# EDGAR Filing Document

**Accession Number:** 0001450011
**File Stem:** 0001193125-26-094284
**Filing Date:** 2026-3
**Character Count:** 1935209
**Document Hash:** 5069dc23a8c1a66c18b3da2b213e226b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-094284.hdr.sgml**: 20260305

**ACCESSION NUMBER**: 0001193125-26-094284

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 19

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260305

**DATE AS OF CHANGE**: 20260305

**EFFECTIVENESS DATE**: 20260305

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22250
- **FILM NUMBER:** 26727446

**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 Ultra Short Government Active Exchange-Traded Fund (Series ID: S000026752)

| Class ID   | Class Name                                               | Ticker Symbol   |
|:---|:---|:---|
| C000080242 | PIMCO Ultra Short Government Active Exchange-Traded Fund | BILZ            |

### 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            |

### PIMCO Preferred and Capital Securities Active Exchange-Traded Fund (Series ID: S000078313)

| Class ID   | Class Name                                                         | Ticker Symbol   |
|:---|:---|:---|
| C000239077 | PIMCO Preferred and Capital Securities Active Exchange-Traded Fund | PRFD            |

### PIMCO Commodity Strategy Active Exchange-Traded Fund (Series ID: S000079716)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000240988 | PIMCO Commodity Strategy Active Exchange-Traded Fund | CMDT            |

### PIMCO Multisector Bond Active Exchange-Traded Fund (Series ID: S000080425)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000242819 | PIMCO Multisector Bond Active Exchange-Traded Fund |  |

### PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund (Series ID: S000085048)

| Class ID   | Class Name                                                   | Ticker Symbol   |
|:---|:---|:---|
| C000249911 | PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund |  |

?xml version='1.0' encoding='ASCII'? N-CSRS

#### 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, 2025

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, 100 F Street, NE, Washington, DC 20549-1090. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

------

**Item 1.** **Reports to Stockholders.** <br>

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

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

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

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

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

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

• PIMCO Investment Grade Corporate Bond Exchange-Traded Fund

• PIMCO Active Bond Exchange-Traded Fund

• PIMCO Enhanced Low Duration Active Exchange-Traded Fund

• PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund

• PIMCO Enhanced Short Maturity Active Exchange-Traded Fund

• PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund

• PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund

• PIMCO Multisector Bond Active Exchange-Traded Fund

• PIMCO Municipal Income Opportunities Active Exchange-Traded Fund

• PIMCO Preferred and Capital Securities Active Exchange-Traded Fund

• PIMCO Senior Loan Active Exchange-Traded Fund

• PIMCO Short Term Municipal Bond Active Exchange-Traded Fund

• PIMCO Ultra Short Government Active Exchange-Traded Fund

• PIMCO Commodity Strategy Active Exchange-Traded Fund

(b) Not applicable to the open-end investment companies.

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

## HYS \| Principal Listing Exchange: NYSE Arca

#### Semi-Annual Shareholder Report \| December 31, 2025
![Image](g17112g13z16.jpg)

This semi-annual shareholder report contains important information about the PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.400.4ETF (888.400.4383)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund | $28 | 0.55%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $1535555 |
| # of Portfolio Holdings | 856 |
| Portfolio Turnover Rate | 32% |
| Total Net Management Fees Paid During the Reporting Period | $4101 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 93.1% |
| Loan Participations and Assignments | 1.9% |
| Common Stocks | 0.2% |
| Other Investments | 0.1% |
| Short-Term Instruments | 5.7% |
| Affiliated Investments | 2.8% |
| Financial Derivative Instruments | (0.0%)<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (3.8%) |
| Total | 100.0% |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.400.4ETF (888.400.4383).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g17112g47g38.jpg)

# PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund
![Image](g17112g99m21.jpg)

Semi-Annual Shareholder Report \|

December 31, 2025

## HYS \| Principal Listing Exchange: NYSE Arca
ETF4780TSRSAR_123125

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

## STPZ \| Principal Listing Exchange: NYSE Arca

#### Semi-Annual Shareholder Report \| December 31, 2025
![Image](g17112g13z16.jpg)

This semi-annual shareholder report contains important information about the PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.400.4ETF (888.400.4383)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund | $10 | 0.20%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $430055 |
| # of Portfolio Holdings | 26 |
| Portfolio Turnover Rate | 13% |
| Total Net Management Fees Paid During the Reporting Period | $447 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 99.7% |
| Short-Term Instruments | 0.3% |
| Other Assets and Liabilities, Net | 0.0% |
| Total | 100.0% |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.400.4ETF (888.400.4383).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g17112g47g38.jpg)

# PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund
![Image](g17112g99m21.jpg)

Semi-Annual Shareholder Report \|

December 31, 2025

## STPZ \| Principal Listing Exchange: NYSE Arca
ETF4792TSRSAR_123125

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

## LTPZ \| Principal Listing Exchange: NYSE Arca

#### Semi-Annual Shareholder Report \| December 31, 2025
![Image](g17112g13z16.jpg)

This semi-annual shareholder report contains important information about the PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.400.4ETF (888.400.4383)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund | $10 | 0.20%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $685257 |
| # of Portfolio Holdings | 16 |
| Portfolio Turnover Rate | 3% |
| Total Net Management Fees Paid During the Reporting Period | $700 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 99.5% |
| Short-Term Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | 0.5% |
| Total | 100.0% |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.400.4ETF (888.400.4383).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g17112g47g38.jpg)

# PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund
![Image](g17112g99m21.jpg)

Semi-Annual Shareholder Report \|

December 31, 2025

## LTPZ \| Principal Listing Exchange: NYSE Arca
ETF4794TSRSAR_123125

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

## ZROZ \| Principal Listing Exchange: NYSE Arca

#### Semi-Annual Shareholder Report \| December 31, 2025
![Image](g17112g13z16.jpg)

This semi-annual shareholder report contains important information about the PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.400.4ETF (888.400.4383)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund | $8 | 0.15%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $1556304 |
| # of Portfolio Holdings | 21 |
| Portfolio Turnover Rate | 9% |
| Total Net Management Fees Paid During the Reporting Period | $1241 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 100.0% |
| Short-Term Instruments | 0.2% |
| Other Assets and Liabilities, Net | (0.2%) |
| Total | 100.0% |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.400.4ETF (888.400.4383).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g17112g47g38.jpg)

# PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund
![Image](g17112g99m21.jpg)

Semi-Annual Shareholder Report \|

December 31, 2025

## ZROZ \| Principal Listing Exchange: NYSE Arca
ETF4735TSRSAR_123125

# PIMCO Active Bond Exchange-Traded Fund

## BOND \| Principal Listing Exchange: NYSE

#### Semi-Annual Shareholder Report \| December 31, 2025
![Image](g17112g13z16.jpg)

This semi-annual shareholder report contains important information about the PIMCO Active Bond Exchange-Traded Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.400.4ETF (888.400.4383)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| PIMCO Active Bond Exchange-Traded Fund | $27 | 0.53%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $6847347 |
| # of Portfolio Holdings | 1765 |
| Portfolio Turnover Rate | 209% |
| Total Net Management Fees Paid During the Reporting Period | $14346 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

---

| | |
|:---|:---|
| U.S. Government Agencies | 62.7% |
| Corporate Bonds & Notes | 25.4% |
| Asset-Backed Securities | 13.7% |
| U.S. Treasury Obligations | 12.2% |
| Non-Agency Mortgage-Backed Securities | 7.7% |
| Sovereign Issues | 2.9% |
| Municipal Bonds & Notes | 0.8% |
| Preferred Securities | 0.7% |
| Loan Participations and Assignments | 0.2% |
| Short-Term Instruments | 1.4% |
| Affiliated Investments | 3.9% |
| Financial Derivative Instruments | (0.0%)<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (31.6%) |
| Total | 100.0% |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.400.4ETF (888.400.4383).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g17112g47g38.jpg)

# PIMCO Active Bond Exchange-Traded Fund
![Image](g17112g99m21.jpg)

Semi-Annual Shareholder Report \|

December 31, 2025

## BOND \| Principal Listing Exchange: NYSE
ETF4700TSRSAR_123125

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

## TIPZ \| Principal Listing Exchange: NYSE Arca

#### Semi-Annual Shareholder Report \| December 31, 2025
![Image](g17112g13z16.jpg)

This semi-annual shareholder report contains important information about the PIMCO Broad U.S. TIPS Index Exchange-Traded Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.400.4ETF (888.400.4383)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| PIMCO Broad U.S. TIPS Index Exchange-Traded Fund | $10 | 0.20%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $91569 |
| # of Portfolio Holdings | 40 |
| Portfolio Turnover Rate | 64% |
| Total Net Management Fees Paid During the Reporting Period | $98 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 99.1% |
| Short-Term Instruments | 0.9% |
| Other Assets and Liabilities, Net | 0.0%<sup>Footnote Reference^</sup> |
| Total | 100.0% |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.400.4ETF (888.400.4383).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g17112g47g38.jpg)

# PIMCO Broad U.S. TIPS Index Exchange-Traded Fund
![Image](g17112g99m21.jpg)

Semi-Annual Shareholder Report \|

December 31, 2025

## TIPZ \| Principal Listing Exchange: NYSE Arca
ETF4795TSRSAR_123125

# PIMCO Enhanced Low Duration Active Exchange-Traded Fund

## LDUR \| Principal Listing Exchange: NYSE Arca

#### Semi-Annual Shareholder Report \| December 31, 2025
![Image](g17112g13z16.jpg)

This semi-annual shareholder report contains important information about the PIMCO Enhanced Low Duration Active Exchange-Traded Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.400.4ETF (888.400.4383)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| PIMCO Enhanced Low Duration Active Exchange-Traded Fund | $24 | 0.47%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $1208304 |
| # of Portfolio Holdings | 791 |
| Portfolio Turnover Rate | 146% |
| Total Net Management Fees Paid During the Reporting Period | $2275 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 36.0% |
| U.S. Government Agencies | 31.8% |
| Asset-Backed Securities | 23.3% |
| Non-Agency Mortgage-Backed Securities | 4.4% |
| Sovereign Issues | 3.7% |
| U.S. Treasury Obligations | 1.1% |
| Municipal Bonds & Notes | 0.5% |
| Short-Term Instruments | 13.6% |
| Financial Derivative Instruments | (0.0%)<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (14.4%) |
| Total | 100.0% |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.400.4ETF (888.400.4383).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g17112g47g38.jpg)

# PIMCO Enhanced Low Duration Active Exchange-Traded Fund
![Image](g17112g99m21.jpg)

Semi-Annual Shareholder Report \|

December 31, 2025

## LDUR \| Principal Listing Exchange: NYSE Arca
ETF4756TSRSAR_123125

# PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund

## EMNT \| Principal Listing Exchange: NYSE Arca

#### Semi-Annual Shareholder Report \| December 31, 2025
![Image](g17112g13z16.jpg)

This semi-annual shareholder report contains important information about the PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.400.4ETF (888.400.4383)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund | $13 | 0.25%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $211001 |
| # of Portfolio Holdings | 207 |
| Portfolio Turnover Rate | 42% |
| Total Net Management Fees Paid During the Reporting Period | $251 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 32.6% |
| U.S. Government Agencies | 15.0% |
| Asset-Backed Securities | 10.1% |
| U.S. Treasury Obligations | 1.8% |
| Non-Agency Mortgage-Backed Securities | 1.4% |
| Sovereign Issues | 0.1% |
| Short-Term Instruments | 38.7% |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | 0.3% |
| Total | 100.0% |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.400.4ETF (888.400.4383).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g17112g47g38.jpg)

# PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund
![Image](g17112g99m21.jpg)

Semi-Annual Shareholder Report \|

December 31, 2025

## EMNT \| Principal Listing Exchange: NYSE Arca
ETF4757TSRSAR_123125

# PIMCO Enhanced Short Maturity Active Exchange-Traded Fund

## MINT \| Principal Listing Exchange: NYSE Arca

#### Semi-Annual Shareholder Report \| December 31, 2025
![Image](g17112g13z16.jpg)

This semi-annual shareholder report contains important information about the PIMCO Enhanced Short Maturity Active Exchange-Traded Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.400.4ETF (888.400.4383)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| PIMCO Enhanced Short Maturity Active Exchange-Traded Fund | $18 | 0.35%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $14573721 |
| # of Portfolio Holdings | 923 |
| Portfolio Turnover Rate | 26% |
| Total Net Management Fees Paid During the Reporting Period | $24835 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 58.9% |
| Asset-Backed Securities | 15.4% |
| U.S. Government Agencies | 14.7% |
| U.S. Treasury Obligations | 2.7% |
| Non-Agency Mortgage-Backed Securities | 1.8% |
| Sovereign Issues | 0.6% |
| Short-Term Instruments | 5.5% |
| Affiliated Investments | 0.0%<sup>Footnote Reference^</sup> |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | 0.4% |
| Total | 100.0% |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.400.4ETF (888.400.4383).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g17112g47g38.jpg)

# PIMCO Enhanced Short Maturity Active Exchange-Traded Fund
![Image](g17112g99m21.jpg)

Semi-Annual Shareholder Report \|

December 31, 2025

## MINT \| Principal Listing Exchange: NYSE Arca
ETF4750TSRSAR_123125

# PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund

## MUNI \| Principal Listing Exchange: NYSE Arca

#### Semi-Annual Shareholder Report \| December 31, 2025
![Image](g17112g13z16.jpg)

This semi-annual shareholder report contains important information about the PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.400.4ETF (888.400.4383)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund | $18 | 0.35%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $2527390 |
| # of Portfolio Holdings | 587 |
| Portfolio Turnover Rate | 10% |
| Total Net Management Fees Paid During the Reporting Period | $3968 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Sector Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

---

| | |
|:---|:---|
| Health, Hospital & Nursing Home Revenue | 16.1% |
| Local or Guaranteed Housing | 14.4% |
| Ad Valorem Property Tax | 8.7% |
| Natural Gas Revenue | 7.1% |
| Electric Power & Light Revenue | 5.9% |
| Income Tax Revenue | 4.7% |
| Highway Revenue Tolls | 3.6% |
| College & University Revenue | 3.0% |
| Sales Tax Revenue | 2.8% |
| Miscellaneous Revenue | 2.6% |
| Water Revenue | 2.5% |
| Other Investments | 13.3% |
| Short-Term Instruments | 14.7% |
| Other Assets and Liabilities, Net | 0.6% |
| Total | 100.0% |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.400.4ETF (888.400.4383).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g17112g47g38.jpg)

# PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund
![Image](g17112g99m21.jpg)

Semi-Annual Shareholder Report \|

December 31, 2025

## MUNI \| Principal Listing Exchange: NYSE Arca
ETF4754TSRSAR_123125

# PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund

## CORP \| Principal Listing Exchange: NYSE Arca

#### Semi-Annual Shareholder Report \| December 31, 2025
![Image](g17112g13z16.jpg)

This semi-annual shareholder report contains important information about the PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.400.4ETF (888.400.4383)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund | $17 | 0.34%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $1368948 |
| # of Portfolio Holdings | 1395 |
| Portfolio Turnover Rate | 7% |
| Total Net Management Fees Paid During the Reporting Period | $1361 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 92.1% |
| U.S. Treasury Obligations | 10.4% |
| Other Investments | 0.1% |
| Short-Term Instruments | 0.1% |
| Affiliated Investments | 0.5% |
| Financial Derivative Instruments | (0.0%)<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (3.2%) |
| Total | 100.0% |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.400.4ETF (888.400.4383).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g17112g47g38.jpg)

# PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund
![Image](g17112g99m21.jpg)

Semi-Annual Shareholder Report \|

December 31, 2025

## CORP \| Principal Listing Exchange: NYSE Arca
ETF4760TSRSAR_123125

# PIMCO Commodity Strategy Active Exchange-Traded Fund

## CMDT \| Principal Listing Exchange: NYSE Arca

#### Semi-Annual Shareholder Report \| December 31, 2025
![Image](g17112g13z16.jpg)

This semi-annual shareholder report contains important information about the PIMCO Commodity Strategy Active Exchange-Traded Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.400.4ETF (888.400.4383)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| PIMCO Commodity Strategy Active Exchange-Traded Fund | $33 | 0.63%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $608103 |
| # of Portfolio Holdings | 379 |
| Portfolio Turnover Rate | 21% |
| Total Net Management Fees Paid During the Reporting Period | $1772 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 29.7% |
| Commodities | 15.9% |
| U.S. Government Agencies | 13.3% |
| Asset-Backed Securities | 11.1% |
| Non-Agency Mortgage-Backed Securities | 1.3% |
| Sovereign Issues | 0.8% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 18.5% |
| Affiliated Investments | 2.6% |
| Financial Derivative Instruments | 0.3% |
| Other Assets and Liabilities, Net | 6.5% |
| Total | 100.0% |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.400.4ETF (888.400.4383).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g17112g47g38.jpg)

# PIMCO Commodity Strategy Active Exchange-Traded Fund
![Image](g17112g99m21.jpg)

Semi-Annual Shareholder Report \|

December 31, 2025

## CMDT \| Principal Listing Exchange: NYSE Arca
ETF4741TSRSAR_123125

# PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund

## PMBS \| Principal Listing Exchange: NASDAQ

#### Semi-Annual Shareholder Report \| December 31, 2025
![Image](g17112g13z16.jpg)

This semi-annual shareholder report contains important information about the PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.400.4ETF (888.400.4383)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund | $41 | 0.80%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $962859 |
| # of Portfolio Holdings | 1123 |
| Portfolio Turnover Rate | 620% |
| Total Net Management Fees Paid During the Reporting Period | $1533 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

---

| | |
|:---|:---|
| U.S. Government Agencies | 186.4% |
| Asset-Backed Securities | 4.4% |
| Non-Agency Mortgage-Backed Securities | 1.4% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 2.2% |
| Financial Derivative Instruments | 1.6% |
| Other Assets and Liabilities, Net | (96.0%) |
| Total | 100.0% |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.400.4ETF (888.400.4383).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g17112g47g38.jpg)

# PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund
![Image](g17112g99m21.jpg)

Semi-Annual Shareholder Report \|

December 31, 2025

## PMBS \| Principal Listing Exchange: NASDAQ
ETF4742TSRSAR_123125

# PIMCO Multisector Bond Active Exchange-Traded Fund

## PYLD \| Principal Listing Exchange: NYSE Arca

#### Semi-Annual Shareholder Report \| December 31, 2025
![Image](g17112g13z16.jpg)

This semi-annual shareholder report contains important information about the PIMCO Multisector Bond Active Exchange-Traded Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.400.4ETF (888.400.4383)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| PIMCO Multisector Bond Active Exchange-Traded Fund | $29 | 0.57%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $10218593 |
| # of Portfolio Holdings | 1803 |
| Portfolio Turnover Rate | 413% |
| Total Net Management Fees Paid During the Reporting Period | $22373 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

---

| | |
|:---|:---|
| U.S. Government Agencies | 53.5% |
| Corporate Bonds & Notes | 29.1% |
| Asset-Backed Securities | 28.3% |
| Non-Agency Mortgage-Backed Securities | 9.6% |
| Sovereign Issues | 5.6% |
| U.S. Treasury Obligations | 3.8% |
| Loan Participations and Assignments | 2.8% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 36.5% |
| Affiliated Investments | 0.2% |
| Financial Derivative Instruments | (0.0%)<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (69.4%) |
| Total | 100.0% |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.400.4ETF (888.400.4383).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g17112g47g38.jpg)

# PIMCO Multisector Bond Active Exchange-Traded Fund
![Image](g17112g99m21.jpg)

Semi-Annual Shareholder Report \|

December 31, 2025

## PYLD \| Principal Listing Exchange: NYSE Arca
ETF4796TSRSAR_123125

# PIMCO Municipal Income Opportunities Active Exchange-Traded Fund

## MINO \| Principal Listing Exchange: NYSE Arca

#### Semi-Annual Shareholder Report \| December 31, 2025
![Image](g17112g13z16.jpg)

This semi-annual shareholder report contains important information about the PIMCO Municipal Income Opportunities Active Exchange-Traded Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.400.4ETF (888.400.4383)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| PIMCO Municipal Income Opportunities Active Exchange-Traded Fund | $21 | 0.40%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $466775 |
| # of Portfolio Holdings | 402 |
| Portfolio Turnover Rate | 19% |
| Total Net Management Fees Paid During the Reporting Period | $723 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Sector Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

---

| | |
|:---|:---|
| Health, Hospital & Nursing Home Revenue | 14.4% |
| Local or Guaranteed Housing | 12.4% |
| Ad Valorem Property Tax | 7.7% |
| Port, Airport & Marina Revenue | 5.6% |
| Electric Power & Light Revenue | 4.1% |
| Natural Gas Revenue | 3.4% |
| Sales Tax Revenue | 3.1% |
| Industrial Revenue | 3.1% |
| College & University Revenue | 3.1% |
| Miscellaneous Revenue | 3.0% |
| Income Tax Revenue | 2.9% |
| Other Investments | 19.8% |
| Short-Term Instruments | 16.1% |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | 1.3% |
| Total | 100.0% |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.400.4ETF (888.400.4383).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g17112g47g38.jpg)

# PIMCO Municipal Income Opportunities Active Exchange-Traded Fund
![Image](g17112g99m21.jpg)

Semi-Annual Shareholder Report \|

December 31, 2025

## MINO \| Principal Listing Exchange: NYSE Arca
ETF4764TSRSAR_123125

# PIMCO Preferred and Capital Securities Active Exchange-Traded Fund

## PRFD \| Principal Listing Exchange: NYSE Arca

#### Semi-Annual Shareholder Report \| December 31, 2025
![Image](g17112g13z16.jpg)

This semi-annual shareholder report contains important information about the PIMCO Preferred and Capital Securities Active Exchange-Traded Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.400.4ETF (888.400.4383)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| PIMCO Preferred and Capital Securities Active Exchange-Traded Fund | $38 | 0.74%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $202167 |
| # of Portfolio Holdings | 216 |
| Portfolio Turnover Rate | 18% |
| Total Net Management Fees Paid During the Reporting Period | $694 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 60.5% |
| Preferred Securities | 33.6% |
| Short-Term Instruments | 4.5% |
| Financial Derivative Instruments | (0.1%) |
| Other Assets and Liabilities, Net | 1.5% |
| Total | 100.0% |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.400.4ETF (888.400.4383).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g17112g47g38.jpg)

# PIMCO Preferred and Capital Securities Active Exchange-Traded Fund
![Image](g17112g99m21.jpg)

Semi-Annual Shareholder Report \|

December 31, 2025

## PRFD \| Principal Listing Exchange: NYSE Arca
ETF4790TSRSAR_123125

# PIMCO Senior Loan Active Exchange-Traded Fund

## LONZ \| Principal Listing Exchange: NYSE Arca

#### Semi-Annual Shareholder Report \| December 31, 2025
![Image](g17112g13z16.jpg)

This semi-annual shareholder report contains important information about the PIMCO Senior Loan Active Exchange-Traded Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.400.4ETF (888.400.4383)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| PIMCO Senior Loan Active Exchange-Traded Fund | $31 | 0.62%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $482648 |
| # of Portfolio Holdings | 293 |
| Portfolio Turnover Rate | 59% |
| Total Net Management Fees Paid During the Reporting Period | $1896 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

---

| | |
|:---|:---|
| Loan Participations and Assignments | 81.5% |
| Corporate Bonds & Notes | 2.1% |
| U.S. Treasury Obligations | 0.2% |
| Short-Term Instruments | 19.4% |
| Financial Derivative Instruments | (0.0%)<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (3.2%) |
| Total | 100.0% |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.400.4ETF (888.400.4383).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g17112g47g38.jpg)

# PIMCO Senior Loan Active Exchange-Traded Fund
![Image](g17112g99m21.jpg)

Semi-Annual Shareholder Report \|

December 31, 2025

## LONZ \| Principal Listing Exchange: NYSE Arca
ETF4774TSRSAR_123125

# PIMCO Ultra Short Government Active Exchange-Traded Fund

## BILZ \| Principal Listing Exchange: NYSE Arca

#### Semi-Annual Shareholder Report \| December 31, 2025
![Image](g17112g13z16.jpg)

This semi-annual shareholder report contains important information about the PIMCO Ultra Short Government Active Exchange-Traded Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.400.4ETF (888.400.4383)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| PIMCO Ultra Short Government Active Exchange-Traded Fund | $8 | 0.15%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $838350 |
| # of Portfolio Holdings | 17 |
| Portfolio Turnover Rate | 0% |
| Total Net Management Fees Paid During the Reporting Period | $629 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

---

| | |
|:---|:---|
| Short-Term Instruments | 100.3% |
| Other Assets and Liabilities, Net | (0.3%) |
| Total | 100.0% |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.400.4ETF (888.400.4383).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g17112g47g38.jpg)

# PIMCO Ultra Short Government Active Exchange-Traded Fund
![Image](g17112g99m21.jpg)

Semi-Annual Shareholder Report \|

December 31, 2025

## BILZ \| Principal Listing Exchange: NYSE Arca
ETF4752TSRSAR_123125

# PIMCO Short Term Municipal Bond Active Exchange-Traded Fund

## SMMU \| Principal Listing Exchange: NYSE Arca

#### Semi-Annual Shareholder Report \| December 31, 2025
![Image](g17112g13z16.jpg)

This semi-annual shareholder report contains important information about the PIMCO Short Term Municipal Bond Active Exchange-Traded Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.400.4ETF (888.400.4383)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| PIMCO Short Term Municipal Bond Active Exchange-Traded Fund | $18 | 0.35%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $977571 |
| # of Portfolio Holdings | 351 |
| Portfolio Turnover Rate | 13% |
| Total Net Management Fees Paid During the Reporting Period | $1670 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Sector Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

---

| | |
|:---|:---|
| Local or Guaranteed Housing | 19.1% |
| Health, Hospital & Nursing Home Revenue | 13.3% |
| Ad Valorem Property Tax | 8.9% |
| Electric Power & Light Revenue | 6.9% |
| Natural Gas Revenue | 6.6% |
| Water Revenue | 5.2% |
| Highway Revenue Tolls | 2.8% |
| Income Tax Revenue | 2.6% |
| General Fund | 2.6% |
| College & University Revenue | 2.2% |
| Miscellaneous Revenue | 2.2% |
| Other Investments | 14.0% |
| Short-Term Instruments | 12.8% |
| Other Assets and Liabilities, Net | 0.8% |
| Total | 100.0% |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.400.4ETF (888.400.4383).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g17112g47g38.jpg)

# PIMCO Short Term Municipal Bond Active Exchange-Traded Fund
![Image](g17112g99m21.jpg)

Semi-Annual Shareholder Report \|

December 31, 2025

## SMMU \| Principal Listing Exchange: NYSE Arca
ETF4753TSRSAR_123125

------

**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.** **Investments.** <br>

The information required by this Item 6 is included as part of the semiannual Financial Statement and Financial Highlights filed under Item 7(a) of this Form N-CSR.

**Item 7.** **Financial Statements and Financial Highlights for Open-End Management Investment Companies.** <br>

(a) The following is a copy of the report(s) of the Funds' semiannual Financial Statements and Financial Highlights.

PIMCO ETF Trust

(b) Not applicable.

------

![LOGO](g17112g13e39.jpg)

PIMCO ETF TRUST

## Semiannual Financial and Other Information
December 31, 2025

**Index Exchange-Traded Funds**

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

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

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

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

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

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

**Actively-Managed Exchange-Traded Funds**

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

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

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

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

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

PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund \| PMBS \| Nasdaq

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

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

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

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

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

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

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

------

#### **Table of Contents**

---

| | |
|:---|:---|
|  | Page |
| &nbsp;&nbsp; [Important Information About the Funds](#tx17112_1) | 2 |
| &nbsp;&nbsp; [Financial Highlights (N-CSR Item 7)](#tx17112_2) | 6 |
| &nbsp;&nbsp; [Statements of Assets and Liabilities (N-CSR Item 7)](#tx17112_3) | 12 |
| &nbsp;&nbsp; [Consolidated Statement of Assets and Liabilities (N-CSR Item 7)](#tx17112_4) | 14 |
| &nbsp;&nbsp; [Statements of Operations (N-CSR Item 7)](#tx17112_5) | 15 |
| &nbsp;&nbsp; [Consolidated Statement of Operations (N-CSR Item 7)](#tx17112_6) | 18 |
| &nbsp;&nbsp; [Statements of Changes in Net Assets (N-CSR Item 7)](#tx17112_7) | 19 |
| &nbsp;&nbsp; [Consolidated Statements of Changes in Net Assets (N-CSR Item 7)](#tx17112_8) | 23 |
| &nbsp;&nbsp; [Notes to Financial Statements (N-CSR Item 7)](#tx17112_9) | 172 |
| &nbsp;&nbsp; [Remuneration Paid to Directors, Officers and Others (N-CSR Item 10)](#tx17112_10) | 200 |
| &nbsp;&nbsp; [Glossary](#tx17112_11) | 207 |
| &nbsp;&nbsp; [Distribution Information](#tx17112_12) | 208 |
| &nbsp;&nbsp; [Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8)](#tx17112_13) | 212 |
| &nbsp;&nbsp; [Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9)](#tx17112_14) | 213 |
| &nbsp;&nbsp; [Approval of Investment Management Agreement (N-CSR Item 11)](#tx17112_15) | 214 |
| Fund | Schedule of<br>Investments<br>(N-CSR Item 6) |
| &nbsp;&nbsp; [PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund](#tx17112_16) | 25 |
| &nbsp;&nbsp; [PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund](#tx17112_17) | 26 |
| &nbsp;&nbsp; [PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund](#tx17112_18) | 27 |
| &nbsp;&nbsp; [PIMCO Broad U.S. TIPS Index Exchange-Traded Fund](#tx17112_19) | 28 |
| &nbsp;&nbsp; [PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund](#tx17112_20) | 29 |
| &nbsp;&nbsp; [PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund](#tx17112_21) | 40 |
| &nbsp;&nbsp; [PIMCO Active Bond Exchange-Traded Fund](#tx17112_22) | 52 |
| &nbsp;&nbsp; [PIMCO Enhanced Low Duration Active Exchange-Traded Fund](#tx17112_23) | 71 |
| &nbsp;&nbsp; [PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund](#tx17112_24) | 82 |
| &nbsp;&nbsp; [PIMCO Enhanced Short Maturity Active Exchange-Traded Fund](#tx17112_25) | 86 |
| &nbsp;&nbsp; [PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund](#tx17112_26) | 95 |
| &nbsp;&nbsp; [PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund](#tx17112_34) | 104 |
| &nbsp;&nbsp; [PIMCO Multisector Bond Active Exchange-Traded Fund](#tx17112_27) | 113 |
| &nbsp;&nbsp; [PIMCO Municipal Income Opportunities Active Exchange-Traded Fund](#tx17112_28) | 135 |
| &nbsp;&nbsp; [PIMCO Preferred and Capital Securities Active Exchange-Traded Fund](#tx17112_29) | 143 |
| &nbsp;&nbsp; [PIMCO Senior Loan Active Exchange-Traded Fund](#tx17112_30) | 149 |
| &nbsp;&nbsp; [PIMCO Short Term Municipal Bond Active Exchange-Traded Fund](#tx17112_31) | 156 |
| &nbsp;&nbsp; [PIMCO Ultra Short Government Active Exchange-Traded Fund](#tx17112_32) | 162 |
| &nbsp;&nbsp; [PIMCO Commodity Strategy Active Exchange-Traded Fund<sup>(1)</sup>](#tx17112_33) | 163 |

---

<sup>(1)</sup> Consolidated Schedule of Investments

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

------

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 Trust also includes the PIMCO Active Bond Exchange-Traded Fund, PIMCO Enhanced Low Duration Active Exchange-Traded Fund, PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund, PIMCO Enhanced Short Maturity Active Exchange-Traded Fund, PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund, PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund, PIMCO Multisector Bond Active Exchange-Traded Fund, PIMCO Municipal Income Opportunities Active Exchange-Traded Fund, PIMCO Preferred and Capital Securities Active Exchange-Traded Fund, PIMCO Senior Loan Active Exchange-Traded Fund, PIMCO Short Term Municipal Bond Active Exchange-Traded Fund, PIMCO Ultra Short Government Active Exchange-Traded Fund and PIMCO Commodity Strategy Active Exchange-Traded Fund, which, unlike the Index Funds, are actively managed ETFs that do not seek to track the performance of a specified index (collectively, the "Active Funds" and together with the Index Funds, a "Fund" or the "Funds"). Shares of the Funds, except PIMCO Active Bond Exchange-Traded Fund and PIMCO Mortgage-Backed Securities Active Exchange-Trade Fund, are listed and traded at market prices on NYSE Arca, Inc. ("NYSE Arca"), the shares of the PIMCO Active Bond Exchange-Traded Fund are listed and traded at market prices on the New York Stock Exchange ("NYSE") and the shares of the PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund are listed and traded at market prices on the Nasdaq Stock Market ("Nasdaq"), each a national securities exchange, and other securities 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 a Fund are likely to decrease in value. A wide variety of factors can cause interest rates or yields of U.S. Treasury securities (or yields of other types of bonds) to rise (e.g., central bank monetary policies, inflation rates, general economic conditions, etc.). In addition, changes in interest rates can be sudden and unpredictable, and there is no guarantee that Fund management will anticipate such movement accurately. The Funds may experience losses as a result of movements in interest rates.

Changing interest rates may have unpredictable effects on markets, which may detract from Fund performance. The interest rate environment has fluctuated in recent years, moving from historically low interest rates in 2020 and 2021 to high interest rates in 2022 and 2023 as a result of the U.S. Federal Reserve (the "Fed") raising interest rates multiple times in efforts to combat inflation. Starting in late 2024 and again in 2025, the Fed lowered interest rates. It is uncertain whether rates will remain steady, increase or decrease in the future. As such, the Funds may face a heightened level of risk associated with changing 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 certain types of bonds or bonds generally. 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 funds or securities 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, among other things, 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 note 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 Schedule of Investments sections of this report may differ from the classification used for a Fund's

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| **2** | **PIMCO ETF TRUST** |

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compliance calculations, including those used in a Fund's prospectus, investment objectives, regulatory and other investment limitations and policies, which may be based on different asset class, sector or geographical classifications. All Funds are 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.

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

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 (and/or portfolio securities of Underlying PIMCO Funds, as applicable). The U.S. government has indicated an intent to alter its approach to international trade policy, including in some cases renegotiating, modifying or terminating certain bilateral or multi-lateral trade arrangements with foreign countries, and it has proposed to take and/or taken related actions, including the imposition of or stated potential imposition of a broad range of tariffs. The imposition of tariffs, trade restrictions, currency restrictions or similar actions (or retaliatory measures taken in response) could lead to, for example, price volatility, reduced market sentiment, and changes in inflation expectations. These and other geopolitical events may contribute to increased instability in the U.S. and global economies and markets, which may have an adverse effect on the performance of the Funds and their investments.

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, to the extent a fund engages in a responsible investment strategy, 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.

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

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

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| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025<sub>3</sub> |

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Important Information About the Funds (Cont.)

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 Mortgage-Backed Securities Active Exchange-Traded Fund | 09/20/24 | Diversified |
|  PIMCO Multisector Bond Active Exchange-Traded Fund | 06/21/23 | Diversified |
|  PIMCO Municipal Income Opportunities Active Exchange-Traded Fund | 09/08/21 | Diversified |
|  PIMCO Preferred and Capital Securities Active Exchange-Traded Fund | 01/18/23 | Diversified |
|  PIMCO Senior Loan Active Exchange-Traded Fund | 06/08/22 | Diversified |
|  PIMCO Short Term Municipal Bond Active Exchange-Traded Fund | 02/01/10 | Diversified |
|  PIMCO Ultra Short Government Active Exchange-Traded Fund | 06/21/23 | Diversified |
|  PIMCO Commodity Strategy Active Exchange-Traded Fund | 05/09/23 | Non-diversified |

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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 a Fund.

The Trustees are responsible generally for overseeing the management of the Trust. The Trustees authorize the Trust to enter into service agreements with the Manager, 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 (NYSE for the PIMCO Active Bond Exchange-Traded Fund and Nasdaq for the PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund), 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 Funds' 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

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| **4** | **PIMCO ETF TRUST** |

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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. In August 2024, the SEC adopted amendments to Form N-PORT requiring funds to file Form N-PORT reports on a monthly basis and within 30 days of month end, with each report being made public 60 days after month end. On April 16, 2025, the SEC extended the compliance date for Form N-PORT amendments and fund groups with $1 billion or more in net assets will be required to comply with the amendments for reports filed on or after November 17, 2027.

Paper copies of the Funds' shareholder reports are required to be provided free of charge by the Fund or financial intermediary upon request.

In September 2023, the SEC adopted amendments to Rule 35d-1 under the Investment Company Act of 1940, as amended, the rule governing fund naming conventions (the "Names Rule"). In general, the Names 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 amendments expand the scope of the current rule to include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a fund may deviate from its 80% investment policy and address the calculation methodology of derivatives instruments for purposes of the rule. Changes to a fund's calculation methodology for derivatives instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund's policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective on December 11, 2023. On March 14, 2025, the SEC extended the compliance date from December 11, 2025 to June 11, 2026 for fund groups with $1 billion or more in net assets and modified the operation of the compliance dates to allow for compliance based on the timing of certain annual disclosure and reporting obligations that are tied to a fund's fiscal year-end.

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| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025<sub>5</sub> |

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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; 07/01/2025 - 12/31/2025+ | $67.15 | $1.61 | $(2.09) | $(0.48) | $(2.41) | $0.00 | $0.00 | $(2.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2025 | 75.17 | 3.22 | (8.09) | (4.87) | (3.15) | 0.00 | 0.00 | (3.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2024 | 91.83 | 3.22 | (16.84) | (13.62) | (3.04) | 0.00 | 0.00 | (3.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2023 | 108.27 | 3.12 | (16.97) | (13.85) | (2.59) | 0.00 | 0.00 | (2.59) |
| &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) |
|  **PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/2025 - 12/31/2025+ | $53.82 | $1.01 | $(0.03) | $0.98 | $(1.18) | $0.00 | $0.00 | $(1.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2025 | 51.65 | 1.23 | 2.20 | 3.43 | (1.26) | 0.00 | 0.00 | (1.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2024 | 50.30 | 1.12 | 1.37 | 2.49 | (1.14) | 0.00 | 0.00 | (1.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2023 | 52.31 | 1.66 | (2.01) | (0.35) | (1.66) | 0.00 | 0.00 | (1.66) |
| &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) |
|  **PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/2025 - 12/31/2025+ | $52.41 | $1.19 | $(0.37) | $0.82 | $(1.40) | $0.00 | $0.00 | $(1.40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2025 | 54.09 | 1.79 | (1.65) | 0.14 | (1.82) | 0.00 | 0.00 | (1.82) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2024 | 60.01 | 2.34 | (5.85) | (3.51) | (2.41) | 0.00 | 0.00 | (2.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2023 | 65.19 | 3.08 | (5.12) | (2.04) | (3.14) | 0.00 | 0.00 | (3.14) |
| &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) |
|  **PIMCO Broad U.S. TIPS Index Exchange-Traded Fund** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/2025 - 12/31/2025+ | $53.25 | $1.21 | $(0.11) | $1.10 | $(1.42) | $0.00 | $0.00 | $(1.42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2025 | 52.52 | 2.12 | 0.76 | 2.88 | (2.15) | 0.00 | 0.00 | (2.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2024 | 54.08 | 2.54 | (1.39) | 1.15 | (2.71) | 0.00 | 0.00 | (2.71) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2023 | 57.62 | 3.34 | (3.90) | (0.56) | (2.98) | 0.00 | 0.00 | (2.98) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2022 | 65.77 | 3.65 | (7.47) | (3.82) | (3.79) | (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) |
|  **PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/2025 - 12/31/2025+ | $94.81 | $3.30 | $0.69 | $3.99 | $(4.01) | $0.00 | $0.00 | $(4.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2025 | 92.86 | 6.86 | 2.01 | 8.87 | (6.92) | 0.00 | 0.00 | (6.92) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2024 | 90.98 | 6.35 | 2.01 | 8.36 | (6.48) | 0.00 | 0.00 | (6.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2023 | 88.56 | 5.18 | 2.56 | 7.74 | (5.32) | 0.00 | 0.00 | (5.32) |
| &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) |
|  **PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/2025 - 12/31/2025+ | $97.35 | $2.29 | $1.03 | $3.32 | $(2.75) | $0.00 | $0.00 | $(2.75) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2025 | 95.10 | 4.52 | 2.32 | 6.84 | (4.59) | 0.00 | 0.00 | (4.59) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2024 | 94.77 | 4.27 | 0.27 | 4.54 | (4.21) | 0.00 | 0.00 | (4.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2023 | 96.33 | 3.67 | (1.69) | 1.98 | (3.54) | 0.00 | 0.00 | (3.54) |
| &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) |
|  **PIMCO Active Bond Exchange-Traded Fund** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/2025 - 12/31/2025+ | $92.22 | $2.33 | $1.36 | $3.69 | $(2.81) | $0.00 | $0.00 | $(2.81) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2025 | 91.03 | 4.57 | 1.28 | 5.85 | (4.66) | 0.00 | 0.00 | (4.66) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2024 | 91.62 | 4.40 | (0.88) | 3.52 | (4.11) | 0.00 | 0.00 | (4.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2023 | 95.16 | 3.65 | (3.80) | (0.15) | (3.39) | 0.00 | 0.00 | (3.39) |
| &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) |
|  **PIMCO Enhanced Low Duration Active Exchange-Traded Fund** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/2025 - 12/31/2025+ | $95.84 | $2.17 | $0.45 | $2.62 | $(2.56) | $0.00 | $0.00 | $(2.56) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2025 | 94.79 | 4.52 | 1.05 | 5.57 | (4.52) | 0.00 | 0.00 | (4.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2024 | 93.86 | 4.60 | 0.68 | 5.28 | (4.15) | 0.00 | (0.20) | (4.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2023 | 96.16 | 3.30 | (2.83) | 0.47 | (2.77) | 0.00 | 0.00 | (2.77) |
| &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) |

---

---

| | | |
|:---|:---|:---|
| **6** | **PIMCO ETF TRUST** | See Accompanying Notes |

---

------

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **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<sup>(f)</sup>** | **Ratios to Average Net Assets<sup>(f)</sup>** | **Ratios to Average Net Assets<sup>(f)</sup>** | **Ratios to Average Net Assets<sup>(f)</sup>** | **Ratios to Average Net Assets<sup>(f)</sup>** | **Ratios to Average Net Assets<sup>(f)</sup>** | **Ratios to Average Net Assets<sup>(f)</sup>** | **Ratios to Average Net Assets<sup>(f)</sup>** | **Ratios to Average Net Assets<sup>(f)</sup>** |  | |
| **Net Asset<br>Value End of<br>Year or<br>Period<sup>(a)</sup>** | **Total<br>Return<sup>(d)</sup>** | **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)** |  | **Portfolio<br>Turnover<br>Rate<sup>(e)</sup>** |
| $64.26 | (0.77)% | $1556304 | 0.15 | %\* | 0.15 | %\* | 0.15 | %\* | 0.15 | %\* | 4.77 | %\* | 9% |
| 67.15 | (6.77) | 1522357 | 0.15 |  | 0.15 |  | 0.15 |  | 0.15 |  | 4.43 |  | 17 |
| 75.17 | (15.00) | 1388401 | 0.15 |  | 0.15 |  | 0.15 |  | 0.15 |  | 4.19 |  | 22 |
| 91.83 | (12.87) | 947726 | 0.15 |  | 0.15 |  | 0.15 |  | 0.15 |  | 3.30 |  | 26 |
| 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 |
| $53.62 | 1.83% | $430055 | 0.20 | %\* | 0.20 | %\* | 0.20 | %\* | 0.20 | %\* | 3.71 | %\* | 13% |
| 53.82 | 6.71 | 450505 | 0.20 |  | 0.20 |  | 0.20 |  | 0.20 |  | 2.33 |  | 42 |
| 51.65 | 5.01 | 491717 | 0.20 |  | 0.20 |  | 0.20 |  | 0.20 |  | 2.23 |  | 25 |
| 50.30 | (0.71) | 833417 | 0.20 |  | 0.20 |  | 0.20 |  | 0.20 |  | 3.26 |  | 25 |
| 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 |
| $51.83 | 1.58% | $685257 | 0.20 | %\* | 0.20 | %\* | 0.20 | %\* | 0.20 | %\* | 4.47 | %\* | 3% |
| 52.41 | 0.22 | 674511 | 0.20 |  | 0.20 |  | 0.20 |  | 0.20 |  | 3.31 |  | 16 |
| 54.09 | (5.81) | 706924 | 0.20 |  | 0.20 |  | 0.20 |  | 0.20 |  | 4.30 |  | 4 |
| 60.01 | (3.33) | 670356 | 0.20 |  | 0.20 |  | 0.20 |  | 0.20 |  | 4.99 |  | 5 |
| 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 |
| $52.93 | 2.08% | $91569 | 0.20 | %\* | 0.20 | %\* | 0.20 | %\* | 0.20 | %\* | 4.47 | %\* | 64% |
| 53.25 | 5.58 | 94791 | 0.20 |  | 0.20 |  | 0.20 |  | 0.20 |  | 4.00 |  | 180 |
| 52.52 | 2.26 | 98743 | 0.20 |  | 0.20 |  | 0.20 |  | 0.20 |  | 4.86 |  | 125 |
| 54.08 | (1.06) | 131420 | 0.20 |  | 0.20 |  | 0.20 |  | 0.20 |  | 5.95 |  | 213 |
| 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 |
| $94.79 | 4.29% | $1535555 | 0.55 | %\* | 0.55 | %\* | 0.55 | %\* | 0.55 | %\* | 6.87 | %\* | 32% |
| 94.81 | 9.90 | 1464779 | 0.56 |  | 0.56 |  | 0.55 |  | 0.55 |  | 7.30 |  | 64 |
| 92.86 | 9.54 | 1230384 | 0.57 |  | 0.57 |  | 0.55 |  | 0.55 |  | 6.96 |  | 49 |
| 90.98 | 8.98 | 1100838 | 0.56 |  | 0.56 |  | 0.55 |  | 0.55 |  | 5.71 |  | 42 |
| 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 |
| $97.92 | 3.45% | $1368948 | 0.34 | %\* | 0.34 | %\* | 0.20 | %\* | 0.20 | %\* | 4.61 | %\* | 7% |
| 97.35 | 7.35 | 1317203 | 0.41 |  | 0.41 |  | 0.20 |  | 0.20 |  | 4.69 |  | 18 |
| 95.10 | 4.93 | 1129828 | 0.36 |  | 0.36 |  | 0.20 |  | 0.20 |  | 4.55 |  | 23 |
| 94.77 | 2.12 | 742059 | 0.23 |  | 0.23 |  | 0.20 |  | 0.20 |  | 3.85 |  | 17 |
| 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 |
| $93.10 | 4.06% | $6847347 | 0.53 | %\* | 0.55 | %\* | 0.46 | %\* | 0.48 | %\* | 4.94 | %\* | 209% |
| 92.22 | 6.56 | 5670424 | 0.62 |  | 0.64 |  | 0.53 |  | 0.55 |  | 4.98 |  | 496 |
| 91.03 | 3.98 | 4326761 | 0.69 |  | 0.70 |  | 0.54 |  | 0.55 |  | 4.90 |  | 351 |
| 91.62 | (0.13) | 3478849 | 0.58 |  | 0.58 |  | 0.55 |  | 0.55 |  | 3.93 |  | 352 |
| 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 |
| $95.90 | 2.76% | $1208304 | 0.47 | %\* | 0.47 | %\* | 0.46 | %\* | 0.46 | %\* | 4.47 | %\* | 146% |
| 95.84 | 6.02 | 929685 | 0.54 |  | 0.54 |  | 0.46 |  | 0.46 |  | 4.74 |  | 289 |
| 94.79 | 5.76 | 870154 | 0.50 |  | 0.50 |  | 0.46 |  | 0.46 |  | 4.90 |  | 183 |
| 93.86 | 0.51 | 1041832 | 0.51 |  | 0.51 |  | 0.46 |  | 0.46 |  | 3.47 |  | 133 |
| 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 |

---

---

| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025<sub>7</sub> |

---

------

Financial Highlights (Cont.)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **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; 07/01/2025 - 12/31/2025+ | $98.76 | $2.06 | $0.21 | $2.27 | $(2.43) | $0.00 | $0.00 | $(2.43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2025 | 98.74 | 4.57 | 0.38 | 4.95 | (4.93) | 0.00 | 0.00 | (4.93) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2024 | 97.94 | 5.10 | 0.77 | 5.87 | (5.07) | 0.00 | 0.00 | (5.07) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2023 | 98.43 | 3.15 | 0.27 | 3.42 | (3.91) | 0.00 | 0.00 | (3.91) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2022 | 100.66 | 0.67 | (2.11) | (1.44) | (0.71) | (0.08) | 0.00 | (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) |
|  **PIMCO Enhanced Short Maturity Active Exchange-Traded Fund** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/2025 - 12/31/2025+ | $100.53 | $2.18 | $0.23 | $2.41 | $(2.63) | $0.00 | $0.00 | $(2.63) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2025 | 100.64 | 4.85 | 0.10 | 4.95 | (5.06) | 0.00 | 0.00 | (5.06) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2024 | 99.78 | 5.33 | 0.81 | 6.14 | (5.28) | 0.00 | 0.00 | (5.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2023 | 99.13 | 3.48 | 0.49 | 3.97 | (3.32) | 0.00 | 0.00 | (3.32) |
| &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) |
|  **PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/2025 - 12/31/2025+ | $51.33 | $0.92 | $1.16 | $2.08 | $(1.01) | $0.00 | $0.00 | $(1.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2025 | 52.11 | 1.80 | (0.83) | 0.97 | (1.75) | 0.00 | 0.00 | (1.75) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2024 | 51.82 | 1.78 | 0.25 | 2.03 | (1.74) | 0.00 | 0.00 | (1.74) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2023 | 51.56 | 1.48 | 0.17 | 1.65 | (1.39) | 0.00 | 0.00 | (1.39) |
| &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) |
|  **PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/2025 - 12/31/2025+ | $49.04 | $1.16 | $0.94 | $2.10 | $(1.47) | $0.00 | $0.00 | $(1.47) |
|  **PIMCO Multisector Bond Active Exchange-Traded Fund** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/2025 - 12/31/2025 | $26.51 | $0.69 | $0.52 | $1.21 | $(0.94) | $(0.11) | $0.00 | $(1.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2025 | 25.58 | 1.42 | 1.07 | 2.49 | (1.56) | 0.00 | 0.00 | (1.56) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2024 | 25.02 | 1.40 | 0.46 | 1.86 | (1.30) | 0.00 | 0.00 | (1.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/21/2023 - 06/30/2023 | 25.00 | 0.04 | (0.02) | 0.02 | 0.00 | 0.00 | 0.00 | 0.00 |
|  **PIMCO Municipal Income Opportunities Active Exchange-Traded Fund** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/2025 - 12/31/2025+ | $44.21 | $0.89 | $1.24 | $2.13 | $(1.02) | $0.00 | $0.00 | $(1.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2025 | 45.44 | 1.73 | (1.29) | 0.44 | (1.67) | 0.00 | 0.00 | (1.67) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2024 | 44.58 | 1.85 | 0.77 | 2.62 | (1.76) | 0.00 | 0.00 | (1.76) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2023 | 44.06 | 1.69 | 0.40 | 2.09 | (1.57) | 0.00 | 0.00 | (1.57) |
| &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 Preferred and Capital Securities Active Exchange-Traded Fund** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/2025 - 12/31/2025+ | $50.91 | $1.40 | $0.95 | $2.35 | $(1.69) | $0.00 | $0.00 | $(1.69) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2025 | 49.62 | 2.80 | 1.44 | 4.24 | (2.95) | 0.00 | 0.00 | (2.95) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2024 | 46.61 | 2.71 | 3.09 | 5.80 | (2.79) | 0.00 | 0.00 | (2.79) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/18/2023 - 06/30/2023 | 50.00 | 1.11 | (3.69) | (2.58) | (0.81) | 0.00 | 0.00 | (0.81) |
|  **PIMCO Senior Loan Active Exchange-Traded Fund** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/2025 - 12/31/2025+ | $51.02 | $1.71 | $0.18 | $1.89 | $(2.53) | $0.00 | $0.00 | $(2.53) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2025 | 51.09 | 3.59 | 0.00 | 3.59 | (3.66) | 0.00 | 0.00 | (3.66) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2024 | 49.87 | 4.42 | 0.88 | 5.30 | (4.08) | 0.00 | 0.00 | (4.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2023 | 48.18 | 3.93 | 1.18 | 5.11 | (3.42) | 0.00 | 0.00 | (3.42) |
| &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; 07/01/2025 - 12/31/2025+ | $50.17 | $0.77 | $0.34 | $1.11 | $(0.84) | $0.00 | $0.00 | $(0.84) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2025 | 49.87 | 1.49 | 0.26 | 1.75 | (1.45) | 0.00 | 0.00 | (1.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2024 | 49.57 | 1.50 | 0.31 | 1.81 | (1.51) | 0.00 | 0.00 | (1.51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2023 | 49.56 | 1.12 | (0.06) | 1.06 | (1.05) | 0.00 | 0.00 | (1.05) |
| &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) |

---

---

| | | |
|:---|:---|:---|
| **8** | **PIMCO ETF TRUST** | See Accompanying Notes |

---

------

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **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<sup>(f)</sup>** | **Ratios to Average Net Assets<sup>(f)</sup>** | **Ratios to Average Net Assets<sup>(f)</sup>** | **Ratios to Average Net Assets<sup>(f)</sup>** | **Ratios to Average Net Assets<sup>(f)</sup>** | **Ratios to Average Net Assets<sup>(f)</sup>** | **Ratios to Average Net Assets<sup>(f)</sup>** | **Ratios to Average Net Assets<sup>(f)</sup>** | **Ratios to Average Net Assets<sup>(f)</sup>** |  | |
| **Net Asset<br>Value End of<br>Year or<br>Period<sup>(a)</sup>** | **Total<br>Return<sup>(d)</sup>** | **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)** |  | **Portfolio<br>Turnover<br>Rate<sup>(e)</sup>** |
| $98.60 | 2.33% | $211001 | 0.25 | %\* | 0.37 | %\* | 0.25 | %\* | 0.37 | %\* | 4.13 | %\* | 42% |
| 98.76 | 5.14 | 191590 | 0.24 |  | 0.36 |  | 0.24 |  | 0.36 |  | 4.63 |  | 86 |
| 98.74 | 6.16 | 166877 | 0.24 |  | 0.36 |  | 0.24 |  | 0.36 |  | 5.22 |  | 73 |
| 97.94 | 3.56 | 150823 | 0.24 |  | 0.36 |  | 0.24 |  | 0.36 |  | 3.20 |  | 53 |
| 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 |
| $100.31 | 2.43% | $14573721 | 0.35 | %\* | 0.35 | %\* | 0.35 | %\* | 0.35 | %\* | 4.27 | %\* | 26% |
| 100.53 | 5.05 | 13366548 | 0.36 |  | 0.36 |  | 0.35 |  | 0.35 |  | 4.83 |  | 79 |
| 100.64 | 6.33 | 12049316 | 0.35 |  | 0.35 |  | 0.35 |  | 0.35 |  | 5.35 |  | 57 |
| 99.78 | 4.09 | 9257897 | 0.35 |  | 0.35 |  | 0.35 |  | 0.35 |  | 3.49 |  | 35 |
| 99.13 | (2.20) | 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 |
| $52.40 | 4.09% | $2527390 | 0.35 | %\* | 0.35 | %\* | 0.35 | %\* | 0.35 | %\* | 3.49 | %\* | 10% |
| 51.33 | 1.88 | 2009594 | 0.35 |  | 0.35 |  | 0.35 |  | 0.35 |  | 3.47 |  | 26 |
| 52.11 | 3.99 | 1505332 | 0.35 |  | 0.35 |  | 0.35 |  | 0.35 |  | 3.46 |  | 29 |
| 51.82 | 3.26 | 981032 | 0.35 |  | 0.35 |  | 0.35 |  | 0.35 |  | 2.86 |  | 47 |
| 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 |
| $49.67 | 4.34% | $962859 | 0.80 | %\* | 0.80 | %\* | 0.40 | %\* | 0.40 | %\* | 4.63 | %\* | 620% |
| $26.67 | 4.63% | $10218593 | 0.57 | %\* | 0.67 | %\* | 0.56 | %\* | 0.66 | %\* | 5.12 | %\* | 413% |
| 26.51 | 10.02 | 5864825 | 0.64 |  | 0.74 |  | 0.55 |  | 0.65 |  | 5.43 |  | 501 |
| 25.58 | 7.66 | 1005834 | 0.69 |  | 0.79 |  | 0.55 |  | 0.65 |  | 5.57 |  | 398 |
| 25.02 | 0.08 | 65053 | 0.55 |  | 0.82 |  | 0.55 |  | 0.82 |  | 4.29 |  | 20 |
| $45.32 | 4.87% | $466775 | 0.40 | %\* | 0.50 | %\* | 0.40 | %\* | 0.50 | %\* | 3.93 | %\* | 19% |
| 44.21 | 0.95 | 320104 | 0.39 |  | 0.49 |  | 0.39 |  | 0.49 |  | 3.84 |  | 47 |
| 45.44 | 6.05 | 158121 | 0.39 |  | 0.49 |  | 0.39 |  | 0.49 |  | 4.16 |  | 39 |
| 44.58 | 4.87 | 74899 | 0.39 |  | 0.49 |  | 0.39 |  | 0.49 |  | 3.80 |  | 84 |
| 44.06 | (10.89) | 42296 | 0.40 |  | 0.68 |  | 0.40 |  | 0.68 |  | 1.71 |  | 238 |
| $51.57 | 4.68% | $202167 | 0.74 | %\* | 0.89 | %\* | 0.70 | %\* | 0.85 | %\* | 5.36 | %\* | 18% |
| 50.91 | 8.77 | 194459 | 0.73 |  | 0.88 |  | 0.69 |  | 0.84 |  | 5.56 |  | 42 |
| 49.62 | 12.91 | 116116 | 0.74 |  | 0.89 |  | 0.69 |  | 0.84 |  | 5.73 |  | 64 |
| 46.61 | (5.18) | 93214 | 0.74 |  | 1.04 |  | 0.69 |  | 0.99 |  | 5.18 |  | 22 |
| $50.38 | 3.79% | $482648 | 0.62 | %\* | 0.72 | %\* | 0.61 | %\* | 0.71 | %\* | 6.62 | %\* | 59% |
| 51.02 | 7.30 | 739782 | 0.63 |  | 0.73 |  | 0.60 |  | 0.70 |  | 7.06 |  | 81 |
| 51.09 | 11.09 | 392348 | 0.61 |  | 0.74 |  | 0.58 |  | 0.71 |  | 8.78 |  | 65 |
| 49.87 | 10.94 | 165559 | 0.52 |  | 0.72 |  | 0.50 |  | 0.70 |  | 7.98 |  | 46 |
| 48.18 | (3.64) | 64557 | 0.50 | \* | 0.95 | \* | 0.50 | \* | 0.95 | \* | 1.95 | \* | 0 |
| $50.44 | 2.24% | $977571 | 0.35 | %\* | 0.35 | %\* | 0.35 | %\* | 0.35 | %\* | 3.01 | %\* | 13% |
| 50.17 | 3.55 | 892019 | 0.35 |  | 0.35 |  | 0.35 |  | 0.35 |  | 2.98 |  | 32 |
| 49.87 | 3.71 | 586508 | 0.35 |  | 0.35 |  | 0.35 |  | 0.35 |  | 3.04 |  | 29 |
| 49.57 | 2.16 | 525450 | 0.35 |  | 0.35 |  | 0.35 |  | 0.35 |  | 2.26 |  | 64 |
| 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 |

---

---

| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025<sub>9</sub> |

---

------

Financial Highlights (Cont.)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **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 Ultra Short Government Active Exchange-Traded Fund** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/2025 - 12/31/2025+ | $101.20 | $2.02 | $0.08 | $2.10 | $(2.54) | $0.00 | $0.00 | $(2.54) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2025 | 101.11 | 4.45 | 0.19 | 4.64 | (4.55) | 0.00 | 0.00 | (4.55) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2024 | 100.15 | 5.28 | 0.04 | 5.32 | (4.36) | 0.00 | 0.00 | (4.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/21/2023 - 06/30/2023 | 100.00 | 0.18 | (0.03) | 0.15 | 0.00 | 0.00 | 0.00 | 0.00 |
|  **PIMCO Commodity Strategy Active Exchange-Traded Fund (Consolidated)** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/2025 - 12/31/2025+ | $25.80 | $0.46 | $1.86 | $2.32 | $(0.64) | $0.00 | $0.00 | $(0.64) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2025 | 27.25 | 0.98 | (0.28) | 0.70 | (2.15) | 0.00 | 0.00 | (2.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2024 | 25.23 | 1.21 | 1.78 | 2.99 | (0.94) | (0.03) | 0.00 | (0.97) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/09/2023 - 06/30/2023 | 25.00 | 0.18 | 0.05 | 0.23 | 0.00 | 0.00 | 0.00 | 0.00 |

---

---

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

---

+ Unaudited

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

<sup>(a)</sup> Net asset value includes adjustments required by U.S. GAAP. These values, and other performance figures relying on them, such as average annual total return data included in the Funds' prospectus and in any shareholder reports, may differ from net asset values and performance reported elsewhere with respect to 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> Total return figures include adjustments required by U.S. GAAP. These values, and other performance figures relying on them, such as average annual total return data included in the Funds' prospectus and in any shareholder reports, may differ from net asset values and performance reported elsewhere with respect to the Funds. Additionally, excludes applicable 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.

<sup>(f)</sup> Ratios shown do not include expenses of the investment companies in which a Fund may invest. See Note 9, Fees and Expenses, in the Notes to Financial Statements for more information regarding the expenses and any applicable fee waivers associated with these investments.

<sup>(g)</sup> Effective September 2, 2025, The fund's management fee was decreased by 0.10% to an annual rate of 0.45%. 

---

| | | |
|:---|:---|:---|
| **10** | **PIMCO ETF TRUST** | See Accompanying Notes |

---

------

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | 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<sup>(f)</sup> | Ratios to Average Net Assets<sup>(f)</sup> | Ratios to Average Net Assets<sup>(f)</sup> | Ratios to Average Net Assets<sup>(f)</sup> | Ratios to Average Net Assets<sup>(f)</sup> | Ratios to Average Net Assets<sup>(f)</sup> | Ratios to Average Net Assets<sup>(f)</sup> | Ratios to Average Net Assets<sup>(f)</sup> | Ratios to Average Net Assets<sup>(f)</sup> |  | |
| Net Asset<br>Value End of<br>Year or<br>Period<sup>(a)</sup> | Total<br>Return<sup>(d)</sup> | 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) |  | Portfolio<br>Turnover<br>Rate<sup>(e)</sup> |
| $100.76 | 2.10% | $838350 | 0.15 | %\* | 0.15 | %\* | 0.15 | %\* | 0.15 | %\* | 3.95 | %\* | 0% |
| 101.20 | 4.69 | 821784 | 0.14 |  | 0.14 |  | 0.14 |  | 0.14 |  | 4.41 |  | 0 |
| 101.11 | 5.43 | 362970 | 0.14 |  | 0.15 |  | 0.14 |  | 0.15 |  | 5.27 |  | 0 |
| 100.15 | 0.15 | 13019 | 0.14 |  | 0.69 |  | 0.14 |  | 0.69 |  | 5.01 |  | 0 |
| $27.48 | 9.08% | $608103 | 0.63 | %\* | 0.95 | %\* | 0.63 | %\* | 0.95 | %\* | 3.39 | %\* | 21% |
| 25.80 | 2.74 | 372814 | 0.64 |  | 0.97 |  | 0.63 |  | 0.96 |  | 3.78 |  | 49 |
| 27.25 | 12.01 | 302502 | 0.64 |  | 0.89 |  | 0.63 |  | 0.88 |  | 4.53 |  | 50 |
| 25.23 | 0.92 | 198722 | 0.64 |  | 1.13 |  | 0.63 |  | 1.12 |  | 4.10 |  | 7 |

---

---

| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025<sub>11</sub> |

---

------

Statements of Assets and Liabilities

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| (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** | **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** |
|  **Assets:** |  |  |  |  |  |  |  |
|  *Investments, at value* |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities\*<sup>^</sup> | $1559790 | $429909 | $681789 | $91603 | $1551396 | $1406016 | $8743554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 0 | 0 | 0 | 0 | 43117 | 6615 | 267299 |
|  *Financial Derivative Instruments* |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 0 | 0 | 0 | 0 | 67 | 4 | 2833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 0 | 0 | 0 | 0 | 0 | 0 | 4958 |
|  Cash | 0 | 0 | 0 | 0 | 617 | 1041 | 0 |
|  Deposits with counterparty | 0 | 0 | 0 | 0 | 9037 | 6076 | 7109 |
|  Foreign currency, at value | 0 | 0 | 0 | 0 | 0 | 0 | 2972 |
|  Receivable for investments sold | 18030 | 1734 | 2801 | 2963 | 579 | 15560 | 2616 |
|  Receivable for investments sold on a delayed-delivery basis | 0 | 0 | 0 | 0 | 1034 | 0 | 0 |
|  Receivable for TBA investments sold | 0 | 0 | 0 | 0 | 0 | 0 | 4114962 |
|  Receivable for Fund shares sold | 0 | 0 | 0 | 0 | 14218 | 0 | 0 |
|  Interest and/or dividends receivable | 14 | 1487 | 3432 | 431 | 25216 | 17829 | 59711 |
|  Dividends receivable from Affiliates | 0 | 0 | 0 | 0 | 0 | 0 | 1193 |
|  Reimbursement receivable from PIMCO | 0 | 0 | 0 | 0 | 0 | 0 | 99 |
|  Prepaid expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  **Total Assets** | 1577834 | 433130 | 688022 | 94997 | 1645281 | 1453141 | 13207306 |
|  **Liabilities:** |  |  |  |  |  |  |  |
|  *Borrowings & Other Financing Transactions* |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for reverse repurchase agreements | $0 | $0 | $0 | $0 | $0 | $70377 | $80358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for short sales | 0 | 0 | 0 | 0 | 0 | 0 | 1271249 |
|  *Financial Derivative Instruments* |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 0 | 0 | 0 | 0 | 103 | 49 | 6167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 0 | 0 | 0 | 0 | 0 | 0 | 6969 |
|  Payable for investments purchased | 0 | 1636 | 0 | 409 | 55824 | 778 | 168114 |
|  Payable for investments purchased on a delayed-delivery basis | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  Payable for TBA investments purchased | 0 | 0 | 0 | 0 | 0 | 0 | 4789158 |
|  Payable for unfunded loan commitments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  Payable upon return of securities loaned | 0 | 0 | 0 | 0 | 43117 | 6877 | 0 |
|  Deposits from counterparty | 0 | 0 | 0 | 0 | 0 | 0 | 5587 |
|  Payable for Fund shares redeemed | 0 | 0 | 0 | 2647 | 0 | 0 | 0 |
|  Distributions payable | 21313 | 1363 | 2644 | 356 | 9951 | 5872 | 29420 |
|  Overdraft due to custodian | 0 | 0 | 0 | 0 | 0 | 0 | 82 |
|  Accrued management fees | 217 | 76 | 121 | 16 | 731 | 240 | 2648 |
|  Accrued taxes payable | 0 | 0 | 0 | 0 | 0 | 0 | 23 |
|  Foreign capital gains tax payable | 0 | 0 | 0 | 0 | 0 | 0 | 182 |
|  Accrued reimbursement to PIMCO | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  Other liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 2 |
|  **Total Liabilities** | 21530 | 3075 | 2765 | 3428 | 109726 | 84193 | 6359959 |
|  **Commitments and Contingent Liabilities<sup>^^</sup>** |  |  |  |  |  |  |  |
|  **Net Assets** | $1556304 | $430055 | $685257 | $91569 | $1535555 | $1368948 | $6847347 |
|  **Net Assets Consist of:** |  |  |  |  |  |  |  |
|  Paid in capital | $2296660 | $477158 | $1059826 | $126103 | $1777530 | $1415198 | $7406814 |
|  Distributable earnings (accumulated loss) | (740356) | (47103) | (374569) | (34534) | (241975) | (46250) | (559467) |
|  **Net Assets** | $1556304 | $430055 | $685257 | $91569 | $1535555 | $1368948 | $6847347 |
|  **Shares Issued and Outstanding** | 24220 | 8020 | 13220 | 1730 | 16200 | 13980 | 73550 |
|  **Net Asset Value Per Share Outstanding <sup>(a)</sup>:** | $64.26 | $53.62 | $51.83 | $52.93 | $94.79 | $97.92 | $93.10 |
|  Cost of investments in securities | $1923372 | $431646 | $937775 | $94349 | $1533631 | $1413713 | $8652140 |
|  Cost of investments in Affiliates | $0 | $0 | $0 | $0 | $43117 | $6615 | $263819 |
|  Cost of foreign currency held | $0 | $0 | $0 | $0 | $0 | $0 | $2968 |
|  Proceeds received on short sales | $0 | $0 | $0 | $0 | $0 | $0 | $1266783 |
|  Cost or premiums of financial derivative instruments, net | $0 | $0 | $0 | $0 | $(112) | $5452 | $6213 |
|  \* Includes repurchase agreements of: | $0 | $0 | $0 | $0 | $87200 | $0 | $93300 |
|  <sup>^</sup> Includes securities on loan of: | $0 | $0 | $0 | $0 | $0 | $6734 | $0 |

---

---

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

---

<sup>^^</sup> See Note 9, Fees and Expenses, in the Notes to Financial Statements for more information.

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

---

| | | |
|:---|:---|:---|
| **12** | **PIMCO ETF TRUST** | See Accompanying Notes |

---

------

December 31, 2025 (Unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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> **Mortgage-<br>Backed<br>Securities**<br> **Active<br>Exchange-<br>Traded Fund** | **PIMCO**<br> **Multisector<br>Bond Active<br>Exchange-<br>Traded Fund** | **PIMCO<br>Municipal Income<br>Opportunities<br>Active<br>Exchange-**<br> **Traded Fund** | **PIMCO**<br> **Preferred and<br>Capital<br>Securities Active<br>Exchange-<br>Traded Fund** | **PIMCO**<br> **Senior Loan**<br> **Active**<br> **Exchange-<br>Traded Fund** | **PIMCO<br>Short Term<br>Municipal Bond<br>Active<br>Exchange-<br>Traded Fund** | **PIMCO<br>Ultra Short<br>Government<br>Active<br>Exchange-<br>Traded Fund** |
| $1382131 | $210441 | $14520164 | $2512809 | $1871783 | $17296065 | $460516 | $199368 | $498012 | $969346 | $840960 |
| 0 | 0 | 1682 | 0 | 0 | 18716 | 0 | 0 | 0 | 0 |  |
| 782 | 0 | 828 | 0 | 272 | 5269 | 44 | 32 | 43 | 0 | 0 |
| 841 | 128 | 0 | 0 | 15390 | 12441 | 0 | 0 | 0 | 0 | 0 |
| 1067 | 184 | 1033 | 0 | 35 | 311 | 10 | 0 | 0 | 0 | 160 |
| 13395 | 0 | 15613 | 0 | 5810 | 58705 | 1564 | 2560 | 6368 | 0 | 0 |
| 111 | 97 | 0 | 0 | 0 | 10797 | 0 | 74 | 0 | 0 | 0 |
| 2 | 0 | 834 | 63571 | 7 | 1285 | 0 | 0 | 29203 | 16605 | 0 |
| 0 | 0 | 0 | 0 | 0 | 460 | 0 | 0 | 199 | 0 | 0 |
| 242766 | 0 | 0 | 0 | 1711298 | 9021140 | 0 | 0 | 0 | 0 | 0 |
| 1918 | 0 | 7022 | 0 | 994 | 29873 | 1813 | 0 | 0 | 2018 | 0 |
| 5897 | 904 | 84966 | 22482 | 4305 | 90297 | 4518 | 2330 | 3696 | 8789 | 0 |
| 0 | 0 | 0 | 0 | 0 | 194 | 0 | 0 | 0 | 0 | 0 |
| 0 | 22 | 0 | 0 | 0 | 856 | 37 | 26 | 43 | 0 | 0 |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 1648910 | 211776 | 14632142 | 2598862 | 3609894 | 26546409 | 468502 | 204390 | 537564 | 996758 | 841120 |
| $0 | $0 | $0 | $0 | $107425 | $3563 | $0 | $307 | $0 | $0 | $0 |
| 29798 | 0 | 0 | 0 | 246481 | 87973 | 0 | 0 | 0 | 0 | 0 |
| 1132 | 0 | 0 | 0 | 20 | 8870 | 0 | 226 | 41 | 0 | 0 |
| 860 | 45 | 0 | 0 | 136 | 14825 | 0 | 29 | 0 | 0 | 0 |
| 15487 | 0 | 0 | 63485 | 14906 | 1840780 | 0 | 533 | 46476 | 16571 | 0 |
| 0 | 0 | 0 | 0 | 16872 | 0 | 0 | 0 | 0 | 0 | 0 |
| 386943 | 0 | 0 | 0 | 2255212 | 14262198 | 0 | 0 | 0 | 0 | 0 |
| 0 | 0 | 0 | 0 | 0 | 27181 | 0 | 0 | 1844 | 0 | 0 |
| 0 | 0 | 1682 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 1545 | 0 | 0 | 0 | 1780 | 26633 | 0 | 0 | 0 | 0 | 0 |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 4403 | 663 | 52276 | 7234 | 3873 | 49660 | 1539 | 980 | 4982 | 2321 | 2663 |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1258 | 0 | 0 |
| 438 | 67 | 4463 | 753 | 330 | 5648 | 188 | 148 | 300 | 295 | 106 |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 0 | 0 | 0 | 0 | 0 | 471 | 0 | 0 | 0 | 0 | 0 |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 |
| 0 | 0 | 0 | 0 | 0 | 14 | 0 | 0 | 15 | 0 | 0 |
| 440606 | 775 | 58421 | 71472 | 2647035 | 16327816 | 1727 | 2223 | 54916 | 19187 | 2770 |
| $1208304 | $211001 | $14573721 | $2527390 | $962859 | $10218593 | $466775 | $202167 | $482648 | $977571 | $838350 |
| $1285947 | $214236 | $14828794 | $2527445 | $992968 | $10078346 | $467696 | $194615 | $491027 | $980165 | $838944 |
| (77643) | (3235) | (255073) | (55) | (30109) | 140247 | (921) | 7552 | (8379) | (2594) | (594) |
| $1208304 | $211001 | $14573721 | $2527390 | $962859 | $10218593 | $466775 | $202167 | $482648 | $977571 | $838350 |
| 12600 | 2140 | 145280 | 48230 | 19386 | 383120 | 10300 | 3920 | 9580 | 19380 | 8320 |
| $95.90 | $98.60 | $100.31 | $52.40 | $49.67 | $26.67 | $45.32 | $51.57 | $50.38 | $50.44 | $100.76 |
| $1379859 | $210369 | $14504645 | $2465512 | $1863786 | $17156105 | $453688 | $191097 | $497103 | $959595 | $840654 |
| $0 | $0 | $1682 | $0 | $0 | $19002 | $0 | $0 | $0 | $0 | $0 |
| $111 | $95 | $0 | $0 | $0 | $10831 | $0 | $74 | $0 | $0 | $0 |
| $29707 | $0 | $0 | $0 | $246170 | $87759 | $0 | $0 | $0 | $0 | $0 |
| $447 | $0 | $0 | $0 | $18231 | $120258 | $511 | $1031 | $4944 | $0 | $0 |
| $81388 | $47700 | $300000 | $0 | $16100 | $3669500 | $73800 | $7600 | $93700 | $0 | $0 |
| $0 | $0 | $1650 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |

---

---

| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025<sub>13</sub> |

---

------

Consolidated Statement of Assets and Liabilities December 31, 2025 (Unaudited)

---

| | |
|:---|:---|
| (Amounts in thousands<sup>†</sup>, except per share amounts) | **PIMCO<br>Commodity Strategy<br>Active Exchange-**<br> **Traded Fund** |
|  **Assets:** |  |
|  *Investments, at value* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities\* | $551194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 15435 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 9864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 345 |
|  Cash | 647 |
|  Deposits with counterparty | 39668 |
|  Foreign currency, at value | 865 |
|  Receivable for investments sold on a delayed-delivery basis | 78 |
|  Receivable for Fund shares sold | 2061 |
|  Interest and/or dividends receivable | 2482 |
|  Dividends receivable from Affiliates | 55 |
|  Reimbursement receivable from PIMCO | 170 |
|  **Total Assets** | 622864 |
|  **Liabilities:** |  |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | $7791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 462 |
|  Payable for investments purchased | 1100 |
|  Payable for investments purchased on a delayed-delivery basis | 67 |
|  Distributions payable | 4851 |
|  Accrued management fees | 490 |
|  **Total Liabilities** | 14761 |
|  **Commitments and Contingent Liabilities<sup>^</sup>** |  |
|  **Net Assets** | $608103 |
|  **Net Assets Consist of:** |  |
|  Paid in capital | 557400 |
|  Distributable earnings (accumulated loss) | 50703 |
|  **Net Assets** | $608103 |
|  **Shares Issued and Outstanding** | 22125 |
|  **Net Asset Value Per Share Outstanding<sup>(a)</sup>:** | $27.48 |
|  Cost of investments in securities | $505590 |
|  Cost of investments in Affiliates | $15425 |
|  Cost of foreign currency held | $849 |
|  Cost or premiums of financial derivative instruments, net | $(315) |
|  \* Includes repurchase agreements of: | $50500 |

---

---

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

---

<sup>^</sup> See Note 9, Fees and Expenses, in the Notes to Financial Statements for more information.

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

---

| | | |
|:---|:---|:---|
| **14** | **PIMCO ETF TRUST** | See Accompanying Notes |

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------

Statements of Operations

---

| | | | | |
|:---|:---|:---|:---|:---|
| Six Months Ended December 31, 2025 (Unaudited) | Six Months Ended December 31, 2025 (Unaudited) | Six Months Ended December 31, 2025 (Unaudited) | Six Months Ended December 31, 2025 (Unaudited) | Six Months Ended December 31, 2025 (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, net of foreign taxes\* | $40642 | $8735 | $16342 | $2309 |
|  Dividends | 52 | 4 | 6 | 3 |
|  Dividends from Investments in Affiliates | 0 | 0 | 0 | 0 |
|  Securities lending income | 0 | 0 | 0 | 0 |
|  Miscellaneous income | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 40694 | 8739 | 16348 | 2312 |
|  **Expenses:** |  |  |  |  |
|  Management fees | 1241 | 447 | 700 | 98 |
|  Trustee fees | 10 | 3 | 5 | 1 |
|  Interest expense | 1 | 0 | 0 | 0 |
|  Miscellaneous expense | 1 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 1253 | 450 | 705 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 1253 | 450 | 705 | 99 |
|  **Net Investment Income (Loss)** | 39441 | 8289 | 15643 | 2213 |
|  **Net Realized Gain (Loss):** |  |  |  |  |
|  Investments in securities | (72587) | (616) | (9302) | 85 |
|  Investments in Affiliates | 0 | 0 | 0 | 0 |
|  In-kind redemptions | 3017 | 673 | (196) | 224 |
|  Exchange-traded or centrally cleared financial derivative instruments | 0 | 0 | 0 | 0 |
|  Over the counter financial derivative instruments | 0 | 0 | 0 | 0 |
|  Short sales | 0 | 0 | 0 | 0 |
|  Foreign currency | 0 | 0 | 0 | 0 |
|  **Net Realized Gain (Loss)** | (69570) | 57 | (9498) | 309 |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |  |  |  |
|  Investments in securities | 26546 | (332) | 4156 | (441) |
|  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 |
|  Short sales | 0 | 0 | 0 | 0 |
|  Foreign currency assets and liabilities | 0 | 0 | 0 | 0 |
|  **Net Change in Unrealized Appreciation (Depreciation)** | 26546 | (332) | 4156 | (441) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $(3583) | $8014 | $10301 | $2081 |
|  \* Foreign tax withholdings | $0 | $0 | $0 | $0 |
|  \*\* Foreign capital gains tax | $0 | $0 | $0 | $0 |
|  \*\*\* Foreign capital gains tax | $0 | $0 | $0 | $0 |

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **15** |

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Statements of Operations (Cont.)

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| | | | | |
|:---|:---|:---|:---|:---|
| Six Months Ended December 31, 2025 (Unaudited) |  |  |  |  |
| (Amounts in thousands<sup>†</sup>) | **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** |
|  **Investment Income:** |  |  |  |  |
|  Interest, net of foreign taxes\* | $54777 | $33692 | $161605 | $24461 |
|  Dividends | 41 | 23 | 77 | 0 |
|  Dividends from Investments in Affiliates | 0 | 0 | 7475 | 0 |
|  Securities lending income | 446 | 23 | 0 | 0 |
|  Miscellaneous income | 100 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 55364 | 33738 | 169157 | 24461 |
|  **Expenses:** |  |  |  |  |
|  Management fees | 4101 | 1361 | 14867 | 2275 |
|  Trustee fees | 9 | 9 | 35 | 6 |
|  Interest expense | 15 | 976 | 2164 | 44 |
|  Miscellaneous expense | 16 | 0 | 10 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 4141 | 2346 | 17076 | 2326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | 0 | 0 | (521) | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 4141 | 2346 | 16555 | 2326 |
|  **Net Investment Income (Loss)** | 51223 | 31392 | 152602 | 22135 |
|  **Net Realized Gain (Loss):** |  |  |  |  |
|  Investments in securities, net of foreign capital gains tax\*\* | (8361) | 237 | 30488 | 3719 |
|  Investments in Affiliates | 0 | 0 | 1178 | 0 |
|  In-kind redemptions | 2376 | 1871 | 0 | 0 |
|  Exchange-traded or centrally cleared financial derivative instruments | 1692 | 3259 | 24938 | (931) |
|  Over the counter financial derivative instruments | 4 | 0 | 2720 | (572) |
|  Short sales | 7 | 0 | 0 | 31 |
|  Foreign currency | 0 | 0 | 533 | 31 |
|  **Net Realized Gain (Loss)** | (4282) | 5367 | 59857 | 2278 |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |  |  |  |
|  Investments in securities, net of foreign capital gains tax\*\*\* | 15832 | 10314 | 49251 | 777 |
|  Investments in Affiliates | 0 | 0 | 121 | 0 |
|  Exchange-traded or centrally cleared financial derivative instruments | (1198) | (2006) | (24981) | 1472 |
|  Over the counter financial derivative instruments | 0 | 0 | 231 | (324) |
|  Short sales | 0 | 0 | 0 | 5 |
|  Foreign currency assets and liabilities | 11 | 0 | (1114) | (2) |
|  **Net Change in Unrealized Appreciation (Depreciation)** | 14645 | 8308 | 23508 | 1928 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $61586 | $45067 | $235967 | $26341 |
|  \* Foreign tax withholdings | $0 | $0 | $182 | $0 |
|  \*\* Foreign capital gains tax | $0 | $0 | $0 | $0 |
|  \*\*\* Foreign capital gains tax | $0 | $0 | $(23) | $0 |

---

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

---

---

| | | |
|:---|:---|:---|
| **16** | **PIMCO ETF TRUST** | See Accompanying Notes |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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> **Mortgage-**<br> **Backed**<br> **Securities Active<br>Exchange-<br>Traded Fund** | **PIMCO**<br> **Multisector<br>Bond Active<br>Exchange-<br>Traded Fund** | **PIMCO<br>Municipal Income<br>Opportunities<br>Active**<br> **Exchange-<br>Traded Fund** | **PIMCO<br>Preferred and<br>Capital<br>Securities Active<br>Exchange-<br>Traded Fund** | **PIMCO**<br> **Senior Loan**<br> **Active**<br> **Exchange-<br>Traded Fund** | **PIMCO**<br> **Short Term<br>Municipal Bond<br>Active**<br> **Exchange-<br>Traded Fund** | **PIMCO<br>Ultra Short<br>Government<br>Active<br>Exchange-<br>Traded Fund** |
| $4597 | $328419 | $43516 | $20844 | $231327 | $8053 | $5931 | $22081 | $16018 | $18557 |
| 0 | 0 | 21 | 42 | 94 | 7 | 213 | 74 | 22 | 0 |
| 0 | 0 | 0 | 0 | 942 | 0 | 0 | 0 | 0 | 0 |
| 0 | 7 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 0 | 0 | 0 | 0 | 327 | 0 | 0 | 743 | 0 | 0 |
| 4597 | 328426 | 43537 | 20886 | 232690 | 8060 | 6144 | 22898 | 16040 | 18557 |
| 378 | 24835 | 3968 | 1533 | 26552 | 911 | 846 | 2218 | 1670 | 634 |
| 1 | 84 | 12 | 3 | 37 | 2 | 1 | 5 | 5 | 6 |
| 0 | 202 | 0 | 1555 | 339 | 9 | 40 | 37 | 0 | 0 |
| 5 | 4 | 1 | 1 | 202 | 9 | 6 | 16 | 0 | 22 |
| 384 | 25125 | 3981 | 3092 | 27130 | 931 | 893 | 2276 | 1675 | 662 |
| (127) | 0 | 0 | 0 | (4179) | (188) | (152) | (322) | 0 | (5) |
| 257 | 25125 | 3981 | 3092 | 22951 | 743 | 741 | 1954 | 1675 | 657 |
| 4340 | 303301 | 39556 | 17794 | 209739 | 7317 | 5403 | 20944 | 14365 | 17900 |
| 224 | 7868 | (345) | 6764 | 59522 | (61) | 1080 | (1264) | 648 | (6) |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 0 | 0 | 0 | 0 | 4788 | 0 | 0 | 0 | 0 | 381 |
| (29) | (5480) | 0 | 18 | 35593 | (140) | 1623 | 2692 | 0 | 0 |
| 28 | 0 | 0 | 618 | (23137) | 0 | 1 | 1141 | 0 | 0 |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 6 | 0 | 0 | 0 | 959 | 0 | 0 | 0 | 0 | 0 |
| 229 | 2388 | (345) | 7400 | 77725 | (201) | 2704 | 2569 | 648 | 375 |
| (59) | 21559 | 49483 | 6149 | 56135 | 9274 | 2421 | 662 | 5647 | 308 |
| 0 | 0 | 0 | 0 | (265) | 0 | 0 | 0 | 0 | 0 |
| 25 | 8486 | 0 | 1160 | 10116 | 216 | (1412) | (224) | 0 | 0 |
| 231 | 0 | 0 | (1395) | 5538 | 0 | 21 | (906) | 0 | 0 |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| (9) | 0 | 0 | 0 | (1671) | 0 | (2) | 2 | 0 | 0 |
| 188 | 30045 | 49483 | 5914 | 69853 | 9490 | 1028 | (466) | 5647 | 308 |
| $4757 | $335734 | $88694 | $31108 | $357317 | $16606 | $9135 | $23047 | $20660 | $18583 |
| $0 | $32 | $0 | $0 | $444 | $0 | $0 | $0 | $0 | $0 |
| $0 | $0 | $0 | $0 | $3 | $0 | $0 | $0 | $0 | $0 |
| $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **17** |

---

------

Consolidated Statement of Operations

---

| | |
|:---|:---|
| Six Months Ended December 31, 2025 (Unaudited) |  |
| (Amounts in thousands<sup>†</sup>) | **PIMCO<br>Commodity Strategy<br>Active Exchange-<br>Traded Fund** |
|  **Investment Income:** |  |
|  Interest | $10918 |
|  Dividends | 24 |
|  Dividends from Investments in Affiliates | 423 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 11365 |
|  **Expenses:** |  |
|  Management fees | 2668 |
|  Trustee fees | 3 |
|  Interest expense | 4 |
|  Miscellaneous expense | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 2689 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | (896) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 1793 |
|  **Net Investment Income (Loss)** | 9572 |
|  **Net Realized Gain (Loss):** |  |
|  Investments in securities | 10353 |
|  Investments in Affiliates | (16) |
|  Exchange-traded or centrally cleared financial derivative instruments | (3510) |
|  Over the counter financial derivative instruments | (913) |
|  Foreign currency | (64) |
|  **Net Realized Gain (Loss)** | 5850 |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |
|  Investments in securities | 23503 |
|  Investments in Affiliates | (26) |
|  Exchange-traded or centrally cleared financial derivative instruments | 7013 |
|  Over the counter financial derivative instruments | 651 |
|  Foreign currency assets and liabilities | (33) |
|  **Net Change in Unrealized Appreciation (Depreciation)** | 31108 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $46530 |

---

---

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

---

---

| | | |
|:---|:---|:---|
| **18** | **PIMCO ETF TRUST** | See Accompanying Notes |

---

------

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** | **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** |
| (Amounts in thousands<sup>†</sup>) | **Six Months Ended<br>December 31, 2025<br>(Unaudited)** | **Year Ended<br>June 30, 2025** | **Six Months Ended<br>December 31, 2025<br>(Unaudited)** | **Year Ended<br>June 30, 2025** | **Six Months Ended<br>December 31, 2025<br>(Unaudited)** | **Year Ended<br>June 30, 2025** | **Six Months Ended<br>December 31, 2025<br>(Unaudited)** | **Year Ended<br>June 30, 2025** |
|  **Increase (Decrease) in Net Assets from:** |  |  |  |  |  |  |  |  |
|  **Operations:** |  |  |  |  |  |  |  |  |
|  Net investment income (loss) | $39441 | $69841 | $8289 | $10851 | $15643 | $23602 | $2213 | $4227 |
|  Net realized gain (loss) | (69570) | (69057) | 57 | (5635) | (9498) | (48735) | 309 | 25 |
|  Net change in unrealized<br>appreciation (depreciation) | 26546 | (123091) | (332) | 24696 | 4156 | 27821 | (441) | 1087 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | (3583) | (122307) | 8014 | 29912 | 10301 | 2688 | 2081 | 5339 |
|  **Distributions to Shareholders:** |  |  |  |  |  |  |  |  |
|  From net investment income and/or net realized capital gains | (58034) | (65875) | (9586) | (10843) | (18337) | (24079) | (2590) | (4236) |
|  **Total Distributions<sup>(a)</sup>** | (58034) | (65875) | (9586) | (10843) | (18337) | (24079) | (2590) | (4236) |
|  **Fund Share Transactions:** |  |  |  |  |  |  |  |  |
|  Receipts for shares sold | 345677 | 1220536 | 29785 | 92852 | 42623 | 147524 | 21306 | 42492 |
|  Cost of shares redeemed | (250113) | (898398) | (48663) | (153133) | (23841) | (158546) | (24019) | (47547) |
|  Net increase (decrease) resulting from Fund share transactions | 95564 | 322138 | (18878) | (60281) | 18782 | (11022) | (2713) | (5055) |
|  **Total Increase (Decrease) in Net Assets** | 33947 | 133956 | (20450) | (41212) | 10746 | (32413) | (3222) | (3952) |
|  **Net Assets:** |  |  |  |  |  |  |  |  |
|  Beginning of period | 1522357 | 1388401 | 450505 | 491717 | 674511 | 706924 | 94791 | 98743 |
|  End of period | $1556304 | $1522357 | $430055 | $450505 | $685257 | $674511 | $91569 | $94791 |
|  **Shares of Beneficial Interest:** |  |  |  |  |  |  |  |  |
|  Shares sold | 5250 | 16750 | 550 | 1750 | 800 | 2750 | 400 | 800 |
|  Shares redeemed | (3700) | (12550) | (900) | (2900) | (450) | (2950) | (450) | (900) |
|  Net increase (decrease) in shares outstanding | 1550 | 4200 | (350) | (1150) | 350 | (200) | (50) | (100) |

---

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| | |
|:---|:---|
| <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. 

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **19** |

---

------

Statements of Changes in Net Assets (Cont.)

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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** | **PIMCO**<br> **Enhanced Low**<br> **Duration Active**<br> **Exchange-Traded Fund** | **PIMCO**<br> **Enhanced Low**<br> **Duration Active**<br> **Exchange-Traded Fund** |
| (Amounts in thousands<sup>†</sup>) | **Six Months Ended<br>December 31, 2025<br>(Unaudited)** | **Year Ended<br>June 30, 2025** | **Six Months Ended<br>December 31, 2025<br>(Unaudited)** | **Year Ended<br>June 30, 2025** | **Six Months Ended<br>December 31, 2025<br>(Unaudited)** | **Year Ended<br>June 30, 2025** | **Six Months Ended<br>December 31, 2025<br>(Unaudited)** | **Year Ended<br>June 30, 2025** |
|  **Increase (Decrease) in Net Assets from:** |  |  |  |  |  |  |  |  |
|  **Operations:** |  |  |  |  |  |  |  |  |
|  Net investment income (loss) | $51223 | $99059 | $31392 | $60149 | $152602 | $254369 | $22135 | $40697 |
|  Net realized gain (loss) | (4282) | 1236 | 5367 | (109) | 59857 | (63006) | 2278 | 2202 |
|  Net change in unrealized appreciation (depreciation) | 14645 | 21631 | 8308 | 30339 | 23508 | 119612 | 1928 | 7405 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 61586 | 121926 | 45067 | 90379 | 235967 | 310975 | 26341 | 50304 |
|  **Distributions to Shareholders:** |  |  |  |  |  |  |  |  |
|  From net investment income and/or net realized capital gains | (62491) | (99608) | (37625) | (60652) | (185216) | (257343) | (26466) | (40523) |
|  **Total Distributions<sup>(a)</sup>** | (62491) | (99608) | (37625) | (60652) | (185216) | (257343) | (26466) | (40523) |
|  **Fund Share Transactions:** |  |  |  |  |  |  |  |  |
|  Receipts for shares sold | 147238 | 560828 | 107905 | 293057 | 1126172 | 1337650 | 301637 | 148997 |
|  Cost of shares redeemed | (75557) | (348751) | (63602) | (135409) | 0 | (47619) | (22893) | (99247) |
|  Net increase (decrease) resulting from Fund share transactions | 71681 | 212077 | 44303 | 157648 | 1126172 | 1290031 | 278744 | 49750 |
|  **Total Increase (Decrease) in Net Assets** | 70776 | 234395 | 51745 | 187375 | 1176923 | 1343663 | 278619 | 59531 |
|  **Net Assets:** |  |  |  |  |  |  |  |  |
|  Beginning of period | 1464779 | 1230384 | 1317203 | 1129828 | 5670424 | 4326761 | 929685 | 870154 |
|  End of period | $1535555 | $1464779 | $1368948 | $1317203 | $6847347 | $5670424 | $1208304 | $929685 |
|  **Shares of Beneficial Interest:** |  |  |  |  |  |  |  |  |
|  Shares sold | 1550 | 5950 | 1100 | 3050 | 12060 | 14480 | 3140 | 1560 |
|  Shares redeemed | (800) | (3750) | (650) | (1400) | 0 | (520) | (240) | (1040) |
|  Net increase (decrease) in shares outstanding | 750 | 2200 | 450 | 1650 | 12060 | 13960 | 2900 | 520 |

---

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| | |
|:---|:---|
| <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. 

---

| | | |
|:---|:---|:---|
| **20** | **PIMCO ETF TRUST** | See Accompanying Notes |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **PIMCO**<br> **Enhanced Short**<br> **Maturity Active ESG**<br> **Exchange-Traded Fund** | **PIMCO**<br> **Enhanced Short**<br> **Maturity Active ESG**<br> **Exchange-Traded Fund** | **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> **Mortgage-Backed**<br> **Securities Active**<br> **Exchange-Traded Fund** | **PIMCO**<br> **Mortgage-Backed**<br> **Securities Active**<br> **Exchange-Traded Fund** | **PIMCO**<br> **Multisector**<br> **Bond Active**<br> **Exchange-Traded Fund** | **PIMCO**<br> **Multisector**<br> **Bond Active**<br> **Exchange-Traded Fund** |
| **Six Months Ended<br>December 31, 2025<br>(Unaudited)** | **Year Ended<br>June 30, 2025** | **Six Months Ended<br>December 31, 2025<br>(Unaudited)** | **Year Ended<br>June 30, 2025** | **Six Months Ended<br>December 31, 2025<br>(Unaudited)** | **Year Ended<br>June 30, 2025** | **Six Months Ended<br>December 31, 2025<br>(Unaudited)** | **Year Ended<br>June 30, 2025** | **Six Months Ended<br>December 31, 2025<br>(Unaudited)** | **Year Ended<br>June 30, 2025** |
| $4340 | $7699 | $303301 | $597346 | $39556 | $61204 | $17794 | $6297 | $209739 | $164714 |
| 229 | (405) | 2388 | (3491) | (345) | (8338) | 7400 | (2752) | 77725 | (7922) |
| 188 | 1026 | 30045 | 13044 | 49483 | (20862) | 5914 | 2156 | 69853 | 112775 |
| 4757 | 8320 | 335734 | 606899 | 88694 | 32004 | 31108 | 5701 | 357317 | 269567 |
| (5053) | (8234) | (366430) | (620798) | (43640) | (58663) | (22393) | (6067) | (324400) | (169205) |
| (5053) | (8234) | (366430) | (620798) | (43640) | (58663) | (22393) | (6067) | (324400) | (169205) |
| 34509 | 44359 | 1280004 | 3809582 | 501468 | 721185 | 411506 | 54921 | 4476433 | 5015184 |
| (14802) | (19732) | (42135) | (2478451) | (28726) | (190264) | 0 | (13555) | (155582) | (256555) |
| 19707 | 24627 | 1237869 | 1331131 | 472742 | 530921 | 411506 | 41366 | 4320851 | 4758629 |
| 19411 | 24713 | 1207173 | 1317232 | 517796 | 504262 | 420221 | 41000 | 4353768 | 4858991 |
| 191590 | 166877 | 13366548 | 12049316 | 2009594 | 1505332 | 542638 | 501638 | 5864825 | 1005834 |
| $211001 | $191590 | $14573721 | $13366548 | $2527390 | $2009594 | $962859 | $542638 | $10218593 | $5864825 |
| 350 | 450 | 12740 | 37940 | 9640 | 13960 | 8320 | 1120 | 167720 | 191760 |
| (150) | (200) | (420) | (24710) | (560) | (3700) | 0 | (280) | (5840) | (9840) |
| 200 | 250 | 12320 | 13230 | 9080 | 10260 | 8320 | 840 | 161880 | 181920 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **21** |

---

------

Statements of Changes in Net Assets (Cont.)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **PIMCO**<br> **Municipal Income**<br> **Opportunities Active**<br> **Exchange-Traded Fund** | **PIMCO**<br> **Municipal Income**<br> **Opportunities Active**<br> **Exchange-Traded Fund** | **PIMCO**<br> **Preferred and Capital**<br> **Securities Active**<br> **Exchange-Traded Fund** | **PIMCO**<br> **Preferred and Capital**<br> **Securities 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** |
| (Amounts in thousands<sup>†</sup>) | **Six Months Ended<br>December 31, 2025<br>(Unaudited)** | **Year Ended<br>June 30, 2025** | **Six Months Ended<br>December 31, 2025<br>(Unaudited)** | **Year Ended<br>June 30, 2025** | **Six Months Ended<br>December 31, 2025<br>(Unaudited)** | **Year Ended<br>June 30, 2025** | **Six Months Ended<br>December 31, 2025<br>(Unaudited)** | **Year Ended<br>June 30, 2025** |
|  **Increase (Decrease) in Net Assets from:** |  |  |  |  |  |  |  |  |
|  **Operations:** |  |  |  |  |  |  |  |  |
|  Net investment income (loss) | $7317 | $9344 | $5403 | $9015 | $20944 | $51630 | $14365 | $20258 |
|  Net realized gain (loss) | (201) | (2672) | 2704 | (191) | 2569 | (5573) | 648 | (313) |
|  Net change in unrealized appreciation (depreciation) | 9490 | (5266) | 1028 | 3715 | (466) | (3601) | 5647 | 4912 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 16606 | 1406 | 9135 | 12539 | 23047 | 42456 | 20660 | 24857 |
|  **Distributions to Shareholders:** |  |  |  |  |  |  |  |  |
|  From net investment income and/or net realized capital gains | (8462) | (8733) | (6519) | (9265) | (30011) | (50699) | (15688) | (19325) |
|  **Total Distributions<sup>(a)</sup>** | (8462) | (8733) | (6519) | (9265) | (30011) | (50699) | (15688) | (19325) |
|  **Fund Share Transactions:** |  |  |  |  |  |  |  |  |
|  Receipts for shares sold | 153487 | 199668 | 20525 | 78103 | 7178 | 643718 | 136152 | 356936 |
|  Cost of shares redeemed | (14960) | (30358) | (15433) | (3034) | (257348) | (288041) | (55572) | (56957) |
|  Net increase (decrease) resulting from Fund share transactions | 138527 | 169310 | 5092 | 75069 | (250170) | 355677 | 80580 | 299979 |
|  **Total Increase (Decrease) in Net Assets** | 146671 | 161983 | 7708 | 78343 | (257134) | 347434 | 85552 | 305511 |
|  **Net Assets:** |  |  |  |  |  |  |  |  |
|  Beginning of period | 320104 | 158121 | 194459 | 116116 | 739782 | 392348 | 892019 | 586508 |
|  End of period | $466775 | $320104 | $202167 | $194459 | $482648 | $739782 | $977571 | $892019 |
|  **Shares of Beneficial Interest:** |  |  |  |  |  |  |  |  |
|  Shares sold | 3400 | 4440 | 400 | 1540 | 140 | 12580 | 2700 | 7160 |
|  Shares redeemed | (340) | (680) | (300) | (60) | (5060) | (5760) | (1100) | (1140) |
|  Net increase (decrease) in shares outstanding | 3060 | 3760 | 100 | 1480 | (4920) | 6820 | 1600 | 6020 |

---

---

| | |
|:---|:---|
| <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. 

---

| | | |
|:---|:---|:---|
| **22** | **PIMCO ETF TRUST** | See Accompanying Notes |

---

------

Consolidated Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **PIMCO**<br> **Ultra Short Government<br>Active Exchange-**<br> **Traded Fund** | **PIMCO**<br> **Ultra Short Government<br>Active Exchange-**<br> **Traded Fund** |
| (Amounts in thousands<sup>†</sup>) | **Six Months Ended<br>December 31, 2025<br>(Unaudited)** | **Year Ended<br>June 30, 2025** |
|  **Increase (Decrease) in Net Assets from:** |  |  |
|  **Operations:** |  |  |
|  Net investment income (loss) | $17900 | $27278 |
|  Net realized gain (loss) | 375 | 352 |
|  Net change in unrealized appreciation (depreciation) | 308 | (21) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 18583 | 27609 |
|  **Distributions to Shareholders:** |  |  |
|  From net investment income and/or net realized capital gains | (21983) | (25933) |
|  **Total Distributions<sup>(a)</sup>** | (21983) | (25933) |
|  **Fund Share Transactions:** |  |  |
|  Receipts for shares sold | 1034700 | 1201640 |
|  Cost of shares redeemed | (1014734) | (744502) |
|  Net increase (decrease) resulting from Fund share transactions | 19966 | 457138 |
|  **Total Increase (Decrease) in Net Assets** | 16566 | 458814 |
|  **Net Assets:** |  |  |
|  Beginning of period | 821784 | 362970 |
|  End of period | $838350 | $821784 |
|  **Shares of Beneficial Interest:** |  |  |
|  Shares sold | 10240 | 11900 |
|  Shares redeemed | (10040) | (7370) |
|  Net increase (decrease) in shares outstanding | 200 | 4530 |

---

---

| | |
|:---|:---|
| <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. 

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **23** |

---

------

Consolidated Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **PIMCO**<br> **Commodity Strategy**<br> **Active Exchange-**<br> **Traded Fund** | **PIMCO**<br> **Commodity Strategy**<br> **Active Exchange-**<br> **Traded Fund** |
| (Amounts in thousands<sup>†</sup>) | **Six Months Ended<br>December 31, 2025<br>(Unaudited)** | **Year Ended<br>June 30, 2025** |
|  **Increase (Decrease) in Net Assets from:** |  |  |
|  **Operations:** |  |  |
|  Net investment income (loss) | $9572 | $13352 |
|  Net realized gain (loss) | 5850 | (18576) |
|  Net change in unrealized appreciation (depreciation) | 31108 | 12228 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 46530 | 7004 |
|  **Distributions to Shareholders:** |  |  |
|  From net investment income and/or net realized capital gains | (12338) | (27179) |
|  **Total Distributions<sup>(a)</sup>** | (12338) | (27179) |
|  **Fund Share Transactions:** |  |  |
|  Receipts for shares sold | 280607 | 254701 |
|  Cost of shares redeemed | (79510) | (164214) |
|  Net increase (decrease) resulting from Fund share transactions | 201097 | 90487 |
|  **Total Increase (Decrease) in Net Assets** | 235289 | 70312 |
|  **Net Assets:** |  |  |
|  Beginning of period | 372814 | 302502 |
|  End of period | $608103 | $372814 |
|  **Shares of Beneficial Interest:** |  |  |
|  Shares sold | 10575 | 9725 |
|  Shares redeemed | (2900) | (6375) |
|  Net increase (decrease) in shares outstanding | 7675 | 3350 |

---

---

| | |
|:---|:---|
| <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. 

---

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

---

------

Schedule of Investments PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund December 31, 2025 (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 100.2% | INVESTMENTS IN SECURITIES 100.2% | INVESTMENTS IN SECURITIES 100.2% | INVESTMENTS IN SECURITIES 100.2% | INVESTMENTS IN SECURITIES 100.2% |
| U.S. TREASURY OBLIGATIONS 100.0% | U.S. TREASURY OBLIGATIONS 100.0% | U.S. TREASURY OBLIGATIONS 100.0% | U.S. TREASURY OBLIGATIONS 100.0% | U.S. TREASURY OBLIGATIONS 100.0% |
|  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 11/15/2050 | $— | 214074 | $— | 61849 |
|  0.000% due 02/15/2051 |  | 314795 |  | 89706 |
|  0.000% due 05/15/2051 |  | 295089 |  | 83075 |
|  0.000% due 08/15/2051 |  | 282456 |  | 78637 |
|  0.000% due 11/15/2051 |  | 294973 |  | 81217 |
|  0.000% due 02/15/2052 |  | 313010 |  | 85072 |
|  0.000% due 05/15/2052 |  | 308199 |  | 82846 |
|  0.000% due 08/15/2052 |  | 343563 |  | 91310 |
|  0.000% due 11/15/2052 |  | 342051 |  | 90429 |
|  0.000% due 02/15/2053 |  | 351652 |  | 91610 |
|  0.000% due 05/15/2053 |  | 306687 |  | 79026 |
|  0.000% due 08/15/2053 |  | 310245 |  | 79237 |
|  0.000% due 11/15/2053 |  | 318981 |  | 80965 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  0.000% due 02/15/2054 | $— | 228783 | $— | 57263 |
|  0.000% due 05/15/2054 |  | 194940 |  | 48449 |
|  0.000% due 08/15/2054 |  | 291189 |  | 71302 |
|  0.000% due 11/15/2054 |  | 310420 |  | 75264 |
|  0.000% due 02/15/2055 |  | 350125 |  | 84226 |
|  0.000% due 05/15/2055 |  | 303035 |  | 72037 |
|  0.000% due 08/15/2055 |  | 307319 |  | 72339 |
|  Total U.S. Treasury Obligations<br>(Cost $1,919,441) | Total U.S. Treasury Obligations<br>(Cost $1,919,441) | Total U.S. Treasury Obligations<br>(Cost $1,919,441) |  | 1555859 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| SHORT-TERM INSTRUMENTS 0.2% | SHORT-TERM INSTRUMENTS 0.2% | SHORT-TERM INSTRUMENTS 0.2% | SHORT-TERM INSTRUMENTS 0.2% |
| MUTUAL FUNDS 0.2% | MUTUAL FUNDS 0.2% | MUTUAL FUNDS 0.2% | MUTUAL FUNDS 0.2% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  3.850% (b) | 3931100 | $— | 3931 |
| Total Short-Term Instruments<br>(Cost $3,931) | Total Short-Term Instruments<br>(Cost $3,931) |  | 3931 |
| Total Investments in Securities<br>(Cost $1,923,372) | Total Investments in Securities<br>(Cost $1,923,372) |  | 1559790 |
| Total Investments 100.2%<br>(Cost $1,923,372) |  | $— | 1559790 |
| Other Assets and Liabilities, net (0.2)% | Other Assets and Liabilities, net (0.2)% |  | (3486) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 1556304 |

---

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

(a) Zero coupon security.

(b) Coupon represents a 7-Day Yield.

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of December 31, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at<br>12/31/2025** |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  U.S. Treasury Obligations | $0 | $1555859 | $0 | $1555859 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 0 | 3931 | 0 | 3931 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1559790 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1559790 |

---

There were no significant transfers into or out of Level 3 during the period ended December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **25** |

---

------

Schedule of Investments PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund December 31, 2025 (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 100.0% | INVESTMENTS IN SECURITIES 100.0% | INVESTMENTS IN SECURITIES 100.0% | INVESTMENTS IN SECURITIES 100.0% | INVESTMENTS IN SECURITIES 100.0% |
| 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 (c) | U.S. Treasury Inflation Protected Securities (c) | U.S. Treasury Inflation Protected Securities (c) | U.S. Treasury Inflation Protected Securities (c) | U.S. Treasury Inflation Protected Securities (c) |
|  1.750% due 01/15/2028 | $— | 18828 | $— | 18972 |
|  2.500% due 01/15/2029 |  | 15801 |  | 16314 |
|  3.625% due 04/15/2028 |  | 5266 |  | 5528 |
|  3.875% due 04/15/2029 |  | 5181 |  | 5583 |
|  0.125% due 04/15/2027 |  | 22038 |  | 21643 |
|  0.125% due 01/15/2030 |  | 25425 |  | 24122 |
|  0.125% due 07/15/2030 |  | 12270 |  | 11583 |
|  0.125% due 01/15/2032 |  | 2356 |  | 2154 |
|  0.250% due 07/15/2029 |  | 15904 |  | 15327 |
|  0.375% due 01/15/2027 |  | 24696 |  | 24393 |
|  0.375% due 07/15/2027 |  | 25963 |  | 25665 |
|  0.500% due 01/15/2028 |  | 33633 |  | 33048 |
|  0.625% due 07/15/2032 |  | 2824 |  | 2650 |
|  0.750% due 07/15/2028 |  | 16075 |  | 15886 |
|  0.875% due 01/15/2029 |  | 19962 |  | 19658 |
|  1.125% due 10/15/2030 |  | 17706 |  | 17441 |
|  1.250% due 04/15/2028 |  | 20729 |  | 20649 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  1.625% due 10/15/2027 | 17015 | 17147 |
|  1.625% due 10/15/2029 | 24513 | 24760 |
|  1.625% due 04/15/2030 | 59639 | 59955 |
|  1.875% due 07/15/2034 | 44 | 44 |
|  1.875% due 07/15/2035 | 7402 | 7385 |
|  2.125% due 04/15/2029 | 24607 | 25131 |
|  2.375% due 10/15/2028 | 13370 | 13771 |
|  Total U.S. Treasury Obligations<br>(Cost $430,546) | Total U.S. Treasury Obligations<br>(Cost $430,546) | 428809 |
|  | **SHARES** |  |
| SHORT-TERM INSTRUMENTS 0.3% | SHORT-TERM INSTRUMENTS 0.3% | SHORT-TERM INSTRUMENTS 0.3% |
| MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  3.850% (d) | 506909 | 507 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
|  U.S. TREASURY BILLS 0.2% | U.S. TREASURY BILLS 0.2% | U.S. TREASURY BILLS 0.2% | U.S. TREASURY BILLS 0.2% | U.S. TREASURY BILLS 0.2% |
|  3.644% due 04/28/2026 (a)(b) | $— | 600 | $— | 593 |
| Total Short-Term Instruments<br>(Cost $1,100) | Total Short-Term Instruments<br>(Cost $1,100) | Total Short-Term Instruments<br>(Cost $1,100) |  | 1100 |
| Total Investments in Securities<br>(Cost $431,646) | Total Investments in Securities<br>(Cost $431,646) | Total Investments in Securities<br>(Cost $431,646) |  | 429909 |
| Total Investments 100.0%<br>(Cost $431,646) |  |  | $— | 429909 |
| Other Assets and Liabilities, net 0.0% | Other Assets and Liabilities, net 0.0% | Other Assets and Liabilities, net 0.0% |  | 146 |
| Net Assets 100.0% | Net Assets 100.0% | Net Assets 100.0% | $— | 430055 |

---

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

(a) Zero coupon security.

(b) Coupon represents a yield to maturity.

(c) Principal amount of security is adjusted for inflation.

(d) Coupon represents a 7-Day Yield.

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of December 31, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at<br>12/31/2025** |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  U.S. Treasury Obligations | $0 | $428809 | $0 | $428809 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 0 | 507 | 0 | 507 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 593 | 0 | 593 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429909 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429909 |

---

There were no significant transfers into or out of Level 3 during the period ended December 31, 2025.

---

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

---

------

Schedule of Investments PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund December 31, 2025 (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 99.5% | INVESTMENTS IN SECURITIES 99.5% | INVESTMENTS IN SECURITIES 99.5% | INVESTMENTS IN SECURITIES 99.5% | INVESTMENTS IN SECURITIES 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 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 | $— | 46771 | $— | 25296 |
|  0.125% due 02/15/2052 |  | 45068 |  | 23873 |
|  0.250% due 02/15/2050 |  | 50104 |  | 28881 |
|  0.625% due 02/15/2043 |  | 78245 |  | 58301 |
|  0.750% due 02/15/2042 |  | 79019 |  | 61588 |
|  0.750% due 02/15/2045 |  | 83632 |  | 61050 |
|  0.875% due 02/15/2047 |  | 77843 |  | 56193 |
|  1.000% due 02/15/2046 |  | 84978 |  | 64144 |
|  1.000% due 02/15/2048 |  | 71483 |  | 52277 |
|  1.000% due 02/15/2049 |  | 58400 |  | 42059 |
|  1.375% due 02/15/2044 |  | 86016 |  | 72099 |
|  1.500% due 02/15/2053 |  | 27846 |  | 21736 |
|  2.125% due 02/15/2041 |  | 45365 |  | 44456 |
|  2.125% due 02/15/2054 |  | 48980 |  | 44056 |
|  2.375% due 02/15/2055 |  | 26822 |  | 25472 |
|  Total U.S. Treasury Obligations<br>(Cost $937,467) | Total U.S. Treasury Obligations<br>(Cost $937,467) | Total U.S. Treasury Obligations<br>(Cost $937,467) |  | 681481 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000s) | MARKET<br>VALUE<br>(000s) |
| SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% |
| MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  3.850% (b) | 307920 | $— | 308 |
| Total Short-Term Instruments<br>(Cost $308) | Total Short-Term Instruments<br>(Cost $308) |  | 308 |
| Total Investments in Securities<br>(Cost $937,775) | Total Investments in Securities<br>(Cost $937,775) |  | 681789 |
| Total Investments 99.5%<br>(Cost $937,775) |  | $— | 681789 |
| Other Assets and Liabilities, net 0.5% | Other Assets and Liabilities, net 0.5% |  | 3468 |
| Net Assets 100.0% | Net Assets 100.0% | $— | 685257 |

---

#### 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.

(b) Coupon represents a 7-Day Yield.

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of December 31, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>12/31/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  U.S. Treasury Obligations | $0 | $681481 | $0 | $681481 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 0 | 308 | 0 | 308 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;681789 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;681789 |

---

There were no significant transfers into or out of Level 3 during the period ended December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **27** |

---

------

Schedule of Investments PIMCO Broad U.S. TIPS Index Exchange-Traded Fund December 31, 2025 (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 100.0% | INVESTMENTS IN SECURITIES 100.0% | INVESTMENTS IN SECURITIES 100.0% | INVESTMENTS IN SECURITIES 100.0% | INVESTMENTS IN SECURITIES 100.0% |
| U.S. TREASURY OBLIGATIONS 99.1% | U.S. TREASURY OBLIGATIONS 99.1% | U.S. TREASURY OBLIGATIONS 99.1% | U.S. TREASURY OBLIGATIONS 99.1% | U.S. TREASURY OBLIGATIONS 99.1% |
|  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) |
|  0.625% due 02/15/2043 | $— | 6 | $— | 4 |
|  0.750% due 02/15/2045 |  | 4083 |  | 2981 |
|  0.875% due 02/15/2047 |  | 3808 |  | 2749 |
|  1.000% due 02/15/2046 |  | 3829 |  | 2890 |
|  1.000% due 02/15/2048 |  | 3368 |  | 2463 |
|  1.375% due 02/15/2044 |  | 3892 |  | 3263 |
|  1.500% due 02/15/2053 |  | 34 |  | 27 |
|  2.125% due 02/15/2041 |  | 10 |  | 10 |
|  2.125% due 02/15/2054 |  | 38 |  | 34 |
|  2.375% due 01/15/2027 |  | 2256 |  | 2274 |
|  2.500% due 01/15/2029 |  | 2882 |  | 2975 |
|  3.375% due 04/15/2032 |  | 29 |  | 32 |
|  3.875% due 04/15/2029 |  | 317 |  | 341 |
|  0.125% due 04/15/2027 |  | 4311 |  | 4234 |
|  0.125% due 01/15/2030 |  | 4648 |  | 4410 |
|  0.125% due 07/15/2030 |  | 842 |  | 795 |
|  0.125% due 01/15/2031 |  | 814 |  | 759 |
|  0.125% due 07/15/2031 |  | 4963 |  | 4600 |
|  0.125% due 01/15/2032 |  | 5034 |  | 4602 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  0.250% due 07/15/2029 | $— | 769 | $— | 741 |
|  0.375% due 01/15/2027 |  | 3263 |  | 3223 |
|  0.375% due 07/15/2027 |  | 675 |  | 667 |
|  0.500% due 01/15/2028 |  | 756 |  | 743 |
|  0.625% due 07/15/2032 |  | 4410 |  | 4139 |
|  0.750% due 07/15/2028 |  | 634 |  | 627 |
|  0.875% due 01/15/2029 |  | 3518 |  | 3464 |
|  1.125% due 10/15/2030 |  | 3041 |  | 2995 |
|  1.125% due 01/15/2033 |  | 937 |  | 899 |
|  1.250% due 04/15/2028 |  | 395 |  | 394 |
|  1.375% due 07/15/2033 |  | 1134 |  | 1106 |
|  1.625% due 10/15/2027 |  | 1430 |  | 1441 |
|  1.625% due 10/15/2029 |  | 4325 |  | 4369 |
|  1.625% due 04/15/2030 |  | 4309 |  | 4332 |
|  1.750% due 01/15/2034 |  | 4746 |  | 4720 |
|  1.875% due 07/15/2034 |  | 4791 |  | 4812 |
|  1.875% due 07/15/2035 |  | 6432 |  | 6417 |
|  2.125% due 04/15/2029 |  | 625 |  | 639 |
|  2.125% due 01/15/2035 |  | 4931 |  | 5020 |
|  2.375% due 10/15/2028 |  | 562 |  | 579 |
|  Total U.S. Treasury Obligations<br>(Cost $93,516) | Total U.S. Treasury Obligations<br>(Cost $93,516) | Total U.S. Treasury Obligations<br>(Cost $93,516) |  | 90770 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| SHORT-TERM INSTRUMENTS 0.9% | SHORT-TERM INSTRUMENTS 0.9% | SHORT-TERM INSTRUMENTS 0.9% | SHORT-TERM INSTRUMENTS 0.9% |
| MUTUAL FUNDS 0.9% | MUTUAL FUNDS 0.9% | MUTUAL FUNDS 0.9% | MUTUAL FUNDS 0.9% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  3.850% (b) | 832976 | $— | 833 |
| Total Short-Term Instruments<br>(Cost $833) | Total Short-Term Instruments<br>(Cost $833) |  | 833 |
| Total Investments in Securities<br>(Cost $94,349) | Total Investments in Securities<br>(Cost $94,349) |  | 91603 |
| Total Investments 100.0%<br>(Cost $94,349) |  | $— | 91603 |
| Other Assets and Liabilities, net 0.0% | Other Assets and Liabilities, net 0.0% |  | (34) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 91569 |

---

#### 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.

(b) Coupon represents a 7-Day Yield.

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of December 31, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>12/31/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  U.S. Treasury Obligations | $0 | $90770 | $0 | $90770 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 0 | 833 | 0 | 833 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91603 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91603 |

---

There were no significant transfers into or out of Level 3 during the period ended December 31, 2025.

---

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

---

------

Schedule of Investments PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund December 31, 2025 (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 101.0% | INVESTMENTS IN SECURITIES 101.0% | INVESTMENTS IN SECURITIES 101.0% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 1.9% | LOAN PARTICIPATIONS AND ASSIGNMENTS 1.9% | LOAN PARTICIPATIONS AND ASSIGNMENTS 1.9% |
|  Bausch Health Cos., Inc. | Bausch Health Cos., Inc. | Bausch Health Cos., Inc. |
|  9.966% (TSFR1M + 6.250%) due 10/08/2030 ~ | 1990 | 1949 |
|  Cengage Learning, Inc. | Cengage Learning, Inc. | Cengage Learning, Inc. |
|  7.227% (TSFR1M + 3.500%) due 03/24/2031 ~ | 938 | 943 |
|  Central Parent, Inc. | Central Parent, Inc. | Central Parent, Inc. |
|  6.922% - 7.466% (TSFR3M + 3.250%) due 07/06/2029 ~ | 1789 | 1521 |
|  Cotiviti Corp. | Cotiviti Corp. | Cotiviti Corp. |
|  7.625% due 05/01/2031 ~ | 2850 | 2768 |
|  Envision Healthcare Corp. | Envision Healthcare Corp. | Envision Healthcare Corp. |
|  11.862% (TSFR3M + 7.875%) due 07/20/2026 «~ | 638 | 638 |
|  11.862% (TSFR3M + 7.875%) due 11/03/2028 « ~ | 2464 | 2538 |
|  MPH Acquisition Holdings LLC | MPH Acquisition Holdings LLC | MPH Acquisition Holdings LLC |
|  7.590% (TSFR3M + 3.750%) due 12/31/2030 ~ | 460 | 461 |
|  8.702% (TSFR3M + 4.600%) due 12/31/2030 ~ | 1439 | 1356 |
|  Newfold Digital Holdings Grp Inc. | Newfold Digital Holdings Grp Inc. | Newfold Digital Holdings Grp Inc. |
|  7.384% (TSFR1M + 3.500%) due 04/30/2029 ~ | 1440 | 1165 |
|  9.488% (TSFR3M + 5.750%) due 04/30/2029 ~ | 294 | 278 |
|  Paradigm Parent LLC | Paradigm Parent LLC | Paradigm Parent LLC |
|  8.172% (TSFR3M + 4.500%) due 04/16/2032 ~ | 449 | 396 |
|  Peraton Corp. | Peraton Corp. | Peraton Corp. |
|  7.690% (TSFR3M + 3.750%) due 02/01/2028 ~ | 5117 | 4760 |
|  Polaris Newco LLC | Polaris Newco LLC | Polaris Newco LLC |
|  7.852% (TSFR3M + 3.750%) due 06/02/2028 ~ | 1571 | 1518 |
|  QuidelOrtho Corp. | QuidelOrtho Corp. | QuidelOrtho Corp. |
|  7.716% (TSFR1M + 4.000%) due 08/20/2032 ~ | 2244 | 2246 |
|  Spirit Airlines, Inc. | Spirit Airlines, Inc. | Spirit Airlines, Inc. |
|  TBD% due 07/14/2026 | 287 | 286 |
|  TBD% - 19.000% due 12/09/2034 ~ | 1464 | 1267 |
|  TBD% due 07/14/2026 ~ | 137 | 136 |
|  TBD% - 19.000% (TSFR1M + 8.000%) due 12/09/2034 ~ | 552 | 550 |
|  U.S. Renal Care, Inc. | U.S. Renal Care, Inc. | U.S. Renal Care, Inc. |
|  8.831% (TSFR1M + 5.000%) due 06/28/2028 ~ | 3758 | 3549 |
|  Zayo Group Holdings, Inc. (6.830% Cash and 0.500% PIK) | Zayo Group Holdings, Inc. (6.830% Cash and 0.500% PIK) | Zayo Group Holdings, Inc. (6.830% Cash and 0.500% PIK) |
|  7.330% (TSFR1M + 0.500%) due 03/11/2030 ~ (a) | 833 | 793 |
|  Total Loan Participations and Assignments (Cost $28,544) | Total Loan Participations and Assignments (Cost $28,544) | 29118 |
| CORPORATE BONDS & NOTES 93.1% | CORPORATE BONDS & NOTES 93.1% | CORPORATE BONDS & NOTES 93.1% |
| BANKING & FINANCE 14.3% | BANKING & FINANCE 14.3% | BANKING & FINANCE 14.3% |
|  Acrisure LLC/Acrisure Finance, Inc. | Acrisure LLC/Acrisure Finance, Inc. | Acrisure LLC/Acrisure Finance, Inc. |
|  4.250% due 02/15/2029 | 1221 | 1192 |
|  6.000% due 08/01/2029 | 1175 | 1166 |
|  8.250% due 02/01/2029 | 1178 | 1225 |
|  8.500% due 06/15/2029 | 965 | 1010 |
|  Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer |
|  4.250% due 10/15/2027 | 1483 | 1480 |
|  5.875% due 11/01/2029 | 1075 | 1080 |
|  6.750% due 10/15/2027 | 3552 | 3589 |
|  6.750% due 04/15/2028 | 3713 | 3793 |
|  Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL | Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL | Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL |
|  4.625% due 06/01/2028 | 3210 | 3161 |
|  AmWINS Group, Inc. | AmWINS Group, Inc. | AmWINS Group, Inc. |
|  6.375% due 02/15/2029 | 1518 | 1562 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Armor Holdco, Inc. | Armor Holdco, Inc. | Armor Holdco, Inc. |
|  8.500% due 11/15/2029 | 1710 | 1730 |
|  Asurion LLC & Asurion Co-Issuer, Inc. | Asurion LLC & Asurion Co-Issuer, Inc. | Asurion LLC & Asurion Co-Issuer, Inc. |
|  8.000% due 12/31/2032 | 1750 | 1817 |
|  Brandywine Operating Partnership LP | Brandywine Operating Partnership LP | Brandywine Operating Partnership LP |
|  8.875% due 04/12/2029 | 2104 | 2269 |
|  Bread Financial Holdings, Inc. | Bread Financial Holdings, Inc. | Bread Financial Holdings, Inc. |
|  6.750% due 05/15/2031 | 1175 | 1218 |
|  Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC | Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC | Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC |
|  4.500% due 04/01/2027 | 2747 | 2724 |
|  5.750% due 05/15/2026 | 1280 | 1274 |
|  Burford Capital Global Finance LLC | Burford Capital Global Finance LLC | Burford Capital Global Finance LLC |
|  6.250% due 04/15/2028 | 2688 | 2675 |
|  Coinbase Global, Inc. | Coinbase Global, Inc. | Coinbase Global, Inc. |
|  3.375% due 10/01/2028 | 5390 | 5139 |
|  CoreLogic, Inc. | CoreLogic, Inc. | CoreLogic, Inc. |
|  4.500% due 05/01/2028 | 2011 | 1980 |
|  Credit Acceptance Corp. | Credit Acceptance Corp. | Credit Acceptance Corp. |
|  6.625% due 03/15/2030 | 437 | 439 |
|  CrossCountry Intermediate HoldCo LLC | CrossCountry Intermediate HoldCo LLC | CrossCountry Intermediate HoldCo LLC |
|  6.500% due 10/01/2030 | 1225 | 1251 |
|  Diversified Healthcare Trust | Diversified Healthcare Trust | Diversified Healthcare Trust |
|  4.375% due 03/01/2031 | 1325 | 1172 |
|  4.750% due 02/15/2028 | 2741 | 2648 |
|  7.250% due 10/15/2030 | 1350 | 1382 |
|  EF Holdco/EF Cayman Holdings/Ellington Financial REIT Cayman/TRS/EF Cayman Non-MTM | EF Holdco/EF Cayman Holdings/Ellington Financial REIT Cayman/TRS/EF Cayman Non-MTM | EF Holdco/EF Cayman Holdings/Ellington Financial REIT Cayman/TRS/EF Cayman Non-MTM |
|  7.375% due 09/30/2030 | 1325 | 1337 |
|  Encore Capital Group, Inc. | Encore Capital Group, Inc. | Encore Capital Group, Inc. |
|  8.500% due 05/15/2030 | 1326 | 1427 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  5.918% due 03/20/2028 | 150 | 154 |
|  Freedom Mortgage Corp. | Freedom Mortgage Corp. | Freedom Mortgage Corp. |
|  6.625% due 01/15/2027 | 1940 | 1954 |
|  12.250% due 10/01/2030 | 675 | 749 |
|  Freedom Mortgage Holdings LLC | Freedom Mortgage Holdings LLC | Freedom Mortgage Holdings LLC |
|  6.875% due 05/01/2031 | 1600 | 1602 |
|  7.875% due 04/01/2033 | 1300 | 1347 |
|  9.250% due 02/01/2029 | 2154 | 2260 |
|  FS KKR Capital Corp. | FS KKR Capital Corp. | FS KKR Capital Corp. |
|  7.875% due 01/15/2029 | 50 | 52 |
|  FTAI Aviation Investors LLC | FTAI Aviation Investors LLC | FTAI Aviation Investors LLC |
|  5.500% due 05/01/2028 | 2808 | 2817 |
|  Getty Images, Inc. | Getty Images, Inc. | Getty Images, Inc. |
|  11.250% due 02/21/2030 | 1250 | 1173 |
|  GGAM Finance Ltd. | GGAM Finance Ltd. | GGAM Finance Ltd. |
|  8.000% due 02/15/2027 | 941 | 964 |
|  8.000% due 06/15/2028 | 613 | 650 |
|  Global Net Lease, Inc./Global Net Lease Operating Partnership LP | Global Net Lease, Inc./Global Net Lease Operating Partnership LP | Global Net Lease, Inc./Global Net Lease Operating Partnership LP |
|  3.750% due 12/15/2027 | 2420 | 2358 |
|  HUB International Ltd. | HUB International Ltd. | HUB International Ltd. |
|  5.625% due 12/01/2029 | 1088 | 1089 |
|  7.250% due 06/15/2030 | 825 | 867 |
|  Hudson Pacific Properties LP | Hudson Pacific Properties LP | Hudson Pacific Properties LP |
|  3.950% due 11/01/2027 | 2174 | 2086 |
|  4.650% due 04/01/2029 (g) | 778 | 720 |
|  5.950% due 02/15/2028 | 1179 | 1163 |
|  Icahn Enterprises LP/Icahn Enterprises Finance Corp. | Icahn Enterprises LP/Icahn Enterprises Finance Corp. | Icahn Enterprises LP/Icahn Enterprises Finance Corp. |
|  4.375% due 02/01/2029 | 1472 | 1276 |
|  5.250% due 05/15/2027 | 3973 | 3921 |
|  6.250% due 05/15/2026 | 696 | 697 |
|  9.750% due 01/15/2029 | 48 | 48 |
|  10.000% due 11/15/2029 | 3085 | 3087 |
|  Iliad Holding SAS | Iliad Holding SAS | Iliad Holding SAS |
|  7.000% due 10/15/2028 | 793 | 804 |
|  ION Platform Finance U.S., Inc. | ION Platform Finance U.S., Inc. | ION Platform Finance U.S., Inc. |
|  7.875% due 09/30/2032 | 3150 | 2993 |
|  ION Platform Finance U.S., Inc./ION Platform Finance SARL | ION Platform Finance U.S., Inc./ION Platform Finance SARL | ION Platform Finance U.S., Inc./ION Platform Finance SARL |
|  4.625% due 05/01/2028 | 807 | 750 |
|  5.750% due 05/15/2028 | 2886 | 2724 |
|  8.750% due 05/01/2029 | 1484 | 1505 |
|  9.500% due 05/30/2029 | 891 | 903 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Iron Mountain, Inc. | Iron Mountain, Inc. | Iron Mountain, Inc. |
|  4.875% due 09/15/2027 | 2720 | 2719 |
|  4.875% due 09/15/2029 | 284 | 280 |
|  5.000% due 07/15/2028 | 1031 | 1032 |
|  5.250% due 03/15/2028 | 735 | 739 |
|  Jane Street Group/JSG Finance, Inc. | Jane Street Group/JSG Finance, Inc. | Jane Street Group/JSG Finance, Inc. |
|  6.750% due 05/01/2033 | 825 | 862 |
|  Jefferies Finance LLC/JFIN Co-Issuer Corp. | Jefferies Finance LLC/JFIN Co-Issuer Corp. | Jefferies Finance LLC/JFIN Co-Issuer Corp. |
|  5.000% due 08/15/2028 | 2558 | 2465 |
|  Jefferson Capital Holdings LLC | Jefferson Capital Holdings LLC | Jefferson Capital Holdings LLC |
|  6.000% due 08/15/2026 | 743 | 744 |
|  9.500% due 02/15/2029 | 1957 | 2064 |
|  Kennedy-Wilson, Inc. | Kennedy-Wilson, Inc. | Kennedy-Wilson, Inc. |
|  4.750% due 03/01/2029 | 3433 | 3351 |
|  Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. | Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. | Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. |
|  4.250% due 02/01/2027 | 3540 | 3519 |
|  LD Holdings Group LLC | LD Holdings Group LLC | LD Holdings Group LLC |
|  8.750% due 11/01/2027 | 273 | 269 |
|  Liberty Mutual Group, Inc. | Liberty Mutual Group, Inc. | Liberty Mutual Group, Inc. |
|  4.125% due 12/15/2051 •  | 4074 | 4018 |
|  Midcap Financial Issuer Trust | Midcap Financial Issuer Trust | Midcap Financial Issuer Trust |
|  6.500% due 05/01/2028 | 992 | 991 |
|  Millrose Properties, Inc. | Millrose Properties, Inc. | Millrose Properties, Inc. |
|  6.250% due 09/15/2032 | 1325 | 1338 |
|  6.375% due 08/01/2030 | 2427 | 2485 |
|  MPT Operating Partnership LP/MPT Finance Corp. | MPT Operating Partnership LP/MPT Finance Corp. | MPT Operating Partnership LP/MPT Finance Corp. |
|  5.000% due 10/15/2027 | 735 | 712 |
|  8.500% due 02/15/2032 | 1334 | 1426 |
|  Navient Corp. | Navient Corp. | Navient Corp. |
|  4.875% due 03/15/2028 | 1583 | 1566 |
|  5.000% due 03/15/2027 | 1729 | 1734 |
|  5.500% due 03/15/2029 | 966 | 960 |
|  6.750% due 06/15/2026 | 2018 | 2046 |
|  NCL Finance Ltd. | NCL Finance Ltd. | NCL Finance Ltd. |
|  6.125% due 03/15/2028 | 789 | 814 |
|  Newmark Group, Inc. | Newmark Group, Inc. | Newmark Group, Inc. |
|  7.500% due 01/12/2029 | 703 | 755 |
|  Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC |
|  1.850% due 09/16/2026 | 2197 | 2150 |
|  2.000% due 03/09/2026 | 2927 | 2915 |
|  2.750% due 03/09/2028 | 1363 | 1296 |
|  5.300% due 09/13/2027 | 518 | 519 |
|  5.625% due 09/29/2028 | 1725 | 1731 |
|  5.773% (SOFRINDX + 2.050%) due 09/13/2027 ~ | 525 | 522 |
|  6.125% due 09/30/2030 | 1725 | 1726 |
|  6.950% due 09/15/2026 | 731 | 741 |
|  7.050% due 09/15/2028 | 1828 | 1897 |
|  OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. |
|  3.500% due 01/15/2027 | 3879 | 3844 |
|  3.875% due 09/15/2028 | 943 | 920 |
|  5.375% due 11/15/2029 | 2454 | 2457 |
|  6.625% due 01/15/2028 | 1993 | 2052 |
|  6.625% due 05/15/2029 | 872 | 904 |
|  Oxford Finance LLC/Oxford Finance Co-Issuer II, Inc. | Oxford Finance LLC/Oxford Finance Co-Issuer II, Inc. | Oxford Finance LLC/Oxford Finance Co-Issuer II, Inc. |
|  6.375% due 02/01/2027 | 1605 | 1611 |
|  Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer | Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer | Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer |
|  4.875% due 05/15/2029 | 1997 | 1952 |
|  5.875% due 10/01/2028 | 1284 | 1286 |
|  Pebblebrook Hotel LP/PEB Finance Corp. | Pebblebrook Hotel LP/PEB Finance Corp. | Pebblebrook Hotel LP/PEB Finance Corp. |
|  6.375% due 10/15/2029 | 1647 | 1692 |
|  PennyMac Financial Services, Inc. | PennyMac Financial Services, Inc. | PennyMac Financial Services, Inc. |
|  4.250% due 02/15/2029 | 846 | 831 |
|  7.875% due 12/15/2029 | 2136 | 2274 |
|  Popular, Inc. | Popular, Inc. | Popular, Inc. |
|  7.250% due 03/13/2028 | 1870 | 1972 |
|  PRA Group, Inc. | PRA Group, Inc. | PRA Group, Inc. |
|  8.375% due 02/01/2028 | 2649 | 2717 |
|  8.875% due 01/31/2030 | 309 | 321 |
|  Provident Funding Associates LP/PFG Finance Corp. | Provident Funding Associates LP/PFG Finance Corp. | Provident Funding Associates LP/PFG Finance Corp. |
|  9.750% due 09/15/2029 | 568 | 600 |
|  Rfna LP | Rfna LP | Rfna LP |
|  7.875% due 02/15/2030 | 1344 | 1373 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **29** |

---

------

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)** |
|  RHP Hotel Properties LP/RHP Finance Corp. | RHP Hotel Properties LP/RHP Finance Corp. | RHP Hotel Properties LP/RHP Finance Corp. |
|  4.750% due 10/15/2027 | 1857 | 1850 |
|  7.250% due 07/15/2028 | 1424 | 1469 |
|  RLJ Lodging Trust LP | RLJ Lodging Trust LP | RLJ Lodging Trust LP |
|  3.750% due 07/01/2026 | 1798 | 1794 |
|  4.000% due 09/15/2029 | 2199 | 2088 |
|  Rocket Cos., Inc. | Rocket Cos., Inc. | Rocket Cos., Inc. |
|  6.125% due 08/01/2030 | 1400 | 1448 |
|  6.500% due 08/01/2029 | 3292 | 3399 |
|  Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. | Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. | Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. |
|  2.875% due 10/15/2026 | 3865 | 3811 |
|  3.625% due 03/01/2029 | 830 | 802 |
|  SBA Communications Corp. | SBA Communications Corp. | SBA Communications Corp. |
|  3.125% due 02/01/2029 | 1929 | 1847 |
|  3.875% due 02/15/2027 | 3756 | 3730 |
|  Service Properties Trust | Service Properties Trust | Service Properties Trust |
|  0.000% due 09/30/2028 (d) | 3398 | 3075 |
|  5.500% due 12/15/2027 | 1903 | 1880 |
|  8.375% due 06/15/2029 | 794 | 799 |
|  SLM Corp. | SLM Corp. | SLM Corp. |
|  3.125% due 11/02/2026 | 2975 | 2926 |
|  Starwood Property Trust, Inc. | Starwood Property Trust, Inc. | Starwood Property Trust, Inc. |
|  3.625% due 07/15/2026 | 1171 | 1170 |
|  4.375% due 01/15/2027 | 383 | 381 |
|  5.250% due 10/15/2028 | 900 | 910 |
|  5.750% due 01/15/2031 | 2250 | 2277 |
|  6.500% due 07/01/2030 | 1210 | 1266 |
|  6.500% due 10/15/2030 | 710 | 741 |
|  7.250% due 04/01/2029 | 1564 | 1654 |
|  UniCredit SpA | UniCredit SpA | UniCredit SpA |
|  5.861% due 06/19/2032 •  | 1321 | 1343 |
|  7.296% due 04/02/2034 •  | 869 | 932 |
|  Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC | Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC | Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC |
|  6.000% due 01/15/2030 (g) | 3155 | 2938 |
|  UWM Holdings LLC | UWM Holdings LLC | UWM Holdings LLC |
|  6.250% due 03/15/2031 | 2775 | 2772 |
|  Vornado Realty LP | Vornado Realty LP | Vornado Realty LP |
|  2.150% due 06/01/2026 | 1343 | 1328 |
|  Voyager Aviation Holdings LLC | Voyager Aviation Holdings LLC | Voyager Aviation Holdings LLC |
|  8.500% due 05/09/2026 ^ « (b) | 510 | 0 |
|  WULF Compute LLC | WULF Compute LLC | WULF Compute LLC |
|  7.750% due 10/15/2030 | 2603 | 2684 |
|  XHR LP | XHR LP | XHR LP |
|  4.875% due 06/01/2029 | 485 | 479 |
|  6.625% due 05/15/2030 | 914 | 944 |
|  |  | 220382 |
| INDUSTRIALS 73.3% | INDUSTRIALS 73.3% | INDUSTRIALS 73.3% |
|  1011778 BC ULC/New Red Finance, Inc. | 1011778 BC ULC/New Red Finance, Inc. | 1011778 BC ULC/New Red Finance, Inc. |
|  3.500% due 02/15/2029 | 1427 | 1384 |
|  3.875% due 01/15/2028 | 1275 | 1258 |
|  4.375% due 01/15/2028 | 4753 | 4740 |
|  6.125% due 06/15/2029 | 1560 | 1603 |
|  1261229 BC Ltd. | 1261229 BC Ltd. | 1261229 BC Ltd. |
|  10.000% due 04/15/2032 | 5413 | 5634 |
|  AAR Escrow Issuer LLC | AAR Escrow Issuer LLC | AAR Escrow Issuer LLC |
|  6.750% due 03/15/2029 | 1855 | 1921 |
|  Acadia Healthcare Co., Inc. | Acadia Healthcare Co., Inc. | Acadia Healthcare Co., Inc. |
|  5.500% due 07/01/2028 | 3712 | 3695 |
|  AdaptHealth LLC | AdaptHealth LLC | AdaptHealth LLC |
|  6.125% due 08/01/2028 | 1977 | 2000 |
|  ADT Security Corp. | ADT Security Corp. | ADT Security Corp. |
|  4.125% due 08/01/2029 | 1480 | 1447 |
|  Advance Auto Parts, Inc. | Advance Auto Parts, Inc. | Advance Auto Parts, Inc. |
|  7.000% due 08/01/2030 | 4020 | 4057 |
|  Advantage Sales & Marketing, Inc. | Advantage Sales & Marketing, Inc. | Advantage Sales & Marketing, Inc. |
|  6.500% due 11/15/2028 | 894 | 732 |
|  Ahead DB Holdings LLC | Ahead DB Holdings LLC | Ahead DB Holdings LLC |
|  6.625% due 05/01/2028 | 3823 | 3851 |
|  Ahlstrom Holding 3 OYJ | Ahlstrom Holding 3 OYJ | Ahlstrom Holding 3 OYJ |
|  4.875% due 02/04/2028 | 1173 | 1156 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC |
|  3.500% due 03/15/2029 | 2016 | 1939 |
|  4.625% due 01/15/2027 | 2676 | 2676 |
|  5.875% due 02/15/2028 | 1957 | 1971 |
|  Albion Financing 1 SARL/Aggreko Holdings, Inc. | Albion Financing 1 SARL/Aggreko Holdings, Inc. | Albion Financing 1 SARL/Aggreko Holdings, Inc. |
|  7.000% due 05/21/2030 | 5447 | 5707 |
|  Allison Transmission, Inc. | Allison Transmission, Inc. | Allison Transmission, Inc. |
|  4.750% due 10/01/2027 | 1236 | 1235 |
|  Alta Equipment Group, Inc. | Alta Equipment Group, Inc. | Alta Equipment Group, Inc. |
|  9.000% due 06/01/2029 (g) | 2470 | 2233 |
|  Altice France Lux 3/Altice Holdings 1 | Altice France Lux 3/Altice Holdings 1 | Altice France Lux 3/Altice Holdings 1 |
|  10.000% due 01/15/2033 | 4842 | 4447 |
|  Altice France SA | Altice France SA | Altice France SA |
|  6.500% due 10/15/2031 | 9 | 9 |
|  6.875% due 10/15/2030 | 2091 | 2030 |
|  9.500% due 11/01/2029 | 4483 | 4631 |
|  Alumina Pty. Ltd. | Alumina Pty. Ltd. | Alumina Pty. Ltd. |
|  6.125% due 03/15/2030 | 1471 | 1525 |
|  AMC Networks, Inc. | AMC Networks, Inc. | AMC Networks, Inc. |
|  10.250% due 01/15/2029 | 1360 | 1427 |
|  American Airlines, Inc./AAdvantage Loyalty IP Ltd. | American Airlines, Inc./AAdvantage Loyalty IP Ltd. | American Airlines, Inc./AAdvantage Loyalty IP Ltd. |
|  5.500% due 04/20/2026 | 1076 | 1078 |
|  5.750% due 04/20/2029 | 11704 | 11926 |
|  American Axle & Manufacturing, Inc. | American Axle & Manufacturing, Inc. | American Axle & Manufacturing, Inc. |
|  5.000% due 10/01/2029 | 298 | 287 |
|  6.375% due 10/15/2032 | 1600 | 1630 |
|  American Builders & Contractors Supply Co., Inc. | American Builders & Contractors Supply Co., Inc. | American Builders & Contractors Supply Co., Inc. |
|  3.875% due 11/15/2029 | 1986 | 1916 |
|  4.000% due 01/15/2028 | 1628 | 1618 |
|  ams-OSRAM AG | ams-OSRAM AG | ams-OSRAM AG |
|  12.250% due 03/30/2029 | 3860 | 4119 |
|  APLD ComputeCo LLC | APLD ComputeCo LLC | APLD ComputeCo LLC |
|  9.250% due 12/15/2030 | 2150 | 2111 |
|  Aramark Services, Inc. | Aramark Services, Inc. | Aramark Services, Inc. |
|  5.000% due 02/01/2028 | 2431 | 2433 |
|  Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC | Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC | Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC |
|  3.250% due 09/01/2028 | 1031 | 994 |
|  4.000% due 09/01/2029 | 750 | 707 |
|  Artera Services LLC | Artera Services LLC | Artera Services LLC |
|  8.500% due 02/15/2031 (g) | 1700 | 1413 |
|  Asbury Automotive Group, Inc. | Asbury Automotive Group, Inc. | Asbury Automotive Group, Inc. |
|  4.500% due 03/01/2028 | 450 | 450 |
|  Ascent Resources Utica Holdings LLC/ARU Finance Corp. | Ascent Resources Utica Holdings LLC/ARU Finance Corp. | Ascent Resources Utica Holdings LLC/ARU Finance Corp. |
|  5.875% due 06/30/2029 | 1559 | 1569 |
|  Ashton Woods USA LLC/Ashton Woods Finance Co. | Ashton Woods USA LLC/Ashton Woods Finance Co. | Ashton Woods USA LLC/Ashton Woods Finance Co. |
|  4.625% due 08/01/2029 | 750 | 716 |
|  Aston Martin Capital Holdings Ltd. | Aston Martin Capital Holdings Ltd. | Aston Martin Capital Holdings Ltd. |
|  10.000% due 03/31/2029 | 5695 | 5305 |
|  AthenaHealth Group, Inc. | AthenaHealth Group, Inc. | AthenaHealth Group, Inc. |
|  6.500% due 02/15/2030 | 5210 | 5199 |
|  ATS Corp. | ATS Corp. | ATS Corp. |
|  4.125% due 12/15/2028 | 2175 | 2130 |
|  Avantor Funding, Inc. | Avantor Funding, Inc. | Avantor Funding, Inc. |
|  3.875% due 11/01/2029 | 1945 | 1869 |
|  4.625% due 07/15/2028 | 2939 | 2925 |
|  Avis Budget Car Rental LLC/Avis Budget Finance, Inc. | Avis Budget Car Rental LLC/Avis Budget Finance, Inc. | Avis Budget Car Rental LLC/Avis Budget Finance, Inc. |
|  4.750% due 04/01/2028 | 3768 | 3688 |
|  5.375% due 03/01/2029 | 773 | 755 |
|  5.750% due 07/15/2027 | 2380 | 2393 |
|  Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV | Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV | Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV |
|  4.750% due 06/15/2027 | 1338 | 1340 |
|  Axon Enterprise, Inc. | Axon Enterprise, Inc. | Axon Enterprise, Inc. |
|  6.125% due 03/15/2030 | 1040 | 1076 |
|  B&G Foods, Inc. | B&G Foods, Inc. | B&G Foods, Inc. |
|  8.000% due 09/15/2028 | 2176 | 2144 |
|  Ball Corp. | Ball Corp. | Ball Corp. |
|  2.875% due 08/15/2030 | 807 | 747 |
|  5.500% due 09/15/2033 | 1300 | 1326 |
|  Bath & Body Works, Inc. | Bath & Body Works, Inc. | Bath & Body Works, Inc. |
|  6.694% due 01/15/2027 | 495 | 505 |
|  7.500% due 06/15/2029 | 749 | 768 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Bausch & Lomb Corp. | Bausch & Lomb Corp. | Bausch & Lomb Corp. |
|  8.375% due 10/01/2028 | 3172 | 3315 |
|  Bausch Health Americas, Inc. | Bausch Health Americas, Inc. | Bausch Health Americas, Inc. |
|  8.500% due 01/31/2027 (g) | 1175 | 1164 |
|  Bausch Health Cos., Inc. | Bausch Health Cos., Inc. | Bausch Health Cos., Inc. |
|  4.875% due 06/01/2028 | 1133 | 1015 |
|  5.000% due 01/30/2028 (g) | 1672 | 1464 |
|  5.000% due 02/15/2029 (g) | 1581 | 1219 |
|  6.250% due 02/15/2029 | 1379 | 1112 |
|  11.000% due 09/30/2028 | 797 | 826 |
|  Beach Acquisition Bidco LLC (10.000% Cash or 10.750% PIK) | Beach Acquisition Bidco LLC (10.000% Cash or 10.750% PIK) | Beach Acquisition Bidco LLC (10.000% Cash or 10.750% PIK) |
|  10.000% due 07/15/2033 (a) | 1750 | 1933 |
|  Beacon Mobility Corp. | Beacon Mobility Corp. | Beacon Mobility Corp. |
|  7.250% due 08/01/2030 | 1570 | 1643 |
|  Beazer Homes USA, Inc. | Beazer Homes USA, Inc. | Beazer Homes USA, Inc. |
|  7.500% due 03/15/2031 | 703 | 714 |
|  Beignet Investor LLC | Beignet Investor LLC | Beignet Investor LLC |
|  6.581% due 05/30/2049 | 9800 | 10363 |
|  Belron U.K. Finance PLC | Belron U.K. Finance PLC | Belron U.K. Finance PLC |
|  5.750% due 10/15/2029 | 1783 | 1822 |
|  BKV Upstream Midstream LLC | BKV Upstream Midstream LLC | BKV Upstream Midstream LLC |
|  7.500% due 10/15/2030 | 2958 | 3012 |
|  Blackstone Mortgage Trust, Inc. | Blackstone Mortgage Trust, Inc. | Blackstone Mortgage Trust, Inc. |
|  3.750% due 01/15/2027 | 401 | 398 |
|  7.750% due 12/01/2029 | 1565 | 1671 |
|  Block Communications, Inc. | Block Communications, Inc. | Block Communications, Inc. |
|  4.875% due 03/01/2028 | 793 | 741 |
|  Block, Inc. | Block, Inc. | Block, Inc. |
|  2.750% due 06/01/2026 | 2119 | 2107 |
|  5.625% due 08/15/2030 | 1425 | 1455 |
|  Bombardier, Inc. | Bombardier, Inc. | Bombardier, Inc. |
|  6.000% due 02/15/2028 | 1733 | 1739 |
|  Boyd Gaming Corp. | Boyd Gaming Corp. | Boyd Gaming Corp. |
|  4.750% due 12/01/2027 | 1566 | 1565 |
|  Brand Industrial Services, Inc. | Brand Industrial Services, Inc. | Brand Industrial Services, Inc. |
|  10.375% due 08/01/2030 | 1419 | 1393 |
|  Brink's Co. | Brink's Co. | Brink's Co. |
|  4.625% due 10/15/2027 | 1925 | 1926 |
|  Bristow Group, Inc. | Bristow Group, Inc. | Bristow Group, Inc. |
|  6.875% due 03/01/2028 | 1576 | 1579 |
|  Buckeye Partners LP | Buckeye Partners LP | Buckeye Partners LP |
|  3.950% due 12/01/2026 | 1300 | 1287 |
|  Cablevision Lightpath LLC | Cablevision Lightpath LLC | Cablevision Lightpath LLC |
|  3.875% due 09/15/2027 | 547 | 536 |
|  5.625% due 09/15/2028 | 547 | 537 |
|  Calderys Financing LLC | Calderys Financing LLC | Calderys Financing LLC |
|  11.250% due 06/01/2028 | 275 | 292 |
|  Camelot Finance SA | Camelot Finance SA | Camelot Finance SA |
|  4.500% due 11/01/2026 | 134 | 133 |
|  Camelot Return Merger Sub, Inc. | Camelot Return Merger Sub, Inc. | Camelot Return Merger Sub, Inc. |
|  8.750% due 08/01/2028 | 2050 | 1590 |
|  Capstone Borrower, Inc. | Capstone Borrower, Inc. | Capstone Borrower, Inc. |
|  8.000% due 06/15/2030 | 2220 | 2289 |
|  Capstone Copper Corp. | Capstone Copper Corp. | Capstone Copper Corp. |
|  6.750% due 03/31/2033 | 375 | 389 |
|  Carnival Corp. | Carnival Corp. | Carnival Corp. |
|  5.125% due 05/01/2029 | 2950 | 2984 |
|  Carpenter Technology Corp. | Carpenter Technology Corp. | Carpenter Technology Corp. |
|  5.625% due 03/01/2034 | 875 | 890 |
|  Carvana Co. | Carvana Co. | Carvana Co. |
|  9.000% due 06/01/2030 | 1100 | 1154 |
|  CCO Holdings LLC/CCO Holdings Capital Corp. | CCO Holdings LLC/CCO Holdings Capital Corp. | CCO Holdings LLC/CCO Holdings Capital Corp. |
|  4.500% due 08/15/2030 | 717 | 676 |
|  4.750% due 03/01/2030 | 4088 | 3907 |
|  5.000% due 02/01/2028 | 5815 | 5772 |
|  5.125% due 05/01/2027 | 6259 | 6254 |
|  5.375% due 06/01/2029 | 3607 | 3569 |
|  5.500% due 05/01/2026 | 888 | 890 |
|  Celanese U.S. Holdings LLC | Celanese U.S. Holdings LLC | Celanese U.S. Holdings LLC |
|  6.500% due 04/15/2030 (g) | 1022 | 1028 |
|  6.850% due 11/15/2028 | 226 | 237 |
|  7.000% due 02/15/2031 | 1700 | 1742 |

---

---

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

---

------

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Centene Corp. | Centene Corp. | Centene Corp. |
|  2.450% due 07/15/2028 | 2350 | 2202 |
|  4.250% due 12/15/2027 | 425 | 423 |
|  Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc. | Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc. | Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc. |
|  8.000% due 06/15/2029 | 2268 | 1974 |
|  Central Parent, Inc./CDK Global, Inc. | Central Parent, Inc./CDK Global, Inc. | Central Parent, Inc./CDK Global, Inc. |
|  7.250% due 06/15/2029 | 4685 | 3977 |
|  Century Communities, Inc. | Century Communities, Inc. | Century Communities, Inc. |
|  3.875% due 08/15/2029 | 1774 | 1688 |
|  Cerdia Finanz GmbH | Cerdia Finanz GmbH | Cerdia Finanz GmbH |
|  9.375% due 10/03/2031 | 1826 | 1897 |
|  Champion Iron Canada, Inc. | Champion Iron Canada, Inc. | Champion Iron Canada, Inc. |
|  7.875% due 07/15/2032 | 700 | 746 |
|  Champions Financing, Inc. | Champions Financing, Inc. | Champions Financing, Inc. |
|  8.750% due 02/15/2029 (g) | 2065 | 2037 |
|  Charles River Laboratories International, Inc. | Charles River Laboratories International, Inc. | Charles River Laboratories International, Inc. |
|  3.750% due 03/15/2029 | 369 | 357 |
|  Chemours Co. | Chemours Co. | Chemours Co. |
|  5.375% due 05/15/2027 | 1048 | 1053 |
|  Cheplapharm Arzneimittel GmbH | Cheplapharm Arzneimittel GmbH | Cheplapharm Arzneimittel GmbH |
|  5.500% due 01/15/2028 (g) | 1548 | 1533 |
|  Chobani LLC/Chobani Finance Corp., Inc. | Chobani LLC/Chobani Finance Corp., Inc. | Chobani LLC/Chobani Finance Corp., Inc. |
|  4.625% due 11/15/2028 | 517 | 519 |
|  7.625% due 07/01/2029 | 815 | 851 |
|  Chord Energy Corp. | Chord Energy Corp. | Chord Energy Corp. |
|  6.000% due 10/01/2030 | 1325 | 1346 |
|  CHS/Community Health Systems, Inc. | CHS/Community Health Systems, Inc. | CHS/Community Health Systems, Inc. |
|  5.250% due 05/15/2030 | 2930 | 2757 |
|  6.000% due 01/15/2029 | 2073 | 2080 |
|  6.125% due 04/01/2030 | 1729 | 1387 |
|  6.875% due 04/15/2029 | 3411 | 3039 |
|  Churchill Downs, Inc. | Churchill Downs, Inc. | Churchill Downs, Inc. |
|  4.750% due 01/15/2028 | 4095 | 4095 |
|  5.500% due 04/01/2027 | 1929 | 1936 |
|  5.750% due 04/01/2030 | 700 | 707 |
|  Cinemark USA, Inc. | Cinemark USA, Inc. | Cinemark USA, Inc. |
|  5.250% due 07/15/2028 | 1711 | 1712 |
|  Cipher Compute LLC | Cipher Compute LLC | Cipher Compute LLC |
|  7.125% due 11/15/2030 | 469 | 478 |
|  CITGO Petroleum Corp. | CITGO Petroleum Corp. | CITGO Petroleum Corp. |
|  8.375% due 01/15/2029 | 2421 | 2526 |
|  Civitas Resources, Inc. | Civitas Resources, Inc. | Civitas Resources, Inc. |
|  5.000% due 10/15/2026 | 1244 | 1245 |
|  8.375% due 07/01/2028 | 3655 | 3771 |
|  Clarios Global LP/Clarios U.S. Finance Co. | Clarios Global LP/Clarios U.S. Finance Co. | Clarios Global LP/Clarios U.S. Finance Co. |
|  6.750% due 02/15/2030 | 1480 | 1549 |
|  Clarivate Science Holdings Corp. | Clarivate Science Holdings Corp. | Clarivate Science Holdings Corp. |
|  4.875% due 07/01/2029 | 3535 | 3346 |
|  Clear Channel Outdoor Holdings, Inc. | Clear Channel Outdoor Holdings, Inc. | Clear Channel Outdoor Holdings, Inc. |
|  7.125% due 02/15/2031 | 700 | 735 |
|  7.500% due 06/01/2029 (g) | 3604 | 3582 |
|  7.750% due 04/15/2028 (g) | 1878 | 1881 |
|  7.875% due 04/01/2030 | 205 | 217 |
|  Cleveland-Cliffs, Inc. | Cleveland-Cliffs, Inc. | Cleveland-Cliffs, Inc. |
|  4.625% due 03/01/2029 | 505 | 498 |
|  6.875% due 11/01/2029 | 3381 | 3504 |
|  Cloud Software Group, Inc. | Cloud Software Group, Inc. | Cloud Software Group, Inc. |
|  6.500% due 03/31/2029 | 8627 | 8746 |
|  9.000% due 09/30/2029 | 6504 | 6778 |
|  Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. |
|  8.750% due 04/15/2030 | 2639 | 2685 |
|  CMG Media Corp. | CMG Media Corp. | CMG Media Corp. |
|  8.875% due 06/18/2029 | 634 | 545 |
|  CNX Midstream Partners LP | CNX Midstream Partners LP | CNX Midstream Partners LP |
|  4.750% due 04/15/2030 | 1520 | 1481 |
|  Cogent Communications Group LLC/Cogent Finance, Inc. | Cogent Communications Group LLC/Cogent Finance, Inc. | Cogent Communications Group LLC/Cogent Finance, Inc. |
|  6.500% due 07/01/2032 (g) | 2988 | 2798 |
|  7.000% due 06/15/2027 | 4360 | 4376 |
|  CommScope LLC | CommScope LLC | CommScope LLC |
|  4.750% due 09/01/2029 | 1915 | 1914 |
|  7.125% due 07/01/2028 | 762 | 767 |
|  8.250% due 03/01/2027 | 1988 | 2005 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  CommScope Technologies LLC | CommScope Technologies LLC | CommScope Technologies LLC |
|  5.000% due 03/15/2027 | 4609 | 4602 |
|  Compass Minerals International, Inc. | Compass Minerals International, Inc. | Compass Minerals International, Inc. |
|  6.750% due 12/01/2027 | 127 | 128 |
|  8.000% due 07/01/2030 | 925 | 969 |
|  Comstock Resources, Inc. | Comstock Resources, Inc. | Comstock Resources, Inc. |
|  5.875% due 01/15/2030 | 2576 | 2507 |
|  6.750% due 03/01/2029 | 5625 | 5632 |
|  Connect Finco SARL/Connect U.S. Finco LLC | Connect Finco SARL/Connect U.S. Finco LLC | Connect Finco SARL/Connect U.S. Finco LLC |
|  9.000% due 09/15/2029 | 3753 | 3986 |
|  CoreWeave, Inc. | CoreWeave, Inc. | CoreWeave, Inc. |
|  9.000% due 02/01/2031 | 2925 | 2684 |
|  9.250% due 06/01/2030 | 8328 | 7752 |
|  CP Atlas Buyer, Inc. | CP Atlas Buyer, Inc. | CP Atlas Buyer, Inc. |
|  9.750% due 07/15/2030 | 781 | 810 |
|  CQP Holdco LP/BIP-V Chinook Holdco LLC | CQP Holdco LP/BIP-V Chinook Holdco LLC | CQP Holdco LP/BIP-V Chinook Holdco LLC |
|  5.500% due 06/15/2031 | 325 | 322 |
|  Crocs, Inc. | Crocs, Inc. | Crocs, Inc. |
|  4.250% due 03/15/2029 | 2057 | 1994 |
|  Crowdstrike Holdings, Inc. | Crowdstrike Holdings, Inc. | Crowdstrike Holdings, Inc. |
|  3.000% due 02/15/2029 | 417 | 401 |
|  Crown Americas LLC/Crown Americas Capital Corp. V | Crown Americas LLC/Crown Americas Capital Corp. V | Crown Americas LLC/Crown Americas Capital Corp. V |
|  4.250% due 09/30/2026 | 823 | 820 |
|  CSC Holdings LLC | CSC Holdings LLC | CSC Holdings LLC |
|  4.125% due 12/01/2030 | 1175 | 722 |
|  5.375% due 02/01/2028 | 1514 | 1100 |
|  5.500% due 04/15/2027 | 3352 | 2877 |
|  5.750% due 01/15/2030 | 7502 | 2779 |
|  6.500% due 02/01/2029 | 3670 | 2435 |
|  7.500% due 04/01/2028 | 947 | 552 |
|  11.250% due 05/15/2028 | 1478 | 1177 |
|  11.750% due 01/31/2029 | 2810 | 2089 |
|  CVR Energy, Inc. | CVR Energy, Inc. | CVR Energy, Inc. |
|  8.500% due 01/15/2029 | 527 | 542 |
|  CVR Partners LP/CVR Nitrogen Finance Corp. | CVR Partners LP/CVR Nitrogen Finance Corp. | CVR Partners LP/CVR Nitrogen Finance Corp. |
|  6.125% due 06/15/2028 | 1268 | 1276 |
|  CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
|  7.000% due 03/10/2055 •  | 5080 | 5332 |
|  Darling Ingredients, Inc. | Darling Ingredients, Inc. | Darling Ingredients, Inc. |
|  5.250% due 04/15/2027 | 725 | 727 |
|  DaVita, Inc. | DaVita, Inc. | DaVita, Inc. |
|  4.625% due 06/01/2030 | 2978 | 2898 |
|  Dcli Bidco LLC | Dcli Bidco LLC | Dcli Bidco LLC |
|  7.750% due 11/15/2029 | 798 | 821 |
|  Delek Logistics Partners LP/Delek Logistics Finance Corp. | Delek Logistics Partners LP/Delek Logistics Finance Corp. | Delek Logistics Partners LP/Delek Logistics Finance Corp. |
|  7.125% due 06/01/2028 | 1099 | 1106 |
|  8.625% due 03/15/2029 | 966 | 1013 |
|  Deluxe Corp. | Deluxe Corp. | Deluxe Corp. |
|  8.000% due 06/01/2029 | 490 | 500 |
|  8.125% due 09/15/2029 | 1893 | 1997 |
|  Diebold Nixdorf, Inc. | Diebold Nixdorf, Inc. | Diebold Nixdorf, Inc. |
|  7.750% due 03/31/2030 | 1368 | 1459 |
|  Directv Financing LLC | Directv Financing LLC | Directv Financing LLC |
|  8.875% due 02/01/2030 | 4910 | 4977 |
|  Directv Financing LLC/Directv Financing Co-Obligor, Inc. | Directv Financing LLC/Directv Financing Co-Obligor, Inc. | Directv Financing LLC/Directv Financing Co-Obligor, Inc. |
|  5.875% due 08/15/2027 | 2672 | 2689 |
|  Discovery Communications LLC | Discovery Communications LLC | Discovery Communications LLC |
|  3.625% due 05/15/2030 | 5750 | 5301 |
|  3.950% due 03/20/2028 | 3800 | 3735 |
|  DISH DBS Corp. | DISH DBS Corp. | DISH DBS Corp. |
|  5.125% due 06/01/2029 | 6250 | 5552 |
|  5.250% due 12/01/2026 | 5947 | 5772 |
|  5.750% due 12/01/2028 | 5630 | 5531 |
|  7.375% due 07/01/2028 | 3212 | 3108 |
|  7.750% due 07/01/2026 | 4629 | 4576 |
|  DISH Network Corp. | DISH Network Corp. | DISH Network Corp. |
|  11.750% due 11/15/2027 | 5684 | 5919 |
|  Dream Finders Homes, Inc. | Dream Finders Homes, Inc. | Dream Finders Homes, Inc. |
|  6.875% due 09/15/2030 | 2644 | 2661 |
|  EchoStar Corp. | EchoStar Corp. | EchoStar Corp. |
|  10.750% due 11/30/2029 | 8653 | 9575 |
|  Efesto Bidco SpA Efesto U.S. LLC | Efesto Bidco SpA Efesto U.S. LLC | Efesto Bidco SpA Efesto U.S. LLC |
|  7.500% due 02/15/2032 | 1425 | 1443 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  EG Global Finance PLC | EG Global Finance PLC | EG Global Finance PLC |
|  12.000% due 11/30/2028 | 1584 | 1723 |
|  Eldorado Gold Corp. | Eldorado Gold Corp. | Eldorado Gold Corp. |
|  6.250% due 09/01/2029 | 1625 | 1644 |
|  Ellucian Holdings, Inc. | Ellucian Holdings, Inc. | Ellucian Holdings, Inc. |
|  6.500% due 12/01/2029 | 3182 | 3252 |
|  Encompass Health Corp. | Encompass Health Corp. | Encompass Health Corp. |
|  4.500% due 02/01/2028 | 871 | 870 |
|  Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
|  6.500% due 02/15/2056 •  | 1750 | 1745 |
|  Entegris, Inc. | Entegris, Inc. | Entegris, Inc. |
|  4.750% due 04/15/2029 | 2434 | 2442 |
|  Esab Corp. | Esab Corp. | Esab Corp. |
|  6.250% due 04/15/2029 | 778 | 801 |
|  EW Scripps Co. | EW Scripps Co. | EW Scripps Co. |
|  9.875% due 08/15/2030 | 4825 | 4822 |
|  Excelerate Energy LP | Excelerate Energy LP | Excelerate Energy LP |
|  8.000% due 05/15/2030 | 2533 | 2686 |
|  Fair Isaac Corp. | Fair Isaac Corp. | Fair Isaac Corp. |
|  4.000% due 06/15/2028 | 834 | 826 |
|  Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc. | Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc. | Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc. |
|  4.625% due 01/15/2029 | 1673 | 1627 |
|  6.750% due 01/15/2030 | 2237 | 2128 |
|  First Quantum Minerals Ltd. | First Quantum Minerals Ltd. | First Quantum Minerals Ltd. |
|  8.000% due 03/01/2033 | 200 | 214 |
|  First Student Bidco, Inc./First Transit Parent, Inc. | First Student Bidco, Inc./First Transit Parent, Inc. | First Student Bidco, Inc./First Transit Parent, Inc. |
|  4.000% due 07/31/2029 | 1721 | 1679 |
|  Fluor Corp. | Fluor Corp. | Fluor Corp. |
|  4.250% due 09/15/2028 | 1732 | 1721 |
|  Fortescue Treasury Pty. Ltd. | Fortescue Treasury Pty. Ltd. | Fortescue Treasury Pty. Ltd. |
|  4.500% due 09/15/2027 | 2175 | 2172 |
|  5.875% due 04/15/2030 | 229 | 236 |
|  Fortrea Holdings, Inc. | Fortrea Holdings, Inc. | Fortrea Holdings, Inc. |
|  7.500% due 07/01/2030 (g) | 519 | 531 |
|  Frontier Communications Holdings LLC | Frontier Communications Holdings LLC | Frontier Communications Holdings LLC |
|  5.000% due 05/01/2028 | 2106 | 2112 |
|  5.875% due 10/15/2027 | 3002 | 3020 |
|  5.875% due 11/01/2029 | 735 | 745 |
|  6.750% due 05/01/2029 | 1851 | 1866 |
|  Full House Resorts, Inc. | Full House Resorts, Inc. | Full House Resorts, Inc. |
|  8.250% due 02/15/2028 | 1158 | 1010 |
|  FXI Holdings, Inc. | FXI Holdings, Inc. | FXI Holdings, Inc. |
|  11.000% due 11/15/2030 | 438 | 394 |
|  FXI Holdings, Inc. (16.000% PIK) | FXI Holdings, Inc. (16.000% PIK) | FXI Holdings, Inc. (16.000% PIK) |
|  16.000% due 11/15/2029 (a) | 262 | 149 |
|  Gap, Inc. | Gap, Inc. | Gap, Inc. |
|  3.625% due 10/01/2029 | 2088 | 1982 |
|  Garda World Security Corp. | Garda World Security Corp. | Garda World Security Corp. |
|  6.000% due 06/01/2029 | 1600 | 1571 |
|  6.500% due 01/15/2031 | 1325 | 1357 |
|  GFL Environmental, Inc. | GFL Environmental, Inc. | GFL Environmental, Inc. |
|  4.000% due 08/01/2028 | 2234 | 2205 |
|  Global Auto Holdings Ltd./AAG FH U.K. Ltd. | Global Auto Holdings Ltd./AAG FH U.K. Ltd. | Global Auto Holdings Ltd./AAG FH U.K. Ltd. |
|  8.375% due 01/15/2029 | 1422 | 1401 |
|  11.500% due 08/15/2029 | 1191 | 1252 |
|  Global Medical Response, Inc. | Global Medical Response, Inc. | Global Medical Response, Inc. |
|  7.375% due 10/01/2032 | 675 | 703 |
|  Go Daddy Operating Co. LLC/GD Finance Co., Inc. | Go Daddy Operating Co. LLC/GD Finance Co., Inc. | Go Daddy Operating Co. LLC/GD Finance Co., Inc. |
|  3.500% due 03/01/2029 | 2280 | 2191 |
|  5.250% due 12/01/2027 | 596 | 598 |
|  goeasy Ltd. | goeasy Ltd. | goeasy Ltd. |
|  7.625% due 07/01/2029 | 2429 | 2404 |
|  9.250% due 12/01/2028 | 2328 | 2396 |
|  Goodyear Tire & Rubber Co. | Goodyear Tire & Rubber Co. | Goodyear Tire & Rubber Co. |
|  4.875% due 03/15/2027 | 15 | 15 |
|  5.000% due 07/15/2029 | 2169 | 2145 |
|  Graham Holdings Co. | Graham Holdings Co. | Graham Holdings Co. |
|  5.625% due 12/01/2033 | 1800 | 1822 |
|  Graham Packaging Co., Inc. | Graham Packaging Co., Inc. | Graham Packaging Co., Inc. |
|  7.125% due 08/15/2028 | 2957 | 2965 |
|  Graphic Packaging International LLC | Graphic Packaging International LLC | Graphic Packaging International LLC |
|  4.750% due 07/15/2027 | 275 | 275 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **31** |

