, Series 2022** | **Palm Beach County, Florida Health Facilities Authority Revenue Notes, Series 2022** | **Palm Beach County, Florida Health Facilities Authority Revenue Notes, Series 2022** |
|  5.000% due 11/01/2029 | 375 | 401 |
|  |  | 1338 |
| **GEORGIA 2.8%** | **GEORGIA 2.8%** | **GEORGIA 2.8%** |
|  **Main Street Natural Gas Inc, Georgia Revenue Bonds, Series 2021** | **Main Street Natural Gas Inc, Georgia Revenue Bonds, Series 2021** | **Main Street Natural Gas Inc, Georgia Revenue Bonds, Series 2021** |
|  4.000% due 07/01/2052 | 1000 | 992 |
|  **Municipal Electric Authority of Georgia Revenue Bonds, Series 2022** | **Municipal Electric Authority of Georgia Revenue Bonds, Series 2022** | **Municipal Electric Authority of Georgia Revenue Bonds, Series 2022** |
|  5.500% due 07/01/2063 | 500 | 505 |
|  |  | 1497 |
| **ILLINOIS 7.7%** | **ILLINOIS 7.7%** | **ILLINOIS 7.7%** |
|  **Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2022** | **Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2022** | **Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2022** |
|  5.500% due 01/01/2055 | 1000 | 1047 |
|  **Illinois Sales Tax State Revenue Notes, Series 2021** | **Illinois Sales Tax State Revenue Notes, Series 2021** | **Illinois Sales Tax State Revenue Notes, Series 2021** |
|  5.000% due 06/15/2031 | 1000 | 1072 |
|  **Illinois State General Obligation Bonds, Series 2016** | **Illinois State General Obligation Bonds, Series 2016** | **Illinois State General Obligation Bonds, Series 2016** |
|  4.000% due 06/01/2033 | 1000 | 939 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL**<br> **AMOUNT**<br> **(000S)** | **MARKET**<br> **VALUE**<br> **(000S)** |
|  **Sales Tax Securitization Corp., Illinois Revenue Bonds, Series 2018** | **Sales Tax Securitization Corp., Illinois Revenue Bonds, Series 2018** | **Sales Tax Securitization Corp., Illinois Revenue Bonds, Series 2018** |
|  5.000% due 01/01/2037 | 1000 | 1036 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;4094 |
| **INDIANA 3.3%** | **INDIANA 3.3%** | **INDIANA 3.3%** |
|  **Indiana Finance Authority Midwestern Disaster Relief Revenue Bonds, Series 2012** | **Indiana Finance Authority Midwestern Disaster Relief Revenue Bonds, Series 2012** | **Indiana Finance Authority Midwestern Disaster Relief Revenue Bonds, Series 2012** |
|  4.250% due 11/01/2030 | 250 | 242 |
|  **Indiana Finance Authority Revenue Bonds, Series 2022** | **Indiana Finance Authority Revenue Bonds, Series 2022** | **Indiana Finance Authority Revenue Bonds, Series 2022** |
|  4.500% due 12/15/2046 | 500 | 500 |
|  **Whiting, Indiana Revenue Bonds, Series 2019** | **Whiting, Indiana Revenue Bonds, Series 2019** | **Whiting, Indiana Revenue Bonds, Series 2019** |
|  5.000% due 12/01/2044 | 1000 | 1024 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1766 |
| **IOWA 0.4%** | **IOWA 0.4%** | **IOWA 0.4%** |
|  **Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds, Series 2022** | **Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds, Series 2022** | **Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds, Series 2022** |
|  4.000% due 12/01/2050 | 250 | 240 |
| **KENTUCKY 2.1%** | **KENTUCKY 2.1%** | **KENTUCKY 2.1%** |
|  **Scott County, Kentucky School District Finance Corp. Revenue Bonds, (BAM Insured), Series 2022** | **Scott County, Kentucky School District Finance Corp. Revenue Bonds, (BAM Insured), Series 2022** | **Scott County, Kentucky School District Finance Corp. Revenue Bonds, (BAM Insured), Series 2022** |
|  5.000% due 09/01/2041 | 1000 | 1090 |
| **LOUISIANA 1.0%** | **LOUISIANA 1.0%** | **LOUISIANA 1.0%** |
|  **Louisiana Local Government Environmental Facilities & Community Development Auth Revenue Notes, Series 2022** | **Louisiana Local Government Environmental Facilities & Community Development Auth Revenue Notes, Series 2022** | **Louisiana Local Government Environmental Facilities & Community Development Auth Revenue Notes, Series 2022** |
|  5.000% due 08/15/2026 | 475 | 508 |
| **MASSACHUSETTS 6.7%** | **MASSACHUSETTS 6.7%** | **MASSACHUSETTS 6.7%** |
|  **Commonwealth of Massachusetts General Obligation Bonds, Series 2020** | **Commonwealth of Massachusetts General Obligation Bonds, Series 2020** | **Commonwealth of Massachusetts General Obligation Bonds, Series 2020** |
|  2.029% due 07/01/2035 | 500 | 359 |
|  **Commonwealth of Massachusetts General Obligation Bonds, Series 2022** | **Commonwealth of Massachusetts General Obligation Bonds, Series 2022** | **Commonwealth of Massachusetts General Obligation Bonds, Series 2022** |
|  5.250% due 10/01/2047 | 1000 | 1112 |
|  **Massachusetts Development Finance Agency Revenue Bonds, Series 2013** | **Massachusetts Development Finance Agency Revenue Bonds, Series 2013** | **Massachusetts Development Finance Agency Revenue Bonds, Series 2013** |
|  5.000% due 07/01/2044 | 500 | 501 |
|  **Massachusetts Development Finance Agency Revenue Bonds, Series 2018** | **Massachusetts Development Finance Agency Revenue Bonds, Series 2018** | **Massachusetts Development Finance Agency Revenue Bonds, Series 2018** |
|  5.000% due 07/01/2048 | 500 | 508 |
|  **Massachusetts Development Finance Agency Revenue Bonds, Series 2022** | **Massachusetts Development Finance Agency Revenue Bonds, Series 2022** | **Massachusetts Development Finance Agency Revenue Bonds, Series 2022** |
|  5.000% due 10/01/2038 | 500 | 567 |
|  **Massachusetts Port Authority Revenue Bonds, Series 2022** | **Massachusetts Port Authority Revenue Bonds, Series 2022** | **Massachusetts Port Authority Revenue Bonds, Series 2022** |
|  5.000% due 07/01/2036 | 500 | 538 |
|  |  | 3585 |
| **MICHIGAN 1.4%** | **MICHIGAN 1.4%** | **MICHIGAN 1.4%** |
|  **Michigan Finance Authority Revenue Bonds, Series 2020** | **Michigan Finance Authority Revenue Bonds, Series 2020** | **Michigan Finance Authority Revenue Bonds, Series 2020** |
|  0.000% due 06/01/2065 (a) | 2500 | 218 |
|  5.000% due 06/01/2040 | 500 | 506 |
|  |  | 724 |
| **NEVADA 0.2%** | **NEVADA 0.2%** | **NEVADA 0.2%** |
|  **Reno, Nevada Revenue Bonds, Series 2018** | **Reno, Nevada Revenue Bonds, Series 2018** | **Reno, Nevada Revenue Bonds, Series 2018** |
|  0.000% due 07/01/2058 (a) | 1000 | 118 |
| **NEW JERSEY 2.3%** | **NEW JERSEY 2.3%** | **NEW JERSEY 2.3%** |
|  **New Jersey Transportation Trust Fund Authority Revenue Bonds, (NPFGC Insured), Series 2006** | **New Jersey Transportation Trust Fund Authority Revenue Bonds, (NPFGC Insured), Series 2006** | **New Jersey Transportation Trust Fund Authority Revenue Bonds, (NPFGC Insured), Series 2006** |
|  0.000% due 12/15/2031 (a) | 250 | 174 |

---

---

| | | |
|:---|:---|:---|
| **98** | **PIMCO ETF TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL**<br> **AMOUNT**<br> **(000S)** | **MARKET**<br> **VALUE**<br> **(000S)** |
|  **New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2018** | **New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2018** | **New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2018** |
|  5.000% due 12/15/2036 | 1000 | 1048 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1222 |
| **NEW MEXICO 0.7%** | **NEW MEXICO 0.7%** | **NEW MEXICO 0.7%** |
|  **New Mexico Hospital Equipment Loan Council Revenue Bonds, Series 2017** | **New Mexico Hospital Equipment Loan Council Revenue Bonds, Series 2017** | **New Mexico Hospital Equipment Loan Council Revenue Bonds, Series 2017** |
|  4.000% due 08/01/2039 | 350 | 346 |
| **NEW YORK 6.0%** | **NEW YORK 6.0%** | **NEW YORK 6.0%** |
|  **New York City, New York General Obligation Bonds, Series 2022** | **New York City, New York General Obligation Bonds, Series 2022** | **New York City, New York General Obligation Bonds, Series 2022** |
|  5.250% due 10/01/2041 | 250 | 279 |
|  **New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2022** | **New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2022** | **New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2022** |
|  5.500% due 11/01/2045 | 500 | 563 |
|  **New York Liberty Development Corp. Revenue Bonds, Series 2005** | **New York Liberty Development Corp. Revenue Bonds, Series 2005** | **New York Liberty Development Corp. Revenue Bonds, Series 2005** |
|  5.250% due 10/01/2035 | 250 | 275 |
|  **New York Liberty Development Corp. Revenue Bonds, Series 2014** | **New York Liberty Development Corp. Revenue Bonds, Series 2014** | **New York Liberty Development Corp. Revenue Bonds, Series 2014** |
|  5.000% due 11/15/2044 | 350 | 319 |
|  **New York State Dormitory Authority Revenue Bonds, Series 2022** | **New York State Dormitory Authority Revenue Bonds, Series 2022** | **New York State Dormitory Authority Revenue Bonds, Series 2022** |
|  4.000% due 03/15/2039 | 250 | 244 |
|  **New York State Urban Development Corp. Revenue Notes, Series 2022** | **New York State Urban Development Corp. Revenue Notes, Series 2022** | **New York State Urban Development Corp. Revenue Notes, Series 2022** |
|  5.000% due 03/15/2029 | 500 | 567 |
|  **New York Transportation Development Corp. Revenue Notes, Series 2020** | **New York Transportation Development Corp. Revenue Notes, Series 2020** | **New York Transportation Development Corp. Revenue Notes, Series 2020** |
|  4.000% due 10/01/2030 | 250 | 242 |
|  **Suffolk Tobacco Asset Securitization Corp., New York Revenue Bonds, Series 2021** | **Suffolk Tobacco Asset Securitization Corp., New York Revenue Bonds, Series 2021** | **Suffolk Tobacco Asset Securitization Corp., New York Revenue Bonds, Series 2021** |
|  0.000% due 06/01/2066 (a) | 1500 | 155 |
|  4.000% due 06/01/2050 | 300 | 251 |
|  **Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2022** | **Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2022** | **Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2022** |
|  5.000% due 11/15/2032 | 250 | 296 |
|  |  | 3191 |
| **NORTH CAROLINA 2.2%** | **NORTH CAROLINA 2.2%** | **NORTH CAROLINA 2.2%** |
|  **Charlotte-Mecklenburg Hospital Authority, North Carolina Revenue Bonds, Series 2021** | **Charlotte-Mecklenburg Hospital Authority, North Carolina Revenue Bonds, Series 2021** | **Charlotte-Mecklenburg Hospital Authority, North Carolina Revenue Bonds, Series 2021** |
|  5.000% due 01/15/2049 | 1000 | 1147 |
| **OHIO 3.7%** | **OHIO 3.7%** | **OHIO 3.7%** |
|  **Allen County, Ohio Hospital Facilities Revenue Bonds, Series 2017** | **Allen County, Ohio Hospital Facilities Revenue Bonds, Series 2017** | **Allen County, Ohio Hospital Facilities Revenue Bonds, Series 2017** |
|  5.000% due 08/01/2029 | 1000 | 1096 |
|  **Buckeye Tobacco Settlement Financing Authority, Ohio Revenue Bonds, Series 2020** | **Buckeye Tobacco Settlement Financing Authority, Ohio Revenue Bonds, Series 2020** | **Buckeye Tobacco Settlement Financing Authority, Ohio Revenue Bonds, Series 2020** |
|  5.000% due 06/01/2055 | 250 | 217 |
|  **Ohio Air Quality Development Authority Duke Energy Corporation Project Revenue Bonds, Series 2022** | **Ohio Air Quality Development Authority Duke Energy Corporation Project Revenue Bonds, Series 2022** | **Ohio Air Quality Development Authority Duke Energy Corporation Project Revenue Bonds, Series 2022** |
|  4.250% due 11/01/2039 | 500 | 499 |
|  **Ohio Air Quality Development Authority Revenue Bonds, Series 2019** | **Ohio Air Quality Development Authority Revenue Bonds, Series 2019** | **Ohio Air Quality Development Authority Revenue Bonds, Series 2019** |
|  5.000% due 07/01/2049 | 200 | 178 |
|  |  | 1990 |
| **PENNSYLVANIA 6.4%** | **PENNSYLVANIA 6.4%** | **PENNSYLVANIA 6.4%** |
|  **Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania Revenue Bonds, Series 2022** | **Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania Revenue Bonds, Series 2022** | **Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania Revenue Bonds, Series 2022** |
|  5.250% due 05/01/2042 | 200 | 193 |
|  **Commonwealth of Pennsylvania General Obligation Bonds, Series 2016** | **Commonwealth of Pennsylvania General Obligation Bonds, Series 2016** | **Commonwealth of Pennsylvania General Obligation Bonds, Series 2016** |
|  4.000% due 09/15/2034 | 500 | 508 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL**<br> **AMOUNT**<br> **(000S)** | **MARKET**<br> **VALUE**<br> **(000S)** |
|  **Lehigh County, Pennsylvania Revenue Bonds, Series 2019** | **Lehigh County, Pennsylvania Revenue Bonds, Series 2019** | **Lehigh County, Pennsylvania Revenue Bonds, Series 2019** |
|  4.760% (MUNIPSA) due 08/15/2038 ~(c) | 970 | 958 |
|  **Montgomery County, Pennsylvania Higher Education and Health Authority Revenue Bonds, Series 2022** | **Montgomery County, Pennsylvania Higher Education and Health Authority Revenue Bonds, Series 2022** | **Montgomery County, Pennsylvania Higher Education and Health Authority Revenue Bonds, Series 2022** |
|  4.000% due 05/01/2038 | 500 | 475 |
|  **Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2015** | **Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2015** | **Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2015** |
|  5.000% due 12/31/2030 | 250 | 255 |
|  5.000% due 12/31/2038 | 500 | 501 |
|  **Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2022** | **Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2022** | **Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2022** |
|  5.500% due 06/30/2039 | 500 | 524 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3414 |
| **PUERTO RICO 4.9%** | **PUERTO RICO 4.9%** | **PUERTO RICO 4.9%** |
|  **Commonwealth of Puerto Rico Bonds, Series 2022** | **Commonwealth of Puerto Rico Bonds, Series 2022** | **Commonwealth of Puerto Rico Bonds, Series 2022** |
|  0.000% due 11/01/2043 (a) | 273 | 120 |
|  0.000% due 11/01/2051 (a) | 1249 | 472 |
|  **Commonwealth of Puerto Rico General Obligation Bonds, Series 2021** | **Commonwealth of Puerto Rico General Obligation Bonds, Series 2021** | **Commonwealth of Puerto Rico General Obligation Bonds, Series 2021** |
|  4.000% due 07/01/2041 | 400 | 314 |
|  **Commonwealth of Puerto Rico General Obligation Notes, Series 2021** | **Commonwealth of Puerto Rico General Obligation Notes, Series 2021** | **Commonwealth of Puerto Rico General Obligation Notes, Series 2021** |
|  0.000% due 07/01/2024 (a) | 12 | 11 |
|  5.625% due 07/01/2027 | 38 | 39 |
|  **GDB Debt Recovery Authority of Puerto Rico Revenue Bonds, Series 2018** | **GDB Debt Recovery Authority of Puerto Rico Revenue Bonds, Series 2018** | **GDB Debt Recovery Authority of Puerto Rico Revenue Bonds, Series 2018** |
|  7.500% due 08/20/2040 ^ | 230 | 192 |
|  **Puerto Rico Highway & Transportation Authority Revenue Bonds, Series 2022** | **Puerto Rico Highway & Transportation Authority Revenue Bonds, Series 2022** | **Puerto Rico Highway & Transportation Authority Revenue Bonds, Series 2022** |
|  0.000% due 07/01/2053 (b) | 225 | 125 |
|  **Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018** | **Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018** | **Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018** |
|  0.000% due 07/01/2046 (a) | 500 | 124 |
|  0.000% due 07/01/2051 (a) | 5400 | 979 |
|  **Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2019** | **Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2019** | **Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2019** |
|  4.550% due 07/01/2040 | 250 | 230 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2606 |
| **RHODE ISLAND 1.3%** | **RHODE ISLAND 1.3%** | **RHODE ISLAND 1.3%** |
|  **Tobacco Settlement Financing Corp., Rhode Island Revenue Bonds, Series 2015** | **Tobacco Settlement Financing Corp., Rhode Island Revenue Bonds, Series 2015** | **Tobacco Settlement Financing Corp., Rhode Island Revenue Bonds, Series 2015** |
|  5.000% due 06/01/2040 | 500 | 503 |
|  5.000% due 06/01/2050 | 200 | 198 |
|  |  | 701 |
| **SOUTH CAROLINA 1.2%** | **SOUTH CAROLINA 1.2%** | **SOUTH CAROLINA 1.2%** |
|  **Columbia, South Carolina Waterworks & Sewer System Revenue Bonds, Series 2022** | **Columbia, South Carolina Waterworks & Sewer System Revenue Bonds, Series 2022** | **Columbia, South Carolina Waterworks & Sewer System Revenue Bonds, Series 2022** |
|  4.250% due 02/01/2041 | 625 | 625 |
| **TENNESSEE 1.8%** | **TENNESSEE 1.8%** | **TENNESSEE 1.8%** |
|  **Tennergy Corp., Tennessee Revenue Bonds, Series 2021** | **Tennergy Corp., Tennessee Revenue Bonds, Series 2021** | **Tennergy Corp., Tennessee Revenue Bonds, Series 2021** |
|  4.000% due 12/01/2051 | 1000 | 978 |
| **TEXAS 2.1%** | **TEXAS 2.1%** | **TEXAS 2.1%** |
|  **Angelina & Neches River Authority, Texas Revenue Bonds, Series 2021** | **Angelina & Neches River Authority, Texas Revenue Bonds, Series 2021** | **Angelina & Neches River Authority, Texas Revenue Bonds, Series 2021** |
|  3.200% due 12/01/2045 | 250 | 249 |
|  **Central Texas Turnpike System Revenue Bonds, Series 2015** | **Central Texas Turnpike System Revenue Bonds, Series 2015** | **Central Texas Turnpike System Revenue Bonds, Series 2015** |
|  0.000% due 08/15/2037 (a) | 250 | 128 |
|  **Matagorda County, Texas Navigation District No 1 Revenue Bonds, Series 2001** | **Matagorda County, Texas Navigation District No 1 Revenue Bonds, Series 2001** | **Matagorda County, Texas Navigation District No 1 Revenue Bonds, Series 2001** |
|  2.600% due 11/01/2029 | 250 | 223 |
|  **New Hope Cultural Education Facilities Finance Corp., Texas Revenue Bonds, Series 2019** | **New Hope Cultural Education Facilities Finance Corp., Texas Revenue Bonds, Series 2019** | **New Hope Cultural Education Facilities Finance Corp., Texas Revenue Bonds, Series 2019** |
|  4.000% due 12/01/2054 | 250 | 166 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL**<br> **AMOUNT**<br> **(000S)** | **MARKET**<br> **VALUE**<br> **(000S)** |
|  **New Hope Cultural Education Facilities Finance Corp., Texas Revenue Bonds, Series 2021** | **New Hope Cultural Education Facilities Finance Corp., Texas Revenue Bonds, Series 2021** | **New Hope Cultural Education Facilities Finance Corp., Texas Revenue Bonds, Series 2021** |
|  5.500% due 01/01/2057 | 100 | 72 |
|  **Texas Water Development Board Revenue Bonds, Series 2022** | **Texas Water Development Board Revenue Bonds, Series 2022** | **Texas Water Development Board Revenue Bonds, Series 2022** |
|  5.000% due 10/15/2057 | 250 | 269 |
|  |  | 1107 |
| **U.S. VIRGIN ISLANDS 1.9%** | **U.S. VIRGIN ISLANDS 1.9%** | **U.S. VIRGIN ISLANDS 1.9%** |
|  **Matching Fund Special Purpose Securitization Corp., U.S. Virgin Islands Revenue Bonds, Series 2022** | **Matching Fund Special Purpose Securitization Corp., U.S. Virgin Islands Revenue Bonds, Series 2022** | **Matching Fund Special Purpose Securitization Corp., U.S. Virgin Islands Revenue Bonds, Series 2022** |
|  5.000% due 10/01/2039 | 500 | 501 |
|  **Matching Fund Special Purpose Securitization Corp., U.S. Virgin Islands Revenue Notes, Series 2022** | **Matching Fund Special Purpose Securitization Corp., U.S. Virgin Islands Revenue Notes, Series 2022** | **Matching Fund Special Purpose Securitization Corp., U.S. Virgin Islands Revenue Notes, Series 2022** |
|  5.000% due 10/01/2026 | 500 | 514 |
|  |  | 1015 |
| **VIRGINIA 1.1%** | **VIRGINIA 1.1%** | **VIRGINIA 1.1%** |
|  **Farms New Kent Community Development Authority, Virginia Special Assessment Bonds, Series 2021** | **Farms New Kent Community Development Authority, Virginia Special Assessment Bonds, Series 2021** | **Farms New Kent Community Development Authority, Virginia Special Assessment Bonds, Series 2021** |
|  3.750% due 03/01/2036 | 330 | 303 |
|  **Virginia College Building Authority Revenue Bonds, Series 2019** | **Virginia College Building Authority Revenue Bonds, Series 2019** | **Virginia College Building Authority Revenue Bonds, Series 2019** |
|  4.000% due 02/01/2034 | 250 | 260 |
|  |  | 563 |
| **WASHINGTON 0.6%** | **WASHINGTON 0.6%** | **WASHINGTON 0.6%** |
|  **Washington State Convention Center Public Facilities District Revenue Notes, Series 2021** | **Washington State Convention Center Public Facilities District Revenue Notes, Series 2021** | **Washington State Convention Center Public Facilities District Revenue Notes, Series 2021** |
|  4.000% due 07/01/2031 | 350 | 321 |
| **WISCONSIN 3.9%** | **WISCONSIN 3.9%** | **WISCONSIN 3.9%** |
|  **Public Finance Authority, Wisconsin Revenue Bonds, Series 2021** | **Public Finance Authority, Wisconsin Revenue Bonds, Series 2021** | **Public Finance Authority, Wisconsin Revenue Bonds, Series 2021** |
|  4.000% due 10/01/2041 | 250 | 257 |
|  4.000% due 03/31/2056 | 250 | 189 |
|  **Public Finance Authority, Wisconsin Revenue Bonds, Series 2022** | **Public Finance Authority, Wisconsin Revenue Bonds, Series 2022** | **Public Finance Authority, Wisconsin Revenue Bonds, Series 2022** |
|  4.000% due 10/01/2052 | 400 | 347 |
|  **University of Wisconsin Hospitals & Clinics Revenue Bonds, Series 2021** | **University of Wisconsin Hospitals & Clinics Revenue Bonds, Series 2021** | **University of Wisconsin Hospitals & Clinics Revenue Bonds, Series 2021** |
|  4.000% due 04/01/2046 | 750 | 715 |
|  **Wisconsin Center District Revenue Bonds, (AGM Insured), Series 2020** | **Wisconsin Center District Revenue Bonds, (AGM Insured), Series 2020** | **Wisconsin Center District Revenue Bonds, (AGM Insured), Series 2020** |
|  0.000% due 12/15/2045 (a) | 1000 | 323 |
|  **Wisconsin State General Obligation Notes, Series 2022** | **Wisconsin State General Obligation Notes, Series 2022** | **Wisconsin State General Obligation Notes, Series 2022** |
|  4.080% (MUNIPSA) due 05/01/2025 ~ | 240 | 237 |
|  |  | 2068 |
| **Total Municipal Bonds & Notes (Cost $48,044)** | **Total Municipal Bonds & Notes (Cost $48,044)** | **47866** |
| **SHORT-TERM INSTRUMENTS 7.5%** | **SHORT-TERM INSTRUMENTS 7.5%** | **SHORT-TERM INSTRUMENTS 7.5%** |
| **REPURCHASE AGREEMENTS (d) 7.5%** | **REPURCHASE AGREEMENTS (d) 7.5%** | **REPURCHASE AGREEMENTS (d) 7.5%** |
|  |  | 4000 |
| **Total Short-Term Instruments<br>(Cost $4,000)** | **Total Short-Term Instruments<br>(Cost $4,000)** | **4000** |
| **Total Investments in Securities<br>(Cost $52,364)** | **Total Investments in Securities<br>(Cost $52,364)** | **52159** |
| **Total Investments 98.2%<br>(Cost $52,364)** | **Total Investments 98.2%<br>(Cost $52,364)** | **52159** |
|  **Financial Derivative<br>Instruments (e) 0.0%**<br> **(Cost or Premiums, net $0)** |  | **4** |
| **Other Assets and Liabilities, net 1.8%** | **Other Assets and Liabilities, net 1.8%** | **952** |
| **Net Assets 100.0%** | **Net Assets 100.0%** | **53115** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **99** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO Municipal Income Opportunities Active Exchange-Traded Fund** | **(Cont.)** |

---

**NOTES TO SCHEDULE OF INVESTMENTS:** 

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

---

| | |
|:---|:---|
| **^** | **Security is in default.**  |

---

---

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

---

**(a)** **Zero coupon security.** 

**(b)** **Security becomes interest bearing at a future date.** 

&nbsp;&nbsp;&nbsp;&nbsp;**(c) RESTRICTED SECURITIES:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Issuer Description** | **Coupon** | **Maturity<br>Date** | **Acquisition<br>Date** | **Cost** | **Market<br>Value** | **Market Value<br>as Percentage<br>of Net Assets** |
|  Lehigh County, Pennsylvania Revenue Bonds, Series 2019 | 4.760% | 08/15/2038 | 09/14/2021 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;993 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;958 | 1.80% |

---

**BORROWINGS AND OTHER FINANCING TRANSACTIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;**(d) REPURCHASE AGREEMENTS:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Lending<br>Rate** | **Settlement<br>Date** | **Maturity<br>Date** | **Principal<br>Amount** | **Collateralized By** | **Collateral<br>(Received)** | **Repurchase<br>Agreements,<br>at Value** | **Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup>** |
| BPS | 4.310% | 12/30/2022 | 01/03/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | U.S. Treasury Inflation Protected Securities 0.250% due 02/15/2050 | $(4061) | $4000 | $4002 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** |  | $**(4061)** | $**4000** | $**4002** |

---

**BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY** 

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2022:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup>** | **Payable for<br>Reverse<br>Repurchase<br>Agreements** | **Payable for<br>Sale-Buyback<br>Transactions** | **Securities<br>Out on Loan** | **Total<br>Borrowings and<br>Other Financing<br>Transactions** | **Collateral<br>Pledged/(Received)** | **Net Exposure<sup>(2)</sup>** |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  BPS | $4002 | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4002 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4061) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59) |
|  **Total Borrowings and Other Financing Transactions** | $**4002** | $**0** | $**0** | $**0** |  |  |  |

---

<sup>(1)</sup> Includes accrued interest.

<sup>(2)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

&nbsp;&nbsp;&nbsp;&nbsp;**(e) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** 

**FUTURES CONTRACTS:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Variation Margin** | **Variation Margin** |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  U.S. Treasury 10-Year Note March Futures  | 03/2023 | 26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2920) | $7 | $4 | $0 |
|  **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | $**7** | $**4** | $**0** |

---

---

| | | |
|:---|:---|:---|
| **100** | **PIMCO ETF TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022 (Unaudited)

**FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY** 

The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of December 31, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** |
|  | **Market Value** | **Variation Margin<br>Asset** | **Variation Margin<br>Asset** | | **Market Value** | **Variation Margin<br>Liability** | **Variation Margin<br>Liability** | |
| | **Purchased<br>Options** | **Futures** | **Swap<br>Agreements** |<br>**Total** | **Written<br>Options** | **Futures** | **Swap<br>Agreements** |<br>**Total** |
|  **Total Exchange-Traded or Centrally Cleared** | $**0** | $**4** | $**0** | $**4** | $**0** | $**0** | $**0** | $**0** |

---

**Cash of $132 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2022. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.** 

**FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS** 

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
| | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  **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 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
| | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** |
|  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 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184 |
|  **Net Change in Unrealized (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized (Depreciation) on Financial Derivative Instruments** |
|  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 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) |

---

**FAIR VALUE MEASUREMENTS** 

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
|  **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 |
| &nbsp;&nbsp; Industrials | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $293 | $0 | $293 |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; Alabama | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1220 |
| &nbsp;&nbsp; Alaska | 0 | 263 | 0 | 263 |
| &nbsp;&nbsp; Arizona | 0 | 559 | 0 | 559 |
| &nbsp;&nbsp; Arkansas | 0 | 262 | 0 | 262 |
| &nbsp;&nbsp; California | 0 | 6664 | 0 | 6664 |
| &nbsp;&nbsp; Colorado | 0 | 2644 | 0 | 2644 |
| &nbsp;&nbsp; Florida | 0 | 1338 | 0 | 1338 |
| &nbsp;&nbsp; Georgia | 0 | 1497 | 0 | 1497 |
| &nbsp;&nbsp; Illinois | 0 | 4094 | 0 | 4094 |
| &nbsp;&nbsp; Indiana | 0 | 1766 | 0 | 1766 |
| &nbsp;&nbsp; Iowa | 0 | 240 | 0 | 240 |
| &nbsp;&nbsp; Kentucky | 0 | 1090 | 0 | 1090 |
| &nbsp;&nbsp; Louisiana | 0 | 508 | 0 | 508 |
| &nbsp;&nbsp; Massachusetts | 0 | 3585 | 0 | 3585 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
| &nbsp;&nbsp; Michigan | $0 | $724 | $0 | $724 |
| &nbsp;&nbsp; Nevada | 0 | 118 | 0 | 118 |
| &nbsp;&nbsp; New Jersey | 0 | 1222 | 0 | 1222 |
| &nbsp;&nbsp; New Mexico | 0 | 346 | 0 | 346 |
| &nbsp;&nbsp; New York | 0 | 3191 | 0 | 3191 |
| &nbsp;&nbsp; North Carolina | 0 | 1147 | 0 | 1147 |
| &nbsp;&nbsp; Ohio | 0 | 1990 | 0 | 1990 |
| &nbsp;&nbsp; Pennsylvania | 0 | 3414 | 0 | 3414 |
| &nbsp;&nbsp; Puerto Rico | 0 | 2606 | 0 | 2606 |
| &nbsp;&nbsp; Rhode Island | 0 | 701 | 0 | 701 |
| &nbsp;&nbsp; South Carolina | 0 | 625 | 0 | 625 |
| &nbsp;&nbsp; Tennessee | 0 | 978 | 0 | 978 |
| &nbsp;&nbsp; Texas | 0 | 1107 | 0 | 1107 |
| &nbsp;&nbsp; U.S. Virgin Islands | 0 | 1015 | 0 | 1015 |
| &nbsp;&nbsp; Virginia | 0 | 563 | 0 | 563 |
| &nbsp;&nbsp; Washington | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | 321 | 0 | 321 |
| &nbsp;&nbsp; Wisconsin | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2068 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **101** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO Municipal Income Opportunities Active Exchange-Traded Fund** | **(Cont.)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Repurchase Agreements | $0 | $4000 | $0 | $4000 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52159 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52159 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
|  **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 | $4 | $0 | $4 |
|  Total Financial Derivative Instruments | $0 | $4 | $0 | $4 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52163 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52163 |

---

There were no significant transfers into or out of Level 3 during the period ended December 31, 2022.