---

------

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)** |
|  Gray Media, Inc. | Gray Media, Inc. | Gray Media, Inc. |
|  4.750% due 10/15/2030 | 1124 | 873 |
|  9.625% due 07/15/2032 | 3182 | 3305 |
|  10.500% due 07/15/2029 | 1969 | 2121 |
|  Great Lakes Dredge & Dock Corp. | Great Lakes Dredge & Dock Corp. | Great Lakes Dredge & Dock Corp. |
|  5.250% due 06/01/2029 | 1325 | 1298 |
|  Griffon Corp. | Griffon Corp. | Griffon Corp. |
|  5.750% due 03/01/2028 | 2818 | 2825 |
|  Grifols SA | Grifols SA | Grifols SA |
|  4.750% due 10/15/2028 | 3123 | 3087 |
|  Group 1 Automotive, Inc. | Group 1 Automotive, Inc. | Group 1 Automotive, Inc. |
|  4.000% due 08/15/2028 | 926 | 908 |
|  GrubHub Holdings, Inc. (7.000% Cash and 7.000% PIK) | GrubHub Holdings, Inc. (7.000% Cash and 7.000% PIK) | GrubHub Holdings, Inc. (7.000% Cash and 7.000% PIK) |
|  14.000% due 07/31/2030 (a) (g) | 1782 | 1460 |
|  Gulfport Energy Operating Corp. | Gulfport Energy Operating Corp. | Gulfport Energy Operating Corp. |
|  6.750% due 09/01/2029 | 2502 | 2587 |
|  HealthEquity, Inc. | HealthEquity, Inc. | HealthEquity, Inc. |
|  4.500% due 10/01/2029 | 1603 | 1577 |
|  Heartland Dental LLC/Heartland Dental Finance Corp. | Heartland Dental LLC/Heartland Dental Finance Corp. | Heartland Dental LLC/Heartland Dental Finance Corp. |
|  10.500% due 04/30/2028 | 238 | 250 |
|  Herc Holdings, Inc. | Herc Holdings, Inc. | Herc Holdings, Inc. |
|  5.750% due 03/15/2031 | 2000 | 2031 |
|  7.000% due 06/15/2030 | 1895 | 1995 |
|  Hertz Corp. | Hertz Corp. | Hertz Corp. |
|  4.625% due 12/01/2026 | 243 | 233 |
|  12.625% due 07/15/2029 | 1711 | 1727 |
|  Hess Midstream Operations LP | Hess Midstream Operations LP | Hess Midstream Operations LP |
|  5.875% due 03/01/2028 | 1118 | 1143 |
|  Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. |
|  5.875% due 04/01/2029 | 1018 | 1043 |
|  Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. | Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. | Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. |
|  5.000% due 06/01/2029 | 1651 | 1605 |
|  Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp. | Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp. | Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp. |
|  4.875% due 04/01/2027 | 839 | 840 |
|  HNI Corp. | HNI Corp. | HNI Corp. |
|  5.125% due 01/18/2029 | 1281 | 1256 |
|  Hologic, Inc. | Hologic, Inc. | Hologic, Inc. |
|  3.250% due 02/15/2029 | 645 | 636 |
|  Howard Midstream Energy Partners LLC | Howard Midstream Energy Partners LLC | Howard Midstream Energy Partners LLC |
|  6.625% due 01/15/2034 | 1525 | 1567 |
|  7.375% due 07/15/2032 | 369 | 390 |
|  HTA Group Ltd. | HTA Group Ltd. | HTA Group Ltd. |
|  7.500% due 06/04/2029 | 562 | 582 |
|  Hughes Satellite Systems Corp. | Hughes Satellite Systems Corp. | Hughes Satellite Systems Corp. |
|  5.250% due 08/01/2026 (g) | 1200 | 1148 |
|  6.625% due 08/01/2026 | 850 | 777 |
|  Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC | Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC | Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC |
|  9.000% due 02/15/2029 | 2651 | 2783 |
|  iHeartCommunications, Inc. | iHeartCommunications, Inc. | iHeartCommunications, Inc. |
|  7.750% due 08/15/2030 | 680 | 596 |
|  9.125% due 05/01/2029 | 1101 | 1062 |
|  10.875% due 05/01/2030 | 955 | 826 |
|  IHO Verwaltungs GmbH (6.375% Cash or 7.125% PIK) | IHO Verwaltungs GmbH (6.375% Cash or 7.125% PIK) | IHO Verwaltungs GmbH (6.375% Cash or 7.125% PIK) |
|  6.375% due 05/15/2029 (a) | 600 | 607 |
|  IHO Verwaltungs GmbH (7.750% Cash or 8.500% PIK) | IHO Verwaltungs GmbH (7.750% Cash or 8.500% PIK) | IHO Verwaltungs GmbH (7.750% Cash or 8.500% PIK) |
|  7.750% due 11/15/2030 (a) | 791 | 832 |
|  Illuminate Buyer LLC/Illuminate Holdings IV, Inc. | Illuminate Buyer LLC/Illuminate Holdings IV, Inc. | Illuminate Buyer LLC/Illuminate Holdings IV, Inc. |
|  9.000% due 07/01/2028 | 515 | 518 |
|  Imola Merger Corp. | Imola Merger Corp. | Imola Merger Corp. |
|  4.750% due 05/15/2029 | 4548 | 4493 |
|  Incora Intermediate II LLC (0.500% PIK) | Incora Intermediate II LLC (0.500% PIK) | Incora Intermediate II LLC (0.500% PIK) |
|  0.500% due 01/31/2030 (a) | 549 | 549 |
|  Incora Top Holdco LLC | Incora Top Holdco LLC | Incora Top Holdco LLC |
|  6.000% due 01/30/2033 (i) | 388 | 605 |
|  INEOS Finance PLC | INEOS Finance PLC | INEOS Finance PLC |
|  6.750% due 05/15/2028 | 2835 | 2521 |
|  7.500% due 04/15/2029 | 917 | 797 |
|  INEOS Quattro Finance 2 PLC | INEOS Quattro Finance 2 PLC | INEOS Quattro Finance 2 PLC |
|  9.625% due 03/15/2029 | 561 | 389 |
|  Installed Building Products, Inc. | Installed Building Products, Inc. | Installed Building Products, Inc. |
|  5.750% due 02/01/2028 | 537 | 539 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  IQVIA, Inc. | IQVIA, Inc. | IQVIA, Inc. |
|  5.000% due 10/15/2026 | 1298 | 1298 |
|  5.000% due 05/15/2027 | 2647 | 2648 |
|  Ithaca Energy North Sea PLC | Ithaca Energy North Sea PLC | Ithaca Energy North Sea PLC |
|  8.125% due 10/15/2029 | 450 | 466 |
|  ITT Holdings LLC | ITT Holdings LLC | ITT Holdings LLC |
|  6.500% due 08/01/2029 | 1272 | 1221 |
|  Jaguar Land Rover Automotive PLC | Jaguar Land Rover Automotive PLC | Jaguar Land Rover Automotive PLC |
|  4.500% due 10/01/2027 | 1672 | 1654 |
|  JELD-WEN, Inc. | JELD-WEN, Inc. | JELD-WEN, Inc. |
|  4.875% due 12/15/2027 | 50 | 44 |
|  JetBlue Airways Corp./JetBlue Loyalty LP | JetBlue Airways Corp./JetBlue Loyalty LP | JetBlue Airways Corp./JetBlue Loyalty LP |
|  9.875% due 09/20/2031 | 3539 | 3568 |
|  JW Aluminum Continuous Cast Co. | JW Aluminum Continuous Cast Co. | JW Aluminum Continuous Cast Co. |
|  10.250% due 04/01/2030 | 543 | 568 |
|  KBR, Inc. | KBR, Inc. | KBR, Inc. |
|  4.750% due 09/30/2028 | 882 | 869 |
|  KeHE Distributors LLC/KeHE Finance Corp./NextWave Distribution, Inc. | KeHE Distributors LLC/KeHE Finance Corp./NextWave Distribution, Inc. | KeHE Distributors LLC/KeHE Finance Corp./NextWave Distribution, Inc. |
|  9.000% due 02/15/2029 | 2323 | 2441 |
|  Kinetik Holdings LP | Kinetik Holdings LP | Kinetik Holdings LP |
|  6.625% due 12/15/2028 | 1611 | 1660 |
|  Kioxia Holdings Corp. | Kioxia Holdings Corp. | Kioxia Holdings Corp. |
|  0.000% due 07/24/2030 ~ | 1631 | 1679 |
|  Kodiak Gas Services LLC | Kodiak Gas Services LLC | Kodiak Gas Services LLC |
|  7.250% due 02/15/2029 | 1613 | 1679 |
|  Kraken Oil & Gas Partners LLC | Kraken Oil & Gas Partners LLC | Kraken Oil & Gas Partners LLC |
|  7.625% due 08/15/2029 | 3751 | 3718 |
|  LABL, Inc. | LABL, Inc. | LABL, Inc. |
|  10.500% due 07/15/2027 (g) | 3091 | 1924 |
|  Lamar Media Corp. | Lamar Media Corp. | Lamar Media Corp. |
|  5.375% due 11/01/2033 | 1400 | 1393 |
|  Lamb Weston Holdings, Inc. | Lamb Weston Holdings, Inc. | Lamb Weston Holdings, Inc. |
|  4.875% due 05/15/2028 | 2372 | 2375 |
|  LBM Acquisition LLC | LBM Acquisition LLC | LBM Acquisition LLC |
|  6.250% due 01/15/2029 (g) | 2180 | 1964 |
|  9.500% due 06/15/2031 | 1825 | 1905 |
|  LCM Investments Holdings II LLC | LCM Investments Holdings II LLC | LCM Investments Holdings II LLC |
|  4.875% due 05/01/2029 | 992 | 978 |
|  Level 3 Financing, Inc. | Level 3 Financing, Inc. | Level 3 Financing, Inc. |
|  3.625% due 01/15/2029 | 2279 | 2115 |
|  3.750% due 07/15/2029 | 618 | 565 |
|  4.875% due 06/15/2029 | 1482 | 1447 |
|  8.500% due 01/15/2036 | 1700 | 1743 |
|  LifePoint Health, Inc. | LifePoint Health, Inc. | LifePoint Health, Inc. |
|  5.375% due 01/15/2029 | 2758 | 2718 |
|  10.000% due 06/01/2032 | 1300 | 1382 |
|  Lindblad Expeditions LLC | Lindblad Expeditions LLC | Lindblad Expeditions LLC |
|  7.000% due 09/15/2030 | 700 | 731 |
|  Lithia Motors, Inc. | Lithia Motors, Inc. | Lithia Motors, Inc. |
|  4.625% due 12/15/2027 | 4195 | 4205 |
|  Live Nation Entertainment, Inc. | Live Nation Entertainment, Inc. | Live Nation Entertainment, Inc. |
|  4.750% due 10/15/2027 | 2395 | 2401 |
|  6.500% due 05/15/2027 | 1172 | 1184 |
|  Madison IAQ LLC | Madison IAQ LLC | Madison IAQ LLC |
|  4.125% due 06/30/2028 | 1978 | 1945 |
|  5.875% due 06/30/2029 | 1655 | 1646 |
|  Matador Resources Co. | Matador Resources Co. | Matador Resources Co. |
|  6.875% due 04/15/2028 | 657 | 674 |
|  Match Group Holdings II LLC | Match Group Holdings II LLC | Match Group Holdings II LLC |
|  4.625% due 06/01/2028 | 2039 | 2030 |
|  5.000% due 12/15/2027 | 1447 | 1451 |
|  Mativ Holdings, Inc. | Mativ Holdings, Inc. | Mativ Holdings, Inc. |
|  8.000% due 10/01/2029 | 2112 | 2136 |
|  Mauser Packaging Solutions Holding Co. | Mauser Packaging Solutions Holding Co. | Mauser Packaging Solutions Holding Co. |
|  7.875% due 04/15/2030 | 4846 | 4812 |
|  9.250% due 04/15/2030 | 3841 | 3707 |
|  Mavis Tire Express Services Topco Corp. | Mavis Tire Express Services Topco Corp. | Mavis Tire Express Services Topco Corp. |
|  6.500% due 05/15/2029 | 1577 | 1563 |
|  Maxam Prill SARL | Maxam Prill SARL | Maxam Prill SARL |
|  7.750% due 07/15/2030 | 2025 | 2104 |
|  Maxim Crane Works Holdings Capital LLC | Maxim Crane Works Holdings Capital LLC | Maxim Crane Works Holdings Capital LLC |
|  11.500% due 09/01/2028 | 1848 | 1968 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  McAfee Corp. | McAfee Corp. | McAfee Corp. |
|  7.375% due 02/15/2030 | 4862 | 4245 |
|  McGraw-Hill Education, Inc. | McGraw-Hill Education, Inc. | McGraw-Hill Education, Inc. |
|  5.750% due 08/01/2028 | 2508 | 2523 |
|  8.000% due 08/01/2029 | 3220 | 3256 |
|  Medline Borrower LP | Medline Borrower LP | Medline Borrower LP |
|  3.875% due 04/01/2029 | 7907 | 7725 |
|  5.250% due 10/01/2029 | 1710 | 1720 |
|  Medline Borrower LP/Medline Co-Issuer, Inc. | Medline Borrower LP/Medline Co-Issuer, Inc. | Medline Borrower LP/Medline Co-Issuer, Inc. |
|  6.250% due 04/01/2029 | 1720 | 1780 |
|  Methanex Corp. | Methanex Corp. | Methanex Corp. |
|  5.125% due 10/15/2027 | 969 | 975 |
|  Michaels Cos., Inc. | Michaels Cos., Inc. | Michaels Cos., Inc. |
|  5.250% due 05/01/2028 | 1565 | 1506 |
|  7.875% due 05/01/2029 | 1393 | 1288 |
|  Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp. | Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp. | Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp. |
|  4.875% due 05/01/2029 | 3160 | 3110 |
|  Millennium Escrow Corp. | Millennium Escrow Corp. | Millennium Escrow Corp. |
|  6.625% due 08/01/2026 | 862 | 831 |
|  Mineral Resources Ltd. | Mineral Resources Ltd. | Mineral Resources Ltd. |
|  7.000% due 04/01/2031 | 1425 | 1487 |
|  9.250% due 10/01/2028 | 1475 | 1549 |
|  Minerals Technologies, Inc. | Minerals Technologies, Inc. | Minerals Technologies, Inc. |
|  5.000% due 07/01/2028 | 2233 | 2219 |
|  MIWD Holdco II LLC/MIWD Finance Corp. | MIWD Holdco II LLC/MIWD Finance Corp. | MIWD Holdco II LLC/MIWD Finance Corp. |
|  5.500% due 02/01/2030 | 1911 | 1856 |
|  Mohegan Tribal Gaming Authority/MS Digital Entertainment Holdings LLC | Mohegan Tribal Gaming Authority/MS Digital Entertainment Holdings LLC | Mohegan Tribal Gaming Authority/MS Digital Entertainment Holdings LLC |
|  8.250% due 04/15/2030 | 1206 | 1260 |
|  Molina Healthcare, Inc. | Molina Healthcare, Inc. | Molina Healthcare, Inc. |
|  4.375% due 06/15/2028 | 2820 | 2775 |
|  6.500% due 02/15/2031 | 1300 | 1337 |
|  Moog, Inc. | Moog, Inc. | Moog, Inc. |
|  4.250% due 12/15/2027 | 1478 | 1465 |
|  Motion Bondco DAC | Motion Bondco DAC | Motion Bondco DAC |
|  6.625% due 11/15/2027 (g) | 4346 | 4223 |
|  MPH Acquisition Holdings LLC | MPH Acquisition Holdings LLC | MPH Acquisition Holdings LLC |
|  7.590% due 12/31/2030 | 2227 | 1956 |
|  MPH Acquisition Holdings LLC (6.500% Cash and 5.000% PIK) | MPH Acquisition Holdings LLC (6.500% Cash and 5.000% PIK) | MPH Acquisition Holdings LLC (6.500% Cash and 5.000% PIK) |
|  11.500% due 12/31/2030 (a) (g) | 683 | 723 |
|  Murphy Oil USA, Inc. | Murphy Oil USA, Inc. | Murphy Oil USA, Inc. |
|  5.625% due 05/01/2027 | 259 | 259 |
|  Nabors Industries, Inc. | Nabors Industries, Inc. | Nabors Industries, Inc. |
|  7.625% due 11/15/2032 | 1750 | 1721 |
|  9.125% due 01/31/2030 | 850 | 892 |
|  National Mentor Holdings, Inc. | National Mentor Holdings, Inc. | National Mentor Holdings, Inc. |
|  10.500% due 12/15/2030 | 5926 | 5963 |
|  NCL Corp. Ltd. | NCL Corp. Ltd. | NCL Corp. Ltd. |
|  7.750% due 02/15/2029 | 1164 | 1240 |
|  NCR Atleos Corp. | NCR Atleos Corp. | NCR Atleos Corp. |
|  9.500% due 04/01/2029 | 1452 | 1577 |
|  NCR Voyix Corp. | NCR Voyix Corp. | NCR Voyix Corp. |
|  5.000% due 10/01/2028 | 3033 | 3024 |
|  5.125% due 04/15/2029 | 1770 | 1763 |
|  Neptune Bidco U.S., Inc. | Neptune Bidco U.S., Inc. | Neptune Bidco U.S., Inc. |
|  9.290% due 04/15/2029 | 6975 | 6991 |
|  10.375% due 05/15/2031 | 600 | 616 |
|  New Enterprise Stone & Lime Co., Inc. | New Enterprise Stone & Lime Co., Inc. | New Enterprise Stone & Lime Co., Inc. |
|  5.250% due 07/15/2028 | 2022 | 2027 |
|  New Flyer Holdings, Inc. | New Flyer Holdings, Inc. | New Flyer Holdings, Inc. |
|  9.250% due 07/01/2030 | 700 | 756 |
|  Newfold Digital Holdings Group, Inc. | Newfold Digital Holdings Group, Inc. | Newfold Digital Holdings Group, Inc. |
|  11.750% due 04/30/2029 | 3911 | 3227 |
|  Nexstar Media, Inc. | Nexstar Media, Inc. | Nexstar Media, Inc. |
|  4.750% due 11/01/2028 | 1126 | 1118 |
|  5.625% due 07/15/2027 | 3479 | 3500 |
|  Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. |
|  4.345% due 09/17/2027 | 5167 | 5101 |
|  4.810% due 09/17/2030 | 2082 | 1964 |
|  7.500% due 07/17/2030 | 1263 | 1326 |
|  Noble Finance II LLC | Noble Finance II LLC | Noble Finance II LLC |
|  8.000% due 04/15/2030 | 3602 | 3744 |

---

---

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

---

------

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Nordstrom, Inc. | Nordstrom, Inc. | Nordstrom, Inc. |
|  4.000% due 03/15/2027 | 738 | 731 |
|  NOVA Chemicals Corp. | NOVA Chemicals Corp. | NOVA Chemicals Corp. |
|  5.250% due 06/01/2027 | 2603 | 2628 |
|  Novelis Corp. | Novelis Corp. | Novelis Corp. |
|  4.750% due 01/30/2030 | 3653 | 3531 |
|  6.375% due 08/15/2033 | 1425 | 1446 |
|  NuStar Logistics LP | NuStar Logistics LP | NuStar Logistics LP |
|  6.000% due 06/01/2026 | 728 | 732 |
|  Odeon Finco PLC | Odeon Finco PLC | Odeon Finco PLC |
|  12.750% due 11/01/2027 | 577 | 595 |
|  Olin Corp. | Olin Corp. | Olin Corp. |
|  5.625% due 08/01/2029 | 355 | 357 |
|  Olympus Water U.S. Holding Corp. | Olympus Water U.S. Holding Corp. | Olympus Water U.S. Holding Corp. |
|  4.250% due 10/01/2028 | 607 | 590 |
|  6.250% due 10/01/2029 | 1050 | 1023 |
|  ON Semiconductor Corp. | ON Semiconductor Corp. | ON Semiconductor Corp. |
|  3.875% due 09/01/2028 | 2956 | 2903 |
|  OneSky Flight LLC | OneSky Flight LLC | OneSky Flight LLC |
|  8.875% due 12/15/2029 | 3103 | 3323 |
|  Ontario Gaming GTA LP/OTG Co-Issuer, Inc. | Ontario Gaming GTA LP/OTG Co-Issuer, Inc. | Ontario Gaming GTA LP/OTG Co-Issuer, Inc. |
|  8.000% due 08/01/2030 | 2810 | 2667 |
|  Open Text Corp. | Open Text Corp. | Open Text Corp. |
|  3.875% due 02/15/2028 | 2616 | 2569 |
|  Open Text Holdings, Inc. | Open Text Holdings, Inc. | Open Text Holdings, Inc. |
|  4.125% due 02/15/2030 | 392 | 375 |
|  Option Care Health, Inc. | Option Care Health, Inc. | Option Care Health, Inc. |
|  4.375% due 10/31/2029 | 1166 | 1144 |
|  Organon & Co./Organon Foreign Debt Co-Issuer BV | Organon & Co./Organon Foreign Debt Co-Issuer BV | Organon & Co./Organon Foreign Debt Co-Issuer BV |
|  4.125% due 04/30/2028 | 4934 | 4828 |
|  5.125% due 04/30/2031 | 900 | 746 |
|  Outfront Media Capital LLC/Outfront Media Capital Corp. | Outfront Media Capital LLC/Outfront Media Capital Corp. | Outfront Media Capital LLC/Outfront Media Capital Corp. |
|  4.250% due 01/15/2029 | 491 | 480 |
|  5.000% due 08/15/2027 | 2256 | 2269 |
|  Owens & Minor, Inc. | Owens & Minor, Inc. | Owens & Minor, Inc. |
|  4.500% due 03/31/2029 (g) | 1650 | 1121 |
|  Paradigm Parent LLC & Paradigm Parent Co-Issuer, Inc. | Paradigm Parent LLC & Paradigm Parent Co-Issuer, Inc. | Paradigm Parent LLC & Paradigm Parent Co-Issuer, Inc. |
|  8.750% due 04/17/2032 | 1025 | 930 |
|  Paramount Global | Paramount Global | Paramount Global |
|  3.700% due 06/01/2028 | 697 | 682 |
|  6.250% due 02/28/2057 •  | 900 | 812 |
|  6.375% due 03/30/2062 •  | 1446 | 1350 |
|  6.875% due 04/30/2036 | 267 | 263 |
|  Park River Holdings, Inc. | Park River Holdings, Inc. | Park River Holdings, Inc. |
|  8.000% due 03/15/2031 | 450 | 466 |
|  8.750% due 12/31/2030 | 1307 | 1292 |
|  Penn Entertainment, Inc. | Penn Entertainment, Inc. | Penn Entertainment, Inc. |
|  5.625% due 01/15/2027 | 1808 | 1813 |
|  Performance Food Group, Inc. | Performance Food Group, Inc. | Performance Food Group, Inc. |
|  4.250% due 08/01/2029 | 2372 | 2328 |
|  5.500% due 10/15/2027 | 1342 | 1345 |
|  Permian Resources Operating LLC | Permian Resources Operating LLC | Permian Resources Operating LLC |
|  8.000% due 04/15/2027 | 1497 | 1522 |
|  PM General Purchaser LLC | PM General Purchaser LLC | PM General Purchaser LLC |
|  9.500% due 10/01/2028 | 1925 | 1665 |
|  Post Holdings, Inc. | Post Holdings, Inc. | Post Holdings, Inc. |
|  4.625% due 04/15/2030 | 4154 | 4048 |
|  Precision Drilling Corp. | Precision Drilling Corp. | Precision Drilling Corp. |
|  6.875% due 01/15/2029 | 2081 | 2106 |
|  Prestige Brands, Inc. | Prestige Brands, Inc. | Prestige Brands, Inc. |
|  5.125% due 01/15/2028 | 1300 | 1303 |
|  Prime Healthcare Services, Inc. | Prime Healthcare Services, Inc. | Prime Healthcare Services, Inc. |
|  9.375% due 09/01/2029 | 5334 | 5609 |
|  Prime Security Services Borrower LLC/Prime Finance, Inc. | Prime Security Services Borrower LLC/Prime Finance, Inc. | Prime Security Services Borrower LLC/Prime Finance, Inc. |
|  3.375% due 08/31/2027 | 147 | 144 |
|  5.750% due 04/15/2026 | 162 | 162 |
|  Primo Water Holdings, Inc./Triton Water Holdings, Inc. | Primo Water Holdings, Inc./Triton Water Holdings, Inc. | Primo Water Holdings, Inc./Triton Water Holdings, Inc. |
|  4.375% due 04/30/2029 | 703 | 685 |
|  6.250% due 04/01/2029 | 2534 | 2556 |
|  Qnity Electronics, Inc. | Qnity Electronics, Inc. | Qnity Electronics, Inc. |
|  6.250% due 08/15/2033 | 775 | 804 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  QVC, Inc. | QVC, Inc. | QVC, Inc. |
|  6.875% due 04/15/2029 | 542 | 237 |
|  Rackspace Finance LLC | Rackspace Finance LLC | Rackspace Finance LLC |
|  3.500% due 05/15/2028 | 258 | 95 |
|  Radiology Partners, Inc. | Radiology Partners, Inc. | Radiology Partners, Inc. |
|  8.500% due 07/15/2032 | 1756 | 1837 |
|  Rakuten Group, Inc. | Rakuten Group, Inc. | Rakuten Group, Inc. |
|  8.125% due 12/15/2029 •(e) | 489 | 504 |
|  9.750% due 04/15/2029 | 4061 | 4546 |
|  11.250% due 02/15/2027 | 4729 | 5060 |
|  Rand Parent LLC | Rand Parent LLC | Rand Parent LLC |
|  8.500% due 02/15/2030 | 1736 | 1810 |
|  RB Global Holdings, Inc. | RB Global Holdings, Inc. | RB Global Holdings, Inc. |
|  6.750% due 03/15/2028 | 872 | 893 |
|  Real Hero Merger Sub 2, Inc. | Real Hero Merger Sub 2, Inc. | Real Hero Merger Sub 2, Inc. |
|  6.250% due 02/01/2029 | 815 | 353 |
|  Reworld Holding Corp. | Reworld Holding Corp. | Reworld Holding Corp. |
|  4.875% due 12/01/2029 | 1010 | 972 |
|  Rivian Holdings LLC/Rivian LLC/Rivian Automotive LLC | Rivian Holdings LLC/Rivian LLC/Rivian Automotive LLC | Rivian Holdings LLC/Rivian LLC/Rivian Automotive LLC |
|  10.000% due 01/15/2031 | 2950 | 2902 |
|  ROBLOX Corp. | ROBLOX Corp. | ROBLOX Corp. |
|  3.875% due 05/01/2030 | 2070 | 1982 |
|  Rocket Software, Inc. | Rocket Software, Inc. | Rocket Software, Inc. |
|  6.500% due 02/15/2029 | 1483 | 1460 |
|  Rockies Express Pipeline LLC | Rockies Express Pipeline LLC | Rockies Express Pipeline LLC |
|  4.950% due 07/15/2029 | 2024 | 2021 |
|  Rogers Communications, Inc. | Rogers Communications, Inc. | Rogers Communications, Inc. |
|  5.250% due 03/15/2082 •  | 1168 | 1168 |
|  7.000% due 04/15/2055 •  | 2203 | 2306 |
|  Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. |
|  5.500% due 08/31/2026 | 1332 | 1334 |
|  RR Donnelley & Sons Co. | RR Donnelley & Sons Co. | RR Donnelley & Sons Co. |
|  9.500% due 08/01/2029 | 2105 | 2177 |
|  10.875% due 08/01/2029 | 812 | 831 |
|  Sabre GLBL, Inc. | Sabre GLBL, Inc. | Sabre GLBL, Inc. |
|  10.750% due 11/15/2029 | 927 | 789 |
|  10.750% due 03/15/2030 | 1423 | 1171 |
|  Science Applications International Corp. | Science Applications International Corp. | Science Applications International Corp. |
|  4.875% due 04/01/2028 | 934 | 932 |
|  SCIH Salt Holdings, Inc. | SCIH Salt Holdings, Inc. | SCIH Salt Holdings, Inc. |
|  4.875% due 05/01/2028 | 2557 | 2567 |
|  Scripps Escrow II, Inc. | Scripps Escrow II, Inc. | Scripps Escrow II, Inc. |
|  3.875% due 01/15/2029 | 1298 | 1195 |
|  Seadrill Finance Ltd. | Seadrill Finance Ltd. | Seadrill Finance Ltd. |
|  8.375% due 08/01/2030 | 2107 | 2193 |
|  Seagate Data Storage Technology Pte. Ltd. | Seagate Data Storage Technology Pte. Ltd. | Seagate Data Storage Technology Pte. Ltd. |
|  4.091% due 06/01/2029 | 1543 | 1514 |
|  5.875% due 07/15/2030 | 1756 | 1812 |
|  Sealed Air Corp./Sealed Air Corp. U.S. | Sealed Air Corp./Sealed Air Corp. U.S. | Sealed Air Corp./Sealed Air Corp. U.S. |
|  6.125% due 02/01/2028 | 992 | 1009 |
|  Sensata Technologies BV | Sensata Technologies BV | Sensata Technologies BV |
|  4.000% due 04/15/2029 | 1166 | 1142 |
|  Service Corp. International | Service Corp. International | Service Corp. International |
|  3.375% due 08/15/2030 | 322 | 301 |
|  4.625% due 12/15/2027 | 725 | 725 |
|  Shutterfly Finance LLC | Shutterfly Finance LLC | Shutterfly Finance LLC |
|  8.500% due 10/01/2027 (g) | 1897 | 1830 |
|  9.750% due 10/01/2027 | 247 | 248 |
|  Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed | Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed | Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed |
|  4.625% due 03/01/2029 | 3716 | 3584 |
|  Sirius XM Radio LLC | Sirius XM Radio LLC | Sirius XM Radio LLC |
|  3.125% due 09/01/2026 | 2288 | 2275 |
|  4.000% due 07/15/2028 | 3537 | 3462 |
|  4.125% due 07/01/2030 | 1231 | 1172 |
|  5.000% due 08/01/2027 | 2463 | 2477 |
|  5.500% due 07/01/2029 | 3853 | 3887 |
|  Six Flags Entertainment Corp. | Six Flags Entertainment Corp. | Six Flags Entertainment Corp. |
|  5.500% due 04/15/2027 | 291 | 290 |
|  Six Flags Entertainment Corp./Canada's Wonderland Co./Magnum Management Corp. | Six Flags Entertainment Corp./Canada's Wonderland Co./Magnum Management Corp. | Six Flags Entertainment Corp./Canada's Wonderland Co./Magnum Management Corp. |
|  5.250% due 07/15/2029 | 1423 | 1328 |
|  SK Invictus Intermediate II SARL | SK Invictus Intermediate II SARL | SK Invictus Intermediate II SARL |
|  5.000% due 10/30/2029 | 1279 | 1267 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  SM Energy Co. | SM Energy Co. | SM Energy Co. |
|  6.500% due 07/15/2028 | 618 | 628 |
|  6.625% due 01/15/2027 | 1034 | 1041 |
|  6.750% due 08/01/2029 | 4745 | 4782 |
|  Smyrna Ready Mix Concrete LLC | Smyrna Ready Mix Concrete LLC | Smyrna Ready Mix Concrete LLC |
|  6.000% due 11/01/2028 | 4078 | 4100 |
|  Sotheby's | Sotheby's | Sotheby's |
|  7.375% due 10/15/2027 | 2406 | 2393 |
|  South Bow Canadian Infrastructure Holdings Ltd. | South Bow Canadian Infrastructure Holdings Ltd. | South Bow Canadian Infrastructure Holdings Ltd. |
|  7.625% due 03/01/2055 •  | 819 | 857 |
|  Specialty Building Products Holdings LLC/SBP Finance Corp. | Specialty Building Products Holdings LLC/SBP Finance Corp. | Specialty Building Products Holdings LLC/SBP Finance Corp. |
|  7.750% due 10/15/2029 | 3197 | 3122 |
|  Speedway Motorsports LLC/Speedway Funding II, Inc. | Speedway Motorsports LLC/Speedway Funding II, Inc. | Speedway Motorsports LLC/Speedway Funding II, Inc. |
|  4.875% due 11/01/2027 | 657 | 657 |
|  Spirit AeroSystems, Inc. | Spirit AeroSystems, Inc. | Spirit AeroSystems, Inc. |
|  4.600% due 06/15/2028 | 2381 | 2385 |
|  Spirit Airlines Pass-Through Trust | Spirit Airlines Pass-Through Trust | Spirit Airlines Pass-Through Trust |
|  4.100% due 10/01/2029 | 374 | 359 |
|  SS&C Technologies, Inc. | SS&C Technologies, Inc. | SS&C Technologies, Inc. |
|  5.500% due 09/30/2027 | 1000 | 1002 |
|  Stagwell Global LLC | Stagwell Global LLC | Stagwell Global LLC |
|  5.625% due 08/15/2029 | 3258 | 3180 |
|  Standard Industries, Inc. | Standard Industries, Inc. | Standard Industries, Inc. |
|  4.375% due 07/15/2030 | 104 | 100 |
|  4.750% due 01/15/2028 | 1293 | 1291 |
|  Staples, Inc. | Staples, Inc. | Staples, Inc. |
|  10.750% due 09/01/2029 | 4700 | 4679 |
|  Star Leasing Co. LLC | Star Leasing Co. LLC | Star Leasing Co. LLC |
|  7.625% due 02/15/2030 | 1024 | 953 |
|  Star Parent, Inc. | Star Parent, Inc. | Star Parent, Inc. |
|  9.000% due 10/01/2030 | 1300 | 1389 |
|  Station Casinos LLC | Station Casinos LLC | Station Casinos LLC |
|  4.500% due 02/15/2028 | 3874 | 3844 |
|  SunCoke Energy, Inc. | SunCoke Energy, Inc. | SunCoke Energy, Inc. |
|  4.875% due 06/30/2029 | 1933 | 1797 |
|  Sunoco LP | Sunoco LP | Sunoco LP |
|  4.625% due 05/01/2030 | 775 | 753 |
|  5.875% due 07/15/2027 | 1365 | 1373 |
|  7.000% due 05/01/2029 | 755 | 788 |
|  Sunoco LP/Sunoco Finance Corp. | Sunoco LP/Sunoco Finance Corp. | Sunoco LP/Sunoco Finance Corp. |
|  4.500% due 05/15/2029 | 461 | 453 |
|  4.500% due 04/30/2030 | 2210 | 2160 |
|  5.875% due 03/15/2028 | 316 | 318 |
|  7.000% due 09/15/2028 | 1008 | 1044 |
|  Surgery Center Holdings, Inc. | Surgery Center Holdings, Inc. | Surgery Center Holdings, Inc. |
|  7.250% due 04/15/2032 | 750 | 760 |
|  Synergy Infrastructure Holdings LLC | Synergy Infrastructure Holdings LLC | Synergy Infrastructure Holdings LLC |
|  7.875% due 12/01/2030 | 850 | 883 |
|  Talos Production, Inc. | Talos Production, Inc. | Talos Production, Inc. |
|  9.000% due 02/01/2029 | 975 | 1016 |
|  Taseko Mines Ltd. | Taseko Mines Ltd. | Taseko Mines Ltd. |
|  8.250% due 05/01/2030 | 858 | 912 |
|  Taylor Morrison Communities, Inc. | Taylor Morrison Communities, Inc. | Taylor Morrison Communities, Inc. |
|  5.750% due 01/15/2028 | 2167 | 2207 |
|  Team Health Holdings, Inc. | Team Health Holdings, Inc. | Team Health Holdings, Inc. |
|  8.375% due 06/30/2028 | 1252 | 1269 |
|  TEGNA, Inc. | TEGNA, Inc. | TEGNA, Inc. |
|  4.625% due 03/15/2028 | 3618 | 3583 |
|  5.000% due 09/15/2029 | 716 | 710 |
|  Teleflex, Inc. | Teleflex, Inc. | Teleflex, Inc. |
|  4.250% due 06/01/2028 | 1301 | 1287 |
|  4.625% due 11/15/2027 | 943 | 942 |
|  Tenet Healthcare Corp. | Tenet Healthcare Corp. | Tenet Healthcare Corp. |
|  4.250% due 06/01/2029 | 3705 | 3653 |
|  4.625% due 06/15/2028 | 1338 | 1345 |
|  5.125% due 11/01/2027 | 1587 | 1596 |
|  6.000% due 11/15/2033 | 3000 | 3091 |
|  6.125% due 10/01/2028 | 1136 | 1142 |
|  Tenneco, Inc. | Tenneco, Inc. | Tenneco, Inc. |
|  8.000% due 11/17/2028 | 1333 | 1338 |
|  TGNR Intermediate Holdings LLC | TGNR Intermediate Holdings LLC | TGNR Intermediate Holdings LLC |
|  5.500% due 10/15/2029 | 2469 | 2454 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **33** |

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------

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)** |
|  TGS ASA | TGS ASA | TGS ASA |
|  8.500% due 01/15/2030 | 3896 | 4083 |
|  Thor Industries, Inc. | Thor Industries, Inc. | Thor Industries, Inc. |
|  4.000% due 10/15/2029 | 1813 | 1748 |
|  Tidewater, Inc. | Tidewater, Inc. | Tidewater, Inc. |
|  9.125% due 07/15/2030 | 958 | 1029 |
|  Titan International, Inc. | Titan International, Inc. | Titan International, Inc. |
|  7.000% due 04/30/2028 | 2720 | 2736 |
|  TK Elevator U.S. Newco, Inc. | TK Elevator U.S. Newco, Inc. | TK Elevator U.S. Newco, Inc. |
|  5.250% due 07/15/2027 | 2695 | 2697 |
|  TopBuild Corp. | TopBuild Corp. | TopBuild Corp. |
|  3.625% due 03/15/2029 | 1866 | 1809 |
|  Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo U.S. LLC | Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo U.S. LLC | Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo U.S. LLC |
|  9.500% due 05/15/2030 | 3107 | 3106 |
|  TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. |
|  4.625% due 01/15/2029 | 1573 | 1564 |
|  6.375% due 03/01/2029 | 2231 | 2304 |
|  6.375% due 05/31/2033 | 1400 | 1438 |
|  6.750% due 08/15/2028 | 5228 | 5327 |
|  Transocean Aquila Ltd. | Transocean Aquila Ltd. | Transocean Aquila Ltd. |
|  8.000% due 09/30/2028 | 1200 | 1234 |
|  Transocean International Ltd. | Transocean International Ltd. | Transocean International Ltd. |
|  7.875% due 10/15/2032 | 1525 | 1600 |
|  8.250% due 05/15/2029 | 4429 | 4467 |
|  Transocean Titan Financing Ltd. | Transocean Titan Financing Ltd. | Transocean Titan Financing Ltd. |
|  8.375% due 02/01/2028 | 1626 | 1661 |
|  Travel & Leisure Co. | Travel & Leisure Co. | Travel & Leisure Co. |
|  6.000% due 04/01/2027 | 538 | 546 |
|  6.625% due 07/31/2026 | 1486 | 1501 |
|  TreeHouse Foods, Inc. | TreeHouse Foods, Inc. | TreeHouse Foods, Inc. |
|  4.000% due 09/01/2028 | 2185 | 2180 |
|  Trident TPI Holdings, Inc. | Trident TPI Holdings, Inc. | Trident TPI Holdings, Inc. |
|  12.750% due 12/31/2028 | 2410 | 2472 |
|  TriNet Group, Inc. | TriNet Group, Inc. | TriNet Group, Inc. |
|  3.500% due 03/01/2029 | 1685 | 1599 |
|  Trivium Packaging Finance BV | Trivium Packaging Finance BV | Trivium Packaging Finance BV |
|  8.250% due 07/15/2030 | 1831 | 1964 |
|  12.250% due 01/15/2031 | 575 | 624 |
|  Tronox, Inc. | Tronox, Inc. | Tronox, Inc. |
|  4.625% due 03/15/2029 (g) | 419 | 294 |
|  9.125% due 09/30/2030 (g) | 950 | 949 |
|  Tutor Perini Corp. | Tutor Perini Corp. | Tutor Perini Corp. |
|  11.875% due 04/30/2029 | 775 | 864 |
|  Twilio, Inc. | Twilio, Inc. | Twilio, Inc. |
|  3.625% due 03/15/2029 | 1847 | 1787 |
|  U.S. Acute Care Solutions LLC | U.S. Acute Care Solutions LLC | U.S. Acute Care Solutions LLC |
|  9.750% due 05/15/2029 | 3355 | 3384 |
|  U.S. Foods, Inc. | U.S. Foods, Inc. | U.S. Foods, Inc. |
|  6.875% due 09/15/2028 | 1700 | 1761 |
|  U.S. Renal Care, Inc. | U.S. Renal Care, Inc. | U.S. Renal Care, Inc. |
|  8.831% due 06/28/2028 | 326 | 280 |
|  Under Armour, Inc. | Under Armour, Inc. | Under Armour, Inc. |
|  3.250% due 06/15/2026 | 1862 | 1859 |
|  Unisys Corp. | Unisys Corp. | Unisys Corp. |
|  10.625% due 01/15/2031 (g) | 2288 | 2346 |
|  United Airlines, Inc. | United Airlines, Inc. | United Airlines, Inc. |
|  4.375% due 04/15/2026 | 750 | 750 |
|  United Rentals North America, Inc. | United Rentals North America, Inc. | United Rentals North America, Inc. |
|  3.875% due 11/15/2027 | 323 | 321 |
|  4.000% due 07/15/2030 | 744 | 722 |
|  4.875% due 01/15/2028 | 1904 | 1905 |
|  Univision Communications, Inc. | Univision Communications, Inc. | Univision Communications, Inc. |
|  7.375% due 06/30/2030 | 3111 | 3173 |
|  8.000% due 08/15/2028 | 3326 | 3447 |
|  USA Compression Partners LP/USA Compression Finance Corp. | USA Compression Partners LP/USA Compression Finance Corp. | USA Compression Partners LP/USA Compression Finance Corp. |
|  6.250% due 10/01/2033 | 1650 | 1671 |
|  7.125% due 03/15/2029 | 2047 | 2120 |
|  Valaris Ltd. | Valaris Ltd. | Valaris Ltd. |
|  8.375% due 04/30/2030 | 3196 | 3327 |
|  Velocity Vehicle Group LLC | Velocity Vehicle Group LLC | Velocity Vehicle Group LLC |
|  8.000% due 06/01/2029 | 2172 | 2066 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC |
|  3.875% due 08/15/2029 | 800 | 751 |
|  Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. |
|  7.000% due 01/15/2030 (g) | 5059 | 4873 |
|  8.125% due 06/01/2028 | 6579 | 6667 |
|  9.500% due 02/01/2029 | 6744 | 6994 |
|  9.875% due 02/01/2032 | 1600 | 1654 |
|  Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC |
|  6.750% due 01/15/2036 | 404 | 414 |
|  Veritiv Operating Co. | Veritiv Operating Co. | Veritiv Operating Co. |
|  10.500% due 11/30/2030 | 675 | 727 |
|  Versant Media Group, Inc. | Versant Media Group, Inc. | Versant Media Group, Inc. |
|  7.250% due 01/30/2031 | 1175 | 1213 |
|  Vertiv Group Corp. | Vertiv Group Corp. | Vertiv Group Corp. |
|  4.125% due 11/15/2028 | 1822 | 1801 |
|  VF Corp. | VF Corp. | VF Corp. |
|  2.800% due 04/23/2027 | 839 | 824 |
|  2.950% due 04/23/2030 | 1230 | 1115 |
|  Viasat, Inc. | Viasat, Inc. | Viasat, Inc. |
|  5.625% due 04/15/2027 | 571 | 572 |
|  Viavi Solutions, Inc. | Viavi Solutions, Inc. | Viavi Solutions, Inc. |
|  3.750% due 10/01/2029 | 1360 | 1303 |
|  Viking Cruises Ltd. | Viking Cruises Ltd. | Viking Cruises Ltd. |
|  9.125% due 07/15/2031 | 1199 | 1285 |
|  Virgin Media Finance PLC | Virgin Media Finance PLC | Virgin Media Finance PLC |
|  5.000% due 07/15/2030 | 3931 | 3470 |
|  Virgin Media Secured Finance PLC | Virgin Media Secured Finance PLC | Virgin Media Secured Finance PLC |
|  5.500% due 05/15/2029 | 3707 | 3654 |
|  Virgin Media Vendor Financing Notes IV DAC | Virgin Media Vendor Financing Notes IV DAC | Virgin Media Vendor Financing Notes IV DAC |
|  5.000% due 07/15/2028 | 1120 | 1100 |
|  Viridien | Viridien | Viridien |
|  10.000% due 10/15/2030 | 621 | 655 |
|  VistaJet Malta Finance PLC/Vista Management Holding, Inc. | VistaJet Malta Finance PLC/Vista Management Holding, Inc. | VistaJet Malta Finance PLC/Vista Management Holding, Inc. |
|  6.375% due 02/01/2030 (g) | 2147 | 2045 |
|  7.875% due 05/01/2027 (g) | 2253 | 2271 |
|  9.500% due 06/01/2028 | 2684 | 2786 |
|  Vital Energy, Inc. | Vital Energy, Inc. | Vital Energy, Inc. |
|  7.875% due 04/15/2032 | 456 | 450 |
|  Vmed O2 U.K. Financing I PLC | Vmed O2 U.K. Financing I PLC | Vmed O2 U.K. Financing I PLC |
|  6.750% due 01/15/2033 | 1400 | 1389 |
|  VOC Escrow Ltd. | VOC Escrow Ltd. | VOC Escrow Ltd. |
|  5.000% due 02/15/2028 | 2434 | 2435 |
|  VZ Secured Financing BV | VZ Secured Financing BV | VZ Secured Financing BV |
|  5.000% due 01/15/2032 | 1666 | 1509 |
|  7.500% due 01/15/2033 | 1975 | 2003 |
|  Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. |
|  3.755% due 03/15/2027 | 4400 | 4378 |
|  4.054% due 03/15/2029 | 697 | 678 |
|  5.050% due 03/15/2042 | 925 | 653 |
|  Wayfair LLC | Wayfair LLC | Wayfair LLC |
|  6.750% due 11/15/2032 | 800 | 823 |
|  7.250% due 10/31/2029 | 2073 | 2166 |
|  WBI Operating LLC | WBI Operating LLC | WBI Operating LLC |
|  6.250% due 10/15/2030 | 1875 | 1888 |
|  Weatherford International Ltd. | Weatherford International Ltd. | Weatherford International Ltd. |
|  6.750% due 10/15/2033 | 2950 | 3023 |
|  WESCO Distribution, Inc. | WESCO Distribution, Inc. | WESCO Distribution, Inc. |
|  6.375% due 03/15/2029 | 1212 | 1253 |
|  7.250% due 06/15/2028 | 304 | 309 |
|  Western Digital Corp. | Western Digital Corp. | Western Digital Corp. |
|  4.750% due 02/15/2026 | 1194 | 1199 |
|  White Cap Supply Holdings LLC | White Cap Supply Holdings LLC | White Cap Supply Holdings LLC |
|  7.375% due 11/15/2030 | 3500 | 3634 |
|  Wildfire Intermediate Holdings LLC | Wildfire Intermediate Holdings LLC | Wildfire Intermediate Holdings LLC |
|  7.500% due 10/15/2029 | 2405 | 2434 |
|  Williams Scotsman, Inc. | Williams Scotsman, Inc. | Williams Scotsman, Inc. |
|  4.625% due 08/15/2028 | 530 | 530 |
|  Windstream Services LLC/Windstream Escrow Finance Corp. | Windstream Services LLC/Windstream Escrow Finance Corp. | Windstream Services LLC/Windstream Escrow Finance Corp. |
|  8.250% due 10/01/2031 | 2288 | 2404 |
|  Wolverine World Wide, Inc. | Wolverine World Wide, Inc. | Wolverine World Wide, Inc. |
|  4.000% due 08/15/2029 | 3324 | 3077 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  WR Grace Holdings LLC | WR Grace Holdings LLC | WR Grace Holdings LLC | WR Grace Holdings LLC |
|  4.875% due 06/15/2027 | $| 1643 | 1640 |
|  5.625% due 08/15/2029 |  | 3590 | 3431 |
|  Wyndham Hotels & Resorts, Inc. | Wyndham Hotels & Resorts, Inc. | Wyndham Hotels & Resorts, Inc. | Wyndham Hotels & Resorts, Inc. |
|  4.375% due 08/15/2028 |  | 2548 | 2524 |
|  Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. | Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. | Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. | Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. |
|  5.250% due 05/15/2027 |  | 2175 | 2185 |
|  Xerox Corp. | Xerox Corp. | Xerox Corp. | Xerox Corp. |
|  13.500% due 04/15/2031 (g) |  | 175 | 143 |
|  Xerox Holdings Corp. | Xerox Holdings Corp. | Xerox Holdings Corp. | Xerox Holdings Corp. |
|  5.500% due 08/15/2028 |  | 3697 | 1719 |
|  XPLR Infrastructure Operating Partners LP | XPLR Infrastructure Operating Partners LP | XPLR Infrastructure Operating Partners LP | XPLR Infrastructure Operating Partners LP |
|  7.250% due 01/15/2029 (g) |  | 1866 | 1913 |
|  8.375% due 01/15/2031 (g) |  | 1375 | 1446 |
|  Zayo Group Holdings, Inc. (5.750% Cash and 0.500% PIK) | Zayo Group Holdings, Inc. (5.750% Cash and 0.500% PIK) | Zayo Group Holdings, Inc. (5.750% Cash and 0.500% PIK) | Zayo Group Holdings, Inc. (5.750% Cash and 0.500% PIK) |
|  6.250% due 03/09/2030 (a) |  | 3265 | 3105 |
|  6.250% due 09/09/2030 (a) |  | 1748 | 1606 |
|  ZF North America Capital, Inc. | ZF North America Capital, Inc. | ZF North America Capital, Inc. | ZF North America Capital, Inc. |
|  6.750% due 04/23/2030 |  | 1625 | 1607 |
|  6.875% due 04/14/2028 |  | 2168 | 2221 |
|  7.125% due 04/14/2030 |  | 1275 | 1287 |
|  Ziff Davis, Inc. | Ziff Davis, Inc. | Ziff Davis, Inc. | Ziff Davis, Inc. |
|  4.625% due 10/15/2030 |  | 800 | 763 |
|  Ziggo Bond Co. BV | Ziggo Bond Co. BV | Ziggo Bond Co. BV | Ziggo Bond Co. BV |
|  5.125% due 02/28/2030 |  | 1338 | 1196 |
|  Ziggo BV | Ziggo BV | Ziggo BV | Ziggo BV |
|  4.875% due 01/15/2030 |  | 2363 | 2236 |
|  ZoomInfo Technologies LLC/ZoomInfo Finance Corp. | ZoomInfo Technologies LLC/ZoomInfo Finance Corp. | ZoomInfo Technologies LLC/ZoomInfo Finance Corp. | ZoomInfo Technologies LLC/ZoomInfo Finance Corp. |
|  3.875% due 02/01/2029 |  | 3107 | 2937 |
|  |  |  | 1124963 |
| UTILITIES 5.5% | UTILITIES 5.5% | UTILITIES 5.5% | UTILITIES 5.5% |
|  AES Corp. | AES Corp. | AES Corp. | AES Corp. |
|  7.600% due 01/15/2055 •  |  | 1717 | 1750 |
|  Aethon United BR LP/Aethon United Finance Corp. | Aethon United BR LP/Aethon United Finance Corp. | Aethon United BR LP/Aethon United Finance Corp. | Aethon United BR LP/Aethon United Finance Corp. |
|  7.500% due 10/01/2029 |  | 1593 | 1670 |
|  Altice Holdings 1 SARL | Altice Holdings 1 SARL | Altice Holdings 1 SARL | Altice Holdings 1 SARL |
|  0.010% due 12/31/2099 « | EUR | 11 | 175 |
|  American Electric Power Co., Inc. | American Electric Power Co., Inc. | American Electric Power Co., Inc. | American Electric Power Co., Inc. |
|  5.800% due 03/15/2056 •  |  | $875 | 869 |
|  AmeriGas Partners LP/AmeriGas Finance Corp. | AmeriGas Partners LP/AmeriGas Finance Corp. | AmeriGas Partners LP/AmeriGas Finance Corp. | AmeriGas Partners LP/AmeriGas Finance Corp. |
|  9.375% due 06/01/2028 |  | 244 | 254 |
|  Antero Midstream Partners LP/Antero Midstream Finance Corp. | Antero Midstream Partners LP/Antero Midstream Finance Corp. | Antero Midstream Partners LP/Antero Midstream Finance Corp. | Antero Midstream Partners LP/Antero Midstream Finance Corp. |
|  5.750% due 01/15/2028 |  | 1100 | 1104 |
|  Archrock Partners LP/Archrock Partners Finance Corp. | Archrock Partners LP/Archrock Partners Finance Corp. | Archrock Partners LP/Archrock Partners Finance Corp. | Archrock Partners LP/Archrock Partners Finance Corp. |
|  6.250% due 04/01/2028 |  | 1108 | 1115 |
|  Calpine Corp. | Calpine Corp. | Calpine Corp. | Calpine Corp. |
|  4.500% due 02/15/2028 |  | 2150 | 2152 |
|  5.125% due 03/15/2028 |  | 1590 | 1592 |
|  Clearway Energy Operating LLC | Clearway Energy Operating LLC | Clearway Energy Operating LLC | Clearway Energy Operating LLC |
|  4.750% due 03/15/2028 |  | 2072 | 2075 |
|  ContourGlobal Power Holdings SA | ContourGlobal Power Holdings SA | ContourGlobal Power Holdings SA | ContourGlobal Power Holdings SA |
|  6.750% due 02/28/2030 |  | 1166 | 1204 |
|  Edison International | Edison International | Edison International | Edison International |
|  5.750% due 06/15/2027 |  | 1344 | 1369 |
|  6.250% due 03/15/2030 |  | 293 | 307 |
|  7.875% due 06/15/2054 •  |  | 980 | 1029 |
|  8.125% due 06/15/2053 •  |  | 1225 | 1275 |
|  Emera, Inc. | Emera, Inc. | Emera, Inc. | Emera, Inc. |
|  6.750% due 06/15/2076 •  |  | 1900 | 1917 |
|  EUSHI Finance, Inc. | EUSHI Finance, Inc. | EUSHI Finance, Inc. | EUSHI Finance, Inc. |
|  7.625% due 12/15/2054 •  |  | 2552 | 2685 |
|  Genesis Energy LP/Genesis Energy Finance Corp. | Genesis Energy LP/Genesis Energy Finance Corp. | Genesis Energy LP/Genesis Energy Finance Corp. | Genesis Energy LP/Genesis Energy Finance Corp. |
|  7.750% due 02/01/2028 |  | 2146 | 2156 |
|  8.250% due 01/15/2029 |  | 1247 | 1306 |
|  Hilcorp Energy I LP/Hilcorp Finance Co. | Hilcorp Energy I LP/Hilcorp Finance Co. | Hilcorp Energy I LP/Hilcorp Finance Co. | Hilcorp Energy I LP/Hilcorp Finance Co. |
|  6.250% due 11/01/2028 |  | 1839 | 1856 |
|  Leeward Renewable Energy Operations LLC | Leeward Renewable Energy Operations LLC | Leeward Renewable Energy Operations LLC | Leeward Renewable Energy Operations LLC |
|  4.250% due 07/01/2029 |  | 1893 | 1811 |

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

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------

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Lumen Technologies, Inc. | Lumen Technologies, Inc. | Lumen Technologies, Inc. |
|  4.125% due 04/15/2029 | 609 | 606 |
|  4.125% due 04/15/2030 | 344 | 344 |
|  10.000% due 10/15/2032 | 440 | 443 |
|  Millicom International Cellular SA | Millicom International Cellular SA | Millicom International Cellular SA |
|  5.125% due 01/15/2028 | 470 | 469 |
|  NGL Energy Operating LLC/NGL Energy Finance Corp. | NGL Energy Operating LLC/NGL Energy Finance Corp. | NGL Energy Operating LLC/NGL Energy Finance Corp. |
|  8.125% due 02/15/2029 | 1555 | 1615 |
|  NRG Energy, Inc. | NRG Energy, Inc. | NRG Energy, Inc. |
|  5.250% due 06/15/2029 | 5141 | 5175 |
|  5.750% due 01/15/2028 | 770 | 773 |
|  PacifiCorp | PacifiCorp | PacifiCorp |
|  7.375% due 09/15/2055 •  | 1629 | 1662 |
|  Pattern Energy Operations LP/Pattern Energy Operations, Inc. | Pattern Energy Operations LP/Pattern Energy Operations, Inc. | Pattern Energy Operations LP/Pattern Energy Operations, Inc. |
|  4.500% due 08/15/2028 | 3041 | 3001 |
|  PBF Holding Co. LLC/PBF Finance Corp. | PBF Holding Co. LLC/PBF Finance Corp. | PBF Holding Co. LLC/PBF Finance Corp. |
|  6.000% due 02/15/2028 | 2841 | 2816 |
|  7.875% due 09/15/2030 | 1603 | 1545 |
|  9.875% due 03/15/2030 | 2025 | 2084 |
|  PG&E Corp. | PG&E Corp. | PG&E Corp. |
|  5.000% due 07/01/2028 | 1499 | 1499 |
|  7.375% due 03/15/2055 •  | 2900 | 3022 |
|  Talen Energy Supply LLC | Talen Energy Supply LLC | Talen Energy Supply LLC |
|  6.250% due 02/01/2034 | 900 | 918 |
|  6.500% due 02/01/2036 | 900 | 931 |
|  Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. |
|  5.500% due 01/15/2028 | 2841 | 2854 |
|  6.000% due 12/31/2030 | 125 | 126 |
|  TerraForm Power Operating LLC | TerraForm Power Operating LLC | TerraForm Power Operating LLC |
|  4.750% due 01/15/2030 | 2074 | 2023 |
|  5.000% due 01/31/2028 | 3394 | 3393 |
|  TXNM Energy, Inc. | TXNM Energy, Inc. | TXNM Energy, Inc. |
|  7.000% due 07/31/2056 •  | 2100 | 2094 |
|  Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC | Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC | Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC |
|  6.500% due 02/15/2029 | 3144 | 3022 |
|  8.625% due 06/15/2032 | 3190 | 3145 |
|  Veon Midco BV | Veon Midco BV | Veon Midco BV |
|  3.375% due 11/25/2027 | 3225 | 3066 |
|  Vistra Operations Co. LLC | Vistra Operations Co. LLC | Vistra Operations Co. LLC |
|  5.000% due 07/31/2027 | 1260 | 1267 |
|  5.625% due 02/15/2027 | 1955 | 1957 |
|  Vodafone Group PLC | Vodafone Group PLC | Vodafone Group PLC |
|  7.000% due 04/04/2079 •  | 2234 | 2368 |
|  VoltaGrid LLC | VoltaGrid LLC | VoltaGrid LLC |
|  7.375% due 11/01/2030 | 2100 | 2082 |
|  |  | 83971 |
|  Total Corporate Bonds & Notes<br>(Cost $1,409,553) | Total Corporate Bonds & Notes<br>(Cost $1,409,553) | 1429316 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| U.S. TREASURY OBLIGATIONS 0.1% | U.S. TREASURY OBLIGATIONS 0.1% | U.S. TREASURY OBLIGATIONS 0.1% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  4.875% due 08/15/2045 | 489 | 494 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  4.250% due 08/15/2035 | 796 | 802 |
|  Total U.S. Treasury Obligations<br>(Cost $1,319) |  | 1296 |
|  | 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% |
|  SES SA «(c) | 75928 | 1180 |
| CONSUMER DISCRETIONARY 0.0% | CONSUMER DISCRETIONARY 0.0% | CONSUMER DISCRETIONARY 0.0% |
|  Riverbed Technology, Inc. «(c)(i) | 22812 | 2 |
| FINANCIALS 0.0% | FINANCIALS 0.0% | FINANCIALS 0.0% |
|  Bruin Blocker LLC «(c)(i) | 182994 | 0 |
| HEALTH CARE 0.0% | HEALTH CARE 0.0% | HEALTH CARE 0.0% |
|  AmSurg Corp. «(c)(i) | 21155 | 950 |
| INDUSTRIALS 0.1% | INDUSTRIALS 0.1% | INDUSTRIALS 0.1% |
|  Incora New Equity «(c)(i) | 17294 | 670 |
|  Luxco Co. Ltd. «(c)(i) | 67089 | 1183 |
|  Spirit Aviation Holdings, Inc. (c) | 70218 | 18 |
|  |  | 1871 |
|  Total Common Stocks<br>(Cost $5,585) |  | 4003 |
| WARRANTS 0.0% | WARRANTS 0.0% | WARRANTS 0.0% |
| INDUSTRIALS 0.0% | INDUSTRIALS 0.0% | INDUSTRIALS 0.0% |
|  Spirit Aviation Holdings, Inc. - Exp. 03/11/2035 « | 79807 | 6 |
|  Total Warrants (Cost $983) |  | 6 |
| PREFERRED SECURITIES 0.0% | PREFERRED SECURITIES 0.0% | PREFERRED SECURITIES 0.0% |
| INDUSTRIALS 0.0% | INDUSTRIALS 0.0% | INDUSTRIALS 0.0% |
|  Clover Holdings, Inc. | Clover Holdings, Inc. | Clover Holdings, Inc. |
|  0.000% «(i) | 2459 | 47 |
|  Total Preferred Securities<br>(Cost $37) |  | 47 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| SHORT-TERM INSTRUMENTS 5.7% | SHORT-TERM INSTRUMENTS 5.7% | SHORT-TERM INSTRUMENTS 5.7% | SHORT-TERM INSTRUMENTS 5.7% |
| MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  3.850% (h) | 409785 | $— | 410 |
|  |  |  | 410 |
| REPURCHASE AGREEMENTS (j) 5.7% | REPURCHASE AGREEMENTS (j) 5.7% |  |  |
|  |  |  | 87200 |
| Total Short-Term Instruments<br>(Cost $87,610) | Total Short-Term Instruments<br>(Cost $87,610) |  | 87610 |
| Total Investments in Securities<br>(Cost $1,533,631) | Total Investments in Securities<br>(Cost $1,533,631) |  | 1551396 |
| INVESTMENTS IN AFFILIATES 2.8% | INVESTMENTS IN AFFILIATES 2.8% | INVESTMENTS IN AFFILIATES 2.8% | INVESTMENTS IN AFFILIATES 2.8% |
| SHORT-TERM INSTRUMENTS 2.8% | SHORT-TERM INSTRUMENTS 2.8% | SHORT-TERM INSTRUMENTS 2.8% | SHORT-TERM INSTRUMENTS 2.8% |
| MUTUAL FUNDS 2.8% | MUTUAL FUNDS 2.8% | MUTUAL FUNDS 2.8% | MUTUAL FUNDS 2.8% |
|  PIMCO Government Money Market Fund | PIMCO Government Money Market Fund | PIMCO Government Money Market Fund | PIMCO Government Money Market Fund |
|  3.870% (g)(h) | 43116723 |  | 43117 |
| Total Short-Term Instruments<br>(Cost $43,117) | Total Short-Term Instruments<br>(Cost $43,117) |  | 43117 |
| Total Investments in Affiliates<br>(Cost $43,117) | Total Investments in Affiliates<br>(Cost $43,117) |  | 43117 |
| Total Investments 103.8%<br>(Cost $1,576,748) | Total Investments 103.8%<br>(Cost $1,576,748) | $— | 1594513 |
|  Financial Derivative<br>Instruments (k)(n) (0.0)%<br>(Cost or Premiums, net $(112)) | Financial Derivative<br>Instruments (k)(n) (0.0)%<br>(Cost or Premiums, net $(112)) |  | (36) |
| Other Assets and Liabilities, net (3.8)% | Other Assets and Liabilities, net (3.8)% |  | (58922) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 1535555 |

---

#### 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.

(a) Payment in-kind security.

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

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

(d) Zero coupon security.

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

(f) Institutional Class Shares of each Fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **35** |

---

------

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

(g) Securities with an aggregate market value of $42,234 were out on loan in exchange for $43,117 of cash collateral as of December 31, 2025. 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 |
|  AmSurg Corp. | 11/02/2023 - 11/06/2023 | $884 | $950 | 0.06% |
|  Bruin Blocker LLC | 04/20/2021 | 0 | 0 | 0.00 |
|  Clover Holdings, Inc. | 12/09/2024 | 37 | 47 | 0.00 |
|  Incora New Equity | 01/31/2025 | 840 | 670 | 0.04 |
|  Incora Top Holdco LLC 6.000% due 01/30/2033 | 01/31/2025 - 11/03/2025 | 388 | 605 | 0.04 |
|  Luxco Co. Ltd. | 10/01/2025 | 1182 | 1183 | 0.08 |
|  Riverbed Technology, Inc. | 04/24/2018 - 12/07/2021 | 1634 | 2 | 0.00 |
|  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4965 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3457 | 0.22% |

---

#### 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> |
| BOS | 3.790% | 01/02/2026 | 01/05/2026 | $41300 | U.S. Treasury Notes 1.125% - 3.500% due 11/30/2030 - 02/15/2031 | $(42123) | $41300 | $41300 |
|  | 3.870 | 12/31/2025 | 01/02/2026 | 40200 | U.S. Treasury Notes 4.000% - 4.125% due 10/31/2029 - 01/31/2031 | (40936) | 40200 | 40209 |
| FICC STR | 3.820 | 12/31/2025 | 01/02/2026 | 5700 | U.S. Treasury Notes 4.375% due 12/31/2029 | (5814) | 5700 | 5701 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(88873) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87200 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87210 |

---

#### 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, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| 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 |
|  BOS | $81509 | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81509 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(83059) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1550) |
|  FICC STR | 5701 | 0 | 0 | 0 | 5701 | (5814) | (113) |
|  Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement |
|  BOS | 0 | 0 | 0 | 8023 | 8023 | (8217) | (194) |
|  BCY | 0 | 0 | 0 | 14671 | 14671 | (14959) | (288) |
|  GSC | 0 | 0 | 0 | 13255 | 13255 | (13521) | (266) |
|  MSC | 0 | 0 | 0 | 1018 | 1018 | (1039) | (21) |
|  RDR | 0 | 0 | 0 | 3187 | 3187 | (3259) | (72) |
|  BSN | 0 | 0 | 0 | 2080 | 2080 | (2122) | (42) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87210 | $&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;42234 |  |  |  |

---

#### 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 | $43117 | $&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 | $43117 |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43117 | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43117 |
|  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 | $43117 |

---

<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.

---

| | |
|:---|:---|
| **36** | **PIMCO ETF TRUST** |

---

------

December 31, 2025 (Unaudited)

**The average amount of borrowings outstanding during the period ended December 31, 2025 was $(44) at a weighted average interest rate of 4.173%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** 

&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 |
|  3-Month SOFR Active Contract June Futures | 09/2027 | 143 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34626 | $307 | $0 | $(9) |
|  3-Month SOFR Active Contract March Futures | 06/2027 | 143 | 34636 | 311 | 0 | (9) |
|  U.S. Treasury 5-Year Note March Futures | 03/2026 | 717 | 78371 | (164) | 0 | (84) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(102) |

---

#### 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 2-Year Note March Futures | 03/2026 | 111 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23176) | $(22) | $8 | $0 |
|  U.S. Treasury 10-Year Note March Futures | 03/2026 | 66 | (7421) | 50 | 13 | 0 |
|  U.S. Treasury Long-Term Bond March Futures | 03/2026 | 44 | (5086) | 26 | 10 | 0 |
|  U.S. Ultra Treasury 10-Year Note March Futures | 03/2026 | 50 | (5751) | 8 | 9 | 0 |
|  |  |  |  | $62 | $40 | $0 |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(102) |

---

#### 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, 2025<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, 2025<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 |
|  Carnival Corp. | 1.000% | Quarterly | 12/20/2027 | 0.468% | $1000 | $(100) | $111 | $11 | $0 | $0 |
|  Carnival Corp. | 1.000 | Quarterly | 06/20/2029 | 0.765 | 1300 | (75) | 85 | 10 | 0 | (1) |
|  Charter Communications | 5.000 | Quarterly | 12/20/2030 | 2.703 | 1925 | 173 | 19 | 192 | 1 | 0 |
|  MGM Resorts International | 5.000 | Quarterly | 12/20/2029 | 1.389 | 3200 | 456 | (31) | 425 | 3 | 0 |
|  Transocean, Inc. | 1.000 | Quarterly | 12/20/2028 | 2.868 | 600 | (89) | 59 | (30) | 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;608 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - 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-36 5-Year Index | 5.000% | Quarterly | 06/20/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4800 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(101) | $79 | $1 | $0 |
|  CDX.HY-40 5-Year Index | 5.000 | Quarterly | 06/20/2028 | 588 | 14 | 26 | 40 | 0 | 0 |
|  |  |  |  |  | $194 | $(75) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive <br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | **Notional**<br>**Amount** | **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** | **Notional**<br>**Amount** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750% | Annual | 12/18/2026 |  | $31000 | $(334) | $246 | $(88) | $6 | $0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2031 |  | 8675 | (337) | 233 | (104) | 15 | 0 |
|  |  |  |  |  |  |  | $(671) | $479 | $(192) | $21 | $0 |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(112) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;647 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| DECEMBER 31, 2025 37

------

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

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of December 31, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 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 | Total | Written<br>Options | Futures | Swap<br>Agreements | Total |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(102) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(103) |

---

Cash of $9,037 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2025. 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. 

#### 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, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 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<br>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 | $40 | $40 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements | 0 | 6 | 0 | 0 | 21 | 27 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&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;0 | $61 | $67 |
|  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 | $102 | $102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements | 0 | 1 | 0 | 0 | 0 | 1 |
|  | $0 | $1 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103 |

---

38 PIMCO ETF TRUST See Accompanying Notes

------

December 31, 2025 (Unaudited)

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 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<br>Contracts | Total |
|  Net Realized Gain on Financial Derivative Instruments | Net Realized Gain on Financial Derivative Instruments | Net Realized Gain on Financial Derivative Instruments | Net Realized Gain on Financial Derivative Instruments | Net Realized Gain on Financial Derivative Instruments | Net Realized Gain on Financial Derivative Instruments | Net Realized Gain 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 | $1202 | $1202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements | 0 | 245 | 0 | 0 | 245 | 490 |
|  | $0 | $245 | $0 | $0 | $1447 | $1692 |
|  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 | $4 | $0 | $0 | $0 | $4 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249 | $&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;1447 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1696 |
|  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 | $(1039) | $(1039) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements | 0 | 2 | 0 | 0 | (161) | (159) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $2 | $0 | $0 | $(1200) | $(1198) |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of December 31, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>12/31/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $0 | $25942 | $3176 | $29118 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 0 | 220382 | 0 | 220382 |
| &nbsp;&nbsp; Industrials | 0 | 1123809 | 1154 | 1124963 |
| &nbsp;&nbsp; Utilities | 0 | 83796 | 175 | 83971 |
|  U.S. Treasury Obligations | 0 | 1296 | 0 | 1296 |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Communication Services | 0 | 0 | 1180 | 1180 |
| &nbsp;&nbsp; Consumer Discretionary | 0 | 0 | 2 | 2 |
| &nbsp;&nbsp; Health Care | 0 | 0 | 950 | 950 |
| &nbsp;&nbsp; Industrials | 18 | 0 | 1853 | 1871 |
|  Warrants | Warrants | Warrants | Warrants | Warrants |
| &nbsp;&nbsp; Industrials | 0 | 0 | 6 | 6 |
|  Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| &nbsp;&nbsp; Industrials | 0 | 0 | 47 | 47 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 0 | 410 | 0 | 410 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 87200 | 0 | 87200 |
|  | $18 | $1542835 | $8543 | $1551396 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>12/31/2025 |
|  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 |  |  |  |  |
| &nbsp;&nbsp; Mutual Funds | $43117 | $0 | $0 | $43117 |
|  Total Investments | $43135 | $1542835 | $8543 | $1594513 |
|  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 | $67 | $0 | $67 |
|  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 | $(103) | $0 | $(103) |
|  Total Financial Derivative Instruments | $0 | $(36) | $0 | $(36) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43135 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1542799 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8543 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1594477 |

---

There were no significant transfers into or out of Level 3 during the period ended December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **39** |

---

------

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

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

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 102.7% | INVESTMENTS IN SECURITIES 102.7% | INVESTMENTS IN SECURITIES 102.7% |
| CORPORATE BONDS & NOTES 92.1% | CORPORATE BONDS & NOTES 92.1% | CORPORATE BONDS & NOTES 92.1% |
| BANKING & FINANCE 35.5% | BANKING & FINANCE 35.5% | BANKING & FINANCE 35.5% |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust |
|  2.450% due 10/29/2026 | 3127 | 3085 |
|  3.000% due 10/29/2028 | 336 | 326 |
|  3.300% due 01/30/2032 | 2142 | 1978 |
|  3.400% due 10/29/2033 | 266 | 240 |
|  3.850% due 10/29/2041 | 63 | 52 |
|  Aircastle Ltd. | Aircastle Ltd. | Aircastle Ltd. |
|  4.250% due 06/15/2026 | 835 | 835 |
|  6.500% due 07/18/2028 | 638 | 671 |
|  Aircastle Ltd./Aircastle Ireland DAC | Aircastle Ltd./Aircastle Ireland DAC | Aircastle Ltd./Aircastle Ireland DAC |
|  5.000% due 09/15/2030 | 1296 | 1310 |
|  Alexandria Real Estate Equities, Inc. | Alexandria Real Estate Equities, Inc. | Alexandria Real Estate Equities, Inc. |
|  1.875% due 02/01/2033 | 1796 | 1474 |
|  Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. |
|  2.200% due 11/02/2028 | 1668 | 1579 |
|  5.548% due 07/31/2033 •  | 1212 | 1222 |
|  6.184% due 07/26/2035 •  | 4346 | 4507 |
|  6.848% due 01/03/2030 •  | 150 | 159 |
|  American Express Co. | American Express Co. | American Express Co. |
|  5.389% due 07/28/2027 •  | 82 | 83 |
|  5.645% due 04/23/2027 •  | 26 | 26 |
|  6.489% due 10/30/2031 •  | 628 | 686 |
|  American Financial Group, Inc. | American Financial Group, Inc. | American Financial Group, Inc. |
|  4.500% due 06/15/2047 | 423 | 356 |
|  American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP |
|  5.500% due 02/01/2034 | 430 | 445 |
|  American International Group, Inc. | American International Group, Inc. | American International Group, Inc. |
|  4.750% due 04/01/2048 | 8 | 7 |
|  American Tower Corp. | American Tower Corp. | American Tower Corp. |
|  2.100% due 06/15/2030 | 500 | 454 |
|  2.750% due 01/15/2027 | 624 | 616 |
|  2.900% due 01/15/2030 | 2519 | 2392 |
|  2.950% due 01/15/2051 | 2262 | 1446 |
|  3.125% due 01/15/2027 | 322 | 319 |
|  3.600% due 01/15/2028 | 1025 | 1016 |
|  5.200% due 02/15/2029 | 1380 | 1421 |
|  5.650% due 03/15/2033 | 100 | 106 |
|  Aon Corp./Aon Global Holdings PLC | Aon Corp./Aon Global Holdings PLC | Aon Corp./Aon Global Holdings PLC |
|  2.900% due 08/23/2051 | 2593 | 1615 |
|  3.900% due 02/28/2052 | 395 | 297 |
|  Arch Capital Group Ltd. | Arch Capital Group Ltd. | Arch Capital Group Ltd. |
|  3.635% due 06/30/2050 | 542 | 403 |
|  ARES Capital Corp. | ARES Capital Corp. | ARES Capital Corp. |
|  2.875% due 06/15/2027 | 1221 | 1196 |
|  2.875% due 06/15/2028 | 1856 | 1774 |
|  ARES Management Corp. |  |  |
|  5.600% due 10/11/2054 | 2 | 2 |
|  Arthur J Gallagher & Co. | Arthur J Gallagher & Co. | Arthur J Gallagher & Co. |
|  3.500% due 05/20/2051 | 1476 | 1033 |
|  5.750% due 07/15/2054 | 276 | 273 |
|  Assured Guaranty U.S. Holdings, Inc. |  |  |
|  3.150% due 06/15/2031 | 822 | 776 |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding |
|  1.450% due 01/08/2026 | 564 | 564 |
|  1.608% due 06/29/2026 | 1204 | 1189 |
|  2.673% due 06/07/2031 | 1224 | 1092 |
|  Athene Holding Ltd. | Athene Holding Ltd. | Athene Holding Ltd. |
|  6.625% due 05/19/2055 | 46 | 47 |
|  Australia & New Zealand Banking Group Ltd. | Australia & New Zealand Banking Group Ltd. | Australia & New Zealand Banking Group Ltd. |
|  4.400% due 05/19/2026 (e) | 468 | 469 |
|  AvalonBay Communities, Inc. | AvalonBay Communities, Inc. | AvalonBay Communities, Inc. |
|  5.350% due 06/01/2034 | 1475 | 1536 |
|  Aviation Capital Group LLC | Aviation Capital Group LLC | Aviation Capital Group LLC |
|  6.250% due 04/15/2028 | 2383 | 2477 |
|  Avilease Capital Ltd. | Avilease Capital Ltd. | Avilease Capital Ltd. |
|  4.750% due 11/12/2030 | 1600 | 1589 |
|  Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
|  2.125% due 02/21/2026 | 19 | 19 |
|  2.528% due 11/18/2027 | 752 | 730 |
|  4.700% due 01/30/2031 | 3200 | 3180 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  AXIS Specialty Finance PLC | AXIS Specialty Finance PLC | AXIS Specialty Finance PLC |
|  4.000% due 12/06/2027 | 273 | 273 |
|  Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA |
|  6.033% due 03/13/2035 •  | 200 | 213 |
|  6.138% due 09/14/2028 •  | 400 | 414 |
|  7.883% due 11/15/2034 •  | 1580 | 1842 |
|  Banco de Credito e Inversiones SA | Banco de Credito e Inversiones SA | Banco de Credito e Inversiones SA |
|  3.500% due 10/12/2027 | 798 | 790 |
|  Banco Santander SA | Banco Santander SA | Banco Santander SA |
|  1.849% due 03/25/2026 | 86 | 86 |
|  5.127% due 11/06/2035 | 2400 | 2400 |
|  5.294% due 08/18/2027 | 120 | 122 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  1.898% due 07/23/2031 •  | 517 | 465 |
|  2.572% due 10/20/2032 •  | 3894 | 3513 |
|  2.592% due 04/29/2031 •  | 343 | 320 |
|  2.972% due 02/04/2033 •  | 313 | 286 |
|  3.194% due 07/23/2030 •  | 411 | 397 |
|  3.419% due 12/20/2028 •  | 3109 | 3071 |
|  3.593% due 07/21/2028 •  | 74 | 74 |
|  5.015% due 07/22/2033 •  | 2767 | 2822 |
|  5.080% due 01/20/2027 •  | 1393 | 1394 |
|  5.202% due 04/25/2029 •  | 2439 | 2502 |
|  5.288% due 04/25/2034 •  | 1890 | 1946 |
|  5.468% due 01/23/2035 •  | 3021 | 3148 |
|  5.872% due 09/15/2034 •  | 940 | 1003 |
|  Bank of Ireland Group PLC | Bank of Ireland Group PLC | Bank of Ireland Group PLC |
|  2.029% due 09/30/2027 •  | 1195 | 1176 |
|  Bank of Montreal | Bank of Montreal | Bank of Montreal |
|  5.717% due 09/25/2028 | 115 | 120 |
|  Bank of New York Mellon Corp. | Bank of New York Mellon Corp. | Bank of New York Mellon Corp. |
|  4.706% due 02/01/2034 •  | 1047 | 1051 |
|  5.802% due 10/25/2028 •  | 422 | 436 |
|  5.834% due 10/25/2033 •  | 2097 | 2265 |
|  Bank of New Zealand | Bank of New Zealand | Bank of New Zealand |
|  1.000% due 03/03/2026 | 110 | 109 |
|  Bank of Nova Scotia | Bank of Nova Scotia | Bank of Nova Scotia |
|  4.404% due 09/08/2028 •  | 570 | 573 |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  2.279% due 11/24/2027 •  | 79 | 78 |
|  4.375% due 01/12/2026 | 3069 | 3069 |
|  4.972% due 05/16/2029 •  | 2439 | 2480 |
|  5.785% due 02/25/2036 •  | 780 | 817 |
|  5.829% due 05/09/2027 •  | 120 | 121 |
|  6.224% due 05/09/2034 •  | 148 | 159 |
|  6.496% due 09/13/2027 •  | 1273 | 1293 |
|  7.385% due 11/02/2028 •  | 1576 | 1666 |
|  7.437% due 11/02/2033 •  | 253 | 289 |
|  Berkshire Hathaway Finance Corp. | Berkshire Hathaway Finance Corp. | Berkshire Hathaway Finance Corp. |
|  3.850% due 03/15/2052 | 1628 | 1254 |
|  BGC Group, Inc. | BGC Group, Inc. | BGC Group, Inc. |
|  6.600% due 06/10/2029 | 1600 | 1671 |
|  Blackstone Holdings Finance Co. LLC | Blackstone Holdings Finance Co. LLC | Blackstone Holdings Finance Co. LLC |
|  1.625% due 08/05/2028 | 288 | 271 |
|  4.000% due 10/02/2047 | 536 | 423 |
|  5.900% due 11/03/2027 | 130 | 134 |
|  Blackstone Private Credit Fund | Blackstone Private Credit Fund | Blackstone Private Credit Fund |
|  4.000% due 01/15/2029 | 150 | 146 |
|  Blackstone Secured Lending Fund | Blackstone Secured Lending Fund | Blackstone Secured Lending Fund |
|  2.750% due 09/16/2026 | 1195 | 1181 |
|  3.625% due 01/15/2026 | 251 | 251 |
|  Block Financial LLC | Block Financial LLC | Block Financial LLC |
|  3.875% due 08/15/2030 | 1082 | 1043 |
|  Blue Owl Capital Corp. | Blue Owl Capital Corp. | Blue Owl Capital Corp. |
|  3.400% due 07/15/2026 | 201 | 200 |
|  4.250% due 01/15/2026 | 10 | 10 |
|  Blue Owl Finance LLC | Blue Owl Finance LLC | Blue Owl Finance LLC |
|  3.125% due 06/10/2031 | 1189 | 1080 |
|  4.125% due 10/07/2051 | 656 | 462 |
|  6.250% due 04/18/2034 | 2439 | 2516 |
|  BNP Paribas SA | BNP Paribas SA | BNP Paribas SA |
|  1.323% due 01/13/2027 •  | 1385 | 1384 |
|  4.400% due 08/14/2028 | 3829 | 3838 |
|  Boston Properties LP | Boston Properties LP | Boston Properties LP |
|  2.550% due 04/01/2032 | 100 | 87 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  BPCE SA | BPCE SA | BPCE SA |
|  1.000% due 01/20/2026 | 314 | 314 |
|  3.500% due 10/23/2027 | 622 | 615 |
|  5.936% due 05/30/2035 •  | 1156 | 1206 |
|  5.975% due 01/18/2027 •  | 1430 | 1431 |
|  6.612% due 10/19/2027 •  | 650 | 662 |
|  Brandywine Operating Partnership LP | Brandywine Operating Partnership LP | Brandywine Operating Partnership LP |
|  3.950% due 11/15/2027 | 375 | 368 |
|  Brighthouse Financial Global Funding | Brighthouse Financial Global Funding | Brighthouse Financial Global Funding |
|  1.550% due 05/24/2026 | 446 | 441 |
|  Brighthouse Financial, Inc. | Brighthouse Financial, Inc. | Brighthouse Financial, Inc. |
|  4.700% due 06/22/2047 | 65 | 48 |
|  Broadridge Financial Solutions, Inc. | Broadridge Financial Solutions, Inc. | Broadridge Financial Solutions, Inc. |
|  2.900% due 12/01/2029 | 1370 | 1301 |
|  Brookfield Finance, Inc. | Brookfield Finance, Inc. | Brookfield Finance, Inc. |
|  3.625% due 02/15/2052 | 942 | 667 |
|  3.900% due 01/25/2028 | 1202 | 1199 |
|  4.850% due 03/29/2029 | 2067 | 2102 |
|  CaixaBank SA | CaixaBank SA | CaixaBank SA |
|  6.684% due 09/13/2027 •  | 1770 | 1801 |
|  Cantor Fitzgerald LP | Cantor Fitzgerald LP | Cantor Fitzgerald LP |
|  7.200% due 12/12/2028 | 928 | 987 |
|  Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. |
|  4.100% due 02/09/2027 | 184 | 184 |
|  5.247% due 07/26/2030 •  | 328 | 338 |
|  5.268% due 05/10/2033 •  | 243 | 250 |
|  5.468% due 02/01/2029 •  | 543 | 558 |
|  5.700% due 02/01/2030 •  | 1535 | 1597 |
|  6.312% due 06/08/2029 •  | 1000 | 1050 |
|  Capital One NA | Capital One NA | Capital One NA |
|  4.650% due 09/13/2028 | 2794 | 2836 |
|  CBRE Services, Inc. | CBRE Services, Inc. | CBRE Services, Inc. |
|  5.950% due 08/15/2034 | 4471 | 4787 |
|  Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. |
|  1.650% due 03/11/2031 | 5511 | 4838 |
|  1.950% due 12/01/2031 | 374 | 328 |
|  2.300% due 05/13/2031 | 708 | 641 |
|  2.900% due 03/03/2032 | 313 | 287 |
|  Chubb INA Holdings LLC | Chubb INA Holdings LLC | Chubb INA Holdings LLC |
|  3.050% due 12/15/2061 | 607 | 373 |
|  CI Financial Corp. | CI Financial Corp. | CI Financial Corp. |
|  7.500% due 05/30/2029 | 1267 | 1348 |
|  Citadel LP | Citadel LP | Citadel LP |
|  6.375% due 01/23/2032 | 3500 | 3717 |
|  Citibank NA | Citibank NA | Citibank NA |
|  5.570% due 04/30/2034 | 3990 | 4221 |
|  Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
|  2.572% due 06/03/2031 •  | 500 | 463 |
|  3.057% due 01/25/2033 •  | 2317 | 2123 |
|  3.070% due 02/24/2028 •  | 130 | 129 |
|  3.668% due 07/24/2028 •  | 563 | 560 |
|  4.075% due 04/23/2029 •  | 393 | 393 |
|  4.412% due 03/31/2031 •  | 80 | 80 |
|  4.542% due 09/19/2030 •  | 2403 | 2424 |
|  4.910% due 05/24/2033 •  | 150 | 152 |
|  6.270% due 11/17/2033 •  | 1161 | 1265 |
|  Citizens Bank NA | Citizens Bank NA | Citizens Bank NA |
|  4.575% due 08/09/2028 •  | 463 | 467 |
|  Citizens Financial Group, Inc. | Citizens Financial Group, Inc. | Citizens Financial Group, Inc. |
|  2.850% due 07/27/2026 | 943 | 937 |
|  3.250% due 04/30/2030 | 10 | 10 |
|  5.718% due 07/23/2032 •  | 2529 | 2653 |
|  CNA Financial Corp. | CNA Financial Corp. | CNA Financial Corp. |
|  2.050% due 08/15/2030 | 150 | 135 |
|  CNO Global Funding | CNO Global Funding | CNO Global Funding |
|  5.875% due 06/04/2027 | 1196 | 1223 |
|  Commonwealth Bank of Australia | Commonwealth Bank of Australia | Commonwealth Bank of Australia |
|  2.688% due 03/11/2031 (e) | 1199 | 1093 |
|  Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA |
|  1.980% due 12/15/2027 •  | 774 | 759 |
|  3.750% due 07/21/2026 | 891 | 889 |
|  5.710% due 01/21/2033 •  | 890 | 938 |
|  5.800% due 09/30/2110 | 3 | 3 |
|  Corebridge Financial, Inc. | Corebridge Financial, Inc. | Corebridge Financial, Inc. |
|  3.650% due 04/05/2027 | 1820 | 1809 |

---

---

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

---

------

December 31, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  3.850% due 04/05/2029 | $— | 1256 | $— | 1236 |
|  4.400% due 04/05/2052 |  | 199 |  | 162 |
|  Credit Agricole SA | Credit Agricole SA | Credit Agricole SA | Credit Agricole SA | Credit Agricole SA |
|  1.247% due 01/26/2027 •  |  | 1247 |  | 1244 |
|  5.230% due 01/09/2029 •  |  | 3100 |  | 3167 |
|  5.301% due 07/12/2028 |  | 51 |  | 53 |
|  6.316% due 10/03/2029 •  |  | 1902 |  | 2006 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  2.100% due 04/01/2031 |  | 20 |  | 18 |
|  2.250% due 01/15/2031 |  | 986 |  | 882 |
|  2.500% due 07/15/2031 |  | 10 |  | 9 |
|  2.900% due 03/15/2027 |  | 619 |  | 610 |
|  2.900% due 04/01/2041 |  | 172 |  | 126 |
|  3.100% due 11/15/2029 |  | 1402 |  | 1337 |
|  3.300% due 07/01/2030 |  | 100 |  | 95 |
|  4.300% due 02/15/2029 |  | 681 |  | 679 |
|  4.450% due 02/15/2026 |  | 1020 |  | 1020 |
|  DAE Sukuk Difc Ltd. | DAE Sukuk Difc Ltd. | DAE Sukuk Difc Ltd. | DAE Sukuk Difc Ltd. | DAE Sukuk Difc Ltd. |
|  3.750% due 02/15/2026 |  | 1199 |  | 1197 |
|  Danske Bank AS | Danske Bank AS | Danske Bank AS | Danske Bank AS | Danske Bank AS |
|  4.375% due 06/12/2028 |  | 1826 |  | 1841 |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  5.373% due 01/10/2029 •  |  | 980 |  | 1000 |
|  5.706% due 02/08/2028 •  |  | 242 |  | 246 |
|  6.720% due 01/18/2029 •  |  | 3840 |  | 4021 |
|  7.079% due 02/10/2034 •  |  | 847 |  | 931 |
|  Digital Realty Trust LP | Digital Realty Trust LP | Digital Realty Trust LP | Digital Realty Trust LP | Digital Realty Trust LP |
|  3.700% due 08/15/2027 |  | 51 |  | 51 |
|  5.550% due 01/15/2028 |  | 469 |  | 482 |
|  DNB Bank ASA | DNB Bank ASA | DNB Bank ASA | DNB Bank ASA | DNB Bank ASA |
|  1.535% due 05/25/2027 •  |  | 1803 |  | 1785 |
|  DOC Dr. LLC | DOC Dr. LLC | DOC Dr. LLC | DOC Dr. LLC | DOC Dr. LLC |
|  3.950% due 01/15/2028 |  | 264 |  | 263 |
|  Empower Finance 2020 LP | Empower Finance 2020 LP | Empower Finance 2020 LP | Empower Finance 2020 LP | Empower Finance 2020 LP |
|  3.075% due 09/17/2051 |  | 2711 |  | 1757 |
|  Enstar Group Ltd. | Enstar Group Ltd. | Enstar Group Ltd. | Enstar Group Ltd. | Enstar Group Ltd. |
|  3.100% due 09/01/2031 |  | 396 |  | 356 |
|  EPR Properties | EPR Properties | EPR Properties | EPR Properties | EPR Properties |
|  3.750% due 08/15/2029 |  | 2144 |  | 2080 |
|  4.950% due 04/15/2028 |  | 60 |  | 60 |
|  EQT AB | EQT AB | EQT AB | EQT AB | EQT AB |
|  5.850% due 05/08/2035 |  | 1680 |  | 1726 |
|  Equinix, Inc. | Equinix, Inc. | Equinix, Inc. | Equinix, Inc. | Equinix, Inc. |
|  1.450% due 05/15/2026 |  | 10 |  | 10 |
|  2.150% due 07/15/2030 |  | 1044 |  | 948 |
|  3.000% due 07/15/2050 |  | 1113 |  | 713 |
|  3.200% due 11/18/2029 |  | 1206 |  | 1158 |
|  Equitable Financial Life Global Funding | Equitable Financial Life Global Funding | Equitable Financial Life Global Funding | Equitable Financial Life Global Funding | Equitable Financial Life Global Funding |
|  1.300% due 07/12/2026 |  | 620 |  | 611 |
|  Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP |
|  2.350% due 03/15/2032 |  | 1708 |  | 1496 |
|  F&G Global Funding | F&G Global Funding | F&G Global Funding | F&G Global Funding | F&G Global Funding |
|  1.750% due 06/30/2026 |  | 135 |  | 133 |
|  2.300% due 04/11/2027 |  | 641 |  | 626 |
|  Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. |
|  5.625% due 08/16/2032 |  | 1638 |  | 1711 |
|  Fidelity National Financial, Inc. | Fidelity National Financial, Inc. | Fidelity National Financial, Inc. | Fidelity National Financial, Inc. | Fidelity National Financial, Inc. |
|  3.200% due 09/17/2051 |  | 313 |  | 199 |
|  First American Financial Corp. | First American Financial Corp. | First American Financial Corp. | First American Financial Corp. | First American Financial Corp. |
|  4.000% due 05/15/2030 |  | 313 |  | 303 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  2.900% due 02/16/2028 |  | 928 |  | 894 |
|  3.815% due 11/02/2027 |  | 865 |  | 852 |
|  4.125% due 08/17/2027 |  | 1329 |  | 1319 |
|  4.389% due 01/08/2026 |  | 1525 |  | 1525 |
|  4.542% due 08/01/2026 |  | 936 |  | 935 |
|  5.284% (SOFRRATE + 1.450%) due 11/05/2026 ~ |  | 1202 |  | 1206 |
|  5.850% due 05/17/2027 |  | 1161 |  | 1179 |
|  6.532% due 03/19/2032 (d) |  | 2184 |  | 2285 |
|  6.800% due 05/12/2028 |  | 120 |  | 125 |
|  6.950% due 03/06/2026 |  | 785 |  | 787 |
|  FS KKR Capital Corp. | FS KKR Capital Corp. | FS KKR Capital Corp. | FS KKR Capital Corp. | FS KKR Capital Corp. |
|  3.400% due 01/15/2026 |  | 262 |  | 262 |
|  GA Global Funding Trust | GA Global Funding Trust | GA Global Funding Trust | GA Global Funding Trust | GA Global Funding Trust |
|  1.950% due 09/15/2028 |  | 181 |  | 171 |
|  2.250% due 01/06/2027 |  | 775 |  | 761 |
|  5.900% due 01/13/2035 |  | 664 |  | 681 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  GATX Corp. | GATX Corp. | GATX Corp. |
|  6.050% due 06/05/2054 | 234 | 238 |
|  General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. |
|  1.250% due 01/08/2026 | 1843 | 1842 |
|  1.500% due 06/10/2026 | 1193 | 1180 |
|  2.350% due 01/08/2031 | 150 | 135 |
|  4.300% due 04/06/2029 | 132 | 132 |
|  5.850% due 04/06/2030 | 100 | 105 |
|  Global Atlantic Fin Co. | Global Atlantic Fin Co. | Global Atlantic Fin Co. |
|  3.125% due 06/15/2031 | 631 | 571 |
|  7.950% due 06/15/2033 | 650 | 743 |
|  GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. |
|  3.250% due 01/15/2032 | 100 | 91 |
|  4.000% due 01/15/2030 | 1224 | 1194 |
|  4.000% due 01/15/2031 | 475 | 457 |
|  5.300% due 01/15/2029 | 1427 | 1453 |
|  5.625% due 09/15/2034 | 2311 | 2347 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  1.431% due 03/09/2027 •  | 1663 | 1655 |
|  1.948% due 10/21/2027 •  | 2105 | 2070 |
|  1.992% due 01/27/2032 •  | 5136 | 4567 |
|  2.615% due 04/22/2032 •  | 2672 | 2437 |
|  3.102% due 02/24/2033 •  | 1910 | 1760 |
|  3.615% due 03/15/2028 •  | 289 | 287 |
|  5.016% due 10/23/2035 •  | 1484 | 1492 |
|  5.851% due 04/25/2035 •  | 1120 | 1191 |
|  6.484% due 10/24/2029 •  | 138 | 146 |
|  Goodman U.S. Finance Five LLC | Goodman U.S. Finance Five LLC | Goodman U.S. Finance Five LLC |
|  4.625% due 05/04/2032 | 1908 | 1885 |
|  Guardian Life Insurance Co. of America | Guardian Life Insurance Co. of America | Guardian Life Insurance Co. of America |
|  4.850% due 01/24/2077 | 1201 | 989 |
|  HAT Holdings I LLC/HAT Holdings II LLC | HAT Holdings I LLC/HAT Holdings II LLC | HAT Holdings I LLC/HAT Holdings II LLC |
|  8.000% due 06/15/2027 | 155 | 161 |
|  Highwoods Realty LP | Highwoods Realty LP | Highwoods Realty LP |
|  3.050% due 02/15/2030 | 2039 | 1901 |
|  Horizon Mutual Holdings, Inc. | Horizon Mutual Holdings, Inc. | Horizon Mutual Holdings, Inc. |
|  6.200% due 11/15/2034 | 385 | 373 |
|  Host Hotels & Resorts LP | Host Hotels & Resorts LP | Host Hotels & Resorts LP |
|  5.700% due 07/01/2034 | 2902 | 3006 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  2.013% due 09/22/2028 •  | 78 | 75 |
|  2.206% due 08/17/2029 •  | 383 | 365 |
|  2.357% due 08/18/2031 •  | 1243 | 1131 |
|  2.871% due 11/22/2032 •  | 369 | 336 |
|  3.973% due 05/22/2030 •  | 1807 | 1786 |
|  4.041% due 03/13/2028 •  | 271 | 271 |
|  4.583% due 06/19/2029 •  | 1206 | 1218 |
|  4.755% due 06/09/2028 •  | 233 | 235 |
|  5.130% due 03/03/2031 •  | 3369 | 3454 |
|  5.210% due 08/11/2028 •  | 100 | 102 |
|  5.546% due 03/04/2030 •  | 167 | 173 |
|  5.790% due 05/13/2036 •  | 1492 | 1577 |
|  5.887% due 08/14/2027 •  | 272 | 275 |
|  7.390% due 11/03/2028 •  | 69 | 73 |
|  HSBC USA, Inc. | HSBC USA, Inc. | HSBC USA, Inc. |
|  5.294% due 03/04/2027 | 145 | 147 |
|  ING Groep NV | ING Groep NV | ING Groep NV |
|  1.726% due 04/01/2027 •  | 55 | 55 |
|  4.017% due 03/28/2028 •  | 512 | 512 |
|  Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA |
|  7.778% due 06/20/2054 •  | 1157 | 1376 |
|  8.248% due 11/21/2033 •  | 2696 | 3185 |
|  Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP |
|  2.000% due 08/15/2031 | 2615 | 2288 |
|  JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL | JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL | JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL |
|  4.375% due 02/02/2052 | 13 | 10 |
|  5.750% due 04/01/2033 | 27 | 28 |
|  6.500% due 12/01/2052 | 908 | 937 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  1.470% due 09/22/2027 •  | 1241 | 1219 |
|  2.182% due 06/01/2028 •  | 10 | 10 |
|  2.522% due 04/22/2031 •  | 320 | 298 |
|  2.947% due 02/24/2028 •  | 1551 | 1533 |
|  2.963% due 01/25/2033 •  | 715 | 656 |
|  3.509% due 01/23/2029 •  | 922 | 914 |
|  3.702% due 05/06/2030 •  | 5306 | 5228 |
|  3.782% due 02/01/2028 •  | 160 | 160 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.005% due 04/23/2029 •  | $— | 478 | $— | 478 |
|  4.565% due 06/14/2030 •  |  | 700 |  | 708 |
|  4.586% due 04/26/2033 •  |  | 1316 |  | 1323 |
|  4.851% due 07/25/2028 •  |  | 1435 |  | 1454 |
|  4.912% due 07/25/2033 •  |  | 2781 |  | 2834 |
|  4.979% due 07/22/2028 •  |  | 1037 |  | 1053 |
|  5.012% due 01/23/2030 •  |  | 2700 |  | 2769 |
|  5.040% due 01/23/2028 •  |  | 30 |  | 30 |
|  5.336% due 01/23/2035 •  |  | 2063 |  | 2139 |
|  5.571% due 04/22/2028 •  |  | 442 |  | 451 |
|  5.766% due 04/22/2035 •  |  | 3994 |  | 4258 |
|  KBC Group NV | KBC Group NV | KBC Group NV | KBC Group NV | KBC Group NV |
|  6.324% due 09/21/2034 •  |  | 222 |  | 242 |
|  KKR Group Finance Co. X LLC | KKR Group Finance Co. X LLC | KKR Group Finance Co. X LLC | KKR Group Finance Co. X LLC | KKR Group Finance Co. X LLC |
|  3.250% due 12/15/2051 |  | 3025 |  | 2009 |
|  Lazard Group LLC | Lazard Group LLC | Lazard Group LLC | Lazard Group LLC | Lazard Group LLC |
|  4.500% due 09/19/2028 |  | 2439 |  | 2457 |
|  5.625% due 08/01/2035 |  | 2600 |  | 2666 |
|  Liberty Mutual Group, Inc. | Liberty Mutual Group, Inc. | Liberty Mutual Group, Inc. | Liberty Mutual Group, Inc. | Liberty Mutual Group, Inc. |
|  4.850% due 08/01/2044 |  | 20 |  | 18 |
|  5.500% due 06/15/2052 |  | 238 |  | 223 |
|  Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC |
|  3.574% due 11/07/2028 •  |  | 180 |  | 179 |
|  3.750% due 03/18/2028 •  |  | 705 |  | 703 |
|  5.087% due 11/26/2028 •  |  | 121 |  | 123 |
|  5.871% due 03/06/2029 •  |  | 803 |  | 833 |
|  7.953% due 11/15/2033 •  |  | 1580 |  | 1839 |
|  LPL Holdings, Inc. | LPL Holdings, Inc. | LPL Holdings, Inc. | LPL Holdings, Inc. | LPL Holdings, Inc. |
|  6.000% due 05/20/2034 |  | 425 |  | 448 |
|  LSEG Finance PLC | LSEG Finance PLC | LSEG Finance PLC | LSEG Finance PLC | LSEG Finance PLC |
|  2.000% due 04/06/2028 |  | 1579 |  | 1512 |
|  3.200% due 04/06/2041 |  | 1496 |  | 1155 |
|  Lseg U.S. Fin Corp. | Lseg U.S. Fin Corp. | Lseg U.S. Fin Corp. | Lseg U.S. Fin Corp. | Lseg U.S. Fin Corp. |
|  4.875% due 03/28/2027 |  | 308 |  | 312 |
|  Macquarie Group Ltd. | Macquarie Group Ltd. | Macquarie Group Ltd. | Macquarie Group Ltd. | Macquarie Group Ltd. |
|  1.935% due 04/14/2028 •  |  | 1192 |  | 1160 |
|  3.763% due 11/28/2028 •  |  | 60 |  | 60 |
|  Main Street Capital Corp. | Main Street Capital Corp. | Main Street Capital Corp. | Main Street Capital Corp. | Main Street Capital Corp. |
|  5.400% due 08/15/2028 |  | 1504 |  | 1512 |
|  Manulife Financial Corp. | Manulife Financial Corp. | Manulife Financial Corp. | Manulife Financial Corp. | Manulife Financial Corp. |
|  4.150% due 03/04/2026 |  | 813 |  | 813 |
|  Marex Group PLC | Marex Group PLC | Marex Group PLC | Marex Group PLC | Marex Group PLC |
|  6.404% due 11/04/2029 |  | 2744 |  | 2847 |
|  Marsh & McLennan Cos., Inc. | Marsh & McLennan Cos., Inc. | Marsh & McLennan Cos., Inc. | Marsh & McLennan Cos., Inc. | Marsh & McLennan Cos., Inc. |
|  4.550% due 11/08/2027 |  | 338 |  | 342 |
|  5.000% due 03/15/2035 |  | 12 |  | 12 |
|  MassMutual Global Funding II | MassMutual Global Funding II | MassMutual Global Funding II | MassMutual Global Funding II | MassMutual Global Funding II |
|  5.050% due 12/07/2027 |  | 351 |  | 359 |
|  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 |  | 109 |
|  MetLife, Inc. | MetLife, Inc. | MetLife, Inc. | MetLife, Inc. | MetLife, Inc. |
|  4.125% due 08/13/2042 |  | 130 |  | 111 |
|  9.250% due 04/08/2068 |  | 163 |  | 196 |
|  Metropolitan Life Global Funding I | Metropolitan Life Global Funding I | Metropolitan Life Global Funding I | Metropolitan Life Global Funding I | Metropolitan Life Global Funding I |
|  1.875% due 01/11/2027 |  | 2278 |  | 2233 |
|  5.150% due 03/28/2033 |  | 3204 |  | 3298 |
|  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 |  | 1259 |  | 1278 |
|  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. |
|  2.309% due 07/20/2032 •  |  | 1383 |  | 1234 |
|  2.341% due 01/19/2028 •  |  | 2907 |  | 2857 |
|  3.195% due 07/18/2029 |  | 1382 |  | 1337 |
|  5.017% due 07/20/2028 •  |  | 1507 |  | 1530 |
|  Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. |
|  5.414% due 09/13/2028 •  |  | 2052 |  | 2102 |
|  5.748% due 07/06/2034 •  |  | 737 |  | 781 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  1.593% due 05/04/2027 •  |  | 116 |  | 115 |
|  1.928% due 04/28/2032 •  |  | 3370 |  | 2958 |
|  2.511% due 10/20/2032 •  |  | 582 |  | 522 |
|  3.622% due 04/01/2031 •  |  | 3057 |  | 2971 |
|  3.772% due 01/24/2029 •  |  | 700 |  | 696 |
|  4.300% due 01/27/2045 |  | 717 |  | 621 |
|  4.889% due 07/20/2033 •  |  | 2224 |  | 2257 |
|  5.123% due 02/01/2029 •  |  | 1543 |  | 1575 |
|  5.164% due 04/20/2029 •  |  | 130 |  | 133 |
|  5.173% due 01/16/2030 •  |  | 1937 |  | 1990 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **41** |

---

------

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)** |
|  5.652% due 04/13/2028 •  | $— | 168 | $— | 171 |
|  5.831% due 04/19/2035 •  |  | 1202 |  | 1278 |
|  6.627% due 11/01/2034 •  |  | 1497 |  | 1675 |
|  Morgan Stanley Bank NA | Morgan Stanley Bank NA | Morgan Stanley Bank NA | Morgan Stanley Bank NA | Morgan Stanley Bank NA |
|  4.886% (SOFRRATE + 0.940%) due 07/14/2028 ~ |  | 952 |  | 957 |
|  Morgan Stanley Private Bank NA | Morgan Stanley Private Bank NA | Morgan Stanley Private Bank NA | Morgan Stanley Private Bank NA | Morgan Stanley Private Bank NA |
|  4.734% due 07/18/2031 •  |  | 2439 |  | 2473 |
|  Nasdaq, Inc. | Nasdaq, Inc. | Nasdaq, Inc. | Nasdaq, Inc. | Nasdaq, Inc. |
|  2.500% due 12/21/2040 |  | 714 |  | 509 |
|  3.950% due 03/07/2052 |  | 156 |  | 120 |
|  National Health Investors, Inc. | National Health Investors, Inc. | National Health Investors, Inc. | National Health Investors, Inc. | National Health Investors, Inc. |
|  3.000% due 02/01/2031 |  | 119 |  | 108 |
|  Nationwide Building Society | Nationwide Building Society | Nationwide Building Society | Nationwide Building Society | Nationwide Building Society |
|  4.649% due 07/14/2029 •  |  | 1196 |  | 1209 |
|  5.537% due 07/14/2036 •  |  | 1414 |  | 1461 |
|  Nationwide Mutual Insurance Co. | Nationwide Mutual Insurance Co. | Nationwide Mutual Insurance Co. | Nationwide Mutual Insurance Co. | Nationwide Mutual Insurance Co. |
|  4.350% due 04/30/2050 |  | 1303 |  | 1025 |
|  4.950% due 04/22/2044 |  | 54 |  | 48 |
|  NatWest Group PLC | NatWest Group PLC | NatWest Group PLC | NatWest Group PLC | NatWest Group PLC |
|  4.964% due 08/15/2030 •  |  | 3003 |  | 3066 |
|  New York Life Global Funding | New York Life Global Funding | New York Life Global Funding | New York Life Global Funding | New York Life Global Funding |
|  2.350% due 07/14/2026 |  | 100 |  | 99 |
|  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. |
|  3.750% due 05/15/2050 |  | 135 |  | 100 |
|  4.450% due 05/15/2069 |  | 169 |  | 132 |
|  6.750% due 11/15/2039 |  | 655 |  | 749 |
|  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 |
|  1.850% due 09/16/2026 |  | 125 |  | 122 |
|  2.450% due 09/15/2028 |  | 100 |  | 93 |
|  NMI Holdings, Inc. | NMI Holdings, Inc. | NMI Holdings, Inc. | NMI Holdings, Inc. | NMI Holdings, Inc. |
|  6.000% due 08/15/2029 |  | 1816 |  | 1883 |
|  Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. |
|  2.172% due 07/14/2028 |  | 218 |  | 208 |
|  2.679% due 07/16/2030 |  | 213 |  | 197 |
|  Nordea Bank Abp | Nordea Bank Abp | Nordea Bank Abp | Nordea Bank Abp | Nordea Bank Abp |
|  1.500% due 09/30/2026 |  | 55 |  | 54 |
|  5.375% due 09/22/2027 |  | 1574 |  | 1613 |
|  Norinchukin Bank | Norinchukin Bank | Norinchukin Bank | Norinchukin Bank | Norinchukin Bank |
|  4.867% due 09/14/2027 |  | 676 |  | 683 |
|  5.071% due 09/14/2032 (d) |  | 300 |  | 303 |
|  5.430% due 03/09/2028 (d) |  | 1126 |  | 1154 |
|  Northwestern Mutual Global Funding | Northwestern Mutual Global Funding | Northwestern Mutual Global Funding | Northwestern Mutual Global Funding | Northwestern Mutual Global Funding |
|  0.800% due 01/14/2026 |  | 314 |  | 314 |
|  Nuveen LLC | Nuveen LLC | Nuveen LLC | Nuveen LLC | Nuveen LLC |
|  4.000% due 11/01/2028 |  | 60 |  | 60 |
|  Old Republic International Corp. | Old Republic International Corp. | Old Republic International Corp. | Old Republic International Corp. | Old Republic International Corp. |
|  3.875% due 08/26/2026 |  | 702 |  | 701 |
|  Omega Healthcare Investors, Inc. | Omega Healthcare Investors, Inc. | Omega Healthcare Investors, Inc. | Omega Healthcare Investors, Inc. | Omega Healthcare Investors, Inc. |
|  3.375% due 02/01/2031 |  | 2199 |  | 2054 |
|  Pacific Life Global Funding II | Pacific Life Global Funding II | Pacific Life Global Funding II | Pacific Life Global Funding II | Pacific Life Global Funding II |
|  1.600% due 09/21/2028 |  | 2542 |  | 2384 |
|  4.875% due 07/17/2032 |  | 1000 |  | 1019 |
|  Phillips Edison Grocery Center Operating Partnership I LP | Phillips Edison Grocery Center Operating Partnership I LP | Phillips Edison Grocery Center Operating Partnership I LP | Phillips Edison Grocery Center Operating Partnership I LP | Phillips Edison Grocery Center Operating Partnership I LP |
|  5.750% due 07/15/2034 |  | 1205 |  | 1264 |
|  PNC Financial Services Group, Inc. | PNC Financial Services Group, Inc. | PNC Financial Services Group, Inc. | PNC Financial Services Group, Inc. | PNC Financial Services Group, Inc. |
|  5.068% due 01/24/2034 •  |  | 2865 |  | 2932 |
|  5.354% due 12/02/2028 •  |  | 47 |  | 48 |
|  5.373% due 07/21/2036 •  |  | 4965 |  | 5109 |
|  5.492% due 05/14/2030 •  |  | 1700 |  | 1771 |
|  Popular, Inc. | Popular, Inc. | Popular, Inc. | Popular, Inc. | Popular, Inc. |
|  7.250% due 03/13/2028 |  | 1333 |  | 1406 |
|  Pricoa Global Funding I | Pricoa Global Funding I | Pricoa Global Funding I | Pricoa Global Funding I | Pricoa Global Funding I |
|  4.350% due 11/25/2030 |  | 96 |  | 96 |
|  4.400% due 08/27/2027 |  | 387 |  | 391 |
|  4.700% due 05/28/2030 |  | 92 |  | 94 |
|  Principal Life Global Funding II | Principal Life Global Funding II | Principal Life Global Funding II | Principal Life Global Funding II | Principal Life Global Funding II |
|  3.000% due 04/18/2026 |  | 783 |  | 781 |
|  Prologis LP | Prologis LP | Prologis LP | Prologis LP | Prologis LP |
|  4.000% due 09/15/2028 |  | 1349 |  | 1353 |
|  Protective Life Global Funding | Protective Life Global Funding | Protective Life Global Funding | Protective Life Global Funding | Protective Life Global Funding |
|  1.303% due 09/20/2026 |  | 824 |  | 809 |
|  Prudential Financial, Inc. | Prudential Financial, Inc. | Prudential Financial, Inc. | Prudential Financial, Inc. | Prudential Financial, Inc. |
|  3.000% due 03/10/2040 |  | 172 |  | 134 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Prudential Funding Asia PLC | Prudential Funding Asia PLC | Prudential Funding Asia PLC |
|  3.125% due 04/14/2030 | 957 | 918 |
|  Realty Income Corp. | Realty Income Corp. | Realty Income Corp. |
|  3.250% due 01/15/2031 | 132 | 126 |
|  3.400% due 01/15/2028 | 589 | 583 |
|  4.450% due 09/15/2026 | 509 | 510 |
|  Reinsurance Group of America, Inc. | Reinsurance Group of America, Inc. | Reinsurance Group of America, Inc. |
|  3.950% due 09/15/2026 | 1199 | 1199 |
|  Reliance Standard Life Global Funding II | Reliance Standard Life Global Funding II | Reliance Standard Life Global Funding II |
|  1.512% due 09/28/2026 | 157 | 154 |
|  Rexford Industrial Realty LP | Rexford Industrial Realty LP | Rexford Industrial Realty LP |
|  2.150% due 09/01/2031 | 1130 | 991 |
|  RGA Global Funding | RGA Global Funding | RGA Global Funding |
|  5.000% due 08/25/2032 | 1934 | 1950 |
|  6.000% due 11/21/2028 | 1899 | 1994 |
|  Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada |
|  4.715% due 03/27/2028 •  | 261 | 263 |
|  6.000% due 11/01/2027 | 10 | 10 |
|  Sabra Health Care LP | Sabra Health Care LP | Sabra Health Care LP |
|  3.200% due 12/01/2031 | 610 | 559 |
|  Santander Holdings USA, Inc. | Santander Holdings USA, Inc. | Santander Holdings USA, Inc. |
|  2.490% due 01/06/2028 •  | 1796 | 1766 |
|  6.499% due 03/09/2029 •  | 2158 | 2249 |
|  Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC |
|  1.673% due 06/14/2027 •  | 2673 | 2643 |
|  Simon Property Group LP | Simon Property Group LP | Simon Property Group LP |
|  6.650% due 01/15/2054 | 106 | 119 |
|  SMBC Aviation Capital Finance DAC | SMBC Aviation Capital Finance DAC | SMBC Aviation Capital Finance DAC |
|  1.900% due 10/15/2026 | 1338 | 1316 |
|  Societe Generale SA | Societe Generale SA | Societe Generale SA |
|  1.792% due 06/09/2027 •  | 433 | 428 |
|  3.337% due 01/21/2033 •  | 2949 | 2691 |
|  6.691% due 01/10/2034 •  | 907 | 988 |
|  Standard Chartered PLC | Standard Chartered PLC | Standard Chartered PLC |
|  2.678% due 06/29/2032 •  | 172 | 156 |
|  6.301% due 01/09/2029 •  | 1800 | 1872 |
|  State Street Corp. | State Street Corp. | State Street Corp. |
|  5.820% due 11/04/2028 •  | 1067 | 1103 |
|  Stellantis Finance U.S., Inc. | Stellantis Finance U.S., Inc. | Stellantis Finance U.S., Inc. |
|  2.691% due 09/15/2031 | 1650 | 1447 |
|  Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
|  2.222% due 09/17/2031 | 4495 | 4001 |
|  2.472% due 01/14/2029 | 784 | 749 |
|  2.750% due 01/15/2030 | 3599 | 3391 |
|  5.424% due 07/09/2031 | 405 | 424 |
|  5.766% due 01/13/2033 | 301 | 321 |
|  Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. |
|  4.950% due 09/15/2027 | 1621 | 1649 |
|  Sun Communities Operating LP | Sun Communities Operating LP | Sun Communities Operating LP |
|  2.300% due 11/01/2028 | 582 | 554 |
|  Synchrony Financial | Synchrony Financial | Synchrony Financial |
|  5.150% due 03/19/2029 | 595 | 603 |
|  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 |
|  3.200% due 03/10/2032 | 3184 | 2969 |
|  4.108% due 06/08/2027 | 359 | 360 |
|  5.156% due 01/10/2028 | 110 | 113 |
|  Toyota Motor Credit Corp. | Toyota Motor Credit Corp. | Toyota Motor Credit Corp. |
|  4.550% due 08/09/2029 | 1848 | 1879 |
|  Truist Financial Corp. | Truist Financial Corp. | Truist Financial Corp. |
|  4.873% due 01/26/2029 •  | 673 | 684 |
|  5.122% due 01/26/2034 •  | 120 | 122 |
|  5.867% due 06/08/2034 •  | 395 | 420 |
|  7.161% due 10/30/2029 •  | 1428 | 1541 |
|  U.S. Bancorp | U.S. Bancorp | U.S. Bancorp |
|  4.548% due 07/22/2028 •  | 1069 | 1078 |
|  4.653% due 02/01/2029 •  | 608 | 616 |
|  5.775% due 06/12/2029 •  | 810 | 842 |
|  5.836% due 06/12/2034 •  | 417 | 445 |
|  UBS AG | UBS AG | UBS AG |
|  1.250% due 06/01/2026 | 540 | 534 |
|  1.250% due 08/07/2026 | 332 | 327 |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  1.305% due 02/02/2027 •  | 976 | 973 |
|  3.126% due 08/13/2030 •  | 1535 | 1471 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.194% due 04/01/2031 •  | 2493 | 2470 |
|  4.751% due 05/12/2028 •  | 1561 | 1574 |
|  4.844% due 11/06/2033 •  | 3800 | 3805 |
|  5.010% due 03/23/2037 •  | 1650 | 1636 |
|  5.528% due 05/06/2047 •  | 1400 | 1383 |
|  5.580% due 05/09/2036 •  | 369 | 384 |
|  UniCredit SpA | UniCredit SpA | UniCredit SpA |
|  1.982% due 06/03/2027 •  | 1085 | 1075 |
|  3.127% due 06/03/2032 •  | 145 | 135 |
|  VICI Properties LP | VICI Properties LP | VICI Properties LP |
|  5.125% due 05/15/2032 | 51 | 51 |
|  5.625% due 05/15/2052 | 1201 | 1124 |
|  VICI Properties LP/VICI Note Co., Inc. | VICI Properties LP/VICI Note Co., Inc. | VICI Properties LP/VICI Note Co., Inc. |
|  4.625% due 12/01/2029 | 4026 | 4020 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  2.879% due 10/30/2030 •  | 1489 | 1417 |
|  3.068% due 04/30/2041 •  | 376 | 292 |
|  3.350% due 03/02/2033 •  | 220 | 205 |
|  3.526% due 03/24/2028 •  | 1684 | 1673 |
|  3.584% due 05/22/2028 •  | 723 | 718 |
|  4.478% due 04/04/2031 •  | 410 | 413 |
|  4.611% due 04/25/2053 •  | 1206 | 1039 |
|  4.808% due 07/25/2028 •  | 1615 | 1633 |
|  4.897% due 07/25/2033 •  | 5090 | 5171 |
|  5.198% due 01/23/2030 •  | 2439 | 2512 |
|  5.389% due 04/24/2034 •  | 120 | 125 |
|  6.303% due 10/23/2029 •  | 150 | 159 |
|  Welltower OP LLC | Welltower OP LLC | Welltower OP LLC |
|  4.250% due 04/15/2028 | 1200 | 1209 |
|  Weyerhaeuser Co. | Weyerhaeuser Co. | Weyerhaeuser Co. |
|  6.875% due 12/15/2033 | 334 | 373 |
|  7.375% due 03/15/2032 | 2243 | 2556 |
|  WP Carey, Inc. | WP Carey, Inc. | WP Carey, Inc. |
|  4.650% due 07/15/2030 | 2223 | 2240 |
|  |  | 486100 |
| INDUSTRIALS 43.2% | INDUSTRIALS 43.2% | INDUSTRIALS 43.2% |
|  7-Eleven, Inc. | 7-Eleven, Inc. | 7-Eleven, Inc. |
|  0.950% due 02/10/2026 | 1377 | 1372 |
|  AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. |
|  2.950% due 11/21/2026 | 1425 | 1414 |
|  3.200% due 05/14/2026 | 25 | 25 |
|  4.050% due 11/21/2039 | 81 | 72 |
|  4.250% due 11/14/2028 | 184 | 186 |
|  4.400% due 11/06/2042 | 52 | 46 |
|  4.550% due 03/15/2035 | 2243 | 2210 |
|  4.950% due 03/15/2031 | 637 | 659 |
|  5.200% due 03/15/2035 | 190 | 197 |
|  Aker BP ASA | Aker BP ASA | Aker BP ASA |
|  3.100% due 07/15/2031 | 794 | 730 |
|  5.125% due 10/01/2034 | 725 | 710 |
|  5.800% due 10/01/2054 | 2272 | 2068 |
|  Alcon Finance Corp. | Alcon Finance Corp. | Alcon Finance Corp. |
|  2.600% due 05/27/2030 | 2782 | 2590 |
|  Algonquin Power & Utilities Corp. | Algonquin Power & Utilities Corp. | Algonquin Power & Utilities Corp. |
|  5.365% due 06/15/2026 þ | 1643 | 1651 |
|  Alibaba Group Holding Ltd. | Alibaba Group Holding Ltd. | Alibaba Group Holding Ltd. |
|  3.400% due 12/06/2027 | 1118 | 1109 |
|  Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. |
|  2.950% due 01/25/2030 | 228 | 216 |
|  3.800% due 01/25/2050 | 44 | 33 |
|  5.267% due 02/12/2034 | 210 | 215 |
|  Allegion PLC | Allegion PLC | Allegion PLC |
|  3.500% due 10/01/2029 | 686 | 670 |
|  Alphabet, Inc. | Alphabet, Inc. | Alphabet, Inc. |
|  4.700% due 11/15/2035 | 1221 | 1222 |
|  Amazon.com, Inc. | Amazon.com, Inc. | Amazon.com, Inc. |
|  2.100% due 05/12/2031 | 4011 | 3626 |
|  2.700% due 06/03/2060 | 1615 | 915 |
|  3.100% due 05/12/2051 | 140 | 94 |
|  3.250% due 05/12/2061 | 832 | 533 |
|  3.875% due 08/22/2037 | 1752 | 1608 |
|  4.100% due 04/13/2062 | 246 | 190 |
|  Amcor Flexibles North America, Inc. | Amcor Flexibles North America, Inc. | Amcor Flexibles North America, Inc. |
|  5.100% due 03/17/2030 | 1100 | 1130 |

---

---

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

---

------

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Amgen, Inc. | Amgen, Inc. | Amgen, Inc. |
|  1.650% due 08/15/2028 | 263 | 248 |
|  2.200% due 02/21/2027 | 76 | 75 |
|  2.450% due 02/21/2030 | 439 | 410 |
|  3.000% due 02/22/2029 | 377 | 366 |
|  3.000% due 01/15/2052 | 320 | 207 |
|  3.150% due 02/21/2040 | 788 | 622 |
|  3.200% due 11/02/2027 | 595 | 588 |
|  4.200% due 02/22/2052 | 487 | 389 |
|  4.400% due 05/01/2045 | 2621 | 2243 |
|  4.400% due 02/22/2062 | 477 | 373 |
|  5.150% due 03/02/2028 | 1495 | 1530 |
|  5.250% due 03/02/2033 | 30 | 31 |
|  5.750% due 03/02/2063 | 223 | 218 |
|  Amphenol Corp. | Amphenol Corp. | Amphenol Corp. |
|  2.800% due 02/15/2030 | 160 | 152 |
|  Anglo American Capital PLC | Anglo American Capital PLC | Anglo American Capital PLC |
|  3.875% due 03/16/2029 | 355 | 351 |
|  6.000% due 04/05/2054 | 1347 | 1357 |
|  AngloGold Ashanti Holdings PLC | AngloGold Ashanti Holdings PLC | AngloGold Ashanti Holdings PLC |
|  3.750% due 10/01/2030 | 1047 | 1004 |
|  Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. |
|  4.700% due 02/01/2036 | 1693 | 1676 |
|  Anheuser-Busch InBev Finance, Inc. | Anheuser-Busch InBev Finance, Inc. | Anheuser-Busch InBev Finance, Inc. |
|  4.900% due 02/01/2046 | 1007 | 932 |
|  Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch InBev Worldwide, Inc. |
|  3.500% due 06/01/2030 | 60 | 59 |
|  4.750% due 01/23/2029 | 211 | 215 |
|  4.950% due 01/15/2042 | 113 | 108 |
|  5.000% due 06/15/2034 | 269 | 278 |
|  5.450% due 01/23/2039 | 134 | 139 |
|  5.800% due 01/23/2059 | 260 | 266 |
|  Apple, Inc. | Apple, Inc. | Apple, Inc. |
|  1.200% due 02/08/2028 | 10 | 10 |
|  1.650% due 05/11/2030 | 1431 | 1302 |
|  2.200% due 09/11/2029 | 10 | 9 |
|  2.375% due 02/08/2041 | 120 | 87 |
|  2.800% due 02/08/2061 | 73 | 43 |
|  2.850% due 08/05/2061 | 172 | 102 |
|  3.350% due 08/08/2032 | 858 | 822 |
|  3.850% due 08/04/2046 | 1279 | 1038 |
|  3.950% due 08/08/2052 | 941 | 750 |
|  4.650% due 02/23/2046 | 1095 | 1006 |
|  Aptiv Swiss Holdings Ltd. | Aptiv Swiss Holdings Ltd. | Aptiv Swiss Holdings Ltd. |
|  3.100% due 12/01/2051 | 349 | 224 |
|  4.350% due 03/15/2029 | 260 | 262 |
|  5.150% due 09/13/2034 | 1688 | 1704 |
|  5.750% due 09/13/2054 | 1930 | 1863 |
|  Arrow Electronics, Inc. | Arrow Electronics, Inc. | Arrow Electronics, Inc. |
|  5.150% due 08/21/2029 | 204 | 209 |
|  Ashtead Capital, Inc. | Ashtead Capital, Inc. | Ashtead Capital, Inc. |
|  5.500% due 08/11/2032 | 1596 | 1652 |
|  Astrazeneca Finance LLC | Astrazeneca Finance LLC | Astrazeneca Finance LLC |
|  1.750% due 05/28/2028 | 283 | 270 |
|  2.250% due 05/28/2031 | 735 | 669 |
|  AstraZeneca PLC | AstraZeneca PLC | AstraZeneca PLC |
|  1.375% due 08/06/2030 | 1560 | 1387 |
|  4.000% due 01/17/2029 | 1512 | 1516 |
|  Atlassian Corp. | Atlassian Corp. | Atlassian Corp. |
|  5.250% due 05/15/2029 | 1751 | 1802 |
|  Autodesk, Inc. | Autodesk, Inc. | Autodesk, Inc. |
|  2.850% due 01/15/2030 | 55 | 52 |
|  AutoNation, Inc. | AutoNation, Inc. | AutoNation, Inc. |
|  3.800% due 11/15/2027 | 130 | 129 |
|  4.750% due 06/01/2030 | 150 | 152 |
|  AutoZone, Inc. | AutoZone, Inc. | AutoZone, Inc. |
|  4.750% due 08/01/2032 | 558 | 563 |
|  Bacardi Ltd. | Bacardi Ltd. | Bacardi Ltd. |
|  2.750% due 07/15/2026 | 100 | 99 |
|  4.700% due 05/15/2028 | 891 | 898 |
|  5.300% due 05/15/2048 | 206 | 184 |
|  BAE Systems PLC | BAE Systems PLC | BAE Systems PLC |
|  1.900% due 02/15/2031 | 2674 | 2373 |
|  3.400% due 04/15/2030 | 1646 | 1592 |
|  Baidu, Inc. | Baidu, Inc. | Baidu, Inc. |
|  1.720% due 04/09/2026 | 53 | 53 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  BAT Capital Corp. | BAT Capital Corp. | BAT Capital Corp. |
|  4.540% due 08/15/2047 | 533 | 443 |
|  Bayer U.S. Finance II LLC | Bayer U.S. Finance II LLC | Bayer U.S. Finance II LLC |
|  4.375% due 12/15/2028 | 2948 | 2952 |
|  Bayer U.S. Finance LLC | Bayer U.S. Finance LLC | Bayer U.S. Finance LLC |
|  6.250% due 01/21/2029 | 381 | 401 |
|  6.500% due 11/21/2033 | 381 | 413 |
|  6.875% due 11/21/2053 | 1400 | 1517 |
|  Becton Dickinson & Co. | Becton Dickinson & Co. | Becton Dickinson & Co. |
|  1.957% due 02/11/2031 | 381 | 339 |
|  2.823% due 05/20/2030 | 3225 | 3044 |
|  4.669% due 06/06/2047 | 617 | 538 |
|  BHP Billiton Finance USA Ltd. | BHP Billiton Finance USA Ltd. | BHP Billiton Finance USA Ltd. |
|  5.250% due 09/08/2030 | 50 | 52 |
|  BMW U.S. Capital LLC | BMW U.S. Capital LLC | BMW U.S. Capital LLC |
|  2.550% due 04/01/2031 | 55 | 50 |
|  3.300% due 04/06/2027 | 50 | 50 |
|  4.150% due 04/09/2030 | 2488 | 2475 |
|  Boardwalk Pipelines LP | Boardwalk Pipelines LP | Boardwalk Pipelines LP |
|  3.400% due 02/15/2031 | 1873 | 1773 |
|  Boeing Co. | Boeing Co. | Boeing Co. |
|  2.196% due 02/04/2026 | 3429 | 3423 |
|  2.250% due 06/15/2026 | 150 | 149 |
|  2.750% due 02/01/2026 | 10 | 10 |
|  3.100% due 05/01/2026 | 10 | 10 |
|  3.250% due 02/01/2028 | 1441 | 1418 |
|  3.600% due 05/01/2034 | 365 | 332 |
|  3.625% due 02/01/2031 | 1412 | 1357 |
|  3.950% due 08/01/2059 | 2825 | 2008 |
|  5.705% due 05/01/2040 | 1199 | 1225 |
|  5.805% due 05/01/2050 | 100 | 98 |
|  Booz Allen Hamilton, Inc. | Booz Allen Hamilton, Inc. | Booz Allen Hamilton, Inc. |
|  3.875% due 09/01/2028 | 155 | 152 |
|  5.950% due 08/04/2033 | 1008 | 1051 |
|  BorgWarner, Inc. | BorgWarner, Inc. | BorgWarner, Inc. |
|  4.950% due 08/15/2029 | 1685 | 1725 |
|  Boston Scientific Corp. | Boston Scientific Corp. | Boston Scientific Corp. |
|  6.250% due 11/15/2035 | 93 | 104 |
|  BP Capital Markets America, Inc. | BP Capital Markets America, Inc. | BP Capital Markets America, Inc. |
|  2.772% due 11/10/2050 | 379 | 234 |
|  3.060% due 06/17/2041 | 196 | 149 |
|  3.379% due 02/08/2061 | 3827 | 2503 |
|  4.234% due 11/06/2028 | 30 | 30 |
|  Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. |
|  1.125% due 11/13/2027 | 80 | 76 |
|  1.450% due 11/13/2030 | 689 | 611 |
|  3.900% due 03/15/2062 | 212 | 154 |
|  4.125% due 06/15/2039 | 81 | 74 |
|  5.100% due 02/22/2031 | 142 | 148 |
|  5.200% due 02/22/2034 | 72 | 75 |
|  5.750% due 02/01/2031 | 11 | 12 |
|  Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
|  1.950% due 02/15/2028 | 1323 | 1270 |
|  2.600% due 02/15/2033 | 1500 | 1324 |
|  3.137% due 11/15/2035 | 1004 | 865 |
|  3.187% due 11/15/2036 | 1384 | 1174 |
|  3.419% due 04/15/2033 | 1282 | 1187 |
|  3.469% due 04/15/2034 | 1734 | 1582 |
|  4.110% due 09/15/2028 | 122 | 122 |
|  4.150% due 04/15/2032 | 932 | 913 |
|  4.926% due 05/15/2037 | 1590 | 1570 |
|  Cameron LNG LLC | Cameron LNG LLC | Cameron LNG LLC |
|  3.701% due 01/15/2039 | 1836 | 1569 |
|  Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. |
|  5.000% due 12/15/2029 | 143 | 147 |
|  6.450% due 06/30/2033 | 125 | 135 |
|  Canadian Pacific Railway Co. | Canadian Pacific Railway Co. | Canadian Pacific Railway Co. |
|  3.500% due 05/01/2050 | 2439 | 1768 |
|  Carlisle Cos., Inc. | Carlisle Cos., Inc. | Carlisle Cos., Inc. |
|  2.750% due 03/01/2030 | 528 | 498 |
|  3.750% due 12/01/2027 | 150 | 149 |
|  Carnival Corp. | Carnival Corp. | Carnival Corp. |
|  4.000% due 08/01/2028 | 3901 | 3845 |
|  Carrier Global Corp. | Carrier Global Corp. | Carrier Global Corp. |
|  2.722% due 02/15/2030 | 2048 | 1929 |
|  Caterpillar, Inc. | Caterpillar, Inc. | Caterpillar, Inc. |
|  5.300% due 09/15/2035 | 30 | 31 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  CDW LLC/CDW Finance Corp. | CDW LLC/CDW Finance Corp. | CDW LLC/CDW Finance Corp. |
|  2.670% due 12/01/2026 | 1052 | 1038 |
|  3.250% due 02/15/2029 | 1035 | 998 |
|  3.276% due 12/01/2028 | 422 | 410 |
|  4.250% due 04/01/2028 | 147 | 147 |
|  5.100% due 03/01/2030 | 1524 | 1554 |
|  Cenovus Energy, Inc. | Cenovus Energy, Inc. | Cenovus Energy, Inc. |
|  5.400% due 06/15/2047 | 546 | 500 |
|  6.750% due 11/15/2039 | 257 | 284 |
|  Centene Corp. | Centene Corp. | Centene Corp. |
|  2.500% due 03/01/2031 | 292 | 252 |
|  2.625% due 08/01/2031 | 220 | 189 |
|  3.000% due 10/15/2030 | 258 | 231 |
|  4.250% due 12/15/2027 | 453 | 451 |
|  4.625% due 12/15/2029 | 4765 | 4625 |
|  CenterPoint Energy Resources Corp. | CenterPoint Energy Resources Corp. | CenterPoint Energy Resources Corp. |
|  1.750% due 10/01/2030 | 611 | 545 |
|  CF Industries, Inc. | CF Industries, Inc. | CF Industries, Inc. |
|  5.150% due 03/15/2034 | 4732 | 4756 |
|  CGI, Inc. | CGI, Inc. | CGI, Inc. |
|  4.950% due 03/14/2030 | 2439 | 2474 |
|  Charter Communications Operating LLC/Charter Communications Operating Capital | Charter Communications Operating LLC/Charter Communications Operating Capital | Charter Communications Operating LLC/Charter Communications Operating Capital |
|  2.250% due 01/15/2029 | 338 | 316 |
|  2.300% due 02/01/2032 | 1201 | 1033 |
|  2.800% due 04/01/2031 | 150 | 135 |
|  3.750% due 02/15/2028 | 692 | 682 |
|  3.850% due 04/01/2061 | 1231 | 735 |
|  3.950% due 06/30/2062 | 1168 | 703 |
|  4.200% due 03/15/2028 | 190 | 189 |
|  5.375% due 04/01/2038 | 371 | 342 |
|  6.100% due 06/01/2029 | 2052 | 2143 |
|  6.650% due 02/01/2034 | 1052 | 1109 |
|  Cheniere Corpus Christi Holdings LLC | Cheniere Corpus Christi Holdings LLC | Cheniere Corpus Christi Holdings LLC |
|  2.742% due 12/31/2039 | 4847 | 4145 |
|  3.700% due 11/15/2029 | 129 | 126 |
|  Cheniere Energy Partners LP | Cheniere Energy Partners LP | Cheniere Energy Partners LP |
|  5.750% due 08/15/2034 | 3212 | 3355 |
|  Chevron USA, Inc. | Chevron USA, Inc. | Chevron USA, Inc. |
|  2.343% due 08/12/2050 | 2269 | 1323 |
|  Choice Hotels International, Inc. | Choice Hotels International, Inc. | Choice Hotels International, Inc. |
|  3.700% due 01/15/2031 | 597 | 569 |
|  Cigna Group | Cigna Group | Cigna Group |
|  3.875% due 10/15/2047 | 310 | 239 |
|  4.375% due 10/15/2028 | 150 | 151 |
|  4.800% due 08/15/2038 | 100 | 96 |
|  4.800% due 07/15/2046 | 113 | 101 |
|  5.600% due 02/15/2054 | 2404 | 2333 |
|  CK Hutchison International 24 Ltd. | CK Hutchison International 24 Ltd. | CK Hutchison International 24 Ltd. |
|  5.500% due 04/26/2034 | 452 | 473 |
|  Coca-Cola Co. | Coca-Cola Co. | Coca-Cola Co. |
|  1.375% due 03/15/2031 | 143 | 126 |
|  2.125% due 09/06/2029 | 139 | 131 |
|  2.500% due 06/01/2040 | 474 | 353 |
|  3.450% due 03/25/2030 | 403 | 395 |
|  5.000% due 05/13/2034 | 1232 | 1285 |
|  Comcast Corp. | Comcast Corp. | Comcast Corp. |
|  2.350% due 01/15/2027 | 74 | 73 |
|  2.650% due 02/01/2030 | 202 | 191 |
|  2.887% due 11/01/2051 | 1800 | 1053 |
|  2.937% due 11/01/2056 | 150 | 84 |
|  3.200% due 07/15/2036 | 1680 | 1434 |
|  3.400% due 07/15/2046 | 585 | 407 |
|  3.750% due 04/01/2040 | 466 | 384 |
|  3.969% due 11/01/2047 | 1016 | 762 |
|  4.000% due 08/15/2047 | 931 | 705 |
|  4.049% due 11/01/2052 | 285 | 209 |
|  4.600% due 10/15/2038 | 155 | 145 |
|  4.950% due 10/15/2058 | 160 | 133 |
|  5.500% due 11/15/2032 | 1536 | 1624 |
|  6.050% due 05/15/2055 (d) | 1260 | 1246 |
|  Conagra Brands, Inc. | Conagra Brands, Inc. | Conagra Brands, Inc. |
|  4.850% due 11/01/2028 | 280 | 283 |
|  5.300% due 11/01/2038 | 859 | 821 |
|  5.750% due 08/01/2035 (d) | 1910 | 1951 |
|  ConocoPhillips Co. | ConocoPhillips Co. | ConocoPhillips Co. |
|  3.758% due 03/15/2042 | 11 | 9 |
|  3.800% due 03/15/2052 | 1569 | 1158 |
|  4.300% due 11/15/2044 | 1704 | 1446 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **43** |

---

------

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

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. |
|  2.875% due 05/01/2030 | 1428 | 1344 |
|  3.150% due 08/01/2029 | 1452 | 1400 |
|  5.250% due 11/15/2048 | 2190 | 2028 |
|  Continental Resources, Inc. | Continental Resources, Inc. | Continental Resources, Inc. |
|  2.268% due 11/15/2026 | 1198 | 1173 |
|  4.375% due 01/15/2028 | 100 | 100 |
|  5.750% due 01/15/2031 | 1504 | 1543 |
|  Corning, Inc. | Corning, Inc. | Corning, Inc. |
|  5.450% due 11/15/2079 | 832 | 761 |
|  Corp. Nacional del Cobre de Chile | Corp. Nacional del Cobre de Chile | Corp. Nacional del Cobre de Chile |
|  3.150% due 01/14/2030 | 210 | 200 |
|  5.950% due 01/08/2034 | 1878 | 1966 |
|  Cox Communications, Inc. | Cox Communications, Inc. | Cox Communications, Inc. |
|  1.800% due 10/01/2030 | 2784 | 2440 |
|  5.450% due 09/01/2034 | 2164 | 2130 |
|  CRH America Finance, Inc. | CRH America Finance, Inc. | CRH America Finance, Inc. |
|  3.400% due 05/09/2027 | 969 | 962 |
|  CRH SMW Finance DAC | CRH SMW Finance DAC | CRH SMW Finance DAC |
|  5.200% due 05/21/2029 | 2276 | 2352 |
|  CSX Corp. | CSX Corp. | CSX Corp. |
|  4.100% due 03/15/2044 | 1098 | 921 |
|  6.220% due 04/30/2040 | 1745 | 1921 |
|  CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
|  1.750% due 08/21/2030 | 10 | 9 |
|  3.000% due 08/15/2026 | 20 | 20 |
|  3.250% due 08/15/2029 | 1193 | 1152 |
|  3.625% due 04/01/2027 | 953 | 948 |
|  3.750% due 04/01/2030 | 1049 | 1025 |
|  4.125% due 04/01/2040 | 632 | 541 |
|  5.050% due 03/25/2048 | 2046 | 1805 |
|  5.125% due 02/21/2030 | 1586 | 1630 |
|  5.125% due 07/20/2045 | 1900 | 1720 |
|  5.450% due 09/15/2035 | 2200 | 2253 |
|  6.000% due 06/01/2044 | 118 | 119 |
|  6.000% due 06/01/2063 | 100 | 97 |
|  Daimler Truck Finance North America LLC | Daimler Truck Finance North America LLC | Daimler Truck Finance North America LLC |
|  2.375% due 12/14/2028 | 1969 | 1874 |
|  2.500% due 12/14/2031 | 1020 | 911 |
|  5.625% due 01/13/2035 | 431 | 447 |
|  Darden Restaurants, Inc. | Darden Restaurants, Inc. | Darden Restaurants, Inc. |
|  6.300% due 10/10/2033 | 1407 | 1528 |
|  DCP Midstream Operating LP | DCP Midstream Operating LP | DCP Midstream Operating LP |
|  5.125% due 05/15/2029 | 1549 | 1585 |
|  5.625% due 07/15/2027 | 380 | 387 |
|  Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. |
|  8.100% due 07/15/2036 | 488 | 592 |
|  Delta Air Lines, Inc./SkyMiles IP Ltd. | Delta Air Lines, Inc./SkyMiles IP Ltd. | Delta Air Lines, Inc./SkyMiles IP Ltd. |
|  4.750% due 10/20/2028 | 10 | 10 |
|  Devon Energy Corp. | Devon Energy Corp. | Devon Energy Corp. |
|  5.000% due 06/15/2045 | 174 | 152 |
|  5.200% due 09/15/2034 | 3389 | 3376 |
|  Diamondback Energy, Inc. | Diamondback Energy, Inc. | Diamondback Energy, Inc. |
|  5.200% due 04/18/2027 | 957 | 971 |
|  5.900% due 04/18/2064 | 2282 | 2157 |
|  6.250% due 03/15/2033 | 91 | 98 |
|  Dow Chemical Co. | Dow Chemical Co. | Dow Chemical Co. |
|  2.100% due 11/15/2030 | 157 | 139 |
|  DR Horton, Inc. | DR Horton, Inc. | DR Horton, Inc. |
|  5.000% due 10/15/2034 | 2190 | 2216 |
|  Eastern Energy Gas Holdings LLC | Eastern Energy Gas Holdings LLC | Eastern Energy Gas Holdings LLC |
|  6.200% due 01/15/2055 | 312 | 324 |
|  Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. |
|  2.250% due 05/15/2030 | 1567 | 1440 |
|  3.600% due 03/15/2051 | 149 | 107 |
|  3.700% due 09/15/2049 | 106 | 78 |
|  4.100% due 05/15/2032 | 277 | 270 |
|  4.550% due 03/01/2048 | 2448 | 2089 |
|  4.850% due 08/15/2054 | 807 | 687 |
|  5.125% due 02/15/2053 | 1688 | 1530 |
|  Eli Lilly & Co. | Eli Lilly & Co. | Eli Lilly & Co. |
|  4.150% due 03/15/2059 | 1309 | 1040 |
|  4.900% due 10/15/2035 | 30 | 31 |
|  5.100% due 02/12/2035 | 132 | 137 |
|  5.950% due 11/15/2037 | 331 | 362 |
|  Embraer Netherlands Finance BV | Embraer Netherlands Finance BV | Embraer Netherlands Finance BV |
|  5.980% due 02/11/2035 | 1680 | 1786 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  EMD Finance LLC | EMD Finance LLC | EMD Finance LLC |
|  4.625% due 10/15/2032 | 2207 | 2214 |
|  Enbridge, Inc. | Enbridge, Inc. | Enbridge, Inc. |
|  2.500% due 08/01/2033 | 861 | 740 |
|  3.125% due 11/15/2029 | 620 | 594 |
|  5.250% due 04/05/2027 | 71 | 72 |
|  5.900% due 11/15/2026 | 200 | 203 |
|  5.950% due 04/05/2054 | 72 | 73 |
|  6.000% due 11/15/2028 | 230 | 242 |
|  6.700% due 11/15/2053 | 2753 | 3024 |
|  Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
|  4.950% due 05/15/2028 | 1749 | 1779 |
|  5.000% due 05/15/2050 | 1881 | 1575 |
|  5.250% due 04/15/2029 | 120 | 123 |
|  5.300% due 04/15/2047 | 1157 | 1030 |
|  5.600% due 09/01/2034 | 2398 | 2469 |
|  6.200% due 04/01/2055 | 800 | 786 |
|  6.250% due 04/15/2049 | 1204 | 1193 |
|  6.550% due 12/01/2033 | 120 | 132 |
|  7.375% due 02/01/2031 | 120 | 125 |
|  Eni SpA | Eni SpA | Eni SpA |
|  5.500% due 05/15/2034 | 554 | 571 |
|  5.950% due 05/15/2054 | 3312 | 3287 |
|  Entergy Louisiana LLC | Entergy Louisiana LLC | Entergy Louisiana LLC |
|  4.200% due 09/01/2048 | 4814 | 3895 |
|  5.800% due 03/15/2055 | 1372 | 1384 |
|  Enterprise Products Operating LLC | Enterprise Products Operating LLC | Enterprise Products Operating LLC |
|  3.200% due 02/15/2052 | 2985 | 1986 |
|  3.950% due 01/31/2060 | 1357 | 993 |
|  4.200% due 01/31/2050 | 2859 | 2296 |
|  4.250% due 02/15/2048 | 496 | 408 |
|  4.850% due 08/15/2042 | 396 | 368 |
|  EQT Corp. | EQT Corp. | EQT Corp. |
|  3.900% due 10/01/2027 | 153 | 152 |
|  5.700% due 04/01/2028 | 1224 | 1264 |
|  Equifax, Inc. | Equifax, Inc. | Equifax, Inc. |
|  7.000% due 07/01/2037 | 364 | 411 |
|  Equinor ASA | Equinor ASA | Equinor ASA |
|  2.375% due 05/22/2030 | 2418 | 2253 |
|  3.625% due 04/06/2040 | 15 | 13 |
|  ERAC USA Finance LLC | ERAC USA Finance LLC | ERAC USA Finance LLC |
|  7.000% due 10/15/2037 | 645 | 748 |
|  Essential Utilities, Inc. | Essential Utilities, Inc. | Essential Utilities, Inc. |
|  2.704% due 04/15/2030 | 607 | 570 |
|  FedEx Corp. | FedEx Corp. | FedEx Corp. |
|  3.100% due 08/05/2029 | 450 | 433 |
|  3.900% due 02/01/2035 | 28 | 26 |
|  4.050% due 02/15/2048 | 80 | 61 |
|  4.100% due 02/01/2045 | 160 | 126 |
|  4.250% due 05/15/2030 | 133 | 134 |
|  4.550% due 04/01/2046 | 4 | 3 |
|  4.750% due 11/15/2045 | 39 | 34 |
|  Fidelity National Information Services, Inc. | Fidelity National Information Services, Inc. | Fidelity National Information Services, Inc. |
|  1.150% due 03/01/2026 | 134 | 133 |
|  3.100% due 03/01/2041 | 40 | 30 |
|  FirstEnergy Pennsylvania Electric Co. | FirstEnergy Pennsylvania Electric Co. | FirstEnergy Pennsylvania Electric Co. |
|  3.600% due 06/01/2029 | 640 | 627 |
|  4.300% due 01/15/2029 | 125 | 125 |
|  5.150% due 03/30/2026 | 100 | 100 |
|  Fiserv, Inc. | Fiserv, Inc. | Fiserv, Inc. |
|  3.200% due 07/01/2026 | 939 | 935 |
|  4.400% due 07/01/2049 | 306 | 241 |
|  5.250% due 08/11/2035 | 117 | 117 |
|  Flex Intermediate Holdco LLC | Flex Intermediate Holdco LLC | Flex Intermediate Holdco LLC |
|  3.363% due 06/30/2031 | 557 | 513 |
|  Flutter Treasury DAC | Flutter Treasury DAC | Flutter Treasury DAC |
|  6.375% due 04/29/2029 | 1042 | 1079 |
|  Foundry JV Holdco LLC | Foundry JV Holdco LLC | Foundry JV Holdco LLC |
|  5.900% due 01/25/2030 | 200 | 209 |
|  Fox Corp. | Fox Corp. | Fox Corp. |
|  5.476% due 01/25/2039 | 328 | 329 |
|  5.576% due 01/25/2049 | 1503 | 1447 |
|  Freeport Indonesia PT | Freeport Indonesia PT | Freeport Indonesia PT |
|  4.763% due 04/14/2027 | 376 | 379 |
|  Freeport-McMoRan, Inc. | Freeport-McMoRan, Inc. | Freeport-McMoRan, Inc. |
|  4.125% due 03/01/2028 | 2166 | 2160 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Fresenius Medical Care U.S. Finance III, Inc. | Fresenius Medical Care U.S. Finance III, Inc. | Fresenius Medical Care U.S. Finance III, Inc. |
|  2.375% due 02/16/2031 | 360 | 320 |
|  Gartner, Inc. | Gartner, Inc. | Gartner, Inc. |
|  4.500% due 07/01/2028 | 1575 | 1570 |
|  4.950% due 03/20/2031 | 600 | 604 |
|  General Motors Co. | General Motors Co. | General Motors Co. |
|  5.400% due 04/01/2048 | 1228 | 1116 |
|  6.600% due 04/01/2036 | 78 | 85 |
|  6.750% due 04/01/2046 | 46 | 49 |
|  6.800% due 10/01/2027 | 1983 | 2065 |
|  Gilead Sciences, Inc. | Gilead Sciences, Inc. | Gilead Sciences, Inc. |
|  1.200% due 10/01/2027 | 540 | 518 |
|  2.800% due 10/01/2050 | 411 | 261 |
|  2.950% due 03/01/2027 | 106 | 105 |
|  4.800% due 11/15/2029 | 337 | 347 |
|  Glencore Funding LLC | Glencore Funding LLC | Glencore Funding LLC |
|  3.875% due 10/27/2027 | 100 | 100 |
|  5.071% (SOFRINDX + 1.060%) due 04/04/2027 ~ | 2589 | 2601 |
|  5.400% due 05/08/2028 | 2847 | 2922 |
|  Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. |
|  4.150% due 08/15/2049 | 1100 | 822 |
|  5.950% due 08/15/2052 | 126 | 121 |
|  Graphic Packaging International LLC | Graphic Packaging International LLC | Graphic Packaging International LLC |
|  1.512% due 04/15/2026 | 230 | 228 |
|  Gulfstream Natural Gas System LLC | Gulfstream Natural Gas System LLC | Gulfstream Natural Gas System LLC |
|  5.600% due 07/23/2035 | 1913 | 1965 |
|  Haleon U.S. Capital LLC | Haleon U.S. Capital LLC | Haleon U.S. Capital LLC |
|  3.375% due 03/24/2027 | 2231 | 2215 |
|  Halliburton Co. | Halliburton Co. | Halliburton Co. |
|  2.920% due 03/01/2030 | 747 | 707 |
|  5.000% due 11/15/2045 | 306 | 274 |
|  Hasbro, Inc. | Hasbro, Inc. | Hasbro, Inc. |
|  3.900% due 11/19/2029 | 1199 | 1181 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. |
|  3.125% due 03/15/2027 | 163 | 161 |
|  3.500% due 07/15/2051 | 770 | 524 |
|  3.625% due 03/15/2032 | 1148 | 1086 |
|  4.125% due 06/15/2029 | 1583 | 1578 |
|  4.375% due 03/15/2042 | 2128 | 1824 |
|  5.250% due 06/15/2049 | 2437 | 2205 |
|  5.875% due 02/01/2029 | 60 | 63 |
|  Health Care Service Corp. A Mutual Legal Reserve Co. | Health Care Service Corp. A Mutual Legal Reserve Co. | Health Care Service Corp. A Mutual Legal Reserve Co. |
|  5.200% due 06/15/2029 | 200 | 205 |
|  Hess Corp. | Hess Corp. | Hess Corp. |
|  5.800% due 04/01/2047 | 1585 | 1631 |
|  7.125% due 03/15/2033 | 251 | 291 |
|  Home Depot, Inc. | Home Depot, Inc. | Home Depot, Inc. |
|  2.375% due 03/15/2051 | 2283 | 1316 |
|  3.125% due 12/15/2049 | 2089 | 1426 |
|  4.250% due 04/01/2046 | 7 | 6 |
|  4.500% due 12/06/2048 | 70 | 60 |
|  4.950% due 09/15/2052 | 1202 | 1104 |
|  Howmet Aerospace, Inc. | Howmet Aerospace, Inc. | Howmet Aerospace, Inc. |
|  4.850% due 10/15/2031 | 2164 | 2225 |
|  6.750% due 01/15/2028 | 130 | 137 |
|  Humana, Inc. | Humana, Inc. | Humana, Inc. |
|  5.750% due 03/01/2028 | 786 | 811 |
|  5.750% due 04/15/2054 | 144 | 136 |
|  8.150% due 06/15/2038 | 323 | 391 |
|  Huntington Ingalls Industries, Inc. | Huntington Ingalls Industries, Inc. | Huntington Ingalls Industries, Inc. |
|  2.043% due 08/16/2028 | 1199 | 1136 |
|  Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. |
|  5.250% due 06/30/2029 | 1912 | 1969 |
|  5.750% due 03/30/2032 | 821 | 861 |
|  Hyundai Capital America | Hyundai Capital America | Hyundai Capital America |
|  1.500% due 06/15/2026 | 772 | 763 |
|  1.650% due 09/17/2026 | 1332 | 1311 |
|  2.000% due 06/15/2028 | 1141 | 1083 |
|  2.100% due 09/15/2028 | 247 | 234 |
|  5.600% due 03/30/2028 | 451 | 464 |
|  Illumina, Inc. | Illumina, Inc. | Illumina, Inc. |
|  2.550% due 03/23/2031 | 1205 | 1094 |
|  Imperial Brands Finance PLC | Imperial Brands Finance PLC | Imperial Brands Finance PLC |
|  3.500% due 07/26/2026 | 244 | 243 |
|  6.125% due 07/27/2027 | 370 | 381 |

---

---

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

---

------

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Intel Corp. | Intel Corp. | Intel Corp. |
|  3.100% due 02/15/2060 | 1335 | 747 |
|  4.875% due 02/10/2028 | 915 | 928 |
|  5.200% due 02/10/2033 | 781 | 796 |
|  5.600% due 02/21/2054 | 3354 | 3099 |
|  International Business Machines Corp. | International Business Machines Corp. | International Business Machines Corp. |
|  4.400% due 07/27/2032 | 585 | 584 |
|  4.900% due 07/27/2052 | 1159 | 1025 |
|  International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. |
|  4.450% due 09/26/2028 | 1702 | 1716 |
|  IQVIA, Inc. | IQVIA, Inc. | IQVIA, Inc. |
|  5.700% due 05/15/2028 | 1479 | 1531 |
|  JBS USA LUX SARL/JBS USA Food Co./JBS USA Foods Group | JBS USA LUX SARL/JBS USA Food Co./JBS USA Foods Group | JBS USA LUX SARL/JBS USA Food Co./JBS USA Foods Group |
|  6.375% due 02/25/2055 | 309 | 315 |
|  JDE Peet's NV | JDE Peet's NV | JDE Peet's NV |
|  2.250% due 09/24/2031 | 539 | 470 |
|  KazMunayGas National Co. JSC | KazMunayGas National Co. JSC | KazMunayGas National Co. JSC |
|  5.750% due 04/19/2047 | 204 | 193 |
|  Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. |
|  4.050% due 04/15/2032 | 1818 | 1752 |
|  4.500% due 04/15/2052 | 1871 | 1513 |
|  Kinder Morgan, Inc. | Kinder Morgan, Inc. | Kinder Morgan, Inc. |
|  5.000% due 02/01/2029 | 500 | 512 |
|  5.300% due 12/01/2034 | 1195 | 1219 |
|  5.450% due 08/01/2052 | 122 | 113 |
|  5.550% due 06/01/2045 | 2049 | 1985 |
|  Kraft Heinz Foods Co. | Kraft Heinz Foods Co. | Kraft Heinz Foods Co. |
|  6.875% due 01/26/2039 | 2125 | 2377 |
|  7.125% due 08/01/2039 | 1283 | 1457 |
|  Kroger Co. | Kroger Co. | Kroger Co. |
|  5.000% due 09/15/2034 | 483 | 486 |
|  7.500% due 04/01/2031 | 153 | 175 |
|  L3Harris Technologies, Inc. | L3Harris Technologies, Inc. | L3Harris Technologies, Inc. |
|  3.850% due 12/15/2026 | 2314 | 2312 |
|  4.400% due 06/15/2028 | 713 | 719 |
|  Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. |
|  6.000% due 08/15/2029 | 3225 | 3371 |
|  Leidos, Inc. | Leidos, Inc. | Leidos, Inc. |
|  2.300% due 02/15/2031 | 1149 | 1035 |
|  4.375% due 05/15/2030 | 1024 | 1023 |
|  Lennar Corp. | Lennar Corp. | Lennar Corp. |
|  5.200% due 07/30/2030 | 3000 | 3086 |
|  5.250% due 06/01/2026 | 48 | 48 |
|  LKQ Corp. | LKQ Corp. | LKQ Corp. |
|  5.750% due 06/15/2028 | 1058 | 1093 |
|  Lockheed Martin Corp. | Lockheed Martin Corp. | Lockheed Martin Corp. |
|  4.300% due 06/15/2062 | 262 | 207 |
|  5.900% due 11/15/2063 | 493 | 510 |
|  Lowe's Cos., Inc. | Lowe's Cos., Inc. | Lowe's Cos., Inc. |
|  3.100% due 05/03/2027 | 583 | 577 |
|  LYB International Finance III LLC | LYB International Finance III LLC | LYB International Finance III LLC |
|  6.150% due 05/15/2035 | 750 | 769 |
|  Marathon Petroleum Corp. | Marathon Petroleum Corp. | Marathon Petroleum Corp. |
|  3.800% due 04/01/2028 | 2019 | 2009 |
|  Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. |
|  2.750% due 10/15/2033 | 1030 | 901 |
|  2.850% due 04/15/2031 | 548 | 508 |
|  4.625% due 06/15/2030 | 3101 | 3148 |
|  5.250% due 10/15/2035 | 953 | 966 |
|  Mars, Inc. | Mars, Inc. | Mars, Inc. |
|  5.000% due 03/01/2032 | 3869 | 3989 |
|  5.200% due 03/01/2035 | 800 | 823 |
|  Marvell Technology, Inc. | Marvell Technology, Inc. | Marvell Technology, Inc. |
|  2.450% due 04/15/2028 | 378 | 364 |
|  4.875% due 06/22/2028 | 459 | 467 |
|  5.950% due 09/15/2033 | 1582 | 1692 |
|  Masco Corp. | Masco Corp. | Masco Corp. |
|  1.500% due 02/15/2028 | 819 | 776 |
|  Massachusetts Institute of Technology | Massachusetts Institute of Technology | Massachusetts Institute of Technology |
|  3.885% due 07/01/2116 | 172 | 119 |
|  McDonald's Corp. | McDonald's Corp. | McDonald's Corp. |
|  2.625% due 09/01/2029 | 1688 | 1610 |
|  3.500% due 07/01/2027 | 1673 | 1665 |
|  4.875% due 12/09/2045 | 2008 | 1831 |
|  5.700% due 02/01/2039 | 252 | 263 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Medtronic Global Holdings SCA | Medtronic Global Holdings SCA | Medtronic Global Holdings SCA |
|  4.250% due 03/30/2028 | 2521 | 2540 |
|  Mercedes-Benz Finance North America LLC | Mercedes-Benz Finance North America LLC | Mercedes-Benz Finance North America LLC |
|  1.450% due 03/02/2026 | 634 | 631 |
|  Merck & Co., Inc. | Merck & Co., Inc. | Merck & Co., Inc. |
|  1.700% due 06/10/2027 | 1369 | 1334 |
|  2.900% due 12/10/2061 | 4222 | 2456 |
|  Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. |
|  3.850% due 08/15/2032 | 1725 | 1674 |
|  4.600% due 11/15/2032 | 2400 | 2420 |
|  4.650% due 08/15/2062 | 2160 | 1746 |
|  5.550% due 08/15/2064 | 121 | 112 |
|  Micron Technology, Inc. | Micron Technology, Inc. | Micron Technology, Inc. |
|  5.327% due 02/06/2029 | 100 | 103 |
|  Microsoft Corp. | Microsoft Corp. | Microsoft Corp. |
|  1.350% due 09/15/2030 | 10 | 9 |
|  2.525% due 06/01/2050 | 3123 | 1909 |
|  2.675% due 06/01/2060 | 929 | 536 |
|  2.921% due 03/17/2052 | 60 | 39 |
|  Molson Coors Beverage Co. | Molson Coors Beverage Co. | Molson Coors Beverage Co. |
|  4.200% due 07/15/2046 | 774 | 623 |
|  Mondelez International Holdings Netherlands BV | Mondelez International Holdings Netherlands BV | Mondelez International Holdings Netherlands BV |
|  1.250% due 09/24/2026 | 1204 | 1181 |
|  Mondelez International, Inc. | Mondelez International, Inc. | Mondelez International, Inc. |
|  6.500% due 11/01/2031 | 913 | 1007 |
|  Motorola Solutions, Inc. | Motorola Solutions, Inc. | Motorola Solutions, Inc. |
|  2.300% due 11/15/2030 | 788 | 717 |
|  2.750% due 05/24/2031 | 146 | 134 |
|  5.500% due 09/01/2044 | 899 | 879 |
|  MPLX LP | MPLX LP | MPLX LP |
|  1.750% due 03/01/2026 | 52 | 52 |
|  4.125% due 03/01/2027 | 321 | 321 |
|  4.700% due 04/15/2048 | 40 | 33 |
|  4.950% due 03/14/2052 | 1433 | 1205 |
|  5.200% due 03/01/2047 | 1767 | 1580 |
|  5.500% due 02/15/2049 | 743 | 683 |
|  MSCI, Inc. | MSCI, Inc. | MSCI, Inc. |
|  3.625% due 09/01/2030 | 130 | 124 |
|  4.000% due 11/15/2029 | 2557 | 2501 |
|  National Fuel Gas Co. | National Fuel Gas Co. | National Fuel Gas Co. |
|  5.500% due 10/01/2026 | 200 | 202 |
|  Nestle Capital Corp. | Nestle Capital Corp. | Nestle Capital Corp. |
|  4.750% due 03/12/2031 | 3286 | 3371 |
|  Nestle Holdings, Inc. | Nestle Holdings, Inc. | Nestle Holdings, Inc. |
|  5.000% due 03/14/2028 | 945 | 969 |
|  Netflix, Inc. | Netflix, Inc. | Netflix, Inc. |
|  4.375% due 11/15/2026 | 28 | 28 |
|  4.875% due 04/15/2028 | 1973 | 2016 |
|  6.375% due 05/15/2029 | 502 | 537 |
|  Nordson Corp. | Nordson Corp. | Nordson Corp. |
|  5.800% due 09/15/2033 | 425 | 450 |
|  Norfolk Southern Corp. | Norfolk Southern Corp. | Norfolk Southern Corp. |
|  4.100% due 05/15/2121 | 242 | 169 |
|  5.950% due 03/15/2064 | 1749 | 1801 |
|  Northrop Grumman Corp. | Northrop Grumman Corp. | Northrop Grumman Corp. |
|  3.250% due 01/15/2028 | 2 | 2 |
|  3.850% due 04/15/2045 | 200 | 160 |
|  4.950% due 03/15/2053 | 295 | 266 |
|  5.200% due 06/01/2054 | 62 | 58 |
|  NTT Finance Corp. | NTT Finance Corp. | NTT Finance Corp. |
|  1.162% due 04/03/2026 | 120 | 119 |
|  4.620% due 07/16/2028 | 1200 | 1216 |
|  5.104% due 07/02/2027 | 1329 | 1350 |
|  5.110% due 07/02/2029 | 1203 | 1235 |
|  5.171% due 07/16/2032 | 524 | 538 |
|  NXP BV/NXP Funding LLC/NXP USA, Inc. | NXP BV/NXP Funding LLC/NXP USA, Inc. | NXP BV/NXP Funding LLC/NXP USA, Inc. |
|  2.500% due 05/11/2031 | 2810 | 2544 |
|  3.150% due 05/01/2027 | 132 | 131 |
|  4.300% due 06/18/2029 | 334 | 335 |
|  4.400% due 06/01/2027 | 100 | 100 |
|  5.000% due 01/15/2033 | 173 | 176 |
|  Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. |
|  6.050% due 10/01/2054 | 1200 | 1148 |
|  6.125% due 01/01/2031 | 200 | 212 |
|  6.450% due 09/15/2036 | 3114 | 3321 |
|  6.625% due 09/01/2030 | 130 | 140 |
|  7.500% due 05/01/2031 | 591 | 665 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Open Text Corp. | Open Text Corp. | Open Text Corp. |
|  6.900% due 12/01/2027 | 735 | 765 |
|  Oracle Corp. | Oracle Corp. | Oracle Corp. |
|  1.650% due 03/25/2026 | 505 | 502 |
|  2.300% due 03/25/2028 | 1718 | 1639 |
|  3.950% due 03/25/2051 | 3400 | 2239 |
|  4.125% due 05/15/2045 | 1723 | 1242 |
|  4.900% due 02/06/2033 | 812 | 782 |
|  5.200% due 09/26/2035 | 2150 | 2061 |
|  5.375% due 07/15/2040 | 60 | 54 |
|  5.950% due 09/26/2055 | 2610 | 2314 |
|  Otis Worldwide Corp. | Otis Worldwide Corp. | Otis Worldwide Corp. |
|  2.565% due 02/15/2030 | 10 | 9 |
|  Ovintiv, Inc. | Ovintiv, Inc. | Ovintiv, Inc. |
|  5.650% due 05/15/2028 | 1062 | 1094 |
|  7.100% due 07/15/2053 | 638 | 682 |
|  Owens Corning | Owens Corning | Owens Corning |
|  3.400% due 08/15/2026 | 100 | 100 |
|  Paramount Global | Paramount Global | Paramount Global |
|  2.900% due 01/15/2027 | 188 | 185 |
|  3.700% due 06/01/2028 | 261 | 255 |
|  4.200% due 05/19/2032 | 200 | 181 |
|  4.600% due 01/15/2045 | 69 | 48 |
|  4.850% due 07/01/2042 | 335 | 247 |
|  4.900% due 08/15/2044 | 1202 | 864 |
|  4.950% due 05/19/2050 | 65 | 46 |
|  5.850% due 09/01/2043 | 3 | 2 |
|  Penske Truck Leasing Co. LP/PTL Finance Corp. | Penske Truck Leasing Co. LP/PTL Finance Corp. | Penske Truck Leasing Co. LP/PTL Finance Corp. |
|  1.700% due 06/15/2026 | 2 | 2 |
|  3.400% due 11/15/2026 | 1379 | 1370 |
|  5.875% due 11/15/2027 | 943 | 971 |
|  PepsiCo, Inc. | PepsiCo, Inc. | PepsiCo, Inc. |
|  3.500% due 03/19/2040 | 56 | 48 |
|  4.600% due 07/17/2045 | 672 | 627 |
|  Pertamina Persero PT | Pertamina Persero PT | Pertamina Persero PT |
|  1.400% due 02/09/2026 | 317 | 316 |
|  Pfizer Investment Enterprises Pte. Ltd. | Pfizer Investment Enterprises Pte. Ltd. | Pfizer Investment Enterprises Pte. Ltd. |
|  4.650% due 05/19/2030 | 452 | 461 |
|  Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. |
|  1.750% due 11/01/2030 | 192 | 171 |
|  2.750% due 02/25/2026 | 158 | 158 |
|  3.875% due 08/21/2042 | 443 | 366 |
|  5.250% due 02/13/2034 | 1196 | 1237 |
|  5.625% due 11/17/2029 | 323 | 340 |
|  5.750% due 11/17/2032 | 323 | 346 |
|  6.375% due 05/16/2038 | 431 | 481 |
|  Pioneer Natural Resources Co. | Pioneer Natural Resources Co. | Pioneer Natural Resources Co. |
|  1.125% due 01/15/2026 | 135 | 135 |
|  PRA Health Sciences, Inc. | PRA Health Sciences, Inc. | PRA Health Sciences, Inc. |
|  2.875% due 07/15/2026 | 557 | 553 |
|  Prosus NV | Prosus NV | Prosus NV |
|  3.680% due 01/21/2030 | 1648 | 1583 |
|  4.027% due 08/03/2050 | 116 | 81 |
|  4.193% due 01/19/2032 | 180 | 172 |
|  Qatarenergy LNG S3 | Qatarenergy LNG S3 | Qatarenergy LNG S3 |
|  5.838% due 09/30/2027 | 130 | 133 |
|  Qorvo, Inc. | Qorvo, Inc. | Qorvo, Inc. |
|  4.375% due 10/15/2029 | 1021 | 1007 |
|  Quanta Services, Inc. | Quanta Services, Inc. | Quanta Services, Inc. |
|  2.350% due 01/15/2032 | 1985 | 1751 |
|  2.900% due 10/01/2030 | 56 | 52 |
|  Regeneron Pharmaceuticals, Inc. | Regeneron Pharmaceuticals, Inc. | Regeneron Pharmaceuticals, Inc. |
|  2.800% due 09/15/2050 | 2854 | 1743 |
|  RELX Capital, Inc. | RELX Capital, Inc. | RELX Capital, Inc. |
|  3.000% due 05/22/2030 | 914 | 870 |
|  4.000% due 03/18/2029 | 1647 | 1643 |
|  Renesas Electronics Corp. | Renesas Electronics Corp. | Renesas Electronics Corp. |
|  2.170% due 11/25/2026 | 1058 | 1039 |
|  Repsol E&P Capital Markets U.S. LLC | Repsol E&P Capital Markets U.S. LLC | Repsol E&P Capital Markets U.S. LLC |
|  5.976% due 09/16/2035 | 1350 | 1377 |
|  Republic Services, Inc. | Republic Services, Inc. | Republic Services, Inc. |
|  3.375% due 11/15/2027 | 943 | 937 |
|  Roche Holdings, Inc. | Roche Holdings, Inc. | Roche Holdings, Inc. |
|  4.790% due 03/08/2029 | 2289 | 2347 |
|  5.338% due 11/13/2028 | 925 | 962 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **45** |