---

| | | |
|:---|:---|:---|
| **102** | **PIMCO ETF TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| **Schedule of Investments** | **PIMCO Senior Loan Active Exchange-Traded Fund** | December 31, 2022 | (Unaudited) |

---

**(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 104.7%** | **INVESTMENTS IN SECURITIES 104.7%** | **INVESTMENTS IN SECURITIES 104.7%** |
| **LOAN PARTICIPATIONS AND ASSIGNMENTS 84.5%** | **LOAN PARTICIPATIONS AND ASSIGNMENTS 84.5%** | **LOAN PARTICIPATIONS AND ASSIGNMENTS 84.5%** |
|  **ABG Intermediate Holdings 2 LLC** | **ABG Intermediate Holdings 2 LLC** | **ABG Intermediate Holdings 2 LLC** |
|  10.423% due 12/20/2029 | 350 | 322 |
|  **Advantage Sales & Marketing, Inc.** | **Advantage Sales & Marketing, Inc.** | **Advantage Sales & Marketing, Inc.** |
|  8.284% (LIBOR03M + 4.500%) due 10/28/2027 ~ | 546 | 454 |
|  **Alliant Holdings Intermediate LLC** | **Alliant Holdings Intermediate LLC** | **Alliant Holdings Intermediate LLC** |
|  7.634% (LIBOR01M + 3.250%) due 05/09/2025 ~ | 1141 | 1128 |
|  **Allied Universal Holdco LLC** | **Allied Universal Holdco LLC** | **Allied Universal Holdco LLC** |
|  8.173% (LIBOR01M + 3.750%) due 05/12/2028 ~ | 2436 | 2319 |
|  **Altar Bidco, Inc.** | **Altar Bidco, Inc.** | **Altar Bidco, Inc.** |
|  10.512% due 02/01/2030 | 500 | 429 |
|  **Altice France SA** | **Altice France SA** | **Altice France SA** |
|  7.767% (LIBOR03M + 3.688%) due 01/31/2026 ~ | 498 | 463 |
|  **American Airlines, Inc.** | **American Airlines, Inc.** | **American Airlines, Inc.** |
|  6.139% (LIBOR01M + 1.750%) due 06/27/2025 ~ | 850 | 819 |
|  8.993% (LIBOR03M + 4.750%) due 04/20/2028 ~ | 1800 | &nbsp;&nbsp;&nbsp;&nbsp;1795 |
|  **AmWINS Group, Inc.** | **AmWINS Group, Inc.** | **AmWINS Group, Inc.** |
|  6.634% (LIBOR01M + 2.250%) due 02/19/2028 ~ | 744 | 732 |
|  **AP Core Holdings LLC** | **AP Core Holdings LLC** | **AP Core Holdings LLC** |
|  9.884% (LIBOR01M + 5.500%) due 09/01/2027 ~ | 650 | 588 |
|  **Applied Systems, Inc.** | **Applied Systems, Inc.** | **Applied Systems, Inc.** |
|  9.080% due 09/18/2026 | 900 | 897 |
|  **AppLovin Corp.** | **AppLovin Corp.** | **AppLovin Corp.** |
|  9.750% (PRIME + 2.250%) due 08/15/2025 ~ | 398 | 384 |
|  **Arches Buyer, Inc.** | **Arches Buyer, Inc.** | **Arches Buyer, Inc.** |
|  7.634% (LIBOR01M + 3.250%) due 12/06/2027 ~ | 500 | 464 |
|  **Armor Holding LLC** | **Armor Holding LLC** | **Armor Holding LLC** |
|  9.541% due 12/11/2028 | 249 | 247 |
|  **ASP Unifrax Holdings, Inc.** | **ASP Unifrax Holdings, Inc.** | **ASP Unifrax Holdings, Inc.** |
|  8.480% (LIBOR03M + 3.750%) due 12/12/2025 ~ | 273 | 244 |
|  **AssuredPartners, Inc.** | **AssuredPartners, Inc.** | **AssuredPartners, Inc.** |
|  7.823% due 02/12/2027 | 398 | 387 |
|  **Asurion LLC** | **Asurion LLC** | **Asurion LLC** |
|  7.634% (LIBOR01M + 3.250%) due 12/23/2026 ~ | 447 | 399 |
|  **Bally's Corp.** | **Bally's Corp.** | **Bally's Corp.** |
|  7.542% (LIBOR03M + 3.250%) due 10/02/2028 ~ | 944 | 876 |
|  **Banff Merger Sub, Inc.** | **Banff Merger Sub, Inc.** | **Banff Merger Sub, Inc.** |
|  8.134% (LIBOR01M + 3.750%) due 10/02/2025 ~ | 1541 | 1479 |
|  **BCPE Empire Holdings, Inc.** | **BCPE Empire Holdings, Inc.** | **BCPE Empire Holdings, Inc.** |
|  8.384% (LIBOR01M + 4.000%) due 06/11/2026 ~ | 547 | 535 |
|  **Berry Global, Inc.** | **Berry Global, Inc.** | **Berry Global, Inc.** |
|  6.024% (LIBOR01M + 1.750%) due 07/01/2026 ~ | 1281 | 1273 |
|  **Birkenstock GmbH & Co. KG** | **Birkenstock GmbH & Co. KG** | **Birkenstock GmbH & Co. KG** |
|  7.690% (LIBOR03M + 3.250%) due 04/28/2028 ~ | 249 | 243 |
|  **Brand Energy & Infrastructure Services, Inc.** | **Brand Energy & Infrastructure Services, Inc.** | **Brand Energy & Infrastructure Services, Inc.** |
|  8.034% - 8.980% (LIBOR03M + 4.250%) due 06/21/2024 ~ | 1297 | 1165 |
|  **Brookfield WEC Holdings, Inc.** | **Brookfield WEC Holdings, Inc.** | **Brookfield WEC Holdings, Inc.** |
|  7.134% (LIBOR01M + 2.750%) due 08/01/2025 ~ | 1492 | 1473 |
|  **BWAY Holding Co.** | **BWAY Holding Co.** | **BWAY Holding Co.** |
|  7.370% - 7.634% (LIBOR01M + 3.250%) due 04/03/2024 ~ | 249 | 243 |
|  **Caesars Resort Collection LLC** | **Caesars Resort Collection LLC** | **Caesars Resort Collection LLC** |
|  7.884% (LIBOR01M + 3.500%) due 07/21/2025 ~ | 2482 | 2479 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Calpine Construction Finance Co. LP** | **Calpine Construction Finance Co. LP** | **Calpine Construction Finance Co. LP** |
|  6.384% (LIBOR01M + 2.000%) due 01/15/2025 ~ | 496 | 496 |
|  **Carnival Corp.** | **Carnival Corp.** | **Carnival Corp.** |
|  7.384% (LIBOR01M + 3.000%) due 06/30/2025 ~ | 249 | 239 |
|  **CDK Global, Inc.** | **CDK Global, Inc.** | **CDK Global, Inc.** |
|  9.080% due 07/06/2029 | 2103 | &nbsp;&nbsp;&nbsp;&nbsp;2088 |
|  **Cinemark USA, Inc.** | **Cinemark USA, Inc.** | **Cinemark USA, Inc.** |
|  6.140% - 6.480% (LIBOR01M + 1.750%) due 03/31/2025 ~ | 149 | 144 |
|  **Clear Channel Outdoor Holdings, Inc.** | **Clear Channel Outdoor Holdings, Inc.** | **Clear Channel Outdoor Holdings, Inc.** |
|  7.915% (LIBOR03M + 3.500%) due 08/21/2026 ~ | 1192 | 1088 |
|  **Clydesdale Acquisition Holdings, Inc.** | **Clydesdale Acquisition Holdings, Inc.** | **Clydesdale Acquisition Holdings, Inc.** |
|  8.598% due 04/13/2029 | 1766 | 1687 |
|  **CMG Media Corp.** | **CMG Media Corp.** | **CMG Media Corp.** |
|  8.230% (LIBOR03M + 3.500%) due 12/17/2026 ~ | 595 | 559 |
|  **CommScope, Inc.** | **CommScope, Inc.** | **CommScope, Inc.** |
|  7.634% (LIBOR01M + 3.250%) due 04/06/2026 ~ | 149 | 141 |
|  **Corelogic, Inc.** | **Corelogic, Inc.** | **Corelogic, Inc.** |
|  7.938% (LIBOR01M + 3.500%) due 06/02/2028 ~ | 298 | 250 |
|  **Cornerstone OnDemand, Inc.** | **Cornerstone OnDemand, Inc.** | **Cornerstone OnDemand, Inc.** |
|  8.134% (LIBOR01M + 3.750%) due 10/16/2028 ~ | 249 | 223 |
|  **CQP Holdco LP** | **CQP Holdco LP** | **CQP Holdco LP** |
|  8.480% (LIBOR03M + 3.750%) due 06/05/2028 ~ | 1743 | 1738 |
|  **DaVita, Inc.** | **DaVita, Inc.** | **DaVita, Inc.** |
|  6.134% (LIBOR01M + 1.750%) due 08/12/2026 ~ | 794 | 775 |
|  **Delta 2 Lux Sarl** | **Delta 2 Lux Sarl** | **Delta 2 Lux Sarl** |
|  TBD% due 01/15/2030 | 400 | 400 |
|  **Diamond BV** | **Diamond BV** | **Diamond BV** |
|  7.165% (LIBOR03M + 2.750%) due 09/29/2028 ~ | 499 | 483 |
|  **DirecTV Financing LLC** | **DirecTV Financing LLC** | **DirecTV Financing LLC** |
|  9.384% (LIBOR01M + 5.000%) due 08/02/2027 ~ | 2726 | 2660 |
|  **Dotdash Meredith, Inc.** | **Dotdash Meredith, Inc.** | **Dotdash Meredith, Inc.** |
|  8.224% due 12/01/2028 « | 249 | 216 |
|  **Elanco Animal Health, Inc.** | **Elanco Animal Health, Inc.** | **Elanco Animal Health, Inc.** |
|  5.870% (LIBOR01M + 1.750%) due 08/01/2027 ~ | 1154 | 1110 |
|  **Endure Digital, Inc.** | **Endure Digital, Inc.** | **Endure Digital, Inc.** |
|  7.717% (LIBOR01M + 3.500%) due 02/10/2028 ~ | 497 | 448 |
|  **Ensono LP** | **Ensono LP** | **Ensono LP** |
|  8.901% (LIBOR03M + 3.750%) due 05/26/2028 ~ | 343 | 309 |
|  **Finastra USA, Inc.** | **Finastra USA, Inc.** | **Finastra USA, Inc.** |
|  6.871% (LIBOR03M + 3.500%) due 06/13/2024 ~ | 1643 | 1457 |
|  **First Student Bidco, Inc.** | **First Student Bidco, Inc.** | **First Student Bidco, Inc.** |
|  7.726% (LIBOR03M + 3.000%) due 07/21/2028 ~ | 996 | 904 |
|  **Foundation Building Materials Holding Co. LLC** | **Foundation Building Materials Holding Co. LLC** | **Foundation Building Materials Holding Co. LLC** |
|  7.665% (LIBOR03M + 3.250%) due 01/31/2028 ~ | 347 | 330 |
|  **Froneri International Ltd.** | **Froneri International Ltd.** | **Froneri International Ltd.** |
|  6.634% (LIBOR01M + 2.250%) due 01/29/2027 ~ | 893 | 871 |
|  **Garda World Security Corp.** | **Garda World Security Corp.** | **Garda World Security Corp.** |
|  8.930% (LIBOR03M + 4.250%) due 10/30/2026 ~ | 250 | 244 |
|  **Genesee & Wyoming, Inc.** | **Genesee & Wyoming, Inc.** | **Genesee & Wyoming, Inc.** |
|  6.730% (LIBOR03M + 2.000%) due 12/30/2026 ~ | 695 | 692 |
|  **Global Medical Response, Inc.** | **Global Medical Response, Inc.** | **Global Medical Response, Inc.** |
|  8.634% (LIBOR01M + 4.250%) due 03/14/2025 ~ | 248 | 177 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Go Daddy Operating Co. LLC** | **Go Daddy Operating Co. LLC** | **Go Daddy Operating Co. LLC** |
|  7.573% due 10/21/2029 | 300 | 300 |
|  **Golden Entertainment, Inc.** | **Golden Entertainment, Inc.** | **Golden Entertainment, Inc.** |
|  7.390% (LIBOR01M + 3.000%) due 10/21/2024 «~ | 138 | 138 |
|  **Graham Packaging Co., Inc.** | **Graham Packaging Co., Inc.** | **Graham Packaging Co., Inc.** |
|  7.384% (LIBOR01M + 3.000%) due 08/04/2027 ~ | 595 | 586 |
|  **Gray Television, Inc.** | **Gray Television, Inc.** | **Gray Television, Inc.** |
|  6.620% (LIBOR01M + 2.500%) due 01/02/2026 ~ | 150 | 146 |
|  **Greeneden U.S. Holdings LLC** | **Greeneden U.S. Holdings LLC** | **Greeneden U.S. Holdings LLC** |
|  8.384% (LIBOR01M + 4.000%) due 12/01/2027 ~ | 1567 | 1508 |
|  **Grinding Media, Inc.** | **Grinding Media, Inc.** | **Grinding Media, Inc.** |
|  7.702% - 8.765% (LIBOR03M + 4.000%) due 10/12/2028 «~ | 249 | 233 |
|  **H Food Holdings LLC** | **H Food Holdings LLC** | **H Food Holdings LLC** |
|  8.071% (LIBOR01M + 3.688%) due 05/23/2025 ~ | 347 | 310 |
|  **Hub International Ltd.** | **Hub International Ltd.** | **Hub International Ltd.** |
|  7.232% - 7.730% (LIBOR03M + 3.250%) due 04/25/2025 ~ | 3282 | 3257 |
|  7.232% - 7.730% (LIBOR03M + 3.000%) due 04/25/2025 ~ | 99 | 99 |
|  8.220% due 11/10/2029 | 400 | 396 |
|  **Hyland Software, Inc.** | **Hyland Software, Inc.** | **Hyland Software, Inc.** |
|  7.884% (LIBOR01M + 3.500%) due 07/01/2024 ~ | 1273 | 1259 |
|  **INEOS Enterprises Holdings U.S. Finco LLC** | **INEOS Enterprises Holdings U.S. Finco LLC** | **INEOS Enterprises Holdings U.S. Finco LLC** |
|  8.235% (LIBOR03M + 3.500%) due 08/28/2026 ~ | 398 | 384 |
|  **Instant Brands Holdings, Inc.** | **Instant Brands Holdings, Inc.** | **Instant Brands Holdings, Inc.** |
|  9.735% (LIBOR03M + 5.000%) due 04/12/2028 ~ | 376 | 254 |
|  **IRB Holding Corp.** | **IRB Holding Corp.** | **IRB Holding Corp.** |
|  7.134% (LIBOR01M + 2.750%) due 02/05/2025 ~ | 1042 | 1034 |
|  **Ivanti Software, Inc.** | **Ivanti Software, Inc.** | **Ivanti Software, Inc.** |
|  9.011% (LIBOR03M + 4.250%) due 12/01/2027 ~ | 596 | 475 |
|  **Jazz Financing Lux SARL** | **Jazz Financing Lux SARL** | **Jazz Financing Lux SARL** |
|  7.884% (LIBOR01M + 3.500%) due 05/05/2028 ~ | 805 | 800 |
|  **LABL, Inc.** | **LABL, Inc.** | **LABL, Inc.** |
|  9.384% (LIBOR01M + 5.000%) due 10/29/2028 ~ | 675 | 642 |
|  **LBM Acquisition LLC** | **LBM Acquisition LLC** | **LBM Acquisition LLC** |
|  7.121% (LIBOR06M + 3.750%) due 12/17/2027 ~ | 1443 | 1257 |
|  **LifeMiles Ltd.** | **LifeMiles Ltd.** | **LifeMiles Ltd.** |
|  9.985% (LIBOR03M + 5.250%) due 08/30/2026 ~ | 714 | 666 |
|  **Madison IAQ LLC** | **Madison IAQ LLC** | **Madison IAQ LLC** |
|  7.988% (LIBOR03M + 3.250%) due 06/21/2028 ~ | 345 | 322 |
|  **Magenta Buyer LLC** | **Magenta Buyer LLC** | **Magenta Buyer LLC** |
|  9.170% (LIBOR03M + 4.750%) due 07/27/2028 ~ | 1420 | 1223 |
|  **Mattress Firm, Inc.** | **Mattress Firm, Inc.** | **Mattress Firm, Inc.** |
|  8.440% (LIBOR03M + 4.250%) due 09/25/2028 ~ | 191 | 164 |
|  **Mavenir Systems, Inc.** | **Mavenir Systems, Inc.** | **Mavenir Systems, Inc.** |
|  9.424% due 08/18/2028 ~ | 498 | 407 |
|  **Messer Industrie GmbH** | **Messer Industrie GmbH** | **Messer Industrie GmbH** |
|  7.230% (LIBOR03M + 2.500%) due 03/02/2026 ~ | 619 | 614 |
|  **MH Sub LLC** | **MH Sub LLC** | **MH Sub LLC** |
|  8.134% (LIBOR01M + 3.750%) due 09/13/2024 ~ | 1365 | 1329 |
|  **Mitchell International, Inc.** | **Mitchell International, Inc.** | **Mitchell International, Inc.** |
|  8.415% (LIBOR03M + 3.750%) due 10/15/2028 ~ | 1218 | 1126 |
|  **Mitnick Corporate Purchaser, Inc.** | **Mitnick Corporate Purchaser, Inc.** | **Mitnick Corporate Purchaser, Inc.** |
|  8.944% due 05/02/2029 | 499 | 469 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **103** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO Senior Loan Active Exchange-Traded Fund** | **(Cont.)** |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **MPH Acquisition Holdings LLC** | **MPH Acquisition Holdings LLC** | **MPH Acquisition Holdings LLC** |
|  8.985% (LIBOR03M + 4.250%) due 09/01/2028 ~ | 695 | 597 |
|  **Neptune Bidco U.S., Inc.** | **Neptune Bidco U.S., Inc.** | **Neptune Bidco U.S., Inc.** |
|  8.822% due 04/11/2029 | 1000 | 896 |
|  **Olympus Water U.S. Holding Corp.** | **Olympus Water U.S. Holding Corp.** | **Olympus Water U.S. Holding Corp.** |
|  8.500% (LIBOR03M + 3.750%) due 11/09/2028 ~ | 497 | 479 |
|  **Open Text Corp.** | **Open Text Corp.** | **Open Text Corp.** |
|  TBD% due 11/16/2029 | 1250 | 1224 |
|  **Padagis LLC** | **Padagis LLC** | **Padagis LLC** |
|  8.491% (LIBOR03M + 4.750%) due 07/06/2028 ~ | 275 | 245 |
|  **Parexel International Corp.** | **Parexel International Corp.** | **Parexel International Corp.** |
|  7.634% (LIBOR01M + 3.250%) due 11/15/2028 ~ | 1593 | 1538 |
|  **Park River Holdings, Inc.** | **Park River Holdings, Inc.** | **Park River Holdings, Inc.** |
|  6.993% (LIBOR03M + 3.250%) due 12/28/2027 ~ | 546 | 480 |
|  **Pelican Products, Inc.** | **Pelican Products, Inc.** | **Pelican Products, Inc.** |
|  8.420% - 8.980% (LIBOR03M + 4.250%) due 12/29/2028 ~ | 546 | 494 |
|  **Peraton Corp.** | **Peraton Corp.** | **Peraton Corp.** |
|  8.134% (LIBOR01M + 3.750%) due 02/01/2028 ~ | 1147 | 1122 |
|  **Phoenix Guarantor, Inc.** | **Phoenix Guarantor, Inc.** | **Phoenix Guarantor, Inc.** |
|  7.634% (LIBOR01M + 3.250%) due 03/05/2026 ~ | 695 | 653 |
|  **Playa Resorts Holding BV** | **Playa Resorts Holding BV** | **Playa Resorts Holding BV** |
|  8.576% due 01/05/2029 | 1000 | 977 |
|  **Polaris Newco LLC** | **Polaris Newco LLC** | **Polaris Newco LLC** |
|  8.730% (LIBOR03M + 4.000%) due 06/02/2028 ~ | 2586 | 2366 |
|  **Prime Security Services Borrower LLC** | **Prime Security Services Borrower LLC** | **Prime Security Services Borrower LLC** |
|  6.505% (LIBOR03M + 2.750%) due 09/23/2026 ~ | 794 | 788 |
|  **Proofpoint, Inc.** | **Proofpoint, Inc.** | **Proofpoint, Inc.** |
|  7.985% (LIBOR03M + 3.250%) due 08/31/2028 ~ | 1293 | 1247 |
|  **PUG LLC** | **PUG LLC** | **PUG LLC** |
|  8.634% (LIBOR01M + 4.250%) due 02/12/2027 «~ | 249 | 207 |
|  **Rackspace Technology Global, Inc.** | **Rackspace Technology Global, Inc.** | **Rackspace Technology Global, Inc.** |
|  7.380% (LIBOR03M + 2.750%) due 02/15/2028 ~ | 149 | 94 |
|  **Radiate Holdco LLC** | **Radiate Holdco LLC** | **Radiate Holdco LLC** |
|  7.634% (LIBOR01M + 3.250%) due 09/25/2026 ~ | 2587 | 2113 |
|  **RealPage, Inc.** | **RealPage, Inc.** | **RealPage, Inc.** |
|  7.384% (LIBOR01M + 3.000%) due 04/24/2028 ~ | 1865 | 1777 |
|  **RegionalCare Hospital Partners Holdings, Inc.** | **RegionalCare Hospital Partners Holdings, Inc.** | **RegionalCare Hospital Partners Holdings, Inc.** |
|  8.165% (LIBOR03M + 3.750%) due 11/16/2025 ~ | 2150 | 2032 |
|  **Sabre Global, Inc.** | **Sabre Global, Inc.** | **Sabre Global, Inc.** |
|  9.423% due 06/30/2028 | 499 | 462 |
|  **SBA Senior Finance LLC** | **SBA Senior Finance LLC** | **SBA Senior Finance LLC** |
|  6.140% (LIBOR01M + 1.750%) due 04/11/2025 ~ | 869 | 867 |
|  **Scientific Games Holdings LP** | **Scientific Games Holdings LP** | **Scientific Games Holdings LP** |
|  7.097% due 04/04/2029 | 150 | 143 |
|  **Scih Salt Holdings, Inc.** | **Scih Salt Holdings, Inc.** | **Scih Salt Holdings, Inc.** |
|  8.415% (LIBOR03M + 4.000%) due 03/16/2027 ~ | 273 | 266 |
|  **Sigma Bidco BV** | **Sigma Bidco BV** | **Sigma Bidco BV** |
|  5.899% (LIBOR06M + 3.000%) due 07/02/2025 ~ | 347 | 316 |
|  **Spirit AeroSystems, Inc.** | **Spirit AeroSystems, Inc.** | **Spirit AeroSystems, Inc.** |
|  8.823% due 01/15/2027 | 299 | 297 |
|  **Staples, Inc.** | **Staples, Inc.** | **Staples, Inc.** |
|  9.440% (LIBOR03M + 5.000%) due 04/16/2026 ~ | 747 | 692 |
|  **Stars Group Holdings BV** | **Stars Group Holdings BV** | **Stars Group Holdings BV** |
|  6.980% (LIBOR03M + 2.250%) due 07/21/2026 ~ | 844 | 833 |
|  8.092% due 07/22/2028 | 424 | 423 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Station Casinos LLC** | **Station Casinos LLC** | **Station Casinos LLC** |
|  6.640% (LIBOR01M + 2.250%) due 02/08/2027 ~ | 397 | 388 |
|  **Sunshine Investments BV** | **Sunshine Investments BV** | **Sunshine Investments BV** |
|  8.515% due 07/12/2029 | 275 | 267 |
|  **Surgery Center Holdings, Inc.** | **Surgery Center Holdings, Inc.** | **Surgery Center Holdings, Inc.** |
|  8.050% (LIBOR03M + 3.750%) due 08/31/2026 ~ | 314 | 311 |
|  **Syniverse Holdings, Inc.** | **Syniverse Holdings, Inc.** | **Syniverse Holdings, Inc.** |
|  11.580% due 05/13/2027 | 499 | 438 |
|  **Taboola.com Ltd.** | **Taboola.com Ltd.** | **Taboola.com Ltd.** |
|  8.387% (LIBOR01M + 4.000%) due 09/01/2028 «~ | 522 | 512 |
|  **Team Health Holdings, Inc.** | **Team Health Holdings, Inc.** | **Team Health Holdings, Inc.** |
|  7.134% (LIBOR01M + 2.750%) due 02/06/2024 ~ | 347 | 299 |
|  **Tibco Software, Inc.** | **Tibco Software, Inc.** | **Tibco Software, Inc.** |
|  9.180% due 03/30/2029 | 1250 | 1119 |
|  **Trans Union LLC** | **Trans Union LLC** | **Trans Union LLC** |
|  6.134% (LIBOR01M + 1.750%) due 11/16/2026 ~ | 793 | 784 |
|  **TransDigm, Inc.** | **TransDigm, Inc.** | **TransDigm, Inc.** |
|  6.980% (LIBOR03M + 2.250%) due 05/30/2025 ~ | 1696 | 1680 |
|  7.830% due 02/22/2027 | 2238 | 2234 |
|  **Trident TPI Holdings, Inc.** | **Trident TPI Holdings, Inc.** | **Trident TPI Holdings, Inc.** |
|  4.000% - 8.726% (LIBOR01M + 4.000%) due 09/15/2028 ~ | 31 | 30 |
|  4.000% - 8.726% (LIBOR03M + 4.000%) due 09/15/2028 ~ | 218 | 210 |
|  **U.S. Foods, Inc.** | **U.S. Foods, Inc.** | **U.S. Foods, Inc.** |
|  6.384% (LIBOR01M + 2.000%) due 09/13/2026 ~ | 342 | 339 |
|  **U.S. Renal Care, Inc.** | **U.S. Renal Care, Inc.** | **U.S. Renal Care, Inc.** |
|  9.438% (LIBOR01M + 5.000%) due 06/26/2026 ~ | 397 | 224 |
|  **Ultimate Software Group, Inc.** | **Ultimate Software Group, Inc.** | **Ultimate Software Group, Inc.** |
|  6.998% (LIBOR03M + 3.250%) due 05/04/2026 ~ | 1845 | 1760 |
|  8.134% (LIBOR01M + 3.750%) due 05/04/2026 ~ | 1389 | 1342 |
|  **United Airlines, Inc.** | **United Airlines, Inc.** | **United Airlines, Inc.** |
|  8.108% (LIBOR03M + 3.750%) due 04/21/2028 ~ | 1489 | 1474 |
|  **Univision Communications, Inc.** | **Univision Communications, Inc.** | **Univision Communications, Inc.** |
|  7.634% (LIBOR01M + 3.250%) due 03/15/2026 ~ | 847 | 835 |
|  7.634% (LIBOR01M + 3.250%) due 01/31/2029 ~ | 149 | 145 |
|  **USI, Inc.** | **USI, Inc.** | **USI, Inc.** |
|  8.330% due 11/22/2029 | 1222 | 1213 |
|  **Venga Finance SARL** | **Venga Finance SARL** | **Venga Finance SARL** |
|  9.485% (LIBOR03M + 4.750%) due 12/04/2028 ~ | 648 | 598 |
|  **Verscend Holding Corp.** | **Verscend Holding Corp.** | **Verscend Holding Corp.** |
|  8.384% (LIBOR01M + 4.000%) due 08/27/2025 ~ | 249 | 248 |
|  **Viad Corp.** | **Viad Corp.** | **Viad Corp.** |
|  9.384% (LIBOR01M + 5.000%) due 07/30/2028 ~ | 347 | 329 |
|  **Whatabrands LLC** | **Whatabrands LLC** | **Whatabrands LLC** |
|  7.634% (LIBOR01M + 3.250%) due 08/03/2028 ~ | 1194 | 1156 |
|  **Windstream Services LLC** | **Windstream Services LLC** | **Windstream Services LLC** |
|  10.673% (LIBOR01M + 6.250%) due 09/21/2027 ~ | 497 | 452 |
|  **Worldwide Express Operations LLC** | **Worldwide Express Operations LLC** | **Worldwide Express Operations LLC** |
|  8.730% (LIBOR03M + 4.000%) due 07/26/2028 ~ | 347 | 319 |
|  **Zayo Group Holdings, Inc.** | **Zayo Group Holdings, Inc.** | **Zayo Group Holdings, Inc.** |
|  8.573% due 03/09/2027 | 2593 | 2165 |
|  **Total Loan Participations and Assignments (Cost $107,224)** | **Total Loan Participations and Assignments (Cost $107,224)** | **105463** |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **CORPORATE BONDS & NOTES 8.0%** | **CORPORATE BONDS & NOTES 8.0%** | **CORPORATE BONDS & NOTES 8.0%** |
| **INDUSTRIALS 8.0%** | **INDUSTRIALS 8.0%** | **INDUSTRIALS 8.0%** |
|  **Allegiant Travel Co.** | **Allegiant Travel Co.** | **Allegiant Travel Co.** |
|  7.250% due 08/15/2027 | 300 | 286 |
|  **Bombardier, Inc.** | **Bombardier, Inc.** | **Bombardier, Inc.** |
|  7.125% due 06/15/2026 | 350 | 340 |
|  **Charter Communications Operating LLC** | **Charter Communications Operating LLC** | **Charter Communications Operating LLC** |
|  2.250% due 01/15/2029 | 2000 | 1613 |
|  **CommScope, Inc.** | **CommScope, Inc.** | **CommScope, Inc.** |
|  4.750% due 09/01/2029 | 350 | 283 |
|  **Community Health Systems, Inc.** | **Community Health Systems, Inc.** | **Community Health Systems, Inc.** |
|  5.250% due 05/15/2030 | 400 | 302 |
|  **DISH DBS Corp.** | **DISH DBS Corp.** | **DISH DBS Corp.** |
|  5.250% due 12/01/2026 | 400 | 338 |
|  **EnLink Midstream LLC** | **EnLink Midstream LLC** | **EnLink Midstream LLC** |
|  6.500% due 09/01/2030 | 200 | 198 |
|  **EQM Midstream Partners LP** | **EQM Midstream Partners LP** | **EQM Midstream Partners LP** |
|  4.500% due 01/15/2029 | 500 | 421 |
|  **Foundation Building Materials, Inc.** | **Foundation Building Materials, Inc.** | **Foundation Building Materials, Inc.** |
|  6.000% due 03/01/2029 | 250 | 188 |
|  **GYP Holdings Corp.** | **GYP Holdings Corp.** | **GYP Holdings Corp.** |
|  4.625% due 05/01/2029 | 500 | 409 |
|  **Innophos Holdings, Inc.** | **Innophos Holdings, Inc.** | **Innophos Holdings, Inc.** |
|  9.375% due 02/15/2028 | 500 | 491 |
|  **Kaiser Aluminum Corp.** | **Kaiser Aluminum Corp.** | **Kaiser Aluminum Corp.** |
|  4.500% due 06/01/2031 | 800 | 644 |
|  **Manitowoc Co., Inc.** | **Manitowoc Co., Inc.** | **Manitowoc Co., Inc.** |
|  9.000% due 04/01/2026 | 500 | 471 |
|  **Olympus Water US Holding Corp.** | **Olympus Water US Holding Corp.** | **Olympus Water US Holding Corp.** |
|  7.125% due 10/01/2027 | 300 | 288 |
|  **Pactiv Evergreen Group Issuer, Inc.** | **Pactiv Evergreen Group Issuer, Inc.** | **Pactiv Evergreen Group Issuer, Inc.** |
|  4.000% due 10/15/2027 | 850 | 755 |
|  **Rackspace Technology Global, Inc.** | **Rackspace Technology Global, Inc.** | **Rackspace Technology Global, Inc.** |
|  3.500% due 02/15/2028 | 750 | 437 |
|  **Spirit AeroSystems, Inc.** | **Spirit AeroSystems, Inc.** | **Spirit AeroSystems, Inc.** |
|  4.600% due 06/15/2028 | 400 | 324 |
|  **Triumph Group, Inc.** | **Triumph Group, Inc.** | **Triumph Group, Inc.** |
|  6.250% due 09/15/2024 | 350 | 332 |
|  **Wesco Aircraft Holdings, Inc. (7.500% Cash and 3.000% PIK)** | **Wesco Aircraft Holdings, Inc. (7.500% Cash and 3.000% PIK)** | **Wesco Aircraft Holdings, Inc. (7.500% Cash and 3.000% PIK)** |
|  10.500% due 11/15/2026 (a) | 355 | 328 |
|  **White Cap Buyer LLC** | **White Cap Buyer LLC** | **White Cap Buyer LLC** |
|  6.875% due 10/15/2028 | 1850 | 1603 |
| **Total Corporate Bonds & Notes (Cost $10,565)** | **Total Corporate Bonds & Notes (Cost $10,565)** | **10051** |
| **SHORT-TERM INSTRUMENTS 12.2%** | **SHORT-TERM INSTRUMENTS 12.2%** | **SHORT-TERM INSTRUMENTS 12.2%** |
| **REPURCHASE AGREEMENTS (b) 10.5%** | **REPURCHASE AGREEMENTS (b) 10.5%** | **REPURCHASE AGREEMENTS (b) 10.5%** |
|  |  | 13100 |
| **SHORT-TERM NOTES 1.7%** | **SHORT-TERM NOTES 1.7%** | **SHORT-TERM NOTES 1.7%** |
|  **Federal Home Loan Bank** | **Federal Home Loan Bank** | **Federal Home Loan Bank** |
|  4.320% due 01/06/2023 - 01/10/2023 •  | 2100 | 2100 |
| **Total Short-Term Instruments<br>(Cost $15,200)** | **Total Short-Term Instruments<br>(Cost $15,200)** | **15200** |
| **Total Investments in Securities<br>(Cost $132,989)** | **Total Investments in Securities<br>(Cost $132,989)** | **130714** |
| **Total Investments 104.7%<br>(Cost $132,989)** | **Total Investments 104.7%<br>(Cost $132,989)** | **130714** |
|  **Financial Derivative<br>Instruments (c)(d) (0.1)%**<br> **(Cost or Premiums, net $295)** |  | **(178)** |
| **Other Assets and Liabilities, net (4.6)%** | **Other Assets and Liabilities, net (4.6)%** | **(5685)** |
| **Net Assets 100.0%** | **Net Assets 100.0%** | **124851** |

---

---

| | | |
|:---|:---|:---|
| **104** | **PIMCO ETF TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022 (Unaudited)

**NOTES TO SCHEDULE OF INVESTMENTS:** 

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

---

| | |
|:---|:---|
| **«** | **Security valued using significant unobservable inputs (Level 3).**  |

---

---

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

---

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

**(a)** **Payment in-kind security.** 

**BORROWINGS AND OTHER FINANCING TRANSACTIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;**(b) REPURCHASE AGREEMENTS:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Lending<br>Rate** | **Settlement<br>Date** | **Maturity<br>Date** | **Principal<br>Amount** | **Collateralized By** | **Collateral<br>(Received)** | **Repurchase<br>Agreements,<br>at Value** | **Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup>** |
| BPS | 4.100% | 12/30/2022 | 01/03/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13100 | U.S. Treasury Notes 1.625% due 05/15/2031 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13388) | $13100 | $13106 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** |  | $**(13388)** | $**13100** | $**13106** |

---

**BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY** 

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2022:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup>** | **Payable for<br>Reverse<br>Repurchase<br>Agreements** | **Payable for<br>Sale-Buyback<br>Transactions** | **Securities<br>Out on Loan** | **Total<br>Borrowings and<br>Other Financing<br>Transactions** | **Collateral<br>Pledged/(Received)** | **Net Exposure<sup>(2)</sup>** |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  BPS | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13106 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13106 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13388) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(282) |
|  **Total Borrowings and Other Financing Transactions** | $**13106** | $**0** | $**0** | $**0** |  |  |  |

---

<sup>(1)</sup> Includes accrued interest.

<sup>(2)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

&nbsp;&nbsp;&nbsp;&nbsp;**(c) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** 

**SWAP AGREEMENTS:** 

**INTEREST RATE SWAPS** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.750% | Annual | 06/15/2027 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288 | $248 | $536 | $12 | $0 |
|  **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | $**288** | $**248** | $**536** | $**12** | $**0** |

---

**FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY** 

The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of December 31, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** |
|  | **Market Value** | **Variation Margin<br>Asset** | **Variation Margin<br>Asset** | **Total** | **Market Value** | **Variation Margin<br>Liability** | **Variation Margin<br>Liability** | **Total** |
| | **Purchased<br>Options** | **Futures** | **Swap<br>Agreements** | **Total** | **Written<br>Options** | **Futures** | **Swap<br>Agreements** | **Total** |
|  **Total Exchange-Traded or Centrally Cleared** | $**0** | $**0** | $**12** | $**12** | $**0** | $**0** | $**0** | $**0** |

---

**Cash of $170 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2022. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **105** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO Senior Loan Active Exchange-Traded Fund** | **(Cont.)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;**(d) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** 

**SWAP AGREEMENTS:** 

**TOTAL RETURN SWAPS ON INDICES** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Pay/<br>Receive<sup>(1)</sup>** | **Underlying Reference** | **# of Units** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Swap Agreements,<br>at Value** | **Swap Agreements,<br>at Value** |
| **Counterparty** | **Pay/<br>Receive<sup>(1)</sup>** | **Underlying Reference** | **# of Units** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  MYC | Receive | iBoxx USD Liquid Leveraged Loans Index | N/A |  | Maturity | 03/20/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8600 | $7 | $(197) | $0 | $(190) |
|  **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | $**7** | $**(197)** | $**0** | $**(190)** |

---

**FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY** 

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of December 31, 2022:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | | | |
| <br>**Counterparty** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Purchased<br>Options** | **Swap<br>Agreements** | **Total<br>Over the<br>Counter** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Written<br>Options** | **Swap<br>Agreements** | **Total<br>Over the<br>Counter** |<br>**Net Market<br>Value of OTC<br>Derivatives** |<br>**Collateral<br>Pledged/<br>(Received)** |<br>**Net<br>Exposure<sup>(2)</sup>** |
|  MYC | $0 | $0 | $0 | $0 | $0 | $0 | $(190) | $(190) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(190) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(190) |
|  **Total Over the Counter** | $**0** | $**0** | $**0** | $**0** | $**0** | $**0** | $**(190)** | $**(190)** |  |  |  |

---

<sup>(1)</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. 

<sup>(2)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

**FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS** 

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
| | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  **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 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $12 | $12 |
|  **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** |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
| | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** |
|  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 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $2 | $2 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $99 | $99 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101 |

---

---

| | | |
|:---|:---|:---|
| **106** | **PIMCO ETF TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022 (Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
| | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  **Net Change in Unrealized (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized (Depreciation) on Financial Derivative Instruments** |
|  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 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $248 | $248 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(197) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(197) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $51 | $51 |

---

**FAIR VALUE MEASUREMENTS** 

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
|  **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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104157 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1306 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105463 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Industrials | 0 | 10051 | 0 | 10051 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 13100 | 0 | 13100 |
| &nbsp;&nbsp; Short-Term Notes | 0 | 2100 | 0 | 2100 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129408 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1306 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130714 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
|  **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 | $12 | $0 | $12 |
|  **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** |
|  Over the counter | $0 | $(190) | $0 | $(190) |
|  Total Financial Derivative Instruments | $0 | $(178) | $0 | $(178) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129230 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1306 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130536 |

---

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended December 31, 2022:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Beginning<br>Balance<br>at 06/30/2022** | **Net<br>Purchases** | **Net<br>Sales/<br>Settlements** | **Accrued<br>Discounts/<br>(Premiums)** | **Realized<br>Gain/(Loss)** | **Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(1)</sup>** | **Transfers into<br>Level 3** | **Transfers out<br>of Level 3** | **Ending<br>Balance<br>at 12/31/2022** | **Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>12/31/2022<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** |
|  Loan Participations and Assignments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1210 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(329) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1306 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41) |
|  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 |
| &nbsp;&nbsp; Industrials | 332 | 5 | 0 | 1 | 0 | (10) | 0 | (328) | 0 | 0 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1215 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(657) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1306 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41) |

---

The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Ending<br>Balance<br>at 12/31/2022** | **Valuation<br>Technique** | **Unobservable<br>Inputs** | **(% Unless Noted Otherwise)** | **(% Unless Noted Otherwise)** |
| **Category and Subcategory** | **Ending<br>Balance<br>at 12/31/2022** | **Valuation<br>Technique** | **Unobservable<br>Inputs** | **Input Value(s)** | **Weighted<br>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** |
|  Loan Participations and Assignments | $1306 | Third Party Vendor | Broker Quote | 83.250 - 99.875 | 93.154 |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1306 |  |  |  |  |

---

<sup>(1)</sup> Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at December 31, 2022 may be due to an investment no longer held or categorized as Level 3 at period end.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **107** |

---

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **Schedule of Investments** | **PIMCO Short Term Municipal Bond Active Exchange-Traded Fund** |

---

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

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **INVESTMENTS IN SECURITIES 99.4%** | **INVESTMENTS IN SECURITIES 99.4%** | **INVESTMENTS IN SECURITIES 99.4%** |
| **MUNICIPAL BONDS & NOTES 93.3%** | **MUNICIPAL BONDS & NOTES 93.3%** | **MUNICIPAL BONDS & NOTES 93.3%** |
| **ALABAMA 3.4%** | **ALABAMA 3.4%** | **ALABAMA 3.4%** |
|  **Birmingham Airport Authority, Alabama Revenue Notes, (BAM Insured), Series 2020** | **Birmingham Airport Authority, Alabama Revenue Notes, (BAM Insured), Series 2020** | **Birmingham Airport Authority, Alabama Revenue Notes, (BAM Insured), Series 2020** |
|  5.000% due 07/01/2023 | 250 | 252 |
|  **Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2021** | **Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2021** | **Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2021** |
|  4.010% (MUNIPSA) due 10/01/2052 ~ | 1500 | 1426 |
|  **Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2022** | **Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2022** | **Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2022** |
|  4.000% due 12/01/2052 | 1250 | 1211 |
|  **Black Belt Energy Gas District, Alabama Revenue Notes, Series 2021** | **Black Belt Energy Gas District, Alabama Revenue Notes, Series 2021** | **Black Belt Energy Gas District, Alabama Revenue Notes, Series 2021** |
|  4.000% due 12/01/2023 | 1250 | 1249 |
|  **Chatom Industrial Development Board, Alabama Revenue Notes, (AGM Insured), Series 2020** | **Chatom Industrial Development Board, Alabama Revenue Notes, (AGM Insured), Series 2020** | **Chatom Industrial Development Board, Alabama Revenue Notes, (AGM Insured), Series 2020** |
|  5.000% due 08/01/2024 | 500 | 515 |
|  5.000% due 08/01/2025 | 1000 | 1044 |
|  **Industrial Development Board of the City of Mobile Alabama Revenue Bonds, Series 2007** | **Industrial Development Board of the City of Mobile Alabama Revenue Bonds, Series 2007** | **Industrial Development Board of the City of Mobile Alabama Revenue Bonds, Series 2007** |
|  1.000% due 06/01/2034 | 4625 | 4387 |
|  **Lower Alabama Gas District Revenue Bonds, Series 2020** | **Lower Alabama Gas District Revenue Bonds, Series 2020** | **Lower Alabama Gas District Revenue Bonds, Series 2020** |
|  4.000% due 12/01/2050 | 3000 | 2977 |
|  **Prattville Industrial Development Board, Alabama Revenue Bonds, Series 2019** | **Prattville Industrial Development Board, Alabama Revenue Bonds, Series 2019** | **Prattville Industrial Development Board, Alabama Revenue Bonds, Series 2019** |
|  2.000% due 11/01/2033 | 450 | 433 |
|  **Southeast Alabama Gas Supply District Revenue Bonds, Series 2018** | **Southeast Alabama Gas Supply District Revenue Bonds, Series 2018** | **Southeast Alabama Gas Supply District Revenue Bonds, Series 2018** |
|  4.000% due 06/01/2049 | 2000 | 1993 |
|  **Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2022** | **Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2022** | **Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2022** |
|  5.000% due 05/01/2053 | 3750 | 3851 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;19338 |
| **ALASKA 0.1%** | **ALASKA 0.1%** | **ALASKA 0.1%** |
|  **Northern Tobacco Securitization Corp., Alaska Revenue Notes, Series 2021** | **Northern Tobacco Securitization Corp., Alaska Revenue Notes, Series 2021** | **Northern Tobacco Securitization Corp., Alaska Revenue Notes, Series 2021** |
|  4.000% due 06/01/2023 | 550 | 552 |
| **ARIZONA 1.5%** | **ARIZONA 1.5%** | **ARIZONA 1.5%** |
|  **Arizona Health Facilities Authority Revenue Bonds, Series 2015** | **Arizona Health Facilities Authority Revenue Bonds, Series 2015** | **Arizona Health Facilities Authority Revenue Bonds, Series 2015** |
|  3.910% (MUNIPSA) due 01/01/2046 ~ | 1125 | 1087 |
|  **Chandler Industrial Development Authority, Arizona Revenue Bonds, Series 2005** | **Chandler Industrial Development Authority, Arizona Revenue Bonds, Series 2005** | **Chandler Industrial Development Authority, Arizona Revenue Bonds, Series 2005** |
|  2.400% due 12/01/2035 | 1000 | 992 |
|  **Industrial Development Authority of the City of Phoenix, Arizona Revenue Notes, Series 2018** | **Industrial Development Authority of the City of Phoenix, Arizona Revenue Notes, Series 2018** | **Industrial Development Authority of the City of Phoenix, Arizona Revenue Notes, Series 2018** |
|  5.000% due 07/01/2024 | 200 | 203 |
|  **Maricopa County, Arizona Special Health Care District General Obligation Notes, Series 2018** | **Maricopa County, Arizona Special Health Care District General Obligation Notes, Series 2018** | **Maricopa County, Arizona Special Health Care District General Obligation Notes, Series 2018** |
|  5.000% due 07/01/2024 | 350 | 361 |
|  **Tempe, Arizona Certificates of Participation Notes, Series 2021** | **Tempe, Arizona Certificates of Participation Notes, Series 2021** | **Tempe, Arizona Certificates of Participation Notes, Series 2021** |
|  0.623% due 07/01/2024 | 1350 | 1269 |
|  **Town of Gilbert, Arizona General Obligation Bonds, Series 2022** | **Town of Gilbert, Arizona General Obligation Bonds, Series 2022** | **Town of Gilbert, Arizona General Obligation Bonds, Series 2022** |
|  5.000% due 07/15/2028 | 1425 | 1600 |
|  **University of Arizona Revenue Notes, Series 2021** | **University of Arizona Revenue Notes, Series 2021** | **University of Arizona Revenue Notes, Series 2021** |
|  5.000% due 06/01/2026 | 2850 | 3068 |
|  |  | 8580 |
| **CALIFORNIA 15.0%** | **CALIFORNIA 15.0%** | **CALIFORNIA 15.0%** |
|  **Bay Area Toll Authority, California Revenue Bonds, Series 2021** | **Bay Area Toll Authority, California Revenue Bonds, Series 2021** | **Bay Area Toll Authority, California Revenue Bonds, Series 2021** |
|  4.070% (MUNIPSA) due 04/01/2056 ~ | 2000 | 1940 |
|  4.110% (MUNIPSA) due 04/01/2056 ~ | 1500 | 1478 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **California Community Choice Financing Authority Revenue Bonds, Series 2021** | **California Community Choice Financing Authority Revenue Bonds, Series 2021** | **California Community Choice Financing Authority Revenue Bonds, Series 2021** |
|  4.000% due 02/01/2052 | 1250 | 1231 |
|  **California County Tobacco Securitization Agency Revenue Notes, Series 2020** | **California County Tobacco Securitization Agency Revenue Notes, Series 2020** | **California County Tobacco Securitization Agency Revenue Notes, Series 2020** |
|  5.000% due 06/01/2024 | 500 | 510 |
|  **California Health Facilities Financing Authority Revenue Bonds, Series 2021** | **California Health Facilities Financing Authority Revenue Bonds, Series 2021** | **California Health Facilities Financing Authority Revenue Bonds, Series 2021** |
|  3.000% due 08/15/2054 | 3000 | 2996 |
|  **California Infrastructure & Economic Development Bank Revenue Bonds, Series 2018** | **California Infrastructure & Economic Development Bank Revenue Bonds, Series 2018** | **California Infrastructure & Economic Development Bank Revenue Bonds, Series 2018** |
|  4.010% (MUNIPSA) due 08/01/2047 ~ | 4500 | 4438 |
|  **California Infrastructure & Economic Development Bank Revenue Bonds, Series 2021** | **California Infrastructure & Economic Development Bank Revenue Bonds, Series 2021** | **California Infrastructure & Economic Development Bank Revenue Bonds, Series 2021** |
|  4.360% (MUNIPSA) due 12/01/2050 ~ | 1000 | 965 |
|  **California Infrastructure & Economic Development Bank Revenue Notes, Series 2018** | **California Infrastructure & Economic Development Bank Revenue Notes, Series 2018** | **California Infrastructure & Economic Development Bank Revenue Notes, Series 2018** |
|  5.000% due 10/01/2025 | 2250 | 2404 |
|  **California State General Obligation Bonds, (AGM Insured), Series 2007** | **California State General Obligation Bonds, (AGM Insured), Series 2007** | **California State General Obligation Bonds, (AGM Insured), Series 2007** |
|  5.250% due 08/01/2032 | 1000 | 1201 |
|  **California State General Obligation Notes, Series 2020** | **California State General Obligation Notes, Series 2020** | **California State General Obligation Notes, Series 2020** |
|  5.000% due 11/01/2027 | 1250 | 1390 |
|  **California State General Obligation Notes, Series 2021** | **California State General Obligation Notes, Series 2021** | **California State General Obligation Notes, Series 2021** |
|  5.000% due 12/01/2027 | 3000 | 3343 |
|  **California State General Obligation Notes, Series 2022** | **California State General Obligation Notes, Series 2022** | **California State General Obligation Notes, Series 2022** |
|  5.000% due 11/01/2026 | 4210 | 4591 |
|  **California State Public Works Board Revenue Notes, Series 2021** | **California State Public Works Board Revenue Notes, Series 2021** | **California State Public Works Board Revenue Notes, Series 2021** |
|  5.000% due 11/01/2029 | 1500 | 1732 |
|  **California Statewide Communities Development Authority Revenue Bonds, Series 2004** | **California Statewide Communities Development Authority Revenue Bonds, Series 2004** | **California Statewide Communities Development Authority Revenue Bonds, Series 2004** |
|  5.000% due 04/01/2038 | 2500 | 2837 |
|  **California Statewide Communities Development Authority Revenue Bonds, Series 2006** | **California Statewide Communities Development Authority Revenue Bonds, Series 2006** | **California Statewide Communities Development Authority Revenue Bonds, Series 2006** |
|  2.625% due 11/01/2033 | 1000 | 985 |
|  **East Bay Municipal Utility District Water System, California Revenue Bonds, Series 2015** | **East Bay Municipal Utility District Water System, California Revenue Bonds, Series 2015** | **East Bay Municipal Utility District Water System, California Revenue Bonds, Series 2015** |
|  5.000% due 06/01/2032 | 4000 | 4234 |
|  **East Side Union High School District, California General Obligation Bonds, (NPFGC Insured), Series 2003** | **East Side Union High School District, California General Obligation Bonds, (NPFGC Insured), Series 2003** | **East Side Union High School District, California General Obligation Bonds, (NPFGC Insured), Series 2003** |
|  5.250% due 02/01/2026 | 3305 | 3496 |
|  **Foothill-Eastern Transportation Corridor Agency, California Revenue Bonds, Series 1995** | **Foothill-Eastern Transportation Corridor Agency, California Revenue Bonds, Series 1995** | **Foothill-Eastern Transportation Corridor Agency, California Revenue Bonds, Series 1995** |
|  0.000% due 01/01/2023 (b) | 3000 | 3000 |
|  **Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021** | **Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021** | **Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021** |
|  0.988% due 06/01/2024 | 2000 | 1892 |
|  **Golden State, California Tobacco Securitization Corp. Revenue Notes, Series 2017** | **Golden State, California Tobacco Securitization Corp. Revenue Notes, Series 2017** | **Golden State, California Tobacco Securitization Corp. Revenue Notes, Series 2017** |
|  5.000% due 06/01/2024 | 2135 | &nbsp;&nbsp;&nbsp;&nbsp;2208 |
|  **Golden State, California Tobacco Securitization Corp. Revenue Notes, Series 2021** | **Golden State, California Tobacco Securitization Corp. Revenue Notes, Series 2021** | **Golden State, California Tobacco Securitization Corp. Revenue Notes, Series 2021** |
|  1.337% due 06/01/2023 | 1600 | 1577 |
|  1.850% due 06/01/2031 | 470 | 463 |
|  2.587% due 06/01/2029 | 5875 | 4924 |
|  **Los Angeles Unified School District, California General Obligation Bonds, Series 2014** | **Los Angeles Unified School District, California General Obligation Bonds, Series 2014** | **Los Angeles Unified School District, California General Obligation Bonds, Series 2014** |
|  5.000% due 07/01/2025 | 2220 | 2294 |
|  **Los Angeles, California Revenue Notes, Series 2022** | **Los Angeles, California Revenue Notes, Series 2022** | **Los Angeles, California Revenue Notes, Series 2022** |
|  4.000% due 06/29/2023 | 4700 | 4724 |
|  **Metropolitan Water District of Southern California Revenue Bonds, Series 2017** | **Metropolitan Water District of Southern California Revenue Bonds, Series 2017** | **Metropolitan Water District of Southern California Revenue Bonds, Series 2017** |
|  3.800% (MUNIPSA) due 07/01/2047 ~ | 1200 | 1192 |
|  **Pasadena Unified School District, California General Obligation Notes, Series 2021** | **Pasadena Unified School District, California General Obligation Notes, Series 2021** | **Pasadena Unified School District, California General Obligation Notes, Series 2021** |
|  2.000% due 08/01/2025 | 2110 | 2057 |
|  **Redondo Beach Community Financing Authority, California Revenue Notes, Series 2021** | **Redondo Beach Community Financing Authority, California Revenue Notes, Series 2021** | **Redondo Beach Community Financing Authority, California Revenue Notes, Series 2021** |
|  0.415% due 05/01/2023 | 675 | 666 |
|  **Regents of the University of California Medical Center Pooled Revenue Bonds, Series 2013** | **Regents of the University of California Medical Center Pooled Revenue Bonds, Series 2013** | **Regents of the University of California Medical Center Pooled Revenue Bonds, Series 2013** |
|  5.000% due 05/15/2032 | 4940 | 4978 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Sacramento City Unified School District, California General Obligation Notes, (AGM Insured), Series 2021** | **Sacramento City Unified School District, California General Obligation Notes, (AGM Insured), Series 2021** | **Sacramento City Unified School District, California General Obligation Notes, (AGM Insured), Series 2021** |
|  4.000% due 07/01/2023 | 900 | 904 |
|  **Sacramento County, California Water Financing Authority Revenue Bonds, (NPFGC Insured), Series 2007** | **Sacramento County, California Water Financing Authority Revenue Bonds, (NPFGC Insured), Series 2007** | **Sacramento County, California Water Financing Authority Revenue Bonds, (NPFGC Insured), Series 2007** |
|  3.740% (US0003M + 0.550%) due 06/01/2034 ~ | 1250 | 1184 |
|  **San Bernardino County, California Certificates of Participation Bonds, Series 1992** | **San Bernardino County, California Certificates of Participation Bonds, Series 1992** | **San Bernardino County, California Certificates of Participation Bonds, Series 1992** |
|  6.875% due 08/01/2024 | 2970 | 3146 |
|  **Silicon Valley Clean Water, California Revenue Notes, Series 2021** | **Silicon Valley Clean Water, California Revenue Notes, Series 2021** | **Silicon Valley Clean Water, California Revenue Notes, Series 2021** |
|  0.500% due 03/01/2026 | 2500 | 2284 |
|  **Southern California Public Power Authority Revenue Bonds, Series 2020** | **Southern California Public Power Authority Revenue Bonds, Series 2020** | **Southern California Public Power Authority Revenue Bonds, Series 2020** |
|  0.650% due 07/01/2040 | 1000 | 934 |
|  **Tobacco Securitization Authority of Southern California Revenue Bonds, Series 2019** | **Tobacco Securitization Authority of Southern California Revenue Bonds, Series 2019** | **Tobacco Securitization Authority of Southern California Revenue Bonds, Series 2019** |
|  5.000% due 06/01/2030 | 1000 | 1062 |
|  **University of California Revenue Bonds, Series 2013** | **University of California Revenue Bonds, Series 2013** | **University of California Revenue Bonds, Series 2013** |
|  5.000% due 05/15/2048 | 3000 | 3022 |
|  **Visalia Unified School District, California General Obligation Bonds, Series 2013** | **Visalia Unified School District, California General Obligation Bonds, Series 2013** | **Visalia Unified School District, California General Obligation Bonds, Series 2013** |
|  5.000% due 08/01/2043 | 2380 | 2410 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;84692 |
| **COLORADO 3.0%** | **COLORADO 3.0%** | **COLORADO 3.0%** |
|  **Colorado Health Facilities Authority Revenue Bonds, Series 2019** | **Colorado Health Facilities Authority Revenue Bonds, Series 2019** | **Colorado Health Facilities Authority Revenue Bonds, Series 2019** |
|  5.000% due 08/01/2049 | 1700 | 1776 |
|  **Colorado Health Facilities Authority Revenue Bonds, Series 2022** | **Colorado Health Facilities Authority Revenue Bonds, Series 2022** | **Colorado Health Facilities Authority Revenue Bonds, Series 2022** |
|  4.210% (MUNIPSA) due 05/15/2061 ~ | 5000 | 4944 |
|  **Colorado Health Facilities Authority Revenue Notes, Series 2020** | **Colorado Health Facilities Authority Revenue Notes, Series 2020** | **Colorado Health Facilities Authority Revenue Notes, Series 2020** |
|  2.800% due 12/01/2026 | 380 | 352 |
|  **Colorado Health Facilities Authority Revenue Notes, Series 2022** | **Colorado Health Facilities Authority Revenue Notes, Series 2022** | **Colorado Health Facilities Authority Revenue Notes, Series 2022** |
|  5.000% due 11/01/2026 | 500 | 529 |
|  **E-470 Public Highway Authority, Colorado Revenue Bonds, Series 2021** | **E-470 Public Highway Authority, Colorado Revenue Bonds, Series 2021** | **E-470 Public Highway Authority, Colorado Revenue Bonds, Series 2021** |
|  3.231% (SOFRRATE) due 09/01/2039 ~ | 3000 | 2978 |
|  **Regional Transportation District, Colorado Revenue Notes, Series 2020** | **Regional Transportation District, Colorado Revenue Notes, Series 2020** | **Regional Transportation District, Colorado Revenue Notes, Series 2020** |
|  3.000% due 07/15/2023 | 100 | 100 |
|  5.000% due 01/15/2024 | 400 | 407 |
|  5.000% due 07/15/2024 | 325 | 329 |
|  **University of Colorado Revenue Bonds, Series 2019** | **University of Colorado Revenue Bonds, Series 2019** | **University of Colorado Revenue Bonds, Series 2019** |
|  2.000% due 06/01/2054 | 5500 | 5376 |
|  |  | 16791 |
| **CONNECTICUT 4.4%** | **CONNECTICUT 4.4%** | **CONNECTICUT 4.4%** |
|  **Bridgeport, Connecticut General Obligation Notes, Series 2017** | **Bridgeport, Connecticut General Obligation Notes, Series 2017** | **Bridgeport, Connecticut General Obligation Notes, Series 2017** |
|  5.000% due 08/15/2023 | 500 | 506 |
|  **Connecticut Special Tax Revenue State Special Tax Notes, Series 2020** | **Connecticut Special Tax Revenue State Special Tax Notes, Series 2020** | **Connecticut Special Tax Revenue State Special Tax Notes, Series 2020** |
|  5.000% due 05/01/2023 | 675 | 679 |
|  5.000% due 05/01/2025 | 350 | 369 |
|  **Connecticut Special Tax State Revenue Notes, Series 2018** | **Connecticut Special Tax State Revenue Notes, Series 2018** | **Connecticut Special Tax State Revenue Notes, Series 2018** |
|  5.000% due 10/01/2025 | 1000 | 1063 |
|  **Connecticut Special Tax State Revenue Notes, Series 2022** | **Connecticut Special Tax State Revenue Notes, Series 2022** | **Connecticut Special Tax State Revenue Notes, Series 2022** |
|  5.000% due 07/01/2027 | 1000 | 1099 |
|  5.000% due 07/01/2029 | 3000 | 3393 |
|  **Connecticut State General Obligation Bonds, Series 2013** | **Connecticut State General Obligation Bonds, Series 2013** | **Connecticut State General Obligation Bonds, Series 2013** |
|  4.610% (MUNIPSA + 0.950%) due 03/01/2024 ~ | 1020 | 1030 |