---

------

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

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Rogers Communications, Inc. | Rogers Communications, Inc. | Rogers Communications, Inc. |
|  3.200% due 03/15/2027 | 971 | 962 |
|  4.500% due 03/15/2042 | 3 | 3 |
|  5.000% due 02/15/2029 | 2730 | 2783 |
|  Royalty Pharma PLC | Royalty Pharma PLC | Royalty Pharma PLC |
|  3.300% due 09/02/2040 | 653 | 506 |
|  3.350% due 09/02/2051 | 224 | 149 |
|  3.550% due 09/02/2050 | 2117 | 1463 |
|  5.150% due 09/02/2029 | 1181 | 1215 |
|  RTX Corp. | RTX Corp. | RTX Corp. |
|  1.900% due 09/01/2031 | 275 | 242 |
|  4.050% due 05/04/2047 | 2041 | 1655 |
|  4.125% due 11/16/2028 | 238 | 239 |
|  4.350% due 04/15/2047 | 474 | 402 |
|  4.500% due 06/01/2042 | 1374 | 1246 |
|  5.375% due 02/27/2053 | 1202 | 1161 |
|  5.750% due 11/08/2026 | 888 | 900 |
|  SABIC Capital II BV | SABIC Capital II BV | SABIC Capital II BV |
|  4.500% due 10/10/2028 | 73 | 74 |
|  Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC |
|  4.500% due 05/15/2030 | 812 | 816 |
|  5.900% due 09/15/2037 | 64 | 68 |
|  Santos Finance Ltd. | Santos Finance Ltd. | Santos Finance Ltd. |
|  3.649% due 04/29/2031 | 1754 | 1644 |
|  Saudi Arabian Oil Co. | Saudi Arabian Oil Co. | Saudi Arabian Oil Co. |
|  5.250% due 07/17/2034 | 40 | 41 |
|  Schlumberger Holdings Corp. | Schlumberger Holdings Corp. | Schlumberger Holdings Corp. |
|  5.000% due 05/29/2027 | 1413 | 1432 |
|  Sealed Air Corp. | Sealed Air Corp. | Sealed Air Corp. |
|  1.573% due 10/15/2026 | 1197 | 1172 |
|  Sherwin-Williams Co. | Sherwin-Williams Co. | Sherwin-Williams Co. |
|  2.900% due 03/15/2052 | 80 | 49 |
|  4.550% due 08/01/2045 | 53 | 45 |
|  SK Hynix, Inc. | SK Hynix, Inc. | SK Hynix, Inc. |
|  1.500% due 01/19/2026 | 54 | 54 |
|  5.500% due 01/16/2027 | 5 | 5 |
|  6.375% due 01/17/2028 | 646 | 675 |
|  Skyworks Solutions, Inc. | Skyworks Solutions, Inc. | Skyworks Solutions, Inc. |
|  1.800% due 06/01/2026 | 567 | 561 |
|  Smith & Nephew PLC | Smith & Nephew PLC | Smith & Nephew PLC |
|  2.032% due 10/14/2030 | 793 | 713 |
|  Snam SpA | Snam SpA | Snam SpA |
|  5.750% due 05/28/2035 | 1369 | 1432 |
|  South Bow USA Infrastructure Holdings LLC | South Bow USA Infrastructure Holdings LLC | South Bow USA Infrastructure Holdings LLC |
|  5.584% due 10/01/2034 | 2415 | 2440 |
|  South32 Treasury Ltd. | South32 Treasury Ltd. | South32 Treasury Ltd. |
|  4.350% due 04/14/2032 | 1042 | 1013 |
|  Southern Co. | Southern Co. | Southern Co. |
|  1.750% due 03/15/2028 | 146 | 139 |
|  4.400% due 07/01/2046 | 1048 | 885 |
|  4.850% due 06/15/2028 | 178 | 181 |
|  4.850% due 03/15/2035 | 514 | 508 |
|  Southwest Airlines Co. | Southwest Airlines Co. | Southwest Airlines Co. |
|  5.125% due 06/15/2027 | 190 | 192 |
|  Spectra Energy Partners LP | Spectra Energy Partners LP | Spectra Energy Partners LP |
|  3.375% due 10/15/2026 | 80 | 80 |
|  4.500% due 03/15/2045 | 806 | 682 |
|  Starbucks Corp. | Starbucks Corp. | Starbucks Corp. |
|  2.000% due 03/12/2027 | 129 | 126 |
|  2.550% due 11/15/2030 | 1107 | 1024 |
|  3.000% due 02/14/2032 | 3667 | 3381 |
|  Steel Dynamics, Inc. | Steel Dynamics, Inc. | Steel Dynamics, Inc. |
|  3.250% due 01/15/2031 | 50 | 48 |
|  Stryker Corp. | Stryker Corp. | Stryker Corp. |
|  1.950% due 06/15/2030 | 1113 | 1011 |
|  3.500% due 03/15/2026 | 1193 | 1192 |
|  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 | 50 |
|  Synopsys, Inc. | Synopsys, Inc. | Synopsys, Inc. |
|  5.150% due 04/01/2035 | 1999 | 2032 |
|  Sysco Corp. | Sysco Corp. | Sysco Corp. |
|  2.400% due 02/15/2030 | 534 | 497 |
|  5.950% due 04/01/2030 | 45 | 48 |
|  6.000% due 01/17/2034 | 1901 | 2060 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
|  1.500% due 02/15/2026 | 587 | 585 |
|  2.250% due 11/15/2031 | 215 | 191 |
|  2.400% due 03/15/2029 | 310 | 294 |
|  2.625% due 04/15/2026 | 51 | 51 |
|  2.700% due 03/15/2032 | 1481 | 1332 |
|  3.000% due 02/15/2041 | 2326 | 1734 |
|  3.400% due 10/15/2052 | 1205 | 811 |
|  3.600% due 11/15/2060 | 2736 | 1819 |
|  3.750% due 04/15/2027 | 1984 | 1978 |
|  3.875% due 04/15/2030 | 51 | 50 |
|  4.375% due 04/15/2040 | 1747 | 1568 |
|  5.650% due 01/15/2053 | 170 | 165 |
|  5.750% due 01/15/2034 | 1204 | 1278 |
|  Take-Two Interactive Software, Inc. | Take-Two Interactive Software, Inc. | Take-Two Interactive Software, Inc. |
|  3.700% due 04/14/2027 | 1191 | 1187 |
|  Takeda Pharmaceutical Co. Ltd. | Takeda Pharmaceutical Co. Ltd. | Takeda Pharmaceutical Co. Ltd. |
|  3.375% due 07/09/2060 | 3785 | 2429 |
|  Targa Resources Corp. | Targa Resources Corp. | Targa Resources Corp. |
|  4.950% due 04/15/2052 | 14 | 12 |
|  5.200% due 07/01/2027 | 264 | 268 |
|  6.125% due 05/15/2055 | 20 | 20 |
|  6.250% due 07/01/2052 | 924 | 933 |
|  6.500% due 02/15/2053 | 507 | 531 |
|  TCI Communications, Inc. | TCI Communications, Inc. | TCI Communications, Inc. |
|  7.875% due 02/15/2026 | 1353 | 1359 |
|  TD SYNNEX Corp. | TD SYNNEX Corp. | TD SYNNEX Corp. |
|  1.750% due 08/09/2026 | 1190 | 1173 |
|  Telefonica Emisiones SA | Telefonica Emisiones SA | Telefonica Emisiones SA |
|  4.103% due 03/08/2027 | 1195 | 1195 |
|  4.665% due 03/06/2038 | 1879 | 1714 |
|  Tencent Holdings Ltd. | Tencent Holdings Ltd. | Tencent Holdings Ltd. |
|  3.925% due 01/19/2038 | 59 | 55 |
|  3.975% due 04/11/2029 | 561 | 561 |
|  4.525% due 04/11/2049 | 212 | 191 |
|  Tennessee Gas Pipeline Co. LLC | Tennessee Gas Pipeline Co. LLC | Tennessee Gas Pipeline Co. LLC |
|  2.900% due 03/01/2030 | 529 | 499 |
|  7.625% due 04/01/2037 | 1193 | 1405 |
|  Textron, Inc. | Textron, Inc. | Textron, Inc. |
|  3.900% due 09/17/2029 | 52 | 51 |
|  TotalEnergies Capital International SA | TotalEnergies Capital International SA | TotalEnergies Capital International SA |
|  2.986% due 06/29/2041 | 199 | 151 |
|  3.386% due 06/29/2060 | 1159 | 755 |
|  TotalEnergies Capital SA | TotalEnergies Capital SA | TotalEnergies Capital SA |
|  3.883% due 10/11/2028 | 221 | 221 |
|  4.724% due 09/10/2034 | 488 | 492 |
|  5.150% due 04/05/2034 | 257 | 267 |
|  5.425% due 09/10/2064 | 233 | 219 |
|  Toyota Industries Corp. | Toyota Industries Corp. | Toyota Industries Corp. |
|  3.566% due 03/16/2028 | 456 | 450 |
|  TransCanada PipeLines Ltd. | TransCanada PipeLines Ltd. | TransCanada PipeLines Ltd. |
|  4.100% due 04/15/2030 | 340 | 336 |
|  4.250% due 05/15/2028 | 516 | 517 |
|  4.625% due 03/01/2034 | 826 | 805 |
|  7.625% due 01/15/2039 | 2256 | 2678 |
|  Transcontinental Gas Pipe Line Co. LLC | Transcontinental Gas Pipe Line Co. LLC | Transcontinental Gas Pipe Line Co. LLC |
|  3.950% due 05/15/2050 | 662 | 511 |
|  4.600% due 03/15/2048 | 305 | 266 |
|  TWDC Enterprises 18 Corp. | TWDC Enterprises 18 Corp. | TWDC Enterprises 18 Corp. |
|  2.950% due 06/15/2027 | 570 | 564 |
|  7.000% due 03/01/2032 | 128 | 146 |
|  Tyson Foods, Inc. | Tyson Foods, Inc. | Tyson Foods, Inc. |
|  4.000% due 03/01/2026 | 300 | 300 |
|  Unilever Capital Corp. | Unilever Capital Corp. | Unilever Capital Corp. |
|  4.625% due 08/12/2034 | 1148 | 1157 |
|  Union Pacific Corp. | Union Pacific Corp. | Union Pacific Corp. |
|  2.800% due 02/14/2032 | 1342 | 1234 |
|  3.375% due 02/01/2035 | 120 | 108 |
|  United Airlines Pass-Through Trust | United Airlines Pass-Through Trust | United Airlines Pass-Through Trust |
|  5.800% due 07/15/2037 | 1276 | 1338 |
|  United Rentals North America, Inc. | United Rentals North America, Inc. | United Rentals North America, Inc. |
|  3.875% due 11/15/2027 | 325 | 323 |
|  6.000% due 12/15/2029 | 316 | 325 |
|  UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. |
|  1.150% due 05/15/2026 | 79 | 78 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  2.000% due 05/15/2030 | $— | 642 | $— | 586 |
|  2.900% due 05/15/2050 |  | 1152 |  | 739 |
|  3.050% due 05/15/2041 |  | 1497 |  | 1136 |
|  3.125% due 05/15/2060 |  | 158 |  | 96 |
|  3.375% due 04/15/2027 |  | 156 |  | 155 |
|  3.700% due 08/15/2049 |  | 1625 |  | 1210 |
|  3.750% due 10/15/2047 |  | 192 |  | 147 |
|  3.875% due 08/15/2059 |  | 188 |  | 135 |
|  4.250% due 01/15/2029 |  | 1761 |  | 1775 |
|  4.500% due 04/15/2033 |  | 104 |  | 103 |
|  4.750% due 07/15/2045 |  | 1237 |  | 1116 |
|  4.950% due 05/15/2062 |  | 221 |  | 191 |
|  5.000% due 04/15/2034 |  | 240 |  | 244 |
|  5.050% due 04/15/2053 |  | 862 |  | 778 |
|  5.250% due 02/15/2028 |  | 241 |  | 248 |
|  5.300% due 02/15/2030 |  | 49 |  | 51 |
|  5.350% due 02/15/2033 |  | 115 |  | 120 |
|  5.500% due 04/15/2064 |  | 45 |  | 42 |
|  5.950% due 06/15/2055 |  | 124 |  | 127 |
|  6.050% due 02/15/2063 |  | 70 |  | 72 |
|  6.625% due 11/15/2037 |  | 41 |  | 46 |
|  6.875% due 02/15/2038 |  | 628 |  | 727 |
|  Vale Overseas Ltd. | Vale Overseas Ltd. | Vale Overseas Ltd. | Vale Overseas Ltd. | Vale Overseas Ltd. |
|  3.750% due 07/08/2030 |  | 80 |  | 77 |
|  Valero Energy Corp. | Valero Energy Corp. | Valero Energy Corp. | Valero Energy Corp. | Valero Energy Corp. |
|  4.350% due 06/01/2028 |  | 1727 |  | 1737 |
|  Var Energi ASA | Var Energi ASA | Var Energi ASA | Var Energi ASA | Var Energi ASA |
|  8.000% due 11/15/2032 |  | 1874 |  | 2148 |
|  Verisk Analytics, Inc. | Verisk Analytics, Inc. | Verisk Analytics, Inc. | Verisk Analytics, Inc. | Verisk Analytics, Inc. |
|  4.125% due 03/15/2029 |  | 1775 |  | 1772 |
|  VF Corp. | VF Corp. | VF Corp. | VF Corp. | VF Corp. |
|  6.000% due 10/15/2033 |  | 35 |  | 35 |
|  Viper Energy Partners LLC | Viper Energy Partners LLC | Viper Energy Partners LLC | Viper Energy Partners LLC | Viper Energy Partners LLC |
|  5.700% due 08/01/2035 |  | 2057 |  | 2100 |
|  VMware LLC | VMware LLC | VMware LLC | VMware LLC | VMware LLC |
|  1.400% due 08/15/2026 |  | 736 |  | 725 |
|  1.800% due 08/15/2028 |  | 115 |  | 109 |
|  2.200% due 08/15/2031 |  | 1125 |  | 1000 |
|  Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC |
|  4.850% due 08/15/2027 |  | 1033 |  | 1044 |
|  5.650% due 09/12/2028 |  | 1758 |  | 1814 |
|  6.200% due 11/16/2028 |  | 2952 |  | 3093 |
|  Walmart, Inc. | Walmart, Inc. | Walmart, Inc. | Walmart, Inc. | Walmart, Inc. |
|  4.500% due 04/15/2053 |  | 1201 |  | 1063 |
|  Walt Disney Co. | Walt Disney Co. | Walt Disney Co. | Walt Disney Co. | Walt Disney Co. |
|  2.200% due 01/13/2028 |  | 78 |  | 76 |
|  2.650% due 01/13/2031 |  | 311 |  | 291 |
|  3.800% due 05/13/2060 |  | 20 |  | 15 |
|  6.150% due 03/01/2037 |  | 90 |  | 99 |
|  6.200% due 12/15/2034 |  | 377 |  | 424 |
|  6.650% due 11/15/2037 |  | 121 |  | 138 |
|  Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. |
|  5.050% due 03/15/2042 |  | 576 |  | 407 |
|  5.141% due 03/15/2052 |  | 264 |  | 175 |
|  Waste Connections, Inc. | Waste Connections, Inc. | Waste Connections, Inc. | Waste Connections, Inc. | Waste Connections, Inc. |
|  2.600% due 02/01/2030 |  | 1583 |  | 1494 |
|  2.950% due 01/15/2052 |  | 700 |  | 453 |
|  Western Digital Corp. | Western Digital Corp. | Western Digital Corp. | Western Digital Corp. | Western Digital Corp. |
|  2.850% due 02/01/2029 |  | 100 |  | 96 |
|  Westinghouse Air Brake Technologies Corp. | Westinghouse Air Brake Technologies Corp. | Westinghouse Air Brake Technologies Corp. | Westinghouse Air Brake Technologies Corp. | Westinghouse Air Brake Technologies Corp. |
|  4.700% due 09/15/2028 |  | 1786 |  | 1809 |
|  Williams Cos., Inc. | Williams Cos., Inc. | Williams Cos., Inc. | Williams Cos., Inc. | Williams Cos., Inc. |
|  3.750% due 06/15/2027 |  | 130 |  | 130 |
|  4.650% due 08/15/2032 |  | 421 |  | 423 |
|  5.300% due 08/15/2028 |  | 2052 |  | 2113 |
|  5.300% due 08/15/2052 |  | 409 |  | 378 |
|  5.400% due 03/04/2044 |  | 1565 |  | 1507 |
|  WMG Acquisition Corp. | WMG Acquisition Corp. | WMG Acquisition Corp. | WMG Acquisition Corp. | WMG Acquisition Corp. |
|  3.875% due 07/15/2030 |  | 840 |  | 806 |
|  Woodside Finance Ltd. | Woodside Finance Ltd. | Woodside Finance Ltd. | Woodside Finance Ltd. | Woodside Finance Ltd. |
|  3.700% due 09/15/2026 |  | 1197 |  | 1193 |
|  5.100% due 09/12/2034 |  | 1370 |  | 1354 |
|  5.700% due 09/12/2054 |  | 200 |  | 188 |
|  6.000% due 05/19/2035 |  | 2641 |  | 2752 |
|  Workday, Inc. | Workday, Inc. | Workday, Inc. | Workday, Inc. | Workday, Inc. |
|  3.700% due 04/01/2029 |  | 720 |  | 710 |
|  3.800% due 04/01/2032 |  | 600 |  | 574 |

---

---

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

---

------

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Wyeth LLC | Wyeth LLC | Wyeth LLC |
|  5.950% due 04/01/2037 | 915 | 985 |
|  Zimmer Biomet Holdings, Inc. | Zimmer Biomet Holdings, Inc. | Zimmer Biomet Holdings, Inc. |
|  3.550% due 03/20/2030 | 55 | 53 |
|  Zoetis, Inc. | Zoetis, Inc. | Zoetis, Inc. |
|  2.000% due 05/15/2030 | 1096 | 1003 |
|  |  | 592011 |
| UTILITIES 13.4% | UTILITIES 13.4% | UTILITIES 13.4% |
|  AEP Texas, Inc. | AEP Texas, Inc. | AEP Texas, Inc. |
|  3.450% due 01/15/2050 | 1612 | 1103 |
|  5.250% due 05/15/2052 | 81 | 75 |
|  5.850% due 10/15/2055 | 100 | 98 |
|  AES Corp. | AES Corp. | AES Corp. |
|  2.450% due 01/15/2031 | 4886 | 4433 |
|  5.450% due 06/01/2028 | 236 | 242 |
|  Alabama Power Co. | Alabama Power Co. | Alabama Power Co. |
|  3.450% due 10/01/2049 | 410 | 292 |
|  Ameren Corp. | Ameren Corp. | Ameren Corp. |
|  5.700% due 12/01/2026 | 70 | 71 |
|  Ameren Illinois Co. | Ameren Illinois Co. | Ameren Illinois Co. |
|  3.700% due 12/01/2047 | 1180 | 904 |
|  4.800% due 12/15/2043 | 51 | 47 |
|  American Water Capital Corp. | American Water Capital Corp. | American Water Capital Corp. |
|  3.000% due 12/01/2026 | 51 | 51 |
|  4.200% due 09/01/2048 | 719 | 589 |
|  5.450% due 03/01/2054 | 216 | 210 |
|  5.700% due 09/01/2055 | 7 | 7 |
|  Appalachian Power Co. | Appalachian Power Co. | Appalachian Power Co. |
|  7.000% due 04/01/2038 | 1308 | 1482 |
|  Arizona Public Service Co. | Arizona Public Service Co. | Arizona Public Service Co. |
|  2.200% due 12/15/2031 | 61 | 54 |
|  4.500% due 04/01/2042 | 56 | 49 |
|  5.700% due 08/15/2034 | 2169 | 2282 |
|  AT&T, Inc. | AT&T, Inc. | AT&T, Inc. |
|  1.650% due 02/01/2028 | 259 | 247 |
|  3.500% due 06/01/2041 | 149 | 117 |
|  3.500% due 09/15/2053 | 3273 | 2192 |
|  3.550% due 09/15/2055 | 143 | 95 |
|  3.650% due 09/15/2059 | 2964 | 1956 |
|  3.850% due 06/01/2060 | 171 | 118 |
|  4.100% due 02/15/2028 | 1996 | 1998 |
|  4.300% due 12/15/2042 | 37 | 31 |
|  4.350% due 03/01/2029 | 1446 | 1454 |
|  4.500% due 03/09/2048 | 268 | 222 |
|  4.550% due 03/09/2049 | 180 | 149 |
|  4.850% due 03/01/2039 | 987 | 941 |
|  5.400% due 02/15/2034 | 120 | 124 |
|  Atmos Energy Corp. | Atmos Energy Corp. | Atmos Energy Corp. |
|  1.500% due 01/15/2031 | 229 | 201 |
|  4.150% due 01/15/2043 | 1269 | 1083 |
|  Avangrid, Inc. | Avangrid, Inc. | Avangrid, Inc. |
|  3.800% due 06/01/2029 | 1501 | 1482 |
|  Baltimore Gas & Electric Co. | Baltimore Gas & Electric Co. | Baltimore Gas & Electric Co. |
|  5.400% due 06/01/2053 | 118 | 114 |
|  Berkshire Hathaway Energy Co. | Berkshire Hathaway Energy Co. | Berkshire Hathaway Energy Co. |
|  1.650% due 05/15/2031 | 1917 | 1672 |
|  3.250% due 04/15/2028 | 376 | 371 |
|  3.700% due 07/15/2030 | 337 | 332 |
|  4.450% due 01/15/2049 | 176 | 147 |
|  4.500% due 02/01/2045 | 236 | 205 |
|  6.125% due 04/01/2036 | 1348 | 1463 |
|  Black Hills Corp. | Black Hills Corp. | Black Hills Corp. |
|  3.150% due 01/15/2027 | 1194 | 1183 |
|  4.200% due 09/15/2046 | 100 | 80 |
|  6.000% due 01/15/2035 | 1129 | 1205 |
|  6.150% due 05/15/2034 | 25 | 27 |
|  BP Capital Markets PLC | BP Capital Markets PLC | BP Capital Markets PLC |
|  4.875% due 03/22/2030 •(b) | 51 | 51 |
|  British Telecommunications PLC | British Telecommunications PLC | British Telecommunications PLC |
|  9.625% due 12/15/2030 | 1374 | 1678 |
|  Brooklyn Union Gas Co. | Brooklyn Union Gas Co. | Brooklyn Union Gas Co. |
|  3.407% due 03/10/2026 | 1193 | 1192 |
|  4.487% due 03/04/2049 | 58 | 47 |
|  4.504% due 03/10/2046 | 61 | 50 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  CenterPoint Energy Houston Electric LLC | CenterPoint Energy Houston Electric LLC | CenterPoint Energy Houston Electric LLC |
|  4.950% due 04/01/2033 | 2691 | 2742 |
|  CenterPoint Energy, Inc. | CenterPoint Energy, Inc. | CenterPoint Energy, Inc. |
|  1.450% due 06/01/2026 | 591 | 585 |
|  Chile Electricity Lux MPC II SARL | Chile Electricity Lux MPC II SARL | Chile Electricity Lux MPC II SARL |
|  5.672% due 10/20/2035 | 1223 | 1274 |
|  Cleveland Electric Illuminating Co. | Cleveland Electric Illuminating Co. | Cleveland Electric Illuminating Co. |
|  4.550% due 11/15/2030 | 120 | 120 |
|  CMS Energy Corp. | CMS Energy Corp. | CMS Energy Corp. |
|  4.750% due 06/01/2050 •  | 1761 | 1733 |
|  Columbia Pipelines Holding Co. LLC | Columbia Pipelines Holding Co. LLC | Columbia Pipelines Holding Co. LLC |
|  6.042% due 08/15/2028 | 1548 | 1611 |
|  Comision Federal de Electricidad | Comision Federal de Electricidad | Comision Federal de Electricidad |
|  3.348% due 02/09/2031 | 86 | 78 |
|  Commonwealth Edison Co. | Commonwealth Edison Co. | Commonwealth Edison Co. |
|  3.700% due 03/01/2045 | 324 | 255 |
|  3.750% due 08/15/2047 | 196 | 150 |
|  4.000% due 03/01/2048 | 3834 | 3059 |
|  5.650% due 06/01/2054 | 1088 | 1080 |
|  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 | 683 | 404 |
|  3.600% due 06/15/2061 | 1050 | 719 |
|  3.850% due 06/15/2046 | 2582 | 2033 |
|  6.150% due 11/15/2052 | 1286 | 1355 |
|  Constellation Energy Generation LLC | Constellation Energy Generation LLC | Constellation Energy Generation LLC |
|  5.600% due 06/15/2042 | 1319 | 1325 |
|  Consumers Energy Co. | Consumers Energy Co. | Consumers Energy Co. |
|  4.600% due 05/30/2029 | 463 | 471 |
|  Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. |
|  7.000% due 06/01/2054 •  | 1057 | 1149 |
|  DTE Electric Co. | DTE Electric Co. | DTE Electric Co. |
|  3.000% due 03/01/2032 | 1224 | 1134 |
|  DTE Energy Co. | DTE Energy Co. | DTE Energy Co. |
|  3.400% due 06/15/2029 | 2805 | 2732 |
|  Duke Energy Carolinas LLC | Duke Energy Carolinas LLC | Duke Energy Carolinas LLC |
|  2.550% due 04/15/2031 | 558 | 514 |
|  2.850% due 03/15/2032 | 379 | 347 |
|  3.550% due 03/15/2052 | 530 | 383 |
|  3.875% due 03/15/2046 | 60 | 48 |
|  6.000% due 12/01/2028 | 1049 | 1109 |
|  Duke Energy Corp. | Duke Energy Corp. | Duke Energy Corp. |
|  2.450% due 06/01/2030 | 713 | 662 |
|  2.550% due 06/15/2031 | 10 | 9 |
|  3.150% due 08/15/2027 | 129 | 127 |
|  3.400% due 06/15/2029 | 10 | 10 |
|  3.500% due 06/15/2051 | 452 | 314 |
|  3.750% due 09/01/2046 | 460 | 350 |
|  5.000% due 08/15/2052 | 178 | 157 |
|  Duke Energy Florida LLC | Duke Energy Florida LLC | Duke Energy Florida LLC |
|  2.400% due 12/15/2031 | 1473 | 1333 |
|  3.400% due 10/01/2046 | 589 | 432 |
|  5.650% due 04/01/2040 | 11 | 11 |
|  Duke Energy Progress LLC | Duke Energy Progress LLC | Duke Energy Progress LLC |
|  3.400% due 04/01/2032 | 1028 | 974 |
|  3.450% due 03/15/2029 | 12 | 12 |
|  3.600% due 09/15/2047 | 100 | 75 |
|  4.000% due 04/01/2052 | 195 | 152 |
|  5.250% due 03/15/2033 | 1447 | 1506 |
|  Duquesne Light Holdings, Inc. | Duquesne Light Holdings, Inc. | Duquesne Light Holdings, Inc. |
|  3.616% due 08/01/2027 | 126 | 124 |
|  Edison International | Edison International | Edison International |
|  5.750% due 06/15/2027 | 454 | 462 |
|  Electricite de France SA | Electricite de France SA | Electricite de France SA |
|  6.375% due 01/13/2055 | 1502 | 1572 |
|  6.900% due 05/23/2053 | 1734 | 1912 |
|  Emera U.S. Finance LP | Emera U.S. Finance LP | Emera U.S. Finance LP |
|  4.750% due 06/15/2046 | 765 | 653 |
|  Enel Finance International NV | Enel Finance International NV | Enel Finance International NV |
|  5.000% due 06/15/2032 | 1759 | 1791 |
|  6.000% due 10/07/2039 | 1508 | 1589 |
|  Evergy, Inc. | Evergy, Inc. | Evergy, Inc. |
|  2.900% due 09/15/2029 | 2299 | 2194 |
|  Eversource Energy | Eversource Energy | Eversource Energy |
|  2.900% due 03/01/2027 | 176 | 174 |
|  3.375% due 03/01/2032 | 768 | 712 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.600% due 07/01/2027 | $— | 789 | $— | 795 |
|  5.000% due 01/01/2027 |  | 50 |  | 50 |
|  5.125% due 05/15/2033 |  | 966 |  | 976 |
|  Exelon Corp. | Exelon Corp. | Exelon Corp. | Exelon Corp. | Exelon Corp. |
|  4.450% due 04/15/2046 |  | 210 |  | 176 |
|  FirstEnergy Corp. | FirstEnergy Corp. | FirstEnergy Corp. | FirstEnergy Corp. | FirstEnergy Corp. |
|  2.250% due 09/01/2030 |  | 437 |  | 396 |
|  3.900% due 07/15/2027 |  | 30 |  | 30 |
|  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 |  | 4081 |  | 2806 |
|  4.125% due 02/01/2042 |  | 968 |  | 843 |
|  Fortis, Inc. | Fortis, Inc. | Fortis, Inc. | Fortis, Inc. | Fortis, Inc. |
|  3.055% due 10/04/2026 |  | 28 |  | 28 |
|  Galaxy Pipeline Assets Bidco Ltd. | Galaxy Pipeline Assets Bidco Ltd. | Galaxy Pipeline Assets Bidco Ltd. | Galaxy Pipeline Assets Bidco Ltd. | Galaxy Pipeline Assets Bidco Ltd. |
|  1.750% due 09/30/2027 |  | 1 |  | 1 |
|  Georgia Power Co. | Georgia Power Co. | Georgia Power Co. | Georgia Power Co. | Georgia Power Co. |
|  5.250% due 03/15/2034 |  | 1132 |  | 1169 |
|  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 |  | 1193 |  | 968 |
|  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 |  | 19 |
|  6.250% due 07/15/2039 |  | 128 |  | 137 |
|  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. |
|  2.750% due 03/01/2032 |  | 872 |  | 785 |
|  Kentucky Utilities Co. | Kentucky Utilities Co. | Kentucky Utilities Co. | Kentucky Utilities Co. | Kentucky Utilities Co. |
|  5.125% due 11/01/2040 |  | 344 |  | 338 |
|  5.450% due 04/15/2033 |  | 2133 |  | 2242 |
|  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 |  | 1349 |  | 1335 |
|  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 |  | 188 |  | 197 |
|  Massachusetts Electric Co. | Massachusetts Electric Co. | Massachusetts Electric Co. | Massachusetts Electric Co. | Massachusetts Electric Co. |
|  5.867% due 02/26/2054 |  | 30 |  | 30 |
|  MidAmerican Energy Co. | MidAmerican Energy Co. | MidAmerican Energy Co. | MidAmerican Energy Co. | MidAmerican Energy Co. |
|  4.250% due 07/15/2049 |  | 2469 |  | 2029 |
|  Mississippi Power Co. | Mississippi Power Co. | Mississippi Power Co. | Mississippi Power Co. | Mississippi Power Co. |
|  3.950% due 03/30/2028 |  | 114 |  | 114 |
|  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 |  | 88 |
|  3.250% due 12/01/2026 |  | 1083 |  | 1076 |
|  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. |
|  4.800% due 12/01/2077 •  |  | 1072 |  | 1058 |
|  5.000% due 02/28/2030 |  | 220 |  | 227 |
|  NGPL PipeCo LLC | NGPL PipeCo LLC | NGPL PipeCo LLC | NGPL PipeCo LLC | NGPL PipeCo LLC |
|  3.250% due 07/15/2031 |  | 324 |  | 299 |
|  4.875% due 08/15/2027 |  | 303 |  | 304 |
|  NiSource, Inc. | NiSource, Inc. | NiSource, Inc. | NiSource, Inc. | NiSource, Inc. |
|  2.950% due 09/01/2029 |  | 1378 |  | 1323 |
|  5.000% due 06/15/2052 |  | 130 |  | 116 |
|  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 |  | 2561 |  | 1682 |
|  NRG Energy, Inc. | NRG Energy, Inc. | NRG Energy, Inc. | NRG Energy, Inc. | NRG Energy, Inc. |
|  7.000% due 03/15/2033 |  | 1671 |  | 1853 |
|  NSTAR Electric Co. | NSTAR Electric Co. | NSTAR Electric Co. | NSTAR Electric Co. | NSTAR Electric Co. |
|  4.400% due 03/01/2044 |  | 43 |  | 37 |
|  Oglethorpe Power Corp. | Oglethorpe Power Corp. | Oglethorpe Power Corp. | Oglethorpe Power Corp. | Oglethorpe Power Corp. |
|  6.200% due 12/01/2053 |  | 537 |  | 553 |
|  Oklahoma Gas & Electric Co. | Oklahoma Gas & Electric Co. | Oklahoma Gas & Electric Co. | Oklahoma Gas & Electric Co. | Oklahoma Gas & Electric Co. |
|  4.150% due 04/01/2047 |  | 10 |  | 8 |
|  4.550% due 03/15/2044 |  | 30 |  | 26 |
|  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 |  | 828 |  | 552 |
|  ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. |
|  3.400% due 09/01/2029 |  | 1370 |  | 1328 |
|  4.250% due 09/24/2027 |  | 476 |  | 478 |
|  4.400% due 10/15/2029 |  | 1771 |  | 1779 |
|  4.550% due 07/15/2028 |  | 573 |  | 578 |
|  4.750% due 10/15/2031 |  | 638 |  | 642 |
|  5.200% due 07/15/2048 |  | 1255 |  | 1132 |
|  6.100% due 11/15/2032 |  | 871 |  | 934 |
|  6.500% due 09/01/2030 |  | 1451 |  | 1556 |
|  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 |  | 420 |  | 379 |
|  3.250% due 06/01/2031 |  | 81 |  | 76 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **47** |

---

------

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)** |
|  3.300% due 08/01/2040 | $— | 260 | $— | 197 |
|  3.750% due 07/01/2028 |  | 1503 |  | 1485 |
|  3.950% due 12/01/2047 |  | 1050 |  | 785 |
|  4.550% due 07/01/2030 |  | 103 |  | 102 |
|  4.650% due 08/01/2028 |  | 52 |  | 52 |
|  4.950% due 07/01/2050 |  | 103 |  | 87 |
|  5.450% due 06/15/2027 |  | 1207 |  | 1228 |
|  5.700% due 03/01/2035 |  | 400 |  | 412 |
|  5.800% due 05/15/2034 |  | 3500 |  | 3637 |
|  6.100% due 01/15/2029 |  | 1562 |  | 1636 |
|  PacifiCorp | PacifiCorp | PacifiCorp | PacifiCorp | PacifiCorp |
|  2.900% due 06/15/2052 |  | 74 |  | 43 |
|  4.150% due 02/15/2050 |  | 300 |  | 223 |
|  5.350% due 12/01/2053 |  | 112 |  | 98 |
|  5.450% due 02/15/2034 |  | 2076 |  | 2107 |
|  PECO Energy Co. | PECO Energy Co. | PECO Energy Co. | PECO Energy Co. | PECO Energy Co. |
|  3.000% due 09/15/2049 |  | 736 |  | 485 |
|  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 |
|  4.125% due 05/15/2027 |  | 429 |  | 428 |
|  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. |
|  2.500% due 03/15/2031 |  | 58 |  | 53 |
|  Pinnacle West Capital Corp. | Pinnacle West Capital Corp. | Pinnacle West Capital Corp. | Pinnacle West Capital Corp. | Pinnacle West Capital Corp. |
|  4.550% (SOFRRATE + 0.820%) due 06/10/2026 ~ |  | 287 |  | 288 |
|  Plains All American Pipeline LP/PAA Finance Corp. | Plains All American Pipeline LP/PAA Finance Corp. | Plains All American Pipeline LP/PAA Finance Corp. | Plains All American Pipeline LP/PAA Finance Corp. | Plains All American Pipeline LP/PAA Finance Corp. |
|  3.550% due 12/15/2029 |  | 579 |  | 563 |
|  5.150% due 06/01/2042 |  | 2270 |  | 2082 |
|  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 |
|  1.900% due 01/15/2031 |  | 457 |  | 407 |
|  3.550% due 06/15/2046 |  | 52 |  | 38 |
|  5.850% due 05/15/2055 |  | 1260 |  | 1278 |
|  Public Service Electric & Gas Co. | Public Service Electric & Gas Co. | Public Service Electric & Gas Co. | Public Service Electric & Gas Co. | Public Service Electric & Gas Co. |
|  4.650% due 03/15/2033 |  | 2857 |  | 2880 |
|  Puget Energy, Inc. | Puget Energy, Inc. | Puget Energy, Inc. | Puget Energy, Inc. | Puget Energy, Inc. |
|  4.100% due 06/15/2030 |  | 629 |  | 617 |
|  4.224% due 03/15/2032 |  | 1174 |  | 1129 |
|  Puget Sound Energy, Inc. | Puget Sound Energy, Inc. | Puget Sound Energy, Inc. | Puget Sound Energy, Inc. | Puget Sound Energy, Inc. |
|  3.250% due 09/15/2049 |  | 242 |  | 165 |
|  5.795% due 03/15/2040 |  | 30 |  | 31 |
|  RWE Finance U.S. LLC | RWE Finance U.S. LLC | RWE Finance U.S. LLC | RWE Finance U.S. LLC | RWE Finance U.S. LLC |
|  5.875% due 04/16/2034 |  | 306 |  | 323 |
|  6.250% due 04/16/2054 |  | 324 |  | 334 |
|  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 |  | 354 |  | 316 |
|  3.000% due 03/15/2032 |  | 697 |  | 642 |
|  4.150% due 05/15/2048 |  | 632 |  | 511 |
|  5.350% due 04/01/2053 |  | 308 |  | 292 |
|  Sempra | Sempra | Sempra | Sempra | Sempra |
|  3.250% due 06/15/2027 |  | 59 |  | 58 |
|  5.500% due 08/01/2033 |  | 359 |  | 376 |
|  Shell Finance U.S., Inc. | Shell Finance U.S., Inc. | Shell Finance U.S., Inc. | Shell Finance U.S., Inc. | Shell Finance U.S., Inc. |
|  2.375% due 11/07/2029 |  | 781 |  | 738 |
|  2.750% due 04/06/2030 |  | 682 |  | 647 |
|  3.125% due 11/07/2049 |  | 217 |  | 146 |
|  5.125% due 10/15/2041 |  | 525 |  | 512 |
|  Shell International Finance BV | Shell International Finance BV | Shell International Finance BV | Shell International Finance BV | Shell International Finance BV |
|  4.375% due 05/11/2045 |  | 1060 |  | 921 |
|  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 |  | 1493 |  | 1416 |
|  2.950% due 02/01/2051 |  | 120 |  | 73 |
|  3.650% due 02/01/2050 |  | 1615 |  | 1130 |
|  4.125% due 03/01/2048 |  | 2649 |  | 2020 |
|  5.450% due 06/01/2031 |  | 2191 |  | 2269 |
|  5.450% due 03/01/2035 |  | 1500 |  | 1522 |
|  Southern California Gas Co. | Southern California Gas Co. | Southern California Gas Co. | Southern California Gas Co. | Southern California Gas Co. |
|  4.125% due 06/01/2048 |  | 1810 |  | 1449 |
|  4.450% due 03/15/2044 |  | 52 |  | 45 |
|  5.600% due 04/01/2054 |  | 3014 |  | 2965 |
|  Southern Co. Gas Capital Corp. | Southern Co. Gas Capital Corp. | Southern Co. Gas Capital Corp. | Southern Co. Gas Capital Corp. | Southern Co. Gas Capital Corp. |
|  4.050% due 09/15/2028 |  | 117 |  | 117 |
|  Southern Power Co. | Southern Power Co. | Southern Power Co. | Southern Power Co. | Southern Power Co. |
|  5.150% due 09/15/2041 |  | 580 |  | 561 |
|  Southwest Gas Corp. | Southwest Gas Corp. | Southwest Gas Corp. | Southwest Gas Corp. | Southwest Gas Corp. |
|  4.050% due 03/15/2032 |  | 713 |  | 688 |
|  5.450% due 03/23/2028 |  | 1205 |  | 1237 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Southwestern Electric Power Co. | Southwestern Electric Power Co. | Southwestern Electric Power Co. |
|  4.100% due 09/15/2028 | 922 | 923 |
|  Southwestern Public Service Co. | Southwestern Public Service Co. | Southwestern Public Service Co. |
|  3.150% due 05/01/2050 | 1836 | 1218 |
|  3.700% due 08/15/2047 | 177 | 133 |
|  3.750% due 06/15/2049 | 314 | 233 |
|  Tampa Electric Co. | Tampa Electric Co. | Tampa Electric Co. |
|  4.350% due 05/15/2044 | 30 | 26 |
|  5.000% due 07/15/2052 | 100 | 91 |
|  Tucson Electric Power Co. | Tucson Electric Power Co. | Tucson Electric Power Co. |
|  5.200% due 09/15/2034 | 2681 | 2745 |
|  Union Electric Co. | Union Electric Co. | Union Electric Co. |
|  2.150% due 03/15/2032 | 965 | 848 |
|  2.625% due 03/15/2051 | 206 | 125 |
|  3.900% due 04/01/2052 | 387 | 298 |
|  Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. |
|  2.355% due 03/15/2032 | 3694 | 3256 |
|  2.550% due 03/21/2031 | 1739 | 1589 |
|  2.987% due 10/30/2056 | 111 | 66 |
|  3.700% due 03/22/2061 | 500 | 338 |
|  4.125% due 08/15/2046 | 155 | 124 |
|  4.672% due 03/15/2055 | 311 | 258 |
|  4.780% due 02/15/2035 | 1514 | 1491 |
|  4.812% due 03/15/2039 | 2104 | 1998 |
|  5.401% due 07/02/2037 | 416 | 421 |
|  Virginia Electric & Power Co. | Virginia Electric & Power Co. | Virginia Electric & Power Co. |
|  2.950% due 11/15/2051 | 160 | 101 |
|  4.625% due 05/15/2052 | 468 | 396 |
|  5.650% due 03/15/2055 | 116 | 114 |
|  6.000% due 01/15/2036 | 60 | 64 |
|  8.875% due 11/15/2038 | 2057 | 2752 |
|  Vistra Operations Co. LLC | Vistra Operations Co. LLC | Vistra Operations Co. LLC |
|  4.300% due 07/15/2029 | 2223 | 2209 |
|  Vodafone Group PLC | Vodafone Group PLC | Vodafone Group PLC |
|  5.750% due 02/10/2063 | 2499 | 2378 |
|  6.150% due 02/27/2037 | 87 | 95 |
|  WEC Energy Group, Inc. | WEC Energy Group, Inc. | WEC Energy Group, Inc. |
|  2.200% due 12/15/2028 | 1403 | 1333 |
|  Wisconsin Power & Light Co. | Wisconsin Power & Light Co. | Wisconsin Power & Light Co. |
|  3.950% due 09/01/2032 | 2543 | 2456 |
|  Wisconsin Public Service Corp. | Wisconsin Public Service Corp. | Wisconsin Public Service Corp. |
|  3.671% due 12/01/2042 | 3 | 2 |
|  Xcel Energy, Inc. | Xcel Energy, Inc. | Xcel Energy, Inc. |
|  4.600% due 06/01/2032 | 78 | 78 |
|  |  | 183502 |
|  Total Corporate Bonds & Notes<br>(Cost $1,268,997) | Total Corporate Bonds & Notes<br>(Cost $1,268,997) | 1261613 |
| U.S. TREASURY OBLIGATIONS 10.4% | U.S. TREASURY OBLIGATIONS 10.4% | U.S. TREASURY OBLIGATIONS 10.4% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  3.375% due 08/15/2042 | 2402 | 2031 |
|  3.875% due 05/15/2043 | 1500 | 1346 |
|  4.000% due 11/15/2042 | 3186 | 2921 |
|  4.500% due 02/15/2044 | 15700 | 15194 |
|  4.625% due 02/15/2055 (g) | 20687 | 19932 |
|  U.S. Treasury Inflation Protected Securities (a) | U.S. Treasury Inflation Protected Securities (a) | U.S. Treasury Inflation Protected Securities (a) |
|  1.750% due 01/15/2034 (i) | 20549 | 20441 |
|  1.875% due 07/15/2034 (g) | 1038 | 1042 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  3.875% due 08/15/2033 (i) | 1800 | 1786 |
|  4.000% due 02/15/2034 | 14200 | 14159 |
|  4.375% due 05/15/2034 | 21300 | 21771 |
|  4.625% due 02/15/2035 (g)(i) | 39900 | 41425 |
|  Total U.S. Treasury Obligations<br>(Cost $142,394) | Total U.S. Treasury Obligations<br>(Cost $142,394) | 142048 |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds |
|  5.500% due 03/30/2036 | 800 | 817 |
|  Province of British Columbia | Province of British Columbia | Province of British Columbia |
|  4.750% due 06/12/2034 | 480 | 492 |
|  Total Sovereign Issues<br>(Cost $1,276) | Total Sovereign Issues<br>(Cost $1,276) | 1309 |

---

---

| | | |
|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) |
| PREFERRED SECURITIES 0.0% | PREFERRED SECURITIES 0.0% | PREFERRED SECURITIES 0.0% |
| INDUSTRIALS 0.0% | INDUSTRIALS 0.0% | INDUSTRIALS 0.0% |
|  SVB Financial Trust | SVB Financial Trust | SVB Financial Trust |
|  11.000% due 11/07/2032 | 1 | 1 |
|  Total Preferred Securities<br>(Cost $1) | Total Preferred Securities<br>(Cost $1) | 1 |
| SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% |
| MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  3.850%  | 1045343 | 1045 |
| Total Mutual Funds<br>(Cost $1,045) | Total Mutual Funds<br>(Cost $1,045) | 1045 |
| Total Short-Term Instruments<br>(Cost $1,045) | Total Short-Term Instruments<br>(Cost $1,045) | 1045 |
| Total Investments in Securities<br>(Cost $1,413,713) | Total Investments in Securities<br>(Cost $1,413,713) | 1406016 |
| INVESTMENTS IN AFFILIATES 0.5% | INVESTMENTS IN AFFILIATES 0.5% | INVESTMENTS IN AFFILIATES 0.5% |
| SHORT-TERM INSTRUMENTS 0.6% | SHORT-TERM INSTRUMENTS 0.6% | SHORT-TERM INSTRUMENTS 0.6% |
| MUTUAL FUNDS 0.5% | MUTUAL FUNDS 0.5% | MUTUAL FUNDS 0.5% |
|  PIMCO Government Money Market Fund | PIMCO Government Money Market Fund | PIMCO Government Money Market Fund |
|  3.870% (d)(f) | 6614550 | 6615 |
| Total Short-Term Instruments<br>(Cost $6,615) | Total Short-Term Instruments<br>(Cost $6,615) | 6615 |
| Total Investments in Affiliates<br>(Cost $6,615) | Total Investments in Affiliates<br>(Cost $6,615) | 6615 |
| Total Investments 103.2%<br>(Cost $1,420,328) | Total Investments 103.2%<br>(Cost $1,420,328) | 1412631 |
|  Financial Derivative<br>Instruments (h) (0.0)%<br> (Cost or Premiums, net $5,452) | Financial Derivative<br>Instruments (h) (0.0)%<br> (Cost or Premiums, net $5,452) | (45) |
| Other Assets and Liabilities, net (3.2)% | Other Assets and Liabilities, net (3.2)% | (43638) |
| Net Assets 100.0% | Net Assets 100.0% | 1368948 |

---

48 PIMCO ETF TRUST See Accompanying Notes

------

December 31, 2025 (Unaudited)

#### 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) Principal amount of security is adjusted for inflation.

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

(c) Institutional Class Shares of each Fund.

(d) Securities with an aggregate market value of $6,734 were out on loan in exchange for $6,877 of cash collateral as of December 31, 2025. 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.

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS

#### REVERSE REPURCHASE AGREEMENTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Borrowing<br>Rate<sup>(1)</sup> | Settlement<br>Date | Maturity<br>Date | Amount<br>Borrowed<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements |
|  BOO | 3.950% | 12/31/2025 | 01/02/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15913) | $(15916) |
|  BSN | 3.810 | 01/02/2026 | 01/16/2026 | (15560) | (15561) |
|  JPS | 3.930 | 12/17/2025 | 01/07/2026 | (25848) | (25893) |
|  | 3.930 | 12/22/2025 | 01/05/2026 | (12992) | (13007) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(70377) |

---

#### 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, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received | 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 |
|  BOO | $0 | $(15916) | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15916) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15511 | $(405) |
|  BSN | 0 | (15561) | 0 | 0 | (15561) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15561) |
|  JPS | 0 | (38900) | 0 | 0 | (38900) | 38206 | (694) |
|  Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement |
|  BOS | 0 | 0 | 0 | 2242 | 2242 | (2286) | (44) |
|  BCY | 0 | 0 | 0 | 3034 | 3034 | (3104) | (70) |
|  GSC | 0 | 0 | 0 | 1458 | 1458 | (1487) | (29) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(70377) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6734 |  |  |  |

---

#### 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 | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions |
|  Corporate Bonds & Notes | $6877 | $0 | $0 | $0 | $6877 |
|  Total | $6877 | $0 | $0 | $0 | $6877 |
|  Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements |
|  U.S. Treasury Obligations | 0 | (54816) | 0 | 0 | (54816) |
|  Total | $0 | $(54816) | $0 | $0 | $(54816) |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6877 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54816) | $&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;(47939) |
|  Payable for reverse repurchase agreements and securities on loan - cash collateral<sup>(3)</sup> | Payable for reverse repurchase agreements and securities on loan - cash collateral<sup>(3)</sup> | Payable for reverse repurchase agreements and securities on loan - cash collateral<sup>(3)</sup> | Payable for reverse repurchase agreements and securities on loan - cash collateral<sup>(3)</sup> | Payable for reverse repurchase agreements and securities on loan - cash collateral<sup>(3)</sup> | $(47939) |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| DECEMBER 31, 2025 49

------

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

(g) Securities with an aggregate market value of $53,717 have been pledged as collateral under the terms of the above master agreements as of December 31, 2025.

<sup>(1)</sup> The average amount of borrowings outstanding during the period ended December 31, 2025 was $(39987) at a weighted average interest rate of 4.215%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. 

<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> Unsettled reverse repurchase agreements liability of $(15561) is outstanding at period end. 

&nbsp;&nbsp;&nbsp;&nbsp;(h) 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  | 03/2026 | 99 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10821 | $(1) | $0 | $(11) |
|  U.S. Treasury Ultra Long-Term Bond March Futures  | 03/2026 | 13 | 1534 | (21) | 0 | (5) |
|  U.S. Ultra Treasury 10-Year Note March Futures  | 03/2026 | 174 | 20013 | (110) | 0 | (33) |
|  Total Futures Contracts |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(132) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49) |

---

#### 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, 2025<sup>(2)</sup> | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Variation Margin | Variation Margin |
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>December 31, 2025<sup>(2)</sup> | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Asset | Liability |
|  Morgan Stanley | 1.000% | Quarterly | 06/20/2026 | 0.226% | $7000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - 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/<br>(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/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Asset | Liability |
|  CDX.IG-45 5-Year Index | 1.000% | Quarterly | 12/20/2030 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241800 | $5414 | $135 | $5549 | $4 | $0 |
|  Total Swap Agreements | Total Swap Agreements |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5452 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5577 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 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 | Total | Written<br>Options | Futures | Swap<br>Agreements | Total |
|  Total Exchange-Traded or Centrally Cleared | $&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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49) |

---

(i) Securities with an aggregate market value of $5,809 and cash of $6,076 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2025. 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. 

---

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

---

------

December 31, 2025 (Unaudited)

<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, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | 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;4 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $4 |
|  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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | 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 | $869 | $869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 2397 | 0 | 0 | (7) | 2390 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $2397 | $0 | $0 | $862 | $3259 |
|  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  | $0 | $0 | $0 | $0 | $(873) | $(873) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (1133) | 0 | 0 | 0 | (1133) |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1133) | $&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;(873) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2006) |

---

#### FAIR VALUE MEASUREMENTS
**The following is a summary of the fair valuations according to the inputs used as of December 31, 2025 in valuing the Fund's assets and liabilities**:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>12/31/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | $0 | $486100 | $0 | $486100 |
| &nbsp;&nbsp; Industrials | 0 | 592011 | 0 | 592011 |
| &nbsp;&nbsp; Utilities | 0 | 183502 | 0 | 183502 |
|  U.S. Treasury Obligations | 0 | 142048 | 0 | 142048 |
|  Sovereign Issues | 0 | 1309 | 0 | 1309 |
|  Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| &nbsp;&nbsp; Industrials | 0 | 1 | 0 | 1 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 0 | 1045 | 0 | 1045 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1406016 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1406016 |
|  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 |  |  |  |  |
| &nbsp;&nbsp; Mutual Funds | 6615 | 0 | 0 | 6615 |
|  Total Investments | $6615 | $1406016 | $0 | $1412631 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>12/31/2025 |
|  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 |
|  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 | $(49) | $0 | $(49) |
|  Total Financial Derivative Instruments | $0 | $(45) | $0 | $(45) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6615 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1405971 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1412586 |

---

There were no significant transfers into or out of Level 3 during the period ended December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **51** |

---

------

Schedule of Investments PIMCO Active Bond 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 127.7% | INVESTMENTS IN SECURITIES 127.7% | INVESTMENTS IN SECURITIES 127.7% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% |
|  American Airlines, Inc. | American Airlines, Inc. | American Airlines, Inc. |
|  6.134% - 8.448% (TSFR3M + 2.250%) due 04/20/2028 ~ | 2393 | 2402 |
|  Avolon TLB Borrower 1 U.S. LLC | Avolon TLB Borrower 1 U.S. LLC | Avolon TLB Borrower 1 U.S. LLC |
|  5.484% - 9.485% (TSFR1M + 1.750%) due 06/24/2030 ~ | 1252 | 1260 |
|  Castlelake LP | Castlelake LP | Castlelake LP |
|  2.950% due 05/12/2031 «~ | 4103 | 3920 |
|  Quikrete Holdings, Inc. | Quikrete Holdings, Inc. | Quikrete Holdings, Inc. |
|  5.966% - 8.949% (TSFR1M + 2.250%) due 02/10/2032 ~ | 993 | 997 |
|  SkyMiles IP Ltd. | SkyMiles IP Ltd. | SkyMiles IP Ltd. |
|  5.384% - 9.485% (TSFR3M + 1.500%) due 10/20/2028 ~ | 1352 | 1366 |
|  Total Loan Participations and Assignments<br>(Cost $10,076) | Total Loan Participations and Assignments<br>(Cost $10,076) | 9945 |
| CORPORATE BONDS & NOTES 25.4% | CORPORATE BONDS & NOTES 25.4% | CORPORATE BONDS & NOTES 25.4% |
| BANKING & FINANCE 17.3% | BANKING & FINANCE 17.3% | BANKING & FINANCE 17.3% |
|  123 Lights Re Ltd. | 123 Lights Re Ltd. | 123 Lights Re Ltd. |
|  14.580% (FHMMUSTF + 11.000%) due 09/14/2031 ~ | 250 | 258 |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust |
|  2.450% due 10/29/2026 | 7934 | 7828 |
|  3.000% due 10/29/2028 | 2684 | 2603 |
|  5.100% due 01/19/2029 | 2700 | 2761 |
|  Aircastle Ltd. | Aircastle Ltd. | Aircastle Ltd. |
|  5.950% due 02/15/2029 | 5000 | 5210 |
|  Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. |
|  6.184% due 07/26/2035 •  | 2250 | 2333 |
|  6.848% due 01/03/2030 •  | 3100 | 3290 |
|  American Assets Trust LP | American Assets Trust LP | American Assets Trust LP |
|  3.375% due 02/01/2031 | 3100 | 2827 |
|  6.150% due 10/01/2034 | 6550 | 6662 |
|  American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP |
|  5.500% due 02/01/2034 | 1700 | 1760 |
|  American National Global Funding | American National Global Funding | American National Global Funding |
|  4.625% due 12/15/2028 | 5100 | 5124 |
|  American National Group, Inc. | American National Group, Inc. | American National Group, Inc. |
|  5.750% due 10/01/2029 | 3600 | 3728 |
|  American Tower Corp. | American Tower Corp. | American Tower Corp. |
|  3.650% due 03/15/2027 | 3000 | 2988 |
|  5.800% due 11/15/2028 | 1700 | 1775 |
|  Americold Realty Operating Partnership LP | Americold Realty Operating Partnership LP | Americold Realty Operating Partnership LP |
|  5.409% due 09/12/2034 | 5900 | 5760 |
|  Antares Holdings LP | Antares Holdings LP | Antares Holdings LP |
|  3.750% due 07/15/2027 | 3700 | 3620 |
|  3.950% due 07/15/2026 | 1000 | 997 |
|  6.350% due 10/23/2029 | 5900 | 6026 |
|  6.500% due 02/08/2029 | 1200 | 1228 |
|  7.950% due 08/11/2028 | 1100 | 1164 |
|  ARES Capital Corp. | ARES Capital Corp. | ARES Capital Corp. |
|  5.875% due 03/01/2029 | 3000 | 3078 |
|  ARES Management Corp. | ARES Management Corp. | ARES Management Corp. |
|  6.375% due 11/10/2028 | 6000 | 6352 |
|  ARES Strategic Income Fund | ARES Strategic Income Fund | ARES Strategic Income Fund |
|  5.600% due 02/15/2030 | 5000 | 5028 |
|  Armor RE II Ltd. | Armor RE II Ltd. | Armor RE II Ltd. |
|  12.110% (BRMMUSDF + 8.500%) due 01/07/2032 ~ | 250 | 264 |
|  Aspen Insurance Holdings Ltd. | Aspen Insurance Holdings Ltd. | Aspen Insurance Holdings Ltd. |
|  5.750% due 07/01/2030 | 3300 | 3443 |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding |
|  5.516% due 03/25/2027 | 2000 | 2032 |
|  5.684% due 02/23/2026 | 7800 | 7816 |
|  Aviation Capital Group LLC | Aviation Capital Group LLC | Aviation Capital Group LLC |
|  6.750% due 10/25/2028 | 5200 | 5522 |
|  Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
|  4.950% due 10/15/2032 | 5100 | 5055 |
|  5.750% due 03/01/2029 | 3000 | 3106 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA |
|  5.381% due 03/13/2029 | 6000 | 6227 |
|  Banco Santander SA | Banco Santander SA | Banco Santander SA |
|  2.958% due 03/25/2031 | 2200 | 2041 |
|  6.033% due 01/17/2035 | 2200 | 2357 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  4.948% due 07/22/2028 •  | 4000 | 4058 |
|  5.202% due 04/25/2029 •  | 8400 | 8617 |
|  5.288% due 04/25/2034 •  | 9850 | 10144 |
|  5.511% due 01/24/2036 •  | 3900 | 4069 |
|  5.872% due 09/15/2034 •  | 18550 | 19803 |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  5.690% due 03/12/2030 •  | 7500 | 7806 |
|  7.385% due 11/02/2028 •  | 7000 | 7401 |
|  7.437% due 11/02/2033 •  | 5200 | 5948 |
|  BGC Group, Inc. | BGC Group, Inc. | BGC Group, Inc. |
|  6.150% due 04/02/2030 | 5987 | 6208 |
|  6.600% due 06/10/2029 | 2800 | 2924 |
|  Blue Cross & Blue Shield of Minnesota | Blue Cross & Blue Shield of Minnesota | Blue Cross & Blue Shield of Minnesota |
|  4.850% due 09/30/2030 «(k) | 3800 | 3801 |
|  5.960% due 04/30/2032 «(k) | 4000 | 4060 |
|  Blue Owl Capital Corp. | Blue Owl Capital Corp. | Blue Owl Capital Corp. |
|  5.950% due 03/15/2029 | 2000 | 2019 |
|  Blue Owl Finance LLC | Blue Owl Finance LLC | Blue Owl Finance LLC |
|  4.375% due 02/15/2032 | 2000 | 1905 |
|  6.250% due 04/18/2034 | 3900 | 4024 |
|  Blue Ridge Re Ltd. | Blue Ridge Re Ltd. | Blue Ridge Re Ltd. |
|  7.080% (FHMMUSTF + 3.500%) due 01/08/2029 ~ | 250 | 250 |
|  8.830% (FHMMUSTF + 5.250%) due 01/08/2031 ~ | 2000 | 2044 |
|  9.580% (FHMMUSTF + 6.000%) due 01/08/2029 ~ | 250 | 250 |
|  11.570% (FHMMUSTF + 7.990%) due 01/08/2031 ~ | 2000 | 2074 |
|  11.580% (FHMMUSTF + 8.000%) due 01/08/2029 ~ | 250 | 250 |
|  BNP Paribas SA | BNP Paribas SA | BNP Paribas SA |
|  2.591% due 01/20/2028 •  | 7500 | 7386 |
|  4.625% due 02/25/2031 •(g)(i) | 2000 | 1855 |
|  5.786% due 01/13/2033 •  | 6800 | 7145 |
|  Boston Properties LP | Boston Properties LP | Boston Properties LP |
|  2.450% due 10/01/2033 | 4700 | 3890 |
|  2.550% due 04/01/2032 | 4400 | 3842 |
|  BPCE SA | BPCE SA | BPCE SA |
|  5.716% due 01/18/2030 •  | 5000 | 5178 |
|  5.975% due 01/18/2027 •  | 4000 | 4002 |
|  Brandywine Operating Partnership LP | Brandywine Operating Partnership LP | Brandywine Operating Partnership LP |
|  3.950% due 11/15/2027 | 300 | 294 |
|  8.300% due 03/15/2028 | 100 | 106 |
|  Brixmor Operating Partnership LP | Brixmor Operating Partnership LP | Brixmor Operating Partnership LP |
|  4.050% due 07/01/2030 | 2000 | 1973 |
|  Broadstone Net Lease LLC | Broadstone Net Lease LLC | Broadstone Net Lease LLC |
|  5.000% due 11/01/2032 | 2300 | 2309 |
|  Brookfield Finance, Inc. | Brookfield Finance, Inc. | Brookfield Finance, Inc. |
|  6.350% due 01/05/2034 | 8300 | 9031 |
|  CaixaBank SA | CaixaBank SA | CaixaBank SA |
|  5.673% due 03/15/2030 •  | 4800 | 4987 |
|  6.037% due 06/15/2035 •  | 3050 | 3252 |
|  Cantor Fitzgerald LP | Cantor Fitzgerald LP | Cantor Fitzgerald LP |
|  7.200% due 12/12/2028 | 6500 | 6912 |
|  Cape Lookout Re Ltd. | Cape Lookout Re Ltd. | Cape Lookout Re Ltd. |
|  10.480% (FHMMUSTF + 6.900%) due 03/13/2032 ~ | 1500 | 1590 |
|  12.287% (GSMMUSTF + 8.702%) due 04/05/2027 ~ | 2100 | 2176 |
|  Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. |
|  7.149% due 10/29/2027 •  | 2000 | 2048 |
|  7.964% due 11/02/2034 •  | 2200 | 2595 |
|  CI Financial Corp. | CI Financial Corp. | CI Financial Corp. |
|  4.625% due 12/12/2031 | 6200 | 7344 |
|  Citadel Finance LLC | Citadel Finance LLC | Citadel Finance LLC |
|  5.900% due 02/10/2030 | 5500 | 5617 |
|  Citadel LP | Citadel LP | Citadel LP |
|  6.375% due 01/23/2032 | 4000 | 4248 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Citadel Securities Global Holdings LLC | Citadel Securities Global Holdings LLC | Citadel Securities Global Holdings LLC |
|  5.500% due 06/18/2030 | 2500 | 2568 |
|  Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
|  2.976% due 11/05/2030 •  | 4700 | 4479 |
|  3.785% due 03/17/2033 •  | 4500 | 4297 |
|  4.075% due 04/23/2029 •  | 3000 | 2999 |
|  6.270% due 11/17/2033 •  | 7000 | 7625 |
|  CNO Global Funding | CNO Global Funding | CNO Global Funding |
|  4.700% due 12/11/2030 | 7800 | 7815 |
|  4.950% due 09/09/2029 | 3700 | 3761 |
|  Constellation Global Funding | Constellation Global Funding | Constellation Global Funding |
|  4.850% due 10/22/2030 | 3200 | 3178 |
|  Corebridge Financial, Inc. | Corebridge Financial, Inc. | Corebridge Financial, Inc. |
|  5.750% due 01/15/2034 | 2200 | 2305 |
|  Corebridge Global Funding | Corebridge Global Funding | Corebridge Global Funding |
|  4.584% (SOFRRATE + 0.860%) due 12/15/2028 ~ | 6700 | 6714 |
|  Corp0hrg0 | Corp0hrg0 | Corp0hrg0 |
|  5.330% due 06/07/2035 «(k) | 700 | 719 |
|  Cousins Properties LP | Cousins Properties LP | Cousins Properties LP |
|  5.250% due 07/15/2030 | 3200 | 3287 |
|  Credit Agricole SA | Credit Agricole SA | Credit Agricole SA |
|  5.862% due 01/09/2036 •  | 5000 | 5277 |
|  Credit Suisse AG AT1 Claim | 8900 | 2626 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  5.800% due 03/01/2034 | 8100 | 8496 |
|  Deloitte LLP | Deloitte LLP | Deloitte LLP |
|  5.410% due 01/30/2032 «(k) | 1200 | 1227 |
|  5.590% due 01/30/2035 «(k) | 1100 | 1120 |
|  5.690% due 01/30/2037 «(k) | 500 | 507 |
|  5.790% due 01/30/2040 «(k) | 900 | 908 |
|  5.970% due 01/30/2045 «(k) | 900 | 894 |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  2.311% due 11/16/2027 •  | 4500 | 4428 |
|  2.552% due 01/07/2028 •  | 6500 | 6394 |
|  5.706% due 02/08/2028 •  | 1500 | 1524 |
|  6.720% due 01/18/2029 •  | 2500 | 2618 |
|  6.819% due 11/20/2029 •  | 1500 | 1601 |
|  Doctors Co. An Interinsurance Exchange | Doctors Co. An Interinsurance Exchange | Doctors Co. An Interinsurance Exchange |
|  4.500% due 01/18/2032 | 8450 | 7605 |
|  East Lane Re VII Ltd. | East Lane Re VII Ltd. | East Lane Re VII Ltd. |
|  12.042% (T-BILL 3MO + 8.500%) due 03/31/2032 ~ | 500 | 500 |
|  Equitable Holdings, Inc. | Equitable Holdings, Inc. | Equitable Holdings, Inc. |
|  5.594% due 01/11/2033 | 1000 | 1044 |
|  Essex Portfolio LP | Essex Portfolio LP | Essex Portfolio LP |
|  5.500% due 04/01/2034 | 1750 | 1817 |
|  Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP |
|  5.400% due 02/01/2034 | 1700 | 1749 |
|  5.900% due 01/15/2031 | 2100 | 2230 |
|  F&G Global Funding | F&G Global Funding | F&G Global Funding |
|  5.875% due 01/16/2030 | 4000 | 4156 |
|  Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. |
|  5.625% due 08/16/2032 | 2200 | 2298 |
|  5.750% due 05/20/2035 | 7750 | 8065 |
|  6.350% due 03/22/2054 | 2000 | 2079 |
|  Farmers Insurance Exchange | Farmers Insurance Exchange | Farmers Insurance Exchange |
|  4.747% due 11/01/2057 •  | 2000 | 1721 |
|  7.000% due 10/15/2064 •  | 1900 | 1963 |
|  Fidelity National Financial, Inc. | Fidelity National Financial, Inc. | Fidelity National Financial, Inc. |
|  2.450% due 03/15/2031 | 2793 | 2498 |
|  3.400% due 06/15/2030 | 2050 | 1958 |
|  First American Financial Corp. | First American Financial Corp. | First American Financial Corp. |
|  2.400% due 08/15/2031 | 1800 | 1573 |
|  4.000% due 05/15/2030 | 1200 | 1162 |
|  5.450% due 09/30/2034 | 2200 | 2201 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  4.950% due 05/28/2027 | 6000 | 6025 |
|  5.800% due 03/08/2029 | 4400 | 4497 |
|  5.850% due 05/17/2027 | 1000 | 1016 |
|  6.050% due 03/05/2031 | 5000 | 5143 |
|  6.798% due 11/07/2028 | 7300 | 7661 |
|  6.950% due 03/06/2026 | 1500 | 1503 |
|  7.350% due 11/04/2027 | 700 | 731 |

---

---

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

---

------

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Freedom Mortgage Holdings LLC | Freedom Mortgage Holdings LLC | Freedom Mortgage Holdings LLC |
|  8.375% due 04/01/2032 | 6100 | 6426 |
|  FS KKR Capital Corp. | FS KKR Capital Corp. | FS KKR Capital Corp. |
|  3.400% due 01/15/2026 | 1900 | 1899 |
|  6.875% due 08/15/2029 | 3800 | 3832 |
|  7.875% due 01/15/2029 | 3500 | 3625 |
|  GA Global Funding Trust | GA Global Funding Trust | GA Global Funding Trust |
|  4.500% due 09/18/2030 | 4550 | 4505 |
|  5.500% due 01/08/2029 | 3000 | 3085 |
|  5.900% due 01/13/2035 | 10450 | 10720 |
|  Global Atlantic Fin Co. | Global Atlantic Fin Co. | Global Atlantic Fin Co. |
|  4.400% due 10/15/2029 | 3000 | 2956 |
|  GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. |
|  3.250% due 01/15/2032 | 1500 | 1361 |
|  5.250% due 02/15/2033 | 2300 | 2310 |
|  5.300% due 01/15/2029 | 1600 | 1629 |
|  5.625% due 09/15/2034 | 1800 | 1828 |
|  6.250% due 09/15/2054 | 2000 | 1990 |
|  6.750% due 12/01/2033 | 3300 | 3602 |
|  Golden Bear Re Ltd. | Golden Bear Re Ltd. | Golden Bear Re Ltd. |
|  13.292% (T-BILL 1MO + 9.750%) due 01/08/2029 ~ | 1000 | 1001 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  3.102% due 02/24/2033 •  | 10250 | 9446 |
|  4.482% due 08/23/2028 •  | 10000 | 10072 |
|  5.330% due 07/23/2035 •  | 5350 | 5499 |
|  5.536% due 01/28/2036 •  | 14350 | 14902 |
|  5.573% (SOFRRATE + 1.850%) due 03/15/2028 ~ | 3000 | 3044 |
|  5.851% due 04/25/2035 •  | 4350 | 4626 |
|  Golub Capital BDC, Inc. | Golub Capital BDC, Inc. | Golub Capital BDC, Inc. |
|  6.000% due 07/15/2029 | 6000 | 6137 |
|  Golub Capital Private Credit Fund | Golub Capital Private Credit Fund | Golub Capital Private Credit Fund |
|  0.000% due 08/15/2028 ~ | 4000 | 4029 |
|  5.875% due 05/01/2030 | 2000 | 2029 |
|  Goodman U.S. Finance Five LLC | Goodman U.S. Finance Five LLC | Goodman U.S. Finance Five LLC |
|  4.625% due 05/04/2032 | 2500 | 2470 |
|  Greengrove RE Ltd. | Greengrove RE Ltd. | Greengrove RE Ltd. |
|  11.292% (T-BILL 1MO + 7.750%) due 04/08/2032 ~ | 400 | 416 |
|  HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. |
|  6.375% due 07/01/2034 | 2500 | 2548 |
|  Handshake Re Ltd. | Handshake Re Ltd. | Handshake Re Ltd. |
|  4.160% (JMMMUSTF + 4.500%) due 01/08/2030 ~ | 250 | 250 |
|  Hanover Insurance Group, Inc. | Hanover Insurance Group, Inc. | Hanover Insurance Group, Inc. |
|  5.500% due 09/01/2035 | 2300 | 2340 |
|  Hardwood Funding LLC | Hardwood Funding LLC | Hardwood Funding LLC |
|  5.160% due 06/07/2032 «(k) | 1500 | 1534 |
|  Host Hotels & Resorts LP | Host Hotels & Resorts LP | Host Hotels & Resorts LP |
|  2.900% due 12/15/2031 | 2000 | 1813 |
|  5.500% due 04/15/2035 | 5150 | 5216 |
|  HPS Corporate Lending Fund | HPS Corporate Lending Fund | HPS Corporate Lending Fund |
|  4.900% due 09/11/2028 | 4800 | 4777 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  4.755% due 06/09/2028 •  | 2500 | 2523 |
|  5.402% due 08/11/2033 •  | 4200 | 4354 |
|  5.546% due 03/04/2030 •  | 4000 | 4148 |
|  5.719% due 03/04/2035 •  | 7400 | 7806 |
|  6.254% due 03/09/2034 •  | 10000 | 10885 |
|  ING Groep NV | ING Groep NV | ING Groep NV |
|  3.875% due 05/16/2027 •(g)(i) | 600 | 585 |
|  4.250% due 05/16/2031 •(g)(i) | 600 | 541 |
|  5.335% due 03/19/2030 •  | 10000 | 10318 |
|  Integrity Re Ltd. | Integrity Re Ltd. | Integrity Re Ltd. |
|  20.814% (FHMMUSTF + 17.234%) due 06/08/2026 ~ | 2000 | 2143 |
|  Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP |
|  4.875% due 02/01/2035 | 1300 | 1287 |
|  5.450% due 08/15/2030 | 5000 | 5206 |
|  Jackson National Life Global Funding | Jackson National Life Global Funding | Jackson National Life Global Funding |
|  4.675% (SOFRRATE + 0.950%) due 09/12/2028 ~ | 15000 | 15052 |
|  4.933% (SOFRRATE + 0.970%) due 01/14/2028 ~ | 3100 | 3110 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Jane Street Group/JSG Finance, Inc. | Jane Street Group/JSG Finance, Inc. | Jane Street Group/JSG Finance, Inc. |
|  7.125% due 04/30/2031 | 1500 | 1577 |
|  Jones Lang LaSalle, Inc. | Jones Lang LaSalle, Inc. | Jones Lang LaSalle, Inc. |
|  6.875% due 12/01/2028 | 3600 | 3854 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  2.963% due 01/25/2033 •  | 2950 | 2708 |
|  4.565% due 06/14/2030 •  | 12050 | 12193 |
|  5.350% due 06/01/2034 •  | 17950 | 18656 |
|  5.572% due 04/22/2036 •  | 15500 | 16268 |
|  5.766% due 04/22/2035 •  | 9950 | 10609 |
|  KBC Group NV | KBC Group NV | KBC Group NV |
|  6.324% due 09/21/2034 •  | 5200 | 5673 |
|  Kilroy Realty LP | Kilroy Realty LP | Kilroy Realty LP |
|  3.050% due 02/15/2030 | 2000 | 1862 |
|  Kizuna RE III Pte. Ltd. | Kizuna RE III Pte. Ltd. | Kizuna RE III Pte. Ltd. |
|  6.292% (T-BILL 3MO + 2.750%) due 04/09/2029 ~ | 603 | 617 |
|  KKR Financial Holdings LLC | KKR Financial Holdings LLC | KKR Financial Holdings LLC |
|  5.400% due 05/23/2033 | 6000 | 5849 |
|  Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. | Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. | Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. |
|  5.500% due 08/01/2030 | 1400 | 1434 |
|  Lazard Group LLC | Lazard Group LLC | Lazard Group LLC |
|  5.625% due 08/01/2035 | 4400 | 4512 |
|  6.000% due 03/15/2031 | 6300 | 6680 |
|  Liberty Mutual Group, Inc. | Liberty Mutual Group, Inc. | Liberty Mutual Group, Inc. |
|  4.125% due 12/15/2051 •  | 4000 | 3945 |
|  4.300% due 02/01/2061 | 4800 | 3203 |
|  Lineage OP LP | Lineage OP LP | Lineage OP LP |
|  5.250% due 07/15/2030 | 2200 | 2222 |
|  Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC |
|  4.976% due 08/11/2033 •(m) | 8500 | 8649 |
|  5.871% due 03/06/2029 •  | 5000 | 5186 |
|  Low Income Investment Fund | Low Income Investment Fund | Low Income Investment Fund |
|  3.711% due 07/01/2029 | 2500 | 2411 |
|  LPL Holdings, Inc. | LPL Holdings, Inc. | LPL Holdings, Inc. |
|  5.150% due 06/15/2030 | 4400 | 4489 |
|  5.750% due 06/15/2035 | 900 | 927 |
|  6.750% due 11/17/2028 | 5000 | 5338 |
|  Lseg U.S. Fin Corp. | Lseg U.S. Fin Corp. | Lseg U.S. Fin Corp. |
|  5.297% due 03/28/2034 | 1500 | 1550 |
|  Luca RE Ltd. | Luca RE Ltd. | Luca RE Ltd. |
|  10.910% (JMMMUSTF + 7.250%) due 07/22/2031 ~ | 700 | 723 |
|  LXP Industrial Trust | LXP Industrial Trust | LXP Industrial Trust |
|  2.375% due 10/01/2031 | 5800 | 5081 |
|  Main Street Capital Corp. | Main Street Capital Corp. | Main Street Capital Corp. |
|  6.950% due 03/01/2029 | 3100 | 3238 |
|  Maple Grove Funding Trust I | Maple Grove Funding Trust I | Maple Grove Funding Trust I |
|  4.161% due 08/15/2051 | 5500 | 3880 |
|  Marex Group PLC | Marex Group PLC | Marex Group PLC |
|  5.829% due 05/08/2028 | 4000 | 4068 |
|  Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. |
|  5.354% due 09/13/2028 •  | 2500 | 2558 |
|  MMcapS Funding XVIII Ltd. | MMcapS Funding XVIII Ltd. | MMcapS Funding XVIII Ltd. |
|  4.240% (US0003M + 0.290%) due 12/26/2039 ~ | 503 | 490 |
|  MMIFS Re Ltd. | MMIFS Re Ltd. | MMIFS Re Ltd. |
|  5.208% (CAONINDX + 2.900%) due 01/10/2033 ~ | 250 | 183 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  0.000% due 04/02/2032 þ(k) | 9000 | 6602 |
|  2.511% due 10/20/2032 •  | 1700 | 1525 |
|  3.622% due 04/01/2031 •  | 3250 | 3159 |
|  5.164% due 04/20/2029 •  | 2000 | 2046 |
|  5.173% due 01/16/2030 •  | 3250 | 3338 |
|  5.664% due 04/17/2036 •  | 16160 | 16973 |
|  6.296% due 10/18/2028 •  | 19500 | 20265 |
|  Nature Coast Re Ltd. | Nature Coast Re Ltd. | Nature Coast Re Ltd. |
|  13.371% (GSMMUSTI + 9.750%) due 04/10/2033 ~ | 300 | 312 |
|  NatWest Group PLC | NatWest Group PLC | NatWest Group PLC |
|  4.600% due 06/28/2031 •(g)(i) | 200 | 186 |
|  5.778% due 03/01/2035 •  | 8900 | 9416 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC |
|  1.850% due 09/16/2026 | 4500 | 4404 |
|  5.300% due 09/13/2027 | 1400 | 1403 |
|  NMI Holdings, Inc. | NMI Holdings, Inc. | NMI Holdings, Inc. |
|  6.000% due 08/15/2029 | 4500 | 4665 |
|  Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. |
|  1.653% due 07/14/2026 | 3000 | 2963 |
|  6.070% due 07/12/2028 | 3100 | 3234 |
|  Nordea Bank Abp | Nordea Bank Abp | Nordea Bank Abp |
|  3.750% due 03/01/2029 •(g)(i) | 5000 | 4760 |
|  6.625% due 03/26/2026 •(g)(i) | 5600 | 5669 |
|  Oaktree Strategic Credit Fund | Oaktree Strategic Credit Fund | Oaktree Strategic Credit Fund |
|  6.500% due 07/23/2029 | 1300 | 1340 |
|  Omega Healthcare Investors, Inc. | Omega Healthcare Investors, Inc. | Omega Healthcare Investors, Inc. |
|  4.750% due 01/15/2028 | 3350 | 3379 |
|  OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. |
|  6.625% due 01/15/2028 | 1300 | 1338 |
|  Orange Capital RE DAC | Orange Capital RE DAC | Orange Capital RE DAC |
|  8.026% (EUR003M + 6.000%) due 01/17/2029 ~ | 250 | 306 |
|  Pacific Life Insurance Co. | Pacific Life Insurance Co. | Pacific Life Insurance Co. |
|  9.250% due 06/15/2039 | 5000 | 6806 |
|  Palm RE Ltd. | Palm RE Ltd. | Palm RE Ltd. |
|  11.380% (BNMMDTSC + 7.750%) due 06/07/2032 ~ | 250 | 261 |
|  Polestar Re Ltd. | Polestar Re Ltd. | Polestar Re Ltd. |
|  10.542% (T-BILL 3MO + 7.000%) due 01/08/2029 ~ | 250 | 250 |
|  12.542% (T-BILL 3MO + 9.000%) due 01/08/2029 ~ | 250 | 250 |
|  14.042% (T-BILL 3MO + 10.500%) due 01/08/2029 ~ | 250 | 250 |
|  14.110% (BRMMUSDF + 10.590%) due 01/07/2028 ~ | 600 | 631 |
|  16.860% (BRMMUSDF + 13.250%) due 01/07/2027 ~ | 2300 | 2400 |
|  Preferred Term Securities XXIV Ltd./Preferred Term Securities XXIV, Inc. | Preferred Term Securities XXIV Ltd./Preferred Term Securities XXIV, Inc. | Preferred Term Securities XXIV Ltd./Preferred Term Securities XXIV, Inc. |
|  4.285% (US0003M + 0.300%) due 03/22/2037 ~ | 1465 | 1392 |
|  Prologis Targeted U.S. Logistics Fund LP | Prologis Targeted U.S. Logistics Fund LP | Prologis Targeted U.S. Logistics Fund LP |
|  5.250% due 04/01/2029 | 4400 | 4535 |
|  Protective Life Corp. | Protective Life Corp. | Protective Life Corp. |
|  4.700% due 01/15/2031 | 10950 | 11004 |
|  5.350% due 12/15/2035 | 1750 | 1770 |
|  Prudential Financial, Inc. | Prudential Financial, Inc. | Prudential Financial, Inc. |
|  6.500% due 03/15/2054 •  | 2800 | 2961 |
|  Quercus II Re DAC | Quercus II Re DAC | Quercus II Re DAC |
|  13.026% (EUR003M + 11.000%) due 01/07/2031 «~ | 300 | 353 |
|  Quercus Re DAC | Quercus Re DAC | Quercus Re DAC |
|  10.050% (EUR003M + 8.000%) due 01/06/2031 ~ | 250 | 301 |
|  Realty Income Corp. | Realty Income Corp. | Realty Income Corp. |
|  3.250% due 01/15/2031 | 2100 | 2002 |
|  4.450% due 09/15/2026 | 700 | 701 |
|  RGA Global Funding | RGA Global Funding | RGA Global Funding |
|  4.600% due 11/25/2030 | 9900 | 9910 |
|  Rocket Cos., Inc. | Rocket Cos., Inc. | Rocket Cos., Inc. |
|  7.125% due 02/01/2032 | 1200 | 1263 |
|  Royal Bank of Scotland International Ltd. | Royal Bank of Scotland International Ltd. | Royal Bank of Scotland International Ltd. |
|  4.660% due 12/16/2028 «(k) | 12000 | 11990 |
|  Sammons Financial Group Global Funding | Sammons Financial Group Global Funding | Sammons Financial Group Global Funding |
|  4.615% due 09/02/2027 •  | 3000 | 3013 |
|  4.800% due 12/12/2030 | 5100 | 5115 |
|  5.100% due 12/10/2029 | 1500 | 1539 |
|  Sammons Financial Group, Inc. | Sammons Financial Group, Inc. | Sammons Financial Group, Inc. |
|  6.875% due 04/15/2034 | 10240 | 11238 |
|  Santander Holdings USA, Inc. | Santander Holdings USA, Inc. | Santander Holdings USA, Inc. |
|  5.353% due 09/06/2030 •  | 2800 | 2865 |
|  6.499% due 03/09/2029 •  | 1700 | 1772 |
|  6.565% due 06/12/2029 •  | 3000 | 3138 |
|  Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC |
|  2.896% due 03/15/2032 •  | 3700 | 3400 |
|  6.534% due 01/10/2029 •  | 8000 | 8361 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **53** |

---

------

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

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  SBL Holdings, Inc. | SBL Holdings, Inc. | SBL Holdings, Inc. |
|  5.900% due 09/26/2028 | 4000 | 3983 |
|  7.200% due 10/30/2034 | 2401 | 2326 |
|  Selective Insurance Group, Inc. | Selective Insurance Group, Inc. | Selective Insurance Group, Inc. |
|  5.900% due 04/15/2035 | 4400 | 4621 |
|  Sixth Street Lending Partners | Sixth Street Lending Partners | Sixth Street Lending Partners |
|  5.750% due 01/15/2030 | 3000 | 3042 |
|  6.125% due 07/15/2030 | 1000 | 1027 |
|  SMBC Aviation Capital Finance DAC | SMBC Aviation Capital Finance DAC | SMBC Aviation Capital Finance DAC |
|  5.250% due 11/26/2035 | 16000 | 16012 |
|  Societe Generale SA | Societe Generale SA | Societe Generale SA |
|  6.446% due 01/10/2029 •  | 3300 | 3433 |
|  Stellantis Finance U.S., Inc. | Stellantis Finance U.S., Inc. | Stellantis Finance U.S., Inc. |
|  6.450% due 03/18/2035 | 11100 | 11544 |
|  Stellantis Financial Services U.S. Corp. | Stellantis Financial Services U.S. Corp. | Stellantis Financial Services U.S. Corp. |
|  4.950% due 09/15/2028 | 2700 | 2738 |
|  Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
|  5.520% due 01/13/2028 | 4000 | 4122 |
|  5.766% due 01/13/2033 | 3000 | 3200 |
|  Texas New Mexico PR 1st Mortgage | Texas New Mexico PR 1st Mortgage | Texas New Mexico PR 1st Mortgage |
|  4.830% due 07/31/2030 «(k) | 7500 | 7573 |
|  5.120% due 07/31/2032 «(k) | 5000 | 5071 |
|  Torrey Pines Re Ltd. | Torrey Pines Re Ltd. | Torrey Pines Re Ltd. |
|  9.696% (JMMMUSTF + 6.036%) due 06/07/2032 ~ | 600 | 628 |
|  10.766% (JMMMUSTF + 7.106%) due 06/07/2032 ~ | 300 | 313 |
|  12.988% (BRMMUSDF + 9.378%) due 06/05/2031 ~ | 250 | 255 |
|  Trust 2401 | Trust 2401 | Trust 2401 |
|  4.869% due 01/15/2030 | 3232 | 3186 |
|  6.950% due 01/30/2044 | 300 | 314 |
|  Trust Fibra Uno | Trust Fibra Uno | Trust Fibra Uno |
|  4.869% due 01/15/2030 | 1668 | 1633 |
|  UBS AG | UBS AG | UBS AG |
|  5.000% due 07/09/2027 | 3500 | 3570 |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  6.301% due 09/22/2034 •  | 15700 | 17148 |
|  9.016% due 11/15/2033 •  | 2300 | 2872 |
|  Unum Group | Unum Group | Unum Group |
|  5.250% due 12/15/2035 | 5150 | 5114 |
|  Ursa Re II Ltd. | Ursa Re II Ltd. | Ursa Re II Ltd. |
|  8.542% (T-BILL 3MO + 5.000%) due 12/07/2029 ~ | 250 | 250 |
|  11.292% (T-BILL 3MO + 7.750%) due 06/07/2028 ~ | 500 | 500 |
|  Ursa Re Ltd. | Ursa Re Ltd. | Ursa Re Ltd. |
|  11.121% (GSMMUSTI + 7.500%) due 02/22/2028 ~ | 1000 | 1020 |
|  Veraison Re Ltd. | Veraison Re Ltd. | Veraison Re Ltd. |
|  8.621% (GSMMUSTI + 5.000%) due 03/08/2033 ~ | 250 | 258 |
|  VICI Properties LP | VICI Properties LP | VICI Properties LP |
|  5.750% due 04/01/2034 | 2600 | 2685 |
|  VICI Properties LP/VICI Note Co., Inc. | VICI Properties LP/VICI Note Co., Inc. | VICI Properties LP/VICI Note Co., Inc. |
|  3.750% due 02/15/2027 | 100 | 99 |
|  4.125% due 08/15/2030 | 2300 | 2231 |
|  5.750% due 02/01/2027 | 280 | 283 |
|  Vitality Re XVI Ltd. | Vitality Re XVI Ltd. | Vitality Re XVI Ltd. |
|  5.370% (MSMMUSTF + 1.750%) due 01/08/2030 ~ | 250 | 250 |
|  7.370% (MSMMUSTF + 3.750%) due 01/08/2030 ~ | 250 | 251 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  4.897% due 07/25/2033 •  | 21250 | 21587 |
|  5.557% due 07/25/2034 •  | 17450 | 18305 |
|  5.605% due 04/23/2036 •  | 8950 | 9384 |
|  Western-Southern Global Funding | Western-Southern Global Funding | Western-Southern Global Funding |
|  4.700% due 12/10/2032 | 10000 | 9948 |
|  Windmill III Re DAC | Windmill III Re DAC | Windmill III Re DAC |
|  7.236% (EUR003M + 5.210%) due 07/05/2028 ~ | 250 | 302 |
|  Winston RE Ltd. | Winston RE Ltd. | Winston RE Ltd. |
|  10.130% (BNMMDTSC + 6.500%) due 02/21/2028 ~ | 250 | 258 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  15.320% (BNMMDTSC + 11.690%) due 02/26/2031 ~ | 4000 | 4239 |
|  |  | 1187097 |
| INDUSTRIALS 5.9% | INDUSTRIALS 5.9% | INDUSTRIALS 5.9% |
|  Air Canada | Air Canada | Air Canada |
|  3.875% due 08/15/2026 | 1000 | 996 |
|  Air Canada Pass-Through Trust | Air Canada Pass-Through Trust | Air Canada Pass-Through Trust |
|  3.300% due 07/15/2031 | 577 | 553 |
|  5.250% due 10/01/2030 | 1265 | 1295 |
|  American Airlines Pass-Through Trust | American Airlines Pass-Through Trust | American Airlines Pass-Through Trust |
|  3.375% due 11/01/2028 | 6424 | 6345 |
|  3.700% due 04/01/2028 | 1361 | 1356 |
|  4.900% due 11/11/2039 | 5200 | 5178 |
|  American Airlines, Inc./AAdvantage Loyalty IP Ltd. | American Airlines, Inc./AAdvantage Loyalty IP Ltd. | American Airlines, Inc./AAdvantage Loyalty IP Ltd. |
|  5.500% due 04/20/2026 | 150 | 150 |
|  5.750% due 04/20/2029 | 1400 | 1427 |
|  Ashtead Capital, Inc. | Ashtead Capital, Inc. | Ashtead Capital, Inc. |
|  5.800% due 04/15/2034 | 3000 | 3147 |
|  Bacardi Ltd. | Bacardi Ltd. | Bacardi Ltd. |
|  5.150% due 05/15/2038 | 1200 | 1142 |
|  Bayer U.S. Finance II LLC | Bayer U.S. Finance II LLC | Bayer U.S. Finance II LLC |
|  4.375% due 12/15/2028 | 15402 | 15422 |
|  Bayer U.S. Finance LLC | Bayer U.S. Finance LLC | Bayer U.S. Finance LLC |
|  6.375% due 11/21/2030 | 1200 | 1283 |
|  6.500% due 11/21/2033 | 2750 | 2978 |
|  6.875% due 11/21/2053 | 1900 | 2059 |
|  Beignet Investor LLC | Beignet Investor LLC | Beignet Investor LLC |
|  6.581% due 05/30/2049 | 82100 | 86813 |
|  Boeing Co. | Boeing Co. | Boeing Co. |
|  3.625% due 02/01/2031 | 3000 | 2883 |
|  6.259% due 05/01/2027 | 1300 | 1334 |
|  6.298% due 05/01/2029 | 1700 | 1805 |
|  6.388% due 05/01/2031 | 1300 | 1411 |
|  6.528% due 05/01/2034 | 1100 | 1217 |
|  6.858% due 05/01/2054 | 1800 | 2023 |
|  7.008% due 05/01/2064 | 1000 | 1140 |
|  Booz Allen Hamilton, Inc. | Booz Allen Hamilton, Inc. | Booz Allen Hamilton, Inc. |
|  5.950% due 04/15/2035 | 2600 | 2696 |
|  Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
|  2.450% due 02/15/2031 | 10250 | 9380 |
|  4.000% due 04/15/2029 | 2000 | 1992 |
|  4.150% due 04/15/2032 | 2000 | 1959 |
|  CDW LLC/CDW Finance Corp. | CDW LLC/CDW Finance Corp. | CDW LLC/CDW Finance Corp. |
|  5.550% due 08/22/2034 | 2600 | 2652 |
|  Centene Corp. | Centene Corp. | Centene Corp. |
|  3.000% due 10/15/2030 | 1500 | 1343 |
|  Charter Communications Operating LLC/Charter Communications Operating Capital | Charter Communications Operating LLC/Charter Communications Operating Capital | Charter Communications Operating LLC/Charter Communications Operating Capital |
|  2.800% due 04/01/2031 | 2100 | 1890 |
|  6.384% due 10/23/2035 | 2200 | 2272 |
|  Cheniere Energy Partners LP | Cheniere Energy Partners LP | Cheniere Energy Partners LP |
|  3.250% due 01/31/2032 | 2250 | 2073 |
|  Cheniere Energy, Inc. | Cheniere Energy, Inc. | Cheniere Energy, Inc. |
|  5.650% due 04/15/2034 | 3000 | 3114 |
|  Choice Hotels International, Inc. | Choice Hotels International, Inc. | Choice Hotels International, Inc. |
|  3.700% due 01/15/2031 | 2000 | 1905 |
|  5.850% due 08/01/2034 | 3500 | 3570 |
|  Cornell University | Cornell University | Cornell University |
|  4.169% due 06/15/2030 | 4000 | 4020 |
|  Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. |
|  5.300% due 10/01/2029 | 4400 | 4543 |
|  Delta Air Lines Pass-Through Trust | Delta Air Lines Pass-Through Trust | Delta Air Lines Pass-Through Trust |
|  2.000% due 12/10/2029 | 940 | 898 |
|  Delta Air Lines, Inc. | Delta Air Lines, Inc. | Delta Air Lines, Inc. |
|  3.750% due 10/28/2029 | 3400 | 3330 |
|  Delta Air Lines, Inc./SkyMiles IP Ltd. | Delta Air Lines, Inc./SkyMiles IP Ltd. | Delta Air Lines, Inc./SkyMiles IP Ltd. |
|  4.750% due 10/20/2028 | 2000 | 2012 |
|  Diamondback Energy, Inc. | Diamondback Energy, Inc. | Diamondback Energy, Inc. |
|  5.550% due 04/01/2035 | 2700 | 2776 |
|  El Paso Natural Gas Co. LLC | El Paso Natural Gas Co. LLC | El Paso Natural Gas Co. LLC |
|  3.500% due 02/15/2032 | 1700 | 1584 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Enbridge, Inc. | Enbridge, Inc. | Enbridge, Inc. |
|  4.200% due 11/20/2028 | 2200 | 2204 |
|  6.200% due 11/15/2030 | 2150 | 2310 |
|  Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
|  5.250% due 07/01/2029 | 11500 | 11841 |
|  5.550% due 02/15/2028 | 2500 | 2567 |
|  5.700% due 04/01/2035 | 1300 | 1346 |
|  6.000% due 06/15/2048 | 6500 | 6310 |
|  Eni SpA | Eni SpA | Eni SpA |
|  5.750% due 05/19/2035 | 3100 | 3249 |
|  Essent Group Ltd. | Essent Group Ltd. | Essent Group Ltd. |
|  6.250% due 07/01/2029 | 2200 | 2298 |
|  Expedia Group, Inc. | Expedia Group, Inc. | Expedia Group, Inc. |
|  3.250% due 02/15/2030 | 2200 | 2111 |
|  Ferguson Enterprises, Inc. | Ferguson Enterprises, Inc. | Ferguson Enterprises, Inc. |
|  5.000% due 10/03/2034 | 1000 | 1010 |
|  Flex Intermediate Holdco LLC | Flex Intermediate Holdco LLC | Flex Intermediate Holdco LLC |
|  4.317% due 12/30/2039 | 2700 | 2276 |
|  Flex Ltd. | Flex Ltd. | Flex Ltd. |
|  5.250% due 01/15/2032 | 2100 | 2141 |
|  Gartner, Inc. | Gartner, Inc. | Gartner, Inc. |
|  4.950% due 03/20/2031 | 5170 | 5205 |
|  GE Capital Funding LLC | GE Capital Funding LLC | GE Capital Funding LLC |
|  4.550% due 05/15/2032 | 1500 | 1516 |
|  Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. |
|  4.875% due 11/15/2030 | 2650 | 2654 |
|  5.200% due 11/15/2032 | 3600 | 3604 |
|  5.400% due 08/15/2032 | 5100 | 5190 |
|  5.550% due 11/15/2035 | 3550 | 3530 |
|  Greensaif Pipelines Bidco SARL | Greensaif Pipelines Bidco SARL | Greensaif Pipelines Bidco SARL |
|  5.853% due 02/23/2036 | 2300 | 2409 |
|  6.103% due 08/23/2042 | 1400 | 1461 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. |
|  3.625% due 03/15/2032 | 3250 | 3074 |
|  5.250% due 03/01/2030 | 1600 | 1652 |
|  5.500% due 03/01/2032 | 3550 | 3701 |
|  5.500% due 06/01/2033 | 2200 | 2291 |
|  5.750% due 03/01/2035 | 2400 | 2520 |
|  Imperial Brands Finance PLC | Imperial Brands Finance PLC | Imperial Brands Finance PLC |
|  6.125% due 07/27/2027 | 3000 | 3090 |
|  Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. |
|  3.500% due 08/18/2026 | 1100 | 1096 |
|  Mars, Inc. | Mars, Inc. | Mars, Inc. |
|  5.000% due 03/01/2032 | 2750 | 2836 |
|  5.200% due 03/01/2035 | 2750 | 2828 |
|  MPLX LP | MPLX LP | MPLX LP |
|  5.000% due 03/01/2033 | 2100 | 2114 |
|  MSCI, Inc. | MSCI, Inc. | MSCI, Inc. |
|  3.875% due 02/15/2031 | 100 | 96 |
|  National Football League | National Football League | National Football League |
|  4.780% due 10/05/2030 «(k) | 4500 | 4577 |
|  5.250% due 10/05/2034 «(k) | 5500 | 5610 |
|  5.420% due 10/05/2037 «(k) | 2100 | 2123 |
|  National Fuel Gas Co. | National Fuel Gas Co. | National Fuel Gas Co. |
|  5.500% due 10/01/2026 | 1500 | 1515 |
|  5.500% due 03/15/2030 | 2100 | 2169 |
|  NetApp, Inc. | NetApp, Inc. | NetApp, Inc. |
|  5.500% due 03/17/2032 | 1000 | 1041 |
|  5.700% due 03/17/2035 | 1600 | 1679 |
|  Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. |
|  4.345% due 09/17/2027 | 2800 | 2764 |
|  NXP BV/NXP Funding LLC/NXP USA, Inc. | NXP BV/NXP Funding LLC/NXP USA, Inc. | NXP BV/NXP Funding LLC/NXP USA, Inc. |
|  5.000% due 01/15/2033 | 900 | 915 |
|  Pacific National Finance Pty. Ltd. | Pacific National Finance Pty. Ltd. | Pacific National Finance Pty. Ltd. |
|  4.750% due 03/22/2028 | 4300 | 4268 |
|  PeaceHealth Obligated Group | PeaceHealth Obligated Group | PeaceHealth Obligated Group |
|  4.855% due 11/15/2032 | 2000 | 2019 |
|  Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos |
|  6.700% due 02/16/2032 | 4600 | 4591 |
|  Quanta Services, Inc. | Quanta Services, Inc. | Quanta Services, Inc. |
|  2.900% due 10/01/2030 | 2000 | 1873 |
|  5.250% due 08/09/2034 | 3100 | 3180 |
|  Quikrete Holdings, Inc. | Quikrete Holdings, Inc. | Quikrete Holdings, Inc. |
|  6.375% due 03/01/2032 | 1200 | 1250 |
|  6.750% due 03/01/2033 | 300 | 314 |

---

---

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

---

------

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Santos Finance Ltd. | Santos Finance Ltd. | Santos Finance Ltd. |
|  5.750% due 11/13/2035 | 8150 | 8109 |
|  Smith & Nephew PLC | Smith & Nephew PLC | Smith & Nephew PLC |
|  5.400% due 03/20/2034 | 7000 | 7245 |
|  South Bow USA Infrastructure Holdings LLC | South Bow USA Infrastructure Holdings LLC | South Bow USA Infrastructure Holdings LLC |
|  5.584% due 10/01/2034 | 3700 | 3738 |
|  Spirit Airlines Pass-Through Trust | Spirit Airlines Pass-Through Trust | Spirit Airlines Pass-Through Trust |
|  3.375% due 08/15/2031 | 480 | 453 |
|  4.100% due 10/01/2029 | 607 | 583 |
|  T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
|  2.700% due 03/15/2032 | 2700 | 2428 |
|  Targa Resources Corp. | Targa Resources Corp. | Targa Resources Corp. |
|  6.125% due 03/15/2033 | 3000 | 3213 |
|  Time Warner Cable LLC | Time Warner Cable LLC | Time Warner Cable LLC |
|  6.550% due 05/01/2037 | 600 | 613 |
|  7.300% due 07/01/2038 | 2500 | 2680 |
|  Turkish Airlines Pass-Through Trust | Turkish Airlines Pass-Through Trust | Turkish Airlines Pass-Through Trust |
|  4.200% due 09/15/2028 | 1137 | 1125 |
|  United Airlines Pass-Through Trust | United Airlines Pass-Through Trust | United Airlines Pass-Through Trust |
|  2.700% due 11/01/2033 | 293 | 269 |
|  3.100% due 01/07/2030 | 809 | 789 |
|  3.450% due 01/07/2030 | 2427 | 2369 |
|  4.550% due 02/25/2033 | 1716 | 1673 |
|  5.450% due 08/15/2038 | 1931 | 1992 |
|  5.875% due 04/15/2029 | 952 | 977 |
|  Vale Overseas Ltd. | Vale Overseas Ltd. | Vale Overseas Ltd. |
|  6.400% due 06/28/2054 | 4000 | 4086 |
|  Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC |
|  4.125% due 08/15/2031 | 6900 | 6284 |
|  Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. |
|  7.000% due 01/15/2030 | 5600 | 5394 |
|  Viper Energy Partners LLC | Viper Energy Partners LLC | Viper Energy Partners LLC |
|  4.900% due 08/01/2030 | 1600 | 1619 |
|  Vmed O2 U.K. Financing I PLC | Vmed O2 U.K. Financing I PLC | Vmed O2 U.K. Financing I PLC |
|  7.750% due 04/15/2032 | 3400 | 3547 |
|  VMware LLC | VMware LLC | VMware LLC |
|  2.200% due 08/15/2031 | 2250 | 2000 |
|  Western Midstream Operating LP | Western Midstream Operating LP | Western Midstream Operating LP |
|  5.450% due 11/15/2034 | 1700 | 1713 |
|  Westinghouse Air Brake Technologies Corp. | Westinghouse Air Brake Technologies Corp. | Westinghouse Air Brake Technologies Corp. |
|  4.700% due 09/15/2028 | 3380 | 3423 |
|  5.611% due 03/11/2034 | 2000 | 2101 |
|  Woodside Finance Ltd. | Woodside Finance Ltd. | Woodside Finance Ltd. |
|  5.700% due 05/19/2032 | 4700 | 4893 |
|  |  | 399700 |
| UTILITIES 2.2% | UTILITIES 2.2% | UTILITIES 2.2% |
|  AES Corp. | AES Corp. | AES Corp. |
|  5.800% due 03/15/2032 | 8000 | 8209 |
|  Capital Power U.S. Holdings, Inc. | Capital Power U.S. Holdings, Inc. | Capital Power U.S. Holdings, Inc. |
|  5.257% due 06/01/2028 | 1700 | 1735 |
|  Cleco Power LLC | Cleco Power LLC | Cleco Power LLC |
|  5.300% due 01/15/2036 | 1500 | 1515 |
|  Edison International | Edison International | Edison International |
|  5.750% due 06/15/2027 | 1750 | 1782 |
|  Electricite de France SA | Electricite de France SA | Electricite de France SA |
|  5.950% due 04/22/2034 | 4000 | 4262 |
|  6.000% due 04/22/2064 | 4000 | 3942 |
|  Emera U.S. Finance LP | Emera U.S. Finance LP | Emera U.S. Finance LP |
|  2.639% due 06/15/2031 | 1000 | 905 |
|  Enel Finance International NV | Enel Finance International NV | Enel Finance International NV |
|  7.500% due 10/14/2032 | 2800 | 3230 |
|  Eversource Energy | Eversource Energy | Eversource Energy |
|  5.950% due 02/01/2029 | 4650 | 4863 |
|  FLNG Liquefaction LLC | FLNG Liquefaction LLC | FLNG Liquefaction LLC |
|  5.710% due 03/31/2040 «(k) | 5800 | 5797 |
|  NGPL PipeCo LLC | NGPL PipeCo LLC | NGPL PipeCo LLC |
|  3.250% due 07/15/2031 | 1500 | 1382 |
|  NiSource, Inc. | NiSource, Inc. | NiSource, Inc. |
|  1.700% due 02/15/2031 | 6100 | 5357 |
|  Oncor Electric Delivery Co. LLC | Oncor Electric Delivery Co. LLC | Oncor Electric Delivery Co. LLC |
|  5.150% due 05/01/2029 «(k) | 12000 | 12277 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. |
|  6.050% due 09/01/2033 | 6000 | 6396 |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  2.500% due 02/01/2031 | 2650 | 2388 |
|  4.950% due 07/01/2050 | 7000 | 5924 |
|  5.550% due 05/15/2029 | 3200 | 3306 |
|  5.800% due 05/15/2034 | 4000 | 4157 |
|  5.900% due 06/15/2032 | 1900 | 1994 |
|  6.000% due 08/15/2035 | 3800 | 3997 |
|  6.150% due 01/15/2033 | 2700 | 2867 |
|  6.700% due 04/01/2053 | 2800 | 2959 |
|  6.950% due 03/15/2034 | 2400 | 2671 |
|  PacifiCorp | PacifiCorp | PacifiCorp |
|  7.375% due 09/15/2055 •  | 5500 | 5610 |
|  PPL Capital Funding, Inc. | PPL Capital Funding, Inc. | PPL Capital Funding, Inc. |
|  5.250% due 09/01/2034 | 2250 | 2308 |
|  Puget Energy, Inc. | Puget Energy, Inc. | Puget Energy, Inc. |
|  4.224% due 03/15/2032 | 3000 | 2884 |
|  5.725% due 03/15/2035 | 1500 | 1544 |
|  SCE Recovery Funding LLC | SCE Recovery Funding LLC | SCE Recovery Funding LLC |
|  4.453% due 03/15/2036 | 7500 | 7529 |
|  5.341% due 03/15/2047 | 7500 | 7520 |
|  Sempra | Sempra | Sempra |
|  6.375% due 04/01/2056 •  | 5000 | 5112 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  4.000% due 04/01/2047 | 2950 | 2215 |
|  4.650% due 10/01/2043 | 350 | 298 |
|  6.000% due 01/15/2034 | 4000 | 4205 |
|  Southern California Gas Co. | Southern California Gas Co. | Southern California Gas Co. |
|  2.550% due 02/01/2030 | 1700 | 1604 |
|  Toledo Edison Co. | Toledo Edison Co. | Toledo Edison Co. |
|  2.650% due 05/01/2028 | 2918 | 2778 |
|  Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. |
|  4.400% due 11/01/2034 | 4500 | 4344 |
|  4.780% due 02/15/2035 | 5200 | 5122 |
|  Vistra Operations Co. LLC | Vistra Operations Co. LLC | Vistra Operations Co. LLC |
|  6.950% due 10/15/2033 | 5000 | 5587 |
|  |  | 150575 |
|  Total Corporate Bonds & Notes (Cost $1,690,352) | Total Corporate Bonds & Notes (Cost $1,690,352) | 1737372 |
| MUNICIPAL BONDS & NOTES 0.8% | MUNICIPAL BONDS & NOTES 0.8% | MUNICIPAL BONDS & NOTES 0.8% |
| CALIFORNIA 0.3% | CALIFORNIA 0.3% | CALIFORNIA 0.3% |
|  California State Public Works Board Revenue Bonds, (BABs), Series 2009 | California State Public Works Board Revenue Bonds, (BABs), Series 2009 | California State Public Works Board Revenue Bonds, (BABs), Series 2009 |
|  8.361% due 10/01/2034 | 5000 | 5911 |
|  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 |
|  3.487% due 06/01/2036 | 3300 | 2805 |
|  3.714% due 06/01/2041 | 8610 | 6702 |
|  4.214% due 06/01/2050 | 7050 | 5162 |
|  |  | 20580 |
| ILLINOIS 0.1% | ILLINOIS 0.1% | ILLINOIS 0.1% |
|  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 | 4857 | 5292 |
| INDIANA 0.1% | INDIANA 0.1% | INDIANA 0.1% |
|  Indiana Finance Authority Revenue Bonds, (AGC Insured), Series 2025 | Indiana Finance Authority Revenue Bonds, (AGC Insured), Series 2025 | Indiana Finance Authority Revenue Bonds, (AGC Insured), Series 2025 |
|  5.928% due 07/01/2053 | 8000 | 7895 |
| MINNESOTA 0.2% | MINNESOTA 0.2% | MINNESOTA 0.2% |
|  Minnesota Housing Finance Agency Revenue Notes, Series 2024 | Minnesota Housing Finance Agency Revenue Notes, Series 2024 | Minnesota Housing Finance Agency Revenue Notes, Series 2024 |
|  5.301% due 01/01/2029 | 5515 | 5630 |
|  5.532% due 01/01/2034 | 5000 | 5173 |
|  |  | 10803 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| NEW YORK 0.1% | NEW YORK 0.1% | NEW YORK 0.1% |
|  New York City, New York General Obligation Bonds, Series 2025 | New York City, New York General Obligation Bonds, Series 2025 | New York City, New York General Obligation Bonds, Series 2025 |
|  6.291% due 02/01/2045 | 4180 | 4395 |
|  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 | 500 | 492 |
|  |  | 4887 |
| WEST VIRGINIA 0.0% | WEST VIRGINIA 0.0% | WEST VIRGINIA 0.0% |
|  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 |
|  4.875% due 06/01/2049 | 3305 | 3138 |
|  Total Municipal Bonds & Notes (Cost $52,636) | Total Municipal Bonds & Notes (Cost $52,636) | 52595 |
| U.S. GOVERNMENT AGENCIES 62.7% | U.S. GOVERNMENT AGENCIES 62.7% | U.S. GOVERNMENT AGENCIES 62.7% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  3.000% due 01/01/2043 - 04/01/2043 | 3 | 2 |
|  3.500% due 10/01/2033 - 06/01/2049 | 2885 | 2703 |
|  4.000% due 09/01/2033 - 06/01/2049 | 5415 | 5257 |
|  4.500% due 02/01/2034 - 10/01/2053 | 6354 | 6294 |
|  5.000% due 01/01/2034 - 10/01/2053 | 228890 | 229273 |
|  5.500% due 03/01/2027 - 05/01/2054 | 315807 | 320974 |
|  6.000% due 12/01/2034 - 04/01/2055 | 504497 | 522677 |
|  6.355% due 07/01/2036 •  | 2 | 2 |
|  6.468% due 12/01/2031 •  | 18 | 19 |
|  6.500% due 01/01/2037 - 12/01/2053 | 5306 | 5521 |
|  Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS |
|  0.000% due 01/15/2033 - 07/15/2039 (b)(e) | 240 | 222 |
|  0.000% due 06/15/2042 •  | 50 | 25 |
|  0.266% due 11/15/2048 •(a) | 14995 | 615 |
|  0.852% due 12/15/2040 •(a) | 801 | 56 |
|  0.932% due 05/15/2041 •  | 537 | 459 |
|  1.794% due 06/15/2040 ~(a) | 4882 | 453 |
|  4.874% due 02/25/2055 - 06/25/2055 •  | 80642 | 80760 |
|  5.000% due 05/15/2033 - 07/15/2041 | 101 | 103 |
|  5.074% due 08/25/2055 •  | 63594 | 63900 |
|  5.250% due 04/15/2033 | 15 | 15 |
|  5.500% due 08/15/2033 | 15 | 16 |
|  8.392% due 05/15/2033 •  | 15 | 17 |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  3.500% due 06/01/2045 - 07/01/2049 | 27489 | 26083 |
|  4.000% due 12/01/2028 - 09/01/2052 | 74688 | 71361 |
|  4.500% due 05/01/2037 - 06/01/2051 | 3300 | 3302 |
|  5.000% due 10/01/2035 - 06/01/2053 | 84123 | 84488 |
|  5.330% due 04/01/2032 | 1176 | 1235 |
|  5.500% due 12/01/2031 - 11/01/2055 | 363116 | 368618 |
|  5.620% due 12/01/2028 •  | 79 | 79 |
|  6.000% due 06/01/2037 - 08/01/2055 | 305560 | 316822 |
|  6.155% due 11/01/2035 •  | 2 | 2 |
|  6.343% due 09/01/2034 •  | 17 | 17 |
|  6.500% due 01/01/2036 - 02/01/2054 | 54308 | 56523 |
|  6.945% due 04/01/2036 •  | 3 | 3 |
|  7.000% due 04/01/2037 - 03/01/2038 | 36 | 38 |
|  7.500% due 10/01/2037 | 52 | 55 |
|  Federal National Mortgage Association Interest STRIPS | Federal National Mortgage Association Interest STRIPS | Federal National Mortgage Association Interest STRIPS |
|  0.000% due 07/25/2031 (b)(e) | 6 | 6 |
|  Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS |
|  0.000% due 12/25/2032 - 02/25/2040 (b)(e) | 46 | 39 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **55** |

---

------

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

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  1.416% due 05/25/2042 •  | 178 | 135 |
|  2.011% due 09/25/2042 •(a) | 16795 | 2529 |
|  2.431% due 04/25/2040 •(a) | 22 | 1 |
|  3.000% due 03/25/2033 - 02/25/2043 | 1 | 1 |
|  3.211% due 05/25/2036 •(a) | 479 | 53 |
|  3.500% due 06/25/2042 | 365 | 350 |
|  4.500% due 11/25/2035 - 03/25/2041 | 144 | 143 |
|  5.074% due 08/25/2055 •  | 97074 | 97535 |
|  6.000% due 05/25/2031 - 07/25/2037 | 35 | 37 |
|  8.097% due 01/25/2036 •  | 52 | 54 |
|  Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
|  2.000% due 08/20/2030 | 374 | 363 |
|  3.000% due 08/20/2026 - 07/15/2029 | 3225 | 3199 |
|  3.500% due 10/20/2042 - 03/20/2047 | 6764 | 6221 |
|  4.000% due 09/20/2040 - 06/15/2047 | 10653 | 10228 |
|  4.500% due 08/20/2038 - 02/20/2047 | 1163 | 1149 |
|  5.000% due 03/20/2034 - 04/20/2040 | 242 | 244 |
|  5.500% due 11/20/2038 | 6 | 6 |
|  6.000% due 08/20/2038 - 02/20/2039 | 42 | 43 |
|  6.500% due 12/20/2038 | 11 | 11 |
|  Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS |
|  3.500% due 12/20/2040 | 45 | 45 |
|  4.750% due 01/20/2035 | 54 | 54 |
|  5.118% due 06/20/2055 •  | 48863 | 49127 |
|  5.500% due 04/16/2034 - 07/20/2037 | 17 | 17 |
|  Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA |
|  2.500% due 02/01/2056 | 95000 | 81941 |
|  3.000% due 01/01/2056 | 20000 | 17974 |
|  3.500% due 02/01/2056 | 250100 | 227610 |
|  4.500% due 02/01/2056 | 32600 | 31735 |
|  6.000% due 01/01/2056 - 02/01/2056 | 100000 | 101851 |
|  Tennessee Valley Authority | Tennessee Valley Authority | Tennessee Valley Authority |
|  5.250% due 02/01/2055 | 10000 | 9916 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  3.000% due 02/01/2056 | 216066 | 190990 |
|  4.000% due 02/01/2056 | 85000 | 80583 |
|  4.500% due 02/01/2056 | 476200 | 464504 |
|  5.000% due 01/01/2056 - 02/01/2056 | 169200 | 168585 |
|  6.000% due 01/01/2056 | 435700 | 447413 |
|  6.500% due 02/01/2056 - 03/01/2056 | 127300 | 132358 |
|  Total U.S. Government Agencies<br>(Cost $4,252,340) | Total U.S. Government Agencies<br>(Cost $4,252,340) | 4295039 |
| U.S. TREASURY OBLIGATIONS 12.2% | U.S. TREASURY OBLIGATIONS 12.2% | U.S. TREASURY OBLIGATIONS 12.2% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  2.375% due 02/15/2042 (o)(q) | 150000 | 110464 |
|  3.125% due 08/15/2044 | 206100 | 163189 |
|  3.875% due 02/15/2043 (m)(o) | 318300 | 286451 |
|  4.750% due 05/15/2055 (m) | 32300 | 31748 |
|  4.875% due 08/15/2045 (q) | 226 | 228 |
|  U.S. Treasury Inflation Protected Securities (f) | U.S. Treasury Inflation Protected Securities (f) | U.S. Treasury Inflation Protected Securities (f) |
|  1.750% due 01/15/2034 (o) | 160159 | 159312 |
|  2.125% due 01/15/2035 (o) | 83984 | 85496 |
|  Total U.S. Treasury Obligations<br>(Cost $811,825) | Total U.S. Treasury Obligations<br>(Cost $811,825) | 836888 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 7.7% | NON-AGENCY MORTGAGE-BACKED SECURITIES 7.7% | NON-AGENCY MORTGAGE-BACKED SECURITIES 7.7% |
|  AG Trust | AG Trust | AG Trust |
|  5.766% due 08/15/2041 •  | 3279 | 3301 |
|  Ajax Mortgage Loan Trust | Ajax Mortgage Loan Trust | Ajax Mortgage Loan Trust |
|  1.698% due 05/25/2059 þ | 650 | 619 |
|  American Home Mortgage Investment Trust | American Home Mortgage Investment Trust | American Home Mortgage Investment Trust |
|  4.206% due 12/25/2046 •  | 2588 | 2225 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Angel Oak Mortgage Trust | Angel Oak Mortgage Trust | Angel Oak Mortgage Trust |
|  4.846% due 07/25/2062 þ | 9528 | 9523 |
|  BAMLL Commercial Mortgage Pass-Through Certificates | BAMLL Commercial Mortgage Pass-Through Certificates | BAMLL Commercial Mortgage Pass-Through Certificates |
|  3.110% due 04/25/2050 « | 28409 | 27776 |
|  3.110% due 08/25/2052 « | 10000 | 8982 |
|  BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust |
|  2.847% due 04/20/2042 | 12600 | 10414 |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  4.376% due 08/27/2036 ~ | 5023 | 4851 |
|  Bank | Bank | Bank |
|  5.000% due 12/25/2067 | 5000 | 5050 |
|  5.561% due 05/15/2068 ~ | 2200 | 2321 |
|  Bank5 | Bank5 | Bank5 |
|  4.793% due 12/15/2058 | 8100 | 8214 |
|  5.769% due 06/15/2057 | 2200 | 2298 |
|  5.788% due 06/15/2057 | 4300 | 4485 |
|  BBCMS Mortgage Trust | BBCMS Mortgage Trust | BBCMS Mortgage Trust |
|  4.314% due 12/15/2051 | 1000 | 995 |
|  4.534% due 09/15/2058 | 7000 | 7037 |
|  5.297% due 12/15/2058 | 7800 | 8057 |
|  BCAP LLC Trust | BCAP LLC Trust | BCAP LLC Trust |
|  4.146% due 05/25/2047 •  | 1281 | 1187 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  4.486% due 04/25/2034 •  | 4 | 4 |
|  Benchmark Mortgage Trust | Benchmark Mortgage Trust | Benchmark Mortgage Trust |
|  4.077% due 07/15/2051 | 4175 | 4151 |
|  4.767% due 01/15/2058 ~ | 6500 | 6588 |
|  5.249% due 01/15/2058 ~ | 6500 | 6720 |
|  6.841% due 11/15/2056 ~ | 6700 | 7098 |
|  BMO Mortgage Trust | BMO Mortgage Trust | BMO Mortgage Trust |
|  5.057% due 10/15/2058 | 3000 | 3038 |
|  5.226% due 10/15/2058 | 2500 | 2581 |
|  5.462% due 02/15/2057 | 2000 | 2056 |
|  5.625% due 12/15/2057 ~ | 3400 | 3542 |
|  5.857% due 02/15/2057 | 13100 | 13692 |
|  BWAY Mortgage Trust | BWAY Mortgage Trust | BWAY Mortgage Trust |
|  5.115% due 09/15/2036 •  | 5000 | 4886 |
|  BX Commercial Mortgage Trust | BX Commercial Mortgage Trust | BX Commercial Mortgage Trust |
|  4.594% due 10/15/2036 •  | 655 | 654 |
|  4.763% due 02/15/2039 •  | 1168 | 1167 |
|  Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust |
|  3.250% due 03/25/2063 ~ | 3475 | 3148 |
|  3.250% due 09/25/2063 ~ | 2527 | 2284 |
|  3.375% due 04/25/2065 ~ | 4902 | 4440 |
|  5.174% due 06/25/2055 •  | 3204 | 3215 |
|  Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust |
|  6.000% due 05/25/2036 | 3372 | 1335 |
|  ChaseFlex Trust | ChaseFlex Trust | ChaseFlex Trust |
|  6.500% due 02/25/2037 | 3779 | 1266 |
|  CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust |
|  4.340% due 11/25/2037 ~ | 1801 | 1694 |
|  4.386% due 03/25/2035 •  | 42 | 40 |
|  4.518% due 02/20/2036 ~ | 381 | 342 |
|  4.821% due 03/20/2036 ~ | 404 | 377 |
|  CHL Reperforming Loan Trust REMICS | CHL Reperforming Loan Trust REMICS | CHL Reperforming Loan Trust REMICS |
|  4.186% due 01/25/2036 •  | 555 | 528 |
|  CIM Trust | CIM Trust | CIM Trust |
|  5.500% due 08/25/2064 ~ | 9951 | 10066 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  3.375% due 10/25/2062 þ | 11867 | 11215 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.166% due 09/25/2036 •  | 340 | 326 |
|  4.646% due 08/25/2035 •  | 92 | 90 |
|  5.500% due 08/25/2034 | 835 | 846 |
|  COMM Mortgage Trust | COMM Mortgage Trust | COMM Mortgage Trust |
|  3.140% due 10/10/2036 | 2340 | 2237 |
|  5.165% due 12/15/2038 •  | 5261 | 5200 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.206% due 05/25/2047 •  | 119 | 111 |
|  4.346% due 06/25/2037 •  | 445 | 378 |
|  4.488% due 12/20/2035 •  | 2499 | 2387 |
|  5.500% due 07/25/2035 | 919 | 637 |
|  5.500% due 08/25/2035 | 251 | 215 |
|  5.500% due 12/25/2035 | 582 | 392 |
|  5.500% due 02/25/2036 | 1146 | 910 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.750% due 05/25/2036 | $— | 355 | $— | 130 |
|  6.000% due 04/25/2037 |  | 2339 |  | 1952 |
|  6.250% due 08/25/2036 |  | 300 |  | 155 |
|  Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. |
|  4.496% due 11/25/2031 •  |  | 23 |  | 13 |
|  5.008% due 11/25/2034 ~ |  | 12 |  | 12 |
|  Cross Mortgage Trust | Cross Mortgage Trust | Cross Mortgage Trust | Cross Mortgage Trust | Cross Mortgage Trust |
|  5.003% due 11/25/2070 ~ |  | 965 |  | 968 |
|  5.036% due 11/25/2070 ~ |  | 2985 |  | 2994 |
|  CSMC Mortgage-Backed Trust | CSMC Mortgage-Backed Trust | CSMC Mortgage-Backed Trust | CSMC Mortgage-Backed Trust | CSMC Mortgage-Backed Trust |
|  5.500% due 03/25/2037 |  | 669 |  | 306 |
|  6.421% due 10/25/2037 ~ |  | 2670 |  | 1529 |
|  CSMC Trust | CSMC Trust | CSMC Trust | CSMC Trust | CSMC Trust |
|  3.874% due 02/25/2061 ~ |  | 1369 |  | 1365 |
|  3.944% due 09/25/2057 ~ |  | 1000 |  | 952 |
|  4.150% due 12/27/2060 ~ |  | 1651 |  | 1646 |
|  4.215% due 07/27/2061 ~ |  | 2386 |  | 2378 |
|  5.265% due 07/15/2038 •  |  | 1000 |  | 896 |
|  6.000% due 07/25/2037 |  | 291 |  | 252 |
|  Deephaven Residential Mortgage Trust | Deephaven Residential Mortgage Trust | Deephaven Residential Mortgage Trust | Deephaven Residential Mortgage Trust | Deephaven Residential Mortgage Trust |
|  5.087% due 11/25/2060 þ |  | 1971 |  | 1977 |
|  Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust |
|  4.326% due 01/25/2047 •  |  | 3190 |  | 2871 |
|  Deutsche Alt-B Securities, Inc. Mortgage Loan Trust | Deutsche Alt-B Securities, Inc. Mortgage Loan Trust | 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 ~ |  | 101 |  | 92 |
|  5.665% due 02/25/2036 ~ |  | 934 |  | 858 |
|  Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust |
|  5.100% due 10/25/2070 þ |  | 981 |  | 985 |
|  EQUS Mortgage Trust | EQUS Mortgage Trust | EQUS Mortgage Trust | EQUS Mortgage Trust | EQUS Mortgage Trust |
|  4.770% due 10/15/2038 •  |  | 3736 |  | 3736 |
|  GS Mortgage Securities Corp. Trust | GS Mortgage Securities Corp. Trust | GS Mortgage Securities Corp. Trust | GS Mortgage Securities Corp. Trust | GS Mortgage Securities Corp. Trust |
|  4.997% due 07/15/2035 •  |  | 1298 |  | 857 |
|  GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust |
|  5.013% due 07/25/2065 þ |  | 2823 |  | 2828 |
|  GSMPS Mortgage Loan Trust | GSMPS Mortgage Loan Trust | GSMPS Mortgage Loan Trust | GSMPS Mortgage Loan Trust | GSMPS Mortgage Loan Trust |
|  4.196% due 01/25/2036 •  |  | 1538 |  | 1246 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  4.125% due 11/25/2035 ~ |  | 5 |  | 4 |
|  4.521% due 01/25/2036 ~ |  | 756 |  | 704 |
|  6.000% due 03/25/2036 |  | 4022 |  | 1299 |
|  6.295% due 09/25/2034 ~ |  | 85 |  | 86 |
|  6.500% due 05/25/2036 |  | 528 |  | 203 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  4.226% due 01/19/2038 •  |  | 2356 |  | 2111 |
|  4.256% due 12/19/2036 •  |  | 1981 |  | 1617 |
|  4.386% due 03/19/2035 •  |  | 665 |  | 647 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  3.860% due 09/25/2036 ~ |  | 1339 |  | 844 |
|  JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust |
|  5.358% due 12/25/2035 ~ |  | 376 |  | 254 |
|  JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust |
|  2.287% due 03/05/2042 |  | 2210 |  | 2081 |
|  2.812% due 01/16/2037 |  | 100 |  | 90 |
|  3.648% due 12/15/2049 ~ |  | 3700 |  | 3671 |
|  4.597% due 04/15/2037 •  |  | 1879 |  | 1857 |
|  5.007% due 07/05/2033 •  |  | 1777 |  | 1738 |
|  7.235% due 10/05/2040 |  | 2000 |  | 2108 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  4.625% due 07/25/2063 ~ |  | 4443 |  | 4396 |
|  4.954% due 03/25/2066 ~ |  | 1954 |  | 1956 |
|  5.119% due 02/25/2036 ~ |  | 562 |  | 386 |
|  5.191% due 07/25/2035 ~ |  | 9 |  | 8 |
|  5.567% due 09/25/2065 ~ |  | 1829 |  | 1846 |
|  6.000% due 08/25/2037 |  | 761 |  | 315 |
|  6.500% due 01/25/2036 |  | 4898 |  | 2524 |
|  Key Commercial Mortgage Securities Trust | Key Commercial Mortgage Securities Trust | Key Commercial Mortgage Securities Trust | Key Commercial Mortgage Securities Trust | Key Commercial Mortgage Securities Trust |
|  2.233% due 09/16/2052 |  | 10000 |  | 9110 |
|  Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust |
|  5.750% due 07/25/2061 þ |  | 958 |  | 959 |
|  5.892% due 10/25/2066 þ |  | 1258 |  | 1259 |
|  6.250% due 07/25/2067 þ |  | 1530 |  | 1532 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.206% due 12/25/2036 •  |  | 1625 |  | 1632 |
|  4.226% due 11/25/2046 •  |  | 2202 |  | 1990 |
|  5.029% due 11/25/2035 •  |  | 1 |  | 1 |

---

---

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

---

------

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  LUX | LUX | LUX |
|  6.441% due 08/15/2040 •  | 3200 | 3238 |
|  MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust |
|  3.030% due 04/25/2034 ~ | 93 | 80 |
|  5.970% due 12/25/2035 •  | 2385 | 2389 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.406% due 07/25/2029 •  | 25 | 24 |
|  5.244% due 05/25/2029 ~ | 6 | 6 |
|  MFA Trust | MFA Trust | MFA Trust |
|  1.014% due 01/26/2065 ~ | 864 | 827 |
|  1.324% due 01/26/2065 ~ | 236 | 226 |
|  1.381% due 04/25/2065 ~ | 1022 | 1004 |
|  1.632% due 01/26/2065 ~ | 453 | 435 |
|  1.638% due 04/25/2065 ~ | 422 | 415 |
|  5.675% due 05/27/2070 þ | 2943 | 2970 |
|  6.775% due 10/25/2058 þ | 913 | 922 |
|  Mill City Mortgage Loan Trust | Mill City Mortgage Loan Trust | Mill City Mortgage Loan Trust |
|  2.750% due 07/25/2059 ~ | 1123 | 1105 |
|  2.750% due 08/25/2059 ~ | 362 | 353 |
|  MKT Mortgage Trust | MKT Mortgage Trust | MKT Mortgage Trust |
|  2.694% due 02/12/2040 | 5000 | 4534 |
|  Morgan Stanley Bank of America Merrill Lynch Trust | Morgan Stanley Bank of America Merrill Lynch Trust | Morgan Stanley Bank of America Merrill Lynch Trust |
|  5.107% due 11/15/2058 | 5000 | 5129 |
|  Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust |
|  3.912% due 09/09/2032 | 2100 | 1900 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  5.782% due 06/25/2036 ~ | 1729 | 1687 |
|  Morgan Stanley Residential Mortgage Loan Trust | Morgan Stanley Residential Mortgage Loan Trust | Morgan Stanley Residential Mortgage Loan Trust |
|  4.963% due 09/25/2070 ~ | 5230 | 5237 |
|  5.016% due 09/25/2070 ~ | 1471 | 1475 |
|  5.530% due 05/25/2070 ~ | 1723 | 1736 |
|  5.562% due 03/25/2070 þ | 11450 | 11590 |
|  Natixis Commercial Mortgage Securities Trust | Natixis Commercial Mortgage Securities Trust | Natixis Commercial Mortgage Securities Trust |
|  3.858% due 04/10/2037 | 3260 | 2903 |
|  4.965% due 08/15/2038 •  | 835 | 812 |
|  New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust |
|  5.085% due 10/25/2065 ~ | 981 | 985 |
|  6.864% due 10/25/2063 þ | 5369 | 5433 |
|  NLT Trust | NLT Trust | NLT Trust |
|  3.200% due 10/25/2062 ~ | 2596 | 2396 |
|  Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust |
|  4.346% due 06/25/2037 •  | 4473 | 3770 |
|  Nomura Resecuritization Trust | Nomura Resecuritization Trust | Nomura Resecuritization Trust |
|  6.500% due 10/26/2037 | 1799 | 726 |
|  OBX Trust | OBX Trust | OBX Trust |
|  4.940% due 09/25/2062 þ | 4127 | 4123 |
|  5.530% due 10/25/2064 þ | 5317 | 5359 |
|  6.120% due 11/25/2062 ~ | 4032 | 4022 |
|  6.129% due 12/25/2063 þ | 4288 | 4333 |
|  6.567% due 06/25/2063 þ | 2143 | 2156 |
|  7.159% due 10/25/2063 þ | 2086 | 2113 |
|  One New York Plaza Trust | One New York Plaza Trust | One New York Plaza Trust |
|  4.815% due 01/15/2036 •  | 6100 | 5984 |
|  PRET Trust | PRET Trust | PRET Trust |
|  4.000% due 03/25/2065 þ | 2936 | 2885 |
|  Project Cashmere | Project Cashmere | Project Cashmere |
|  4.543% due 12/30/2057 «(c) | 89000 | 59394 |
|  5.713% due 12/30/2057 «(c) | 3000 | 2002 |
|  5.863% due 12/30/2057 «(c) | 2100 | 1401 |
|  6.163% due 12/30/2057 «(c) | 1100 | 734 |
|  6.563% due 12/30/2057 «(c) | 800 | 534 |
|  PRPM LLC | PRPM LLC | PRPM LLC |
|  4.500% due 06/25/2065 «þ | 3000 | 2956 |
|  4.990% due 12/25/2055 þ | 2000 | 2000 |
|  RALI Trust | RALI Trust | RALI Trust |
|  6.000% due 06/25/2036 | 1032 | 850 |
|  6.000% due 12/25/2036 | 842 | 709 |
|  6.500% due 07/25/2037 | 1722 | 1427 |
|  RBSGC Mortgage Loan Trust | RBSGC Mortgage Loan Trust | RBSGC Mortgage Loan Trust |
|  4.226% due 12/25/2034 •  | 1026 | 945 |
|  RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust |
|  5.582% due 12/25/2044 þ | 2757 | 2788 |
|  Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust |
|  4.396% due 08/25/2033 •  | 17 | 15 |
|  5.500% due 08/25/2034 | 1010 | 980 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  RFMSI Trust | RFMSI Trust | RFMSI Trust |
|  6.000% due 06/25/2036 | 354 | 303 |
|  Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust |
|  4.548% due 07/20/2033 •  | 8 | 8 |
|  5.061% due 10/25/2055 ~ | 1791 | 1797 |
|  5.139% due 02/20/2035 •  | 222 | 216 |
|  SMRT Commercial Mortgage Trust | SMRT Commercial Mortgage Trust | SMRT Commercial Mortgage Trust |
|  4.751% due 01/15/2039 •  | 2350 | 2351 |
|  Starwood Mortgage Residential Trust | Starwood Mortgage Residential Trust | Starwood Mortgage Residential Trust |
|  0.943% due 05/25/2065 ~ | 431 | 410 |
|  1.439% due 11/25/2055 ~ | 217 | 209 |
|  1.593% due 11/25/2055 ~ | 281 | 270 |
|  Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust |
|  4.663% due 10/25/2046 •  | 609 | 585 |
|  5.413% due 06/25/2037 •  | 140 | 121 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  3.250% due 07/25/2058 ~ | 1224 | 1217 |
|  4.606% due 10/25/2064 ~ | 4086 | 4103 |
|  Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust |
|  2.824% due 11/25/2066 ~ | 2139 | 1988 |
|  4.858% due 12/25/2070 þ | 3600 | 3607 |
|  5.086% due 07/25/2067 ~ | 2600 | 2608 |
|  6.443% due 08/25/2068 þ | 2643 | 2658 |
|  6.665% due 09/25/2068 þ | 3826 | 3860 |
|  6.876% due 11/25/2068 ~ | 1910 | 1939 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  3.664% due 01/25/2037 ~ | 1928 | 1676 |
|  4.182% due 07/25/2037 ~ | 1740 | 1599 |
|  5.529% due 10/25/2046 •  | 831 | 797 |
|  Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust |
|  4.099% due 10/25/2036 þ | 6867 | 2245 |
|  4.366% due 12/25/2035 •  | 5600 | 5057 |
|  4.999% due 05/25/2046 •  | 319 | 287 |
|  Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust |
|  5.343% due 10/15/2042 •  | 3200 | 3209 |
|  5.393% due 07/15/2037 •  | 2800 | 2808 |
|  5.575% due 09/15/2040 ~ | 1000 | 1010 |
|  Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust |
|  5.884% due 12/28/2037 ~ | 1006 | 915 |
|  6.193% due 08/25/2036 ~ | 204 | 193 |
|  Worldwide Plaza Trust | Worldwide Plaza Trust | Worldwide Plaza Trust |
|  3.526% due 11/10/2036 | 8900 | 7158 |
|  WSTN Trust | WSTN Trust | WSTN Trust |
|  6.297% due 07/05/2037 ~ | 3500 | 3566 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $538,368) | Total Non-Agency Mortgage-Backed Securities (Cost $538,368) | 526204 |
| ASSET-BACKED SECURITIES 13.7% | ASSET-BACKED SECURITIES 13.7% | ASSET-BACKED SECURITIES 13.7% |
| AUTOMOBILE ABS OTHER 0.1% | AUTOMOBILE ABS OTHER 0.1% | AUTOMOBILE ABS OTHER 0.1% |
|  Chesapeake Funding II LLC | Chesapeake Funding II LLC | Chesapeake Funding II LLC |
|  4.754% due 05/15/2036 •  | 2570 | 2573 |
|  GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust |
|  5.770% due 11/15/2028 | 3000 | 3020 |
|  Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust |
|  5.980% due 04/16/2029 | 1700 | 1724 |
|  6.400% due 03/17/2031 | 1700 | 1758 |
|  |  | 9075 |
| AUTOMOBILE SEQUENTIAL 0.8% | AUTOMOBILE SEQUENTIAL 0.8% | AUTOMOBILE SEQUENTIAL 0.8% |
|  Avis Budget Rental Car Funding AESOP LLC | Avis Budget Rental Car Funding AESOP LLC | Avis Budget Rental Car Funding AESOP LLC |
|  5.440% due 02/22/2028 | 5000 | 5062 |
|  6.020% due 02/20/2030 | 7500 | 7870 |
|  FHF Trust | FHF Trust | FHF Trust |
|  6.570% due 06/15/2028 | 142 | 143 |
|  Ford Auto Securitization Trust | Ford Auto Securitization Trust | Ford Auto Securitization Trust |
|  5.053% due 07/15/2028 | 1988 | 1467 |
|  GM Financial Revolving Receivables Trust | GM Financial Revolving Receivables Trust | GM Financial Revolving Receivables Trust |
|  5.770% due 08/11/2036 | 3600 | 3782 |
|  LAD Auto Receivables Trust | LAD Auto Receivables Trust | LAD Auto Receivables Trust |
|  6.240% due 06/15/2028 | 5000 | 5035 |
|  Octane Receivables Trust | Octane Receivables Trust | Octane Receivables Trust |
|  6.440% due 03/20/2029 | 307 | 309 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Research-Driven Pagaya Motor Trust | Research-Driven Pagaya Motor Trust | Research-Driven Pagaya Motor Trust |
|  7.090% due 06/25/2032 | 194 | 195 |
|  SCCU Auto Receivables Trust | SCCU Auto Receivables Trust | SCCU Auto Receivables Trust |
|  5.700% due 10/16/2028 | 907 | 913 |
|  5.700% due 08/15/2029 | 600 | 614 |
|  Upgrade Auto Receivables Trust | Upgrade Auto Receivables Trust | Upgrade Auto Receivables Trust |
|  4.540% due 05/15/2029 | 17300 | 17323 |
|  4.590% due 10/15/2031 | 5300 | 5268 |
|  4.600% due 01/15/2031 | 8600 | 8624 |
|  |  | 56605 |
| CMBS OTHER 1.0% | CMBS OTHER 1.0% | CMBS OTHER 1.0% |
|  ACREC Ltd. | ACREC Ltd. | ACREC Ltd. |
|  4.999% due 10/16/2036 •  | 367 | 366 |
|  ACRES LLC | ACRES LLC | ACRES LLC |
|  5.353% due 08/18/2040 •  | 7900 | 7916 |
|  BDS LLC | BDS LLC | BDS LLC |
|  5.013% due 10/17/2042 •  | 3200 | 3197 |
|  Greystone CRE Notes LLC | Greystone CRE Notes LLC | Greystone CRE Notes LLC |
|  5.231% due 01/15/2043 •  | 7350 | 7368 |
|  KREF Ltd. | KREF Ltd. | KREF Ltd. |
|  5.181% due 02/17/2039 •  | 672 | 673 |
|  LMNT CRE LLC | LMNT CRE LLC | LMNT CRE LLC |
|  5.550% due 07/21/2043 •  | 6500 | 6511 |
|  LoanCore Issuer Ltd. | LoanCore Issuer Ltd. | LoanCore Issuer Ltd. |
|  5.165% due 11/15/2038 •  | 336 | 338 |
|  LRECS LLC | LRECS LLC | LRECS LLC |
|  5.500% due 08/19/2043 •  | 6500 | 6512 |
|  MF1 LLC | MF1 LLC | MF1 LLC |
|  5.054% due 02/18/2040 •  | 4400 | 4394 |
|  5.468% due 03/19/2039 •  | 2500 | 2508 |
|  MF1 Ltd. | MF1 Ltd. | MF1 Ltd. |
|  5.081% due 02/19/2037 •  | 7532 | 7534 |
|  PFP Ltd. | PFP Ltd. | PFP Ltd. |
|  5.610% due 09/17/2039 •  | 3241 | 3251 |
|  Starwood LLC | Starwood LLC | Starwood LLC |
|  5.181% due 11/19/2042 •  | 7700 | 7714 |
|  Starwood Ltd. | Starwood Ltd. | Starwood Ltd. |
|  5.049% due 04/18/2038 •  | 4232 | 4236 |
|  TRTX Issuer Ltd. | TRTX Issuer Ltd. | TRTX Issuer Ltd. |
|  5.386% due 02/15/2039 •  | 2961 | 2956 |
|  |  | 65474 |
| HOME EQUITY OTHER 2.2% | HOME EQUITY OTHER 2.2% | HOME EQUITY OTHER 2.2% |
|  ABFC Trust | ABFC Trust | ABFC Trust |
|  4.126% due 10/25/2036 •  | 909 | 857 |
|  4.326% due 09/25/2036 •  | 3217 | 3174 |
|  ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust |
|  4.346% due 10/25/2036 •  | 4144 | 1624 |
|  Aegis Asset-Backed Securities Trust | Aegis Asset-Backed Securities Trust | Aegis Asset-Backed Securities Trust |
|  4.566% due 08/25/2035 •  | 25 | 25 |
|  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 |
|  2.804% due 06/25/2033 •  | 2881 | 2821 |
|  Argent Securities Trust | Argent Securities Trust | Argent Securities Trust |
|  4.226% due 03/25/2036 •  | 3053 | 2864 |
|  Argent Securities, Inc. Asset-Backed<br>Pass-Through Certificates | Argent Securities, Inc. Asset-Backed<br>Pass-Through Certificates | Argent Securities, Inc. Asset-Backed<br>Pass-Through Certificates |
|  4.306% due 01/25/2036 •  | 4274 | 4146 |
|  Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust |
|  4.551% due 11/25/2035 •  | 980 | 998 |
|  4.656% due 06/25/2034 •  | 2023 | 2123 |
|  4.671% due 04/25/2034 •  | 565 | 609 |
|  7.090% due 08/15/2032 •  | 226 | 218 |
|  Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust |
|  4.306% due 11/25/2036 •  | 3200 | 3042 |
|  4.821% due 12/25/2034 •  | 1299 | 1340 |
|  4.971% due 03/25/2035 •  | 59 | 59 |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  4.746% due 03/25/2034 •  | 1543 | 1646 |
|  Carrington Mortgage Loan Trust | Carrington Mortgage Loan Trust | Carrington Mortgage Loan Trust |
|  4.006% due 10/25/2036 •  | 2096 | 1640 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **57** |

---

------

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.106% due 02/25/2037 •  | $— | 3315 | $— | 3231 |
|  4.896% due 05/25/2035 •  |  | 2677 |  | 2614 |
|  CIT Mortgage Loan Trust | CIT Mortgage Loan Trust | CIT Mortgage Loan Trust | CIT Mortgage Loan Trust | CIT Mortgage Loan Trust |
|  5.346% due 10/25/2037 •  |  | 3190 |  | 3241 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.106% due 03/25/2037 •  |  | 182 |  | 168 |
|  4.166% due 09/25/2036 •  |  | 965 |  | 752 |
|  4.521% due 10/25/2035 •  |  | 159 |  | 158 |
|  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 |
|  4.046% due 06/25/2047 •  |  | 6530 |  | 5887 |
|  4.126% due 06/25/2035 •  |  | 2382 |  | 2205 |
|  4.126% due 05/25/2037 •  |  | 2125 |  | 2042 |
|  4.286% due 09/25/2037 •  |  | 1128 |  | 1205 |
|  4.306% due 04/25/2047 •  |  | 5870 |  | 5411 |
|  EMC Mortgage Loan Trust | EMC Mortgage Loan Trust | EMC Mortgage Loan Trust | EMC Mortgage Loan Trust | EMC Mortgage Loan Trust |
|  4.946% due 08/25/2040 •  |  | 939 |  | 955 |
|  Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust |
|  4.716% due 11/25/2034 •  |  | 4718 |  | 4284 |
|  4.896% due 11/25/2034 •  |  | 287 |  | 278 |
|  GSAA Trust | GSAA Trust | GSAA Trust | GSAA Trust | GSAA Trust |
|  4.286% due 03/25/2047 •  |  | 2640 |  | 892 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  4.626% due 07/25/2045 •  |  | 329 |  | 334 |
|  Home Equity Mortgage Loan Asset-Backed Trust | Home Equity Mortgage Loan Asset-Backed Trust | Home Equity Mortgage Loan Asset-Backed Trust | Home Equity Mortgage Loan Asset-Backed Trust | Home Equity Mortgage Loan Asset-Backed Trust |
|  4.086% due 11/25/2036 •  |  | 6129 |  | 5169 |
|  4.226% due 07/25/2037 •  |  | 7277 |  | 2865 |
|  JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. |
|  4.431% due 05/25/2035 •  |  | 533 |  | 531 |
|  JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust |
|  3.881% due 07/25/2036 •  |  | 1510 |  | 1463 |
|  4.416% due 07/25/2036 •  |  | 1100 |  | 1093 |
|  Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust |
|  4.896% due 06/25/2035 •  |  | 3085 |  | 3055 |
|  4.996% due 09/25/2034 •  |  | 705 |  | 722 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  3.711% due 02/25/2037 þ |  | 11787 |  | 1250 |
|  Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust |
|  3.916% due 10/25/2036 •  |  | 66 |  | 29 |
|  3.976% due 01/25/2037 •  |  | 1591 |  | 737 |
|  3.986% due 05/25/2037 •  |  | 94 |  | 86 |
|  3.996% due 10/25/2036 •  |  | 261 |  | 137 |
|  4.066% due 11/25/2036 •  |  | 2578 |  | 1240 |
|  4.346% due 07/25/2036 •  |  | 1388 |  | 508 |
|  4.346% due 08/25/2036 •  |  | 12253 |  | 6178 |
|  4.506% due 11/25/2035 •  |  | 3775 |  | 3701 |
|  4.626% due 01/25/2035 •  |  | 61 |  | 62 |
|  4.761% due 07/25/2034 •  |  | 482 |  | 492 |
|  5.096% due 07/25/2037 •  |  | 6420 |  | 5749 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  6.465% due 09/25/2046 þ |  | 2559 |  | 825 |
|  New Century Home Equity Loan Trust | New Century Home Equity Loan Trust | New Century Home Equity Loan Trust | New Century Home Equity Loan Trust | New Century Home Equity Loan Trust |
|  4.731% due 08/25/2034 •  |  | 527 |  | 575 |
|  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 | Nomura Home Equity Loan, Inc. Home Equity Loan Trust | Nomura Home Equity Loan, Inc. Home Equity Loan Trust |
|  4.611% due 05/25/2035 •  |  | 702 |  | 701 |
|  Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust |
|  4.026% due 04/25/2037 •  |  | 2055 |  | 1019 |
|  4.126% due 07/25/2036 •  |  | 1785 |  | 1074 |
|  RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust |
|  4.966% due 11/25/2055 þ |  | 3965 |  | 3975 |
|  6.025% due 02/25/2044 ~ |  | 534 |  | 539 |
|  6.147% due 06/25/2044 þ |  | 2936 |  | 2973 |
|  Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust |
|  4.606% due 11/25/2035 •  |  | 686 |  | 631 |
|  5.586% due 11/25/2036 þ |  | 662 |  | 204 |
|  5.608% due 05/25/2036 þ |  | 13820 |  | 5874 |
|  5.812% due 11/25/2036 þ |  | 12195 |  | 3907 |
|  5.893% due 06/25/2037 þ |  | 2722 |  | 674 |
|  6.115% due 08/25/2036 þ |  | 8664 |  | 3122 |
|  6.120% due 11/25/2036 þ |  | 1166 |  | 393 |
|  Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust |
|  4.356% due 03/25/2036 •  |  | 833 |  | 826 |
|  Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust |
|  4.066% due 02/25/2037 •  |  | 3313 |  | 3228 |
|  Saxon Asset Securities Trust | Saxon Asset Securities Trust | Saxon Asset Securities Trust | Saxon Asset Securities Trust | Saxon Asset Securities Trust |
|  0.526% due 05/25/2035 •  |  | 595 |  | 501 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  1.432% due 03/25/2035 •  | 119 | 103 |
|  5.571% due 12/26/2034 •  | 1773 | 1461 |
|  5.596% due 12/25/2037 •  | 394 | 381 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.626% due 02/25/2034 •  | 1580 | 1668 |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  4.096% due 07/25/2037 •  | 3022 | 2562 |
|  Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust |
|  4.191% due 07/25/2036 •  | 4256 | 2487 |
|  4.476% due 11/25/2035 •  | 1302 | 1286 |
|  4.551% due 03/25/2034 •  | 1307 | 1390 |
|  5.346% due 11/25/2034 •  | 1443 | 1672 |
|  Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust |
|  4.881% due 07/25/2035 •  | 2915 | 3003 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  5.348% due 07/25/2065 þ | 3494 | 3519 |
|  6.125% due 02/25/2064 ~ | 545 | 550 |
|  WaMu Asset-Backed Certificates WaMu Trust | WaMu Asset-Backed Certificates WaMu Trust | WaMu Asset-Backed Certificates WaMu Trust |
|  4.071% due 05/25/2037 •  | 1569 | 1498 |
|  Wells Fargo Home Equity Asset-Backed Securities Trust | Wells Fargo Home Equity Asset-Backed Securities Trust | Wells Fargo Home Equity Asset-Backed Securities Trust |
|  4.596% due 12/25/2035 •  | 907 | 906 |
|  6.396% due 04/25/2035 •  | 131 | 134 |
|  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 |
|  4.446% due 04/25/2034 •  | 48 | 48 |
|  |  | 149619 |
| HOME EQUITY SEQUENTIAL 0.0% | HOME EQUITY SEQUENTIAL 0.0% | HOME EQUITY SEQUENTIAL 0.0% |
|  ABFC Trust | ABFC Trust | ABFC Trust |
|  4.166% due 01/25/2037 •  | 1637 | 923 |
| WHOLE LOAN COLLATERAL 0.3% | WHOLE LOAN COLLATERAL 0.3% | WHOLE LOAN COLLATERAL 0.3% |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.746% due 01/25/2036 •  | 1780 | 1794 |
|  6.664% due 05/25/2036 þ | 3911 | 1392 |
|  First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust |
|  4.066% due 12/25/2037 •  | 1644 | 1599 |
|  4.166% due 10/25/2036 •  | 2859 | 1896 |
|  4.446% due 11/25/2035 •  | 157 | 155 |
|  4.671% due 05/25/2034 •  | 1001 | 980 |
|  5.031% due 12/25/2034 •  | 1475 | 1509 |
|  5.271% due 10/25/2034 •  | 617 | 624 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  4.596% due 01/25/2034 •  | 651 | 675 |
|  5.721% due 08/25/2034 •  | 4885 | 4287 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.377% due 06/25/2036 þ | 1358 | 1341 |
|  6.260% due 11/25/2035 þ | 2866 | 1309 |
|  Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust |
|  3.988% due 03/25/2032 •  | 759 | 664 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.426% due 12/25/2035 •  | 1066 | 1052 |
|  Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust |
|  4.146% due 09/25/2037 •  | 5398 | 3791 |
|  |  | 23068 |
| OTHER ABS 9.3% | OTHER ABS 9.3% | OTHER ABS 9.3% |
|  522 Funding CLO Ltd. | 522 Funding CLO Ltd. | 522 Funding CLO Ltd. |
|  5.186% due 10/20/2031 •  | 577 | 578 |
|  AASET MT-1 Ltd. | AASET MT-1 Ltd. | AASET MT-1 Ltd. |
|  5.522% due 02/16/2050 | 7035 | 7092 |
|  AASET Trust | AASET Trust | AASET Trust |
|  2.798% due 01/15/2047 | 1946 | 1848 |
|  ACHV ABS Trust | ACHV ABS Trust | ACHV ABS Trust |
|  5.900% due 04/25/2031 | 58 | 58 |
|  ALESCO Preferred Funding XVII Ltd. | ALESCO Preferred Funding XVII Ltd. | ALESCO Preferred Funding XVII Ltd. |
|  4.697% due 09/23/2038 •  | 1811 | 1770 |
|  AMMC CLO 27 Ltd. | AMMC CLO 27 Ltd. | AMMC CLO 27 Ltd. |
|  4.964% due 01/20/2037 •  | 1400 | 1400 |
|  Anchorage Capital CLO 20 Ltd. | Anchorage Capital CLO 20 Ltd. | Anchorage Capital CLO 20 Ltd. |
|  4.984% due 01/20/2035 •  | 2000 | 2000 |
|  Anchorage Capital CLO 28 Ltd. | Anchorage Capital CLO 28 Ltd. | Anchorage Capital CLO 28 Ltd. |
|  5.584% due 04/20/2037 •  | 9100 | 9153 |

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| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Anchorage Credit Funding 1 Ltd. | Anchorage Credit Funding 1 Ltd. | Anchorage Credit Funding 1 Ltd. |
|  3.900% due 07/28/2037 | 8453 | 8390 |
|  Anchorage Credit Funding 10 Ltd. | Anchorage Credit Funding 10 Ltd. | Anchorage Credit Funding 10 Ltd. |
|  3.619% due 04/25/2038 | 2085 | 2053 |
|  Anchorage Credit Funding 12 Ltd. | Anchorage Credit Funding 12 Ltd. | Anchorage Credit Funding 12 Ltd. |
|  3.177% due 10/25/2038 | 2000 | 1961 |
|  Anchorage Credit Funding 13 Ltd. | Anchorage Credit Funding 13 Ltd. | Anchorage Credit Funding 13 Ltd. |
|  2.875% due 07/27/2039 | 2000 | 1929 |
|  Anchorage Credit Funding 14 Ltd. | Anchorage Credit Funding 14 Ltd. | Anchorage Credit Funding 14 Ltd. |
|  3.000% due 01/21/2040 | 2000 | 1922 |
|  Anchorage Credit Funding 18 Ltd. | Anchorage Credit Funding 18 Ltd. | Anchorage Credit Funding 18 Ltd. |
|  5.702% due 10/22/2040 | 2000 | 2010 |
|  Anchorage Credit Funding 19 Ltd. | Anchorage Credit Funding 19 Ltd. | Anchorage Credit Funding 19 Ltd. |
|  5.336% due 10/25/2040 | 5000 | 4991 |
|  Anchorage Credit Funding 3 Ltd. | Anchorage Credit Funding 3 Ltd. | Anchorage Credit Funding 3 Ltd. |
|  2.871% due 01/28/2039 | 2400 | 2326 |
|  Anchorage Credit Funding 4 Ltd. | Anchorage Credit Funding 4 Ltd. | Anchorage Credit Funding 4 Ltd. |
|  2.723% due 04/27/2039 | 2000 | 1911 |
|  Anchorage Credit Funding 7 Ltd. | Anchorage Credit Funding 7 Ltd. | Anchorage Credit Funding 7 Ltd. |
|  4.620% due 04/25/2037 | 1433 | 1432 |
|  Anchorage Credit Funding 8 Ltd. | Anchorage Credit Funding 8 Ltd. | Anchorage Credit Funding 8 Ltd. |
|  4.430% due 07/25/2037 | 3019 | 3012 |
|  Anchorage Credit Funding 9 Ltd. | Anchorage Credit Funding 9 Ltd. | Anchorage Credit Funding 9 Ltd. |
|  3.793% due 10/25/2037 | 777 | 770 |
|  Apex Credit CLO Ltd. | Apex Credit CLO Ltd. | Apex Credit CLO Ltd. |
|  5.684% due 04/20/2036 •  | 4900 | 4927 |
|  Aqua Finance Issuer Trust | Aqua Finance Issuer Trust | Aqua Finance Issuer Trust |
|  4.790% due 05/17/2051 | 1947 | 1962 |
|  ARES LX CLO Ltd. | ARES LX CLO Ltd. | ARES LX CLO Ltd. |
|  5.064% due 07/18/2034 •  | 1000 | 1000 |
|  ARES LXII CLO Ltd. | ARES LXII CLO Ltd. | ARES LXII CLO Ltd. |
|  4.928% due 01/25/2034 •  | 4400 | 4400 |
|  ARES XXVII CLO Ltd. | ARES XXVII CLO Ltd. | ARES XXVII CLO Ltd. |
|  5.009% due 10/28/2034 •  | 4200 | 4201 |
|  Ascent Education Funding Trust | Ascent Education Funding Trust | Ascent Education Funding Trust |
|  6.140% due 10/25/2050 | 471 | 484 |
|  Atlantic Avenue Ltd. | Atlantic Avenue Ltd. | Atlantic Avenue Ltd. |
|  5.144% due 01/20/2035 •  | 5800 | 5806 |
|  Atlas Senior Loan Fund XII Ltd. | Atlas Senior Loan Fund XII Ltd. | Atlas Senior Loan Fund XII Ltd. |
|  5.307% due 10/24/2031 •  | 224 | 225 |
|  Atlas Senior Loan Fund XVI Ltd. | Atlas Senior Loan Fund XVI Ltd. | Atlas Senior Loan Fund XVI Ltd. |
|  5.019% due 01/20/2034 •  | 4000 | 4000 |
|  Atlas Senior Loan Fund XVIII Ltd. | Atlas Senior Loan Fund XVIII Ltd. | Atlas Senior Loan Fund XVIII Ltd. |
|  4.994% due 01/18/2035 •  | 2900 | 2900 |
|  Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. |
|  4.850% due 04/23/2035 •  | 8000 | 7997 |
|  4.900% due 10/21/2034 •  | 6550 | 6546 |
|  4.925% due 07/24/2034 •  | 1800 | 1797 |
|  5.084% due 10/20/2034 •  | 7440 | 7447 |
|  5.374% due 07/16/2034 •  | 1000 | 1005 |
|  5.544% due 07/16/2034 •  | 1500 | 1503 |
|  Barings Euro CLO DAC | Barings Euro CLO DAC | Barings Euro CLO DAC |
|  0.000% due 08/15/2039 •(c) | 2500 | 2938 |
|  3.250% due 10/21/2038 •  | 3500 | 4109 |
|  Bayfront Iabs VII Pte. Ltd. | Bayfront Iabs VII Pte. Ltd. | Bayfront Iabs VII Pte. Ltd. |
|  0.000% due 04/11/2048 «•  | 6000 | 6000 |
|  Birch Grove CLO Ltd. | Birch Grove CLO Ltd. | Birch Grove CLO Ltd. |
|  5.472% due 07/17/2037 •  | 8300 | 8335 |
|  BlueMountain CLO Ltd. | BlueMountain CLO Ltd. | BlueMountain CLO Ltd. |
|  5.048% due 10/25/2030 •  | 1373 | 1375 |
|  BlueMountain CLO XXXIV Ltd. | BlueMountain CLO XXXIV Ltd. | BlueMountain CLO XXXIV Ltd. |
|  5.034% due 04/20/2035 •  | 3900 | 3902 |
|  Cairn CLO XI DAC | Cairn CLO XI DAC | Cairn CLO XI DAC |
|  3.187% due 01/15/2040 •  | 2700 | 3176 |
|  Canyon CLO Ltd. | Canyon CLO Ltd. | Canyon CLO Ltd. |
|  4.985% due 07/15/2034 •  | 2000 | 1998 |
|  Capital Street Master Trust | Capital Street Master Trust | Capital Street Master Trust |
|  5.074% due 08/16/2029 •  | 3000 | 2997 |
|  5.324% due 10/16/2028 •  | 7500 | 7503 |
|  Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. |
|  4.974% due 07/20/2034 •  | 5600 | 5603 |
|  Carlyle U.S. CLO Ltd. | Carlyle U.S. CLO Ltd. | Carlyle U.S. CLO Ltd. |
|  4.938% due 01/25/2035 •  | 2700 | 2700 |
|  4.994% due 10/20/2034 •  | 1000 | 1001 |

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

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------

December 31, 2025 (Unaudited)