---

---

| | | |
|:---|:---|:---|
| **108** | **PIMCO ETF TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Connecticut State General Obligation Notes, Series 2015** | **Connecticut State General Obligation Notes, Series 2015** | **Connecticut State General Obligation Notes, Series 2015** |
|  5.000% due 08/01/2025 | 350 | 370 |
|  **Connecticut State General Obligation Notes, Series 2020** | **Connecticut State General Obligation Notes, Series 2020** | **Connecticut State General Obligation Notes, Series 2020** |
|  4.000% due 06/01/2023 | 425 | 427 |
|  **Connecticut State General Obligation Notes, Series 2022** | **Connecticut State General Obligation Notes, Series 2022** | **Connecticut State General Obligation Notes, Series 2022** |
|  5.000% due 11/15/2028 | 1500 | 1681 |
|  **Connecticut State Health & Educational Facilities Authority Revenue Bonds, Series 2013** | **Connecticut State Health & Educational Facilities Authority Revenue Bonds, Series 2013** | **Connecticut State Health & Educational Facilities Authority Revenue Bonds, Series 2013** |
|  2.950% due 07/01/2042 | 10000 | 10000 |
|  **Connecticut State Health & Educational Facilities Authority Revenue Bonds, Series 2014** | **Connecticut State Health & Educational Facilities Authority Revenue Bonds, Series 2014** | **Connecticut State Health & Educational Facilities Authority Revenue Bonds, Series 2014** |
|  1.100% due 07/01/2048 | 1500 | 1496 |
|  **Connecticut State Health & Educational Facilities Authority Revenue Bonds, Series 2017** | **Connecticut State Health & Educational Facilities Authority Revenue Bonds, Series 2017** | **Connecticut State Health & Educational Facilities Authority Revenue Bonds, Series 2017** |
|  5.000% due 07/01/2057 | 2280 | 2284 |
|  **Metropolitan District, Connecticut General Obligation Notes, Series 2018** | **Metropolitan District, Connecticut General Obligation Notes, Series 2018** | **Metropolitan District, Connecticut General Obligation Notes, Series 2018** |
|  5.000% due 07/15/2023 | 500 | 506 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;24903 |
| **DELAWARE 0.5%** | **DELAWARE 0.5%** | **DELAWARE 0.5%** |
|  **Delaware State Economic Development Authority Revenue Bonds, Series 2020** | **Delaware State Economic Development Authority Revenue Bonds, Series 2020** | **Delaware State Economic Development Authority Revenue Bonds, Series 2020** |
|  1.050% due 01/01/2031 | 750 | 711 |
|  1.250% due 10/01/2045 | 2000 | 1855 |
|  |  | 2566 |
| **FLORIDA 1.0%** | **FLORIDA 1.0%** | **FLORIDA 1.0%** |
|  **Central Florida Expressway Authority Revenue Notes, Series 2018** | **Central Florida Expressway Authority Revenue Notes, Series 2018** | **Central Florida Expressway Authority Revenue Notes, Series 2018** |
|  5.000% due 07/01/2023 | 700 | 706 |
|  **Florida Municipal Power Agency Revenue Notes, Series 2019** | **Florida Municipal Power Agency Revenue Notes, Series 2019** | **Florida Municipal Power Agency Revenue Notes, Series 2019** |
|  5.000% due 10/01/2025 | 250 | 264 |
|  5.000% due 10/01/2026 | 470 | 506 |
|  **Lee Memorial Health System, Florida Revenue Bonds, Series 2019** | **Lee Memorial Health System, Florida Revenue Bonds, Series 2019** | **Lee Memorial Health System, Florida Revenue Bonds, Series 2019** |
|  5.000% due 04/01/2033 | 1000 | 1023 |
|  **Miami-Dade County, Florida Water & Sewer System Revenue Notes, Series 2015** | **Miami-Dade County, Florida Water & Sewer System Revenue Notes, Series 2015** | **Miami-Dade County, Florida Water & Sewer System Revenue Notes, Series 2015** |
|  5.000% due 10/01/2024 | 710 | 737 |
|  **Miami-Dade Seaport Department, Florida Revenue Notes, Series 2013** | **Miami-Dade Seaport Department, Florida Revenue Notes, Series 2013** | **Miami-Dade Seaport Department, Florida Revenue Notes, Series 2013** |
|  5.000% due 10/01/2023 | 550 | 559 |
|  **Mid-Bay Bridge Authority, Florida Revenue Bonds, Series 2015** | **Mid-Bay Bridge Authority, Florida Revenue Bonds, Series 2015** | **Mid-Bay Bridge Authority, Florida Revenue Bonds, Series 2015** |
|  5.000% due 10/01/2035 | 2000 | 2024 |
|  |  | 5819 |
| **GEORGIA 2.8%** | **GEORGIA 2.8%** | **GEORGIA 2.8%** |
|  **Bartow County, Georgia Development Authority Revenue Bonds, Series 1997** | **Bartow County, Georgia Development Authority Revenue Bonds, Series 1997** | **Bartow County, Georgia Development Authority Revenue Bonds, Series 1997** |
|  1.800% due 09/01/2029 | 3000 | 2680 |
|  **Burke County, Georgia Development Authority Revenue Bonds, Series 2008** | **Burke County, Georgia Development Authority Revenue Bonds, Series 2008** | **Burke County, Georgia Development Authority Revenue Bonds, Series 2008** |
|  2.925% due 11/01/2048 | 500 | 495 |
|  **Burke County, Georgia Development Authority Revenue Bonds, Series 2017** | **Burke County, Georgia Development Authority Revenue Bonds, Series 2017** | **Burke County, Georgia Development Authority Revenue Bonds, Series 2017** |
|  3.000% due 11/01/2045 | 1000 | 1000 |
|  **Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2018** | **Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2018** | **Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2018** |
|  3.590% (0.67\*US0001M + 0.830%) due 08/01/2048 ~ | 500 | 497 |
|  4.000% due 04/01/2048 | 3750 | 3749 |
|  **Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2021** | **Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2021** | **Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2021** |
|  4.000% due 05/01/2052 | 4915 | 4802 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Main Street Natural Gas, Inc., Georgia Revenue Notes, Series 2021** | **Main Street Natural Gas, Inc., Georgia Revenue Notes, Series 2021** | **Main Street Natural Gas, Inc., Georgia Revenue Notes, Series 2021** |
|  4.000% due 12/01/2024 | 750 | 749 |
|  **Municipal Electric Authority of Georgia Revenue Notes, (AGM Insured), Series 2021** | **Municipal Electric Authority of Georgia Revenue Notes, (AGM Insured), Series 2021** | **Municipal Electric Authority of Georgia Revenue Notes, (AGM Insured), Series 2021** |
|  5.000% due 01/01/2025 | 625 | 647 |
|  **Municipal Electric Authority of Georgia Revenue Notes, Series 2020** | **Municipal Electric Authority of Georgia Revenue Notes, Series 2020** | **Municipal Electric Authority of Georgia Revenue Notes, Series 2020** |
|  5.000% due 01/01/2024 | 490 | 498 |
|  **Municipal Electric Authority of Georgia Revenue Notes, Series 2021** | **Municipal Electric Authority of Georgia Revenue Notes, Series 2021** | **Municipal Electric Authority of Georgia Revenue Notes, Series 2021** |
|  5.000% due 01/01/2023 | 240 | 240 |
|  5.000% due 01/01/2024 | 360 | 366 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;15723 |
| **ILLINOIS 6.8%** | **ILLINOIS 6.8%** | **ILLINOIS 6.8%** |
|  **Chicago Transit Authority Capital Grant Receipts, Illinois Revenue Notes, Series 2021** | **Chicago Transit Authority Capital Grant Receipts, Illinois Revenue Notes, Series 2021** | **Chicago Transit Authority Capital Grant Receipts, Illinois Revenue Notes, Series 2021** |
|  5.000% due 06/01/2024 | 600 | 615 |
|  **Chicago Transit Authority, Illinois Revenue Notes, Series 2020** | **Chicago Transit Authority, Illinois Revenue Notes, Series 2020** | **Chicago Transit Authority, Illinois Revenue Notes, Series 2020** |
|  1.838% due 12/01/2023 | 1500 | 1461 |
|  **Chicago, Illinois General Obligation Bonds, Series 2021** | **Chicago, Illinois General Obligation Bonds, Series 2021** | **Chicago, Illinois General Obligation Bonds, Series 2021** |
|  5.000% due 01/01/2034 | 1000 | 1055 |
|  **Chicago, Illinois General Obligation Notes, Series 2021** | **Chicago, Illinois General Obligation Notes, Series 2021** | **Chicago, Illinois General Obligation Notes, Series 2021** |
|  5.000% due 01/01/2030 | 3000 | 3166 |
|  **Cook County, Illinois General Obligation Notes, Series 2021** | **Cook County, Illinois General Obligation Notes, Series 2021** | **Cook County, Illinois General Obligation Notes, Series 2021** |
|  5.000% due 11/15/2024 | 1750 | 1807 |
|  **Illinois Finance Authority Revenue Bonds, Series 2020** | **Illinois Finance Authority Revenue Bonds, Series 2020** | **Illinois Finance Authority Revenue Bonds, Series 2020** |
|  3.650% due 08/15/2049 | 12850 | 12850 |
|  **Illinois Finance Authority Revenue Bonds, Series 2021** | **Illinois Finance Authority Revenue Bonds, Series 2021** | **Illinois Finance Authority Revenue Bonds, Series 2021** |
|  4.360% (MUNIPSA) due 05/01/2042 ~ | 1000 | 971 |
|  **Illinois Finance Authority Revenue Notes, Series 2020** | **Illinois Finance Authority Revenue Notes, Series 2020** | **Illinois Finance Authority Revenue Notes, Series 2020** |
|  5.000% due 08/15/2026 | 250 | 268 |
|  **Illinois State General Obligation Bonds, Series 2012** | **Illinois State General Obligation Bonds, Series 2012** | **Illinois State General Obligation Bonds, Series 2012** |
|  5.000% due 08/01/2023 | 510 | 514 |
|  **Illinois State General Obligation Bonds, Series 2022** | **Illinois State General Obligation Bonds, Series 2022** | **Illinois State General Obligation Bonds, Series 2022** |
|  5.000% due 03/01/2026 | 7750 | 7962 |
|  **Illinois State General Obligation Notes, Series 2020** | **Illinois State General Obligation Notes, Series 2020** | **Illinois State General Obligation Notes, Series 2020** |
|  5.000% due 10/01/2025 | 1700 | 1742 |
|  5.000% due 10/01/2028 | 3200 | 3309 |
|  **Illinois State Revenue Notes, Series 2013** | **Illinois State Revenue Notes, Series 2013** | **Illinois State Revenue Notes, Series 2013** |
|  5.000% due 06/15/2023 | 750 | 755 |
|  **Illinois State Toll Highway Authority Revenue Notes, Series 2019** | **Illinois State Toll Highway Authority Revenue Notes, Series 2019** | **Illinois State Toll Highway Authority Revenue Notes, Series 2019** |
|  5.000% due 01/01/2026 | 375 | 399 |
|  **Metropolitan Pier & Exposition Authority, Illinois Revenue Notes, Series 2022** | **Metropolitan Pier & Exposition Authority, Illinois Revenue Notes, Series 2022** | **Metropolitan Pier & Exposition Authority, Illinois Revenue Notes, Series 2022** |
|  3.000% due 06/15/2025 | 1125 | 1108 |
|  **Railsplitter Tobacco Settlement Authority, Illinois Revenue Notes, Series 2017** | **Railsplitter Tobacco Settlement Authority, Illinois Revenue Notes, Series 2017** | **Railsplitter Tobacco Settlement Authority, Illinois Revenue Notes, Series 2017** |
|  5.000% due 06/01/2023 | 350 | 353 |
|  |  | 38335 |
| **INDIANA 2.0%** | **INDIANA 2.0%** | **INDIANA 2.0%** |
|  **Indiana Finance Authority Revenue Bonds, Series 2010** | **Indiana Finance Authority Revenue Bonds, Series 2010** | **Indiana Finance Authority Revenue Bonds, Series 2010** |
|  2.900% due 05/01/2028 | 5000 | 4996 |
|  3.000% due 11/01/2030 | 2500 | 2216 |
|  **Indiana Finance Authority Revenue Notes, Series 2021** | **Indiana Finance Authority Revenue Notes, Series 2021** | **Indiana Finance Authority Revenue Notes, Series 2021** |
|  0.650% due 08/01/2025 | 4500 | 4118 |
|  |  | 11330 |
| **IOWA 0.6%** | **IOWA 0.6%** | **IOWA 0.6%** |
|  **Cedar Rapids, Iowa Revenue Bonds, (AMBAC Insured), Series 2003** | **Cedar Rapids, Iowa Revenue Bonds, (AMBAC Insured), Series 2003** | **Cedar Rapids, Iowa Revenue Bonds, (AMBAC Insured), Series 2003** |
|  5.563% due 08/15/2032 | 950 | 945 |
|  **Cedar Rapids, Iowa Revenue Bonds, (AMBAC Insured), Series 2005** | **Cedar Rapids, Iowa Revenue Bonds, (AMBAC Insured), Series 2005** | **Cedar Rapids, Iowa Revenue Bonds, (AMBAC Insured), Series 2005** |
|  6.738% due 08/15/2029 | 1610 | 1608 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **PEFA Inc, Iowa Revenue Bonds, Series 2019** | **PEFA Inc, Iowa Revenue Bonds, Series 2019** | **PEFA Inc, Iowa Revenue Bonds, Series 2019** |
|  5.000% due 09/01/2049 | 650 | 666 |
|  |  | 3219 |
| **KANSAS 0.4%** | **KANSAS 0.4%** | **KANSAS 0.4%** |
|  **Kansas Department of Transportation State Revenue Bonds, Series 2004** | **Kansas Department of Transportation State Revenue Bonds, Series 2004** | **Kansas Department of Transportation State Revenue Bonds, Series 2004** |
|  3.384% (0.7\*US0001M + 0.500%) due 09/01/2024 ~ | 2500 | 2502 |
| **KENTUCKY 1.1%** | **KENTUCKY 1.1%** | **KENTUCKY 1.1%** |
|  **Kentucky Public Energy Authority Revenue Bonds, Series 2020** | **Kentucky Public Energy Authority Revenue Bonds, Series 2020** | **Kentucky Public Energy Authority Revenue Bonds, Series 2020** |
|  4.000% due 12/01/2050 | 500 | 495 |
|  **Kentucky Public Energy Authority Revenue Bonds, Series 2022** | **Kentucky Public Energy Authority Revenue Bonds, Series 2022** | **Kentucky Public Energy Authority Revenue Bonds, Series 2022** |
|  4.081% (SOFRRATE) due 08/01/2052 ~ | 3000 | 2830 |
|  **Kentucky Public Energy Authority Revenue Notes, Series 2018** | **Kentucky Public Energy Authority Revenue Notes, Series 2018** | **Kentucky Public Energy Authority Revenue Notes, Series 2018** |
|  4.000% due 06/01/2025 | 2505 | 2488 |
|  **Kentucky State Property & Building Commission Revenue Bonds, Series 2022** | **Kentucky State Property & Building Commission Revenue Bonds, Series 2022** | **Kentucky State Property & Building Commission Revenue Bonds, Series 2022** |
|  5.000% due 06/01/2031 | 500 | 574 |
|  |  | 6387 |
| **LOUISIANA 1.2%** | **LOUISIANA 1.2%** | **LOUISIANA 1.2%** |
|  **Louisiana Local Government Environmental Facilities & Community Development Auth Revenue Bonds, Series 2020** | **Louisiana Local Government Environmental Facilities & Community Development Auth Revenue Bonds, Series 2020** | **Louisiana Local Government Environmental Facilities & Community Development Auth Revenue Bonds, Series 2020** |
|  0.875% due 02/01/2046 | 1700 | 1604 |
|  **Parish of St John the Baptist, Louisiana Revenue Bonds, Series 2017** | **Parish of St John the Baptist, Louisiana Revenue Bonds, Series 2017** | **Parish of St John the Baptist, Louisiana Revenue Bonds, Series 2017** |
|  2.100% due 06/01/2037 | 2925 | 2835 |
|  2.375% due 06/01/2037 | 2810 | 2600 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;7039 |
| **MARYLAND 0.9%** | **MARYLAND 0.9%** | **MARYLAND 0.9%** |
|  **Howard County, Maryland General Obligation Notes, Series 2018** | **Howard County, Maryland General Obligation Notes, Series 2018** | **Howard County, Maryland General Obligation Notes, Series 2018** |
|  5.000% due 02/15/2027 | 3000 | 3285 |
|  **Maryland Health & Higher Educational Facilities Authority Revenue Bonds, Series 2020** | **Maryland Health & Higher Educational Facilities Authority Revenue Bonds, Series 2020** | **Maryland Health & Higher Educational Facilities Authority Revenue Bonds, Series 2020** |
|  5.000% due 07/01/2045 | 1500 | 1553 |
|  |  | 4838 |
| **MASSACHUSETTS 1.9%** | **MASSACHUSETTS 1.9%** | **MASSACHUSETTS 1.9%** |
|  **Commonwealth of Massachusetts General Obligation Notes, Series 2022** | **Commonwealth of Massachusetts General Obligation Notes, Series 2022** | **Commonwealth of Massachusetts General Obligation Notes, Series 2022** |
|  5.000% due 10/01/2029 | 5000 | 5734 |
|  **Massachusetts Development Finance Agency Revenue Bonds, Series 2017** | **Massachusetts Development Finance Agency Revenue Bonds, Series 2017** | **Massachusetts Development Finance Agency Revenue Bonds, Series 2017** |
|  4.160% (MUNIPSA + 0.500%) due 07/01/2038 ~ | 1000 | 1000 |
|  **Massachusetts Development Finance Agency Revenue Bonds, Series 2019** | **Massachusetts Development Finance Agency Revenue Bonds, Series 2019** | **Massachusetts Development Finance Agency Revenue Bonds, Series 2019** |
|  4.260% (MUNIPSA) due 07/01/2049 ~ | 1750 | 1726 |
|  **Massachusetts Development Finance Agency Revenue Notes, Series 2021** | **Massachusetts Development Finance Agency Revenue Notes, Series 2021** | **Massachusetts Development Finance Agency Revenue Notes, Series 2021** |
|  0.674% due 07/01/2023 | 500 | 489 |
|  **Massachusetts State College Building Authority Revenue Notes, Series 2022** | **Massachusetts State College Building Authority Revenue Notes, Series 2022** | **Massachusetts State College Building Authority Revenue Notes, Series 2022** |
|  5.000% due 05/01/2024 | 500 | 514 |
|  **Massachusetts Transportation Trust Fund Metropolitan Highway System Revenue Bonds, Series 2019** | **Massachusetts Transportation Trust Fund Metropolitan Highway System Revenue Bonds, Series 2019** | **Massachusetts Transportation Trust Fund Metropolitan Highway System Revenue Bonds, Series 2019** |
|  5.000% due 01/01/2039 | 1000 | 1000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10463 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **109** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO Short Term Municipal Bond Active Exchange-Traded Fund** | **(Cont.)** |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **MICHIGAN 2.0%** | **MICHIGAN 2.0%** | **MICHIGAN 2.0%** |
|  **Detroit, Michigan Sewage Disposal System Revenue Bonds, (AGM Insured), Series 2006** | **Detroit, Michigan Sewage Disposal System Revenue Bonds, (AGM Insured), Series 2006** | **Detroit, Michigan Sewage Disposal System Revenue Bonds, (AGM Insured), Series 2006** |
|  3.108% (US0003M) due 07/01/2032 ~ | 2000 | 1957 |
|  **Grand Traverse County, Michigan Hospital Finance Authority Revenue Notes, Series 2021** | **Grand Traverse County, Michigan Hospital Finance Authority Revenue Notes, Series 2021** | **Grand Traverse County, Michigan Hospital Finance Authority Revenue Notes, Series 2021** |
|  5.000% due 07/01/2023 | 425 | 429 |
|  **Michigan Finance Authority Hospital Revenue Refunding Bonds, Series 2022** | **Michigan Finance Authority Hospital Revenue Refunding Bonds, Series 2022** | **Michigan Finance Authority Hospital Revenue Refunding Bonds, Series 2022** |
|  4.410% (MUNIPSA) due 04/15/2047 ~ | 3000 | 2950 |
|  **Michigan Finance Authority Revenue Bonds, Series 2015** | **Michigan Finance Authority Revenue Bonds, Series 2015** | **Michigan Finance Authority Revenue Bonds, Series 2015** |
|  1.200% due 10/15/2030 | 2000 | 1755 |
|  **Michigan Finance Authority Revenue Notes, Series 2020** | **Michigan Finance Authority Revenue Notes, Series 2020** | **Michigan Finance Authority Revenue Notes, Series 2020** |
|  2.326% due 06/01/2030 | 1120 | 1012 |
|  **Michigan State Building Authority Revenue Bonds, Series 2020** | **Michigan State Building Authority Revenue Bonds, Series 2020** | **Michigan State Building Authority Revenue Bonds, Series 2020** |
|  3.720% due 10/15/2042 | 1000 | 1000 |
|  **Michigan State Hospital Finance Authority Revenue Bonds, Series 2010** | **Michigan State Hospital Finance Authority Revenue Bonds, Series 2010** | **Michigan State Hospital Finance Authority Revenue Bonds, Series 2010** |
|  4.000% due 11/15/2047 | 1500 | 1503 |
|  **Waterford School District, Michigan General Obligation Notes, (Q-SBLF Insured), Series 2021** | **Waterford School District, Michigan General Obligation Notes, (Q-SBLF Insured), Series 2021** | **Waterford School District, Michigan General Obligation Notes, (Q-SBLF Insured), Series 2021** |
|  4.000% due 05/01/2025 | 690 | 709 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;11315 |
| **MINNESOTA 0.3%** | **MINNESOTA 0.3%** | **MINNESOTA 0.3%** |
|  **Minneapolis, Minnesota Revenue Bonds, Series 2018** | **Minneapolis, Minnesota Revenue Bonds, Series 2018** | **Minneapolis, Minnesota Revenue Bonds, Series 2018** |
|  3.550% due 11/15/2048 | 1900 | 1900 |
| **MISSISSIPPI 0.1%** | **MISSISSIPPI 0.1%** | **MISSISSIPPI 0.1%** |
|  **Warren County, Mississippi Revenue Bonds, Series 2018** | **Warren County, Mississippi Revenue Bonds, Series 2018** | **Warren County, Mississippi Revenue Bonds, Series 2018** |
|  2.900% due 09/01/2032 | 750 | 746 |
| **MISSOURI 0.2%** | **MISSOURI 0.2%** | **MISSOURI 0.2%** |
|  **Kansas City, Missouri Revenue Notes, Series 2021** | **Kansas City, Missouri Revenue Notes, Series 2021** | **Kansas City, Missouri Revenue Notes, Series 2021** |
|  5.000% due 04/01/2023 | 400 | 402 |
|  5.000% due 04/01/2024 | 425 | 436 |
|  |  | 838 |
| **NEBRASKA 0.9%** | **NEBRASKA 0.9%** | **NEBRASKA 0.9%** |
|  **Douglas County, Nebraska Hospital Authority No 2 Revenue Bonds, Series 2020** | **Douglas County, Nebraska Hospital Authority No 2 Revenue Bonds, Series 2020** | **Douglas County, Nebraska Hospital Authority No 2 Revenue Bonds, Series 2020** |
|  5.000% due 11/15/2053 | 1000 | 1049 |
|  **Douglas County, Nebraska Revenue Bonds, Series 2021** | **Douglas County, Nebraska Revenue Bonds, Series 2021** | **Douglas County, Nebraska Revenue Bonds, Series 2021** |
|  4.190% (MUNIPSA) due 07/01/2035 ~ | 2480 | 2442 |
|  **Nebraska Public Power District Revenue Bonds, Series 2020** | **Nebraska Public Power District Revenue Bonds, Series 2020** | **Nebraska Public Power District Revenue Bonds, Series 2020** |
|  0.600% due 01/01/2051 | 1400 | 1381 |
|  |  | 4872 |
| **NEVADA 0.2%** | **NEVADA 0.2%** | **NEVADA 0.2%** |
|  **Clark County, Nevada Revenue Bonds, Series 2017** | **Clark County, Nevada Revenue Bonds, Series 2017** | **Clark County, Nevada Revenue Bonds, Series 2017** |
|  1.650% due 01/01/2036 | 850 | 846 |
|  **Clark County, Nevada School District General Obligation Notes, (AGM Insured), Series 2020** | **Clark County, Nevada School District General Obligation Notes, (AGM Insured), Series 2020** | **Clark County, Nevada School District General Obligation Notes, (AGM Insured), Series 2020** |
|  3.000% due 06/15/2023 | 500 | 500 |
|  |  | 1346 |
| **NEW HAMPSHIRE 0.6%** | **NEW HAMPSHIRE 0.6%** | **NEW HAMPSHIRE 0.6%** |
|  **New Hampshire Business Finance Authority Revenue Notes, Series 2021** | **New Hampshire Business Finance Authority Revenue Notes, Series 2021** | **New Hampshire Business Finance Authority Revenue Notes, Series 2021** |
|  4.000% due 01/01/2026 | 265 | 261 |
|  4.000% due 01/01/2027 | 250 | 244 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **New Hampshire Health and Education Facilities Authority Act Revenue Bonds, Series 2005** | **New Hampshire Health and Education Facilities Authority Act Revenue Bonds, Series 2005** | **New Hampshire Health and Education Facilities Authority Act Revenue Bonds, Series 2005** |
|  3.650% due 07/01/2033 | 2800 | 2800 |
|  |  | 3305 |
| **NEW JERSEY 3.1%** | **NEW JERSEY 3.1%** | **NEW JERSEY 3.1%** |
|  **New Jersey Economic Development Authority Revenue Bonds, Series 2013** | **New Jersey Economic Development Authority Revenue Bonds, Series 2013** | **New Jersey Economic Development Authority Revenue Bonds, Series 2013** |
|  5.260% (MUNIPSA) due 03/01/2028 ~ | 1000 | 1000 |
|  **New Jersey Economic Development Authority Revenue Notes, Series 2019** | **New Jersey Economic Development Authority Revenue Notes, Series 2019** | **New Jersey Economic Development Authority Revenue Notes, Series 2019** |
|  5.250% due 09/01/2024 | 7000 | 7234 |
|  **New Jersey Economic Development Authority Revenue Notes, Series 2020** | **New Jersey Economic Development Authority Revenue Notes, Series 2020** | **New Jersey Economic Development Authority Revenue Notes, Series 2020** |
|  1.000% due 06/01/2023 | 450 | 445 |
|  **New Jersey Economic Development Authority Revenue Notes, Series 2022** | **New Jersey Economic Development Authority Revenue Notes, Series 2022** | **New Jersey Economic Development Authority Revenue Notes, Series 2022** |
|  5.000% due 11/01/2023 | 630 | 639 |
|  5.000% due 11/01/2024 | 825 | 852 |
|  **New Jersey Health Care Facilities Financing Authority Revenue Bonds, Series 2019** | **New Jersey Health Care Facilities Financing Authority Revenue Bonds, Series 2019** | **New Jersey Health Care Facilities Financing Authority Revenue Bonds, Series 2019** |
|  5.000% due 07/01/2042 | 900 | 943 |
|  **New Jersey State General Obligation Notes, Series 2020** | **New Jersey State General Obligation Notes, Series 2020** | **New Jersey State General Obligation Notes, Series 2020** |
|  5.000% due 06/01/2028 | 2000 | 2224 |
|  **New Jersey Turnpike Authority Revenue Bonds, Series 2017** | **New Jersey Turnpike Authority Revenue Bonds, Series 2017** | **New Jersey Turnpike Authority Revenue Bonds, Series 2017** |
|  3.634% (US0001M) due 01/01/2030 ~ | 3500 | 3500 |
|  **Newark Housing Authority Scholarship Foundation A New Jersey Non Revenue Bonds, (NPFGC Insured), Series 2007** | **Newark Housing Authority Scholarship Foundation A New Jersey Non Revenue Bonds, (NPFGC Insured), Series 2007** | **Newark Housing Authority Scholarship Foundation A New Jersey Non Revenue Bonds, (NPFGC Insured), Series 2007** |
|  5.250% due 01/01/2025 | 600 | 619 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;17456 |
| **NEW MEXICO 0.4%** | **NEW MEXICO 0.4%** | **NEW MEXICO 0.4%** |
|  **Farmington, New Mexico Revenue Bonds, Series 2010** | **Farmington, New Mexico Revenue Bonds, Series 2010** | **Farmington, New Mexico Revenue Bonds, Series 2010** |
|  1.100% due 06/01/2040 | 2000 | 1977 |
| **NEW YORK 15.2%** | **NEW YORK 15.2%** | **NEW YORK 15.2%** |
|  **Albany City School District, New York General Obligation Notes, Series 2022** | **Albany City School District, New York General Obligation Notes, Series 2022** | **Albany City School District, New York General Obligation Notes, Series 2022** |
|  2.500% due 03/24/2023 | 5000 | 4988 |
|  **Board of Cooperative Educational Services for the Sole Supervisory District, New York Revenue Notes, Series 2022** | **Board of Cooperative Educational Services for the Sole Supervisory District, New York Revenue Notes, Series 2022** | **Board of Cooperative Educational Services for the Sole Supervisory District, New York Revenue Notes, Series 2022** |
|  3.000% due 06/21/2023 | 5000 | 4995 |
|  **Dobbs Ferry New York Union Free School District, Series 2022** | **Dobbs Ferry New York Union Free School District, Series 2022** | **Dobbs Ferry New York Union Free School District, Series 2022** |
|  3.000% due 06/02/2023 | 5000 | 4995 |
|  **Enlarged City New York School District of the City of Troy, Series 2022** | **Enlarged City New York School District of the City of Troy, Series 2022** | **Enlarged City New York School District of the City of Troy, Series 2022** |
|  4.000% due 06/08/2023 | 5000 | 5014 |
|  **Long Island Power Authority, New York Revenue Bonds, Series 2022** | **Long Island Power Authority, New York Revenue Bonds, Series 2022** | **Long Island Power Authority, New York Revenue Bonds, Series 2022** |
|  4.110% (MUNIPSA) due 09/01/2038 ~ | 2000 | 1960 |
|  **Long Island Power Authority, New York Revenue Notes, Series 2020** | **Long Island Power Authority, New York Revenue Notes, Series 2020** | **Long Island Power Authority, New York Revenue Notes, Series 2020** |
|  5.000% due 09/01/2024 | 625 | 647 |
|  **Metropolitan Transportation Authority, New York Revenue Bonds, (AGM Insured), Series 2002** | **Metropolitan Transportation Authority, New York Revenue Bonds, (AGM Insured), Series 2002** | **Metropolitan Transportation Authority, New York Revenue Bonds, (AGM Insured), Series 2002** |
|  3.681% (SOFRRATE) due 11/01/2032 ~ | 1500 | 1449 |
|  **Metropolitan Transportation Authority, New York Revenue Notes, Series 2020** | **Metropolitan Transportation Authority, New York Revenue Notes, Series 2020** | **Metropolitan Transportation Authority, New York Revenue Notes, Series 2020** |
|  5.000% due 02/01/2023 | 650 | 651 |
|  **Monroe County Industrial Development Corp., New York Revenue Notes, Series 2020** | **Monroe County Industrial Development Corp., New York Revenue Notes, Series 2020** | **Monroe County Industrial Development Corp., New York Revenue Notes, Series 2020** |
|  5.000% due 12/01/2026 | 1000 | 1049 |
|  **New York City Housing Development Corp. Revenue Bonds, Series 2018** | **New York City Housing Development Corp. Revenue Bonds, Series 2018** | **New York City Housing Development Corp. Revenue Bonds, Series 2018** |
|  2.750% due 05/01/2050 | 750 | 743 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **New York City Housing Development Corp. Revenue Bonds, Series 2019** | **New York City Housing Development Corp. Revenue Bonds, Series 2019** | **New York City Housing Development Corp. Revenue Bonds, Series 2019** |
|  1.750% due 05/01/2059 | 750 | 743 |
|  **New York City Industrial Development Agency, New York Revenue Notes, (AGM Insured), Series 2020** | **New York City Industrial Development Agency, New York Revenue Notes, (AGM Insured), Series 2020** | **New York City Industrial Development Agency, New York Revenue Notes, (AGM Insured), Series 2020** |
|  5.000% due 03/01/2028 | 675 | 737 |
|  **New York City Water & Sewer System, New York Revenue Bonds, Series 2014** | **New York City Water & Sewer System, New York Revenue Bonds, Series 2014** | **New York City Water & Sewer System, New York Revenue Bonds, Series 2014** |
|  3.400% due 06/15/2050 | 4000 | 4000 |
|  **New York City, New York General Obligation Bonds, Series 2012** | **New York City, New York General Obligation Bonds, Series 2012** | **New York City, New York General Obligation Bonds, Series 2012** |
|  3.970% due 04/01/2042 | 3500 | 3500 |
|  **New York City, New York General Obligation Bonds, Series 2015** | **New York City, New York General Obligation Bonds, Series 2015** | **New York City, New York General Obligation Bonds, Series 2015** |
|  3.400% due 06/01/2044 | 2000 | 2000 |
|  **New York City, New York General Obligation Bonds, Series 2018** | **New York City, New York General Obligation Bonds, Series 2018** | **New York City, New York General Obligation Bonds, Series 2018** |
|  3.400% due 12/01/2047 | 5000 | 5000 |
|  **New York City, New York Housing Development Corp. Revenue Bonds, (FHA Insured), Series 2021** | **New York City, New York Housing Development Corp. Revenue Bonds, (FHA Insured), Series 2021** | **New York City, New York Housing Development Corp. Revenue Bonds, (FHA Insured), Series 2021** |
|  0.600% due 05/01/2061 | 2000 | 1848 |
|  3.620% due 05/01/2061 | 7505 | 7505 |
|  **New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2013** | **New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2013** | **New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2013** |
|  3.650% due 06/15/2048 | 4700 | 4700 |
|  **New York City, New York Municipal Water Finance Authority Revenue Notes, Series 2022** | **New York City, New York Municipal Water Finance Authority Revenue Notes, Series 2022** | **New York City, New York Municipal Water Finance Authority Revenue Notes, Series 2022** |
|  5.000% due 06/15/2027 | 1250 | 1336 |
|  **New York State Dormitory Authority Revenue Bonds, Series 2016** | **New York State Dormitory Authority Revenue Bonds, Series 2016** | **New York State Dormitory Authority Revenue Bonds, Series 2016** |
|  5.000% due 02/15/2028 | 4565 | 4920 |
|  **New York State Dormitory Authority Revenue Bonds, Series 2019** | **New York State Dormitory Authority Revenue Bonds, Series 2019** | **New York State Dormitory Authority Revenue Bonds, Series 2019** |
|  5.000% due 05/01/2048 | 2500 | 2534 |
|  **New York State Dormitory Authority Revenue Notes, Series 2020** | **New York State Dormitory Authority Revenue Notes, Series 2020** | **New York State Dormitory Authority Revenue Notes, Series 2020** |
|  5.000% due 02/15/2028 | 2245 | 2499 |
|  **New York State Energy Research & Development Authority Revenue Bonds, Series 2004** | **New York State Energy Research & Development Authority Revenue Bonds, Series 2004** | **New York State Energy Research & Development Authority Revenue Bonds, Series 2004** |
|  2.625% due 04/01/2034 | 1045 | 1039 |
|  **New York State Urban Development Corp. Revenue Notes, Series 2021** | **New York State Urban Development Corp. Revenue Notes, Series 2021** | **New York State Urban Development Corp. Revenue Notes, Series 2021** |
|  5.000% due 03/15/2024 | 3750 | 3848 |
|  **New York Transportation Development Corp. Revenue Notes, Series 2020** | **New York Transportation Development Corp. Revenue Notes, Series 2020** | **New York Transportation Development Corp. Revenue Notes, Series 2020** |
|  5.000% due 12/01/2023 | 250 | 254 |
|  **Three Village Central School District Brookhaven & Smithtown, New York General Obligation Notes, Series 2022** | **Three Village Central School District Brookhaven & Smithtown, New York General Obligation Notes, Series 2022** | **Three Village Central School District Brookhaven & Smithtown, New York General Obligation Notes, Series 2022** |
|  3.500% due 06/28/2023 | 3000 | 3005 |
|  **Tompkins-Seneca-Tioga Board of Cooperative Educational Services, New York Revenue Notes, Series 2022** | **Tompkins-Seneca-Tioga Board of Cooperative Educational Services, New York Revenue Notes, Series 2022** | **Tompkins-Seneca-Tioga Board of Cooperative Educational Services, New York Revenue Notes, Series 2022** |
|  4.750% due 06/30/2023 | 5000 | 5034 |
|  **Town of Huntington, New York General Obligation Notes, Series 2021** | **Town of Huntington, New York General Obligation Notes, Series 2021** | **Town of Huntington, New York General Obligation Notes, Series 2021** |
|  5.000% due 07/15/2023 | 455 | 460 |
|  **Town of Oyster Bay, New York General Obligation Notes, Series 2021** | **Town of Oyster Bay, New York General Obligation Notes, Series 2021** | **Town of Oyster Bay, New York General Obligation Notes, Series 2021** |
|  4.000% due 03/01/2023 | 850 | 851 |
|  4.000% due 03/01/2024 | 850 | 861 |
|  **Triborough Bridge & Tunnel Authority, New York Revenue Notes, Series 2022** | **Triborough Bridge & Tunnel Authority, New York Revenue Notes, Series 2022** | **Triborough Bridge & Tunnel Authority, New York Revenue Notes, Series 2022** |
|  5.000% due 11/15/2027 | 2500 | 2759 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;85924 |
| **NORTH CAROLINA 1.0%** | **NORTH CAROLINA 1.0%** | **NORTH CAROLINA 1.0%** |
|  **Charlotte-Mecklenburg Hospital Authority, North Carolina Revenue Bonds, Series 2021** | **Charlotte-Mecklenburg Hospital Authority, North Carolina Revenue Bonds, Series 2021** | **Charlotte-Mecklenburg Hospital Authority, North Carolina Revenue Bonds, Series 2021** |
|  5.000% due 01/15/2050 | 2750 | 2942 |
|  **North Carolina State Revenue Notes, Series 2021** | **North Carolina State Revenue Notes, Series 2021** | **North Carolina State Revenue Notes, Series 2021** |
|  5.000% due 03/01/2023 | 1550 | 1555 |