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| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  CARS-DB7 LP | CARS-DB7 LP | CARS-DB7 LP |
|  5.750% due 09/15/2053 | 4681 | 4717 |
|  Castlelake Aircraft Securitization Trust | Castlelake Aircraft Securitization Trust | Castlelake Aircraft Securitization Trust |
|  4.125% due 06/15/2043 | 206 | 204 |
|  Castlelake Aircraft Structured Trust | Castlelake Aircraft Structured Trust | Castlelake Aircraft Structured Trust |
|  5.087% due 11/15/2050 | 10927 | 10978 |
|  Cedar Funding VI CLO Ltd. | Cedar Funding VI CLO Ltd. | Cedar Funding VI CLO Ltd. |
|  4.974% due 04/20/2034 •  | 8400 | 8403 |
|  Centerbridge Credit Funding 1 Ltd. | Centerbridge Credit Funding 1 Ltd. | Centerbridge Credit Funding 1 Ltd. |
|  3.164% due 07/25/2039 | 2300 | 2237 |
|  CQS U.S. CLO 5 Ltd. | CQS U.S. CLO 5 Ltd. | CQS U.S. CLO 5 Ltd. |
|  5.101% due 01/17/2039 •  | 26300 | 26324 |
|  CVC Cordatus Loan Fund XII DAC | CVC Cordatus Loan Fund XII DAC | CVC Cordatus Loan Fund XII DAC |
|  0.000% due 01/23/2039 •(c) | 2500 | 2938 |
|  CVC Cordatus Loan Fund XXX DAC | CVC Cordatus Loan Fund XXX DAC | CVC Cordatus Loan Fund XXX DAC |
|  3.297% due 05/15/2037 •  | 1000 | 1176 |
|  DataBank Issuer II LLC | DataBank Issuer II LLC | DataBank Issuer II LLC |
|  5.180% due 09/27/2055 | 5000 | 4935 |
|  Diameter Capital CLO 6 Ltd. | Diameter Capital CLO 6 Ltd. | Diameter Capital CLO 6 Ltd. |
|  5.515% due 04/15/2037 •  | 8900 | 8946 |
|  Diamond Infrastructure Funding LLC | Diamond Infrastructure Funding LLC | Diamond Infrastructure Funding LLC |
|  1.760% due 04/15/2049 | 600 | 583 |
|  Diamond Issuer LLC | Diamond Issuer LLC | Diamond Issuer LLC |
|  2.305% due 11/20/2051 | 1800 | 1729 |
|  Domino's Pizza Master Issuer LLC | Domino's Pizza Master Issuer LLC | Domino's Pizza Master Issuer LLC |
|  4.930% due 07/25/2055 | 22500 | 22666 |
|  Dryden 54 Senior Loan Fund | Dryden 54 Senior Loan Fund | Dryden 54 Senior Loan Fund |
|  5.034% due 10/19/2029 •  | 742 | 742 |
|  Dryden 86 CLO Ltd. | Dryden 86 CLO Ltd. | Dryden 86 CLO Ltd. |
|  5.012% due 07/17/2034 •  | 1300 | 1300 |
|  Dryden 95 CLO Ltd. | Dryden 95 CLO Ltd. | Dryden 95 CLO Ltd. |
|  4.929% due 08/20/2034 •  | 6200 | 6198 |
|  ECMC Group Student Loan Trust | ECMC Group Student Loan Trust | ECMC Group Student Loan Trust |
|  4.989% due 01/27/2070 •  | 2303 | 2310 |
|  Elevation CLO Ltd. | Elevation CLO Ltd. | Elevation CLO Ltd. |
|  4.988% due 07/25/2034 •  | 3500 | 3497 |
|  5.158% due 01/25/2035 •  | 1300 | 1302 |
|  Fortress Credit BSL VII Ltd. | Fortress Credit BSL VII Ltd. | Fortress Credit BSL VII Ltd. |
|  4.950% due 07/23/2032 •  | 1467 | 1468 |
|  GreenSky Home Improvement Issuer Trust | GreenSky Home Improvement Issuer Trust | GreenSky Home Improvement Issuer Trust |
|  4.890% due 06/25/2060 | 1106 | 1115 |
|  5.020% due 06/25/2060 | 500 | 508 |
|  GreenSky Home Improvement Trust | GreenSky Home Improvement Trust | GreenSky Home Improvement Trust |
|  5.550% due 06/25/2059 | 500 | 513 |
|  5.870% due 06/25/2059 | 2233 | 2284 |
|  5.880% due 06/25/2059 | 240 | 242 |
|  Greywolf CLO III Ltd. | Greywolf CLO III Ltd. | Greywolf CLO III Ltd. |
|  5.087% due 04/22/2033 •  | 3572 | 3575 |
|  Greywolf CLO IV Ltd. | Greywolf CLO IV Ltd. | Greywolf CLO IV Ltd. |
|  5.122% due 04/17/2034 •  | 1500 | 1502 |
|  Grosvenor Place CLO DAC | Grosvenor Place CLO DAC | Grosvenor Place CLO DAC |
|  3.383% due 08/15/2039 •  | 2800 | 3291 |
|  Guggenheim CLO Ltd. | Guggenheim CLO Ltd. | Guggenheim CLO Ltd. |
|  5.055% due 01/15/2035 •  | 6700 | 6692 |
|  Harvest CLO XVI DAC | Harvest CLO XVI DAC | Harvest CLO XVI DAC |
|  3.336% due 10/15/2038 •  | 1800 | 2115 |
|  Home Partners of America Trust | Home Partners of America Trust | Home Partners of America Trust |
|  2.200% due 01/17/2041 | 1616 | 1523 |
|  Horizon Aircraft Finance II Ltd. | Horizon Aircraft Finance II Ltd. | Horizon Aircraft Finance II Ltd. |
|  3.721% due 07/15/2039 | 1339 | 1316 |
|  IFC Emerging Markets Securitization Ltd. | IFC Emerging Markets Securitization Ltd. | IFC Emerging Markets Securitization Ltd. |
|  5.454% due 12/31/2035 •  | 3500 | 3500 |
|  Indigo Credit Management I DAC | Indigo Credit Management I DAC | Indigo Credit Management I DAC |
|  0.000% due 10/15/2037 •  | 1000 | 1175 |
|  Invesco Euro CLO XI DAC | Invesco Euro CLO XI DAC | Invesco Euro CLO XI DAC |
|  3.283% due 10/22/2036 •  | 2900 | 3411 |
|  KDAC Aviation Finance Ltd. | KDAC Aviation Finance Ltd. | KDAC Aviation Finance Ltd. |
|  4.212% due 12/15/2042 | 1104 | 1103 |
|  KKR CLO 27 Ltd. | KKR CLO 27 Ltd. | KKR CLO 27 Ltd. |
|  5.015% due 01/15/2035 •  | 1000 | 1000 |
|  KKR CLO 33 Ltd. | KKR CLO 33 Ltd. | KKR CLO 33 Ltd. |
|  4.993% due 07/20/2034 •  | 4000 | 4001 |
|  KKR CLO 36 Ltd. | KKR CLO 36 Ltd. | KKR CLO 36 Ltd. |
|  5.055% due 10/15/2034 •  | 2100 | 2101 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  LCM 35 Ltd. | LCM 35 Ltd. | LCM 35 Ltd. |
|  4.985% due 10/15/2034 •  | 2500 | 2500 |
|  LUNAR AIRCRAFT Ltd. | LUNAR AIRCRAFT Ltd. | LUNAR AIRCRAFT Ltd. |
|  3.376% due 02/15/2045 | 1211 | 1192 |
|  Madison Park Funding XLIX Ltd. | Madison Park Funding XLIX Ltd. | Madison Park Funding XLIX Ltd. |
|  4.934% due 10/19/2034 •  | 4300 | 4300 |
|  Madison Park Funding XLVI Ltd. | Madison Park Funding XLVI Ltd. | Madison Park Funding XLVI Ltd. |
|  4.905% due 10/15/2034 •  | 5650 | 5646 |
|  METAL LLC | METAL LLC | METAL LLC |
|  4.581% due 10/15/2042 | 2194 | 1536 |
|  Mountain View CLO XIV Ltd. | Mountain View CLO XIV Ltd. | Mountain View CLO XIV Ltd. |
|  6.813% due 10/15/2034 •  | 5000 | 5002 |
|  MV Credit Euro CLO III DAC | MV Credit Euro CLO III DAC | MV Credit Euro CLO III DAC |
|  3.364% due 02/15/2038 •  | 2300 | 2703 |
|  Navesink CLO 2 Ltd. | Navesink CLO 2 Ltd. | Navesink CLO 2 Ltd. |
|  0.000% due 01/15/2036 •(c) | 1500 | 1500 |
|  Navient Private Education Loan Trust | Navient Private Education Loan Trust | Navient Private Education Loan Trust |
|  5.315% due 07/16/2040 •  | 384 | 384 |
|  Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust |
|  1.310% due 01/15/2069 | 513 | 486 |
|  1.330% due 04/15/2069 | 1946 | 1823 |
|  Navient Refinance Loan Trust | Navient Refinance Loan Trust | Navient Refinance Loan Trust |
|  4.800% due 10/15/2055 | 8920 | 8947 |
|  Navient Student Loan Trust | Navient Student Loan Trust | Navient Student Loan Trust |
|  7.230% due 03/15/2072 | 1600 | 1736 |
|  Nelnet Student Loan Trust | Nelnet Student Loan Trust | Nelnet Student Loan Trust |
|  4.650% due 08/20/2054 | 10000 | 9974 |
|  4.840% due 05/17/2055 | 17211 | 17284 |
|  5.268% due 06/22/2065 •  | 8505 | 8577 |
|  6.640% due 02/20/2041 | 2273 | 2368 |
|  Neuberger Berman Loan Advisers CLO 43 Ltd. | Neuberger Berman Loan Advisers CLO 43 Ltd. | Neuberger Berman Loan Advisers CLO 43 Ltd. |
|  4.932% due 07/17/2036 •  | 2600 | 2599 |
|  Neuberger Berman Loan Advisers CLO 45 Ltd. | Neuberger Berman Loan Advisers CLO 45 Ltd. | Neuberger Berman Loan Advisers CLO 45 Ltd. |
|  4.972% due 10/14/2036 •  | 2610 | 2609 |
|  Neuberger Berman Loan Advisers Lasalle Street Lending CLO I Ltd. | Neuberger Berman Loan Advisers Lasalle Street Lending CLO I Ltd. | Neuberger Berman Loan Advisers Lasalle Street Lending CLO I Ltd. |
|  5.140% due 10/25/2036 •  | 6500 | 6508 |
|  Northwoods Capital 25 Ltd. | Northwoods Capital 25 Ltd. | Northwoods Capital 25 Ltd. |
|  5.004% due 07/20/2034 •  | 4800 | 4792 |
|  Ocean Trails CLO X | Ocean Trails CLO X | Ocean Trails CLO X |
|  5.205% due 10/15/2034 •  | 2000 | 2004 |
|  Ocean Trails CLO XI | Ocean Trails CLO XI | Ocean Trails CLO XI |
|  4.914% due 07/20/2034 •  | 5200 | 5187 |
|  Octagon Investment Partners 39 Ltd. | Octagon Investment Partners 39 Ltd. | Octagon Investment Partners 39 Ltd. |
|  5.034% due 10/20/2030 •  | 525 | 526 |
|  OFSI BSL X Ltd. | OFSI BSL X Ltd. | OFSI BSL X Ltd. |
|  5.154% due 04/20/2034 •  | 3000 | 3004 |
|  OneMain Financial Issuance Trust | OneMain Financial Issuance Trust | OneMain Financial Issuance Trust |
|  5.840% due 09/15/2036 | 10200 | 10410 |
|  Oportun Issuance Trust | Oportun Issuance Trust | Oportun Issuance Trust |
|  5.860% due 02/09/2032 | 46 | 46 |
|  Pagaya AI Debt Grantor Trust | Pagaya AI Debt Grantor Trust | Pagaya AI Debt Grantor Trust |
|  4.865% due 10/15/2032 | 2631 | 2641 |
|  5.108% due 03/15/2033 | 1100 | 1107 |
|  5.156% due 07/15/2032 | 673 | 679 |
|  5.331% due 01/15/2032 | 360 | 361 |
|  5.628% due 07/15/2032 | 6899 | 6959 |
|  5.867% due 07/15/2032 | 6899 | 6940 |
|  Pagaya AI Debt Grantor Trust & Pagaya AI Debt Trust | Pagaya AI Debt Grantor Trust & Pagaya AI Debt Trust | Pagaya AI Debt Grantor Trust & Pagaya AI Debt Trust |
|  6.093% due 11/15/2031 | 200 | 201 |
|  Pagaya AI Debt Trust | Pagaya AI Debt Trust | Pagaya AI Debt Trust |
|  5.373% due 01/17/2033 | 500 | 504 |
|  6.258% due 10/15/2031 | 652 | 654 |
|  6.319% due 08/15/2031 | 270 | 271 |
|  6.660% due 07/15/2031 | 96 | 97 |
|  Parallel Ltd. | Parallel Ltd. | Parallel Ltd. |
|  5.015% due 07/15/2034 •  | 4100 | 4092 |
|  Penta CLO 9 DAC | Penta CLO 9 DAC | Penta CLO 9 DAC |
|  2.915% due 07/25/2036 •  | 2000 | 2350 |
|  Pikes Peak CLO 2 | Pikes Peak CLO 2 | Pikes Peak CLO 2 |
|  5.104% due 10/11/2034 •  | 6500 | 6507 |
|  PK ALIFT Loan Funding 6 LP | PK ALIFT Loan Funding 6 LP | PK ALIFT Loan Funding 6 LP |
|  5.365% due 11/15/2042 | 4975 | 5018 |
|  PK ALIFT Loan Funding 7 LP | PK ALIFT Loan Funding 7 LP | PK ALIFT Loan Funding 7 LP |
|  4.750% due 03/15/2043 | 2735 | 2745 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Planet Fitness Master Issuer LLC | Planet Fitness Master Issuer LLC | Planet Fitness Master Issuer LLC |
|  5.649% due 12/06/2055 | 10000 | 10029 |
|  Post CLO Ltd. | Post CLO Ltd. | Post CLO Ltd. |
|  4.985% due 10/15/2034 •  | 1000 | 1000 |
|  PPM CLO 5 Ltd. | PPM CLO 5 Ltd. | PPM CLO 5 Ltd. |
|  4.998% due 10/18/2034 •  | 2400 | 2400 |
|  QTS Issuer ABS II LLC | QTS Issuer ABS II LLC | QTS Issuer ABS II LLC |
|  5.044% due 10/05/2055 | 3900 | 3872 |
|  Raptor Aircraft Finance I LLC | Raptor Aircraft Finance I LLC | Raptor Aircraft Finance I LLC |
|  4.213% due 08/23/2044 | 1473 | 1360 |
|  Reach ABS Trust | Reach ABS Trust | Reach ABS Trust |
|  5.840% due 07/15/2031 | 1500 | 1523 |
|  5.880% due 07/15/2031 | 312 | 313 |
|  Romark CLO - IV Ltd. | Romark CLO - IV Ltd. | Romark CLO - IV Ltd. |
|  5.067% due 07/10/2034 •  | 3000 | 3001 |
|  5.577% due 07/10/2034 •  | 1300 | 1302 |
|  Romark CLO V Ltd. | Romark CLO V Ltd. | Romark CLO V Ltd. |
|  5.705% due 01/15/2035 •  | 4250 | 4261 |
|  Romark Credit Funding II Ltd. | Romark Credit Funding II Ltd. | Romark Credit Funding II Ltd. |
|  2.625% due 10/25/2039 | 1000 | 949 |
|  Romark Credit Funding III Ltd. | Romark Credit Funding III Ltd. | Romark Credit Funding III Ltd. |
|  5.539% due 09/15/2042 | 4400 | 4416 |
|  Romark Credit Funding Ltd. | Romark Credit Funding Ltd. | Romark Credit Funding Ltd. |
|  5.423% due 07/29/2043 | 2600 | 2616 |
|  Sandstone Peak Ltd. | Sandstone Peak Ltd. | Sandstone Peak Ltd. |
|  5.185% due 10/15/2034 •  | 6300 | 6311 |
|  Saranac CLO VI Ltd. | Saranac CLO VI Ltd. | Saranac CLO VI Ltd. |
|  5.125% due 08/13/2031 •  | 890 | 890 |
|  Silver Rock CLO II Ltd. | Silver Rock CLO II Ltd. | Silver Rock CLO II Ltd. |
|  4.924% due 01/20/2035 •  | 3600 | 3600 |
|  Slam Ltd. | Slam Ltd. | Slam Ltd. |
|  5.335% due 09/15/2049 | 2667 | 2707 |
|  5.807% due 05/15/2050 | 5694 | 5849 |
|  SLM Private Credit Student Loan Trust | SLM Private Credit Student Loan Trust | SLM Private Credit Student Loan Trust |
|  4.255% due 12/15/2039 •  | 1419 | 1386 |
|  4.295% due 12/15/2038 •  | 190 | 187 |
|  SLM Private Education Loan Trust | SLM Private Education Loan Trust | SLM Private Education Loan Trust |
|  8.615% due 10/15/2041 •  | 2185 | 2299 |
|  SLM Student Loan Trust | SLM Student Loan Trust | SLM Student Loan Trust |
|  5.325% due 04/25/2049 •  | 77 | 77 |
|  6.275% due 01/27/2026 •  | 497 | 500 |
|  SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
|  4.696% due 09/15/2054 •  | 1358 | 1353 |
|  5.240% due 03/15/2056 | 2229 | 2270 |
|  5.334% due 10/16/2056 •  | 985 | 987 |
|  5.380% due 01/15/2053 | 440 | 449 |
|  5.434% due 03/15/2056 •  | 3375 | 3411 |
|  Sound Point CLO XXIII | Sound Point CLO XXIII | Sound Point CLO XXIII |
|  5.336% due 07/15/2034 •  | 5700 | 5718 |
|  Stonepeak ABS | Stonepeak ABS | Stonepeak ABS |
|  2.301% due 02/28/2033 | 315 | 308 |
|  Subway Funding LLC | Subway Funding LLC | Subway Funding LLC |
|  6.028% due 07/30/2054 | 5148 | 5223 |
|  Sunbit Asset Securitization Trust | Sunbit Asset Securitization Trust | Sunbit Asset Securitization Trust |
|  5.360% due 07/15/2030 | 3200 | 3223 |
|  Switch ABS Issuer LLC | Switch ABS Issuer LLC | Switch ABS Issuer LLC |
|  5.121% due 10/25/2055 | 12500 | 12501 |
|  Symphony CLO 36 Ltd. | Symphony CLO 36 Ltd. | Symphony CLO 36 Ltd. |
|  0.000% due 01/20/2036 •(c) | 2700 | 2700 |
|  Symphony CLO XXV Ltd. | Symphony CLO XXV Ltd. | Symphony CLO XXV Ltd. |
|  4.874% due 04/19/2034 •  | 3100 | 3100 |
|  TCW CLO AMR Ltd. | TCW CLO AMR Ltd. | TCW CLO AMR Ltd. |
|  5.151% due 08/16/2034 •  | 5600 | 5604 |
|  Thayer Park CLO Ltd. | Thayer Park CLO Ltd. | Thayer Park CLO Ltd. |
|  4.868% due 04/20/2034 •  | 2200 | 2199 |
|  Tralee CLO V Ltd. | Tralee CLO V Ltd. | Tralee CLO V Ltd. |
|  4.964% due 10/20/2034 •  | 2800 | 2799 |
|  Trinitas CLO VI Ltd. | Trinitas CLO VI Ltd. | Trinitas CLO VI Ltd. |
|  4.968% due 01/25/2034 •  | 3000 | 3001 |
|  Trinitas CLO VII Ltd. | Trinitas CLO VII Ltd. | Trinitas CLO VII Ltd. |
|  4.918% due 01/25/2035 •  | 1800 | 1800 |
|  Trinitas CLO XIX Ltd. | Trinitas CLO XIX Ltd. | Trinitas CLO XIX Ltd. |
|  4.994% due 10/20/2033 •  | 2478 | 2481 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **59** |

---

------

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

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  UPG HI Issuer Trust | UPG HI Issuer Trust | UPG HI Issuer Trust |
|  5.000% due 09/25/2047 | 6900 | 6902 |
|  UPX HIL Issuer Trust | UPX HIL Issuer Trust | UPX HIL Issuer Trust |
|  5.160% due 01/25/2047 | 868 | 875 |
|  Vantage Data Centers LLC | Vantage Data Centers LLC | Vantage Data Centers LLC |
|  5.132% due 08/15/2055 | 5400 | 5347 |
|  VB-S1 Issuer LLC | VB-S1 Issuer LLC | VB-S1 Issuer LLC |
|  3.706% due 02/15/2057 | 2400 | 2198 |
|  Venture 33 CLO Ltd. | Venture 33 CLO Ltd. | Venture 33 CLO Ltd. |
|  5.226% due 07/15/2031 •  | 911 | 911 |
|  Venture 44 CLO Ltd. | Venture 44 CLO Ltd. | Venture 44 CLO Ltd. |
|  5.024% due 10/20/2034 •  | 2000 | 2001 |
|  Venture XXIX CLO Ltd. | Venture XXIX CLO Ltd. | Venture XXIX CLO Ltd. |
|  5.103% due 09/07/2030 •  | 312 | 312 |
|  Venture XXVII CLO Ltd. | Venture XXVII CLO Ltd. | Venture XXVII CLO Ltd. |
|  5.196% due 07/20/2030 •  | 83 | 83 |
|  Verizon Master Trust | Verizon Master Trust | Verizon Master Trust |
|  5.350% due 09/22/2031 | 7000 | 7264 |
|  Vibrant CLO XII Ltd. | Vibrant CLO XII Ltd. | Vibrant CLO XII Ltd. |
|  5.034% due 04/20/2034 •  | 2800 | 2801 |
|  Voya CLO Ltd. | Voya CLO Ltd. | Voya CLO Ltd. |
|  4.944% due 04/20/2034 •  | 2700 | 2700 |
|  Voya Ltd. | Voya Ltd. | Voya Ltd. |
|  5.166% due 10/15/2030 •  | 194 | 194 |
|  Wave LLC | Wave LLC | Wave LLC |
|  3.597% due 09/15/2044 | 2220 | 2181 |
|  Wind River CLO Ltd. | Wind River CLO Ltd. | Wind River CLO Ltd. |
|  4.994% due 07/20/2034 •  | 4000 | 4001 |
|  Wise CLO Ltd. | Wise CLO Ltd. | Wise CLO Ltd. |
|  5.684% due 04/20/2038 •  | 5000 | 5036 |
|  |  | 635613 |
|  Total Asset-Backed Securities<br>(Cost $959,850) | Total Asset-Backed Securities<br>(Cost $959,850) | 940377 |
| SOVEREIGN ISSUES 2.9% | SOVEREIGN ISSUES 2.9% | SOVEREIGN ISSUES 2.9% |
|  Brazil Government International Bonds | Brazil Government International Bonds | Brazil Government International Bonds |
|  6.125% due 03/15/2034 | 8500 | 8605 |
|  Canada Government Bonds | Canada Government Bonds | Canada Government Bonds |
|  3.000% due 06/01/2034 | 1300 | 926 |
|  Colombia TES | Colombia TES | Colombia TES |
|  11.000% due 08/22/2029 | 53381000 | 13360 |
|  11.750% due 01/24/2035 | 50793000 | 12524 |
|  12.750% due 11/28/2040 | 53831000 | 13976 |
|  13.250% due 02/09/2033 | 46597400 | 12502 |
|  Eagle Funding Luxco SARL | Eagle Funding Luxco SARL | Eagle Funding Luxco SARL |
|  5.500% due 08/17/2030 | 12000 | 12238 |
|  Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds |
|  3.200% due 09/20/2055 | 2540000 | 15724 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds |
|  6.000% due 05/13/2030 | $| 1600 | 1680 |
|  6.875% due 05/13/2037 |  | 6500 | 6952 |
|  7.375% due 05/13/2055 |  | 4200 | 4535 |
|  Peru Government Bonds | Peru Government Bonds | Peru Government Bonds | Peru Government Bonds |
|  6.850% due 08/12/2035 | PEN | 48900 | 15688 |
|  7.300% due 08/12/2033 |  | 68300 | 23188 |
|  Province of Quebec | Province of Quebec | Province of Quebec | Province of Quebec |
|  4.450% due 09/01/2034 | CAD | 5800 | 4439 |
|  Republic of South Africa Government Bonds | Republic of South Africa Government Bonds | Republic of South Africa Government Bonds | Republic of South Africa Government Bonds |
|  6.250% due 03/31/2036 | ZAR | 47526 | 2454 |
|  8.750% due 01/31/2044 |  | 57786 | 3359 |
|  8.750% due 02/28/2048 |  | 35660 | 2078 |
|  8.875% due 02/28/2035 |  | 697212 | 43938 |
|  9.000% due 01/31/2040 |  | 57545 | 3488 |
|  Total Sovereign Issues<br>(Cost $191,430) | Total Sovereign Issues<br>(Cost $191,430) | Total Sovereign Issues<br>(Cost $191,430) | 201654 |
|  |  | **SHARES** |  |
| PREFERRED SECURITIES 0.7% | PREFERRED SECURITIES 0.7% | PREFERRED SECURITIES 0.7% | PREFERRED SECURITIES 0.7% |
| BANKING & FINANCE 0.7% | BANKING & FINANCE 0.7% | BANKING & FINANCE 0.7% | BANKING & FINANCE 0.7% |
|  American AgCredit Corp. | American AgCredit Corp. | American AgCredit Corp. | American AgCredit Corp. |
|  5.250% due 06/15/2026 (g) |  | 4000000 | 3932 |
|  Capital Farm Credit ACA | Capital Farm Credit ACA | Capital Farm Credit ACA | Capital Farm Credit ACA |
|  5.000% due 03/15/2026 (g) |  | 3300000 | 3302 |
|  CoBank ACB | CoBank ACB | CoBank ACB | CoBank ACB |
|  4.250% due 01/01/2027 (g) |  | 1700000 | 1669 |
|  7.250% due 07/01/2029 (g) |  | 10000000 | 10313 |
|  Compeer Financial ACA | Compeer Financial ACA | Compeer Financial ACA | Compeer Financial ACA |
|  7.875% due 02/15/2031 •(g) |  | 20950000 | 21602 |
|  Corebridge Financial, Inc. | Corebridge Financial, Inc. | Corebridge Financial, Inc. | Corebridge Financial, Inc. |
|  6.875% due 12/01/2030 •(g) |  | 6500000 | 6687 |
|  |  |  | 47505 |
| INDUSTRIALS 0.0% | INDUSTRIALS 0.0% | INDUSTRIALS 0.0% | INDUSTRIALS 0.0% |
|  SVB Financial Trust | SVB Financial Trust | SVB Financial Trust | SVB Financial Trust |
|  0.000% due 11/07/2032 (e) |  | 112000 | 15 |
|  Total Preferred Securities<br>(Cost $49,303) | Total Preferred Securities<br>(Cost $49,303) | Total Preferred Securities<br>(Cost $49,303) | 47520 |
| SHORT-TERM INSTRUMENTS 1.4% | SHORT-TERM INSTRUMENTS 1.4% | SHORT-TERM INSTRUMENTS 1.4% | SHORT-TERM INSTRUMENTS 1.4% |
| MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  3.850% (j) |  | 1114817 | 1115 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| REPURCHASE AGREEMENTS (l) 1.4% | REPURCHASE AGREEMENTS (l) 1.4% | REPURCHASE AGREEMENTS (l) 1.4% | REPURCHASE AGREEMENTS (l) 1.4% |
|  |  | $— | 93300 |
| U.S. TREASURY BILLS 0.0% | U.S. TREASURY BILLS 0.0% | U.S. TREASURY BILLS 0.0% | U.S. TREASURY BILLS 0.0% |
|  3.671% due 03/31/2026 - 04/21/2026 (d)(e)(q) | 1560 |  | 1545 |
| Total Short-Term Instruments<br>(Cost $95,960) | Total Short-Term Instruments<br>(Cost $95,960) |  | 95960 |
| Total Investments in Securities<br>(Cost $8,652,140) | Total Investments in Securities<br>(Cost $8,652,140) |  | 8743554 |
|  | SHARES |  |  |
| INVESTMENTS IN AFFILIATES 3.9% | INVESTMENTS IN AFFILIATES 3.9% | INVESTMENTS IN AFFILIATES 3.9% | INVESTMENTS IN AFFILIATES 3.9% |
| MUTUAL FUNDS 3.9% | MUTUAL FUNDS 3.9% | MUTUAL FUNDS 3.9% | MUTUAL FUNDS 3.9% |
|  PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund | 4632686 |  | 230221 |
|  PIMCO Preferred And Capital Securities Active Exchange-Traded Fund | 413237 |  | 21286 |
|  PIMCO Senior Loan Active Exchange-Traded Fund | 314081 |  | 15792 |
| Total Mutual Funds<br>(Cost $263,819) | Total Mutual Funds<br>(Cost $263,819) |  | 267299 |
| Total Investments in Affiliates<br>(Cost $263,819) | Total Investments in Affiliates<br>(Cost $263,819) |  | 267299 |
| Total Investments 131.6%<br>(Cost $8,915,959) | Total Investments 131.6%<br>(Cost $8,915,959) | $— | 9010853 |
|  Financial Derivative Instruments (n)(p) (0.0) %<br> (Cost or Premiums, net $6,213) | Financial Derivative Instruments (n)(p) (0.0) %<br> (Cost or Premiums, net $6,213) |  | (5345) |
| Other Assets and Liabilities, net (31.6)% | Other Assets and Liabilities, net (31.6)% |  | (2158161) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 6847347 |

---

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

« Security valued using significant unobservable inputs (Level 3).

---

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

---

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

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

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

(b) Principal only security.

(c) When-issued security.

(d) Coupon represents a weighted average yield to maturity.

(e) Zero coupon security.

(f) Principal amount of security is adjusted for inflation.

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

(h) Institutional Class Shares of each Fund.

(i) Contingent convertible security.

(j) Coupon represents a 7-Day Yield.

---

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

---

------

December 31, 2025 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;(k) RESTRICTED SECURITIES:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Issuer Description | Coupon | Maturity<br>Date | Acquisition<br>Date | Cost | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
|  Blue Cross & Blue Shield of Minnesota | 4.850% | 09/30/2030 | 10/03/2025 | $3800 | $3801 | 0.06% |
|  Blue Cross & Blue Shield of Minnesota | 5.960 | 04/30/2032 | 09/02/2025 | 4000 | 4060 | 0.06 |
|  Corp0hrg0 | 5.330 | 06/07/2035 | 03/11/2025 | 700 | 719 | 0.01 |
|  Deloitte LLP | 5.410 | 01/30/2032 | 10/30/2024 | 1200 | 1227 | 0.02 |
|  Deloitte LLP | 5.590 | 01/30/2035 | 10/30/2024 | 1100 | 1120 | 0.02 |
|  Deloitte LLP | 5.690 | 01/30/2037 | 10/30/2024 | 500 | 507 | 0.01 |
|  Deloitte LLP | 5.790 | 01/30/2040 | 10/30/2024 | 900 | 908 | 0.01 |
|  Deloitte LLP | 5.970 | 01/30/2045 | 10/30/2024 | 900 | 894 | 0.01 |
|  FLNG Liquefaction LLC | 5.710 | 03/31/2040 | 11/19/2025 | 5800 | 5797 | 0.08 |
|  Hardwood Funding LLC | 5.160 | 06/07/2032 | 03/11/2025 | 1500 | 1534 | 0.02 |
|  Morgan Stanley | 0.000 | 04/02/2032 | 02/11/2020 | 8110 | 6602 | 0.10 |
|  National Football League | 4.780 | 10/05/2030 | 06/27/2025 | 4500 | 4577 | 0.07 |
|  National Football League | 5.250 | 10/05/2034 | 06/27/2025 | 5500 | 5610 | 0.08 |
|  National Football League | 5.420 | 10/05/2037 | 06/27/2025 | 2100 | 2123 | 0.03 |
|  Oncor Electric Delivery Co. LLC | 5.150 | 05/01/2029 | 01/21/2025 | 12000 | 12277 | 0.18 |
|  Royal Bank of Scotland International Ltd. | 4.660 | 12/16/2028 | 11/18/2025 | 12000 | 11990 | 0.18 |
|  Texas New Mexico PR 1st Mortgage | 4.830 | 07/31/2030 | 07/01/2025 | 7500 | 7573 | 0.11 |
|  Texas New Mexico PR 1st Mortgage | 5.120 | 07/31/2032 | 07/01/2025 | 5000 | 5071 | 0.07 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77110 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76390 | 1.12% |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS
&nbsp;&nbsp;&nbsp;&nbsp;(l) 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> |
| BOS | 3.790% | 01/02/2026 | 01/05/2026 | $44900 | U.S. Treasury Notes 1.125% - 3.500% due 11/30/2030 - 02/15/2031 | $(45798) | $44900 | $44900 |
|  | 3.870 | 12/31/2025 | 01/02/2026 | 21500 | U.S. Treasury Notes 3.875% due 07/31/2030 | (21901) | 21500 | 21505 |
|  | 3.930 | 12/31/2025 | 01/02/2026 | 6600 | U.S. Treasury Notes 4.125% due 11/30/2029 | (6731) | 6600 | 6601 |
| FICC STR | 3.820 | 12/31/2025 | 01/02/2026 | 20300 | U.S. Treasury Notes 3.375% due 05/15/2033 | (20706) | 20300 | 20304 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(95136) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93300 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93310 |

---

#### REVERSE REPURCHASE AGREEMENTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Borrowing<br>Rate<sup>(2)</sup> | Settlement<br>Date | Maturity<br>Date | Amount<br>Borrowed<sup>(2)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements |
|  CIB | 3.930% | 12/17/2025 | 01/07/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6670) | $(6682) |
|  JPS | 3.500 | 12/12/2025 | 01/30/2026 | (6754) | (6768) |
|  | 3.930 | 12/22/2025 | 01/05/2026 | (66828) | (66908) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(80358) |

---

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  U.S. Government Agencies (18.6)% | U.S. Government Agencies (18.6)% | U.S. Government Agencies (18.6)% | U.S. Government Agencies (18.6)% | U.S. Government Agencies (18.6)% | U.S. Government Agencies (18.6)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 5.500% | 01/01/2056 | $2000 | $(2026) | $(2028) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 5.500 | 02/01/2056 | 227200 | (229580) | (230182) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 6.000 | 01/01/2056 | 460000 | (470454) | (472367) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 6.000 | 02/01/2056 | 542000 | (554314) | (556253) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 7.000 | 01/01/2056 | 9900 | (10409) | (10419) |
|  Total Short Sales (18.6)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1266783) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1271249) |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| DECEMBER 31, 2025 61

------

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, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| 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>(4)</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 |
|  BOS | $73006 | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73006 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(74430) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1424) |
|  CIB | 0 | (6682) | 0 | 0 | (6682) | 6570 | (112) |
|  FICC STR | 20304 | 0 | 0 | 0 | 20304 | (20706) | (402) |
|  JPS | 0 | (73676) | 0 | 0 | (73676) | 72656 | (1020) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93310 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(80358) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |  |  |  |

---

#### 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 |
|  Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements |
|  Corporate Bonds & Notes | $0 | $(6768) | $0 | $0 | $(6768) |
|  U.S. Treasury Obligations | 0 | (73590) | 0 | 0 | (73590) |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(80358) | $&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;(80358) |
|  Payable for reverse repurchase agreements  | Payable for reverse repurchase agreements  | Payable for reverse repurchase agreements  | Payable for reverse repurchase agreements  | Payable for reverse repurchase agreements  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(80358) |

---

(m) Securities with an aggregate market value of $79,637 have been pledged as collateral under the terms of the above master agreements as of December 31, 2025.

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

<sup>(2)</sup> The average amount of borrowings outstanding during the period ended December 31, 2025 was $(81702) at a weighted average interest rate of 4.245%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. 

<sup>(3)</sup> Open maturity reverse repurchase agreement.

<sup>(4)</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;(n) 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 |
|  Australia Government 10-Year Bond March Futures  | 03/2026 | 804 | $58744 | $105 | $67 | $0 |
|  Canada Government 10-Year Bond March Futures  | 03/2026 | 218 | 19204 | (236) | 0 | (49) |
|  Long Guilt March Futures  | 03/2026 | 262 | 32269 | 240 | 57 | (25) |
|  U.S. Treasury 5-Year Note March Futures  | 03/2026 | 11162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1220059 | (2339) | 0 | (2398) |
|  U.S. Treasury 10-Year Note March Futures  | 03/2026 | 4887 | 549482 | (2279) | 0 | (1794) |
|  U.S. Treasury Long-Term Bond March Futures  | 03/2026 | 569 | 65773 | (1082) | 0 | (347) |
|  U.S. Treasury Ultra Long-Term Bond March Futures  | 03/2026 | 1481 | 174758 | (4054) | 0 | (1365) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9645) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5978) |

---

#### 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 2-Year Note March Futures  | 03/2026 | 275 | $(57417) | $(43) | $25 | $0 |
|  U.S. Ultra Treasury 10-Year Note March Futures  | 03/2026 | 1411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(162287) | 1669 | 628 | 0 |
|  |  |  |  | $1626 | $653 | $0 |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8019) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5978) |

---

62 PIMCO ETF TRUST See Accompanying Notes

------

December 31, 2025 (Unaudited)

#### 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, 2025<sup>(2)</sup> | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value<sup>(4)</sup>** | Variation Margin | Variation Margin |
| **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>December 31, 2025<sup>(2)</sup> | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value<sup>(4)</sup>** | Asset | Liability |
|  AES Corp. | 5.000% | Quarterly | 06/20/2026 | 0.167% | $3400 | $334 | $(251) | $83 | $0 | $0 |
|  Ford Motor Credit Co. LLC | 5.000 | Quarterly | 06/20/2027 | 0.778 | 300 | 33 | (14) | 19 | 0 | 0 |
|  Valeo SA | 1.000 | Quarterly | 06/20/2028 | 0.878 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(125) | 134 | 9 | 0 | (3) |
|  |  |  |  |  |  | $242 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(131) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) |

---

#### 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/<br>(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/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.261% | Annual | 02/28/2029 | $93500 | $0 | $1086 | $1086 | $97 | $0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.280 | Annual | 02/28/2029 | 93500 | 0 | 1016 | 1016 | 97 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.281 | Annual | 02/28/2029 | 120700 | 0 | 1309 | 1309 | 126 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.620 | Annual | 02/14/2030 | 133500 | 2110 | (2390) | (280) | 184 | 0 |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.290 | Annual | 05/31/2030 | 93165 | (33) | 429 | 396 | 133 | 0 |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.375 | Annual | 05/31/2030 | 123290 | 122 | (1) | 121 | 176 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.264 | Annual | 06/30/2031 | 46800 | 0 | 772 | 772 | 80 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.266 | Annual | 06/30/2031 | 155700 | 0 | 2549 | 2549 | 267 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.880 | Annual | 07/10/2034 | 20500 | (62) | (174) | (236) | 44 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.885 | Annual | 07/12/2034 | 10400 | (35) | (89) | (124) | 22 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.850 | Annual | 08/05/2034 | 4400 | (17) | (24) | (41) | 9 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.645 | Annual | 08/07/2034 | 4400 | (15) | 44 | 29 | 9 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.679 | Annual | 08/13/2034 | 10100 | (37) | 77 | 40 | 22 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.569 | Annual | 08/14/2034 | 10100 | (33) | 159 | 126 | 22 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.586 | Annual | 08/19/2034 | 10100 | (35) | 148 | 113 | 22 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.595 | Annual | 08/19/2034 | 4400 | (16) | 62 | 46 | 9 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.532 | Annual | 08/20/2034 | 10100 | (36) | 191 | 155 | 22 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.550 | Annual | 08/21/2034 | 10000 | (36) | 175 | 139 | 21 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.558 | Annual | 08/21/2034 | 4400 | (15) | 74 | 59 | 9 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.613 | Annual | 08/22/2034 | 4400 | (16) | 56 | 40 | 9 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.555 | Annual | 08/28/2034 | 4400 | (16) | 75 | 59 | 9 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.565 | Annual | 08/28/2034 | 4400 | (16) | 72 | 56 | 9 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.599 | Annual | 08/28/2034 | 4400 | (16) | 60 | 44 | 10 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.600 | Annual | 08/28/2034 | 10100 | (41) | 142 | 101 | 22 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.643 | Annual | 08/28/2034 | 4400 | (16) | 45 | 29 | 10 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.514 | Annual | 09/04/2034 | 4400 | (17) | 90 | 73 | 10 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.525 | Annual | 09/04/2034 | 4400 | (16) | 85 | 69 | 10 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.408 | Annual | 09/05/2034 | 5000 | (20) | 144 | 124 | 11 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.410 | Annual | 09/05/2034 | 4400 | (17) | 126 | 109 | 9 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.232 | Annual | 09/10/2034 | 2200 | (10) | 95 | 85 | 5 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.280 | Annual | 09/16/2034 | 10100 | (44) | 394 | 350 | 22 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.231 | Annual | 09/18/2034 | 4400 | (16) | 185 | 169 | 9 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.248 | Annual | 09/18/2034 | 4400 | (16) | 179 | 163 | 9 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.012 | Annual | 02/14/2035 | 72700 | 32 | (1373) | (1341) | 164 | 0 |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.640 | Annual | 08/15/2035 | 28900 | 58 | 238 | 296 | 66 | 0 |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.700 | Annual | 08/15/2035 | 28800 | (25) | 184 | 159 | 66 | 0 |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.715 | Annual | 08/15/2035 | 49117 | 125 | 88 | 213 | 112 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 02/12/2055 | 39000 | 6328 | 1858 | 8186 | 117 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 4.000 | Semi-Annual | 12/17/2035 | 134400 | (2118) | (3543) | (5661) | 0 | (161) |
|  Receive | CAONREPO | 2.740 | Semi-Annual | 06/01/2034 | 7100 | 0 | 121 | 121 | 6 | 0 |
|  |  |  |  |  |  | $5985 | $4734 | $10719 | $2056 | $(161) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6227 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4603 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10830 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2056 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(164) |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| DECEMBER 31, 2025 63

------

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

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of December 31, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 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<sup>(6)</sup> |  | **Total** |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | **Total** | Written<br>Options | Futures |  | **Total** |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2056 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2833 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6003) | $(164) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6167) |

---

(o) Securities with an aggregate market value of $79,150 and cash of $7,109 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2025. 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 corporate issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(3)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<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. 

<sup>(5)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

<sup>(6)</sup> Unsettled variation margin liability of $(25) for closed futures is outstanding at period end. 

&nbsp;&nbsp;&nbsp;&nbsp;(p) 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 |
|  AZD | 01/2026 | $1298 | 201727 | $0 | $(9) |
|  BOA | 01/2026 | 7208370 | $1890 | 0 | (1) |
|  | 01/2026 | 6194 | 7268 | 0 | (15) |
|  | 01/2026 | 5478 | 60 | 0 | (1) |
|  | 01/2026 | 1571951 | 1080 | 0 | (10) |
|  | 01/2026 | 21752 | 672 | 0 | (19) |
|  | 01/2026 | 70311 | 2306 | 67 | 0 |
|  | 01/2026 | $3511 | 12839 | 65 | 0 |
|  | 01/2026 | 413 | 13042 | 2 | 0 |
|  | 01/2026 | 1640 | 27339 | 8 | 0 |
|  | 02/2026 | 2585925 | $675 | 4 | (1) |
|  | 02/2026 | 6661 | 2091 | 0 | (1) |
|  | 03/2026 | 11587788 | 3016 | 29 | 0 |
|  | 04/2026 | $554 | 10203 | 8 | 0 |
|  BPS | 01/2026 | 14834 | $9642 | 0 | (258) |
|  | 01/2026 | 750 | 952 | 5 | 0 |
|  | 01/2026 | 41653 | 5911 | 0 | (66) |
|  | 01/2026 | 307 | 361 | 0 | 0 |
|  | 01/2026 | 1300 | 1758 | 6 | 0 |
|  | 01/2026 | 19318525 | 1155 | 0 | (2) |
|  | 01/2026 | 10781 | 3315 | 0 | (70) |
|  | 01/2026 | 173095 | 1920 | 0 | (4) |
|  | 01/2026 | 730200 | 4726 | 60 | 0 |
|  | 01/2026 | 10747 | 6107 | 0 | (83) |
|  | 01/2026 | 8990 | 2464 | 0 | (40) |
|  | 01/2026 | 243913 | 8021 | 255 | 0 |
|  | 01/2026 | $8614 | 60335 | 38 | 0 |
|  | 01/2026 | 930 | 84017 | 3 | 0 |
|  | 01/2026 | 5154 | 18664 | 44 | 0 |
|  | 01/2026 | 1732 | 76649 | 24 | 0 |

---

---

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

---

------

December 31, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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** |
|  | 01/2026 | $16101 | 505308 | $26 | $(36) |
|  | 01/2026 | 3590 | 59854 | 19 | 0 |
|  | 01/2026 | 25058 | $1498 | 0 | (14) |
|  | 02/2026 | 1725750 | 450 | 1 | 0 |
|  | 02/2026 | 23258 | 520 | 0 | (7) |
|  | 02/2026 | $2066 | 186177 | 0 | (1) |
|  | 02/2026 | 3866 | 174182 | 53 | 0 |
|  | 02/2026 | 5147 | 161544 | 0 | (10) |
|  | 03/2026 | 47704 | $1536 | 20 | 0 |
|  BRC | 01/2026 | 2534 | 2941 | 0 | (38) |
|  | 01/2026 | 2867 | 894 | 0 | (6) |
|  | 01/2026 | $1531 | 2290 | 0 | (2) |
|  | 01/2026 | 1000 | 3643 | 15 | 0 |
|  | 01/2026 | 167 | 7529 | 7 | 0 |
|  | 01/2026 | 124745 | $7201 | 0 | (320) |
|  | 02/2026 | 2823 | 876 | 0 | (10) |
|  | 02/2026 | 52 | 1 | 0 | 0 |
|  | 02/2026 | $1473 | 27313 | 36 | 0 |
|  | 02/2026 | 22029 | 996288 | 301 | 0 |
|  | 03/2026 | 4694 | 86918 | 99 | 0 |
|  | 03/2026 | 203 | 9313 | 2 | 0 |
|  BSH | 01/2026 | 1266 | 197123 | 0 | (7) |
|  | 02/2026 | 1725750 | $450 | 1 | 0 |
|  | 05/2026 | 6022 | 1778 | 0 | (5) |
|  CBK | 01/2026 | 784 | 567 | 0 | (4) |
|  | 01/2026 | 34266604 | 9033 | 52 | (10) |
|  | 01/2026 | 4303 | 5004 | 0 | (55) |
|  | 01/2026 | 979 | 1295 | 0 | (25) |
|  | 01/2026 | 4 | 1 | 0 | 0 |
|  | 01/2026 | 3740 | 2159 | 5 | 0 |
|  | 01/2026 | 45 | 12 | 0 | 0 |
|  | 01/2026 | 367733 | 12101 | 393 | 0 |
|  | 01/2026 | $5627 | 39280 | 10 | 0 |
|  | 01/2026 | 1801 | 6787969 | 0 | (4) |
|  | 01/2026 | 452 | 1445 | 2 | 0 |
|  | 01/2026 | 27563 | 2464551 | 24 | (233) |
|  | 01/2026 | 2126 | 330400 | 0 | (15) |
|  | 01/2026 | 610 | 2190 | 1 | 0 |
|  | 01/2026 | 1 | 30 | 0 | 0 |
|  | 01/2026 | 4003 | 125155 | 3 | (21) |
|  | 01/2026 | 570 | 9697 | 14 | 0 |
|  | 02/2026 | 7725089 | $2026 | 22 | 0 |
|  | 02/2026 | 5289 | 1664 | 3 | 0 |
|  | 02/2026 | $128 | 4007 | 0 | (1) |
|  | 03/2026 | 12125207 | $3196 | 53 | 0 |
|  | 03/2026 | 4836 | 1426 | 0 | (9) |
|  | 03/2026 | 51848 | 1666 | 18 | 0 |
|  | 04/2026 | 5340333 | 1395 | 22 | 0 |
|  | 04/2026 | 23199 | 6691 | 0 | (186) |
|  DUB | 01/2026 | 4722 | 1468 | 0 | (15) |
|  | 01/2026 | 2320017 | 1585 | 0 | (24) |
|  | 01/2026 | 2880 | 1665 | 6 | 0 |
|  | 01/2026 | $2542 | 8111 | 5 | 0 |
|  | 01/2026 | 8060 | 717760 | 0 | (93) |
|  | 01/2026 | 4978 | 7313577 | 94 | 0 |
|  | 01/2026 | 1488 | 25009 | 21 | 0 |
|  | 01/2026 | 222306 | $12759 | 0 | (646) |
|  | 02/2026 | 8108 | 2542 | 0 | (4) |
|  | 02/2026 | $173 | 5409 | 0 | (1) |
|  FAR | 01/2026 | 33483 | $21761 | 0 | (585) |
|  | 01/2026 | 804 | 1003 | 0 | (13) |
|  | 01/2026 | 20762 | 2950 | 0 | (29) |
|  | 01/2026 | 9096 | 5212 | 0 | (27) |
|  | 01/2026 | 15892 | 4677 | 0 | (48) |
|  | 01/2026 | 16 | 12 | 0 | 0 |
|  | 01/2026 | $1346 | 4316 | 9 | 0 |
|  | 01/2026 | 14828 | 275622 | 443 | 0 |
|  | 01/2026 | 6761 | 24683 | 114 | 0 |
|  | 01/2026 | 1482 | 24865 | 17 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **65** |

---

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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** |
|  | 01/2026 | 154151 | $8965 | $0 | $(330) |
|  | 02/2026 | 4314 | 1346 | 0 | (9) |
|  | 02/2026 | 26038 | 7673 | 0 | (64) |
|  GLM | 01/2026 | 325 | 405 | 0 | (5) |
|  | 01/2026 | 856800 | 225 | 1 | 0 |
|  | 01/2026 | 1412 | 437 | 0 | (6) |
|  | 01/2026 | $3950 | 27845 | 45 | 0 |
|  | 01/2026 | 5862 | 21416 | 103 | 0 |
|  | 01/2026 | 740 | 23572 | 9 | 0 |
|  | 01/2026 | 114626 | $6649 | 0 | (263) |
|  | 02/2026 | 2235375 | 585 | 3 | 0 |
|  | 02/2026 | $7221 | 39783 | 0 | (15) |
|  | 02/2026 | 2849 | 52845 | 71 | 0 |
|  | 03/2026 | 185 | $34 | 0 | 0 |
|  | 03/2026 | 868500 | 225 | 0 | 0 |
|  | 03/2026 | $32398 | 178708 | 0 | (210) |
|  | 03/2026 | 2207 | 40944 | 54 | 0 |
|  | 04/2026 | 4688 | 86450 | 66 | 0 |
|  IND | 01/2026 | 218352 | $7096 | 144 | 0 |
|  JPM | 01/2026 | 811 | 1013 | 0 | (12) |
|  | 01/2026 | 86430 | 12272 | 0 | (129) |
|  | 01/2026 | 28707 | 8822 | 0 | (192) |
|  | 01/2026 | 152062 | 1708 | 20 | 0 |
|  | 01/2026 | 4526711 | 3155 | 15 | 0 |
|  | 01/2026 | 1526 | 82 | 0 | (2) |
|  | 01/2026 | 421 | 41 | 0 | (1) |
|  | 01/2026 | 5403 | 3135 | 23 | 0 |
|  | 01/2026 | 1574 | 464 | 0 | (4) |
|  | 01/2026 | 16550 | 4516 | 0 | (94) |
|  | 01/2026 | $4977 | 34963 | 40 | 0 |
|  | 01/2026 | 3218 | 286603 | 0 | (37) |
|  | 01/2026 | 4784 | 17642 | 130 | 0 |
|  | 01/2026 | 42015 | $2448 | 0 | (85) |
|  | 02/2026 | 864000 | 225 | 0 | 0 |
|  | 02/2026 | $3155 | 4520770 | 0 | (20) |
|  | 02/2026 | 2023 | 37540 | 51 | 0 |
|  | 02/2026 | 1 | 27 | 0 | 0 |
|  | 03/2026 | 869625 | $225 | 0 | 0 |
|  | 03/2026 | $3026 | 55478 | 36 | 0 |
|  | 04/2026 | 1741 | 32077 | 24 | 0 |
|  MBC | 01/2026 | 48389 | $34381 | 0 | (893) |
|  | 01/2026 | 1153 | 1452 | 0 | (5) |
|  | 01/2026 | 5599 | 6571 | 0 | (12) |
|  | 01/2026 | 1548 | 2080 | 0 | (7) |
|  | 01/2026 | 2061029 | 13249 | 82 | 0 |
|  | 01/2026 | 3680 | 2127 | 7 | 0 |
|  | 01/2026 | 7030 | 1922 | 0 | (36) |
|  | 01/2026 | 52369 | 40361 | 0 | (406) |
|  | 01/2026 | $610 | 55222 | 3 | 0 |
|  | 01/2026 | 1366 | 5009 | 29 | 0 |
|  | 01/2026 | 807 | 26128 | 23 | 0 |
|  | 01/2026 | 637 | 20114 | 3 | 0 |
|  | 02/2026 | 1310 | 24248 | 30 | 0 |
|  | 03/2026 | 1262 | 23225 | 20 | 0 |
|  | 04/2026 | 1407 | 25978 | 21 | 0 |
|  MYI | 01/2026 | 9 | $3 | 0 | 0 |
|  | 01/2026 | 7 | 2 | 0 | 0 |
|  | 01/2026 | $7 | 1115 | 0 | 0 |
|  | 02/2026 | 10304 | $3200 | 0 | (36) |
|  NGF | 01/2026 | 3803145 | 2599 | 0 | (39) |
|  | 01/2026 | $3342 | 4905723 | 60 | 0 |
|  | 02/2026 | 18013 | 818496 | 512 | 0 |
|  SCX | 01/2026 | 41398 | $5875 | 0 | (65) |
|  | 01/2026 | 32133363 | 1922 | 0 | (3) |
|  | 01/2026 | 25477 | 280 | 0 | (3) |
|  | 01/2026 | 1230297 | 7888 | 28 | 0 |
|  | 01/2026 | 76229 | 2502 | 75 | 0 |
|  | 01/2026 | $552 | 49830 | 1 | 0 |
|  | 01/2026 | 926 | 144054 | 0 | (6) |

---

---

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

---

------

December 31, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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** |
|  SOG | 01/2026 | 9425 | $10911 | $0 | $(169) |
|  | 01/2026 | $18211 | 13905 | 532 | 0 |
|  | 01/2026 | 3657 | 572023 | 0 | (3) |
|  | 01/2026 | 2531 | 8532 | 6 | 0 |
|  | 02/2026 | 21259 | $6293 | 0 | (21) |
|  | 02/2026 | $1311 | 24262 | 30 | 0 |
|  | 03/2026 | 8552 | 2531 | 0 | (6) |
|  | 03/2026 | $0 | 8 | 0 | 0 |
|  UAG | 01/2026 | 3444 | $4303 | 0 | (49) |
|  | 01/2026 | 7065 | 1936 | 0 | (32) |
|  | 01/2026 | $6148 | 22316 | 68 | (1) |
|  | 01/2026 | 217764 | $12521 | 0 | (610) |
|  | 02/2026 | $2714 | 50284 | 64 | 0 |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4958 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6964) |

---

#### SWAP AGREEMENTS:

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>December 31, 2025<sup>(2)</sup> | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(4)</sup> | Swap Agreements,<br>at Value<sup>(4)</sup> |
| Counterparty | Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>December 31, 2025<sup>(2)</sup> | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| GST | Soft Bank Group,Inc. | 1.000% | Quarterly | 06/20/2026 | 1.706% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700 | $(14) | $9 | $0 | $(5) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) |

---

#### 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, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| 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 | Net Market<br>Value<br>of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(5)</sup> |
|  AZD | $0 | $0 | $0 | $0 | $(9) | $0 | $0 | $(9) | $(9) | $0 | $(9) |
|  BOA | 183 | 0 | 0 | 183 | (48) | 0 | 0 | (48) | 135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(250) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(115) |
|  BPS | 554 | 0 | 0 | 554 | (591) | 0 | 0 | (591) | (37) | 381 | 344 |
|  BRC | 460 | 0 | 0 | 460 | (376) | 0 | 0 | (376) | 84 | 0 | 84 |
|  BSH | 1 | 0 | 0 | 1 | (12) | 0 | 0 | (12) | (11) | 0 | (11) |
|  CBK | 622 | 0 | 0 | 622 | (563) | 0 | 0 | (563) | 59 | 268 | 327 |
|  DUB | 126 | 0 | 0 | 126 | (783) | 0 | 0 | (783) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(657) | 750 | 93 |
|  FAR | 583 | 0 | 0 | 583 | (1105) | 0 | 0 | (1105) | (522) | 535 | 13 |
|  GLM | 352 | 0 | 0 | 352 | (499) | 0 | 0 | (499) | (147) | 252 | 105 |
|  GST | 0 | 0 | 0 | 0 | 0 | 0 | (5) | (5) | (5) | 0 | (5) |
|  IND | 144 | 0 | 0 | 144 | 0 | 0 | 0 | 0 | 144 | 0 | 144 |
|  JPM | 339 | 0 | 0 | 339 | (576) | 0 | 0 | (576) | (237) | 0 | (237) |
|  MBC | 218 | 0 | 0 | 218 | (1359) | 0 | 0 | (1359) | (1141) | 1263 | 122 |
|  MYI | 0 | 0 | 0 | 0 | (36) | 0 | 0 | (36) | (36) | 0 | (36) |
|  NGF | 572 | 0 | 0 | 572 | (39) | 0 | 0 | (39) | 533 | (289) | 244 |
|  SCX | 104 | 0 | 0 | 104 | (77) | 0 | 0 | (77) | 27 | 0 | 27 |
|  SOG | 568 | 0 | 0 | 568 | (199) | 0 | 0 | (199) | 369 | (280) | 89 |
|  UAG | 132 | 0 | 0 | 132 | (692) | 0 | 0 | (692) | (560) | 382 | (178) |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4958 | $&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;4958 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6964) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6969) |  |  |  |

---

(q) Securities with an aggregate market value of $3,831 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of December 31, 2025.

<sup>(1)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(2)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **67** |

---

------

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

<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. 

<sup>(5)</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, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 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  | $57 | $0 | $0 | $0 | $720 | $777 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 2056 | 2056 |
|  | $57 | $0 | $0 | $0 | $2776 | $2833 |
|  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 | $4958 | $0 | $4958 |
|  | $57 | $0 | $0 | $4958 | $2776 | $7791 |
|  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 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $25 | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5978 | $6003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 3 | 0 | 0 | 161 | 164 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $6139 | $6167 |
|  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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6964 | $0 | $6964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 5 | 0 | 0 | 0 | 5 |
|  | $0 | $5 | $0 | $6964 | $0 | $6969 |
|  | $25 | $8 | $0 | $6964 | $6139 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13136 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 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 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $25466 | $25466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102 | 0 | 0 | (630) | (528) |
|  | $0 | $102 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24836 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24938 |
|  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 | $2584 | $0 | $2584 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 126 | 0 | 0 | 0 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 10 | 0 | 0 | 0 | 10 |
|  | $0 | $136 | $0 | $2584 | $0 | $2720 |
|  | $0 | $238 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2584 | $24836 | $27658 |

---

68 PIMCO ETF TRUST See Accompanying Notes

------

December 31, 2025 (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 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  | $240 | $0 | $0 | $0 | $(30556) | $(30316) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (19) | 0 | 0 | 5354 | 5335 |
|  | $240 | $(19) | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25202) | $(24981) |
|  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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349 | $0 | $349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | (119) | 0 | 0 | 0 | (119) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1 | 0 | 0 | 0 | 1 |
|  | $0 | $(118) | $0 | $349 | $0 | $231 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(137) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $349 | $(25202) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24750) |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of December 31, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>12/31/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $6025 | $3920 | $9945 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1147340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1187097 |
| &nbsp;&nbsp; Industrials | 0 | 387390 | 12310 | 399700 |
| &nbsp;&nbsp; Utilities | 0 | 132501 | 18074 | 150575 |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; California | 0 | 20580 | 0 | 20580 |
| &nbsp;&nbsp; Illinois | 0 | 5292 | 0 | 5292 |
| &nbsp;&nbsp; Indiana | 0 | 7895 | 0 | 7895 |
| &nbsp;&nbsp; Minnesota | 0 | 10803 | 0 | 10803 |
| &nbsp;&nbsp; New York | 0 | 4887 | 0 | 4887 |
| &nbsp;&nbsp; West Virginia | 0 | 3138 | 0 | 3138 |
|  U.S. Government Agencies | 0 | 4295039 | 0 | 4295039 |
|  U.S. Treasury Obligations | 0 | 836888 | 0 | 836888 |
|  Non-Agency Mortgage-Backed Securities | 0 | 422425 | 103779 | 526204 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile ABS Other | 0 | 9075 | 0 | 9075 |
| &nbsp;&nbsp; Automobile Sequential | 0 | 56605 | 0 | 56605 |
| &nbsp;&nbsp; CMBS Other | 0 | 65474 | 0 | 65474 |
| &nbsp;&nbsp; Home Equity Other | 0 | 149619 | 0 | 149619 |
| &nbsp;&nbsp; Home Equity Sequential | 0 | 923 | 0 | 923 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 23068 | 0 | 23068 |
| &nbsp;&nbsp; Other ABS | 0 | 629613 | 6000 | 635613 |
|  Sovereign Issues | 0 | 201654 | 0 | 201654 |
|  Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| &nbsp;&nbsp; Banking & Finance | 0 | 47505 | 0 | 47505 |
| &nbsp;&nbsp; Industrials | 0 | 15 | 0 | 15 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2025** |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | $0 | $1115 | $0 | $1115 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 93300 | 0 | 93300 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 1545 | 0 | 1545 |
|  | $0 | $8559714 | $183840 | $8743554 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Mutual Funds | 267299 | 0 | 0 | 267299 |
|  Total Investments | $267299 | $8559714 | $183840 | $9010853 |
|  Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities |
|  U.S. Government Agencies | $0 | $(1271249) | $0 | $(1271249) |
|  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 | 124 | 2709 | 0 | 2833 |
|  Over the counter | 0 | 4958 | 0 | 4958 |
|  | $124 | $7667 | $0 | $7791 |
|  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 | (74) | (6068) | 0 | (6142) |
|  Over the counter | 0 | (6969) | 0 | (6969) |
|  | $(74) | $(13037) | $0 | $(13111) |
|  Total Financial Derivative Instruments | $50 | $(5370) | $0 | $(5320) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267349 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7283095 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183840 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7734284 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| DECEMBER 31, 2025 69

------

Schedule of Investments PIMCO Active Bond Exchange-Traded Fund (Cont.) December 31, 2025 (Unaudited)

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended December 31, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Beginning<br>Balance<br>at 06/30/2025 | 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 12/31/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>12/31/2025<sup>(1)</sup> |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $4198 | $0 | $(341) | $0 | $0 | $63 | $0 | $0 | $3920 | $43 |
|  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; Banking & Finance | 10801 | 32652 | (4000) | 0 | 0 | 304 | 0 | 0 | 39757 | 315 |
| &nbsp;&nbsp; Industrials | 12142 | 12100 | (12100) | 0 | 0 | 168 | 0 | 0 | 12310 | 209 |
| &nbsp;&nbsp; Utilities | 12195 | 5800 | 0 | 0 | 0 | 79 | 0 | 0 | 18074 | 79 |
|  U.S. Government Agencies | 13016 | 0 | (1495) | 0 | (2) | 60 | 0 | (11579) | 0 | 0 |
|  Non-Agency Mortgage-Backed Securities | 36470 | 65723 | (413) | 32 | 20 | 1947 | 0 | 0 | 103779 | 1942 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Other ABS | 7362 | 6000 | (264) | 0 | 0 | (6) | 0 | (7092) | 6000 | 0 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96184 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122275 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18613) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2615 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18671) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183840 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2588 |

---

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 12/31/2025 | **Valuation<br>Technique** | **Unobservable<br>Inputs** | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| **Category and Subcategory** | Ending<br>Balance<br>at 12/31/2025 | **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 | $3920 | Indicative Market Quotation | Broker Quote | 95.550 |  |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; Banking & Finance | 39404 | Discounted Cash Flow | Discount Rate | 4.590 - 6.025 | 4.098 |
|  | 353 | Recent Transaction | Purchase price | 100.000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 12310 | Discounted Cash Flow | Discount Rate | 4.500 - 5.190 | 4.850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 12277 | Discounted Cash Flow | Discount Rate | 4.390 |  |
|  | 5797 | Proxy Pricing | Base Price | 100.000 |  |
|  Non-Agency Mortgage-Backed Securities | 36758 | Discounted Cash Flow | Discount Rate | 5.230 - 7.132 | 5.695 |
|  | 2956 | Proxy Pricing | Base Price | 98.444 |  |
|  | 64065 | Recent Transaction | Purchase Price | 100.000 |  |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp;&nbsp;&nbsp; Other ABS | 6000 | Recent Transaction | Purchase Price | 100.000 |  |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183840 |  |  |  |  |

---

<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, 2025 may be due to an investment no longer held or categorized as Level 3 at period end.

---

| | | |
|:---|:---|:---|
| **70** | **PIMCO ETF TRUST** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO Enhanced Low Duration Active Exchange-Traded Fund December 31, 2025 (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 114.4% | INVESTMENTS IN SECURITIES 114.4% | INVESTMENTS IN SECURITIES 114.4% |
| CORPORATE BONDS & NOTES 36.0% | CORPORATE BONDS & NOTES 36.0% | CORPORATE BONDS & NOTES 36.0% |
| BANKING & FINANCE 19.1% | BANKING & FINANCE 19.1% | BANKING & FINANCE 19.1% |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust |
|  1.750% due 01/30/2026 | 2055 | 2051 |
|  6.450% due 04/15/2027 | 400 | 411 |
|  Air Lease Corp. | Air Lease Corp. | Air Lease Corp. |
|  2.200% due 01/15/2027 | 947 | 928 |
|  2.875% due 01/15/2026 | 6000 | 5997 |
|  Aircastle Ltd. | Aircastle Ltd. | Aircastle Ltd. |
|  2.850% due 01/26/2028 | 600 | 584 |
|  4.250% due 06/15/2026 | 1309 | 1309 |
|  American Honda Finance Corp. | American Honda Finance Corp. | American Honda Finance Corp. |
|  4.470% due 03/08/2027 •  | 7700 | 7720 |
|  American Tower Corp. | American Tower Corp. | American Tower Corp. |
|  5.000% due 01/31/2030 | 1600 | 1639 |
|  Aon North America, Inc. | Aon North America, Inc. | Aon North America, Inc. |
|  5.125% due 03/01/2027 | 900 | 911 |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding |
|  1.608% due 06/29/2026 | 1525 | 1506 |
|  4.725% due 09/18/2028 •  | 9400 | 9360 |
|  5.620% due 05/08/2026 | 251 | 252 |
|  Aviation Capital Group LLC | Aviation Capital Group LLC | Aviation Capital Group LLC |
|  1.950% due 09/20/2026 | 7150 | 7036 |
|  Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
|  2.125% due 02/21/2026 | 421 | 420 |
|  3.250% due 02/15/2027 | 1190 | 1177 |
|  4.250% due 04/15/2026 | 995 | 995 |
|  4.375% due 05/01/2026 | 249 | 249 |
|  Bank of Montreal | Bank of Montreal | Bank of Montreal |
|  0.949% due 01/22/2027 •  | 3200 | 3194 |
|  Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA |
|  5.038% (SOFRRATE + 1.130%) due 01/23/2027 ~ | 550 | 553 |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  4.375% due 01/12/2026 | 400 | 400 |
|  5.829% due 05/09/2027 •  | 9700 | 9756 |
|  6.496% due 09/13/2027 •  | 1000 | 1016 |
|  BPCE SA | BPCE SA | BPCE SA |
|  6.612% due 10/19/2027 •  | 2400 | 2446 |
|  Brighthouse Financial Global Funding | Brighthouse Financial Global Funding | Brighthouse Financial Global Funding |
|  1.550% due 05/24/2026 | 3445 | 3408 |
|  5.550% due 04/09/2027 | 5800 | 5885 |
|  Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce |
|  4.668% (SOFRRATE + 0.940%) due 06/28/2027 ~ | 2360 | 2377 |
|  Citadel Finance LLC | Citadel Finance LLC | Citadel Finance LLC |
|  3.375% due 03/09/2026 | 1000 | 998 |
|  Citadel LP | Citadel LP | Citadel LP |
|  4.875% due 01/15/2027 | 1855 | 1859 |
|  Credit Agricole SA | Credit Agricole SA | Credit Agricole SA |
|  4.598% (SOFRRATE + 0.870%) due 03/11/2027 ~ | 8100 | 8130 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  3.700% due 06/15/2026 | 1600 | 1597 |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  2.552% due 01/07/2028 •  | 12000 | 11804 |
|  4.100% due 01/13/2026 | 2000 | 2000 |
|  5.026% (SOFRRATE + 1.219%) due 11/16/2027 ~ | 1212 | 1217 |
|  EPR Properties | EPR Properties | EPR Properties |
|  4.750% due 12/15/2026 | 2000 | 2006 |
|  Equitable America Global Funding | Equitable America Global Funding | Equitable America Global Funding |
|  4.433% (SOFRRATE + 0.710%) due 09/15/2027 ~ | 1457 | 1457 |
|  F&G Global Funding | F&G Global Funding | F&G Global Funding |
|  1.750% due 06/30/2026 | 5023 | 4962 |
|  2.300% due 04/11/2027 | 586 | 573 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  4.389% due 01/08/2026 | 879 | 879 |
|  5.125% due 11/05/2026 | 409 | 411 |
|  5.800% due 03/05/2027 | 9261 | 9380 |
|  6.690% (SOFRRATE + 2.950%) due 03/06/2026 ~ | 100 | 100 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  FS KKR Capital Corp. | FS KKR Capital Corp. | FS KKR Capital Corp. |
|  2.625% due 01/15/2027 | 335 | 326 |
|  3.400% due 01/15/2026 | 9034 | 9031 |
|  GA Global Funding Trust | GA Global Funding Trust | GA Global Funding Trust |
|  4.400% due 09/23/2027 | 1500 | 1507 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  5.573% (SOFRRATE + 1.850%) due 03/15/2028 ~ | 8000 | 8117 |
|  HAT Holdings I LLC/HAT Holdings II LLC | HAT Holdings I LLC/HAT Holdings II LLC | HAT Holdings I LLC/HAT Holdings II LLC |
|  3.375% due 06/15/2026 | 10711 | 10645 |
|  Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA |
|  3.875% due 01/12/2028 | 1359 | 1350 |
|  KKR Financial Holdings LLC | KKR Financial Holdings LLC | KKR Financial Holdings LLC |
|  5.400% due 05/23/2033 | 5500 | 5361 |
|  Korea Investment & Securities Co. Ltd. | Korea Investment & Securities Co. Ltd. | Korea Investment & Securities Co. Ltd. |
|  2.125% due 07/19/2026 | 1400 | 1386 |
|  Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. |
|  4.930% (SOFRRATE + 1.080%) due 05/13/2031 ~ | 8500 | 8515 |
|  National Bank of Canada | National Bank of Canada | National Bank of Canada |
|  4.702% due 03/05/2027 •  | 6000 | 6006 |
|  Nationwide Building Society | Nationwide Building Society | Nationwide Building Society |
|  6.557% due 10/18/2027 •  | 1600 | 1630 |
|  Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC |
|  1.850% due 09/16/2026 | 4745 | 4644 |
|  Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. |
|  2.329% due 01/22/2027 | 1005 | 988 |
|  5.709% due 01/09/2026 | 2300 | 2301 |
|  Pacific Life Global Funding II | Pacific Life Global Funding II | Pacific Life Global Funding II |
|  4.366% (SOFRRATE + 0.620%) due 06/04/2026 ~ | 1496 | 1499 |
|  PNC Bank NA | PNC Bank NA | PNC Bank NA |
|  4.660% (SOFRRATE + 0.730%) due 07/21/2028 ~ | 400 | 401 |
|  Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada |
|  4.548% (SOFRINDX + 0.820%) due 03/27/2028 ~ | 4934 | 4953 |
|  4.657% (SOFRINDX + 0.720%) due 10/18/2027 ~ | 5200 | 5214 |
|  Sammons Financial Group Global Funding | Sammons Financial Group Global Funding | Sammons Financial Group Global Funding |
|  4.615% due 09/02/2027 •  | 2600 | 2611 |
|  Sammons Financial Group, Inc. | Sammons Financial Group, Inc. | Sammons Financial Group, Inc. |
|  4.450% due 05/12/2027 | 1423 | 1423 |
|  Santander Holdings USA, Inc. | Santander Holdings USA, Inc. | Santander Holdings USA, Inc. |
|  3.244% due 10/05/2026 | 6800 | 6759 |
|  Societe Generale SA | Societe Generale SA | Societe Generale SA |
|  1.792% due 06/09/2027 •  | 6455 | 6387 |
|  Standard Chartered PLC | Standard Chartered PLC | Standard Chartered PLC |
|  6.170% due 01/09/2027 •  | 10000 | 10003 |
|  Synchrony Financial | Synchrony Financial | Synchrony Financial |
|  3.700% due 08/04/2026 | 400 | 399 |
|  Ventas Realty LP | Ventas Realty LP | Ventas Realty LP |
|  4.125% due 01/15/2026 | 458 | 458 |
|  VICI Properties LP/VICI Note Co., Inc. | VICI Properties LP/VICI Note Co., Inc. | VICI Properties LP/VICI Note Co., Inc. |
|  3.750% due 02/15/2027 | 2518 | 2503 |
|  4.250% due 12/01/2026 | 6619 | 6620 |
|  4.500% due 09/01/2026 | 300 | 300 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  4.682% (SOFRRATE + 0.780%) due 01/24/2028 ~ | 204 | 205 |
|  |  | 230495 |
| INDUSTRIALS 13.8% | INDUSTRIALS 13.8% | INDUSTRIALS 13.8% |
|  7-Eleven, Inc. | 7-Eleven, Inc. | 7-Eleven, Inc. |
|  0.950% due 02/10/2026 | 727 | 724 |
|  Algonquin Power & Utilities Corp. | Algonquin Power & Utilities Corp. | Algonquin Power & Utilities Corp. |
|  5.365% due 06/15/2026 þ | 10162 | 10212 |
|  Amcor Finance USA, Inc. | Amcor Finance USA, Inc. | Amcor Finance USA, Inc. |
|  3.625% due 04/28/2026 | 2571 | 2566 |
|  Amcor Flexibles North America, Inc. | Amcor Flexibles North America, Inc. | Amcor Flexibles North America, Inc. |
|  3.100% due 09/15/2026 | 550 | 545 |
|  American Airlines Pass-Through Trust | American Airlines Pass-Through Trust | American Airlines Pass-Through Trust |
|  3.700% due 04/01/2028 | 747 | 744 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Bayer U.S. Finance II LLC | Bayer U.S. Finance II LLC | Bayer U.S. Finance II LLC |
|  4.375% due 12/15/2028 | 4500 | 4506 |
|  Bayer U.S. Finance LLC | Bayer U.S. Finance LLC | Bayer U.S. Finance LLC |
|  6.125% due 11/21/2026 | 2200 | 2232 |
|  Beignet Investor LLC | Beignet Investor LLC | Beignet Investor LLC |
|  6.581% due 05/30/2049 | 1230 | 1301 |
|  Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. |
|  1.570% due 01/15/2026 | 7500 | 7493 |
|  4.875% due 07/15/2026 | 1731 | 1731 |
|  BMW U.S. Capital LLC | BMW U.S. Capital LLC | BMW U.S. Capital LLC |
|  4.505% (SOFRINDX + 0.780%) due 03/19/2027 ~ | 350 | 351 |
|  Boeing Co. | Boeing Co. | Boeing Co. |
|  2.196% due 02/04/2026 | 11899 | 11877 |
|  2.750% due 02/01/2026 | 300 | 300 |
|  6.259% due 05/01/2027 | 600 | 616 |
|  Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. |
|  5.000% due 12/15/2029 | 700 | 718 |
|  Canadian Pacific Railway Co. | Canadian Pacific Railway Co. | Canadian Pacific Railway Co. |
|  3.125% due 06/01/2026 | 700 | 697 |
|  CDW LLC/CDW Finance Corp. | CDW LLC/CDW Finance Corp. | CDW LLC/CDW Finance Corp. |
|  2.670% due 12/01/2026 | 500 | 494 |
|  Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. |
|  4.900% due 10/01/2026 | 1700 | 1708 |
|  DXC Technology Co. | DXC Technology Co. | DXC Technology Co. |
|  1.800% due 09/15/2026 | 5397 | 5308 |
|  Electronic Arts, Inc. | Electronic Arts, Inc. | Electronic Arts, Inc. |
|  4.800% due 03/01/2026 | 6981 | 6981 |
|  Enbridge, Inc. | Enbridge, Inc. | Enbridge, Inc. |
|  4.250% due 12/01/2026 | 5681 | 5693 |
|  Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
|  4.750% due 01/15/2026 | 1215 | 1215 |
|  Entergy New Orleans LLC | Entergy New Orleans LLC | Entergy New Orleans LLC |
|  4.000% due 06/01/2026 | 1470 | 1467 |
|  Foxconn Far East Ltd. | Foxconn Far East Ltd. | Foxconn Far East Ltd. |
|  1.875% due 08/25/2028 | 10100 | 9374 |
|  Glencore Funding LLC | Glencore Funding LLC | Glencore Funding LLC |
|  1.625% due 04/27/2026 | 500 | 496 |
|  Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. |
|  1.200% due 03/01/2026 | 1795 | 1787 |
|  4.500% due 11/15/2028 | 2000 | 2004 |
|  Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. |
|  5.050% due 03/30/2028 | 1700 | 1732 |
|  IHS Markit Ltd. | IHS Markit Ltd. | IHS Markit Ltd. |
|  4.000% due 03/01/2026 | 250 | 250 |
|  Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. |
|  4.387% (SOFRRATE + 0.580%) due 11/15/2026 ~ | 2000 | 2001 |
|  4.603% (SOFRINDX + 0.880%) due 03/15/2027 ~ | 4628 | 4636 |
|  Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. |
|  3.500% due 08/18/2026 | 9549 | 9510 |
|  Marathon Petroleum Corp. | Marathon Petroleum Corp. | Marathon Petroleum Corp. |
|  5.125% due 12/15/2026 | 728 | 734 |
|  Marvell Technology, Inc. | Marvell Technology, Inc. | Marvell Technology, Inc. |
|  1.650% due 04/15/2026 | 5513 | 5476 |
|  NTT Finance Corp. | NTT Finance Corp. | NTT Finance Corp. |
|  1.162% due 04/03/2026 | 4500 | 4467 |
|  Nutrien Ltd. | Nutrien Ltd. | Nutrien Ltd. |
|  4.000% due 12/15/2026 | 3000 | 3000 |
|  PeaceHealth Obligated Group | PeaceHealth Obligated Group | PeaceHealth Obligated Group |
|  4.335% due 11/15/2028 | 4600 | 4623 |
|  Renesas Electronics Corp. | Renesas Electronics Corp. | Renesas Electronics Corp. |
|  2.170% due 11/25/2026 | 1305 | 1282 |
|  Rogers Communications, Inc. | Rogers Communications, Inc. | Rogers Communications, Inc. |
|  3.200% due 03/15/2027 | 3320 | 3288 |
|  Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. |
|  5.375% due 07/15/2027 | 3200 | 3225 |
|  5.500% due 04/01/2028 | 8600 | 8759 |
|  SK Hynix, Inc. | SK Hynix, Inc. | SK Hynix, Inc. |
|  1.500% due 01/19/2026 | 3100 | 3096 |
|  Skyworks Solutions, Inc. | Skyworks Solutions, Inc. | Skyworks Solutions, Inc. |
|  1.800% due 06/01/2026 | 9400 | 9298 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **71** |

---

------

Schedule of Investments PIMCO Enhanced Low Duration Active Exchange-Traded Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  South Bow USA Infrastructure Holdings LLC | South Bow USA Infrastructure Holdings LLC | South Bow USA Infrastructure Holdings LLC |
|  4.911% due 09/01/2027 | 2100 | 2120 |
|  Triton Container International Ltd. | Triton Container International Ltd. | Triton Container International Ltd. |
|  2.050% due 04/15/2026 | 5403 | 5361 |
|  United Airlines Pass-Through Trust | United Airlines Pass-Through Trust | United Airlines Pass-Through Trust |
|  3.750% due 03/03/2028 | 1206 | 1205 |
|  Universal Health Services, Inc. | Universal Health Services, Inc. | Universal Health Services, Inc. |
|  1.650% due 09/01/2026 | 2000 | 1967 |
|  Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC |
|  4.555% (SOFRRATE + 0.830%) due 03/20/2026 ~ | 575 | 576 |
|  4.788% (SOFRRATE + 1.060%) due 03/25/2027 ~ | 1800 | 1807 |
|  4.950% due 03/25/2027 | 2500 | 2522 |
|  5.400% due 03/20/2026 | 735 | 737 |
|  Vontier Corp. | Vontier Corp. | Vontier Corp. |
|  1.800% due 04/01/2026 | 1100 | 1093 |
|  Williams Cos., Inc. | Williams Cos., Inc. | Williams Cos., Inc. |
|  5.400% due 03/02/2026 | 606 | 607 |
|  |  | 166512 |
| UTILITIES 3.1% | UTILITIES 3.1% | UTILITIES 3.1% |
|  AES Corp. | AES Corp. | AES Corp. |
|  1.375% due 01/15/2026 | 810 | 809 |
|  Brooklyn Union Gas Co. | Brooklyn Union Gas Co. | Brooklyn Union Gas Co. |
|  3.407% due 03/10/2026 | 1230 | 1228 |
|  Colorado Interstate Gas Co. LLC/Colorado Interstate Issuing Corp. | Colorado Interstate Gas Co. LLC/Colorado Interstate Issuing Corp. | Colorado Interstate Gas Co. LLC/Colorado Interstate Issuing Corp. |
|  4.150% due 08/15/2026 | 150 | 150 |
|  Columbia Pipelines Holding Co. LLC | Columbia Pipelines Holding Co. LLC | Columbia Pipelines Holding Co. LLC |
|  6.055% due 08/15/2026 | 715 | 722 |
|  Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. |
|  1.450% due 04/15/2026 | 2700 | 2680 |
|  Duke Energy Corp. | Duke Energy Corp. | Duke Energy Corp. |
|  4.850% due 01/05/2027 | 2200 | 2221 |
|  Emera U.S. Finance LP | Emera U.S. Finance LP | Emera U.S. Finance LP |
|  3.550% due 06/15/2026 | 803 | 801 |
|  FirstEnergy Corp. | FirstEnergy Corp. | FirstEnergy Corp. |
|  3.900% due 07/15/2027 | 901 | 898 |
|  Fortis, Inc. | Fortis, Inc. | Fortis, Inc. |
|  3.055% due 10/04/2026 | 3187 | 3161 |
|  KeySpan Gas East Corp. | KeySpan Gas East Corp. | KeySpan Gas East Corp. |
|  2.742% due 08/15/2026 | 1727 | 1710 |
|  New York State Electric & Gas Corp. | New York State Electric & Gas Corp. | New York State Electric & Gas Corp. |
|  3.250% due 12/01/2026 | 9146 | 9083 |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  2.950% due 03/01/2026 | 5395 | 5382 |
|  3.150% due 01/01/2026 | 3230 | 3230 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  3.650% due 03/01/2028 | 3300 | 3263 |
|  4.400% due 09/06/2026 | 1000 | 1002 |
|  4.875% due 02/01/2027 | 300 | 302 |
|  4.900% due 06/01/2026 | 600 | 601 |
|  Vistra Operations Co. LLC | Vistra Operations Co. LLC | Vistra Operations Co. LLC |
|  5.050% due 12/30/2026 | 730 | 736 |
|  |  | 37979 |
|  Total Corporate Bonds & Notes (Cost $434,233) | Total Corporate Bonds & Notes (Cost $434,233) | 434986 |
| MUNICIPAL BONDS & NOTES 0.5% | MUNICIPAL BONDS & NOTES 0.5% | MUNICIPAL BONDS & NOTES 0.5% |
| LOUISIANA 0.5% | LOUISIANA 0.5% | LOUISIANA 0.5% |
|  Tulane University, Louisiana Revenue Bonds, (NPFGC Insured), Series 2007 | Tulane University, Louisiana Revenue Bonds, (NPFGC Insured), Series 2007 | Tulane University, Louisiana Revenue Bonds, (NPFGC Insured), Series 2007 |
|  4.413% (US0003M + 0.300%) due 02/15/2036 ~ | 6110 | 5705 |
|  Total Municipal Bonds & Notes<br>(Cost $5,667) | Total Municipal Bonds & Notes<br>(Cost $5,667) | 5705 |
| U.S. GOVERNMENT AGENCIES 31.8% | U.S. GOVERNMENT AGENCIES 31.8% | U.S. GOVERNMENT AGENCIES 31.8% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  2.000% due 02/01/2028 - 04/01/2028 | 1 | 1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  3.000% due 03/01/2048 | $— | 273 | $— | 246 |
|  5.000% due 10/01/2033 - 02/01/2038 |  | 154 |  | 157 |
|  5.400% due 09/01/2037 - 11/01/2038 |  | 201 |  | 209 |
|  5.500% due 08/01/2033 - 06/01/2047 |  | 869 |  | 893 |
|  5.550% due 06/01/2037 |  | 53 |  | 55 |
|  6.000% due 09/01/2031 - 05/01/2033 |  | 15 |  | 15 |
|  6.500% due 11/01/2036 - 10/17/2038 |  | 222 |  | 229 |
|  7.000% due 05/01/2029 |  | 8 |  | 8 |
|  Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS |
|  2.500% due 10/25/2048 |  | 116 |  | 108 |
|  4.744% due 04/25/2055 •  |  | 5356 |  | 5373 |
|  4.774% due 09/25/2055 - 12/25/2055 •  |  | 3480 |  | 3495 |
|  4.804% due 05/25/2055 •  |  | 4906 |  | 4929 |
|  4.814% due 11/25/2054 •  |  | 9489 |  | 9530 |
|  4.824% due 10/25/2054 - 09/25/2055 •  |  | 13383 |  | 13453 |
|  4.854% due 02/25/2055 •  |  | 982 |  | 987 |
|  4.874% due 10/25/2052 - 06/25/2055 •  |  | 24363 |  | 24523 |
|  4.974% due 08/25/2054 - 07/25/2055 •  |  | 2434 |  | 2443 |
|  5.024% due 12/25/2054 - 08/25/2055 •  |  | 11494 |  | 11538 |
|  5.074% due 01/25/2055 - 08/25/2055 •  |  | 6504 |  | 6532 |
|  5.124% due 05/25/2054 •  |  | 2527 |  | 2544 |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  3.000% due 10/01/2046 |  | 199 |  | 181 |
|  4.000% due 06/01/2042 - 03/01/2047 |  | 360 |  | 351 |
|  4.300% due 12/01/2032 |  | 9700 |  | 9675 |
|  4.532% due 09/01/2029 ~ |  | 1099 |  | 1120 |
|  4.750% due 09/01/2034 - 04/01/2036 |  | 266 |  | 271 |
|  4.804% due 08/01/2029 ~ |  | 1594 |  | 1634 |
|  5.000% due 07/01/2033 - 07/01/2044 |  | 942 |  | 948 |
|  5.150% due 05/01/2035 |  | 31 |  | 31 |
|  5.340% due 09/01/2029 |  | 31 |  | 32 |
|  5.350% due 02/01/2035 - 01/01/2038 |  | 241 |  | 241 |
|  5.450% due 04/01/2036 |  | 71 |  | 72 |
|  5.500% due 12/01/2031 - 09/01/2040 |  | 680 |  | 690 |
|  6.000% due 05/01/2029 - 04/01/2048 |  | 479 |  | 491 |
|  6.500% due 07/01/2036 - 09/01/2048 |  | 237 |  | 243 |
|  Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS |
|  4.774% due 12/25/2053 - 08/25/2055 •  |  | 9737 |  | 9767 |
|  4.784% due 03/25/2055 •  |  | 614 |  | 616 |
|  4.824% due 01/25/2055 - 03/25/2055 •  |  | 723 |  | 726 |
|  4.874% due 10/25/2054 - 11/25/2055 •  |  | 5326 |  | 5356 |
|  4.924% due 01/25/2055 - 09/25/2055 •  |  | 5666 |  | 5688 |
|  4.974% due 06/25/2054 - 07/25/2055 •  |  | 7694 |  | 7720 |
|  5.024% due 01/25/2055 - 03/25/2055 •  |  | 5430 |  | 5449 |
|  5.034% due 03/25/2055 •  |  | 2169 |  | 2178 |
|  5.074% due 12/25/2053 - 01/25/2055 •  |  | 2712 |  | 2722 |
|  5.124% due 02/25/2055 - 10/25/2055 •  |  | 2869 |  | 2885 |
|  5.174% due 10/25/2053 •  |  | 38021 |  | 38252 |
|  Federal National Mortgage Association-ACES | Federal National Mortgage Association-ACES | Federal National Mortgage Association-ACES | Federal National Mortgage Association-ACES | Federal National Mortgage Association-ACES |
|  2.573% due 12/25/2026 ~ |  | 847 |  | 837 |
|  2.961% due 02/25/2027 ~ |  | 1904 |  | 1886 |
|  3.064% due 06/25/2027 ~ |  | 551 |  | 545 |
|  Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
|  3.000% due 11/20/2046 |  | 69 |  | 62 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  3.500% due 05/20/2042 | 49 | 45 |
|  3.700% due 04/15/2042 | 90 | 85 |
|  3.740% due 03/20/2042 - 07/20/2042 | 68 | 63 |
|  3.750% due 04/15/2042 - 03/20/2044 | 117 | 111 |
|  4.000% due 04/20/2040 - 06/20/2043 | 486 | 460 |
|  4.500% due 08/20/2038 - 11/20/2048 | 313 | 309 |
|  5.350% due 12/15/2036 - 01/15/2038 | 193 | 199 |
|  5.400% due 06/20/2039 | 75 | 77 |
|  5.500% due 03/20/2034 - 08/20/2041 | 294 | 296 |
|  6.000% due 09/20/2038 | 14 | 15 |
|  6.500% due 10/15/2027 - 07/20/2039 | 27 | 28 |
|  7.000% due 05/15/2026 - 06/20/2055 | 5161 | 5248 |
|  Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS |
|  2.500% due 10/20/2049 | 98 | 88 |
|  3.500% due 11/20/2049 | 6299 | 6161 |
|  4.618% due 08/20/2075 •  | 2967 | 2996 |
|  4.668% due 10/20/2072 •  | 562 | 564 |
|  4.818% due 06/20/2055 - 07/20/2074 •  | 13735 | 13835 |
|  4.849% due 08/16/2039 •  | 3 | 3 |
|  4.868% due 01/20/2054 - 05/20/2055 •  | 1689 | 1699 |
|  4.898% due 09/20/2073 •  | 7309 | 7396 |
|  4.918% due 05/20/2073 •  | 10243 | 10384 |
|  5.068% due 06/20/2055 - 07/20/2055 •  | 1057 | 1062 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  5.000% due 02/01/2056 | 62100 | 61874 |
|  6.000% due 02/01/2056 | 80900 | 83028 |
|  Total U.S. Government Agencies (Cost $382,866) | Total U.S. Government Agencies (Cost $382,866) | 383963 |
| U.S. TREASURY OBLIGATIONS 1.1% | U.S. TREASURY OBLIGATIONS 1.1% | U.S. TREASURY OBLIGATIONS 1.1% |
|  U.S. Treasury Inflation Protected Securities (b) | U.S. Treasury Inflation Protected Securities (b) | U.S. Treasury Inflation Protected Securities (b) |
|  0.125% due 07/15/2026 | 7879 | 7833 |
|  0.125% due 10/15/2026 (e)(g) | 2383 | 2361 |
|  2.125% due 04/15/2029 | 2832 | 2892 |
|  Total U.S. Treasury Obligations (Cost $13,041) | Total U.S. Treasury Obligations (Cost $13,041) | 13086 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 4.4% | NON-AGENCY MORTGAGE-BACKED SECURITIES 4.4% | NON-AGENCY MORTGAGE-BACKED SECURITIES 4.4% |
|  AG Trust | AG Trust | AG Trust |
|  5.766% due 08/15/2041 •  | 1616 | 1626 |
|  Angel Oak Mortgage Trust | Angel Oak Mortgage Trust | Angel Oak Mortgage Trust |
|  1.469% due 06/25/2065 ~ | 236 | 228 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  4.166% due 02/25/2034 •  | 434 | 413 |
|  5.406% due 05/25/2035 ~ | 14 | 14 |
|  BWAY Mortgage Trust | BWAY Mortgage Trust | BWAY Mortgage Trust |
|  5.115% due 09/15/2036 •  | 3000 | 2931 |
|  Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust |
|  6.068% due 02/25/2037 ~ | 239 | 235 |
|  Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates |
|  4.046% due 01/25/2036 •  | 21 | 20 |
|  4.076% due 10/25/2035 •  | 125 | 121 |
|  4.146% due 08/25/2035 •  | 13 | 13 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.724% due 05/25/2051 •  | 3266 | 3054 |
|  5.374% due 06/25/2055 •  | 624 | 628 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.126% due 06/25/2037 •  | 48 | 44 |
|  First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust |
|  5.609% due 02/25/2035 ~ | 129 | 123 |
|  GCAT Trust | GCAT Trust | GCAT Trust |
|  2.650% due 10/25/2068 ~ | 185 | 181 |
|  2.885% due 12/27/2066 ~ | 1402 | 1321 |

---

---

| | | |
|:---|:---|:---|
| **72** | **PIMCO ETF TRUST** | See Accompanying Notes |

---

------

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS |
|  4.688% due 09/20/2075 •  | 853 | 855 |
|  4.698% due 10/20/2075 •  | 1437 | 1444 |
|  GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust |
|  4.922% due 12/25/2051 •  | 2190 | 2043 |
|  4.922% due 02/25/2052 •  | 3567 | 3313 |
|  5.215% due 11/25/2054 •  | 1317 | 1321 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  5.970% due 08/25/2033 •  | 6 | 6 |
|  Impac CMB Trust | Impac CMB Trust | Impac CMB Trust |
|  4.486% due 03/25/2035 •  | 57 | 56 |
|  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 | 12 | 12 |
|  4.915% due 04/15/2038 •  | 866 | 866 |
|  5.248% due 12/15/2031 •  | 551 | 550 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  5.191% due 07/25/2035 ~ | 126 | 121 |
|  MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust |
|  6.290% due 04/21/2034 ~ | 10 | 10 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.306% due 04/25/2029 •  | 61 | 57 |
|  5.629% due 12/25/2035 ~ | 107 | 105 |
|  MFA Trust | MFA Trust | MFA Trust |
|  6.105% due 12/25/2068 þ | 633 | 638 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  4.926% due 11/25/2035 •  | 755 | 752 |
|  Morgan Stanley Residential Mortgage Loan Trust | Morgan Stanley Residential Mortgage Loan Trust | Morgan Stanley Residential Mortgage Loan Trust |
|  4.922% due 09/25/2051 •  | 711 | 661 |
|  New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust |
|  0.941% due 10/25/2058 ~ | 643 | 619 |
|  2.464% due 01/26/2060 ~ | 3618 | 3423 |
|  3.500% due 12/25/2057 ~ | 717 | 701 |
|  3.500% due 10/25/2059 ~ | 297 | 281 |
|  4.500% due 05/25/2058 ~ | 73 | 71 |
|  NYO Commercial Mortgage Trust | NYO Commercial Mortgage Trust | NYO Commercial Mortgage Trust |
|  4.960% due 11/15/2038 •  | 6000 | 5995 |
|  OBX Trust | OBX Trust | OBX Trust |
|  1.957% due 10/25/2061 ~ | 190 | 164 |
|  6.520% due 07/25/2063 þ | 1427 | 1435 |
|  ONE Mortgage Trust | ONE Mortgage Trust | ONE Mortgage Trust |
|  4.564% due 03/15/2036 •  | 3914 | 3905 |
|  PRKCM Trust | PRKCM Trust | PRKCM Trust |
|  6.333% due 03/25/2059 þ | 210 | 212 |
|  PRPM Trust | PRPM Trust | PRPM Trust |
|  6.221% due 11/25/2068 þ | 451 | 456 |
|  Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust |
|  4.248% due 07/20/2036 •  | 340 | 295 |
|  Starwood Mortgage Residential Trust | Starwood Mortgage Residential Trust | Starwood Mortgage Residential Trust |
|  1.486% due 04/25/2065 ~ | 136 | 133 |
|  Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust |
|  4.426% due 07/19/2034 •  | 1 | 1 |
|  Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust |
|  4.506% due 09/19/2032 •  | 2 | 2 |
|  Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust |
|  5.621% due 04/25/2045 ~ | 24 | 23 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  2.250% due 11/25/2061 ~ | 503 | 475 |
|  2.250% due 12/25/2061 ~ | 1305 | 1275 |
|  3.750% due 05/25/2058 ~ | 1243 | 1226 |
|  4.846% due 05/25/2058 •  | 432 | 440 |
|  4.846% due 10/25/2059 •  | 271 | 271 |
|  Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust |
|  5.402% due 05/25/2065 þ | 2306 | 2324 |
|  5.712% due 01/25/2069 þ | 1061 | 1067 |
|  6.259% due 12/25/2068 þ | 2536 | 2562 |
|  6.476% due 06/25/2068 þ | 1345 | 1351 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  3.898% due 07/25/2037 ~ | 306 | 275 |
|  4.466% due 01/25/2045 •  | 4 | 4 |
|  4.646% due 06/25/2044 •  | 295 | 298 |
|  4.706% due 10/25/2045 •  | 42 | 41 |
|  5.009% due 06/25/2046 •  | 19 | 18 |
|  5.731% due 06/25/2033 ~ | 1 | 1 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $53,986) | Total Non-Agency Mortgage-Backed Securities (Cost $53,986) | 53106 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| ASSET-BACKED SECURITIES 23.3% | ASSET-BACKED SECURITIES 23.3% | ASSET-BACKED SECURITIES 23.3% |
| AUTOMOBILE ABS OTHER 0.3% | AUTOMOBILE ABS OTHER 0.3% | AUTOMOBILE ABS OTHER 0.3% |
|  Ford Credit Auto Lease Trust | Ford Credit Auto Lease Trust | Ford Credit Auto Lease Trust |
|  4.394% (SOFR30A + 0.410%) due 08/15/2027 ~ | 3486 | 3487 |
| AUTOMOBILE SEQUENTIAL 6.6% | AUTOMOBILE SEQUENTIAL 6.6% | AUTOMOBILE SEQUENTIAL 6.6% |
|  Ally Auto Receivables Trust | Ally Auto Receivables Trust | Ally Auto Receivables Trust |
|  4.140% due 07/16/2029 | 3977 | 3984 |
|  ARI Fleet Lease Trust | ARI Fleet Lease Trust | ARI Fleet Lease Trust |
|  4.590% due 03/15/2034 | 1100 | 1108 |
|  Avis Budget Rental Car Funding AESOP LLC | Avis Budget Rental Car Funding AESOP LLC | Avis Budget Rental Car Funding AESOP LLC |
|  5.900% due 08/21/2028 | 8100 | 8300 |
|  Bank of America Auto Trust | Bank of America Auto Trust | Bank of America Auto Trust |
|  5.530% due 02/15/2028 | 1683 | 1695 |
|  BofA Auto Trust | BofA Auto Trust | BofA Auto Trust |
|  5.350% due 11/15/2028 | 3780 | 3819 |
|  Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust |
|  4.260% due 10/10/2029 | 5183 | 5195 |
|  4.550% due 05/10/2030 | 3000 | 3019 |
|  5.380% due 03/12/2029 | 2500 | 2540 |
|  5.820% due 08/10/2028 | 1331 | 1340 |
|  Chase Auto Owner Trust | Chase Auto Owner Trust | Chase Auto Owner Trust |
|  4.180% due 08/27/2029 | 800 | 803 |
|  4.940% due 07/25/2029 | 8400 | 8484 |
|  Citizens Auto Receivables Trust | Citizens Auto Receivables Trust | Citizens Auto Receivables Trust |
|  5.830% due 02/15/2028 | 2675 | 2694 |
|  5.840% due 01/18/2028 | 2951 | 2969 |
|  Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC |
|  4.050% due 08/20/2028 | 4800 | 4810 |
|  4.820% due 02/20/2029 | 3700 | 3765 |
|  5.510% due 01/22/2029 | 596 | 597 |
|  5.760% due 10/22/2029 | 630 | 632 |
|  Ford Credit Auto Owner Trust | Ford Credit Auto Owner Trust | Ford Credit Auto Owner Trust |
|  4.850% due 08/15/2035 | 6100 | 6226 |
|  GECU Auto Receivables Trust | GECU Auto Receivables Trust | GECU Auto Receivables Trust |
|  5.630% due 08/15/2028 | 1398 | 1405 |
|  GM Financial Automobile Leasing Trust | GM Financial Automobile Leasing Trust | GM Financial Automobile Leasing Trust |
|  5.090% due 03/22/2027 | 1228 | 1231 |
|  Harley-Davidson Motorcycle Trust | Harley-Davidson Motorcycle Trust | Harley-Davidson Motorcycle Trust |
|  4.310% due 07/16/2029 | 4200 | 4218 |
|  Huntington Auto Trust | Huntington Auto Trust | Huntington Auto Trust |
|  5.230% due 01/16/2029 | 2602 | 2628 |
|  LAD Auto Receivables Trust | LAD Auto Receivables Trust | LAD Auto Receivables Trust |
|  5.610% due 08/15/2028 | 1747 | 1758 |
|  M&T Bank Auto Receivables Trust | M&T Bank Auto Receivables Trust | M&T Bank Auto Receivables Trust |
|  4.730% due 06/17/2030 | 3000 | 3042 |
|  Toyota Auto Receivables Owner Trust | Toyota Auto Receivables Owner Trust | Toyota Auto Receivables Owner Trust |
|  5.160% due 04/17/2028 | 1886 | 1898 |
|  Upgrade Auto Receivables Trust | Upgrade Auto Receivables Trust | Upgrade Auto Receivables Trust |
|  4.540% due 05/15/2029 | 1900 | 1902 |
|  |  | 80062 |
| CMBS OTHER 0.3% | CMBS OTHER 0.3% | CMBS OTHER 0.3% |
|  AREIT Trust | AREIT Trust | AREIT Trust |
|  5.978% due 06/17/2039 •  | 4251 | 4253 |
| CREDIT CARD BULLET 1.8% | CREDIT CARD BULLET 1.8% | CREDIT CARD BULLET 1.8% |
|  Evergreen Credit Card Trust | Evergreen Credit Card Trust | Evergreen Credit Card Trust |
|  4.540% due 10/15/2029 •  | 7400 | 7428 |
|  Synchrony Card Funding LLC | Synchrony Card Funding LLC | Synchrony Card Funding LLC |
|  5.540% due 07/15/2029 | 8000 | 8069 |
|  Synchrony Card Issuance Trust | Synchrony Card Issuance Trust | Synchrony Card Issuance Trust |
|  4.780% due 02/15/2031 | 5900 | 6005 |
|  |  | 21502 |
| CREDIT CARD OTHER 0.4% | CREDIT CARD OTHER 0.4% | CREDIT CARD OTHER 0.4% |
|  Trillium Credit Card Trust II | Trillium Credit Card Trust II | Trillium Credit Card Trust II |
|  4.297% due 09/26/2030 •  | 4300 | 4316 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| HOME EQUITY OTHER 0.4% | HOME EQUITY OTHER 0.4% | HOME EQUITY OTHER 0.4% |
|  Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust |
|  4.656% due 06/25/2034 •  | 54 | 57 |
|  Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust |
|  4.746% due 08/25/2034 •  | 385 | 380 |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  4.646% due 10/27/2032 •  | 1 | 1 |
|  Chase Funding Trust | Chase Funding Trust | Chase Funding Trust |
|  4.446% due 07/25/2033 •  | 126 | 126 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  3.083% due 03/25/2036 •  | 36 | 36 |
|  Finance America Mortgage Loan Trust | Finance America Mortgage Loan Trust | Finance America Mortgage Loan Trust |
|  4.671% due 08/25/2034 •  | 95 | 92 |
|  GSAA Home Equity Trust | GSAA Home Equity Trust | GSAA Home Equity Trust |
|  4.386% due 07/25/2037 •  | 42 | 41 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  4.366% due 06/25/2036 •  | 375 | 367 |
|  Home Equity Asset Trust | Home Equity Asset Trust | Home Equity Asset Trust |
|  4.896% due 11/25/2034 •  | 11 | 11 |
|  New Century Home Equity Loan Trust | New Century Home Equity Loan Trust | New Century Home Equity Loan Trust |
|  4.776% due 11/25/2034 •  | 278 | 278 |
|  RAAC Trust | RAAC Trust | RAAC Trust |
|  4.396% due 01/25/2046 •  | 181 | 182 |
|  Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust |
|  3.383% due 08/25/2033 •  | 569 | 524 |
|  Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust |
|  4.941% due 03/25/2035 •  | 171 | 172 |
|  Saxon Asset Securities Trust | Saxon Asset Securities Trust | Saxon Asset Securities Trust |
|  0.526% due 05/25/2035 •  | 82 | 81 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.521% due 01/25/2035 •  | 86 | 80 |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  4.521% due 06/25/2035 •  | 2 | 2 |
|  Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust |
|  4.396% due 09/25/2034 •  | 1351 | 1294 |
|  4.551% due 03/25/2034 •  | 268 | 285 |
|  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 |
|  4.446% due 04/25/2034 •  | 685 | 676 |
|  |  | 4685 |
| WHOLE LOAN COLLATERAL 0.1% | WHOLE LOAN COLLATERAL 0.1% | WHOLE LOAN COLLATERAL 0.1% |
|  First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust |
|  4.166% due 04/25/2036 •  | 740 | 732 |
|  4.596% due 11/25/2034 •  | 45 | 45 |
|  |  | 777 |
| OTHER ABS 13.4% | OTHER ABS 13.4% | OTHER ABS 13.4% |
|  37 Capital CLO 1 Ltd. | 37 Capital CLO 1 Ltd. | 37 Capital CLO 1 Ltd. |
|  5.185% due 10/15/2034 •  | 3400 | 3406 |
|  AMMC CLO 27 Ltd. | AMMC CLO 27 Ltd. | AMMC CLO 27 Ltd. |
|  4.964% due 01/20/2037 •  | 700 | 700 |
|  Anchorage Credit Funding 19 Ltd. | Anchorage Credit Funding 19 Ltd. | Anchorage Credit Funding 19 Ltd. |
|  5.036% due 10/25/2040 | 400 | 400 |
|  Apidos CLO XXXV | Apidos CLO XXXV | Apidos CLO XXXV |
|  5.196% due 04/20/2034 •  | 650 | 651 |
|  ARES LX CLO Ltd. | ARES LX CLO Ltd. | ARES LX CLO Ltd. |
|  5.064% due 07/18/2034 •  | 800 | 800 |
|  Ascent Education Funding Trust | Ascent Education Funding Trust | Ascent Education Funding Trust |
|  6.140% due 10/25/2050 | 1615 | 1660 |
|  Atlas Senior Loan Fund XVII Ltd. | Atlas Senior Loan Fund XVII Ltd. | Atlas Senior Loan Fund XVII Ltd. |
|  4.944% due 10/20/2034 •  | 1000 | 998 |
|  Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. |
|  4.925% due 07/24/2034 •  | 3300 | 3295 |
|  4.960% due 10/21/2034 •  | 3300 | 3300 |
|  BlueMountain CLO XXXII Ltd. | BlueMountain CLO XXXII Ltd. | BlueMountain CLO XXXII Ltd. |
|  5.005% due 10/15/2034 •  | 4900 | 4902 |
|  Carlyle U.S. CLO Ltd. | Carlyle U.S. CLO Ltd. | Carlyle U.S. CLO Ltd. |
|  4.994% due 10/20/2034 •  | 800 | 800 |
|  Cedar Funding VI CLO Ltd. | Cedar Funding VI CLO Ltd. | Cedar Funding VI CLO Ltd. |
|  4.974% due 04/20/2034 •  | 300 | 300 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **73** |

---

------

Schedule of Investments PIMCO Enhanced Low Duration Active Exchange-Traded Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Dryden 60 CLO Ltd. | Dryden 60 CLO Ltd. | Dryden 60 CLO Ltd. |
|  5.216% due 07/15/2031 •  | 2235 | 2236 |
|  Dryden 86 CLO Ltd. | Dryden 86 CLO Ltd. | Dryden 86 CLO Ltd. |
|  5.012% due 07/17/2034 •  | 800 | 800 |
|  ELFI Graduate Loan Program LLC | ELFI Graduate Loan Program LLC | ELFI Graduate Loan Program LLC |
|  1.530% due 12/26/2046 | 3164 | 2849 |
|  Elmwood CLO 15 Ltd. | Elmwood CLO 15 Ltd. | Elmwood CLO 15 Ltd. |
|  5.007% due 04/22/2035 •  | 4500 | 4501 |
|  Greywolf CLO IV Ltd. | Greywolf CLO IV Ltd. | Greywolf CLO IV Ltd. |
|  5.122% due 04/17/2034 •  | 600 | 601 |
|  Guggenheim CLO Ltd. | Guggenheim CLO Ltd. | Guggenheim CLO Ltd. |
|  5.055% due 01/15/2035 •  | 4900 | 4894 |
|  ICG U.S. CLO Ltd. | ICG U.S. CLO Ltd. | ICG U.S. CLO Ltd. |
|  4.884% due 01/16/2033 •  | 1604 | 1606 |
|  Jamestown CLO XVI Ltd. | Jamestown CLO XVI Ltd. | Jamestown CLO XVI Ltd. |
|  4.978% due 07/25/2034 •  | 500 | 500 |
|  KKR CLO 16 Ltd. | KKR CLO 16 Ltd. | KKR CLO 16 Ltd. |
|  4.988% due 10/20/2034 •  | 5000 | 5002 |
|  KKR CLO 27 Ltd. | KKR CLO 27 Ltd. | KKR CLO 27 Ltd. |
|  5.015% due 01/15/2035 •  | 500 | 500 |
|  KKR CLO 33 Ltd. | KKR CLO 33 Ltd. | KKR CLO 33 Ltd. |
|  4.993% due 07/20/2034 •  | 4900 | 4901 |
|  KKR CLO 42 Ltd. | KKR CLO 42 Ltd. | KKR CLO 42 Ltd. |
|  5.034% due 07/20/2034 •  | 4700 | 4704 |
|  LCM 30 Ltd. | LCM 30 Ltd. | LCM 30 Ltd. |
|  5.226% due 04/20/2031 •  | 354 | 354 |
|  LCM 36 Ltd. | LCM 36 Ltd. | LCM 36 Ltd. |
|  4.975% due 01/15/2034 •  | 1600 | 1598 |
|  Navesink CLO 2 Ltd. | Navesink CLO 2 Ltd. | Navesink CLO 2 Ltd. |
|  0.000% due 01/15/2036 •(a) | 5700 | 5700 |
|  Navient Education Loan Trust | Navient Education Loan Trust | Navient Education Loan Trust |
|  5.020% due 07/15/2055 | 1277 | 1292 |
|  Navient Private Education Loan Trust | Navient Private Education Loan Trust | Navient Private Education Loan Trust |
|  2.460% due 11/15/2068 | 391 | 379 |
|  5.315% due 07/16/2040 •  | 697 | 699 |
|  Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust |
|  0.840% due 05/15/2069 | 687 | 632 |
|  1.170% due 09/16/2069 | 874 | 826 |
|  1.310% due 01/15/2069 | 307 | 290 |
|  4.865% due 04/15/2069 •  | 1081 | 1076 |
|  Navient Refinance Loan Trust | Navient Refinance Loan Trust | Navient Refinance Loan Trust |
|  4.800% due 10/15/2055 | 2133 | 2140 |
|  Navient Student Loan Trust | Navient Student Loan Trust | Navient Student Loan Trust |
|  6.480% due 03/15/2072 | 3538 | 3664 |
|  Nelnet Student Loan Trust | Nelnet Student Loan Trust | Nelnet Student Loan Trust |
|  4.670% due 06/22/2065 | 4300 | 4289 |
|  4.840% due 05/17/2055 | 4136 | 4154 |
|  Northwoods Capital 25 Ltd. | Northwoods Capital 25 Ltd. | Northwoods Capital 25 Ltd. |
|  5.004% due 07/20/2034 •  | 1600 | 1597 |
|  Octagon Investment Partners 40 Ltd. | Octagon Investment Partners 40 Ltd. | Octagon Investment Partners 40 Ltd. |
|  4.924% due 01/20/2035 •  | 3400 | 3399 |
|  PFS Financing Corp. | PFS Financing Corp. | PFS Financing Corp. |
|  5.520% due 10/15/2028 | 5000 | 5059 |
|  PK ALIFT Loan Funding 4 LP | PK ALIFT Loan Funding 4 LP | PK ALIFT Loan Funding 4 LP |
|  5.052% due 10/15/2039 | 4194 | 4213 |
|  Post Road Equipment Finance LLC | Post Road Equipment Finance LLC | Post Road Equipment Finance LLC |
|  4.900% due 05/15/2031 | 4606 | 4645 |
|  Romark CLO - IV Ltd. | Romark CLO - IV Ltd. | Romark CLO - IV Ltd. |
|  5.067% due 07/10/2034 •  | 2200 | 2201 |
|  Romark CLO V Ltd. | Romark CLO V Ltd. | Romark CLO V Ltd. |
|  5.095% due 01/15/2035 •  | 4400 | 4403 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Sandstone Peak Ltd. | Sandstone Peak Ltd. | Sandstone Peak Ltd. |
|  5.185% due 10/15/2034 •  | 3000 | 3005 |
|  Saranac CLO VI Ltd. | Saranac CLO VI Ltd. | Saranac CLO VI Ltd. |
|  5.125% due 08/13/2031 •  | 544 | 545 |
|  Sculptor CLO XXVII Ltd. | Sculptor CLO XXVII Ltd. | Sculptor CLO XXVII Ltd. |
|  4.944% due 07/20/2034 •  | 3400 | 3400 |
|  Shackleton CLO Ltd. | Shackleton CLO Ltd. | Shackleton CLO Ltd. |
|  5.084% due 07/20/2034 •  | 4300 | 4304 |
|  SLM Student Loan Trust | SLM Student Loan Trust | SLM Student Loan Trust |
|  5.325% due 04/25/2049 •  | 10 | 10 |
|  6.275% due 01/27/2026 •  | 47 | 48 |
|  SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
|  1.600% due 09/15/2054 | 528 | 501 |
|  2.230% due 09/15/2037 | 759 | 738 |
|  4.465% due 03/17/2053 •  | 240 | 238 |
|  4.480% due 05/16/2050 | 1808 | 1805 |
|  4.696% due 09/15/2054 •  | 2098 | 2091 |
|  5.060% due 03/16/2054 | 1275 | 1292 |
|  5.090% due 10/16/2056 | 985 | 1001 |
|  5.240% due 03/15/2056 | 2354 | 2398 |
|  5.380% due 07/15/2053 | 2062 | 2106 |
|  5.434% due 03/15/2056 •  | 314 | 317 |
|  5.670% due 11/15/2052 | 3094 | 3180 |
|  SoFi Professional Loan Program LLC | SoFi Professional Loan Program LLC | SoFi Professional Loan Program LLC |
|  1.950% due 02/15/2046 | 339 | 320 |
|  Symphony CLO 36 Ltd. | Symphony CLO 36 Ltd. | Symphony CLO 36 Ltd. |
|  0.000% due 01/20/2036 •(a) | 5900 | 5900 |
|  Thayer Park CLO Ltd. | Thayer Park CLO Ltd. | Thayer Park CLO Ltd. |
|  4.868% due 04/20/2034 •  | 4900 | 4898 |
|  TIAA CLO IV Ltd. | TIAA CLO IV Ltd. | TIAA CLO IV Ltd. |
|  5.024% due 01/20/2032 •  | 859 | 859 |
|  Towd Point Asset Trust | Towd Point Asset Trust | Towd Point Asset Trust |
|  4.548% due 11/20/2061 •  | 431 | 431 |
|  Venture 36 CLO Ltd. | Venture 36 CLO Ltd. | Venture 36 CLO Ltd. |
|  5.276% due 04/20/2032 •  | 500 | 500 |
|  Venture XXVII CLO Ltd. | Venture XXVII CLO Ltd. | Venture XXVII CLO Ltd. |
|  5.196% due 07/20/2030 •  | 191 | 191 |
|  Verdelite Static CLO Ltd. | Verdelite Static CLO Ltd. | Verdelite Static CLO Ltd. |
|  5.014% due 07/20/2032 •  | 2781 | 2782 |
|  Verizon Master Trust | Verizon Master Trust | Verizon Master Trust |
|  4.170% due 08/20/2030 | 4500 | 4530 |
|  Voya CLO Ltd. | Voya CLO Ltd. | Voya CLO Ltd. |
|  4.944% due 04/20/2034 •  | 3300 | 3300 |
|  Voya Ltd. | Voya Ltd. | Voya Ltd. |
|  5.166% due 10/15/2030 •  | 226 | 226 |
|  Wellfleet CLO Ltd. | Wellfleet CLO Ltd. | Wellfleet CLO Ltd. |
|  5.064% due 04/20/2034 •  | 4500 | 4505 |
|  |  | 162337 |
|  Total Asset-Backed Securities<br>(Cost $280,440) | Total Asset-Backed Securities<br>(Cost $280,440) | 281419 |
| SOVEREIGN ISSUES 3.7% | SOVEREIGN ISSUES 3.7% | SOVEREIGN ISSUES 3.7% |
|  Cassa Depositi e Prestiti SpA | Cassa Depositi e Prestiti SpA | Cassa Depositi e Prestiti SpA |
|  5.875% due 04/30/2029 | 2800 | 2955 |
|  CPPIB Capital, Inc. | CPPIB Capital, Inc. | CPPIB Capital, Inc. |
|  4.412% (SOFRRATE + 0.500%) due 07/27/2026 ~ | 20000 | 20042 |
|  Eagle Funding Luxco SARL | Eagle Funding Luxco SARL | Eagle Funding Luxco SARL |
|  5.500% due 08/17/2030 | 5400 | 5507 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Kommunalbanken AS | Kommunalbanken AS | Kommunalbanken AS |
|  4.045% (SOFRINDX + 0.320%) due 06/25/2027 ~ | 15000 | 15015 |
|  Korea National Oil Corp. | Korea National Oil Corp. | Korea National Oil Corp. |
|  4.625% (SOFRRATE + 0.900%) due 09/30/2027 ~ | 2015 | 2027 |
|  Total Sovereign Issues<br>(Cost $45,296) | Total Sovereign Issues<br>(Cost $45,296) | 45546 |
| SHORT-TERM INSTRUMENTS 13.6% | SHORT-TERM INSTRUMENTS 13.6% | SHORT-TERM INSTRUMENTS 13.6% |
| COMMERCIAL PAPER 6.4% | COMMERCIAL PAPER 6.4% | COMMERCIAL PAPER 6.4% |
|  Air Lease Corp. | Air Lease Corp. | Air Lease Corp. |
|  4.000% due 01/14/2026 | 3900 | 3894 |
|  4.150% due 01/02/2026 | 6900 | 6899 |
|  Conagra Brands, Inc. | Conagra Brands, Inc. | Conagra Brands, Inc. |
|  4.100% due 01/13/2026 | 10500 | 10485 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  4.150% due 01/20/2026 | 6500 | 6485 |
|  4.150% due 01/21/2026 | 700 | 698 |
|  4.150% due 01/22/2026 | 1000 | 997 |
|  Edison International | Edison International | Edison International |
|  4.250% due 01/02/2026 | 550 | 550 |
|  HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. |
|  4.150% due 01/08/2026 | 1400 | 1399 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. |
|  4.120% due 01/20/2026 | 14600 | 14567 |
|  4.300% due 01/07/2026 | 2100 | 2098 |
|  4.300% due 01/13/2026 | 1200 | 1198 |
|  San Diego Gas & Electric Co. | San Diego Gas & Electric Co. | San Diego Gas & Electric Co. |
|  3.940% due 01/20/2026 | 11400 | 11374 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  4.050% due 01/30/2026 | 250 | 249 |
|  4.550% due 01/06/2026 | 8800 | 8794 |
|  VW Credit, Inc. | VW Credit, Inc. | VW Credit, Inc. |
|  4.220% due 01/13/2026 | 7400 | 7390 |
|  |  | 77077 |
| REPURCHASE AGREEMENTS (c) 6.7% | REPURCHASE AGREEMENTS (c) 6.7% | REPURCHASE AGREEMENTS (c) 6.7% |
|  |  | 81388 |
| SHORT-TERM NOTES 0.5% | SHORT-TERM NOTES 0.5% | SHORT-TERM NOTES 0.5% |
|  HPEFS Equipment Trust | HPEFS Equipment Trust | HPEFS Equipment Trust |
|  4.153% due 10/20/2026 | 5849 | 5855 |
| Total Short-Term Instruments<br>(Cost $164,330) | Total Short-Term Instruments<br>(Cost $164,330) | 164320 |
| Total Investments in Securities<br>(Cost $1,379,859) | Total Investments in Securities<br>(Cost $1,379,859) | 1382131 |
| Total Investments 114.4%<br>(Cost $1,379,859) | Total Investments 114.4%<br>(Cost $1,379,859) | 1382131 |
|  Financial Derivative Instruments (d)(f) (0.0)%<br> (Cost or Premiums, net $447) |  | (369) |
| Other Assets and Liabilities, net (14.4)% | Other Assets and Liabilities, net (14.4)% | (173458) |
| Net Assets 100.0% | Net Assets 100.0% | 1208304 |

---

#### 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.

---

| | | |
|:---|:---|:---|
| **74** | **PIMCO ETF TRUST** | See Accompanying Notes |

---

------

December 31, 2025 (Unaudited)

(a) When-issued security.

(b) Principal amount of security is adjusted for inflation.

#### 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> |
| BRC | 3.750% | 12/31/2025 | 01/02/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29888 | U.S. Treasury Notes 3.500% due 11/30/2030 | $(29795) | $29888 | $29894 |
| FICC STR | 3.820 | 12/31/2025 | 01/02/2026 | 51500 | U.S. Treasury Notes 3.375% - 4.000% due 05/15/2033 - 02/15/2034 | (52530) | 51500 | 51511 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(82325) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81388 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81405 |

---

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  U.S. Treasury Obligations (2.5)% | U.S. Treasury Obligations (2.5)% | U.S. Treasury Obligations (2.5)% | U.S. Treasury Obligations (2.5)% | U.S. Treasury Obligations (2.5)% | U.S. Treasury Obligations (2.5)% |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes | 3.500% | 11/30/2030 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30000 | $(29707) | $(29798) |
|  Total Short Sales (2.5)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29707) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29798) |

---

#### 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, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| 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 | Payable for<br>Short Sales | 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 |
|  BRC | $29894 | $0 | $0 | $0 | $29894 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29795) | $99 |
|  FICC STR | 51511 | 0 | 0 | 0 | 51511 | (52530) | (1019) |
|  Master Securities Forward Transaction Agreement |  |  |  |  |  |  |  |
|  GSC | 0 | 0 | 0 | (29798) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29798) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29798) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81405 | $&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;(29798) |  |  |  |

---

<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, 2025 was $(746) at a weighted average interest rate of 4.145%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** 

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

#### FUTURES CONTRACTS:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS | LONG 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 December Futures  | 03/2028 | 1099 | $265807 | $(290) | $0 | $(117) |
|  U.S. Treasury 2-Year Note March Futures  | 03/2026 | 2436 | 508610 | 756 | 0 | (219) |
|  U.S. Treasury 5-Year Note March Futures  | 03/2026 | 3703 | 404755 | (986) | 0 | (795) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(520) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1131) |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| DECEMBER 31, 2025 75

------

Schedule of Investments PIMCO Enhanced Low Duration Active Exchange-Traded Fund (Cont.)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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  | 03/2026 | 84 | $(9445) | $77 | $31 | $0 |
|  U.S. Treasury Ultra Long-Term Bond March Futures  | 03/2026 | 129 | (15222) | 193 | 119 | 0 |
|  U.S. Ultra Treasury 10-Year Note March Futures  | 03/2026 | 557 | (64064) | 186 | 248 | 0 |
|  |  |  |  | $456 | $398 | $0 |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(64) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1131) |

---

#### 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 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.100% | Annual | 02/11/2026 | $143500 | $178 | $49 | $227 | $0 | $(1) |
|  Receive<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.290 | Annual | 05/31/2030 | 93788 | 4 | 395 | 399 | 134 | 0 |
|  Receive<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.375 | Annual | 05/31/2030 | 156926 | 95 | 59 | 154 | 224 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2030 | 5100 | (74) | 11 | (63) | 8 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2032 | 9100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(206) | 124 | (82) | 18 | 0 |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  | $(3) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of December 31, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;782 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1131) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1132) |

---

(e) Securities with an aggregate market value of $777 and cash of $13,395 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

<sup>(1)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

&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 |
|  AZD | 01/2026 | $188 | 29271 | $0 | $(1) |
|  BOA | 01/2026 | 991 | $655 | 0 | (7) |
|  | 01/2026 | 913 | 10 | 0 | 0 |
|  | 01/2026 | 916 | 251 | 0 | (5) |
|  | 01/2026 | $923 | 84072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | 0 |
|  | 01/2026 | 57 | 1802 | 0 | 0 |
|  | 01/2026 | 240 | 4000 | 1 | 0 |
|  | 02/2026 | 987 | $310 | 0 | 0 |
|  | 03/2026 | $440 | 8010 | 1 | 0 |
|  | 04/2026 | 71 | 1301 | 1 | 0 |
|  BPS | 01/2026 | 7303 | $4783 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(91) |
|  | 01/2026 | 110 | 140 | 1 | 0 |
|  | 01/2026 | 6875 | 976 | 0 | (11) |
|  | 01/2026 | 178 | 241 | 1 | 0 |
|  | 01/2026 | 2108 | 651 | 0 | (11) |
|  | 01/2026 | 21637 | 240 | 0 | (1) |
|  | 01/2026 | 55300 | 358 | 5 | 0 |
|  | 01/2026 | 1166 | 320 | 0 | (5) |
|  | 01/2026 | 2193 | 70 | 0 | 0 |
|  | 01/2026 | $1190 | 8335 | 5 | 0 |

---

---

| | | |
|:---|:---|:---|
| **76** | **PIMCO ETF TRUST** | See Accompanying Notes |

---

------

December 31, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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** |
|  | 01/2026 | $140 | 12648 | $0 | $0 |
|  | 01/2026 | 361 | 635 | 5 | 0 |
|  | 01/2026 | 716 | 2578 | 2 | 0 |
|  | 01/2026 | 2536 | 79525 | 4 | (7) |
|  | 01/2026 | 503 | 8379 | 3 | 0 |
|  | 01/2026 | 3364 | $201 | 0 | (2) |
|  | 02/2026 | $296 | 26665 | 0 | 0 |
|  | 02/2026 | 743 | 23318 | 0 | (1) |
|  | 03/2026 | 185534 | $5952 | 55 | 0 |
|  BRC | 01/2026 | 329 | 382 | 0 | (5) |
|  | 01/2026 | 935 | 292 | 0 | (2) |
|  | 02/2026 | 393 | 122 | 0 | (1) |
|  | 03/2026 | $605 | 11209 | 13 | 0 |
|  BSH | 01/2026 | 374 | 667 | 10 | 0 |
|  CBK | 01/2026 | 804 | $532 | 0 | (4) |
|  | 01/2026 | 1540 | 219 | 0 | (2) |
|  | 01/2026 | 548 | 169 | 0 | (3) |
|  | 01/2026 | 451 | 260 | 1 | 0 |
|  | 01/2026 | 571 | 442 | 0 | (2) |
|  | 01/2026 | $810 | 5652 | 1 | 0 |
|  | 01/2026 | 5662 | 512400 | 25 | 0 |
|  | 01/2026 | 4048 | 14763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64 | 0 |
|  | 01/2026 | 66 | 2084 | 0 | 0 |
|  | 02/2026 | 769 | $242 | 0 | 0 |
|  | 02/2026 | $18 | 567 | 0 | 0 |
|  DUB | 01/2026 | 3053 | $555 | 0 | (2) |
|  | 01/2026 | 658 | 205 | 0 | (2) |
|  | 01/2026 | 364 | 210 | 1 | 0 |
|  | 01/2026 | $558 | 3053 | 0 | (1) |
|  | 01/2026 | 374 | 1192 | 1 | 0 |
|  | 01/2026 | 645 | 947700 | 12 | 0 |
|  | 01/2026 | 200 | 3358 | 3 | 0 |
|  | 02/2026 | 1192 | $374 | 0 | (1) |
|  | 02/2026 | $24 | 765 | 0 | 0 |
|  FAR | 01/2026 | 6600 | $4287 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(118) |
|  | 01/2026 | 5400 | 973 | 0 | (13) |
|  | 01/2026 | 104 | 130 | 0 | (2) |
|  | 01/2026 | 3427 | 487 | 0 | (5) |
|  | 01/2026 | $981 | 5400 | 4 | 0 |
|  | 01/2026 | 198 | 634 | 1 | 0 |
|  | 01/2026 | 438 | 778 | 10 | 0 |
|  | 01/2026 | 274 | 4601 | 3 | 0 |
|  | 02/2026 | 634 | $198 | 0 | (1) |
|  | 02/2026 | $973 | 5440 | 13 | 0 |
|  GLM | 01/2026 | 2333 | $424 | 0 | (2) |
|  | 01/2026 | 970 | 705 | 0 | (3) |
|  | 01/2026 | $422 | 2333 | 4 | 0 |
|  | 01/2026 | 186 | 149 | 2 | 0 |
|  | 01/2026 | 501 | 3534 | 6 | 0 |
|  | 02/2026 | 371 | 6880 | 9 | 0 |
|  | 03/2026 | 177 | $32 | 0 | 0 |
|  | 03/2026 | $5875 | 32552 | 0 | (12) |
|  | 03/2026 | 282 | 5227 | 7 | 0 |
|  | 04/2026 | 1173 | 21496 | 9 | 0 |
|  JPM | 01/2026 | 14510 | $2060 | 0 | (22) |
|  | 01/2026 | 2631 | 806 | 0 | (20) |
|  | 01/2026 | 1574509 | 1075 | 0 | (17) |
|  | 01/2026 | 329 | 191 | 1 | 0 |
|  | 01/2026 | 2125 | 580 | 0 | (12) |
|  | 01/2026 | $351 | 2462 | 3 | 0 |
|  | 01/2026 | 240 | 863 | 0 | 0 |
|  | 02/2026 | 641 | 11893 | 16 | 0 |
|  | 03/2026 | 384 | 7044 | 5 | 0 |
|  | 03/2026 | 462 | 14419 | 0 | (4) |
|  | 04/2026 | 223 | 4109 | 3 | 0 |
|  MBC | 01/2026 | 5706 | $4054 | 0 | (105) |
|  | 01/2026 | 199 | 250 | 0 | (1) |
|  | 01/2026 | 230 | 309 | 0 | (1) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **77** |

---

------

Schedule of Investments PIMCO Enhanced Low Duration Active Exchange-Traded Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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** |
|  | 01/2026 | 93400 | $601 | $5 | $0 |
|  | 01/2026 | 344 | 198 | 0 | (1) |
|  | 01/2026 | 8490 | 6546 | 0 | (62) |
|  | 01/2026 | $1098 | 821 | 8 | 0 |
|  | 01/2026 | 79 | 7174 | 0 | 0 |
|  | 01/2026 | 1014 | 157804 | 0 | (6) |
|  | 01/2026 | 2592 | 4502 | 1 | 0 |
|  | 01/2026 | 88 | 2779 | 0 | 0 |
|  | 01/2026 | 32 | 537 | 0 | 0 |
|  | 02/2026 | 171 | 3157 | 4 | 0 |
|  | 03/2026 | 160 | 2949 | 3 | 0 |
|  | 04/2026 | 178 | 3277 | 3 | 0 |
|  MYI | 01/2026 | 1 | 162 | 0 | 0 |
|  | 02/2026 | 1834 | $569 | 0 | (6) |
|  NGF | 01/2026 | $433 | 635688 | 8 | 0 |
|  SCX | 01/2026 | 6833 | $970 | 0 | (11) |
|  | 01/2026 | 2729 | 30 | 0 | 0 |
|  | 01/2026 | 23500 | 150 | 0 | 0 |
|  SOG | 01/2026 | $362 | 313 | 6 | 0 |
|  | 01/2026 | 2512 | 1918 | 73 | 0 |
|  | 02/2026 | 171 | 3159 | 4 | 0 |
|  | 03/2026 | 100 | $5 | 0 | 0 |
|  | 03/2026 | $1955 | 36636 | 65 | 0 |
|  SSB | 03/2026 | 20688 | $657 | 1 | (1) |
|  UAG | 01/2026 | 545 | 680 | 0 | (8) |
|  | 01/2026 | 915 | 251 | 0 | (4) |
|  | 01/2026 | $391 | 1402 | 0 | 0 |
|  | 02/2026 | 158 | 2938 | 4 | 0 |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(604) |

---

#### PURCHASED OPTIONS:

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BPS Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.250% | 12/09/2026 | 2000 | $1 | $1 |
| DUB Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.650 | 09/09/2026 | 205500 | 214 | 139 |
| FAR Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.250 | 12/09/2026 | 256000 | 117 | 67 |
| JPM Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.500 | 02/13/2026 | 372400 | 205 | 5 |
| MYC Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.650 | 09/09/2026 | 15900 | 16 | 11 |
| NGF Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.650 | 09/09/2026 | 165900 | 176 | 112 |
|  Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;729 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335 |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity** | **Fixed<br>(Pay) Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>December 31, 2025<sup>(3)</sup> | **Notional<br>Amount<sup>(4)</sup>** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(5)</sup> | Swap Agreements,<br>at Value<sup>(5)</sup> |
| **Counterparty** | **Reference Entity** | **Fixed<br>(Pay) Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>December 31, 2025<sup>(3)</sup> | **Notional<br>Amount<sup>(4)</sup>** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| MYC | South Korea Government International Bonds | (1.000)% | Quarterly | 12/20/2030 | 0.220% | $7100 | $(279) | $23 | $0 | $(256) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(279) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(256) |

---

78 PIMCO ETF TRUST See Accompanying Notes

------

December 31, 2025 (Unaudited)

#### 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, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| 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 | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(6)</sup> |
|  AZD | $0 | $0 | $0 | $0 | $(1) | $0 | $0 | $(1) | $(1) | $0 | $(1) |
|  BOA | 13 | 0 | 0 | 13 | (12) | 0 | 0 | (12) | 1 | 0 | 1 |
|  BPS | 81 | 1 | 0 | 82 | (129) | 0 | 0 | (129) | (47) | 0 | (47) |
|  BRC | 13 | 0 | 0 | 13 | (8) | 0 | 0 | (8) | 5 | 0 | 5 |
|  BSH | 10 | 0 | 0 | 10 | 0 | 0 | 0 | 0 | 10 | 0 | 10 |
|  CBK | 91 | 0 | 0 | 91 | (11) | 0 | 0 | (11) | 80 | 0 | 80 |
|  DUB | 17 | 139 | 0 | 156 | (6) | 0 | 0 | (6) | 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(260) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(110) |
|  FAR | 31 | 67 | 0 | 98 | (139) | 0 | 0 | (139) | (41) | 0 | (41) |
|  GLM | 37 | 0 | 0 | 37 | (17) | 0 | 0 | (17) | 20 | 0 | 20 |
|  JPM | 28 | 5 | 0 | 33 | (75) | 0 | 0 | (75) | (42) | 0 | (42) |
|  MBC | 24 | 0 | 0 | 24 | (176) | 0 | 0 | (176) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(152) | 0 | (152) |
|  MYC | 0 | 11 | 0 | 11 | 0 | 0 | (256) | (256) | (245) | 287 | 42 |
|  MYI | 0 | 0 | 0 | 0 | (6) | 0 | 0 | (6) | (6) | 0 | (6) |
|  NGF | 8 | 112 | 0 | 120 | 0 | 0 | 0 | 0 | 120 | 0 | 120 |
|  SCX | 0 | 0 | 0 | 0 | (11) | 0 | 0 | (11) | (11) | 0 | (11) |
|  SOG | 148 | 0 | 0 | 148 | 0 | 0 | 0 | 0 | 148 | 0 | 148 |
|  SSB | 1 | 0 | 0 | 1 | (1) | 0 | 0 | (1) | 0 | 0 | 0 |
|  UAG | 4 | 0 | 0 | 4 | (12) | 0 | 0 | (12) | (8) | 0 | (8) |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;841 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(604) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(256) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(860) |  |  |  |

---

(g) Securities with an aggregate market value of $287 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of December 31, 2025.

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(4)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(5)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(6)</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 FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **79** |

---

------

Schedule of Investments PIMCO Enhanced Low Duration Active Exchange-Traded Fund (Cont.)

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 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 | $398 | $398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 384 | 384 |
|  | $0 | $0 | $0 | $0 | $782 | $782 |
|  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 | $506 | $0 | $506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | 335 | 335 |
|  | $0 | $0 | $0 | $506 | $335 | $841 |
|  | $0 | $0 | $0 | $506 | $1117 | $1623 |
|  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 | $1131 | $1131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 1 | 1 |
|  | $0 | $0 | $0 | $0 | $1132 | $1132 |
|  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 | $604 | $0 | $604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 256 | 0 | 0 | 0 | 256 |
|  | $0 | $256 | $0 | $604 | $0 | $860 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;604 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1132 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1992 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 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 | $3847 | $3847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (840) | 0 | 0 | (3938) | (4778) |
|  | $0 | $(840) | $0 | $0 | $(91) | $(931) |
|  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 | $(277) | $0 | $(277) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | (337) | (337) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 61 | 0 | 0 | 0 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (19) | 0 | 0 | 0 | (19) |
|  | $0 | $42 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(277) | $(337) | $(572) |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(798) | $0 | $(277) | $(428) | $(1503) |
|  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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4649) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4649) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 769 | 0 | 0 | 5352 | 6121 |
|  | $0 | $769 | $0 | $0 | $703 | $1472 |
|  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 | $(96) | $0 | $(96) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | (193) | (193) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | (58) | 0 | 0 | 0 | (58) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 23 | 0 | 0 | 0 | 23 |
|  | $0 | $(35) | $0 | $(96) | $(193) | $(324) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $734 | $0 | $(96) | $510 | $1148 |

---

80 PIMCO ETF TRUST See Accompanying Notes

------

December 31, 2025 (Unaudited)

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of December 31, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>12/31/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Corporate Bonds & Notes |  |  |  |  |
| &nbsp;&nbsp; Banking & Finance | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $230495 | $0 | $230495 |
| &nbsp;&nbsp; Industrials | 0 | 166512 | 0 | 166512 |
| &nbsp;&nbsp; Utilities | 0 | 37979 | 0 | 37979 |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; Louisiana | 0 | 5705 | 0 | 5705 |
|  U.S. Government Agencies | 0 | 383963 | 0 | 383963 |
|  U.S. Treasury Obligations | 0 | 13086 | 0 | 13086 |
|  Non-Agency Mortgage-Backed Securities | 0 | 53106 | 0 | 53106 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile ABS Other | 0 | 3487 | 0 | 3487 |
| &nbsp;&nbsp; Automobile Sequential | 0 | 80062 | 0 | 80062 |
| &nbsp;&nbsp; CMBS Other | 0 | 4253 | 0 | 4253 |
| &nbsp;&nbsp; Credit Card Bullet | 0 | 21502 | 0 | 21502 |
| &nbsp;&nbsp; Credit Card Other | 0 | 4316 | 0 | 4316 |
| &nbsp;&nbsp; Home Equity Other | 0 | 4685 | 0 | 4685 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 777 | 0 | 777 |
| &nbsp;&nbsp; Other ABS | 0 | 162337 | 0 | 162337 |
|  Sovereign Issues | 0 | 45546 | 0 | 45546 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Commercial Paper | 0 | 77077 | 0 | 77077 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 81388 | 0 | 81388 |
| &nbsp;&nbsp; Short-Term Notes | 0 | 5855 | 0 | 5855 |
|  Total Investments | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1382131 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1382131 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>12/31/2025 |
|  Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities |
|  U.S. Treasury Obligations | $0 | $(29798) | $0 | $(29798) |
|  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 | 782 | 0 | 782 |
|  Over the counter | 0 | 841 | 0 | 841 |
|  | $0 | $1623 | $0 | $1623 |
|  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 | (1132) | 0 | (1132) |
|  Over the counter | 0 | (860) | 0 | (860) |
|  | $0 | $(1992) | $0 | $(1992) |
|  Total Financial Derivative Instruments | $0 | $(369) | $0 | $(369) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1351964 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1351964 |

---

There were no significant transfers into or out of Level 3 during the period ended December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **81** |

---

------

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 99.7% | INVESTMENTS IN SECURITIES 99.7% | INVESTMENTS IN SECURITIES 99.7% |
| CORPORATE BONDS & NOTES 32.6% | CORPORATE BONDS & NOTES 32.6% | CORPORATE BONDS & NOTES 32.6% |
| BANKING & FINANCE 23.5% | BANKING & FINANCE 23.5% | BANKING & FINANCE 23.5% |
|  ABN AMRO Bank NV | ABN AMRO Bank NV | ABN AMRO Bank NV |
|  4.751% (SOFRINDX + 1.000%) due 12/03/2028 ~ | $400 | 402 |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust |
|  2.450% due 10/29/2026 | 1000 | 987 |
|  Alexandria Real Estate Equities, Inc. | Alexandria Real Estate Equities, Inc. | Alexandria Real Estate Equities, Inc. |
|  3.800% due 04/15/2026 | 3080 | 3077 |
|  Allstate Corp. | Allstate Corp. | Allstate Corp. |
|  3.280% due 12/15/2026 | 180 | 179 |
|  American Honda Finance Corp. | American Honda Finance Corp. | American Honda Finance Corp. |
|  4.544% due 08/13/2027 •  | 900 | 902 |
|  American Tower Corp. | American Tower Corp. | American Tower Corp. |
|  1.600% due 04/15/2026 | 187 | 186 |
|  Aon North America, Inc. | Aon North America, Inc. | Aon North America, Inc. |
|  5.125% due 03/01/2027 | 2375 | 2405 |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding |
|  4.824% (SOFRINDX + 0.830%) due 01/07/2027 ~ | 1200 | 1203 |
|  Bank of America NA | Bank of America NA | Bank of America NA |
|  4.823% (SOFRRATE + 1.020%) due 08/18/2026 ~ | 1400 | 1406 |
|  Bank of New York Mellon | Bank of New York Mellon | Bank of New York Mellon |
|  4.587% due 04/20/2027 •  | 500 | 501 |
|  Bank of Nova Scotia | Bank of Nova Scotia | Bank of Nova Scotia |
|  4.299% due 03/20/2028 | 1000 | 1013 |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  4.375% due 01/12/2026 | 200 | 200 |
|  BNP Paribas SA | BNP Paribas SA | BNP Paribas SA |
|  1.323% due 01/13/2027 •  | 1000 | 999 |
|  BPCE SA | BPCE SA | BPCE SA |
|  5.975% due 01/18/2027 •  | 500 | 500 |
|  Citigroup Global Markets Holdings, Inc. | Citigroup Global Markets Holdings, Inc. | Citigroup Global Markets Holdings, Inc. |
|  4.190% (SOFRRATE + 0.480%) due 01/20/2026 ~ | 800 | 800 |
|  Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA |
|  1.106% due 02/24/2027 •  | 1800 | 1792 |
|  Credit Agricole SA | Credit Agricole SA | Credit Agricole SA |
|  1.247% due 01/26/2027 •  | 1000 | 998 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  3.700% due 06/15/2026 | 2092 | 2088 |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  1.686% due 03/19/2026 | 1178 | 1172 |
|  4.100% due 01/13/2026 | 1000 | 1000 |
|  Equitable Financial Life Global Funding | Equitable Financial Life Global Funding | Equitable Financial Life Global Funding |
|  1.300% due 07/12/2026 | 2142 | 2112 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  4.542% due 08/01/2026 | 100 | 100 |
|  5.800% due 03/05/2027 | 500 | 506 |
|  6.950% due 03/06/2026 | 1000 | 1002 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  1.431% due 03/09/2027 •  | 1000 | 995 |
|  HAT Holdings I LLC/HAT Holdings II LLC | HAT Holdings I LLC/HAT Holdings II LLC | HAT Holdings I LLC/HAT Holdings II LLC |
|  3.375% due 06/15/2026 | 115 | 114 |
|  ING Groep NV | ING Groep NV | ING Groep NV |
|  4.625% due 01/06/2026 | 1950 | 1950 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  1.578% due 04/22/2027 •  | 2100 | 2084 |
|  Manulife Financial Corp. | Manulife Financial Corp. | Manulife Financial Corp. |
|  4.150% due 03/04/2026 | 2000 | 2000 |
|  NatWest Markets PLC | NatWest Markets PLC | NatWest Markets PLC |
|  4.707% (SOFRRATE + 0.900%) due 05/17/2027 ~ | 500 | 503 |
|  Neuberger Berman Group LLC/Neuberger Berman Finance Corp. | Neuberger Berman Group LLC/Neuberger Berman Finance Corp. | Neuberger Berman Group LLC/Neuberger Berman Finance Corp. |
|  4.500% due 03/15/2027 | 1750 | 1754 |
|  Norinchukin Bank | Norinchukin Bank | Norinchukin Bank |
|  1.284% due 09/22/2026 | 200 | 196 |
|  4.867% due 09/14/2027 | 1000 | 1011 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  PNC Financial Services Group, Inc. | PNC Financial Services Group, Inc. | PNC Financial Services Group, Inc. |
|  4.758% due 01/26/2027 •  | $1341 | 1342 |
|  Protective Life Global Funding | Protective Life Global Funding | Protective Life Global Funding |
|  4.412% (SOFRRATE + 0.500%) due 07/22/2026 ~ | 400 | 401 |
|  4.675% due 04/10/2026 •  | 400 | 400 |
|  Sammons Financial Group Global Funding | Sammons Financial Group Global Funding | Sammons Financial Group Global Funding |
|  4.615% due 09/02/2027 •  | 400 | 402 |
|  SBA Tower Trust | SBA Tower Trust | SBA Tower Trust |
|  1.884% due 07/15/2050 | 2000 | 1998 |
|  Societe Generale SA | Societe Generale SA | Societe Generale SA |
|  6.447% due 01/12/2027 •  | 600 | 600 |
|  Standard Chartered PLC | Standard Chartered PLC | Standard Chartered PLC |
|  1.456% due 01/14/2027 •  | 1500 | 1499 |
|  6.187% due 07/06/2027 •  | 500 | 505 |
|  Truist Financial Corp. | Truist Financial Corp. | Truist Financial Corp. |
|  1.267% due 03/02/2027 •  | 2000 | 1990 |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  5.711% due 01/12/2027 •  | 2100 | 2101 |
|  Weyerhaeuser Co. | Weyerhaeuser Co. | Weyerhaeuser Co. |
|  4.750% due 05/15/2026 | 1244 | 1247 |
|  7.350% due 07/01/2026 | 1000 | 1015 |
|  |  | 49637 |
| INDUSTRIALS 7.2% | INDUSTRIALS 7.2% | INDUSTRIALS 7.2% |
|  Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. |
|  1.570% due 01/15/2026 | 700 | 699 |
|  4.875% due 07/15/2026 | 893 | 893 |
|  Campbell's Co. | Campbell's Co. | Campbell's Co. |
|  5.300% due 03/20/2026 | 1186 | 1189 |
|  Chanel Ceres PLC | Chanel Ceres PLC | Chanel Ceres PLC |
|  0.500% due 07/31/2026 | 1500 | 1739 |
|  Conagra Brands, Inc. | Conagra Brands, Inc. | Conagra Brands, Inc. |
|  5.300% due 10/01/2026 | $2000 | 2017 |
|  Denso Corp. | Denso Corp. | Denso Corp. |
|  1.239% due 09/16/2026 | 222 | 218 |
|  Electronic Arts, Inc. | Electronic Arts, Inc. | Electronic Arts, Inc. |
|  4.800% due 03/01/2026 | 202 | 202 |
|  Flex Ltd. | Flex Ltd. | Flex Ltd. |
|  3.750% due 02/01/2026 | 704 | 703 |
|  Fresenius Medical Care U.S. Finance III, Inc. | Fresenius Medical Care U.S. Finance III, Inc. | Fresenius Medical Care U.S. Finance III, Inc. |
|  1.875% due 12/01/2026 | 700 | 684 |
|  Illumina, Inc. | Illumina, Inc. | Illumina, Inc. |
|  4.650% due 09/09/2026 | 1000 | 1004 |
|  JDE Peet's NV | JDE Peet's NV | JDE Peet's NV |
|  1.375% due 01/15/2027 | 1655 | 1604 |
|  Kraft Heinz Foods Co. | Kraft Heinz Foods Co. | Kraft Heinz Foods Co. |
|  3.000% due 06/01/2026 | 1000 | 996 |
|  NTT Finance Corp. | NTT Finance Corp. | NTT Finance Corp. |
|  4.567% due 07/16/2027 | 500 | 505 |
|  NXP BV/NXP Funding LLC | NXP BV/NXP Funding LLC | NXP BV/NXP Funding LLC |
|  5.350% due 03/01/2026 | 108 | 108 |
|  Oracle Corp. | Oracle Corp. | Oracle Corp. |
|  1.650% due 03/25/2026 | 1000 | 994 |
|  Renesas Electronics Corp. | Renesas Electronics Corp. | Renesas Electronics Corp. |
|  2.170% due 11/25/2026 | 814 | 799 |
|  Sydney Airport Finance Co. Pty. Ltd. | Sydney Airport Finance Co. Pty. Ltd. | Sydney Airport Finance Co. Pty. Ltd. |
|  3.625% due 04/28/2026 | 200 | 200 |
|  Synopsys, Inc. | Synopsys, Inc. | Synopsys, Inc. |
|  4.550% due 04/01/2027 | 500 | 504 |
|  |  | 15058 |
| UTILITIES 1.9% | UTILITIES 1.9% | UTILITIES 1.9% |
|  AES Corp. | AES Corp. | AES Corp. |
|  1.375% due 01/15/2026 | 1867 | 1865 |
|  Eversource Energy | Eversource Energy | Eversource Energy |
|  5.000% due 01/01/2027 | 1200 | 1211 |
|  KeySpan Gas East Corp. | KeySpan Gas East Corp. | KeySpan Gas East Corp. |
|  2.742% due 08/15/2026 | 940 | 930 |
|  |  | 4006 |
|  Total Corporate Bonds & Notes (Cost $68,314) |  | 68701 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| U.S. GOVERNMENT AGENCIES 15.0% | U.S. GOVERNMENT AGENCIES 15.0% | U.S. GOVERNMENT AGENCIES 15.0% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  2.500% due 10/01/2029 | $2842 | 2805 |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates |
|  4.559% due 08/25/2027 •  | 422 | 422 |
|  Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS |
|  4.698% due 01/15/2054 •  | 387 | 385 |
|  4.774% due 09/25/2054 - 03/25/2055 •  | 1518 | 1524 |
|  4.814% due 11/25/2054 •  | 2514 | 2525 |
|  4.824% due 03/25/2055 - 04/25/2055 •  | 1695 | 1705 |
|  4.874% due 06/25/2055 - 08/25/2055 •  | 1390 | 1398 |
|  5.024% due 01/25/2055 •  | 748 | 751 |
|  5.074% due 01/25/2055 - 02/25/2055 •  | 371 | 372 |
|  5.124% due 05/25/2054 •  | 459 | 462 |
|  5.174% due 03/25/2055 •  | 497 | 500 |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  2.500% due 06/01/2029 | 3502 | 3454 |
|  3.500% due 01/01/2028 | 544 | 542 |
|  4.960% due 07/01/2028 | 1494 | 1529 |
|  Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS |
|  4.489% due 05/25/2046 •  | 179 | 177 |
|  4.673% due 08/25/2044 •  | 530 | 525 |
|  4.774% due 09/25/2054 •  | 2425 | 2434 |
|  4.824% due 11/25/2053 -<br>03/25/2055 •  | 718 | 721 |
|  4.874% due 05/25/2055 •  | 249 | 250 |
|  4.924% due 05/25/2055 •  | 187 | 188 |
|  4.974% due 06/25/2054 -<br>01/25/2055 •  | 1108 | 1112 |
|  5.074% due 12/25/2053 -<br>02/25/2055 •  | 648 | 651 |
|  5.124% due 02/25/2055 •  | 145 | 145 |
|  Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS |
|  3.000% due 06/20/2051 •  | 948 | 836 |
|  4.594% due 11/20/2066 •  | 271 | 273 |
|  4.618% due 08/20/2075 •  | 1483 | 1498 |
|  4.629% due 10/20/2062 •  | 202 | 202 |
|  4.714% due 02/20/2073 •  | 697 | 697 |
|  4.764% due 02/20/2064 •  | 635 | 637 |
|  4.836% due 04/20/2054 •  | 1000 | 1000 |
|  4.893% due 12/20/2055 «•  | 1000 | 1002 |
|  5.018% due 05/20/2073 •  | 237 | 239 |
|  5.174% due 03/20/2067 •  | 635 | 639 |
|  Total U.S. Government Agencies (Cost $31,633) |  | 31600 |
| U.S. TREASURY OBLIGATIONS 1.8% | U.S. TREASURY OBLIGATIONS 1.8% | U.S. TREASURY OBLIGATIONS 1.8% |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  3.500% due 09/30/2027 | 2300 | 2300 |
|  3.500% due 10/15/2028 | 1500 | 1499 |
|  Total U.S. Treasury Obligations (Cost $3,800) |  | 3799 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 1.4% | NON-AGENCY MORTGAGE-BACKED SECURITIES 1.4% | NON-AGENCY MORTGAGE-BACKED SECURITIES 1.4% |
|  Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS |
|  4.688% due 09/20/2075 •  | 1003 | 1007 |
|  4.698% due 10/20/2075 •  | 998 | 1002 |
|  OBX Trust | OBX Trust | OBX Trust |
|  2.305% due 11/25/2061 ~ | 500 | 453 |
|  2.783% due 01/25/2062 þ | 378 | 368 |
|  Starwood Mortgage Residential Trust | Starwood Mortgage Residential Trust | Starwood Mortgage Residential Trust |
|  1.027% due 11/25/2055 ~ | 63 | 61 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  3.750% due 05/25/2058 ~ | 178 | 175 |
|  Total Non-Agency Mortgage-Backed Securities<br>(Cost $3,133) |  | 3066 |

---

---

| | | |
|:---|:---|:---|
| **82** | **PIMCO ETF TRUST** | See Accompanying Notes |

---

------

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| ASSET-BACKED SECURITIES 10.1% | ASSET-BACKED SECURITIES 10.1% | ASSET-BACKED SECURITIES 10.1% |
| AUTOMOBILE ABS OTHER 0.6% | AUTOMOBILE ABS OTHER 0.6% | AUTOMOBILE ABS OTHER 0.6% |
|  Tesla Auto Lease Trust | Tesla Auto Lease Trust | Tesla Auto Lease Trust |
|  4.508% due 01/20/2027 •  | $237 | 237 |
|  Toyota Lease Owner Trust | Toyota Lease Owner Trust | Toyota Lease Owner Trust |
|  4.328% due 07/20/2027 •  | 861 | 861 |
|  4.358% due 02/22/2027 •  | 96 | 97 |
|  |  | 1195 |
| AUTOMOBILE SEQUENTIAL 3.1% | AUTOMOBILE SEQUENTIAL 3.1% | AUTOMOBILE SEQUENTIAL 3.1% |
|  ARI Fleet Lease Trust | ARI Fleet Lease Trust | ARI Fleet Lease Trust |
|  5.410% due 02/17/2032 | 67 | 67 |
|  5.540% due 04/15/2033 | 486 | 490 |
|  BMW Canada Auto Trust | BMW Canada Auto Trust | BMW Canada Auto Trust |
|  4.844% due 07/20/2027 | 237 | 173 |
|  BMW Vehicle Owner Trust | BMW Vehicle Owner Trust | BMW Vehicle Owner Trust |
|  5.470% due 02/25/2028 | $424 | 427 |
|  CarMax Auto Owner Trust | CarMax Auto Owner Trust | CarMax Auto Owner Trust |
|  3.970% due 04/15/2027 | 76 | 76 |
|  Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust |
|  5.620% due 01/10/2029 | 541 | 545 |
|  Chase Auto Owner Trust | Chase Auto Owner Trust | Chase Auto Owner Trust |
|  5.680% due 01/25/2029 | 1029 | 1040 |
|  Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC |
|  5.740% due 12/20/2026 | 264 | 265 |
|  Ford Auto Securitization Trust | Ford Auto Securitization Trust | Ford Auto Securitization Trust |
|  5.053% due 07/15/2028 | 311 | 229 |
|  GMF Canada Leasing Trust | GMF Canada Leasing Trust | GMF Canada Leasing Trust |
|  4.883% due 12/21/2026 | 28 | 20 |
|  LAD Auto Receivables Trust | LAD Auto Receivables Trust | LAD Auto Receivables Trust |
|  4.640% due 11/15/2027 | $200 | 200 |
|  5.610% due 08/15/2028 | 341 | 343 |
|  Oscar U.S. Funding XVI LLC |  |  |
|  5.480% due 02/10/2027 « | 69 | 69 |
|  SCCU Auto Receivables Trust | SCCU Auto Receivables Trust |  |
|  5.450% due 12/15/2027 | 75 | 75 |
|  Tesla Lease Electric Vehicle Securitization LLC | Tesla Lease Electric Vehicle Securitization LLC | Tesla Lease Electric Vehicle Securitization LLC |
|  4.140% due 06/20/2028 | 1500 | 1503 |
|  Toyota Auto Receivables Owner Trust | Toyota Auto Receivables Owner Trust | Toyota Auto Receivables Owner Trust |
|  5.330% due 01/16/2029 | 994 | 1005 |
|  |  | 6527 |
| CREDIT CARD BULLET 0.7% | CREDIT CARD BULLET 0.7% | CREDIT CARD BULLET 0.7% |
|  Master Credit Card Trust II |  |  |
|  4.693% due 01/21/2028 •  | 1500 | 1501 |
| CREDIT CARD OTHER 0.9% | CREDIT CARD OTHER 0.9% | CREDIT CARD OTHER 0.9% |
|  Golden Credit Card Trust |  |  |
|  1.140% due 08/15/2028 | 800 | 786 |
|  Trillium Credit Card Trust II | Trillium Credit Card Trust II |  |
|  4.297% due 09/26/2030 •  | 1000 | 1004 |
|  |  | 1790 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| OTHER ABS 4.8% | OTHER ABS 4.8% | OTHER ABS 4.8% | OTHER ABS 4.8% |
|  Apidos CLO XI |  |  |  |
|  5.122% due 04/17/2034 •  | $600 | $— | 601 |
|  College Avenue Student Loans LLC | College Avenue Student Loans LLC | College Avenue Student Loans LLC | College Avenue Student Loans LLC |
|  5.046% due 12/26/2047 •  | 348 |  | 348 |
|  Commonbond Student Loan Trust | Commonbond Student Loan Trust |  |  |
|  1.980% due 08/25/2050 | 843 |  | 760 |
|  3.560% due 09/25/2045 | 361 |  | 349 |
|  Crown Point CLO 7 Ltd. |  |  |  |
|  5.114% due 10/20/2031 •  | 103 |  | 103 |
|  DLLAA LLC |  |  |  |
|  4.700% due 10/20/2027 | 609 |  | 611 |
|  Fortress Credit BSL X Ltd. |  |  |  |
|  5.014% due 04/20/2033 •  | 1000 |  | 1001 |
|  GreatAmerica Leasing Receivables Funding LLC | GreatAmerica Leasing Receivables Funding LLC | GreatAmerica Leasing Receivables Funding LLC | GreatAmerica Leasing Receivables Funding LLC |
|  5.280% due 03/15/2027 | 413 |  | 415 |
|  HPEFS Equipment Trust |  |  |  |
|  4.070% due 11/22/2032 | 1200 |  | 1202 |
|  Kubota Credit Owner Trust |  |  |  |
|  5.450% due 04/15/2027 | 217 |  | 218 |
|  Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust |  |  |
|  1.060% due 10/15/2069 | 635 |  | 583 |
|  1.310% due 01/15/2069 | 71 |  | 67 |
|  2.400% due 10/15/2068 | 63 |  | 62 |
|  2.600% due 08/15/2068 | 451 |  | 436 |
|  2.640% due 05/15/2068 | 89 |  | 88 |
|  3.130% due 02/15/2068 | 280 |  | 278 |
|  4.865% due 04/15/2069 •  | 154 |  | 154 |
|  Navient Refinance Loan Trust |  |  |  |
|  4.800% due 10/15/2055 | 485 |  | 486 |
|  Northwoods Capital XIV-B Ltd. |  |  |  |
|  5.091% due 11/13/2031 •  | 538 |  | 538 |
|  SMB Private Education Loan Trust | SMB Private Education Loan Trust |  |  |
|  1.600% due 09/15/2054 | 388 |  | 369 |
|  4.665% due 01/15/2053 •  | 513 |  | 509 |
|  5.380% due 01/15/2053 | 470 |  | 478 |
|  Venture XXVII CLO Ltd. |  |  |  |
|  5.196% due 07/20/2030 •  | 9 |  | 9 |
|  Voya CLO Ltd. |  |  |  |
|  5.084% due 07/20/2032 •  | 553 |  | 554 |
|  |  |  | 10219 |
|  Total Asset-Backed Securities<br>(Cost $21,344) |  |  | 21232 |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Japan Government Two Year Bonds | Japan Government Two Year Bonds |  |  |
|  0.100% due 01/01/2026 | 46300 |  | 296 |
|  Total Sovereign Issues (Cost $298) | Total Sovereign Issues (Cost $298) |  | 296 |
| SHORT-TERM INSTRUMENTS 38.7% | SHORT-TERM INSTRUMENTS 38.7% | SHORT-TERM INSTRUMENTS 38.7% | SHORT-TERM INSTRUMENTS 38.7% |
| COMMERCIAL PAPER 9.9% | COMMERCIAL PAPER 9.9% | COMMERCIAL PAPER 9.9% | COMMERCIAL PAPER 9.9% |
|  Air Lease Corp. |  |  |  |
|  4.220% due 01/12/2026 | $1900 |  | 1897 |
|  4.300% due 01/08/2026 | 1200 |  | 1199 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Conagra Brands, Inc. |  |  |  |  |
|  4.100% due 01/13/2026 | $| 300 | $— | 300 |
|  4.130% due 01/07/2026 |  | 800 |  | 799 |
|  Crown Castle, Inc. |  |  |  |  |
|  4.150% due 01/20/2026 |  | 2800 |  | 2793 |
|  4.150% due 01/21/2026 |  | 300 |  | 299 |
|  Equifax, Inc. |  |  |  |  |
|  4.060% due 01/09/2026 |  | 800 |  | 799 |
|  ERAC USA Finance LLC |  |  |  |  |
|  4.200% due 01/12/2026 |  | 900 |  | 899 |
|  HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. |  |  |
|  4.150% due 01/08/2026 |  | 1100 |  | 1099 |
|  4.550% due 01/13/2026 |  | 400 |  | 399 |
|  HCA, Inc. |  |  |  |  |
|  4.100% due 01/26/2026 |  | 300 |  | 299 |
|  4.120% due 01/20/2026 |  | 800 |  | 798 |
|  4.120% due 02/02/2026 |  | 600 |  | 598 |
|  4.120% due 02/12/2026 |  | 800 |  | 796 |
|  4.300% due 01/05/2026 |  | 400 |  | 400 |
|  Jabil, Inc. |  |  |  |  |
|  4.130% due 01/07/2026 |  | 400 |  | 400 |
|  4.130% due 01/14/2026 |  | 1300 |  | 1298 |
|  4.150% due 01/07/2026 |  | 500 |  | 500 |
|  4.150% due 01/12/2026 |  | 300 |  | 300 |
|  4.150% due 01/13/2026 |  | 600 |  | 599 |
|  Keurig Dr. Pepper, Inc. |  |  |  |  |
|  4.000% due 01/07/2026 |  | 1800 |  | 1799 |
|  Marriott International, Inc. |  |  |  |  |
|  4.020% due 01/02/2026 |  | 800 |  | 800 |
|  Oracle Corp. |  |  |  |  |
|  4.220% due 01/16/2026 |  | 400 |  | 399 |
|  San Diego Gas & Electric Co. | San Diego Gas & Electric Co. | San Diego Gas & Electric Co. |  |  |
|  3.940% due 01/20/2026 |  | 700 |  | 698 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |  |  |
|  4.550% due 01/08/2026 |  | 400 |  | 400 |
|  4.550% due 01/15/2026 |  | 300 |  | 299 |
|  |  |  |  | 20866 |
| REPURCHASE AGREEMENTS (c) 22.6% | REPURCHASE AGREEMENTS (c) 22.6% | REPURCHASE AGREEMENTS (c) 22.6% | REPURCHASE AGREEMENTS (c) 22.6% | REPURCHASE AGREEMENTS (c) 22.6% |
|  |  |  |  | 47700 |
| JAPAN TREASURY BILLS 6.2% | JAPAN TREASURY BILLS 6.2% | JAPAN TREASURY BILLS 6.2% | JAPAN TREASURY BILLS 6.2% | JAPAN TREASURY BILLS 6.2% |
|  0.426% due 01/07/2026 -<br>01/13/2026 (a)(b) | JPY | 2064800 |  | 13181 |
| Total Short-Term Instruments<br>(Cost $81,847) | Total Short-Term Instruments<br>(Cost $81,847) |  |  | 81747 |
| Total Investments in Securities<br>(Cost $210,369) | Total Investments in Securities<br>(Cost $210,369) | Total Investments in Securities<br>(Cost $210,369) |  | 210441 |
| Total Investments 99.7%<br>(Cost $210,369) |  |  | $— | 210441 |
|  Financial Derivative<br>Instruments (d) 0.0%<br> (Cost or Premiums, net $0) | Financial Derivative<br>Instruments (d) 0.0%<br> (Cost or Premiums, net $0) | Financial Derivative<br>Instruments (d) 0.0%<br> (Cost or Premiums, net $0) |  | 83 |
| Other Assets and Liabilities, net 0.3% | Other Assets and Liabilities, net 0.3% | Other Assets and Liabilities, net 0.3% |  | 477 |
| Net Assets 100.0% |  |  | $— | 211001 |

---

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

« Security valued using significant unobservable inputs (Level 3).

---

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

---

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

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

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

(b) Zero coupon security.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **83** |

---

------

Schedule of Investments PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund (Cont.)

#### 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> |
| DEU | 3.870% | 12/31/2025 | 01/05/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40700 | U.S. Treasury Bonds 1.875% due 02/15/2041 | $(41504) | $40700 | $40709 |
| JPS | 3.930 | 12/31/2025 | 01/02/2026 | 7000 | U.S. Treasury Notes 4.125% due 10/31/2026 | (7142) | 7000 | 7001 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48646) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47700 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47710 |

---

#### 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, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| 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 |
|  DEU | $40709 | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40709 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41504) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(795) |
|  JPS | 7001 | 0 | 0 | 0 | 7001 | (7142) | (141) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47710 | $&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 |  |  |  |

---

<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;(d) 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 |
|  BOA | 01/2026 | 369220 | $2388 | $30 | $0 |
|  GLM | 01/2026 | $277 | 378 | 0 | (2) |
|  JPM | 01/2026 | 1627800 | $10487 | 91 | 0 |
|  MBC | 01/2026 | 917 | 651 | 0 | (17) |
|  SOG | 01/2026 | 1452 | 1681 | 0 | (26) |
|  | 01/2026 | 36400 | 235 | 2 | 0 |
|  UAG | 01/2026 | 77680 | 500 | 5 | 0 |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45) |

---

#### 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, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| 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 | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(1)</sup> |
|  BOA | $30 | $0 | $0 | $30 | $0 | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 |
|  GLM | 0 | 0 | 0 | 0 | (2) | 0 | 0 | (2) | (2) | 0 | (2) |
|  JPM | 91 | 0 | 0 | 91 | 0 | 0 | 0 | 0 | 91 | 0 | 91 |
|  MBC | 0 | 0 | 0 | 0 | (17) | 0 | 0 | (17) | (17) | 0 | (17) |
|  SOG | 2 | 0 | 0 | 2 | (26) | 0 | 0 | (26) | (24) | 0 | (24) |
|  UAG | 5 | 0 | 0 | 5 | 0 | 0 | 0 | 0 | 5 | 0 | 5 |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128 | $&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;128 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45) | $&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;(45) |  |  |  |

---

<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. 