---

---

| | | |
|:---|:---|:---|
| **110** | **PIMCO ETF TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Wake County, North Carolina General Obligation Notes, Series 2018** | **Wake County, North Carolina General Obligation Notes, Series 2018** | **Wake County, North Carolina General Obligation Notes, Series 2018** |
|  5.000% due 03/01/2024 | 1025 | 1052 |
|  |  | 5549 |
| **OHIO 1.7%** | **OHIO 1.7%** | **OHIO 1.7%** |
|  **Akron Bath Copley Joint Township Hospital District, Ohio Revenue Bonds, Series 2022** | **Akron Bath Copley Joint Township Hospital District, Ohio Revenue Bonds, Series 2022** | **Akron Bath Copley Joint Township Hospital District, Ohio Revenue Bonds, Series 2022** |
|  5.000% due 11/15/2030 | 1000 | 1131 |
|  **American Municipal Power, Inc., Ohio Revenue Bonds, Series 2021** | **American Municipal Power, Inc., Ohio Revenue Bonds, Series 2021** | **American Municipal Power, Inc., Ohio Revenue Bonds, Series 2021** |
|  1.000% due 02/15/2048 | 2000 | 1917 |
|  **Butler County, Ohio Revenue Notes, Series 2017** | **Butler County, Ohio Revenue Notes, Series 2017** | **Butler County, Ohio Revenue Notes, Series 2017** |
|  4.000% due 11/15/2023 | 500 | 503 |
|  **Northeast Ohio Medical University Revenue Notes, Series 2021** | **Northeast Ohio Medical University Revenue Notes, Series 2021** | **Northeast Ohio Medical University Revenue Notes, Series 2021** |
|  3.000% due 12/01/2023 | 150 | 150 |
|  **Ohio Air Quality Development Authority Duke Energy Corporation Project Revenue Bonds, Series 2022** | **Ohio Air Quality Development Authority Duke Energy Corporation Project Revenue Bonds, Series 2022** | **Ohio Air Quality Development Authority Duke Energy Corporation Project Revenue Bonds, Series 2022** |
|  4.000% due 09/01/2030 | 2900 | 2892 |
|  **Ohio Air Quality Development Authority Revenue Bonds, Series 2009** | **Ohio Air Quality Development Authority Revenue Bonds, Series 2009** | **Ohio Air Quality Development Authority Revenue Bonds, Series 2009** |
|  1.500% due 02/01/2026 | 2200 | 2029 |
|  **Wright State University, Ohio Revenue Notes, (BAM Insured),Series 2021** | **Wright State University, Ohio Revenue Notes, (BAM Insured),Series 2021** | **Wright State University, Ohio Revenue Notes, (BAM Insured),Series 2021** |
|  4.000% due 05/01/2023 | 520 | 521 |
|  4.000% due 05/01/2024 | 500 | 503 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;9646 |
| **OREGON 0.1%** | **OREGON 0.1%** | **OREGON 0.1%** |
|  **Oregon State Facilities Authority Revenue Notes, Series 2020** | **Oregon State Facilities Authority Revenue Notes, Series 2020** | **Oregon State Facilities Authority Revenue Notes, Series 2020** |
|  5.000% due 10/01/2026 | 145 | 153 |
|  **Salem-Keizer School District No 24J, Oregon General Obligation Notes, Series 2020** | **Salem-Keizer School District No 24J, Oregon General Obligation Notes, Series 2020** | **Salem-Keizer School District No 24J, Oregon General Obligation Notes, Series 2020** |
|  5.000% due 06/15/2025 | 275 | 290 |
|  5.000% due 06/15/2026 | 350 | 377 |
|  |  | 820 |
| **PENNSYLVANIA 3.3%** | **PENNSYLVANIA 3.3%** | **PENNSYLVANIA 3.3%** |
|  **Bethlehem Area School District Authority, Pennsylvania Revenue Notes, Series 2021** | **Bethlehem Area School District Authority, Pennsylvania Revenue Notes, Series 2021** | **Bethlehem Area School District Authority, Pennsylvania Revenue Notes, Series 2021** |
|  3.231% (SOFRRATE) due 07/01/2031 ~ | 3665 | 3558 |
|  **Commonwealth of Pennsylvania General Obligation Notes, Series 2019** | **Commonwealth of Pennsylvania General Obligation Notes, Series 2019** | **Commonwealth of Pennsylvania General Obligation Notes, Series 2019** |
|  5.000% due 07/15/2024 | 2500 | 2585 |
|  **Lehigh County, Pennsylvania Revenue Bonds, Series 2019** | **Lehigh County, Pennsylvania Revenue Bonds, Series 2019** | **Lehigh County, Pennsylvania Revenue Bonds, Series 2019** |
|  4.760% (MUNIPSA) due 08/15/2038 ~(c) | 2430 | 2400 |
|  **Lehigh County, Pennsylvania Revenue Notes, Series 2019** | **Lehigh County, Pennsylvania Revenue Notes, Series 2019** | **Lehigh County, Pennsylvania Revenue Notes, Series 2019** |
|  5.000% due 07/01/2025 | 530 | 553 |
|  **Northampton County, Pennsylvania General Purpose Authority Revenue Bonds, Series 2018** | **Northampton County, Pennsylvania General Purpose Authority Revenue Bonds, Series 2018** | **Northampton County, Pennsylvania General Purpose Authority Revenue Bonds, Series 2018** |
|  3.924% (0.7\*US0001M + 1.040%) due 08/15/2048 ~ | 750 | 750 |
|  **Pennsylvania Economic Development Financing Authority Revenue Notes, Series 2020** | **Pennsylvania Economic Development Financing Authority Revenue Notes, Series 2020** | **Pennsylvania Economic Development Financing Authority Revenue Notes, Series 2020** |
|  3.000% due 01/01/2023 | 750 | 750 |
|  3.000% due 01/01/2025 | 1020 | 1006 |
|  **Pennsylvania Economic Development Financing Authority Revenue Notes, Series 2021** | **Pennsylvania Economic Development Financing Authority Revenue Notes, Series 2021** | **Pennsylvania Economic Development Financing Authority Revenue Notes, Series 2021** |
|  4.000% due 07/01/2023 | 125 | 125 |
|  4.000% due 10/15/2023 | 700 | 704 |
|  4.000% due 10/15/2024 | 850 | 865 |
|  **Pennsylvania Turnpike Commission Revenue Notes, Series 2018** | **Pennsylvania Turnpike Commission Revenue Notes, Series 2018** | **Pennsylvania Turnpike Commission Revenue Notes, Series 2018** |
|  4.260% (MUNIPSA + 0.600%) due 12/01/2023 ~ | 1000 | 1000 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Pittsburgh Water & Sewer Authority, Pennsylvania Revenue Bonds, (AGM Insured), Series 2017** | **Pittsburgh Water & Sewer Authority, Pennsylvania Revenue Bonds, (AGM Insured), Series 2017** | **Pittsburgh Water & Sewer Authority, Pennsylvania Revenue Bonds, (AGM Insured), Series 2017** |
|  4.310% (MUNIPSA) due 09/01/2040 ~ | 2400 | 2398 |
|  **Westmoreland County Industrial Development Authority, Pennsylvania Revenue Notes, Series 2020** | **Westmoreland County Industrial Development Authority, Pennsylvania Revenue Notes, Series 2020** | **Westmoreland County Industrial Development Authority, Pennsylvania Revenue Notes, Series 2020** |
|  4.000% due 07/01/2024 | 900 | 904 |
|  4.000% due 07/01/2026 | 1250 | 1259 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;18857 |
| **PUERTO RICO 1.6%** | **PUERTO RICO 1.6%** | **PUERTO RICO 1.6%** |
|  **Puerto Rico Housing Finance Authority Revenue Notes, Series 2020** | **Puerto Rico Housing Finance Authority Revenue Notes, Series 2020** | **Puerto Rico Housing Finance Authority Revenue Notes, Series 2020** |
|  5.000% due 12/01/2026 | 2000 | 2128 |
|  **Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018** | **Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018** | **Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018** |
|  4.500% due 07/01/2034 | 4750 | 4493 |
|  **Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Notes, Series 2018** | **Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Notes, Series 2018** | **Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Notes, Series 2018** |
|  0.000% due 07/01/2024 (b) | 772 | 721 |
|  0.000% due 07/01/2027 (b) | 1843 | 1493 |
|  |  | 8835 |
| **SOUTH CAROLINA 1.3%** | **SOUTH CAROLINA 1.3%** | **SOUTH CAROLINA 1.3%** |
|  **Greenville County, South Carolina Revenue Notes, Series 2021** | **Greenville County, South Carolina Revenue Notes, Series 2021** | **Greenville County, South Carolina Revenue Notes, Series 2021** |
|  5.000% due 04/01/2028 | 515 | 571 |
|  5.000% due 04/01/2029 | 500 | 562 |
|  **Patriots Energy Group Financing Agency, South Carolina Revenue Bonds, Series 2018** | **Patriots Energy Group Financing Agency, South Carolina Revenue Bonds, Series 2018** | **Patriots Energy Group Financing Agency, South Carolina Revenue Bonds, Series 2018** |
|  3.620% (US0001M) due 10/01/2048 ~ | 1000 | 995 |
|  4.000% due 10/01/2048 | 4000 | 3997 |
|  **South Carolina Jobs-Economic Development Authority Revenue Bonds, Series 2020** | **South Carolina Jobs-Economic Development Authority Revenue Bonds, Series 2020** | **South Carolina Jobs-Economic Development Authority Revenue Bonds, Series 2020** |
|  5.000% due 12/01/2048 | 1250 | 1313 |
|  |  | 7438 |
| **SOUTH DAKOTA 0.2%** | **SOUTH DAKOTA 0.2%** | **SOUTH DAKOTA 0.2%** |
|  **Educational Enhancement Funding Corp., South Dakota Revenue Notes, Series 2021** | **Educational Enhancement Funding Corp., South Dakota Revenue Notes, Series 2021** | **Educational Enhancement Funding Corp., South Dakota Revenue Notes, Series 2021** |
|  0.706% due 06/01/2023 | 1000 | 984 |
| **TENNESSEE 1.1%** | **TENNESSEE 1.1%** | **TENNESSEE 1.1%** |
|  **Greeneville Health & Educational Facilities Board, Tennessee Revenue Notes, Series 2018** | **Greeneville Health & Educational Facilities Board, Tennessee Revenue Notes, Series 2018** | **Greeneville Health & Educational Facilities Board, Tennessee Revenue Notes, Series 2018** |
|  5.000% due 07/01/2023 | 600 | 605 |
|  **Memphis-Shelby County, Tennessee Airport Authority Revenue Notes, Series 2021** | **Memphis-Shelby County, Tennessee Airport Authority Revenue Notes, Series 2021** | **Memphis-Shelby County, Tennessee Airport Authority Revenue Notes, Series 2021** |
|  5.000% due 07/01/2023 | 2250 | 2270 |
|  **Tennergy Corp, Tennessee Revenue Bonds, Series 2022** | **Tennergy Corp, Tennessee Revenue Bonds, Series 2022** | **Tennergy Corp, Tennessee Revenue Bonds, Series 2022** |
|  5.500% due 10/01/2053 | 1250 | 1323 |
|  **Tennergy Corp., Tennessee Revenue Bonds, Series 2019** | **Tennergy Corp., Tennessee Revenue Bonds, Series 2019** | **Tennergy Corp., Tennessee Revenue Bonds, Series 2019** |
|  5.000% due 02/01/2050 | 1500 | 1522 |
|  **Tennessee Energy Acquisition Corp. Revenue Notes, Series 2021** | **Tennessee Energy Acquisition Corp. Revenue Notes, Series 2021** | **Tennessee Energy Acquisition Corp. Revenue Notes, Series 2021** |
|  5.000% due 11/01/2023 | 250 | 252 |
|  5.000% due 11/01/2024 | 250 | 255 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;6227 |
| **TEXAS 6.3%** | **TEXAS 6.3%** | **TEXAS 6.3%** |
|  **Alvin Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2014** | **Alvin Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2014** | **Alvin Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2014** |
|  0.450% due 02/15/2036 | 1000 | 984 |
|  **Arlington Higher Education Finance Corp., Texas Revenue Notes, (PSF Insured), Series 2021** | **Arlington Higher Education Finance Corp., Texas Revenue Notes, (PSF Insured), Series 2021** | **Arlington Higher Education Finance Corp., Texas Revenue Notes, (PSF Insured), Series 2021** |
|  4.000% due 02/15/2026 | 280 | 288 |
|  **El Paso Independent School District, Texas General Obligation Notes, (PSF Insured), Series 2020** | **El Paso Independent School District, Texas General Obligation Notes, (PSF Insured), Series 2020** | **El Paso Independent School District, Texas General Obligation Notes, (PSF Insured), Series 2020** |
|  5.000% due 08/15/2024 | 400 | 414 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2019** | **Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2019** | **Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2019** |
|  3.534% (US0001M) due 11/15/2046 ~ | 2500 | &nbsp;&nbsp;&nbsp;&nbsp;2502 |
|  **Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2020** | **Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2020** | **Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2020** |
|  5.000% due 06/01/2032 | 550 | 588 |
|  **Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Notes, Series 2019** | **Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Notes, Series 2019** | **Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Notes, Series 2019** |
|  5.000% due 12/01/2024 | 350 | 363 |
|  **Harris County, Texas General Obligation Bonds, Series 2015** | **Harris County, Texas General Obligation Bonds, Series 2015** | **Harris County, Texas General Obligation Bonds, Series 2015** |
|  5.000% due 10/01/2026 | 2920 | 3097 |
|  **Houston Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2014** | **Houston Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2014** | **Houston Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2014** |
|  4.000% due 06/01/2039 | 1500 | 1504 |
|  **Liberty Hill Independent School District, Texas General Obligation Notes, (PSF Insured), Series 2022** | **Liberty Hill Independent School District, Texas General Obligation Notes, (PSF Insured), Series 2022** | **Liberty Hill Independent School District, Texas General Obligation Notes, (PSF Insured), Series 2022** |
|  5.000% due 02/01/2027 | 2000 | 2177 |
|  **Matagorda County, Texas Navigation District No 1 Revenue Bonds, Series 2001** | **Matagorda County, Texas Navigation District No 1 Revenue Bonds, Series 2001** | **Matagorda County, Texas Navigation District No 1 Revenue Bonds, Series 2001** |
|  2.600% due 11/01/2029 | 1500 | 1335 |
|  **Northside Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2018** | **Northside Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2018** | **Northside Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2018** |
|  2.750% due 08/01/2048 | 750 | 745 |
|  **Northside Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2019** | **Northside Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2019** | **Northside Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2019** |
|  1.600% due 08/01/2049 | 735 | 712 |
|  **Northside Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2020** | **Northside Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2020** | **Northside Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2020** |
|  0.700% due 06/01/2050 | 1500 | 1414 |
|  **Northside Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2022** | **Northside Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2022** | **Northside Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2022** |
|  2.000% due 06/01/2052 | 1300 | 1218 |
|  **Pasadena Texas General Obligation Bonds, (PSF Insured), Series 2015** | **Pasadena Texas General Obligation Bonds, (PSF Insured), Series 2015** | **Pasadena Texas General Obligation Bonds, (PSF Insured), Series 2015** |
|  1.500% due 02/15/2044 | 750 | 734 |
|  **San Antonio, Texas Electric & Gas Systems Revenue Bonds, Series 2015** | **San Antonio, Texas Electric & Gas Systems Revenue Bonds, Series 2015** | **San Antonio, Texas Electric & Gas Systems Revenue Bonds, Series 2015** |
|  1.125% due 12/01/2045 | 2500 | 2197 |
|  **San Antonio, Texas Electric & Gas Systems Revenue Bonds, Series 2022** | **San Antonio, Texas Electric & Gas Systems Revenue Bonds, Series 2022** | **San Antonio, Texas Electric & Gas Systems Revenue Bonds, Series 2022** |
|  2.000% due 02/01/2049 | 1000 | 939 |
|  **Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2022** | **Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2022** | **Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2022** |
|  5.000% due 11/15/2052 | 1900 | 2007 |
|  **Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Notes, Series 2022** | **Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Notes, Series 2022** | **Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Notes, Series 2022** |
|  5.000% due 10/01/2026 | 225 | 241 |
|  **Tarrant Regional Water District, Texas Revenue Notes, Series 2021** | **Tarrant Regional Water District, Texas Revenue Notes, Series 2021** | **Tarrant Regional Water District, Texas Revenue Notes, Series 2021** |
|  1.050% due 09/01/2027 | 5000 | 4244 |
|  **Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2006** | **Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2006** | **Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2006** |
|  3.895% (US0003M) due 12/15/2026 ~ | 1145 | 1133 |
|  4.645% (US0003M) due 12/15/2026 ~ | 1000 | 975 |
|  **Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2008** | **Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2008** | **Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2008** |
|  6.250% due 12/15/2026 | 180 | 189 |
|  **Texas Municipal Gas Acquisition & Supply Corp. Revenue Notes, Series 2021** | **Texas Municipal Gas Acquisition & Supply Corp. Revenue Notes, Series 2021** | **Texas Municipal Gas Acquisition & Supply Corp. Revenue Notes, Series 2021** |
|  5.000% due 12/15/2023 | 500 | 504 |
|  5.000% due 12/15/2026 | 1750 | 1805 |
|  **Texas Water Development Board Revenue Notes, Series 2018** | **Texas Water Development Board Revenue Notes, Series 2018** | **Texas Water Development Board Revenue Notes, Series 2018** |
|  5.000% due 10/15/2024 | 500 | 520 |
|  **Texas Water Development Board Revenue Notes, Series 2022** | **Texas Water Development Board Revenue Notes, Series 2022** | **Texas Water Development Board Revenue Notes, Series 2022** |
|  5.000% due 10/15/2025 | 1250 | 1330 |
|  **Travis County, Texas Housing Finance Corp. Revenue Bonds, Series 2022** | **Travis County, Texas Housing Finance Corp. Revenue Bonds, Series 2022** | **Travis County, Texas Housing Finance Corp. Revenue Bonds, Series 2022** |
|  4.125% due 06/01/2045 | 1000 | 1007 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **111** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO Short Term Municipal Bond Active Exchange-Traded Fund** | **(Cont.)** |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Waco Educational Finance Corp., Texas Revenue Notes, Series 2021** | **Waco Educational Finance Corp., Texas Revenue Notes, Series 2021** | **Waco Educational Finance Corp., Texas Revenue Notes, Series 2021** |
|  4.000% due 03/01/2026 | 525 | 540 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;35706 |
| **UTAH 0.1%** | **UTAH 0.1%** | **UTAH 0.1%** |
|  **City of Salt Lake, Utah Revenue Notes, Series 2021** | **City of Salt Lake, Utah Revenue Notes, Series 2021** | **City of Salt Lake, Utah Revenue Notes, Series 2021** |
|  5.000% due 07/01/2024 | 350 | 360 |
|  5.000% due 07/01/2025 | 450 | 471 |
|  |  | 831 |
| **VIRGINIA 1.8%** | **VIRGINIA 1.8%** | **VIRGINIA 1.8%** |
|  **Fairfax County, Virginia General Obligation Notes, Series 2020** | **Fairfax County, Virginia General Obligation Notes, Series 2020** | **Fairfax County, Virginia General Obligation Notes, Series 2020** |
|  5.000% due 10/01/2028 | 5000 | 5657 |
|  **Wise County, Virginia Industrial Development Authority Revenue Bonds, Series 2009** | **Wise County, Virginia Industrial Development Authority Revenue Bonds, Series 2009** | **Wise County, Virginia Industrial Development Authority Revenue Bonds, Series 2009** |
|  0.750% due 10/01/2040 | 3800 | 3447 |
|  **Wise County, Virginia Industrial Development Authority Revenue Bonds, Series 2010** | **Wise County, Virginia Industrial Development Authority Revenue Bonds, Series 2010** | **Wise County, Virginia Industrial Development Authority Revenue Bonds, Series 2010** |
|  1.200% due 11/01/2040 | 1150 | 1098 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10202 |
| **WASHINGTON 2.7%** | **WASHINGTON 2.7%** | **WASHINGTON 2.7%** |
|  **Central Puget Sound Regional Transit Authority Sales & Rental Car Taxes, Washington Revenue Bonds, Series 2015** | **Central Puget Sound Regional Transit Authority Sales & Rental Car Taxes, Washington Revenue Bonds, Series 2015** | **Central Puget Sound Regional Transit Authority Sales & Rental Car Taxes, Washington Revenue Bonds, Series 2015** |
|  3.860% (MUNIPSA) due 11/01/2045 ~ | 4500 | 4379 |
|  **Central Puget Sound Regional Transit Authority, Washington Revenue Bonds, Series 2015** | **Central Puget Sound Regional Transit Authority, Washington Revenue Bonds, Series 2015** | **Central Puget Sound Regional Transit Authority, Washington Revenue Bonds, Series 2015** |
|  4.110% (MUNIPSA + 0.450%) due 11/01/2045 ~ | 750 | 750 |
|  **Port of Seattle, Washington Revenue Notes, Series 2015** | **Port of Seattle, Washington Revenue Notes, Series 2015** | **Port of Seattle, Washington Revenue Notes, Series 2015** |
|  5.000% due 03/01/2023 | 1000 | 1003 |
|  **Seattle, Washington Municipal Light & Power Revenue Bonds, Series 2018** | **Seattle, Washington Municipal Light & Power Revenue Bonds, Series 2018** | **Seattle, Washington Municipal Light & Power Revenue Bonds, Series 2018** |
|  4.150% (MUNIPSA + 0.490%) due 11/01/2046 ~ | 675 | 675 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Seattle, Washington Municipal Light & Power Revenue Bonds, Series 2021** | **Seattle, Washington Municipal Light & Power Revenue Bonds, Series 2021** | **Seattle, Washington Municipal Light & Power Revenue Bonds, Series 2021** |
|  3.910% (MUNIPSA) due 05/01/2045 ~ | 3000 | 2943 |
|  **State of Washington General Obligation Refunding Bonds, Series 2022** | **State of Washington General Obligation Refunding Bonds, Series 2022** | **State of Washington General Obligation Refunding Bonds, Series 2022** |
|  4.000% due 07/01/2026 | 1000 | 1047 |
|  **University of Washington Revenue Bonds, Series 2022** | **University of Washington Revenue Bonds, Series 2022** | **University of Washington Revenue Bonds, Series 2022** |
|  4.000% due 05/01/2048 | 2500 | 2595 |
|  **Washington Health Care Facilities Authority Revenue Bonds, Series 2017** | **Washington Health Care Facilities Authority Revenue Bonds, Series 2017** | **Washington Health Care Facilities Authority Revenue Bonds, Series 2017** |
|  4.710% (MUNIPSA + 1.050%) due 01/01/2042 ~ | 1000 | 1000 |
|  **Washington Health Care Facilities Authority Revenue Bonds, Series 2019** | **Washington Health Care Facilities Authority Revenue Bonds, Series 2019** | **Washington Health Care Facilities Authority Revenue Bonds, Series 2019** |
|  5.000% due 08/01/2049 | 870 | 882 |
|  **Washington Higher Education Facilities Authority Revenue Notes, Series 2020** | **Washington Higher Education Facilities Authority Revenue Notes, Series 2020** | **Washington Higher Education Facilities Authority Revenue Notes, Series 2020** |
|  5.000% due 05/01/2023 | 250 | 251 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;15525 |
| **WEST VIRGINIA 0.1%** | **WEST VIRGINIA 0.1%** | **WEST VIRGINIA 0.1%** |
|  **Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2020** | **Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2020** | **Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2020** |
|  3.000% due 06/01/2035 | 432 | 388 |
| **WISCONSIN 2.4%** | **WISCONSIN 2.4%** | **WISCONSIN 2.4%** |
|  **Public Finance Authority, Wisconsin Revenue Bonds, Series 2022** | **Public Finance Authority, Wisconsin Revenue Bonds, Series 2022** | **Public Finance Authority, Wisconsin Revenue Bonds, Series 2022** |
|  3.700% due 10/01/2046 | 2500 | 2517 |
|  **Public Finance Authority, Wisconsin Revenue Notes, Series 2021** | **Public Finance Authority, Wisconsin Revenue Notes, Series 2021** | **Public Finance Authority, Wisconsin Revenue Notes, Series 2021** |
|  4.000% due 10/01/2026 | 305 | 299 |
|  **University of Wisconsin Hospitals & Clinics Revenue Bonds, Series 2018** | **University of Wisconsin Hospitals & Clinics Revenue Bonds, Series 2018** | **University of Wisconsin Hospitals & Clinics Revenue Bonds, Series 2018** |
|  3.370% due 04/01/2048 | 5000 | 5000 |
|  **Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2018** | **Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2018** | **Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2018** |
|  3.840% (MUNIPSA) due 08/15/2054 ~ | 2500 | 2417 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Wisconsin State General Obligation Notes, Series 2022** | **Wisconsin State General Obligation Notes, Series 2022** | **Wisconsin State General Obligation Notes, Series 2022** | **Wisconsin State General Obligation Notes, Series 2022** |
|  4.080% (MUNIPSA) due 05/01/2025 ~ | 3255 | $— | 3213 |
|  |  |  | 13446 |
|  **Total Municipal Bonds & Notes (Cost $535,987)** | **Total Municipal Bonds & Notes (Cost $535,987)** |  | **527210** |
| **U.S. TREASURY OBLIGATIONS 0.3%** | **U.S. TREASURY OBLIGATIONS 0.3%** | **U.S. TREASURY OBLIGATIONS 0.3%** | **U.S. TREASURY OBLIGATIONS 0.3%** |
|  **U.S. Treasury Notes** | **U.S. Treasury Notes** | **U.S. Treasury Notes** | **U.S. Treasury Notes** |
|  1.500% due 01/15/2023 | 600 |  | 600 |
|  1.500% due 11/30/2024 | 1100 |  | 1041 |
|  **Total U.S. Treasury Obligations (Cost $1,703)** | **Total U.S. Treasury Obligations (Cost $1,703)** |  | **1641** |
| **SHORT-TERM INSTRUMENTS 5.8%** | **SHORT-TERM INSTRUMENTS 5.8%** | **SHORT-TERM INSTRUMENTS 5.8%** | **SHORT-TERM INSTRUMENTS 5.8%** |
| **REPURCHASE AGREEMENTS (d) 0.1%** | **REPURCHASE AGREEMENTS (d) 0.1%** | **REPURCHASE AGREEMENTS (d) 0.1%** | **REPURCHASE AGREEMENTS (d) 0.1%** |
|  |  |  | 560 |
| **SHORT-TERM NOTES 0.3%** |  |  |  |
|  **Federal Home Loan Bank** | **Federal Home Loan Bank** | **Federal Home Loan Bank** | **Federal Home Loan Bank** |
|  4.180% due 02/03/2011 | 2000 |  | 1992 |
| **U.S. TREASURY BILLS 5.4%** | **U.S. TREASURY BILLS 5.4%** | **U.S. TREASURY BILLS 5.4%** | **U.S. TREASURY BILLS 5.4%** |
|  4.177% due 01/26/2023 - 03/30/2023 (a)(b) | 30700 |  | 30541 |
| **Total Short-Term Instruments<br>(Cost $33,092)** | **Total Short-Term Instruments<br>(Cost $33,092)** |  | **33093** |
| **Total Investments in Securities (Cost $570,782)** | **Total Investments in Securities (Cost $570,782)** |  | **561944** |
| **Total Investments 99.4%<br>(Cost $570,782)** | **Total Investments 99.4%<br>(Cost $570,782)** | $— | **561944** |
| **Other Assets and Liabilities, net 0.6%** | **Other Assets and Liabilities, net 0.6%** |  | **3136** |
| **Net Assets 100.0%** | **Net Assets 100.0%** | $— | **565080** |

---

**NOTES TO SCHEDULE OF INVESTMENTS:** 

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

---

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

---

**(a)** **Coupon represents a weighted average yield to maturity.** 

**(b)** **Zero coupon security.** 

&nbsp;&nbsp;&nbsp;&nbsp;**(c) RESTRICTED SECURITIES:** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Issuer Description** | **Coupon** | **Maturity<br>Date** | **Acquisition<br>Date** | **Cost** | **Market<br>Value** | **Market Value<br>as Percentage<br>of Net Assets** |
|  Lehigh County, Pennsylvania Revenue Bonds, Series 2019 | 4.760% | 08/15/2038 | 09/14/2021 | $2487 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 | 0.42% |

---

**BORROWINGS AND OTHER FINANCING TRANSACTIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;**(d) REPURCHASE AGREEMENTS:** 

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Lending<br>Rate** | **Settlement<br>Date** | **Maturity<br>Date** | **Principal<br>Amount** | **Collateralized By** | **Collateral<br>(Received)** | **Repurchase<br>Agreements,<br>at Value** | **Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup>** |
| FICC | 1.900% | 12/30/2022 | 01/03/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560 | U.S. Treasury Bills 0.000% due 12/28/2023 | $(572) | $560 | $560 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** |  | $**(572)** | $**560** | $**560** |

---

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|:---|:---|:---|
| **112** | **PIMCO ETF TRUST** | See Accompanying Notes |

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**BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY** 

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2022:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup>** | **Payable for<br>Reverse<br>Repurchase<br>Agreements** | **Payable for<br>Sale-Buyback<br>Transactions** | **Securities<br>Out on Loan** | **Total<br>Borrowings and<br>Other Financing<br>Transactions** | **Collateral<br>Pledged/(Received)** | **Net Exposure<sup>(2)</sup>** |
|  Global/Master Repurchase Agreement |  |  |  |  |  |  |  |
|  FICC | $560 | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(572) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) |
|  **Total Borrowings and Other Financing Transactions** | $**560** | $**0** | $**0** | $**0** |  |  |  |

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<sup>(1)</sup> Includes accrued interest.

<sup>(2)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

**FAIR VALUE MEASUREMENTS** 

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair**<br> **Value at<br>12/31/2022** |
|  **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 |
| &nbsp;&nbsp; Alabama | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $19338 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $19338 |
| &nbsp;&nbsp; Alaska | 0 | 552 | 0 | 552 |
| &nbsp;&nbsp; Arizona | 0 | 8580 | 0 | 8580 |
| &nbsp;&nbsp; California | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84692 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84692 |
| &nbsp;&nbsp; Colorado | 0 | 16791 | 0 | 16791 |
| &nbsp;&nbsp; Connecticut | 0 | 24903 | 0 | 24903 |
| &nbsp;&nbsp; Delaware | 0 | 2566 | 0 | 2566 |
| &nbsp;&nbsp; Florida | 0 | 5819 | 0 | 5819 |
| &nbsp;&nbsp; Georgia | 0 | 15723 | 0 | 15723 |
| &nbsp;&nbsp; Illinois | 0 | 38335 | 0 | 38335 |
| &nbsp;&nbsp; Indiana | 0 | 11330 | 0 | 11330 |
| &nbsp;&nbsp; Iowa | 0 | 3219 | 0 | 3219 |
| &nbsp;&nbsp; Kansas | 0 | 2502 | 0 | 2502 |
| &nbsp;&nbsp; Kentucky | 0 | 6387 | 0 | 6387 |
| &nbsp;&nbsp; Louisiana | 0 | 7039 | 0 | 7039 |
| &nbsp;&nbsp; Maryland | 0 | 4838 | 0 | 4838 |
| &nbsp;&nbsp; Massachusetts | 0 | 10463 | 0 | 10463 |
| &nbsp;&nbsp; Michigan | 0 | 11315 | 0 | 11315 |
| &nbsp;&nbsp; Minnesota | 0 | 1900 | 0 | 1900 |
| &nbsp;&nbsp; Mississippi | 0 | 746 | 0 | 746 |
| &nbsp;&nbsp; Missouri | 0 | 838 | 0 | 838 |
| &nbsp;&nbsp; Nebraska | 0 | 4872 | 0 | 4872 |
| &nbsp;&nbsp; Nevada | 0 | 1346 | 0 | 1346 |
| &nbsp;&nbsp; New Hampshire | 0 | 3305 | 0 | 3305 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair**<br> **Value at<br>12/31/2022** |
| &nbsp;&nbsp; New Jersey | $0 | $17456 | $0 | $17456 |
| &nbsp;&nbsp; New Mexico | 0 | 1977 | 0 | 1977 |
| &nbsp;&nbsp; New York | 0 | 85924 | 0 | 85924 |
| &nbsp;&nbsp; North Carolina | 0 | 5549 | 0 | 5549 |
| &nbsp;&nbsp; Ohio | 0 | 9646 | 0 | 9646 |
| &nbsp;&nbsp; Oregon | 0 | 820 | 0 | 820 |
| &nbsp;&nbsp; Pennsylvania | 0 | 18857 | 0 | 18857 |
| &nbsp;&nbsp; Puerto Rico | 0 | 8835 | 0 | 8835 |
| &nbsp;&nbsp; South Carolina | 0 | 7438 | 0 | 7438 |
| &nbsp;&nbsp; South Dakota | 0 | 984 | 0 | 984 |
| &nbsp;&nbsp; Tennessee | 0 | 6227 | 0 | 6227 |
| &nbsp;&nbsp; Texas | 0 | 35706 | 0 | 35706 |
| &nbsp;&nbsp; Utah | 0 | 831 | 0 | 831 |
| &nbsp;&nbsp; Virginia | 0 | 10202 | 0 | 10202 |
| &nbsp;&nbsp; Washington | 0 | 15525 | 0 | 15525 |
| &nbsp;&nbsp; West Virginia | 0 | 388 | 0 | 388 |
| &nbsp;&nbsp; Wisconsin | 0 | 13446 | 0 | 13446 |
|  U.S. Treasury Obligations | 0 | 1641 | 0 | 1641 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 560 | 0 | 560 |
| &nbsp;&nbsp; Short-Term Notes | 0 | 1992 | 0 | 1992 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 30541 | 0 | 30541 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561944 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561944 |

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There were no significant transfers into or out of Level 3 during the period ended December 31, 2022.

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| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **113** |

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##### [**Table of Contents**](#toc)
**Notes to Financial Statements**

1. ORGANIZATION

PIMCO ETF Trust (the "Trust") was established as a Delaware statutory trust on November 14, 2008. The Trust is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. Information presented in these financial statements pertains to the funds (each a "Fund" and collectively the "Funds") offered by the Trust. Pacific Investment Management Company LLC ("PIMCO" or "Manager") serves as the investment adviser for the Funds.

Each Fund is an exchange-traded fund ("ETF"). ETFs are funds that trade like other publicly-traded securities and may be designed to track an index or to be actively managed. Unlike shares of a mutual fund, which can be bought from and redeemed by the issuing fund by all shareholders at a price based on net asset value ("NAV"), shares of a Fund may be directly purchased from and redeemed by a Fund at NAV solely by certain large institutional investors. Also unlike shares of a mutual fund, shares of each Fund are listed on a national securities exchange and trade in the secondary market at market prices that change throughout the day. Each Fund offers and issues shares only in aggregations of a specified number of shares ("Creation Units").

Hereinafter, the Board of Trustees of the Funds shall be collectively referred to as the "Board."

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). Each Fund is treated as an investment company under the reporting requirements of U.S. GAAP. The functional and reporting currency for the Funds is the U.S. dollar. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

(a) Securities Transactions and Investment Income Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled beyond a standard settlement period for the security after the trade date. Realized gains (losses) from securities sold are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as a Fund is informed of the ex-dividend date.

Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis from settlement date, with the exception of securities with a forward starting effective date, where interest income is recorded on the accrual basis from effective date. For convertible securities, premiums attributable to the conversion feature are not amortized. Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized appreciation (depreciation) on investments on the Statements of Operations, as appropriate. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain (loss) on investments on the Statements of Operations. Paydown gains (losses) on mortgage-related and other asset-backed securities, if any, are recorded as components of interest income on the Statements of Operations. Income or short-term capital gain distributions received from registered investment companies, if any, are recorded as dividend income. Long-term capital gain distributions received from registered investment companies, if any, are recorded as realized gains.

Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is probable.

(b) Foreign Currency Translation The market values of foreign securities, currency holdings and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the current exchange rates each business day. Purchases and sales of securities and income and expense items denominated in foreign currencies, if any, are translated into U.S. dollars at the exchange rate in effect on the transaction date. The Funds do not separately report the effects of changes in foreign exchange rates from changes in market prices on securities held. Such changes are included in net realized gain (loss) and net change in unrealized appreciation (depreciation) from investments on the Statements of Operations. The Funds may invest in foreign currency-denominated securities and may engage in foreign currency transactions either on a spot (cash) basis at the rate prevailing in the currency exchange market at the time or through a forward foreign currency contract. Realized foreign exchange gains (losses) arising from sales of spot foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest, and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid are included in net realized gain (loss) on foreign currency transactions on the Statements of Operations. Net unrealized foreign exchange gains

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|:---|:---|
| **114** | **PIMCO ETF TRUST** |

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(losses) arising from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period are included in net change in unrealized appreciation (depreciation) on foreign currency assets and liabilities on the Statements of Operations.

(c) Distributions to Shareholders The following table shows the anticipated frequency of distributions from net investment income, if any, for each Fund.

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| | | |
|:---|:---|:---|
|  | **Distribution Frequency** | **Distribution Frequency** |
| **Fund Name** | **Declared** | **Distributed** |
|  PIMCO 1-5 Year U.S. TIPS Index<br>Exchange-Traded Fund | Monthly | Monthly |
|  PIMCO 15+ Year U.S. TIPS Index<br>Exchange-Traded Fund | Monthly | Monthly |
|  PIMCO Broad U.S. TIPS Index<br>Exchange-Traded Fund | Monthly | Monthly |
|  PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund | Monthly | Monthly |
|  PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund | Monthly | Monthly |
|  PIMCO Active Bond Exchange-Traded Fund | Monthly | Monthly |
|  PIMCO Enhanced Low Duration Active<br>Exchange-Traded Fund | Monthly | Monthly |
|  PIMCO Enhanced Short Maturity Active ESG<br>Exchange-Traded Fund | Monthly | Monthly |
|  PIMCO Enhanced Short Maturity Active<br>Exchange-Traded Fund | Monthly | Monthly |
|  PIMCO Intermediate Municipal Bond Active<br>Exchange-Traded Fund | Monthly | Monthly |
|  PIMCO Municipal Income Opportunities Active Exchange-Traded Fund | Monthly | Monthly |
|  PIMCO Senior Loan Active Exchange-Traded Fund | Monthly | Monthly |
|  PIMCO Short Term Municipal Bond Active<br>Exchange-Traded Fund | Monthly | Monthly |
|  PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund | Quarterly | Quarterly |

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In addition, each Fund distributes any net capital gains it earns from the sale of portfolio securities to shareholders no less frequently than annually. Net short-term capital gains may be paid more frequently. The Funds may revise its distribution policy or postpone the payment of distributions at any time.

Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. Differences between tax regulations and U.S. GAAP may cause timing differences between income and capital gain recognition. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. As a result, income distributions and capital gain distributions declared during a fiscal period may differ significantly from the net investment income (loss) and realized gains (losses) reported on each Fund's annual financial statements presented under U.S. GAAP.

Separately, if a Fund determines or estimates, as applicable, that a portion of a distribution may be comprised of amounts from sources other than net investment income in accordance with its policies, accounting records (if applicable), and accounting practices, the Fund will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. For these purposes, a Fund determines or estimates, as applicable, the source or sources from which a distribution is paid, to the close of the period as of which it is paid, in reference to its internal accounting records and related accounting practices. If, based on such accounting records and practices, it is determined or estimated, as applicable, that a particular distribution does not include capital gains or paid-in surplus or other capital sources, a Section 19 Notice generally would not be issued. It is important to note that differences exist between a Fund's daily internal accounting records and practices, a Fund's financial statements presented in accordance with U.S. GAAP, and recordkeeping practices under income tax regulations. For instance, a Fund's internal accounting records and practices may take into account, among other factors, tax-related characteristics of certain sources of distributions that differ from treatment under U.S. GAAP. Examples of such differences may include but are not limited to, for certain Funds, the treatment of periodic payments under interest rate swap contracts. Accordingly, among other consequences, it is possible that a Fund may not issue a Section 19 Notice in situations where the Fund's financial statements prepared later and in accordance with U.S. GAAP and/or the final tax character of those distributions might later report that the sources of those distributions included capital gains and/or a return of capital. Please visit www.pimco.com for the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Final determination of a distribution's tax character will be provided to shareholders when such information is available.

Distributions classified as a tax basis return of capital at a Fund's fiscal year end, if any, are reflected on the Statements of Changes in Net Assets and have been recorded to paid in capital on the Statements of Assets and Liabilities. In addition, other amounts have been reclassified between distributable earnings (accumulated loss) and paid in capital on the Statements of Assets and Liabilities to more appropriately conform U.S. GAAP to tax characterizations of distributions.

(d) New Accounting Pronouncements and Regulatory Updates In March 2020, the Financial Accounting Standards Board ("FASB") issued an Accounting Standards Update ("ASU"), ASU 2020-04, which provides optional guidance to ease the potential accounting burden associated with transitioning away from the London Interbank Offered Rate and other reference rates that are expected to be discontinued. ASU 2020-04 is effective for certain reference rate-related contract

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **115** |

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| | |
|:---|:---|
| **Notes to Financial Statements** | **(Cont.)** |

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modifications that occurred during the period March 12, 2020 through December 31, 2022. In March 2021, the administrator for LIBOR announced the extension of the publication of a majority of the USD LIBOR settings to June 30, 2023. In December 2022, FASB issued ASU 2022-06, which includes amendments to extend the duration of the LIBOR transition relief to December 31, 2024, after which entities will no longer be permitted to apply the reference rate reform relief. Management is continuously evaluating the potential effect a discontinuation of LIBOR could have on the Funds' investments and has determined that it is unlikely the ASU's adoption will have a material impact on the Funds' financial statements.

In October 2020, the U.S. Securities and Exchange Commission ("SEC") adopted a rule related to the use of derivatives, short sales, reverse repurchase agreements and certain other transactions by registered investment companies that rescinds and withdraws the guidance of the SEC and its staff regarding asset segregation and cover transactions. Subject to certain exceptions, the rule requires funds that trade derivatives and other transactions that create future payment or delivery obligations to comply with a value-at-risk leverage limit and certain derivatives risk management program and reporting requirements. The effective date for the rule was February 19, 2021. The compliance date for the new rule and the related reporting requirements was August 19, 2022. Management has implemented changes in connection with the rule and has determined that there is no material impact to the Funds' financial statements.

In December 2020, the SEC adopted a rule addressing fair valuation of fund investments. The new rule sets forth requirements for good faith determinations of fair value as well as for the performance of fair value determinations, including related oversight and reporting obligations. The new rule also defines "readily available market quotations" for purposes of the definition of "value" under the Act, and the SEC noted that this definition would apply in all contexts under the Act. The effective date for the rule was March 8, 2021. The compliance date for the new rule and the related reporting requirements was September 8, 2022. Management has implemented changes in connection with the rule and has determined that there is no material impact to the Funds' financial statements.

In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820), which affects all entities that have investments in equity securities measured at fair value that are subject to a contractual sale restriction. The amendments in ASU 2022-03 clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring the fair value. The amendments also require additional disclosures for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. The

effective date for the amendments in ASU 2022-03 is for fiscal years beginning after December 15, 2023 and interim periods within those fiscal years. At this time, management is evaluating the implications of these changes on the financial statements.

In October 2022, the SEC adopted changes to the mutual fund and ETF shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which will change the disclosures provided to shareholders. The rule is effective as of January 24, 2023, but the SEC is providing an 18-month compliance period after the effective date other than for rule amendments addressing fee and expense information in advertisements that might be materially misleading. At this time, management is evaluating the implications of these changes on the financial statements.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

(a) Investment Valuation Policies The NAV of the Funds' shares, or each of their respective share classes as applicable, is determined by dividing the total value of portfolio investments and other assets attributable to the Funds or class, less any liabilities, as applicable, by the total number of shares outstanding.

On each day that the New York Stock Exchange ("NYSE") is open, the Funds' shares are ordinarily valued as of the close of regular trading (normally 4:00 p.m., Eastern time) ("NYSE Close"). Information that becomes known to the Funds or their agents after the time as of which NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or the NAV determined earlier that day. If regular trading on the NYSE closes earlier than scheduled, each Fund may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that day. Each Fund generally does not calculate its NAV on days on which the NYSE is not open for business. If the NYSE is closed on a day it would normally be open for business, each Fund may calculate its NAV as of the NYSE Close for such day or such other time that each Funds may determine.

For purposes of calculating NAV, portfolio securities and other assets for which market quotations are readily available are valued at market value. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. Market value is generally determined on the basis of official closing prices or the last reported sales prices. The Funds will normally use pricing data for domestic equity securities received shortly after the NYSE Close and do not normally take into account trading, clearances or settlements that take place after the NYSE Close. A foreign (non-U.S.) equity security traded on a foreign exchange or on more

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| **116** | **PIMCO ETF TRUST** |

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than one exchange is typically valued using pricing information from the exchange considered by PIMCO to be the primary exchange. If market value pricing is used, a foreign (non-U.S.) equity security will be valued as of the close of trading on the foreign exchange, or the NYSE Close, if the NYSE Close occurs before the end of trading on the foreign exchange.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the Act. As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board has designated PIMCO as the valuation designee ("Valuation Designee") for each Fund to perform the fair value determination relating to all Fund investments. PIMCO may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee's policies and procedures govern the Valuation Designee's selection and application of methodologies for determining and calculating the fair value of Fund investments. The Valuation Designee may value Fund portfolio securities for which market quotations are not readily available and other Fund assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, "Pricing Sources").

Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives, and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Exchange traded options, except equity options, futures and options on futures are valued at the settlement price determined by the relevant exchange. Swap agreements are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Sources. With respect to any portion of a Fund's assets that are invested in one or more open-end management investment companies (other than ETFs), the Fund's NAV will be calculated based on the NAVs of such investments. Open-end management investment companies may include affiliated funds.

If a foreign (non-U.S.) equity security's value has materially changed after the close of the security's primary exchange or principal market but before the NYSE Close, the security may be valued at fair value. Foreign (non-U.S.) equity securities that do not trade when the NYSE is

open are also valued at fair value. With respect to foreign (non-U.S.) equity securities, a Fund may determine the fair value of investments based on information provided by Pricing Sources, which may recommend fair value or adjustments with reference to other securities, indexes or assets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indexes) that occur after the close of the relevant market and before the NYSE Close. A Fund may utilize modeling tools provided by third-party vendors to determine fair values of foreign (non-U.S.) securities. For these purposes, unless otherwise determined by the Valuation Designee, any movement in the applicable reference index or instrument ("zero trigger") between the earlier close of the applicable foreign market and the NYSE Close may be deemed to be a significant event, prompting the application of the pricing model (effectively resulting in daily fair valuations). Foreign exchanges may permit trading in foreign (non-U.S.) equity securities on days when a Fund is not open for business, which may result in a Fund's portfolio investments being affected when shareholders are unable to buy or sell shares.

Whole loans may be fair valued using inputs that take into account borrower- or loan-level data (e.g., credit risk of the borrower) that is updated periodically throughout the life of each individual loan; any new borrower- or loan-level data received in written reports periodically by the Funds normally will be taken into account in calculating the NAV. The Fund's whole loan investments, including those originated by the Fund or through an alternative lending platform, generally are fair valued in accordance with procedures approved by the Board.

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

Fair valuation may require subjective determinations about the value of a security. While the Trust's and Valuation Designee's policies and procedures are intended to result in a calculation of a Fund's NAV that fairly reflects security values as of the time of pricing, the Trust cannot ensure that fair values accurately reflect the price that a Fund could obtain for a security if it were to dispose of that security as of the time

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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:

<sup>∎</sup> Level 1 — Quoted prices (unadjusted) in active markets or exchanges for identical assets and liabilities.

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| <sup>∎</sup> | Level 2 — Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs. |

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<sup>∎</sup> Level 3 — Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Valuation Designee that are used in determining the fair value of investments.

Assets or liabilities categorized as Level 2 or 3 as of period end have been transferred between Levels 2 and 3 since the prior period due to changes in the method utilized in valuing the investments. Transfers from Level 2 to Level 3 are a result of a change, in the normal course of business, from the use of methods used by Pricing Services (Level 2) to the use of a Broker Quote or valuation technique which utilizes significant unobservable inputs due to an absence of current or reliable market-based data (Level 3). Transfers from Level 3 to Level 2 are a result of the availability of current and reliable market-based data provided by Pricing Services or other valuation techniques which utilize significant observable inputs. In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to Schedule of Investments for each respective Fund.

For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for

reported fair values that presents changes attributable to realized gain (loss), unrealized appreciation (depreciation), purchases and sales, accrued discounts (premiums), and transfers into and out of the Level 3 category during the period. The end of period value is used for the transfers between Levels of a Fund's assets and liabilities. Additionally, U.S. GAAP requires quantitative information regarding the significant unobservable inputs used in the determination of fair value of assets or liabilities categorized as Level 3 in the fair value hierarchy. In accordance with the requirements of U.S. GAAP, a fair value hierarchy, and if material, a Level 3 reconciliation and details of significant unobservable inputs, have been included in the Notes to Schedule of Investments for each respective Fund.