---

| | | |
|:---|:---|:---|
| **84** | **PIMCO ETF TRUST** | See Accompanying Notes |

---

------

December 31, 2025 (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, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128 |
|  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 | $45 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $45 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 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 | $(29) | $(29) |
|  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 | $28 | $0 | $28 |
|  | $&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;28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29) | $(1) |
|  Net Change in Unrealized Appreciation on Financial Derivative Instruments | Net Change in Unrealized Appreciation on Financial Derivative Instruments | Net Change in Unrealized Appreciation on Financial Derivative Instruments | Net Change in Unrealized Appreciation on Financial Derivative Instruments | Net Change in Unrealized Appreciation on Financial Derivative Instruments | Net Change in Unrealized Appreciation on Financial Derivative Instruments | Net Change in Unrealized Appreciation 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 | $25 | $25 |
|  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 | $231 | $0 | $231 |
|  | $0 | $0 | $0 | $231 | $25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256 |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of December 31, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br>**Value at<br>12/31/2025** |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  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 | $49637 | $0 | $49637 |
| &nbsp;&nbsp; Industrials | 0 | 15058 | 0 | 15058 |
| &nbsp;&nbsp; Utilities | 0 | 4006 | 0 | 4006 |
|  U.S. Government Agencies | 0 | 30598 | 1002 | 31600 |
|  U.S. Treasury Obligations | 0 | 3799 | 0 | 3799 |
|  Non-Agency Mortgage-Backed Securities | 0 | 3066 | 0 | 3066 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile ABS Other | 0 | 1195 | 0 | 1195 |
| &nbsp;&nbsp; Automobile Sequential | 0 | 6458 | 69 | 6527 |
| &nbsp;&nbsp; Credit Card Bullet | 0 | 1501 | 0 | 1501 |
| &nbsp;&nbsp; Credit Card Other | 0 | 1790 | 0 | 1790 |
| &nbsp;&nbsp; Other ABS | 0 | 10219 | 0 | 10219 |
|  Sovereign Issues | 0 | 296 | 0 | 296 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Commercial Paper | 0 | 20866 | 0 | 20866 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 47700 | 0 | 47700 |
| &nbsp;&nbsp; Japan Treasury Bills | 0 | 13181 | 0 | 13181 |
|  Total Investments | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209370 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1071 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210441 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br>**Value at<br>12/31/2025** |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Over the counter | $0 | $128 | $0 | $128 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Over the counter | $0 | $(45) | $0 | $(45) |
|  Total Financial Derivative Instruments | $0 | $83 | $0 | $83 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209453 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1071 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210524 |

---

There were no significant transfers into or out of Level 3 during the period ended December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **85** |

---

------

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 58.9% | CORPORATE BONDS & NOTES 58.9% | CORPORATE BONDS & NOTES 58.9% |
| BANKING & FINANCE 37.5% | BANKING & FINANCE 37.5% | BANKING & FINANCE 37.5% |
|  ABN AMRO Bank NV | ABN AMRO Bank NV | ABN AMRO Bank NV |
|  4.751% (SOFRINDX + 1.000%) due 12/03/2028 ~ | 34300 | 34429 |
|  5.505% due 09/18/2027 •  | 79795 | 80491 |
|  6.339% due 09/18/2027 •  | 10100 | 10257 |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust |
|  1.750% due 01/30/2026 | 14889 | 14864 |
|  2.450% due 10/29/2026 | 117587 | 116021 |
|  3.875% due 01/23/2028 | 510 | 508 |
|  4.450% due 04/03/2026 | 18473 | 18475 |
|  6.100% due 01/15/2027 | 166 | 169 |
|  Air Lease Corp. | Air Lease Corp. | Air Lease Corp. |
|  1.875% due 08/15/2026 | 107910 | 106333 |
|  2.875% due 01/15/2026 | 21519 | 21508 |
|  3.625% due 04/01/2027 | 1270 | 1256 |
|  3.750% due 06/01/2026 | 1230 | 1228 |
|  5.300% due 06/25/2026 | 15387 | 15468 |
|  Aircastle Ltd. | Aircastle Ltd. | Aircastle Ltd. |
|  4.250% due 06/15/2026 | 13392 | 13393 |
|  American Express Co. | American Express Co. | American Express Co. |
|  4.498% (SOFRINDX + 0.650%) due 11/04/2026 ~ | 20038 | 20112 |
|  4.574% (SOFRRATE + 0.760%) due 02/13/2026 ~ | 33410 | 33416 |
|  4.658% (SOFRRATE + 0.750%) due 04/23/2027 ~ | 21990 | 22027 |
|  4.807% (SOFRINDX + 1.000%) due 02/16/2028 ~ | 645 | 648 |
|  4.857% (SOFRINDX + 0.970%) due 07/28/2027 ~ | 3800 | 3814 |
|  American Honda Finance Corp. | American Honda Finance Corp. | American Honda Finance Corp. |
|  4.470% due 03/08/2027 •  | 44000 | 44116 |
|  4.495% (SOFRRATE + 0.770%) due 03/12/2027 ~ | 2506 | 2513 |
|  4.544% due 08/13/2027 •  | 83700 | 83893 |
|  4.605% due 10/06/2026 •  | 13800 | 13823 |
|  4.609% due 07/15/2026 •  | 9800 | 9820 |
|  4.849% (SOFRRATE + 0.870%) due 07/09/2027 ~ | 18500 | 18593 |
|  American Tower Corp. | American Tower Corp. | American Tower Corp. |
|  1.450% due 09/15/2026 | 41551 | 40805 |
|  1.600% due 04/15/2026 | 26200 | 26026 |
|  2.750% due 01/15/2027 | 1200 | 1185 |
|  3.375% due 10/15/2026 | 24723 | 24599 |
|  4.400% due 02/15/2026 | 6000 | 6002 |
|  Aozora Bank Ltd. | Aozora Bank Ltd. | Aozora Bank Ltd. |
|  5.900% due 09/08/2026 | 2165 | 2185 |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding |
|  4.504% due 08/10/2026 •  | 15700 | 15720 |
|  4.675% (SOFRINDX + 0.850%) due 05/08/2026 ~ | 49733 | 49810 |
|  4.696% due 07/16/2026 •  | 28500 | 28546 |
|  4.805% (SOFRINDX + 1.030%) due 08/27/2026 ~ | 37904 | 38036 |
|  4.824% (SOFRINDX + 0.830%) due 01/07/2027 ~ | 25822 | 25880 |
|  4.938% (SOFRINDX + 1.210%) due 03/25/2027 ~ | 2000 | 2013 |
|  4.950% due 01/07/2027 | 20774 | 20929 |
|  Aviation Capital Group LLC | Aviation Capital Group LLC | Aviation Capital Group LLC |
|  1.950% due 09/20/2026 | 20519 | 20192 |
|  4.750% due 04/14/2027 | 800 | 805 |
|  Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
|  2.125% due 02/21/2026 | 11681 | 11644 |
|  3.250% due 02/15/2027 | 134 | 133 |
|  4.250% due 04/15/2026 | 2000 | 2000 |
|  Banco Santander SA | Banco Santander SA | Banco Santander SA |
|  1.722% due 09/14/2027 •  | 4086 | 4017 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  1.658% due 03/11/2027 •  | 6900 | 6868 |
|  1.734% due 07/22/2027 •  | 22232 | 21951 |
|  3.559% due 04/23/2027 •  | 20710 | 20674 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.872% (SOFRRATE + 0.970%) due 07/22/2027 ~ | $— | 5787 | $— | 5810 |
|  4.898% (SOFRRATE + 1.050%) due 02/04/2028 ~ |  | 4241 |  | 4267 |
|  5.075% (SOFRRATE + 1.350%) due 09/15/2027 ~ |  | 7817 |  | 7865 |
|  5.080% due 01/20/2027 •  |  | 74891 |  | 74928 |
|  Bank of America NA | Bank of America NA | Bank of America NA | Bank of America NA | Bank of America NA |
|  4.823% (SOFRRATE + 1.020%) due 08/18/2026 ~ |  | 135 |  | 136 |
|  Bank of Montreal | Bank of Montreal | Bank of Montreal | Bank of Montreal | Bank of Montreal |
|  0.949% due 01/22/2027 •  |  | 19200 |  | 19163 |
|  4.343% (SOFRINDX + 0.620%) due 09/15/2026 ~ |  | 9570 |  | 9593 |
|  4.506% (SOFRINDX + 0.760%) due 06/04/2027 ~ |  | 906 |  | 910 |
|  4.567% due 09/10/2027 •  |  | 10000 |  | 10040 |
|  4.610% (SOFRINDX + 0.880%) due 09/10/2027 ~ |  | 57158 |  | 57331 |
|  4.888% (SOFRINDX + 1.160%) due 12/11/2026 ~ |  | 5435 |  | 5479 |
|  5.073% (SOFRINDX + 1.330%) due 06/05/2026 ~ |  | 5000 |  | 5023 |
|  Bank of New York Mellon | Bank of New York Mellon | Bank of New York Mellon | Bank of New York Mellon | Bank of New York Mellon |
|  4.587% due 04/20/2027 •  |  | 20450 |  | 20488 |
|  Bank of Nova Scotia | Bank of Nova Scotia | Bank of Nova Scotia | Bank of Nova Scotia | Bank of Nova Scotia |
|  4.310% (SOFRINDX + 0.545%) due 03/02/2026 ~ |  | 8650 |  | 8655 |
|  4.333% (SOFRRATE + 0.610%) due 09/15/2026 ~ |  | 2355 |  | 2362 |
|  4.526% (SOFRINDX + 0.780%) due 06/04/2027 ~ |  | 171 |  | 172 |
|  4.750% due 02/02/2026 |  | 10000 |  | 10007 |
|  Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA |
|  4.877% (SOFRINDX + 1.070%) due 02/16/2028 ~ |  | 900 |  | 906 |
|  4.935% due 01/26/2026 |  | 2700 |  | 2702 |
|  5.038% (SOFRRATE + 1.130%) due 01/23/2027 ~ |  | 21366 |  | 21487 |
|  5.370% (SOFRINDX + 1.400%) due 07/13/2026 ~ |  | 19481 |  | 19597 |
|  5.896% due 07/13/2026 |  | 800 |  | 808 |
|  Barclays Bank PLC | Barclays Bank PLC | Barclays Bank PLC | Barclays Bank PLC | Barclays Bank PLC |
|  4.664% due 11/26/2027 •  |  | 10000 |  | 10032 |
|  Barclays PLC | Barclays PLC | Barclays PLC | Barclays PLC | Barclays PLC |
|  4.375% due 01/12/2026 |  | 57927 |  | 57931 |
|  5.215% (SOFRRATE + 1.490%) due 03/12/2028 ~ |  | 11356 |  | 11475 |
|  5.603% (SOFRRATE + 1.880%) due 09/13/2027 ~ |  | 29075 |  | 29334 |
|  5.829% due 05/09/2027 •  |  | 48701 |  | 48983 |
|  6.496% due 09/13/2027 •  |  | 22065 |  | 22413 |
|  BNP Paribas SA | BNP Paribas SA | BNP Paribas SA | BNP Paribas SA | BNP Paribas SA |
|  1.323% due 01/13/2027 •  |  | 59795 |  | 59739 |
|  1.675% due 06/30/2027 •  |  | 19585 |  | 19344 |
|  BPCE SA | BPCE SA | BPCE SA | BPCE SA | BPCE SA |
|  5.975% due 01/18/2027 •  |  | 90178 |  | 90234 |
|  Brighthouse Financial Global Funding | Brighthouse Financial Global Funding | Brighthouse Financial Global Funding | Brighthouse Financial Global Funding | Brighthouse Financial Global Funding |
|  1.550% due 05/24/2026 |  | 4161 |  | 4117 |
|  Brixmor Operating Partnership LP | Brixmor Operating Partnership LP | Brixmor Operating Partnership LP | Brixmor Operating Partnership LP | Brixmor Operating Partnership LP |
|  4.125% due 06/15/2026 |  | 6736 |  | 6733 |
|  Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce |
|  4.540% (SOFRRATE + 0.800%) due 09/08/2028 ~ |  | 50373 |  | 50477 |
|  4.658% (SOFRINDX + 0.930%) due 09/11/2027 ~ |  | 30548 |  | 30651 |
|  4.668% (SOFRRATE + 0.940%) due 06/28/2027 ~ |  | 14091 |  | 14193 |
|  4.690% (SOFRRATE + 0.720%) due 01/13/2028 ~ |  | 23277 |  | 23314 |
|  4.947% (SOFRRATE + 1.220%) due 10/02/2026 ~ |  | 26525 |  | 26709 |
|  Citibank NA | Citibank NA | Citibank NA | Citibank NA | Citibank NA |
|  4.457% (SOFRINDX + 0.590%) due 04/30/2026 ~ |  | 14500 |  | 14512 |
|  4.532% (SOFRRATE + 0.708%) due 08/06/2026 ~ |  | 3262 |  | 3268 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Citigroup Global Markets Holdings, Inc. | Citigroup Global Markets Holdings, Inc. | Citigroup Global Markets Holdings, Inc. |
|  4.190% (SOFRRATE + 0.480%) due 01/20/2026 ~ | 35700 | 35705 |
|  Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
|  1.122% due 01/28/2027 •  | 41307 | 41214 |
|  4.508% (SOFRRATE + 0.770%) due 06/09/2027 ~ | 6650 | 6659 |
|  CNH Industrial Capital LLC | CNH Industrial Capital LLC | CNH Industrial Capital LLC |
|  1.450% due 07/15/2026 | 3222 | 3175 |
|  Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA |
|  1.106% due 02/24/2027 •  | 7794 | 7760 |
|  4.395% (SOFRINDX + 0.620%) due 08/28/2026 ~ | 27300 | 27371 |
|  4.453% (SOFRINDX + 0.710%) due 03/05/2027 ~ | 70100 | 70470 |
|  4.689% (SOFRINDX + 0.710%) due 01/09/2026 ~ | 41000 | 41004 |
|  4.911% (SOFRINDX + 0.900%) due 10/05/2026 ~ | 950 | 955 |
|  Corebridge Financial, Inc. | Corebridge Financial, Inc. | Corebridge Financial, Inc. |
|  3.650% due 04/05/2027 | 12100 | 12030 |
|  Corebridge Global Funding | Corebridge Global Funding | Corebridge Global Funding |
|  4.584% (SOFRRATE + 0.860%) due 12/15/2028 ~ | 46400 | 46498 |
|  Credit Agricole SA | Credit Agricole SA | Credit Agricole SA |
|  1.247% due 01/26/2027 •  | 65101 | 64966 |
|  4.125% due 01/10/2027 | 2866 | 2869 |
|  4.598% (SOFRRATE + 0.870%) due 03/11/2027 ~ | 45715 | 45884 |
|  5.301% (SOFRRATE + 1.290%) due 07/05/2026 ~ | 9360 | 9408 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  1.050% due 07/15/2026 | 3218 | 3166 |
|  4.450% due 02/15/2026 | 5247 | 5246 |
|  Danske Bank AS | Danske Bank AS | Danske Bank AS |
|  1.549% due 09/10/2027 •  | 34070 | 33499 |
|  DBS Group Holdings Ltd. | DBS Group Holdings Ltd. | DBS Group Holdings Ltd. |
|  4.376% (SOFRRATE + 0.600%) due 03/21/2028 ~ | 44000 | 44147 |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  2.311% due 11/16/2027 •  | 39879 | 39242 |
|  2.552% due 01/07/2028 •  | 20000 | 19674 |
|  4.100% due 01/13/2026 | 37946 | 37945 |
|  5.026% (SOFRRATE + 1.219%) due 11/16/2027 ~ | 50 | 50 |
|  7.146% due 07/13/2027 •  | 63355 | 64333 |
|  DNB Bank ASA | DNB Bank ASA | DNB Bank ASA |
|  1.535% due 05/25/2027 •  | 25218 | 24965 |
|  Equinix, Inc. | Equinix, Inc. | Equinix, Inc. |
|  1.450% due 05/15/2026 | 5000 | 4955 |
|  2.900% due 11/18/2026 | 2563 | 2539 |
|  Equitable America Global Funding | Equitable America Global Funding | Equitable America Global Funding |
|  3.950% due 09/15/2027 | 5500 | 5496 |
|  4.433% (SOFRRATE + 0.710%) due 09/15/2027 ~ | 21850 | 21843 |
|  Essex Portfolio LP | Essex Portfolio LP | Essex Portfolio LP |
|  3.375% due 04/15/2026 | 2777 | 2771 |
|  F&G Global Funding | F&G Global Funding | F&G Global Funding |
|  1.750% due 06/30/2026 | 3727 | 3682 |
|  2.300% due 04/11/2027 | 6000 | 5862 |
|  Federation des Caisses Desjardins du Quebec | Federation des Caisses Desjardins du Quebec | Federation des Caisses Desjardins du Quebec |
|  4.526% (SOFRRATE + 0.630%) due 01/27/2027 ~ | 54975 | 55171 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  2.700% due 08/10/2026 | 5870 | 5815 |
|  4.271% due 01/09/2027 | 5716 | 5688 |
|  4.389% due 01/08/2026 | 30584 | 30586 |
|  4.542% due 08/01/2026 | 33119 | 33082 |
|  5.125% due 11/05/2026 | 10110 | 10168 |
|  6.690% (SOFRRATE + 2.950%) due 03/06/2026 ~ | 2424 | 2433 |
|  6.950% due 03/06/2026 | 11200 | 11226 |
|  GA Global Funding Trust | GA Global Funding Trust | GA Global Funding Trust |
|  1.625% due 01/15/2026 | 34284 | 34253 |
|  2.250% due 01/06/2027 | 11900 | 11687 |

---

---

| | | |
|:---|:---|:---|
| **86** | **PIMCO ETF TRUST** | See Accompanying Notes |

---

------

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. |
|  1.250% due 01/08/2026 | 1348 | 1347 |
|  4.000% due 10/06/2026 | 1050 | 1050 |
|  5.250% due 03/01/2026 | 6353 | 6358 |
|  5.400% due 04/06/2026 | 10352 | 10389 |
|  Goldman Sachs Bank USA | Goldman Sachs Bank USA | Goldman Sachs Bank USA |
|  4.495% (SOFRRATE + 0.770%) due 03/18/2027 ~ | 9538 | 9549 |
|  4.539% (SOFRRATE + 0.750%) due 05/21/2027 ~ | 37164 | 37223 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  1.431% due 03/09/2027 •  | 25939 | 25808 |
|  4.548% due 03/09/2027 •  | 19898 | 19924 |
|  4.550% (SOFRRATE + 0.820%) due 09/10/2027 ~ | 23840 | 23890 |
|  4.850% (SOFRRATE + 0.920%) due 10/21/2027 ~ | 10932 | 10971 |
|  4.907% (SOFRRATE + 1.120%) due 02/24/2028 ~ | 5543 | 5579 |
|  5.198% (SOFRRATE + 1.290%) due 04/23/2028 ~ | 1317 | 1329 |
|  5.871% (US0003M + 1.750%) due 10/28/2027 ~ | 6320 | 6400 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  4.300% due 03/08/2026 | 25400 | 25411 |
|  5.391% (SOFRRATE + 1.570%) due 08/14/2027 ~ | 20447 | 20576 |
|  5.887% due 08/14/2027 •  | 2720 | 2749 |
|  HSBC USA, Inc. | HSBC USA, Inc. | HSBC USA, Inc. |
|  4.706% (SOFRRATE + 0.960%) due 03/04/2027 ~ | 9500 | 9553 |
|  ING Groep NV | ING Groep NV | ING Groep NV |
|  1.726% due 04/01/2027 •  | 57838 | 57482 |
|  4.625% due 01/06/2026 | 4577 | 4577 |
|  4.738% due 04/01/2027 •  | 48848 | 48920 |
|  5.288% (SOFRINDX + 1.560%) due 09/11/2027 ~ | 8595 | 8655 |
|  International Bank for Reconstruction & Development | International Bank for Reconstruction & Development | International Bank for Reconstruction & Development |
|  4.035% (SOFRINDX + 0.310%) due 09/23/2026 ~ | 115000 | 115078 |
|  Jackson National Life Global Funding | Jackson National Life Global Funding | Jackson National Life Global Funding |
|  4.628% due 06/09/2027 •  | 34942 | 35083 |
|  4.900% due 01/13/2027 | 16600 | 16741 |
|  5.500% due 01/09/2026 | 2500 | 2501 |
|  5.600% due 04/10/2026 | 47699 | 47895 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  1.578% due 04/22/2027 •  | 40396 | 40097 |
|  3.960% due 01/29/2027 •  | 36769 | 36763 |
|  4.490% (SOFRRATE + 0.765%) due 09/22/2027 ~ | 20725 | 20780 |
|  4.797% (SOFRRATE + 0.885%) due 04/22/2027 ~ | 18645 | 18684 |
|  4.832% (SOFRRATE + 0.920%) due 04/22/2028 ~ | 14458 | 14529 |
|  4.842% (SOFRRATE + 0.930%) due 07/22/2028 ~ | 5673 | 5711 |
|  4.967% (SOFRRATE + 1.180%) due 02/24/2028 ~ | 19437 | 19616 |
|  5.108% (SOFRRATE + 1.200%) due 01/23/2028 ~ | 18638 | 18778 |
|  Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC |
|  1.627% due 05/11/2027 •  | 16306 | 16159 |
|  5.408% (SOFRINDX + 1.560%) due 08/07/2027 ~ | 19757 | 19884 |
|  5.985% due 08/07/2027 •  | 43623 | 44116 |
|  Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. |
|  1.538% due 07/20/2027 •  | 13000 | 12820 |
|  Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. |
|  1.234% due 05/22/2027 •  | 58292 | 57654 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  1.593% due 05/04/2027 •  | 39100 | 38763 |
|  5.050% due 01/28/2027 •  | 22000 | 22015 |
|  Morgan Stanley Bank NA | Morgan Stanley Bank NA | Morgan Stanley Bank NA |
|  4.644% (SOFRRATE + 0.685%) due 10/15/2027 ~ | 44884 | 44986 |
|  Morgan Stanley Private Bank NA | Morgan Stanley Private Bank NA | Morgan Stanley Private Bank NA |
|  4.754% (SOFRRATE + 0.770%) due 07/06/2028 ~ | 68288 | 68447 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  National Bank of Canada | National Bank of Canada | National Bank of Canada |
|  4.628% due 03/25/2027 •  | 54875 | 54934 |
|  4.702% due 03/05/2027 •  | 37718 | 37754 |
|  4.757% (SOFRINDX + 1.030%) due 07/02/2027 ~ | 3650 | 3659 |
|  Nationwide Building Society | Nationwide Building Society | Nationwide Building Society |
|  5.097% (SOFRRATE + 1.290%) due 02/16/2028 ~ | 245 | 247 |
|  6.557% due 10/18/2027 •  | 5000 | 5095 |
|  NatWest Group PLC | NatWest Group PLC | NatWest Group PLC |
|  1.642% due 06/14/2027 •  | 2000 | 1978 |
|  5.120% (SOFRRATE + 1.300%) due 11/15/2028 ~ | 181 | 183 |
|  5.847% due 03/02/2027 •  | 15021 | 15062 |
|  NatWest Markets PLC | NatWest Markets PLC | NatWest Markets PLC |
|  4.488% (SOFRRATE + 0.760%) due 09/29/2026 ~ | 10380 | 10410 |
|  4.675% (SOFRRATE + 0.950%) due 03/21/2028 ~ | 220 | 221 |
|  4.707% (SOFRRATE + 0.900%) due 05/17/2027 ~ | 23314 | 23460 |
|  New York Life Global Funding | New York Life Global Funding | New York Life Global Funding |
|  4.244% (SOFRRATE + 0.410%) due 02/05/2027 ~ | 74700 | 74744 |
|  4.278% (SOFRRATE + 0.550%) due 06/11/2027 ~ | 100 | 100 |
|  Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. |
|  1.653% due 07/14/2026 | 56446 | 55758 |
|  2.329% due 01/22/2027 | 1000 | 983 |
|  5.035% (SOFRRATE + 1.250%) due 07/02/2027 ~ | 7417 | 7477 |
|  Nordea Bank Abp | Nordea Bank Abp | Nordea Bank Abp |
|  4.465% (SOFRRATE + 0.740%) due 03/19/2027 ~ | 9500 | 9541 |
|  Pacific Life Global Funding II | Pacific Life Global Funding II | Pacific Life Global Funding II |
|  4.328% (SOFRRATE + 0.480%) due 02/04/2027 ~ | 68200 | 68306 |
|  4.496% (SOFRRATE + 0.600%) due 01/27/2028 ~ | 41040 | 41080 |
|  PNC Bank NA | PNC Bank NA | PNC Bank NA |
|  4.459% (SOFRRATE + 0.500%) due 01/15/2027 ~ | 42550 | 42602 |
|  4.660% (SOFRRATE + 0.730%) due 07/21/2028 ~ | 700 | 701 |
|  4.775% due 01/15/2027 •  | 7950 | 7952 |
|  Protective Life Global Funding | Protective Life Global Funding | Protective Life Global Funding |
|  4.412% (SOFRRATE + 0.500%) due 07/22/2026 ~ | 30500 | 30549 |
|  Reliance Standard Life Global Funding II | Reliance Standard Life Global Funding II | Reliance Standard Life Global Funding II |
|  5.243% due 02/02/2026 | 599 | 599 |
|  RGA Global Funding | RGA Global Funding | RGA Global Funding |
|  2.000% due 11/30/2026 | 9000 | 8843 |
|  Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada |
|  4.292% (SOFRRATE + 0.310%) due 10/09/2026 ~ | 18000 | 18003 |
|  4.314% (SOFRINDX + 0.460%) due 08/03/2026 ~ | 38600 | 38655 |
|  4.445% (SOFRINDX + 0.590%) due 11/02/2026 ~ | 2600 | 2607 |
|  4.548% (SOFRINDX + 0.820%) due 03/27/2028 ~ | 29650 | 29762 |
|  4.657% (SOFRINDX + 0.720%) due 10/18/2027 ~ | 51979 | 52124 |
|  4.698% (SOFRINDX + 0.790%) due 07/23/2027 ~ | 63728 | 63883 |
|  4.797% (SOFRINDX + 0.860%) due 10/18/2028 ~ | 5554 | 5582 |
|  Sammons Financial Group Global Funding | Sammons Financial Group Global Funding | Sammons Financial Group Global Funding |
|  4.615% due 09/02/2027 •  | 43800 | 43990 |
|  Santander Holdings USA, Inc. | Santander Holdings USA, Inc. | Santander Holdings USA, Inc. |
|  3.244% due 10/05/2026 | 8407 | 8357 |
|  6.124% due 05/31/2027 •  | 12500 | 12587 |
|  Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC |
|  1.673% due 06/14/2027 •  | 81574 | 80673 |
|  Scentre Group Trust 1/Scentre Group Trust 2 | Scentre Group Trust 1/Scentre Group Trust 2 | Scentre Group Trust 1/Scentre Group Trust 2 |
|  3.625% due 01/28/2026 | 2819 | 2818 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  SMBC Aviation Capital Finance DAC | SMBC Aviation Capital Finance DAC | SMBC Aviation Capital Finance DAC |
|  1.900% due 10/15/2026 | 4205 | 4135 |
|  Societe Generale SA | Societe Generale SA | Societe Generale SA |
|  6.447% due 01/12/2027 •  | 15731 | 15740 |
|  Standard Chartered Bank | Standard Chartered Bank | Standard Chartered Bank |
|  4.634% (SOFRRATE + 0.650%) due 10/08/2026 ~ | 4000 | 4012 |
|  Standard Chartered PLC | Standard Chartered PLC | Standard Chartered PLC |
|  1.456% due 01/14/2027 •  | 77691 | 77628 |
|  4.050% due 04/12/2026 | 10300 | 10301 |
|  5.935% (SOFRRATE + 1.930%) due 07/06/2027 ~ | 15400 | 15505 |
|  6.170% due 01/09/2027 •  | 2281 | 2282 |
|  6.187% due 07/06/2027 •  | 33623 | 33970 |
|  Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
|  4.867% (SOFRRATE + 0.880%) due 01/14/2027 ~ | 8664 | 8712 |
|  5.289% (SOFRRATE + 1.300%) due 07/13/2026 ~ | 44888 | 45156 |
|  5.419% (SOFRRATE + 1.430%) due 01/13/2026 ~ | 30620 | 30632 |
|  Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. |
|  4.866% (SOFRRATE + 1.120%) due 03/09/2026 ~ | 13727 | 13752 |
|  4.880% (SOFRRATE + 1.150%) due 09/14/2026 ~ | 2850 | 2870 |
|  4.908% (SOFRRATE + 1.120%) due 03/09/2026 ~ | 18395 | 18428 |
|  4.926% (SOFRRATE + 1.150%) due 09/14/2026 ~ | 4612 | 4644 |
|  Svenska Handelsbanken AB | Svenska Handelsbanken AB | Svenska Handelsbanken AB |
|  4.973% due 06/15/2026 •  | 1000 | 1005 |
|  Swedbank AB | Swedbank AB | Swedbank AB |
|  5.103% due 06/15/2026 •  | 10509 | 10564 |
|  Synchrony Financial | Synchrony Financial | Synchrony Financial |
|  3.700% due 08/04/2026 | 9408 | 9377 |
|  Temasek Financial I Ltd. | Temasek Financial I Ltd. | Temasek Financial I Ltd. |
|  4.216% (SOFRRATE + 0.380%) due 08/20/2027 ~ | 68100 | 68215 |
|  Toyota Motor Credit Corp. | Toyota Motor Credit Corp. | Toyota Motor Credit Corp. |
|  4.257% (SOFRRATE + 0.450%) due 05/15/2026 ~ | 11202 | 11214 |
|  4.596% (SOFRRATE + 0.770%) due 08/07/2026 ~ | 36000 | 36121 |
|  4.661% (SOFRRATE + 0.650%) due 01/05/2026 ~ | 8000 | 8000 |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  1.305% due 02/02/2027 •  | 68794 | 68602 |
|  1.364% due 01/30/2027 •  | 26952 | 26892 |
|  4.125% due 04/15/2026 | 49300 | 49325 |
|  4.703% due 08/05/2027 •  | 7439 | 7466 |
|  5.711% due 01/12/2027 •  | 4113 | 4115 |
|  United Overseas Bank Ltd. | United Overseas Bank Ltd. | United Overseas Bank Ltd. |
|  4.365% (SOFRINDX + 0.580%) due 04/02/2028 ~ | 64500 | 64641 |
|  Ventas Realty LP | Ventas Realty LP | Ventas Realty LP |
|  4.125% due 01/15/2026 | 9960 | 9959 |
|  Voya Financial, Inc. | Voya Financial, Inc. | Voya Financial, Inc. |
|  3.650% due 06/15/2026 | 4549 | 4540 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  3.196% due 06/17/2027 •  | 38473 | 38323 |
|  4.682% (SOFRRATE + 0.780%) due 01/24/2028 ~ | 22762 | 22819 |
|  4.982% (SOFRRATE + 1.070%) due 04/22/2028 ~ | 5643 | 5676 |
|  Wells Fargo Bank NA | Wells Fargo Bank NA | Wells Fargo Bank NA |
|  4.886% (SOFRRATE + 1.060%) due 08/07/2026 ~ | 200 | 201 |
|  Weyerhaeuser Co. | Weyerhaeuser Co. | Weyerhaeuser Co. |
|  4.750% due 05/15/2026 | 5501 | 5513 |
|  |  | 5460329 |
| INDUSTRIALS 15.7% | INDUSTRIALS 15.7% | INDUSTRIALS 15.7% |
|  7-Eleven, Inc. | 7-Eleven, Inc. | 7-Eleven, Inc. |
|  0.950% due 02/10/2026 | 29452 | 29349 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **87** |

---

------

Schedule of Investments PIMCO Enhanced Short Maturity Active Exchange-Traded Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Algonquin Power & Utilities Corp. | Algonquin Power & Utilities Corp. | Algonquin Power & Utilities Corp. |
|  5.365% due 06/15/2026 þ | 13400 | 13466 |
|  Amphenol Corp. | Amphenol Corp. | Amphenol Corp. |
|  3.900% due 11/15/2028 | 2600 | 2598 |
|  4.349% (SOFRRATE + 0.530%) due 11/15/2027 ~ | 23400 | 23449 |
|  AutoZone, Inc. | AutoZone, Inc. | AutoZone, Inc. |
|  3.125% due 04/21/2026 | 1316 | 1313 |
|  Bacardi Ltd. | Bacardi Ltd. | Bacardi Ltd. |
|  2.750% due 07/15/2026 | 25500 | 25293 |
|  BAT International Finance PLC | BAT International Finance PLC | BAT International Finance PLC |
|  1.668% due 03/25/2026 | 64530 | 64179 |
|  Bayer U.S. Finance LLC | Bayer U.S. Finance LLC | Bayer U.S. Finance LLC |
|  6.125% due 11/21/2026 | 26550 | 26939 |
|  Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. |
|  1.570% due 01/15/2026 | 123696 | 123574 |
|  4.875% due 07/15/2026 | 15583 | 15586 |
|  BMW U.S. Capital LLC | BMW U.S. Capital LLC | BMW U.S. Capital LLC |
|  4.150% due 08/11/2027 | 28600 | 28731 |
|  4.277% (SOFRINDX + 0.550%) due 04/02/2026 ~ | 25530 | 25551 |
|  4.505% (SOFRINDX + 0.780%) due 03/19/2027 ~ | 30020 | 30143 |
|  4.530% (SOFRRATE + 0.710%) due 08/11/2027 ~ | 50432 | 50576 |
|  4.614% (SOFRINDX + 0.800%) due 08/13/2026 ~ | 31131 | 31230 |
|  4.645% (SOFRINDX + 0.920%) due 03/21/2028 ~ | 1025 | 1030 |
|  4.650% due 03/19/2027 | 7600 | 7666 |
|  4.734% (SOFRINDX + 0.920%) due 08/13/2027 ~ | 1670 | 1680 |
|  Boeing Co. | Boeing Co. | Boeing Co. |
|  2.196% due 02/04/2026 | 149458 | 149180 |
|  2.750% due 02/01/2026 | 22576 | 22550 |
|  Conagra Brands, Inc. | Conagra Brands, Inc. | Conagra Brands, Inc. |
|  5.300% due 10/01/2026 | 60233 | 60754 |
|  7.125% due 10/01/2026 | 789 | 806 |
|  Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. |
|  3.700% due 12/06/2026 | 7780 | 7763 |
|  Cox Communications, Inc. | Cox Communications, Inc. | Cox Communications, Inc. |
|  3.350% due 09/15/2026 | 31804 | 31644 |
|  CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
|  2.875% due 06/01/2026 | 42745 | 42535 |
|  Daimler Truck Finance North America LLC | Daimler Truck Finance North America LLC | Daimler Truck Finance North America LLC |
|  4.300% due 08/12/2027 | 29200 | 29345 |
|  Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. |
|  1.500% due 03/15/2026 | 8574 | 8530 |
|  Enbridge, Inc. | Enbridge, Inc. | Enbridge, Inc. |
|  1.600% due 10/04/2026 | 3251 | 3193 |
|  4.250% due 12/01/2026 | 13334 | 13363 |
|  Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
|  3.900% due 07/15/2026 | 13601 | 13592 |
|  4.400% due 03/15/2027 | 1549 | 1555 |
|  4.750% due 01/15/2026 | 38672 | 38679 |
|  6.050% due 12/01/2026 | 12998 | 13211 |
|  Fidelity National Information Services, Inc. | Fidelity National Information Services, Inc. | Fidelity National Information Services, Inc. |
|  1.150% due 03/01/2026 | 30646 | 30499 |
|  FirstEnergy Pennsylvania Electric Co. | FirstEnergy Pennsylvania Electric Co. | FirstEnergy Pennsylvania Electric Co. |
|  5.150% due 03/30/2026 | 7115 | 7133 |
|  Flex Ltd. | Flex Ltd. | Flex Ltd. |
|  3.750% due 02/01/2026 | 13233 | 13222 |
|  Fresenius Medical Care U.S. Finance III, Inc. | Fresenius Medical Care U.S. Finance III, Inc. | Fresenius Medical Care U.S. Finance III, Inc. |
|  1.875% due 12/01/2026 | 3050 | 2982 |
|  GATX Corp. | GATX Corp. | GATX Corp. |
|  3.250% due 09/15/2026 | 11385 | 11329 |
|  Glencore Funding LLC | Glencore Funding LLC | Glencore Funding LLC |
|  1.625% due 04/27/2026 | 825 | 818 |
|  Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. |
|  1.200% due 03/01/2026 | 31987 | 31840 |
|  2.150% due 01/15/2027 | 3000 | 2938 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. |
|  5.250% due 06/15/2026 | 4501 | 4505 |
|  5.375% due 09/01/2026 | 18550 | 18591 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Hyundai Capital America | Hyundai Capital America | Hyundai Capital America |
|  1.300% due 01/08/2026 | 2016 | 2015 |
|  1.500% due 06/15/2026 | 5347 | 5286 |
|  1.650% due 09/17/2026 | 700 | 689 |
|  3.500% due 11/02/2026 | 4632 | 4611 |
|  4.718% (SOFRRATE + 0.990%) due 03/25/2027 ~ | 46500 | 46700 |
|  4.757% (SOFRRATE + 1.030%) due 09/24/2027 ~ | 2430 | 2439 |
|  4.765% (SOFRRATE + 1.040%) due 03/19/2027 ~ | 9465 | 9499 |
|  4.767% (SOFRRATE + 1.040%) due 06/24/2027 ~ | 8097 | 8131 |
|  4.846% (SOFRRATE + 1.120%) due 06/23/2027 ~ | 16300 | 16397 |
|  4.914% (SOFRRATE + 0.920%) due 01/07/2028 ~ | 1842 | 1846 |
|  5.250% due 01/08/2027 | 3706 | 3750 |
|  5.487% (SOFRRATE + 1.500%) due 01/08/2027 ~ | 11760 | 11855 |
|  5.500% due 03/30/2026 | 2391 | 2399 |
|  5.950% due 09/21/2026 | 8986 | 9105 |
|  Illumina, Inc. | Illumina, Inc. | Illumina, Inc. |
|  4.650% due 09/09/2026 | 15532 | 15587 |
|  Imperial Brands Finance PLC | Imperial Brands Finance PLC | Imperial Brands Finance PLC |
|  3.500% due 07/26/2026 | 25256 | 25151 |
|  Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. |
|  4.387% (SOFRRATE + 0.580%) due 11/15/2026 ~ | 21201 | 21210 |
|  4.603% (SOFRINDX + 0.880%) due 03/15/2027 ~ | 472 | 473 |
|  Kinder Morgan, Inc. | Kinder Morgan, Inc. | Kinder Morgan, Inc. |
|  1.750% due 11/15/2026 | 3314 | 3254 |
|  Kyndryl Holdings, Inc. | Kyndryl Holdings, Inc. | Kyndryl Holdings, Inc. |
|  2.050% due 10/15/2026 | 3370 | 3316 |
|  Lowe's Cos., Inc. | Lowe's Cos., Inc. | Lowe's Cos., Inc. |
|  2.500% due 04/15/2026 | 4037 | 4021 |
|  Marathon Petroleum Corp. | Marathon Petroleum Corp. | Marathon Petroleum Corp. |
|  5.125% due 12/15/2026 | 51630 | 52026 |
|  Mars, Inc. | Mars, Inc. | Mars, Inc. |
|  4.450% due 03/01/2027 | 8000 | 8060 |
|  Marvell Technology, Inc. | Marvell Technology, Inc. | Marvell Technology, Inc. |
|  1.650% due 04/15/2026 | 23829 | 23671 |
|  Mercedes-Benz Finance North America LLC | Mercedes-Benz Finance North America LLC | Mercedes-Benz Finance North America LLC |
|  4.507% due 04/01/2027 •  | 5193 | 5212 |
|  4.507% (SOFRRATE + 0.780%) due 04/01/2027 ~ | 17200 | 17262 |
|  4.522% (SOFRRATE + 0.630%) due 07/31/2026 ~ | 34600 | 34668 |
|  4.659% (SOFRRATE + 0.850%) due 11/15/2027 ~ | 200 | 201 |
|  4.675% (SOFRRATE + 0.670%) due 01/09/2026 ~ | 75440 | 75447 |
|  Molson Coors Beverage Co. | Molson Coors Beverage Co. | Molson Coors Beverage Co. |
|  3.000% due 07/15/2026 | 66302 | 65950 |
|  MPLX LP | MPLX LP | MPLX LP |
|  1.750% due 03/01/2026 | 35052 | 34916 |
|  4.125% due 03/01/2027 | 2132 | 2134 |
|  National Fuel Gas Co. | National Fuel Gas Co. | National Fuel Gas Co. |
|  5.500% due 10/01/2026 | 1410 | 1424 |
|  NTT Finance Corp. | NTT Finance Corp. | NTT Finance Corp. |
|  1.162% due 04/03/2026 | 34470 | 34218 |
|  4.567% due 07/16/2027 | 1700 | 1715 |
|  NXP BV/NXP Funding LLC | NXP BV/NXP Funding LLC | NXP BV/NXP Funding LLC |
|  5.350% due 03/01/2026 | 14570 | 14571 |
|  NXP BV/NXP Funding LLC/NXP USA, Inc. | NXP BV/NXP Funding LLC/NXP USA, Inc. | NXP BV/NXP Funding LLC/NXP USA, Inc. |
|  3.875% due 06/18/2026 | 31970 | 31942 |
|  Oracle Corp. | Oracle Corp. | Oracle Corp. |
|  2.650% due 07/15/2026 | 14373 | 14258 |
|  Penske Truck Leasing Co. LP/PTL Finance Corp. | Penske Truck Leasing Co. LP/PTL Finance Corp. | Penske Truck Leasing Co. LP/PTL Finance Corp. |
|  1.700% due 06/15/2026 | 19985 | 19759 |
|  3.400% due 11/15/2026 | 20304 | 20175 |
|  4.200% due 04/01/2027 | 2100 | 2101 |
|  4.450% due 01/29/2026 | 10750 | 10754 |
|  5.750% due 05/24/2026 | 6514 | 6546 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Pernod Ricard SA | Pernod Ricard SA | Pernod Ricard SA |
|  3.250% due 06/08/2026 | 23803 | 23790 |
|  Renesas Electronics Corp. | Renesas Electronics Corp. | Renesas Electronics Corp. |
|  2.170% due 11/25/2026 | 243 | 239 |
|  Rogers Communications, Inc. | Rogers Communications, Inc. | Rogers Communications, Inc. |
|  2.900% due 11/15/2026 | 13526 | 13392 |
|  3.200% due 03/15/2027 | 7830 | 7754 |
|  Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. |
|  4.250% due 07/01/2026 (b) | 6806 | 6807 |
|  5.375% due 07/15/2027 | 3919 | 3950 |
|  5.500% due 08/31/2026 | 44446 | 44518 |
|  RTX Corp. | RTX Corp. | RTX Corp. |
|  5.750% due 11/08/2026 | 3459 | 3507 |
|  SK Hynix, Inc. | SK Hynix, Inc. | SK Hynix, Inc. |
|  1.500% due 01/19/2026 | 9035 | 9023 |
|  Southwest Airlines Co. | Southwest Airlines Co. | Southwest Airlines Co. |
|  3.000% due 11/15/2026 | 22347 | 22151 |
|  Spectra Energy Partners LP | Spectra Energy Partners LP | Spectra Energy Partners LP |
|  3.375% due 10/15/2026 | 12200 | 12149 |
|  Sydney Airport Finance Co. Pty. Ltd. | Sydney Airport Finance Co. Pty. Ltd. | Sydney Airport Finance Co. Pty. Ltd. |
|  3.625% due 04/28/2026 | 33905 | 33840 |
|  Synopsys, Inc. | Synopsys, Inc. | Synopsys, Inc. |
|  4.550% due 04/01/2027 | 35400 | 35668 |
|  T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
|  2.250% due 02/15/2026 | 183 | 183 |
|  2.625% due 04/15/2026 | 12449 | 12401 |
|  Take-Two Interactive Software, Inc. | Take-Two Interactive Software, Inc. | Take-Two Interactive Software, Inc. |
|  5.000% due 03/28/2026 | 4102 | 4111 |
|  Telefonica Emisiones SA | Telefonica Emisiones SA | Telefonica Emisiones SA |
|  4.103% due 03/08/2027 | 17352 | 17348 |
|  UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. |
|  4.459% (SOFRRATE + 0.500%) due 07/15/2026 ~ | 2612 | 2616 |
|  VMware LLC | VMware LLC | VMware LLC |
|  1.400% due 08/15/2026 | 97218 | 95807 |
|  Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC |
|  3.200% due 09/26/2026 | 5000 | 4966 |
|  4.555% (SOFRRATE + 0.830%) due 03/20/2026 ~ | 66391 | 66455 |
|  4.788% (SOFRRATE + 1.060%) due 03/25/2027 ~ | 59100 | 59315 |
|  4.869% (SOFRRATE + 1.060%) due 08/14/2026 ~ | 25323 | 25407 |
|  5.700% due 09/12/2026 | 1000 | 1011 |
|  Vontier Corp. | Vontier Corp. | Vontier Corp. |
|  1.800% due 04/01/2026 | 1365 | 1356 |
|  Walmart, Inc. | Walmart, Inc. | Walmart, Inc. |
|  4.317% (SOFRINDX + 0.430%) due 04/28/2027 ~ | 154 | 155 |
|  Western Midstream Operating LP | Western Midstream Operating LP | Western Midstream Operating LP |
|  4.650% due 07/01/2026 | 3688 | 3689 |
|  Westinghouse Air Brake Technologies Corp. | Westinghouse Air Brake Technologies Corp. | Westinghouse Air Brake Technologies Corp. |
|  3.450% due 11/15/2026 | 3400 | 3384 |
|  Williams Cos., Inc. | Williams Cos., Inc. | Williams Cos., Inc. |
|  5.400% due 03/02/2026 | 35907 | 35987 |
|  Woodside Finance Ltd. | Woodside Finance Ltd. | Woodside Finance Ltd. |
|  3.700% due 09/15/2026 | 100 | 100 |
|  Zimmer Biomet Holdings, Inc. | Zimmer Biomet Holdings, Inc. | Zimmer Biomet Holdings, Inc. |
|  4.700% due 02/19/2027 | 3098 | 3125 |
|  |  | 2291858 |
| UTILITIES 5.7% | UTILITIES 5.7% | UTILITIES 5.7% |
|  AES Corp. | AES Corp. | AES Corp. |
|  1.375% due 01/15/2026 | 50134 | 50077 |
|  Ameren Corp. | Ameren Corp. | Ameren Corp. |
|  5.700% due 12/01/2026 | 7434 | 7538 |
|  Black Hills Corp. | Black Hills Corp. | Black Hills Corp. |
|  3.950% due 01/15/2026 | 13974 | 13971 |
|  Brooklyn Union Gas Co. | Brooklyn Union Gas Co. | Brooklyn Union Gas Co. |
|  3.407% due 03/10/2026 | 3300 | 3296 |
|  CenterPoint Energy, Inc. | CenterPoint Energy, Inc. | CenterPoint Energy, Inc. |
|  1.450% due 06/01/2026 | 60671 | 60030 |

---

---

| | | |
|:---|:---|:---|
| **88** | **PIMCO ETF TRUST** | See Accompanying Notes |

---

------

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  CMS Energy Corp. | CMS Energy Corp. | CMS Energy Corp. |
|  3.000% due 05/15/2026 | 1162 | 1158 |
|  Colorado Interstate Gas Co. LLC/Colorado Interstate Issuing Corp. | Colorado Interstate Gas Co. LLC/Colorado Interstate Issuing Corp. | Colorado Interstate Gas Co. LLC/Colorado Interstate Issuing Corp. |
|  4.150% due 08/15/2026 | 8194 | 8184 |
|  Columbia Pipelines Holding Co. LLC | Columbia Pipelines Holding Co. LLC | Columbia Pipelines Holding Co. LLC |
|  6.055% due 08/15/2026 | 4736 | 4781 |
|  Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. |
|  2.850% due 08/15/2026 | 8649 | 8586 |
|  Emera U.S. Finance LP | Emera U.S. Finance LP | Emera U.S. Finance LP |
|  3.550% due 06/15/2026 | 13530 | 13489 |
|  Enel Americas SA | Enel Americas SA | Enel Americas SA |
|  4.000% due 10/25/2026 | 15995 | 15963 |
|  Enel Finance International NV | Enel Finance International NV | Enel Finance International NV |
|  1.625% due 07/12/2026 | 42790 | 42258 |
|  Entergy Corp. | Entergy Corp. | Entergy Corp. |
|  2.950% due 09/01/2026 | 51148 | 50782 |
|  Eversource Energy | Eversource Energy | Eversource Energy |
|  1.400% due 08/15/2026 | 4638 | 4560 |
|  2.900% due 03/01/2027 | 5700 | 5624 |
|  4.750% due 05/15/2026 | 30217 | 30297 |
|  Fells Point Funding Trust | Fells Point Funding Trust | Fells Point Funding Trust |
|  3.046% due 01/31/2027 | 2866 | 2833 |
|  Fortis, Inc. | Fortis, Inc. | Fortis, Inc. |
|  3.055% due 10/04/2026 | 46894 | 46519 |
|  National Rural Utilities Cooperative Finance Corp. | National Rural Utilities Cooperative Finance Corp. | National Rural Utilities Cooperative Finance Corp. |
|  4.358% (SOFRRATE + 0.580%) due 11/22/2026 ~ | 41200 | 41301 |
|  NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
|  4.633% (SOFRINDX + 0.760%) due 01/29/2026 ~ | 62424 | 62449 |
|  4.685% due 09/01/2027 | 18000 | 18224 |
|  ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. |
|  4.850% due 07/15/2026 | 41559 | 41643 |
|  5.550% due 11/01/2026 | 330 | 334 |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  2.950% due 03/01/2026 | 2800 | 2793 |
|  3.150% due 01/01/2026 | 62652 | 62652 |
|  Pinnacle West Capital Corp. | Pinnacle West Capital Corp. | Pinnacle West Capital Corp. |
|  4.550% (SOFRRATE + 0.820%) due 06/10/2026 ~ | 26633 | 26681 |
|  Plains All American Pipeline LP/PAA Finance Corp. | Plains All American Pipeline LP/PAA Finance Corp. | Plains All American Pipeline LP/PAA Finance Corp. |
|  4.500% due 12/15/2026 | 5858 | 5877 |
|  SA Global Sukuk Ltd. | SA Global Sukuk Ltd. | SA Global Sukuk Ltd. |
|  1.602% due 06/17/2026 | 7100 | 7016 |
|  Sempra | Sempra | Sempra |
|  5.400% due 08/01/2026 | 3400 | 3422 |
|  SGSP Australia Assets Pty. Ltd. | SGSP Australia Assets Pty. Ltd. | SGSP Australia Assets Pty. Ltd. |
|  3.250% due 07/29/2026 | 9243 | 9206 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  1.200% due 02/01/2026 | 9707 | 9672 |
|  4.400% due 09/06/2026 | 41090 | 41170 |
|  4.900% due 06/01/2026 | 38971 | 39029 |
|  5.350% due 03/01/2026 | 79152 | 79299 |
|  Southern California Gas Co. | Southern California Gas Co. | Southern California Gas Co. |
|  2.600% due 06/15/2026 | 3730 | 3709 |
|  Southwestern Electric Power Co. | Southwestern Electric Power Co. | Southwestern Electric Power Co. |
|  1.650% due 03/15/2026 | 2016 | 2005 |
|  2.750% due 10/01/2026 | 6420 | 6364 |
|  Virginia Electric & Power Co. | Virginia Electric & Power Co. | Virginia Electric & Power Co. |
|  2.950% due 11/15/2026 | 1021 | 1013 |
|  WEC Energy Group, Inc. | WEC Energy Group, Inc. | WEC Energy Group, Inc. |
|  4.750% due 01/09/2026 | 4178 | 4179 |
|  |  | 837984 |
|  Total Corporate Bonds & Notes<br>(Cost $8,573,535) | Total Corporate Bonds & Notes<br>(Cost $8,573,535) | 8590171 |
| U.S. GOVERNMENT AGENCIES 14.7% | U.S. GOVERNMENT AGENCIES 14.7% | U.S. GOVERNMENT AGENCIES 14.7% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  4.125% due 09/26/2028 | 34175 | 34195 |
|  6.300% due 09/01/2037 •  | 691 | 722 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates |
|  4.613% due 02/25/2026 •  | $— | 315 | $— | 315 |
|  Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS |
|  1.000% due 08/15/2044 |  | 3679 |  | 3137 |
|  4.418% due 02/15/2037 •  |  | 370 |  | 366 |
|  4.518% due 04/15/2041 •  |  | 117 |  | 116 |
|  4.548% due 09/15/2048 - 04/15/2049 •  |  | 2769 |  | 2718 |
|  4.598% due 07/15/2039 •  |  | 17 |  | 17 |
|  4.643% due 05/15/2038 •  |  | 1045 |  | 1014 |
|  4.653% due 05/15/2041 •  |  | 1017 |  | 1004 |
|  4.673% due 03/15/2037 - 03/15/2043 •  |  | 14695 |  | 14378 |
|  4.723% due 12/15/2042 - 11/15/2044 •  |  | 2856 |  | 2847 |
|  4.724% due 10/25/2055 •  |  | 5342 |  | 5362 |
|  4.743% due 06/15/2044 •  |  | 3692 |  | 3650 |
|  4.744% due 04/25/2055 •  |  | 83453 |  | 83715 |
|  4.773% due 12/15/2037 •  |  | 635 |  | 621 |
|  4.774% due 07/25/2054 - 12/25/2055 •  |  | 78235 |  | 78539 |
|  4.804% due 05/25/2055 •  |  | 75876 |  | 76229 |
|  4.814% due 11/25/2054 •  |  | 203335 |  | 204205 |
|  4.824% due 03/25/2055 - 09/25/2055 •  |  | 113275 |  | 113835 |
|  4.854% due 02/25/2055 •  |  | 21348 |  | 21456 |
|  4.874% due 10/25/2052 - 08/25/2055 •  |  | 283693 |  | 285594 |
|  4.974% due 08/25/2054 - 07/25/2055 •  |  | 20864 |  | 20941 |
|  5.009% due 03/15/2050 •  |  | 24624 |  | 24351 |
|  5.024% due 12/25/2054 - 08/25/2055 •  |  | 86036 |  | 86363 |
|  5.074% due 01/25/2055 - 08/25/2055 •  |  | 49849 |  | 50056 |
|  5.124% due 05/25/2054 - 06/25/2055 •  |  | 69162 |  | 69593 |
|  Federal Home Loan Mortgage Corp. STRIPS | Federal Home Loan Mortgage Corp. STRIPS | Federal Home Loan Mortgage Corp. STRIPS | Federal Home Loan Mortgage Corp. STRIPS | Federal Home Loan Mortgage Corp. STRIPS |
|  4.348% due 11/15/2036 •  |  | 2 |  | 2 |
|  4.673% due 10/15/2037 - 02/15/2038 •  |  | 3934 |  | 3888 |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  6.313% due 01/01/2036 •  |  | 964 |  | 1007 |
|  6.497% due 05/01/2038 •  |  | 126 |  | 132 |
|  Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS |
|  2.000% due 12/25/2044 |  | 637 |  | 570 |
|  4.239% due 05/25/2037 •  |  | 7 |  | 7 |
|  4.289% due 12/25/2045 •  |  | 1124 |  | 1109 |
|  4.319% due 02/25/2037 •  |  | 14 |  | 14 |
|  4.339% due 11/25/2036 •  |  | 22 |  | 22 |
|  4.389% due 06/25/2026 •  |  | 3 |  | 3 |
|  4.399% due 09/25/2035 •  |  | 135 |  | 134 |
|  4.409% due 03/25/2037 •  |  | 102 |  | 101 |
|  4.439% due 02/25/2038 - 06/25/2059 •  |  | 4213 |  | 4155 |
|  4.451% due 04/18/2028 - 09/18/2031 •  |  | 18 |  | 19 |
|  4.486% due 01/25/2037 •  |  | 148 |  | 146 |
|  4.489% due 06/25/2031 •  |  | 27 |  | 27 |
|  4.551% due 05/18/2032 •  |  | 15 |  | 15 |
|  4.601% due 03/18/2032 •  |  | 38 |  | 38 |
|  4.623% due 06/25/2048 •  |  | 4739 |  | 4689 |
|  4.643% due 08/25/2044 •  |  | 1623 |  | 1587 |
|  4.669% due 12/25/2037 •  |  | 174 |  | 174 |
|  4.673% due 08/25/2044 - 10/25/2044 •  |  | 5363 |  | 5312 |
|  4.689% due 05/25/2037 •  |  | 38 |  | 38 |
|  4.723% due 07/25/2044 - 03/25/2060 •  |  | 12596 |  | 12425 |
|  4.724% due 11/25/2054 •  |  | 22101 |  | 22159 |
|  4.739% due 03/25/2037 - 02/25/2040 •  |  | 35 |  | 35 |
|  4.769% due 02/25/2038 •  |  | 484 |  | 486 |
|  4.773% due 07/25/2046 •  |  | 3106 |  | 3088 |
|  4.774% due 12/25/2053 -08/25/2055 •  |  | 315481 |  | 316575 |
|  4.784% due 03/25/2055 •  |  | 10957 |  | 10998 |
|  4.823% due 07/25/2046 •  |  | 2052 |  | 2019 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.824% due 01/25/2055 - 03/25/2055 •  | $— | 21503 | $— | 21605 |
|  4.839% due 07/25/2038 •  |  | 9 |  | 9 |
|  4.874% due 10/25/2054 - 11/25/2055 •  |  | 68717 |  | 69103 |
|  4.889% due 03/25/2032 •  |  | 4 |  | 4 |
|  4.924% due 10/25/2054 - 09/25/2055 •  |  | 20037 |  | 20164 |
|  4.974% due 06/25/2054 - 10/25/2055 •  |  | 45956 |  | 46119 |
|  5.054% due 08/25/2055 •  |  | 2688 |  | 2698 |
|  5.074% due 12/25/2053 - 02/25/2055 •  |  | 57033 |  | 57258 |
|  5.124% due 02/25/2055 •  |  | 10852 |  | 10905 |
|  Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
|  6.000% due 12/15/2033 |  | 6 |  | 6 |
|  6.500% due 11/15/2033 - 12/15/2033 |  | 6 |  | 6 |
|  7.000% due 01/15/2031 - 07/15/2032 |  | 3 |  | 2 |
|  7.500% due 09/15/2027 - 06/15/2028 |  | 5 |  | 4 |
|  Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS |
|  2.500% due 01/20/2049 - 10/20/2049 |  | 2121 |  | 1909 |
|  3.000% due 07/20/2046 |  | 140 |  | 139 |
|  4.110% due 05/20/2063 •  |  | 47 |  | 47 |
|  4.218% due 01/20/2068 •  |  | 580 |  | 578 |
|  4.298% due 03/20/2049 - 06/20/2049 •  |  | 10679 |  | 10493 |
|  4.337% due 10/20/2068 •  |  | 770 |  | 771 |
|  4.414% due 09/20/2060 - 03/20/2068 •  |  | 4091 |  | 4080 |
|  4.444% due 10/20/2060 •  |  | 354 |  | 353 |
|  4.448% due 09/20/2040 •  |  | 2343 |  | 2331 |
|  4.464% due 08/20/2058 •  |  | 120 |  | 120 |
|  4.468% due 05/20/2041 •  |  | 4513 |  | 4493 |
|  4.478% due 10/20/2040 •  |  | 4286 |  | 4268 |
|  4.484% due 11/20/2070 - 12/20/2070 •  |  | 14512 |  | 14407 |
|  4.494% due 12/20/2060 •  |  | 853 |  | 852 |
|  4.498% due 05/20/2041 •  |  | 1261 |  | 1256 |
|  4.514% due 08/20/2070 - 11/20/2070 •  |  | 2393 |  | 2374 |
|  4.549% due 01/16/2040 •  |  | 1647 |  | 1650 |
|  4.584% due 06/20/2067 •  |  | 323 |  | 323 |
|  4.588% due 02/20/2040 •  |  | 1448 |  | 1452 |
|  4.594% due 04/20/2065 •  |  | 57 |  | 57 |
|  4.614% due 03/20/2061 - 07/20/2067 •  |  | 1305 |  | 1306 |
|  4.618% due 04/20/2040 •  |  | 3015 |  | 3027 |
|  4.629% due 10/20/2062 •  |  | 22 |  | 22 |
|  4.648% due 03/20/2040 •  |  | 3157 |  | 3174 |
|  4.664% due 05/20/2065 •  |  | 5115 |  | 5118 |
|  4.677% due 06/20/2068 •  |  | 5862 |  | 5889 |
|  4.694% due 07/20/2062 •  |  | 92 |  | 92 |
|  4.714% due 01/20/2062 - 05/20/2069 •  |  | 4094 |  | 4100 |
|  4.744% due 04/20/2065 •  |  | 2434 |  | 2437 |
|  4.764% due 11/20/2064 - 10/20/2065 •  |  | 9243 |  | 9260 |
|  4.814% due 04/20/2070 •  |  | 29879 |  | 29912 |
|  4.818% due 06/20/2055 •  |  | 80680 |  | 81059 |
|  4.836% due 12/20/2053 - 04/20/2054 •  |  | 55114 |  | 55125 |
|  4.844% due 09/20/2063 •  |  | 35 |  | 35 |
|  4.848% due 01/20/2074 •  |  | 13313 |  | 13466 |
|  4.864% due 11/20/2065 -02/20/2067 •  |  | 1398 |  | 1403 |
|  4.868% due 01/20/2054 - 09/20/2073 •  |  | 27162 |  | 27382 |
|  4.894% due 09/20/2066 •  |  | 274 |  | 274 |
|  4.914% due 07/20/2066 •  |  | 537 |  | 540 |
|  4.918% due 06/20/2055 •  |  | 1883 |  | 1890 |
|  4.944% due 08/20/2066 •  |  | 1001 |  | 1005 |
|  5.014% due 09/20/2069 •  |  | 624 |  | 629 |
|  5.018% due 05/20/2073 •  |  | 18067 |  | 18267 |
|  5.030% due 05/20/2060 - 06/20/2060 •  |  | 1165 |  | 1173 |
|  5.034% due 07/20/2065 •  |  | 877 |  | 882 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **89** |

---

------

Schedule of Investments PIMCO Enhanced Short Maturity Active Exchange-Traded Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.068% due 06/20/2055 - 07/20/2055 •  | 11185 | 11239 |
|  5.101% due 05/20/2060 •  | 571 | 578 |
|  5.114% due 01/20/2066 - 12/20/2066 •  | 1715 | 1726 |
|  5.164% due 02/20/2066 •  | 2285 | 2300 |
|  5.199% due 12/20/2068 •  | 4351 | 4366 |
|  5.227% due 06/20/2067 •  | 2295 | 2322 |
|  5.592% due 04/20/2067 •  | 544 | 550 |
|  Total U.S. Government Agencies<br>(Cost $2,140,497) | Total U.S. Government Agencies<br>(Cost $2,140,497) | 2146697 |
| U.S. TREASURY OBLIGATIONS 2.7% | U.S. TREASURY OBLIGATIONS 2.7% | U.S. TREASURY OBLIGATIONS 2.7% |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  3.625% due 10/31/2030 | 395800 | 394192 |
|  Total U.S. Treasury Obligations<br>(Cost $394,095) | Total U.S. Treasury Obligations<br>(Cost $394,095) | 394192 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 1.8% | NON-AGENCY MORTGAGE-BACKED SECURITIES 1.8% | NON-AGENCY MORTGAGE-BACKED SECURITIES 1.8% |
|  Arroyo Mortgage Trust | Arroyo Mortgage Trust | Arroyo Mortgage Trust |
|  1.175% due 10/25/2048 ~ | 7731 | 7012 |
|  Ashford Hospitality Trust | Ashford Hospitality Trust | Ashford Hospitality Trust |
|  4.823% due 04/15/2035 •  | 502 | 501 |
|  Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust |
|  5.014% due 08/25/2033 ~ | 204 | 201 |
|  COLT Mortgage Loan Trust | COLT Mortgage Loan Trust | COLT Mortgage Loan Trust |
|  1.397% due 10/25/2066 ~ | 20190 | 17349 |
|  CRSNT Trust | CRSNT Trust | CRSNT Trust |
|  4.694% due 04/15/2036 •  | 52400 | 52061 |
|  CSMC Trust | CSMC Trust | CSMC Trust |
|  5.715% due 10/15/2037 •  | 8700 | 8680 |
|  GCAT Trust | GCAT Trust | GCAT Trust |
|  2.650% due 10/25/2068 ~ | 879 | 860 |
|  2.885% due 12/27/2066 ~ | 16534 | 15575 |
|  Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS |
|  4.618% due 10/20/2075 •  | 27148 | 27118 |
|  4.688% due 09/20/2075 •  | 14093 | 14140 |
|  4.698% due 10/20/2075 •  | 20562 | 20653 |
|  JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust |
|  5.365% due 09/15/2029 •  | 17535 | 17044 |
|  Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust |
|  5.892% due 10/25/2066 þ | 4134 | 4138 |
|  Mellon Residential Funding Corp. Mortgage Pass-Through Certificates | Mellon Residential Funding Corp. Mortgage Pass-Through Certificates | Mellon Residential Funding Corp. Mortgage Pass-Through Certificates |
|  4.565% due 11/15/2031 •  | 123 | 120 |
|  MF1 Trust | MF1 Trust | MF1 Trust |
|  4.820% due 12/15/2034 •  | 2700 | 2699 |
|  Mill City Mortgage Loan Trust | Mill City Mortgage Loan Trust | Mill City Mortgage Loan Trust |
|  2.750% due 07/25/2059 ~ | 227 | 224 |
|  Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust |
|  4.898% due 11/15/2034 •  | 1677 | 1667 |
|  Natixis Commercial Mortgage Securities Trust | Natixis Commercial Mortgage Securities Trust | Natixis Commercial Mortgage Securities Trust |
|  4.965% due 08/15/2038 •  | 2785 | 2706 |
|  OBX Trust | OBX Trust | OBX Trust |
|  2.783% due 01/25/2062 þ | 33809 | 32886 |
|  Starwood Mortgage Residential Trust | Starwood Mortgage Residential Trust | Starwood Mortgage Residential Trust |
|  1.027% due 11/25/2055 ~ | 1511 | 1450 |
|  Starwood Mortgage Trust | Starwood Mortgage Trust | Starwood Mortgage Trust |
|  4.723% due 11/15/2036 •  | 17200 | 17172 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  2.900% due 10/25/2059 ~ | 9248 | 8933 |
|  3.750% due 03/25/2058 ~ | 6374 | 6234 |
|  4.846% due 10/25/2059 •  | 676 | 677 |
|  Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust |
|  0.820% due 10/25/2063 ~ | 1882 | 1827 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $269,585) | Total Non-Agency Mortgage-Backed Securities (Cost $269,585) | 261927 |
| ASSET-BACKED SECURITIES 15.4% | ASSET-BACKED SECURITIES 15.4% | ASSET-BACKED SECURITIES 15.4% |
| AUTOMOBILE ABS OTHER 5.3% | AUTOMOBILE ABS OTHER 5.3% | AUTOMOBILE ABS OTHER 5.3% |
|  BMW Vehicle Lease Trust | BMW Vehicle Lease Trust | BMW Vehicle Lease Trust |
|  4.294% due 01/25/2027 •  | 3597 | 3597 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  BofA Auto Trust | BofA Auto Trust | BofA Auto Trust |
|  4.468% due 11/22/2027 •  | 7310 | 7315 |
|  CarMax Auto Owner Trust | CarMax Auto Owner Trust | CarMax Auto Owner Trust |
|  4.354% due 08/15/2028 | 13000 | 13009 |
|  4.394% due 03/15/2029 •  | 33700 | 33731 |
|  4.414% due 03/15/2028 •  | 22665 | 22675 |
|  4.434% due 12/15/2027 •  | 5497 | 5498 |
|  4.454% due 09/15/2027 •  | 10369 | 10372 |
|  4.564% due 05/17/2027 •  | 49 | 49 |
|  4.674% due 07/17/2028 •  | 31505 | 31559 |
|  Chesapeake Funding II LLC | Chesapeake Funding II LLC | Chesapeake Funding II LLC |
|  4.754% due 05/15/2036 •  | 5448 | 5454 |
|  5.234% due 05/15/2035 •  | 3302 | 3314 |
|  Ford Credit Auto Lease Trust | Ford Credit Auto Lease Trust | Ford Credit Auto Lease Trust |
|  4.384% due 02/15/2027 •  | 3934 | 3934 |
|  4.394% (SOFR30A + 0.410%) due 08/15/2027 ~ | 16873 | 16877 |
|  Ford Credit Auto Owner Trust | Ford Credit Auto Owner Trust | Ford Credit Auto Owner Trust |
|  4.284% due 06/15/2028 •  | 39800 | 39809 |
|  4.384% due 04/15/2027 •  | 4824 | 4826 |
|  GM Financial Automobile Leasing Trust | GM Financial Automobile Leasing Trust | GM Financial Automobile Leasing Trust |
|  4.268% due 10/20/2027 •  | 20600 | 20606 |
|  4.328% due 05/20/2027 •  | 88284 | 88316 |
|  4.388% due 01/20/2027 •  | 8359 | 8362 |
|  4.418% (SOFR30A + 0.500%) due 07/20/2027 ~ | 26514 | 26544 |
|  GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust |
|  4.374% due 10/18/2027 •  | 10943 | 10946 |
|  Harley-Davidson Motorcycle Trust | Harley-Davidson Motorcycle Trust | Harley-Davidson Motorcycle Trust |
|  4.644% due 07/17/2028 •  | 11208 | 11225 |
|  Hyundai Auto Lease Securitization Trust | Hyundai Auto Lease Securitization Trust | Hyundai Auto Lease Securitization Trust |
|  4.374% due 01/18/2028 | 35900 | 35915 |
|  4.384% due 06/15/2027 •  | 28765 | 28773 |
|  4.484% due 03/15/2027 •  | 4884 | 4887 |
|  4.684% due 09/15/2027 •  | 34566 | 34645 |
|  Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust |
|  4.334% (SOFR30A + 0.350%) due 07/17/2028 ~ | 26600 | 26616 |
|  4.384% due 09/15/2027 •  | 14233 | 14239 |
|  M&T Bank Auto Receivables Trust | M&T Bank Auto Receivables Trust | M&T Bank Auto Receivables Trust |
|  4.484% due 05/15/2028 •  | 17223 | 17234 |
|  Mercedes-Benz Auto Lease Trust | Mercedes-Benz Auto Lease Trust | Mercedes-Benz Auto Lease Trust |
|  4.424% due 12/15/2026 •  | 1400 | 1400 |
|  Nissan Auto Lease Trust | Nissan Auto Lease Trust | Nissan Auto Lease Trust |
|  4.394% due 06/15/2027 •  | 11419 | 11424 |
|  4.434% due 11/15/2027 •  | 45635 | 45658 |
|  Nissan Auto Receivables Owner Trust | Nissan Auto Receivables Owner Trust | Nissan Auto Receivables Owner Trust |
|  4.364% due 06/15/2027 •  | 11455 | 11459 |
|  Tesla Auto Lease Trust | Tesla Auto Lease Trust | Tesla Auto Lease Trust |
|  4.508% due 01/20/2027 •  | 637 | 638 |
|  Toyota Auto Receivables Owner Trust | Toyota Auto Receivables Owner Trust | Toyota Auto Receivables Owner Trust |
|  4.374% due 08/16/2027 •  | 17445 | 17449 |
|  4.524% due 03/15/2028 •  | 28916 | 28945 |
|  Toyota Lease Owner Trust | Toyota Lease Owner Trust | Toyota Lease Owner Trust |
|  4.258% due 05/22/2028 •  | 22150 | 22167 |
|  4.328% due 07/20/2027 •  | 47870 | 47896 |
|  4.358% due 02/22/2027 •  | 2948 | 2949 |
|  Volkswagen Auto Lease Trust | Volkswagen Auto Lease Trust | Volkswagen Auto Lease Trust |
|  4.288% due 04/20/2028 •  | 33200 | 33215 |
|  4.388% due 12/21/2026 •  | 3741 | 3742 |
|  World Omni Auto Receivables Trust | World Omni Auto Receivables Trust | World Omni Auto Receivables Trust |
|  4.454% due 01/18/2028 •  | 483 | 483 |
|  World Omni Automobile Lease Securitization Trust | World Omni Automobile Lease Securitization Trust | World Omni Automobile Lease Securitization Trust |
|  4.374% due 12/15/2027 •  | 14812 | 14820 |
|  4.414% due 02/16/2027 •  | 1722 | 1722 |
|  |  | 774294 |
| AUTOMOBILE SEQUENTIAL 5.6% | AUTOMOBILE SEQUENTIAL 5.6% | AUTOMOBILE SEQUENTIAL 5.6% |
|  ARI Fleet Lease Trust | ARI Fleet Lease Trust | ARI Fleet Lease Trust |
|  4.590% due 03/15/2034 | 16800 | 16925 |
|  5.410% due 02/17/2032 | 2473 | 2475 |
|  5.540% due 04/15/2033 | 6220 | 6266 |
|  Bank of America Auto Trust | Bank of America Auto Trust | Bank of America Auto Trust |
|  5.530% due 02/15/2028 | 6377 | 6423 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  BMW Vehicle Owner Trust | BMW Vehicle Owner Trust | BMW Vehicle Owner Trust |
|  5.180% due 02/26/2029 | 22612 | 22824 |
|  5.470% due 02/25/2028 | 4598 | 4626 |
|  BofA Auto Trust | BofA Auto Trust | BofA Auto Trust |
|  4.350% due 11/20/2029 | 5442 | 5481 |
|  4.520% due 11/22/2027 | 4742 | 4750 |
|  5.350% due 11/15/2028 | 11024 | 11138 |
|  Capital One Prime Auto Receivables Trust | Capital One Prime Auto Receivables Trust | Capital One Prime Auto Receivables Trust |
|  5.820% due 06/15/2028 | 983 | 995 |
|  CarMax Auto Owner Trust | CarMax Auto Owner Trust | CarMax Auto Owner Trust |
|  4.750% due 10/15/2027 | 2125 | 2130 |
|  4.920% due 10/16/2028 | 31632 | 31883 |
|  5.050% due 01/18/2028 | 6404 | 6435 |
|  5.280% due 05/15/2028 | 13463 | 13557 |
|  5.340% due 08/16/2027 | 1520 | 1525 |
|  5.650% due 05/17/2027 | 147 | 147 |
|  6.000% due 07/17/2028 | 14891 | 15085 |
|  Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust |
|  3.210% due 12/11/2028 | 928 | 919 |
|  4.070% due 02/12/2029 | 8900 | 8903 |
|  4.190% due 03/12/2029 | 56600 | 56720 |
|  4.260% due 10/10/2029 | 3237 | 3245 |
|  4.500% due 06/12/2028 | 2397 | 2400 |
|  4.560% due 08/10/2028 | 11416 | 11435 |
|  4.610% due 11/10/2027 | 3361 | 3365 |
|  4.620% due 02/10/2028 | 714 | 715 |
|  4.640% due 01/10/2030 | 18600 | 18720 |
|  5.050% due 04/10/2029 | 17878 | 17965 |
|  5.330% due 07/10/2029 | 979 | 986 |
|  5.620% due 01/10/2029 | 676 | 682 |
|  5.980% due 12/10/2027 | 1566 | 1569 |
|  6.160% due 10/10/2028 | 1054 | 1064 |
|  Chase Auto Owner Trust | Chase Auto Owner Trust | Chase Auto Owner Trust |
|  4.180% due 08/27/2029 | 2100 | 2108 |
|  4.940% due 07/25/2029 | 19100 | 19291 |
|  5.530% due 09/27/2027 | 389 | 389 |
|  5.680% due 01/25/2029 | 12503 | 12637 |
|  Citizens Auto Receivables Trust | Citizens Auto Receivables Trust | Citizens Auto Receivables Trust |
|  5.110% due 04/17/2028 | 17069 | 17165 |
|  5.330% due 08/15/2028 | 18130 | 18258 |
|  5.830% due 02/15/2028 | 5832 | 5872 |
|  5.840% due 01/18/2028 | 5212 | 5243 |
|  Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC |
|  4.380% due 07/20/2029 | 652 | 652 |
|  4.500% due 04/20/2028 | 27900 | 28051 |
|  4.510% due 02/22/2028 | 34600 | 34769 |
|  4.650% due 10/20/2027 | 3732 | 3748 |
|  4.690% due 07/20/2027 | 30702 | 30814 |
|  5.310% due 04/20/2027 | 882 | 885 |
|  5.740% due 12/20/2026 | 8472 | 8503 |
|  FCCU Auto Receivables Trust | FCCU Auto Receivables Trust | FCCU Auto Receivables Trust |
|  5.760% due 11/15/2027 | 397 | 397 |
|  Ford Credit Auto Owner Trust | Ford Credit Auto Owner Trust | Ford Credit Auto Owner Trust |
|  4.320% due 08/15/2027 | 3679 | 3682 |
|  4.650% due 02/15/2028 | 1721 | 1725 |
|  5.230% due 05/15/2028 | 2211 | 2226 |
|  GM Financial Automobile Leasing Trust | GM Financial Automobile Leasing Trust | GM Financial Automobile Leasing Trust |
|  4.540% due 05/20/2027 | 5500 | 5514 |
|  GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust |
|  4.660% due 02/16/2028 | 910 | 912 |
|  5.100% due 03/16/2029 | 8371 | 8441 |
|  5.130% due 04/16/2029 | 4131 | 4176 |
|  5.450% due 06/16/2028 | 3433 | 3458 |
|  GMF Floorplan Owner Revolving Trust | GMF Floorplan Owner Revolving Trust | GMF Floorplan Owner Revolving Trust |
|  5.340% due 06/15/2028 | 69041 | 69469 |
|  GreenState Auto Receivables Trust | GreenState Auto Receivables Trust | GreenState Auto Receivables Trust |
|  5.530% due 08/16/2027 | 325 | 325 |
|  Harley-Davidson Motorcycle Trust | Harley-Davidson Motorcycle Trust | Harley-Davidson Motorcycle Trust |
|  4.620% due 08/16/2027 | 4734 | 4737 |
|  Honda Auto Receivables Owner Trust | Honda Auto Receivables Owner Trust | Honda Auto Receivables Owner Trust |
|  4.560% due 03/15/2027 | 5393 | 5398 |
|  5.210% due 08/15/2028 | 2445 | 2466 |
|  Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust |
|  4.410% due 05/15/2029 | 13193 | 13302 |
|  5.540% due 10/16/2028 | 23049 | 23286 |

---

---

| | | |
|:---|:---|:---|
| **90** | **PIMCO ETF TRUST** | See Accompanying Notes |

---

------

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  LAD Auto Receivables Trust | LAD Auto Receivables Trust | LAD Auto Receivables Trust |
|  4.640% due 11/15/2027 | 200 | 200 |
|  M&T Bank Auto Receivables Trust | M&T Bank Auto Receivables Trust | M&T Bank Auto Receivables Trust |
|  5.220% due 02/17/2032 | 5039 | 5095 |
|  Nissan Auto Lease Trust | Nissan Auto Lease Trust | Nissan Auto Lease Trust |
|  4.600% due 11/15/2027 | 1692 | 1698 |
|  Oscar U.S. Funding XVI LLC | Oscar U.S. Funding XVI LLC | Oscar U.S. Funding XVI LLC |
|  5.480% due 02/10/2027 « | 363 | 363 |
|  Oscar U.S. Funding XVII LLC | Oscar U.S. Funding XVII LLC | Oscar U.S. Funding XVII LLC |
|  4.470% due 03/12/2029 | 3025 | 3039 |
|  PenFed Auto Receivables Owner Trust | PenFed Auto Receivables Owner Trust | PenFed Auto Receivables Owner Trust |
|  4.120% due 09/15/2028 | 2000 | 2003 |
|  5.040% due 09/15/2027 | 421 | 422 |
|  SBNA Auto Lease Trust | SBNA Auto Lease Trust | SBNA Auto Lease Trust |
|  4.680% due 04/20/2027 | 886 | 887 |
|  5.560% due 11/22/2027 | 25384 | 25520 |
|  SCCU Auto Receivables Trust | SCCU Auto Receivables Trust | SCCU Auto Receivables Trust |
|  4.670% due 11/15/2028 | 5919 | 5936 |
|  5.450% due 12/15/2027 | 188 | 188 |
|  SFS Auto Receivables Securitization Trust | SFS Auto Receivables Securitization Trust | SFS Auto Receivables Securitization Trust |
|  4.650% due 05/22/2028 | 4285 | 4292 |
|  4.710% due 05/22/2028 | 436 | 436 |
|  4.950% due 05/21/2029 | 3613 | 3636 |
|  5.330% due 11/20/2029 | 16228 | 16408 |
|  5.470% due 10/20/2028 | 4548 | 4578 |
|  Stellantis Financial Underwritten Enhanced Lease Trust | Stellantis Financial Underwritten Enhanced Lease Trust | Stellantis Financial Underwritten Enhanced Lease Trust |
|  4.310% due 05/22/2028 | 35900 | 36026 |
|  4.630% due 07/20/2027 | 14096 | 14148 |
|  Tesla Lease Electric Vehicle Securitization LLC | Tesla Lease Electric Vehicle Securitization LLC | Tesla Lease Electric Vehicle Securitization LLC |
|  4.140% due 06/20/2028 | 7000 | 7016 |
|  Toyota Auto Receivables Owner Trust | Toyota Auto Receivables Owner Trust | Toyota Auto Receivables Owner Trust |
|  3.760% due 04/15/2027 | 1205 | 1205 |
|  4.630% due 09/15/2027 | 2149 | 2154 |
|  5.300% due 09/15/2027 | 1697 | 1704 |
|  5.330% due 01/16/2029 | 1744 | 1763 |
|  Upgrade Auto Receivables Trust | Upgrade Auto Receivables Trust | Upgrade Auto Receivables Trust |
|  4.540% due 05/15/2029 | 14000 | 14018 |
|  USAA Auto Owner Trust | USAA Auto Owner Trust | USAA Auto Owner Trust |
|  5.030% due 03/15/2029 | 7396 | 7456 |
|  5.580% due 05/15/2028 | 1101 | 1108 |
|  USB Auto Owner Trust | USB Auto Owner Trust | USB Auto Owner Trust |
|  4.510% due 06/15/2028 | 10882 | 10906 |
|  Volkswagen Auto Loan Enhanced Trust | Volkswagen Auto Loan Enhanced Trust | Volkswagen Auto Loan Enhanced Trust |
|  5.020% due 06/20/2028 | 2992 | 3010 |
|  World Omni Auto Receivables Trust | World Omni Auto Receivables Trust | World Omni Auto Receivables Trust |
|  4.430% due 12/17/2029 | 5440 | 5475 |
|  4.660% due 05/15/2028 | 2665 | 2671 |
|  4.780% due 01/18/2028 | 1878 | 1880 |
|  4.860% due 03/15/2029 | 13097 | 13171 |
|  5.610% due 02/15/2028 | 518 | 520 |
|  |  | 818184 |
| CMBS OTHER 0.2% | CMBS OTHER 0.2% | CMBS OTHER 0.2% |
|  AREIT Trust | AREIT Trust | AREIT Trust |
|  5.187% due 01/20/2037 •  | 18207 | 18185 |
|  GPMT Ltd. | GPMT Ltd. | GPMT Ltd. |
|  5.349% due 07/16/2035 •  | 2531 | 2530 |
|  Starwood Ltd. | Starwood Ltd. | Starwood Ltd. |
|  5.334% due 11/15/2038 •  | 8412 | 8429 |
|  |  | 29144 |
| CREDIT CARD BULLET 1.2% | CREDIT CARD BULLET 1.2% | CREDIT CARD BULLET 1.2% |
|  Citibank Credit Card Issuance Trust | Citibank Credit Card Issuance Trust | Citibank Credit Card Issuance Trust |
|  4.635% due 05/14/2029 •  | 5550 | 5599 |
|  Discover Card Execution Note Trust | Discover Card Execution Note Trust | Discover Card Execution Note Trust |
|  4.930% due 06/15/2028 | 11195 | 11253 |
|  Evergreen Credit Card Trust | Evergreen Credit Card Trust | Evergreen Credit Card Trust |
|  4.540% due 10/15/2029 •  | 88000 | 88332 |
|  Master Credit Card Trust II | Master Credit Card Trust II | Master Credit Card Trust II |
|  4.693% due 01/21/2028 •  | 67143 | 67164 |
|  |  | 172348 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| CREDIT CARD OTHER 1.1% | CREDIT CARD OTHER 1.1% | CREDIT CARD OTHER 1.1% |
|  Golden Credit Card Trust | Golden Credit Card Trust | Golden Credit Card Trust |
|  1.140% due 08/15/2028 | 52270 | 51389 |
|  1.970% due 01/15/2029 | 35200 | 34516 |
|  Trillium Credit Card Trust II | Trillium Credit Card Trust II | Trillium Credit Card Trust II |
|  4.297% due 09/26/2030 •  | 63500 | 63744 |
|  |  | 149649 |
| OTHER ABS 2.0% | OTHER ABS 2.0% | OTHER ABS 2.0% |
|  Atlas Senior Loan Fund XIII | Atlas Senior Loan Fund XIII | Atlas Senior Loan Fund XIII |
|  5.199% due 04/22/2031 •  | 80 | 80 |
|  Atlas Senior Loan Fund XVII Ltd. | Atlas Senior Loan Fund XVII Ltd. | Atlas Senior Loan Fund XVII Ltd. |
|  4.944% due 10/20/2034 •  | 1550 | 1547 |
|  BlueMountain CLO Ltd. | BlueMountain CLO Ltd. | BlueMountain CLO Ltd. |
|  5.048% due 10/25/2030 •  | 3777 | 3781 |
|  5.052% due 11/15/2030 •  | 1252 | 1252 |
|  CIFC Funding Ltd. | CIFC Funding Ltd. | CIFC Funding Ltd. |
|  5.077% due 10/24/2030 •  | 6848 | 6856 |
|  Commonbond Student Loan Trust | Commonbond Student Loan Trust | Commonbond Student Loan Trust |
|  4.696% due 05/25/2041 •  | 122 | 120 |
|  Crossroads Asset Trust | Crossroads Asset Trust | Crossroads Asset Trust |
|  4.910% due 02/20/2032 | 1668 | 1681 |
|  Dell Equipment Finance Trust | Dell Equipment Finance Trust | Dell Equipment Finance Trust |
|  4.680% due 07/22/2027 | 5400 | 5420 |
|  DLLAA LLC | DLLAA LLC | DLLAA LLC |
|  4.700% due 10/20/2027 | 20614 | 20698 |
|  Dryden 54 Senior Loan Fund | Dryden 54 Senior Loan Fund | Dryden 54 Senior Loan Fund |
|  5.034% due 10/19/2029 •  | 2190 | 2192 |
|  Dryden 64 CLO Ltd. | Dryden 64 CLO Ltd. | Dryden 64 CLO Ltd. |
|  5.116% due 04/18/2031 •  | 3384 | 3386 |
|  ELFI Graduate Loan Program LLC | ELFI Graduate Loan Program LLC | ELFI Graduate Loan Program LLC |
|  1.530% due 12/26/2046 | 4521 | 4071 |
|  Gallatin CLO VIII Ltd. | Gallatin CLO VIII Ltd. | Gallatin CLO VIII Ltd. |
|  5.256% due 07/15/2031 •  | 3371 | 3373 |
|  Golub Capital Partners CLO 60B Ltd. | Golub Capital Partners CLO 60B Ltd. | Golub Capital Partners CLO 60B Ltd. |
|  5.168% due 10/25/2034 •  | 6600 | 6612 |
|  HPEFS Equipment Trust | HPEFS Equipment Trust | HPEFS Equipment Trust |
|  4.070% due 11/22/2032 | 26600 | 26641 |
|  Kubota Credit Owner Trust | Kubota Credit Owner Trust | Kubota Credit Owner Trust |
|  5.450% due 04/15/2027 | 8350 | 8379 |
|  LCM 29 Ltd. | LCM 29 Ltd. | LCM 29 Ltd. |
|  5.236% due 04/15/2031 •  | 315 | 316 |
|  LCM Loan Income Fund I Ltd. | LCM Loan Income Fund I Ltd. | LCM Loan Income Fund I Ltd. |
|  5.176% due 04/20/2031 •  | 652 | 652 |
|  M&T Equipment Notes | M&T Equipment Notes | M&T Equipment Notes |
|  4.700% due 12/16/2027 | 12800 | 12867 |
|  Madison Park Funding XXXV Ltd. | Madison Park Funding XXXV Ltd. | Madison Park Funding XXXV Ltd. |
|  5.136% due 04/20/2032 •  | 3608 | 3610 |
|  MMAF Equipment Finance LLC | MMAF Equipment Finance LLC | MMAF Equipment Finance LLC |
|  5.200% due 09/13/2027 | 2630 | 2637 |
|  5.790% due 11/13/2026 | 144 | 144 |
|  Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust |
|  0.840% due 05/15/2069 | 2734 | 2514 |
|  1.310% due 01/15/2069 | 6288 | 5955 |
|  1.580% due 04/15/2070 | 21871 | 19890 |
|  1.690% due 05/15/2069 | 3785 | 3618 |
|  2.230% due 07/15/2070 | 17928 | 16444 |
|  3.130% due 02/15/2068 | 804 | 796 |
|  4.000% due 12/15/2059 | 256 | 255 |
|  4.865% due 04/15/2069 •  | 5251 | 5226 |
|  Navient Refinance Loan Trust | Navient Refinance Loan Trust | Navient Refinance Loan Trust |
|  4.800% due 10/15/2055 | 32190 | 32288 |
|  Navient Student Loan Trust | Navient Student Loan Trust | Navient Student Loan Trust |
|  4.789% due 07/26/2066 •  | 3734 | 3718 |
|  Nelnet Student Loan Trust | Nelnet Student Loan Trust | Nelnet Student Loan Trust |
|  1.420% due 04/20/2062 | 389 | 369 |
|  4.459% due 12/24/2035 •  | 791 | 787 |
|  4.646% due 08/25/2067 •  | 8312 | 8321 |
|  4.789% due 09/25/2065 •  | 4684 | 4690 |
|  4.839% due 02/25/2066 •  | 4627 | 4634 |
|  Newark BSL CLO 2 Ltd. | Newark BSL CLO 2 Ltd. | Newark BSL CLO 2 Ltd. |
|  5.090% due 07/25/2030 •  | 710 | 711 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Octagon Investment Partners 39 Ltd. | Octagon Investment Partners 39 Ltd. | Octagon Investment Partners 39 Ltd. |
|  5.034% due 10/20/2030 •  | 2193 | 2195 |
|  PEAC Solutions Receivables LLC | PEAC Solutions Receivables LLC | PEAC Solutions Receivables LLC |
|  4.940% due 10/20/2028 | 6200 | 6241 |
|  PHEAA Student Loan Trust | PHEAA Student Loan Trust | PHEAA Student Loan Trust |
|  4.939% due 11/25/2065 •  | 2363 | 2363 |
|  Post CLO Ltd. | Post CLO Ltd. | Post CLO Ltd. |
|  4.985% due 10/15/2034 •  | 800 | 800 |
|  Romark CLO Ltd. | Romark CLO Ltd. | Romark CLO Ltd. |
|  5.151% due 10/23/2030 •  | 1140 | 1141 |
|  Saranac CLO VI Ltd. | Saranac CLO VI Ltd. | Saranac CLO VI Ltd. |
|  5.125% due 08/13/2031 •  | 1716 | 1717 |
|  SLM Private Credit Student Loan Trust | SLM Private Credit Student Loan Trust | SLM Private Credit Student Loan Trust |
|  4.295% due 12/15/2038 •  | 2222 | 2195 |
|  SLM Student Loan Trust | SLM Student Loan Trust | SLM Student Loan Trust |
|  4.639% due 12/27/2038 •  | 1230 | 1225 |
|  4.689% due 01/25/2029 •  | 1495 | 1471 |
|  SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
|  1.290% due 07/15/2053 | 7201 | 6887 |
|  4.465% due 03/17/2053 •  | 3120 | 3095 |
|  4.965% due 07/15/2053 •  | 908 | 911 |
|  SoFi Consumer Loan Program Trust | SoFi Consumer Loan Program Trust | SoFi Consumer Loan Program Trust |
|  4.470% due 08/15/2034 | 7442 | 7465 |
|  SoFi Professional Loan Program LLC | SoFi Professional Loan Program LLC | SoFi Professional Loan Program LLC |
|  1.950% due 02/15/2046 | 6776 | 6395 |
|  Sound Point CLO XVIII Ltd. | Sound Point CLO XVIII Ltd. | Sound Point CLO XVIII Ltd. |
|  5.266% due 01/21/2031 •  | 335 | 335 |
|  Sound Point CLO XX Ltd. | Sound Point CLO XX Ltd. | Sound Point CLO XX Ltd. |
|  5.220% due 07/26/2031 •  | 117 | 117 |
|  Sounds Point CLO IV-R Ltd. | Sounds Point CLO IV-R Ltd. | Sounds Point CLO IV-R Ltd. |
|  5.296% due 04/18/2031 •  | 310 | 310 |
|  Symphony CLO 36 Ltd. | Symphony CLO 36 Ltd. | Symphony CLO 36 Ltd. |
|  5.305% due 01/16/2031 •  | 43 | 43 |
|  Venture XXVII CLO Ltd. | Venture XXVII CLO Ltd. | Venture XXVII CLO Ltd. |
|  5.196% due 07/20/2030 •  | 186 | 187 |
|  Verizon Master Trust | Verizon Master Trust | Verizon Master Trust |
|  4.588% due 08/20/2030 •  | 22600 | 22731 |
|  Voya Ltd. | Voya Ltd. | Voya Ltd. |
|  5.166% due 10/15/2030 •  | 935 | 937 |
|  |  | 295292 |
|  Total Asset-Backed Securities<br>(Cost $2,238,683) | Total Asset-Backed Securities<br>(Cost $2,238,683) | 2238911 |
| SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% |
|  Kommunalbanken AS | Kommunalbanken AS | Kommunalbanken AS |
|  4.045% (SOFRINDX + 0.320%) due 06/25/2027 ~ | 88000 | 88086 |
|  Korea National Oil Corp. | Korea National Oil Corp. | Korea National Oil Corp. |
|  4.920% (SOFRRATE + 1.080%) due 11/14/2026 ~ | 1250 | 1262 |
|  Total Sovereign Issues (Cost $89,256) | Total Sovereign Issues (Cost $89,256) | 89348 |
| SHORT-TERM INSTRUMENTS 5.5% | SHORT-TERM INSTRUMENTS 5.5% | SHORT-TERM INSTRUMENTS 5.5% |
| COMMERCIAL PAPER 3.3% | COMMERCIAL PAPER 3.3% | COMMERCIAL PAPER 3.3% |
|  Air Lease Corp. | Air Lease Corp. | Air Lease Corp. |
|  4.100% due 01/15/2026 | 1900 | 1897 |
|  4.150% due 01/02/2026 | 33000 | 32993 |
|  AMETEK, Inc. | AMETEK, Inc. | AMETEK, Inc. |
|  4.150% due 01/12/2026 | 46000 | 45941 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  4.150% due 01/20/2026 | 125000 | 124709 |
|  4.150% due 01/21/2026 | 12700 | 12669 |
|  Edison International | Edison International | Edison International |
|  4.550% due 01/05/2026 | 18800 | 18789 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. |
|  4.100% due 01/20/2026 | 5400 | 5388 |
|  4.100% due 01/21/2026 | 5600 | 5587 |
|  4.110% due 02/02/2026 | 300 | 299 |
|  4.120% due 02/04/2026 | 3400 | 3387 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **91** |

---

------

Schedule of Investments PIMCO Enhanced Short Maturity Active Exchange-Traded Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.300% due 01/07/2026 | 114650 | 114561 |
|  4.300% due 01/13/2026 | 66450 | 66354 |
|  Oracle Corp. | Oracle Corp. | Oracle Corp. |
|  4.220% due 01/16/2026 | 45100 | 45023 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  4.550% due 01/05/2026 | 5850 | 5847 |
|  VW Credit, Inc. | VW Credit, Inc. | VW Credit, Inc. |
|  4.220% due 01/13/2026 | 5000 | 4993 |
|  |  | 488437 |
| REPURCHASE AGREEMENTS (d) 2.1% | REPURCHASE AGREEMENTS (d) 2.1% | REPURCHASE AGREEMENTS (d) 2.1% |
|  |  | 300000 |
| SHORT-TERM NOTES 0.1% | SHORT-TERM NOTES 0.1% | SHORT-TERM NOTES 0.1% |
|  HPEFS Equipment Trust | HPEFS Equipment Trust | HPEFS Equipment Trust |
|  4.153% due 10/20/2026 | 10470 | 10481 |
| Total Short-Term Instruments (Cost $798,994) | Total Short-Term Instruments (Cost $798,994) | 798918 |
| Total Investments in Securities (Cost $14,504,645) | Total Investments in Securities (Cost $14,504,645) | 14520164 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| INVESTMENTS IN AFFILIATES 0.0% | INVESTMENTS IN AFFILIATES 0.0% | INVESTMENTS IN AFFILIATES 0.0% | INVESTMENTS IN AFFILIATES 0.0% |
| SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% |
| MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% |
|  PIMCO Government Money Market Fund | PIMCO Government Money Market Fund | PIMCO Government Money Market Fund | PIMCO Government Money Market Fund |
|  3.870% (b)(c) | 1682256 | $— | 1682 |
| Total Short-Term Instruments<br>(Cost $1,682) | Total Short-Term Instruments<br>(Cost $1,682) |  | 1682 |
| Total Investments in Affiliates<br>(Cost $1,682) | Total Investments in Affiliates<br>(Cost $1,682) |  | 1682 |
| Total Investments 99.6%<br>(Cost $14,506,327) | Total Investments 99.6%<br>(Cost $14,506,327) | $— | 14521846 |
|  Financial Derivative Instruments (e)(h) 0.0%<br> (Cost or Premiums, net $0) |  |  | 828 |
| Other Assets and Liabilities, net 0.4% | Other Assets and Liabilities, net 0.4% |  | 51047 |
| Net Assets 100.0% | Net Assets 100.0% | $— | 14573721 |

---

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

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

« Security valued using significant unobservable inputs (Level 3).

---

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

---

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

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

(a) Institutional Class Shares of each Fund.

(b) Securities with an aggregate market value of $1,650 were out on loan in exchange for $1,682 of cash collateral as of December 31, 2025. See Note 5, Securities Lending, in the Notes to Financial Statements for more information regarding securities on loan and cash collateral.

(c) Coupon represents a 7-Day Yield.

#### 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> |
| BOS | 3.750% | 12/31/2025 | 01/02/2026 | $4000 | U.S. Treasury Notes 0.625% due 08/15/2030 | $(4077) | $4000 | $4001 |
| SAL | 3.870 | 12/31/2025 | 01/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296000 | U.S. Treasury Bills 0.000% due 11/27/2026 | (302068) | 296000 | 296064 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(306145) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300065 |

---

92 PIMCO ETF TRUST See Accompanying Notes

------

December 31, 2025 (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, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| 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 |
|  BOS | $4001 | $0 | $0 | $0 | $4001 | $(4077) | $(76) |
|  SAL | 296064 | 0 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(302068) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6004) |
|  Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement |
|  MSC | 0 | 0 | 0 | 1650 | 1650 | (1682) | (32) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300065 | $&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;1650 |  |  |  |

---

#### 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 | $1682 | $0 | $0 | $0 | $1682 |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1682 | $&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;1682 |
|  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  | $1682 |

---

<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.

**The average amount of borrowings outstanding during the period ended December 31, 2025 was $(10,128) at a weighted average interest rate of 3.903%. 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:

#### 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 2-Year Note March Futures  | 03/2026 | 9446 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1972221) | $282 | $664 | $0 |
|  U.S. Treasury 5-Year Note March Futures  | 03/2026 | 1395 | (152480) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(334) | 164 | 0 |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $(52) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;828 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 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 | Total | Written<br>Options | Futures | Swap<br>Agreements | Total |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;828 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;828 | $&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 |

---

Cash of $15,613 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **93** |

---

------

Schedule of Investments PIMCO Enhanced Short Maturity Active Exchange-Traded Fund (Cont.) December 31, 2025 (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, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 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;828 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;828 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5480) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5480) |
|  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  | $&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 | $8486 | $8486 |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of December 31, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>12/31/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  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;5460329 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5460329 |
| &nbsp;&nbsp; Industrials | 0 | 2291858 | 0 | 2291858 |
| &nbsp;&nbsp; Utilities | 0 | 837984 | 0 | 837984 |
|  U.S. Government Agencies | 0 | 2146697 | 0 | 2146697 |
|  U.S. Treasury Obligations | 0 | 394192 | 0 | 394192 |
|  Non-Agency Mortgage-Backed Securities | 0 | 261927 | 0 | 261927 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile ABS Other | 0 | 774294 | 0 | 774294 |
| &nbsp;&nbsp; Automobile Sequential | 0 | 817821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363 | 818184 |
| &nbsp;&nbsp; CMBS Other | 0 | 29144 | 0 | 29144 |
| &nbsp;&nbsp; Credit Card Bullet | 0 | 172348 | 0 | 172348 |
| &nbsp;&nbsp; Credit Card Other | 0 | 149649 | 0 | 149649 |
| &nbsp;&nbsp; Other ABS | 0 | 295292 | 0 | 295292 |
|  Sovereign Issues | 0 | 89348 | 0 | 89348 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Commercial Paper | 0 | 488437 | 0 | 488437 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 300000 | 0 | 300000 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2025** |
| &nbsp;&nbsp; Short-Term Notes | $0 | $10481 | $0 | $10481 |
|  | 0 | 14519801 | 363 | 14520164 |
|  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 | 1682 | 0 | 0 | 1682 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1682 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14519801 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14521846 |
|  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 | $828 | $0 | $828 |
|  Total Financial Derivative Instruments | $0 | $828 | $0 | $828 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1682 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14520629 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14522674 |

---

There were no significant transfers into or out of Level 3 during the period ended December 31, 2025.

---

| | | |
|:---|:---|:---|
| **94** | **PIMCO ETF TRUST** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund December 31, 2025 (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 99.4% | INVESTMENTS IN SECURITIES 99.4% | INVESTMENTS IN SECURITIES 99.4% |
| MUNICIPAL BONDS & NOTES 84.0% | MUNICIPAL BONDS & NOTES 84.0% | MUNICIPAL BONDS & NOTES 84.0% |
| ALABAMA 4.4% | ALABAMA 4.4% | ALABAMA 4.4% |
|  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 |
|  3.670% (MUNIPSA) due 10/01/2052 ~ | 2000 | 1983 |
|  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 | 5280 |
|  Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2023 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2023 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2023 |
|  5.500% due 06/01/2049 | 2800 | 2955 |
|  5.500% due 10/01/2054 | 5000 | 5497 |
|  Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2024 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2024 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2024 |
|  5.000% due 03/01/2055 | 7400 | 7917 |
|  5.000% due 10/01/2055 | 4800 | 5164 |
|  Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2025 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2025 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2025 |
|  5.000% due 12/01/2055 | 3300 | 3532 |
|  Black Belt Energy Gas District, Alabama Revenue Notes, Series 2025 | Black Belt Energy Gas District, Alabama Revenue Notes, Series 2025 | Black Belt Energy Gas District, Alabama Revenue Notes, Series 2025 |
|  5.000% due 10/01/2035 | 25000 | 26493 |
|  Energy Southeast A Cooperative District, Alabama Revenue Bonds, Series 2023 | Energy Southeast A Cooperative District, Alabama Revenue Bonds, Series 2023 | Energy Southeast A Cooperative District, Alabama Revenue Bonds, Series 2023 |
|  5.750% due 04/01/2054 | 1500 | 1662 |
|  Energy Southeast A Cooperative District, Alabama Revenue Bonds, Series 2024 | Energy Southeast A Cooperative District, Alabama Revenue Bonds, Series 2024 | Energy Southeast A Cooperative District, Alabama Revenue Bonds, Series 2024 |
|  5.250% due 07/01/2054 | 4700 | 5117 |
|  Healthcare Authority of Baptist Health, Alabama Revenue Bonds, Series 2023 | Healthcare Authority of Baptist Health, Alabama Revenue Bonds, Series 2023 | Healthcare Authority of Baptist Health, Alabama Revenue Bonds, Series 2023 |
|  5.000% due 11/15/2035 | 1500 | 1623 |
|  5.000% due 11/15/2036 | 1220 | 1312 |
|  5.000% due 11/15/2037 | 875 | 936 |
|  Huntsville Public Building Authority, Alabama Revenue Bonds, Series 2022 | Huntsville Public Building Authority, Alabama Revenue Bonds, Series 2022 | Huntsville Public Building Authority, Alabama Revenue Bonds, Series 2022 |
|  5.000% due 02/01/2047 | 2210 | 2275 |
|  Jefferson County, Alabama Sewer Revenue Notes, Series 2024 | Jefferson County, Alabama Sewer Revenue Notes, Series 2024 | Jefferson County, Alabama Sewer Revenue Notes, Series 2024 |
|  5.000% due 10/01/2031 | 3500 | 3866 |
|  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 |
|  3.450% due 11/01/2033 | 1900 | 1907 |
|  Southeast Alabama Gas Supply District Revenue Bonds, Series 2024 | Southeast Alabama Gas Supply District Revenue Bonds, Series 2024 | Southeast Alabama Gas Supply District Revenue Bonds, Series 2024 |
|  5.000% due 06/01/2049 | 4400 | 4724 |
|  Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2023 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2023 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2023 |
|  5.000% due 01/01/2054 | 5950 | 6294 |
|  Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2024 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2024 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2024 |
|  5.000% due 11/01/2035 | 8700 | 9245 |
|  Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2025 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2025 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2025 |
|  5.000% due 05/01/2055 | 2600 | 2784 |
|  5.000% due 01/01/2056 | 6600 | 6882 |
|  West Jefferson Industrial Development Board, Alabama Revenue Bonds, Series 1998 | West Jefferson Industrial Development Board, Alabama Revenue Bonds, Series 1998 | West Jefferson Industrial Development Board, Alabama Revenue Bonds, Series 1998 |
|  3.650% due 06/01/2028 | 3600 | 3651 |
|  |  | 111099 |
| 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 | 2114 |
|  Alaska Municipal Bond Bank Authority, Revenue Bonds, Series 2023 | Alaska Municipal Bond Bank Authority, Revenue Bonds, Series 2023 | Alaska Municipal Bond Bank Authority, Revenue Bonds, Series 2023 |
|  5.000% due 12/01/2042 | 1000 | 1071 |
|  Northern Tobacco Securitization Corp. Alaska Revenue Bonds, Series 2021 | Northern Tobacco Securitization Corp. Alaska Revenue Bonds, Series 2021 | Northern Tobacco Securitization Corp. Alaska Revenue Bonds, Series 2021 |
|  5.000% due 06/01/2033 | 2890 | 3079 |
|  |  | 6264 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| ARIZONA 0.8% | ARIZONA 0.8% | ARIZONA 0.8% |
|  Maricopa County, Arizona & Phoenix Industrial Development Authorities Revenue Bonds, (GNMA Insured), Series 2025 | Maricopa County, Arizona & Phoenix Industrial Development Authorities Revenue Bonds, (GNMA Insured), Series 2025 | Maricopa County, Arizona & Phoenix Industrial Development Authorities Revenue Bonds, (GNMA Insured), Series 2025 |
|  5.750% due 03/01/2056 | 2890 | 3192 |
|  Maricopa County, Arizona Industrial Development Authority Revenue Bonds, Series 2023 | Maricopa County, Arizona Industrial Development Authority Revenue Bonds, Series 2023 | Maricopa County, Arizona Industrial Development Authority Revenue Bonds, Series 2023 |
|  5.000% due 01/01/2053 | 8500 | 8879 |
|  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 | 421 |
|  Phoenix, Arizona General Obligation Refunding Notes, Series 2022 | Phoenix, Arizona General Obligation Refunding Notes, Series 2022 | Phoenix, Arizona General Obligation Refunding Notes, Series 2022 |
|  5.000% due 07/01/2026 | 1500 | 1519 |
|  Salt River Project Agricultural Improvement & Power District, Arizona Revenue Bonds, Series 2025 | Salt River Project Agricultural Improvement & Power District, Arizona Revenue Bonds, Series 2025 | Salt River Project Agricultural Improvement & Power District, Arizona Revenue Bonds, Series 2025 |
|  5.000% due 01/01/2043 | 5000 | 5489 |
|  |  | 19500 |
| CALIFORNIA 4.4% | CALIFORNIA 4.4% | CALIFORNIA 4.4% |
|  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 |
|  3.770% (MUNIPSA) due 04/01/2056 ~ | 2000 | 1997 |
|  California Community Choice Financing Authority Revenue Bonds, Series 2023 | California Community Choice Financing Authority Revenue Bonds, Series 2023 | California Community Choice Financing Authority Revenue Bonds, Series 2023 |
|  5.000% due 02/01/2054 | 4700 | 5003 |
|  5.250% due 11/01/2054 | 7750 | 8236 |
|  5.500% due 10/01/2054 | 1870 | 2042 |
|  California Community Choice Financing Authority Revenue Bonds, Series 2024 | California Community Choice Financing Authority Revenue Bonds, Series 2024 | California Community Choice Financing Authority Revenue Bonds, Series 2024 |
|  5.000% due 05/01/2054 | 6100 | 6541 |
|  5.000% due 02/01/2055 | 8100 | 8762 |
|  California Community Choice Financing Authority Revenue Bonds, Series 2025 | California Community Choice Financing Authority Revenue Bonds, Series 2025 | California Community Choice Financing Authority Revenue Bonds, Series 2025 |
|  5.000% due 10/01/2055 | 5400 | 5603 |
|  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 | 1001 |
|  4.000% due 03/01/2039 | 1500 | 1461 |
|  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 | 3263 |
|  California Health Facilities Financing Authority Revenue Bonds, Series 2024 | California Health Facilities Financing Authority Revenue Bonds, Series 2024 | California Health Facilities Financing Authority Revenue Bonds, Series 2024 |
|  5.000% due 12/01/2038 | 600 | 654 |
|  5.250% due 12/01/2042 | 3000 | 3221 |
|  5.250% due 12/01/2043 | 2825 | 3005 |
|  California Health Facilities Financing Authority Revenue Bonds, Series 2025 | California Health Facilities Financing Authority Revenue Bonds, Series 2025 | California Health Facilities Financing Authority Revenue Bonds, Series 2025 |
|  5.000% due 10/01/2050 | 4400 | 4846 |
|  California Health Facilities Financing Authority Revenue Notes, Series 2025 | California Health Facilities Financing Authority Revenue Notes, Series 2025 | California Health Facilities Financing Authority Revenue Notes, Series 2025 |
|  5.000% due 12/01/2031 | 3250 | 3580 |
|  5.000% due 12/01/2035 | 7400 | 8407 |
|  California Municipal Finance Authority Revenue Bonds, (FNMA Insured),Series 2024 | California Municipal Finance Authority Revenue Bonds, (FNMA Insured),Series 2024 | California Municipal Finance Authority Revenue Bonds, (FNMA Insured),Series 2024 |
|  4.450% due 12/01/2042 | 1100 | 1110 |
|  California Municipal Finance Authority Revenue Bonds, Series 2025 | California Municipal Finance Authority Revenue Bonds, Series 2025 | California Municipal Finance Authority Revenue Bonds, Series 2025 |
|  4.217% due 11/20/2040 | 5093 | 5104 |
|  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 | 4508 |
|  California State General Obligation Bonds, Series 2023 | California State General Obligation Bonds, Series 2023 | California State General Obligation Bonds, Series 2023 |
|  4.000% due 09/01/2043 | 3100 | 3117 |
|  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 | 6545 |
|  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 |
|  4.500% due 11/01/2033 | 3500 | 3678 |
|  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 | 771 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  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 | 1067 | 1125 |
|  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 | 1955 | 1740 |
|  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 | 5551 |
|  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 | 1123 |
|  Los Angeles County, California Metropolitan Transportation Authority Sales Tax Revenue Bonds, Series 2020 | Los Angeles County, California Metropolitan Transportation Authority Sales Tax Revenue Bonds, Series 2020 | Los Angeles County, California Metropolitan Transportation Authority Sales Tax Revenue Bonds, Series 2020 |
|  4.000% due 06/01/2036 | 3400 | 3551 |
|  Riverside Unified School District, California Special Tax Bonds, Series 2024 | Riverside Unified School District, California Special Tax Bonds, Series 2024 | Riverside Unified School District, California Special Tax Bonds, Series 2024 |
|  5.000% due 09/01/2039 | 500 | 527 |
|  5.000% due 09/01/2044 | 690 | 709 |
|  San Joaquin Valley Clean Energy Authority, California Revenue Bonds, Series 2025 | San Joaquin Valley Clean Energy Authority, California Revenue Bonds, Series 2025 | San Joaquin Valley Clean Energy Authority, California Revenue Bonds, Series 2025 |
|  5.500% due 01/01/2056 | 3300 | 3728 |
|  |  | 110509 |
| COLORADO 1.4% | COLORADO 1.4% | COLORADO 1.4% |
|  Colorado Bridge & Tunnel Enterprise Revenue Bonds, (AGM Insured), Series 2024 | Colorado Bridge & Tunnel Enterprise Revenue Bonds, (AGM Insured), Series 2024 | Colorado Bridge & Tunnel Enterprise Revenue Bonds, (AGM Insured), Series 2024 |
|  5.250% due 12/01/2049 | 300 | 319 |
|  Colorado Health Facilities Authority Revenue Bonds, Series 2018 | Colorado Health Facilities Authority Revenue Bonds, Series 2018 | Colorado Health Facilities Authority Revenue Bonds, Series 2018 |
|  4.000% due 11/15/2048 | 6000 | 5409 |
|  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 08/01/2044 | 1365 | 1385 |
|  5.000% due 11/15/2049 | 1360 | 1387 |
|  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 | 1339 |
|  5.250% due 11/01/2037 | 1450 | 1597 |
|  Colorado Health Facilities Authority Revenue Bonds, Series 2024 | Colorado Health Facilities Authority Revenue Bonds, Series 2024 | Colorado Health Facilities Authority Revenue Bonds, Series 2024 |
|  5.000% due 11/15/2059 | 5800 | 6264 |
|  Colorado Health Facilities Authority Revenue Notes, Series 2024 | Colorado Health Facilities Authority Revenue Notes, Series 2024 | Colorado Health Facilities Authority Revenue Notes, Series 2024 |
|  5.000% due 05/15/2033 | 4500 | 5081 |
|  Colorado State Certificates of Participation Bonds, Series 2017 | Colorado State Certificates of Participation Bonds, Series 2017 | Colorado State Certificates of Participation Bonds, Series 2017 |
|  4.000% due 03/15/2042 | 4000 | 3991 |
|  Colorado State Certificates of Participation Bonds, Series 2018 | Colorado State Certificates of Participation Bonds, Series 2018 | Colorado State Certificates of Participation Bonds, Series 2018 |
|  4.000% due 12/15/2036 | 3455 | 3513 |
|  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 09/01/2034 | 1300 | 1422 |
|  E-470 Public Highway Authority, Colorado Revenue Bonds, Series 2024 | E-470 Public Highway Authority, Colorado Revenue Bonds, Series 2024 | E-470 Public Highway Authority, Colorado Revenue Bonds, Series 2024 |
|  3.276% (SOFRRATE) due 09/01/2039 ~ | 3400 | 3394 |
|  |  | 35101 |
| CONNECTICUT 0.9% | CONNECTICUT 0.9% | CONNECTICUT 0.9% |
|  Bridgeport, Connecticut General Obligation Notes, Series 2017 | Bridgeport, Connecticut General Obligation Notes, Series 2017 | Bridgeport, Connecticut General Obligation Notes, Series 2017 |
|  5.000% due 08/15/2027 | 2690 | 2789 |
|  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 10/01/2033 | 1020 | 1082 |
|  5.000% due 01/01/2035 | 4290 | 4473 |
|  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 | 5537 |
|  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 | 3885 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **95** |

---

------

Schedule of Investments PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Connecticut State General Obligation Notes, Series 2022 | Connecticut State General Obligation Notes, Series 2022 | Connecticut State General Obligation Notes, Series 2022 |
|  5.000% due 09/15/2028 | 2725 | 2906 |
|  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 | 1271 |
|  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 | 1961 |
|  |  | 23904 |
| DISTRICT OF COLUMBIA 2.0% | DISTRICT OF COLUMBIA 2.0% | DISTRICT OF COLUMBIA 2.0% |
|  District of Columbia General Obligation Bonds, Series 2024 | District of Columbia General Obligation Bonds, Series 2024 | District of Columbia General Obligation Bonds, Series 2024 |
|  5.000% due 08/01/2039 | 9155 | 10303 |
|  District of Columbia General Obligation Notes, Series 2024 | District of Columbia General Obligation Notes, Series 2024 | District of Columbia General Obligation Notes, Series 2024 |
|  5.000% due 08/01/2031 | 3000 | 3387 |
|  District of Columbia Income Tax Revenue Bonds, Series 2025 | District of Columbia Income Tax Revenue Bonds, Series 2025 | District of Columbia Income Tax Revenue Bonds, Series 2025 |
|  5.000% due 06/01/2041 | 5500 | 6123 |
|  District of Columbia Income Tax Revenue Notes, Series 2025 | District of Columbia Income Tax Revenue Notes, Series 2025 | District of Columbia Income Tax Revenue Notes, Series 2025 |
|  5.000% due 06/01/2028 | 8500 | 9007 |
|  District of Columbia Revenue Bonds, Series 2025 | District of Columbia Revenue Bonds, Series 2025 | District of Columbia Revenue Bonds, Series 2025 |
|  5.000% due 04/01/2060 | 13000 | 14694 |
|  Washington Metropolitan Area Transit Authority, District of Columbia Revenue Bonds, Series 2017 | Washington Metropolitan Area Transit Authority, District of Columbia Revenue Bonds, Series 2017 | Washington Metropolitan Area Transit Authority, District of Columbia Revenue Bonds, Series 2017 |
|  5.000% due 07/01/2031 | 2075 | 2145 |
|  5.000% due 07/01/2033 | 5000 | 5154 |
|  |  | 50813 |
| FLORIDA 2.7% | FLORIDA 2.7% | FLORIDA 2.7% |
|  Duval County, Florida Public Schools Certificates of Participation Notes, (AGC Insured), Series 2025 | Duval County, Florida Public Schools Certificates of Participation Notes, (AGC Insured), Series 2025 | Duval County, Florida Public Schools Certificates of Participation Notes, (AGC Insured), Series 2025 |
|  5.000% due 07/01/2029 | 3450 | 3731 |
|  5.000% due 07/01/2030 | 2000 | 2203 |
|  Florida Housing Finance Corp. Revenue Bonds, Series 2024 | Florida Housing Finance Corp. Revenue Bonds, Series 2024 | Florida Housing Finance Corp. Revenue Bonds, Series 2024 |
|  3.500% due 11/01/2042 | 3000 | 3030 |
|  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 | 4285 |
|  Hillsborough County, Florida Industrial Development Authority Revenue Bonds, Series 2024 | Hillsborough County, Florida Industrial Development Authority Revenue Bonds, Series 2024 | Hillsborough County, Florida Industrial Development Authority Revenue Bonds, Series 2024 |
|  2.500% due 11/15/2054 | 17000 | 17000 |
|  Jacksonville Housing Authority, Florida Revenue Notes, Series 2024 | Jacksonville Housing Authority, Florida Revenue Notes, Series 2024 | Jacksonville Housing Authority, Florida Revenue Notes, Series 2024 |
|  5.000% due 02/01/2034 | 1500 | 1605 |
|  JEA Electric System, Florida Revenue Notes, Series 2024 | JEA Electric System, Florida Revenue Notes, Series 2024 | JEA Electric System, Florida Revenue Notes, Series 2024 |
|  5.000% due 10/01/2034 | 4500 | 5246 |
|  JEA Water & Sewer System, Florida Revenue Bonds, Series 2020 | JEA Water & Sewer System, Florida Revenue Bonds, Series 2020 | JEA Water & Sewer System, Florida Revenue Bonds, Series 2020 |
|  4.000% due 10/01/2039 | 1000 | 1018 |
|  Miami-Dade County, Florida Aviation Revenue Bonds, Series 2020 | Miami-Dade County, Florida Aviation Revenue Bonds, Series 2020 | Miami-Dade County, Florida Aviation Revenue Bonds, Series 2020 |
|  5.000% due 10/01/2032 | 1000 | 1097 |
|  Miami-Dade County, Florida Educational Facilities Authority Revenue Bonds, Series 2025 | Miami-Dade County, Florida Educational Facilities Authority Revenue Bonds, Series 2025 | Miami-Dade County, Florida Educational Facilities Authority Revenue Bonds, Series 2025 |
|  5.250% due 04/01/2038 | 6000 | 6904 |
|  Miami-Dade County, Florida Transit System Revenue Bonds, Series 2017 | Miami-Dade County, Florida Transit System Revenue Bonds, Series 2017 | Miami-Dade County, Florida Transit System Revenue Bonds, Series 2017 |
|  4.000% due 07/01/2033 | 3000 | 3014 |
|  Miami-Dade County, Florida Water & Sewer System Revenue Notes, Series 2024 | Miami-Dade County, Florida Water & Sewer System Revenue Notes, Series 2024 | Miami-Dade County, Florida Water & Sewer System Revenue Notes, Series 2024 |
|  5.000% due 10/01/2032 | 2750 | 3153 |
|  Orange County Health Facilities Authority, Florida Revenue Notes, Series 2023 | Orange County Health Facilities Authority, Florida Revenue Notes, Series 2023 | Orange County Health Facilities Authority, Florida Revenue Notes, Series 2023 |
|  5.000% due 10/01/2028 | 1450 | 1541 |
|  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 | 3217 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  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 | 1294 |
|  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 | 328 |
|  0.000% due 10/01/2029 (b) | 700 | 608 |
|  Palm Beach County, Florida School District Certificates of Participation Notes, Series 2025 | Palm Beach County, Florida School District Certificates of Participation Notes, Series 2025 | Palm Beach County, Florida School District Certificates of Participation Notes, Series 2025 |
|  5.000% due 08/01/2032 | 2295 | 2627 |
|  School Board of Miami-Dade County, Florida General Obligation Bonds, (BAM Insured), Series 2022 | School Board of Miami-Dade County, Florida General Obligation Bonds, (BAM Insured), Series 2022 | School Board of Miami-Dade County, Florida General Obligation Bonds, (BAM Insured), Series 2022 |
|  5.000% due 03/15/2052 | 5000 | 5112 |
|  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 | 151 |
|  |  | 67164 |
| GEORGIA 2.6% | GEORGIA 2.6% | GEORGIA 2.6% |
|  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 | 1855 |
|  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 | 1910 |
|  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 | 617 |
|  Cobb County, Georgia Kennestone Hospital Authority Revenue Bonds, Series 2023 | Cobb County, Georgia Kennestone Hospital Authority Revenue Bonds, Series 2023 | Cobb County, Georgia Kennestone Hospital Authority Revenue Bonds, Series 2023 |
|  5.000% due 04/01/2042 | 2875 | 3057 |
|  5.000% due 04/01/2043 | 3375 | 3557 |
|  Development Authority of Burke County, Georgia Revenue Bonds, Series 2008 | Development Authority of Burke County, Georgia Revenue Bonds, Series 2008 | Development Authority of Burke County, Georgia Revenue Bonds, Series 2008 |
|  3.375% due 11/01/2048 | 4500 | 4520 |
|  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 | 1087 |
|  Gainesville & Hall County, Georgia Hospital Authority Revenue Notes, Series 2024  | Gainesville & Hall County, Georgia Hospital Authority Revenue Notes, Series 2024  | Gainesville & Hall County, Georgia Hospital Authority Revenue Notes, Series 2024  |
|  5.000% due 10/15/2030 | 3000 | 3309 |
|  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 | 720 |
|  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 | 707 |
|  Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2022 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2022 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2022 |
|  4.000% due 09/01/2052 | 1915 | 1962 |
|  5.000% due 12/01/2052 | 3000 | 3138 |
|  Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2023 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2023 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2023 |
|  5.000% due 06/01/2053 | 1000 | 1055 |
|  5.000% due 12/01/2053 | 7600 | 8137 |
|  Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2024 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2024 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2024 |
|  5.000% due 05/01/2054 | 1800 | 1935 |
|  5.000% due 12/01/2054 | 1800 | 1927 |
|  5.000% due 05/01/2055 | 3400 | 3629 |
|  Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2025  | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2025  | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2025  |
|  5.000% due 12/01/2055 | 15300 | 16304 |
|  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 | 1262 |
|  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  |
|  4.500% due 07/01/2063 | 2000 | 1931 |
|  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 01/01/2026 | 400 | 400 |
|  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 01/01/2027 | 200 | 203 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Municipal Electric Authority of Georgia Revenue Notes, Series 2024  | Municipal Electric Authority of Georgia Revenue Notes, Series 2024  | Municipal Electric Authority of Georgia Revenue Notes, Series 2024  |
|  5.000% due 01/01/2033 | 2500 | 2824 |
|  |  | 66046 |
| IDAHO 0.4% | IDAHO 0.4% | IDAHO 0.4% |
|  Idaho Health Facilities Authority Revenue Bonds, Series 2025 | Idaho Health Facilities Authority Revenue Bonds, Series 2025 | Idaho Health Facilities Authority Revenue Bonds, Series 2025 |
|  5.000% due 03/01/2060 | 3200 | 3536 |
|  Idaho Housing & Finance Association Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | Idaho Housing & Finance Association Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | Idaho Housing & Finance Association Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 |
|  4.450% due 01/01/2044 | 2325 | 2340 |
|  Idaho Housing & Finance Association Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | Idaho Housing & Finance Association Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | Idaho Housing & Finance Association Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 |
|  6.250% due 01/01/2056 | 2750 | 3116 |
|  |  | 8992 |
| ILLINOIS 4.1% | ILLINOIS 4.1% | ILLINOIS 4.1% |
|  Illinois Finance Authority Revenue Bonds, Series 2016 | Illinois Finance Authority Revenue Bonds, Series 2016 | Illinois Finance Authority Revenue Bonds, Series 2016 |
|  5.000% due 02/15/2041 | 3620 | 3689 |
|  Illinois Finance Authority Revenue Bonds, Series 2018 | Illinois Finance Authority Revenue Bonds, Series 2018 | Illinois Finance Authority Revenue Bonds, Series 2018 |
|  5.000% due 05/15/2043 | 5300 | 5402 |
|  Illinois Finance Authority Revenue Bonds, Series 2020 | Illinois Finance Authority Revenue Bonds, Series 2020 | Illinois Finance Authority Revenue Bonds, Series 2020 |
|  2.400% due 08/15/2049 | 7600 | 7600 |
|  Illinois Finance Authority Revenue Bonds, Series 2022 | Illinois Finance Authority Revenue Bonds, Series 2022 | Illinois Finance Authority Revenue Bonds, Series 2022 |
|  2.400% due 08/15/2057 | 5000 | 5000 |
|  Illinois Finance Authority Revenue Bonds, Series 2025 | Illinois Finance Authority Revenue Bonds, Series 2025 | Illinois Finance Authority Revenue Bonds, Series 2025 |
|  5.000% due 08/15/2038 | 8320 | 9265 |
|  Illinois Finance Authority Revenue Notes, Series 2025 | Illinois Finance Authority Revenue Notes, Series 2025 | Illinois Finance Authority Revenue Notes, Series 2025 |
|  5.000% due 08/15/2033 | 3500 | 3938 |
|  Illinois Sales Tax State Revenue Bonds, Series 2024 | Illinois Sales Tax State Revenue Bonds, Series 2024 | Illinois Sales Tax State Revenue Bonds, Series 2024 |
|  5.000% due 06/15/2040 | 1195 | 1289 |
|  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 | 6255 |
|  Illinois State General Obligation Bonds, Series 2023 | Illinois State General Obligation Bonds, Series 2023 | Illinois State General Obligation Bonds, Series 2023 |
|  5.000% due 12/01/2043 | 3990 | 4146 |
|  Illinois State General Obligation Bonds, Series 2025 | Illinois State General Obligation Bonds, Series 2025 | Illinois State General Obligation Bonds, Series 2025 |
|  5.000% due 09/01/2042 | 7500 | 7912 |
|  Illinois State General Obligation Notes, Series 2020 | Illinois State General Obligation Notes, Series 2020 | Illinois State General Obligation Notes, Series 2020 |
|  5.500% due 05/01/2030 | 7000 | 7493 |
|  Illinois State General Obligation Notes, Series 2024 | Illinois State General Obligation Notes, Series 2024 | Illinois State General Obligation Notes, Series 2024 |
|  5.000% due 05/01/2032 | 5000 | 5571 |
|  Illinois State Toll Highway Authority Revenue Bonds, Series 2015 | Illinois State Toll Highway Authority Revenue Bonds, Series 2015 | Illinois State Toll Highway Authority Revenue Bonds, Series 2015 |
|  5.000% due 01/01/2040 | 2100 | 2102 |
|  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 | 2672 |
|  Illinois State Toll Highway Authority Revenue Bonds, Series 2020 | Illinois State Toll Highway Authority Revenue Bonds, Series 2020 | Illinois State Toll Highway Authority Revenue Bonds, Series 2020 |
|  5.000% due 01/01/2045 | 14400 | 14897 |
|  Illinois State Toll Highway Authority Revenue Bonds, Series 2024 | Illinois State Toll Highway Authority Revenue Bonds, Series 2024 | Illinois State Toll Highway Authority Revenue Bonds, Series 2024 |
|  5.000% due 01/01/2035 | 2600 | 3010 |
|  5.000% due 01/01/2036 | 5000 | 5745 |
|  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 | 340 |
|  0.000% due 06/15/2037 (b) | 1500 | 966 |
|  Regional Transportation Authority, Illinois Revenue Bonds, Series 2025  | Regional Transportation Authority, Illinois Revenue Bonds, Series 2025  | Regional Transportation Authority, Illinois Revenue Bonds, Series 2025  |
|  5.000% due 06/01/2038 | 2520 | 2841 |
|  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 | 1387 |
|  Sales Tax Securitization Corp. Illinois Revenue Bonds, Series 2023  | Sales Tax Securitization Corp. Illinois Revenue Bonds, Series 2023  | Sales Tax Securitization Corp. Illinois Revenue Bonds, Series 2023  |
|  5.000% due 01/01/2037 | 1000 | 1052 |
|  |  | 102572 |

---

96 PIMCO ETF TRUST See Accompanying Notes

------

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INDIANA 1.0% |  |  |
|  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 | 3669 |
|  Indiana Finance Authority Revenue Bonds, Series 2012 | Indiana Finance Authority Revenue Bonds, Series 2012 | Indiana Finance Authority Revenue Bonds, Series 2012 |
|  3.000% due 11/01/2030 | 2100 | 2055 |
|  4.250% due 11/01/2030 | 1500 | 1542 |
|  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 | 1576 |
|  Indiana Finance Authority Revenue Bonds, Series 2023 | Indiana Finance Authority Revenue Bonds, Series 2023 | Indiana Finance Authority Revenue Bonds, Series 2023 |
|  5.000% due 10/01/2036 | 1000 | 1132 |
|  5.000% due 10/01/2037 | 800 | 898 |
|  Indiana Finance Authority Revenue Bonds, Series 2025  | Indiana Finance Authority Revenue Bonds, Series 2025  | Indiana Finance Authority Revenue Bonds, Series 2025  |
|  5.000% due 10/01/2057 | 3000 | 3401 |
|  Indiana Finance Authority Revenue Notes, Series 2024 | Indiana Finance Authority Revenue Notes, Series 2024 | Indiana Finance Authority Revenue Notes, Series 2024 |
|  5.000% due 03/01/2031 | 600 | 656 |
|  5.000% due 03/01/2032 | 700 | 775 |
|  Indianapolis Local Public Improvement Bond Bank, Indiana Revenue Bonds, Series 2023  | Indianapolis Local Public Improvement Bond Bank, Indiana Revenue Bonds, Series 2023  | Indianapolis Local Public Improvement Bond Bank, Indiana Revenue Bonds, Series 2023  |
|  6.000% due 02/01/2048 | 4000 | 4453 |
|  Whiting, Indiana Revenue Bonds, Series 2008  | Whiting, Indiana Revenue Bonds, Series 2008  | Whiting, Indiana Revenue Bonds, Series 2008  |
|  4.200% due 06/01/2044 | 3900 | 4103 |
|  |  | 24260 |
| 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 | 3000 | 3264 |
|  5.000% due 12/01/2050 | 800 | 921 |
|  |  | 4185 |
| KANSAS 0.1% |  |  |
|  Leavenworth County, Kansas Unified School District No 458 General Obligation Bonds, Series 2024  | Leavenworth County, Kansas Unified School District No 458 General Obligation Bonds, Series 2024  | Leavenworth County, Kansas Unified School District No 458 General Obligation Bonds, Series 2024  |
|  5.000% due 09/01/2041 | 2105 | 2222 |
| KENTUCKY 1.6% |  |  |
|  Kentucky Bond Development Corp. Revenue Bonds, Series 2025  | Kentucky Bond Development Corp. Revenue Bonds, Series 2025  | Kentucky Bond Development Corp. Revenue Bonds, Series 2025  |
|  5.000% due 08/15/2055 | 4500 | 5009 |
|  Kentucky Economic Development Finance Authority Revenue Bonds, Series 2015  | Kentucky Economic Development Finance Authority Revenue Bonds, Series 2015  | Kentucky Economic Development Finance Authority Revenue Bonds, Series 2015  |
|  5.000% due 07/01/2040 | 1650 | 1651 |
|  Kentucky Public Energy Authority Revenue Bonds, Series 2024  | Kentucky Public Energy Authority Revenue Bonds, Series 2024  | Kentucky Public Energy Authority Revenue Bonds, Series 2024  |
|  5.000% due 01/01/2055 | 1800 | 1937 |
|  Kentucky Public Energy Authority Revenue Bonds, Series 2025 | Kentucky Public Energy Authority Revenue Bonds, Series 2025 | Kentucky Public Energy Authority Revenue Bonds, Series 2025 |
|  5.000% due 05/01/2036 | 23500 | 24980 |
|  5.250% due 06/01/2055 | 1700 | 1799 |
|  Kentucky State Property & Building Commission Revenue Bonds, (FNMA Insured), Series 2024 | Kentucky State Property & Building Commission Revenue Bonds, (FNMA Insured), Series 2024 | Kentucky State Property & Building Commission Revenue Bonds, (FNMA Insured), Series 2024 |
|  4.375% due 09/01/2040 | 5810 | 6233 |
|  |  | 41609 |
| LOUISIANA 1.0% |  |  |
|  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  |
|  4.000% due 02/01/2045 | 13100 | 12819 |
|  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 | 1244 |
|  5.000% due 08/15/2028 | 1200 | 1240 |
|  Louisiana Public Facilities Authority Revenue Bonds, (AGM Insured), Series 2025 | Louisiana Public Facilities Authority Revenue Bonds, (AGM Insured), Series 2025 | Louisiana Public Facilities Authority Revenue Bonds, (AGM Insured), Series 2025 |
|  5.000% due 01/01/2037 | 960 | 1093 |
|  5.000% due 07/01/2040 | 700 | 773 |
|  Louisiana Public Facilities Authority Revenue Bonds, Series 2020  | Louisiana Public Facilities Authority Revenue Bonds, Series 2020  | Louisiana Public Facilities Authority Revenue Bonds, Series 2020  |
|  4.000% due 04/01/2050 | 1980 | 1739 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Louisiana Public Facilities Authority Revenue Bonds, Series 2023  | Louisiana Public Facilities Authority Revenue Bonds, Series 2023  | Louisiana Public Facilities Authority Revenue Bonds, Series 2023  |
|  5.000% due 10/15/2036 | 1000 | 1108 |
|  Louisiana Public Facilities Authority Revenue Notes, Series 2025  | Louisiana Public Facilities Authority Revenue Notes, Series 2025  | Louisiana Public Facilities Authority Revenue Notes, Series 2025  |
|  5.000% due 05/15/2030 | 4400 | 4762 |
|  |  | 24778 |
| MARYLAND 1.3% |  |  |
|  Maryland Department of Housing & Community Development Corp. Revenue Bonds, Series 2025 | Maryland Department of Housing & Community Development Corp. Revenue Bonds, Series 2025 | Maryland Department of Housing & Community Development Corp. Revenue Bonds, Series 2025 |
|  6.250% due 09/01/2056 | 6900 | 7717 |
|  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 | 1478 |
|  Maryland Economic Development Corp. Revenue Bonds, Series 2025 | Maryland Economic Development Corp. Revenue Bonds, Series 2025 | Maryland Economic Development Corp. Revenue Bonds, Series 2025 |
|  5.000% due 07/01/2048 | 6000 | 6287 |
|  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 06/01/2035 | 450 | 450 |
|  4.000% due 06/01/2037 | 225 | 222 |
|  Maryland Health & Higher Educational Facilities Authority Revenue Bonds, Series 2025  | Maryland Health & Higher Educational Facilities Authority Revenue Bonds, Series 2025  | Maryland Health & Higher Educational Facilities Authority Revenue Bonds, Series 2025  |
|  5.000% due 07/01/2045 | 2200 | 2396 |
|  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 | 375 |
|  Maryland State General Obligation Bonds, Series 2022 | Maryland State General Obligation Bonds, Series 2022 | Maryland State General Obligation Bonds, Series 2022 |
|  5.000% due 06/01/2037 | 3490 | 3891 |
|  Washington Suburban Sanitary Commission, Maryland Revenue Bonds, (CNTY Insured), Series 2013 | Washington Suburban Sanitary Commission, Maryland Revenue Bonds, (CNTY Insured), Series 2013 | Washington Suburban Sanitary Commission, Maryland Revenue Bonds, (CNTY Insured), Series 2013 |
|  2.500% due 06/01/2027 | 9840 | 9840 |
|  |  | 32656 |
| MASSACHUSETTS 0.9% |  |  |
|  Commonwealth of Massachusetts General Obligation Bonds, Series 2025 | Commonwealth of Massachusetts General Obligation Bonds, Series 2025 | Commonwealth of Massachusetts General Obligation Bonds, Series 2025 |
|  5.000% due 07/01/2036 | 5000 | 5853 |
|  5.000% due 04/01/2040 | 1750 | 1969 |
|  5.000% due 04/01/2042 | 2000 | 2202 |
|  5.000% due 04/01/2043 | 2500 | 2725 |
|  5.000% due 08/01/2048 | 6500 | 6866 |
|  Massachusetts Bay Transportation Authority Sales Tax Revenue Notes, Series 2023 | Massachusetts Bay Transportation Authority Sales Tax Revenue Notes, Series 2023 | Massachusetts Bay Transportation Authority Sales Tax Revenue Notes, Series 2023 |
|  5.000% due 07/01/2033 | 1500 | 1754 |
|  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 | 1583 |
|  Massachusetts Development Finance Agency Revenue Bonds, Series 2019 | Massachusetts Development Finance Agency Revenue Bonds, Series 2019 | Massachusetts Development Finance Agency Revenue Bonds, Series 2019 |
|  3.920% (MUNIPSA) due 07/01/2049 ~ | 1000 | 1000 |
|  |  | 23952 |
| MICHIGAN 2.6% |  |  |
|  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 |
|  3.445% (TSFR3M) due 07/01/2032 ~ | 3000 | 2991 |
|  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 | 1261 |
|  5.000% due 07/01/2030 | 1715 | 1869 |
|  Great Lakes Water Authority Sewage Disposal System, Michigan Revenue Bonds, Series 2023 | Great Lakes Water Authority Sewage Disposal System, Michigan Revenue Bonds, Series 2023 | Great Lakes Water Authority Sewage Disposal System, Michigan Revenue Bonds, Series 2023 |
|  5.000% due 07/01/2037 | 5000 | 5657 |
|  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 |
|  4.070% (MUNIPSA) due 04/15/2047 ~ | 3500 | 3492 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Michigan Finance Authority Hospital Revenue Refunding Notes, Series 2022 | Michigan Finance Authority Hospital Revenue Refunding Notes, Series 2022 | Michigan Finance Authority Hospital Revenue Refunding Notes, Series 2022 |
|  5.000% due 04/15/2030 | 2000 | 2193 |
|  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 | 5000 | 5098 |
|  Michigan Finance Authority Revenue Bonds, Series 2024 | Michigan Finance Authority Revenue Bonds, Series 2024 | Michigan Finance Authority Revenue Bonds, Series 2024 |
|  5.000% due 02/28/2039 | 1290 | 1401 |
|  Michigan Finance Authority Revenue Notes, Series 2024 | Michigan Finance Authority Revenue Notes, Series 2024 | Michigan Finance Authority Revenue Notes, Series 2024 |
|  5.000% due 08/31/2034 | 1930 | 2185 |
|  Michigan State Building Authority Revenue Bonds, Series 2023 | Michigan State Building Authority Revenue Bonds, Series 2023 | Michigan State Building Authority Revenue Bonds, Series 2023 |
|  5.000% due 10/15/2037 | 1000 | 1128 |
|  Michigan State Hospital Finance Authority Revenue Notes, Series 2025 | Michigan State Hospital Finance Authority Revenue Notes, Series 2025 | Michigan State Hospital Finance Authority Revenue Notes, Series 2025 |
|  5.000% due 08/15/2035 | 4600 | 5313 |
|  Michigan State Housing Development Authority Revenue Bonds, Series 2024 | Michigan State Housing Development Authority Revenue Bonds, Series 2024 | Michigan State Housing Development Authority Revenue Bonds, Series 2024 |
|  6.250% due 06/01/2055 | 1770 | 1946 |
|  Michigan State Housing Development Authority Revenue Bonds, Series 2025 | Michigan State Housing Development Authority Revenue Bonds, Series 2025 | Michigan State Housing Development Authority Revenue Bonds, Series 2025 |
|  6.000% due 06/01/2056 | 19900 | 22058 |
|  Michigan Trunk Line State Revenue Bonds, Series 2023 | Michigan Trunk Line State Revenue Bonds, Series 2023 | Michigan Trunk Line State Revenue Bonds, Series 2023 |
|  5.000% due 11/15/2038 | 1800 | 2031 |
|  Northern Michigan University Revenue Bonds, Series 2025 | Northern Michigan University Revenue Bonds, Series 2025 | Northern Michigan University Revenue Bonds, Series 2025 |
|  5.250% due 06/01/2046 | 1890 | 2028 |
|  Western Michigan University Revenue Notes, (AGC Insured), Series 2025 | Western Michigan University Revenue Notes, (AGC Insured), Series 2025 | Western Michigan University Revenue Notes, (AGC Insured), Series 2025 |
|  5.000% due 11/15/2031 | 2730 | 3063 |
|  5.000% due 11/15/2033 | 2020 | 2318 |
|  |  | 66032 |
| MINNESOTA 0.8% |  |  |
|  Fairview Health Services Obligated Group, Minnesota Revenue Bonds, Series 2017 | Fairview Health Services Obligated Group, Minnesota Revenue Bonds, Series 2017 | Fairview Health Services Obligated Group, Minnesota Revenue Bonds, Series 2017 |
|  5.000% due 11/15/2033 | 3410 | 3501 |
|  Housing & Redevelopment Authority of The City of St Paul Minnesota Revenue Notes, Series 2025 | Housing & Redevelopment Authority of The City of St Paul Minnesota Revenue Notes, Series 2025 | Housing & Redevelopment Authority of The City of St Paul Minnesota Revenue Notes, Series 2025 |
|  5.000% due 07/01/2030 | 8000 | 8697 |
|  5.000% due 07/01/2032 | 2000 | 2226 |
|  Minneapolis, Minnesota Revenue Bonds, Series 2023 | Minneapolis, Minnesota Revenue Bonds, Series 2023 | Minneapolis, Minnesota Revenue Bonds, Series 2023 |
|  5.000% due 11/15/2052 | 3060 | 3226 |
|  St Cloud, Minnesota Revenue Bonds, Series 2019 | St Cloud, Minnesota Revenue Bonds, Series 2019 | St Cloud, Minnesota Revenue Bonds, Series 2019 |
|  5.000% due 05/01/2048 | 1800 | 1823 |
|  St Cloud, Minnesota Revenue Bonds, Series 2024 | St Cloud, Minnesota Revenue Bonds, Series 2024 | St Cloud, Minnesota Revenue Bonds, Series 2024 |
|  5.000% due 05/01/2039 | 1000 | 1102 |
|  |  | 20575 |
| MISSISSIPPI 0.2% | MISSISSIPPI 0.2% | MISSISSIPPI 0.2% |
|  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 | 1500 |
|  Mississippi Development Bank Revenue Bonds, Series 2025 | Mississippi Development Bank Revenue Bonds, Series 2025 | Mississippi Development Bank Revenue Bonds, Series 2025 |
|  5.000% due 03/01/2040 | 1000 | 1079 |
|  Mississippi Development Bank Revenue Notes, Series 2024 | Mississippi Development Bank Revenue Notes, Series 2024 | Mississippi Development Bank Revenue Notes, Series 2024 |
|  5.000% due 01/01/2031 | 1250 | 1392 |
|  |  | 3971 |
| MISSOURI 0.7% | MISSOURI 0.7% | MISSOURI 0.7% |
|  Health & Educational Facilities Authority of the State of Missouri Revenue Bonds, Series 2012 | Health & Educational Facilities Authority of the State of Missouri Revenue Bonds, Series 2012 | Health & Educational Facilities Authority of the State of Missouri Revenue Bonds, Series 2012 |
|  4.000% due 11/15/2042 | 2700 | 2586 |
|  **Health & Educational Facilities Authority of the State of Missouri Revenue Notes, Series 2023** | **Health & Educational Facilities Authority of the State of Missouri Revenue Notes, Series 2023** | **Health & Educational Facilities Authority of the State of Missouri Revenue Notes, Series 2023** |
|  5.000% due 05/01/2033 | 4000 | 4581 |
|  Missouri Housing Development Commission Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | Missouri Housing Development Commission Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | Missouri Housing Development Commission Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 |
|  6.000% due 05/01/2056 | 7000 | 7758 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **97** |

---

------

Schedule of Investments PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.250% due 05/01/2056 | 1700 | 1904 |
|  |  | 16829 |
| MULTI-STATE 3.5% | MULTI-STATE 3.5% | MULTI-STATE 3.5% |
|  FHLMC Multifamily VRD Certificates, New York Revenue Bonds, Series 2025 | FHLMC Multifamily VRD Certificates, New York Revenue Bonds, Series 2025 | FHLMC Multifamily VRD Certificates, New York Revenue Bonds, Series 2025 |
|  4.604% due 06/25/2042 | 2797 | 2839 |
|  FHLMC Multifamily VRD Certificates, Revenue Bonds, Series 2025 | FHLMC Multifamily VRD Certificates, Revenue Bonds, Series 2025 | FHLMC Multifamily VRD Certificates, Revenue Bonds, Series 2025 |
|  0.000% due 01/25/2043 | 20917 | 21312 |
|  4.534% due 11/25/2042 | 15415 | 15137 |
|  Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023 |
|  3.996% due 12/25/2036 | 8333 | 8361 |
|  4.140% due 01/25/2040 | 10723 | 10465 |
|  4.415% due 08/25/2040 | 13108 | 13268 |
|  Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2024 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2024 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2024 |
|  4.519% due 08/25/2041 ~ | 6654 | 6742 |
|  4.547% due 10/25/2040 | 6420 | 6565 |
|  4.564% due 04/25/2042 ~ | 4972 | 5018 |
|  |  | 89707 |
| NEBRASKA 0.1% | NEBRASKA 0.1% | NEBRASKA 0.1% |
|  Omaha Public Power District, Nebraska Revenue Bonds, Series 2024 | Omaha Public Power District, Nebraska Revenue Bonds, Series 2024 | Omaha Public Power District, Nebraska Revenue Bonds, Series 2024 |
|  5.000% due 02/01/2042 | 3625 | 3918 |
| NEVADA 1.3% | NEVADA 1.3% | NEVADA 1.3% |
|  Clark County, Nevada Department of Highway Revenue Bonds, Series 2024 | Clark County, Nevada Department of Highway Revenue Bonds, Series 2024 | Clark County, Nevada Department of Highway Revenue Bonds, Series 2024 |
|  4.000% due 07/01/2042 | 5000 | 4996 |
|  Clark County, Nevada Revenue Bonds, Series 2010 | Clark County, Nevada Revenue Bonds, Series 2010 | Clark County, Nevada Revenue Bonds, Series 2010 |
|  2.100% due 06/01/2031 | 5000 | 4568 |
|  Humboldt County, Nevada Revenue Bonds, Series 2016 | Humboldt County, Nevada Revenue Bonds, Series 2016 | Humboldt County, Nevada Revenue Bonds, Series 2016 |
|  3.550% due 10/01/2029 | 5000 | 5082 |
|  Las Vegas Redevelopment Agency, Nevada Tax Allocation Bonds, Series 2016 | Las Vegas Redevelopment Agency, Nevada Tax Allocation Bonds, Series 2016 | Las Vegas Redevelopment Agency, Nevada Tax Allocation Bonds, Series 2016 |
|  5.000% due 06/15/2031 | 1465 | 1474 |
|  Nevada State General Obligation Bonds, Series 2023 | Nevada State General Obligation Bonds, Series 2023 | Nevada State General Obligation Bonds, Series 2023 |
|  5.000% due 05/01/2040 | 10000 | 11091 |
|  Washoe County School District, Nevada General Obligation Bonds, Series 2023 | Washoe County School District, Nevada General Obligation Bonds, Series 2023 | Washoe County School District, Nevada General Obligation Bonds, Series 2023 |
|  4.125% due 06/01/2041 | 4235 | 4313 |
|  Washoe County, Nevada Revenue Bonds, Series 2016 | Washoe County, Nevada Revenue Bonds, Series 2016 | Washoe County, Nevada Revenue Bonds, Series 2016 |
|  3.625% due 03/01/2036 | 2500 | 2530 |
|  |  | 34054 |
| NEW HAMPSHIRE 1.9% | NEW HAMPSHIRE 1.9% | NEW HAMPSHIRE 1.9% |
|  New Hampshire Business Finance Authority Affordable Housing Bonds, (HUD Insured), Series 2024 | New Hampshire Business Finance Authority Affordable Housing Bonds, (HUD Insured), Series 2024 | New Hampshire Business Finance Authority Affordable Housing Bonds, (HUD Insured), Series 2024 |
|  4.150% due 10/20/2040 | 5080 | 5085 |
|  New Hampshire Business Finance Authority Revenue Bonds, Series 2023 | New Hampshire Business Finance Authority Revenue Bonds, Series 2023 | New Hampshire Business Finance Authority Revenue Bonds, Series 2023 |
|  3.875% due 01/20/2038 | 4854 | 4693 |
|  New Hampshire Business Finance Authority Revenue Bonds, Series 2024 | New Hampshire Business Finance Authority Revenue Bonds, Series 2024 | New Hampshire Business Finance Authority Revenue Bonds, Series 2024 |
|  4.034% due 10/01/2051 | 1388 | 1377 |
|  New Hampshire Business Finance Authority Revenue Bonds, Series 2025 | New Hampshire Business Finance Authority Revenue Bonds, Series 2025 | New Hampshire Business Finance Authority Revenue Bonds, Series 2025 |
|  4.086% due 01/20/2041 ~ | 6259 | 6208 |
|  4.086% due 11/20/2042 | 9168 | 8954 |
|  4.794% due 02/20/2041 | 8394 | 8805 |
|  New Hampshire Health and Education Facilities Authority Act Revenue Notes, Series 2025 | New Hampshire Health and Education Facilities Authority Act Revenue Notes, Series 2025 | New Hampshire Health and Education Facilities Authority Act Revenue Notes, Series 2025 |
|  5.000% due 08/01/2033 | 4000 | 4534 |
|  5.000% due 08/01/2034 | 1700 | 1943 |
|  New Hampshire Housing Finance Authority Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | New Hampshire Housing Finance Authority Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 |  |
|  6.500% due 07/01/2055 | 5260 | 5923 |
|  |  | 47522 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| NEW JERSEY 2.0% | NEW JERSEY 2.0% | NEW JERSEY 2.0% | NEW JERSEY 2.0% |
|  Federal Home Loan Mortgage Corp. Enhanced Receipt, New Jersey Revenue Bonds, Series 2019 | Federal Home Loan Mortgage Corp. Enhanced Receipt, New Jersey Revenue Bonds, Series 2019 |  |  |
|  3.870% due 11/15/2035 (e) | 12510 | $— | 11420 |
|  New Jersey Economic Development Authority Revenue Bonds, Series 2015 | New Jersey Economic Development Authority Revenue Bonds, Series 2015 |  |  |
|  5.250% due 06/15/2027 | 975 |  | 976 |
|  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 |  | 2781 |
|  New Jersey Housing & Mortgage Finance Agency Revenue Bonds, Series 2025 | New Jersey Housing & Mortgage Finance Agency Revenue Bonds, Series 2025 |  |  |
|  6.500% due 04/01/2056 | 2400 |  | 2697 |
|  New Jersey State General Obligation Notes, Series 2020 | New Jersey State General Obligation Notes, Series 2020 |  |  |
|  5.000% due 06/01/2026 | 2000 |  | 2020 |
|  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 |  | 1114 |
|  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 |  | 1449 |
|  New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2023 | New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2023 |  |  |
|  5.000% due 06/15/2036 | 6500 |  | 7311 |
|  5.000% due 06/15/2037 | 10985 |  | 12292 |
|  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 | 7870 |  | 8225 |
|  |  |  | 50285 |
| NEW MEXICO 0.8% | NEW MEXICO 0.8% | NEW MEXICO 0.8% | NEW MEXICO 0.8% |
|  Farmington, New Mexico Revenue Bonds, Series 2005 | Farmington, New Mexico Revenue Bonds, Series 2005 |  |  |
|  1.800% due 04/01/2029 | 5000 |  | 4741 |
|  Farmington, New Mexico Revenue Bonds, Series 2010 | Farmington, New Mexico Revenue Bonds, Series 2010 |  |  |
|  3.875% due 06/01/2040 | 7000 |  | 7118 |
|  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 |  | 7856 |
|  |  |  | 19715 |
| NEW YORK 8.9% | NEW YORK 8.9% | NEW YORK 8.9% | NEW YORK 8.9% |
|  Battery Park City Authority, New York Revenue Bonds, Series 2019 | Battery Park City Authority, New York Revenue Bonds, Series 2019 |  |  |
|  5.000% due 11/01/2040 | 2500 |  | 2649 |
|  Long Island Power Authority, New York Revenue Bonds, Series 2023 | Long Island Power Authority, New York Revenue Bonds, Series 2023 |  |  |
|  5.000% due 09/01/2040 | 1665 |  | 1837 |
|  Monroe County, New York Industrial Development Agency Revenue Bonds, (FNMA Insured),Series 2023 | Monroe County, New York Industrial Development Agency Revenue Bonds, (FNMA Insured),Series 2023 |  |  |
|  4.720% due 01/01/2044 | 1800 |  | 1816 |
|  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 |  | 1369 |
|  New York City, New York General Obligation Bonds, Series 2015 | New York City, New York General Obligation Bonds, Series 2015 |  |  |
|  2.500% due 06/01/2044 | 5000 |  | 5000 |
|  New York City, New York General Obligation Bonds, Series 2017 | New York City, New York General Obligation Bonds, Series 2017 |  |  |
|  2.500% due 10/01/2046 | 14200 |  | 14200 |
|  New York City, New York General Obligation Bonds, Series 2018 | New York City, New York General Obligation Bonds, Series 2018 |  |  |
|  2.500% due 12/01/2047 | 10000 |  | 10000 |
|  New York City, New York Industrial Development Agency Revenue Notes, (AGM Insured), Series 2021 | New York City, New York Industrial Development Agency Revenue Notes, (AGM Insured), Series 2021 |  |  |
|  5.000% due 01/01/2030 | 2005 |  | 2171 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<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 |  |  |
|  2.350% due 06/15/2048 | 20000 | $— | 20000 |
|  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 |  | 2128 |
|  New York City, New York Transitional Finance Authority Building Aid Revenue Bonds, Series 2018 | New York City, New York Transitional Finance Authority Building Aid Revenue Bonds, Series 2018 |  |  |
|  5.000% due 07/15/2031 | 1520 |  | 1608 |
|  New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2014 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2014 |  |  |
|  2.500% due 11/01/2042 | 20000 |  | 20000 |
|  New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2018 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2018 |  |  |
|  2.500% due 08/01/2042 | 15150 |  | 15150 |
|  New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2019 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2019 |  |  |
|  2.500% due 11/01/2044 | 8000 |  | 8000 |
|  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 |  |  |
|  5.000% due 08/01/2035 | 2000 |  | 2247 |
|  5.000% due 02/01/2040 | 2450 |  | 2624 |
|  5.250% due 08/01/2040 | 4890 |  | 5342 |
|  New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2023 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2023 |  |  |
|  5.000% due 02/01/2039 | 3000 |  | 3303 |
|  New York City, New York Transitional Finance Authority Revenue Bonds, Series 2023 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2023 |  |  |
|  5.000% due 05/01/2037 | 2000 |  | 2256 |
|  New York City, New York Transitional Finance Authority Revenue Bonds, Series 2024 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2024 |  |  |
|  5.000% due 11/01/2037 | 4500 |  | 5087 |
|  5.000% due 05/01/2046 | 8000 |  | 8380 |
|  5.000% due 05/01/2047 | 4000 |  | 4150 |
|  New York City, New York Transitional Finance Authority Revenue Bonds, Series 2025 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2025 |  |  |
|  5.000% due 11/01/2035 | 1000 |  | 1175 |
|  5.000% due 11/01/2036 | 1300 |  | 1502 |
|  5.000% due 11/01/2037 | 4500 |  | 5148 |
|  New York Energy Finance Development Corp. Revenue Bonds, Series 2025 | New York Energy Finance Development Corp. Revenue Bonds, Series 2025 | New York Energy Finance Development Corp. Revenue Bonds, Series 2025 | New York Energy Finance Development Corp. Revenue Bonds, Series 2025 |
|  5.000% due 07/01/2056 | 5800 |  | 6150 |
|  New York Power Authority Revenue Bonds, (AGM Insured), Series 2023 | New York Power Authority Revenue Bonds, (AGM Insured), Series 2023 | New York Power Authority Revenue Bonds, (AGM Insured), Series 2023 | New York Power Authority Revenue Bonds, (AGM Insured), Series 2023 |
|  5.000% due 11/15/2036 | 1000 |  | 1158 |
|  5.000% due 11/15/2037 | 1000 |  | 1147 |
|  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 | New York State Dormitory Authority Revenue Bonds, Series 2020 |
|  4.000% due 03/15/2034 | 4705 |  | 4894 |
|  4.000% due 03/15/2048 | 5000 |  | 4572 |
|  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 | New York State Dormitory Authority Revenue Bonds, Series 2022 |
|  4.000% due 05/01/2045 | 4740 |  | 4433 |
|  New York State Dormitory Authority Revenue Bonds, Series 2024 | New York State Dormitory Authority Revenue Bonds, Series 2024 | New York State Dormitory Authority Revenue Bonds, Series 2024 | New York State Dormitory Authority Revenue Bonds, Series 2024 |
|  5.000% due 03/15/2042 | 2000 |  | 2165 |
|  New York State Dormitory Authority Revenue Bonds, Series 2025 | New York State Dormitory Authority Revenue Bonds, Series 2025 | New York State Dormitory Authority Revenue Bonds, Series 2025 | New York State Dormitory Authority Revenue Bonds, Series 2025 |
|  5.000% due 07/01/2039 | 3385 |  | 3716 |
|  5.000% due 07/01/2040 | 1500 |  | 1626 |
|  5.000% due 03/15/2042 | 2250 |  | 2463 |
|  New York State Dormitory Authority Revenue Notes, Series 2024 | New York State Dormitory Authority Revenue Notes, Series 2024 | New York State Dormitory Authority Revenue Notes, Series 2024 | New York State Dormitory Authority Revenue Notes, Series 2024 |
|  5.000% due 05/01/2034 | 6100 |  | 6971 |
|  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 | New York State Energy Research & Development Authority Revenue Bonds, Series 1994 |
|  3.500% due 10/01/2029 | 3000 |  | 3029 |

---

---

| | | |
|:---|:---|:---|
| **98** | **PIMCO ETF TRUST** | See Accompanying Notes |

---

------

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  New York State Housing Finance Agency Revenue Bonds, (FHA Insured), Series 2020 | New York State Housing Finance Agency Revenue Bonds, (FHA Insured), Series 2020 | New York State Housing Finance Agency Revenue Bonds, (FHA Insured), Series 2020 |
|  4.200% due 11/01/2054 (e) | 6500 | 5994 |
|  New York State Thruway Authority Revenue Bonds, Series 2025 | New York State Thruway Authority Revenue Bonds, Series 2025 | New York State Thruway Authority Revenue Bonds, Series 2025 |
|  5.000% due 03/15/2042 | 4300 | 4701 |
|  New York State Urban Development Corp. Revenue Bonds, Series 2023 | New York State Urban Development Corp. Revenue Bonds, Series 2023 | New York State Urban Development Corp. Revenue Bonds, Series 2023 |
|  5.000% due 03/15/2037 | 4900 | 5554 |
|  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 | 1091 |
|  Riverhead IDA Economic Job Development Corp. New York Revenue Bonds, (FNMA Insured), Series 2023 | Riverhead IDA Economic Job Development Corp. New York Revenue Bonds, (FNMA Insured), Series 2023 | Riverhead IDA Economic Job Development Corp. New York Revenue Bonds, (FNMA Insured), Series 2023 |
|  4.500% due 02/01/2041 | 2955 | 2990 |
|  Triborough Bridge & Tunnel Authority Sales Tax, New York Revenue Bonds, Series 2022 | Triborough Bridge & Tunnel Authority Sales Tax, New York Revenue Bonds, Series 2022 | Triborough Bridge & Tunnel Authority Sales Tax, New York Revenue Bonds, Series 2022 |
|  5.250% due 05/15/2062 | 5000 | 5187 |
|  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 11/15/2032 | 4200 | 4816 |
|  Triborough Bridge & Tunnel Authority, New York Revenue Notes, Series 2025 | Triborough Bridge & Tunnel Authority, New York Revenue Notes, Series 2025 | Triborough Bridge & Tunnel Authority, New York Revenue Notes, Series 2025 |
|  5.000% due 12/01/2033 | 1000 | 1171 |
|  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 | 1280 |
|  5.000% due 06/01/2027 | 2800 | 2874 |
|  |  | 225124 |
| NORTH CAROLINA 1.4% | NORTH CAROLINA 1.4% | NORTH CAROLINA 1.4% |
|  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 |
|  2.550% 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 | 2229 |
|  Inlivian, North Carolina Revenue Bonds, (FNMA Insured), Series 2024 | Inlivian, North Carolina Revenue Bonds, (FNMA Insured), Series 2024 | Inlivian, North Carolina Revenue Bonds, (FNMA Insured), Series 2024 |
|  4.450% due 06/01/2041 | 2979 | 3046 |
|  North Carolina Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | North Carolina Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | North Carolina Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 |
|  6.250% due 07/01/2055 | 3390 | 3723 |
|  North Carolina Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | North Carolina Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | North Carolina Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 |
|  6.500% due 01/01/2056 | 4100 | 4690 |
|  North Carolina State Revenue Notes, Series 2025 | North Carolina State Revenue Notes, Series 2025 | North Carolina State Revenue Notes, Series 2025 |
|  5.000% due 03/01/2030 | 4300 | 4727 |
|  |  | 36180 |
| NORTH DAKOTA 0.2% | NORTH DAKOTA 0.2% | NORTH DAKOTA 0.2% |
|  Grand Forks, North Dakota Revenue Bonds, (AGM Insured), Series 2023 | Grand Forks, North Dakota Revenue Bonds, (AGM Insured), Series 2023 | Grand Forks, North Dakota Revenue Bonds, (AGM Insured), Series 2023 |
|  5.000% due 12/01/2036 | 1050 | 1157 |
|  North Dakota Housing Finance Agency Revenue Bonds, Series 2025 | North Dakota Housing Finance Agency Revenue Bonds, Series 2025 | North Dakota Housing Finance Agency Revenue Bonds, Series 2025 |
|  6.000% due 01/01/2056 | 2650 | 2921 |
|  |  | 4078 |
| OHIO 2.6% | OHIO 2.6% | OHIO 2.6% |
|  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 |
|  4.000% due 06/01/2038 | 1830 | 1794 |
|  5.000% due 06/01/2035 | 1000 | 1054 |
|  5.000% due 06/01/2036 | 2065 | 2166 |
|  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 | 1269 |
|  Columbus Regional Airport Authority, Ohio Revenue Bonds, Series 2025 | Columbus Regional Airport Authority, Ohio Revenue Bonds, Series 2025 | Columbus Regional Airport Authority, Ohio Revenue Bonds, Series 2025 |
|  5.000% due 01/01/2039 | 1000 | 1125 |
|  Franklin County, Ohio Revenue Bonds, Series 2013 | Franklin County, Ohio Revenue Bonds, Series 2013 | Franklin County, Ohio Revenue Bonds, Series 2013 |
|  2.950% due 12/01/2046 | 8600 | 8600 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  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 | 575 |
|  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 | 122 |
|  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 |
|  4.750% due 06/01/2033 | 8950 | 9403 |
|  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 | 3051 |
|  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  |
|  2.450% due 01/01/2043 | 8000 | 8000 |
|  Ohio Higher Educational Facility Commission Revenue Bonds, Series 2025 | Ohio Higher Educational Facility Commission Revenue Bonds, Series 2025 | Ohio Higher Educational Facility Commission Revenue Bonds, Series 2025 |
|  5.000% due 02/01/2038 | 1500 | 1682 |
|  5.000% due 02/01/2039 | 1750 | 1951 |
|  5.000% due 02/01/2042 | 1700 | 1825 |
|  Ohio Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | Ohio Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | Ohio Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 |
|  6.250% due 03/01/2055 | 9015 | 9902 |
|  Ohio Water Development Authority Revenue Bonds, Series 2023 | Ohio Water Development Authority Revenue Bonds, Series 2023 | Ohio Water Development Authority Revenue Bonds, Series 2023 |
|  5.000% due 12/01/2038 | 1250 | 1415 |
|  Ohio Water Development Authority Water Pollution Control Loan Fund Revenue Bonds, Series 2009 | Ohio Water Development Authority Water Pollution Control Loan Fund Revenue Bonds, Series 2009 | Ohio Water Development Authority Water Pollution Control Loan Fund Revenue Bonds, Series 2009 |
|  4.750% due 06/01/2033 | 5000 | 5253 |
|  Port of Greater Cincinnati Development Authority, Ohio Revenue Bonds, (AGM Insured), Series 2024 | Port of Greater Cincinnati Development Authority, Ohio Revenue Bonds, (AGM Insured), Series 2024 | Port of Greater Cincinnati Development Authority, Ohio Revenue Bonds, (AGM Insured), Series 2024 |
|  5.000% due 12/01/2036 | 380 | 427 |
|  5.000% due 12/01/2039 | 430 | 474 |
|  5.000% due 12/01/2040 | 410 | 448 |
|  5.000% due 12/01/2041 | 460 | 497 |
|  University of Cincinnati, Ohio Revenue Bonds, Series 2025 | University of Cincinnati, Ohio Revenue Bonds, Series 2025 | University of Cincinnati, Ohio Revenue Bonds, Series 2025 |
|  5.000% due 06/01/2041 | 2765 | 3003 |
|  Worthington City School District, Ohio General Obligation Notes, Series 2023 | Worthington City School District, Ohio General Obligation Notes, Series 2023 | Worthington City School District, Ohio General Obligation Notes, Series 2023 |
|  0.000% due 12/01/2031 (b) | 845 | 696 |
|  0.000% due 12/01/2032 (b) | 880 | 696 |
|  |  | 65428 |
| OKLAHOMA 0.4% | OKLAHOMA 0.4% | OKLAHOMA 0.4% |
|  Grand River Dam Authority, Oklahoma Revenue Bonds, Series 2023 | Grand River Dam Authority, Oklahoma Revenue Bonds, Series 2023 | Grand River Dam Authority, Oklahoma Revenue Bonds, Series 2023 |
|  5.000% due 06/01/2036 | 1850 | 2080 |
|  5.000% due 06/01/2037 | 1100 | 1228 |
|  Grand River Dam Authority, Oklahoma Revenue Bonds, Series 2024 | Grand River Dam Authority, Oklahoma Revenue Bonds, Series 2024 | Grand River Dam Authority, Oklahoma Revenue Bonds, Series 2024 |
|  5.000% due 06/01/2036 | 4000 | 4556 |
|  Tulsa County, Oklahoma Industrial Authority Revenue Notes, Series 2025 | Tulsa County, Oklahoma Industrial Authority Revenue Notes, Series 2025 | Tulsa County, Oklahoma Industrial Authority Revenue Notes, Series 2025 |
|  5.000% due 09/01/2032 | 1600 | 1787 |
|  |  | 9651 |
| OREGON 0.6% | OREGON 0.6% | OREGON 0.6% |
|  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 | 1612 |
|  5.000% due 08/15/2036 | 1500 | 1604 |
|  5.000% due 08/15/2037 | 1600 | 1702 |
|  Oregon Department of Transportation State Revenue Bonds, Series 2024 | Oregon Department of Transportation State Revenue Bonds, Series 2024 | Oregon Department of Transportation State Revenue Bonds, Series 2024 |
|  5.000% due 05/15/2037 | 1000 | 1139 |
|  5.000% due 05/15/2038 | 2250 | 2543 |
|  Oregon State Lottery Revenue Bonds, Series 2025 | Oregon State Lottery Revenue Bonds, Series 2025 | Oregon State Lottery Revenue Bonds, Series 2025 |
|  5.000% due 04/01/2036 | 1440 | 1689 |
|  Oregon State Lottery Revenue Notes, Series 2025 | Oregon State Lottery Revenue Notes, Series 2025 | Oregon State Lottery Revenue Notes, Series 2025 |
|  5.000% due 04/01/2034 | 1390 | 1632 |
|  5.000% due 04/01/2035 | 2015 | 2388 |
|  |  | 14309 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| PENNSYLVANIA 3.0% | PENNSYLVANIA 3.0% | PENNSYLVANIA 3.0% |
|  Allegheny County, Pennsylvania Hospital Development Authority Revenue Bonds, Series 2017 | Allegheny County, Pennsylvania Hospital Development Authority Revenue Bonds, Series 2017 | Allegheny County, Pennsylvania Hospital Development Authority Revenue Bonds, Series 2017 |
|  4.020% (MUNIPSA) due 11/15/2047 ~ | 10000 | 9912 |
|  Commonwealth Financing Authority, Pennsylvania Revenue Bonds, (AGM Insured), Series 2018 | Commonwealth Financing Authority, Pennsylvania Revenue Bonds, (AGM Insured), Series 2018 | Commonwealth Financing Authority, Pennsylvania Revenue Bonds, (AGM Insured), Series 2018 |
|  4.000% due 06/01/2039 | 7350 | 7247 |
|  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 | 5713 |
|  Delaware Valley Regional Finance Authority, Pennsylvania Revenue Bonds, Series 2007 | Delaware Valley Regional Finance Authority, Pennsylvania Revenue Bonds, Series 2007 | Delaware Valley Regional Finance Authority, Pennsylvania Revenue Bonds, Series 2007 |
|  3.466% (TSFR3M) due 06/01/2037 ~ | 4000 | 3781 |
|  Delaware Valley Regional Finance Authority, Pennsylvania Revenue Bonds, Series 2023 | Delaware Valley Regional Finance Authority, Pennsylvania Revenue Bonds, Series 2023 | Delaware Valley Regional Finance Authority, Pennsylvania Revenue Bonds, Series 2023 |
|  4.000% due 03/01/2035 | 1100 | 1168 |
|  Delaware Valley Regional Finance Authority, Pennsylvania Revenue Notes, Series 2023 | Delaware Valley Regional Finance Authority, Pennsylvania Revenue Notes, Series 2023 | Delaware Valley Regional Finance Authority, Pennsylvania Revenue Notes, Series 2023 |
|  4.000% due 03/01/2033 | 600 | 637 |
|  Monroeville Finance Authority, Pennsylvania Revenue Bonds, Series 2022 | Monroeville Finance Authority, Pennsylvania Revenue Bonds, Series 2022 | Monroeville Finance Authority, Pennsylvania Revenue Bonds, Series 2022 |
|  4.000% due 02/15/2042 | 4060 | 3838 |
|  Montgomery County Industrial Development Authority, Pennsylvania Revenue Notes, Series 2023 | Montgomery County Industrial Development Authority, Pennsylvania Revenue Notes, Series 2023 | Montgomery County Industrial Development Authority, Pennsylvania Revenue Notes, Series 2023 |
|  4.100% due 06/01/2029 | 5500 | 5721 |
|  Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2025 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2025 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2025 |
|  5.000% due 03/15/2060 | 6900 | 7618 |
|  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 | 1283 |
|  Pennsylvania Housing Finance Agency Revenue Bonds, Series 2024 | Pennsylvania Housing Finance Agency Revenue Bonds, Series 2024 | Pennsylvania Housing Finance Agency Revenue Bonds, Series 2024 |
|  6.250% due 10/01/2054 | 1080 | 1183 |
|  Pennsylvania Turnpike Commission Revenue Bonds, Series 2021 | Pennsylvania Turnpike Commission Revenue Bonds, Series 2021 | Pennsylvania Turnpike Commission Revenue Bonds, Series 2021 |
|  4.000% due 12/01/2043 | 2000 | 1986 |
|  5.000% due 12/01/2036 | 8170 | 8977 |
|  Pennsylvania Turnpike Commission Revenue Bonds, Series 2024 | Pennsylvania Turnpike Commission Revenue Bonds, Series 2024 | Pennsylvania Turnpike Commission Revenue Bonds, Series 2024 |
|  5.000% due 12/01/2043 | 4000 | 4340 |
|  Philadelphia, Pennsylvania General Obligation Bonds, Series 2019 | Philadelphia, Pennsylvania General Obligation Bonds, Series 2019 | Philadelphia, Pennsylvania General Obligation Bonds, Series 2019 |
|  5.000% due 02/01/2031 | 2500 | 2705 |
|  Philadelphia, Pennsylvania General Obligation Bonds, Series 2021 | Philadelphia, Pennsylvania General Obligation Bonds, Series 2021 | Philadelphia, Pennsylvania General Obligation Bonds, Series 2021 |
|  4.000% due 05/01/2037 | 2700 | 2777 |
|  School District of Philadelphia, Pennsylvania General Obligation Bonds, Series 2019 | School District of Philadelphia, Pennsylvania General Obligation Bonds, Series 2019 | School District of Philadelphia, Pennsylvania General Obligation Bonds, Series 2019 |
|  4.000% due 09/01/2038 | 2200 | 2234 |
|  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 | 4058 |
|  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 | 1126 |
|  |  | 76304 |
| 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 |
|  3.359% (US0003M + 0.520%) due 07/01/2029 ~ | 930 | 902 |
|  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 (b) | 50200 | 16868 |
|  0.000% due 07/01/2051 (b) | 26355 | 6627 |
|  4.500% due 07/01/2034 | 8671 | 8671 |
|  5.000% due 07/01/2058 | 1000 | 964 |
|  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 | 3700 | 3625 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **99** |