(c) Valuation Techniques and the Fair Value Hierarchy

Level 1, Level 2 and Level 3 trading assets and trading liabilities, at fair value The valuation methods (or "techniques") and significant inputs used in determining the fair values of portfolio securities or other assets and liabilities categorized as Level 1, Level 2 and Level 3 of the fair value hierarchy are as follows:

Common stocks, ETFs, exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy.

Investments in registered open-end investment companies (other than ETFs) will be valued based upon the NAVs of such investments and are categorized as Level 1 of the fair value hierarchy. Investments in unregistered open-end investment companies will be calculated based upon the NAVs of such investments and are considered Level 1 provided that the NAVs are observable, calculated daily and are the value at which both purchases and sales will be conducted.

Fixed income securities including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. treasury obligations, sovereign issues, bank loans, convertible preferred securities and non-U.S. bonds are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The Pricing Sources' internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

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Fixed income securities purchased on a delayed-delivery basis or as a repurchase commitment in a sale-buyback transaction are marked to market daily until settlement at the forward settlement date and are categorized as Level 2 of the fair value hierarchy.

Mortgage-related and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also normally valued by Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche, and incorporate deal collateral performance, as available. Mortgage-related and asset-backed securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the NYSE Close. These securities are valued using Pricing Sources that consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain exchange traded futures and options to account for market movement between the exchange settlement and the NYSE close. These securities are valued using quotes obtained from a quotation reporting system, established market makers or Pricing Sources. Financial derivatives using these valuation adjustments are categorized as Level 2 of the fair value hierarchy.

Equity exchange-traded options and over the counter financial derivative instruments, such as forward foreign currency contracts and options contracts derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. These contracts are normally valued on the basis of quotes obtained from a quotation reporting system, established market makers or Pricing Sources (normally determined as of the NYSE Close). Depending on the product and the terms of the transaction, financial derivative instruments can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as quoted prices, issuer details, indices, bid/ask spreads, interest rates, implied volatilities, yield curves, dividends and exchange rates.

Financial derivative instruments that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Centrally cleared swaps and over the counter swaps derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. They are valued using a broker-dealer bid quotation or on market-based prices provided by Pricing Sources (normally determined as of the NYSE Close). Centrally cleared swaps and over the counter swaps can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models may use inputs that are observed from actively quoted markets such as the overnight index swap rate, LIBOR forward rate, interest rates, yield curves and credit spreads. These securities are categorized as Level 2 of the fair value hierarchy.

If third-party evaluated vendor pricing is not available or not deemed to be indicative of fair value, the Manager may elect to obtain Broker Quotes directly from the broker-dealer or passed through from a third-party vendor. In the event that fair value is based upon a single sourced Broker Quote, these securities are categorized as Level 3 of the fair value hierarchy. Broker Quotes are typically received from established market participants. Although independently received, the Manager does not have the transparency to view the underlying inputs which support the market quotation. Significant changes in the Broker Quote would have direct and proportional changes in the fair value of the security.

Short-term debt instruments (such as commercial paper) having a remaining maturity of 60 days or less may be valued at amortized cost, so long as the amortized cost value of such short-term debt instruments is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. These securities are categorized as Level 2 or Level 3 of the fair value hierarchy depending on the source of the base price.

When a fair valuation method is applied by PIMCO that uses significant unobservable inputs, investments will be priced by a method that the Valuation Designee believes reflects fair value and are categorized as Level 3 of the fair value hierarchy.

4. SECURITIES AND OTHER INVESTMENTS

(a) Investments in Affiliates

Each Fund eligible to participate in securities lending may invest the cash collateral received for securities out on loan in the PIMCO Government Money Market Fund under the Securities Lending Agreement. All or a portion of Dividend Income as shown in the table below represents the income earned on the cash collateral invested in PIMCO Government Money Market Fund and is included on the

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Statements of Operations as a component of Securities Lending Income. PIMCO Government Money Market Fund is considered to be affiliated with the Funds. A complete schedule of portfolio holdings for each affiliate fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available at the SEC's website at www.sec.gov. A copy of each affiliate fund's shareholder report is also available at the SEC's website at www.sec.gov, on the Funds' website at www.pimco.com, or upon request, as applicable. The table below shows the Funds' transactions in and earnings from investments in the affiliated Fund for the period ended December 31, 2022 (amounts in thousands<sup>†</sup>):

**Investments in PIMCO Government Money Market Fund** 

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| **Fund Name** | **Market Value<br>06/30/2021** | **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>06/30/2022** | **Dividend<br>Income<sup>(1)</sup>** | **Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup>** |
|  PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund | $&nbsp;&nbsp;&nbsp;&nbsp;12399 | $&nbsp;&nbsp;&nbsp;&nbsp;88417 | $&nbsp;&nbsp;&nbsp;&nbsp;(66393) | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;34423 | $&nbsp;&nbsp;&nbsp;&nbsp;444 | $&nbsp;&nbsp;&nbsp;&nbsp;0 |
|  PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund | 0 | 9554 | (5810) | 0 | 0 | 3744 | 17 | 0 |
|  PIMCO Enhanced Short Maturity Active<br>Exchange-Traded Fund | 3879 | 7954 | (11833) | 0 | 0 | 0 | 14 | 0 |

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

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<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. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information. 

(b) Investments in Securities

The Funds may utilize the investments and strategies described below to the extent permitted by each Fund's respective investment policies.

Delayed-Delivery Transactions involve a commitment by a Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery transactions are outstanding, a Fund will designate or receive as collateral liquid assets in an amount sufficient to meet the purchase price or respective obligations. When purchasing a security on a delayed-delivery basis, a Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its NAV. A Fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, which may result in a realized gain (loss). When a Fund has sold a security on a delayed-delivery basis, the Fund does not participate in future gains (losses) with respect to the security.

Inflation-Indexed Bonds are fixed income securities whose principal value is periodically adjusted by the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value which is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income on the Statements of Operations, even though investors do not receive their principal until maturity. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury Inflation-Protected Securities ("TIPS"). For bonds that

do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

Loans and Other Indebtedness, Loan Participations and Assignments are direct debt instruments which are interests in amounts owed to lenders or lending syndicates by corporate, governmental, or other borrowers. A Fund's investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties or investments in or originations of loans by the Fund or Funds. A loan is often administered by a bank or other financial institution (the "agent") that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. A Fund may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. When a Fund purchases assignments from agents it acquires direct rights against the borrowers of the loans. These loans may include participations in bridge loans, which are loans taken out by borrowers for a short period (typically less than one year) pending arrangement of more permanent financing through, for example, the issuance of bonds, frequently high yield bonds issued for the purpose of acquisitions.

The types of loans and related investments in which the Funds may invest include, among others, senior loans, subordinated loans (including second lien loans, B-Notes and mezzanine loans), whole loans, commercial real estate and other commercial loans and

structured loans. The Funds may originate loans or acquire direct interests in loans through primary loan distributions and/or in private transactions. In the case of subordinated loans, there may be significant indebtedness ranking ahead of the borrower's obligation

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to the holder of such a loan, including in the event of the borrower's insolvency. Mezzanine loans are typically secured by a pledge of an equity interest in the mortgage borrower that owns the real estate rather than an interest in a mortgage.

Investments in loans may include unfunded loan commitments, which are contractual obligations for funding. Unfunded loan commitments may include revolving credit facilities, which may obligate a Fund to supply additional cash to the borrower on demand. Unfunded loan commitments represent a future obligation in full, even though a percentage of the committed amount may not be utilized by the borrower. When investing in a loan participation, a Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the agent selling the loan agreement and only upon receipt of payments by the agent from the borrower. A Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan. In certain circumstances, a Fund may receive a penalty fee upon the prepayment of a loan by a borrower. Fees earned or paid are recorded as a component of interest income or interest expense, respectively, on the Statements of Operations. Unfunded loan commitments are reflected as a liability on the Statements of Assets and Liabilities.

Mortgage-Related and Other Asset-Backed Securities directly or indirectly represent a participation in, or are secured by and payable from, loans on real property. Mortgage-related securities are created from pools of residential or commercial mortgage loans, including mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks and others. These securities provide a monthly payment which consists of both interest and principal. Interest may be determined by fixed or adjustable rates. The rate of prepayments on underlying mortgages will affect the price and volatility of a mortgage-related security, and may have the effect of shortening or extending the effective duration of the security relative to what was anticipated at the time of purchase. The timely payment of principal and interest of certain mortgage-related securities is guaranteed with the full faith and credit of the U.S. Government. Pools created and guaranteed by non-governmental issuers, including government-sponsored corporations, may be supported by various forms of insurance or guarantees, but there can be no assurance that private insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. Many of the risks of investing in mortgage-related securities secured by commercial mortgage loans reflect the effects of local and other economic conditions on real estate markets, the ability of tenants to make lease payments, and the ability of a property to attract and retain tenants. These securities may be less liquid and may exhibit greater price volatility than other types of mortgage-related or other asset-backed

securities. Other asset-backed securities are created from many types of assets, including, but not limited to, auto loans, accounts receivable, such as credit card receivables and hospital account receivables, home equity loans, student loans, boat loans, mobile home loans, recreational vehicle loans, manufactured housing loans, aircraft leases, computer leases and syndicated bank loans.

Collateralized Debt Obligations ("CDOs") include Collateralized Bond Obligations ("CBOs"), Collateralized Loan Obligations ("CLOs") and other similarly structured securities. CBOs and CLOs are types of asset-backed securities. A CBO is a trust which is backed by a diversified pool of high risk, below investment grade fixed income securities. A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. The risks of an investment in a CDO depend largely on the type of the collateral securities and the class of the CDO in which a Fund invests. In addition to the normal risks associated with fixed income securities discussed elsewhere in this report and each Fund's prospectus and statement of additional information (e.g., prepayment risk, credit risk, liquidity risk, market risk, structural risk, legal risk and interest rate risk (which may be exacerbated if the interest rate payable on a structured financing changes based on multiples of changes in interest rates or inversely to changes in interest rates)), CBOs, CLOs and other CDOs carry additional risks including, but not limited to, (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments, (ii) the quality of the collateral may decline in value or default, (iii) the risk that a Fund may invest in CBOs, CLOs, or other CDOs that are subordinate to other classes, and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results.

Collateralized Mortgage Obligations ("CMOs") are debt obligations of a legal entity that are collateralized by whole mortgage loans or private mortgage bonds and divided into classes. CMOs are structured into multiple classes, often referred to as "tranches," with each class bearing a different stated maturity and entitled to a different schedule for payments of principal and interest, including prepayments. CMOs may be less liquid and may exhibit greater price volatility than other types of mortgage-related or asset-backed securities.

Stripped Mortgage-Backed Securities ("SMBS") are derivative multi-class mortgage securities. SMBS are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. An SMBS will have one class that will receive all of the interest (the interest-only or "IO" class),

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while the other class will receive the entire principal (the principal-only or "PO" class). Payments received for IOs are included in interest income on the Statements of Operations. Because no principal will be received at the maturity of an IO, adjustments are made to the cost of the security on a monthly basis until maturity. These adjustments are included in interest income on the Statements of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.

Payment In-Kind Securities may give the issuer the option at each interest payment date of making interest payments in either cash and/or additional debt securities. Those additional debt securities usually have the same terms, including maturity dates and interest rates, and associated risks as the original bonds. The daily market quotations of the original bonds may include the accrued interest (referred to as a dirty price) and require a pro rata adjustment from the unrealized appreciation (depreciation) on investments to interest receivable on the Statements of Assets and Liabilities.

Perpetual Bonds are fixed income securities with no maturity date but pay a coupon in perpetuity (with no specified ending or maturity date). Unlike typical fixed income securities, there is no obligation for perpetual bonds to repay principal. The coupon payments, however, are mandatory. While perpetual bonds have no maturity date, they may have a callable date in which the perpetuity is eliminated and the issuer may return the principal received on the specified call date. Additionally, a perpetual bond may have additional features, such as interest rate increases at periodic dates or an increase as of a predetermined point in the future.

Restricted Investments are subject to legal or contractual restrictions on resale and may generally be sold privately, but may be required to be registered or exempted from such registration before being sold to the public. Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933. Disposal of restricted investments may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Restricted investments held by the Funds as of December 31, 2022, as applicable, are disclosed in the Notes to Schedules of Investments.

Securities Issued by U.S. Government Agencies or Government-Sponsored Enterprises are obligations of and, in certain cases, guaranteed by, the U.S. Government, its agencies or instrumentalities. Some U.S. Government securities, such as Treasury bills, notes and bonds, and securities guaranteed by the Government National Mortgage Association, are supported by the full faith and credit of the U.S. Government; others, such as those of the Federal Home Loan

Banks, are supported by the right of the issuer to borrow from the U.S. Department of the Treasury (the "U.S. Treasury"); and others, such as those of the Federal National Mortgage Association ("FNMA" or "Fannie Mae"), are supported by the discretionary authority of the U.S. Government to purchase the agency's obligations. U.S. Government securities may include zero coupon securities which do not distribute interest on a current basis and tend to be subject to a greater risk than interest-paying securities of similar maturities.

Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include FNMA and the Federal Home Loan Mortgage Corporation ("FHLMC" or "Freddie Mac"). FNMA is a government-sponsored corporation. FNMA purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks and credit unions and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA, but are not backed by the full faith and credit of the U.S. Government. FHLMC issues Participation Certificates ("PCs"), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the U.S. Government.

In June 2019, FNMA and FHLMC started issuing Uniform Mortgage Backed Securities in place of their current offerings of TBA-eligible securities (the "Single Security Initiative"). The Single Security Initiative seeks to support the overall liquidity of the TBA market and aligns the characteristics of FNMA and FHLMC certificates. The effects that the Single Security Initiative may have on the market for TBA and other mortgage-backed securities are uncertain.

Roll-timing strategies can be used where a Fund seeks to extend the expiration or maturity of a position, such as a TBA security on an underlying asset, by closing out the position before expiration and opening a new position with respect to substantially the same underlying asset with a later expiration date. TBA securities purchased or sold are reflected on the Statements of Assets and Liabilities as an asset or liability, respectively. Recently finalized FINRA rules include mandatory margin requirements for the TBA market that require the Funds to post collateral in connection with their TBA transactions. There is no similar requirement applicable to the Funds' TBA counterparties. The required collateralization of TBA trades could increase the cost of TBA transactions to the Funds and impose added operational complexity.

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Separate Trading of Registered Interest and Principal of Securities ("STRIPS") are U.S. Treasury fixed income securities in which the principal is separated, or stripped, from the interest and each takes the form of zero coupon securities. A STRIP is sold at a significant discount to face value and offers no interest payments; rather, investors receive payment at maturity. Zero coupon securities do not distribute interest on a current basis and tend to be subject to greater risk than interest-paying securities.

Warrants are securities that are usually issued together with a debt security or preferred security and that give the holder the right to buy a proportionate amount of common stock at a specified price. Warrants normally have a life that is measured in years and entitle the holder to buy common stock of a company at a price that is usually higher than the market price at the time the warrant is issued. Warrants may entail greater risks than certain other types of investments. Generally, warrants do not carry the right to receive dividends or exercise voting rights with respect to the underlying securities, and they do not represent any rights in the assets of the issuer. In addition, their value does not necessarily change with the value of the underlying securities, and they cease to have value if they are not exercised on or before their expiration date. If the market price of the underlying stock does not exceed the exercise price during the life of the warrant, the warrant will expire worthless. Warrants may increase the potential profit or loss to be realized from the investment as compared with investing the same amount in the underlying securities. Similarly, the percentage increase or decrease in the value of an equity security warrant may be greater than the percentage increase or decrease in the value of the underlying common stock. Warrants may relate to the purchase of equity or debt securities. Debt obligations with warrants attached to purchase equity securities have many characteristics of convertible securities and their prices may, to some degree, reflect the performance of the underlying stock. Debt obligations also may be issued with warrants attached to purchase additional debt securities at the same coupon rate. A decline in interest rates would permit a Fund to sell such warrants at a profit. If interest rates rise, these warrants would generally expire with no value.

When-Issued Transactions are purchases or sales made on a when-issued basis. These transactions are made conditionally because a security, although authorized, has not yet been issued in the market. Transactions to purchase or sell securities on a when-issued basis involve a commitment by a Fund to purchase or sell these securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. A Fund may sell when-issued securities before they are delivered, which may result in a realized gain (loss).

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5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

The Funds may enter into the borrowings and other financing transactions described below to the extent permitted by each Fund's respective investment policies.

The following disclosures contain information on a Fund's ability to lend or borrow cash or securities to the extent permitted under the Act, which may be viewed as borrowing or financing transactions by a Fund. The location of these instruments in each Fund's financial statements is described below.

(a) Repurchase Agreements Under the terms of a typical repurchase agreement, a Fund purchases an underlying debt obligation (collateral) subject to an obligation of the seller to repurchase, and a Fund to resell, the obligation at an agreed-upon price and time. In an open maturity repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by the Fund or counterparty at any time. The underlying securities for all repurchase agreements are held by a Fund's custodian or designated subcustodians under tri-party repurchase agreements and in certain instances will remain in custody with the counterparty. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Repurchase agreements, if any, including accrued interest, are included on the Statements of Assets and Liabilities. Interest earned is recorded as a component of interest income on the Statements of Operations. In periods of increased demand for collateral, a Fund may pay a fee for the receipt of collateral, which may result in interest expense to the Fund.

(b) Reverse Repurchase Agreements In a reverse repurchase agreement, a Fund delivers a security in exchange for cash to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed upon price and date. In an open maturity reverse repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by the Fund or counterparty at any time. A Fund is entitled to receive principal and interest payments, if any, made on the security delivered to the counterparty during the term of the agreement. Cash received in exchange for securities delivered plus accrued interest payments to be made by a Fund to counterparties are reflected as a liability on the Statements of Assets and Liabilities. Interest payments made by a Fund to counterparties are recorded as a component of interest expense on the Statements of Operations. In periods of increased demand for the security, a Fund may receive a fee for use of the security by the counterparty, which may result in interest income to the Fund. A Fund will segregate assets determined to be liquid by the Manager or will otherwise cover its obligations under reverse repurchase agreements.

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| **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **123** |

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| **Notes to Financial Statements** | **(Cont.)** |

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(c) Sale-Buybacks A sale-buyback financing transaction consists of a sale of a security by a Fund to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. A Fund is not entitled to receive principal and interest payments, if any, made on the security sold to the counterparty during the term of the agreement. The agreed-upon proceeds for securities to be repurchased by a Fund are reflected as a liability on the Statements of Assets and Liabilities. A Fund will recognize net income represented by the price differential between the price received for the transferred security and the agreed-upon repurchase price. This is commonly referred to as the 'price drop.' A price drop consists of (i) the foregone interest and inflationary income adjustments, if any, a Fund would have otherwise received had the security not been sold and (ii) the negotiated financing terms between a Fund and counterparty. Foregone interest and inflationary income adjustments, if any, are recorded as components of interest income on the Statements of Operations. Interest payments based upon negotiated financing terms made by a Fund to counterparties are recorded as a component of interest expense on the Statements of Operations. In periods of increased demand for the security, a Fund may receive a fee for use of the security by the counterparty, which may result in interest income to the Fund. A Fund will segregate assets determined to be liquid by the Manager or will otherwise cover its obligations under sale-buyback transactions.

(d) Securities Lending The Funds listed below may seek to earn additional income by lending their securities to certain qualified broker-dealers and institutions on a short-term or long-term basis via a lending agent.

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| |
|:---|
| **Fund Name** |
|  PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund |
|  PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund |
|  PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund |
|  PIMCO Broad U.S. TIPS Index Exchange-Traded Fund |
|  PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund |
|  PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund |
|  PIMCO Enhanced Low Duration Active Exchange-Traded Fund |
|  PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund |
|  PIMCO Enhanced Short Maturity Active Exchange-Traded Fund |

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Securities on loan are required to be secured by cash collateral at least equal to 102% of the domestic, or 105% of the foreign security's market value. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower shall be required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. The Funds

will then invest the cash collateral received in the PIMCO Government Money Market Fund and record a liability for the return of the collateral during the period the securities are on loan. Each Fund is subject to a lending limit of 33.33% of total assets (including the value of collateral).

The loans are subject to termination at the option of the borrower or the Fund. Upon termination of the loan, the borrower will return to the lender securities identical to the loaned securities. Should the borrower of the securities fail to return loaned securities, the Fund has the right to repurchase the securities using the collateral in the open market.

The borrower pays fees at the Funds' direction to the lending agent. The lending agent may retain a portion of the fees and interest earned on the cash collateral invested as compensation for its services. Investments made with the cash collateral are disclosed on the Schedules of Investments, if applicable. The lending fees and the Funds' portion of the interest income earned on cash collateral are included on the Statements of Operations as securities lending income, if applicable.

(e) Interfund Lending In accordance with an exemptive order (the "Order") from the SEC, the Funds of the Trust may participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Fund's investment policies and restrictions. The Funds are currently permitted to borrow under the Interfund Lending Program. A lending fund may lend in aggregate up to 15% of its current net assets at the time of the interfund loan, but may not lend more than 5% of its net assets to any one borrowing fund through the Interfund Lending Program. A borrowing fund may not borrow through the Interfund Lending Program or from any other source if its total outstanding borrowings immediately after the borrowing would be more than 33 1/3% of its total assets (or any lower threshold provided for by the fund's investment restrictions). If a borrowing fund's total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interfund loan rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending fund and the bank loan rate, as calculated according to a formula established by the Board.

During the period ended December 31, 2022, the Funds did not participate in the Interfund Lending Program.

6. FINANCIAL DERIVATIVE INSTRUMENTS

The Funds may enter into the financial derivative instruments described below to the extent permitted by each Fund's respective investment policies.

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The following disclosures contain information on how and why the Funds use financial derivative instruments, and how financial derivative instruments affect the Funds' financial position, results of operations and cash flows. The location and fair value amounts of these instruments on the Statements of Assets and Liabilities and the net realized gain (loss) and net change in unrealized appreciation (depreciation) on the Statements of Operations, each categorized by type of financial derivative contract and related risk exposure, are included in a table in the Notes to Schedules of Investments. The financial derivative instruments outstanding as of period end and the amounts of net realized gain (loss) and net change in unrealized appreciation (depreciation) on financial derivative instruments during the period, as disclosed in the Notes to Schedules of Investments, serve as indicators of the volume of financial derivative activity for the Funds.

(a) Forward Foreign Currency Contracts may be engaged, in connection with settling planned purchases or sales of securities, to hedge the currency exposure associated with some or all of a Fund's securities or as part of an investment strategy. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. Forward foreign currency contracts are marked to market daily, and the change in value is recorded by a Fund as an unrealized gain (loss). Realized gains (losses) are equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed and are recorded upon delivery or receipt of the currency. These contracts may involve market risk in excess of the unrealized gain (loss) reflected on the Statements of Assets and Liabilities. In addition, a Fund could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar. To mitigate such risk, cash or securities may be exchanged as collateral pursuant to the terms of the underlying contracts.

(b) Futures Contracts are agreements to buy or sell a security or other asset for a set price on a future date and are traded on an exchange. A Fund may use futures contracts to manage its exposure to the securities markets or to movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the securities held by a Fund and the prices of futures contracts and the possibility of an illiquid market. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, a Fund is required to deposit with its futures broker an amount of cash, U.S. Government and Agency Obligations, or select sovereign debt, in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and based on such movements in the price of the contracts, an

appropriate payable or receivable for the change in value may be posted or collected by the Fund ("Futures Variation Margin"). Futures Variation Margins, if any, are disclosed within centrally cleared financial derivative instruments on the Statements of Assets and Liabilities. Gains (losses) are recognized but not considered realized until the contracts expire or close. Futures contracts involve, to varying degrees, risk of loss in excess of the Futures Variation Margin included within exchange traded or centrally cleared financial derivative instruments on the Statements of Assets and Liabilities.

(c) Swap Agreements are bilaterally negotiated agreements between a Fund and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap agreements may be privately negotiated in the over the counter market ("OTC swaps") or may be cleared through a third party, known as a central counterparty or derivatives clearing organization ("Centrally Cleared Swaps"). A Fund may enter into asset, credit default, cross-currency, interest rate, total return, variance and other forms of swap agreements to manage its exposure to credit, currency, interest rate, commodity, equity and inflation risk. In connection with these agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency.

Centrally Cleared Swaps are marked to market daily based upon valuations as determined from the underlying contract or in accordance with the requirements of the central counterparty or derivatives clearing organization. Changes in market value, if any, are reflected as a component of net change in unrealized appreciation (depreciation) on the Statements of Operations. Daily changes in valuation of centrally cleared swaps ("Swap Variation Margin"), if any, are disclosed within centrally cleared financial derivative instruments on the Statements of Assets and Liabilities. Centrally Cleared and OTC swap payments received or paid at the beginning of the measurement period are included on the Statements of Assets and Liabilities and represent premiums paid or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). Upfront premiums received (paid) are initially recorded as liabilities (assets) and subsequently marked to market to reflect the current value of the swap. These upfront premiums are recorded as realized gain (loss) on the Statements of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain (loss) on the Statements of Operations. Net periodic payments received or paid by a Fund are included as part of realized gain (loss) on the Statements of Operations.

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| **Notes to Financial Statements** | **(Cont.)** |

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For purposes of applying certain of a Fund's investment policies and restrictions, swap agreements, like other derivative instruments, may be valued by a Fund at market value, notional value or full exposure value. In the case of a credit default swap, in applying certain of a Fund's investment policies and restrictions, the Funds will value the credit default swap at its notional value or its full exposure value (*i.e.,* the sum of the notional amount for the contract plus the market value), but may value the credit default swap at market value for purposes of applying certain of a Fund's other investment policies and restrictions. For example, a Fund may value credit default swaps at full exposure value for purposes of a Fund's credit quality guidelines (if any) because such value in general better reflects a Fund's actual economic exposure during the term of the credit default swap agreement. As a result, a Fund may, at times, have notional exposure to an asset class (before netting) that is greater or lesser than the stated limit or restriction noted in a Fund's prospectus. In this context, both the notional amount and the market value may be positive or negative depending on whether a Fund is selling or buying protection through the credit default swap. The manner in which certain securities or other instruments are valued by a Fund for purposes of applying investment policies and restrictions may differ from the manner in which those investments are valued by other types of investors.

Entering into swap agreements involves, to varying degrees, elements of interest, credit, market and documentation risk in excess of the amounts recognized on the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates or the values of the asset upon which the swap is based.

A Fund's maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract's remaining life, to the extent that amount is positive. The risk may be mitigated by having a master netting arrangement between a Fund and the counterparty and by the posting of collateral to a Fund to cover a Fund's exposure to the counterparty.

To the extent a Fund has a policy to limit the net amount owed to or to be received from a single counterparty under existing swap agreements, such limitation only applies to counterparties to OTC swaps and does not apply to centrally cleared swaps where the counterparty is a central counterparty or derivatives clearing organization.

Credit Default Swap Agreements on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues are entered into to provide a

measure of protection against defaults of the issuers (*i.e.,* to reduce risk where a Fund owns or has exposure to the referenced obligation) or to take an active long or short position with respect to the likelihood of a particular issuer's default. Credit default swap agreements involve one party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified return in the event that the referenced entity, obligation or index, as specified in the swap agreement, undergoes a certain credit event. As a seller of protection on credit default swap agreements, a Fund will generally receive from the buyer of protection a fixed rate of income throughout the term of the swap provided that there is no credit event. As the seller, a Fund would effectively add leverage to its portfolio because, in addition to its total net assets, a Fund would be subject to investment exposure on the notional amount of the swap.

If a Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation, or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. If a Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are estimated by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value. The ability to deliver other obligations may result in a cheapest-to-deliver option (the buyer of protection's right to choose the deliverable obligation with the lowest value following a credit event).

Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit

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instruments or exposures designed to be representative of some part of the credit market as a whole. These indices are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indices may include, but are not limited to, investment grade securities, high yield securities, asset-backed securities, emerging markets, and/or various credit ratings within each sector. Credit indices are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name's weight in the index. The composition of the indices changes periodically, usually every six months, and for most indices, each name has an equal weight in the index. Credit default swaps on credit indices may be used to hedge a portfolio of credit default swaps or bonds, which is less expensive than it would be to buy many credit default swaps to achieve a similar effect. Credit default swaps on indices are instruments for protecting investors owning bonds against default, and traders use them to speculate on changes in credit quality.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues as of period end, if any, are disclosed in the Notes to Schedules of Investments. They serve as an indicator of the current status of payment/performance risk and represent the likelihood or risk of default for the reference entity. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. For credit default swap agreements on asset-backed securities and credit indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The maximum potential amount of future payments (undiscounted) that a Fund as a seller of protection could be required to make under a credit default swap agreement equals the notional amount of the agreement. Notional amounts of each individual credit default swap agreement outstanding as of period end for which a Fund is the seller of protection are disclosed in the Notes to Schedules of Investments. These potential amounts would be partially offset by any recovery

values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by a Fund for the same referenced entity or entities.

Interest Rate Swap Agreements may be entered into to help hedge against interest rate risk exposure and to maintain a Fund's ability to generate income at prevailing market rates. The value of the fixed rate bonds that the Funds hold may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, a Fund may enter into interest rate swap agreements. Interest rate swap agreements involve the exchange by a Fund with another party for their respective commitment to pay or receive interest on the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or "cap," (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or "floor," (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the buyer pays an upfront fee in consideration for the right to early terminate the swap transaction in whole, at zero cost and at a predetermined date and time prior to the maturity date, (v) spreadlocks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark, or (vi) basis swaps, under which two parties can exchange variable interest rates based on different segments of money markets.

Total Return Swap Agreements are entered into to gain or mitigate exposure to the underlying reference asset. Total return swap agreements involve commitments where single or multiple cash flows are exchanged based on the price of an underlying reference asset and on a fixed or variable interest rate. Total return swap agreements may involve commitments to pay interest in exchange for a market-linked return. One counterparty pays out the total return of a specific underlying reference asset, which may include a single security, a basket of securities, or an index, and in return receives a fixed or variable rate. At the maturity date, a net cash flow is exchanged where the total return is equivalent to the return of the underlying reference asset less a financing rate, if any. As a receiver, a Fund would receive payments based on any net positive total return and would owe payments in the event of a net negative total return. As the payer, a Fund would owe payments on any net positive total return, and would receive payments in the event of a net negative total return.

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| **Notes to Financial Statements** | **(Cont.)** |

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7. PRINCIPAL AND OTHER RISKS

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

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Risks** | **PIMCO 25+<br>Year Zero<br>Coupon U.S.<br>Treasury<br>Index<br>Exchange-<br>Traded<br>Fund** | **PIMCO 1-5<br>Year U.S.<br>TIPS Index<br>Exchange-<br>Traded<br>Fund** | **PIMCO 15+<br>Year U.S.<br>TIPS Index<br>Exchange-<br>Traded<br>Fund** | **PIMCO<br>Broad U.S.<br>TIPS Index<br>Exchange-<br>Traded<br>Fund** | **PIMCO 0-5<br>Year High<br>Yield<br>Corporate<br>Bond Index<br>Exchange-<br>Traded<br>Fund** | **PIMCO<br>Investment<br>Grade<br>Corporate<br>Bond Index<br>Exchange-<br>Traded<br>Fund** | **PIMCO<br>Active<br>Bond<br>Exchange-<br>Traded<br>Fund** | **PIMCO<br>Enhanced<br>Low<br>Duration<br>Active<br>Exchange-<br>Traded<br>Fund** | **PIMCO<br>Enhanced<br>Short<br>Maturity<br>Active<br>ESG<br>Exchange-<br>Traded<br>Fund** | **PIMCO<br>Enhanced<br>Short<br>Maturity<br>Active<br>Exchange-<br>Traded<br>Fund** | **PIMCO<br>Intermediate<br>Municipal<br>Bond Active<br>Exchange-<br>Traded<br>Fund** | **PIMCO<br>Municipal<br>Income<br>Opportunities<br>Active<br>Exchange-<br>Traded<br>Fund** | **PIMCO<br>Senior<br>Loan<br>Active<br>Exchange-<br>Traded<br>Fund** | **PIMCO<br>Short Term<br>Municipal<br>Bond Active<br>Exchange-<br>Traded<br>Fund** |
|  New Fund |  |  |  |  |  |  |  |  | X |  |  | X | X |  |
|  Small Fund |  |  |  |  |  |  |  |  |  |  |  | X | X |  |
|  Senior Loan |  |  |  |  |  |  |  |  |  |  |  |  | X |  |
|  Market Trading | X | X | X | X | X | X | X | X | X | X | X | X | X | X |
|  Interest Rate | X | X | X | X | X | X | X | X | X | X | X | X | X | X |
|  Call | X | X | X | X | X | X | X | X | X | X | X | X | X | X |
|  Inflation-Indexed Security |  | X | X | X |  |  |  |  |  |  |  |  |  |  |
|  Credit | X | X | X | X | X | X | X | X | X | X | X | X | X | X |
|  Collateralized Loan <br>Obligations Risk |  |  |  |  |  |  |  |  |  |  |  |  | X |  |
|  High Yield |  |  |  |  | X |  | X | X |  |  |  | X | X |  |
|  Market | X | X | X | X | X | X | X | X | X | X | X | X | X | X |
|  Municipal Bond |  |  |  |  |  |  |  |  |  |  | X | X |  | X |
|  Issuer |  |  |  |  | X | X | X | X | X | X | X | X | X | X |
|  Liquidity | X | X | X | X | X | X | X | X | X | X | X | X | X | X |
|  Derivatives | X | X | X | X | X | X | X | X |  |  | X | X | X | X |
|  Equity |  |  |  |  |  |  | X |  |  |  |  |  | X |  |
|  Mortgage-Related and Other Asset Backed Securities |  |  |  |  | X |  | X | X | X | X |  |  |  |  |
|  Foreign (Non-U.S.) Investment |  |  |  |  | X | X | X | X | X | X |  |  | X |  |
|  Emerging Markets |  |  |  |  | X | X | X | X |  |  |  |  |  |  |
|  Sovereign Debt |  |  |  |  | X | X |  |  |  |  |  |  |  |  |
|  Currency |  |  |  |  |  |  | X | X | X |  |  |  | X |  |
|  Leveraging | X | X | X | X | X | X | X | X | X | X | X | X | X | X |
|  Management and <br>Tracking Error | X | X | X | X | X | X |  |  |  |  |  |  |  |  |
|  Indexing | X | X | X | X | X | X |  |  |  |  |  |  |  |  |
|  Management |  |  |  |  |  |  | X | X | X | X | X | X | X | X |
|  Asset-Backed Securities |  |  |  |  |  |  |  |  |  |  |  |  | X |  |
|  California State-Specific |  |  |  |  |  |  |  |  |  |  | X | X |  |  |
|  New York State-Specific |  |  |  |  |  |  |  |  |  |  | X | X |  |  |
|  Puerto Rico-Specific |  |  |  |  |  |  |  |  |  |  |  | X |  |  |
|  Municipal Project-Specific |  |  |  |  |  |  |  |  |  |  | X | X |  | X |
|  Short Exposure |  |  |  |  |  |  | X | X |  |  |  |  | X |  |
|  Convertible Securities |  |  |  |  |  |  | X |  |  |  |  |  |  |  |
|  Tax-Efficient Investing |  |  |  |  |  |  | X | X |  |  |  |  |  |  |
|  Distribution Rate |  |  |  |  |  |  | X | X |  |  |  |  |  |  |
|  Responsible Investing Risk |  |  |  |  |  |  |  |  | X |  |  |  |  |  |
|  LIBOR Transition Risk |  |  |  |  |  |  | X | X | X | X |  | X | X |  |

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Please see "Description of Principal Risks" in a Fund's prospectus for a more detailed description of the risks of investing in a Fund.

New Fund Risk is the risk that a new fund's performance may not represent how the fund is expected to or may perform in the long term. In addition, new funds have limited operating histories for investors to evaluate and new funds may not attract sufficient assets to achieve investment and trading efficiencies.

Small Fund Risk is the risk that a smaller Fund may not achieve investment or trading efficiencies. Additionally, a smaller Fund may be more adversely affected by large purchases or redemptions of Fund shares.