---

------

Schedule of Investments PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.550% due 07/01/2040 | 4200 | 4203 |
|  |  | 41860 |
| RHODE ISLAND 0.8% | RHODE ISLAND 0.8% | RHODE ISLAND 0.8% |
|  Rhode Island Health & Educational Building Corp. Revenue Bonds, Series 2024 | Rhode Island Health & Educational Building Corp. Revenue Bonds, Series 2024 | Rhode Island Health & Educational Building Corp. Revenue Bonds, Series 2024 |
|  5.000% due 05/15/2037 | 1000 | 1095 |
|  Rhode Island Health & Educational Building Corp. Revenue Notes, Series 2024 | Rhode Island Health & Educational Building Corp. Revenue Notes, Series 2024 | Rhode Island Health & Educational Building Corp. Revenue Notes, Series 2024 |
|  5.000% due 05/15/2034 | 6500 | 7238 |
|  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 | 11006 |
|  5.000% due 06/01/2040 | 2000 | 2000 |
|  |  | 21339 |
| SOUTH CAROLINA 0.8% | SOUTH CAROLINA 0.8% | SOUTH CAROLINA 0.8% |
|  Charleston County, South Carolina Airport District Revenue Notes, Series 2024 | Charleston County, South Carolina Airport District Revenue Notes, Series 2024 | Charleston County, South Carolina Airport District Revenue Notes, Series 2024 |
|  5.000% due 07/01/2033 | 1720 | 1983 |
|  Patriots Energy Group Financing Agency, South Carolina Revenue Bonds, Series 2023 | Patriots Energy Group Financing Agency, South Carolina Revenue Bonds, Series 2023 | Patriots Energy Group Financing Agency, South Carolina Revenue Bonds, Series 2023 |
|  5.250% due 02/01/2054 | 2800 | 3028 |
|  South Carolina Jobs-Economic Development Authority Revenue Bonds, Series 2025 | South Carolina Jobs-Economic Development Authority Revenue Bonds, Series 2025 | South Carolina Jobs-Economic Development Authority Revenue Bonds, Series 2025 |
|  5.000% due 11/01/2049 | 9000 | 10011 |
|  South Carolina Public Service Authority Revenue Bonds, Series 2024 | South Carolina Public Service Authority Revenue Bonds, Series 2024 | South Carolina Public Service Authority Revenue Bonds, Series 2024 |
|  5.500% due 12/01/2054 | 3000 | 3203 |
|  South Carolina Public Service Authority Revenue Bonds, Series 2025 | South Carolina Public Service Authority Revenue Bonds, Series 2025 | South Carolina Public Service Authority Revenue Bonds, Series 2025 |
|  5.000% due 12/01/2040 | 1175 | 1295 |
|  5.000% due 12/01/2042 | 1500 | 1617 |
|  |  | 21137 |
| SOUTH DAKOTA 0.1% | SOUTH DAKOTA 0.1% | SOUTH DAKOTA 0.1% |
|  South Dakota Housing Development Authority Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | South Dakota Housing Development Authority Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | South Dakota Housing Development Authority Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 |
|  4.500% due 11/01/2045 | 3305 | 3302 |
| TENNESSEE 1.3% | TENNESSEE 1.3% | TENNESSEE 1.3% |
|  Metropolitan Government of Nashville & Davidson County Sports Auth, Tennessee Revenue Bonds, Series 2023 | Metropolitan Government of Nashville & Davidson County Sports Auth, Tennessee Revenue Bonds, Series 2023 | Metropolitan Government of Nashville & Davidson County Sports Auth, Tennessee Revenue Bonds, Series 2023 |
|  5.000% due 07/01/2036 | 760 | 865 |
|  5.000% due 07/01/2038 | 500 | 560 |
|  Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Bonds, (HUD Insured), Series 2023 | Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Bonds, (HUD Insured), Series 2023 | Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Bonds, (HUD Insured), Series 2023 |
|  4.875% due 10/01/2038 | 3265 | 3400 |
|  Rutherford County, Tennessee Health & Educational Facilities Board Revenue Bonds, Series 2025 | Rutherford County, Tennessee Health & Educational Facilities Board Revenue Bonds, Series 2025 | Rutherford County, Tennessee Health & Educational Facilities Board Revenue Bonds, Series 2025 |
|  5.000% due 11/15/2048 | 5500 | 6017 |
|  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 | 2035 |
|  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 | 6439 |
|  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 | 3030 |
|  Tennessee Energy Acquisition Corp. Revenue Bonds, Series 2021 | Tennessee Energy Acquisition Corp. Revenue Bonds, Series 2021 | Tennessee Energy Acquisition Corp. Revenue Bonds, Series 2021 |
|  5.000% due 05/01/2052 | 3400 | 3634 |
|  Tennessee Housing Development Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | Tennessee Housing Development Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | Tennessee Housing Development Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 |
|  6.000% due 01/01/2056 | 6600 | 7269 |
|  |  | 33249 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| TEXAS 13.6% | TEXAS 13.6% | TEXAS 13.6% |
|  AG East Montgomery County, Texas Improvement District Sales Tax Revenue Bonds, (AGM Insured), Series 2024 | AG East Montgomery County, Texas Improvement District Sales Tax Revenue Bonds, (AGM Insured), Series 2024 | AG East Montgomery County, Texas Improvement District Sales Tax Revenue Bonds, (AGM Insured), Series 2024 |
|  4.000% due 08/15/2044 | 3575 | 3395 |
|  Aldine Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 | Aldine Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 | Aldine Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 |
|  5.000% due 02/15/2040 | 4000 | 4420 |
|  5.000% due 02/15/2041 | 2800 | 3066 |
|  Austin Affordable PFC Inc., Texas Revenue Bonds, (FNMA Insured), Series 2024 | Austin Affordable PFC Inc., Texas Revenue Bonds, (FNMA Insured), Series 2024 | Austin Affordable PFC Inc., Texas Revenue Bonds, (FNMA Insured), Series 2024 |
|  4.500% due 03/01/2043 | 3750 | 3763 |
|  Austin Housing Finance Corp. Texas Revenue Bonds, Series 2024 | Austin Housing Finance Corp. Texas Revenue Bonds, Series 2024 | Austin Housing Finance Corp. Texas Revenue Bonds, Series 2024 |
|  3.400% due 11/01/2042 | 1700 | 1716 |
|  Board of Regents of the University of Texas System Revenue Bonds, Series 2024 | Board of Regents of the University of Texas System Revenue Bonds, Series 2024 | Board of Regents of the University of Texas System Revenue Bonds, Series 2024 |
|  5.000% due 08/15/2041 | 5385 | 5948 |
|  Board of Regents of the University of Texas System Revenue Bonds, Series 2025 | Board of Regents of the University of Texas System Revenue Bonds, Series 2025 | Board of Regents of the University of Texas System Revenue Bonds, Series 2025 |
|  5.000% due 08/15/2036 | 3500 | 4093 |
|  Central Texas Turnpike System Revenue Bonds, (BHAC/CR/AMBAC Insured), Series 2002 | Central Texas Turnpike System Revenue Bonds, (BHAC/CR/AMBAC Insured), Series 2002 | Central Texas Turnpike System Revenue Bonds, (BHAC/CR/AMBAC Insured), Series 2002 |
|  0.000% due 08/15/2026 (b) | 3000 | 2948 |
|  Central Texas Turnpike System Revenue Bonds, Series 2024  | Central Texas Turnpike System Revenue Bonds, Series 2024  | Central Texas Turnpike System Revenue Bonds, Series 2024  |
|  5.000% due 08/15/2042 | 3600 | 3887 |
|  Clifton Higher Education Finance Corp. Texas Revenue Bonds, (PSF Insured), Series 2025 | Clifton Higher Education Finance Corp. Texas Revenue Bonds, (PSF Insured), Series 2025 | Clifton Higher Education Finance Corp. Texas Revenue Bonds, (PSF Insured), Series 2025 |
|  5.250% due 02/15/2044 | 4450 | 4743 |
|  Comal Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2022 | Comal Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2022 | Comal Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2022 |
|  4.000% due 02/01/2042 | 5000 | 5017 |
|  Conroe Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 | Conroe Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 | Conroe Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 |
|  5.000% due 02/15/2039 | 5300 | 6010 |
|  Cypress-Fairbanks Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | Cypress-Fairbanks Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | Cypress-Fairbanks Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 |
|  5.000% due 02/15/2037 | 1350 | 1515 |
|  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 | 3385 |
|  Dallas Housing Finance Corp. Texas Revenue Bonds, (FNMA Insured), Series 2024 | Dallas Housing Finance Corp. Texas Revenue Bonds, (FNMA Insured), Series 2024 | Dallas Housing Finance Corp. Texas Revenue Bonds, (FNMA Insured), Series 2024 |
|  4.350% due 10/01/2041 | 2330 | 2346 |
|  Dallas Housing Finance Corp. Texas Revenue Bonds, (FNMA Insured), Series 2025 | Dallas Housing Finance Corp. Texas Revenue Bonds, (FNMA Insured), Series 2025 | Dallas Housing Finance Corp. Texas Revenue Bonds, (FNMA Insured), Series 2025 |
|  4.450% due 04/01/2041 | 1990 | 2034 |
|  Dallas Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 | Dallas Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 | Dallas Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 |
|  5.000% due 02/15/2055 | 16500 | 17997 |
|  Denton Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | Denton Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | Denton Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 |
|  5.000% due 08/15/2036 | 2550 | 2887 |
|  Ector County, Texas General Obligation Bonds, Series 2024 | Ector County, Texas General Obligation Bonds, Series 2024 | Ector County, Texas General Obligation Bonds, Series 2024 |
|  5.000% due 02/15/2037 | 5220 | 5881 |
|  Ector County, Texas General Obligation Notes, Series 2024 | Ector County, Texas General Obligation Notes, Series 2024 | Ector County, Texas General Obligation Notes, Series 2024 |
|  5.000% due 02/15/2035 | 1700 | 1944 |
|  EP Essential Housing WF PFC, Texas Revenue Notes, Series 2024 | EP Essential Housing WF PFC, Texas Revenue Notes, Series 2024 | EP Essential Housing WF PFC, Texas Revenue Notes, Series 2024 |
|  4.250% due 12/01/2034 | 14200 | 14398 |
|  EP Tuscany Zaragosa PFC, Texas Revenue Notes, Series 2023 | EP Tuscany Zaragosa PFC, Texas Revenue Notes, Series 2023 | EP Tuscany Zaragosa PFC, Texas Revenue Notes, Series 2023 |
|  4.000% due 12/01/2033 | 5000 | 5013 |
|  Fort Bend Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 | Fort Bend Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 | Fort Bend Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 |
|  3.800% due 08/01/2055 | 24000 | 24548 |
|  Garland Housing Finance Corp. Texas Revenue Bonds, (FNMA Insured), Series 2024 | Garland Housing Finance Corp. Texas Revenue Bonds, (FNMA Insured), Series 2024 | Garland Housing Finance Corp. Texas Revenue Bonds, (FNMA Insured), Series 2024 |
|  4.610% due 01/01/2043 | 1097 | 1113 |
|  Grand Parkway Transportation Corp. Texas Revenue Bonds, Series 2023 | Grand Parkway Transportation Corp. Texas Revenue Bonds, Series 2023 | Grand Parkway Transportation Corp. Texas Revenue Bonds, Series 2023 |
|  5.000% due 10/01/2052 | 5000 | 5199 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2021 | Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2021 | Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2021 |
|  2.550% due 10/01/2041 | 13400 | 13400 |
|  Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2024 | Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2024 | Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2024 |
|  5.000% due 07/01/2054 | 6000 | 6391 |
|  Harris County, Texas Hospital District General Obligation Bonds, Series 2025 | Harris County, Texas Hospital District General Obligation Bonds, Series 2025 | Harris County, Texas Hospital District General Obligation Bonds, Series 2025 |
|  5.000% due 02/15/2041 | 7800 | 8452 |
|  Harris County, Texas Toll Road Revenue Bonds, Series 2023 | Harris County, Texas Toll Road Revenue Bonds, Series 2023 | Harris County, Texas Toll Road Revenue Bonds, Series 2023 |
|  5.000% due 08/15/2035 | 2960 | 3376 |
|  Harris County, Texas Toll Road Revenue Bonds, Series 2024 | Harris County, Texas Toll Road Revenue Bonds, Series 2024 | Harris County, Texas Toll Road Revenue Bonds, Series 2024 |
|  5.000% due 08/15/2037 | 5000 | 5682 |
|  Hays Consolidated Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | Hays Consolidated Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | Hays Consolidated Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 |
|  5.000% due 02/15/2036 | 1540 | 1707 |
|  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 | 3483 |
|  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 | 1511 |
|  Katy Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2020 | Katy Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2020 | Katy Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2020 |
|  4.000% due 02/15/2039 | 3250 | 3310 |
|  Lamar Consolidated Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | Lamar Consolidated Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | Lamar Consolidated Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 |
|  5.000% due 02/15/2037 | 1500 | 1684 |
|  5.000% due 02/15/2038 | 2000 | 2230 |
|  5.000% due 02/15/2039 | 5000 | 5526 |
|  Las Varas Public Facility Corp. Texas Revenue Bonds, Series 2025 | Las Varas Public Facility Corp. Texas Revenue Bonds, Series 2025 | Las Varas Public Facility Corp. Texas Revenue Bonds, Series 2025 |
|  4.000% due 05/01/2043 | 14500 | 14756 |
|  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 | 2502 |
|  Lower Colorado River Authority, Texas Revenue Bonds, (AGM Insured), Series 2024 | Lower Colorado River Authority, Texas Revenue Bonds, (AGM Insured), Series 2024 | Lower Colorado River Authority, Texas Revenue Bonds, (AGM Insured), Series 2024 |
|  5.000% due 05/15/2039 | 1200 | 1315 |
|  Lower Colorado River Authority, Texas Revenue Bonds, Series 2025 | Lower Colorado River Authority, Texas Revenue Bonds, Series 2025 | Lower Colorado River Authority, Texas Revenue Bonds, Series 2025 |
|  5.000% due 05/15/2045 | 4000 | 4428 |
|  Manor Housing Public Facility Corp. Texas Revenue Bonds, Series 2024 | Manor Housing Public Facility Corp. Texas Revenue Bonds, Series 2024 | Manor Housing Public Facility Corp. Texas Revenue Bonds, Series 2024 |
|  3.400% due 11/01/2042 | 2600 | 2618 |
|  Midland County, Texas Hospital District Revenue Bonds, (BAM Insured), Series 2024 | Midland County, Texas Hospital District Revenue Bonds, (BAM Insured), Series 2024 | Midland County, Texas Hospital District Revenue Bonds, (BAM Insured), Series 2024 |
|  4.000% due 05/15/2042 | 1335 | 1311 |
|  4.000% due 05/15/2044 | 720 | 684 |
|  5.000% due 05/15/2038 | 1000 | 1115 |
|  5.000% due 05/15/2039 | 1000 | 1109 |
|  New Hope Cultural Education Facilities Finance Corp. Texas Revenue Bonds, Series 2017 | New Hope Cultural Education Facilities Finance Corp. Texas Revenue Bonds, Series 2017 | New Hope Cultural Education Facilities Finance Corp. Texas Revenue Bonds, Series 2017 |
|  4.000% due 08/15/2040 | 2000 | 1951 |
|  New Hope Cultural Education Facilities Finance Corp. Texas Revenue Bonds, Series 2025 | New Hope Cultural Education Facilities Finance Corp. Texas Revenue Bonds, Series 2025 | New Hope Cultural Education Facilities Finance Corp. Texas Revenue Bonds, Series 2025 |
|  5.250% due 08/15/2041 | 5000 | 5587 |
|  Newark Higher Education Finance Corp. Texas Revenue Bonds, (PSF Insured), Series 2025 | Newark Higher Education Finance Corp. Texas Revenue Bonds, (PSF Insured), Series 2025 | Newark Higher Education Finance Corp. Texas Revenue Bonds, (PSF Insured), Series 2025 |
|  5.000% due 08/15/2040 | 940 | 1035 |
|  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 | 2875 |
|  North Texas Tollway Authority Revenue Notes, Series 2023 | North Texas Tollway Authority Revenue Notes, Series 2023 | North Texas Tollway Authority Revenue Notes, Series 2023 |
|  5.000% due 01/01/2031 | 4300 | 4773 |
|  Permanent University Fund - University of Texas System Revenue Bonds, Series 2023 | Permanent University Fund - University of Texas System Revenue Bonds, Series 2023 | Permanent University Fund - University of Texas System Revenue Bonds, Series 2023 |
|  5.000% due 07/01/2040 | 1090 | 1203 |
|  Permanent University Fund - University of Texas System Revenue Bonds, Series 2024 | Permanent University Fund - University of Texas System Revenue Bonds, Series 2024 | Permanent University Fund - University of Texas System Revenue Bonds, Series 2024 |
|  5.000% due 07/01/2038 | 3600 | 4092 |

---

---

| | | |
|:---|:---|:---|
| **100** | **PIMCO ETF TRUST** | See Accompanying Notes |

---

------

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  San Antonio Housing Trust Public Facility Corp. Texas Revenue Bonds, (FNMA Insured), Series 2024 | San Antonio Housing Trust Public Facility Corp. Texas Revenue Bonds, (FNMA Insured), Series 2024 | San Antonio Housing Trust Public Facility Corp. Texas Revenue Bonds, (FNMA Insured), Series 2024 |
|  4.550% due 03/01/2043 | 5000 | 5045 |
|  San Antonio Water System, Texas Revenue Bonds, Series 2025  | San Antonio Water System, Texas Revenue Bonds, Series 2025  | San Antonio Water System, Texas Revenue Bonds, Series 2025  |
|  5.000% due 05/15/2039 | 4200 | 4720 |
|  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 | 2448 |
|  San Antonio, Texas Electric & Gas Systems Revenue Bonds, Series 2024 | San Antonio, Texas Electric & Gas Systems Revenue Bonds, Series 2024 | San Antonio, Texas Electric & Gas Systems Revenue Bonds, Series 2024 |
|  5.000% due 02/01/2036 | 3500 | 4018 |
|  5.000% due 02/01/2040 | 4380 | 4844 |
|  5.000% due 02/01/2041 | 3000 | 3284 |
|  San Antonio, Texas Electric & Gas Systems Revenue Bonds, Series 2025  | San Antonio, Texas Electric & Gas Systems Revenue Bonds, Series 2025  | San Antonio, Texas Electric & Gas Systems Revenue Bonds, Series 2025  |
|  3.080% due 02/01/2055 | 11500 | 11544 |
|  Southwest Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023  | Southwest Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023  | Southwest Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023  |
|  4.000% due 02/01/2043 | 2500 | 2497 |
|  Tarrant County Housing Finance Corp. Texas Revenue Bonds, (FNMA Insured), Series 2024  | Tarrant County Housing Finance Corp. Texas Revenue Bonds, (FNMA Insured), Series 2024  | Tarrant County Housing Finance Corp. Texas Revenue Bonds, (FNMA Insured), Series 2024  |
|  4.600% due 03/01/2043 | 2000 | 2028 |
|  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 07/01/2053 | 5000 | 5516 |
|  Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2025  | Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2025  | Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2025  |
|  5.000% due 11/15/2064 | 6400 | 7150 |
|  Texas Department of Housing & Community Affairs Revenue Bonds, (GNMA Insured), Series 2025  | Texas Department of Housing & Community Affairs Revenue Bonds, (GNMA Insured), Series 2025  | Texas Department of Housing & Community Affairs Revenue Bonds, (GNMA Insured), Series 2025  |
|  6.000% due 01/01/2056 | 8300 | 9282 |
|  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  |
|  4.120% (TSFR3M) due 12/15/2026 ~ | 2500 | 2501 |
|  Texas Private Activity Bond Surface Transportation Corp. Revenue Bonds, Series 2020  | Texas Private Activity Bond Surface Transportation Corp. Revenue Bonds, Series 2020  | Texas Private Activity Bond Surface Transportation Corp. Revenue Bonds, Series 2020  |
|  4.000% due 06/30/2037 | 2950 | 2977 |
|  Texas State General Obligation Bonds, Series 2024 | Texas State General Obligation Bonds, Series 2024 | Texas State General Obligation Bonds, Series 2024 |
|  5.000% due 10/01/2039 | 4500 | 5088 |
|  5.000% due 10/01/2042 | 5790 | 6357 |
|  Texas State University System Revenue Bonds, Series 2024 | Texas State University System Revenue Bonds, Series 2024 | Texas State University System Revenue Bonds, Series 2024 |
|  5.000% due 03/15/2040 | 2000 | 2210 |
|  5.000% due 03/15/2041 | 2000 | 2188 |
|  Texas Transportation Commission Revenue Bonds, Series 2019  | Texas Transportation Commission Revenue Bonds, Series 2019  | Texas Transportation Commission Revenue Bonds, Series 2019  |
|  0.000% due 08/01/2046 (b) | 2950 | 1057 |
|  Texas Water Development Board Revenue Bonds, Series 2022  | Texas Water Development Board Revenue Bonds, Series 2022  | Texas Water Development Board Revenue Bonds, Series 2022  |
|  4.800% due 10/15/2052 | 8400 | 8488 |
|  Texas Water Development Board Revenue Bonds, Series 2023  | Texas Water Development Board Revenue Bonds, Series 2023  | Texas Water Development Board Revenue Bonds, Series 2023  |
|  4.600% due 10/15/2039 | 2045 | 2185 |
|  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 10/15/2029 | 1200 | 1312 |
|  5.000% due 10/15/2030 | 1775 | 1977 |
|  Town of Trophy Club, Texas Public Improvement District No 1 Special Assessment Notes, Series 2025 | Town of Trophy Club, Texas Public Improvement District No 1 Special Assessment Notes, Series 2025 | Town of Trophy Club, Texas Public Improvement District No 1 Special Assessment Notes, Series 2025 |
|  5.000% due 09/01/2028 | 500 | 512 |
|  5.000% due 09/01/2032 | 400 | 429 |
|  |  | 345029 |
| UTAH 0.3% | UTAH 0.3% | UTAH 0.3% |
|  Utah Housing Corp. Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024  | Utah Housing Corp. Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024  | Utah Housing Corp. Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024  |
|  6.250% due 07/01/2055 | 2915 | 3270 |
|  Utah Housing Corp. Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025  | Utah Housing Corp. Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025  | Utah Housing Corp. Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025  |
|  6.500% due 07/01/2055 | 3790 | 4326 |
|  |  | 7596 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| VIRGINIA 0.8% | VIRGINIA 0.8% | VIRGINIA 0.8% |
|  Arlington County, Virginia Industrial Development Authority Revenue Bonds, Series 2023  | Arlington County, Virginia Industrial Development Authority Revenue Bonds, Series 2023  | Arlington County, Virginia Industrial Development Authority Revenue Bonds, Series 2023  |
|  5.000% due 07/01/2053 | 3000 | 3244 |
|  Henrico County, Virginia Economic Development Authority Revenue Notes, Series 2025  | Henrico County, Virginia Economic Development Authority Revenue Notes, Series 2025  | Henrico County, Virginia Economic Development Authority Revenue Notes, Series 2025  |
|  5.000% due 11/01/2035 | 4000 | 4621 |
|  Isle of Wight County Economic Development Authority, Virginia Revenue Bonds, (AGM Insured), Series 2023 | Isle of Wight County Economic Development Authority, Virginia Revenue Bonds, (AGM Insured), Series 2023 | Isle of Wight County Economic Development Authority, Virginia Revenue Bonds, (AGM Insured), Series 2023 |
|  5.000% due 07/01/2036 | 925 | 1043 |
|  5.000% due 07/01/2038 | 600 | 665 |
|  Virginia Public Building Authority Revenue Bonds, Series 2015  | Virginia Public Building Authority Revenue Bonds, Series 2015  | Virginia Public Building Authority Revenue Bonds, Series 2015  |
|  4.000% due 08/01/2030 | 3300 | 3302 |
|  Virginia Small Business Financing Authority Revenue Bonds, Series 2025  | Virginia Small Business Financing Authority Revenue Bonds, Series 2025  | Virginia Small Business Financing Authority Revenue Bonds, Series 2025  |
|  5.000% due 06/15/2060 | 6500 | 7312 |
|  |  | 20187 |
| WASHINGTON 2.3% | WASHINGTON 2.3% | WASHINGTON 2.3% |
|  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 | 3374 |
|  Energy Northwest, Washington Revenue Bonds, Series 2025  | Energy Northwest, Washington Revenue Bonds, Series 2025  | Energy Northwest, Washington Revenue Bonds, Series 2025  |
|  5.000% due 07/01/2041 | 3500 | 3911 |
|  Grant County, Washington Public Utility District No 2, Revenue Bonds, Series 2023  | Grant County, Washington Public Utility District No 2, Revenue Bonds, Series 2023  | Grant County, Washington Public Utility District No 2, Revenue Bonds, Series 2023  |
|  5.000% due 01/01/2036 | 1265 | 1426 |
|  Pierce County, Washington School District No 401, Peninsula General Obligation Bonds, Series 2020  | Pierce County, Washington School District No 401, Peninsula General Obligation Bonds, Series 2020  | Pierce County, Washington School District No 401, Peninsula General Obligation Bonds, Series 2020  |
|  4.000% due 12/01/2037 | 2135 | 2188 |
|  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 | 5016 |
|  Snohomish County, Washington Housing Authority Revenue Bonds, Series 2019  | Snohomish County, Washington Housing Authority Revenue Bonds, Series 2019  | Snohomish County, Washington Housing Authority Revenue Bonds, Series 2019  |
|  4.000% due 04/01/2044 | 2000 | 1873 |
|  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  |
|  4.000% due 08/01/2044 | 2000 | 1816 |
|  Washington Health Care Facilities Authority Revenue Bonds, Series 2025  | Washington Health Care Facilities Authority Revenue Bonds, Series 2025  | Washington Health Care Facilities Authority Revenue Bonds, Series 2025  |
|  5.000% due 09/01/2043 | 2185 | 2315 |
|  Washington Health Care Facilities Authority Revenue Notes, Series 2025  | Washington Health Care Facilities Authority Revenue Notes, Series 2025  | Washington Health Care Facilities Authority Revenue Notes, Series 2025  |
|  5.000% due 10/01/2030 | 3200 | 3502 |
|  Washington Higher Education Facilities Authority Revenue Bonds, Series 2017  | Washington Higher Education Facilities Authority Revenue Bonds, Series 2017  | Washington Higher Education Facilities Authority Revenue Bonds, Series 2017  |
|  4.000% due 05/01/2037 | 3055 | 3058 |
|  Washington State General Obligation Bonds, Series 2016  | Washington State General Obligation Bonds, Series 2016  | Washington State General Obligation Bonds, Series 2016  |
|  5.000% due 07/01/2033 | 5000 | 5000 |
|  Washington State Housing Finance Commission Revenue Bonds, (BAM Insured), Series 2025  | Washington State Housing Finance Commission Revenue Bonds, (BAM Insured), Series 2025  | Washington State Housing Finance Commission Revenue Bonds, (BAM Insured), Series 2025  |
|  5.000% due 07/01/2037 | 1500 | 1613 |
|  Washington State Housing Finance Commission Revenue Bonds, (FNMA Insured), Series 2024  | Washington State Housing Finance Commission Revenue Bonds, (FNMA Insured), Series 2024  | Washington State Housing Finance Commission Revenue Bonds, (FNMA Insured), Series 2024  |
|  4.400% due 03/01/2043 | 4500 | 4468 |
|  Washington State Housing Finance Commission Revenue Bonds, Series 2023  | Washington State Housing Finance Commission Revenue Bonds, Series 2023  | Washington State Housing Finance Commission Revenue Bonds, Series 2023  |
|  3.375% due 04/20/2037 | 4110 | 3892 |
|  Washington State Housing Finance Commission Revenue Bonds, Series 2024  | Washington State Housing Finance Commission Revenue Bonds, Series 2024  | Washington State Housing Finance Commission Revenue Bonds, Series 2024  |
|  4.084% due 03/01/2050 | 4662 | 4576 |
|  Washington State Housing Finance Commission Revenue Bonds, Series 2025  | Washington State Housing Finance Commission Revenue Bonds, Series 2025  | Washington State Housing Finance Commission Revenue Bonds, Series 2025  |
|  3.947% due 11/20/2041 | 10168 | 9791 |
|  Washington State Housing Finance Commission Revenue Notes, (BAM Insured), Series 2025  | Washington State Housing Finance Commission Revenue Notes, (BAM Insured), Series 2025  | Washington State Housing Finance Commission Revenue Notes, (BAM Insured), Series 2025  |
|  5.000% due 07/01/2035 | 1000 | 1093 |
|  |  | 58912 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| WEST VIRGINIA 0.1% | WEST VIRGINIA 0.1% | WEST VIRGINIA 0.1% |
|  West Virginia Hospital Finance Authority Revenue Bonds, Series 2023  | West Virginia Hospital Finance Authority Revenue Bonds, Series 2023  | West Virginia Hospital Finance Authority Revenue Bonds, Series 2023  |
|  5.750% due 09/01/2041 | 2400 | 2623 |
| WISCONSIN 1.2% | WISCONSIN 1.2% | WISCONSIN 1.2% |
|  Franklin Public School District, Wisconsin General Obligation Bonds, Series 2025  | Franklin Public School District, Wisconsin General Obligation Bonds, Series 2025  | Franklin Public School District, Wisconsin General Obligation Bonds, Series 2025  |
|  5.000% due 04/01/2040 | 6180 | 6752 |
|  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 | 2353 |
|  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 | 273 |
|  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  |
|  2.450% due 04/01/2048 | 7150 | 7150 |
|  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 | 4205 |
|  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 | 984 |
|  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 | 3849 |
|  Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2021  | Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2021  | Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2021  |
|  4.000% due 08/15/2040 | 2000 | 2007 |
|  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 | 2039 |
|  |  | 29612 |
|  Total Municipal Bonds & Notes<br>(Cost $2,076,724) | Total Municipal Bonds & Notes<br>(Cost $2,076,724) | 2124154 |
| U.S. GOVERNMENT AGENCIES 0.4% | U.S. GOVERNMENT AGENCIES 0.4% | U.S. GOVERNMENT AGENCIES 0.4% |
|  Federal Home Loan Mortgage Corp.  | Federal Home Loan Mortgage Corp.  | Federal Home Loan Mortgage Corp.  |
|  3.800% due 01/01/2040 | 9823 | 9231 |
|  Total U.S. Government Agencies<br>(Cost $9,456) | Total U.S. Government Agencies<br>(Cost $9,456) | 9231 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 0.3% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.3% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.3% |
|  City of Dallas Housing Finance Corp.  | City of Dallas Housing Finance Corp.  | City of Dallas Housing Finance Corp.  |
|  4.625% due 10/01/2043 | 2900 | 2949 |
|  Multifamily Tax-Exempt Mortgage-Backed Bonds  | Multifamily Tax-Exempt Mortgage-Backed Bonds  | Multifamily Tax-Exempt Mortgage-Backed Bonds  |
|  4.500% due 08/01/2041 | 991 | 1004 |
|  San Antonio Housing Trust Public Facility Corp.  | San Antonio Housing Trust Public Facility Corp.  | San Antonio Housing Trust Public Facility Corp.  |
|  4.450% due 04/01/2043 | 3000 | 2997 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $6,891) | Total Non-Agency Mortgage-Backed Securities (Cost $6,891) | 6950 |
|  | SHARES |  |
| SHORT-TERM INSTRUMENTS 14.7% | SHORT-TERM INSTRUMENTS 14.7% | SHORT-TERM INSTRUMENTS 14.7% |
| MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  3.850% (d) | 973285 | 973 |
| SHORT-TERM NOTES 5.7% | SHORT-TERM NOTES 5.7% | SHORT-TERM NOTES 5.7% |
|  Federal Home Loan Bank Discount Notes | Federal Home Loan Bank Discount Notes | Federal Home Loan Bank Discount Notes |
|  3.510% due 06/24/2026 (b)(c) | 17100 | 16813 |
|  3.520% due 05/26/2026 - 06/12/2026 (b)(c) | 2800 | 2760 |
|  3.527% due 06/12/2026 (b)(c) | 1300 | 1280 |
|  3.545% due 06/05/2026 (b)(c) | 21300 | 20982 |
|  3.560% due 03/25/2026 (b)(c) | 5200 | 5157 |
|  3.565% due 02/25/2026 (b)(c) | 9700 | 9647 |
|  3.570% due 03/20/2026 (b)(c) | 2400 | 2381 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **101** |

---

------

Schedule of Investments PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  3.571% due 04/10/2026 (b)(c) | 3900 | 3862 |
|  3.585% due 03/20/2026 - 04/22/2026 (b)(c) | 41700 | 41334 |
|  3.590% due 03/27/2026 - 04/08/2026 (b)(c) | 22450 | 22242 |
|  3.595% due 04/08/2026 (b)(c) | 8900 | 8814 |
|  3.760% due 02/18/2026 (b)(c) | 2500 | 2488 |
|  3.785% due 02/20/2026 (b)(c) | 1350 | 1343 |
|  3.791% due 02/20/2026 (b)(c) | 1350 | 1343 |
|  3.860% due 01/09/2026 (b)(c) | 3900 | 3897 |
|  |  | 144343 |
| U.S. TREASURY BILLS 8.7% | U.S. TREASURY BILLS 8.7% | U.S. TREASURY BILLS 8.7% |
|  3.703% due 01/02/2026 - 04/28/2026 (a)(b) | 220300 | 219112 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| MUNICIPAL BONDS & NOTES 0.3% | MUNICIPAL BONDS & NOTES 0.3% | MUNICIPAL BONDS & NOTES 0.3% | MUNICIPAL BONDS & NOTES 0.3% | MUNICIPAL BONDS & NOTES 0.3% |
|  Albany City School District, New York General Obligation Notes, Series 2025  | Albany City School District, New York General Obligation Notes, Series 2025  | Albany City School District, New York General Obligation Notes, Series 2025  | Albany City School District, New York General Obligation Notes, Series 2025  | Albany City School District, New York General Obligation Notes, Series 2025  |
|  4.000% due 06/25/2026 | $— | 5000 | $— | 5028 |
|  Honeoye Falls-Lima Central School District, New York General Obligation Notes, Series 2025  | Honeoye Falls-Lima Central School District, New York General Obligation Notes, Series 2025  | Honeoye Falls-Lima Central School District, New York General Obligation Notes, Series 2025  | Honeoye Falls-Lima Central School District, New York General Obligation Notes, Series 2025  | Honeoye Falls-Lima Central School District, New York General Obligation Notes, Series 2025  |
|  4.000% due 06/25/2026 |  | 3000 |  | 3018 |
| Total Municipal Bonds & Notes<br>(Cost $8,032) | Total Municipal Bonds & Notes<br>(Cost $8,032) | Total Municipal Bonds & Notes<br>(Cost $8,032) |  | 8046 |
| Total Short-Term Instruments<br>(Cost $372,441) | Total Short-Term Instruments<br>(Cost $372,441) | Total Short-Term Instruments<br>(Cost $372,441) |  | 372474 |
| Total Investments in Securities<br>(Cost $2,465,512) | Total Investments in Securities<br>(Cost $2,465,512) | Total Investments in Securities<br>(Cost $2,465,512) |  | 2512809 |
| Total Investments 99.4%<br>(Cost $2,465,512) | Total Investments 99.4%<br>(Cost $2,465,512) | Total Investments 99.4%<br>(Cost $2,465,512) | $— | 2512809 |
| Other Assets and Liabilities, net 0.6% | Other Assets and Liabilities, net 0.6% | Other Assets and Liabilities, net 0.6% |  | 14581 |
| Net Assets 100.0% | Net Assets 100.0% | Net Assets 100.0% | $— | 2527390 |

---

#### 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.

(c) Coupon represents a yield to maturity.

(d) Coupon represents a 7-Day Yield.

&nbsp;&nbsp;&nbsp;&nbsp;(e) RESTRICTED SECURITIES:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Issuer Description | Coupon | Maturity<br>Date | Acquisition<br>Date | Cost | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
|  Federal Home Loan Mortgage Corp. Enhanced Receipt, New Jersey Revenue Bonds, Series 2019 | 3.870% | 11/15/2035 | 11/28/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11117 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11420 | 0.45% |
|  New York State Housing Finance Agency Revenue Bonds, (FHA Insured), Series 2020 | 4.200 | 11/01/2054 | 11/28/2023 | 5837 | 5994 | 0.24 |
|  |  |  |  | $16954 | $17414 | 0.69% |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of December 31, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at<br>12/31/2025** |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  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 | $111099 | $0 | $111099 |
| &nbsp;&nbsp; Alaska | 0 | 6264 | 0 | 6264 |
| &nbsp;&nbsp; Arizona | 0 | 19500 | 0 | 19500 |
| &nbsp;&nbsp; California | 0 | 110509 | 0 | 110509 |
| &nbsp;&nbsp; Colorado | 0 | 35101 | 0 | 35101 |
| &nbsp;&nbsp; Connecticut | 0 | 23904 | 0 | 23904 |
| &nbsp;&nbsp; District of Columbia | 0 | 50813 | 0 | 50813 |
| &nbsp;&nbsp; Florida | 0 | 67164 | 0 | 67164 |
| &nbsp;&nbsp; Georgia | 0 | 66046 | 0 | 66046 |
| &nbsp;&nbsp; Idaho | 0 | 8992 | 0 | 8992 |
| &nbsp;&nbsp; Illinois | 0 | 102572 | 0 | 102572 |
| &nbsp;&nbsp; Indiana | 0 | 24260 | 0 | 24260 |
| &nbsp;&nbsp; Iowa | 0 | 4185 | 0 | 4185 |
| &nbsp;&nbsp; Kansas | 0 | 2222 | 0 | 2222 |
| &nbsp;&nbsp; Kentucky | 0 | 41609 | 0 | 41609 |
| &nbsp;&nbsp; Louisiana | 0 | 24778 | 0 | 24778 |
| &nbsp;&nbsp; Maryland | 0 | 32656 | 0 | 32656 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair**<br> **Value at<br>12/31/2025** |
| &nbsp;&nbsp; Massachusetts | $0 | $23952 | $0 | $23952 |
| &nbsp;&nbsp; Michigan | 0 | 66032 | 0 | 66032 |
| &nbsp;&nbsp; Minnesota | 0 | 20575 | 0 | 20575 |
| &nbsp;&nbsp; Mississippi | 0 | 3971 | 0 | 3971 |
| &nbsp;&nbsp; Missouri | 0 | 16829 | 0 | 16829 |
| &nbsp;&nbsp; Multi-State | 0 | 89707 | 0 | 89707 |
| &nbsp;&nbsp; Nebraska | 0 | 3918 | 0 | 3918 |
| &nbsp;&nbsp; Nevada | 0 | 34054 | 0 | 34054 |
| &nbsp;&nbsp; New Hampshire | 0 | 47522 | 0 | 47522 |
| &nbsp;&nbsp; New Jersey | 0 | 50285 | 0 | 50285 |
| &nbsp;&nbsp; New Mexico | 0 | 19715 | 0 | 19715 |
| &nbsp;&nbsp; New York | 0 | 225124 | 0 | 225124 |
| &nbsp;&nbsp; North Carolina | 0 | 36180 | 0 | 36180 |
| &nbsp;&nbsp; North Dakota | 0 | 4078 | 0 | 4078 |
| &nbsp;&nbsp; Ohio | 0 | 65428 | 0 | 65428 |
| &nbsp;&nbsp; Oklahoma | 0 | 9651 | 0 | 9651 |
| &nbsp;&nbsp; Oregon | 0 | 14309 | 0 | 14309 |
| &nbsp;&nbsp; Pennsylvania | 0 | 76304 | 0 | 76304 |
| &nbsp;&nbsp; Puerto Rico | 0 | 41860 | 0 | 41860 |

---

---

| | | |
|:---|:---|:---|
| **102** | **PIMCO ETF TRUST** | See Accompanying Notes |

---

------

December 31, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair**<br> **Value at<br>12/31/2025** |
| &nbsp;&nbsp; Rhode Island | $0 | $21339 | $0 | $21339 |
| &nbsp;&nbsp; South Carolina | 0 | 21137 | 0 | 21137 |
| &nbsp;&nbsp; South Dakota | 0 | 3302 | 0 | 3302 |
| &nbsp;&nbsp; Tennessee | 0 | 33249 | 0 | 33249 |
| &nbsp;&nbsp; Texas | 0 | 345029 | 0 | 345029 |
| &nbsp;&nbsp; Utah | 0 | 7596 | 0 | 7596 |
| &nbsp;&nbsp; Virginia | 0 | 20187 | 0 | 20187 |
| &nbsp;&nbsp; Washington | 0 | 58912 | 0 | 58912 |
| &nbsp;&nbsp; West Virginia | 0 | 2623 | 0 | 2623 |
| &nbsp;&nbsp; Wisconsin | 0 | 29612 | 0 | 29612 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair**<br> **Value at<br>12/31/2025** |
|  U.S. Government Agencies | $0 | $9231 | $0 | $9231 |
|  Non-Agency Mortgage-Backed Securities | 0 | 6950 | 0 | 6950 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
|  Mutual Funds | 0 | 973 | 0 | 973 |
|  Short-Term Notes | 0 | 144343 | 0 | 144343 |
|  U.S. Treasury Bills | 0 | 219112 | 0 | 219112 |
|  Municipal Bonds & Notes | 0 | 8046 | 0 | 8046 |
|  Total Investments | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2512809 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2512809 |

---

There were no significant transfers into or out of Level 3 during the period ended December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **103** |

---

------

Schedule of Investments PIMCO Mortgage-Backed Securities Active 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 194.4% | INVESTMENTS IN SECURITIES 194.4% | INVESTMENTS IN SECURITIES 194.4% | INVESTMENTS IN SECURITIES 194.4% | INVESTMENTS IN SECURITIES 194.4% |
| CORPORATE BONDS & NOTES 0.0% | CORPORATE BONDS & NOTES 0.0% | CORPORATE BONDS & NOTES 0.0% | CORPORATE BONDS & NOTES 0.0% | CORPORATE BONDS & NOTES 0.0% |
| BANKING & FINANCE 0.0% | BANKING & FINANCE 0.0% | BANKING & FINANCE 0.0% | BANKING & FINANCE 0.0% | BANKING & FINANCE 0.0% |
|  Preferred Term Securities X Ltd./Preferred Term Securities X, Inc. | Preferred Term Securities X Ltd./Preferred Term Securities X, Inc. | Preferred Term Securities X Ltd./Preferred Term Securities X, Inc. | Preferred Term Securities X Ltd./Preferred Term Securities X, Inc. | Preferred Term Securities X Ltd./Preferred Term Securities X, Inc. |
|  5.120% (US0003M + 0.860%) due 07/03/2033 ~ | $— | 82 | $— | 82 |
|  Total Corporate Bonds & Notes (Cost $71) | Total Corporate Bonds & Notes (Cost $71) | Total Corporate Bonds & Notes (Cost $71) |  | 82 |
| U.S. GOVERNMENT AGENCIES 186.4% | U.S. GOVERNMENT AGENCIES 186.4% | U.S. GOVERNMENT AGENCIES 186.4% | U.S. GOVERNMENT AGENCIES 186.4% | U.S. GOVERNMENT AGENCIES 186.4% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  2.500% due 12/01/2032 - 09/01/2046 |  | 445 |  | 413 |
|  3.000% due 10/01/2026 - 08/01/2046 |  | 2544 |  | 2404 |
|  3.050% due 03/01/2032 |  | 221 |  | 205 |
|  3.500% due 12/01/2033 - 12/01/2048 |  | 415 |  | 393 |
|  4.000% due 07/01/2042 - 05/01/2049 |  | 7821 |  | 7538 |
|  4.400% due 06/01/2030 |  | 82 |  | 82 |
|  4.500% due 04/01/2039 - 04/01/2049 |  | 1266 |  | 1263 |
|  5.000% due 09/01/2033 - 03/01/2055 |  | 35603 |  | 35797 |
|  5.000% due 11/01/2054 - 02/01/2055 (h) |  | 37590 |  | 37714 |
|  5.500% due 11/01/2030 - 09/01/2055 |  | 80401 |  | 82368 |
|  5.500% due 09/01/2054 - 03/01/2055 (h) |  | 57765 |  | 59020 |
|  5.991% due 01/01/2034 •  |  | 2 |  | 2 |
|  6.000% due 08/01/2026 - 09/01/2055 |  | 45738 |  | 47705 |
|  6.000% due 11/01/2054 (h) |  | 9797 |  | 10312 |
|  6.034% due 11/01/2031 •  |  | 4 |  | 4 |
|  6.368% due 09/01/2034 •  |  | 52 |  | 54 |
|  6.429% due 11/01/2036 •  |  | 55 |  | 57 |
|  6.500% due 02/01/2035 - 04/01/2035 •  |  | 12 |  | 13 |
|  6.500% due 05/01/2045 - 09/01/2055 |  | 34382 |  | 35811 |
|  6.520% due 09/01/2035 •  |  | 34 |  | 35 |
|  6.525% due 02/01/2035 •  |  | 1 |  | 1 |
|  6.582% due 10/01/2039 •  |  | 126 |  | 131 |
|  6.602% due 01/01/2035 •  |  | 3 |  | 3 |
|  6.612% due 06/01/2035 •  |  | 7 |  | 7 |
|  6.775% due 03/01/2035 •  |  | 1 |  | 1 |
|  6.814% due 08/01/2036 •  |  | 4 |  | 4 |
|  6.836% due 02/01/2035 •  |  | 3 |  | 3 |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates |
|  2.903% due 07/25/2054 ~ |  | 3227 |  | 3142 |
|  4.228% due 10/25/2034 ~ |  | 800 |  | 796 |
|  Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS |
|  0.000% due 05/15/2041 •  |  | 192 |  | 190 |
|  0.000% due 08/15/2056 - 10/15/2058 (b)(e) |  | 829 |  | 531 |
|  0.430% due 11/15/2040 •  |  | 111 |  | 88 |
|  1.229% due 05/15/2035 •  |  | 90 |  | 92 |
|  1.551% due 10/15/2037 ~(a) |  | 5 |  | 0 |
|  1.561% due 10/15/2037 ~(a) |  | 8 |  | 0 |
|  1.709% due 05/15/2037 ~(a) |  | 8 |  | 0 |
|  1.741% due 03/15/2037 ~(a) |  | 9 |  | 1 |
|  1.770% due 11/15/2036 - 11/15/2038 ~(a) |  | 53 |  | 4 |
|  1.859% due 08/15/2041 ~(a) |  | 8 |  | 0 |
|  1.862% due 06/15/2038 ~(a) |  | 22 |  | 1 |
|  1.921% due 10/15/2041 ~(a) |  | 22 |  | 1 |
|  1.964% due 02/15/2038 ~(a) |  | 17 |  | 1 |
|  2.000% due 11/25/2050 (a) |  | 375 |  | 50 |
|  2.084% due 08/15/2036 ~(a) |  | 13 |  | 1 |
|  2.102% due 01/15/2043 •(a) |  | 816 |  | 102 |
|  2.500% due 01/15/2045 |  | 111 |  | 104 |
|  3.000% due 05/15/2044 |  | 186 |  | 128 |
|  4.000% due 03/15/2042 |  | 487 |  | 436 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.000% due 09/15/2045 - 04/15/2046 (a) | $— | 679 | $— | 98 |
|  4.348% due 05/15/2035 •  |  | 12 |  | 12 |
|  4.548% due 12/15/2031 •  |  | 16 |  | 16 |
|  4.598% due 09/15/2030 - 06/15/2042 •  |  | 138 |  | 138 |
|  4.673% due 04/15/2038 •  |  | 161 |  | 159 |
|  4.724% due 05/25/2054 •  |  | 958 |  | 961 |
|  4.774% due 09/25/2055 - 12/25/2055 •  |  | 17058 |  | 17124 |
|  4.824% due 08/25/2055 •  |  | 18707 |  | 18877 |
|  4.874% due 02/25/2055 •  |  | 863 |  | 868 |
|  4.974% due 07/25/2054 - 11/25/2054 •  |  | 8139 |  | 8166 |
|  5.024% due 01/25/2055 •  |  | 1629 |  | 1635 |
|  5.074% due 10/25/2054 - 08/25/2055 •  |  | 27178 |  | 27303 |
|  5.124% due 05/25/2055 •  |  | 1226 |  | 1236 |
|  5.174% due 11/25/2054 - 03/25/2055 •  |  | 11977 |  | 12028 |
|  5.224% due 03/25/2055 •  |  | 4337 |  | 4378 |
|  5.274% due 02/25/2055 •  |  | 1602 |  | 1616 |
|  5.500% due 09/15/2035 |  | 137 |  | 135 |
|  5.500% due 10/15/2035 (a) |  | 39 |  | 4 |
|  6.500% due 05/15/2028 - 03/15/2029 |  | 130 |  | 132 |
|  7.000% due 05/15/2037 |  | 323 |  | 349 |
|  Federal Home Loan Mortgage Corp. STRIPS | Federal Home Loan Mortgage Corp. STRIPS | Federal Home Loan Mortgage Corp. STRIPS | Federal Home Loan Mortgage Corp. STRIPS | Federal Home Loan Mortgage Corp. STRIPS |
|  2.500% due 10/15/2052 (a) |  | 3003 |  | 464 |
|  3.500% due 01/15/2043 - 08/15/2045 (a) |  | 336 |  | 52 |
|  4.673% due 10/15/2037 •  |  | 41 |  | 41 |
|  5.024% due 05/25/2054 •  |  | 704 |  | 707 |
|  Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates |
|  5.229% due 02/25/2045 •  |  | 56 |  | 54 |
|  Federal Home Loan Mortgage Corp. Whole Loan Securities Trust | Federal Home Loan Mortgage Corp. Whole Loan Securities Trust | Federal Home Loan Mortgage Corp. Whole Loan Securities Trust | Federal Home Loan Mortgage Corp. Whole Loan Securities Trust | Federal Home Loan Mortgage Corp. Whole Loan Securities Trust |
|  3.000% due 09/25/2045 - 12/25/2046 |  | 283 |  | 246 |
|  3.500% due 12/25/2046 |  | 214 |  | 190 |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  2.500% due 06/01/2028 - 12/01/2046 |  | 296 |  | 267 |
|  3.000% due 10/01/2026 - 07/01/2060 |  | 3952 |  | 3664 |
|  3.500% due 05/01/2034 - 01/01/2057 |  | 14581 |  | 13743 |
|  3.575% due 02/01/2026 |  | 500 |  | 499 |
|  3.800% due 10/01/2029 |  | 735 |  | 731 |
|  4.000% due 06/01/2033 - 08/01/2051 |  | 27171 |  | 26389 |
|  4.005% due 06/01/2030 |  | 10105 |  | 10075 |
|  4.140% due 04/01/2028 |  | 155 |  | 156 |
|  4.160% due 10/01/2032 |  | 610 |  | 602 |
|  4.190% due 07/01/2030 |  | 1920 |  | 1926 |
|  4.280% due 02/01/2030 |  | 555 |  | 560 |
|  4.300% due 12/01/2032 |  | 17000 |  | 16956 |
|  4.350% due 12/01/2029 - 12/01/2032 |  | 3705 |  | 3705 |
|  4.370% due 11/01/2032 |  | 3229 |  | 3229 |
|  4.380% due 01/01/2031 |  | 714 |  | 715 |
|  4.385% due 07/01/2030 - 04/01/2033 |  | 2515 |  | 2543 |
|  4.410% due 01/01/2033 |  | 2894 |  | 2894 |
|  4.430% due 11/01/2032 |  | 3000 |  | 3007 |
|  4.490% due 04/01/2033 |  | 200 |  | 200 |
|  4.500% due 07/01/2032 - 04/01/2059 |  | 33288 |  | 33207 |
|  4.510% due 11/01/2032 |  | 7725 |  | 7784 |
|  4.590% due 06/01/2033 |  | 335 |  | 339 |
|  4.620% due 11/01/2030 |  | 6146 |  | 6264 |
|  4.660% due 11/01/2030 |  | 2260 |  | 2301 |
|  4.680% due 06/01/2030 |  | 1480 |  | 1507 |
|  4.700% due 07/01/2030 - 05/01/2035 |  | 4085 |  | 4164 |
|  4.720% due 03/01/2030 |  | 4707 |  | 4802 |
|  4.730% due 08/01/2030 |  | 1700 |  | 1723 |
|  4.740% due 04/01/2030 |  | 1200 |  | 1216 |
|  4.750% due 09/01/2030 |  | 2147 |  | 2198 |
|  4.770% due 12/01/2029 |  | 90 |  | 92 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.800% due 09/01/2032 | $— | 4542 | $— | 4642 |
|  4.860% due 12/01/2027 - 05/01/2035 |  | 3226 |  | 3299 |
|  4.870% due 05/01/2035 |  | 200 |  | 204 |
|  4.900% due 09/01/2030 |  | 2535 |  | 2617 |
|  4.930% due 09/01/2030 |  | 1545 |  | 1595 |
|  4.950% due 12/01/2035 |  | 2731 |  | 2774 |
|  4.960% due 09/01/2032 |  | 1369 |  | 1411 |
|  4.970% due 05/01/2035 |  | 4786 |  | 4912 |
|  4.980% due 05/01/2035 |  | 3900 |  | 4020 |
|  5.000% due 09/01/2049 - 02/01/2055 |  | 17056 |  | 17224 |
|  5.040% due 08/01/2030 |  | 2087 |  | 2164 |
|  5.050% due 03/01/2030 |  | 14677 |  | 15202 |
|  5.110% due 11/01/2030 |  | 1819 |  | 1884 |
|  5.140% due 02/01/2035 |  | 3500 |  | 3638 |
|  5.160% due 03/01/2030 |  | 10377 |  | 10743 |
|  5.180% due 05/01/2035 |  | 1983 |  | 2066 |
|  5.200% due 11/01/2030 - 05/01/2035 |  | 3206 |  | 3346 |
|  5.210% due 05/01/2035 |  | 1093 |  | 1139 |
|  5.230% due 05/01/2033 - 05/01/2035 |  | 2809 |  | 2931 |
|  5.250% due 02/01/2031 |  | 626 |  | 651 |
|  5.277% due 08/01/2042 - 10/01/2044 •  |  | 190 |  | 191 |
|  5.280% due 07/01/2030 |  | 937 |  | 976 |
|  5.500% due 09/01/2034 - 08/01/2055 |  | 51688 |  | 52713 |
|  5.500% due 11/01/2039 (h) |  | 18029 |  | 18497 |
|  5.675% due 02/01/2036 •  |  | 84 |  | 85 |
|  5.765% due 11/01/2035 •  |  | 10 |  | 10 |
|  5.810% due 06/01/2031 |  | 1700 |  | 1768 |
|  5.890% due 08/01/2027 •  |  | 3 |  | 3 |
|  5.964% due 05/01/2035 •  |  | 19 |  | 20 |
|  5.985% due 01/01/2035 •  |  | 17 |  | 18 |
|  6.000% due 10/01/2032 - 09/01/2055 |  | 31548 |  | 32793 |
|  6.000% due 10/01/2054 (h) |  | 17967 |  | 18483 |
|  6.010% due 10/01/2028 •  |  | 1 |  | 1 |
|  6.040% due 10/01/2035 •  |  | 3 |  | 4 |
|  6.050% due 05/01/2035 •  |  | 1 |  | 1 |
|  6.058% due 01/01/2035 •  |  | 3 |  | 4 |
|  6.081% due 11/01/2034 •  |  | 2 |  | 2 |
|  6.105% due 11/01/2048 •  |  | 81 |  | 85 |
|  6.136% due 02/01/2035 •  |  | 2 |  | 2 |
|  6.150% due 01/01/2035 •  |  | 12 |  | 12 |
|  6.155% due 11/01/2035 •  |  | 6 |  | 7 |
|  6.175% due 09/01/2034 •  |  | 18 |  | 19 |
|  6.180% due 01/01/2035 •  |  | 5 |  | 5 |
|  6.191% due 03/01/2035 •  |  | 2 |  | 2 |
|  6.220% due 10/01/2035 •  |  | 1 |  | 1 |
|  6.252% due 02/01/2035 •  |  | 9 |  | 10 |
|  6.269% due 01/01/2035 •  |  | 7 |  | 7 |
|  6.278% due 10/01/2037 •  |  | 183 |  | 191 |
|  6.285% due 03/01/2035 •  |  | 1 |  | 1 |
|  6.287% due 09/01/2041 •  |  | 20 |  | 21 |
|  6.313% due 01/01/2036 •  |  | 44 |  | 46 |
|  6.340% due 03/01/2035 •  |  | 2 |  | 2 |
|  6.374% due 04/01/2033 •  |  | 6 |  | 6 |
|  6.420% due 12/01/2034 •  |  | 3 |  | 3 |
|  6.422% due 05/01/2035 •  |  | 19 |  | 19 |
|  6.484% due 07/01/2035 •  |  | 12 |  | 13 |
|  6.487% due 09/01/2035 •  |  | 9 |  | 10 |
|  6.497% due 05/01/2038 •  |  | 126 |  | 132 |
|  6.500% due 11/01/2028 - 09/01/2055 |  | 43909 |  | 45908 |
|  6.532% due 02/01/2035 •  |  | 4 |  | 4 |
|  6.552% due 07/01/2035 •  |  | 5 |  | 5 |
|  6.573% due 02/01/2035 •  |  | 4 |  | 4 |
|  6.582% due 02/01/2035 •  |  | 4 |  | 4 |
|  6.634% due 07/01/2035 •  |  | 3 |  | 3 |
|  6.664% due 02/01/2035 •  |  | 2 |  | 2 |
|  6.665% due 02/01/2042 •  |  | 13 |  | 14 |
|  6.675% due 04/01/2035 •  |  | 11 |  | 11 |
|  6.715% due 05/01/2035 •  |  | 11 |  | 12 |
|  6.880% due 10/01/2032 •  |  | 69 |  | 69 |
|  7.000% due 06/01/2035 |  | 1 |  | 1 |
|  Federal National Mortgage Association - Bay Pkwy | Federal National Mortgage Association - Bay Pkwy | Federal National Mortgage Association - Bay Pkwy | Federal National Mortgage Association - Bay Pkwy | Federal National Mortgage Association - Bay Pkwy |
|  4.990% due 01/01/2033 « |  | 1455 |  | 1499 |

---

---

| | | |
|:---|:---|:---|
| **104** | **PIMCO ETF TRUST** | See Accompanying Notes |

---

------

December 31, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Federal National Mortgage Association - Key Street | Federal National Mortgage Association - Key Street | Federal National Mortgage Association - Key Street | Federal National Mortgage Association - Key Street | Federal National Mortgage Association - Key Street |
|  4.280% due 01/01/2031 « | $— | 2641 | $— | 2651 |
|  Federal National Mortgage Association - King Westone | Federal National Mortgage Association - King Westone | Federal National Mortgage Association - King Westone | Federal National Mortgage Association - King Westone | Federal National Mortgage Association - King Westone |
|  4.590% due 11/01/2030 «(c) |  | 1500 |  | 1522 |
|  Federal National Mortgage Association - Promenade At Newna | Federal National Mortgage Association - Promenade At Newna | Federal National Mortgage Association - Promenade At Newna | Federal National Mortgage Association - Promenade At Newna | Federal National Mortgage Association - Promenade At Newna |
|  4.680% due 11/01/2030 «(c) |  | 8330 |  | 8489 |
|  Federal National Mortgage Association Interest STRIPS | Federal National Mortgage Association Interest STRIPS | Federal National Mortgage Association Interest STRIPS | Federal National Mortgage Association Interest STRIPS | Federal National Mortgage Association Interest STRIPS |
|  2.000% due 04/25/2052 (a) |  | 10841 |  | 1382 |
|  5.500% due 05/25/2036 - 12/25/2040 (a) |  | 1907 |  | 366 |
|  6.000% due 01/25/2037 - 11/25/2040 (a) |  | 920 |  | 183 |
|  6.500% due 04/25/2038 (a) |  | 10 |  | 2 |
|  Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS |
|  0.000% due 04/25/2043 - 10/25/2045 •  |  | 721 |  | 512 |
|  0.200% due 02/25/2043 •(a) |  | 101 |  | 1 |
|  1.430% due 10/25/2046 ~(a) |  | 10 |  | 0 |
|  1.497% due 07/25/2044 ~(a) |  | 36 |  | 1 |
|  1.558% due 07/25/2052 ~(a) |  | 37 |  | 2 |
|  1.611% due 06/25/2044 •(a) |  | 165 |  | 9 |
|  1.637% due 04/25/2055 ~(a) |  | 58 |  | 3 |
|  1.643% due 07/25/2045 ~(a) |  | 128 |  | 7 |
|  1.679% due 09/25/2045 ~(a) |  | 21 |  | 1 |
|  1.683% due 07/25/2044 ~(a) |  | 31 |  | 2 |
|  1.740% due 01/25/2045 ~(a) |  | 22 |  | 1 |
|  1.747% due 08/25/2054 ~(a) |  | 51 |  | 3 |
|  1.770% due 03/25/2045 ~(a) |  | 79 |  | 4 |
|  1.937% due 08/25/2055 ~(a) |  | 35 |  | 2 |
|  1.949% due 08/25/2044 ~(a) |  | 23 |  | 2 |
|  2.000% due 08/25/2042 |  | 491 |  | 428 |
|  2.011% due 11/25/2049 •(a) |  | 63 |  | 8 |
|  2.500% due 02/25/2051 (a) |  | 535 |  | 91 |
|  2.596% due 11/25/2035 •(a) |  | 229 |  | 17 |
|  3.000% due 07/25/2045 |  | 102 |  | 81 |
|  3.000% due 04/25/2046 (a) |  | 91 |  | 10 |
|  3.500% due 03/25/2044 - 12/25/2047 |  | 271 |  | 264 |
|  3.500% due 04/25/2046 (a) |  | 23 |  | 2 |
|  4.000% due 03/25/2041 - 11/25/2045 |  | 506 |  | 424 |
|  4.246% due 12/25/2036 •  |  | 249 |  | 245 |
|  4.289% due 12/25/2048 •  |  | 273 |  | 269 |
|  4.306% due 03/25/2034 •  |  | 15 |  | 15 |
|  4.336% due 08/25/2034 •  |  | 1 |  | 1 |
|  4.389% due 03/25/2049 •  |  | 177 |  | 175 |
|  4.439% due 07/25/2036 •  |  | 131 |  | 130 |
|  4.473% due 08/25/2050 •  |  | 89 |  | 85 |
|  4.489% due 03/25/2032 •  |  | 27 |  | 27 |
|  4.500% due 11/25/2039 |  | 52 |  | 48 |
|  4.649% due 04/25/2037 •  |  | 179 |  | 175 |
|  4.874% due 03/25/2055 - 11/25/2055 •  |  | 5576 |  | 5596 |
|  4.974% due 11/25/2055 •  |  | 2359 |  | 2365 |
|  4.989% due 04/25/2032 •  |  | 17 |  | 17 |
|  5.124% due 05/25/2054 - 10/25/2055 •  |  | 10962 |  | 11020 |
|  5.134% due 09/25/2054 •  |  | 6008 |  | 6041 |
|  5.224% due 01/25/2055 •  |  | 1042 |  | 1050 |
|  5.274% due 08/25/2054 - 02/25/2055 •  |  | 40684 |  | 41012 |
|  5.324% due 06/25/2054 •  |  | 815 |  | 823 |
|  5.374% due 01/25/2055 •  |  | 796 |  | 804 |
|  6.309% due 05/25/2035 ~ |  | 17 |  | 17 |
|  6.500% due 01/25/2032 |  | 8 |  | 9 |
|  8.000% due 07/25/2034 |  | 142 |  | 153 |
|  Federal National Mortgage Association REMICS Trust | Federal National Mortgage Association REMICS Trust | Federal National Mortgage Association REMICS Trust | Federal National Mortgage Association REMICS Trust | Federal National Mortgage Association REMICS Trust |
|  4.109% due 06/25/2033 •  |  | 6 |  | 6 |
|  4.119% due 06/25/2032 •  |  | 23 |  | 23 |
|  4.159% due 11/25/2032 •  |  | 5 |  | 5 |
|  Federal National Mortgage Association-ACES | Federal National Mortgage Association-ACES | Federal National Mortgage Association-ACES | Federal National Mortgage Association-ACES | Federal National Mortgage Association-ACES |
|  2.242% due 01/25/2031 ~(a) |  | 1696 |  | 86 |
|  2.944% due 07/25/2039 |  | 101 |  | 93 |
|  Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
|  2.000% due 03/20/2043 |  | 56 |  | 47 |
|  3.000% due 02/15/2043 - 03/15/2050 |  | 3229 |  | 2961 |
|  3.500% due 02/15/2042 - 03/20/2052 |  | 3798 |  | 3479 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.000% due 03/15/2045 - 10/20/2050 | $— | 6428 | $— | 6140 |
|  4.070% due 01/15/2050 |  | 1090 |  | 973 |
|  4.500% due 07/15/2039 - 07/20/2052 |  | 3582 |  | 3509 |
|  5.000% due 11/20/2034 - 12/20/2048 |  | 659 |  | 671 |
|  5.500% due 09/15/2033 - 12/15/2039 |  | 59 |  | 62 |
|  6.000% due 05/20/2042 - 09/20/2053 |  | 503 |  | 522 |
|  6.500% due 03/15/2026 - 04/20/2055 |  | 245 |  | 254 |
|  Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS |
|  0.000% due 12/20/2036 (b)(e) |  | 76 |  | 63 |
|  0.030% due 09/20/2045 •  |  | 138 |  | 93 |
|  0.077% due 08/20/2045 •  |  | 85 |  | 77 |
|  0.790% due 11/20/2045 ~(a) |  | 50 |  | 2 |
|  0.828% due 09/20/2045 ~(a) |  | 60 |  | 3 |
|  0.830% due 12/20/2045 ~(a) |  | 44 |  | 2 |
|  0.833% due 06/20/2043 ~(a) |  | 42 |  | 2 |
|  1.177% due 06/20/2042 ~(a) |  | 43 |  | 2 |
|  1.227% due 06/20/2042 ~(a) |  | 40 |  | 2 |
|  3.000% due 05/20/2047 - 11/20/2067 |  | 386 |  | 322 |
|  3.500% due 08/20/2042 - 05/20/2049 (a) |  | 523 |  | 60 |
|  4.000% due 06/20/2045 (a) |  | 272 |  | 49 |
|  4.218% due 11/20/2067 •  |  | 196 |  | 196 |
|  4.414% due 05/20/2068 •  |  | 364 |  | 363 |
|  4.464% due 02/20/2068 - 04/20/2070 •  |  | 107 |  | 106 |
|  4.500% due 06/20/2043 |  | 89 |  | 86 |
|  4.534% due 06/20/2070 •  |  | 241 |  | 239 |
|  4.544% due 05/20/2065 •  |  | 3 |  | 3 |
|  4.568% due 02/20/2074 •  |  | 595 |  | 595 |
|  4.588% due 04/20/2072 •  |  | 975 |  | 973 |
|  4.594% due 03/20/2061 •  |  | 4 |  | 4 |
|  4.618% due 08/20/2075 •  |  | 9888 |  | 9988 |
|  4.629% due 10/20/2062 •  |  | 84 |  | 84 |
|  4.670% due 04/20/2065 •  |  | 271 |  | 271 |
|  4.708% due 04/20/2074 •  |  | 471 |  | 473 |
|  4.712% due 10/20/2067 •  |  | 775 |  | 780 |
|  4.714% due 05/20/2069 - 02/20/2073 •  |  | 7641 |  | 7638 |
|  4.718% due 08/20/2072 •  |  | 190 |  | 191 |
|  4.754% due 01/20/2065 •  |  | 12 |  | 12 |
|  4.764% due 09/20/2069 •  |  | 209 |  | 209 |
|  4.788% due 02/20/2073 •  |  | 482 |  | 486 |
|  4.794% due 11/20/2065 •  |  | 150 |  | 150 |
|  4.818% due 08/20/2054 - 07/20/2074 •  |  | 2542 |  | 2555 |
|  4.834% due 09/20/2063 - 01/20/2069 •  |  | 106 |  | 106 |
|  4.848% due 01/20/2074 •  |  | 900 |  | 910 |
|  4.861% due 06/20/2068 •  |  | 194 |  | 194 |
|  4.864% due 09/20/2065 •  |  | 321 |  | 322 |
|  4.898% due 09/20/2073 •  |  | 457 |  | 462 |
|  4.914% due 01/20/2066 •  |  | 24 |  | 24 |
|  4.918% due 12/20/2073 •  |  | 1428 |  | 1443 |
|  4.927% due 08/20/2068 •  |  | 241 |  | 242 |
|  4.938% due 12/20/2072 •  |  | 402 |  | 407 |
|  4.968% due 08/20/2053 •  |  | 382 |  | 383 |
|  4.975% due 09/20/2066 •  |  | 76 |  | 76 |
|  5.014% due 01/20/2066 •  |  | 16 |  | 16 |
|  5.068% due 12/20/2070 •  |  | 217 |  | 220 |
|  5.099% due 01/20/2068 •  |  | 1042 |  | 1045 |
|  5.114% due 04/20/2063 - 03/20/2066 •  |  | 697 |  | 702 |
|  5.164% due 07/20/2070 - 08/20/2070 •  |  | 2410 |  | 2442 |
|  5.199% due 12/20/2068 •  |  | 73 |  | 73 |
|  5.264% due 03/20/2066 •  |  | 33 |  | 33 |
|  5.268% due 07/20/2055 •  |  | 19625 |  | 19810 |
|  5.338% due 02/20/2073 •  |  | 1022 |  | 1046 |
|  5.364% due 10/20/2070 •  |  | 596 |  | 608 |
|  5.414% due 09/20/2063 •  |  | 18 |  | 18 |
|  5.500% due 08/20/2035 |  | 33 |  | 34 |
|  Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA |
|  2.000% due 01/01/2056 - 02/01/2056 |  | 34800 |  | 28829 |
|  2.500% due 02/01/2056 |  | 46100 |  | 39763 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  3.000% due 01/01/2056 | 57000 | 51227 |
|  3.500% due 02/01/2056 | 58590 | 53321 |
|  4.000% due 01/01/2056 - 02/01/2056 | 38500 | 36362 |
|  4.500% due 01/01/2056 - 02/01/2056 | 15500 | 15089 |
|  5.000% due 01/01/2056 | 21400 | 21354 |
|  5.500% due 02/01/2056 | 7700 | 7770 |
|  6.000% due 02/01/2056 | 8100 | 8250 |
|  6.500% due 02/01/2056 | 16000 | 16523 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  2.000% due 01/01/2041 - 02/01/2056 | 49935 | 40971 |
|  2.500% due 01/01/2041 - 02/01/2056 | 39300 | 33335 |
|  3.000% due 01/01/2041 - 02/01/2056 | 69500 | 62655 |
|  3.500% due 01/01/2041 - 02/01/2056 | 9400 | 8717 |
|  4.000% due 01/01/2041 | 100 | 99 |
|  4.500% due 01/01/2041 - 02/01/2056 | 62350 | 60952 |
|  5.000% due 01/01/2041 - 02/01/2056 | 141900 | 141532 |
|  5.500% due 01/01/2056 | 1000 | 1014 |
|  6.000% due 01/01/2056 - 03/01/2056 | 144900 | 148727 |
|  6.500% due 02/01/2056 - 03/01/2056 | 4900 | 5098 |
|  7.000% due 02/01/2056 | 8900 | 9368 |
|  Total U.S. Government Agencies (Cost $1,785,185) | Total U.S. Government Agencies (Cost $1,785,185) | 1794645 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 1.4% | NON-AGENCY MORTGAGE-BACKED SECURITIES 1.4% | NON-AGENCY MORTGAGE-BACKED SECURITIES 1.4% |
|  Angel Oak Mortgage Trust  | Angel Oak Mortgage Trust  | Angel Oak Mortgage Trust  |
|  5.985% due 01/25/2069 þ | 354 | 357 |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  4.428% due 05/20/2035 •  | 17 | 16 |
|  4.787% due 01/20/2047 ~ | 75 | 65 |
|  Bank of America Mortgage Trust | Bank of America Mortgage Trust | Bank of America Mortgage Trust |
|  5.750% due 07/20/2032 ~ | 1 | 1 |
|  Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates |
|  4.126% due 01/25/2035 •  | 2 | 2 |
|  CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust |
|  3.647% due 04/25/2035 ~ | 202 | 143 |
|  4.426% due 04/25/2035 •  | 7 | 7 |
|  4.546% due 02/25/2036 •  | 1 | 0 |
|  4.766% due 09/25/2034 •  | 29 | 26 |
|  5.875% due 06/19/2031 ~ | 11 | 11 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.646% due 08/25/2035 •  | 42 | 41 |
|  6.500% due 06/25/2054 ~ | 130 | 133 |
|  COMM Mortgage Trust | COMM Mortgage Trust | COMM Mortgage Trust |
|  5.165% due 12/15/2038 •  | 1439 | 1422 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.248% due 07/20/2046 •  | 27 | 24 |
|  4.266% due 05/25/2035 •  | 107 | 105 |
|  4.346% due 09/25/2046 •  | 406 | 341 |
|  4.346% due 10/25/2046 •  | 31 | 25 |
|  4.526% due 10/25/2046 •  | 235 | 179 |
|  CSMC Trust | CSMC Trust | CSMC Trust |
|  2.500% due 07/25/2056 ~ | 135 | 114 |
|  GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust |
|  4.246% due 10/25/2046 •  | 107 | 100 |
|  4.246% due 12/25/2046 •  | 139 | 139 |
|  4.386% due 04/25/2036 •  | 37 | 33 |
|  4.526% due 10/25/2046 •  | 339 | 271 |
|  GS Mortgage Securities Corp. Trust | GS Mortgage Securities Corp. Trust | GS Mortgage Securities Corp. Trust |
|  4.948% due 07/15/2031 •  | 1100 | 854 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  4.366% due 08/25/2046 •  | 173 | 38 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  4.326% due 03/19/2036 •  | 17 | 16 |
|  IMS Ecuadorian Mortgage Trust | IMS Ecuadorian Mortgage Trust | IMS Ecuadorian Mortgage Trust |
|  3.400% due 08/18/2043 | 505 | 496 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **105** |

---

------

Schedule of Investments PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  4.246% due 06/25/2046 •  | 43 | 39 |
|  4.246% due 11/25/2046 •  | 99 | 96 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  3.000% due 04/25/2052 ~ | 677 | 595 |
|  4.722% due 08/25/2051 •  | 1771 | 1643 |
|  4.746% due 11/25/2049 •  | 36 | 35 |
|  La Hipotecaria El Salvadorian Mortgage Trust | La Hipotecaria El Salvadorian Mortgage Trust | La Hipotecaria El Salvadorian Mortgage Trust |
|  3.358% due 01/15/2046 « | 356 | 329 |
|  4.250% due 09/29/2046 « | 659 | 604 |
|  La Hipotecaria Panamanian Mortgage Trust | La Hipotecaria Panamanian Mortgage Trust | La Hipotecaria Panamanian Mortgage Trust |
|  3.508% due 11/24/2042 «•  | 391 | 377 |
|  MASTR Alternative Loan Trust | MASTR Alternative Loan Trust | MASTR Alternative Loan Trust |
|  4.246% due 03/25/2036 •  | 952 | 81 |
|  Mellon Residential Funding Corp. Mortgage Pass-Through Certificates | Mellon Residential Funding Corp. Mortgage Pass-Through Certificates | Mellon Residential Funding Corp. Mortgage Pass-Through Certificates |
|  4.565% due 11/15/2031 •  | 7 | 7 |
|  MFA Trust | MFA Trust | MFA Trust |
|  1.381% due 04/25/2065 ~ | 68 | 67 |
|  New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust |
|  2.750% due 11/25/2059 ~ | 293 | 283 |
|  5.000% due 09/25/2051 •  | 708 | 664 |
|  OBX Trust | OBX Trust | OBX Trust |
|  3.000% due 01/25/2052 ~ | 316 | 276 |
|  5.610% due 11/25/2064 ~ | 3008 | 3038 |
|  RALI Trust | RALI Trust | RALI Trust |
|  4.099% due 08/25/2035 ~ | 146 | 50 |
|  4.246% due 12/25/2046 •  | 79 | 72 |
|  4.306% due 05/25/2037 •  | 16 | 14 |
|  4.386% due 05/25/2046 •  | 56 | 44 |
|  Sequoia Mortgage Trust 5 | Sequoia Mortgage Trust 5 | Sequoia Mortgage Trust 5 |
|  4.546% due 10/19/2026 •  | 7 | 7 |
|  Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust |
|  4.506% due 09/19/2032 •  | 2 | 2 |
|  Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust |
|  4.663% due 10/25/2046 •  | 25 | 25 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  4.846% due 05/25/2058 •  | 98 | 100 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  4.846% due 07/25/2044 •  | 26 | 25 |
|  4.896% due 12/25/2045 •  | 245 | 219 |
|  Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust |
|  4.749% due 12/25/2046 •  | 95 | 79 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $14,798) | Total Non-Agency Mortgage-Backed Securities (Cost $14,798) | 13730 |
| ASSET-BACKED SECURITIES 4.4% | ASSET-BACKED SECURITIES 4.4% | ASSET-BACKED SECURITIES 4.4% |
| CMBS OTHER 0.1% | CMBS OTHER 0.1% | CMBS OTHER 0.1% |
|  Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. |
|  5.215% due 11/15/2036 •  | 613 | 617 |
| HOME EQUITY OTHER 0.1% |  |  |
|  Aegis Asset-Backed Securities Trust | Aegis Asset-Backed Securities Trust | Aegis Asset-Backed Securities Trust |
|  4.546% due 03/25/2035 •  | 36 | 36 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Amortizing Residential Collateral Trust | Amortizing Residential Collateral Trust | Amortizing Residential Collateral Trust |
|  4.546% due 10/25/2031 •  | 2 | 2 |
|  Centex Home Equity Loan Trust | Centex Home Equity Loan Trust | Centex Home Equity Loan Trust |
|  4.146% due 01/25/2032 •  | 4 | 4 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.166% due 12/25/2036 •  | 512 | 290 |
|  Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates |
|  4.346% due 03/25/2037 •  | 33 | 33 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.126% due 04/25/2047 •  | 59 | 58 |
|  EMC Mortgage Loan Trust | EMC Mortgage Loan Trust | EMC Mortgage Loan Trust |
|  5.346% due 08/25/2040 •  | 27 | 28 |
|  GSAA Home Equity Trust | GSAA Home Equity Trust | GSAA Home Equity Trust |
|  4.446% due 03/25/2037 •  | 166 | 66 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  4.106% due 12/25/2046 •  | 367 | 197 |
|  Home Equity Asset Trust | Home Equity Asset Trust | Home Equity Asset Trust |
|  4.446% due 11/25/2032 •  | 3 | 2 |
|  HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust |
|  3.986% due 01/25/2037 •  | 251 | 195 |
|  Morgan Stanley ABS Capital I, Inc. Trust  | Morgan Stanley ABS Capital I, Inc. Trust  | Morgan Stanley ABS Capital I, Inc. Trust  |
|  3.916% due 10/25/2036 •  | 371 | 195 |
|  Saxon Asset Securities Trust | Saxon Asset Securities Trust | Saxon Asset Securities Trust |
|  5.596% due 12/25/2037 •  | 147 | 132 |
|  |  | 1238 |
| HOME EQUITY SEQUENTIAL 0.0% | HOME EQUITY SEQUENTIAL 0.0% | HOME EQUITY SEQUENTIAL 0.0% |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  4.566% due 04/25/2037 •  | 474 | 126 |
| OTHER ABS 4.2% | OTHER ABS 4.2% | OTHER ABS 4.2% |
|  Anchorage Capital CLO 28 Ltd. | Anchorage Capital CLO 28 Ltd. | Anchorage Capital CLO 28 Ltd. |
|  5.584% due 04/20/2037 •  | 400 | 402 |
|  Apex Credit CLO Ltd. | Apex Credit CLO Ltd. | Apex Credit CLO Ltd. |
|  5.684% due 04/20/2036 •  | 500 | 503 |
|  ARES LXV CLO Ltd. | ARES LXV CLO Ltd. | ARES LXV CLO Ltd. |
|  4.978% due 07/25/2034 •  | 1700 | 1700 |
|  Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. |
|  5.042% due 07/17/2035 •  | 2000 | 2001 |
|  Benefit Street Partners CLO XXII Ltd. | Benefit Street Partners CLO XXII Ltd. | Benefit Street Partners CLO XXII Ltd. |
|  5.034% due 04/20/2035 •  | 2100 | 2100 |
|  Birch Grove CLO Ltd. | Birch Grove CLO Ltd. | Birch Grove CLO Ltd. |
|  5.472% due 07/17/2037 •  | 4700 | 4720 |
|  Canyon CLO Ltd. | Canyon CLO Ltd. | Canyon CLO Ltd. |
|  5.005% due 10/15/2034 •  | 1400 | 1400 |
|  Cedar Funding VI CLO Ltd. | Cedar Funding VI CLO Ltd. | Cedar Funding VI CLO Ltd. |
|  4.974% due 04/20/2034 •  | 2200 | 2201 |
|  Diameter Capital CLO 6 Ltd. | Diameter Capital CLO 6 Ltd. | Diameter Capital CLO 6 Ltd. |
|  5.515% due 04/15/2037 •  | 500 | 503 |
|  Fortress Credit BSL X Ltd. | Fortress Credit BSL X Ltd. | Fortress Credit BSL X Ltd. |
|  5.014% due 04/20/2033 •  | 1200 | 1201 |
|  Golub Capital Partners CLO 50B-R Ltd. | Golub Capital Partners CLO 50B-R Ltd. | Golub Capital Partners CLO 50B-R Ltd. |
|  4.994% due 04/20/2035 •  | 2100 | 2100 |
|  KKR CLO 42 Ltd. | KKR CLO 42 Ltd. | KKR CLO 42 Ltd. |
|  5.034% due 07/20/2034 •  | 2800 | 2802 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Marble Point CLO XXII Ltd. | Marble Point CLO XXII Ltd. | Marble Point CLO XXII Ltd. |
|  5.078% due 07/25/2034 •  | 2700 | 2703 |
|  Park Avenue Institutional Advisers CLO Ltd. | Park Avenue Institutional Advisers CLO Ltd. | Park Avenue Institutional Advisers CLO Ltd. |
|  4.994% due 01/20/2034 •  | 1400 | 1401 |
|  Sycamore Tree CLO Ltd. | Sycamore Tree CLO Ltd. | Sycamore Tree CLO Ltd. |
|  5.564% due 01/20/2037 •  | 300 | 302 |
|  Symphony CLO XXIV Ltd. | Symphony CLO XXIV Ltd. | Symphony CLO XXIV Ltd. |
|  5.261% due 10/23/2035 •  | 1500 | 1500 |
|  Symphony CLO XXIX Ltd. | Symphony CLO XXIX Ltd. | Symphony CLO XXIX Ltd. |
|  5.433% due 10/15/2035 •  | 2200 | 2200 |
|  Symphony CLO XXXII Ltd. | Symphony CLO XXXII Ltd. | Symphony CLO XXXII Ltd. |
|  5.419% due 10/23/2035 | 2800 | 2800 |
|  TCW CLO Ltd. | TCW CLO Ltd. | TCW CLO Ltd. |
|  5.494% due 01/16/2037 •  | 500 | 502 |
|  Trinitas CLO VI Ltd. | Trinitas CLO VI Ltd. | Trinitas CLO VI Ltd. |
|  4.968% due 01/25/2034 •  | 2400 | 2401 |
|  Vibrant CLO XII Ltd. | Vibrant CLO XII Ltd. | Vibrant CLO XII Ltd. |
|  5.034% due 04/20/2034 •  | 2300 | 2300 |
|  Wind River CLO Ltd. | Wind River CLO Ltd. | Wind River CLO Ltd. |
|  4.994% due 07/20/2034 •  | 2700 | 2701 |
|  |  | 40443 |
|  Total Asset-Backed Securities (Cost $42,832) | Total Asset-Backed Securities (Cost $42,832) | 42424 |
|  | **SHARES** |  |
| SHORT-TERM INSTRUMENTS 2.2% | SHORT-TERM INSTRUMENTS 2.2% | SHORT-TERM INSTRUMENTS 2.2% |
| MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  3.850% (f) | 991333 | 991 |
|  | **PRINCIPAL<br>AMOUNT<br>(000s)** |  |
| REPURCHASE AGREEMENTS (g) 1.7% | REPURCHASE AGREEMENTS (g) 1.7% | REPURCHASE AGREEMENTS (g) 1.7% |
|  |  | 16100 |
| U.S. TREASURY BILLS 0.4% | U.S. TREASURY BILLS 0.4% | U.S. TREASURY BILLS 0.4% |
|  3.774% due 01/27/2026 - 04/28/2026 (d)(e)(k) | 3841 | 3811 |
| Total Short-Term Instruments (Cost $20,900) | Total Short-Term Instruments (Cost $20,900) | 20902 |
| Total Investments in Securities (Cost $1,863,786) | Total Investments in Securities (Cost $1,863,786) | 1871783 |
| Total Investments 194.4% (Cost $1,863,786) | Total Investments 194.4% (Cost $1,863,786) | 1871783 |
|  Financial Derivative<br>Instruments (i)(j) 1.6%<br> (Cost or Premiums, net $18,231) | Financial Derivative<br>Instruments (i)(j) 1.6%<br> (Cost or Premiums, net $18,231) | 15506 |
| Other Assets and Liabilities, net (96.0)% | Other Assets and Liabilities, net (96.0)% | (924430) |
| Net Assets 100.0% | Net Assets 100.0% | 962859 |

---

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

« Security valued using significant unobservable inputs (Level 3).

---

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

---

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

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

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

(b) Principal only security.

(c) When-issued security.

---

| | | |
|:---|:---|:---|
| **106** | **PIMCO ETF TRUST** | See Accompanying Notes |

---

------

December 31, 2025 (Unaudited)

(d) Coupon represents a weighted average yield to maturity.

(e) Zero coupon security.

(f) Coupon represents a 7-Day Yield.

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS
&nbsp;&nbsp;&nbsp;&nbsp;(g) 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> |
| SAL | 3.870% | 12/31/2025 | 01/02/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16100 | U.S. Treasury Bills 0.000% due 10/29/2026 | $(16434) | $16100 | $16103 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16434) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16100 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16103 |

---

#### REVERSE REPURCHASE AGREEMENTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Borrowing<br>Rate<sup>(2)</sup> | Settlement<br>Date | Maturity<br>Date | Amount<br>Borrowed<sup>(2)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements |
|  SAL | 3.970% | 12/11/2025 | 01/07/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27619) | $(27686) |
|  WFS | 3.970 | 12/11/2025 | 01/07/2026 | (79546) | (79739) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(107425) |

---

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  U.S. Government Agencies (25.6)% | U.S. Government Agencies (25.6)% | U.S. Government Agencies (25.6)% | U.S. Government Agencies (25.6)% | U.S. Government Agencies (25.6)% | U.S. Government Agencies (25.6)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 4.000% | 02/01/2056 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60750 | $(57656) | $(57593) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 5.000 | 01/01/2056 | 30100 | (29950) | (30023) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 5.500 | 01/01/2041 | 6000 | (6146) | (6152) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 5.500 | 02/01/2041 | 45000 | (46130) | (46129) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 5.500 | 02/01/2056 | 90000 | (90939) | (91181) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 6.000 | 01/01/2056 | 15000 | (15349) | (15403) |
|  Total Short Sales (25.6)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(246170) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(246481) |

---

#### 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, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| 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>(3)</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 |
|  SAL | $16103 | $(27686) | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11583) | $12460 | $877 |
|  WFS | 0 | (79739) | 0 | 0 | (79739) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3096 |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16103 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(107425) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |  |  |  |

---

#### 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 |
|  Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements |
|  U.S. Treasury Obligations | $0 | $(107425) | $0 | $0 | $(107425) |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(107425) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(107425) |
|  Payable for reverse repurchase agreements  | Payable for reverse repurchase agreements  | Payable for reverse repurchase agreements  | Payable for reverse repurchase agreements  | Payable for reverse repurchase agreements  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(107425) |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| DECEMBER 31, 2025 107

------

Schedule of Investments PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund (Cont.)

(h) Securities with an aggregate market value of $112,085 have been pledged as collateral under the terms of the above master agreements as of December 31, 2025.

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

<sup>(2)</sup> The average amount of borrowings outstanding during the period ended December 31, 2025 was $(66825) at a weighted average interest rate of 4.232%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. 

<sup>(3)</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;(i) 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  | 03/2026 | 9 | $984 | $(2) | $0 | $(1) |
|  U.S. Ultra Treasury 10-Year Note March Futures  | 03/2026 | 102 | 11732 | (64) | 0 | (19) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(66) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) |

---

#### 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  | 03/2026 | 3 | $&nbsp;&nbsp;&nbsp;&nbsp;(337) | $1 | $1 | $0 |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(65) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) |

---

#### SWAP AGREEMENTS:

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive <br>Floating Rate | Floating Rate Index | Fixed<br>Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| Pay/Receive <br>Floating Rate | Floating Rate Index | Fixed<br>Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750% | Annual | 12/18/2029 | $2300 | $(27) | $(3) | $(30) | $3 | $0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 03/19/2030 | 20900 | 938 | (385) | 553 | 31 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2031 | 5500 | (183) | 119 | (64) | 10 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2032 | 8600 | 426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(209) | 217 | 16 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2032 | 14800 | (366) | 235 | (131) | 29 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.410 | Annual | 10/16/2032 | 5000 | (27) | 86 | 59 | 9 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2032 | 18200 | (410) | 245 | (165) | 36 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2034 | 2300 | (52) | 50 | (2) | 5 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2035 | 12600 | 940 | (340) | 600 | 29 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2035 | 15800 | 430 | 310 | 740 | 38 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2035 | 21900 | (193) | 275 | 82 | 53 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2035 | 4800 | (34) | 54 | 20 | 12 | 0 |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1442 | $437 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1879 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 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<br>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 | $&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;271 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) |

---

Cash of $5,810 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

---

| | | |
|:---|:---|:---|
| **108** | **PIMCO ETF TRUST** | See Accompanying Notes |

---

------

December 31, 2025 (Unaudited)

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

#### PURCHASED OPTIONS:

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BOA | Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.194% | 03/04/2026 | 20800 | $68 | $20 |
|  | Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.906 | 03/04/2026 | 17600 | 194 | 96 |
|  | Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.265 | 05/01/2035 | 1400 | 124 | 91 |
|  | Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.265 | 05/01/2035 | 1400 | 124 | 128 |
|  | Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.470 | 06/04/2035 | 1400 | 126 | 100 |
|  | Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.470 | 06/04/2035 | 1400 | 126 | 121 |
|  | Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.400 | 06/25/2035 | 6000 | 536 | 418 |
|  | Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.400 | 06/25/2035 | 3000 | 271 | 265 |
|  | Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.640 | 07/23/2035 | 6000 | 540 | 463 |
|  | Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.640 | 07/23/2035 | 3000 | 270 | 247 |
|  | Call - OTC 10-Year Interest Rate Swap | 3-Month USD-SOFR | Pay | 4.427 | 08/06/2035 | 2800 | 246 | 197 |
|  | Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.427 | 08/06/2035 | 2800 | 246 | 244 |
|  | Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.623 | 08/20/2035 | 50500 | 4383 | 3833 |
|  | Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.693 | 08/27/2035 | 2200 | 190 | 171 |
|  | Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.693 | 08/27/2035 | 2200 | 190 | 176 |
| DUB | Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 5.000 | 03/30/2026 | 118000 | 34 | 1 |
|  | Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.135 | 09/14/2026 | 5800 | 75 | 30 |
|  | Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.635 | 09/14/2026 | 5800 | 75 | 95 |
|  | Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.308 | 05/02/2035 | 2900 | 258 | 193 |
|  | Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.308 | 05/02/2035 | 2900 | 258 | 261 |
|  | Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.630 | 05/22/2035 | 1600 | 146 | 123 |
|  | Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.630 | 05/22/2035 | 1600 | 146 | 132 |
|  | Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.520 | 05/29/2035 | 1600 | 144 | 117 |
|  | Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.520 | 05/29/2035 | 1600 | 144 | 136 |
|  | Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.440 | 06/18/2035 | 2200 | 197 | 156 |
|  | Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.440 | 06/18/2035 | 2200 | 197 | 191 |
|  | Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.559 | 07/09/2035 | 5600 | 497 | 416 |
|  | Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.559 | 07/09/2035 | 2800 | 249 | 235 |
|  | Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.460 | 08/06/2035 | 4200 | 369 | 299 |
|  | Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.460 | 08/06/2035 | 4200 | 369 | 362 |
|  | Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.628 | 08/20/2035 | 55000 | 4764 | 4498 |
| FAR | Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.750 | 02/09/2026 | 2500 | 9 | 0 |
| GLM | Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.310 | 04/24/2035 | 1500 | 133 | 100 |
|  | Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.310 | 04/24/2035 | 1500 | 133 | 135 |
|  | Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.430 | 05/16/2035 | 1500 | 134 | 106 |
|  | Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.430 | 05/16/2035 | 1500 | 134 | 130 |
| JPM | Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.750 | 02/05/2026 | 2500 | 10 | 0 |
|  | Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.285 | 05/07/2035 | 1600 | 144 | 106 |
|  | Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.285 | 05/07/2035 | 1600 | 144 | 146 |
|  | Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.693 | 08/27/2035 | 2800 | 241 | 218 |
|  | Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.693 | 08/27/2035 | 2800 | 241 | 224 |
| MYC | Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.485 | 08/07/2035 | 2600 | 229 | 187 |
|  | Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.485 | 08/07/2035 | 2600 | 229 | 223 |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17337 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15390 |

---

#### OPTIONS ON SECURITIES

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| GSC | Put - OTC Uniform Mortgage-Backed Security, TBA 5.000% due 02/01/2056 | $97.375 | 02/05/2026 | 1500 | $2 | $0 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA 5.500% due 02/01/2056 | 98.922 | 02/05/2026 | 3500 | 2 | 0 |
| JPM | Put - OTC Uniform Mortgage-Backed Security, TBA 5.500% due 02/01/2056 | 98.906 | 02/05/2026 | 2000 | 1 | 0 |
|  |  |  |  |  | $5 | $0 |
|  Total Purchased Options | Total Purchased Options |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17342 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15390 |

---

#### WRITTEN OPTIONS:

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BPS Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.066% | 02/05/2026 | 1000 | $(2) | $(1) |
| DUB Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.200 | 03/30/2026 | 5100 | (34) | (9) |
| GLM Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.180 | 02/05/2026 | 1900 | (2) | (1) |
|  |  |  |  |  |  | $(38) | $(11) |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| DECEMBER 31, 2025 109

------

Schedule of Investments PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund (Cont.)

#### OPTIONS ON SECURITIES

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BOA | Put - OTC Uniform Mortgage-Backed Security, TBA 4.000% due 02/01/2056 | $93.750 | 02/05/2026 | 6000 | $(13) | $(11) |
|  | Call - OTC Uniform Mortgage-Backed Security, TBA 4.000% due 02/01/2056 | 95.672 | 02/05/2026 | 10000 | (33) | (24) |
| GSC | Call - OTC Uniform Mortgage-Backed Security, TBA 4.000% due 01/01/2056 | 95.227 | 01/07/2026 | 4900 | (28) | (3) |
|  | Call - OTC Uniform Mortgage-Backed Security, TBA 4.000% due 01/01/2056 | 95.324 | 01/07/2026 | 10000 | (61) | (5) |
|  | Call - OTC Uniform Mortgage-Backed Security, TBA 4.000% due 01/01/2056 | 96.680 | 01/07/2026 | 10000 | (16) | 0 |
|  | Call - OTC Uniform Mortgage-Backed Security, TBA 4.000% due 01/01/2056 | 97.375 | 01/07/2026 | 34000 | (94) | 0 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA 4.000% due 02/01/2056 | 93.781 | 02/05/2026 | 6000 | (14) | (12) |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA 6.000% due 03/01/2056 | 102.133 | 03/05/2026 | 11500 | (31) | (9) |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA 6.000% due 03/01/2056 | 102.141 | 03/05/2026 | 17500 | (44) | (13) |
| JPM | Put - OTC Uniform Mortgage-Backed Security, TBA 6.000% due 02/01/2056 | 102.297 | 02/05/2026 | 8000 | (16) | (3) |
| MSC | Put - OTC Uniform Mortgage-Backed Security, TBA 4.000% due 01/01/2056 | 93.477 | 01/07/2026 | 10000 | (19) | 0 |
|  | Call - OTC Uniform Mortgage-Backed Security, TBA 4.000% due 01/01/2056 | 96.457 | 01/07/2026 | 10000 | (16) | 0 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA 6.500% due 02/01/2056 | 103.664 | 02/05/2026 | 3000 | (4) | 0 |
| SAL | Call - OTC Uniform Mortgage-Backed Security, TBA 4.000% due 01/01/2056 | 95.250 | 01/07/2026 | 5100 | (29) | (3) |
|  | Call - OTC Uniform Mortgage-Backed Security, TBA 4.000% due 01/01/2056 | 95.297 | 01/07/2026 | 5000 | (29) | (3) |
|  | Call - OTC Uniform Mortgage-Backed Security, TBA 4.000% due 01/01/2056 | 96.680 | 01/07/2026 | 10000 | (16) | 0 |
|  | Call - OTC Uniform Mortgage-Backed Security, TBA 4.000% due 02/01/2056 | 95.664 | 02/05/2026 | 10000 | (36) | (24) |
|  | Call - OTC Uniform Mortgage-Backed Security, TBA 4.000% due 03/01/2056 | 95.328 | 03/05/2026 | 3000 | (16) | (15) |
|  |  |  |  |  | $(515) | $(125) |
|  Total Written Options | Total Written Options |  |  |  | $(553) | $(136) |

---

#### 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, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| 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 | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(2)</sup> |
|  BOA | $0 | $6570 | $0 | $6570 | $0 | $(35) | $0 | $(35) | $6535 | $646 | $7181 |
|  BPS | 0 | 0 | 0 | 0 | 0 | (1) | 0 | (1) | (1) | 0 | (1) |
|  DUB | 0 | 7245 | 0 | 7245 | 0 | (9) | 0 | (9) | 7236 | 440 | 7676 |
|  GLM | 0 | 471 | 0 | 471 | 0 | (1) | 0 | (1) | 470 | 0 | 470 |
|  GSC | 0 | 0 | 0 | 0 | 0 | (42) | 0 | (42) | (42) | 98 | 56 |
|  JPM | 0 | 694 | 0 | 694 | 0 | (3) | 0 | (3) | 691 | 0 | 691 |
|  MYC | 0 | 410 | 0 | 410 | 0 | 0 | 0 | 0 | 410 | (10) | 400 |
|  SAL | 0 | 0 | 0 | 0 | 0 | (45) | 0 | (45) | (45) | 0 | (45) |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15390 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15390 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(136) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(136) |  |  |  |

---

(k) Securities with an aggregate market value of $1,184 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of December 31, 2025.

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<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 Statement of Assets and Liabilities as of December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 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 | $1 | $1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 271 | 271 |
|  | $0 | $0 | $0 | $0 | $272 | $272 |

---

110 PIMCO ETF TRUST See Accompanying Notes

------

December 31, 2025 (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** |
|  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; Purchased Options  | $0 | $0 | $0 | $0 | $15390 | $15390 |
|  | $&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;15662 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15662 |
|  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 | $20 | $20 |
|  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; Written Options  | $0 | $0 | $0 | $0 | $136 | $136 |
|  | $0 | $0 | $0 | $0 | $156 | $156 |

---

The effect of Financial Derivative Instruments on the Statement of Operations for the period ended December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 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 | $(43) | $(43) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 61 | 61 |
|  | $0 | $0 | $0 | $0 | $18 | $18 |
|  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; Purchased Options  | $0 | $0 | $0 | $0 | $(979) | $(979) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 1597 | 1597 |
|  | $0 | $0 | $0 | $0 | $618 | $618 |
|  | $0 | $0 | $0 | $0 | $636 | $636 |
|  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 | $(93) | $(93) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 1253 | 1253 |
|  | $0 | $0 | $0 | $0 | $1160 | $1160 |
|  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; Purchased Options  | $0 | $0 | $0 | $0 | $(1621) | $(1621) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 226 | 226 |
|  | $0 | $0 | $0 | $0 | $(1395) | $(1395) |
|  | $0 | $0 | $0 | $0 | $(235) | $(235) |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of December 31, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at<br>12/31/2025** |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | $0 | $82 | $0 | $82 |
|  U.S. Government Agencies | 715 | 1779769 | 14161 | 1794645 |
|  Non-Agency Mortgage-Backed Securities | 0 | 12420 | 1310 | 13730 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; CMBS Other | 0 | 617 | 0 | 617 |
| &nbsp;&nbsp; Home Equity Other | 0 | 1238 | 0 | 1238 |
| &nbsp;&nbsp; Home Equity Sequential | 0 | 126 | 0 | 126 |
| &nbsp;&nbsp; Other ABS | 0 | 40443 | 0 | 40443 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 0 | 991 | 0 | 991 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 16100 | 0 | 16100 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 3811 | 0 | 3811 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1855597 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15471 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1871783 |
|  Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities |
|  U.S. Government Agencies | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(246481) | $0 | $(246481) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at<br>12/31/2025** |
|  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 | $272 | $0 | $272 |
|  Over the counter | 0 | 15390 | 0 | 15390 |
|  | $0 | $15662 | $0 | $15662 |
|  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 | (20) | 0 | (20) |
|  Over the counter | 0 | (136) | 0 | (136) |
|  | $0 | $(156) | $0 | $(156) |
|  Total Financial Derivative Instruments | $0 | $15506 | $0 | $15506 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1624622 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15471 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1640808 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| DECEMBER 31, 2025 111

------

Schedule of Investments PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund (Cont.) December 31, 2025 (Unaudited)

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended December 31, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Beginning<br>Balance<br>at 06/30/2025 | Net<br>Purchases | Net<br>Sales/<br>Settlements | Accrued<br>Discounts/<br>(Premiums) | Realized<br>Gain/<br>(Loss) | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(1)</sup> | Transfers<br>into<br>Level 3 | Transfers out<br>of Level 3 | Ending<br>Balance<br>at<br>12/31/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>12/31/2025<sup>(1)</sup> |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  U.S. Government Agencies | $4463 | $14150 | $(4452) | $0 | $0 | $0 | $0 | $0 | $14161 | $10 |
|  Non-Agency Mortgage-Backed Securities | 1394 | 0 | (96) | (1) | (2) | 15 | 0 | 0 | 1310 | 5 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5857 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14150 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4548) | $&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;15 | $&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;15471 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 |

---

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 12/31/2025 | Valuation Technique | Unobservable<br>Inputs | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| Category and Subcategory | Ending<br>Balance<br>at 12/31/2025 | Valuation Technique | Unobservable<br>Inputs | Input Value(s) | Weighted Average |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  U.S. Government Agencies | $14161 | Proxy Pricing | Purchase Price | 100.359-103.313 | 101.610 |
|  Non-Agency Mortgage-Backed Securities | 1310 | Discounted Cash Flow | Discount Rate | 5.891-6.102 | 5.995 |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15471 |  |  |  |  |

---

<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, 2025 may be due to an investment no longer held or categorized as Level 3 at period end.

---

| | | |
|:---|:---|:---|
| **112** | **PIMCO ETF TRUST** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO Multisector Bond Active Exchange-Traded Fund December 31, 2025 (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 169.2% | INVESTMENTS IN SECURITIES 169.2% | INVESTMENTS IN SECURITIES 169.2% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 2.8% | LOAN PARTICIPATIONS AND ASSIGNMENTS 2.8% | LOAN PARTICIPATIONS AND ASSIGNMENTS 2.8% |
|  Alfa-Bank CJSC | Alfa-Bank CJSC |  |
|  6.330% - 8.066% due 10/21/2026 «~(j) | 431 | 431 |
|  Aligned Data Centers International LP | Aligned Data Centers International LP | Aligned Data Centers International LP |
|  7.223% due 12/18/2029 «~ | 22500 | 22663 |
|  Altice France SA | Altice France SA | Altice France SA |
|  6.391% - 7.966% (EUR003M + 4.375%) due 04/30/2028 ~ | 3000 | 3492 |
|  6.391% - 7.966% (EUR003M + 4.375%) due 10/30/2028 ~ | 2000 | 2331 |
|  6.391% - 7.966% (TSFR3M + 4.125%) due 04/30/2028 ~ | 1612 | 1597 |
|  6.391% - 7.966% (TSFR3M + 5.063%) due 10/30/2028 ~ | 1032 | 1022 |
|  10.860% (TSFR3M + 6.875%) due 05/31/2031 ~ | 2530 | 2533 |
|  American Axle & Manufacturing, Inc. | American Axle & Manufacturing, Inc. | American Axle & Manufacturing, Inc. |
|  TBD% due 02/24/2032 | 10000 | 10021 |
|  Aspire Bakeries Holdings LLC | Aspire Bakeries Holdings LLC | Aspire Bakeries Holdings LLC |
|  7.221% (TSFR1M + 3.500%) due 12/23/2030 ~ | 2977 | 2998 |
|  Bank of Industry Ltd. | Bank of Industry Ltd. | Bank of Industry Ltd. |
|  3.754% - 9.719% (EUR003M + 1.700%) due 08/23/2027 ~ | 6000 | 7032 |
|  Clover Holdings 2 LLC | Clover Holdings 2 LLC | Clover Holdings 2 LLC |
|  TBD% - 10.448% due 12/10/2029 ~µ | 116 | 115 |
|  7.522% (TSFR1M + 3.750%) due 12/09/2031 ~ | 896 | 897 |
|  Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. |
|  TBD% - 9.859% (TSFR1M + 3.250%) due 04/01/2032 ~µ | 28 | 28 |
|  TBD% - 9.859% (TSFR1M + 3.250%) due 04/01/2032 ~ | 1962 | 1962 |
|  Cotiviti Corp. | Cotiviti Corp. | Cotiviti Corp. |
|  6.623% - 7.716% (TSFR1M + 2.750%) due 05/01/2031 ~ | 983 | 947 |
|  6.623% - 7.716% (TSFR1M + 2.750%) due 03/26/2032 ~ | 4975 | 4788 |
|  CPPIB OVM Member U.S. LLC | CPPIB OVM Member U.S. LLC | CPPIB OVM Member U.S. LLC |
|  6.172% - 8.338% (TSFR3M + 2.500%) due 08/20/2031 ~ | 1975 | 1990 |
|  Cyberswift U.S. Finco LLC | Cyberswift U.S. Finco LLC | Cyberswift U.S. Finco LLC |
|  7.905% (TSFR3M + 4.000%) due 10/08/2032 ~ | 1200 | 1200 |
|  Databricks, Inc. | Databricks, Inc. | Databricks, Inc. |
|  TBD% due 01/03/2031 ~µ | 1087 | 1106 |
|  TBD% due 01/05/2032 «µ | 20987 | 21040 |
|  TBD% (TSFR1M + 4.500%) due 01/03/2031 ~ | 4913 | 4999 |
|  DirecTV Financing LLC | DirecTV Financing LLC | DirecTV Financing LLC |
|  9.340% (TSFR3M + 5.500%) due 02/17/2031 ~ | 1760 | 1762 |
|  Finastra USA, Inc. | Finastra USA, Inc. | Finastra USA, Inc. |
|  7.723% (TSFR3M + 4.000%) due 09/15/2032 ~ | 8000 | 7847 |
|  10.723% (TSFR3M + 7.000%) due 09/15/2033 ~ | 1300 | 1277 |
|  FinCo I LLC | FinCo I LLC | FinCo I LLC |
|  5.466% - 9.485% (TSFR1M + 1.750%) due 06/27/2029 ~ | 98 | 98 |
|  Froneri Lux FinCo SARL | Froneri Lux FinCo SARL | Froneri Lux FinCo SARL |
|  6.122% - 8.639% (TSFR6M + 2.250%) due 09/30/2032 ~ | 1000 | 1001 |
|  GFL Environmental, Inc. | GFL Environmental, Inc. | GFL Environmental, Inc. |
|  6.273% - 8.172% (TSFR3M + 2.500%) due 03/03/2032 ~ | 4988 | 5015 |
|  Global Medical Response, Inc. | Global Medical Response, Inc. | Global Medical Response, Inc. |
|  7.384% (TSFR3M + 3.500%) due 10/01/2032 ~ | 2090 | 2106 |
|  Golden State Foods LLC | Golden State Foods LLC | Golden State Foods LLC |
|  7.672% (TSFR3M + 4.000%) due 12/04/2031 ~ | 2963 | 2985 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  ION Platform Finance U.S., Inc. | ION Platform Finance U.S., Inc. | ION Platform Finance U.S., Inc. |
|  7.422% (TSFR3M + 3.750%) due 10/07/2032 ~ | 7100 | 6684 |
|  Jane Street Group LLC | Jane Street Group LLC | Jane Street Group LLC |
|  5.822% - 9.234% (TSFR3M + 2.000%) due 12/15/2031 ~ | 9509 | 9476 |
|  Kaseya, Inc. | Kaseya, Inc. | Kaseya, Inc. |
|  6.716% - 7.672% (TSFR1M + 3.000%) due 03/20/2032 ~ | 3970 | 3978 |
|  LifePoint Health, Inc. | LifePoint Health, Inc. | LifePoint Health, Inc. |
|  7.335% (TSFR1M + 3.500%) due 05/19/2031 ~ | 790 | 792 |
|  7.655% (TSFR3M + 3.750%) due 05/19/2031 ~ | 4950 | 4972 |
|  Medline Borrower LP | Medline Borrower LP | Medline Borrower LP |
|  5.466% - 9.485% (TSFR1M + 1.750%) due 10/23/2030 ~ | 988 | 992 |
|  MH Sub I LLC | MH Sub I LLC | MH Sub I LLC |
|  7.966% (TSFR1M + 4.250%) due 12/31/2031 ~ | 2970 | 2556 |
|  Modena Buyer LLC | Modena Buyer LLC | Modena Buyer LLC |
|  8.090% (TSFR3M + 4.250%) due 07/01/2031 ~ | 1485 | 1480 |
|  Newfold Digital Holdings Grp Inc. | Newfold Digital Holdings Grp Inc. | Newfold Digital Holdings Grp Inc. |
|  7.384% (TSFR1M + 3.500%) due 04/30/2029 ~ | 2880 | 2328 |
|  9.488% (TSFR3M + 5.750%) due 04/30/2029 ~ | 269 | 254 |
|  OCS Group Holdings Ltd. | OCS Group Holdings Ltd. | OCS Group Holdings Ltd. |
|  9.719% due 11/28/2031 ~ | 5000 | 6754 |
|  Olympus Water U.S. Holding Corp. | Olympus Water U.S. Holding Corp. | Olympus Water U.S. Holding Corp. |
|  6.922% - 7.422% (TSFR3M + 3.250%) due 11/03/2032 ~ | 800 | 796 |
|  Panama Government International Bonds | Panama Government International Bonds | Panama Government International Bonds |
|  3.837% - 9.716% (EUR006M + 1.750%) due 03/05/2027 «~ | 10000 | 11776 |
|  4.546% - 9.606% (EUR006M + 2.450%) due 04/01/2027 «~ | 7600 | 9020 |
|  Pantheon Senior Debt Secondaries III | Pantheon Senior Debt Secondaries III | Pantheon Senior Debt Secondaries III |
|  6.026% - 8.831% due 03/26/2026 «~(j) | 1400 | 1400 |
|  Paradigm Parent LLC | Paradigm Parent LLC | Paradigm Parent LLC |
|  8.172% (TSFR3M + 4.500%) due 04/16/2032 ~ | 3292 | 2908 |
|  Petco Health & Wellness Co., Inc. | Petco Health & Wellness Co., Inc. | Petco Health & Wellness Co., Inc. |
|  7.184% - 7.198% (TSFR3M + 3.250%) due 03/03/2028 ~ | 7216 | 7155 |
|  Polaris Newco LLC | Polaris Newco LLC | Polaris Newco LLC |
|  7.852% (TSFR3M + 3.750%) due 06/02/2028 ~ | 1940 | 1875 |
|  Primo Brands Corp. | Primo Brands Corp. | Primo Brands Corp. |
|  5.922% - 9.100% (TSFR3M + 2.250%) due 03/31/2028 ~ | 980 | 984 |
|  Project Alpha Investindustrial | Project Alpha Investindustrial | Project Alpha Investindustrial |
|  4.150% - 9.695% (EUR003M + 2.100%) due 02/27/2026 «~(j) | 378 | 444 |
|  Project Flash | Project Flash | Project Flash |
|  TBD% - 9.966% (TSFR1M + 2.250%) due 04/30/2030 «~µ | 9000 | 9000 |
|  Proofpoint, Inc. | Proofpoint, Inc. | Proofpoint, Inc. |
|  6.672% - 7.690% (TSFR3M + 3.000%) due 08/31/2028 ~ | 3960 | 3987 |
|  Qnity Electronics, Inc. | Qnity Electronics, Inc. | Qnity Electronics, Inc. |
|  5.804% - 9.234% (TSFR6M + 2.000%) due 11/01/2032 ~ | 900 | 905 |
|  QualityTech LP | QualityTech LP | QualityTech LP |
|  7.284% (TSFR1M + 3.500%) due 10/30/2031 ~ | 3970 | 3982 |
|  QuidelOrtho Corp. | QuidelOrtho Corp. | QuidelOrtho Corp. |
|  7.716% (TSFR1M + 4.000%) due 08/20/2032 ~ | 9975 | 9983 |
|  Raven Acquisition Holdings LLC | Raven Acquisition Holdings LLC | Raven Acquisition Holdings LLC |
|  TBD% - 9.859% (TSFR1M + 3.000%) due 11/19/2031 ~ | 1857 | 1866 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  TBD% - 9.859% due 11/19/2031 ~µ | $| 133 | 134 |
|  Republic of Kenya Government International Bonds | Republic of Kenya Government International Bonds | Republic of Kenya Government International Bonds | Republic of Kenya Government International Bonds |
|  9.186% (PRIME + 5.400%) due 04/05/2028 «~ |  | 4167 | 4126 |
|  Rockpoint Gas Storage Partners LP | Rockpoint Gas Storage Partners LP | Rockpoint Gas Storage Partners LP | Rockpoint Gas Storage Partners LP |
|  6.172% (TSFR3M + 2.500%) due 09/18/2031 ~ |  | 4836 | 4867 |
|  Specialty Building Products Holdings LLC | Specialty Building Products Holdings LLC | Specialty Building Products Holdings LLC | Specialty Building Products Holdings LLC |
|  7.566% (TSFR1M + 3.750%) due 10/16/2028 ~ |  | 2665 | 2495 |
|  Stepstone Group MidCo 2 GmbH | Stepstone Group MidCo 2 GmbH | Stepstone Group MidCo 2 GmbH | Stepstone Group MidCo 2 GmbH |
|  8.199% (TSFR3M + 4.500%) due 12/19/2031 ~ |  | 3980 | 3735 |
|  Subcalidora 2 | Subcalidora 2 | Subcalidora 2 | Subcalidora 2 |
|  7.769% (EUR003M + 5.750%) due 08/14/2029 «~ | EUR | 2000 | 2362 |
|  TK Elevator Midco GmbH | TK Elevator Midco GmbH | TK Elevator Midco GmbH | TK Elevator Midco GmbH |
|  6.947% - 7.384% (TSFR6M + 2.750%) due 04/30/2030 ~ | $| 4963 | 4999 |
|  TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. |
|  TBD% due 01/19/2032 |  | 4389 | 4411 |
|  6.216% - 8.272% (TSFR1M + 2.500%) due 08/19/2032 ~ |  | 3691 | 3710 |
|  Transnet SOC Ltd. | Transnet SOC Ltd. | Transnet SOC Ltd. | Transnet SOC Ltd. |
|  11.125% due 03/02/2028 «~ | ZAR | 131429 | 7959 |
|  Trident TPI Holdings, Inc. | Trident TPI Holdings, Inc. | Trident TPI Holdings, Inc. | Trident TPI Holdings, Inc. |
|  7.422% (TSFR3M + 3.750%) due 09/15/2028 ~ | $| 9676 | 9318 |
|  Truist Insurance Holdings LLC | Truist Insurance Holdings LLC | Truist Insurance Holdings LLC | Truist Insurance Holdings LLC |
|  6.422% - 7.905% (TSFR3M + 2.750%) due 05/06/2031 ~ |  | 460 | 461 |
|  U.S. Renal Care, Inc. | U.S. Renal Care, Inc. | U.S. Renal Care, Inc. | U.S. Renal Care, Inc. |
|  TBD% - 9.868% due 09/25/2030 «~µ |  | 363 | 359 |
|  8.831% (TSFR1M + 5.000%) due 06/28/2028 ~ |  | 2962 | 2797 |
|  TBD% - 9.868% (TSFR3M + 6.000%) due 09/25/2030 «~ |  | 2900 | 2842 |
|  UKG, Inc. | UKG, Inc. | UKG, Inc. | UKG, Inc. |
|  6.338% - 8.000% (TSFR3M + 2.500%) due 02/10/2031 ~ |  | 889 | 891 |
|  VEON Amsterdam BV | VEON Amsterdam BV | VEON Amsterdam BV | VEON Amsterdam BV |
|  8.206% (TSFR3M + 4.250%) due 03/25/2027 «~ |  | 4000 | 4000 |
|  Versant Media Group, Inc. | Versant Media Group, Inc. | Versant Media Group, Inc. | Versant Media Group, Inc. |
|  TBD% due 01/30/2031 |  | 1500 | 1502 |
|  Vista Management Holding, Inc. | Vista Management Holding, Inc. | Vista Management Holding, Inc. | Vista Management Holding, Inc. |
|  7.735% (TSFR3M + 3.750%) due 04/01/2031 ~ |  | 4950 | 5005 |
|  Total Loan Participations and Assignments<br>(Cost $282,639) | Total Loan Participations and Assignments<br>(Cost $282,639) | Total Loan Participations and Assignments<br>(Cost $282,639) | 287603 |
| CORPORATE BONDS & NOTES 29.1% | CORPORATE BONDS & NOTES 29.1% | CORPORATE BONDS & NOTES 29.1% | CORPORATE BONDS & NOTES 29.1% |
| BANKING & FINANCE 8.7% | BANKING & FINANCE 8.7% | BANKING & FINANCE 8.7% | BANKING & FINANCE 8.7% |
|  123 Lights Re Ltd. | 123 Lights Re Ltd. | 123 Lights Re Ltd. | 123 Lights Re Ltd. |
|  14.580% (FHMMUSTF + 11.000%) due 09/14/2031 ~ |  | 250 | 258 |
|  Aircastle Ltd./Aircastle Ireland DAC | Aircastle Ltd./Aircastle Ireland DAC | Aircastle Ltd./Aircastle Ireland DAC | Aircastle Ltd./Aircastle Ireland DAC |
|  5.000% due 09/15/2030 |  | 6083 | 6150 |
|  Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer |
|  6.500% due 10/01/2031 |  | 2800 | 2889 |
|  American Tower Corp. | American Tower Corp. | American Tower Corp. | American Tower Corp. |
|  2.750% due 01/15/2027 |  | 575 | 568 |
|  3.650% due 03/15/2027 |  | 200 | 199 |
|  3.800% due 08/15/2029 |  | 1400 | 1379 |
|  Antares Holdings LP | Antares Holdings LP | Antares Holdings LP | Antares Holdings LP |
|  6.500% due 02/08/2029 |  | 250 | 256 |
|  ARES Strategic Income Fund | ARES Strategic Income Fund | ARES Strategic Income Fund | ARES Strategic Income Fund |
|  4.850% due 01/15/2029 |  | 5000 | 4943 |
|  5.150% due 01/15/2031 |  | 5000 | 4909 |
|  5.450% due 09/09/2028 |  | 8249 | 8324 |
|  6.200% due 03/21/2032 |  | 5864 | 6017 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **113** |

---

------

Schedule of Investments PIMCO Multisector Bond Active Exchange-Traded Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Armor RE II Ltd. | Armor RE II Ltd. | Armor RE II Ltd. |
|  12.110% (BRMMUSDF + 8.500%) due 01/07/2032 ~ | 700 | 740 |
|  Asurion LLC & Asurion Co-Issuer, Inc. | Asurion LLC & Asurion Co-Issuer, Inc. | Asurion LLC & Asurion Co-Issuer, Inc. |
|  8.000% due 12/31/2032 | 9800 | 10174 |
|  Avilease Capital Ltd. | Avilease Capital Ltd. | Avilease Capital Ltd. |
|  4.750% due 11/12/2030 | 10000 | 9928 |
|  Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
|  4.700% due 01/30/2031 | 2300 | 2286 |
|  4.900% due 10/10/2030 | 7813 | 7858 |
|  4.950% due 10/15/2032 | 16620 | 16473 |
|  Banco Santander SA | Banco Santander SA | Banco Santander SA |
|  6.033% due 01/17/2035 | 4902 | 5252 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  2.592% due 04/29/2031 •  | 5085 | 4740 |
|  5.511% due 01/24/2036 •  | 9138 | 9533 |
|  5.819% due 09/15/2029 •  | 600 | 626 |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  5.690% due 03/12/2030 •  | 1125 | 1171 |
|  Boost Newco Borrower LLC | Boost Newco Borrower LLC | Boost Newco Borrower LLC |
|  7.500% due 01/15/2031 | 1300 | 1382 |
|  BPCE SA | BPCE SA | BPCE SA |
|  5.389% due 05/28/2031 •  | 5100 | 5238 |
|  6.027% due 05/28/2036 •  | 10091 | 10586 |
|  6.612% due 10/19/2027 •  | 250 | 255 |
|  Bread Financial Holdings, Inc. | Bread Financial Holdings, Inc. | Bread Financial Holdings, Inc. |
|  8.375% due 06/15/2035 •  | 4000 | 4160 |
|  Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC | Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC | Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC |
|  4.500% due 04/01/2027 | 160 | 159 |
|  Brown & Brown, Inc. | Brown & Brown, Inc. | Brown & Brown, Inc. |
|  4.900% due 06/23/2030 | 6893 | 6993 |
|  Burford Capital Global Finance LLC | Burford Capital Global Finance LLC | Burford Capital Global Finance LLC |
|  7.500% due 07/15/2033 | 15739 | 15039 |
|  9.250% due 07/01/2031 | 6506 | 6707 |
|  CaixaBank SA | CaixaBank SA | CaixaBank SA |
|  5.673% due 03/15/2030 •  | 1392 | 1446 |
|  Cantor Fitzgerald LP | Cantor Fitzgerald LP | Cantor Fitzgerald LP |
|  7.200% due 12/12/2028 | 850 | 904 |
|  CFE Fibra E | CFE Fibra E | CFE Fibra E |
|  5.875% due 09/23/2040 | 793 | 794 |
|  CI Financial Corp. | CI Financial Corp. | CI Financial Corp. |
|  4.625% due 12/12/2031 | 5200 | 6159 |
|  7.500% due 05/30/2029 | 2318 | 2467 |
|  CIMA Finance DAC | CIMA Finance DAC | CIMA Finance DAC |
|  2.950% due 09/05/2029 | 3166 | 2988 |
|  Citadel Finance LLC | Citadel Finance LLC | Citadel Finance LLC |
|  5.900% due 02/10/2030 | 15580 | 15912 |
|  Citadel LP | Citadel LP | Citadel LP |
|  6.000% due 01/23/2030 | 8285 | 8659 |
|  6.375% due 01/23/2032 | 7920 | 8410 |
|  Citadel Securities Global Holdings LLC | Citadel Securities Global Holdings LLC | Citadel Securities Global Holdings LLC |
|  5.500% due 06/18/2030 | 5281 | 5424 |
|  Constellation Global Funding | Constellation Global Funding | Constellation Global Funding |
|  4.850% due 10/22/2030 | 11095 | 11018 |
|  COPT Defense Properties LP | COPT Defense Properties LP | COPT Defense Properties LP |
|  4.500% due 10/15/2030 | 600 | 598 |
|  Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA |
|  9.700% due 03/05/2045 | 52100 | 16431 |
|  10.100% due 12/15/2043 | 8500 | 2750 |
|  Credit Opportunities Partners LLC | Credit Opportunities Partners LLC | Credit Opportunities Partners LLC |
|  6.520% due 03/20/2028 «(i) | 8000 | 8097 |
|  CrossCountry Intermediate HoldCo LLC | CrossCountry Intermediate HoldCo LLC | CrossCountry Intermediate HoldCo LLC |
|  6.500% due 10/01/2030 | 800 | 817 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  1.050% due 07/15/2026 | 475 | 467 |
|  Deloitte LLP | Deloitte LLP | Deloitte LLP |
|  5.250% due 01/30/2030 «(i) | 2000 | 2041 |
|  5.410% due 01/30/2032 «(i) | 2000 | 2045 |
|  5.590% due 01/30/2035 «(i) | 2000 | 2037 |
|  EF Holdco/EF Cayman Holdings/Ellington Financial REIT Cayman/TRS/EF Cayman Non-MTM | EF Holdco/EF Cayman Holdings/Ellington Financial REIT Cayman/TRS/EF Cayman Non-MTM | EF Holdco/EF Cayman Holdings/Ellington Financial REIT Cayman/TRS/EF Cayman Non-MTM |
|  7.375% due 09/30/2030 | 3276 | 3306 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Encore Capital Group, Inc. | Encore Capital Group, Inc. | Encore Capital Group, Inc. |
|  6.625% due 04/15/2031 | 5907 | 5941 |
|  8.500% due 05/15/2030 | 11925 | 12833 |
|  9.250% due 04/01/2029 | 3484 | 3676 |
|  EPR Properties | EPR Properties | EPR Properties |
|  3.750% due 08/15/2029 | 17405 | 16888 |
|  Equinix Europe 2 Financing Corp. LLC | Equinix Europe 2 Financing Corp. LLC | Equinix Europe 2 Financing Corp. LLC |
|  4.600% due 11/15/2030 | 7010 | 7033 |
|  Equitable Holdings, Inc. | Equitable Holdings, Inc. | Equitable Holdings, Inc. |
|  4.350% due 04/20/2028 | 20 | 20 |
|  Essential Properties LP | Essential Properties LP | Essential Properties LP |
|  5.400% due 12/01/2035 | 12439 | 12468 |
|  Everglades Re II Ltd. | Everglades Re II Ltd. | Everglades Re II Ltd. |
|  15.121% (GSMMUSTI + 11.500%) due 05/13/2031 ~ | 400 | 422 |
|  F&G Global Funding | F&G Global Funding | F&G Global Funding |
|  5.875% due 01/16/2030 | 9366 | 9731 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  2.900% due 02/16/2028 | 700 | 674 |
|  5.800% due 03/05/2027 | 1125 | 1139 |
|  5.875% due 11/07/2029 | 8000 | 8215 |
|  5.918% due 03/20/2028 | 15400 | 15767 |
|  6.798% due 11/07/2028 | 800 | 840 |
|  Fortitude Group Holdings LLC | Fortitude Group Holdings LLC | Fortitude Group Holdings LLC |
|  6.250% due 04/01/2030 | 9525 | 9928 |
|  Freedom Mortgage Corp. | Freedom Mortgage Corp. | Freedom Mortgage Corp. |
|  6.625% due 01/15/2027 | 1560 | 1571 |
|  Freedom Mortgage Holdings LLC | Freedom Mortgage Holdings LLC | Freedom Mortgage Holdings LLC |
|  6.875% due 05/01/2031 | 6000 | 6007 |
|  9.125% due 05/15/2031 | 2632 | 2830 |
|  9.250% due 02/01/2029 | 300 | 315 |
|  FS KKR Capital Corp. | FS KKR Capital Corp. | FS KKR Capital Corp. |
|  3.125% due 10/12/2028 | 13561 | 12518 |
|  6.125% due 01/15/2031 | 5000 | 4882 |
|  FTAI Aviation Investors LLC | FTAI Aviation Investors LLC | FTAI Aviation Investors LLC |
|  5.500% due 05/01/2028 | 1430 | 1434 |
|  7.000% due 05/01/2031 | 3701 | 3900 |
|  GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. |
|  4.000% due 01/15/2031 | 2425 | 2331 |
|  5.250% due 02/15/2033 | 500 | 502 |
|  5.300% due 01/15/2029 | 3331 | 3391 |
|  5.625% due 09/15/2034 | 1950 | 1980 |
|  5.750% due 11/01/2037 | 2200 | 2196 |
|  Golden Bear Re Ltd. | Golden Bear Re Ltd. | Golden Bear Re Ltd. |
|  13.292% (T-BILL 1MO + 9.750%) due 01/08/2029 ~ | 1250 | 1251 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  5.218% due 04/23/2031 •  | 12000 | 12397 |
|  Greengrove RE Ltd. | Greengrove RE Ltd. | Greengrove RE Ltd. |
|  11.292% (T-BILL 1MO + 7.750%) due 04/08/2032 ~ | 2000 | 2081 |
|  HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. |
|  6.150% due 01/15/2031 | 2700 | 2777 |
|  6.375% due 07/01/2034 | 1700 | 1733 |
|  Handshake Re Ltd. | Handshake Re Ltd. | Handshake Re Ltd. |
|  4.160% (JMMMUSTF + 4.500%) due 01/08/2030 ~ | 250 | 250 |
|  Hardwood Funding LLC | Hardwood Funding LLC | Hardwood Funding LLC |
|  4.840% due 06/07/2028 «(i) | 6000 | 6065 |
|  HAT Holdings I LLC/HAT Holdings II LLC | HAT Holdings I LLC/HAT Holdings II LLC | HAT Holdings I LLC/HAT Holdings II LLC |
|  3.375% due 06/15/2026 | 13 | 13 |
|  8.000% due 06/15/2027 | 446 | 463 |
|  Host Hotels & Resorts LP | Host Hotels & Resorts LP | Host Hotels & Resorts LP |
|  3.500% due 09/15/2030 | 3018 | 2880 |
|  HPS Corporate Lending Fund | HPS Corporate Lending Fund | HPS Corporate Lending Fund |
|  5.450% due 01/14/2028 | 12250 | 12389 |
|  ICBC Standard Bank PLC | ICBC Standard Bank PLC | ICBC Standard Bank PLC |
|  20.000% due 12/13/2029 « | 120106000 | 9992 |
|  ION Platform Finance U.S., Inc. | ION Platform Finance U.S., Inc. | ION Platform Finance U.S., Inc. |
|  7.875% due 09/30/2032 | 12827 | 12187 |
|  ION Platform Finance U.S., Inc./ION Platform Finance SARL | ION Platform Finance U.S., Inc./ION Platform Finance SARL | ION Platform Finance U.S., Inc./ION Platform Finance SARL |
|  5.000% due 05/01/2028 | 4500 | 4197 |
|  9.000% due 08/01/2029 | 7949 | 7861 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Jane Street Group/JSG Finance, Inc. | Jane Street Group/JSG Finance, Inc. | Jane Street Group/JSG Finance, Inc. |
|  6.125% due 11/01/2032 | 6731 | 6854 |
|  6.750% due 05/01/2033 | 7770 | 8115 |
|  7.125% due 04/30/2031 | 1935 | 2034 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  5.294% due 07/22/2035 •  | 6898 | 7119 |
|  5.350% due 06/01/2034 •  | 7436 | 7729 |
|  5.502% due 01/24/2036 •  | 23036 | 24090 |
|  5.766% due 04/22/2035 •  | 2820 | 3007 |
|  6.254% due 10/23/2034 •  | 2614 | 2875 |
|  Kona Spc Ltd. | Kona Spc Ltd. | Kona Spc Ltd. |
|  5.718% due 09/15/2026 «•  | 1600 | 1887 |
|  Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. | Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. | Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. |
|  5.500% due 08/01/2030 | 2934 | 3004 |
|  7.000% due 07/15/2031 | 1300 | 1379 |
|  Lazard Group LLC | Lazard Group LLC | Lazard Group LLC |
|  6.000% due 03/15/2031 | 10018 | 10622 |
|  Lineage OP LP | Lineage OP LP | Lineage OP LP |
|  5.250% due 07/15/2030 | 10124 | 10224 |
|  Marex Group PLC | Marex Group PLC | Marex Group PLC |
|  5.829% due 05/08/2028 | 13381 | 13610 |
|  Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. |
|  5.406% due 04/19/2034 •  | 465 | 487 |
|  5.472% due 09/13/2033 •  | 2400 | 2515 |
|  5.574% due 01/16/2036 •  | 6391 | 6700 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  3.622% due 04/01/2031 •  | 9000 | 8748 |
|  3.955% due 03/21/2035 •  | 1000 | 1193 |
|  6.407% due 11/01/2029 •  | 500 | 530 |
|  National Health Investors, Inc. | National Health Investors, Inc. | National Health Investors, Inc. |
|  5.350% due 02/01/2033 | 16724 | 16706 |
|  Nature Coast Re Ltd. | Nature Coast Re Ltd. | Nature Coast Re Ltd. |
|  13.371% (GSMMUSTI + 9.750%) due 04/10/2033 ~ | 2200 | 2286 |
|  Newmark Group, Inc. | Newmark Group, Inc. | Newmark Group, Inc. |
|  7.500% due 01/12/2029 | 12469 | 13388 |
|  Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC |
|  2.450% due 09/15/2028 | 1140 | 1060 |
|  5.625% due 09/29/2028 | 3400 | 3412 |
|  5.773% (SOFRINDX + 2.050%) due 09/13/2027 ~ | 550 | 547 |
|  Norinchukin Bank | Norinchukin Bank | Norinchukin Bank |
|  4.674% due 09/09/2030 | 400 | 403 |
|  5.094% due 10/16/2029 | 13203 | 13465 |
|  5.359% due 09/09/2035 | 3370 | 3418 |
|  OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. |
|  3.500% due 01/15/2027 | 3074 | 3046 |
|  6.125% due 05/15/2030 | 5870 | 5999 |
|  6.625% due 01/15/2028 | 8000 | 8237 |
|  6.625% due 05/15/2029 | 4640 | 4812 |
|  6.750% due 09/15/2033 | 7500 | 7604 |
|  7.125% due 11/15/2031 | 3200 | 3343 |
|  7.500% due 05/15/2031 | 4450 | 4685 |
|  Osaic Holdings, Inc. | Osaic Holdings, Inc. | Osaic Holdings, Inc. |
|  6.750% due 08/01/2032 | 300 | 314 |
|  Palm RE Ltd. | Palm RE Ltd. | Palm RE Ltd. |
|  11.380% (BNMMDTSC + 7.750%) due 06/07/2032 ~ | 900 | 941 |
|  Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC |
|  0.000% due 04/05/2032 (e) | 2850 | 2201 |
|  Pebblebrook Hotel LP/PEB Finance Corp. | Pebblebrook Hotel LP/PEB Finance Corp. | Pebblebrook Hotel LP/PEB Finance Corp. |
|  6.375% due 10/15/2029 | 5150 | 5290 |
|  PennyMac Financial Services, Inc. | PennyMac Financial Services, Inc. | PennyMac Financial Services, Inc. |
|  5.750% due 09/15/2031 | 857 | 864 |
|  7.875% due 12/15/2029 | 350 | 373 |
|  Rfna LP | Rfna LP | Rfna LP |
|  7.875% due 02/15/2030 | 4850 | 4955 |
|  Rocket Cos., Inc. | Rocket Cos., Inc. | Rocket Cos., Inc. |
|  6.125% due 08/01/2030 | 3865 | 3997 |
|  Sammons Financial Group Global Funding | Sammons Financial Group Global Funding | Sammons Financial Group Global Funding |
|  5.100% due 12/10/2029 | 2000 | 2051 |
|  Sammons Financial Group, Inc. | Sammons Financial Group, Inc. | Sammons Financial Group, Inc. |
|  6.875% due 04/15/2034 | 25640 | 28138 |

---

---

| | | |
|:---|:---|:---|
| **114** | **PIMCO ETF TRUST** | See Accompanying Notes |

---

------

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Santander Holdings USA, Inc. | Santander Holdings USA, Inc. | Santander Holdings USA, Inc. |
|  5.473% due 03/20/2029 •  | 7395 | 7559 |
|  6.174% due 01/09/2030 •  | 636 | 663 |
|  Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC |
|  3.823% due 11/03/2028 •  | 800 | 795 |
|  4.320% due 09/22/2029 •  | 1600 | 1602 |
|  5.694% due 04/15/2031 •  | 4300 | 4485 |
|  6.534% due 01/10/2029 •  | 700 | 732 |
|  Selective Insurance Group, Inc. | Selective Insurance Group, Inc. | Selective Insurance Group, Inc. |
|  5.900% due 04/15/2035 | 22527 | 23657 |
|  Service Properties Trust | Service Properties Trust | Service Properties Trust |
|  0.000% due 09/30/2028 (e) | 5200 | 4705 |
|  Sixth Street Lending Partners | Sixth Street Lending Partners | Sixth Street Lending Partners |
|  5.750% due 01/15/2030 | 13671 | 13860 |
|  6.125% due 07/15/2030 | 8498 | 8726 |
|  SLM Corp. | SLM Corp. | SLM Corp. |
|  3.125% due 11/02/2026 | 2400 | 2361 |
|  6.500% due 01/31/2030 | 10715 | 11107 |
|  SOCAR Turkey Enerji AS via Steas Funding 1 DAC | SOCAR Turkey Enerji AS via Steas Funding 1 DAC | SOCAR Turkey Enerji AS via Steas Funding 1 DAC |
|  7.230% due 03/17/2026 | 4700 | 4708 |
|  Starwood Property Trust, Inc. | Starwood Property Trust, Inc. | Starwood Property Trust, Inc. |
|  5.250% due 10/15/2028 | 500 | 506 |
|  5.750% due 01/15/2031 | 11900 | 12043 |
|  6.500% due 07/01/2030 | 3000 | 3140 |
|  Stellantis Financial Services U.S. Corp. | Stellantis Financial Services U.S. Corp. | Stellantis Financial Services U.S. Corp. |
|  4.950% due 09/15/2028 | 700 | 710 |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  5.699% due 02/08/2035 •  | 1000 | 1052 |
|  UniCredit SpA | UniCredit SpA | UniCredit SpA |
|  7.296% due 04/02/2034 •  | 300 | 322 |
|  VB DPR Finance Co. | VB DPR Finance Co. | VB DPR Finance Co. |
|  6.833% due 03/15/2035 «(i) | 4200 | 4512 |
|  VFH Parent LLC/Valor Co-Issuer, Inc. | VFH Parent LLC/Valor Co-Issuer, Inc. | VFH Parent LLC/Valor Co-Issuer, Inc. |
|  7.500% due 06/15/2031 | 3169 | 3327 |
|  VICI Properties LP | VICI Properties LP | VICI Properties LP |
|  4.950% due 02/15/2030 | 2110 | 2136 |
|  5.125% due 11/15/2031 | 14869 | 15070 |
|  5.750% due 04/01/2034 | 6085 | 6283 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  5.244% due 01/24/2031 •  | 3900 | 4041 |
|  5.389% due 04/24/2034 •  | 2738 | 2850 |
|  Weyerhaeuser Co. | Weyerhaeuser Co. | Weyerhaeuser Co. |
|  7.375% due 03/15/2032 | 1000 | 1140 |
|  Winston RE Ltd. | Winston RE Ltd. | Winston RE Ltd. |
|  10.130% (BNMMDTSC + 6.500%) due 02/21/2028 ~ | 300 | 310 |
|  |  | 890589 |
| INDUSTRIALS 18.0% |  |  |
|  1011778 BC ULC/New Red Finance, Inc. | 1011778 BC ULC/New Red Finance, Inc. | 1011778 BC ULC/New Red Finance, Inc. |
|  3.500% due 02/15/2029 | 4779 | 4634 |
|  4.000% due 10/15/2030 | 26172 | 24956 |
|  Advance Auto Parts, Inc. |  |  |
|  7.000% due 08/01/2030 | 13089 | 13209 |
|  7.375% due 08/01/2033 | 1600 | 1607 |
|  Air Canada Pass-Through Trust | Air Canada Pass-Through Trust | Air Canada Pass-Through Trust |
|  3.300% due 07/15/2031 | 1197 | 1146 |
|  3.600% due 09/15/2028 | 1384 | 1369 |
|  Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC |
|  5.500% due 03/31/2031 | 500 | 506 |
|  Albion Financing 1 SARL/Aggreko Holdings, Inc. | Albion Financing 1 SARL/Aggreko Holdings, Inc. | Albion Financing 1 SARL/Aggreko Holdings, Inc. |
|  7.000% due 05/21/2030 | 21417 | 22440 |
|  Altice France SA |  |  |
|  6.875% due 07/15/2032 | 4611 | 4425 |
|  9.500% due 11/01/2029 | 13958 | 14420 |
|  Amer Sports Co. |  |  |
|  6.750% due 02/16/2031 | 775 | 813 |
|  American Airlines Pass-Through Trust | American Airlines Pass-Through Trust | American Airlines Pass-Through Trust |
|  3.200% due 12/15/2029 | 988 | 967 |
|  3.600% due 03/22/2029 | 429 | 425 |
|  3.650% due 08/15/2030 | 1022 | 1005 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  ams-OSRAM AG |  |  |  |  |
|  10.500% due 03/30/2029 |  | 1300 | $— | 1597 |
|  12.250% due 03/30/2029 | $— | 2450 |  | 2615 |
|  AppLovin Corp. |  |  |  |  |
|  5.125% due 12/01/2029 |  | 1000 |  | 1026 |
|  Ashtead Capital, Inc. |  |  |  |  |
|  5.800% due 04/15/2034 |  | 30332 |  | 31820 |
|  Aston Martin Capital Holdings Ltd. | Aston Martin Capital Holdings Ltd. | Aston Martin Capital Holdings Ltd. | Aston Martin Capital Holdings Ltd. | Aston Martin Capital Holdings Ltd. |
|  10.000% due 03/31/2029 |  | 250 |  | 233 |
|  Axon Enterprise, Inc. |  |  |  |  |
|  6.125% due 03/15/2030 |  | 14820 |  | 15336 |
|  **Bausch & Lomb Corp.** |  |  |  |  |
|  8.375% due 10/01/2028 |  | 250 |  | 261 |
|  Baxter International, Inc. |  |  |  |  |
|  4.450% due 02/15/2029 |  | 200 |  | 201 |
|  4.900% due 12/15/2030 |  | 600 |  | 605 |
|  Beacon Mobility Corp. |  |  |  |  |
|  7.250% due 08/01/2030 |  | 15701 |  | 16431 |
|  **Becton Dickinson & Co.** |  |  |  |  |
|  1.957% due 02/11/2031 |  | 1453 |  | 1292 |
|  Beignet Investor LLC |  |  |  |  |
|  6.581% due 05/30/2049 |  | 75800 |  | 80152 |
|  Block, Inc. |  |  |  |  |
|  5.625% due 08/15/2030 |  | 7858 |  | 8022 |
|  6.000% due 08/15/2033 |  | 7098 |  | 7291 |
|  6.500% due 05/15/2032 |  | 28160 |  | 29301 |
|  Boeing Co. |  |  |  |  |
|  2.196% due 02/04/2026 |  | 2300 |  | 2296 |
|  3.250% due 02/01/2028 |  | 3000 |  | 2951 |
|  3.625% due 02/01/2031 |  | 6804 |  | 6539 |
|  5.150% due 05/01/2030 |  | 1952 |  | 2006 |
|  6.388% due 05/01/2031 |  | 1000 |  | 1086 |
|  6.528% due 05/01/2034 |  | 7581 |  | 8390 |
|  6.858% due 05/01/2054 |  | 2420 |  | 2720 |
|  Booz Allen Hamilton, Inc. |  |  |  |  |
|  5.950% due 04/15/2035 |  | 25401 |  | 26334 |
|  Brightstar Lottery PLC/Brightstar Global Solutions Corp. | Brightstar Lottery PLC/Brightstar Global Solutions Corp. | Brightstar Lottery PLC/Brightstar Global Solutions Corp. | Brightstar Lottery PLC/Brightstar Global Solutions Corp. | Brightstar Lottery PLC/Brightstar Global Solutions Corp. |
|  5.750% due 01/15/2033 |  | 2900 |  | 2881 |
|  British Airways Pass-Through Trust | British Airways Pass-Through Trust | British Airways Pass-Through Trust | British Airways Pass-Through Trust | British Airways Pass-Through Trust |
|  3.300% due 06/15/2034 |  | 590 |  | 558 |
|  Broadcom Corp./Broadcom Cayman Finance Ltd. | Broadcom Corp./Broadcom Cayman Finance Ltd. | Broadcom Corp./Broadcom Cayman Finance Ltd. | Broadcom Corp./Broadcom Cayman Finance Ltd. | Broadcom Corp./Broadcom Cayman Finance Ltd. |
|  3.500% due 01/15/2028 |  | 100 |  | 99 |
|  Broadcom, Inc. |  |  |  |  |
|  3.187% due 11/15/2036 |  | 11924 |  | 10117 |
|  4.926% due 05/15/2037 |  | 8978 |  | 8865 |
|  Builders FirstSource, Inc. |  |  |  |  |
|  4.250% due 02/01/2032 |  | 6263 |  | 5969 |
|  5.000% due 03/01/2030 |  | 3317 |  | 3310 |
|  Camelot Finance SA |  |  |  |  |
|  4.500% due 11/01/2026 |  | 224 |  | 223 |
|  Carnival Corp. |  |  |  |  |
|  4.000% due 08/01/2028 |  | 15996 |  | 15768 |
|  5.125% due 05/01/2029 |  | 7310 |  | 7395 |
|  Carpenter Technology Corp. |  |  |  |  |
|  5.625% due 03/01/2034 |  | 600 |  | 610 |
|  Carvana Co. |  |  |  |  |
|  9.000% due 06/01/2030 |  | 4000 |  | 4198 |
|  CCO Holdings LLC/CCO Holdings Capital Corp. | CCO Holdings LLC/CCO Holdings Capital Corp. | CCO Holdings LLC/CCO Holdings Capital Corp. | CCO Holdings LLC/CCO Holdings Capital Corp. | CCO Holdings LLC/CCO Holdings Capital Corp. |
|  4.500% due 05/01/2032 |  | 4350 |  | 3907 |
|  CDW LLC/CDW Finance Corp. |  |  |  |  |
|  3.569% due 12/01/2031 |  | 19455 |  | 18131 |
|  5.100% due 03/01/2030 |  | 15357 |  | 15661 |
|  5.550% due 08/22/2034 |  | 7483 |  | 7631 |
|  Centene Corp. |  |  |  |  |
|  2.500% due 03/01/2031 |  | 16458 |  | 14222 |
|  3.000% due 10/15/2030 |  | 17368 |  | 15552 |
|  Cerdia Finanz GmbH |  |  |  |  |
|  9.375% due 10/03/2031 |  | 8847 |  | 9190 |
|  CGI, Inc. |  |  |  |  |
|  1.450% due 09/14/2026 |  | 400 |  | 393 |
|  Charter Communications Operating LLC/Charter Communications Operating Capital | Charter Communications Operating LLC/Charter Communications Operating Capital | Charter Communications Operating LLC/Charter Communications Operating Capital | Charter Communications Operating LLC/Charter Communications Operating Capital | Charter Communications Operating LLC/Charter Communications Operating Capital |
|  2.250% due 01/15/2029 |  | 1000 |  | 936 |
|  2.800% due 04/01/2031 |  | 100 |  | 90 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  3.850% due 04/01/2061 | $— | 15546 | $— | 9278 |
|  3.950% due 06/30/2062 |  | 1850 |  | 1114 |
|  Cheniere Energy Partners LP |  |  |  |  |
|  3.250% due 01/31/2032 |  | 250 |  | 230 |
|  Chord Energy Corp. |  |  |  |  |
|  6.000% due 10/01/2030 |  | 13401 |  | 13616 |
|  6.750% due 03/15/2033 |  | 12677 |  | 13118 |
|  CHS/Community Health Systems, Inc. | CHS/Community Health Systems, Inc. | CHS/Community Health Systems, Inc. | CHS/Community Health Systems, Inc. | CHS/Community Health Systems, Inc. |
|  5.250% due 05/15/2030 |  | 13740 |  | 12929 |
|  9.750% due 01/15/2034 |  | 10493 |  | 11034 |
|  Civitas Resources, Inc. |  |  |  |  |
|  9.625% due 06/15/2033 |  | 3075 |  | 3322 |
|  Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. |
|  6.750% due 04/15/2032 |  | 27221 |  | 28009 |
|  CMA CGM SA |  |  |  |  |
|  5.000% due 01/15/2031 |  | 1500 |  | 1766 |
|  5.500% due 07/15/2029 |  | 1000 |  | 1220 |
|  Cogent Communications Group LLC/Cogent Finance, Inc. | Cogent Communications Group LLC/Cogent Finance, Inc. | Cogent Communications Group LLC/Cogent Finance, Inc. | Cogent Communications Group LLC/Cogent Finance, Inc. | Cogent Communications Group LLC/Cogent Finance, Inc. |
|  6.500% due 07/01/2032 (k) | $— | 20471 |  | 19170 |
|  CommonSpirit Health |  |  |  |  |
|  4.352% due 09/01/2030 |  | 1900 |  | 1893 |
|  4.975% due 09/01/2035 |  | 2300 |  | 2274 |
|  Conagra Brands, Inc. |  |  |  |  |
|  5.000% due 08/01/2030 |  | 1075 |  | 1088 |
|  CoreWeave, Inc. |  |  |  |  |
|  9.000% due 02/01/2031 |  | 12502 |  | 11474 |
|  Coterra Energy, Inc. |  |  |  |  |
|  5.400% due 02/15/2035 |  | 2000 |  | 2031 |
|  Crowdstrike Holdings, Inc. |  |  |  |  |
|  3.000% due 02/15/2029 |  | 1540 |  | 1479 |
|  CVS Health Corp. |  |  |  |  |
|  4.300% due 03/25/2028 |  | 630 |  | 632 |
|  Dcli Bidco LLC |  |  |  |  |
|  7.750% due 11/15/2029 |  | 5000 |  | 5144 |
|  Delta Air Lines Pass-Through Trust | Delta Air Lines Pass-Through Trust | Delta Air Lines Pass-Through Trust | Delta Air Lines Pass-Through Trust | Delta Air Lines Pass-Through Trust |
|  2.000% due 12/10/2029 |  | 3356 |  | 3208 |
|  Diamond Foreign Asset Co./Diamond Finance LLC | Diamond Foreign Asset Co./Diamond Finance LLC | Diamond Foreign Asset Co./Diamond Finance LLC | Diamond Foreign Asset Co./Diamond Finance LLC | Diamond Foreign Asset Co./Diamond Finance LLC |
|  8.500% due 10/01/2030 |  | 8787 |  | 9340 |
|  Diamondback Energy, Inc. |  |  |  |  |
|  5.550% due 04/01/2035 |  | 9000 |  | 9254 |
|  Efesto Bidco SpA Efesto U.S. LLC | Efesto Bidco SpA Efesto U.S. LLC | Efesto Bidco SpA Efesto U.S. LLC | Efesto Bidco SpA Efesto U.S. LLC | Efesto Bidco SpA Efesto U.S. LLC |
|  7.500% due 02/15/2032 |  | 2200 |  | 2227 |
|  Elevance Health, Inc. |  |  |  |  |
|  4.750% due 02/15/2030 |  | 3000 |  | 3061 |
|  Enbridge, Inc. |  |  |  |  |
|  5.700% due 03/08/2033 |  | 26873 |  | 28319 |
|  Energy Transfer LP |  |  |  |  |
|  3.750% due 05/15/2030 |  | 1736 |  | 1690 |
|  5.200% due 04/01/2030 |  | 5000 |  | 5154 |
|  5.600% due 09/01/2034 |  | 12444 |  | 12813 |
|  5.700% due 04/01/2035 |  | 5019 |  | 5198 |
|  6.550% due 12/01/2033 |  | 4382 |  | 4805 |
|  Eni SpA |  |  |  |  |
|  5.500% due 05/15/2034 |  | 17140 |  | 17672 |
|  Entergy Louisiana LLC |  |  |  |  |
|  4.000% due 03/15/2033 |  | 1733 |  | 1673 |
|  5.350% due 03/15/2034 |  | 2995 |  | 3114 |
|  EQT Corp. |  |  |  |  |
|  4.500% due 01/15/2029 |  | 2746 |  | 2753 |
|  4.750% due 01/15/2031 |  | 7624 |  | 7677 |
|  Essent Group Ltd. |  |  |  |  |
|  6.250% due 07/01/2029 |  | 15436 |  | 16122 |
|  Expand Energy Corp. |  |  |  |  |
|  5.700% due 01/15/2035 |  | 15095 |  | 15628 |
|  First Student Bidco, Inc./First Transit Parent, Inc. | First Student Bidco, Inc./First Transit Parent, Inc. | First Student Bidco, Inc./First Transit Parent, Inc. | First Student Bidco, Inc./First Transit Parent, Inc. | First Student Bidco, Inc./First Transit Parent, Inc. |
|  4.000% due 07/31/2029 |  | 3830 |  | 3736 |
|  Flex Intermediate Holdco LLC | Flex Intermediate Holdco LLC | Flex Intermediate Holdco LLC | Flex Intermediate Holdco LLC | Flex Intermediate Holdco LLC |
|  3.363% due 06/30/2031 |  | 7787 |  | 7177 |
|  Flex Ltd. |  |  |  |  |
|  5.250% due 01/15/2032 |  | 1895 |  | 1932 |
|  5.375% due 11/13/2035 |  | 6703 |  | 6690 |
|  Flora Food Management BV | Flora Food Management BV | Flora Food Management BV | Flora Food Management BV | Flora Food Management BV |
|  6.875% due 07/02/2029 |  | 3000 |  | 3509 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **115** |

---

------

Schedule of Investments PIMCO Multisector Bond Active Exchange-Traded Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Flutter Treasury DAC |  |  |
|  5.875% due 06/04/2031 | 33821 | 34310 |
|  Ford Motor Co. |  |  |
|  3.250% due 02/12/2032 | 185 | 163 |
|  Gartner, Inc. |  |  |
|  3.750% due 10/01/2030 | 54882 | 52070 |
|  Global Medical Response, Inc. |  |  |
|  7.384% due 10/01/2032 | 4600 | 4790 |
|  Global Payments, Inc. |  |  |
|  1.200% due 03/01/2026 | 300 | 299 |
|  goeasy Ltd. |  |  |
|  7.625% due 07/01/2029 | 12492 | 12363 |
|  9.250% due 12/01/2028 | 3463 | 3563 |
|  Gray Media, Inc. |  |  |
|  9.625% due 07/15/2032 | 12000 | 12462 |
|  Greensaif Pipelines Bidco SARL | Greensaif Pipelines Bidco SARL | Greensaif Pipelines Bidco SARL |
|  5.853% due 02/23/2036 | 3500 | 3666 |
|  HCA, Inc. |  |  |
|  3.625% due 03/15/2032 | 18466 | 17464 |
|  4.625% due 03/15/2052 | 5679 | 4641 |
|  5.500% due 03/01/2032 | 5583 | 5820 |
|  5.750% due 03/01/2035 | 23901 | 25100 |
|  Hologic, Inc. |  |  |
|  3.250% due 02/15/2029 | 14717 | 14517 |
|  Howard Midstream Energy Partners LLC | Howard Midstream Energy Partners LLC | Howard Midstream Energy Partners LLC |
|  6.625% due 01/15/2034 | 6597 | 6780 |
|  Howmet Aerospace, Inc. |  |  |
|  6.750% due 01/15/2028 | 60 | 63 |
|  IHO Verwaltungs GmbH (8.000% Cash or 8.750% PIK) | IHO Verwaltungs GmbH (8.000% Cash or 8.750% PIK) | IHO Verwaltungs GmbH (8.000% Cash or 8.750% PIK) |
|  8.000% due 11/15/2032 (b) | 200 | 211 |
|  Insulet Corp. |  |  |
|  6.500% due 04/01/2033 | 13897 | 14539 |
|  Intralot Capital Luxembourg SA | Intralot Capital Luxembourg SA | Intralot Capital Luxembourg SA |
|  6.750% due 10/15/2031 | 5300 | 6213 |
|  Inversion Escrow Issuer LLC |  |  |
|  6.750% due 08/01/2032 | 800 | 800 |
|  IPD 3 BV |  |  |
|  5.475% due 06/15/2031 •  | 1000 | 1185 |
|  IQVIA, Inc. |  |  |
|  6.250% due 02/01/2029 | 6239 | 6580 |
|  6.250% due 06/01/2032 | 4519 | 4728 |
|  JetBlue Airways Corp./JetBlue Loyalty LP | JetBlue Airways Corp./JetBlue Loyalty LP | JetBlue Airways Corp./JetBlue Loyalty LP |
|  9.875% due 09/20/2031 | 11467 | 11563 |
|  JetBlue Pass-Through Trust |  |  |
|  2.750% due 11/15/2033 | 1511 | 1359 |
|  4.000% due 05/15/2034 | 1216 | 1160 |
|  Kioxia Holdings Corp. |  |  |
|  0.000% due 07/24/2030 ~ | 3412 | 3513 |
|  Kodiak Gas Services LLC |  |  |
|  6.500% due 10/01/2033 | 1600 | 1635 |
|  6.750% due 10/01/2035 | 300 | 309 |
|  **Kraken Oil & Gas Partners LLC** | **Kraken Oil & Gas Partners LLC** | **Kraken Oil & Gas Partners LLC** |
|  7.625% due 08/15/2029 | 5000 | 4956 |
|  Las Vegas Sands Corp. |  |  |
|  3.500% due 08/18/2026 | 2800 | 2789 |
|  3.900% due 08/08/2029 | 6181 | 6039 |
|  Lithia Motors, Inc. |  |  |
|  5.500% due 10/01/2030 | 2020 | 2035 |
|  Live Nation Entertainment, Inc. | Live Nation Entertainment, Inc. | Live Nation Entertainment, Inc. |
|  3.750% due 01/15/2028 | 11622 | 11455 |
|  Manuchar Group SARL | Manuchar Group SARL | Manuchar Group SARL |
|  7.100% due 07/07/2032 •  | 5000 | 5641 |
|  Marriott International, Inc. |  |  |
|  5.100% due 04/15/2032 | 11705 | 12060 |
|  Marvell Technology, Inc. |  |  |
|  4.750% due 07/15/2030 | 400 | 405 |
|  5.450% due 07/15/2035 | 500 | 515 |
|  5.750% due 02/15/2029 | 1500 | 1565 |
|  Matador Resources Co. |  |  |
|  6.250% due 04/15/2033 | 1000 | 1005 |
|  Mauser Packaging Solutions Holding Co. | Mauser Packaging Solutions Holding Co. | Mauser Packaging Solutions Holding Co. |
|  7.875% due 04/15/2030 | 425 | 422 |
|  Medline Borrower LP/Medline Co-Issuer, Inc. | Medline Borrower LP/Medline Co-Issuer, Inc. | Medline Borrower LP/Medline Co-Issuer, Inc. |
|  6.250% due 04/01/2029 | 2862 | 2962 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  MercadoLibre, Inc. |  |  |
|  4.900% due 01/15/2033 | 2100 | 2082 |
|  MPLX LP |  |  |
|  1.750% due 03/01/2026 | 460 | 458 |
|  Murphy Oil USA, Inc. | Murphy Oil USA, Inc. | Murphy Oil USA, Inc. |
|  3.750% due 02/15/2031 | 377 | 354 |
|  National Football League |  |  |
|  4.780% due 10/05/2030 «(i) | 1000 | 1017 |
|  5.480% due 10/05/2028 «(i) | 1600 | 1637 |
|  National Fuel Gas Co. |  |  |
|  5.500% due 03/15/2030 | 1000 | 1033 |
|  5.950% due 03/15/2035 | 3000 | 3144 |
|  National Mentor Holdings, Inc. | National Mentor Holdings, Inc. | National Mentor Holdings, Inc. |
|  10.500% due 12/15/2030 | 12000 | 12075 |
|  NetApp, Inc. |  |  |
|  5.500% due 03/17/2032 | 11423 | 11888 |
|  Newfold Digital Holdings Group, Inc. | Newfold Digital Holdings Group, Inc. | Newfold Digital Holdings Group, Inc. |
|  11.750% due 04/30/2029 | 2425 | 2239 |
|  Nidda Healthcare Holding GmbH | Nidda Healthcare Holding GmbH | Nidda Healthcare Holding GmbH |
|  5.625% due 02/21/2030 | 2000 | 2419 |
|  Nissan Motor Co. Ltd. |  |  |
|  4.345% due 09/17/2027 | 4845 | 4783 |
|  Noble Finance II LLC |  |  |
|  8.000% due 04/15/2030 | 5734 | 5961 |
|  Novelis Corp. |  |  |
|  6.875% due 01/30/2030 | 2200 | 2285 |
|  Novelis Sheet Ingot GmbH |  |  |
|  3.375% due 04/15/2029 | 1300 | 1496 |
|  NXP BV/NXP Funding LLC/NXP USA, Inc. | NXP BV/NXP Funding LLC/NXP USA, Inc. | NXP BV/NXP Funding LLC/NXP USA, Inc. |
|  3.875% due 06/18/2026 | 245 | 245 |
|  Occidental Petroleum Corp. |  |  |
|  5.375% due 01/01/2032 | 3000 | 3074 |
|  6.450% due 09/15/2036 | 2369 | 2526 |
|  8.875% due 07/15/2030 | 625 | 725 |
|  Organon & Co./Organon Foreign Debt Co-Issuer BV | Organon & Co./Organon Foreign Debt Co-Issuer BV | Organon & Co./Organon Foreign Debt Co-Issuer BV |
|  4.125% due 04/30/2028 | 9606 | 9400 |
|  6.750% due 05/15/2034 | 1980 | 1783 |
|  **Paradigm Parent LLC & Paradigm Parent Co-Issuer, Inc.** | **Paradigm Parent LLC & Paradigm Parent Co-Issuer, Inc.** | **Paradigm Parent LLC & Paradigm Parent Co-Issuer, Inc.** |
|  8.750% due 04/17/2032 | 3105 | 2816 |
|  Permian Resources Operating LLC | Permian Resources Operating LLC | Permian Resources Operating LLC |
|  6.250% due 02/01/2033 | 3686 | 3783 |
|  Petroleos Mexicanos |  |  |
|  7.690% due 01/23/2050 | 16800 | 15068 |
|  Post Holdings, Inc. |  |  |
|  4.625% due 04/15/2030 | 16657 | 16234 |
|  Prime Healthcare Services, Inc. | Prime Healthcare Services, Inc. | Prime Healthcare Services, Inc. |
|  9.375% due 09/01/2029 | 1500 | 1577 |
|  Primo Water Holdings, Inc./Triton Water Holdings, Inc. | Primo Water Holdings, Inc./Triton Water Holdings, Inc. | Primo Water Holdings, Inc./Triton Water Holdings, Inc. |
|  4.375% due 04/30/2029 | 17871 | 17408 |
|  Qnity Electronics, Inc. |  |  |
|  5.750% due 08/15/2032 | 2700 | 2764 |
|  6.250% due 08/15/2033 | 400 | 415 |
|  Quikrete Holdings, Inc. |  |  |
|  6.375% due 03/01/2032 | 7566 | 7880 |
|  6.750% due 03/01/2033 | 5068 | 5296 |
|  QXO Building Products, Inc. |  |  |
|  6.750% due 04/30/2032 | 11587 | 12111 |
|  Rand Parent LLC |  |  |
|  8.500% due 02/15/2030 | 5995 | 6250 |
|  Rollins, Inc. |  |  |
|  5.250% due 02/24/2035 | 19722 | 20132 |
|  Rolls-Royce PLC |  |  |
|  5.750% due 10/15/2027 | 3425 | 3514 |
|  Royal Caribbean Cruises Ltd. |  |  |
|  5.500% due 04/01/2028 | 17764 | 18092 |
|  Santos Finance Ltd. |  |  |
|  5.750% due 11/13/2035 | 3580 | 3562 |
|  6.875% due 09/19/2033 | 14507 | 15900 |
|  Seadrill Finance Ltd. |  |  |
|  8.375% due 08/01/2030 | 6150 | 6400 |
|  Seagate Data Storage Technology Pte. Ltd. | Seagate Data Storage Technology Pte. Ltd. | Seagate Data Storage Technology Pte. Ltd. |
|  8.250% due 12/15/2029 | 780 | 830 |
|  9.625% due 12/01/2032 | 3800 | 4316 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Snam SpA |  |  |
|  5.750% due 05/28/2035 | 18514 | 19372 |
|  Snap, Inc. |  |  |
|  6.875% due 03/01/2033 | 30191 | 31309 |
|  Spirit Airlines Pass-Through Trust | Spirit Airlines Pass-Through Trust | Spirit Airlines Pass-Through Trust |
|  3.375% due 08/15/2031 | 660 | 622 |
|  4.100% due 10/01/2029 | 3607 | 3464 |
|  Star Parent, Inc. |  |  |
|  9.000% due 10/01/2030 | 1257 | 1343 |
|  Stonepeak Nile Parent LLC |  |  |
|  7.250% due 03/15/2032 | 17081 | 18097 |
|  Stryker Corp. |  |  |
|  1.950% due 06/15/2030 | 1000 | 908 |
|  Sunoco LP |  |  |
|  5.625% due 03/15/2031 | 1600 | 1613 |
|  Synopsys, Inc. |  |  |
|  4.650% due 04/01/2028 | 2000 | 2028 |
|  4.850% due 04/01/2030 | 4000 | 4087 |
|  5.000% due 04/01/2032 | 9374 | 9586 |
|  T-Mobile USA, Inc. |  |  |
|  3.750% due 04/15/2027 | 555 | 553 |
|  3.875% due 04/15/2030 | 3120 | 3069 |
|  TD SYNNEX Corp. |  |  |
|  5.300% due 10/10/2035 | 4682 | 4638 |
|  TGS ASA |  |  |
|  8.500% due 01/15/2030 | 5264 | 5516 |
|  Thames Water Super Senior Issuer PLC | Thames Water Super Senior Issuer PLC | Thames Water Super Senior Issuer PLC |
|  9.750% due 10/10/2027 | 500 | 777 |
|  Tidewater, Inc. |  |  |
|  9.125% due 07/15/2030 | 2483 | 2666 |
|  Time Warner Cable LLC |  |  |
|  4.500% due 09/15/2042 | 4504 | 3475 |
|  TopBuild Corp. |  |  |
|  3.625% due 03/15/2029 | 5957 | 5775 |
|  4.125% due 02/15/2032 | 6290 | 5980 |
|  Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo U.S. LLC | Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo U.S. LLC | Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo U.S. LLC |
|  9.500% due 05/15/2030 | 15011 | 15004 |
|  TransDigm, Inc. |  |  |
|  6.250% due 01/31/2034 | 300 | 311 |
|  6.750% due 01/31/2034 | 4300 | 4482 |
|  7.125% due 12/01/2031 | 325 | 342 |
|  Transocean Aquila Ltd. |  |  |
|  8.000% due 09/30/2028 | 181 | 186 |
|  Transocean International Ltd. |  |  |
|  7.875% due 10/15/2032 | 400 | 420 |
|  Transocean Titan Financing Ltd. | Transocean Titan Financing Ltd. | Transocean Titan Financing Ltd. |
|  8.375% due 02/01/2028 | 150 | 153 |
|  U.S. Foods, Inc. |  |  |
|  4.750% due 02/15/2029 | 307 | 306 |
|  United Airlines Pass-Through Trust | United Airlines Pass-Through Trust | United Airlines Pass-Through Trust |
|  2.700% due 11/01/2033 | 1960 | 1803 |
|  3.500% due 09/01/2031 | 955 | 924 |
|  5.450% due 08/15/2038 | 5965 | 6153 |
|  5.875% due 04/15/2029 | 2887 | 2962 |
|  United Airlines, Inc. |  |  |
|  4.625% due 04/15/2029 | 3195 | 3183 |
|  United Rentals North America, Inc. | United Rentals North America, Inc. | United Rentals North America, Inc. |
|  3.875% due 11/15/2027 | 3306 | 3286 |
|  Univision Communications, Inc. | Univision Communications, Inc. | Univision Communications, Inc. |
|  8.500% due 07/31/2031 | 11208 | 11717 |
|  9.375% due 08/01/2032 | 1200 | 1291 |
|  Valaris Ltd. |  |  |
|  8.375% due 04/30/2030 | 6690 | 6965 |
|  Vale Overseas Ltd. |  |  |
|  6.400% due 06/28/2054 | 200 | 204 |
|  Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC |
|  3.875% due 11/01/2033 | 11965 | 10267 |
|  Venture Global LNG, Inc. |  |  |
|  7.000% due 01/15/2030 | 21539 | 20745 |
|  8.375% due 06/01/2031 | 11932 | 11872 |
|  Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC |
|  6.125% due 12/15/2030 | 28400 | 28937 |
|  6.500% due 01/15/2034 | 12566 | 12877 |