Senior Loan Risk is the risk that investing in senior loans, including bank loans, exposes the Fund to heightened credit risk, call risk, settlement risk and liquidity risk. If an issuer of a senior loan prepays or

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redeems the loan prior to maturity, the Fund may have to reinvest the proceeds in instruments that pay lower interest rates. To the extent the Fund invests in senior loans that are covenant-lite obligations, the Fund may have fewer rights against a borrower (e.g., covenant-lite obligations may contain fewer maintenance covenants than other obligations, or no maintenance covenants) and may have a greater risk of loss on such investments as compared to investments in traditional loans.

Market Trading Risk is the risk that an active secondary trading market for Fund shares does not continue once developed, that a Fund may not continue to meet a listing exchange's trading or listing requirements, or that Fund shares trade at prices other than a Fund's net asset value, particularly during times of market stress.

Interest Rate Risk is the risk that fixed income securities will decline in value because of an increase in interest rates; a fund with a longer average portfolio duration will be more sensitive to changes in interest rates than a fund with a shorter average portfolio duration.

Call Risk is the risk that an issuer may exercise its right to redeem a fixed income security earlier than expected (a call). Issuers may call outstanding securities prior to their maturity for a number of reasons (*e.g*., declining interest rates, changes in credit spreads and improvements in the issuer's credit quality). If an issuer calls a security that a Fund has invested in, a Fund may not recoup the full amount of its initial investment and may be forced to reinvest in lower-yielding securities, securities with greater credit risks or securities with other, less favorable features.

Inflation-Indexed Security Risk is the risk that inflation-indexed debt securities are subject to the effects of changes in market interest rates caused by factors other than inflation (real interest rates). In general, the value of an inflation-indexed security, including TIPS, tends to decrease when real interest rates increase and can increase when real interest rates decrease. Interest payments on inflation-indexed securities are unpredictable and will fluctuate as the principal and interest are adjusted for inflation. There can be no assurance that the inflation index used will accurately measure the real rate of inflation in the prices of goods and services. Any increase in the principal amount of an inflation-indexed debt security will be considered taxable ordinary income, even though the Fund will not receive the principal until maturity.

Credit Risk is the risk that a Fund could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a derivative contract, is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to meet its financial obligations.

Collateralized Loan Obligations Risk is the risk that investing in collateralized loan obligations ("CLOs") and other similarly structured investments exposes the Fund to heightened credit risk, interest rate risk, liquidity risk, market risk and prepayment and extension risk, as well as the risk of default on the underlying asset. In addition, investments in CLOs carry additional risks including, but not limited to, the risk that: (i) distributions from the collateral may not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the Fund may invest in tranches of CLOs that are subordinate to other tranches; (iv) the structure and complexity of the transaction and the legal documents could lead to disputes among investors regarding the characterization of proceeds; and

(v) the CLO's manager may perform poorly.

High Yield Risk is the risk that high yield securities and unrated securities of similar credit quality (commonly known as "junk bonds") are subject to greater levels of credit, call and liquidity risks. High yield securities are considered primarily speculative with respect to the issuer's continuing ability to make principal and interest payments, and may be more volatile than higher-rated securities of similar maturity.

Market Risk is the risk that the value of securities owned by a Fund may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries.

Municipal Bond Risk is the risk that by investing in Municipal Bonds a Fund may be affected significantly by the economic, regulatory or political developments affecting the ability of issuers of Municipal Bonds to pay interest or repay principal.

Issuer Risk is the risk that the value of a security may decline for a reason directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods

or services.

Liquidity Risk is the risk that a particular investment may be difficult to purchase or sell and that a Fund may be unable to sell illiquid investments at an advantageous time or price or achieve its desired level of exposure to a certain sector. Liquidity risk may result from the lack of an active market, reduced number and capacity of traditional market participants to make a market in fixed income securities, and may be magnified in a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, causing increased supply in the market due to selling activity.

Derivatives Risk is the risk of investing in derivative instruments (such as forwards, futures, swaps and structured securities) and other similar investments, including leverage, liquidity, interest rate, market, counterparty (including credit) and management risks and valuation complexity. Changes in the value of a derivative or other similar

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| **Notes to Financial Statements** | **(Cont.)** |

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investments may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a Fund could lose more than the initial amount invested. Changes in the value of a derivative or other similar instrument may also create margin delivery or settlement payment obligations for the Fund. A Fund's use of derivatives may result in losses to a Fund, a reduction in a Fund's returns and/or increased volatility. Over-the-counter ("OTC") derivatives or other similar investments are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for OTC derivatives or other similar investments. The primary credit risk on derivatives or other similar investments that are exchange- traded or traded through a central clearing counterparty resides with a Fund's clearing broker, or the clearinghouse. Changes in regulation relating to a registered fund's use of derivatives and related instruments could potentially limit or impact a Fund's ability to invest in derivatives, limit a Fund's ability to employ certain strategies that use derivatives or similar investments and/or adversely affect the value of derivatives or similar investments and a Fund's performance.

Equity Risk is the risk that the value of equity or equity-related securities may decline due to general market conditions which are not specifically related to a particular company or to factors affecting a particular industry or industries. Equity or equity-related securities generally have greater price volatility than fixed income securities.

Asset-Backed Securities Risk is the risk of investing in asset-backed securities, including interest rate risk, extension risk, prepayment risk and credit risk.

Mortgage-Related and Other Asset-Backed Securities Risk is the risk of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk, prepayment risk, and

credit risk.

Foreign (Non-U.S.) Investment Risk is the risk that investing in foreign (non-U.S.) securities may result in a Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to smaller markets, differing reporting, accounting and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, or political changes, diplomatic developments or the imposition of sanctions and other similar measures. Foreign securities may also be less liquid and more difficult to value than securities of

U.S. issuers.

Emerging Markets Risk is the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk.

Sovereign Debt Risk is the risk that investments in fixed income instruments issued by sovereign entities may decline in value as a result of default or other adverse credit event resulting from an issuer's inability or unwillingness to make principal or interest payments in a timely fashion.

Currency Risk is the risk that foreign (non-U.S.) currencies will change in value relative to the U.S. dollar and affect a Fund's investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign

(non-U.S.) currencies.

Leveraging Risk is the risk that certain transactions of a Fund, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, or derivative instruments, may give rise to leverage, magnifying gains and losses and causing a Fund to be more volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss.

Management and Tracking Error Risk is the risk that the portfolio manager's investment decisions may not produce the desired results or that a Fund's portfolio may not closely track the Underlying Index for a number of reasons. A Fund incurs operating expenses, which are not applicable to the Underlying Index, and the costs of buying and selling securities, especially when rebalancing a Fund's portfolio to reflect changes in the composition of the Underlying Index. Performance of a Fund and the Underlying Index may vary due to asset valuation differences and differences between a Fund's portfolio and the Underlying Index due to legal restrictions, cost or liquidity restraints.

The risk that performance of a Fund and the Underlying Index may vary may be heightened during periods of increased market volatility or other unusual market conditions. In addition, a Fund's use of a representative sampling approach may cause a Fund to be less correlated to the return of the Underlying Index than if a Fund held all of the securities in the Underlying Index.

Indexing Risk is the risk that a Fund is negatively affected by general declines in the asset classes represented by the Underlying Index.

Management Risk is the risk that the investment techniques and risk analyses applied by PIMCO will not produce the desired results and that actual or potential conflicts of interest, legislative, regulatory, or tax restrictions, policies or developments may affect the investment techniques available to PIMCO and the individual portfolio manager in connection with managing a Fund and may cause PIMCO to restrict or

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prohibit participation in certain investments. There is no guarantee that the investment objective of a Fund will be achieved.

California State-Specific Risk is the risk that by concentrating its investments in California Municipal Bonds, a Fund may be affected significantly by economic, regulatory or political developments affecting the ability of California issuers to pay interest or repay principal.

New York State-Specific Risk is the risk that by concentrating its investments in New York Municipal Bonds, a Fund may be affected significantly by economic, regulatory or political developments affecting the ability of New York issuers to pay interest or repay principal.

Puerto Rico-Specific Risk is the risk that by investing in Municipal Bonds issued by Puerto Rico or its instrumentalities, a Fund may be affected by certain developments, such as political, economic, environmental, social, regulatory or debt restructuring developments, that impact the ability or obligation of Puerto Rico municipal issuers to pay interest or repay principal.

Municipal Project-Specific Risk is the risk that a Fund may be more sensitive to adverse economic, business or political developments if it invests a substantial portion of its assets in the bonds of specific projects (such as those relating to education, health care, housing, transportation, and utilities), industrial development bonds, or in bonds from issuers in a single state.

Short Exposure Risk is the risk of entering into short sales or other short positions, including the potential loss of more money than the actual cost of the investment, and the risk that the third party to the short sale or other short position will not fulfill its contractual obligations, causing a loss to a Fund.

Convertible Securities Risk is the risk that arises when convertible securities share both fixed income and equity characteristics. Convertible securities are subject to risks to which fixed income and equity investments are subject. These risks include equity risk, interest rate risk and credit risk.

Tax-Efficient Investing Risk is the risk that investment strategies intended to manage capital gain distributions may not succeed, and that such strategies may reduce investment returns or result in investment losses.

Distribution Rate Risk is the risk that a Fund's distribution rate may change unexpectedly as a result of numerous factors, including changes in realized and projected market returns, fluctuations in market interest rates, Fund performance and other factors.

Responsible Investing Risk is the risk that, because a Fund's responsible investment strategy may select or exclude securities of certain issuers for reasons other than performance, the Fund may

underperform funds that do not utilize a responsible investment strategy. Responsible investing is qualitative and subjective by nature, and there is no guarantee that the criteria utilized by PIMCO or any judgment exercised by PIMCO will reflect the beliefs or values of any particular investor.

LIBOR Transition Risk is the risk related to the anticipated discontinuation of the London Interbank Offered Rate ("LIBOR"). Certain instruments held by a Fund rely in some fashion upon LIBOR. Although the transition process away from LIBOR has become increasingly well-defined in advance of the anticipated discontinuation date, there remains uncertainty regarding the nature of any replacement rate, and any potential effects of the transition away from LIBOR on a Fund or on certain instruments in which the Fund invests can be difficult to ascertain. The transition process may involve, among other things, increased volatility or illiquidity in markets for instruments that currently rely on LIBOR and may result in a reduction in the value of certain instruments held by a Fund.

(b) Other Risks

In general, a Fund may be subject to additional risks, including, but not limited to, risks related to government regulation and intervention in financial markets, operational risks, risks associated with financial, economic and global market disruptions, and cyber security risks. Please see a Fund's prospectus and Statement of Additional Information for a more detailed description of the risks of investing in a Fund. Please see the Important Information section of this report for additional discussion of certain regulatory and market developments that may impact a Fund's performance.

Market Disruption Risk A Fund is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters, which can all negatively impact the securities markets and cause a Fund to lose value. These events can also impair the technology and other operational systems upon which a Fund's service providers, including PIMCO as a Fund's investment adviser, rely, and could otherwise disrupt a Fund's service providers' ability to fulfill their obligations to a Fund. For example, the recent spread of an infectious respiratory illness caused by a novel strain of coronavirus (known as COVID-19) has caused volatility, severe market dislocations and liquidity constraints in many markets, including markets for the securities a Fund holds, and may adversely affect a Fund's investments and operations. Please see the Important Information section for additional discussion of the COVID-19 pandemic.

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Government Intervention in Financial Markets Federal, state, and other governments, their regulatory agencies, or self-regulatory organizations may take actions that affect the regulation of the instruments in which a Fund invests, or the issuers of such instruments, in ways that are unforeseeable. Legislation or regulation may also change the way in which a Fund itself is regulated. Such legislation or regulation could limit or preclude a Fund's ability to achieve its investment objective. Furthermore, volatile financial markets can expose a Fund to greater market and liquidity risk and potential difficulty in valuing portfolio instruments held by the Fund. The value of a Fund's holdings is also generally subject to the risk of future local, national, or global economic disturbances based on unknown weaknesses in the markets in which a Fund invests. In addition, it is not certain that the U.S. Government will intervene in response to a future market disturbance and the effect of any such future intervention cannot be predicted. It is difficult for issuers to prepare for the impact of future financial downturns, although companies can seek to identify and manage future uncertainties through risk management programs.

Regulatory Risk Financial entities, such as investment companies and investment advisers, are generally subject to extensive government regulation and intervention. Government regulation and/or intervention may change the way a Fund is regulated, affect the expenses incurred directly by a Fund and the value of its investments, and limit and/or preclude a Fund's ability to achieve its investment objective. Government regulation may change frequently and may have significant adverse consequences. Moreover, government regulation may have unpredictable and unintended effects.

Operational Risk An investment in a Fund, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The occurrence of any of these failures, errors or breaches could result in a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on a Fund. While a Fund seeks to minimize such events through controls and oversight, there may still be failures that could cause losses to the Fund.

Cyber Security Risk As the use of technology has become more prevalent in the course of business, the Funds have become potentially more susceptible to operational and information security risks resulting from breaches in cyber security. A breach in cyber security refers to both intentional and unintentional cyber events that may, among other things, cause a Fund to lose proprietary information, suffer data corruption and/or destruction or lose operational capacity, result in the unauthorized release or other misuse of confidential information, or otherwise disrupt normal business operations. Cyber security failures or

breaches may result in financial losses to a Fund and its shareholders. These failures or breaches may also result in disruptions to business operations, potentially resulting in financial losses; interference with a Fund's ability to calculate its net asset value, process shareholder transactions or otherwise transact business with shareholders; impediments to trading; violations of applicable privacy and other laws; regulatory fines; penalties; third party claims in litigation; reputational damage; reimbursement or other compensation costs; additional compliance and cyber security risk management costs and other adverse consequences. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. There is also a risk that cyber security breaches may not be detected. The Funds and their shareholders may suffer losses as a result of a cyber security breach related to the Funds, their service providers, trading counterparties or the issuers in which a Fund invests.

8. MASTER NETTING ARRANGEMENTS

A Fund may be subject to various netting arrangements ("Master Agreements") with select counterparties. Master Agreements govern the terms of certain transactions, and are intended to reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that is intended to improve legal certainty. Each type of Master Agreement governs certain types of transactions. Different types of transactions may be traded out of different legal entities or affiliates of a particular organization, resulting in the need for multiple agreements with a single counterparty. As the Master Agreements are specific to unique operations of different asset types, they allow a Fund to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single Master Agreement with a counterparty. For financial reporting purposes the Statements of Assets and Liabilities generally present derivative assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting.

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under most Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Agreement with a counterparty in a given account exceeds a specified threshold, which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Bills and U.S. dollar cash are generally the preferred forms of collateral, although other securities may be used depending on the terms outlined in the applicable Master Agreement. Securities and cash pledged as collateral are reflected as assets on the Statements of Assets and Liabilities as either a component of Investments at value (securities) or Deposits with

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counterparty. Cash collateral received is not typically held in a segregated account and as such is reflected as a liability on the Statements of Assets and Liabilities as Deposits from counterparty. The market value of any securities received as collateral is not reflected as a component of NAV. A Fund's overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.

Master Repurchase Agreements and Global Master Repurchase Agreements (individually and collectively "Master Repo Agreements") govern repurchase, reverse repurchase, and certain sale-buyback transactions between a Fund and select counterparties. Master Repo Agreements maintain provisions for, among other things, initiation, income payments, events of default, and maintenance of collateral. The market value of transactions under the Master Repo Agreement, collateral pledged or received, and the net exposure by counterparty as of period end are disclosed in the Notes to Schedules of Investments.

Master Securities Forward Transaction Agreements ("Master Forward Agreements") govern certain forward settling transactions, such as TBA securities, delayed-delivery or certain sale-buyback transactions by and between a Fund and select counterparties. The Master Forward Agreements maintain provisions for, among other things, transaction initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral. The market value of forward settling transactions, collateral pledged or received, and the net exposure by counterparty as of period end is disclosed in the Notes to Schedules of Investments.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Such transactions require posting of initial margin as determined by each relevant clearing agency which is segregated in an account at a futures commission merchant ("FCM") registered with the Commodity Futures Trading Commission. In the United States, counterparty risk may be reduced as creditors of an FCM cannot have a claim to Fund assets in the segregated account. Portability of exposure reduces risk to the Funds. Variation margin, which reflects changes in market value, is generally exchanged daily, but may not be netted between futures and cleared OTC derivatives unless the parties have agreed to a separate arrangement in respect of portfolio margining. The market value or accumulated unrealized appreciation (depreciation), initial margin posted, and any unsettled variation margin as of period end are disclosed in the Notes to Schedules of Investments.

Prime Broker Arrangements may be entered into to facilitate execution and/or clearing of listed equity option transactions or short sales of equity securities between a Fund and selected counterparties. The

arrangements provide guidelines surrounding the rights, obligations, and other events, including, but not limited to, margin, execution, and settlement. These agreements maintain provisions for, among other things, payments, maintenance of collateral, events of default, and termination. Margin and other assets delivered as collateral are typically in the possession of the prime broker and would offset any obligations due to the prime broker. The market values of listed options and securities sold short and related collateral are disclosed in the Notes to Schedules of Investments.

International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes ("ISDA Master Agreements") govern bilateral OTC derivative transactions entered into by a Fund with select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral posting and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. The ISDA Master Agreement may contain additional provisions that add counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level or as required by regulation. Similarly, if required by regulation, the Funds may be required to post additional collateral beyond coverage of daily exposure. These amounts, if any, may (or if required by law, will) be segregated with a third-party custodian. To the extent the Funds are required by regulation to post additional collateral beyond coverage of daily exposure, they could potentially incur costs, including in procuring eligible assets to meet collateral requirements, associated with such posting. The market value of OTC financial derivative instruments, collateral received or pledged, and net exposure by counterparty as of period end are disclosed in the Notes to Schedules of Investments.

9. FEES AND EXPENSES

(a) Management FeePIMCO, a majority-owned subsidiary of Allianz Asset Management of America LLC ("Allianz Asset Management"), serves as the Manager to the Trust, pursuant to an investment management agreement. Each Fund pays PIMCO fees in return for providing investment advisory, supervisory and administrative services under an all-in fee structure. Each Fund will pay monthly management fees to PIMCO at an annual rate based on average daily net assets (the "Management Fee"), at an annual rate as noted in the table below.

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| **Fund Name** | **Management Fee** |
|  PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund | 0.15% |
|  PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund | 0.20% |

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| **Fund Name** | **Management Fee** |
|  PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund | 0.20% |
|  PIMCO Broad U.S. TIPS Index Exchange-Traded Fund | 0.20% |
|  PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund | 0.55% |
|  PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund | 0.20% |
|  PIMCO Active Bond Exchange-Traded Fund<sup>(1)</sup> | 0.55% |
|  PIMCO Enhanced Low Duration Active Exchange-Traded Fund<sup>(2)</sup> | 0.46% |
|  PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund<sup>(3)</sup> | 0.36% |
|  PIMCO Enhanced Short Maturity Active Exchange-Traded Fund | 0.35% |
|  PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund | 0.35% |
|  PIMCO Municipal Income Opportunities Active Exchange-Traded Fund<sup>(4)</sup> | 0.49% |
|  PIMCO Senior Loan Active Exchange-Traded Fund<sup>(5)</sup> | 0.70% |
|  PIMCO Short Term Municipal Bond Active Exchange-Traded Fund | 0.35% |

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<sup>(1)</sup> PIMCO has contractually agreed, through October 31, 2023, to waive or reduce its Management Fee in an amount equivalent to the Fund's expenses or costs attributable to the SEC's investigation and related settlement proceedings identified in Investment Advisers Act of 1940 Release No. 4577, dated December 1, 2016. 

<sup>(2)</sup> Prior to October 31, 2022, PIMCO contractually agreed to waive its management fee by 0.07% of the average daily net assets attributable to the Fund. 

<sup>(3)</sup> PIMCO has contractually agreed, through October 31, 2023, to waive its management fee by 0.12% of the average daily net assets attributable to the Fund. 

<sup>(4)</sup> PIMCO has contractually agreed, through October 31, 2023, to waive its management fee by 0.10% of the average daily net assets attributable to the Fund. 

<sup>(5)</sup> PIMCO has contractually agreed, through October 31, 2023, to waive its management fee by 0.20% of the average daily net assets attributable to the Fund. 

(b) Distribution and Servicing Fees PIMCO Investments LLC, a wholly-owned subsidiary of PIMCO, serves as the distributor ("Distributor") of each Fund's Creation Units. The Distributor does not maintain a secondary market in shares of the Funds. During the period ended December 31, 2022 each Fund was permitted to compensate the Distributor at an annual rate of up to 0.25% of a Fund's average daily net assets (the "12b-1 Plan Fee"). However, the Board of Trustees has determined not to authorize payment of a 12b-1 Plan Fee at this time. The 12b-1 Plan Fee may only be imposed or increased when the Board determines that it is in the best interests of shareholders to do so. Because these fees are paid out of a Fund's assets on an ongoing basis, to the extent that a fee is authorized, over time it will increase the cost of an investment in the Fund. The 12b-1 Plan Fee may cost an investor more than other types of sales charges.

(c) Fund Expenses PIMCO provides or procures supervisory and administrative services for shareholders and also bears the costs of various third-party services required by the Funds, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Funds bear other expenses which are not covered under the Management Fee which may vary and affect the total level of expenses

paid by shareholders, such as (i) salaries and other compensation of any of the Trust's executive officers and employees who are not officers, directors, stockholders, or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses; (iv) costs of borrowing money, including interest expenses; (v) securities lending fees and expenses; (vi) fees and expenses of the Trustees who are not "interested persons" of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vii) extraordinary expenses, including costs of litigation and indemnification expenses; and (viii) organizational and offering expenses of the Trust and the Funds, and any other expenses which are capitalized in accordance with generally accepted accounting principles. The ratio of expenses to average net assets, as disclosed on the Financial Highlights, may differ from the annual fund operating expenses as disclosed in the prospectus.

The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Manager, all of whom receive remuneration for their services to the Trust from the Manager or its affiliates.

(d) Expense Limitation Pursuant to the Expense Limitation Agreement, PIMCO has agreed, through October 31, 2023, to waive a portion of the Funds' Management Fee, or reimburse each Fund, to the extent that each Fund's organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata share of Trustee Fees exceed 0.0049%, the "Expense Limit" (calculated as a percentage of the Fund's average daily net assets). The Expense Limitation Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term.

Pursuant to a Fee Waiver Agreement, PIMCO has contractually agreed, through October 31, 2023, to waive or reduce its Management Fee for the PIMCO Active Bond Exchange-Traded Fund.

Pursuant to a Fee Waiver Agreement, PIMCO has contractually agreed, through October 31, 2023, to waive or reduce its Management Fee for the PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund.

Pursuant to a Fee Waiver Agreement, PIMCO has contractually agreed, through October 31, 2023, to waive or reduce its Management Fee for the PIMCO Municipal Income Opportunities Active Exchange-Traded Fund.

Pursuant to a Fee Waiver Agreement, PIMCO has contractually agreed, through October 31, 2023, to waive or reduce its Management Fee for the PIMCO Senior Loan Active Exchange-Traded Fund.

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The Fee Waiver Agreements will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term.

Each waiver is reflected on the Statements of Operations as a component of Waiver and/or Reimbursement by PIMCO.

Prior to October 31, 2020, PIMCO had contractually agreed to waive its management fee for the PIMCO Enhanced Low Duration Active Exchange-Traded Fund. In any month in which the investment management agreement is in effect, PIMCO is entitled to reimbursement by each Fund of any portion of the Management Fee and/or other expenses waived or reimbursed as set forth above (the "Reimbursement Amount") within thirty-six months of the time of the waiver, provided that such amount paid to PIMCO will not: i) together with any organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata Trustee fees, exceed, for such month, the Expense Limit (or the amount of the expense limit in place at the time the amount being recouped was originally waived if lower than the Expense Limit); ii) exceed the total Reimbursement Amount; or iii) include any amounts previously reimbursed to PIMCO. The total recoverable amounts to PIMCO at December 31, 2022, were as follows (amounts in thousands<sup>†</sup>):

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| | **Expiring within** | **Expiring within** | **Expiring within** | |
| **Fund Name** | **12 months** | **13-24 months** | **25-36 months** | **Total** |
|  PIMCO Enhanced Low Duration Active Exchange-Traded Fund | $&nbsp;&nbsp;&nbsp;&nbsp;308 | $12 | $16 | $336 |
|  PIMCO Enhanced Short Maturity Active<br>ESG Exchange-Traded Fund | 187 | &nbsp;&nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp;218 | &nbsp;&nbsp;&nbsp;&nbsp;600 |
|  PIMCO Municipal Income Opportunities Active Exchange-Traded Fund | 0 | 11 | 124 | 135 |
|  PIMCO Senior Loan Active Exchange-Traded Fund | 0 | 0 | 271 | 271 |

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

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10. RELATED PARTY TRANSACTIONS

The Manager and Distributor are related parties. Fees paid to these parties are disclosed in Note 9, Fees and Expenses, and the accrued related party fee amounts are disclosed on the Statements of Assets and Liabilities.

Certain Funds are permitted to purchase or sell securities from or to certain related affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by the Funds from or to another fund or portfolio that are, or could be, considered an affiliate, or an affiliate of an affiliate, by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with applicable SEC rules and interpretations under the Act. Further, as defined under the procedures, each transaction is effected at the current market price. Purchases and sales of securities pursuant to applicable SEC rules and interpretations under the Act for the period ended December 31, 2022, were as follows (amounts in thousands<sup>†</sup>):

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name** | **Purchases** | **Sales** | **Realized<br>Gain/(Loss)** |
|  PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund | $28377 | $1167 | $(362) |
|  PIMCO Active Bond Exchange-Traded Fund | &nbsp;&nbsp;&nbsp;&nbsp;42589 | &nbsp;&nbsp;&nbsp;&nbsp;42881 | &nbsp;&nbsp;&nbsp;&nbsp;(5988) |
|  PIMCO Enhanced Low Duration Active Exchange-Traded Fund | 34730 | 17358 | (441) |
|  PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund | 1023 | 1864 | (39) |
|  PIMCO Enhanced Short Maturity Active Exchange-Traded Fund | 71707 | 599400 | (5585) |
|  PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund | 69291 | 82710 | (6683) |
|  PIMCO Municipal Income Opportunities Active Exchange-Traded Fund | 3676 | 3196 | (242) |
|  PIMCO Short Term Municipal Bond Active Exchange-Traded Fund | 46976 | 19359 | (882) |

---

---

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

---

11. GUARANTEES AND INDEMNIFICATIONS

Under the Trust's organizational documents, each Trustee or officer of the Trust is indemnified and each employee or other agent of the Trust (including the Trust's investment manager) may be indemnified, to the extent permitted by the Act, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the normal

course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts.

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **135** |

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##### [**Table of Contents**](#toc)

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| | |
|:---|:---|
| **Notes to Financial Statements** | **(Cont.)** |

---

12. PURCHASES AND SALES OF SECURITIES

The length of time a Fund has held a particular security is not generally a consideration in investment decisions. A change in the securities held by a Fund is known as "portfolio turnover." Each Fund may engage in frequent and active trading of portfolio securities to achieve its investment objective(s), particularly during periods of volatile market movements. High portfolio turnover may involve correspondingly greater transaction costs, including brokerage commissions or dealer

mark-ups and other transaction costs on the sale of securities and reinvestments in other securities, which are borne by the Fund. Such sales may also result in realization of taxable capital gains, including short-term capital gains (which are generally taxed at ordinary income tax rates when distributed to shareholders). The transaction costs associated with portfolio turnover may adversely affect a Fund's performance. The portfolio turnover rates are reported in the Financial Highlights.

Purchases and sales of securities (excluding short-term investments) for the period ended December 31, 2022, were as follows (amounts in thousands<sup>†</sup>):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **U.S. Government/Agency** | **U.S. Government/Agency** | **All Other** | **All Other** |
| **Fund Name** | **Purchases** | **Sales** | **Purchases** | **Sales** |
|  PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund | $53655 | $61484 | $0 | $0 |
|  PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund | 158414 | 199027 | 0 | 0 |
|  PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund | 21010 | 40486 | 0 | 0 |
|  PIMCO Broad U.S. TIPS Index Exchange-Traded Fund | 290094 | 297795 | 0 | 0 |
|  PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund | 0 | 0 | 163903 | 137815 |
|  PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund | 36914 | 17047 | 73619 | 49419 |
|  PIMCO Active Bond Exchange-Traded Fund | &nbsp;&nbsp;&nbsp;&nbsp;6584848 | &nbsp;&nbsp;&nbsp;&nbsp;6436823 | &nbsp;&nbsp;&nbsp;&nbsp;193454 | 442254 |
|  PIMCO Enhanced Low Duration Active Exchange-Traded Fund | 305117 | 479838 | 304719 | 218692 |
|  PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund | 0 | 9843 | 23092 | 38095 |
|  PIMCO Enhanced Short Maturity Active Exchange-Traded Fund | 2707 | 1048279 | 667195 | &nbsp;&nbsp;&nbsp;&nbsp;3391845 |
|  PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund | 0 | 0 | 411168 | 247376 |
|  PIMCO Municipal Income Opportunities Active Exchange-Traded Fund | 0 | 0 | 41424 | 32696 |
|  PIMCO Senior Loan Active Exchange-Traded Fund | 0 | 0 | 66054 | 6307 |
|  PIMCO Short Term Municipal Bond Active Exchange-Traded Fund | 0 | 0 | 232330 | 172368 |

---

---

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

---

13. CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by a Fund only in Creation Units. Except when aggregated in Creation Units, shares of a Fund are not redeemable. Transactions in capital shares for a Fund are disclosed in detail on the Statements of Changes in Net Assets.

The consideration for the purchase of Creation Units of a Fund generally consists of a basket of cash and/or securities that a Fund specifies each business day. Authorized Participants may be charged transaction fees as set forth below. To offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, Authorized Participants are subject to standard creation and redemption transaction fees payable directly to State Street Bank and Trust Company, the custodian of the Funds. These standard transaction fees are not payable to the Funds, and therefore, generally do not impact the Funds' financial statements. PIMCO may, from time to time, at its own expense, compensate purchasers of Creation Units who have purchased substantial amounts of Creation Units and other financial institutions for administrative or marketing services. Creations and redemptions for cash (when cash creations and redemptions are available or specified) may be subject to an additional variable charge up to the maximum amount shown in the table below. To the extent a variable transaction fee is not charged, certain costs may be borne by a Fund.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Standard Creation/<br>Redemption<br>Transaction Fee\*** | **Maximum<br>Variable Charge<br>for Cash Creations\*\*** | **Maximum<br>Variable Charge<br>for Cash Redemptions\*\*** |  |  |  |
| **Standard Creation/<br>Redemption<br>Transaction Fee\*** | **Maximum<br>Variable Charge<br>for Cash Creations\*\*** | **Maximum<br>Variable Charge<br>for Cash Redemptions\*\*** | $&nbsp;&nbsp;&nbsp;&nbsp;500 | 3.00% | 2.00% |
| **Standard Creation/<br>Redemption<br>Transaction Fee\*** | **Maximum<br>Variable Charge<br>for Cash Creations\*\*** | **Maximum<br>Variable Charge<br>for Cash Redemptions\*\*** |  |  |  |

---

\* Applicable to in-kind contributions or redemptions only.

\*\* As a percentage of the net asset value per Creation Unit purchased or redeemed, inclusive of the standard creation transaction fee (if imposed). 

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| | |
|:---|:---|
| **136** | **PIMCO ETF TRUST** |

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##### [**Table of Contents**](#toc)
December 31, 2022 (Unaudited)

14. INVESTMENT TRANSACTIONS

For the period ended December 31, 2022, certain Funds had in-kind contributions and in-kind redemptions as follows (amounts in thousands<sup>†</sup>):

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Contributions** | **Redemptions** |
|  PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund | $&nbsp;&nbsp;&nbsp;&nbsp;571148 | $&nbsp;&nbsp;&nbsp;&nbsp;136453 |
|  PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund | 151983 | 531407 |
|  PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund | 253876 | 176006 |
|  PIMCO Broad U.S. TIPS Index Exchange-Traded Fund | 159695 | 188600 |
|  PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund | 785584 | 573205 |
|  PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund | 367426 | 37615 |

---

---

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

---

The in-kind contributions and in-kind redemptions in this table may not agree with the Fund Share Transactions on the Statements of Changes in Net Assets. The table represents the accumulation of each Fund's daily net shareholder transactions which were executed in kind while the Statements of Changes in Net Assets reflect gross shareholder transactions including any cash component of the transactions.

15. REGULATORY AND LITIGATION MATTERS

The Funds are not named as defendants in any material litigation or arbitration proceedings and are not aware of any material litigation or claim pending or threatened against them.

On May 17, 2022, Allianz Global Investors U.S. LLC ("AGI U.S.") pleaded guilty in connection with the proceeding United States of America v. Allianz Global Investors U.S. LLC. AGI U.S. is an indirect subsidiary of Allianz SE. The conduct resulting in the matter described above occurred entirely within AGI U.S. and did not involve PIMCO or the Distributor, or any personnel of PIMCO or the Distributor. Nevertheless, because of the disqualifying conduct of AGI U.S., their affiliate, PIMCO would have been disqualified from serving as the investment adviser, and the Distributor would have been disqualified from serving as the principal underwriter, to the Funds in the absence of SEC exemptive relief. PIMCO and the Distributor have received exemptive relief from the SEC to permit them to continue serving as investment adviser and principal underwriter for U.S.- registered investment companies, including the Funds.

The foregoing speaks only as of the date of this report.

16. FEDERAL INCOME TAX MATTERS

Each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code (the "Code") and distribute all of its taxable income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made.

A Fund may be subject to local withholding taxes, including those imposed on realized capital gains. Any applicable foreign capital gains tax is accrued daily based upon net unrealized gains, and may be payable following the sale of any applicable investments.

In accordance with U.S. GAAP, the Manager has reviewed the Funds' tax positions for all open tax years. As of December 31, 2022, the Funds have recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions they have taken or expect to take in future tax returns.

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.

Under the Regulated Investment Company Modernization Act of 2010, a fund is permitted to carry forward any new capital losses for an unlimited period. Additionally, such capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term under previous law.

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **137** |

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##### [**Table of Contents**](#toc)

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| | | | |
|:---|:---|:---|:---|
| **Notes to Financial Statements** | **(Cont.)** | December 31, 2022 | (Unaudited) |

---

As of their last fiscal year ended June 30, 2022, the Funds had the following post-effective capital losses with no expiration (amounts in thousands<sup>†</sup>):

---

| | | |
|:---|:---|:---|
|  | **Short-Term** | **Long-Term** |
|  PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund | $15973 | $16249 |
|  PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund | 6300 | 13077 |
|  PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund | 10592 | 10628 |
|  PIMCO Broad U.S. TIPS Index Exchange-Traded Fund | 0 | 0 |
|  PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund | 45998 | &nbsp;&nbsp;&nbsp;&nbsp;149791 |
|  PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund | 11954 | 4440 |
|  PIMCO Active Bond Exchange-Traded Fund | &nbsp;&nbsp;&nbsp;&nbsp;211882 | 40027 |
|  PIMCO Enhanced Low Duration Active Exchange-Traded Fund | 11588 | 0 |
|  PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund | 1431 | 212 |
|  PIMCO Enhanced Short Maturity Active Exchange-Traded Fund | 78792 | 35302 |
|  PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund | 17191 | 2804 |
|  PIMCO Municipal Income Opportunities Active Exchange-Traded Fund | 3962 | 0 |
|  PIMCO Senior Loan Active Exchange-Traded Fund | 0 | 0 |
|  PIMCO Short Term Municipal Bond Active Exchange-Traded Fund | 4484 | 2956 |

---

---

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

---

As of December 31, 2022, the aggregate cost and the net unrealized appreciation/(depreciation) of investments for federal income tax purposes are as follows (amounts in thousands<sup>†</sup>):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Federal<br>Tax Cost** | **Unrealized<br>Appreciation** | **Unrealized<br>(Depreciation)** | **Net Unrealized<br>Appreciation/<br>(Depreciation)<sup>(1)</sup>** |
|  PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund | $&nbsp;&nbsp;&nbsp;&nbsp;1006284 | $0 | $(253103) | $&nbsp;&nbsp;&nbsp;&nbsp;(253103) |
|  PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund | 1231732 | 0 | (104753) | (104753) |
|  PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund | 891842 | 0 | (263386) | (263386) |
|  PIMCO Broad U.S. TIPS Index Exchange-Traded Fund | 161076 | 1 | (14042) | (14041) |
|  PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund | 1434400 | 4780 | (100915) | (96135) |
|  PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund | 974967 | 1653 | (81275) | (79622) |
|  PIMCO Active Bond Exchange-Traded Fund | 4058630 | &nbsp;&nbsp;&nbsp;&nbsp;10863 | &nbsp;&nbsp;&nbsp;&nbsp;(321414) | (310551) |
|  PIMCO Enhanced Low Duration Active Exchange-Traded Fund | 1398937 | 4191 | (46221) | (42030) |
|  PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund | 161790 | 1300 | (4324) | (3024) |
|  PIMCO Enhanced Short Maturity Active Exchange-Traded Fund | &nbsp;&nbsp;&nbsp;&nbsp;8977385 | 886 | (198608) | &nbsp;&nbsp;&nbsp;&nbsp;(197722) |
|  PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund | 968011 | 8806 | (15975) | (7169) |
|  PIMCO Municipal Income Opportunities Active Exchange-Traded Fund | 52389 | 998 | (1221) | (223) |
|  PIMCO Senior Loan Active Exchange-Traded Fund | 133320 | 851 | (3111) | (2260) |
|  PIMCO Short Term Municipal Bond Active Exchange-Traded Fund | 570782 | 1469 | (10307) | (8838) |

---

---

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

---

<sup>(1)</sup> Primary differences, if any, between book and tax net unrealized appreciation/(depreciation) are attributable to wash sale loss deferrals for federal income tax purposes.

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| | |
|:---|:---|
| **138** | **PIMCO ETF TRUST** |

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##### [**Table of Contents**](#toc)

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| | | |
|:---|:---|:---|
| **Glossary:** | **(abbreviations that may be used in the preceding statements)** | (Unaudited) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Counterparty Abbreviations:** | **Counterparty Abbreviations:** | | | | |
| **BCY** | Barclays Capital, Inc. | **FICC** | Fixed Income Clearing Corporation | **NGF** | Nomura Global Financial Products, Inc. |
| **BMO** | BMO Capital Markets Corporation | **FOB** | Credit Suisse Securities (USA) LLC | **NOM** | Nomura Securities International, Inc. |
| **BPG** | BNP Paribas Securities Corp. | **GSC** | Goldman Sachs & Co. LLC | **RBC** | Royal Bank of Canada |
| **BPS** | BNP Paribas S.A. | **GST** | Goldman Sachs International | **RDR** | RBC Capital Markets LLC |
| **BRC** | Barclays Bank PLC | **MBC** | HSBC Bank Plc | **RYL** | NatWest Markets Plc |
| **BSN** | The Bank of Nova Scotia - Toronto | **MYC** | Morgan Stanley Capital Services LLC | **SCX** | Standard Chartered Bank, London |
| **CBK** | Citibank N.A. | **MYI** | Morgan Stanley & Co. International PLC |  |  |
|  **Currency Abbreviations:** | **Currency Abbreviations:** |  |  |  |  |
| **AUD** | Australian Dollar | **GBP** | British Pound | **JPY** | Japanese Yen |
| **CAD** | Canadian Dollar | **ILS** | Israeli Shekel | **USD (or $)** | United States Dollar |
| **EUR** | Euro |  |  |  |  |
|  **Exchange Abbreviations:** | **Exchange Abbreviations:** |  |  |  |  |
| **OTC** | Over the Counter |  |  |  |  |
|  **Index/Spread Abbreviations:** | **Index/Spread Abbreviations:** |  |  |  |  |
| **BBSW3M** | 3 Month Bank Bill Swap Rate | **LIBOR03M** | 3 Month USD-LIBOR | **SOFRR** | Secured Overnight Financing Rate |
| **CDX.HY** | Credit Derivatives Index - High Yield | **LIBOR06M** | 6 Month USD-LIBOR | **SOFRINDX** | Secured Overnight Financing Rate Index |
| **CDX.IG** | Credit Derivatives Index - Investment Grade | **MUNIPSA** | Securities Industry and Financial Markets Association (SIFMA) Municipal Swap Index | **US0001M** | ICE 1-Month USD LIBOR |
| **LIBOR01M** | 1 Month USD-LIBOR | **PRIME** | Daily US Prime Rate | **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 | **NPFGC** | National Public Finance Guarantee Corp. |
| **AGM** | Assured Guaranty Municipal | **CR** | Custodial Receipts | **PSF** | Public School Fund |
| **AMBAC** | American Municipal Bond Assurance Corp. | **FHA** | Federal Housing Administration | **Q-SBLF** | Qualified School Bond Loan Fund |
| **BAM** | Build America Mutual Assurance |  |  |  |  |
|  **Other Abbreviations:** | **Other Abbreviations:** |  |  |  |  |
| **ABS** | Asset-Backed Security | **DAC** | Designated Activity Company | **REMIC** | Real Estate Mortgage Investment Conduit |
| **ALT** | Alternate Loan Trust | **LIBOR** | London Interbank Offered Rate | **TBA** | To-Be-Announced  |
| **BABs** | Build America Bonds | **OIS** | Overnight Index Swap | **TBD** | To-Be-Determined  |
| **CLO** | Collateralized Loan Obligation | **PIK** | Payment-in-Kind  | **TBD%** | Interest rate to be determined when loan settles or at the time of funding |

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **139** |

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##### [**Table of Contents**](#toc)
**Distribution Information**

For purposes of Section 19 of the Investment Company Act of 1940 (the "Act"), the Funds estimated the periodic sources of any dividends paid during the period covered by this report in accordance with good accounting practice. Pursuant to Rule 19a-1(e) under the Act, the table below sets forth the actual source information for dividends paid during the six month period ended December 31, 2022 calculated as of each distribution period pursuant to Section 19 of the Act. The information below is not provided for U.S. federal income tax reporting purposes. The tax character of all dividends and distributions is reported on Form 1099-DIV (for shareholders who receive U.S. federal tax reporting) at the end of each calendar year. See the Financial Highlights section of this report for the tax characterization of distributions determined in accordance with federal income tax regulations for the fiscal year.

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| | | | | |
|:---|:---|:---|:---|:---|
| **PIMCO 25+ Year Zero Coupon U.S. Treasury Index<br>Exchange-Traded Fund** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  July 2022 | $0.6100 | $0.0000 | $0.0000 | $0.6100 |
|  October 2022 | $0.6300 | $0.0000 | $0.0000 | $0.6300 |
|  December 2022 | $0.6200 | $0.0000 | $0.0000 | $0.6200 |
| **PIMCO 1-5 Year U.S. TIPS Index Exchange-<br>Traded Fund** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  July 2022 | $0.2100 | $0.0000 | $0.0000 | $0.2100 |
|  August 2022 | $0.4500 | $0.0000 | $0.0000 | $0.4500 |
|  September 2022 | $0.6300 | $0.0000 | $0.0000 | $0.6300 |
|  October 2022 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
|  November 2022 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
|  December 2022 | $0.1200 | $0.0000 | $0.0000 | $0.1200 |
| **PIMCO 15+ Year U.S. TIPS Index Exchange-<br>Traded Fund** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  July 2022 | $0.3600 | $0.0000 | $0.0000 | $0.3600 |
|  August 2022 | $0.6500 | $0.0000 | $0.0000 | $0.6500 |
|  September 2022 | $0.9000 | $0.0000 | $0.0000 | $0.9000 |
|  October 2022 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
|  November 2022 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
|  December 2022 | $0.4300 | $0.0000 | $0.0000 | $0.4300 |
| **PIMCO Broad U.S. TIPS Index Exchange-<br>Traded Fund** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  July 2022 | $0.2700 | $0.0000 | $0.0000 | $0.2700 |
|  August 2022 | $0.5000 | $0.0000 | $0.0000 | $0.5000 |
|  September 2022 | $0.7000 | $0.0000 | $0.0000 | $0.7000 |
|  October 2022 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
|  November 2022 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
|  December 2022 | $0.5100 | $0.0000 | $0.0000 | $0.5100 |
| **PIMCO 0-5 Year High Yield Corporate Bond Index<br>Exchange-Traded Fund** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  July 2022 | $0.4000 | $0.0000 | $0.0000 | $0.4000 |
|  August 2022 | $0.3500 | $0.0000 | $0.0000 | $0.3500 |
|  September 2022 | $0.4200 | $0.0000 | $0.0000 | $0.4200 |
|  October 2022 | $0.4400 | $0.0000 | $0.0000 | $0.4400 |
|  November 2022 | $0.3800 | $0.0000 | $0.0000 | $0.3800 |
|  December 2022 | $0.9600 | $0.0000 | $0.0000 | $0.9600 |

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| | |
|:---|:---|
| **140** | **PIMCO ETF TRUST** |

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##### [**Table of Contents**](#toc)
(Unaudited)

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| | | | | |
|:---|:---|:---|:---|:---|
| **PIMCO Investment Grade Corporate Bond Index<br>Exchange-Traded Fund** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  July 2022 | $0.2400 | $0.0000 | $0.0000 | $0.2400 |
|  August 2022 | $0.2400 | $0.0000 | $0.0000 | $0.2400 |
|  September 2022 | $0.2500 | $0.0000 | $0.0000 | $0.2500 |
|  October 2022 | $0.2800 | $0.0000 | $0.0000 | $0.2800 |
|  November 2022 | $0.2620 | $0.0000 | $0.0000 | $0.2620 |
|  December 2022 | $0.6300 | $0.0000 | $0.0000 | $0.6300 |
| **PIMCO Active Bond Exchange-Traded Fund** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  July 2022 | $0.2600 | $0.0000 | $0.0000 | $0.2600 |
|  August 2022 | $0.2700 | $0.0000 | $0.0000 | $0.2700 |
|  September 2022 | $0.2700 | $0.0000 | $0.0000 | $0.2700 |
|  October 2022 | $0.2700 | $0.0000 | $0.0000 | $0.2700 |
|  November 2022 | $0.2700 | $0.0000 | $0.0000 | $0.2700 |
|  December 2022 | $0.5700 | $0.0000 | $0.0000 | $0.5700 |
| **PIMCO Enhanced Low Duration Active Exchange-<br>Traded Fund** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  July 2022 | $0.1460 | $0.0000 | $0.0000 | $0.1460 |
|  August 2022 | $0.1700 | $0.0000 | $0.0000 | $0.1700 |
|  September 2022 | $0.1600 | $0.0000 | $0.0000 | $0.1600 |
|  October 2022 | $0.2300 | $0.0000 | $0.0000 | $0.2300 |
|  November 2022 | $0.2100 | $0.0000 | $0.0000 | $0.2100 |
|  December 2022 | $0.4500 | $0.0000 | $0.0000 | $0.4500 |
| **PIMCO Enhanced Short Maturity Active Exchange-<br>Traded Fund** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  July 2022 | $0.1250 | $0.0000 | $0.0000 | $0.1250 |
|  August 2022 | $0.1400 | $0.0000 | $0.0000 | $0.1400 |
|  September 2022 | $0.1900 | $0.0000 | $0.0000 | $0.1900 |
|  October 2022 | $0.2170 | $0.0000 | $0.0000 | $0.2170 |
|  November 2022 | $0.2300 | $0.0000 | $0.0000 | $0.2300 |
|  December 2022 | $0.6000 | $0.0000 | $0.0000 | $0.6000 |
| **PIMCO Enhanced Short Maturity Active ESG<br>Exchange-Traded Fund** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  July 2022 | $0.1100 | $0.0000 | $0.0000 | $0.1100 |
|  August 2022 | $0.1400 | $0.0000 | $0.0000 | $0.1400 |
|  September 2022 | $0.1800 | $0.0000 | $0.0000 | $0.1800 |
|  October 2022 | $0.2500 | $0.0000 | $0.0000 | $0.2500 |
|  November 2022 | $0.3000 | $0.0000 | $0.0000 | $0.3000 |
|  December 2022 | $1.3713 | $0.0000 | $0.0000 | $1.3713 |
| **PIMCO Intermediate Municipal Bond Active<br>Exchange-Traded Fund** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  July 2022 | $0.0800 | $0.0000 | $0.0000 | $0.0800 |
|  August 2022 | $0.0900 | $0.0000 | $0.0000 | $0.0900 |
|  September 2022 | $0.1000 | $0.0000 | $0.0000 | $0.1000 |
|  October 2022 | $0.1100 | $0.0000 | $0.0000 | $0.1100 |
|  November 2022 | $0.1050 | $0.0000 | $0.0000 | $0.1050 |
|  December 2022 | $0.2500 | $0.0000 | $0.0000 | $0.2500 |

---

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|:---|:---|:---|:---|
| **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **141** |

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##### [**Table of Contents**](#toc)

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| | | |
|:---|:---|:---|
| **Distribution Information** | **(Cont.)** | (Unaudited) |

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| | | | | |
|:---|:---|:---|:---|:---|
| **PIMCO Municipal Income Opportunities Active<br>Exchange-Traded Fund** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  July 2022 | $0.1130 | $0.0000 | $0.0000 | $0.1130 |
|  August 2022 | $0.1050 | $0.0000 | $0.0000 | $0.1050 |
|  September 2022 | $0.1150 | $0.0000 | $0.0000 | $0.1150 |
|  October 2022 | $0.1200 | $0.0000 | $0.0000 | $0.1200 |
|  November 2022 | $0.1300 | $0.0000 | $0.0000 | $0.1300 |
|  December 2022 | $0.2850 | $0.0000 | $0.0000 | $0.2850 |
| **PIMCO Senior Loan Active Exchange-Traded Fund** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  July 2022 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
|  August 2022 | $0.2150 | $0.0000 | $0.0050 | $0.2200 |
|  September 2022 | $0.2280 | $0.0000 | $0.0000 | $0.2280 |
|  October 2022 | $0.2500 | $0.0000 | $0.0000 | $0.2500 |
|  November 2022 | $0.2600 | $0.0000 | $0.0000 | $0.2600 |
|  December 2022 | $0.6640 | $0.0000 | $0.0000 | $0.6640 |
| **PIMCO Short Term Municipal Bond Active<br>Exchange-Traded Fund** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  July 2022 | $0.0500 | $0.0000 | $0.0000 | $0.0500 |
|  August 2022 | $0.0550 | $0.0000 | $0.0000 | $0.0550 |
|  September 2022 | $0.0650 | $0.0000 | $0.0000 | $0.0650 |
|  October 2022 | $0.0750 | $0.0000 | $0.0000 | $0.0750 |
|  November 2022 | $0.0800 | $0.0000 | $0.0000 | $0.0800 |
|  December 2022 | $0.2000 | $0.0000 | $0.0000 | $0.2000 |

---

\* The source of dividends provided in the table differs, in some respects, from information presented in this report prepared in accordance with generally accepted accounting principles, or U.S. GAAP. For example, net earnings from certain interest rate swap contracts are included as a source of net investment income for purposes of Section 19(a). Accordingly, the information in the table may differ from information in the accompanying financial statements that are presented on the basis of U.S. GAAP and may differ from tax information presented in the footnotes. Amounts shown may include accumulated, as well as fiscal period net income and net profits. 

\*\* Occurs when a fund distributes an amount greater than its accumulated net income and net profits. Amounts are not reflective of a fund's net income, yield, earnings or investment performance. 

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|:---|:---|
| **142** | **PIMCO ETF TRUST** |

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| **Approval of Investment Advisory Contract and Other Agreements** | (Unaudited) |

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Approval of Renewal of the Investment Management Agreement

At a meeting held on August 23-24, 2022, the Board of Trustees (the "Board") of PIMCO ETF Trust (the "Trust"), including the Trustees who are not "interested persons" of the Trust under the Investment Company Act of 1940, as amended (the "Independent Trustees"), considered and unanimously approved the renewal of the Investment Management Agreement (the "Agreement") between the Trust, on behalf of the Trust's series (each, a "Fund" and collectively, the "Funds"), and Pacific Investment Management Company LLC ("PIMCO"), for an additional one-year term through August 31, 2023. Under the Agreement, PIMCO provides investment advisory services, as well as supervisory and administrative services, to each Fund for a single management fee ("unified fee").

The information, material factors and conclusions that formed the basis for the Board's approval are summarized below.

1. INFORMATION RECEIVED

(a) Materials Reviewed: During the course of the past year, the Trustees received a wide variety of materials relating to the services provided by PIMCO to the Trust. At each of its quarterly meetings, the Board reviewed the Funds' investment performance and a significant amount of information relating to Fund operations, including shareholder services, valuation and custody, the Funds' compliance program and other information relating to the nature, extent and quality of services provided by PIMCO to the Trust and each of the Funds. In considering whether to approve the renewal of the Agreement, the Board reviewed additional information, including, but not limited to: comparative industry data with regard to investment performance; management fees; financial information for PIMCO; information regarding the profitability to PIMCO of its relationship with the Funds; information about the personnel providing investment management services, other advisory services and supervisory and administrative services to the Funds; and information about the fees charged and services provided to other clients with similar investment mandates as the Funds, where applicable. In addition, the Board reviewed materials provided by counsel to the Trust and the Independent Trustees ("Counsel"), which included, among other things, a memorandum outlining legal duties of the Board in considering the renewal of the Agreement.

(b) Review Process: In connection with considering the renewal of the Agreement, the Board reviewed written materials prepared by PIMCO in response to requests from Counsel encompassing a wide variety of topics. The Board requested and received assistance and advice regarding, among other things, applicable legal standards from Counsel, and reviewed comparative fee and performance data prepared

at the Board's request by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company performance information and fee and expense data. The Board received presentations on matters related to the Agreement and met both as a full Board and in a separate session of the Independent Trustees, without management present, at the August 23-24, 2022 meeting. The Independent Trustees also met via video conference with Counsel on July 14, 2022, and conducted a video conference meeting on August 10, 2022 with management and Counsel to discuss the materials presented and other matters deemed relevant to their consideration of the renewal of the Agreement. In connection with its review of the Agreement, the Board received comparative information on the performance, the risk-adjusted performance and the fees and expenses of other peer group funds where appropriate. The Independent Trustees also requested and received supplemental information, including information regarding Broadridge peer classifications, the expense structure of certain Funds, outflows for certain Funds, Fund performance and profitability.

The approval determination was made on the basis of each Trustee's business judgment after consideration and evaluation of all the information presented. Individual Trustees may have given different weights to certain factors and assigned various degrees of materiality to information received in connection with the approval process. In deciding to approve the renewal of the Agreement, the Board did not identify any single factor or particular information that, in isolation, was controlling. The discussion below is intended to summarize the broad factors and information that figured prominently in the Board's consideration of the renewal of the Agreement, but is not intended to summarize all of the factors considered by the Board.

2. NATURE, EXTENT AND QUALITY OF SERVICES

(a) PIMCO, its Personnel and Resources: The Board considered the depth and quality of PIMCO's investment management process, including, but not limited to: the experience, capability and integrity of its senior management and other personnel; the overall financial strength and stability of its organization; and the ability of its organizational structure to address changes in the Funds' asset levels. The Board also considered the various services in addition to portfolio management that PIMCO provides under the Agreement. The Board noted that PIMCO makes available to its investment professionals a variety of resources and systems relating to investment management, compliance, trading, performance and portfolio accounting. The Board also noted PIMCO's commitment to enhancing and investing in its global infrastructure, technology capabilities, risk management processes and the specialized talent needed to stay at the forefront of the competitive investment management industry and to strengthen its ability to deliver services under the Agreement. The Board considered

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| **Approval of Investment Advisory Contract and Other Agreements** | **(Cont.)** |

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PIMCO's policies, procedures and systems reasonably designed to assure compliance with applicable laws and regulations, including new regulations impacting the Funds, and its commitment to further developing and strengthening these programs; its oversight of matters that may involve conflicts of interest between the Funds' investments and those of other accounts managed by PIMCO; and its efforts to keep the Trustees informed about matters relevant to the Funds and their shareholders. The Board also considered PIMCO's investment in new disciplines and talented personnel, which has enhanced PIMCO's services to the Funds and has allowed PIMCO to introduce innovative new funds over time.

In addition, the Trustees considered new services and service enhancements that PIMCO has implemented, including the ongoing development of its own proprietary software and applications to support the Funds.

Ultimately, the Board concluded that the nature, extent and quality of services provided or procured by PIMCO under the Agreement are likely to continue to benefit the Funds and their shareholders, as applicable.

(b) Other Services: The Board also considered the nature, extent and quality of supervisory and administrative services provided by PIMCO to the Funds under the Agreement.

The Board considered the terms of the Agreement, under which the Trust pays for the supervisory and administrative services provided pursuant to that agreement under the unified fee. In return, PIMCO provides or procures certain supervisory and administrative services and bears the costs of various third party services required by the Funds, including but not limited to, audit, custodial, portfolio accounting, ordinary legal, transfer agency and printing costs. The Board also noted that the scope and complexity, as well as the costs, of the supervisory and administrative services provided by PIMCO under the Agreement continue to increase. The Board considered PIMCO's provision of supervisory and administrative services and its supervision of the Trust's third party service providers to assure that these service providers continue to provide a high level of service relative to alternatives available in the market. Ultimately, the Board concluded that the nature, extent and quality of the services provided or procured by PIMCO has benefited, and will likely continue to benefit, the Funds and their shareholders.

3. INVESTMENT PERFORMANCE

The Board reviewed information from PIMCO concerning the Funds' performance, as available, over short- and long-term periods ended March 31, 2022 and other performance data, as available, over short- and long-term periods ended June 30, 2022 (the "PIMCO Report") and from Broadridge concerning the Funds' performance, as available, over short- and long-term periods ended March 31, 2022 (the "Broadridge

Report"). The Board also noted that while historically the Broadridge Report included peer classifications from only Lipper, as part of this approval process the Broadridge Report incorporated peer classifications from Morningstar for Funds for which it was believed that Morningstar provided a materially improved comparison.

The Board considered information regarding both the short- and long-term relative and absolute investment performance of each Fund relative to its Fund peer group, where appropriate, and relevant benchmark index as provided to the Board in advance of each of its quarterly meetings throughout the year, including the PIMCO Report and Broadridge Report.

The Board reviewed materials indicating that, on a net-of-fees basis, performance has generally been strong for the active fixed income Funds over the three- and five-year periods ended March 31, 2022 and since inception. The Board also reviewed information that showed that, certain index Funds underperformed their benchmark, but that PIMCO did not expect such Funds, for structural reasons, to outperform their benchmarks on a net-of-fees basis over longer time horizons. PIMCO reported to the Board about the reasons for the underperformance of certain Funds and actions that have been taken by PIMCO throughout the year to attempt to address underperformance. Depending on the circumstances, the Independent Trustees may be satisfied with a Fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods. The Board noted that, due to differences (such as specific investment strategies or fee structures) between certain Funds and their so-called peers in the Broadridge categories, performance comparisons may not be particularly relevant to the consideration of Fund performance, but found the comparative information supported its overall evaluation.

The Board ultimately concluded, within the context of all of its considerations in connection with the Agreement, that PIMCO's performance record and process in managing the Funds indicates that its continued management is likely to benefit the Funds and their shareholders, and merits the approval of the renewal of the Agreement.

4. MANAGEMENT FEE AND TOTAL EXPENSES

The Board considered that PIMCO seeks to price new funds to scale at the outset. The Board noted that PIMCO generally seeks to price new funds competitively against the median total expense ratio of the respective Broadridge peer group, if available, while acknowledging that a fee premium may be appropriate for innovative investment offerings. PIMCO reported to the Board that, in proposing fees for any Fund, it considers a number of factors, including, but not limited to, the type and complexity of the services provided, the cost of providing services, the risk assumed by PIMCO in the development of products and the provision of services and the competitive marketplace for

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| **144** | **PIMCO ETF TRUST** |

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(Unaudited)

financial products. Fees charged to or proposed for different Funds for management services may vary in light of these various factors. The Board also considered that PIMCO reviews the Funds' fee levels and carefully considers changes where appropriate due to competitive positioning considerations, observed long-term notable underperformance and significant misalignments with the level or quality of services being provided or a change in the overall strategic positioning of the Funds.

The Board reviewed the management fees and total expenses of the Funds (each as a percentage of average net assets) and compared such amounts with the average and median fee and expense levels of other similar funds. With respect to the management fees, the Board reviewed data from the Broadridge Report that compared the average and median management fees of other funds in a "Peer Group" of comparable funds, where appropriate, as well as the universe of other similar funds. The Board also considered that PIMCO reviews the Funds' fee levels and carefully considers changes where appropriate. In addition, the Board considered the expense limitation agreement in place for all of the Funds and fee waivers in place for certain of the Funds. The Board compared each Fund's total expenses to other funds in the Broadridge Report "Expense Group" and found each Fund's total expenses to be reasonable.

The Board also reviewed data comparing the Funds' management fees to the fee rates PIMCO charges to separate accounts and to other investment companies with similar investment strategies, although, in the case of a number of Funds in the Trust, PIMCO does not currently manage separate accounts with similar investment strategies. In cases where the fees for other clients were lower than those charged to the Funds, the Trustees noted that the differences in fees were attributable to various factors, including, but not limited to, differences in the number or extent of the services provided by PIMCO to the Funds, the manner in which similar portfolios may be managed, different requirements with respect to liquidity management and the implementation of other regulatory requirements, and the fact that separate accounts may have other contractual arrangements or arrangements across PIMCO strategies that justify different levels of fees. The Trustees also considered that PIMCO faces increased entrepreneurial, legal and regulatory risk in sponsoring and managing mutual funds and ETFs as compared to separate accounts, external sub-advised funds or other investment products.

Regarding advisory fees charged by PIMCO in its capacity as sub-adviser to third party/unaffiliated funds, the Trustees took into account that such fees may be lower than the fees charged by PIMCO to serve as adviser to the Funds. The Trustees also took into account that there are various reasons for any such differences in fees, including, but not limited to, the fact that PIMCO may be subject to

varying levels of entrepreneurial, legal and regulatory risk and different servicing requirements when PIMCO does not serve as the sponsor of a fund and is not principally responsible for all aspects of a fund's investment program and operations as compared to when PIMCO serves as investment adviser and sponsor.

The Board considered the Funds' unified fee structure, under which each Fund pays for the advisory and supervisory and administrative services it requires for one set fee. In return for this unified fee, PIMCO provides or procures such services and bears the costs of various third party services required by the Funds, including audit, custodial, portfolio accounting, ordinary legal, transfer agency and printing costs. The Board considered that the unified fee leads to Fund fees that are fixed over the contract period, rather than variable. The Board noted that, although the unified fee structure does not have breakpoints, it inherently reflects certain economies of scale by fixing the absolute level of Fund fees at competitive levels over the contract period even if the Funds' operating costs rise when assets remain flat or decrease. Other factors the Board considered in assessing the unified fee include PIMCO's approach of pricing Funds to scale at inception and reinvesting in other important areas of the business that support the Funds. The Board concluded that each Fund's fees were reasonable in relation to the value of the services provided, and that the unified fee represents, in effect, a cap on overall Fund fees during the contractual period, which is beneficial to the Funds and their shareholders.

Based on the information presented by PIMCO, members of the Board determined, in the exercise of their business judgment, that the management fee charged by PIMCO under the Agreement, and that the total expenses of each Fund are reasonable.

5. ADVISER COSTS, LEVEL OF PROFITS AND ECONOMIES OF SCALE

The Board reviewed information regarding PIMCO's costs of providing services to the Funds as a whole, as well as the resulting level of profits attributable to the Funds. The Board also noted that it had received information regarding the structure and manner in which PIMCO's investment professionals were compensated, and PIMCO's view of the relationship of such compensation to the recruitment and retention of quality personnel. The Board considered PIMCO's investment in global infrastructure, technology capabilities, risk management processes and qualified personnel to reinforce existing services, offer new services, and to accommodate changing regulatory requirements.

The Board considered the existence of any economies of scale and noted that, to the extent that PIMCO achieves economies of scale in managing the Funds, PIMCO shares the benefits of such economies of scale, if any, with the Funds and their shareholders in a number of ways, including investing in portfolio and trade operations

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| **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **145** |

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| **Approval of Investment Advisory Contract and Other Agreements** | **(Cont.)** | (Unaudited) |

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management, firm technology, middle and back office support, legal and compliance, and fund administration logistics; senior management supervision, governance and oversight of those services; and through fee reductions or waivers, the pricing of Funds to scale from inception and the enhancement of services provided to the Funds in return for fees paid. The Board considered that the Funds' unified fee rates had been set competitively and/or priced to scale from inception, and continued to be competitive compared with peers. The Board also considered the substantial investments PIMCO has made in order to support the operational and technological issues required to support exchange-traded funds as compared to traditional mutual funds, including enhancements related to the creation/redemption process and trade processing systems. The Board also considered that the unified fee is a transparent means of informing a Fund's shareholders of the fees associated with the Fund, and that the Fund bears certain expenses that are not covered by the management fee. The Board further considered the challenges that arise when managing large funds, which can result in certain "diseconomies" of scale and noted that PIMCO has continued to reinvest in many areas of the business to support the Funds.

The Trustees considered that the unified fee has provided inherent economies of scale because a Fund maintains competitive fixed fees over the annual contract period even if the particular Fund's assets decline and/or operating costs rise. The Trustees also reviewed materials indicating that, unlike the Funds' unified fee structure, funds with "pass through" fee structures may experience increased expense ratios when fixed dollar fees are charged against declining fund assets. The Trustees also considered that the unified fee protects shareholders from a rise in operating costs that may result from, among other things, PIMCO's investments in various business enhancements and infrastructure, including those referenced above. The Trustees noted that PIMCO's investments in these areas are extensive.

The Board concluded that the Funds' cost structures were reasonable and that PIMCO is appropriately sharing economies of scale, if any, through the Funds' unified fee structure, generally pricing Funds to scale at inception and reinvesting in its business to provide enhanced and expanded services to the Funds and their shareholders.

6. ANCILLARY BENEFITS

The Board considered other benefits realized by PIMCO and its affiliates as a result of PIMCO's relationship with the Trust. Such benefits may include possible ancillary benefits to PIMCO's institutional investment management business due to the reputation and market penetration of the Trust or third party service providers' relationship-level fee concessions, which decrease fees paid by PIMCO. The Board also noted that while PIMCO has the authority to receive the benefit of research

provided by broker-dealers executing portfolio transactions on behalf of the Funds , it has adopted a policy not to enter into contractual soft dollar arrangements.

7. CONCLUSIONS

Based on their review, including their comprehensive consideration and evaluation of each of the broad factors and information summarized above, the Independent Trustees and the Board as a whole concluded that the nature, extent and quality of the services rendered to the Funds by PIMCO supported the renewal of the Agreement. The Independent Trustees and the Board as a whole concluded that the Agreement continued to be fair and reasonable to the Funds and their shareholders, that the Funds' shareholders received reasonable value in return for the fees paid to PIMCO by the Funds under the Agreement, and that the renewal of the Agreement was in the best interests of the Funds and their shareholders.

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| **146** | **PIMCO ETF TRUST** |

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**General Information** 

**Investment Manager** 

Pacific Investment Management Company LLC

650 Newport Center Drive

Newport Beach, CA 92660

**Distributor** 

PIMCO Investments LLC

1633 Broadway

New York, NY 10019

**Custodian** 

State Street Bank & Trust Co

State Street Financial Center

One Lincoln Street

Boston, MA 02111

**Transfer Agent** 

State Street Bank & Trust Co

State Street Financial Center

One Lincoln Street

Boston, MA 02111

**Legal Counsel** 

Dechert LLP

1900 K Street N.W.

Washington, D.C. 20006

**Independent Registered Public Accounting Firm** 

PricewaterhouseCoopers LLP

1100 Walnut Street, Suite 1300

Kansas City, MO 64106

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

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![LOGO](g523054g49r13.jpg)

ETF4001SAR_123122

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Not applicable to the Registrant.

**Item 2.** **Code of Ethics.** <br>

The information required by this Item 2 is only required in an annual report on this Form N-CSR.

**Item 3.** **Audit Committee Financial Expert.** <br>

The information required by this Item 3 is only required in an annual report on this Form N-CSR.

**Item 4.** **Principal Accountant Fees and Services.** <br>

The information required by this Item 4 is only required in an annual report on this Form N-CSR.

**Item 5.** **Audit Committee of Listed Registrants.** <br>

The information required by this Item 5 is only required in an annual report on this Form N-CSR.

**Item 6.** **Schedule of Investments.** <br>

The information required by this Item 6 is included as part of the semiannual report to shareholders filed under Item 1 of this Form N-CSR.

**Item 7.** **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** <br>

Not applicable to open-end investment companies.

**Item 8.** **Portfolio Managers of Closed-End Management Investment Companies.** <br>

Not applicable to open-end investment companies.

**Item 9.** **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** <br>

Not applicable to open-end investment companies.

**Item 10.** **Submission of Matters to a Vote of Security Holders.** <br>

There have been no material changes to the procedures by which shareholders may recommend nominees to the Trust's Board of Trustees since the Trust last provided disclosure in response to this item.

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##### [**Table of Contents**](#toc)
**Item 11.** **Controls and Procedures.** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The principal executive officer and principal financial & accounting officer have concluded that the
Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) provide reasonable assurances that material information relating to the Registrant is made known to them by the
appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing of this report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial
reporting

**Item 12.** **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** <br>

Not applicable to open-end investment companies.

**Item 13.** **Exhibits.** <br>

(a)(1) Exhibit 99.CODE—Code of Ethics is not applicable for semiannual reports.

(a)(2) [Exhibit 99.CERT—Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](d523054dex99cert.htm)

(a)(3) Not applicable for open-end investment companies.

(a)(4) There was no change in the registrant's independent public accountant for the period covered by the report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [Exhibit 99.906CERT—Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](d523054dex99906cert.htm)

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**Signatures** 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

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| | |
|:---|:---|
| PIMCO ETF Trust | PIMCO ETF Trust |
| By: | /s/ Eric D. Johnson<br>|
|  | Eric D. Johnson |
|  | President (Principal Executive Officer) |
| Date: March 8, 2023 | Date: March 8, 2023 |

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Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

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| | |
|:---|:---|
| By: | /s/ Eric D. Johnson<br>|
|  | Eric D. Johnson |
|  | President (Principal Executive Officer) |
| Date: March 8, 2023 | Date: March 8, 2023 |
| By: | /s/ Bijal Y. Parikh<br>|
|  | Bijal Y. Parikh |
|  | Treasurer (Principal Financial & Accounting Officer) |
| Date: March 8, 2023 | Date: March 8, 2023 |

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## Ex-99.Cert

**Exhibit 99.CERT** 

**<u>Certification Under Rule 30a-2(a)</u>**

**CERTIFICATION** 

I, Eric D. Johnson, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of PIMCO ETF Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and
have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the
audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: | March 8, 2023<br>|
| Signature: | /s/ Eric D. Johnson<br>|
| Title: | President (Principal Executive Officer) <br>|

---

------

**Exhibit 99.CERT** 

**<u>Certification Under Rule 30a-2(a)</u>**

**CERTIFICATION** 

I, Bijal Y. Parikh, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of PIMCO ETF Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the
audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: | March 8, 2023<br>|
| Signature: | /s/ Bijal Y. Parikh<br>|
| Title: | Treasurer (Principal Financial & Accounting Officer) <br>|

---

## Exhibit 99.906

**Exhibit 99.906CERT** 

**<u>Certification Under Rule 30a-2(b)</u>**

**CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350** 

**(as adopted pursuant to Section 906 of the Sarbanes-Oxley Act)** 

In connection with the Report on Form N-CSR to which this certification is furnished as an exhibit (the "Report"), the undersigned officers of PIMCO ETF Trust (the "Registrant") each certify that to his knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report on Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities
Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report on Form N-CSR fairly presents, in all material respects, the financial
condition and results of operations of the Registrant.

---

| | | | |
|:---|:---|:---|:---|
| By: | /s/ Eric D. Johnson<br>| By: | /s/ Bijal Y. Parikh<br>|
| Name: | Eric D. Johnson<br>| Name: | Bijal Y. Parikh<br>|
| Title: | President (Principal Executive Officer)<br>| Title: | Treasurer (Principal Financial & Accounting Officer)<br>|
| Date: | March 8, 2023<br>| Date: | March 8, 2023<br>|

---

**A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.** 

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report.