---

---

| | | |
|:---|:---|:---|
| **116** | **PIMCO ETF TRUST** | See Accompanying Notes |

---

------

December 31, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE (000S)** |
|  6.500% due 06/15/2034 | $| 10000 | 10223 |
|  6.750% due 01/15/2036 |  | 28934 | 29650 |
|  Versant Media Group, Inc. |  |  |  |
|  0.000% due 01/30/2031 |  | 9468 | 9773 |
|  Viking Cruises Ltd. |  |  |  |
|  9.125% due 07/15/2031 |  | 3675 | 3937 |
|  Viper Energy Partners LLC |  |  |  |
|  4.900% due 08/01/2030 |  | 300 | 304 |
|  5.700% due 08/01/2035 |  | 500 | 511 |
|  Virgin Media Secured Finance PLC | Virgin Media Secured Finance PLC | Virgin Media Secured Finance PLC | Virgin Media Secured Finance PLC |
|  4.250% due 01/15/2030 | GBP | 1085 | 1348 |
|  4.500% due 08/15/2030 | $| 1850 | 1719 |
|  Vmed O2 U.K. Financing I PLC |  |  |  |
|  4.250% due 01/31/2031 |  | 23912 | 21826 |
|  5.625% due 04/15/2032 | EUR | 10000 | 11854 |
|  6.750% due 01/15/2033 | $| 7315 | 7259 |
|  7.750% due 04/15/2032 |  | 8300 | 8660 |
|  VMware LLC |  |  |  |
|  1.400% due 08/15/2026 |  | 60 | 59 |
|  2.200% due 08/15/2031 |  | 13532 | 12030 |
|  VOC Escrow Ltd. |  |  |  |
|  5.000% due 02/15/2028 |  | 705 | 705 |
|  Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC |
|  4.950% due 03/25/2027 |  | 5000 | 5044 |
|  5.050% due 03/27/2028 |  | 5000 | 5079 |
|  VZ Secured Financing BV |  |  |  |
|  7.500% due 01/15/2033 |  | 27024 | 27404 |
|  Warnermedia Holdings, Inc. |  |  |  |
|  4.279% due 03/15/2032 |  | 10625 | 9340 |
|  5.050% due 03/15/2042 |  | 4600 | 3249 |
|  Wayfair LLC |  |  |  |
|  6.750% due 11/15/2032 |  | 500 | 515 |
|  WBI Operating LLC |  |  |  |
|  6.250% due 10/15/2030 |  | 1200 | 1208 |
|  Weatherford International Ltd. | Weatherford International Ltd. | Weatherford International Ltd. | Weatherford International Ltd. |
|  6.750% due 10/15/2033 |  | 5050 | 5174 |
|  Weir Group, Inc. |  |  |  |
|  5.350% due 05/06/2030 |  | 24463 | 25146 |
|  Western Digital Corp. |  |  |  |
|  2.850% due 02/01/2029 |  | 2535 | 2436 |
|  4.750% due 02/15/2026 |  | 32 | 32 |
|  Westinghouse Air Brake Technologies Corp. | Westinghouse Air Brake Technologies Corp. | Westinghouse Air Brake Technologies Corp. | Westinghouse Air Brake Technologies Corp. |
|  3.450% due 11/15/2026 |  | 60 | 60 |
|  Williams Cos., Inc. |  |  |  |
|  5.300% due 09/30/2035 |  | 157 | 160 |
|  Woodside Finance Ltd. |  |  |  |
|  5.100% due 09/12/2034 |  | 4000 | 3954 |
|  Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. | Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. | Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. | Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. |
|  5.250% due 05/15/2027 |  | 345 | 347 |
|  Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. |
|  7.125% due 02/15/2031 |  | 393 | 426 |
|  Yinson Bergenia Production BV | Yinson Bergenia Production BV | Yinson Bergenia Production BV | Yinson Bergenia Production BV |
|  8.498% due 01/31/2045 |  | 10108 | 10610 |
|  Yinson Boronia Production BV | Yinson Boronia Production BV | Yinson Boronia Production BV | Yinson Boronia Production BV |
|  8.947% due 07/31/2042 |  | 5445 | 5944 |
|  ZF North America Capital, Inc. | ZF North America Capital, Inc. | ZF North America Capital, Inc. | ZF North America Capital, Inc. |
|  6.750% due 04/23/2030 |  | 530 | 524 |
|  7.500% due 03/24/2031 |  | 1360 | 1376 |
|  ZipRecruiter, Inc. |  |  |  |
|  5.000% due 01/15/2030 |  | 1050 | 825 |
|  |  |  | 1836372 |
| UTILITIES 2.4% | UTILITIES 2.4% | UTILITIES 2.4% | UTILITIES 2.4% |
|  AES Corp. |  |  |  |
|  5.450% due 06/01/2028 |  | 310 | 317 |
|  5.800% due 03/15/2032 |  | 12273 | 12593 |
|  Aethon United BR LP/Aethon United Finance Corp. | Aethon United BR LP/Aethon United Finance Corp. | Aethon United BR LP/Aethon United Finance Corp. | Aethon United BR LP/Aethon United Finance Corp. |
|  7.500% due 10/01/2029 |  | 2500 | 2620 |
|  AT&T, Inc. | AT&T, Inc. | AT&T, Inc. | AT&T, Inc. |
|  1.650% due 02/01/2028 |  | 1380 | 1316 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET**<br> **VALUE**<br> (000S) |
|  Boston Gas Co. | Boston Gas Co. | Boston Gas Co. |
|  5.843% due 01/10/2035 | 22375 | 23651 |
|  Calpine Corp. | Calpine Corp. | Calpine Corp. |
|  4.500% due 02/15/2028 | 1785 | 1787 |
|  Chile Electricity Lux MPC II SARL | Chile Electricity Lux MPC II SARL | Chile Electricity Lux MPC II SARL |
|  5.580% due 10/20/2035 | 4399 | 4515 |
|  5.672% due 10/20/2035 | 6796 | 7076 |
|  Comision Ejecutiva Hidroelectrica del Rio Lempa | Comision Ejecutiva Hidroelectrica del Rio Lempa | Comision Ejecutiva Hidroelectrica del Rio Lempa |
|  8.650% due 01/24/2033 | 2300 | 2470 |
|  ContourGlobal Power Holdings SA | ContourGlobal Power Holdings SA | ContourGlobal Power Holdings SA |
|  6.750% due 02/28/2030 | 7898 | 8154 |
|  DTE Energy Co. | DTE Energy Co. | DTE Energy Co. |
|  5.200% due 04/01/2030 | 6000 | 6194 |
|  Electricite de France SA | Electricite de France SA | Electricite de France SA |
|  9.125% due 03/15/2033 •(g) | 120 | 140 |
|  Emera U.S. Finance LP | Emera U.S. Finance LP | Emera U.S. Finance LP |
|  2.639% due 06/15/2031 | 200 | 181 |
|  Evergy Kansas Central, Inc. | Evergy Kansas Central, Inc. | Evergy Kansas Central, Inc. |
|  4.700% due 03/13/2028 | 4200 | 4266 |
|  FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple | FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple | FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple |
|  7.250% due 01/31/2041 | 5369 | 5652 |
|  FirstEnergy Corp. | FirstEnergy Corp. | FirstEnergy Corp. |
|  3.400% due 03/01/2050 | 10681 | 7398 |
|  FORESEA Holding SA | FORESEA Holding SA | FORESEA Holding SA |
|  7.500% due 06/15/2030 | 3200 | 3159 |
|  Genesis Energy LP/Genesis Energy Finance Corp. | Genesis Energy LP/Genesis Energy Finance Corp. | Genesis Energy LP/Genesis Energy Finance Corp. |
|  8.250% due 01/15/2029 | 3600 | 3769 |
|  NRG Energy, Inc. | NRG Energy, Inc. | NRG Energy, Inc. |
|  4.734% due 10/15/2030 | 22390 | 22433 |
|  ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. |
|  5.200% due 07/15/2048 | 786 | 709 |
|  Pacific Gas & Electric Co. |  |  |
|  2.100% due 08/01/2027 | 9400 | 9119 |
|  3.300% due 12/01/2027 | 6400 | 6306 |
|  4.550% due 07/01/2030 | 1186 | 1181 |
|  5.050% due 10/15/2032 | 5190 | 5221 |
|  5.700% due 03/01/2035 | 14680 | 15102 |
|  5.800% due 05/15/2034 | 13824 | 14365 |
|  6.000% due 08/15/2035 | 6090 | 6405 |
|  6.100% due 01/15/2029 | 4000 | 4189 |
|  6.950% due 03/15/2034 | 3074 | 3421 |
|  Puget Energy, Inc. | Puget Energy, Inc. | Puget Energy, Inc. |
|  5.725% due 03/15/2035 | 6500 | 6689 |
|  San Diego Gas & Electric Co. | San Diego Gas & Electric Co. | San Diego Gas & Electric Co. |
|  5.400% due 04/15/2035 | 5500 | 5696 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  5.200% due 06/01/2034 | 3000 | 3018 |
|  5.875% due 12/01/2053 | 1899 | 1821 |
|  Southern Gas Corridor CJSC | Southern Gas Corridor CJSC | Southern Gas Corridor CJSC |
|  6.875% due 03/24/2026 | 8000 | 8069 |
|  Sprint Capital Corp. | Sprint Capital Corp. | Sprint Capital Corp. |
|  6.875% due 11/15/2028 | 600 | 644 |
|  System Energy Resources, Inc. | System Energy Resources, Inc. | System Energy Resources, Inc. |
|  5.300% due 12/15/2034 | 23155 | 23416 |
|  Talen Energy Supply LLC |  |  |
|  6.250% due 02/01/2034 | 4000 | 4082 |
|  6.500% due 02/01/2036 | 4000 | 4139 |
|  Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. |
|  4.750% due 01/15/2033 | 1000 | 1000 |
|  5.000% due 01/15/2036 | 1300 | 1289 |
|  Yinson Production Financial Services Pte. Ltd. | Yinson Production Financial Services Pte. Ltd. | Yinson Production Financial Services Pte. Ltd. |
|  9.625% due 05/03/2029 | 2900 | 3042 |
|  |  | 246614 |
|  Total Corporate Bonds & Notes<br>(Cost $2,922,570) | Total Corporate Bonds & Notes<br>(Cost $2,922,570) | 2973575 |
| MUNICIPAL BONDS & NOTES 0.0% | MUNICIPAL BONDS & NOTES 0.0% | MUNICIPAL BONDS & NOTES 0.0% |
| ARIZONA 0.0% |  |  |
|  Maricopa County, Arizona Industrial Development Authority Revenue Notes, Series 2024 | Maricopa County, Arizona Industrial Development Authority Revenue Notes, Series 2024 | Maricopa County, Arizona Industrial Development Authority Revenue Notes, Series 2024 |
|  7.375% due 10/01/2029 | 3000 | 3149 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | **MARKET**<br> **VALUE**<br> (000S) |
| CALIFORNIA 0.0% | CALIFORNIA 0.0% | CALIFORNIA 0.0% |
|  California State General Obligation Bonds, Series 2023 | California State General Obligation Bonds, Series 2023 | California State General Obligation Bonds, Series 2023 |
|  5.125% due 03/01/2038 | 155 | 157 |
|  California State University Revenue Bonds, Series 2020 | California State University Revenue Bonds, Series 2020 | California State University Revenue Bonds, Series 2020 |
|  2.975% due 11/01/2051 | 215 | 144 |
|  |  | 301 |
|  Total Municipal Bonds & Notes<br>(Cost $3,313) | Total Municipal Bonds & Notes<br>(Cost $3,313) | 3450 |
| U.S. GOVERNMENT AGENCIES 53.5% | U.S. GOVERNMENT AGENCIES 53.5% | U.S. GOVERNMENT AGENCIES 53.5% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  6.000% due 10/01/2053 | 96 | 99 |
|  6.500% due 09/01/2054 - 03/01/2055 | 8625 | 8969 |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates |
|  2.903% due 07/25/2054 ~ | 29339 | 28561 |
|  Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS |
|  4.774% due 11/25/2054 - 12/25/2055 •  | 19820 | 19886 |
|  5.074% due 02/25/2055 •  | 8111 | 8143 |
|  Federal Home Loan Mortgage Corp. STACR REMICS Trust | Federal Home Loan Mortgage Corp. STACR REMICS Trust | Federal Home Loan Mortgage Corp. STACR REMICS Trust |
|  10.974% due 01/25/2042 •  | 6000 | 6321 |
|  11.674% due 11/25/2041 •  | 12648 | 13301 |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  6.500% due 11/01/2054 - 03/01/2055 | 17732 | 18440 |
|  Federal National Mortgage Association Connecticut Avenue Securities Trust | Federal National Mortgage Association Connecticut Avenue Securities Trust | Federal National Mortgage Association Connecticut Avenue Securities Trust |
|  10.874% due 04/25/2042 •  | 5800 | 6184 |
|  13.374% due 03/25/2042 •  | 2000 | 2181 |
|  13.724% due 03/25/2042 •  | 5000 | 5470 |
|  First Foundation Bank Multifamily Housing Mortgage Loan Trust | First Foundation Bank Multifamily Housing Mortgage Loan Trust | First Foundation Bank Multifamily Housing Mortgage Loan Trust |
|  2.749% due 06/25/2054 ~ | 1700 | 1658 |
|  Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
|  7.000% due 06/20/2055 | 1887 | 1918 |
|  Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS |
|  4.864% due 01/20/2067 •  | 368 | 370 |
|  Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA |
|  3.000% due 01/01/2056 | 28300 | 25434 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  3.000% due 02/01/2056 | 48400 | 42783 |
|  4.000% due 02/01/2056 | 46600 | 44178 |
|  4.500% due 02/01/2056 | 821500 | 801323 |
|  5.000% due 01/01/2056 - 02/01/2056 | 856275 | 853366 |
|  6.000% due 01/01/2056 - 03/01/2056 | 1706303 | 1751244 |
|  6.500% due 02/01/2056 - 03/01/2056 | 1761950 | 1831894 |
|  Total U.S. Government Agencies<br>(Cost $5,453,268) | Total U.S. Government Agencies<br>(Cost $5,453,268) | 5471723 |
| U.S. TREASURY OBLIGATIONS 3.8% | U.S. TREASURY OBLIGATIONS 3.8% | U.S. TREASURY OBLIGATIONS 3.8% |
|  U.S. Treasury Bonds |  |  |
|  2.375% due 11/15/2049 (m) | 156000 | 100242 |
|  3.125% due 05/15/2048 (m) | 116700 | 88670 |
|  4.875% due 08/15/2045 | 115 | 116 |
|  U.S. Treasury Inflation Protected Securities (f) | U.S. Treasury Inflation Protected Securities (f) | U.S. Treasury Inflation Protected Securities (f) |
|  1.875% due 07/15/2034 (m) | 101788 | 102232 |
|  2.125% due 04/15/2029 (m) | 98385 | 100484 |
|  Total U.S. Treasury Obligations<br>(Cost $390,560) | Total U.S. Treasury Obligations<br>(Cost $390,560) | 391744 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 9.6% | NON-AGENCY MORTGAGE-BACKED SECURITIES 9.6% | NON-AGENCY MORTGAGE-BACKED SECURITIES 9.6% |
|  ACRA Trust | ACRA Trust | ACRA Trust |
|  5.608% due 10/25/2064 þ | 4530 | 4553 |
|  AG Trust | AG Trust | AG Trust |
|  5.766% due 08/15/2041 •  | 7365 | 7415 |
|  American Home Mortgage Assets Trust | American Home Mortgage Assets Trust | American Home Mortgage Assets Trust |
|  4.949% due 11/25/2046 •  | 501 | 122 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **117** |

---

------

Schedule of Investments PIMCO Multisector Bond Active Exchange-Traded Fund (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET**<br> **VALUE**<br> (000S) | **MARKET**<br> **VALUE**<br> (000S) |
|  American Home Mortgage Investment Trust | American Home Mortgage Investment Trust | American Home Mortgage Investment Trust | American Home Mortgage Investment Trust | American Home Mortgage Investment Trust |
|  6.000% due 02/25/2045 þ | $— | 7500 | $— | 6693 |
|  Angel Oak Mortgage Trust |  |  |  |  |
|  4.800% due 11/25/2067 þ |  | 2002 |  | 1998 |
|  4.846% due 07/25/2062 þ |  | 8099 |  | 8094 |
|  5.410% due 07/25/2070 þ |  | 1976 |  | 1993 |
|  5.985% due 01/25/2069 þ |  | 1414 |  | 1427 |
|  6.197% due 01/25/2069 þ |  | 2675 |  | 2709 |
|  6.500% due 12/25/2067 þ |  | 617 |  | 622 |
|  Aran Funding DAC |  |  |  |  |
|  3.026% due 12/24/2065 •  |  | 4122 |  | 4844 |
|  ATLX Trust |  |  |  |  |
|  3.850% due 04/25/2063 þ | $— | 5421 |  | 5301 |
|  3.850% due 04/25/2064 þ |  | 5663 |  | 5543 |
|  Avon Finance |  |  |  |  |
|  4.642% due 12/28/2049 •  |  | 627 |  | 847 |
|  BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust |
|  2.847% due 04/20/2042 | $— | 2790 |  | 2306 |
|  Banc of America Alternative Loan Trust | Banc of America Alternative Loan Trust | Banc of America Alternative Loan Trust | Banc of America Alternative Loan Trust | Banc of America Alternative Loan Trust |
|  5.707% due 10/25/2036 ~ |  | 3878 |  | 1010 |
|  6.359% due 10/25/2036 þ |  | 5088 |  | 1322 |
|  Bank5 |  |  |  |  |
|  5.270% due 12/15/2058 |  | 28000 |  | 28964 |
|  BBCMS Mortgage Trust |  |  |  |  |
|  5.137% due 12/15/2057 |  | 5000 |  | 5132 |
|  5.609% due 12/15/2057 |  | 5000 |  | 5216 |
|  Bear Stearns Mortgage Funding Trust | Bear Stearns Mortgage Funding Trust | Bear Stearns Mortgage Funding Trust | Bear Stearns Mortgage Funding Trust | Bear Stearns Mortgage Funding Trust |
|  4.266% due 07/25/2036 •  |  | 718 |  | 672 |
|  Benchmark Mortgage Trust |  |  |  |  |
|  2.732% due 02/15/2053 |  | 1400 |  | 1310 |
|  3.944% due 07/15/2051 |  | 1300 |  | 1293 |
|  4.203% due 10/10/2051 |  | 498 |  | 497 |
|  BINOM Securitization Trust |  |  |  |  |
|  4.441% due 08/25/2057 ~ |  | 5031 |  | 4937 |
|  BMO Mortgage Trust |  |  |  |  |
|  5.092% due 11/15/2057 |  | 10000 |  | 10223 |
|  5.153% due 12/15/2057 |  | 5000 |  | 5128 |
|  5.462% due 02/15/2057 |  | 2400 |  | 2467 |
|  5.566% due 11/15/2057 ~ |  | 10000 |  | 10392 |
|  5.625% due 12/15/2057 ~ |  | 5700 |  | 5938 |
|  5.857% due 02/15/2057 |  | 19995 |  | 20899 |
|  BX Commercial Mortgage Trust |  |  |  |  |
|  4.763% due 02/15/2039 •  |  | 44 |  | 44 |
|  Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust |
|  3.250% due 03/25/2063 ~ |  | 932 |  | 845 |
|  3.250% due 09/25/2063 ~ |  | 18593 |  | 16803 |
|  3.250% due 03/25/2064 ~ |  | 3455 |  | 3099 |
|  3.250% due 08/25/2064 ~ |  | 4459 |  | 3985 |
|  3.250% due 09/25/2064 ~ |  | 7760 |  | 6947 |
|  3.375% due 12/25/2064 ~ |  | 12720 |  | 11406 |
|  3.375% due 04/25/2065 ~ |  | 961 |  | 871 |
|  CIM Trust |  |  |  |  |
|  3.250% due 10/25/2058 ~ |  | 1002 |  | 925 |
|  4.750% due 06/25/2064 ~ |  | 3649 |  | 3633 |
|  5.000% due 02/25/2099 þ |  | 11360 |  | 11333 |
|  6.639% due 12/25/2067 þ |  | 312 |  | 313 |
|  Citigroup Mortgage Loan Trust |  |  |  |  |
|  3.375% due 10/25/2062 þ |  | 1865 |  | 1762 |
|  COLT Mortgage Loan Trust |  |  |  |  |
|  6.393% due 06/25/2069 þ |  | 3147 |  | 3191 |
|  6.421% due 05/25/2069 þ |  | 1471 |  | 1494 |
|  COMM Mortgage Trust |  |  |  |  |
|  3.140% due 10/10/2036 |  | 1900 |  | 1817 |
|  Cross Mortgage Trust |  |  |  |  |
|  5.003% due 11/25/2070 ~ |  | 965 |  | 968 |
|  5.036% due 11/25/2070 ~ |  | 1109 |  | 1112 |
|  5.181% due 07/25/2070 ~ |  | 5026 |  | 5051 |
|  5.549% due 12/25/2069 ~ |  | 4349 |  | 4384 |
|  6.093% due 04/25/2069 þ |  | 619 |  | 625 |
|  6.147% due 07/25/2069 þ |  | 2821 |  | 2855 |
|  6.272% due 06/25/2069 þ |  | 3730 |  | 3775 |
|  6.615% due 03/25/2068 þ |  | 247 |  | 248 |
|  CSAB Mortgage-Backed Trust |  |  |  |  |
|  6.220% due 09/25/2036 þ |  | 5768 |  | 1575 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET**<br> **VALUE**<br> (000S) |
|  CSMC Trust |  |  |
|  1.115% due 01/25/2060 ~ | 2550 | 2184 |
|  2.000% due 01/25/2060 ~ | 8930 | 8138 |
|  3.650% due 07/25/2058 ~ | 494 | 488 |
|  3.944% due 09/25/2057 ~ | 1000 | 953 |
|  4.394% due 08/01/2057 ~ | 889 | 874 |
|  DC Commercial Mortgage Trust |  |  |
|  6.314% due 09/12/2040 | 500 | 515 |
|  Deephaven Residential Mortgage Trust | Deephaven Residential Mortgage Trust | Deephaven Residential Mortgage Trust |
|  5.087% due 11/25/2060 þ | 986 | 988 |
|  Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust |
|  4.146% due 09/25/2047 •  | 5837 | 5119 |
|  4.326% due 12/25/2036 •  | 24563 | 5137 |
|  Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust |
|  5.100% due 10/25/2070 þ | 981 | 985 |
|  5.522% due 01/26/2060 þ | 4601 | 4637 |
|  5.655% due 02/25/2060 þ | 12106 | 12256 |
|  5.726% due 01/25/2060 þ | 6011 | 6082 |
|  Finance of America HECM Buyout | Finance of America HECM Buyout | Finance of America HECM Buyout |
|  4.500% due 11/25/2028 ~ | 2714 | 2706 |
|  GCAT Trust | GCAT Trust | GCAT Trust |
|  4.250% due 05/25/2067 ~ | 2652 | 2537 |
|  6.007% due 01/25/2059 þ | 541 | 546 |
|  6.085% due 06/25/2059 þ | 1664 | 1683 |
|  GS Mortgage Securities Corp. Trust | GS Mortgage Securities Corp. Trust | GS Mortgage Securities Corp. Trust |
|  3.721% due 02/10/2037 | 6500 | 6362 |
|  5.120% due 12/15/2036 •  | 5640 | 5641 |
|  GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust |
|  3.900% due 09/25/2061 þ | 5286 | 5216 |
|  4.100% due 07/25/2065 þ | 963 | 942 |
|  5.013% due 07/25/2065 þ | 941 | 943 |
|  5.648% due 06/25/2065 þ | 20730 | 20958 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  4.426% due 08/25/2046 •  | 21271 | 4587 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  4.466% due 11/19/2035 •  | 1350 | 868 |
|  4.528% due 06/20/2035 •  | 4786 | 4522 |
|  JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust |
|  4.597% due 04/15/2037 •  | 2724 | 2692 |
|  4.848% due 02/15/2035 •  | 823 | 816 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  4.625% due 07/25/2063 ~ | 1506 | 1490 |
|  4.954% due 03/25/2066 ~ | 977 | 978 |
|  5.250% due 11/25/2063 ~ | 370 | 371 |
|  5.567% due 09/25/2065 ~ | 914 | 923 |
|  5.990% due 07/25/2064 ~ | 759 | 767 |
|  JP Morgan Seasoned Mortgage Trust | JP Morgan Seasoned Mortgage Trust | JP Morgan Seasoned Mortgage Trust |
|  3.688% due 01/25/2063 ~ | 928 | 875 |
|  4.377% due 01/25/2063 ~ | 1794 | 1728 |
|  Lehman Mortgage Trust | Lehman Mortgage Trust | Lehman Mortgage Trust |
|  4.346% due 10/25/2036 •  | 12613 | 3127 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.226% due 12/25/2036 •  | 1633 | 1345 |
|  4.366% due 02/25/2046 •  | 8685 | 7922 |
|  4.786% due 09/25/2047 •  | 8127 | 7492 |
|  Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust |
|  4.266% due 04/25/2037 •  | 746 | 603 |
|  Merrion Square Residential DAC | Merrion Square Residential DAC | Merrion Square Residential DAC |
|  3.003% due 03/24/2081 •  | 7680 | 9039 |
|  MF1 Trust | MF1 Trust | MF1 Trust |
|  4.820% due 12/15/2034 •  | 3790 | 3789 |
|  MFA Trust | MFA Trust | MFA Trust |
|  4.250% due 02/25/2066 ~ | 1693 | 1630 |
|  5.675% due 05/27/2070 þ | 12464 | 12578 |
|  6.105% due 12/25/2068 þ | 1627 | 1641 |
|  6.775% due 10/25/2058 þ | 913 | 922 |
|  Mill City Mortgage Loan Trust | Mill City Mortgage Loan Trust | Mill City Mortgage Loan Trust |
|  3.250% due 07/25/2059 ~ | 13945 | 12351 |
|  3.250% due 01/25/2061 ~ | 3002 | 2696 |
|  3.250% due 10/25/2069 ~ | 3381 | 3317 |
|  Morgan Stanley Bank of America Merrill Lynch Trust | Morgan Stanley Bank of America Merrill Lynch Trust | Morgan Stanley Bank of America Merrill Lynch Trust |
|  5.107% due 11/15/2058 | 2000 | 2052 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE**<br> (000S) | **MARKET<br>VALUE**<br> (000S) |
|  Morgan Stanley Residential Mortgage Loan Trust | Morgan Stanley Residential Mortgage Loan Trust | Morgan Stanley Residential Mortgage Loan Trust | Morgan Stanley Residential Mortgage Loan Trust | Morgan Stanley Residential Mortgage Loan Trust |
|  4.000% due 06/25/2064 þ | $— | 7196 | $— | 7058 |
|  4.963% due 09/25/2070 ~ |  | 775 |  | 776 |
|  5.016% due 09/25/2070 ~ |  | 981 |  | 983 |
|  5.021% due 11/25/2070 þ |  | 1000 |  | 1003 |
|  5.443% due 07/25/2070 ~ |  | 1449 |  | 1464 |
|  5.530% due 05/25/2070 ~ |  | 861 |  | 868 |
|  New Orleans Hotel Trust | New Orleans Hotel Trust | New Orleans Hotel Trust | New Orleans Hotel Trust | New Orleans Hotel Trust |
|  4.787% due 04/15/2032 •  |  | 9793 |  | 9735 |
|  New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust |
|  5.085% due 10/25/2065 ~ |  | 981 |  | 985 |
|  NLT Trust |  |  |  |  |
|  3.200% due 10/25/2062 ~ |  | 2989 |  | 2759 |
|  Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust |
|  5.654% due 01/25/2036 ~ |  | 4675 |  | 1315 |
|  5.978% due 08/25/2036 ~ |  | 9129 |  | 2357 |
|  6.757% due 06/25/2036 þ |  | 10271 |  | 2612 |
|  Nomura Resecuritization Trust | Nomura Resecuritization Trust | Nomura Resecuritization Trust | Nomura Resecuritization Trust | Nomura Resecuritization Trust |
|  5.332% due 10/26/2036 •  |  | 3044 |  | 2744 |
|  NYMT Loan Trust | NYMT Loan Trust | NYMT Loan Trust | NYMT Loan Trust | NYMT Loan Trust |
|  3.750% due 02/25/2068 ~ |  | 820 |  | 766 |
|  3.750% due 11/25/2069 ~ |  | 953 |  | 921 |
|  5.379% due 06/25/2069 ~ |  | 5393 |  | 5429 |
|  OBX Trust | OBX Trust | OBX Trust | OBX Trust | OBX Trust |
|  3.637% due 03/25/2053 ~ |  | 1070 |  | 1068 |
|  3.695% due 04/25/2053 ~ |  | 1413 |  | 1403 |
|  4.700% due 07/25/2062 þ |  | 4578 |  | 4552 |
|  4.940% due 09/25/2062 þ |  | 1670 |  | 1669 |
|  5.110% due 08/25/2062 þ |  | 7352 |  | 7351 |
|  5.530% due 10/25/2064 þ |  | 3936 |  | 3967 |
|  5.878% due 12/25/2063 þ |  | 6037 |  | 6081 |
|  6.233% due 05/25/2064 þ |  | 2161 |  | 2188 |
|  6.465% due 10/25/2063 þ |  | 574 |  | 580 |
|  6.520% due 07/25/2063 þ |  | 259 |  | 261 |
|  6.567% due 06/25/2063 þ |  | 275 |  | 276 |
|  6.844% due 04/25/2063 þ |  | 648 |  | 654 |
|  7.159% due 10/25/2063 þ |  | 1098 |  | 1112 |
|  Oceanview Mortgage Trust |  |  |  |  |
|  4.815% due 05/25/2055 •  |  | 1162 |  | 1165 |
|  PMT Loan Trust |  |  |  |  |
|  5.224% due 08/25/2056 •  |  | 628 |  | 628 |
|  PRET LLC |  |  |  |  |
|  5.249% due 10/25/2055 |  | 4256 |  | 4258 |
|  PRET Trust |  |  |  |  |
|  4.000% due 08/25/2064 þ |  | 4453 |  | 4359 |
|  4.000% due 03/25/2065 þ |  | 3034 |  | 2981 |
|  4.000% due 07/25/2069 þ |  | 1831 |  | 1796 |
|  4.075% due 06/25/2064 ~ |  | 3312 |  | 3195 |
|  4.150% due 04/25/2065 þ |  | 3220 |  | 3156 |
|  PRKCM Trust |  |  |  |  |
|  5.101% due 10/25/2060 þ |  | 985 |  | 987 |
|  6.431% due 05/25/2059 þ |  | 1592 |  | 1613 |
|  6.584% due 09/25/2058 þ |  | 558 |  | 561 |
|  7.225% due 11/25/2058 þ |  | 584 |  | 591 |
|  Project Cashmere |  |  |  |  |
|  4.543% due 12/30/2057 «(a) |  | 151700 |  | 101237 |
|  5.713% due 12/30/2057 «(a) |  | 5100 |  | 3404 |
|  5.863% due 12/30/2057 «(a) |  | 3500 |  | 2336 |
|  6.163% due 12/30/2057 «(a) |  | 1900 |  | 1268 |
|  6.563% due 12/30/2057 «(a) |  | 1300 |  | 868 |
|  PRPM LLC |  |  |  |  |
|  3.750% due 03/25/2054 þ | $— | 751 |  | 740 |
|  3.750% due 04/25/2055 þ |  | 11362 |  | 11117 |
|  4.000% due 11/25/2053 þ |  | 793 |  | 787 |
|  4.000% due 01/25/2054 þ |  | 1457 |  | 1442 |
|  4.000% due 05/25/2054 þ |  | 647 |  | 641 |
|  4.000% due 07/25/2054 þ |  | 677 |  | 671 |
|  4.000% due 08/25/2054 þ |  | 1302 |  | 1288 |
|  4.000% due 11/25/2054 þ |  | 6994 |  | 6869 |
|  4.000% due 10/25/2064 þ |  | 1531 |  | 1511 |
|  4.200% due 12/25/2064 þ |  | 2348 |  | 2325 |
|  4.500% due 02/25/2055 þ |  | 1690 |  | 1684 |
|  4.500% due 08/25/2055 þ |  | 449 |  | 446 |
|  4.500% due 06/25/2065 «þ |  | 4200 |  | 4139 |
|  4.839% due 10/25/2055 þ |  | 957 |  | 959 |
|  4.990% due 12/25/2055 þ |  | 1000 |  | 1000 |
|  5.250% due 07/25/2055 þ |  | 852 |  | 860 |
|  5.385% due 10/25/2030 þ |  | 933 |  | 935 |
|  5.503% due 08/25/2030 þ |  | 1343 |  | 1347 |

---

---

| | | |
|:---|:---|:---|
| **118** | **PIMCO ETF TRUST** | See Accompanying Notes |

---

------

December 31, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE**<br> (000S) | **MARKET<br>VALUE**<br> (000S) |
|  5.699% due 11/25/2029 þ | $— | 1650 | $— | 1652 |
|  5.729% due 07/25/2030 þ |  | 960 |  | 962 |
|  5.774% due 08/25/2028 þ |  | 924 |  | 926 |
|  5.870% due 11/25/2029 þ |  | 7669 |  | 7679 |
|  5.897% due 12/25/2029 þ |  | 7997 |  | 8010 |
|  6.179% due 06/25/2030 þ |  | 925 |  | 927 |
|  6.255% due 05/25/2030 þ |  | 5400 |  | 5414 |
|  6.469% due 05/25/2030 þ |  | 8118 |  | 8140 |
|  PRPM Trust |  |  |  |  |
|  5.674% due 12/26/2069 þ |  | 5271 |  | 5312 |
|  5.802% due 11/25/2069 þ |  | 13802 |  | 13927 |
|  6.221% due 11/25/2068 þ |  | 1354 |  | 1368 |
|  6.250% due 08/25/2068 þ |  | 634 |  | 638 |
|  6.265% due 12/25/2068 þ |  | 2564 |  | 2595 |
|  6.327% due 06/25/2069 þ |  | 2367 |  | 2399 |
|  RALI Trust |  |  |  |  |
|  6.500% due 09/25/2037 |  | 4993 |  | 4185 |
|  RCKT Mortgage Trust |  |  |  |  |
|  5.158% due 10/25/2044 þ |  | 6195 |  | 6219 |
|  5.472% due 06/25/2055 þ |  | 6487 |  | 6554 |
|  5.553% due 03/25/2055 þ |  | 21232 |  | 21462 |
|  5.582% due 12/25/2044 þ |  | 11896 |  | 12027 |
|  5.653% due 01/25/2045 þ |  | 14733 |  | 14890 |
|  5.846% due 08/25/2044 þ |  | 4636 |  | 4685 |
|  RCO X Mortgage LLC |  |  |  |  |
|  5.418% due 10/25/2030 þ |  | 2345 |  | 2323 |
|  Santander Mortgage Asset Receivable Trust | Santander Mortgage Asset Receivable Trust | Santander Mortgage Asset Receivable Trust | Santander Mortgage Asset Receivable Trust | Santander Mortgage Asset Receivable Trust |
|  5.545% due 01/25/2065 þ |  | 1733 |  | 1746 |
|  5.732% due 02/25/2065 þ |  | 12574 |  | 12715 |
|  Sequoia Mortgage Trust |  |  |  |  |
|  4.507% due 11/25/2063 ~ |  | 12957 |  | 13004 |
|  5.061% due 10/25/2055 ~ |  | 448 |  | 449 |
|  SMRT Commercial Mortgage Trust | SMRT Commercial Mortgage Trust | SMRT Commercial Mortgage Trust | SMRT Commercial Mortgage Trust | SMRT Commercial Mortgage Trust |
|  4.751% due 01/15/2039 •  |  | 1500 |  | 1500 |
|  Tib Finance PLC |  |  |  |  |
|  7.111% due 11/15/2034 «(i) |  | 2200 |  | 2212 |
|  Towd Point Mortgage Trust |  |  |  |  |
|  1.750% due 10/25/2060 |  | 911 |  | 836 |
|  2.900% due 10/25/2059 ~ |  | 813 |  | 785 |
|  3.750% due 04/25/2057 ~ |  | 1365 |  | 1352 |
|  3.750% due 09/25/2062 |  | 7028 |  | 6781 |
|  4.081% due 04/25/2055 ~ |  | 7500 |  | 7366 |
|  4.578% due 10/27/2064 ~ |  | 18374 |  | 18445 |
|  4.606% due 10/25/2064 ~ |  | 16344 |  | 16413 |
|  4.846% due 10/25/2048 •  |  | 499 |  | 500 |
|  5.725% due 11/25/2064 þ |  | 8169 |  | 8251 |
|  Trinity Square PLC |  |  |  |  |
|  5.244% (SONIO/N + 1.300%)<br>due 07/15/2059 ~ |  | 1000 |  | 1349 |
|  Verus Securitization Trust |  |  |  |  |
|  4.858% due 12/25/2070 þ | $— | 1900 |  | 1904 |
|  5.218% due 09/25/2069 ~ |  | 6350 |  | 6362 |
|  5.402% due 05/25/2065 þ |  | 922 |  | 929 |
|  5.811% due 05/25/2068 þ |  | 1046 |  | 1047 |
|  5.999% due 02/25/2068 þ |  | 666 |  | 665 |
|  6.116% due 03/25/2069 þ |  | 8562 |  | 8656 |
|  6.192% due 06/25/2069 þ |  | 3900 |  | 3950 |
|  6.193% due 03/25/2068 þ |  | 245 |  | 245 |
|  6.218% due 06/25/2069 þ |  | 3725 |  | 3776 |
|  6.259% due 12/25/2068 þ |  | 4899 |  | 4948 |
|  6.338% due 04/25/2069 þ |  | 2207 |  | 2233 |
|  6.443% due 08/25/2068 þ |  | 690 |  | 693 |
|  6.665% due 09/25/2068 þ |  | 656 |  | 662 |
|  6.876% due 11/25/2068 ~ |  | 988 |  | 1003 |
|  7.070% due 10/25/2068 þ |  | 551 |  | 559 |
|  Visio Trust |  |  |  |  |
|  6.598% due 10/25/2058 þ |  | 698 |  | 701 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  4.706% due 10/25/2045 •  |  | 1718 |  | 1673 |
|  4.774% due 01/25/2036 ~ |  | 4191 |  | 4031 |
|  Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust |
|  2.892% due 08/15/2052 |  | 1400 |  | 1329 |
|  3.640% due 12/15/2059 |  | 500 |  | 496 |
|  5.343% due 10/15/2042 •  |  | 1500 |  | 1504 |
|  5.393% due 07/15/2037 •  |  | 900 |  | 903 |
|  5.439% due 11/15/2057 |  | 10000 |  | 10354 |
|  5.920% due 11/15/2057 ~ |  | 10000 |  | 10534 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE**<br> (000S) |
|  WSTN Trust |  |  |
|  6.297% due 07/05/2037 ~ | 400 | 408 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $965,539) | Total Non-Agency Mortgage-Backed Securities (Cost $965,539) | 977603 |
| ASSET-BACKED SECURITIES 28.3% | ASSET-BACKED SECURITIES 28.3% | ASSET-BACKED SECURITIES 28.3% |
| AUTOMOBILE ABS OTHER 3.7% | AUTOMOBILE ABS OTHER 3.7% | AUTOMOBILE ABS OTHER 3.7% |
|  Ally Bank Auto Credit-Linked Notes | Ally Bank Auto Credit-Linked Notes | Ally Bank Auto Credit-Linked Notes |
|  4.648% due 06/15/2033 | 830 | 835 |
|  6.315% due 05/17/2032 | 237 | 241 |
|  Arivo Acceptance Auto Loan Receivables Trust | Arivo Acceptance Auto Loan Receivables Trust | Arivo Acceptance Auto Loan Receivables Trust |
|  5.110% due 11/17/2031 | 5000 | 5001 |
|  Bridgecrest Lending Auto Securitization Trust | Bridgecrest Lending Auto Securitization Trust | Bridgecrest Lending Auto Securitization Trust |
|  5.170% due 03/17/2031 | 15000 | 15202 |
|  CarMax Select Receivables Trust | CarMax Select Receivables Trust | CarMax Select Receivables Trust |
|  4.350% due 07/15/2030 | 7000 | 7017 |
|  5.010% due 09/16/2030 | 10000 | 10132 |
|  Carvana Auto Receivables Trust |  |  |
|  4.670% due 12/10/2030 | 6000 | 6028 |
|  4.900% due 12/10/2030 | 6000 | 6050 |
|  5.820% due 09/10/2030 | 3750 | 3831 |
|  Consumer Portfolio Services Auto Trust | Consumer Portfolio Services Auto Trust | Consumer Portfolio Services Auto Trust |
|  4.790% due 11/15/2029 | 3500 | 3518 |
|  5.120% due 07/15/2031 | 3300 | 3331 |
|  CPS Auto Receivables Trust | CPS Auto Receivables Trust | CPS Auto Receivables Trust |
|  4.650% due 03/15/2029 | 5300 | 5308 |
|  4.710% due 12/17/2029 | 3400 | 3422 |
|  4.760% due 01/15/2031 | 7000 | 7018 |
|  4.910% due 10/15/2031 | 10600 | 10681 |
|  5.740% due 04/15/2030 | 1500 | 1511 |
|  Drive Auto Receivables Trust | Drive Auto Receivables Trust | Drive Auto Receivables Trust |
|  4.520% due 07/16/2029 | 6000 | 6026 |
|  4.670% due 05/17/2032 | 6000 | 6041 |
|  4.990% due 09/15/2032 | 13300 | 13478 |
|  Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust |
|  4.400% due 05/15/2030 | 5400 | 5432 |
|  4.480% due 04/16/2029 | 8000 | 8007 |
|  4.640% due 01/15/2030 | 8000 | 8038 |
|  4.920% due 09/17/2029 | 20000 | 20182 |
|  5.090% due 10/15/2031 | 21500 | 21850 |
|  5.160% due 07/15/2031 | 20000 | 20250 |
|  5.410% due 05/15/2030 | 1500 | 1516 |
|  Foursight Capital Automobile Receivables Trust | Foursight Capital Automobile Receivables Trust | Foursight Capital Automobile Receivables Trust |
|  5.550% due 05/15/2029 | 1000 | 1009 |
|  GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust |
|  4.570% due 01/15/2030 | 13000 | 13056 |
|  4.970% due 10/15/2029 | 20000 | 20199 |
|  5.080% due 01/16/2029 | 2800 | 2818 |
|  5.110% due 01/15/2031 | 17900 | 18109 |
|  5.210% due 02/18/2031 | 6000 | 6075 |
|  GLS Auto Select Receivables Issuer Trust | GLS Auto Select Receivables Issuer Trust | GLS Auto Select Receivables Issuer Trust |
|  4.520% due 12/15/2031 | 9500 | 9540 |
|  GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust |
|  4.500% due 11/15/2030 | 630 | 633 |
|  5.640% due 06/17/2030 | 3250 | 3323 |
|  5.640% due 08/15/2030 | 800 | 819 |
|  5.920% due 08/15/2030 | 1000 | 1033 |
|  Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust |
|  4.490% due 09/15/2031 | 15100 | 15227 |
|  4.680% due 09/15/2031 | 10800 | 10876 |
|  4.870% due 05/15/2031 | 20000 | 20228 |
|  5.060% due 05/15/2031 | 20000 | 20257 |
|  5.450% due 03/15/2030 | 1295 | 1311 |
|  6.400% due 03/17/2031 | 500 | 517 |
|  6.430% due 02/18/2031 | 500 | 519 |
|  Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust |
|  4.630% due 01/15/2031 | 3100 | 3119 |
|  World Omni Select Auto Trust | World Omni Select Auto Trust | World Omni Select Auto Trust |
|  5.180% due 06/17/2030 | 27020 | 27324 |
|  |  | 375938 |
| AUTOMOBILE SEQUENTIAL 2.8% | AUTOMOBILE SEQUENTIAL 2.8% | AUTOMOBILE SEQUENTIAL 2.8% |
|  Ally Bank Auto Credit-Linked Notes | Ally Bank Auto Credit-Linked Notes | Ally Bank Auto Credit-Linked Notes |
|  4.452% due 06/15/2033 | 12455 | 12522 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE**<br> (000S) |
|  American Credit Acceptance Receivables Trust | American Credit Acceptance Receivables Trust | American Credit Acceptance Receivables Trust |
|  4.730% due 01/12/2029 | 374 | 375 |
|  Arivo Acceptance Auto Loan Receivables Trust | Arivo Acceptance Auto Loan Receivables Trust | Arivo Acceptance Auto Loan Receivables Trust |
|  4.920% due 05/15/2029 | 500 | 500 |
|  Avis Budget Rental Car Funding AESOP LLC | Avis Budget Rental Car Funding AESOP LLC | Avis Budget Rental Car Funding AESOP LLC |
|  5.200% due 10/20/2027 | 500 | 503 |
|  5.360% due 06/20/2030 | 2000 | 2065 |
|  5.900% due 08/21/2028 | 1200 | 1230 |
|  Bridgecrest Lending Auto Securitization Trust | Bridgecrest Lending Auto Securitization Trust | Bridgecrest Lending Auto Securitization Trust |
|  4.730% due 02/15/2028 | 426 | 427 |
|  CarMax Select Receivables Trust | CarMax Select Receivables Trust | CarMax Select Receivables Trust |
|  4.190% due 03/15/2029 | 1600 | 1602 |
|  4.770% due 09/17/2029 | 10000 | 10089 |
|  Carvana Auto Receivables Trust |  |  |
|  5.050% due 04/10/2029 | 415 | 416 |
|  Consumer Portfolio Services Auto Trust | Consumer Portfolio Services Auto Trust | Consumer Portfolio Services Auto Trust |
|  4.460% due 07/16/2029 | 30362 | 30399 |
|  CPS Auto Receivables Trust | CPS Auto Receivables Trust | CPS Auto Receivables Trust |
|  4.710% due 03/15/2029 | 426 | 427 |
|  Drive Auto Receivables Trust | Drive Auto Receivables Trust | Drive Auto Receivables Trust |
|  4.140% due 09/15/2032 | 2000 | 2006 |
|  4.290% due 10/16/2028 | 3100 | 3103 |
|  4.730% due 09/15/2032 | 30000 | 30160 |
|  Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust |
|  4.390% due 09/17/2029 | 10000 | 10047 |
|  4.530% due 03/15/2028 | 964 | 966 |
|  Exeter Select Automobile Receivables Trust | Exeter Select Automobile Receivables Trust | Exeter Select Automobile Receivables Trust |
|  4.540% due 06/15/2029 | 486 | 488 |
|  FCCU Auto Receivables Trust | FCCU Auto Receivables Trust | FCCU Auto Receivables Trust |
|  5.460% due 04/15/2030 | 1000 | 1023 |
|  FHF Issuer Trust |  |  |
|  5.690% due 02/15/2030 | 1358 | 1367 |
|  5.890% due 06/15/2030 | 1699 | 1710 |
|  Ford Auto Securitization Trust |  |  |
|  4.972% due 03/15/2030 | 3000 | 2260 |
|  5.053% due 07/15/2028 | 1864 | 1376 |
|  Foursight Capital Automobile Receivables Trust | Foursight Capital Automobile Receivables Trust | Foursight Capital Automobile Receivables Trust |
|  5.490% due 01/16/2029 | 432 | 433 |
|  GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust |
|  4.440% due 03/15/2029 | 9300 | 9339 |
|  4.520% due 07/17/2028 | 3000 | 3005 |
|  4.750% due 01/16/2029 | 19000 | 19117 |
|  GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust |
|  4.460% due 10/15/2030 | 488 | 491 |
|  Lendbuzz Securitization Trust |  |  |
|  4.970% due 10/15/2029 | 3122 | 3123 |
|  5.100% due 10/15/2030 | 9606 | 9609 |
|  7.090% due 10/16/2028 | 615 | 623 |
|  OneMain Direct Auto Receivables Trust | OneMain Direct Auto Receivables Trust | OneMain Direct Auto Receivables Trust |
|  5.410% due 11/14/2029 | 4000 | 4031 |
|  Research-Driven Pagaya Motor Asset Trust | Research-Driven Pagaya Motor Asset Trust | Research-Driven Pagaya Motor Asset Trust |
|  4.731% due 07/27/2026 | 375 | 375 |
|  5.124% due 04/25/2034 | 500 | 502 |
|  7.130% due 01/26/2032 | 377 | 378 |
|  Research-Driven Pagaya Motor Trust | Research-Driven Pagaya Motor Trust | Research-Driven Pagaya Motor Trust |
|  7.090% due 06/25/2032 | 971 | 976 |
|  Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust |
|  4.280% due 01/15/2029 | 2600 | 2606 |
|  4.630% due 10/16/2028 | 2678 | 2687 |
|  SBNA Auto Lease Trust |  |  |
|  5.560% due 11/22/2027 | 1787 | 1796 |
|  SCCU Auto Receivables Trust | SCCU Auto Receivables Trust | SCCU Auto Receivables Trust |
|  4.570% due 01/15/2031 | 3000 | 3030 |
|  4.670% due 11/15/2028 | 485 | 487 |
|  Tesla Lease Electric Vehicle Securitization LLC | Tesla Lease Electric Vehicle Securitization LLC | Tesla Lease Electric Vehicle Securitization LLC |
|  4.140% due 06/20/2028 | 6100 | 6114 |
|  4.270% due 11/20/2028 | 25000 | 25145 |
|  Upgrade Auto Receivables Trust | Upgrade Auto Receivables Trust | Upgrade Auto Receivables Trust |
|  4.540% due 05/15/2029 | 5050 | 5057 |
|  4.590% due 10/15/2031 | 3100 | 3081 |
|  4.600% due 01/15/2031 | 13000 | 13036 |
|  Veros Auto Receivables Trust | Veros Auto Receivables Trust | Veros Auto Receivables Trust |
|  5.310% due 09/15/2028 | 14145 | 14196 |
|  6.280% due 11/15/2027 | 281 | 282 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **119** |

---

------

Schedule of Investments PIMCO Multisector Bond Active Exchange-Traded Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE**<br> (000S) |
|  Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust |
|  4.220% due 06/15/2029 | 18800 | 18872 |
|  4.310% due 04/17/2028 | 18900 | 18925 |
|  4.510% due 05/15/2029 | 2300 | 2313 |
|  4.660% due 09/15/2028 | 2100 | 2107 |
|  |  | 286797 |
| CMBS OTHER 0.9% | CMBS OTHER 0.9% | CMBS OTHER 0.9% |
|  ACRES LLC |  |  |
|  5.353% due 08/18/2040 •  | 2200 | 2205 |
|  AREIT Trust |  |  |
|  5.847% due 08/17/2041 •  | 211 | 211 |
|  Greystone CRE Notes LLC |  |  |
|  5.231% due 01/15/2043 •  | 50000 | 50123 |
|  KREF Ltd. |  |  |
|  5.181% due 02/17/2039 •  | 480 | 481 |
|  LMNT CRE LLC |  |  |
|  5.550% due 07/21/2043 •  | 3800 | 3807 |
|  LoanCore Issuer Ltd. |  |  |
|  5.493% due 01/17/2037 •  | 289 | 289 |
|  LRECS LLC |  |  |
|  5.500% due 08/19/2043 •  | 9600 | 9618 |
|  MF1 LLC |  |  |
|  5.184% due 02/18/2043 •  | 4400 | 4411 |
|  5.468% due 03/19/2039 •  | 2000 | 2006 |
|  PFP Ltd. |  |  |
|  5.610% due 09/17/2039 •  | 9935 | 9966 |
|  Starwood LLC |  |  |
|  5.181% due 11/19/2042 •  | 5100 | 5109 |
|  |  | 88226 |
| HOME EQUITY OTHER 3.2% | HOME EQUITY OTHER 3.2% | HOME EQUITY OTHER 3.2% |
|  Accredited Mortgage Loan Trust |  |  |
|  4.286% due 12/25/2035 •  | 11148 | 10670 |
|  ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust |
|  4.366% due 07/25/2036 •  | 8283 | 6974 |
|  6.096% due 08/25/2045 •  | 7038 | 6421 |
|  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 |
|  4.896% due 08/25/2035 •  | 508 | 505 |
|  5.646% due 09/25/2034 •  | 3414 | 2896 |
|  Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates |
|  4.306% due 01/25/2036 •  | 342 | 332 |
|  Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust |
|  4.806% due 11/25/2035 •  | 5283 | 4733 |
|  5.871% due 05/25/2035 •  | 2778 | 2493 |
|  Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust |
|  4.546% due 04/25/2037 •  | 6612 | 6435 |
|  4.653% due 12/25/2035 •  | 11588 | 11360 |
|  4.896% due 12/25/2035 •  | 9546 | 9520 |
|  5.221% due 03/25/2035 •  | 511 | 512 |
|  BNC Mortgage Loan Trust |  |  |
|  5.346% due 11/25/2037 •  | 12673 | 9144 |
|  Chase Funding Trust |  |  |
|  4.306% due 12/25/2033 •  | 806 | 791 |
|  CIT Mortgage Loan Trust |  |  |
|  5.596% due 10/25/2037 •  | 30849 | 30962 |
|  Citicorp Residential Mortgage Trust | Citicorp Residential Mortgage Trust | Citicorp Residential Mortgage Trust |
|  4.379% due 07/25/2036 þ | 7347 | 7143 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  7.581% due 10/25/2036 þ | 1621 | 937 |
|  Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates |
|  6.021% due 12/25/2034 •  | 3471 | 3300 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  3.861% due 12/25/2034 •  | 777 | 737 |
|  4.326% due 03/25/2047 •  | 6222 | 5984 |
|  4.486% due 09/25/2047 •  | 10998 | 9703 |
|  5.456% due 07/25/2035 ~ | 16 | 16 |
|  5.721% due 07/25/2035 •  | 4848 | 4838 |
|  Equifirst Loan Securitization Trust | Equifirst Loan Securitization Trust | Equifirst Loan Securitization Trust |
|  4.366% due 04/25/2037 •  | 5000 | 4117 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE**<br> (000S) |
|  Fieldstone Mortgage Investment Trust | Fieldstone Mortgage Investment Trust | Fieldstone Mortgage Investment Trust |
|  4.491% due 02/25/2036 •  | 2031 | 1808 |
|  Fremont Home Loan Trust |  |  |
|  4.146% due 08/25/2036 •  | 7974 | 3250 |
|  GSAA Home Equity Trust |  |  |
|  3.946% due 05/25/2037 •  | 7867 | 2820 |
|  5.069% due 09/25/2035 ~ | 398 | 262 |
|  6.158% due 09/25/2035 þ | 2923 | 1926 |
|  GSAMP Trust |  |  |
|  3.986% due 01/25/2037 •  | 9358 | 5859 |
|  4.026% due 06/25/2036 •  | 796 | 442 |
|  4.341% due 03/25/2046 •  | 3000 | 2838 |
|  4.416% due 02/25/2036 •  | 2325 | 2464 |
|  4.581% due 09/25/2035 •  | 1170 | 1163 |
|  4.941% due 02/25/2035 •  | 5223 | 5077 |
|  HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust |
|  4.106% due 12/25/2036 •  | 4866 | 1820 |
|  4.126% due 04/25/2037 •  | 17460 | 11407 |
|  4.206% due 04/25/2037 •  | 5780 | 3806 |
|  4.406% due 04/25/2037 •  | 4103 | 2704 |
|  IXIS Real Estate Capital Trust |  |  |
|  4.446% due 03/25/2036 •  | 145 | 76 |
|  JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust |
|  4.166% due 03/25/2037 •  | 1500 | 1387 |
|  Long Beach Mortgage Loan Trust |  |  |
|  4.596% due 02/25/2034 •  | 1166 | 1156 |
|  MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust |
|  3.946% due 08/25/2036 •  | 6591 | 2231 |
|  MASTR Specialized Loan Trust |  |  |
|  6.246% due 01/25/2036 •  | 6023 | 4249 |
|  Merrill Lynch First Franklin Mortgage Loan Trust | Merrill Lynch First Franklin Mortgage Loan Trust | Merrill Lynch First Franklin Mortgage Loan Trust |
|  4.106% due 06/25/2037 •  | 1358 | 1362 |
|  4.186% due 05/25/2037 •  | 3946 | 2888 |
|  4.346% due 06/25/2037 •  | 250 | 252 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.971% due 06/25/2035 •  | 3556 | 3797 |
|  Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust |
|  4.466% due 12/25/2035 •  | 223 | 220 |
|  4.746% due 05/25/2034 •  | 5768 | 5633 |
|  4.941% due 01/25/2035 •  | 463 | 462 |
|  6.621% due 08/25/2034 •  | 550 | 483 |
|  New Century Home Equity Loan Trust | New Century Home Equity Loan Trust | New Century Home Equity Loan Trust |
|  4.406% due 05/25/2036 •  | 1500 | 1438 |
|  4.731% due 05/25/2034 •  | 1500 | 1569 |
|  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 |
|  4.646% due 02/25/2037 •  | 1168 | 314 |
|  NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust |
|  4.126% due 06/25/2036 •  | 200 | 184 |
|  RCKT Mortgage Trust |  |  |
|  4.795% due 09/25/2055 þ | 2027 | 2024 |
|  4.894% due 11/25/2055 þ | 4112 | 4120 |
|  4.966% due 11/25/2055 þ | 1487 | 1491 |
|  5.344% due 09/25/2044 þ | 3522 | 3540 |
|  6.141% due 04/25/2044 ~ | 2744 | 2775 |
|  6.147% due 06/25/2044 þ | 6672 | 6756 |
|  Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust |
|  5.710% due 04/25/2037 þ | 13614 | 3468 |
|  5.909% due 04/25/2037 þ | 46054 | 12147 |
|  Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust |
|  5.871% due 03/25/2035 •  | 669 | 634 |
|  Saxon Asset Securities Trust |  |  |
|  3.946% due 05/25/2047 •  | 281 | 209 |
|  4.086% due 01/25/2047 •  | 5431 | 5241 |
|  4.246% due 09/25/2047 •  | 6113 | 5778 |
|  4.341% due 03/25/2036 •  | 6050 | 4875 |
|  4.646% due 09/25/2047 •  | 10000 | 8053 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.106% due 01/25/2037 •  | 586 | 564 |
|  4.206% due 02/25/2037 •  | 14743 | 12997 |
|  4.266% due 03/25/2036 •  | 3627 | 3518 |
|  4.266% due 12/25/2036 •  | 3435 | 1709 |
|  4.806% due 10/25/2035 •  | 3151 | 2395 |
|  Soundview Home Loan Trust |  |  |
|  4.366% due 02/25/2037 •  | 11084 | 2965 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE**<br> (000S) |
|  Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust |
|  4.796% due 10/25/2033 •  | 1419 | 1454 |
|  Structured Asset Securities Corp. | Structured Asset Securities Corp. | Structured Asset Securities Corp. |
|  4.430% due 02/25/2035 •  | 825 | 842 |
|  Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust |
|  4.251% due 01/25/2037 •  | 13192 | 12217 |
|  4.266% due 02/25/2037 •  | 261 | 258 |
|  Towd Point Mortgage Trust |  |  |
|  5.091% due 10/25/2065 þ | 1445 | 1451 |
|  5.278% due 08/25/2065 þ | 1130 | 1135 |
|  6.125% due 02/25/2064 ~ | 1717 | 1732 |
|  Wells Fargo Home Equity Asset-Backed Securities Trust | Wells Fargo Home Equity Asset-Backed Securities Trust | Wells Fargo Home Equity Asset-Backed Securities Trust |
|  4.836% due 04/25/2035 •  | 137 | 137 |
|  |  | 320355 |
| HOME EQUITY SEQUENTIAL 0.0% | HOME EQUITY SEQUENTIAL 0.0% | HOME EQUITY SEQUENTIAL 0.0% |
|  JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust |
|  3.882% due 11/25/2036 •  | 1162 | 1082 |
| MANUFACTURING HOUSE SEQUENTIAL 0.0% | MANUFACTURING HOUSE SEQUENTIAL 0.0% | MANUFACTURING HOUSE SEQUENTIAL 0.0% |
|  Cascade MH Asset Trust |  |  |
|  5.695% due 11/25/2056 ~ | 2251 | 2320 |
| WHOLE LOAN COLLATERAL 1.7% | WHOLE LOAN COLLATERAL 1.7% | WHOLE LOAN COLLATERAL 1.7% |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.246% due 11/25/2046 •  | 327 | 324 |
|  First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust |
|  5.721% due 07/25/2034 •  | 237 | 239 |
|  Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates | Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates | Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates |
|  4.611% due 11/25/2035 •  | 3184 | 3080 |
|  PRET LLC |  |  |
|  5.184% due 11/25/2055 þ | 4506 | 4521 |
|  5.193% due 10/25/2055 þ | 3253 | 3261 |
|  5.265% due 12/25/2055 «þ | 3400 | 3404 |
|  5.342% due 12/25/2055 þ | 4748 | 4764 |
|  5.391% due 08/25/2055 þ | 948 | 951 |
|  5.657% due 08/25/2055 þ | 958 | 961 |
|  5.732% due 08/25/2055 þ | 962 | 965 |
|  5.744% due 06/25/2055 þ | 924 | 929 |
|  5.851% due 12/25/2054 þ | 12301 | 12317 |
|  5.925% due 10/25/2054 þ | 15583 | 15605 |
|  5.926% due 10/25/2054 þ | 6868 | 6877 |
|  6.244% due 05/25/2055 þ | 28143 | 28319 |
|  6.368% due 04/25/2055 þ | 27299 | 27453 |
|  Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust |
|  4.226% due 10/25/2036 •  | 17734 | 16950 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.086% due 11/25/2036 •  | 27011 | 7420 |
|  Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust |
|  4.326% due 09/25/2037 •  | 2258 | 1596 |
|  VCAT LLC |  |  |
|  5.877% due 01/25/2055 þ | 8414 | 8451 |
|  5.889% due 02/25/2055 þ | 12608 | 12647 |
|  5.977% due 01/25/2055 þ | 14725 | 14780 |
|  |  | 175814 |
| OTHER ABS 16.0% | OTHER ABS 16.0% | OTHER ABS 16.0% |
|  37 Capital CLO 4 Ltd. |  |  |
|  4.995% due 04/15/2035 •  | 5200 | 5200 |
|  522 Funding CLO Ltd. |  |  |
|  5.060% due 10/23/2034 •  | 7800 | 7807 |
|  AASET MT-1 Ltd. |  |  |
|  5.243% due 02/16/2050 | 22996 | 23078 |
|  5.522% due 02/16/2050 | 14456 | 14572 |
|  AASET Trust |  |  |
|  2.798% due 01/15/2047 | 5513 | 5236 |
|  ACHV ABS Trust |  |  |
|  4.760% due 04/26/2032 | 1905 | 1912 |
|  5.010% due 12/26/2031 | 282 | 285 |

---

---

| | | |
|:---|:---|:---|
| **120** | **PIMCO ETF TRUST** | See Accompanying Notes |

---

------

December 31, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE**<br> (000S) | **MARKET<br>VALUE**<br> (000S) |
|  5.040% due 04/26/2032 | $— | 2364 | $— | 2375 |
|  5.070% due 10/27/2031 |  | 861 |  | 866 |
|  5.430% due 10/27/2031 |  | 1560 |  | 1576 |
|  5.450% due 12/26/2031 |  | 1909 |  | 1930 |
|  5.680% due 12/26/2031 |  | 1622 |  | 1643 |
|  5.900% due 04/25/2031 |  | 186 |  | 187 |
|  Affirm Master Trust |  |  |  |  |
|  4.450% due 10/16/2034 |  | 1200 |  | 1205 |
|  4.670% due 07/15/2033 |  | 1600 |  | 1612 |
|  4.990% due 02/15/2033 |  | 30000 |  | 30312 |
|  AMMC CLO 24 Ltd. |  |  |  |  |
|  5.084% due 01/20/2035 •  |  | 9100 |  | 9102 |
|  AMMC CLO 27 Ltd. |  |  |  |  |
|  4.964% due 01/20/2037 •  |  | 1600 |  | 1599 |
|  Anchorage Capital CLO 21 Ltd. |  |  |  |  |
|  4.934% due 10/20/2034 •  |  | 20000 |  | 19985 |
|  Anchorage Capital CLO 28 Ltd. |  |  |  |  |
|  5.584% due 04/20/2037 •  |  | 1500 |  | 1509 |
|  Anchorage Credit Funding 1 Ltd. | Anchorage Credit Funding 1 Ltd. | Anchorage Credit Funding 1 Ltd. | Anchorage Credit Funding 1 Ltd. | Anchorage Credit Funding 1 Ltd. |
|  3.900% due 07/28/2037 |  | 9371 |  | 9302 |
|  Anchorage Credit Funding 10 Ltd. | Anchorage Credit Funding 10 Ltd. | Anchorage Credit Funding 10 Ltd. | Anchorage Credit Funding 10 Ltd. | Anchorage Credit Funding 10 Ltd. |
|  3.619% due 04/25/2038 |  | 9667 |  | 9516 |
|  4.169% due 04/25/2038 |  | 2000 |  | 1930 |
|  Anchorage Credit Funding 12 Ltd. | Anchorage Credit Funding 12 Ltd. | Anchorage Credit Funding 12 Ltd. | Anchorage Credit Funding 12 Ltd. | Anchorage Credit Funding 12 Ltd. |
|  3.177% due 10/25/2038 |  | 2400 |  | 2354 |
|  Anchorage Credit Funding 13 Ltd. | Anchorage Credit Funding 13 Ltd. | Anchorage Credit Funding 13 Ltd. | Anchorage Credit Funding 13 Ltd. | Anchorage Credit Funding 13 Ltd. |
|  2.875% due 07/27/2039 |  | 2000 |  | 1929 |
|  Anchorage Credit Funding 14 Ltd. | Anchorage Credit Funding 14 Ltd. | Anchorage Credit Funding 14 Ltd. | Anchorage Credit Funding 14 Ltd. | Anchorage Credit Funding 14 Ltd. |
|  3.000% due 01/21/2040 |  | 2000 |  | 1922 |
|  Anchorage Credit Funding 18 Ltd. | Anchorage Credit Funding 18 Ltd. | Anchorage Credit Funding 18 Ltd. | Anchorage Credit Funding 18 Ltd. | Anchorage Credit Funding 18 Ltd. |
|  5.327% due 10/22/2040 |  | 2600 |  | 2612 |
|  5.702% due 10/22/2040 |  | 500 |  | 502 |
|  Anchorage Credit Funding 19 Ltd. | Anchorage Credit Funding 19 Ltd. | Anchorage Credit Funding 19 Ltd. | Anchorage Credit Funding 19 Ltd. | Anchorage Credit Funding 19 Ltd. |
|  5.036% due 10/25/2040 |  | 2700 |  | 2701 |
|  5.336% due 10/25/2040 |  | 2300 |  | 2296 |
|  Anchorage Credit Funding 3 Ltd. | Anchorage Credit Funding 3 Ltd. | Anchorage Credit Funding 3 Ltd. | Anchorage Credit Funding 3 Ltd. | Anchorage Credit Funding 3 Ltd. |
|  2.871% due 01/28/2039 |  | 4000 |  | 3876 |
|  Anchorage Credit Funding 4 Ltd. | Anchorage Credit Funding 4 Ltd. | Anchorage Credit Funding 4 Ltd. | Anchorage Credit Funding 4 Ltd. | Anchorage Credit Funding 4 Ltd. |
|  2.723% due 04/27/2039 |  | 2000 |  | 1911 |
|  Anchorage Credit Funding 9 Ltd. | Anchorage Credit Funding 9 Ltd. | Anchorage Credit Funding 9 Ltd. | Anchorage Credit Funding 9 Ltd. | Anchorage Credit Funding 9 Ltd. |
|  3.793% due 10/25/2037 |  | 9169 |  | 9083 |
|  Apidos CLO XI |  |  |  |  |
|  5.122% due 04/17/2034 •  |  | 22200 |  | 22227 |
|  Aqua Finance Issuer Trust |  |  |  |  |
|  4.790% due 05/17/2051 |  | 762 |  | 768 |
|  Arcano Euro CLO II DAC |  |  |  |  |
|  0.000% due 07/25/2039 •  |  | 5400 |  | 6365 |
|  ARES LX CLO Ltd. |  |  |  |  |
|  5.064% due 07/18/2034 •  | $— | 500 |  | 500 |
|  ARES LXII CLO Ltd. |  |  |  |  |
|  4.928% due 01/25/2034 •  |  | 3000 |  | 3000 |
|  5.258% due 01/25/2034 •  |  | 5300 |  | 5318 |
|  ARES LXV CLO Ltd. |  |  |  |  |
|  4.978% due 07/25/2034 •  |  | 23200 |  | 23197 |
|  5.358% due 07/25/2034 •  |  | 500 |  | 502 |
|  ARES XLIV CLO Ltd. |  |  |  |  |
|  5.035% due 04/15/2034 •  |  | 2700 |  | 2701 |
|  ARES XXVII CLO Ltd. |  |  |  |  |
|  5.009% due 10/28/2034 •  |  | 2500 |  | 2501 |
|  Ascent Education Funding Trust | Ascent Education Funding Trust | Ascent Education Funding Trust | Ascent Education Funding Trust | Ascent Education Funding Trust |
|  6.140% due 10/25/2050 |  | 1547 |  | 1591 |
|  Atlas Senior Loan Fund XVI Ltd. |  |  |  |  |
|  5.019% due 01/20/2034 •  |  | 2100 |  | 2100 |
|  5.569% due 01/20/2034 •  |  | 8825 |  | 8841 |
|  Atlas Senior Loan Fund XVII Ltd. | Atlas Senior Loan Fund XVII Ltd. | Atlas Senior Loan Fund XVII Ltd. | Atlas Senior Loan Fund XVII Ltd. | Atlas Senior Loan Fund XVII Ltd. |
|  4.944% due 10/20/2034 •  |  | 2100 |  | 2095 |
|  Bain Capital Credit CLO Ltd. |  |  |  |  |
|  4.900% due 10/21/2034 •  |  | 18200 |  | 18190 |
|  4.925% due 07/24/2034 •  |  | 10000 |  | 9984 |
|  5.007% due 04/22/2035 •  |  | 1900 |  | 1900 |
|  5.010% due 10/23/2034 •  |  | 6000 |  | 6002 |
|  5.042% due 07/17/2035 •  |  | 1300 |  | 1300 |
|  5.070% due 10/23/2034 •  |  | 8700 |  | 8708 |
|  5.084% due 10/20/2034 •  |  | 20000 |  | 20018 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE**<br> (000S) | **MARKET<br>VALUE**<br> (000S) |
|  5.124% due 07/16/2034 •  | $— | 11100 | $— | 11112 |
|  5.334% due 10/20/2034 •  |  | 1000 |  | 1005 |
|  5.374% due 07/16/2034 •  |  | 1500 |  | 1507 |
|  Bain Capital Euro CLO DAC |  |  |  |  |
|  3.265% due 01/22/2038 •  |  | 3900 |  | 4587 |
|  Barings Euro CLO DAC |  |  |  |  |
|  0.000% due 08/15/2039 •(a) |  | 3500 |  | 4113 |
|  Bayfront Iabs VII Pte. Ltd. |  |  |  |  |
|  0.000% due 04/11/2048 «•  | $— | 3200 |  | 3200 |
|  Benefit Street Partners CLO XXII Ltd. | Benefit Street Partners CLO XXII Ltd. | Benefit Street Partners CLO XXII Ltd. | Benefit Street Partners CLO XXII Ltd. | Benefit Street Partners CLO XXII Ltd. |
|  5.034% due 04/20/2035 •  |  | 1400 |  | 1400 |
|  BHG Securitization Trust |  |  |  |  |
|  4.820% due 04/17/2036 |  | 6975 |  | 7049 |
|  4.840% due 09/17/2036 |  | 895 |  | 905 |
|  5.170% due 09/17/2036 |  | 12300 |  | 12440 |
|  5.260% due 04/17/2036 |  | 11136 |  | 11260 |
|  5.550% due 04/17/2036 |  | 41 |  | 41 |
|  6.920% due 12/17/2036 |  | 108 |  | 113 |
|  Blackbird Capital II Aircraft Lease Ltd. | Blackbird Capital II Aircraft Lease Ltd. | Blackbird Capital II Aircraft Lease Ltd. | Blackbird Capital II Aircraft Lease Ltd. | Blackbird Capital II Aircraft Lease Ltd. |
|  2.443% due 07/15/2046 |  | 1514 |  | 1439 |
|  BlueMountain CLO XXXII Ltd. |  |  |  |  |
|  5.005% due 10/15/2034 •  |  | 5150 |  | 5152 |
|  BlueMountain CLO XXXIV Ltd. |  |  |  |  |
|  5.034% due 04/20/2035 •  |  | 2900 |  | 2901 |
|  Broad River Bsl Funding CLO Ltd. | Broad River Bsl Funding CLO Ltd. | Broad River Bsl Funding CLO Ltd. | Broad River Bsl Funding CLO Ltd. | Broad River Bsl Funding CLO Ltd. |
|  5.316% due 07/20/2034 •  |  | 3750 |  | 3761 |
|  Buckhorn Park CLO Ltd. |  |  |  |  |
|  4.954% due 07/18/2034 •  |  | 1800 |  | 1800 |
|  Canyon Capital CLO Ltd. |  |  |  |  |
|  4.915% due 10/15/2034 •  |  | 20000 |  | 19988 |
|  Canyon CLO Ltd. |  |  |  |  |
|  4.985% due 07/15/2034 •  |  | 5200 |  | 5196 |
|  5.005% due 10/15/2034 •  |  | 1000 |  | 1000 |
|  Capital Four CLO X DAC |  |  |  |  |
|  3.279% due 10/25/2038 •  |  | 2100 |  | 2470 |
|  Capital Street Master Trust |  |  |  |  |
|  5.074% due 08/16/2029 •  | $— | 1000 |  | 999 |
|  5.324% due 10/16/2028 •  |  | 8000 |  | 8003 |
|  Carlyle U.S. CLO Ltd. |  |  |  |  |
|  4.938% due 01/25/2035 •  |  | 500 |  | 500 |
|  4.994% due 10/20/2034 •  |  | 750 |  | 750 |
|  CarVal CLO III Ltd. <br>|  |  |  |  |
|  4.874% due 07/20/2032 •  |  | 18573 |  | 18585 |
|  Castlelake Aircraft Structured Trust | Castlelake Aircraft Structured Trust | Castlelake Aircraft Structured Trust | Castlelake Aircraft Structured Trust | Castlelake Aircraft Structured Trust |
|  5.087% due 11/15/2050 |  | 19967 |  | 20060 |
|  5.465% due 08/15/2050 |  | 1169 |  | 1184 |
|  5.783% due 02/15/2050 |  | 13085 |  | 13313 |
|  Cedar Funding VI CLO Ltd. |  |  |  |  |
|  4.974% due 04/20/2034 •  |  | 1900 |  | 1901 |
|  CFIP CLO Ltd. |  |  |  |  |
|  5.366% due 01/20/2035 •  |  | 13500 |  | 13522 |
|  CIFC Funding Ltd. |  |  |  |  |
|  5.077% due 10/24/2030 •  |  | 241 |  | 242 |
|  College Avenue Student Loans LLC | College Avenue Student Loans LLC | College Avenue Student Loans LLC | College Avenue Student Loans LLC | College Avenue Student Loans LLC |
|  4.946% due 07/25/2051 •  |  | 1990 |  | 1988 |
|  5.246% due 12/28/2048 •  |  | 1153 |  | 1158 |
|  5.774% due 05/25/2055 •  |  | 2407 |  | 2453 |
|  Dryden 43 Senior Loan Fund |  |  |  |  |
|  4.954% due 04/20/2034 •  |  | 1920 |  | 1920 |
|  Dryden 86 CLO Ltd. |  |  |  |  |
|  5.012% due 07/17/2034 •  |  | 500 |  | 500 |
|  Dryden 95 CLO Ltd. |  |  |  |  |
|  4.929% due 08/20/2034 •  |  | 48500 |  | 48484 |
|  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 |
|  5.139% due 11/25/2069 •  |  | 834 |  | 841 |
|  Elevation CLO Ltd. |  |  |  |  |
|  4.988% due 07/25/2034 •  |  | 24200 |  | 24180 |
|  5.158% due 01/25/2035 •  |  | 18000 |  | 18025 |
|  5.458% due 01/25/2035 •  |  | 2300 |  | 2310 |
|  Elmwood CLO 15 Ltd. |  |  |  |  |
|  5.007% due 04/22/2035 •  |  | 600 |  | 600 |
|  Fortress Credit BSL VII Ltd. |  |  |  |  |
|  4.950% due 07/23/2032 •  |  | 3252 |  | 3256 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE**<br> (000S) | **MARKET<br>VALUE**<br> (000S) |
|  Fortress Credit BSL X Ltd. |  |  |  |  |
|  5.014% due 04/20/2033 •  | $— | 1100 | $— | 1101 |
|  Foundation Finance Trust |  |  |  |  |
|  4.670% due 04/15/2052 |  | 417 |  | 420 |
|  GoldenTree Loan Management U.S. CLO 8 Ltd. | GoldenTree Loan Management U.S. CLO 8 Ltd. | GoldenTree Loan Management U.S. CLO 8 Ltd. | GoldenTree Loan Management U.S. CLO 8 Ltd. | GoldenTree Loan Management U.S. CLO 8 Ltd. |
|  5.034% due 10/20/2034 •  |  | 5000 |  | 5002 |
|  Golub Capital Partners CLO 50B-R Ltd. | Golub Capital Partners CLO 50B-R Ltd. | Golub Capital Partners CLO 50B-R Ltd. | Golub Capital Partners CLO 50B-R Ltd. | Golub Capital Partners CLO 50B-R Ltd. |
|  4.994% due 04/20/2035 •  |  | 2000 |  | 2000 |
|  5.284% due 04/20/2035 •  |  | 900 |  | 903 |
|  5.384% due 04/20/2035 •  |  | 3800 |  | 3805 |
|  GreenSky Home Improvement Issuer Trust | GreenSky Home Improvement Issuer Trust | GreenSky Home Improvement Issuer Trust | GreenSky Home Improvement Issuer Trust | GreenSky Home Improvement Issuer Trust |
|  4.340% due 12/27/2060 |  | 700 |  | 701 |
|  4.890% due 06/25/2060 |  | 425 |  | 429 |
|  4.930% due 06/25/2060 |  | 375 |  | 377 |
|  5.020% due 06/25/2060 |  | 500 |  | 508 |
|  5.120% due 03/25/2060 |  | 5953 |  | 5981 |
|  5.150% due 10/27/2059 |  | 2833 |  | 2886 |
|  5.220% due 03/25/2060 |  | 6140 |  | 6237 |
|  5.250% due 10/27/2059 |  | 456 |  | 457 |
|  5.260% due 10/27/2059 |  | 387 |  | 392 |
|  5.320% due 03/25/2060 |  | 13200 |  | 13526 |
|  5.550% due 10/27/2059 |  | 387 |  | 391 |
|  6.430% due 10/27/2059 |  | 387 |  | 394 |
|  GreenSky Home Improvement Trust | GreenSky Home Improvement Trust | GreenSky Home Improvement Trust | GreenSky Home Improvement Trust | GreenSky Home Improvement Trust |
|  5.550% due 06/25/2059 |  | 1100 |  | 1130 |
|  5.870% due 06/25/2059 |  | 1654 |  | 1692 |
|  6.360% due 06/25/2059 |  | 1654 |  | 1695 |
|  Greywolf CLO III Ltd. |  |  |  |  |
|  5.087% due 04/22/2033 •  |  | 18123 |  | 18136 |
|  Greywolf CLO IV Ltd. |  |  |  |  |
|  5.122% due 04/17/2034 •  |  | 1300 |  | 1302 |
|  Grosvenor Place CLO DAC |  |  |  |  |
|  3.383% due 08/15/2039 •  |  | 3800 |  | 4466 |
|  4.208% due 08/15/2039 «•  |  | 6500 |  | 7639 |
|  Guggenheim CLO Ltd. |  |  |  |  |
|  5.055% due 01/15/2035 •  | $— | 800 |  | 799 |
|  ICG U.S. CLO Ltd. |  |  |  |  |
|  4.884% due 01/16/2033 •  |  | 8161 |  | 8169 |
|  IFC Emerging Markets Securitization Ltd. | IFC Emerging Markets Securitization Ltd. | IFC Emerging Markets Securitization Ltd. | IFC Emerging Markets Securitization Ltd. | IFC Emerging Markets Securitization Ltd. |
|  5.454% due 12/31/2035 •  |  | 2500 |  | 2500 |
|  Invesco CLO Ltd. |  |  |  |  |
|  5.005% due 07/15/2034 •  |  | 15000 |  | 15006 |
|  5.034% due 07/20/2035 •  |  | 1700 |  | 1700 |
|  KKR CLO 16 Ltd. |  |  |  |  |
|  4.988% due 10/20/2034 •  |  | 4800 |  | 4802 |
|  KKR CLO 18 Ltd. |  |  |  |  |
|  5.191% due 10/18/2035 •  |  | 5000 |  | 5005 |
|  KKR CLO 27 Ltd. |  |  |  |  |
|  5.015% due 01/15/2035 •  |  | 1200 |  | 1200 |
|  KKR CLO 33 Ltd. |  |  |  |  |
|  4.993% due 07/20/2034 •  |  | 900 |  | 900 |
|  KKR CLO 36 Ltd. |  |  |  |  |
|  5.055% due 10/15/2034 •  |  | 2600 |  | 2601 |
|  KKR CLO 42 Ltd. |  |  |  |  |
|  5.034% due 07/20/2034 •  |  | 2100 |  | 2102 |
|  LCM 34 Ltd. |  |  |  |  |
|  5.064% due 10/20/2034 •  |  | 250 |  | 250 |
|  LCM 36 Ltd. |  |  |  |  |
|  4.975% due 01/15/2034 •  |  | 2000 |  | 1997 |
|  Lendmark Funding Trust |  |  |  |  |
|  5.530% due 06/21/2032 |  | 3100 |  | 3143 |
|  Madison Park Funding XLVI Ltd. | Madison Park Funding XLVI Ltd. | Madison Park Funding XLVI Ltd. | Madison Park Funding XLVI Ltd. | Madison Park Funding XLVI Ltd. |
|  4.905% due 10/15/2034 •  |  | 30000 |  | 29980 |
|  Madison Park Funding XXXV Ltd. | Madison Park Funding XXXV Ltd. | Madison Park Funding XXXV Ltd. | Madison Park Funding XXXV Ltd. | Madison Park Funding XXXV Ltd. |
|  5.136% due 04/20/2032 •  |  | 802 |  | 802 |
|  Madison Park Funding XXXVI Ltd. | Madison Park Funding XXXVI Ltd. | Madison Park Funding XXXVI Ltd. | Madison Park Funding XXXVI Ltd. | Madison Park Funding XXXVI Ltd. |
|  4.965% due 04/15/2035 •  |  | 1000 |  | 1000 |
|  Magnetite XXXII Ltd. |  |  |  |  |
|  5.332% due 10/15/2037 •  |  | 20000 |  | 20034 |
|  Marble Point CLO XXII Ltd. |  |  |  |  |
|  5.078% due 07/25/2034 •  |  | 1800 |  | 1802 |
|  Navesink CLO 2 Ltd. |  |  |  |  |
|  0.000% due 01/15/2036 •(a) |  | 2100 |  | 2100 |
|  5.175% due 04/15/2036 •  |  | 4600 |  | 4600 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **121** |

---

------

Schedule of Investments PIMCO Multisector Bond Active Exchange-Traded Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE**<br> (000S) |
|  Navient Education Loan Trust |  |  |
|  5.020% due 07/15/2055 | 2857 | 2891 |
|  5.320% due 07/15/2055 | 4200 | 4247 |
|  Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust |
|  4.915% due 12/15/2059 •  | 917 | 916 |
|  Navient Student Loan Trust |  |  |
|  4.889% due 08/26/2069 •  | 776 | 783 |
|  Nelnet Student Loan Trust |  |  |
|  4.650% due 08/20/2054 | 10300 | 10273 |
|  4.670% due 06/22/2065 | 8429 | 8407 |
|  4.840% due 05/17/2055 | 3930 | 3947 |
|  5.268% due 06/22/2065 •  | 6403 | 6457 |
|  5.334% due 05/17/2055 •  | 3743 | 3773 |
|  6.118% due 02/20/2041 •  | 232 | 237 |
|  6.640% due 02/20/2041 | 232 | 242 |
|  Neuberger Berman CLO XXI Ltd. | Neuberger Berman CLO XXI Ltd. | Neuberger Berman CLO XXI Ltd. |
|  5.204% due 01/20/2039 •  | 10000 | 10027 |
|  Neuberger Berman Loan Advisers CLO 43 Ltd. | Neuberger Berman Loan Advisers CLO 43 Ltd. | Neuberger Berman Loan Advisers CLO 43 Ltd. |
|  4.932% due 07/17/2036 •  | 21000 | 20995 |
|  Neuberger Berman Loan Advisers CLO 45 Ltd. | Neuberger Berman Loan Advisers CLO 45 Ltd. | Neuberger Berman Loan Advisers CLO 45 Ltd. |
|  4.972% due 10/14/2036 •  | 21300 | 21291 |
|  Neuberger Berman Loan Advisers Lasalle Street Lending CLO I Ltd. | Neuberger Berman Loan Advisers Lasalle Street Lending CLO I Ltd. | Neuberger Berman Loan Advisers Lasalle Street Lending CLO I Ltd. |
|  5.140% due 10/25/2036 •  | 2200 | 2203 |
|  5.390% due 10/25/2036 •  | 10000 | 10049 |
|  New Mountain CLO 5 Ltd. |  |  |
|  5.134% due 07/20/2036 •  | 8000 | 8010 |
|  Northwoods Capital 25 Ltd. |  |  |
|  5.004% due 07/20/2034 •  | 1900 | 1897 |
|  OCP Euro CLO DAC |  |  |
|  3.244% due 07/20/2036 •  | 2900 | 3411 |
|  Octagon 64 Ltd. |  |  |
|  5.130% due 07/21/2035 •  | 40000 | 40041 |
|  Octagon Investment Partners 39 Ltd. | Octagon Investment Partners 39 Ltd. | Octagon Investment Partners 39 Ltd. |
|  5.034% due 10/20/2030 •  | 834 | 835 |
|  Octagon Investment Partners 40 Ltd. | Octagon Investment Partners 40 Ltd. | Octagon Investment Partners 40 Ltd. |
|  4.924% due 01/20/2035 •  | 10600 | 10597 |
|  Octagon Investment Partners 45 Ltd. | Octagon Investment Partners 45 Ltd. | Octagon Investment Partners 45 Ltd. |
|  5.055% due 04/15/2035 •  | 5700 | 5701 |
|  Octagon Investment Partners XVI Ltd. | Octagon Investment Partners XVI Ltd. | Octagon Investment Partners XVI Ltd. |
|  5.163% due 07/17/2030 •  | 42 | 43 |
|  OFSI BSL X Ltd. |  |  |
|  5.154% due 04/20/2034 •  | 16300 | 16322 |
|  Oportun Funding Trust |  |  |
|  4.960% due 08/16/2032 | 3395 | 3400 |
|  5.240% due 08/16/2032 | 7900 | 7931 |
|  5.780% due 08/16/2032 | 2000 | 2012 |
|  Oportun Issuance Trust |  |  |
|  5.010% due 02/08/2033 | 7300 | 7300 |
|  5.860% due 02/09/2032 | 118 | 118 |
|  OZLM XV Ltd. |  |  |
|  4.934% due 04/20/2033 •  | 39076 | 39114 |
|  OZLM XVIII Ltd. |  |  |
|  5.186% due 04/15/2031 •  | 30 | 30 |
|  Pagaya AI Debt Grantor Trust |  |  |
|  0.000% due 04/15/2032 «~ | 1230 | 574 |
|  4.497% due 04/15/2033 | 1600 | 1602 |
|  4.684% due 08/17/2026 | 1028 | 1029 |
|  4.865% due 10/15/2032 | 1040 | 1044 |
|  4.883% due 04/15/2033 | 18700 | 18652 |
|  4.961% due 10/15/2032 | 3122 | 3139 |
|  5.065% due 03/15/2032 | 1561 | 1566 |
|  5.092% due 07/15/2032 | 3971 | 3990 |
|  5.108% due 03/15/2033 | 500 | 503 |
|  5.156% due 07/15/2032 | 3701 | 3733 |
|  5.183% due 06/15/2032 | 2595 | 2608 |
|  5.329% due 10/15/2032 | 13899 | 13972 |
|  5.331% due 01/15/2032 | 1313 | 1318 |
|  5.440% due 03/15/2033 | 19999 | 20095 |
|  5.617% due 04/15/2032 « | 1120 | 1122 |
|  5.628% due 07/15/2032 | 9999 | 10086 |
|  5.637% due 07/15/2032 | 1869 | 1884 |
|  5.639% due 10/15/2032 | 16098 | 16173 |
|  5.640% due 03/15/2033 | 2400 | 2410 |
|  5.750% due 06/15/2032 | 3187 | 3209 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE**<br> (000S) | **MARKET<br>VALUE**<br> (000S) |
|  5.823% due 04/15/2032 « | $— | 789 | $— | 792 |
|  5.867% due 07/15/2032 |  | 5000 |  | 5029 |
|  5.992% due 06/15/2032 |  | 1048 |  | 1055 |
|  6.261% due 04/15/2032 « |  | 829 |  | 833 |
|  6.278% due 10/15/2031 |  | 662 |  | 666 |
|  10.273% due 04/15/2032 « |  | 1019 |  | 1001 |
|  Pagaya AI Debt Grantor Trust & Pagaya AI Debt Trust | Pagaya AI Debt Grantor Trust & Pagaya AI Debt Trust | Pagaya AI Debt Grantor Trust & Pagaya AI Debt Trust | Pagaya AI Debt Grantor Trust & Pagaya AI Debt Trust | Pagaya AI Debt Grantor Trust & Pagaya AI Debt Trust |
|  6.093% due 11/15/2031 |  | 629 |  | 632 |
|  Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust |
|  6.117% due 12/15/2031 |  | 980 |  | 987 |
|  Pagaya AI Debt Trust | Pagaya AI Debt Trust | Pagaya AI Debt Trust | Pagaya AI Debt Trust | Pagaya AI Debt Trust |
|  5.373% due 01/17/2033 |  | 2700 |  | 2724 |
|  6.258% due 10/15/2031 |  | 931 |  | 934 |
|  6.660% due 07/15/2031 |  | 674 |  | 676 |
|  7.299% due 06/16/2031 |  | 291 |  | 295 |
|  Pagaya Point of Sale Holdings Grantor Trust | Pagaya Point of Sale Holdings Grantor Trust | Pagaya Point of Sale Holdings Grantor Trust | Pagaya Point of Sale Holdings Grantor Trust | Pagaya Point of Sale Holdings Grantor Trust |
|  5.715% due 01/20/2034 |  | 8600 |  | 8671 |
|  Parallel Ltd. | Parallel Ltd. | Parallel Ltd. | Parallel Ltd. | Parallel Ltd. |
|  5.015% due 07/15/2034 •  |  | 20000 |  | 19963 |
|  Park Avenue Institutional Advisers CLO Ltd. | Park Avenue Institutional Advisers CLO Ltd. | Park Avenue Institutional Advisers CLO Ltd. | Park Avenue Institutional Advisers CLO Ltd. | Park Avenue Institutional Advisers CLO Ltd. |
|  4.994% due 01/20/2034 •  |  | 1000 |  | 1001 |
|  PEAC Solutions Receivables LLC | PEAC Solutions Receivables LLC | PEAC Solutions Receivables LLC | PEAC Solutions Receivables LLC | PEAC Solutions Receivables LLC |
|  4.940% due 10/20/2028 |  | 17700 |  | 17816 |
|  Pikes Peak CLO 2 | Pikes Peak CLO 2 | Pikes Peak CLO 2 | Pikes Peak CLO 2 | Pikes Peak CLO 2 |
|  5.104% due 10/11/2034 •  |  | 18000 |  | 18021 |
|  Pikes Peak CLO 4 | Pikes Peak CLO 4 | Pikes Peak CLO 4 | Pikes Peak CLO 4 | Pikes Peak CLO 4 |
|  5.115% due 07/15/2034 •  |  | 18000 |  | 18016 |
|  PK ALIFT Loan Funding 4 LP | PK ALIFT Loan Funding 4 LP | PK ALIFT Loan Funding 4 LP | PK ALIFT Loan Funding 4 LP | PK ALIFT Loan Funding 4 LP |
|  5.052% due 10/15/2039 |  | 5592 |  | 5617 |
|  PK ALIFT Loan Funding 6 LP | PK ALIFT Loan Funding 6 LP | PK ALIFT Loan Funding 6 LP | PK ALIFT Loan Funding 6 LP | PK ALIFT Loan Funding 6 LP |
|  5.365% due 11/15/2042 |  | 18772 |  | 18937 |
|  PK ALIFT Loan Funding 7 LP | PK ALIFT Loan Funding 7 LP | PK ALIFT Loan Funding 7 LP | PK ALIFT Loan Funding 7 LP | PK ALIFT Loan Funding 7 LP |
|  4.750% due 03/15/2043 |  | 4200 |  | 4215 |
|  Post CLO Ltd. | Post CLO Ltd. | Post CLO Ltd. | Post CLO Ltd. | Post CLO Ltd. |
|  4.985% due 10/15/2034 •  |  | 500 |  | 500 |
|  PPM CLO 5 Ltd. | PPM CLO 5 Ltd. | PPM CLO 5 Ltd. | PPM CLO 5 Ltd. | PPM CLO 5 Ltd. |
|  4.998% due 10/18/2034 •  |  | 2500 |  | 2500 |
|  RCKT Trust | RCKT Trust | RCKT Trust | RCKT Trust | RCKT Trust |
|  4.480% due 11/27/2034 |  | 422 |  | 423 |
|  4.900% due 07/25/2034 |  | 306 |  | 307 |
|  Reach ABS Trust | Reach ABS Trust | Reach ABS Trust | Reach ABS Trust | Reach ABS Trust |
|  4.930% due 08/18/2032 |  | 1037 |  | 1042 |
|  4.960% due 08/16/2032 |  | 4143 |  | 4156 |
|  5.120% due 08/18/2032 |  | 4300 |  | 4345 |
|  5.340% due 08/16/2032 |  | 4600 |  | 4671 |
|  5.840% due 07/15/2031 |  | 5000 |  | 5075 |
|  5.880% due 07/15/2031 |  | 582 |  | 584 |
|  5.990% due 08/16/2032 |  | 1200 |  | 1223 |
|  6.290% due 02/18/2031 |  | 855 |  | 861 |
|  Rockford Tower CLO Ltd. | Rockford Tower CLO Ltd. | Rockford Tower CLO Ltd. | Rockford Tower CLO Ltd. | Rockford Tower CLO Ltd. |
|  5.014% due 07/20/2034 •  |  | 600 |  | 600 |
|  5.084% due 07/20/2035 •  |  | 1500 |  | 1501 |
|  Romark CLO - IV Ltd. | Romark CLO - IV Ltd. | Romark CLO - IV Ltd. | Romark CLO - IV Ltd. | Romark CLO - IV Ltd. |
|  5.067% due 07/10/2034 •  |  | 1800 |  | 1801 |
|  5.577% due 07/10/2034 •  |  | 4500 |  | 4508 |
|  Romark CLO V Ltd. | Romark CLO V Ltd. | Romark CLO V Ltd. | Romark CLO V Ltd. | Romark CLO V Ltd. |
|  5.095% due 01/15/2035 •  |  | 1900 |  | 1901 |
|  Romark Credit Funding III Ltd. | Romark Credit Funding III Ltd. | Romark Credit Funding III Ltd. | Romark Credit Funding III Ltd. | Romark Credit Funding III Ltd. |
|  5.539% due 09/15/2042 |  | 3400 |  | 3412 |
|  Romark Credit Funding Ltd. | Romark Credit Funding Ltd. | Romark Credit Funding Ltd. | Romark Credit Funding Ltd. | Romark Credit Funding Ltd. |
|  5.423% due 07/29/2043 |  | 1800 |  | 1811 |
|  Sculptor CLO XXVII Ltd. | Sculptor CLO XXVII Ltd. | Sculptor CLO XXVII Ltd. | Sculptor CLO XXVII Ltd. | Sculptor CLO XXVII Ltd. |
|  4.944% due 07/20/2034 •  |  | 10000 |  | 10000 |
|  Shackleton CLO Ltd. | Shackleton CLO Ltd. | Shackleton CLO Ltd. | Shackleton CLO Ltd. | Shackleton CLO Ltd. |
|  5.084% due 07/20/2034 •  |  | 1300 |  | 1301 |
|  Silver Rock CLO II Ltd. | Silver Rock CLO II Ltd. | Silver Rock CLO II Ltd. | Silver Rock CLO II Ltd. | Silver Rock CLO II Ltd. |
|  4.924% due 01/20/2035 •  |  | 500 |  | 500 |
|  Slam Ltd. | Slam Ltd. | Slam Ltd. | Slam Ltd. | Slam Ltd. |
|  5.807% due 05/15/2050 |  | 24125 |  | 24782 |
|  SLM Student Loan Trust | SLM Student Loan Trust | SLM Student Loan Trust | SLM Student Loan Trust | SLM Student Loan Trust |
|  2.465% due 10/25/2039 •  |  | 1066 |  | 1169 |
|  2.615% due 07/25/2039 •  |  | 1054 |  | 1166 |
|  SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
|  5.020% due 03/17/2053 | $— | 1521 |  | 1534 |
|  5.060% due 03/16/2054 |  | 12039 |  | 12200 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE**<br> (000S) | **MARKET<br>VALUE**<br> (000S) |
|  5.074% due 06/17/2052 •  | $— | 1277 | $— | 1276 |
|  5.074% due 07/15/2053 •  |  | 4123 |  | 4096 |
|  5.090% due 10/16/2056 |  | 1888 |  | 1919 |
|  5.130% due 04/15/2054 |  | 27931 |  | 28376 |
|  5.184% due 03/17/2053 •  |  | 475 |  | 477 |
|  5.240% due 03/15/2056 |  | 1515 |  | 1543 |
|  5.334% due 10/16/2056 •  |  | 2380 |  | 2386 |
|  5.380% due 01/15/2053 |  | 881 |  | 897 |
|  5.380% due 07/15/2053 |  | 4618 |  | 4718 |
|  5.434% due 03/15/2056 •  |  | 1256 |  | 1269 |
|  5.500% due 06/17/2052 |  | 5877 |  | 6037 |
|  5.784% due 10/16/2056 •  |  | 3346 |  | 3418 |
|  SoFi Consumer Loan Program Trust | SoFi Consumer Loan Program Trust | SoFi Consumer Loan Program Trust | SoFi Consumer Loan Program Trust | SoFi Consumer Loan Program Trust |
|  4.240% due 08/25/2035 |  | 1328 |  | 1330 |
|  4.800% due 02/27/2034 |  | 7129 |  | 7157 |
|  4.820% due 06/25/2034 |  | 2124 |  | 2137 |
|  Sound Point CLO VII-R Ltd. | Sound Point CLO VII-R Ltd. | Sound Point CLO VII-R Ltd. | Sound Point CLO VII-R Ltd. | Sound Point CLO VII-R Ltd. |
|  5.191% due 10/23/2031 •  |  | 599 |  | 599 |
|  Sound Point CLO XVIII Ltd. | Sound Point CLO XVIII Ltd. | Sound Point CLO XVIII Ltd. | Sound Point CLO XVIII Ltd. | Sound Point CLO XVIII Ltd. |
|  5.266% due 01/21/2031 •  |  | 31 |  | 31 |
|  Sound Point CLO XXVII Ltd. | Sound Point CLO XXVII Ltd. | Sound Point CLO XXVII Ltd. | Sound Point CLO XXVII Ltd. | Sound Point CLO XXVII Ltd. |
|  5.300% due 10/25/2034 •  |  | 6000 |  | 6020 |
|  Sound Point CLO XXVIII Ltd. |  |  |  |  |
|  5.138% due 01/25/2032 •  |  | 708 |  | 708 |
|  Stream Innovations Issuer Trust | Stream Innovations Issuer Trust | Stream Innovations Issuer Trust | Stream Innovations Issuer Trust | Stream Innovations Issuer Trust |
|  6.270% due 07/15/2044 |  | 1468 |  | 1528 |
|  Sunbit Asset Securitization Trust | Sunbit Asset Securitization Trust | Sunbit Asset Securitization Trust | Sunbit Asset Securitization Trust | Sunbit Asset Securitization Trust |
|  5.360% due 07/15/2030 |  | 600 |  | 604 |
|  Switch ABS Issuer LLC | Switch ABS Issuer LLC | Switch ABS Issuer LLC | Switch ABS Issuer LLC | Switch ABS Issuer LLC |
|  5.121% due 10/25/2055 |  | 12900 |  | 12901 |
|  Symphony CLO 36 Ltd. | Symphony CLO 36 Ltd. | Symphony CLO 36 Ltd. | Symphony CLO 36 Ltd. | Symphony CLO 36 Ltd. |
|  0.000% due 01/20/2036 •(a) |  | 3100 |  | 3100 |
|  Symphony CLO 37 Ltd. | Symphony CLO 37 Ltd. | Symphony CLO 37 Ltd. | Symphony CLO 37 Ltd. | Symphony CLO 37 Ltd. |
|  5.684% due 01/20/2037 •  |  | 1000 |  | 1007 |
|  Symphony CLO 43 Ltd. <br>|  |  |  |  |
|  5.425% due 04/15/2037 •  |  | 2000 |  | 2005 |
|  Symphony CLO XXIV Ltd. | Symphony CLO XXIV Ltd. | Symphony CLO XXIV Ltd. | Symphony CLO XXIV Ltd. | Symphony CLO XXIV Ltd. |
|  5.261% due 10/23/2035 •  |  | 1100 |  | 1100 |
|  Symphony CLO XXIX Ltd. | Symphony CLO XXIX Ltd. | Symphony CLO XXIX Ltd. | Symphony CLO XXIX Ltd. | Symphony CLO XXIX Ltd. |
|  5.433% due 10/15/2035 •  |  | 3500 |  | 3500 |
|  Symphony CLO XXV Ltd. | Symphony CLO XXV Ltd. | Symphony CLO XXV Ltd. | Symphony CLO XXV Ltd. | Symphony CLO XXV Ltd. |
|  4.874% due 04/19/2034 •  |  | 3000 |  | 3000 |
|  TCW CLO AMR Ltd. | TCW CLO AMR Ltd. | TCW CLO AMR Ltd. | TCW CLO AMR Ltd. | TCW CLO AMR Ltd. |
|  5.151% due 08/16/2034 •  |  | 7100 |  | 7105 |
|  TCW CLO Ltd. | TCW CLO Ltd. | TCW CLO Ltd. | TCW CLO Ltd. | TCW CLO Ltd. |
|  5.494% due 01/16/2037 •  |  | 2000 |  | 2010 |
|  Thayer Park CLO Ltd. | Thayer Park CLO Ltd. | Thayer Park CLO Ltd. | Thayer Park CLO Ltd. | Thayer Park CLO Ltd. |
|  4.868% due 04/20/2034 •  |  | 1200 |  | 1199 |
|  THL Credit Wind River CLO Ltd. | THL Credit Wind River CLO Ltd. | THL Credit Wind River CLO Ltd. | THL Credit Wind River CLO Ltd. | THL Credit Wind River CLO Ltd. |
|  5.105% due 04/15/2035 •  |  | 2900 |  | 2902 |
|  Trinitas CLO VI Ltd. | Trinitas CLO VI Ltd. | Trinitas CLO VI Ltd. | Trinitas CLO VI Ltd. | Trinitas CLO VI Ltd. |
|  4.968% due 01/25/2034 •  |  | 2000 |  | 2001 |
|  Trinitas CLO VII Ltd. | Trinitas CLO VII Ltd. | Trinitas CLO VII Ltd. | Trinitas CLO VII Ltd. | Trinitas CLO VII Ltd. |
|  4.918% due 01/25/2035 •  |  | 625 |  | 625 |
|  Trinitas CLO XIV Ltd. | Trinitas CLO XIV Ltd. | Trinitas CLO XIV Ltd. | Trinitas CLO XIV Ltd. | Trinitas CLO XIV Ltd. |
|  4.958% due 01/25/2034 •  |  | 3000 |  | 3002 |
|  Trinitas CLO XIX Ltd. | Trinitas CLO XIX Ltd. | Trinitas CLO XIX Ltd. | Trinitas CLO XIX Ltd. | Trinitas CLO XIX Ltd. |
|  4.994% due 10/20/2033 •  |  | 20423 |  | 20448 |
|  Trinitas CLO XVI Ltd. | Trinitas CLO XVI Ltd. | Trinitas CLO XVI Ltd. | Trinitas CLO XVI Ltd. | Trinitas CLO XVI Ltd. |
|  5.014% due 07/20/2034 •  |  | 19500 |  | 19504 |
|  Trinitas CLO XVII Ltd. | Trinitas CLO XVII Ltd. | Trinitas CLO XVII Ltd. | Trinitas CLO XVII Ltd. | Trinitas CLO XVII Ltd. |
|  5.034% due 10/20/2034 •  |  | 2800 |  | 2801 |
|  Trinitas CLO XX Ltd. | Trinitas CLO XX Ltd. | Trinitas CLO XX Ltd. | Trinitas CLO XX Ltd. | Trinitas CLO XX Ltd. |
|  4.924% due 07/20/2035 •  |  | 21000 |  | 20953 |
|  UPG HI Issuer Trust | UPG HI Issuer Trust | UPG HI Issuer Trust | UPG HI Issuer Trust | UPG HI Issuer Trust |
|  5.000% due 09/25/2047 |  | 18600 |  | 18605 |
|  Upstart Pass-Through Trust | Upstart Pass-Through Trust | Upstart Pass-Through Trust | Upstart Pass-Through Trust | Upstart Pass-Through Trust |
|  7.900% due 10/20/2028 |  | 369 |  | 373 |
|  Upstart Securitization Trust | Upstart Securitization Trust | Upstart Securitization Trust | Upstart Securitization Trust | Upstart Securitization Trust |
|  4.600% due 09/20/2035 |  | 600 |  | 602 |
|  5.020% due 09/20/2035 |  | 500 |  | 498 |
|  5.220% due 06/20/2035 |  | 5848 |  | 5879 |
|  Venture 44 CLO Ltd. | Venture 44 CLO Ltd. | Venture 44 CLO Ltd. | Venture 44 CLO Ltd. | Venture 44 CLO Ltd. |
|  5.024% due 10/20/2034 •  |  | 1000 |  | 1000 |

---

---

| | | |
|:---|:---|:---|
| **122** | **PIMCO ETF TRUST** | See Accompanying Notes |

---

------

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE**<br> (000S) |
|  Vibrant CLO XII Ltd. | Vibrant CLO XII Ltd. | Vibrant CLO XII Ltd. |
|  5.034% due 04/20/2034 •  | 1900 | 1900 |
|  Voya CLO Ltd. | Voya CLO Ltd. | Voya CLO Ltd. |
|  5.084% due 07/20/2032 •  | 363 | 363 |
|  Wellfleet CLO Ltd. | Wellfleet CLO Ltd. | Wellfleet CLO Ltd. |
|  5.055% due 07/15/2034 •  | 1200 | 1201 |
|  5.064% due 04/20/2034 •  | 4300 | 4305 |
|  Wind River CLO Ltd. | Wind River CLO Ltd. | Wind River CLO Ltd. |
|  4.965% due 10/15/2034 •  | 21484 | 21434 |
|  4.994% due 07/20/2034 •  | 2100 | 2101 |
|  |  | 1636921 |
|  Total Asset-Backed Securities<br>(Cost $2,870,546) | Total Asset-Backed Securities<br>(Cost $2,870,546) | 2887453 |
| SOVEREIGN ISSUES 5.6% | SOVEREIGN ISSUES 5.6% | SOVEREIGN ISSUES 5.6% |
|  Angola Government International Bonds | Angola Government International Bonds | Angola Government International Bonds |
|  8.000% due 11/26/2029 | 6100 | 5964 |
|  Avenir Issuer IV Ireland DAC | Avenir Issuer IV Ireland DAC | Avenir Issuer IV Ireland DAC |
|  6.000% due 10/25/2027 | 2291 | 2209 |
|  Bank Gospodarstwa Krajowego | Bank Gospodarstwa Krajowego | Bank Gospodarstwa Krajowego |
|  5.750% due 07/09/2034 | 1655 | 1744 |
|  Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional |
|  0.000% due<br>04/01/2026 (e) | 502800 | 88759 |
|  Colombia TES | Colombia TES | Colombia TES |
|  2.250% due<br>04/18/2029 (f) | 6751239 | 1580 |
|  3.000% due<br>03/25/2033 (f) | 6671813 | 1414 |
|  6.500% due<br>01/22/2031 (f) | 7664642 | 2021 |
|  7.000% due 03/26/2031 | 14020000 | 2893 |
|  11.000% due 08/22/2029 | 70559000 | 17659 |
|  11.500% due 07/25/2046 | 18959800 | 4478 |
|  11.750% due 01/24/2035 | 161698300 | 39869 |
|  12.750% due 11/28/2040 | 79018000 | 20516 |
|  13.250% due 02/09/2033 | 90001200 | 24147 |
|  Development Bank of Kazakhstan JSC | Development Bank of Kazakhstan JSC | Development Bank of Kazakhstan JSC |
|  18.400% due 10/16/2028 | 2228000 | 4565 |
|  Eagle Funding Luxco SARL | Eagle Funding Luxco SARL | Eagle Funding Luxco SARL |
|  5.500% due 08/17/2030 | 12250 | 12493 |
|  Ecuador Government International Bonds | Ecuador Government International Bonds | Ecuador Government International Bonds |
|  6.900% due 07/31/2030 þ | 9800 | 9722 |
|  Egypt Government International Bonds | Egypt Government International Bonds | Egypt Government International Bonds |
|  6.375% due 04/11/2031 | 4850 | 5865 |
|  El Salvador Government International Bonds | El Salvador Government International Bonds | El Salvador Government International Bonds |
|  7.625% due 02/01/2041 | 725 | 726 |
|  9.250% due 04/17/2030 | 800 | 873 |
|  Ivory Coast Government International Bonds | Ivory Coast Government International Bonds | Ivory Coast Government International Bonds |
|  4.875% due 01/30/2032 | 3850 | 4392 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE**<br> (000S) | **MARKET<br>VALUE**<br> (000S) |
|  Mexico Bonos | Mexico Bonos | Mexico Bonos | Mexico Bonos |
|  7.000% due 09/03/2026 | 1156000 | $— | 64104 |
|  Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds |
|  5.850% due 07/02/2032 | 1700 |  | 1749 |
|  6.625% due 01/29/2038 | 1600 |  | 1674 |
|  Mexico Udibonos | Mexico Udibonos | Mexico Udibonos | Mexico Udibonos |
|  4.000% due<br>11/30/2028 (f) | 5546 |  | 307 |
|  Panama Government International Bonds | Panama Government International Bonds | Panama Government International Bonds | Panama Government International Bonds |
|  8.000% due 03/01/2038 | 4250 |  | 4973 |
|  Peru Government Bonds | Peru Government Bonds | Peru Government Bonds | Peru Government Bonds |
|  6.150% due 08/12/2032 | 4100 |  | 1316 |
|  Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds |
|  6.150% due 08/12/2032 | 259350 |  | 83268 |
|  6.900% due 08/12/2037 | 7300 |  | 2273 |
|  Republic of South Africa Government Bonds | Republic of South Africa Government Bonds | Republic of South Africa Government Bonds | Republic of South Africa Government Bonds |
|  7.000% due 02/28/2031 | 562500 |  | 33232 |
|  8.000% due 01/31/2030 | 83750 |  | 5172 |
|  8.500% due 01/31/2037 | 1562175 |  | 93780 |
|  10.500% due 12/21/2026 | 139500 |  | 8686 |
|  Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |
|  5.125% due 09/24/2031 | 2000 |  | 2407 |
|  5.250% due 03/10/2030 | 2200 |  | 2706 |
|  5.375% due 06/07/2033 | 5000 |  | 5940 |
|  Turkiye Government Bonds | Turkiye Government Bonds | Turkiye Government Bonds | Turkiye Government Bonds |
|  36.000% due 08/12/2026 | 324500 |  | 7605 |
|  38.324% (BISTREFI + 0.000%)<br>due 09/06/2028 ~ | 100000 |  | 2327 |
|  39.431% (BISTREFI + 0.000%)<br>due 05/20/2026 ~ | 31100 |  | 728 |
|  39.431% (BISTREFI + 0.000%)<br>due 05/17/2028 ~ | 59300 |  | 1380 |
|  Total Sovereign Issues<br> (Cost $541,861) |  |  | 575516 |
|  | **SHARES** |  |  |
| COMMON STOCKS 0.0% |  |  |  |
| INDUSTRIALS 0.0% |  |  |  |
|  Luxco Co. Ltd. «(c)(i) | 10798 |  | 191 |
| Total Common Stocks<br> (Cost $190) |  |  | 191 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | **MARKET**<br> **VALUE**<br> (000S) | **MARKET**<br> **VALUE**<br> (000S) |
| SHORT-TERM INSTRUMENTS 36.5% | SHORT-TERM INSTRUMENTS 36.5% | SHORT-TERM INSTRUMENTS 36.5% | SHORT-TERM INSTRUMENTS 36.5% |
| REPURCHASE AGREEMENTS (j) 35.9% | REPURCHASE AGREEMENTS (j) 35.9% | REPURCHASE AGREEMENTS (j) 35.9% | REPURCHASE AGREEMENTS (j) 35.9% |
|  |  | $— | 3669500 |
| SHORT-TERM NOTES 0.1% | SHORT-TERM NOTES 0.1% | SHORT-TERM NOTES 0.1% | SHORT-TERM NOTES 0.1% |
|  Pagaya AI Debt Trust |  |  |  |
|  4.858% due 06/15/2026 | 965 |  | 966 |
|  Upgrade Auto Receivables Trust | Upgrade Auto Receivables Trust |  |  |
|  4.234% due 10/15/2026 | 6534 |  | 6537 |
|  Upstart Securitization Trust | Upstart Securitization Trust |  |  |
|  4.503% due 08/20/2026 | 747 |  | 747 |
|  |  |  | 8250 |
| NIGERIA TREASURY BILLS 0.1% | NIGERIA TREASURY BILLS 0.1% | NIGERIA TREASURY BILLS 0.1% | NIGERIA TREASURY BILLS 0.1% |
|  30.463% due 06/11/2026 - 06/30/2026 (d)(e) | 18076118 |  | 11422 |
| SOUTH AFRICA TREASURY BILLS 0.2% | SOUTH AFRICA TREASURY BILLS 0.2% | SOUTH AFRICA TREASURY BILLS 0.2% | SOUTH AFRICA TREASURY BILLS 0.2% |
|  7.348% due 05/06/2026 - 08/19/2026 (d)(e) | 315600 |  | 18484 |
| U.S. TREASURY BILLS 0.2% | U.S. TREASURY BILLS 0.2% | U.S. TREASURY BILLS 0.2% | U.S. TREASURY BILLS 0.2% |
|  3.773% due 01/02/2026 - 04/21/2026 (d)(e)(m)(o) | 19674 |  | 19551 |
| Total Short-Term Instruments<br>(Cost $3,725,619) | Total Short-Term Instruments<br>(Cost $3,725,619) |  | 3727207 |
| Total Investments in Securities<br>(Cost $17,156,105) | Total Investments in Securities<br>(Cost $17,156,105) |  | 17296065 |
|  | SHARES |  |  |
| INVESTMENTS IN AFFILIATES 0.2% | INVESTMENTS IN AFFILIATES 0.2% | INVESTMENTS IN AFFILIATES 0.2% | INVESTMENTS IN AFFILIATES 0.2% |
| MUTUAL FUNDS 0.2% | MUTUAL FUNDS 0.2% | MUTUAL FUNDS 0.2% | MUTUAL FUNDS 0.2% |
|  PIMCO Senior Loan Active Exchange-Traded Fund | 372228 |  | 18716 |
| Total Mutual Funds<br>(Cost $19,002) | Total Mutual Funds<br>(Cost $19,002) |  | 18716 |
| Total Investments in Affiliates<br>(Cost $19,002) | Total Investments in Affiliates<br>(Cost $19,002) |  | 18716 |
| Total Investments 169.4%<br>(Cost $17,175,107) | Total Investments 169.4%<br>(Cost $17,175,107) | $— | 17314781 |
|  Financial Derivative<br>Instruments (l)(n) (0.0)%<br> (Cost or Premiums, net $120,258) | Financial Derivative<br>Instruments (l)(n) (0.0)%<br> (Cost or Premiums, net $120,258) |  | (5985) |
| Other Assets and Liabilities, net (69.4)% | Other Assets and Liabilities, net (69.4)% |  | (7090203) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 10218593 |

---

#### 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. Note 4, Securities and Other Investments, in the Notes to Financial Statements for more information regarding unfunded loan commitments.  |

---

---

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

---

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

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

(a) When-issued security.

(b) Payment in-kind security.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **123** |

---

------

Schedule of Investments PIMCO Multisector Bond Active Exchange-Traded Fund (Cont.)

(d) Coupon represents a weighted average yield to maturity.

(e) Zero coupon security.

(f) Principal amount of security is adjusted for inflation.

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

(h) Institutional Class Shares of each Fund.

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Issuer Description | Coupon | **Maturity**<br>**Date** | Acquisition<br>Date | Cost | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
|  Alfa-Bank CJSC | 6.330% | 10/21/2026 | 10/27/2025 | $431 | $431 | 0.00% |
|  Credit Opportunities Partners LLC | 6.520 | 03/20/2028 | 03/20/2025 | 8000 | 8097 | 0.08 |
|  Deloitte LLP | 5.250 | 01/30/2030 | 10/30/2024 | 2000 | 2041 | 0.02 |
|  Deloitte LLP | 5.410 | 01/30/2032 | 10/30/2024 | 2000 | 2045 | 0.02 |
|  Deloitte LLP | 5.590 | 01/30/2035 | 10/30/2024 | 2000 | 2037 | 0.02 |
|  Hardwood Funding LLC | 4.480 | 06/07/2028 | 03/11/2025 | 6000 | 6065 | 0.06 |
|  Luxco Co. Ltd. |  |  | 10/01/2025 | 190 | 191 | 0.00 |
|  National Football League | 4.780 | 10/05/2030 | 06/27/2025 | 1000 | 1017 | 0.01 |
|  National Football League | 5.480 | 10/05/2028 | 03/14/2024 | 1600 | 1637 | 0.02 |
|  Pantheon Senior Debt Secondaries III | 6.026 | 03/26/2026 | 03/18/2025 | 1400 | 1400 | 0.01 |
|  Project Alpha Investindustria | 4.150 | 02/27/2026 | 02/28/2025 | 392 | 444 | 0.00 |
|  Tib Finance PLC | 7.111 | 11/15/2034 | 09/18/2024 | 2200 | 2212 | 0.02 |
|  VB DPR Finance Co. | 6.833 | 03/15/2035 | 01/31/2025 | 4200 | 4512 | 0.04 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31413 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32129 | 0.30% |

---

#### 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> |
| BOS | 3.750% | 12/31/2025 | 01/02/2026 | $63000 | U.S. Treasury Notes 4.500% due 11/15/2033 | $(64149) | $63000 | $63013 |
|  | 3.790 | 01/02/2026 | 01/05/2026 | 1689700 | U.S. Treasury Notes 0.875% - 4.000% due 06/30/2028 - 02/15/2031 | (1724703) | 1689700 | 1689700 |
|  | 3.870 | 12/31/2025 | 01/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1650800 | U.S. Treasury Notes 0.875% - 3.750% due 12/31/2028 - 11/15/2030 | (1681212) | 1650800 | 1651155 |
| SAL | 3.870 | 12/31/2025 | 01/02/2026 | 266000 | U.S. Treasury Bills 0.000% due 12/24/2026 | (271437) | 266000 | 266057 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3741501) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3669500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3669925 |

---

#### REVERSE REPURCHASE AGREEMENTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Borrowing<br>Rate<sup>(2)</sup> | Settlement<br>Date | Maturity<br>Date | Amount<br>Borrowed<sup>(2)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements |
|  MSC | 3.400% | 12/12/2025 | 01/30/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3556) | $(3563) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3563) |

---

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  U.S. Government Agencies (0.9)% | U.S. Government Agencies (0.9)% | U.S. Government Agencies (0.9)% | U.S. Government Agencies (0.9)% | U.S. Government Agencies (0.9)% | U.S. Government Agencies (0.9)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 5.000% | 01/01/2056 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88200 | $(87759) | $(87973) |
|  Total Short Sales (0.9)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(87759) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(87973) |

---

124 PIMCO ETF TRUST See Accompanying Notes

------

December 31, 2025 (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, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| 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<br>Exposure<sup>(3)</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 |
|  BOS | $3403868 | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3403868 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3470064) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(66196) |
|  MSC | 0 | (3563) | 0 | 0 | (3563) | 4682 | 1119 |
|  SAL | 266057 | 0 | 0 | 0 | 266057 | (271437) | (5380) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3669925 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3563) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |  |  |  |

---

#### 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 |
|  Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements |
|  Corporate Bonds & Notes | $0 | $(3563) | $0 | $0 | $(3563) |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3563) | $&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;(3563) |
|  Payable for reverse repurchase agreements  | Payable for reverse repurchase agreements  | Payable for reverse repurchase agreements  | Payable for reverse repurchase agreements  | Payable for reverse repurchase agreements  | $(3563) |

---

(k) Securities with an aggregate market value of $4,682 have been pledged as collateral under the terms of the above master agreements as of December 31, 2025.

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

<sup>(2)</sup> The average amount of borrowings outstanding during the period ended December 31, 2024 was $(849) at a weighted average interest rate of 3.612%. Average borrowings may include repurchase agreements and master forward transactions, if held during the period. 

<sup>(3)</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;(l) 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 |
|  Australia Government 10-Year Bond March Futures  | 03/2026 | 98 | $7160 | $13 | $8 | $0 |
|  Long Guilt March Futures  | 03/2026 | 1675 | 206297 | 1782 | 361 | (158) |
|  U.S. Treasury 5-Year Note March Futures  | 03/2026 | 2740 | 299495 | (1005) | 0 | (589) |
|  U.S. Treasury 10-Year Note March Futures  | 03/2026 | 4222 | 474711 | (1969) | 0 | (1550) |
|  U.S. Treasury Ultra Long-Term Bond March Futures  | 03/2026 | 1185 | 139830 | (1682) | 0 | (1092) |
|  U.S. Ultra Treasury 10-Year Note March Futures  | 03/2026 | 7304 | 840074 | (5992) | 0 | (3253) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8853) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6642) |

---

#### 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 |
|  Euro-Oat March Futures  | 03/2026 | 927 | $(131372) | $1365 | $316 | $0 |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7488) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6642) |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| DECEMBER 31, 2025 125

------

Schedule of Investments PIMCO Multisector Bond Active Exchange-Traded Fund (Cont.)

#### 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, 2025<sup>(2)</sup> | **Notional<br>Amount<sup>(3)</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, 2025<sup>(2)</sup> | **Notional<br>Amount<sup>(3)</sup>** | **Notional<br>Amount<sup>(3)</sup>** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value<sup>(4)</sup>** | Asset | Liability |
|  AT&T, Inc. | 1.000% | Quarterly | 06/20/2028 | 0.414% | $— | 500 | $3 | $4 | $7 | $0 | $0 |
|  Boeing Co. | 1.000 | Quarterly | 12/20/2030 | 0.651 |  | 4600 | 77 | (3) | 74 | 1 | 0 |
|  Bombardier, Inc. | 5.000 | Quarterly | 06/20/2028 | 0.538 |  | 100 | 4 | 7 | 11 | 0 | 0 |
|  Charter Communications | 5.000 | Quarterly | 12/20/2030 | 2.703 |  | 8350 | 788 | 47 | 835 | 4 | 0 |
|  Ford Motor Credit Co. LLC | 5.000 | Quarterly | 06/20/2028 | 0.992 |  | 200 | 21 | (2) | 19 | 0 | 0 |
|  Morgan Stanley | 1.000 | Quarterly | 06/20/2026 | 0.226 |  | 11400 | 44 | 1 | 45 | 1 | 0 |
|  Verizon Communications, Inc. | 1.000 | Quarterly | 12/20/2028 | 0.425 |  | 100 | 1 | 1 | 2 | 0 | 0 |
|  ZF Europe Finance BV | 5.000 | Quarterly | 12/20/2029 | 2.897 | EUR | 1400 | 109 | 17 | 126 | 5 | 0 |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1047 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1119 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - 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.EM-40 5-Year Index | 1.000% | Quarterly | 12/20/2028 | $200 | $(10) | $11 | $1 | $0 | $0 |
|  CDX.EM-42 5-Year Index | 1.000 | Quarterly | 12/20/2029 | 100 | (3) | 3 | 0 | 0 | 0 |
|  CDX.EM-44 5-Year Index | 1.000 | Quarterly | 12/20/2030 | 200 | (4) | 2 | (2) | 0 | 0 |
|  CDX.HY-43 5-Year Index | 5.000 | Quarterly | 12/20/2029 | 123700 | 9550 | 34 | 9584 | 0 | (68) |
|  CDX.HY-44 5-Year Index | 5.000 | Quarterly | 06/20/2030 | 704800 | 40335 | 16615 | 56950 | 0 | (302) |
|  CDX.HY-45 5-Year Index | 5.000 | Quarterly | 12/20/2030 | 259700 | 18949 | 1238 | 20187 | 0 | (108) |
|  CDX.IG-43 5-Year Index | 1.000 | Quarterly | 12/20/2029 | 1300 | 24 | 5 | 29 | 0 | 0 |
|  CDX.IG-44 5-Year Index | 1.000 | Quarterly | 06/20/2030 | 1910300 | 38169 | 5258 | 43427 | 17 | 0 |
|  CDX.IG-45 5-Year Index | 1.000 | Quarterly | 12/20/2030 | 1573700 | 34830 | 1285 | 36115 | 23 | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141840 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24451 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166291 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(478) |

---

#### 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 GBP-SONIO Compounded-OIS | 3.750% | Annual | 09/17/2030 | 328800 | $(1610) | $3434 | $1824 | $371 | $0 |
|  Receive<sup>(5)</sup> | 1-Day GBP-SONIO Compounded-OIS | 3.750 | Annual | 03/18/2031 | 319300 | 36 | (1716) | (1680) | 0 | (401) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2026 | $117700 | (1476) | 1144 | (332) | 23 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2030 | 330100 | 90 | 4094 | 4184 | 495 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2030 | 610400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15408) | 7266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8142) | 979 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.200 | Annual | 08/31/2031 | 30500 | (31) | 618 | 587 | 54 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.245 | Annual | 10/18/2034 | 33200 | (114) | 1347 | 1233 | 72 | 0 |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.736 | Annual | 08/15/2035 | 43400 | 0 | 117 | 117 | 99 | 0 |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.749 | Annual | 08/15/2035 | 143500 | 0 | 242 | 242 | 328 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2035 | 575850 | (12200) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14176 | 1976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1332 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2045 | 58000 | 875 | 2480 | 3355 | 172 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.300 | Annual | 11/15/2053 | 14800 | 1415 | 765 | 2180 | 46 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 09/17/2055 | 71325 | 2865 | 5364 | 8229 | 227 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2055 | 29500 | (1745) | (343) | (2088) | 0 | (96) |
|  Pay | 1-Year BRL-CDI | 13.926 | Maturity | 01/04/2027 | 24900 | 0 | (21) | (21) | 0 | (4) |
|  Pay | 1-Year BRL-CDI | 13.927 | Maturity | 01/04/2027 | 474400 | (201) | (197) | (398) | 0 | (76) |
|  Pay | 1-Year BRL-CDI | 12.905 | Maturity | 01/02/2029 | 24000 | 0 | (31) | (31) | 0 | (10) |
|  Pay | 1-Year BRL-CDI | 13.291 | Maturity | 01/02/2029 | 791300 | (125) | (622) | (747) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(276) |
|  Pay | 1-Year BRL-CDI | 13.310 | Maturity | 01/02/2029 | 78400 | 0 | 15 | 15 | 0 | (1) |
|  Pay | 1-Year BRL-CDI | 13.320 | Maturity | 01/02/2029 | 140100 | 13 | 36 | 49 | 15 | 0 |
|  Pay | 1-Year BRL-CDI | 13.328 | Maturity | 01/02/2029 | 14000 | 0 | (11) | (11) | 0 | (4) |
|  Pay | 1-Year BRL-CDI | 12.867 | Maturity | 01/02/2031 | 178000 | 0 | (686) | (686) | 0 | (313) |
|  Pay | 6-Month AUD-BBR-BBSW | 4.750 | Semi-Annual | 12/20/2033 | 580525 | 1417 | 710 | 2127 | 0 | (307) |
|  Pay<sup>(5)</sup> | 6-Month AUD-BBR-BBSW | 4.750 | Semi-Annual | 12/20/2033 | 106750 | 395 | (794) | (399) | 53 | (57) |
|  Pay<sup>(5)</sup> | 6-Month AUD-BBR-BBSW | 4.250 | Semi-Annual | 03/18/2036 | 47900 | (1551) | 107 | (1444) | 0 | (58) |
|  Pay | 6-Month CZK-PRIBOR | 4.270 | Annual | 08/01/2028 | 48900 | 22 | 24 | 46 | 1 | 0 |
|  Pay | 6-Month CZK-PRIBOR | 3.365 | Annual | 11/28/2029 | 149700 | (68) | (37) | (105) | 7 | 0 |
|  Receive | 6-Month CZK-PRIBOR | 3.575 | Annual | 07/03/2030 | 163122 | 121 | (52) | 69 | 0 | (13) |
|  Pay<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 03/18/2031 | 32000 | (677) | 41 | (636) | 0 | (25) |
|  Pay<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.500 | Annual | 03/18/2031 | 26800 | 116 | (282) | (166) | 0 | (21) |
|  Receive | 6-Month EUR-EURIBOR | 2.510 | Annual | 04/09/2035 | 2900 | (10) | 69 | 59 | 4 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.520 | Annual | 04/09/2035 | 1500 | (6) | 35 | 29 | 2 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.550 | Annual | 04/16/2035 | 1400 | (5) | 28 | 23 | 2 | 0 |

---

---

| | | |
|:---|:---|:---|
| **126** | **PIMCO ETF TRUST** | See Accompanying Notes |

---

------

December 31, 2025 (Unaudited)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **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** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Receive | 6-Month EUR-EURIBOR | 2.530% | Annual | 04/23/2035 | EUR | 3700 | $(14) | $83 | $69 | $6 | $0 |
|  Receive | 6-Month EUR-EURIBOR | 2.450 | Annual | 05/05/2035 |  | 1500 | (5) | 46 | 41 | 2 | 0 |
|  Pay<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.656 | Annual | 01/30/2036 |  | 47700 | (694) | (677) | (1371) | 0 | (65) |
|  Pay<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.750 | Annual | 03/18/2036 |  | 16620 | (342) | (9) | (351) | 0 | (23) |
|  Receive<sup>(5)</sup> | 6-Month EUR-EURIBOR | 3.000 | Annual | 03/18/2056 |  | 62260 | 1880 | 1832 | 3712 | 208 | 0 |
|  Pay | 6-Month HUF-BBR | 6.650 | Annual | 03/13/2030 | HUF | 4165800 | 6 | 729 | 735 | 35 | 0 |
|  |  |  |  |  |  |  | $(27031) | $39324 | $12293 | $4533 | $(1750) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115856 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63847 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179703 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4584 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2228) |

---

#### 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, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4584 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5269 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6642) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2228) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8870) |

---

(m) Securities with an aggregate market value of $234,225 and cash of $58,705 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2025. 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 corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(3)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<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. 

<sup>(5)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

&nbsp;&nbsp;&nbsp;&nbsp;(n) 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 |
|  BOA | 01/2026 | 56880 | $10337 | $0 | $(43) |
|  | 01/2026 | 12234223 | 3207 | 0 | (2) |
|  | 01/2026 | 6026 | 7070 | 0 | (14) |
|  | 01/2026 | 6391 | 70 | 0 | (1) |
|  | 01/2026 | 5718 | 1561 | 0 | (32) |
|  | 01/2026 | $10548 | 56880 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(168) |
|  | 01/2026 | 508 | 16026 | 2 | 0 |
|  | 01/2026 | 2030 | 33842 | 11 | 0 |
|  | 02/2026 | 4522303 | $1181 | 8 | (2) |
|  | 02/2026 | 8260 | 2593 | 0 | (1) |
|  | 02/2026 | $5386 | 30099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | 0 |
|  | 03/2026 | 12704564 | $3306 | 31 | 0 |
|  | 03/2026 | 105763 | 202 | 0 | (3) |
|  | 05/2026 | 35976 | 2081 | 0 | (70) |
|  | 08/2026 | 40843 | 2345 | 0 | (80) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **127** |

---

------

Schedule of Investments PIMCO Multisector Bond Active Exchange-Traded Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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** |
|  BPS | 01/2026 | 5422 | $3573 | $0 | $(46) |
|  | 01/2026 | 320878 | 58316 | 0 | (241) |
|  | 01/2026 | 931 | 1182 | 6 | 0 |
|  | 01/2026 | 2771 | 3747 | 12 | 0 |
|  | 01/2026 | 3600 | 978 | 0 | (25) |
|  | 01/2026 | 1377731 | 44150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252 | 0 |
|  | 01/2026 | $58880 | 320878 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(323) |
|  | 01/2026 | 8207 | 57401 | 22 | 0 |
|  | 01/2026 | 121 | 459980 | 0 | (1) |
|  | 01/2026 | 686 | 11482557 | 1 | 0 |
|  | 01/2026 | 56010 | 5068819 | 324 | 0 |
|  | 01/2026 | 4392 | 15809 | 12 | 0 |
|  | 01/2026 | 13042 | 410636 | 32 | 0 |
|  | 01/2026 | 4426 | 73796 | 24 | 0 |
|  | 01/2026 | 30610 | $1830 | 0 | (17) |
|  | 02/2026 | $2557 | 230370 | 0 | (1) |
|  | 02/2026 | 6374 | 200045 | 0 | (13) |
|  | 03/2026 | 15056 | $723 | 0 | (10) |
|  | 04/2026 | 276000 | 49462 | 249 | (120) |
|  | 05/2026 | 98431 | 5564 | 0 | (328) |
|  | 05/2030 | 2974 | 10242 | 360 | 0 |
|  BRC | 01/2026 | 3543 | 1105 | 0 | (8) |
|  | 01/2026 | 7703856 | 5245 | 0 | (98) |
|  | 01/2026 | $1092 | 1634 | 0 | (2) |
|  | 01/2026 | 2030 | 1749 | 27 | 0 |
|  | 01/2026 | 98 | 358 | 1 | 0 |
|  | 01/2026 | 17389 | 785350 | 663 | 0 |
|  | 01/2026 | 188363 | $10874 | 0 | (484) |
|  | 02/2026 | 3478 | 1080 | 0 | (13) |
|  | 02/2026 | $5541 | 252528 | 152 | 0 |
|  | 03/2026 | 59376 | 2719081 | 645 | 0 |
|  | 12/2026 | 40135 | $2280 | 0 | (80) |
|  CBK | 01/2026 | 2878 | 1913 | 0 | (8) |
|  | 01/2026 | 22467 | 4083 | 0 | (17) |
|  | 01/2026 | 35375773 | 9317 | 51 | (13) |
|  | 01/2026 | 1910 | 2229 | 0 | (16) |
|  | 01/2026 | 5 | 2 | 0 | 0 |
|  | 01/2026 | 2223 | 25 | 0 | 0 |
|  | 01/2026 | 6136 | 601 | 0 | (7) |
|  | 01/2026 | 35242 | 20483 | 185 | 0 |
|  | 01/2026 | 18422 | 14291 | 0 | (50) |
|  | 01/2026 | $4145 | 22467 | 0 | (45) |
|  | 01/2026 | 6967 | 48640 | 12 | 0 |
|  | 01/2026 | 1650 | 6218910 | 0 | (4) |
|  | 01/2026 | 2015 | 1523 | 38 | 0 |
|  | 01/2026 | 709 | 1083103 | 40 | 0 |
|  | 01/2026 | 26297 | 94804 | 110 | 0 |
|  | 01/2026 | 8 | 260 | 0 | 0 |
|  | 01/2026 | 587 | 18541 | 3 | 0 |
|  | 01/2026 | 754 | 12772 | 16 | 0 |
|  | 02/2026 | 66361593 | $17063 | 0 | (197) |
|  | 02/2026 | 6538 | 2057 | 4 | 0 |
|  | 02/2026 | 18709 | 5501 | 0 | (55) |
|  | 02/2026 | $159 | 4978 | 0 | (1) |
|  | 03/2026 | 29348066 | $7735 | 127 | 0 |
|  | 03/2026 | 65733 | 18733 | 0 | (770) |
|  | 04/2026 | 9366314 | 2454 | 46 | 0 |
|  | 05/2026 | 23943 | 7019 | 0 | (66) |
|  | 08/2026 | 21893 | 6452 | 0 | (9) |
|  | 11/2026 | 11278 | 3297 | 0 | (14) |
|  CIB | 03/2026 | 158900 | 5028 | 0 | (23) |
|  DUB | 01/2026 | 5819 | 1809 | 0 | (18) |
|  | 01/2026 | 1090 | 12 | 0 | 0 |
|  | 01/2026 | $1026 | 50693 | 29 | 0 |
|  | 01/2026 | 3298 | 10523 | 6 | 0 |
|  | 01/2026 | 1997 | 2922791 | 30 | 0 |
|  | 01/2026 | 1817 | 30551 | 26 | 0 |
|  | 01/2026 | 335679 | $19265 | 0 | (976) |

---

---

| | | |
|:---|:---|:---|
| **128** | **PIMCO ETF TRUST** | See Accompanying Notes |

---

------

December 31, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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** |
|  | 02/2026 | 84812 | $258 | $0 | $(1) |
|  | 02/2026 | 10521 | 3298 | 0 | (5) |
|  | 02/2026 | $686 | 1043904 | 34 | 0 |
|  | 02/2026 | 215 | 6720 | 0 | (1) |
|  | 03/2026 | 102022 | $197 | 0 | 0 |
|  | 03/2026 | $1998 | 1146840 | 214 | 0 |
|  | 04/2026 | 1063 | 54346 | 42 | 0 |
|  | 06/2026 | 1609970 | $2999 | 0 | (33) |
|  | 09/2026 | 25465573 | 1998 | 0 | (11) |
|  | 12/2026 | 43755928 | 3365 | 0 | (20) |
|  | 12/2026 | 115078 | 6532 | 0 | (236) |
|  FAR | 01/2026 | 428502 | 77180 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1018) |
|  | 01/2026 | 13500 | 17728 | 0 | (469) |
|  | 01/2026 | 459905 | 24794 | 0 | (687) |
|  | 01/2026 | 6143 | 1669 | 0 | (42) |
|  | 01/2026 | 18 | 14 | 0 | 0 |
|  | 01/2026 | $77876 | 428502 | 322 | 0 |
|  | 01/2026 | 630 | 4437 | 6 | 0 |
|  | 01/2026 | 1746 | 5599 | 12 | 0 |
|  | 01/2026 | 3232 | 10994 | 36 | 0 |
|  | 01/2026 | 531 | 1936 | 8 | 0 |
|  | 01/2026 | 1827 | 30658 | 22 | 0 |
|  | 01/2026 | 414935 | $24131 | 0 | (889) |
|  | 02/2026 | 5598 | 1746 | 0 | (12) |
|  | 02/2026 | $77180 | 431721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
|  | 03/2026 | 215362 | $63891 | 0 | (11) |
|  GLM | 01/2026 | 289745 | 41171 | 0 | (404) |
|  | 01/2026 | 870071 | 228 | 1 | 0 |
|  | 01/2026 | 247571 | 169 | 0 | (2) |
|  | 01/2026 | $697 | 559 | 9 | 0 |
|  | 01/2026 | 172 | 247571 | 0 | (1) |
|  | 01/2026 | 476 | 1740 | 8 | 0 |
|  | 01/2026 | 435 | 7322 | 6 | 0 |
|  | 01/2026 | 173084 | $10039 | 0 | (397) |
|  | 02/2026 | 1529032 | 400 | 2 | 0 |
|  | 02/2026 | $4617 | 25440 | 0 | (10) |
|  | 02/2026 | 1369 | 62403 | 37 | 0 |
|  | 03/2026 | 211 | $38 | 0 | 0 |
|  | 03/2026 | 1024236 | 265 | 0 | 0 |
|  | 03/2026 | $36980 | 203980 | 0 | (240) |
|  | 04/2026 | 197000 | $34766 | 112 | (558) |
|  | 04/2026 | $38129 | 694656 | 55 | 0 |
|  | 08/2026 | 142250 | $7980 | 0 | (476) |
|  JPM | 01/2026 | 52940 | 38534 | 0 | (58) |
|  | 01/2026 | 30688680 | 1839 | 1 | 0 |
|  | 01/2026 | 51369 | 16046 | 0 | (83) |
|  | 01/2026 | 461 | 5 | 0 | 0 |
|  | 01/2026 | 3516 | 2043 | 18 | 0 |
|  | 01/2026 | 5848 | 1591 | 0 | (37) |
|  | 01/2026 | $8743 | 61466 | 76 | 0 |
|  | 01/2026 | 85 | 1588 | 3 | 0 |
|  | 01/2026 | 343 | 1268 | 10 | 0 |
|  | 01/2026 | 113094 | $6590 | 0 | (229) |
|  | 02/2026 | 45246520 | 11552 | 0 | (230) |
|  | 03/2026 | 2171786 | 562 | 0 | (1) |
|  | 04/2026 | 29800 | 5028 | 0 | (298) |
|  | 06/2027 | 8953246 | 664 | 0 | (3) |
|  MBC | 01/2026 | 55076 | 36722 | 0 | (35) |
|  | 01/2026 | 27174 | 4939 | 0 | (20) |
|  | 01/2026 | 5967 | 4240 | 0 | (110) |
|  | 01/2026 | 5650 | 7124 | 0 | (15) |
|  | 01/2026 | 14366 | 301 | 0 | 0 |
|  | 01/2026 | 40065 | 47052 | 0 | (52) |
|  | 01/2026 | 7476900 | 48100 | 332 | 0 |
|  | 01/2026 | 4527 | 2616 | 9 | 0 |
|  | 01/2026 | 57362 | 44209 | 0 | (445) |
|  | 01/2026 | $1187 | 1770 | 0 | (6) |
|  | 01/2026 | 4929 | 27174 | 30 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **129** |

---

------

Schedule of Investments PIMCO Multisector Bond Active Exchange-Traded Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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** |
|  | 01/2026 | $1552 | 75196 | $17 | $0 |
|  | 01/2026 | 2670 | 2300 | 35 | 0 |
|  | 01/2026 | 31229 | 23347 | 241 | 0 |
|  | 01/2026 | 9650 | 1502858 | 0 | (49) |
|  | 01/2026 | 783 | 24718 | 4 | 0 |
|  MYI | 01/2026 | 12 | $4 | 0 | 0 |
|  | 01/2026 | 9 | 3 | 0 | 0 |
|  | 01/2026 | $392 | 60998 | 0 | (2) |
|  | 01/2026 | 5052 | 18126 | 0 | (3) |
|  | 02/2026 | 12656 | $3931 | 0 | (44) |
|  | 02/2026 | $250 | 375640 | 8 | 0 |
|  | 04/2026 | 25445 | 463534 | 36 | 0 |
|  NGF | 01/2026 | 3274 | 4791253 | 49 | 0 |
|  | 01/2026 | 730 | 32945 | 25 | 0 |
|  | 03/2026 | 1372 | $30 | 0 | 0 |
|  | 03/2026 | $63 | 2875 | 1 | 0 |
|  SCX | 01/2026 | 31848 | $350 | 0 | (4) |
|  | 01/2026 | 4414400 | 28260 | 58 | 0 |
|  | 01/2026 | $1255 | 8846 | 14 | 0 |
|  | 01/2026 | 1142 | 19099450 | 2 | 0 |
|  | 01/2026 | 19840 | 3088341 | 0 | (110) |
|  | 01/2026 | 636 | 969590 | 35 | 0 |
|  | 01/2026 | 4248 | 132843 | 0 | (19) |
|  | 06/2026 | 266176 | $495 | 0 | (6) |
|  SOG | 01/2026 | 89510 | 103631 | 0 | (1606) |
|  | 01/2026 | $47097 | 7365993 | 0 | (38) |
|  | 02/2026 | 3944 | 193658 | 54 | 0 |
|  | 03/2026 | 262 | $14 | 0 | 0 |
|  | 03/2026 | 25 | 7 | 0 | 0 |
|  | 03/2026 | $5134 | 96204 | 171 | 0 |
|  UAG | 01/2026 | 26443578 | $6724 | 0 | (198) |
|  | 01/2026 | $3812 | 13707 | 7 | (1) |
|  | 01/2026 | 328820 | $18907 | 0 | (921) |
|  | 02/2026 | 109241658 | 29173 | 799 | 0 |
|  | 03/2026 | 11566233 | 2945 | 0 | (53) |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7594 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14714) |

---

#### WRITTEN OPTIONS:

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| GLM | Call - OTC USD verses TRY | TRY | 47.700 | 02/09/2026 | 5300 | $(96) | $(33) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(96) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>December 31, 2025<sup>(3)</sup> | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(5)</sup> | Swap Agreements,<br>at Value<sup>(5)</sup> |
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>December 31, 2025<sup>(3)</sup> | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BPS | Mexico Government International Bonds | 1.000% | Quarterly | 06/20/2026 | 0.221% | $4000 | $22 | $(6) | $16 | $0 |
| CBK | Panama Government International Bonds | 1.000 | Quarterly | 12/20/2030 | 1.245 | 900 | (12) | 3 | 0 | (9) |
|  | Petroleos Mexicanos | 1.000 | Quarterly | 12/20/2026 | 1.757 | 1600 | (16) | 5 | 0 | (11) |
| DUB | Petroleos Mexicanos « | 4.750 | Monthly | 07/06/2026 | —¨ | 2059 | 0 | 18 | 18 | 0 |
| GST | Soft Bank Group,Inc. | 1.000 | Quarterly | 06/20/2026 | 1.706 | 9000 | (76) | 49 | 0 | (27) |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(82) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47) |

---

130 PIMCO ETF TRUST See Accompanying Notes

------

December 31, 2025 (Unaudited)

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(4)</sup>** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | Swap Agreements,<br>at Value<sup>(5)</sup> | Swap Agreements,<br>at Value<sup>(5)</sup> |
| **Counterparty** | **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(4)</sup>** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | Asset | Liability |
| BOA | iTraxx Crossover 44 5-Year 35-100% Index | 5.000% | Quarterly | 12/20/2030 | EUR | 4360 | $1003 | $25 | $1028 | $0 |
| BPS | iTraxx Crossover 44 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2030 |  | 7370 | 1696 | 41 | 1737 | 0 |
| CBK | iTraxx Crossover 44 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2030 |  | 1220 | 276 | 11 | 287 | 0 |
| JPM | iTraxx Crossover 44 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2030 |  | 6990 | 1605 | 42 | 1647 | 0 |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4580 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4699 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### TOTAL RETURN SWAPS ON INDEXES

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Pay/Receive<sup>(6)</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>(6)</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 | IBXXLLTR Index  | N/A | 1.225% (SOFR plus a specified spread) | Maturity | 06/22/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14900 | $0 | $114 | $114 | $0 |
|  MYC | Receive | IBXXLLTR Index  | N/A | 1.225% (SOFR plus a specified spread) | Maturity | 03/20/2026 | 29800 | 0 | (31) | 0 | (31) |
|  |  |  |  |  |  |  |  | $0 | $83 | $114 | $(31) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4498 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4847 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(78) |

---

#### 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, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| 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 | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(7)</sup> |
|  BOA | $117 | $0 | $1028 | $1145 | $(416) | $0 | $0 | $(416) | $729 | $(490) | $239 |
|  BPS | 1294 | 0 | 1867 | 3161 | (1125) | 0 | 0 | (1125) | 2036 | (2010) | 26 |
|  BRC | 1488 | 0 | 0 | 1488 | (685) | 0 | 0 | (685) | 803 | (450) | 353 |
|  CBK | 632 | 0 | 287 | 919 | (1272) | 0 | (20) | (1292) | (373) | 712 | 339 |
|  CIB | 0 | 0 | 0 | 0 | (23) | 0 | 0 | (23) | (23) | 0 | (23) |
|  DUB | 381 | 0 | 18 | 399 | (1301) | 0 | 0 | (1301) | (902) | 603 | (299) |
|  FAR | 1417 | 0 | 0 | 1417 | (3128) | 0 | 0 | (3128) | (1711) | 1845 | 134 |
|  GLM | 230 | 0 | 0 | 230 | (2088) | (33) | 0 | (2121) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1891) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(159) |
|  GST | 0 | 0 | 0 | 0 | 0 | 0 | (27) | (27) | (27) | 0 | (27) |
|  JPM | 108 | 0 | 1647 | 1755 | (939) | 0 | 0 | (939) | 816 | (673) | 143 |
|  MBC | 668 | 0 | 0 | 668 | (732) | 0 | 0 | (732) | (64) | 389 | 325 |
|  MYC | 0 | 0 | 0 | 0 | 0 | 0 | (31) | (31) | (31) | 313 | 282 |
|  MYI | 44 | 0 | 0 | 44 | (49) | 0 | 0 | (49) | (5) | 8 | 3 |
|  NGF | 75 | 0 | 0 | 75 | 0 | 0 | 0 | 0 | 75 | 0 | 75 |
|  SCX | 109 | 0 | 0 | 109 | (139) | 0 | 0 | (139) | (30) | 0 | (30) |
|  SOG | 225 | 0 | 0 | 225 | (1644) | 0 | 0 | (1644) | (1419) | 1470 | 51 |
|  UAG | 806 | 0 | 0 | 806 | (1173) | 0 | 0 | (1173) | (367) | 751 | 384 |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7594 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4847 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12441 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14714) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(78) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14825) |  |  |  |

---

¨ Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation.

(o) Securities with an aggregate market value of $7,824 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of December 31, 2025.

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</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>(3)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(4)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(5)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **131** |

---

------

Schedule of Investments PIMCO Multisector Bond Active Exchange-Traded Fund (Cont.)

<sup>(6)</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>(7)</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, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 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  | $677 | $0 | $0 | $0 | $8 | $685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 51 | 0 | 0 | 4533 | 4584 |
|  | $677 | $51 | $0 | $0 | $4541 | $5269 |
|  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 | $7594 | $0 | $7594 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 4733 | 0 | 0 | 114 | 4847 |
|  | $0 | $4733 | $0 | $7594 | $114 | $12441 |
|  | $677 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4784 | $0 | $7594 | $4655 | $17710 |
|  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  | $158 | $0 | $0 | $0 | $6484 | $6642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 478 | 0 | 0 | 1750 | 2228 |
|  | $158 | $478 | $0 | $0 | $8234 | $8870 |
|  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 | $14714 | $0 | $14714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 33 | 0 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 47 | 0 | 0 | 31 | 78 |
|  | $0 | $47 | $0 | $14747 | $31 | $14825 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158 | $525 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14747 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8265 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23695 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 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 | $19443 | $19443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 33802 | 0 | 0 | (17652) | 16150 |
|  | $0 | $33802 | $0 | $0 | $1791 | $35593 |
|  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 | $(23298) | $0 | $(23298) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 39 | 0 | 176 | 64 | 279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 330 | 0 | 0 | (448) | (118) |
|  | $0 | $369 | $0 | $(23122) | $(384) | $(23137) |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34171 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23122) | $1407 | $12456 |
|  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  | $3147 | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25221) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22074) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 3958 | 0 | 0 | 28232 | 32190 |
|  | $3147 | $3958 | $0 | $0 | $3011 | $10116 |
|  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 | $5315 | $0 | $5315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | (37) | 0 | 63 | 0 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 114 | 0 | 0 | 83 | 197 |
|  | $0 | $77 | $0 | $5378 | $83 | $5538 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3147 | $4035 | $0 | $5378 | $3094 | $15654 |

---

132 PIMCO ETF TRUST See Accompanying Notes

------

December 31, 2025 (Unaudited)

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of December 31, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>12/31/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $0 | $190181 | $97422 | $287603 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 0 | 853913 | 36676 | 890589 |
| &nbsp;&nbsp; Industrials | 0 | 1833718 | 2654 | 1836372 |
| &nbsp;&nbsp; Utilities | 0 | 246614 | 0 | 246614 |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; Arizona | 0 | 3149 | 0 | 3149 |
| &nbsp;&nbsp; California | 0 | 301 | 0 | 301 |
|  U.S. Government Agencies | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5471723 | 0 | 5471723 |
|  U.S. Treasury Obligations | 0 | 391744 | 0 | 391744 |
|  Non-Agency Mortgage-Backed Securities | 0 | 862139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115464 | 977603 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile ABS Other | 0 | 375938 | 0 | 375938 |
| &nbsp;&nbsp; Automobile Sequential | 0 | 286797 | 0 | 286797 |
| &nbsp;&nbsp; CMBS Other | 0 | 88226 | 0 | 88226 |
| &nbsp;&nbsp; Home Equity Other | 0 | 320355 | 0 | 320355 |
| &nbsp;&nbsp; Home Equity Sequential | 0 | 1082 | 0 | 1082 |
| &nbsp;&nbsp; Manufacturing House Sequential | 0 | 2320 | 0 | 2320 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 172410 | 3404 | 175814 |
| &nbsp;&nbsp; Other ABS | 0 | 1621760 | 15161 | 1636921 |
|  Sovereign Issues | 0 | 575516 | 0 | 575516 |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Industrials | 0 | 0 | 191 | 191 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 3669500 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3669500 |
| &nbsp;&nbsp; Short-Term Notes | 0 | 8250 | 0 | 8250 |
| &nbsp;&nbsp; Nigeria Treasury Bills | 0 | 11422 | 0 | 11422 |
| &nbsp;&nbsp; South Africa Treasury Bills | 0 | 18484 | 0 | 18484 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 19551 | 0 | 19551 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17025093 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270972 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17296065 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>12/31/2025 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Mutual Funds | $18716 | $0 | $0 | $18716 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18716 | $17025093 | $270972 | $17314781 |
|  Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities |
|  U.S. Government Agencies | $0 | $(87973) | $0 | $(87973) |
|  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 | 685 | 4584 | 0 | 5269 |
|  Over the counter | 0 | 12423 | 18 | 12441 |
|  | $685 | $17007 | $18 | $17710 |
|  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 | (158) | (8712) | 0 | (8870) |
|  Over the counter | 0 | (14825) | 0 | (14825) |
|  | $(158) | $(23537) | $0 | $(23695) |
|  Total Financial Derivative Instruments | $527 | $(6530) | $18 | $(5985) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19243 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16930590 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270990 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17220823 |

---

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended December 31, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Beginning<br>Balance<br>at 06/30/2025 | Net<br>Purchases<sup>(1)</sup> | Net<br>Sales/<br>Settlements<sup>(1)</sup> | Accrued<br>Discounts/<br>(Premiums) | Realized<br>Gain/(Loss) | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup> | Transfers into<br>Level 3 | Transfers out<br>of Level 3 | Ending<br>Balance<br>at 12/31/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>12/31/2025<sup>(2)</sup> |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $86836 | $19731 | $(4698) | $256 | $116 | $269 | $0 | $(5088) | $97422 | $(45) |
|  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; Banking & Finance | 36690 | 14828 | 0 | (3) | 0 | 1592 | 0 | (16431) | 36676 | 551 |
| &nbsp;&nbsp; Industrials | 4518 | 1000 | (3487) | 2 | 0 | 621 | 0 | 0 | 2654 | 26 |
|  Non-Agency Mortgage-Backed Securities | 9537 | 111039 | (813) | 0 | 0 | 2255 | 0 | (6554) | 115464 | 2223 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Other ABS | 27707 | 10169 | (2137) | 14 | 0 | (141) | 0 | (20451) | 15161 | (150) |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 3400 | 0 | 0 | 0 | 4 | 0 | 0 | 3404 | 4 |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Industrials | 0 | 769 | (456) | 0 | (123) | 1 | 0 | 0 | 191 | 0 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Short-Term Notes | 2602 | 0 | (2600) | 0 | 0 | (2) | 0 | 0 | 0 | 0 |
|  | $167890 | $160936 | $(14191) | $269 | $(7) | $4599 | $0 | $(48524) | $270972 | $2609 |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Over the counter | $21 | $0 | $(6) | $0 | $0 | $3 | $0 | $0 | $18 | $0 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167911 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160936 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14197) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269 | $(7) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4602 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48524) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270990 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2609 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| DECEMBER 31, 2025 133

------

Schedule of Investments PIMCO Multisector Bond Active Exchange-Traded Fund (Cont.) December 31, 2025 (Unaudited)

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 12/31/2025 | **Valuation**<br> **Technique** | **Unobservable**<br> **Inputs** | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| **Category and Subcategory** | Ending<br>Balance<br>at 12/31/2025 | **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 | $70820 | Discounted Cash Flow | Discount Rate | 3.939-10.101 | 6.253 |
|  | 3200 | Recent Transaction | Purchase price | 98.000-99.000 | 98.112 |
|  | 2362 | Third Party Vendor | Broker Quote | 100.500 |  |
|  | 21040 |  |  |  |  |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; Banking & Finance | 26684 | Discounted Cash Flow | Discount Rate | 4.360-5.930 | 5.228 |
|  | 9992 | Proxy Pricing | Base Price | 99.972 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 2654 | Discounted Cash Flow | Discount Rate | 4.500-4.640 | 4.551 |
|  Non-Agency Mortgage-Backed Securities | 2213 | Discounted Cash Flow | Discount Rate | 6.309 |  |
|  | 4139 | Proxy Pricing | Base Price | 98.444 |  |
|  | 109112 | Recent Transaction | Purchase Price | 100.000 |  |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp;&nbsp;&nbsp; Other ABS | 4321 | Discounted Cash Flow | Discount Rate | 5.957-20.000 | 9.235 |
|  | 10840 | Recent Transaction | Purchase Price | 100.000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Whole Loan Collateral | 3404 | Proxy Pricing | Base Price | 100.000 |  |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 191 | Indicative Market Quotation | Broker Quote | 15.012 |  |
|  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 | 18 | Indicative Market Quotation | Broker Quote | 0.497 |  |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270990 |  |  |  |  |

---

<sup>(1)</sup> Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions.

<sup>(2)</sup> Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at December 31, 2025 may be due to an investment no longer held or categorized as Level 3 at period end.

---

| | | |
|:---|:---|:---|
| **134** | **PIMCO ETF TRUST** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO Municipal Income Opportunities Active Exchange-Traded Fund December 31, 2025 (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 98.7% | INVESTMENTS IN SECURITIES 98.7% | INVESTMENTS IN SECURITIES 98.7% |
| MUNICIPAL BONDS & NOTES 82.1% | MUNICIPAL BONDS & NOTES 82.1% | MUNICIPAL BONDS & NOTES 82.1% |
| ALABAMA 2.5% | ALABAMA 2.5% | ALABAMA 2.5% |
|  Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2023 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2023 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2023 |
|  5.500% due 10/01/2054 | 400 | 440 |
|  Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2024 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2024 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2024 |
|  5.000% due 03/01/2055 | 1000 | 1070 |
|  5.000% due 10/01/2055 | 600 | 646 |
|  Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2025 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2025 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2025 |
|  5.000% due 12/01/2055 | 500 | 535 |
|  Black Belt Energy Gas District, Alabama Revenue Notes, Series 2025 | Black Belt Energy Gas District, Alabama Revenue Notes, Series 2025 | Black Belt Energy Gas District, Alabama Revenue Notes, Series 2025 |
|  5.000% due 10/01/2035 | 2100 | 2225 |
|  Energy Southeast A Cooperative District, Alabama Revenue Bonds, Series 2024 | Energy Southeast A Cooperative District, Alabama Revenue Bonds, Series 2024 | Energy Southeast A Cooperative District, Alabama Revenue Bonds, Series 2024 |
|  5.250% due 07/01/2054 | 500 | 544 |
|  Mobile County, Alabama Industrial Development Authority Revenue Bonds, Series 2024 | Mobile County, Alabama Industrial Development Authority Revenue Bonds, Series 2024 | Mobile County, Alabama Industrial Development Authority Revenue Bonds, Series 2024 |
|  5.000% due 06/01/2054 | 995 | 951 |
|  Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2023 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2023 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2023 |
|  5.000% due 01/01/2054 | 400 | 423 |
|  Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2024 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2024 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2024 |
|  5.000% due 11/01/2035 | 1200 | 1275 |
|  Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2025 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2025 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2025 |
|  5.000% due 01/01/2056 | 1000 | 1043 |
|  5.250% due 03/01/2055 | 1500 | 1584 |
|  5.250% due 11/01/2055 | 300 | 330 |
|  Southeast Energy Authority A Cooperative District, Alabama Revenue Notes, Series 2025 | Southeast Energy Authority A Cooperative District, Alabama Revenue Notes, Series 2025 | Southeast Energy Authority A Cooperative District, Alabama Revenue Notes, Series 2025 |
|  5.000% due 11/01/2035 | 700 | 752 |
|  |  | 11818 |
| ALASKA 0.1% | ALASKA 0.1% | ALASKA 0.1% |
|  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 | 257 |
| ARIZONA 1.2% | ARIZONA 1.2% | ARIZONA 1.2% |
|  Arizona Industrial Development Authority Revenue Bonds, Series 2019 | Arizona Industrial Development Authority Revenue Bonds, Series 2019 | Arizona Industrial Development Authority Revenue Bonds, Series 2019 |
|  2.450% due 02/01/2048 | 3000 | 3000 |
|  Arizona Industrial Development Authority Revenue Bonds, Series 2025 | Arizona Industrial Development Authority Revenue Bonds, Series 2025 | Arizona Industrial Development Authority Revenue Bonds, Series 2025 |
|  5.125% due 01/01/2059 | 480 | 447 |
|  Chandler Industrial Development Authority, Arizona Revenue Bonds, Series 2019 | Chandler Industrial Development Authority, Arizona Revenue Bonds, Series 2019 | Chandler Industrial Development Authority, Arizona Revenue Bonds, Series 2019 |
|  4.000% due 06/01/2049 | 1000 | 1014 |
|  Phoenix Civic Improvement Corp. Arizona Revenue Bonds, Series 2023 | Phoenix Civic Improvement Corp. Arizona Revenue Bonds, Series 2023 | Phoenix Civic Improvement Corp. Arizona Revenue Bonds, Series 2023 |
|  5.000% due 07/01/2042 | 1000 | 1083 |
|  |  | 5544 |
| ARKANSAS 1.1% | ARKANSAS 1.1% | ARKANSAS 1.1% |
|  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 | 292 |
|  Arkansas Development Finance Authority Revenue Bonds, Series 2023 | Arkansas Development Finance Authority Revenue Bonds, Series 2023 | Arkansas Development Finance Authority Revenue Bonds, Series 2023 |
|  7.375% due 07/01/2048 | 500 | 542 |
|  Arkansas Development Finance Authority Revenue Bonds, Series 2025 | Arkansas Development Finance Authority Revenue Bonds, Series 2025 | Arkansas Development Finance Authority Revenue Bonds, Series 2025 |
|  3.875% due 10/15/2065 | 4000 | 4006 |
|  County of Pulaski Hospital, Arkansas Revenue Bonds, Series 2023 | County of Pulaski Hospital, Arkansas Revenue Bonds, Series 2023 | County of Pulaski Hospital, Arkansas Revenue Bonds, Series 2023 |
|  4.250% due 03/01/2048 | 500 | 480 |
|  |  | 5320 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| CALIFORNIA 4.0% | CALIFORNIA 4.0% | CALIFORNIA 4.0% |
|  Anaheim Union High School District, California General Obligation Bonds, Series 2025 | Anaheim Union High School District, California General Obligation Bonds, Series 2025 | Anaheim Union High School District, California General Obligation Bonds, Series 2025 |
|  4.375% due 08/01/2046 | 345 | 349 |
|  Burbank-Glendale-Pasadena Airport Authority Brick Campaign, California Revenue Bonds, (AGM Insured), Series 2024 | Burbank-Glendale-Pasadena Airport Authority Brick Campaign, California Revenue Bonds, (AGM Insured), Series 2024 | Burbank-Glendale-Pasadena Airport Authority Brick Campaign, California Revenue Bonds, (AGM Insured), Series 2024 |
|  4.125% due 07/01/2041 | 1000 | 995 |
|  California Community Choice Financing Authority Revenue Bonds, Series 2023 | California Community Choice Financing Authority Revenue Bonds, Series 2023 | California Community Choice Financing Authority Revenue Bonds, Series 2023 |
|  5.000% due 02/01/2054 | 400 | 426 |
|  5.250% due 01/01/2054 | 250 | 266 |
|  5.250% due 11/01/2054 | 700 | 744 |
|  5.500% due 10/01/2054 | 200 | 218 |
|  California Community Choice Financing Authority Revenue Bonds, Series 2024 | California Community Choice Financing Authority Revenue Bonds, Series 2024 | California Community Choice Financing Authority Revenue Bonds, Series 2024 |
|  5.000% due 05/01/2054 | 800 | 858 |
|  5.000% due 02/01/2055 | 1100 | 1190 |
|  California Community Choice Financing Authority Revenue Bonds, Series 2025 | California Community Choice Financing Authority Revenue Bonds, Series 2025 | California Community Choice Financing Authority Revenue Bonds, Series 2025 |
|  5.000% due 10/01/2055 | 900 | 934 |
|  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 | 78 |
|  California Municipal Finance Authority Revenue Bonds, (FNMA Insured),Series 2024 | California Municipal Finance Authority Revenue Bonds, (FNMA Insured),Series 2024 | California Municipal Finance Authority Revenue Bonds, (FNMA Insured),Series 2024 |
|  4.450% due 12/01/2042 | 100 | 101 |
|  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 | 240 |
|  California Municipal Finance Authority Revenue Bonds, Series 2024 | California Municipal Finance Authority Revenue Bonds, Series 2024 | California Municipal Finance Authority Revenue Bonds, Series 2024 |
|  6.000% due 01/01/2039 | 1000 | 1044 |
|  California Municipal Finance Authority Revenue Bonds, Series 2025 | California Municipal Finance Authority Revenue Bonds, Series 2025 | California Municipal Finance Authority Revenue Bonds, Series 2025 |
|  4.217% due 11/20/2040 | 999 | 1001 |
|  California State General Obligation Bonds, Series 2015 | California State General Obligation Bonds, Series 2015 | California State General Obligation Bonds, Series 2015 |
|  3.875% due 12/01/2030 | 600 | 600 |
|  California State General Obligation Bonds, Series 2023 | California State General Obligation Bonds, Series 2023 | California State General Obligation Bonds, Series 2023 |
|  4.000% due 09/01/2043 | 400 | 402 |
|  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 | 257 |
|  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 | 495 | 437 |
|  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 | 132 |
|  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 | 300 | 233 |
|  3.850% due 06/01/2050 | 430 | 393 |
|  4.214% due 06/01/2050 | 200 | 146 |
|  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 | 4245 | 4193 |
|  Irvine Facilities Financing Authority, California Special Tax Bonds, (BAM Insured), Series 2023 | Irvine Facilities Financing Authority, California Special Tax Bonds, (BAM Insured), Series 2023 | Irvine Facilities Financing Authority, California Special Tax Bonds, (BAM Insured), Series 2023 |
|  4.000% due 09/01/2058 | 500 | 458 |
|  Irvine, California Special Tax Bonds, (AGM Insured),Series 2025 | Irvine, California Special Tax Bonds, (AGM Insured),Series 2025 | Irvine, California Special Tax Bonds, (AGM Insured),Series 2025 |
|  5.000% due 09/01/2060 | 300 | 312 |
|  Los Angeles Department of Airports, California Revenue Notes, Series 2025 | Los Angeles Department of Airports, California Revenue Notes, Series 2025 | Los Angeles Department of Airports, California Revenue Notes, Series 2025 |
|  5.000% due 05/15/2034 | 1630 | 1857 |
|  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 | 151 |
|  San Joaquin Valley Clean Energy Authority, California Revenue Bonds, Series 2025 | San Joaquin Valley Clean Energy Authority, California Revenue Bonds, Series 2025 | San Joaquin Valley Clean Energy Authority, California Revenue Bonds, Series 2025 |
|  5.500% due 01/01/2056 | 500 | 565 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  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 | 157 |
|  |  | 18737 |
| COLORADO 3.6% | COLORADO 3.6% | COLORADO 3.6% |
|  Aerotropolis Regional Transportation Authority, Colorado Revenue Bonds, Series 2024 | Aerotropolis Regional Transportation Authority, Colorado Revenue Bonds, Series 2024 | Aerotropolis Regional Transportation Authority, Colorado Revenue Bonds, Series 2024 |
|  5.750% due 12/01/2054 | 500 | 500 |
|  Board of Governors of Colorado State University System Revenue Bonds, Series 2025 | Board of Governors of Colorado State University System Revenue Bonds, Series 2025 | Board of Governors of Colorado State University System Revenue Bonds, Series 2025 |
|  2.420% due 03/01/2055 | 3240 | 3240 |
|  Colorado Bridge & Tunnel Enterprise Revenue Bonds, (AGC Insured), Series 2025 | Colorado Bridge & Tunnel Enterprise Revenue Bonds, (AGC Insured), Series 2025 | Colorado Bridge & Tunnel Enterprise Revenue Bonds, (AGC Insured), Series 2025 |
|  5.250% due 12/01/2050 | 500 | 530 |
|  Colorado Health Facilities Authority Revenue Bonds, Series 2018 | Colorado Health Facilities Authority Revenue Bonds, Series 2018 | Colorado Health Facilities Authority Revenue Bonds, Series 2018 |
|  4.000% due 11/15/2048 | 500 | 451 |
|  Colorado Health Facilities Authority Revenue Bonds, Series 2024 | Colorado Health Facilities Authority Revenue Bonds, Series 2024 | Colorado Health Facilities Authority Revenue Bonds, Series 2024 |
|  5.000% due 11/15/2059 | 500 | 553 |
|  Colorado Health Facilities Authority Revenue Notes, Series 2025 | Colorado Health Facilities Authority Revenue Notes, Series 2025 | Colorado Health Facilities Authority Revenue Notes, Series 2025 |
|  5.000% due 09/01/2035 | 4000 | 4564 |
|  Colorado School of Mines Revenue Bonds, Series 2024 | Colorado School of Mines Revenue Bonds, Series 2024 | Colorado School of Mines Revenue Bonds, Series 2024 |
|  5.000% due 12/01/2054 | 500 | 519 |
|  Colorado State Certificates of Participation Bonds, Series 2017 | Colorado State Certificates of Participation Bonds, Series 2017 | Colorado State Certificates of Participation Bonds, Series 2017 |
|  4.000% due 03/15/2042 | 1000 | 998 |
|  Colorado State Certificates of Participation Bonds, Series 2024 | Colorado State Certificates of Participation Bonds, Series 2024 | Colorado State Certificates of Participation Bonds, Series 2024 |
|  5.000% due 11/01/2049 | 3000 | 3126 |
|  Denver Health & Hospital Authority, Colorado Revenue Bonds, Series 2025 | Denver Health & Hospital Authority, Colorado Revenue Bonds, Series 2025 | Denver Health & Hospital Authority, Colorado Revenue Bonds, Series 2025 |
|  5.125% due 12/01/2050 | 1000 | 1009 |
|  Denver, Colorado Airport System City & County Revenue Bonds, Series 2018 | Denver, Colorado Airport System City & County Revenue Bonds, Series 2018 | Denver, Colorado Airport System City & County Revenue Bonds, Series 2018 |
|  5.000% due 12/01/2031 | 440 | 463 |
|  Dominion Water & Sanitation District, Colorado Revenue Bonds, Series 2022 | Dominion Water & Sanitation District, Colorado Revenue Bonds, Series 2022 | Dominion Water & Sanitation District, Colorado Revenue Bonds, Series 2022 |
|  5.875% due 12/01/2052 | 1000 | 1023 |
|  |  | 16976 |
| CONNECTICUT 0.2% | CONNECTICUT 0.2% | CONNECTICUT 0.2% |
|  Norwalk, Connecticut Housing Authority Bonds, (FNMA Insured), Series 2024 | Norwalk, Connecticut Housing Authority Bonds, (FNMA Insured), Series 2024 | Norwalk, Connecticut Housing Authority Bonds, (FNMA Insured), Series 2024 |
|  4.400% due 09/01/2042 | 1000 | 1008 |
| DISTRICT OF COLUMBIA 0.9% | DISTRICT OF COLUMBIA 0.9% | DISTRICT OF COLUMBIA 0.9% |
|  Washington Metropolitan Area Transit Authority Dedicated, District of Columbia Revenue Bonds, Series 2023 | Washington Metropolitan Area Transit Authority Dedicated, District of Columbia Revenue Bonds, Series 2023 | Washington Metropolitan Area Transit Authority Dedicated, District of Columbia Revenue Bonds, Series 2023 |
|  5.000% due 07/15/2037 | 500 | 559 |
|  Washington Metropolitan Area Transit Authority Dedicated, District of Columbia Revenue Bonds, Series 2024 | Washington Metropolitan Area Transit Authority Dedicated, District of Columbia Revenue Bonds, Series 2024 | Washington Metropolitan Area Transit Authority Dedicated, District of Columbia Revenue Bonds, Series 2024 |
|  5.000% due 07/15/2056 | 1000 | 1026 |
|  Washington Metropolitan Area Transit Authority Dedicated, District of Columbia Revenue Bonds, Series 2025 | Washington Metropolitan Area Transit Authority Dedicated, District of Columbia Revenue Bonds, Series 2025 | Washington Metropolitan Area Transit Authority Dedicated, District of Columbia Revenue Bonds, Series 2025 |
|  5.250% due 07/15/2050 | 2500 | 2641 |
|  |  | 4226 |
| FLORIDA 5.2% | FLORIDA 5.2% | FLORIDA 5.2% |
|  Ave Maria Stewardship Community District, Florida Special Assessment Bonds, Series 2025 | Ave Maria Stewardship Community District, Florida Special Assessment Bonds, Series 2025 | Ave Maria Stewardship Community District, Florida Special Assessment Bonds, Series 2025 |
|  5.300% due 05/01/2045 | 1215 | 1216 |
|  Collier County, Florida Industrial Development Authority Revenue Bonds, (AGM Insured), Series 2024 | Collier County, Florida Industrial Development Authority Revenue Bonds, (AGM Insured), Series 2024 | Collier County, Florida Industrial Development Authority Revenue Bonds, (AGM Insured), Series 2024 |
|  5.000% due 10/01/2049 | 1000 | 1027 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **135** |

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------

Schedule of Investments PIMCO Municipal Income Opportunities Active Exchange-Traded Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Connerton East Community Development District, Florida Special Assessment Bonds, Series 2025 | Connerton East Community Development District, Florida Special Assessment Bonds, Series 2025 | Connerton East Community Development District, Florida Special Assessment Bonds, Series 2025 |
|  5.250% due 06/15/2045 | 670 | 671 |
|  Edgewater West Community Development District, Florida Special Assessment Bonds, Series 2024 | Edgewater West Community Development District, Florida Special Assessment Bonds, Series 2024 | Edgewater West Community Development District, Florida Special Assessment Bonds, Series 2024 |
|  5.250% due 05/01/2044 | 500 | 496 |
|  Florida Atlantic University Finance Corp. Revenue Bonds, Series 2024 | Florida Atlantic University Finance Corp. Revenue Bonds, Series 2024 | Florida Atlantic University Finance Corp. Revenue Bonds, Series 2024 |
|  5.000% due 07/01/2054 | 375 | 388 |
|  Florida Development Finance Corp. Revenue Bonds, (AGM Insured), Series 2024 | Florida Development Finance Corp. Revenue Bonds, (AGM Insured), Series 2024 | Florida Development Finance Corp. Revenue Bonds, (AGM Insured), Series 2024 |
|  5.000% due 07/01/2044 | 1500 | 1474 |
|  5.250% due 07/01/2047 | 600 | 591 |
|  5.250% due 07/01/2053 | 700 | 689 |
|  Florida Development Finance Corp. Revenue Bonds, Series 2024 | Florida Development Finance Corp. Revenue Bonds, Series 2024 | Florida Development Finance Corp. Revenue Bonds, Series 2024 |
|  5.250% due 08/01/2049 | 2000 | 2057 |
|  Florida Development Finance Corp. Revenue Notes, Series 2023 | Florida Development Finance Corp. Revenue Notes, Series 2023 | Florida Development Finance Corp. Revenue Notes, Series 2023 |
|  5.000% due 09/01/2026 | 500 | 502 |
|  Greater Orlando Aviation Authority, Florida Revenue Bonds, Series 2019 | Greater Orlando Aviation Authority, Florida Revenue Bonds, Series 2019 | Greater Orlando Aviation Authority, Florida Revenue Bonds, Series 2019 |
|  4.000% due 10/01/2035 | 1650 | 1674 |
|  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 | 415 |
|  Hillsborough County, Florida Industrial Development Authority Revenue Bonds, Series 2024 | Hillsborough County, Florida Industrial Development Authority Revenue Bonds, Series 2024 | Hillsborough County, Florida Industrial Development Authority Revenue Bonds, Series 2024 |
|  2.500% due 11/15/2054 | 1300 | 1300 |
|  Jacksonville, Florida Revenue Bonds, Series 2023 | Jacksonville, Florida Revenue Bonds, Series 2023 | Jacksonville, Florida Revenue Bonds, Series 2023 |
|  5.000% due 10/01/2043 | 510 | 546 |
|  Lakes of Sarasota Community Development District, Florida Revenue Bonds, Series 2018 | Lakes of Sarasota Community Development District, Florida Revenue Bonds, Series 2018 | Lakes of Sarasota Community Development District, Florida Revenue Bonds, Series 2018 |
|  5.000% due 07/01/2041 | 3000 | 3071 |
|  Miami-Dade County, Florida Aviation Revenue Bonds, Series 2025 | Miami-Dade County, Florida Aviation Revenue Bonds, Series 2025 | Miami-Dade County, Florida Aviation Revenue Bonds, Series 2025 |
|  5.000% due 10/01/2050 | 1000 | 1038 |
|  Midtown Miami Community Development District, Florida Special Assessment Bonds, Series 2014 | Midtown Miami Community Development District, Florida Special Assessment Bonds, Series 2014 | Midtown Miami Community Development District, Florida Special Assessment Bonds, Series 2014 |
|  5.000% due 05/01/2029 | 410 | 410 |
|  New Port Corners Community Development District, Florida Special Assessment Bonds, Series 2025 | New Port Corners Community Development District, Florida Special Assessment Bonds, Series 2025 | New Port Corners Community Development District, Florida Special Assessment Bonds, Series 2025 |
|  5.200% due 06/15/2045 | 500 | 500 |
|  Okaloosa County, Florida School Board Certificates of Participation Bonds, (AGC Insured), Series 2024 | Okaloosa County, Florida School Board Certificates of Participation Bonds, (AGC Insured), Series 2024 | Okaloosa County, Florida School Board Certificates of Participation Bonds, (AGC Insured), Series 2024 |
|  5.000% due 10/01/2049 | 1200 | 1242 |
|  Palm Beach County, Florida Health Facilities Authority Revenue Bonds, Series 2019 | Palm Beach County, Florida Health Facilities Authority Revenue Bonds, Series 2019 | Palm Beach County, Florida Health Facilities Authority Revenue Bonds, Series 2019 |
|  4.000% due 08/15/2049 | 1000 | 889 |
|  School Board of Miami-Dade County, Florida General Obligation Bonds, Series 2017 | School Board of Miami-Dade County, Florida General Obligation Bonds, Series 2017 | School Board of Miami-Dade County, Florida General Obligation Bonds, Series 2017 |
|  4.000% due 03/15/2042 | 3000 | 3004 |
|  Tampa-Hillsborough County, Florida Expressway Authority Revenue Bonds, Series 2017 | Tampa-Hillsborough County, Florida Expressway Authority Revenue Bonds, Series 2017 | Tampa-Hillsborough County, Florida Expressway Authority Revenue Bonds, Series 2017 |
|  4.000% due 07/01/2042 | 500 | 501 |
|  Village Community Development District No. 15, Florida Special Assessment Notes, Series 2023 | Village Community Development District No. 15, Florida Special Assessment Notes, Series 2023 | Village Community Development District No. 15, Florida Special Assessment Notes, Series 2023 |
|  4.250% due 05/01/2028 | 250 | 253 |
|  Village Community Development District No. 15, Florida Special Assessment Notes, Series 2024 | Village Community Development District No. 15, Florida Special Assessment Notes, Series 2024 | Village Community Development District No. 15, Florida Special Assessment Notes, Series 2024 |
|  4.000% due 05/01/2034 | 200 | 203 |
|  |  | 24157 |
| GEORGIA 1.9% | GEORGIA 1.9% | GEORGIA 1.9% |
|  Atlanta Department of Aviation, Georgia Revenue Bonds, Series 2023 | Atlanta Department of Aviation, Georgia Revenue Bonds, Series 2023 | Atlanta Department of Aviation, Georgia Revenue Bonds, Series 2023 |
|  5.000% due 07/01/2053 | 1000 | 1015 |
|  Columbia County Hospital Authority, Georgia Revenue Bonds, Series 2023 | Columbia County Hospital Authority, Georgia Revenue Bonds, Series 2023 | Columbia County Hospital Authority, Georgia Revenue Bonds, Series 2023 |
|  5.750% due 04/01/2053 | 500 | 537 |
|  Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2024 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2024 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2024 |
|  5.000% due 12/01/2054 | 300 | 321 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2025 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2025 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2025 |
|  5.000% due 12/01/2055 | 3400 | 3623 |
|  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 01/01/2049 | 3000 | 3001 |
|  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 | 510 |
|  |  | 9007 |
| IDAHO 0.7% | IDAHO 0.7% | IDAHO 0.7% |
|  Idaho Health Facilities Authority Revenue Bonds,<br>Series 2025 | Idaho Health Facilities Authority Revenue Bonds,<br>Series 2025 | Idaho Health Facilities Authority Revenue Bonds,<br>Series 2025 |
|  5.000% due 03/01/2040 | 2000 | 2222 |
|  Idaho Housing & Finance Association Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | Idaho Housing & Finance Association Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | Idaho Housing & Finance Association Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 |
|  4.650% due 01/01/2054 | 920 | 919 |
|  Spring Valley Community Infrastructure District No 1, Idaho Special Assessment Bonds, Series 2021 | Spring Valley Community Infrastructure District No 1, Idaho Special Assessment Bonds, Series 2021 | Spring Valley Community Infrastructure District No 1, Idaho Special Assessment Bonds, Series 2021 |
|  3.750% due 09/01/2051 | 211 | 201 |
|  |  | 3342 |
| ILLINOIS 4.8% | ILLINOIS 4.8% | ILLINOIS 4.8% |
|  Chicago Board of Education, Illinois General Obligation Bonds, Series 2017 | Chicago Board of Education, Illinois General Obligation Bonds, Series 2017 | Chicago Board of Education, Illinois General Obligation Bonds, Series 2017 |
|  5.000% due 12/01/2036 | 1300 | 1287 |
|  Chicago Board of Education, Illinois General Obligation Bonds, Series 2025 | Chicago Board of Education, Illinois General Obligation Bonds, Series 2025 | Chicago Board of Education, Illinois General Obligation Bonds, Series 2025 |
|  5.000% due 12/01/2040 | 1500 | 1471 |
|  Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2024 | Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2024 | Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2024 |
|  5.000% due 01/01/2038 | 2500 | 2703 |
|  5.000% due 01/01/2048 | 500 | 516 |
|  DeKalb County, Illinois Community Unit School District No 428, DeKalb General Obligation Debt Certificates Bonds, Series 2023 | DeKalb County, Illinois Community Unit School District No 428, DeKalb General Obligation Debt Certificates Bonds, Series 2023 | DeKalb County, Illinois Community Unit School District No 428, DeKalb General Obligation Debt Certificates Bonds, Series 2023 |
|  5.000% due 01/01/2041 | 500 | 527 |
|  Du Page & Will Counties Community School District No 204 Indian Prairie, Illinois General Obligation Bonds, Series 2025 | Du Page & Will Counties Community School District No 204 Indian Prairie, Illinois General Obligation Bonds, Series 2025 | Du Page & Will Counties Community School District No 204 Indian Prairie, Illinois General Obligation Bonds, Series 2025 |
|  5.000% due 01/15/2040 | 300 | 333 |
|  Illinois Finance Authority Revenue Bonds, Series 2010 | Illinois Finance Authority Revenue Bonds, Series 2010 | Illinois Finance Authority Revenue Bonds, Series 2010 |
|  4.800% due 12/01/2043 | 500 | 517 |
|  Illinois Finance Authority Revenue Bonds, Series 2014 | Illinois Finance Authority Revenue Bonds, Series 2014 | Illinois Finance Authority Revenue Bonds, Series 2014 |
|  4.000% due 08/01/2038 | 500 | 486 |
|  Illinois Finance Authority Revenue Bonds, Series 2016 | Illinois Finance Authority Revenue Bonds, Series 2016 | Illinois Finance Authority Revenue Bonds, Series 2016 |
|  5.000% due 02/15/2041 | 500 | 510 |
|  Illinois Finance Authority Revenue Bonds, Series 2018 | Illinois Finance Authority Revenue Bonds, Series 2018 | Illinois Finance Authority Revenue Bonds, Series 2018 |
|  5.000% due 05/15/2043 | 1600 | 1631 |
|  Illinois Finance Authority Revenue Bonds, Series 2025 | Illinois Finance Authority Revenue Bonds, Series 2025 | Illinois Finance Authority Revenue Bonds, Series 2025 |
|  5.000% due 08/15/2043 | 500 | 537 |
|  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 | 1109 |
|  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 | 1002 |
|  4.000% due 06/01/2037 | 300 | 299 |
|  Illinois State General Obligation Bonds, Series 2024 | Illinois State General Obligation Bonds, Series 2024 | Illinois State General Obligation Bonds, Series 2024 |
|  5.250% due 05/01/2044 | 2000 | 2108 |
|  5.250% due 05/01/2045 | 1000 | 1045 |
|  Illinois State General Obligation Bonds, Series 2025 | Illinois State General Obligation Bonds, Series 2025 | Illinois State General Obligation Bonds, Series 2025 |
|  5.000% due 09/01/2042 | 1950 | 2057 |
|  Illinois State Toll Highway Authority Revenue Bonds, Series 2020 | Illinois State Toll Highway Authority Revenue Bonds, Series 2020 | Illinois State Toll Highway Authority Revenue Bonds, Series 2020 |
|  5.000% due 01/01/2045 | 1250 | 1293 |
|  Illinois State Toll Highway Authority Revenue Bonds, Series 2021 | Illinois State Toll Highway Authority Revenue Bonds, Series 2021 | Illinois State Toll Highway Authority Revenue Bonds, Series 2021 |
|  5.000% due 01/01/2046 | 1955 | 2019 |
|  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 | 1027 |
|  |  | 22477 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| INDIANA 1.1% | INDIANA 1.1% | INDIANA 1.1% |
|  Indiana Finance Authority Revenue Bonds, (AGC Insured), Series 2025 | Indiana Finance Authority Revenue Bonds, (AGC Insured), Series 2025 | Indiana Finance Authority Revenue Bonds, (AGC Insured), Series 2025 |
|  5.928% due 07/01/2053 | 550 | 543 |
|  Indiana Finance Authority Revenue Bonds, Series 2012 | Indiana Finance Authority Revenue Bonds, Series 2012 | Indiana Finance Authority Revenue Bonds, Series 2012 |
|  4.250% due 11/01/2030 | 1750 | 1799 |
|  Indiana Finance Authority Revenue Bonds, Series 2025 | Indiana Finance Authority Revenue Bonds, Series 2025 | Indiana Finance Authority Revenue Bonds, Series 2025 |
|  5.000% due 10/01/2063 | 500 | 551 |
|  Indiana Housing & Community Development Authority Revenue Bonds, Series 2016 | Indiana Housing & Community Development Authority Revenue Bonds, Series 2016 | Indiana Housing & Community Development Authority Revenue Bonds, Series 2016 |
|  6.250% due 07/01/2056 | 400 | 383 |
|  Indianapolis Local Public Improvement Bond Bank, Indiana Revenue Bonds, Series 2023 | Indianapolis Local Public Improvement Bond Bank, Indiana Revenue Bonds, Series 2023 | Indianapolis Local Public Improvement Bond Bank, Indiana Revenue Bonds, Series 2023 |
|  5.750% due 03/01/2043 | 300 | 318 |
|  Indianapolis, Indiana Revenue Bonds, Series 2016 | Indianapolis, Indiana Revenue Bonds, Series 2016 | Indianapolis, Indiana Revenue Bonds, Series 2016 |
|  6.250% due 07/01/2056 | 400 | 385 |
|  Mount Vernon, Indiana Revenue Bonds, Series 2015 | Mount Vernon, Indiana Revenue Bonds, Series 2015 | Mount Vernon, Indiana Revenue Bonds, Series 2015 |
|  4.250% due 09/01/2055 | 100 | 101 |
|  Warrick County, Indiana Revenue Bonds, Series 2015 | Warrick County, Indiana Revenue Bonds, Series 2015 | Warrick County, Indiana Revenue Bonds, Series 2015 |
|  4.250% due 09/01/2055 | 100 | 101 |
|  Whiting, Indiana Revenue Bonds, Series 2016 | Whiting, Indiana Revenue Bonds, Series 2016 | Whiting, Indiana Revenue Bonds, Series 2016 |
|  4.400% due 03/01/2046 | 1000 | 1050 |
|  |  | 5231 |
| IOWA 0.1% | IOWA 0.1% | IOWA 0.1% |
|  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 | 500 | 544 |
| KENTUCKY 2.1% | KENTUCKY 2.1% | KENTUCKY 2.1% |
|  Kenton County, Kentucky Airport Board Revenue Bonds, Series 2024 | Kenton County, Kentucky Airport Board Revenue Bonds, Series 2024 | Kenton County, Kentucky Airport Board Revenue Bonds, Series 2024 |
|  5.250% due 01/01/2054 | 2255 | 2318 |
|  Kentucky Bond Development Corp. Revenue Bonds, Series 2025 | Kentucky Bond Development Corp. Revenue Bonds, Series 2025 | Kentucky Bond Development Corp. Revenue Bonds, Series 2025 |
|  5.000% due 08/15/2055 | 600 | 668 |
|  Kentucky Economic Development Finance Authority Revenue Bonds, Series 2015 | Kentucky Economic Development Finance Authority Revenue Bonds, Series 2015 | Kentucky Economic Development Finance Authority Revenue Bonds, Series 2015 |
|  5.000% due 07/01/2040 | 500 | 500 |
|  Kentucky Public Energy Authority Revenue Bonds, Series 2024 | Kentucky Public Energy Authority Revenue Bonds, Series 2024 | Kentucky Public Energy Authority Revenue Bonds, Series 2024 |
|  5.000% due 01/01/2055 | 300 | 323 |
|  Kentucky Public Energy Authority Revenue Bonds, Series 2025 | Kentucky Public Energy Authority Revenue Bonds, Series 2025 | Kentucky Public Energy Authority Revenue Bonds, Series 2025 |
|  5.000% due 05/01/2036 | 2500 | 2657 |
|  5.250% due 06/01/2055 | 250 | 265 |
|  Kentucky State Property & Building Commission Revenue Bonds, (FNMA Insured), Series 2024 | Kentucky State Property & Building Commission Revenue Bonds, (FNMA Insured), Series 2024 | Kentucky State Property & Building Commission Revenue Bonds, (FNMA Insured), Series 2024 |
|  4.375% due 09/01/2040 | 645 | 692 |
|  Louisville/Jefferson County Metropolitan Government, Kentucky Revenue Bonds, Series 2023 | Louisville/Jefferson County Metropolitan Government, Kentucky Revenue Bonds, Series 2023 | Louisville/Jefferson County Metropolitan Government, Kentucky Revenue Bonds, Series 2023 |
|  5.000% due 10/01/2038 | 700 | 769 |
|  Louisville/Jefferson County Metropolitan Government, Kentucky Revenue Bonds, Series 2025 | Louisville/Jefferson County Metropolitan Government, Kentucky Revenue Bonds, Series 2025 | Louisville/Jefferson County Metropolitan Government, Kentucky Revenue Bonds, Series 2025 |
|  5.000% due 05/15/2050 | 400 | 419 |
|  University of Kentucky Revenue Bonds, Series 2025 | University of Kentucky Revenue Bonds, Series 2025 | University of Kentucky Revenue Bonds, Series 2025 |
|  5.250% due 04/01/2050 | 1000 | 1050 |
|  |  | 9661 |
| LOUISIANA 1.4% | LOUISIANA 1.4% | LOUISIANA 1.4% |
|  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 | 481 |
|  Louisiana Public Facilities Authority Revenue Bonds, (AGM Insured), Series 2025 | Louisiana Public Facilities Authority Revenue Bonds, (AGM Insured), Series 2025 | Louisiana Public Facilities Authority Revenue Bonds, (AGM Insured), Series 2025 |
|  4.750% due 07/01/2065 | 3500 | 3411 |
|  Louisiana Stadium and Exposition District Revenue Bonds, Series 2023 | Louisiana Stadium and Exposition District Revenue Bonds, Series 2023 | Louisiana Stadium and Exposition District Revenue Bonds, Series 2023 |
|  5.000% due 07/01/2040 | 250 | 271 |

---

---

| | | |
|:---|:---|:---|
| **136** | **PIMCO ETF TRUST** | See Accompanying Notes |

---

------

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  New Orleans Aviation Board, Louisiana Revenue Notes, Series 2024 | New Orleans Aviation Board, Louisiana Revenue Notes, Series 2024 | New Orleans Aviation Board, Louisiana Revenue Notes, Series 2024 |
|  5.000% due 01/01/2033 | 2000 | 2202 |
|  |  | 6365 |
| MARYLAND 0.4% | MARYLAND 0.4% | MARYLAND 0.4% |
|  Maryland Health & Higher Educational Facilities Authority Revenue Bonds, (AGC Insured), Series 2025 | Maryland Health & Higher Educational Facilities Authority Revenue Bonds, (AGC Insured), Series 2025 | Maryland Health & Higher Educational Facilities Authority Revenue Bonds, (AGC Insured), Series 2025 |
|  5.000% due 07/01/2043 | 1000 | 1078 |
|  Maryland Health & Higher Educational Facilities Authority Revenue Bonds, Series 2025 | Maryland Health & Higher Educational Facilities Authority Revenue Bonds, Series 2025 | Maryland Health & Higher Educational Facilities Authority Revenue Bonds, Series 2025 |
|  5.000% due 07/01/2042 | 870 | 946 |
|  |  | 2024 |
| MASSACHUSETTS 1.6% | MASSACHUSETTS 1.6% | MASSACHUSETTS 1.6% |
|  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 | 1061 |
|  Commonwealth of Massachusetts General Obligation Bonds, Series 2023 | Commonwealth of Massachusetts General Obligation Bonds, Series 2023 | Commonwealth of Massachusetts General Obligation Bonds, Series 2023 |
|  5.000% due 10/01/2046 | 700 | 738 |
|  Commonwealth of Massachusetts General Obligation Bonds, Series 2024 | Commonwealth of Massachusetts General Obligation Bonds, Series 2024 | Commonwealth of Massachusetts General Obligation Bonds, Series 2024 |
|  5.000% due 08/01/2054 | 850 | 883 |
|  5.000% due 12/01/2054 | 500 | 519 |
|  Commonwealth of Massachusetts General Obligation Bonds, Series 2025 | Commonwealth of Massachusetts General Obligation Bonds, Series 2025 | Commonwealth of Massachusetts General Obligation Bonds, Series 2025 |
|  5.000% due 08/01/2048 | 1000 | 1056 |
|  Commonwealth of Massachusetts Transportation Fund Revenue Bonds, Series 2022 | Commonwealth of Massachusetts Transportation Fund Revenue Bonds, Series 2022 | Commonwealth of Massachusetts Transportation Fund Revenue Bonds, Series 2022 |
|  5.000% due 06/01/2050 | 1500 | 1539 |
|  Massachusetts Development Finance Agency Revenue Bonds, (AGM Insured), Series 2025 | Massachusetts Development Finance Agency Revenue Bonds, (AGM Insured), Series 2025 | Massachusetts Development Finance Agency Revenue Bonds, (AGM Insured), Series 2025 |
|  5.000% due 07/01/2050 | 1000 | 1032 |
|  University of Massachusetts Building Authority Revenue Bonds, Series 2017 | University of Massachusetts Building Authority Revenue Bonds, Series 2017 | University of Massachusetts Building Authority Revenue Bonds, Series 2017 |
|  5.000% due 11/01/2036 | 500 | 517 |
|  |  | 7345 |
| MICHIGAN 2.6% | MICHIGAN 2.6% | MICHIGAN 2.6% |
|  Detroit, Michigan General Obligation Bonds, Series 2014 | Detroit, Michigan General Obligation Bonds, Series 2014 | Detroit, Michigan General Obligation Bonds, Series 2014 |
|  4.000% due 04/01/2044 | 249 | 195 |
|  Detroit, Michigan General Obligation Bonds, Series 2023 | Detroit, Michigan General Obligation Bonds, Series 2023 | Detroit, Michigan General Obligation Bonds, Series 2023 |
|  6.000% due 05/01/2039 | 300 | 342 |
|  Detroit, Michigan Sewage Disposal System Revenue Bonds, (NPFGC Insured), Series 2001 | Detroit, Michigan Sewage Disposal System Revenue Bonds, (NPFGC Insured), Series 2001 | Detroit, Michigan Sewage Disposal System Revenue Bonds, (NPFGC Insured), Series 2001 |
|  5.500% due 07/01/2029 | 345 | 359 |
|  Great Lakes Water Authority Sewage Disposal System, Michigan Revenue Bonds, Series 2023 | Great Lakes Water Authority Sewage Disposal System, Michigan Revenue Bonds, Series 2023 | Great Lakes Water Authority Sewage Disposal System, Michigan Revenue Bonds, Series 2023 |
|  5.250% due 07/01/2053 | 750 | 787 |
|  Karegnondi Water Authority, Michigan Revenue Bonds, (BAM Insured), Series 2024 | Karegnondi Water Authority, Michigan Revenue Bonds, (BAM Insured), Series 2024 | Karegnondi Water Authority, Michigan Revenue Bonds, (BAM Insured), Series 2024 |
|  5.000% due 11/01/2041 | 1000 | 1101 |
|  Michigan Finance Authority Revenue Bonds, Series 2017 | Michigan Finance Authority Revenue Bonds, Series 2017 | Michigan Finance Authority Revenue Bonds, Series 2017 |
|  4.000% due 12/01/2036 | 1775 | 1782 |
|  Michigan Finance Authority Revenue Bonds, Series 2019 | Michigan Finance Authority Revenue Bonds, Series 2019 | Michigan Finance Authority Revenue Bonds, Series 2019 |
|  4.000% due 02/15/2047 | 1500 | 1346 |
|  4.000% due 12/01/2048 | 1000 | 911 |
|  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 | 253 |
|  5.000% due 06/01/2040 | 750 | 765 |
|  Michigan Finance Authority Revenue Bonds, Series 2024 | Michigan Finance Authority Revenue Bonds, Series 2024 | Michigan Finance Authority Revenue Bonds, Series 2024 |
|  5.500% due 02/28/2057 | 500 | 520 |
|  Michigan State Hospital Finance Authority Revenue Bonds, Series 2025 | Michigan State Hospital Finance Authority Revenue Bonds, Series 2025 | Michigan State Hospital Finance Authority Revenue Bonds, Series 2025 |
|  5.000% due 08/15/2055 | 1500 | 1708 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Northern Michigan University Revenue Bonds, Series 2025 | Northern Michigan University Revenue Bonds, Series 2025 | Northern Michigan University Revenue Bonds, Series 2025 |
|  5.250% due 06/01/2044 | 600 | 654 |
|  5.500% due 06/01/2050 | 650 | 701 |
|  Wayne County, Michigan Airport Authority Revenue Notes, (AGM Insured), Series 2023 | Wayne County, Michigan Airport Authority Revenue Notes, (AGM Insured), Series 2023 | Wayne County, Michigan Airport Authority Revenue Notes, (AGM Insured), Series 2023 |
|  5.000% due 12/01/2031 | 750 | 830 |
|  |  | 12254 |
| MINNESOTA 0.6% | MINNESOTA 0.6% | MINNESOTA 0.6% |
|  Duluth Economic Development Authority, Minnesota Revenue Bonds, Series 2018 | Duluth Economic Development Authority, Minnesota Revenue Bonds, Series 2018 | Duluth Economic Development Authority, Minnesota Revenue Bonds, Series 2018 |
|  5.000% due 02/15/2048 | 500 | 504 |
|  Minneapolis, Minnesota Revenue Bonds, Series 2018 | Minneapolis, Minnesota Revenue Bonds, Series 2018 | Minneapolis, Minnesota Revenue Bonds, Series 2018 |
|  5.000% due 11/15/2036 | 500 | 516 |
|  5.000% due 11/15/2049 | 250 | 244 |
|  Minnesota Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | Minnesota Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | Minnesota Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 |
|  6.500% due 01/01/2055 | 475 | 534 |
|  Rochester, Minnesota Revenue Bonds, Series 2022 | Rochester, Minnesota Revenue Bonds, Series 2022 | Rochester, Minnesota Revenue Bonds, Series 2022 |
|  4.000% due 11/15/2039 | 500 | 515 |
|  St Cloud, Minnesota Revenue Bonds, Series 2019 | St Cloud, Minnesota Revenue Bonds, Series 2019 | St Cloud, Minnesota Revenue Bonds, Series 2019 |
|  5.000% due 05/01/2048 | 500 | 506 |
|  |  | 2819 |
| MISSISSIPPI 0.1% | MISSISSIPPI 0.1% | MISSISSIPPI 0.1% |
|  Mississippi Development Bank Revenue Bonds, Series 2025 | Mississippi Development Bank Revenue Bonds, Series 2025 | Mississippi Development Bank Revenue Bonds, Series 2025 |
|  5.000% due 03/01/2037 | 300 | 332 |
| MISSOURI 0.7% | MISSOURI 0.7% | MISSOURI 0.7% |
|  Health & Educational Facilities Authority of the State of Missouri Revenue Bonds, Series 2012 | Health & Educational Facilities Authority of the State of Missouri Revenue Bonds, Series 2012 | Health & Educational Facilities Authority of the State of Missouri Revenue Bonds, Series 2012 |
|  4.000% due 11/15/2042 | 500 | 479 |
|  Health & Educational Facilities Authority of the State of Missouri Revenue Bonds, Series 2025 | Health & Educational Facilities Authority of the State of Missouri Revenue Bonds, Series 2025 | Health & Educational Facilities Authority of the State of Missouri Revenue Bonds, Series 2025 |
|  5.000% due 11/15/2044 | 400 | 417 |
|  Kansas City Industrial Development Authority, Missouri Revenue Bonds, Series 2019 | Kansas City Industrial Development Authority, Missouri Revenue Bonds, Series 2019 | Kansas City Industrial Development Authority, Missouri Revenue Bonds, Series 2019 |
|  5.000% due 03/01/2054 | 2000 | 1992 |
|  Missouri Housing Development Commission Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | Missouri Housing Development Commission Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | Missouri Housing Development Commission Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 |
|  6.250% due 05/01/2056 | 300 | 336 |
|  |  | 3224 |
| MULTI-STATE 3.1% | MULTI-STATE 3.1% | MULTI-STATE 3.1% |
|  Douglas County, Georgia Housing Authority Multifamly Tax-Exempt Bonds, (FNMA Insured), Series 2024 | Douglas County, Georgia Housing Authority Multifamly Tax-Exempt Bonds, (FNMA Insured), Series 2024 | Douglas County, Georgia Housing Authority Multifamly Tax-Exempt Bonds, (FNMA Insured), Series 2024 |
|  4.375% due 04/01/2043 | 2000 | 2034 |
|  FHLMC Multifamily VRD Certificates, New York Revenue Bonds, Series 2025 | FHLMC Multifamily VRD Certificates, New York Revenue Bonds, Series 2025 | FHLMC Multifamily VRD Certificates, New York Revenue Bonds, Series 2025 |
|  4.604% due 06/25/2042 | 400 | 406 |
|  FHLMC Multifamily VRD Certificates, Revenue Bonds, Series 2025 | FHLMC Multifamily VRD Certificates, Revenue Bonds, Series 2025 | FHLMC Multifamily VRD Certificates, Revenue Bonds, Series 2025 |
|  0.000% due 01/25/2043 | 3387 | 3450 |
|  4.534% due 11/25/2042 | 2486 | 2441 |
|  Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023 |
|  3.996% due 12/25/2036 | 678 | 680 |
|  4.140% due 01/25/2040 | 390 | 380 |
|  4.415% due 08/25/2040 | 986 | 998 |
|  Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2024 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2024 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2024 |
|  4.519% due 08/25/2041 ~ | 2185 | 2214 |
|  4.547% due 10/25/2040 | 691 | 707 |
|  4.564% due 04/25/2042 ~ | 994 | 1004 |
|  |  | 14314 |
| NEBRASKA 0.1% | NEBRASKA 0.1% | NEBRASKA 0.1% |
|  Nebraska Investment Finance Authority Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | Nebraska Investment Finance Authority Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | Nebraska Investment Finance Authority Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 |
|  5.000% due 03/01/2049 | 250 | 257 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| NEVADA 0.8% | NEVADA 0.8% | NEVADA 0.8% |
|  Las Vegas Valley Water District, Nevada General Obligation Bonds, Series 2022 | Las Vegas Valley Water District, Nevada General Obligation Bonds, Series 2022 | Las Vegas Valley Water District, Nevada General Obligation Bonds, Series 2022 |
|  4.000% due 06/01/2047 | 3000 | 2864 |
|  Las Vegas, Nevada Revenue Bonds, Series 2016 | Las Vegas, Nevada Revenue Bonds, Series 2016 | Las Vegas, Nevada Revenue Bonds, Series 2016 |
|  4.375% due 06/15/2035 | 300 | 298 |
|  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) | 500 | 79 |
|  Washoe County, Nevada Revenue Bonds, Series 2016 | Washoe County, Nevada Revenue Bonds, Series 2016 | Washoe County, Nevada Revenue Bonds, Series 2016 |
|  4.125% due 03/01/2036 | 500 | 511 |
|  |  | 3752 |
| NEW HAMPSHIRE 1.5% | NEW HAMPSHIRE 1.5% | NEW HAMPSHIRE 1.5% |
|  New Hampshire Business Finance Authority Affordable Housing Bonds, (HUD Insured), Series 2024 | New Hampshire Business Finance Authority Affordable Housing Bonds, (HUD Insured), Series 2024 | New Hampshire Business Finance Authority Affordable Housing Bonds, (HUD Insured), Series 2024 |
|  4.150% due 10/20/2040 | 599 | 599 |
|  New Hampshire Business Finance Authority Revenue Bonds, Series 2023 | New Hampshire Business Finance Authority Revenue Bonds, Series 2023 | New Hampshire Business Finance Authority Revenue Bonds, Series 2023 |
|  3.875% due 01/20/2038 | 485 | 469 |
|  New Hampshire Business Finance Authority Revenue Bonds, Series 2025 | New Hampshire Business Finance Authority Revenue Bonds, Series 2025 | New Hampshire Business Finance Authority Revenue Bonds, Series 2025 |
|  4.086% due 01/20/2041 ~ | 1490 | 1478 |
|  4.086% due 11/20/2042 | 1395 | 1363 |
|  4.794% due 02/20/2041 | 1399 | 1468 |
|  New Hampshire Business Finance Authority Revenue Notes, Series 2022 | New Hampshire Business Finance Authority Revenue Notes, Series 2022 | New Hampshire Business Finance Authority Revenue Notes, Series 2022 |
|  4.000% due 12/01/2028 | 1000 | 1016 |
|  New Hampshire Housing Finance Authority Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | New Hampshire Housing Finance Authority Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | New Hampshire Housing Finance Authority Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 |
|  6.500% due 07/01/2055 | 595 | 670 |
|  |  | 7063 |
| NEW JERSEY 0.8% | NEW JERSEY 0.8% | NEW JERSEY 0.8% |
|  New Jersey Educational Facilities Authority Revenue Bonds, Series 2023 | New Jersey Educational Facilities Authority Revenue Bonds, Series 2023 | New Jersey Educational Facilities Authority Revenue Bonds, Series 2023 |
|  4.625% due 09/01/2048 | 250 | 254 |
|  New Jersey Housing & Mortgage Finance Agency Revenue Bonds, (FNMA Insured), Series 2025 | New Jersey Housing & Mortgage Finance Agency Revenue Bonds, (FNMA Insured), Series 2025 | New Jersey Housing & Mortgage Finance Agency Revenue Bonds, (FNMA Insured), Series 2025 |
|  4.550% due 05/01/2041 | 995 | 1012 |
|  New Jersey Housing & Mortgage Finance Agency Revenue Bonds, Series 2025 | New Jersey Housing & Mortgage Finance Agency Revenue Bonds, Series 2025 | New Jersey Housing & Mortgage Finance Agency Revenue Bonds, Series 2025 |
|  6.500% due 04/01/2056 | 400 | 450 |
|  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 | 1050 |
|  Passaic County, New Jersey Improvement Authority Revenue Notes, Series 2025 | Passaic County, New Jersey Improvement Authority Revenue Notes, Series 2025 | Passaic County, New Jersey Improvement Authority Revenue Notes, Series 2025 |
|  4.125% due 07/01/2033 | 900 | 921 |
|  |  | 3687 |
| NEW MEXICO 0.2% | NEW MEXICO 0.2% | NEW MEXICO 0.2% |
|  Farmington, New Mexico Revenue Bonds, Series 2010 | Farmington, New Mexico Revenue Bonds, Series 2010 | Farmington, New Mexico Revenue Bonds, Series 2010 |
|  3.875% due 06/01/2040 | 500 | 508 |
|  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 |
|  |  | 854 |
| NEW YORK 9.8% | NEW YORK 9.8% | NEW YORK 9.8% |
|  Build NYC Resource Corp. New York Revenue Bonds, Series 2024 | Build NYC Resource Corp. New York Revenue Bonds, Series 2024 | Build NYC Resource Corp. New York Revenue Bonds, Series 2024 |
|  4.000% due 09/01/2041 | 1725 | 1685 |
|  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 |
|  2.550% due 04/01/2042 | 3000 | 3000 |
|  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 | 271 |
|  New York City, New York General Obligation Bonds, Series 2024 | New York City, New York General Obligation Bonds, Series 2024 | New York City, New York General Obligation Bonds, Series 2024 |
|  5.250% due 03/01/2053 | 500 | 522 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **137** |

---

------

Schedule of Investments PIMCO Municipal Income Opportunities Active Exchange-Traded Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  New York City, New York Housing Development Corp. Revenue Bonds, Series 2025 | New York City, New York Housing Development Corp. Revenue Bonds, Series 2025 | New York City, New York Housing Development Corp. Revenue Bonds, Series 2025 |
|  4.600% due 11/01/2045 | 250 | 251 |
|  New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2023 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2023 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2023 |
|  5.250% due 06/15/2048 | 200 | 212 |
|  New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2024 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2024 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2024 |
|  5.000% due 06/15/2051 | 2000 | 2078 |
|  5.250% due 06/15/2054 | 500 | 526 |
|  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 | 537 |
|  New York City, New York Transitional Finance Authority Revenue Bonds, Series 2024 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2024 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2024 |
|  5.000% due 05/01/2043 | 1500 | 1609 |
|  5.000% due 05/01/2044 | 1300 | 1379 |
|  5.250% due 05/01/2048 | 8000 | 8450 |
|  New York Energy Finance Development Corp. Revenue Bonds, Series 2025 | New York Energy Finance Development Corp. Revenue Bonds, Series 2025 | New York Energy Finance Development Corp. Revenue Bonds, Series 2025 |
|  5.000% due 07/01/2056 | 900 | 954 |
|  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 | 1650 | 1650 |
|  5.150% due 11/15/2034 | 235 | 235 |
|  New York Power Authority Revenue Bonds, (AGM Insured), Series 2023 | New York Power Authority Revenue Bonds, (AGM Insured), Series 2023 | New York Power Authority Revenue Bonds, (AGM Insured), Series 2023 |
|  5.000% due 11/15/2038 | 1000 | 1140 |
|  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 |
|  5.000% due 07/01/2050 | 500 | 515 |
|  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 |
|  5.000% due 03/15/2041 | 500 | 535 |
|  New York State Dormitory Authority Revenue Bonds, Series 2024 | New York State Dormitory Authority Revenue Bonds, Series 2024 | New York State Dormitory Authority Revenue Bonds, Series 2024 |
|  4.000% due 05/01/2038 | 750 | 764 |
|  5.000% due 03/15/2049 | 3675 | 3836 |
|  5.000% due 03/15/2055 | 500 | 518 |
|  New York State Urban Development Corp. Revenue Bonds, Series 2023 | New York State Urban Development Corp. Revenue Bonds, Series 2023 | New York State Urban Development Corp. Revenue Bonds, Series 2023 |
|  5.000% due 03/15/2053 | 500 | 513 |
|  5.000% due 03/15/2063 | 1000 | 1023 |
|  New York State Urban Development Corp. Revenue Bonds, Series 2024 | New York State Urban Development Corp. Revenue Bonds, Series 2024 | New York State Urban Development Corp. Revenue Bonds, Series 2024 |
|  5.000% due 03/15/2048 | 875 | 910 |
|  New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2023 | New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2023 | New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2023 |
|  5.500% due 06/30/2044 | 500 | 523 |
|  New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2024 | New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2024 | New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2024 |
|  5.000% due 06/30/2054 | 1600 | 1598 |
|  New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2025 | New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2025 | New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2025 |
|  5.500% due 06/30/2059 | 1950 | 2035 |
|  New York Transportation Development Corp. Revenue Bonds, (BAM Insured), Series 2024 | New York Transportation Development Corp. Revenue Bonds, (BAM Insured), Series 2024 | New York Transportation Development Corp. Revenue Bonds, (BAM Insured), Series 2024 |
|  5.500% due 06/30/2060 | 400 | 415 |
|  New York Transportation Development Corp. Revenue Bonds, Series 2023 | New York Transportation Development Corp. Revenue Bonds, Series 2023 | New York Transportation Development Corp. Revenue Bonds, Series 2023 |
|  5.625% due 04/01/2040 | 500 | 525 |
|  6.000% due 04/01/2035 | 250 | 276 |
|  New York Transportation Development Corp. Revenue Bonds, Series 2025 | New York Transportation Development Corp. Revenue Bonds, Series 2025 | New York Transportation Development Corp. Revenue Bonds, Series 2025 |
|  6.000% due 06/30/2040 | 300 | 340 |
|  New York Transportation Development Corp. Revenue Notes, Series 2018 | New York Transportation Development Corp. Revenue Notes, Series 2018 | New York Transportation Development Corp. Revenue Notes, Series 2018 |
|  5.000% due 01/01/2027 | 250 | 254 |
|  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 | 550 | 561 |
|  Onondaga Civic Development Corp. New York Revenue Bonds, Series 2025 | Onondaga Civic Development Corp. New York Revenue Bonds, Series 2025 | Onondaga Civic Development Corp. New York Revenue Bonds, Series 2025 |
|  5.250% due 12/01/2043 | 1325 | 1472 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Port Authority of New York & New Jersey Revenue Notes, Series 2024 | Port Authority of New York & New Jersey Revenue Notes, Series 2024 | Port Authority of New York & New Jersey Revenue Notes, Series 2024 |
|  5.000% due 09/01/2034 | 500 | 565 |
|  Riverhead IDA Economic Job Development Corp. New York Revenue Bonds, (FNMA Insured), Series 2023 | Riverhead IDA Economic Job Development Corp. New York Revenue Bonds, (FNMA Insured), Series 2023 | Riverhead IDA Economic Job Development Corp. New York Revenue Bonds, (FNMA Insured), Series 2023 |
|  4.500% due 02/01/2041 | 985 | 996 |
|  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 | 133 |
|  4.000% due 06/01/2050 | 300 | 252 |
|  Town of Hempstead, New York General Obligation Bonds, Series 2024 | Town of Hempstead, New York General Obligation Bonds, Series 2024 | Town of Hempstead, New York General Obligation Bonds, Series 2024 |
|  4.000% due 05/01/2047 | 500 | 494 |
|  Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2024 | Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2024 | Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2024 |
|  5.250% due 05/15/2054 | 500 | 526 |
|  Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2025 | Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2025 | Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2025 |
|  5.000% due 12/01/2045 | 1700 | 1803 |
|  |  | 45881 |
| NORTH CAROLINA 0.4% | NORTH CAROLINA 0.4% | NORTH CAROLINA 0.4% |
|  Inlivian, North Carolina Revenue Bonds, (FNMA Insured), Series 2024 | Inlivian, North Carolina Revenue Bonds, (FNMA Insured), Series 2024 | Inlivian, North Carolina Revenue Bonds, (FNMA Insured), Series 2024 |
|  4.450% due 06/01/2041 | 986 | 1008 |
|  North Carolina State Revenue Bonds, Series 2021 | North Carolina State Revenue Bonds, Series 2021 | North Carolina State Revenue Bonds, Series 2021 |
|  4.000% due 03/01/2035 | 1000 | 1047 |
|  |  | 2055 |
| NORTH DAKOTA 0.1% | NORTH DAKOTA 0.1% | NORTH DAKOTA 0.1% |
|  Grand Forks, North Dakota Revenue Bonds, (AGM Insured), Series 2023 | Grand Forks, North Dakota Revenue Bonds, (AGM Insured), Series 2023 | Grand Forks, North Dakota Revenue Bonds, (AGM Insured), Series 2023 |
|  5.000% due 12/01/2041 | 525 | 557 |
| OHIO 3.5% | OHIO 3.5% | OHIO 3.5% |
|  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 08/01/2042 | 500 | 511 |
|  Allen County, Ohio Hospital Facilities Revenue Bonds, Series 2025 | Allen County, Ohio Hospital Facilities Revenue Bonds, Series 2025 | Allen County, Ohio Hospital Facilities Revenue Bonds, Series 2025 |
|  5.000% due 11/01/2041 | 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 |
|  0.000% due 06/01/2057 (a) | 5000 | 371 |
|  4.000% due 06/01/2048 | 500 | 432 |
|  5.000% due 06/01/2055 | 5650 | 4581 |
|  Columbus Regional Airport Authority, Ohio Revenue Bonds, Series 2025 | Columbus Regional Airport Authority, Ohio Revenue Bonds, Series 2025 | Columbus Regional Airport Authority, Ohio Revenue Bonds, Series 2025 |
|  5.000% due 01/01/2036 | 1600 | 1780 |
|  Cuyahoga County, Ohio Revenue Bonds, Series 2017 | Cuyahoga County, Ohio Revenue Bonds, Series 2017 | Cuyahoga County, Ohio Revenue Bonds, Series 2017 |
|  5.000% due 02/15/2057 | 500 | 454 |
|  Hamilton County, Ohio Revenue Bonds, Series 2021 | Hamilton County, Ohio Revenue Bonds, Series 2021 | Hamilton County, Ohio Revenue Bonds, Series 2021 |
|  2.550% due 08/15/2051 | 1820 | 1820 |
|  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 | 400 | 361 |
|  Ohio Air Quality Development Authority Revenue Bonds, Series 2022 | Ohio Air Quality Development Authority Revenue Bonds, Series 2022 | Ohio Air Quality Development Authority Revenue Bonds, Series 2022 |
|  4.250% due 11/01/2039 | 500 | 508 |
|  Ohio Higher Educational Facility Commission Revenue Bonds, Series 2025 | Ohio Higher Educational Facility Commission Revenue Bonds, Series 2025 | Ohio Higher Educational Facility Commission Revenue Bonds, Series 2025 |
|  5.000% due 02/01/2037 | 700 | 792 |
|  Ohio Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | Ohio Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | Ohio Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 |
|  6.250% due 03/01/2055 | 2280 | 2505 |
|  Ohio Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | Ohio Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | Ohio Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 |
|  4.150% due 09/01/2040 | 300 | 301 |
|  Port of Greater Cincinnati Development Authority, Ohio Revenue Bonds, (AGM Insured), Series 2024 | Port of Greater Cincinnati Development Authority, Ohio Revenue Bonds, (AGM Insured), Series 2024 | Port of Greater Cincinnati Development Authority, Ohio Revenue Bonds, (AGM Insured), Series 2024 |
|  5.250% due 12/01/2048 | 750 | 786 |
|  |  | 16298 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| OKLAHOMA 0.1% | OKLAHOMA 0.1% | OKLAHOMA 0.1% |
|  Oklahoma Turnpike Authority Revenue Bonds, Series 2023 | Oklahoma Turnpike Authority Revenue Bonds, Series 2023 | Oklahoma Turnpike Authority Revenue Bonds, Series 2023 |
|  5.500% due 01/01/2053 | 600 | 638 |
| OREGON 0.5% | OREGON 0.5% | OREGON 0.5% |
|  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 08/15/2038 | 1000 | 1060 |
|  Oregon State General Obligation Bonds, Series 2022 | Oregon State General Obligation Bonds, Series 2022 | Oregon State General Obligation Bonds, Series 2022 |
|  2.550% due 06/01/2045 | 1100 | 1100 |
|  |  | 2160 |
| PENNSYLVANIA 3.4% | PENNSYLVANIA 3.4% | PENNSYLVANIA 3.4% |
|  Allegheny County, Pennsylvania Sanitary Authority Revenue Bonds, Series 2024 | Allegheny County, Pennsylvania Sanitary Authority Revenue Bonds, Series 2024 | Allegheny County, Pennsylvania Sanitary Authority Revenue Bonds, Series 2024 |
|  5.000% due 12/01/2043 | 700 | 747 |
|  Beaver Economic Development Authority Revenue Bonds, Series 2006 | Beaver Economic Development Authority Revenue Bonds, Series 2006 | Beaver Economic Development Authority Revenue Bonds, Series 2006 |
|  4.750% due 01/01/2035 | 965 | 1021 |
|  Bucks County, Pennsylvania Industrial Development Authority Revenue Bonds, Series 2021 | Bucks County, Pennsylvania Industrial Development Authority Revenue Bonds, Series 2021 | Bucks County, Pennsylvania Industrial Development Authority Revenue Bonds, Series 2021 |
|  4.000% due 07/01/2046 | 200 | 173 |
|  5.000% due 07/01/2040 | 3000 | 3096 |
|  5.000% due 07/01/2041 | 1225 | 1256 |
|  Commonwealth Financing Authority, Pennsylvania Revenue Bonds, (AGM Insured), Series 2018 | Commonwealth Financing Authority, Pennsylvania Revenue Bonds, (AGM Insured), Series 2018 | Commonwealth Financing Authority, Pennsylvania Revenue Bonds, (AGM Insured), Series 2018 |
|  4.000% due 06/01/2039 | 250 | 247 |
|  Lehigh County, Pennsylvania Revenue Bonds, Series 2019 | Lehigh County, Pennsylvania Revenue Bonds, Series 2019 | Lehigh County, Pennsylvania Revenue Bonds, Series 2019 |
|  4.420% (MUNIPSA) due 08/15/2038 ~(d) | 940 | 928 |
|  Northampton County, Pennsylvania General Purpose Authority Revenue Bonds, Series 2024 | Northampton County, Pennsylvania General Purpose Authority Revenue Bonds, Series 2024 | Northampton County, Pennsylvania General Purpose Authority Revenue Bonds, Series 2024 |
|  2.450% due 08/15/2054 | 2500 | 2500 |
|  Pennsylvania Economic Development Financing Authority Revenue Bonds, (AGM Insured), Series 2022 | Pennsylvania Economic Development Financing Authority Revenue Bonds, (AGM Insured), Series 2022 | Pennsylvania Economic Development Financing Authority Revenue Bonds, (AGM Insured), Series 2022 |
|  5.000% due 12/31/2057 | 300 | 296 |
|  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 | 251 |
|  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 | 539 |
|  Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2025 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2025 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2025 |
|  5.000% due 03/15/2060 | 1000 | 1104 |
|  Pennsylvania Higher Educational Facilities Authority Revenue Bonds, Series 2024 | Pennsylvania Higher Educational Facilities Authority Revenue Bonds, Series 2024 | Pennsylvania Higher Educational Facilities Authority Revenue Bonds, Series 2024 |
|  5.250% due 11/01/2040 | 1500 | 1646 |
|  Pennsylvania Housing Finance Agency Revenue Bonds, (FNMA Insured), Series 2025 | Pennsylvania Housing Finance Agency Revenue Bonds, (FNMA Insured), Series 2025 | Pennsylvania Housing Finance Agency Revenue Bonds, (FNMA Insured), Series 2025 |
|  4.900% due 06/01/2041 | 1000 | 1033 |
|  Pennsylvania Housing Finance Agency Revenue Bonds, Series 2024 | Pennsylvania Housing Finance Agency Revenue Bonds, Series 2024 | Pennsylvania Housing Finance Agency Revenue Bonds, Series 2024 |
|  6.000% due 10/01/2054 | 195 | 212 |
|  6.250% due 10/01/2054 | 195 | 214 |
|  |  | 15764 |
| PUERTO RICO 2.0% | PUERTO RICO 2.0% | PUERTO RICO 2.0% |
|  Children's Trust Fund, Puerto Rico Revenue Bonds, Series 2005 | Children's Trust Fund, Puerto Rico Revenue Bonds, Series 2005 | Children's Trust Fund, Puerto Rico Revenue Bonds, Series 2005 |
|  0.000% due 05/15/2050 (a) | 2000 | 410 |
|  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 | 222 | 142 |
|  0.000% due 11/01/2051 | 1823 | 1194 |
|  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 | 309 | 301 |

---

---

| | | |
|:---|:---|:---|
| **138** | **PIMCO ETF TRUST** | See Accompanying Notes |

---

------

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Puerto Rico Electric Power Authority Revenue Bonds, (FGIC Insured), Series 2007 | Puerto Rico Electric Power Authority Revenue Bonds, (FGIC Insured), Series 2007 | Puerto Rico Electric Power Authority Revenue Bonds, (FGIC Insured), Series 2007 |
|  5.250% due 07/01/2034 ^ | 1000 | 1013 |
|  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) | 7100 | 2386 |
|  0.000% due 07/01/2051 (a) | 5400 | 1358 |
|  5.000% due 07/01/2058 | 1750 | 1688 |
|  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 | 600 | 588 |
|  4.550% due 07/01/2040 | 250 | 250 |
|  |  | 9330 |
| RHODE ISLAND 0.2% | RHODE ISLAND 0.2% | RHODE ISLAND 0.2% |
|  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 | 750 | 750 |
|  5.000% due 06/01/2050 | 200 | 198 |
|  |  | 948 |
| 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 | 641 |
|  Patriots Energy Group Financing Agency, South Carolina Revenue Bonds, Series 2023 | Patriots Energy Group Financing Agency, South Carolina Revenue Bonds, Series 2023 | Patriots Energy Group Financing Agency, South Carolina Revenue Bonds, Series 2023 |
|  5.250% due 02/01/2054 | 200 | 216 |
|  South Carolina Jobs-Economic Development Authority Revenue Bonds, Series 2025 | South Carolina Jobs-Economic Development Authority Revenue Bonds, Series 2025 | South Carolina Jobs-Economic Development Authority Revenue Bonds, Series 2025 |
|  5.500% due 10/01/2045 | 750 | 754 |
|  South Carolina Public Service Authority Revenue Bonds, Series 2024 | South Carolina Public Service Authority Revenue Bonds, Series 2024 | South Carolina Public Service Authority Revenue Bonds, Series 2024 |
|  5.250% due 12/01/2049 | 1300 | 1368 |
|  5.500% due 12/01/2054 | 1050 | 1121 |
|  Spartanburg Regional Health Services District, South Carolina Revenue Bonds, Series 2017 | Spartanburg Regional Health Services District, South Carolina Revenue Bonds, Series 2017 | Spartanburg Regional Health Services District, South Carolina Revenue Bonds, Series 2017 |
|  5.000% due 04/15/2048 | 1300 | 1312 |
|  |  | 5412 |
| SOUTH DAKOTA 0.1% | SOUTH DAKOTA 0.1% | SOUTH DAKOTA 0.1% |
|  South Dakota Housing Development Authority Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | South Dakota Housing Development Authority Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | South Dakota Housing Development Authority Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 |
|  4.500% due 11/01/2045 | 500 | 499 |
| TENNESSEE 0.7% | TENNESSEE 0.7% | TENNESSEE 0.7% |
|  Rutherford County, Tennessee Health & Educational Facilities Board Revenue Bonds, Series 2025 | Rutherford County, Tennessee Health & Educational Facilities Board Revenue Bonds, Series 2025 | Rutherford County, Tennessee Health & Educational Facilities Board Revenue Bonds, Series 2025 |
|  5.000% due 11/15/2048 | 900 | 985 |
|  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 | 1017 |
|  Tennessee Housing Development Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | Tennessee Housing Development Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | Tennessee Housing Development Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 |
|  6.000% due 01/01/2056 | 1000 | 1101 |
|  |  | 3103 |
| TEXAS 12.7% | TEXAS 12.7% | TEXAS 12.7% |
|  Aledo Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | Aledo Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | Aledo Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 |
|  5.000% due 02/15/2048 | 100 | 104 |
|  Arlington Higher Education Finance Corp. Texas Revenue Bonds, (PSF Insured), Series 2024 | Arlington Higher Education Finance Corp. Texas Revenue Bonds, (PSF Insured), Series 2024 | Arlington Higher Education Finance Corp. Texas Revenue Bonds, (PSF Insured), Series 2024 |
|  4.125% due 06/15/2054 | 450 | 410 |
|  4.125% due 08/15/2054 | 500 | 456 |
|  Arlington Higher Education Finance Corp. Texas Revenue Bonds, (PSF Insured), Series 2025 | Arlington Higher Education Finance Corp. Texas Revenue Bonds, (PSF Insured), Series 2025 | Arlington Higher Education Finance Corp. Texas Revenue Bonds, (PSF Insured), Series 2025 |
|  4.500% due 08/15/2050 | 1500 | 1505 |
|  Austin Affordable PFC Inc., Texas Revenue Bonds, (FNMA Insured), Series 2024 | Austin Affordable PFC Inc., Texas Revenue Bonds, (FNMA Insured), Series 2024 | Austin Affordable PFC Inc., Texas Revenue Bonds, (FNMA Insured), Series 2024 |
|  4.500% due 03/01/2043 | 500 | 502 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Austin, Texas Water & Wastewater System Revenue Bonds, Series 2024 | Austin, Texas Water & Wastewater System Revenue Bonds, Series 2024 | Austin, Texas Water & Wastewater System Revenue Bonds, Series 2024 |
|  5.000% due 11/15/2049 | 3000 | 3168 |
|  Barbers Hill Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 | Barbers Hill Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 | Barbers Hill Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 |
|  4.250% due 02/15/2054 | 300 | 291 |
|  City of Kyle, Texas , General Obligation Bonds, (AGM Insured), Series 2025 | City of Kyle, Texas , General Obligation Bonds, (AGM Insured), Series 2025 | City of Kyle, Texas , General Obligation Bonds, (AGM Insured), Series 2025 |
|  5.000% due 08/15/2055 | 1100 | 1133 |
|  Clifton Higher Education Finance Corp. Texas Revenue Bonds, (PSF Insured), Series 2025 | Clifton Higher Education Finance Corp. Texas Revenue Bonds, (PSF Insured), Series 2025 | Clifton Higher Education Finance Corp. Texas Revenue Bonds, (PSF Insured), Series 2025 |
|  4.375% due 02/15/2042 | 700 | 712 |
|  Crandall, Texas Special Assessment Bonds, Series 2025 | Crandall, Texas Special Assessment Bonds, Series 2025 | Crandall, Texas Special Assessment Bonds, Series 2025 |
|  5.250% due 09/15/2045 | 1000 | 991 |
|  Dallas Fort Worth International Airport, Texas Revenue Bonds, Series 2025 | Dallas Fort Worth International Airport, Texas Revenue Bonds, Series 2025 | Dallas Fort Worth International Airport, Texas Revenue Bonds, Series 2025 |
|  5.250% due 11/01/2042 | 1500 | 1617 |
|  Dallas Housing Finance Corp. Texas Revenue Bonds, (FNMA Insured), Series 2024 | Dallas Housing Finance Corp. Texas Revenue Bonds, (FNMA Insured), Series 2024 | Dallas Housing Finance Corp. Texas Revenue Bonds, (FNMA Insured), Series 2024 |
|  4.350% due 10/01/2041 | 500 | 503 |
|  Dallas Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 | Dallas Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 | Dallas Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 |
|  5.000% due 02/15/2055 | 2000 | 2207 |
|  Dallas Metrocare Services, Texas Revenue Bonds, Series 2025 | Dallas Metrocare Services, Texas Revenue Bonds, Series 2025 | Dallas Metrocare Services, Texas Revenue Bonds, Series 2025 |
|  5.250% due 11/01/2050 | 2350 | 2459 |
|  Denton County, Texas Special Assessment Bonds, Series 2025 | Denton County, Texas Special Assessment Bonds, Series 2025 | Denton County, Texas Special Assessment Bonds, Series 2025 |
|  6.697% due 01/01/2059 « | 1995 | 1995 |
|  Denton Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | Denton Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | Denton Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 |
|  5.000% due 08/15/2053 | 1500 | 1546 |
|  EP Essential Housing WF PFC, Texas Revenue Notes, Series 2024 | EP Essential Housing WF PFC, Texas Revenue Notes, Series 2024 | EP Essential Housing WF PFC, Texas Revenue Notes, Series 2024 |
|  4.250% due 12/01/2034 | 500 | 507 |
|  Everman Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 | Everman Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 | Everman Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 |
|  4.000% due 02/15/2049 | 500 | 471 |
|  Garland Housing Finance Corp. Texas Revenue Bonds, (FNMA Insured), Series 2024 | Garland Housing Finance Corp. Texas Revenue Bonds, (FNMA Insured), Series 2024 | Garland Housing Finance Corp. Texas Revenue Bonds, (FNMA Insured), Series 2024 |
|  4.610% due 01/01/2043 | 2093 | 2123 |
|  Grand Parkway Transportation Corp. Texas Revenue Bonds, Series 2023 | Grand Parkway Transportation Corp. Texas Revenue Bonds, Series 2023 | Grand Parkway Transportation Corp. Texas Revenue Bonds, Series 2023 |
|  5.000% due 10/01/2052 | 500 | 520 |
|  Grayson County Junior College District, Texas General Obligation Bonds, Series 2024 | Grayson County Junior College District, Texas General Obligation Bonds, Series 2024 | Grayson County Junior College District, Texas General Obligation Bonds, Series 2024 |
|  4.000% due 02/15/2049 | 1310 | 1206 |
|  Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2024 | Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2024 | Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2024 |
|  5.000% due 07/01/2054 | 500 | 533 |
|  Harris County, Texas Hospital District General Obligation Bonds, Series 2025 | Harris County, Texas Hospital District General Obligation Bonds, Series 2025 | Harris County, Texas Hospital District General Obligation Bonds, Series 2025 |
|  5.000% due 02/15/2042 | 1000 | 1072 |
|  Houston, Texas Airport System Revenue Bonds, (AGM Insured), Series 2023 | Houston, Texas Airport System Revenue Bonds, (AGM Insured), Series 2023 | Houston, Texas Airport System Revenue Bonds, (AGM Insured), Series 2023 |
|  5.000% due 07/01/2038 | 100 | 108 |
|  Houston, Texas Airport System Revenue Bonds, Series 2024 | Houston, Texas Airport System Revenue Bonds, Series 2024 | Houston, Texas Airport System Revenue Bonds, Series 2024 |
|  5.500% due 07/15/2035 | 1500 | 1653 |
|  Hurst-Euless-Bedford Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 | Hurst-Euless-Bedford Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 | Hurst-Euless-Bedford Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 |
|  4.000% due 08/15/2050 | 500 | 468 |
|  Hutto Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | Hutto Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | Hutto Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 |
|  5.000% due 08/01/2048 | 500 | 520 |
|  Jarrell Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | Jarrell Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | Jarrell Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 |
|  5.000% due 02/15/2053 | 1000 | 1031 |
|  Liberty Hill Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 | Liberty Hill Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 | Liberty Hill Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 |
|  5.000% due 02/01/2055 | 5000 | 5193 |
|  Lower Colorado River Authority, Texas Revenue Bonds, Series 2021 | Lower Colorado River Authority, Texas Revenue Bonds, Series 2021 | Lower Colorado River Authority, Texas Revenue Bonds, Series 2021 |
|  5.000% due 05/15/2051 | 500 | 508 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Lower Colorado River Authority, Texas Revenue Bonds, Series 2025 | Lower Colorado River Authority, Texas Revenue Bonds, Series 2025 | Lower Colorado River Authority, Texas Revenue Bonds, Series 2025 |
|  5.000% due 05/15/2045 | 645 | 714 |
|  Manor Housing Public Facility Corp. Texas Revenue Bonds, Series 2024 | Manor Housing Public Facility Corp. Texas Revenue Bonds, Series 2024 | Manor Housing Public Facility Corp. Texas Revenue Bonds, Series 2024 |
|  3.400% due 11/01/2042 | 2000 | 2014 |
|  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 | 242 |
|  Midland County, Texas Hospital District Revenue Bonds, (BAM Insured), Series 2024 | Midland County, Texas Hospital District Revenue Bonds, (BAM Insured), Series 2024 | Midland County, Texas Hospital District Revenue Bonds, (BAM Insured), Series 2024 |
|  5.250% due 05/15/2054 | 1000 | 1040 |
|  Midland Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 | Midland Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 | Midland Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 |
|  5.000% due 02/15/2050 | 500 | 515 |
|  Mission Economic Development Corp. Texas Revenue Bonds, Series 2024 | Mission Economic Development Corp. Texas Revenue Bonds, Series 2024 | Mission Economic Development Corp. Texas Revenue Bonds, Series 2024 |
|  4.000% due 06/01/2054 | 1000 | 1007 |
|  Mission Economic Development Corp., Texas Revenue Bonds, Series 2020 | Mission Economic Development Corp., Texas Revenue Bonds, Series 2020 | Mission Economic Development Corp., Texas Revenue Bonds, Series 2020 |
|  3.450% due 07/01/2040 | 1800 | 1800 |
|  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 | 184 |
|  New Hope Cultural Education Facilities Finance Corp. Texas Revenue Bonds, Series 2025 | New Hope Cultural Education Facilities Finance Corp. Texas Revenue Bonds, Series 2025 | New Hope Cultural Education Facilities Finance Corp. Texas Revenue Bonds, Series 2025 |
|  5.250% due 08/15/2043 | 500 | 547 |
|  Newark Higher Education Finance Corp. Texas Revenue Bonds, (PSF Insured), Series 2025 | Newark Higher Education Finance Corp. Texas Revenue Bonds, (PSF Insured), Series 2025 | Newark Higher Education Finance Corp. Texas Revenue Bonds, (PSF Insured), Series 2025 |
|  5.125% due 08/15/2045 | 700 | 741 |
|  North Texas Tollway Authority Revenue Bonds, Series 2018 | North Texas Tollway Authority Revenue Bonds, Series 2018 | North Texas Tollway Authority Revenue Bonds, Series 2018 |
|  5.000% due 01/01/2048 | 1000 | 1013 |
|  North Texas Tollway Authority Revenue Bonds, Series 2025 | North Texas Tollway Authority Revenue Bonds, Series 2025 | North Texas Tollway Authority Revenue Bonds, Series 2025 |
|  5.000% due 01/01/2039 | 1000 | 1127 |
|  Northside Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 | Northside Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 | Northside Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 |
|  5.000% due 08/15/2050 | 3000 | 3156 |
|  Permanent University Fund - University of Texas System Revenue Bonds, Series 2024 | Permanent University Fund - University of Texas System Revenue Bonds, Series 2024 | Permanent University Fund - University of Texas System Revenue Bonds, Series 2024 |
|  5.000% due 07/01/2038 | 1030 | 1171 |
|  San Antonio Housing Trust Public Facility Corp. Texas Revenue Bonds, (FNMA Insured), Series 2024 | San Antonio Housing Trust Public Facility Corp. Texas Revenue Bonds, (FNMA Insured), Series 2024 | San Antonio Housing Trust Public Facility Corp. Texas Revenue Bonds, (FNMA Insured), Series 2024 |
|  4.550% due 03/01/2043 | 650 | 656 |
|  Tarrant County Housing Finance Corp. Texas Revenue Bonds, (FNMA Insured), Series 2024 | Tarrant County Housing Finance Corp. Texas Revenue Bonds, (FNMA Insured), Series 2024 | Tarrant County Housing Finance Corp. Texas Revenue Bonds, (FNMA Insured), Series 2024 |
|  4.600% due 03/01/2043 | 1000 | 1014 |
|  Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2025 | Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2025 | Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2025 |
|  5.000% due 11/15/2049 | 500 | 518 |
|  5.500% due 11/15/2052 | 300 | 324 |
|  Texas Department of Housing & Community Affairs Revenue Bonds, (GNMA Insured), Series 2025 | Texas Department of Housing & Community Affairs Revenue Bonds, (GNMA Insured), Series 2025 | Texas Department of Housing & Community Affairs Revenue Bonds, (GNMA Insured), Series 2025 |
|  6.000% due 01/01/2056 | 1000 | 1118 |
|  Texas Private Activity Bond Surface Transportation Corp. Revenue Bonds, Series 2020 | Texas Private Activity Bond Surface Transportation Corp. Revenue Bonds, Series 2020 | Texas Private Activity Bond Surface Transportation Corp. Revenue Bonds, Series 2020 |
|  4.000% due 12/31/2037 | 250 | 252 |
|  Texas State General Obligation Bonds, Series 2024 | Texas State General Obligation Bonds, Series 2024 | Texas State General Obligation Bonds, Series 2024 |
|  5.000% due 10/01/2043 | 1700 | 1849 |
|  Texas Water Development Board Revenue Bonds, Series 2022 | Texas Water Development Board Revenue Bonds, Series 2022 | Texas Water Development Board Revenue Bonds, Series 2022 |
|  4.800% due 10/15/2052 | 600 | 606 |
|  5.000% due 10/15/2057 | 250 | 258 |
|  Texas Water Development Board Revenue Bonds, Series 2023 | Texas Water Development Board Revenue Bonds, Series 2023 | Texas Water Development Board Revenue Bonds, Series 2023 |
|  4.875% due 10/15/2048 | 500 | 514 |
|  Waxahachie Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 | Waxahachie Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 | Waxahachie Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 |
|  4.000% due 02/15/2049 | 1500 | 1411 |
|  |  | 59303 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| DECEMBER 31, 2025 139

------

Schedule of Investments PIMCO Municipal Income Opportunities Active Exchange-Traded Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| UTAH 0.5% | UTAH 0.5% | UTAH 0.5% |
|  Downtown Revitalization Public Infrastructure District, Utah Revenue Bonds, (AGC Insured), Series 2025 | Downtown Revitalization Public Infrastructure District, Utah Revenue Bonds, (AGC Insured), Series 2025 | Downtown Revitalization Public Infrastructure District, Utah Revenue Bonds, (AGC Insured), Series 2025 |
|  5.000% due 06/01/2040 | 1200 | 1325 |
|  Salt Lake City, Utah Airport Revenue Bonds, Series 2023 | Salt Lake City, Utah Airport Revenue Bonds, Series 2023 | Salt Lake City, Utah Airport Revenue Bonds, Series 2023 |
|  5.250% due 07/01/2037 | 300 | 333 |
|  Utah Housing Corp. Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | Utah Housing Corp. Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | Utah Housing Corp. Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 |
|  6.500% due 07/01/2055 | 600 | 685 |
|  |  | 2343 |
| VIRGINIA 0.2% | VIRGINIA 0.2% | VIRGINIA 0.2% |
|  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 | 280 | 271 |
|  Virginia Small Business Financing Authority Revenue Bonds, Series 2025 | Virginia Small Business Financing Authority Revenue Bonds, Series 2025 | Virginia Small Business Financing Authority Revenue Bonds, Series 2025 |
|  5.000% due 06/15/2041 | 500 | 541 |
|  |  | 812 |
| WASHINGTON 1.1% | WASHINGTON 1.1% | WASHINGTON 1.1% |
|  Washington Health Care Facilities Authority Revenue Notes, Series 2025 | Washington Health Care Facilities Authority Revenue Notes, Series 2025 | Washington Health Care Facilities Authority Revenue Notes, Series 2025 |
|  5.000% due 10/01/2035 | 1200 | 1361 |
|  Washington State Housing Finance Commission Revenue Bonds, (BAM Insured), Series 2025 | Washington State Housing Finance Commission Revenue Bonds, (BAM Insured), Series 2025 | Washington State Housing Finance Commission Revenue Bonds, (BAM Insured), Series 2025 |
|  5.000% due 07/01/2040 | 1000 | 1051 |
|  Washington State Housing Finance Commission Revenue Bonds, (FNMA Insured), Series 2024 | Washington State Housing Finance Commission Revenue Bonds, (FNMA Insured), Series 2024 | Washington State Housing Finance Commission Revenue Bonds, (FNMA Insured), Series 2024 |
|  4.400% due 03/01/2043 | 500 | 496 |
|  Washington State Housing Finance Commission Revenue Bonds, Series 2024 | Washington State Housing Finance Commission Revenue Bonds, Series 2024 | Washington State Housing Finance Commission Revenue Bonds, Series 2024 |
|  4.084% due 03/01/2050 | 595 | 584 |
|  Washington State Housing Finance Commission Revenue Bonds, Series 2025 | Washington State Housing Finance Commission Revenue Bonds, Series 2025 | Washington State Housing Finance Commission Revenue Bonds, Series 2025 |
|  3.947% due 11/20/2041 | 1595 | 1536 |
|  |  | 5028 |
| WEST VIRGINIA 0.4% | WEST VIRGINIA 0.4% | WEST VIRGINIA 0.4% |
|  West Virginia Economic Development Authority Revenue Bonds, Series 2025 | West Virginia Economic Development Authority Revenue Bonds, Series 2025 | West Virginia Economic Development Authority Revenue Bonds, Series 2025 |
|  5.450% due 01/01/2055 | 1250 | 1332 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  West Virginia Hospital Finance Authority Revenue Bonds, Series 2023 | West Virginia Hospital Finance Authority Revenue Bonds, Series 2023 | West Virginia Hospital Finance Authority Revenue Bonds, Series 2023 |
|  6.000% due 09/01/2053 | 300 | 324 |
|  West Virginia Housing Development Fund Revenue Notes, (HUD Insured), Series 2024 | West Virginia Housing Development Fund Revenue Notes, (HUD Insured), Series 2024 | West Virginia Housing Development Fund Revenue Notes, (HUD Insured), Series 2024 |
|  5.000% due 08/01/2027 | 175 | 179 |
|  |  | 1835 |
| WISCONSIN 1.8% | WISCONSIN 1.8% | WISCONSIN 1.8% |
|  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 | 250 | 262 |
|  4.000% due 03/31/2056 | 250 | 202 |
|  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 | 361 |
|  Public Finance Authority, Wisconsin Revenue Bonds, Series 2025 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2025 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2025 |
|  5.000% due 11/15/2039 | 300 | 320 |
|  5.250% due 06/15/2050 | 250 | 256 |
|  5.750% due 12/31/2065 | 2600 | 2679 |
|  Public Finance Authority, Wisconsin Revenue Bonds,(BAM Insured), Series 2025 | Public Finance Authority, Wisconsin Revenue Bonds,(BAM Insured), Series 2025 | Public Finance Authority, Wisconsin Revenue Bonds,(BAM Insured), Series 2025 |
|  5.250% due 07/01/2055 | 2500 | 2576 |
|  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 | 710 |
|  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 | 392 |
|  Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2025 | Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2025 | Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2025 |
|  6.250% due 11/15/2055 | 900 | 892 |
|  |  | 8650 |
|  Total Municipal Bonds & Notes (Cost $376,422) | Total Municipal Bonds & Notes (Cost $376,422) | 383211 |
| U.S. GOVERNMENT AGENCIES 0.0% | U.S. GOVERNMENT AGENCIES 0.0% | U.S. GOVERNMENT AGENCIES 0.0% |
|  Federal Home Loan Mortgage Corp. Multifamily ML Certificates | Federal Home Loan Mortgage Corp. Multifamily ML Certificates | Federal Home Loan Mortgage Corp. Multifamily ML Certificates |
|  2.990% due 04/25/2043 ~ | 196 | 169 |
|  Total U.S. Government Agencies (Cost $158) | Total U.S. Government Agencies (Cost $158) | 169 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 0.5% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.5% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.5% |
|  City of Dallas Housing Finance Corp. | City of Dallas Housing Finance Corp. | City of Dallas Housing Finance Corp. |
|  4.625% due 10/01/2043 | 400 | 407 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Indiana Housing & Community Development Authority | Indiana Housing & Community Development Authority | Indiana Housing & Community Development Authority | Indiana Housing & Community Development Authority |
|  4.600% due 01/01/2042 | 300 | $— | 307 |
|  Multifamily Tax-Exempt Mortgage-Backed Bonds | Multifamily Tax-Exempt Mortgage-Backed Bonds | Multifamily Tax-Exempt Mortgage-Backed Bonds | Multifamily Tax-Exempt Mortgage-Backed Bonds |
|  4.500% due 08/01/2041 | 991 |  | 1004 |
|  San Antonio Housing Trust Public Facility Corp. | San Antonio Housing Trust Public Facility Corp. | San Antonio Housing Trust Public Facility Corp. | San Antonio Housing Trust Public Facility Corp. |
|  4.450% due 04/01/2043 | 500 |  | 499 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $2,191) | Total Non-Agency Mortgage-Backed Securities (Cost $2,191) |  | 2217 |
|  | **SHARES** |  |  |
| SHORT-TERM INSTRUMENTS 16.1% | SHORT-TERM INSTRUMENTS 16.1% | SHORT-TERM INSTRUMENTS 16.1% | SHORT-TERM INSTRUMENTS 16.1% |
| MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  3.850% (c) | 314271 |  | 314 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |  |
| REPURCHASE AGREEMENTS (e) 15.8% | REPURCHASE AGREEMENTS (e) 15.8% | REPURCHASE AGREEMENTS (e) 15.8% | REPURCHASE AGREEMENTS (e) 15.8% |
|  |  |  | 73800 |
| MUNICIPAL BONDS & NOTES 0.2% | MUNICIPAL BONDS & NOTES 0.2% | MUNICIPAL BONDS & NOTES 0.2% | MUNICIPAL BONDS & NOTES 0.2% |
|  Albany City School District, New York General Obligation Notes, Series 2025 | Albany City School District, New York General Obligation Notes, Series 2025 | Albany City School District, New York General Obligation Notes, Series 2025 | Albany City School District, New York General Obligation Notes, Series 2025 |
|  4.000% due 06/25/2026 | 800 |  | 805 |
| Total Municipal Bonds & Notes<br>(Cost $803) | Total Municipal Bonds & Notes<br>(Cost $803) |  | 805 |
| Total Short-Term Instruments<br>(Cost $74,917) | Total Short-Term Instruments<br>(Cost $74,917) |  | 74919 |
| Total Investments in Securities (Cost $453,688) | Total Investments in Securities (Cost $453,688) |  | 460516 |
| Total Investments 98.7%<br>(Cost $453,688) | Total Investments 98.7%<br>(Cost $453,688) | $— | 460516 |
|  Financial Derivative<br>Instruments (f)(i) 0.0%<br> (Cost or Premiums, net $511) |  |  | 44 |
| Other Assets and Liabilities, net 1.3% | Other Assets and Liabilities, net 1.3% |  | 6215 |
| Net Assets 100.0% | Net Assets 100.0% | $— | 466775 |

---

#### 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.  |

---

(a) Zero coupon security.

(b) Security becomes interest bearing at a future date.

(c) Coupon represents a 7-Day Yield.

&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 |
|  Lehigh County, Pennsylvania Revenue Bonds, Series 2019 | 4.420% | 08/15/2038 | 09/14/2021 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;951 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;928 | 0.20% |

---

140 PIMCO ETF TRUST See Accompanying Notes

------

December 31, 2025 (Unaudited)

#### 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 | 3.930% | 12/31/2025 | 01/02/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73800 | U.S. Treasury Inflation Protected Securities 1.375% due 07/15/2033 | $(75202) | $73800 | $73816 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(75202) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73800 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73816 |

---

#### 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, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| 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 | $73816 | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73816 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(75202) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1386) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73816 | $&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 |  |  |  |

---

<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: 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  | 03/2026 | 139 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15629) | $105 | $28 | $0 |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### 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 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500% | Annual | 09/17/2055 | $5100 | $511 | $85 | $596 | $16 | $0 |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 | $&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 |

---

Cash of $1,564 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **141** |

---

------

Schedule of Investments PIMCO Municipal Income Opportunities Active Exchange-Traded Fund (Cont.) December 31, 2025 (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, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 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 | $28 | $28 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 16 | 16 |
|  | $&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;44 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 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 | $(140) | $(140) |
|  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 | $131 | $131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 85 | 85 |
|  | $&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;216 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216 |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of December 31, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>12/31/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  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;11818 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11818 |
| &nbsp;&nbsp; Alaska | 0 | 257 | 0 | 257 |
| &nbsp;&nbsp; Arizona | 0 | 5544 | 0 | 5544 |
| &nbsp;&nbsp; Arkansas | 0 | 5320 | 0 | 5320 |
| &nbsp;&nbsp; California | 0 | 18737 | 0 | 18737 |
| &nbsp;&nbsp; Colorado | 0 | 16976 | 0 | 16976 |
| &nbsp;&nbsp; Connecticut | 0 | 1008 | 0 | 1008 |
| &nbsp;&nbsp; District of Columbia | 0 | 4226 | 0 | 4226 |
| &nbsp;&nbsp; Florida | 0 | 24157 | 0 | 24157 |
| &nbsp;&nbsp; Georgia | 0 | 9007 | 0 | 9007 |
| &nbsp;&nbsp; Idaho | 0 | 3342 | 0 | 3342 |
| &nbsp;&nbsp; Illinois | 0 | 22477 | 0 | 22477 |
| &nbsp;&nbsp; Indiana | 0 | 5231 | 0 | 5231 |
| &nbsp;&nbsp; Iowa | 0 | 544 | 0 | 544 |
| &nbsp;&nbsp; Kentucky | 0 | 9661 | 0 | 9661 |
| &nbsp;&nbsp; Louisiana | 0 | 6365 | 0 | 6365 |
| &nbsp;&nbsp; Maryland | 0 | 2024 | 0 | 2024 |
| &nbsp;&nbsp; Massachusetts | 0 | 7345 | 0 | 7345 |
| &nbsp;&nbsp; Michigan | 0 | 12254 | 0 | 12254 |
| &nbsp;&nbsp; Minnesota | 0 | 2819 | 0 | 2819 |
| &nbsp;&nbsp; Mississippi | 0 | 332 | 0 | 332 |
| &nbsp;&nbsp; Missouri | 0 | 3224 | 0 | 3224 |
| &nbsp;&nbsp; Multi-State | 0 | 14314 | 0 | 14314 |
| &nbsp;&nbsp; Nebraska | 0 | 257 | 0 | 257 |
| &nbsp;&nbsp; Nevada | 0 | 3752 | 0 | 3752 |
| &nbsp;&nbsp; New Hampshire | 0 | 7063 | 0 | 7063 |
| &nbsp;&nbsp; New Jersey | 0 | 3687 | 0 | 3687 |
| &nbsp;&nbsp; New Mexico | 0 | 854 | 0 | 854 |
| &nbsp;&nbsp; New York | 0 | 45881 | 0 | 45881 |
| &nbsp;&nbsp; North Carolina | 0 | 2055 | 0 | 2055 |
| &nbsp;&nbsp; North Dakota | 0 | 557 | 0 | 557 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2025** |
| &nbsp;&nbsp; Ohio | $0 | $16298 | $0 | $16298 |
| &nbsp;&nbsp; Oklahoma | 0 | 638 | 0 | 638 |
| &nbsp;&nbsp; Oregon | 0 | 2160 | 0 | 2160 |
| &nbsp;&nbsp; Pennsylvania | 0 | 15764 | 0 | 15764 |
| &nbsp;&nbsp; Puerto Rico | 0 | 9330 | 0 | 9330 |
| &nbsp;&nbsp; Rhode Island | 0 | 948 | 0 | 948 |
| &nbsp;&nbsp; South Carolina | 0 | 5412 | 0 | 5412 |
| &nbsp;&nbsp; South Dakota | 0 | 499 | 0 | 499 |
| &nbsp;&nbsp; Tennessee | 0 | 3103 | 0 | 3103 |
| &nbsp;&nbsp; Texas | 0 | 57308 | 1995 | 59303 |
| &nbsp;&nbsp; Utah | 0 | 2343 | 0 | 2343 |
| &nbsp;&nbsp; Virginia | 0 | 812 | 0 | 812 |
| &nbsp;&nbsp; Washington | 0 | 5028 | 0 | 5028 |
| &nbsp;&nbsp; West Virginia | 0 | 1835 | 0 | 1835 |
| &nbsp;&nbsp; Wisconsin | 0 | 8650 | 0 | 8650 |
|  U.S. Government Agencies | 0 | 169 | 0 | 169 |
|  Non-Agency Mortgage-Backed Securities | 0 | 2217 | 0 | 2217 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 0 | 314 | 0 | 314 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 73800 | 0 | 73800 |
| &nbsp;&nbsp; Municipal Bonds & Notes | 0 | 805 | 0 | 805 |
|  Total Investments | $0 | $458521 | $1995 | $460516 |
|  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 | $44 | $0 | $44 |
|  Total Financial Derivative Instruments | $0 | $44 | $0 | $44 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458565 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1995 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460560 |

---

There were no significant transfers into or out of Level 3 during the period ended December 31, 2025.

---

| | | |
|:---|:---|:---|
| **142** | **PIMCO ETF TRUST** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO Preferred and Capital Securities Active Exchange-Traded Fund December 31, 2025 (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 98.6% | INVESTMENTS IN SECURITIES 98.6% | INVESTMENTS IN SECURITIES 98.6% |
| CORPORATE BONDS & NOTES 60.5% | CORPORATE BONDS & NOTES 60.5% | CORPORATE BONDS & NOTES 60.5% |
| BANKING & FINANCE 40.6% | BANKING & FINANCE 40.6% | BANKING & FINANCE 40.6% |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust |
|  6.950% due 03/10/2055 •  | 600 | 629 |
|  African Development Bank | African Development Bank | African Development Bank |
|  5.875% due 05/07/2035 •(b)(c) | 500 | 501 |
|  Allstate Corp. | Allstate Corp. | Allstate Corp. |
|  6.500% due 05/15/2067 •  | 400 | 422 |
|  7.051% (TSFR3M + 3.200%) due 08/15/2053 ~ | 1146 | 1151 |
|  American National Group, Inc. | American National Group, Inc. | American National Group, Inc. |
|  7.000% due 12/01/2055 •  | 1000 | 1005 |
|  Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA |
|  7.750% due 01/14/2032 •(b)(c) | 1000 | 1074 |
|  9.375% due 03/19/2029 •(b)(c) | 361 | 403 |
|  Banco Mercantil del Norte SA | Banco Mercantil del Norte SA | Banco Mercantil del Norte SA |
|  7.625% due 01/10/2028 •(b)(c) | 1500 | 1544 |
|  Banco Santander SA | Banco Santander SA | Banco Santander SA |
|  9.625% due 11/21/2028 •(b)(c) | 800 | 887 |
|  9.625% due 05/21/2033 •(b)(c) | 1800 | 2175 |
|  Bank of Montreal | Bank of Montreal | Bank of Montreal |
|  7.700% due 05/26/2084 •(c) | 1400 | 1487 |
|  Bank of Nova Scotia | Bank of Nova Scotia | Bank of Nova Scotia |
|  3.625% due 10/27/2081 •(c) | 479 | 464 |
|  6.875% due 10/27/2085 •(c) | 500 | 513 |
|  7.350% due 04/27/2085 •(c) | 1000 | 1041 |
|  8.000% due 01/27/2084 •(c) | 1100 | 1182 |
|  8.625% due 10/27/2082 •(c) | 500 | 531 |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  8.000% due 03/15/2029 •(b)(c) | 2400 | 2571 |
|  9.250% due 09/15/2028 •(b)(c) | 200 | 291 |
|  9.625% due 12/15/2029 •(b)(c) | 1000 | 1137 |
|  BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico |
|  7.625% due 02/11/2035 •(c) | 500 | 526 |
|  8.125% due 01/08/2039 •(c) | 1800 | 1948 |
|  BNP Paribas SA | BNP Paribas SA | BNP Paribas SA |
|  7.375% due 09/10/2034 •(b)(c) | 400 | 419 |
|  8.000% due 08/22/2031 •(b)(c) | 1000 | 1083 |
|  9.250% due 11/17/2027 •(b)(c) | 1869 | 2002 |
|  Burford Capital Global Finance LLC | Burford Capital Global Finance LLC | Burford Capital Global Finance LLC |
|  9.250% due 07/01/2031 | 695 | 716 |
|  Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce |
|  6.950% due 01/28/2085 •(c) | 1800 | 1856 |
|  7.000% due 10/28/2085 •(c) | 900 | 941 |
|  Commerzbank AG | Commerzbank AG | Commerzbank AG |
|  7.500% due 10/09/2030 •(b)(c) | 1800 | 1893 |
|  Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA |
|  4.875% due 06/29/2029 •(b)(c) | 800 | 952 |
|  Corebridge Financial, Inc. | Corebridge Financial, Inc. | Corebridge Financial, Inc. |
|  6.375% due 09/15/2054 •  | 1200 | 1210 |
|  6.875% due 12/15/2052 •  | 1043 | 1069 |
|  Credit Suisse AG AT1 Claim | 800 | 236 |
|  Dai-ichi Life Insurance Co. Ltd. | Dai-ichi Life Insurance Co. Ltd. | Dai-ichi Life Insurance Co. Ltd. |
|  6.200% due 01/16/2035 •(b) | 800 | 839 |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  6.750% due 10/30/2034 •(b)(c) | 800 | 961 |
|  DNB Bank ASA | DNB Bank ASA | DNB Bank ASA |
|  7.375% due 05/30/2029 •(b)(c) | 1600 | 1682 |
|  Equitable Holdings, Inc. | Equitable Holdings, Inc. | Equitable Holdings, Inc. |
|  6.700% due 03/28/2055 •  | 1000 | 1047 |
|  Global Atlantic Fin Co. | Global Atlantic Fin Co. | Global Atlantic Fin Co. |
|  7.250% due 03/01/2056 •  | 500 | 503 |
|  7.950% due 10/15/2054 •  | 550 | 571 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  6.500% due 03/23/2028 •(b)(c) | 1200 | 1228 |
|  7.050% due 06/05/2030 •(b)(c) | 1000 | 1042 |
|  ING Groep NV | ING Groep NV | ING Groep NV |
|  7.000% due 11/16/2032 •(b)(c) | 1000 | 1044 |
|  8.000% due 05/16/2030 •(b)(c) | 1400 | 1520 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA |
|  7.778% due 06/20/2054 •  | 300 | 357 |
|  8.248% due 11/21/2033 •  | 1074 | 1269 |
|  Liberty Mutual Group, Inc. | Liberty Mutual Group, Inc. | Liberty Mutual Group, Inc. |
|  4.125% due 12/15/2051 •  | 1700 | 1677 |
|  Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC |
|  6.625% due 09/27/2035 •(b)(c) | 400 | 400 |
|  6.750% due 09/27/2031 •(b)(c) | 900 | 936 |
|  8.000% due 09/27/2029 •(b)(c) | 2333 | 2526 |
|  Meiji Yasuda Life Insurance Co. | Meiji Yasuda Life Insurance Co. | Meiji Yasuda Life Insurance Co. |
|  6.100% due 06/11/2055 •  | 500 | 519 |
|  MetLife, Inc. | MetLife, Inc. | MetLife, Inc. |
|  6.350% due 03/15/2055 •  | 500 | 528 |
|  Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. |
|  8.200% due 01/15/2029 •(b)(c) | 400 | 441 |
|  NatWest Group PLC | NatWest Group PLC | NatWest Group PLC |
|  7.300% due 11/19/2034 •(b)(c) | 800 | 849 |
|  8.125% due 11/10/2033 •(b)(c) | 2200 | 2482 |
|  Nippon Life Insurance Co. | Nippon Life Insurance Co. | Nippon Life Insurance Co. |
|  5.950% due 04/16/2054 •  | 700 | 729 |
|  6.250% due 09/13/2053 •  | 1000 | 1060 |
|  6.500% due 04/30/2055 •  | 1900 | 2047 |
|  Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. |
|  7.000% due 07/15/2030 •(b)(c) | 800 | 825 |
|  Nordea Bank Abp | Nordea Bank Abp | Nordea Bank Abp |
|  6.300% due 09/25/2031 •(b)(c) | 200 | 205 |
|  Prudential Financial, Inc. | Prudential Financial, Inc. | Prudential Financial, Inc. |
|  5.125% due 03/01/2052 •  | 1200 | 1191 |
|  6.000% due 09/01/2052 •  | 1518 | 1569 |
|  6.500% due 03/15/2054 •  | 900 | 952 |
|  Reinsurance Group of America, Inc. | Reinsurance Group of America, Inc. | Reinsurance Group of America, Inc. |
|  6.650% due 09/15/2055 •  | 900 | 933 |
|  Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada |
|  6.750% due 08/24/2085 •(c) | 500 | 520 |
|  7.500% due 05/02/2084 •(c) | 3400 | 3611 |
|  Skandinaviska Enskilda Banken AB | Skandinaviska Enskilda Banken AB | Skandinaviska Enskilda Banken AB |
|  6.875% due 06/30/2027 •(b)(c) | 400 | 411 |
|  Societe Generale SA | Societe Generale SA | Societe Generale SA |
|  5.375% due 11/18/2030 •(b)(c) | 500 | 480 |
|  9.375% due 11/22/2027 •(b)(c) | 484 | 517 |
|  10.000% due 11/14/2028 •(b)(c) | 600 | 667 |
|  Standard Chartered PLC | Standard Chartered PLC | Standard Chartered PLC |
|  7.000% due 11/14/2035 •(b)(c) | 500 | 515 |
|  7.875% due 03/08/2030 •(b)(c) | 800 | 857 |
|  Svenska Handelsbanken AB | Svenska Handelsbanken AB | Svenska Handelsbanken AB |
|  4.375% due 03/01/2027 •(b)(c) | 1000 | 991 |
|  4.750% due 03/01/2031 •(b)(c) | 1000 | 952 |
|  Swiss RE Subordinated Finance PLC | Swiss RE Subordinated Finance PLC | Swiss RE Subordinated Finance PLC |
|  5.698% due 04/05/2035 •  | 500 | 520 |
|  Toronto-Dominion Bank | Toronto-Dominion Bank | Toronto-Dominion Bank |
|  7.250% due 07/31/2084 •(c) | 300 | 316 |
|  8.125% due 10/31/2082 •(c) | 1728 | 1824 |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  6.850% due 09/10/2029 •(b)(c) | 800 | 821 |
|  7.125% due 08/10/2034 •(b)(c) | 400 | 410 |
|  7.750% due 04/12/2031 •(b)(c) | 1000 | 1082 |
|  9.250% due 11/13/2028 •(b)(c) | 500 | 550 |
|  9.250% due 11/13/2033 •(b)(c) | 1100 | 1291 |
|  |  | 82126 |
| INDUSTRIALS 3.3% | INDUSTRIALS 3.3% | INDUSTRIALS 3.3% |
|  CVS Health Corp. |  |  |
|  7.000% due 03/10/2055 •  | 400 | 420 |
|  Enbridge, Inc. |  |  |
|  5.750% due 07/15/2080 •  | 2515 | 2548 |
|  7.625% due 01/15/2083 •  | 1100 | 1198 |
|  8.250% due 01/15/2084 •  | 700 | 750 |
|  Energy Transfer LP |  |  |
|  6.500% due 02/15/2056 •  | 400 | 399 |
|  Enterprise Products Operating LLC | Enterprise Products Operating LLC | Enterprise Products Operating LLC |
|  5.375% due 02/15/2078 •  | 435 | 434 |
|  7.099% (TSFR3M + 3.248%) due 08/16/2077 ~ | 489 | 489 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Plains All American Pipeline LP |  |  |
|  8.223% (TSFR3M + 4.372%) due 01/30/2026 ~(b) | 498 | 500 |
|  |  | 6738 |
| UTILITIES 16.6% | UTILITIES 16.6% | UTILITIES 16.6% |
|  AES Corp. |  |  |
|  6.950% due 07/15/2055 •  | 600 | 595 |
|  American Electric Power Co., Inc. | American Electric Power Co., Inc. | American Electric Power Co., Inc. |
|  3.875% due 02/15/2062 •  | 400 | 394 |
|  6.050% due 03/15/2056 •  | 700 | 688 |
|  6.950% due 12/15/2054 •  | 700 | 753 |
|  7.050% due 12/15/2054 •  | 300 | 315 |
|  BP Capital Markets PLC |  |  |
|  6.125% due 03/18/2035 •(b) | 600 | 619 |
|  6.450% due 12/01/2033 •(b) | 2300 | 2451 |
|  British Telecommunications PLC | British Telecommunications PLC | British Telecommunications PLC |
|  4.875% due 11/23/2081 •  | 400 | 387 |
|  CenterPoint Energy, Inc. |  |  |
|  6.700% due 05/15/2055 •  | 400 | 412 |
|  6.850% due 02/15/2055 •  | 900 | 966 |
|  7.000% due 02/15/2055 •  | 250 | 261 |
|  CMS Energy Corp. |  |  |
|  3.750% due 12/01/2050 •  | 1300 | 1200 |
|  6.500% due 06/01/2055 •  | 1400 | 1440 |
|  Dominion Energy, Inc. |  |  |
|  6.200% due 02/15/2056 •  | 300 | 301 |
|  6.625% due 05/15/2055 •  | 1200 | 1237 |
|  7.000% due 06/01/2054 •  | 500 | 543 |
|  Duke Energy Corp. | Duke Energy Corp. | Duke Energy Corp. |
|  6.450% due 09/01/2054 •  | 1900 | 1995 |
|  Edison International | Edison International | Edison International |
|  8.125% due 06/15/2053 •(f) | 300 | 312 |
|  Electricite de France SA | Electricite de France SA | Electricite de France SA |
|  9.125% due 03/15/2033 •(b) | 1715 | 2001 |
|  Entergy Corp. | Entergy Corp. | Entergy Corp. |
|  6.100% due 06/15/2056 •  | 300 | 300 |
|  EUSHI Finance, Inc. | EUSHI Finance, Inc. | EUSHI Finance, Inc. |
|  6.250% due 04/01/2056 •  | 400 | 401 |
|  Evergy, Inc. | Evergy, Inc. | Evergy, Inc. |
|  6.650% due 06/01/2055 •  | 810 | 832 |
|  Exelon Corp. | Exelon Corp. | Exelon Corp. |
|  6.500% due 03/15/2055 •  | 600 | 625 |
|  NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
|  6.700% due 09/01/2054 •  | 1200 | 1248 |
|  6.750% due 06/15/2054 •  | 1800 | 1923 |
|  NiSource, Inc. | NiSource, Inc. | NiSource, Inc. |
|  6.950% due 11/30/2054 •  | 800 | 837 |
|  Sempra | Sempra | Sempra |
|  6.375% due 04/01/2056 •  | 150 | 153 |
|  6.400% due 10/01/2054 •  | 300 | 305 |
|  6.625% due 04/01/2055 •  | 1250 | 1270 |
|  6.875% due 10/01/2054 •  | 1650 | 1702 |
|  Sierra Pacific Power Co. | Sierra Pacific Power Co. | Sierra Pacific Power Co. |
|  6.200% due 12/15/2055 •  | 700 | 694 |
|  Transcanada Trust | Transcanada Trust | Transcanada Trust |
|  5.500% due 09/15/2079 •  | 1600 | 1594 |
|  5.600% due 03/07/2082 •  | 1736 | 1721 |
|  TXNM Energy, Inc. | TXNM Energy, Inc. | TXNM Energy, Inc. |
|  7.000% due 07/31/2056 •  | 400 | 399 |
|  Vodafone Group PLC | Vodafone Group PLC | Vodafone Group PLC |
|  5.125% due 06/04/2081 •  | 1300 | 1021 |
|  7.000% due 04/04/2079 •  | 1600 | 1696 |
|  |  | 33591 |
|  Total Corporate Bonds & Notes (Cost $116,273) | Total Corporate Bonds & Notes (Cost $116,273) | 122455 |
|  | **SHARES** |  |
| PREFERRED SECURITIES 33.6% | PREFERRED SECURITIES 33.6% | PREFERRED SECURITIES 33.6% |
| BANKING & FINANCE 31.4% | BANKING & FINANCE 31.4% | BANKING & FINANCE 31.4% |
|  Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. |
|  4.700% due 05/15/2028 (b) | 716000 | 681 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **143** |

---

------

Schedule of Investments PIMCO Preferred and Capital Securities Active Exchange-Traded Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  American Express Co. | American Express Co. | American Express Co. |
|  3.550% due 09/15/2026 (b) | 1400000 | 1382 |
|  Banco Santander SA | Banco Santander SA | Banco Santander SA |
|  8.000% due 02/01/2034 (b)(c) | 600000 | 664 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  4.375% due 01/27/2027 (b) | 1433000 | 1421 |
|  5.875% due 03/15/2028 (b) | 3418000 | 3455 |
|  6.625% due 05/01/2030 (b) | 2300000 | 2397 |
|  Bank of New York Mellon Corp. | Bank of New York Mellon Corp. | Bank of New York Mellon Corp. |
|  4.625% due 09/20/2026 (b) | 400000 | 398 |
|  Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. |
|  3.950% due 09/01/2026 (b) | 1600000 | 1581 |
|  Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. |
|  4.000% due 12/01/2030 (b) | 2336000 | 2183 |
|  5.000% due 12/01/2027 (b) | 400000 | 393 |
|  Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
|  6.625% due 02/15/2031 •(b) | 1600000 | 1623 |
|  6.875% due 12/31/2099 | 500000 | 512 |
|  6.950% due 02/15/2030 (b) | 3800000 | 3916 |
|  7.000% due 08/15/2034 (b) | 1700000 | 1791 |
|  Citizens Financial Group, Inc. | Citizens Financial Group, Inc. | Citizens Financial Group, Inc. |
|  7.199% (TSFR3M + 3.265%) due 04/06/2026 (b) | 200000 | 200 |
|  CoBank ACB | CoBank ACB | CoBank ACB |
|  6.450% due 10/01/2027 (b) | 400000 | 403 |
|  7.125% due 01/01/2030 (b) | 75000 | 78 |
|  Compeer Financial ACA | Compeer Financial ACA | Compeer Financial ACA |
|  7.875% due 02/15/2031 •(b) | 1500000 | 1547 |
|  Corebridge Financial, Inc. | Corebridge Financial, Inc. | Corebridge Financial, Inc. |
|  6.875% due 12/01/2030 •(b) | 1200000 | 1235 |
|  Dresdner Funding Trust I |  |  |
|  8.151% due 06/30/2031 | 600000 | 660 |
|  Farm Credit Bank of Texas |  |  |
|  7.000% due 09/15/2030 (b) | 600000 | 619 |
|  7.750% due 06/15/2029 (b) | 500000 | 525 |
|  Goldman Sachs Group, Inc. |  |  |
|  3.650% due 08/10/2026 (b) | 1000000 | 987 |
|  4.797% due 01/30/2026 (b) | 23700 | 461 |
|  6.125% due 11/10/2034 (b) | 1200000 | 1223 |
|  6.850% due 02/10/2030 (b) | 700000 | 728 |
|  7.186% due 02/10/2026 (b) | 650000 | 651 |
|  7.500% due 05/10/2029 (b) | 2600000 | 2753 |
|  Huntington Bancshares, Inc. |  |  |
|  5.625% due 07/15/2030 (b) | 500000 | 509 |
|  6.250% due 10/15/2030 (b) | 1000000 | 1002 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  JPMorgan Chase & Co. |  |  |
|  4.625% due 06/01/2026 (b) | 40500 | 795 |
|  6.500% due 04/01/2030 (b) | 3600000 | 3739 |
|  6.875% due 06/01/2029 (b) | 900000 | 951 |
|  MetLife Capital Trust IV |  |  |
|  7.875% due 12/15/2067 | 2100000 | 2330 |
|  MetLife, Inc. |  |  |
|  4.750% due 03/15/2026 (b) | 25100 | 495 |
|  5.875% due 03/15/2028 (b) | 700000 | 712 |
|  Morgan Stanley |  |  |
|  4.875% due 04/15/2026 (b) | 24700 | 505 |
|  6.625% due 10/15/2029 (b) | 36000 | 941 |
|  7.145% (TSFR3M + 3.422%) due 03/15/2026 (b) | 400000 | 401 |
|  PNC Financial Services Group, Inc. | PNC Financial Services Group, Inc. | PNC Financial Services Group, Inc. |
|  3.400% due 09/15/2026 (b) | 300000 | 294 |
|  6.000% due 05/15/2027 (b) | 1200000 | 1213 |
|  6.200% due 09/15/2027 (b) | 200000 | 203 |
|  6.250% due 03/15/2030 (b) | 2439000 | 2520 |
|  State Street Corp. |  |  |
|  6.700% due 03/15/2029 (b) | 1400000 | 1456 |
|  6.700% due 09/15/2029 (b) | 700000 | 733 |
|  Synchrony Financial |  |  |
|  8.250% (H15T5Y + 4.044%) due 05/15/2029 (b) | 19200 | 505 |
|  Truist Financial Corp. |  |  |
|  5.100% due 03/01/2030 (b) | 648000 | 653 |
|  U.S. Bancorp |  |  |
|  5.300% due 04/15/2027 (b) | 688000 | 691 |
|  Voya Financial, Inc. |  |  |
|  5.350% (H15T5Y + 3.210%) due 09/15/2029 (b) | 20700 | 512 |
|  7.758% due 09/15/2028 (b) | 925000 | 978 |
|  Wells Fargo & Co. |  |  |
|  3.900% due 03/15/2026 (b) | 1500000 | 1496 |
|  4.750% due 03/15/2026 (b) | 41300 | 805 |
|  6.850% due 09/15/2029 (b) | 3200000 | 3347 |
|  7.625% due 09/15/2028 (b) | 1133000 | 1209 |
|  |  | 63462 |
| INDUSTRIALS 0.3% | INDUSTRIALS 0.3% | INDUSTRIALS 0.3% |
|  SVB Financial Trust |  |  |
|  0.000% due 11/07/2032 (a) | 48000 | 6 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Venture Global LNG, Inc. |  |  |  |
|  9.000% due 09/30/2029 (b) | 700000 | $— | 555 |
|  |  |  | 561 |
| UTILITIES 1.9% | UTILITIES 1.9% | UTILITIES 1.9% | UTILITIES 1.9% |
|  AT&T, Inc. |  |  |  |
|  4.750% due 01/30/2026 (b) | 30700 |  | 584 |
|  Energy Transfer LP |  |  |  |
|  6.625% due 02/15/2028 (b) | 1146000 |  | 1142 |
|  7.125% due 05/15/2030 (b) | 1800000 |  | 1847 |
|  SCE Trust VII |  |  |  |
|  7.500% due 11/22/2028 (b) | 12000 |  | 306 |
|  |  |  | 3879 |
|  Total Preferred Securities<br>(Cost $65,813) | Total Preferred Securities<br>(Cost $65,813) |  | 67902 |
| SHORT-TERM INSTRUMENTS 4.5% | SHORT-TERM INSTRUMENTS 4.5% | SHORT-TERM INSTRUMENTS 4.5% | SHORT-TERM INSTRUMENTS 4.5% |
| MUTUAL FUNDS 0.7% | MUTUAL FUNDS 0.7% | MUTUAL FUNDS 0.7% | MUTUAL FUNDS 0.7% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  3.850% (d) | 1411228 |  | 1411 |
| REPURCHASE AGREEMENTS (e) 3.8% | REPURCHASE AGREEMENTS (e) 3.8% | REPURCHASE AGREEMENTS (e) 3.8% | REPURCHASE AGREEMENTS (e) 3.8% |
|  |  |  | 7600 |
| Total Short-Term Instruments<br>(Cost $9,011) | Total Short-Term Instruments<br>(Cost $9,011) |  | 9011 |
| Total Investments in Securities<br>(Cost $191,097) | Total Investments in Securities<br>(Cost $191,097) |  | 199368 |
| Total Investments 98.6%<br>(Cost $191,097) | Total Investments 98.6%<br>(Cost $191,097) | $— | 199368 |
|  Financial Derivative Instruments (g)(h) (0.1)%<br> (Cost or Premiums, net $1,031) |  |  | (223) |
| Other Assets and Liabilities, net 1.5% | Other Assets and Liabilities, net 1.5% |  | 3022 |
| Net Assets 100.0% | Net Assets 100.0% | $— | 202167 |

---

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

---

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

---

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

(a) Zero coupon security.

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

(c) Contingent convertible security.

(d) Coupon represents a 7-Day Yield.

#### 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 | 3.930% | 12/31/2025 | 01/02/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7600 | U.S. Treasury Bonds 4.000% due 11/15/2042 | $(7722) | $7600 | $7602 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7722) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7600 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7602 |

---

144 PIMCO ETF TRUST See Accompanying Notes

------

December 31, 2025 (Unaudited)

#### REVERSE REPURCHASE AGREEMENTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Borrowing<br>Rate<sup>(2)</sup> | Settlement<br>Date | Maturity<br>Date | Amount<br>Borrowed<sup>(2)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements |
|  MEI | 2.000% | 12/12/2025 | 03/04/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(307) | $(307) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(307) |

---

#### 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, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| 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>(3)</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 | $7602 | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7602 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7722) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(120) |
|  MEI | 0 | (307) | 0 | 0 | (307) | 313 | 6 |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7602 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(307) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |  |  |  |

---

#### 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 |
|  Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements |
|  Corporate Bonds & Notes | $0 | $0 | $(307) | $0 | $(307) |
|  Total Borrowings | $&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;(307) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(307) |
|  Payable for reverse repurchase agreements  | Payable for reverse repurchase agreements  | Payable for reverse repurchase agreements  | Payable for reverse repurchase agreements  | Payable for reverse repurchase agreements  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(307) |

---

(f) Securities with an aggregate market value of $313 have been pledged as collateral under the terms of the above master agreements as of December 31, 2025.

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

<sup>(2)</sup> The average amount of borrowings outstanding during the period ended December 31, 2025 was $(489) at a weighted average interest rate of 2.363%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. 

<sup>(3)</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;(g) 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 10-Year Note March Futures  | 03/2026 | 145 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16303 | $(71) | $0 | $(49) |
|  U.S. Treasury Long-Term Bond March Futures  | 03/2026 | 71 | 8207 | (89) | 0 | (43) |
|  U.S. Treasury Ultra Long-Term Bond March Futures  | 03/2026 | 116 | 13688 | (220) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(106) |
|  U.S. Ultra Treasury 10-Year Note March Futures  | 03/2026 | 42 | 4831 | (17) | 0 | (19) |
|  |  |  |  | $(397) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(217) |
| 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 |
|  Euro-Bobl March Futures  | 03/2026 | 8 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1092) | $8 | $1 | $0 |
|  Euro-Bund March Futures  | 03/2026 | 6 | (900) | 11 | 1 | 0 |
|  U.S. Treasury 2-Year Note March Futures  | 03/2026 | 11 | (2297) | (1) | 1 | 0 |
|  U.S. Treasury 5-Year Note March Futures  | 03/2026 | 1 | (109) | 2 | 2 | 0 |
|  |  |  |  | $20 | $5 | $0 |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts |  | $(377) | $5 | $(217) |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| DECEMBER 31, 2025 145

------

Schedule of Investments PIMCO Preferred and Capital Securities Active Exchange-Traded Fund (Cont.)

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(1)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Index/Tranches** | **Fixed<br>Receive 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>Receive 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.HY-44 5-Year Index | 5.000% | Quarterly | 06/20/2030 | $400 | $30 | $2 | $32 | $0 | $0 |
|  CDX.HY-45 5-Year Index | 5.000 | Quarterly | 12/20/2030 | 6800 | 515 | 14 | 529 | 0 | (3) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) |

---

#### 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 | 3.750% | Annual | 12/18/2026 | $1300 | $(3) | $7 | $4 | $0 | $0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 03/19/2027 | 2100 | (44) | 12 | (32) | 0 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/17/2027 | 3600 | 17 | (5) | 12 | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2029 | 5600 | 4 | (59) | (55) | 6 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2029 | 800 | 20 | (9) | 11 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 03/19/2030 | 300 | 17 | (9) | 8 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2030 | 2400 | 37 | (7) | 30 | 4 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2031 | 700 | (6) | (1) | (7) | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2034 | 100 | 1 | (1) | 0 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2034 | 400 | (2) | 3 | 1 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2035 | 5700 | 395 | (127) | 268 | 13 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2035 | 700 | (3) | 5 | 2 | 2 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 06/20/2054 | 100 | (1) | (11) | (12) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2055 | 400 | 54 | 12 | 66 | 1 | 0 |
|  |  |  |  |  |  | $486 | $(190) | $296 | $27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1031 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(174) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;857 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 | $(9) |

---

#### 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, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 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 | Total | Written<br>Options | Futures | Swap<br>Agreements | Total |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(217) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(226) |

---

**Cash of $2,560 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2025. 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> 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. 

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

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 |
|  JPM | 01/2026 | EUR | 818 | $953 | $0 | $(8) |
|  SOG | 01/2026 |  | 834 | 965 | 0 | (15) |
|  | 01/2026 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184 | 243 | 0 | (6) |
|  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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29) |

---

146 PIMCO ETF TRUST See Accompanying Notes

------

December 31, 2025 (Unaudited)

#### 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, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| 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 | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(1)</sup> |
|  JPM | $0 | $0 | $0 | $0 | $(8) | $0 | $0 | $(8) | $(8) | $0 | $(8) |
|  SOG | 0 | 0 | 0 | 0 | (21) | 0 | 0 | (21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) |
|  Total Over the Counter | $&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;(29) | $&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;(29) |  |  |  |

---

<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, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 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  | $2 | $0 | $0 | $0 | $3 | $5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 27 | 27 |
|  | $2 | $0 | $0 | $0 | $30 | $32 |
|  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 | $217 | $217 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 3 | 0 | 0 | 6 | 9 |
|  | $0 | $3 | $0 | $0 | $223 | $226 |
|  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 | $29 | $0 | $29 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 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 | $1335 | $1335 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 308 | 0 | 0 | (20) | 288 |
|  | $0 | $308 | $0 | $0 | $1315 | $1623 |
|  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 | $1 | $0 | $1 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308 | $0 | $1 | $1315 | $1624 |
|  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  | $20 | $0 | $0 | $0 | $(1454) | $(1434) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (82) | 0 | 0 | 104 | 22 |
|  | $20 | $(82) | $0 | $0 | $(1350) | $(1412) |
|  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 | $21 | $0 | $21 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | $(82) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1350) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1391) |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| DECEMBER 31, 2025 147

------

Schedule of Investments PIMCO Preferred and Capital Securities Active Exchange-Traded Fund (Cont.) December 31, 2025 (Unaudited)

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of December 31, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>12/31/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | $0 | $82126 | $0 | $82126 |
| &nbsp;&nbsp; Industrials | 0 | 6738 | 0 | 6738 |
| &nbsp;&nbsp; Utilities | 0 | 33591 | 0 | 33591 |
|  Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| &nbsp;&nbsp; Banking & Finance | 5019 | 58443 | 0 | 63462 |
| &nbsp;&nbsp; Industrials | 0 | 561 | 0 | 561 |
| &nbsp;&nbsp; Utilities | 890 | 2989 | 0 | 3879 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 0 | 1411 | 0 | 1411 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 7600 | 0 | 7600 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5909 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193459 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199368 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>12/31/2025 |
|  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 | $2 | $30 | $0 | $32 |
|  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 | (226) | 0 | (226) |
|  Over the counter | 0 | (29) | 0 | (29) |
|  | $0 | $(255) | $0 | $(255) |
|  Total Financial Derivative Instruments | $2 | $(225) | $0 | $(223) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5911 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193234 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199145 |

---

There were no significant transfers into or out of Level 3 during the period ended December 31, 2025.

---

| | | |
|:---|:---|:---|
| **148** | **PIMCO ETF TRUST** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO Senior Loan Active Exchange-Traded Fund December 31, 2025 (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 103.2% | INVESTMENTS IN SECURITIES 103.2% | INVESTMENTS IN SECURITIES 103.2% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 81.5% | LOAN PARTICIPATIONS AND ASSIGNMENTS 81.5% | LOAN PARTICIPATIONS AND ASSIGNMENTS 81.5% |
|  ABG Intermediate Holdings 2 LLC | ABG Intermediate Holdings 2 LLC | ABG Intermediate Holdings 2 LLC |
|  5.966% - 8.891% (TSFR1M + 2.250%) due 12/21/2028 ~ | 853 | 855 |
|  5.966% - 8.891% (TSFR1M + 2.250%) due 02/13/2032 ~ | 3956 | 3965 |
|  Acrisure LLC | Acrisure LLC | Acrisure LLC |
|  6.716% - 7.590% (TSFR1M + 3.000%) due 11/06/2030 ~ | 1002 | 1002 |
|  Action Environmental Group, Inc. | Action Environmental Group, Inc. | Action Environmental Group, Inc. |
|  6.922% - 7.422% (TSFR3M + 3.250%) due 10/24/2030 ~ | 2368 | 2375 |
|  AI Aqua Merger Sub, Inc. | AI Aqua Merger Sub, Inc. | AI Aqua Merger Sub, Inc. |
|  6.854% - 7.500% (TSFR3M + 3.000%) due 07/31/2028 ~ | 5610 | 5629 |
|  AL GCX Holdings LLC | AL GCX Holdings LLC | AL GCX Holdings LLC |
|  6.185% due 12/17/2032 | 450 | 451 |
|  AL NGPL Holdings LLC | AL NGPL Holdings LLC | AL NGPL Holdings LLC |
|  6.185% - 8.272% (TSFR3M + 2.250%) due 12/09/2030 ~ | 1088 | 1094 |
|  Albion Financing 3 SARL | Albion Financing 3 SARL | Albion Financing 3 SARL |
|  6.868% - 7.480% (TSFR3M + 3.000%) due 05/21/2031 ~ | 3162 | 3188 |
|  AlixPartners LLP | AlixPartners LLP | AlixPartners LLP |
|  5.716% - 9.340% (TSFR1M + 2.000%) due 08/12/2032 ~ | 1150 | 1153 |
|  Alliant Holdings Intermediate LLC | Alliant Holdings Intermediate LLC | Alliant Holdings Intermediate LLC |
|  6.216% - 8.247% (TSFR1M + 2.500%) due 09/19/2031 ~ | 925 | 928 |
|  Allied Universal Holdco LLC | Allied Universal Holdco LLC | Allied Universal Holdco LLC |
|  6.966% - 7.384% (TSFR1M + 3.250%) due 08/20/2032 ~ | 948 | 954 |
|  Allspring Buyer LLC | Allspring Buyer LLC | Allspring Buyer LLC |
|  6.688% - 7.672% (TSFR3M + 3.000%) due 11/01/2030 ~ | 1140 | 1148 |
|  Altar Bidco, Inc. | Altar Bidco, Inc. | Altar Bidco, Inc. |
|  6.783% - 7.566% due 02/01/2029 ~ | 957 | 948 |
|  Altice France SA | Altice France SA | Altice France SA |
|  9.360% (TSFR3M + 5.375%) due 05/14/2029 ~ | 1000 | 994 |
|  10.860% (TSFR3M + 6.875%) due 05/31/2031 ~ | 2137 | 2139 |
|  Amentum Government Services Holdings LLC | Amentum Government Services Holdings LLC | Amentum Government Services Holdings LLC |
|  5.716% - 9.340% (TSFR1M + 2.000%) due 09/29/2031 ~ | 1794 | 1802 |
|  American Axle & Manufacturing, Inc. | American Axle & Manufacturing, Inc. | American Axle & Manufacturing, Inc. |
|  TBD% due 02/24/2032 | 825 | 827 |
|  Amspec Parent LLC | Amspec Parent LLC | Amspec Parent LLC |
|  TBD% - 10.448% (TSFR3M + 0.000%) due 12/22/2031 ~ | 266 | 267 |
|  TBD% - 10.448% (TSFR3M + 3.500%) due 12/22/2031 ~ | 1725 | 1733 |
|  AmWINS Group, Inc. | AmWINS Group, Inc. | AmWINS Group, Inc. |
|  5.966% - 8.865% (TSFR1M + 2.250%) due 01/30/2032 ~ | 905 | 908 |
|  Amynta Agency Borrower, Inc. | Amynta Agency Borrower, Inc. | Amynta Agency Borrower, Inc. |
|  6.466% - 7.769% (TSFR1M + 2.750%) due 12/29/2031 ~ | 767 | 770 |
|  Anticimex International AB | Anticimex International AB | Anticimex International AB |
|  7.310% (TSFR3M + 2.900%) due 11/17/2031 ~ | 1031 | 1037 |
|  Applied Systems, Inc. | Applied Systems, Inc. | Applied Systems, Inc. |
|  6.172% - 8.338% (TSFR3M + 2.500%) due 02/24/2031 ~ | 1111 | 1119 |
|  Arches Buyer, Inc. | Arches Buyer, Inc. | Arches Buyer, Inc. |
|  7.066% - 7.284% (TSFR1M + 3.250%) due 12/06/2027 ~ | 1 | 1 |
|  Armor Holding II LLC | Armor Holding II LLC | Armor Holding II LLC |
|  7.422% (TSFR3M + 3.750%) due 12/10/2031 ~ | 876 | 881 |
|  Aspire Bakeries Holdings LLC | Aspire Bakeries Holdings LLC | Aspire Bakeries Holdings LLC |
|  7.221% (TSFR1M + 3.500%) due 12/23/2030 ~ | 2779 | 2798 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Asurion LLC | Asurion LLC | Asurion LLC |
|  7.966% (TSFR1M + 4.250%) due 09/19/2030 ~ | 1244 | 1245 |
|  8.066% (TSFR1M + 4.250%) due 08/19/2028 ~ | 1309 | 1313 |
|  9.081% (TSFR1M + 5.250%) due 01/31/2028 ~ | 1200 | 1198 |
|  AthenaHealth Group, Inc. | AthenaHealth Group, Inc. | AthenaHealth Group, Inc. |
|  6.466% - 7.831% (TSFR1M + 2.750%) due 02/15/2029 ~ | 5305 | 5321 |
|  Auris Luxembourg III SARL | Auris Luxembourg III SARL | Auris Luxembourg III SARL |
|  7.198% (TSFR6M + 3.500%) due 02/28/2029 ~ | 560 | 565 |
|  Avalara, Inc. | Avalara, Inc. | Avalara, Inc. |
|  6.422% - 7.905% (TSFR3M + 2.750%) due 03/26/2032 ~ | 995 | 1000 |
|  B&G Foods, Inc. | B&G Foods, Inc. | B&G Foods, Inc. |
|  7.216% (TSFR1M + 3.500%) due 10/10/2029 ~ | 2741 | 2652 |
|  Barnes Group, Inc. | Barnes Group, Inc. | Barnes Group, Inc. |
|  6.466% - 7.831% (TSFR1M + 2.750%) due 01/27/2032 ~ | 766 | 769 |
|  Bausch & Lomb Corp. | Bausch & Lomb Corp. | Bausch & Lomb Corp. |
|  7.716% (TSFR1M + 4.000%) due 09/29/2028 ~ | 831 | 833 |
|  7.966% (TSFR1M + 4.250%) due 01/15/2031 ~ | 4873 | 4931 |
|  Bayonne Energy Center LLC | Bayonne Energy Center LLC | Bayonne Energy Center LLC |
|  6.672% - 7.690% (TSFR3M + 3.000%) due 10/01/2032 ~ | 2756 | 2782 |
|  BCP Renaissance Parent LLC | BCP Renaissance Parent LLC | BCP Renaissance Parent LLC |
|  6.172% - 8.315% (TSFR3M + 2.500%) due 10/31/2028 ~ | 836 | 842 |
|  BCPE Empire Holdings, Inc. | BCPE Empire Holdings, Inc. | BCPE Empire Holdings, Inc. |
|  6.966% - 7.384% (TSFR1M + 3.250%) due 12/11/2030 ~ | 3155 | 3128 |
|  Beach Acquisition Bidco LLC | Beach Acquisition Bidco LLC | Beach Acquisition Bidco LLC |
|  6.922% - 7.422% (TSFR3M + 3.250%) due 09/12/2032 ~ | 1225 | 1237 |
|  Belron Finance LLC | Belron Finance LLC | Belron Finance LLC |
|  6.120% - 8.639% (TSFR3M + 2.250%) due 10/16/2031 ~ | 2039 | 2053 |
|  Blackfin Pipeline LLC | Blackfin Pipeline LLC | Blackfin Pipeline LLC |
|  6.750% - 7.566% (TSFR1M + 3.000%) due 09/29/2032 ~ | 1000 | 1003 |
|  Blackhawk Network Holdings, Inc. | Blackhawk Network Holdings, Inc. | Blackhawk Network Holdings, Inc. |
|  7.672% (TSFR3M + 4.000%) due 03/12/2029 ~ | 426 | 428 |
|  Boxer Parent Co., Inc. | Boxer Parent Co., Inc. | Boxer Parent Co., Inc. |
|  6.822% - 7.566% (TSFR3M + 3.000%) due 07/30/2031 ~ | 58 | 58 |
|  Brazos Delaware II LLC | Brazos Delaware II LLC | Brazos Delaware II LLC |
|  6.272% - 8.172% (TSFR1M + 2.500%) due 02/11/2030 ~ | 979 | 981 |
|  Cengage Learning, Inc. | Cengage Learning, Inc. | Cengage Learning, Inc. |
|  7.227% (TSFR1M + 3.500%) due 03/24/2031 ~ | 646 | 650 |
|  Central Parent, Inc. | Central Parent, Inc. | Central Parent, Inc. |
|  6.922% - 7.466% (TSFR3M + 3.250%) due 07/06/2029 ~ | 1305 | 1109 |
|  Century De Buyer LLC | Century De Buyer LLC | Century De Buyer LLC |
|  6.840% - 7.517% (TSFR3M + 3.000%) due 10/30/2030 ~ | 1188 | 1187 |
|  Chamberlain Group, Inc. | Chamberlain Group, Inc. | Chamberlain Group, Inc. |
|  6.466% - 7.769% (TSFR1M + 2.750%) due 09/08/2032 ~ | 742 | 744 |
|  Charlotte Buyer, Inc. | Charlotte Buyer, Inc. | Charlotte Buyer, Inc. |
|  8.011% (TSFR1M + 4.250%) due 02/11/2028 ~ | 1175 | 1156 |
|  Charter Communications Operating LLC | Charter Communications Operating LLC | Charter Communications Operating LLC |
|  6.235% - 8.199% (TSFR3M + 2.250%) due 12/15/2031 ~ | 764 | 765 |
|  Charter NEX U.S., Inc. | Charter NEX U.S., Inc. | Charter NEX U.S., Inc. |
|  6.500% - 7.730% (TSFR1M + 2.750%) due 11/29/2030 ~ | 940 | 943 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Chobani LLC | Chobani LLC | Chobani LLC |
|  5.966% - 8.891% (TSFR1M + 2.250%) due 10/28/2032 ~ | 850 | 855 |
|  Chromalloy Corp. | Chromalloy Corp. | Chromalloy Corp. |
|  7.226% (TSFR3M + 3.250%) due 03/27/2031 ~ | 779 | 785 |
|  Cloud Software Group, Inc. | Cloud Software Group, Inc. | Cloud Software Group, Inc. |
|  6.922% - 7.422% (TSFR3M + 3.250%) due 03/21/2031 ~ | 809 | 811 |
|  6.922% - 7.422% (TSFR3M + 3.250%) due 08/13/2032 ~ | 150 | 150 |
|  Clover Holdings 2 LLC | Clover Holdings 2 LLC | Clover Holdings 2 LLC |
|  TBD% - 10.448% due 12/10/2029 ~µ | 74 | 73 |
|  7.522% (TSFR1M + 3.750%) due 12/09/2031 ~ | 2537 | 2542 |
|  Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. |
|  TBD% - 9.859% (TSFR1M + 3.250%) due 04/01/2032 ~µ | 64 | 64 |
|  6.891% - 7.480% (TSFR1M + 3.175%) due 04/13/2029 ~ | 2025 | 2029 |
|  TBD% - 9.859% (TSFR1M + 3.250%) due 04/01/2032 ~ | 2724 | 2725 |
|  CNT Holdings I Corp. | CNT Holdings I Corp. | CNT Holdings I Corp. |
|  6.090% - 8.702% (TSFR3M + 2.250%) due 11/08/2032 ~ | 874 | 877 |
|  CommScope, Inc. | CommScope, Inc. | CommScope, Inc. |
|  8.466% (TSFR1M + 4.750%) due 12/17/2029 ~ | 2600 | 2608 |
|  ConnectWise LLC | ConnectWise LLC | ConnectWise LLC |
|  7.434% (TSFR3M + 3.500%) due 09/29/2028 ~ | 920 | 906 |
|  Cotiviti Corp. | Cotiviti Corp. | Cotiviti Corp. |
|  6.623% - 7.716% (TSFR1M + 2.750%) due 05/01/2031 ~ | 3019 | 2908 |
|  Covia Holdings Corp. | Covia Holdings Corp. | Covia Holdings Corp. |
|  6.706% - 7.672% (TSFR3M + 2.750%) due 02/26/2032 ~ | 2438 | 2424 |
|  CP Atlas Buyer, Inc. | CP Atlas Buyer, Inc. | CP Atlas Buyer, Inc. |
|  8.966% (TSFR1M + 5.250%) due 07/08/2030 ~ | 1322 | 1282 |
|  CPI Holdco B LLC | CPI Holdco B LLC | CPI Holdco B LLC |
|  5.716% - 9.340% (TSFR1M + 2.000%) due 05/19/2031 ~ | 1153 | 1157 |
|  CPPIB OVM Member U.S. LLC | CPPIB OVM Member U.S. LLC | CPPIB OVM Member U.S. LLC |
|  6.172% - 8.338% (TSFR3M + 2.500%) due 08/20/2031 ~ | 1165 | 1174 |
|  Crown Subsea Communications Holding, Inc. | Crown Subsea Communications Holding, Inc. | Crown Subsea Communications Holding, Inc. |
|  7.216% (TSFR1M + 3.500%) due 01/30/2031 ~ | 569 | 574 |
|  Cube Industrials Buyer, Inc. | Cube Industrials Buyer, Inc. | Cube Industrials Buyer, Inc. |
|  6.912% - 7.480% (TSFR3M + 3.000%) due 10/17/2031 ~ | 939 | 946 |
|  CWGS Group LLC | CWGS Group LLC | CWGS Group LLC |
|  6.331% - 8.000% (TSFR1M + 2.500%) due 06/03/2028 ~ | 1955 | 1913 |
|  Cyberswift U.S. Finco LLC | Cyberswift U.S. Finco LLC | Cyberswift U.S. Finco LLC |
|  7.905% (TSFR3M + 4.000%) due 10/08/2032 ~ | 900 | 900 |
|  Darktrace PLC | Darktrace PLC | Darktrace PLC |
|  7.185% - 7.198% (TSFR3M + 3.250%) due 10/09/2031 ~ | 989 | 994 |
|  Dayforce, Inc. | Dayforce, Inc. | Dayforce, Inc. |
|  TBD% due 08/20/2032 | 950 | 948 |
|  Deep Blue Operating I LLC | Deep Blue Operating I LLC | Deep Blue Operating I LLC |
|  6.593% - 7.723% (TSFR1M + 2.750%) due 10/01/2032 ~ | 1975 | 1984 |
|  Delta TopCo, Inc. | Delta TopCo, Inc. | Delta TopCo, Inc. |
|  6.439% - 7.852% (TSFR3M + 2.750%) due 11/30/2029 ~ | 1178 | 1174 |
|  DexKo Global, Inc. | DexKo Global, Inc. | DexKo Global, Inc. |
|  7.581% (TSFR1M + 3.750%) due 10/04/2028 ~ | 1221 | 1214 |
|  DG Investment Intermediate Holdings 2, Inc. | DG Investment Intermediate Holdings 2, Inc. | DG Investment Intermediate Holdings 2, Inc. |
|  7.466% (TSFR1M + 3.750%) due 07/09/2032 ~ | 500 | 502 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **149** |

---

------

Schedule of Investments PIMCO Senior Loan Active Exchange-Traded Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Disco Parent, Inc. | Disco Parent, Inc. | Disco Parent, Inc. |
|  7.072% (TSFR3M + 3.250%) due 08/06/2032 «~ | 1300 | 1310 |
|  Edelman Financial Center LLC | Edelman Financial Center LLC | Edelman Financial Center LLC |
|  6.716% - 7.590% (TSFR1M + 3.000%) due 04/07/2028 ~ | 1052 | 1059 |
|  Ellucian Holdings, Inc. | Ellucian Holdings, Inc. | Ellucian Holdings, Inc. |
|  6.466% - 7.769% (TSFR1M + 2.750%) due 10/08/2029 ~ | 957 | 963 |
|  EMRLD Borrower LP | EMRLD Borrower LP | EMRLD Borrower LP |
|  6.122% - 8.448% (TSFR6M + 2.250%) due 08/04/2031 ~ | 1905 | 1911 |
|  Ensemble RCM LLC | Ensemble RCM LLC | Ensemble RCM LLC |
|  6.840% - 7.517% (TSFR3M + 3.000%) due 08/01/2029 ~ | 814 | 819 |
|  EOC Borrower LLC | EOC Borrower LLC | EOC Borrower LLC |
|  6.716% - 7.590% (TSFR1M + 3.000%) due 03/24/2032 ~ | 2886 | 2906 |
|  EP Purchaser LLC | EP Purchaser LLC | EP Purchaser LLC |
|  7.437% (TSFR3M + 3.500%) due 11/06/2028 ~ | 980 | 705 |
|  Fertitta Entertainment LLC | Fertitta Entertainment LLC | Fertitta Entertainment LLC |
|  6.966% - 7.384% (TSFR1M + 3.250%) due 01/27/2029 ~ | 5386 | 5390 |
|  Fiesta Purchaser, Inc. | Fiesta Purchaser, Inc. | Fiesta Purchaser, Inc. |
|  6.466% - 7.769% (TSFR1M + 2.750%) due 02/12/2031 ~ | 1350 | 1351 |
|  Finastra USA, Inc. | Finastra USA, Inc. | Finastra USA, Inc. |
|  7.723% (TSFR3M + 4.000%) due 09/15/2032 ~ | 2750 | 2697 |
|  First Advantage Holdings LLC | First Advantage Holdings LLC | First Advantage Holdings LLC |
|  6.466% - 7.769% (TSFR1M + 2.750%) due 10/31/2031 ~ | 1126 | 1116 |
|  First Student Bidco, Inc. | First Student Bidco, Inc. | First Student Bidco, Inc. |
|  6.172% - 8.338% (TSFR3M + 2.500%) due 08/15/2030 ~ | 1456 | 1463 |
|  Focus Financial Partners LLC | Focus Financial Partners LLC | Focus Financial Partners LLC |
|  6.216% - 8.216% (TSFR1M + 2.500%) due 09/15/2031 ~ | 773 | 776 |
|  Forward Air Corp. | Forward Air Corp. | Forward Air Corp. |
|  8.338% (TSFR3M + 4.500%) due 12/19/2030 ~ | 831 | 826 |
|  Freeport LNG Investments LLLP | Freeport LNG Investments LLLP | Freeport LNG Investments LLLP |
|  7.120% - 7.216% (TSFR3M + 3.250%) due 12/21/2028 ~ | 1063 | 1069 |
|  Froneri Lux FinCo SARL | Froneri Lux FinCo SARL | Froneri Lux FinCo SARL |
|  6.122% - 8.639% (TSFR6M + 2.250%) due 09/30/2032 ~ | 2050 | 2053 |
|  Gainwell Acquisition Corp. | Gainwell Acquisition Corp. | Gainwell Acquisition Corp. |
|  7.772% (TSFR3M + 4.000%) due 10/01/2027 ~ | 3480 | 3426 |
|  Garda World Security Corp. | Garda World Security Corp. | Garda World Security Corp. |
|  6.750% - 7.566% (TSFR1M + 3.000%) due 02/01/2029 ~ | 1238 | 1245 |
|  GBT U.S. III LLC | GBT U.S. III LLC | GBT U.S. III LLC |
|  6.358% - 8.000% (TSFR3M + 2.500%) due 07/25/2031 ~ | 1108 | 1113 |
|  GC Ferry Acquisition I, Inc. | GC Ferry Acquisition I, Inc. | GC Ferry Acquisition I, Inc. |
|  TBD% - 9.860% due 08/16/2032 ~µ | 201 | 201 |
|  TBD% - 9.860% (TSFR3M + 3.500%) due 08/16/2032 ~ | 1174 | 1174 |
|  GEN II Fund Services LLC | GEN II Fund Services LLC | GEN II Fund Services LLC |
|  6.422% - 7.905% (TSFR3M + 2.750%) due 11/26/2031 ~ | 1390 | 1393 |
|  Genesys Cloud Services Holdings II LLC | Genesys Cloud Services Holdings II LLC | Genesys Cloud Services Holdings II LLC |
|  6.216% - 8.206% (TSFR1M + 2.500%) due 01/30/2032 ~ | 997 | 997 |
|  GFL Environmental, Inc. | GFL Environmental, Inc. | GFL Environmental, Inc. |
|  6.273% - 8.172% (TSFR3M + 2.500%) due 03/03/2032 ~ | 3890 | 3912 |
|  Global Medical Response, Inc. | Global Medical Response, Inc. | Global Medical Response, Inc. |
|  7.384% (TSFR3M + 3.500%) due 10/01/2032 ~ | 900 | 907 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Golden State Foods LLC | Golden State Foods LLC | Golden State Foods LLC |
|  7.672% (TSFR3M + 4.000%) due 12/04/2031 ~ | 923 | 930 |
|  Graham Packaging Co., Inc. | Graham Packaging Co., Inc. | Graham Packaging Co., Inc. |
|  6.216% - 8.206% (TSFR1M + 2.500%) due 08/04/2027 ~ | 1019 | 1024 |
|  Gray Television, Inc. | Gray Television, Inc. | Gray Television, Inc. |
|  9.123% (TSFR1M + 5.250%) due 06/04/2029 ~ | 7 | 7 |
|  Green Infrastructure Partners, Inc. | Green Infrastructure Partners, Inc. | Green Infrastructure Partners, Inc. |
|  6.422% (TSFR3M + 2.750%) due 09/24/2032 ~ | 1475 | 1481 |
|  Grifols Worldwide Operations USA, Inc. | Grifols Worldwide Operations USA, Inc. | Grifols Worldwide Operations USA, Inc. |
|  5.972% - 8.831% (TSFR3M + 2.000%) due 11/15/2027 ~ | 975 | 976 |
|  Grinding Media, Inc. | Grinding Media, Inc. | Grinding Media, Inc. |
|  7.335% (TSFR3M + 3.500%) due 10/12/2028 «~ | 1206 | 1208 |
|  Gryphon Acquire NewCo LLC | Gryphon Acquire NewCo LLC | Gryphon Acquire NewCo LLC |
|  6.854% - 7.499% (TSFR6M + 3.000%) due 09/13/2032 ~ | 675 | 680 |
|  GTCR Everest Borrower LLC | GTCR Everest Borrower LLC | GTCR Everest Borrower LLC |
|  6.422% - 7.852% (TSFR3M + 2.750%) due 09/05/2031 ~ | 859 | 863 |
|  Guggenheim Partners LLC | Guggenheim Partners LLC | Guggenheim Partners LLC |
|  6.172% - 8.300% (TSFR3M + 2.500%) due 11/26/2031 ~ | 1092 | 1097 |
|  Hanger, Inc. | Hanger, Inc. | Hanger, Inc. |
|  3.500% - 9.738% (TSFR1M + 3.500%) due 10/23/2031 ~µ | 114 | 114 |
|  3.500% - 9.738% (TSFR1M + 3.500%) due 10/23/2031 ~ | 879 | 883 |
|  Harbor Freight Tools USA, Inc. | Harbor Freight Tools USA, Inc. | Harbor Freight Tools USA, Inc. |
|  5.966% - 8.865% (TSFR1M + 2.250%) due 06/11/2031 ~ | 992 | 984 |
|  Heartland Dental LLC | Heartland Dental LLC | Heartland Dental LLC |
|  7.466% (TSFR1M + 3.750%) due 08/25/2032 ~ | 1265 | 1272 |
|  HUB International Ltd. | HUB International Ltd. | HUB International Ltd. |
|  6.120% - 8.639% (TSFR3M + 2.250%) due 06/20/2030 ~ | 1434 | 1443 |
|  Hudson River Trading LLC | Hudson River Trading LLC | Hudson River Trading LLC |
|  6.486% - 7.735% (TSFR1M + 2.750%) due 03/18/2030 ~ | 1222 | 1229 |
|  Hunter Douglas, Inc. | Hunter Douglas, Inc. | Hunter Douglas, Inc. |
|  6.672% - 7.690% (TSFR3M + 3.000%) due 01/20/2032 ~ | 997 | 1004 |
|  IMC Financing LLC | IMC Financing LLC | IMC Financing LLC |
|  7.234% (TSFR1M + 3.500%) due 06/18/2032 ~ | 1468 | 1481 |
|  Instructure Holdings, Inc. | Instructure Holdings, Inc. | Instructure Holdings, Inc. |
|  6.445% (TSFR3M + 2.750%) due 11/13/2031 ~ | 1043 | 1046 |
|  ION Platform Finance U.S., Inc. | ION Platform Finance U.S., Inc. | ION Platform Finance U.S., Inc. |
|  7.422% (TSFR3M + 3.750%) due 10/07/2032 ~ | 1275 | 1200 |
|  IRB Holding Corp. | IRB Holding Corp. | IRB Holding Corp. |
|  6.216% - 8.272% (TSFR1M + 2.500%) due 12/16/2030 ~ | 1128 | 1132 |
|  Iridium Satellite LLC | Iridium Satellite LLC | Iridium Satellite LLC |
|  5.966% - 8.949% (TSFR1M + 2.250%) due 09/20/2030 ~ | 3017 | 2947 |
|  Jane Street Group LLC | Jane Street Group LLC | Jane Street Group LLC |
|  5.822% - 9.234% (TSFR3M + 2.000%) due 12/15/2031 ~ | 10259 | 10224 |
|  Jazz Financing Lux SARL | Jazz Financing Lux SARL | Jazz Financing Lux SARL |
|  5.966% - 8.865% (TSFR1M + 2.250%) due 05/05/2028 ~ | 985 | 991 |
|  JetBlue Airways Corp. | JetBlue Airways Corp. | JetBlue Airways Corp. |
|  8.445% (TSFR3M + 4.750%) due 08/27/2029 ~ | 1364 | 1313 |
|  Johnstone Supply LLC | Johnstone Supply LLC | Johnstone Supply LLC |
|  6.230% - 8.199% (TSFR1M + 2.500%) due 06/09/2031 ~ | 1170 | 1178 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Jump Financial LLC | Jump Financial LLC | Jump Financial LLC |
|  7.172% - 7.216% (TSFR3M + 3.500%) due 02/26/2032 «~ | 2306 | 2283 |
|  June Purchaser LLC | June Purchaser LLC | June Purchaser LLC |
|  TBD% - 9.860% (TSFR3M + 2.750%) due 11/28/2031 ~ | 954 | 962 |
|  TBD% - 9.860% due 11/28/2031 ~µ | 286 | 288 |
|  Kaman Corp. | Kaman Corp. | Kaman Corp. |
|  TBD% - 9.868% (TSFR3M + 2.500%) due 02/26/2032 ~µ | 116 | 117 |
|  TBD% - 9.868% (TSFR6M + 2.500%) due 02/26/2032 ~ | 1231 | 1237 |
|  Kaseya, Inc. | Kaseya, Inc. | Kaseya, Inc. |
|  6.716% - 7.672% (TSFR1M + 3.000%) due 03/20/2032 ~ | 1068 | 1071 |
|  KKR Apple Bidco LLC | KKR Apple Bidco LLC | KKR Apple Bidco LLC |
|  6.216% - 8.206% (TSFR1M + 2.500%) due 09/23/2031 ~ | 1408 | 1417 |
|  KnowBe4, Inc. | KnowBe4, Inc. | KnowBe4, Inc. |
|  7.590% (TSFR3M + 3.750%) due 07/23/2032 ~ | 1275 | 1277 |
|  Kohler Energy Co. LLC | Kohler Energy Co. LLC | Kohler Energy Co. LLC |
|  7.422% (TSFR3M + 3.750%) due 05/01/2031 ~ | 1012 | 1019 |
|  LBM Acquisition LLC | LBM Acquisition LLC | LBM Acquisition LLC |
|  7.584% (TSFR1M + 3.750%) due 06/06/2031 ~ | 4521 | 4253 |
|  LC AHAB U.S. Bidco LLC | LC AHAB U.S. Bidco LLC | LC AHAB U.S. Bidco LLC |
|  6.716% - 7.672% (TSFR1M + 3.000%) due 05/01/2031 ~ | 4859 | 4879 |
|  Level 3 Financing, Inc. | Level 3 Financing, Inc. | Level 3 Financing, Inc. |
|  6.966% - 7.384% (TSFR1M + 3.250%) due 03/29/2032 ~ | 200 | 201 |
|  LifePoint Health, Inc. | LifePoint Health, Inc. | LifePoint Health, Inc. |
|  7.335% (TSFR1M + 3.500%) due 05/19/2031 ~ | 1158 | 1161 |
|  7.655% (TSFR3M + 3.750%) due 05/19/2031 ~ | 3443 | 3458 |
|  Lumen Technologies, Inc. | Lumen Technologies, Inc. | Lumen Technologies, Inc. |
|  6.181% - 8.272% (TSFR1M + 2.350%) due 04/15/2030 ~ | 2893 | 2881 |
|  M6 ETX Holdings II Midco LLC | M6 ETX Holdings II Midco LLC | M6 ETX Holdings II Midco LLC |
|  6.200% - 8.272% (TSFR1M + 2.500%) due 04/01/2032 ~ | 708 | 713 |
|  Madison IAQ LLC | Madison IAQ LLC | Madison IAQ LLC |
|  6.637% - 7.716% (TSFR3M + 2.750%) due 11/08/2032 ~ | 2 | 2 |
|  6.702% - 7.672% (TSFR6M + 2.500%) due 06/21/2028 ~ | 1258 | 1265 |
|  Mauser Packaging Solutions Holding Co. | Mauser Packaging Solutions Holding Co. | Mauser Packaging Solutions Holding Co. |
|  7.232% (TSFR1M + 3.500%) due 04/15/2030 ~ | 2363 | 2322 |
|  Mavis Tire Express Services Corp. | Mavis Tire Express Services Corp. | Mavis Tire Express Services Corp. |
|  6.716% - 7.590% (TSFR1M + 3.000%) due 05/04/2028 ~ | 1462 | 1469 |
|  McAfee LLC | McAfee LLC | McAfee LLC |
|  6.716% - 7.672% (TSFR1M + 3.000%) due 03/01/2029 ~ | 1296 | 1201 |
|  McGraw-Hill Education, Inc. | McGraw-Hill Education, Inc. | McGraw-Hill Education, Inc. |
|  6.466% - 7.735% (TSFR1M + 2.750%) due 08/06/2031 ~ | 970 | 979 |
|  Medline Borrower LP | Medline Borrower LP | Medline Borrower LP |
|  5.466% - 9.485% (TSFR1M + 1.750%) due 10/23/2030 ~ | 5918 | 5947 |
|  Mermaid Bidco, Inc. | Mermaid Bidco, Inc. | Mermaid Bidco, Inc. |
|  7.151% - 7.216% (TSFR3M + 3.250%) due 07/03/2031 ~ | 1094 | 1100 |
|  MH Sub I LLC | MH Sub I LLC | MH Sub I LLC |
|  7.966% (TSFR1M + 4.250%) due 05/03/2028 ~ | 2902 | 2707 |
|  Mitchell International, Inc. | Mitchell International, Inc. | Mitchell International, Inc. |
|  6.966% - 7.384% (TSFR1M + 3.250%) due 06/17/2031 ~ | 1183 | 1188 |

---

---

| | | |
|:---|:---|:---|
| **150** | **PIMCO ETF TRUST** | See Accompanying Notes |

---

------

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Modena Buyer LLC | Modena Buyer LLC | Modena Buyer LLC |
|  8.090% (TSFR3M + 4.250%) due 07/01/2031 ~ | 833 | 830 |
|  Motion Finco SARL | Motion Finco SARL | Motion Finco SARL |
|  7.172% - 7.216% (TSFR3M + 3.500%) due 11/12/2029 ~ | 1639 | 1458 |
|  MV Holding GmbH | MV Holding GmbH | MV Holding GmbH |
|  5.721% - 9.340% (TSFR1M + 2.000%) due 03/17/2032 ~ | 994 | 999 |
|  National Mentor Holdings, Inc. | National Mentor Holdings, Inc. | National Mentor Holdings, Inc. |
|  9.716% (TSFR1M + 6.000%) due 12/12/2030 ~ | 1384 | 1388 |
|  NCR Atleos LLC | NCR Atleos LLC | NCR Atleos LLC |
|  6.701% - 7.672% (TSFR3M + 3.000%) due 04/16/2029 ~ | 923 | 928 |
|  Neptune Bidco U.S., Inc. | Neptune Bidco U.S., Inc. | Neptune Bidco U.S., Inc. |
|  9.027% (TSFR3M + 5.000%) due 04/11/2029 ~ | 741 | 735 |
|  Newfold Digital Holdings Grp Inc. | Newfold Digital Holdings Grp Inc. | Newfold Digital Holdings Grp Inc. |
|  7.384% (TSFR1M + 3.500%) due 04/30/2029 ~ | 946 | 764 |
|  9.488% (TSFR3M + 5.750%) due 04/30/2029 ~ | 48 | 45 |
|  Nexstar Media, Inc. | Nexstar Media, Inc. | Nexstar Media, Inc. |
|  6.216% - 8.206% (TSFR1M + 2.500%) due 06/28/2032 ~ | 1100 | 1106 |
|  Nielsen Consumer, Inc. | Nielsen Consumer, Inc. | Nielsen Consumer, Inc. |
|  5.966% - 8.891% (TSFR1M + 2.250%) due 10/31/2030 ~ | 1312 | 1315 |
|  Nuvei Technologies Corp. | Nuvei Technologies Corp. | Nuvei Technologies Corp. |
|  6.216% - 8.247% (TSFR1M + 2.500%) due 11/17/2031 ~ | 891 | 894 |
|  Olympus Water U.S. Holding Corp. | Olympus Water U.S. Holding Corp. | Olympus Water U.S. Holding Corp. |
|  6.672% - 7.690% (TSFR3M + 3.000%) due 06/20/2031 ~ | 915 | 908 |
|  Onex TSG Intermediate Corp. | Onex TSG Intermediate Corp. | Onex TSG Intermediate Corp. |
|  7.590% (TSFR3M + 3.750%) due 08/06/2032 ~ | 900 | 907 |
|  Oryx Midstream Services Permian Basin LLC | Oryx Midstream Services Permian Basin LLC | Oryx Midstream Services Permian Basin LLC |
|  5.977% - 8.831% (TSFR1M + 2.250%) due 10/05/2028 ~ | 766 | 772 |
|  Paradigm Parent LLC | Paradigm Parent LLC | Paradigm Parent LLC |
|  8.172% (TSFR3M + 4.500%) due 04/16/2032 ~ | 1047 | 925 |
|  Pasadena Performance Products LLC | Pasadena Performance Products LLC | Pasadena Performance Products LLC |
|  6.922% - 7.398% (TSFR3M + 3.250%) due 02/27/2032 ~ | 925 | 927 |
|  Peer Holding III BV | Peer Holding III BV | Peer Holding III BV |
|  6.172% - 8.338% (TSFR3M + 2.500%) due 07/01/2031 ~ | 2574 | 2588 |
|  Penn Entertainment, Inc. | Penn Entertainment, Inc. | Penn Entertainment, Inc. |
|  6.216% - 8.206% (TSFR1M + 2.500%) due 05/03/2029 ~ | 879 | 885 |
|  Peraton Corp. | Peraton Corp. | Peraton Corp. |
|  7.690% (TSFR3M + 3.750%) due 02/01/2028 ~ | 6336 | 5894 |
|  PetSmart, Inc. | PetSmart, Inc. | PetSmart, Inc. |
|  7.734% (TSFR1M + 4.000%) due 08/18/2032 ~ | 2437 | 2430 |
|  Phoenix Aviation Capital LLC | Phoenix Aviation Capital LLC | Phoenix Aviation Capital LLC |
|  7.108% (TSFR3M + 3.250%) due 10/28/2030 ~ | 2450 | 2430 |
|  Phoenix Guarantor, Inc. | Phoenix Guarantor, Inc. | Phoenix Guarantor, Inc. |
|  6.216% - 8.272% (TSFR1M + 2.500%) due 02/21/2031 ~ | 994 | 1000 |
|  Pinnacle Buyer LLC | Pinnacle Buyer LLC | Pinnacle Buyer LLC |
|  1.250% - 9.868% due 10/01/2032 ~µ | 262 | 263 |
|  1.250% - 9.868% (TSFR3M + 2.500%) due 10/01/2032 ~ | 863 | 867 |
|  Planet U.S. Buyer LLC | Planet U.S. Buyer LLC | Planet U.S. Buyer LLC |
|  6.822% - 7.566% (TSFR3M + 3.000%) due 02/07/2031 ~ | 848 | 855 |
|  Polaris Newco LLC | Polaris Newco LLC | Polaris Newco LLC |
|  7.852% (TSFR3M + 3.750%) due 06/02/2028 ~ | 5233 | 5059 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Primo Brands Corp. | Primo Brands Corp. | Primo Brands Corp. |
|  5.922% - 9.100% (TSFR3M + 2.250%) due 03/31/2028 ~ | 1065 | 1070 |
|  Project Alpha Intermediate Holding, Inc. | Project Alpha Intermediate Holding, Inc. | Project Alpha Intermediate Holding, Inc. |
|  6.922% - 7.437% (TSFR3M + 3.250%) due 10/26/2030 ~ | 1112 | 1111 |
|  Proofpoint, Inc. | Proofpoint, Inc. | Proofpoint, Inc. |
|  TBD% - 7.690% (TSFR3M + 3.000%) due 08/31/2028 ~ | 2508 | 2525 |
|  Pye-Barker Fire & Safety LLC | Pye-Barker Fire & Safety LLC | Pye-Barker Fire & Safety LLC |
|  1.250% - 9.868% due 12/16/2032 ~µ | 172 | 174 |
|  1.250% - 9.868% (TSFR3M + 2.500%) due 12/16/2032 ~ | 1153 | 1161 |
|  Qnity Electronics, Inc. | Qnity Electronics, Inc. | Qnity Electronics, Inc. |
|  5.804% - 9.234% (TSFR6M + 2.000%) due 11/01/2032 ~ | 2275 | 2288 |
|  Quartz Acquireco LLC | Quartz Acquireco LLC | Quartz Acquireco LLC |
|  5.922% - 9.048% (TSFR3M + 2.250%) due 06/28/2030 «~ | 1255 | 1255 |
|  QuidelOrtho Corp. | QuidelOrtho Corp. | QuidelOrtho Corp. |
|  7.716% (TSFR1M + 4.000%) due 08/20/2032 ~ | 3342 | 3344 |
|  Quikrete Holdings, Inc. | Quikrete Holdings, Inc. | Quikrete Holdings, Inc. |
|  5.966% - 8.831% (TSFR1M + 2.250%) due 04/14/2031 ~ | 995 | 999 |
|  5.966% - 8.949% (TSFR1M + 2.250%) due 02/10/2032 ~ | 1190 | 1195 |
|  5.966% - 8.966% (TSFR1M + 2.250%) due 03/19/2029 ~ | 779 | 783 |
|  Rand Parent LLC | Rand Parent LLC | Rand Parent LLC |
|  6.672% - 7.690% (TSFR3M + 3.000%) due 03/18/2030 ~ | 929 | 932 |
|  Raven Acquisition Holdings LLC | Raven Acquisition Holdings LLC | Raven Acquisition Holdings LLC |
|  TBD% - 9.859% (TSFR1M + 3.000%) due 11/19/2031 ~ | 1164 | 1169 |
|  TBD% - 9.859% due 11/19/2031 ~µ | 155 | 156 |
|  RealPage, Inc. | RealPage, Inc. | RealPage, Inc. |
|  6.934% - 7.398% (TSFR3M + 3.000%) due 04/24/2028 ~ | 1014 | 1014 |
|  6.934% - 7.398% (TSFR3M + 3.750%) due 04/24/2028 ~ | 993 | 997 |
|  Recess Holdings, Inc. | Recess Holdings, Inc. | Recess Holdings, Inc. |
|  7.615% (TSFR3M + 3.750%) due 02/20/2030 ~ | 1981 | 1996 |
|  RelaDyne, Inc. | RelaDyne, Inc. | RelaDyne, Inc. |
|  7.216% (TSFR1M + 3.500%) due 12/23/2030 ~ | 1495 | 1498 |
|  Restoration Hardware, Inc. | Restoration Hardware, Inc. | Restoration Hardware, Inc. |
|  6.331% - 8.000% (TSFR1M + 2.500%) due 10/20/2028 ~ | 792 | 783 |
|  Reworld Holding Corp. | Reworld Holding Corp. | Reworld Holding Corp. |
|  TBD% due 01/15/2031 | 1962 | 1967 |
|  5.984% - 8.831% (TSFR1M + 2.250%) due 11/30/2028 ~ | 701 | 704 |
|  Rockpoint Gas Storage Partners LP | Rockpoint Gas Storage Partners LP | Rockpoint Gas Storage Partners LP |
|  6.172% (TSFR3M + 2.500%) due 09/18/2031 ~ | 773 | 778 |
|  Sauer Brands, Inc. | Sauer Brands, Inc. | Sauer Brands, Inc. |
|  TBD% - 9.859% due 02/19/2032 ~µ | 86 | 87 |
|  TBD% - 9.859% (TSFR3M + 3.000%) due 02/19/2032 ~ | 912 | 916 |
|  SCIH Salt Holdings, Inc. | SCIH Salt Holdings, Inc. | SCIH Salt Holdings, Inc. |
|  6.522% - 7.730% (TSFR3M + 2.750%) due 01/31/2029 ~ | 970 | 973 |
|  Sedgwick Claims Management Services, Inc. | Sedgwick Claims Management Services, Inc. | Sedgwick Claims Management Services, Inc. |
|  6.216% - 8.247% (TSFR1M + 2.500%) due 07/31/2031 ~ | 1404 | 1410 |
|  SGH2 LLC | SGH2 LLC | SGH2 LLC |
|  8.172% (TSFR3M + 4.500%) due 08/18/2032 ~ | 599 | 602 |
|  Sharp Services LLC | Sharp Services LLC | Sharp Services LLC |
|  6.672% - 7.677% (TSFR3M + 3.000%) due 09/29/2032 ~ | 1490 | 1497 |
|  Specialty Building Products Holdings LLC | Specialty Building Products Holdings LLC | Specialty Building Products Holdings LLC |
|  7.566% (TSFR1M + 3.750%) due 10/16/2028 ~ | 820 | 767 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Stakeholder Midstream LLC | Stakeholder Midstream LLC | Stakeholder Midstream LLC |
|  8.042% (TSFR6M + 4.000%) due 01/01/2031 ~ | 998 | 1003 |
|  Star Parent, Inc. | Star Parent, Inc. | Star Parent, Inc. |
|  7.672% (TSFR3M + 4.000%) due 09/27/2030 ~ | 997 | 1000 |
|  Starwood Property Trust, Inc. | Starwood Property Trust, Inc. | Starwood Property Trust, Inc. |
|  5.716% - 9.340% (TSFR1M + 2.000%) due 01/02/2030 «~ | 4014 | 4024 |
|  Stonepeak Bayou Holdings LP | Stonepeak Bayou Holdings LP | Stonepeak Bayou Holdings LP |
|  6.422% - 7.934% (TSFR3M + 2.750%) due 10/01/2032 ~ | 2350 | 2133 |
|  Stonepeak Nile Parent LLC | Stonepeak Nile Parent LLC | Stonepeak Nile Parent LLC |
|  6.162% - 8.445% (TSFR3M + 2.250%) due 04/09/2032 ~ | 925 | 926 |
|  Student Transportation of America Holdings, Inc. | Student Transportation of America Holdings, Inc. | Student Transportation of America Holdings, Inc. |
|  TBD% - 7.398% due 06/24/2032 µ | 268 | 269 |
|  TBD% - 7.398% due 06/24/2032 | 356 | 358 |
|  TBD% - 7.398% (TSFR3M + 3.250%) due 06/24/2032 ~ | 822 | 825 |
|  Sunrise Financing Partnership | Sunrise Financing Partnership | Sunrise Financing Partnership |
|  6.691% - 7.672% (TSFR6M + 2.500%) due 02/15/2032 ~ | 1212 | 1218 |
|  Syniverse Holdings, Inc. | Syniverse Holdings, Inc. | Syniverse Holdings, Inc. |
|  10.672% (TSFR3M + 7.000%) due 05/13/2027 ~ | 1747 | 1692 |
|  Tacala LLC | Tacala LLC | Tacala LLC |
|  6.716% - 7.590% (TSFR1M + 3.000%) due 01/31/2031 ~ | 1199 | 1209 |
|  Third Coast Infrastructure LLC | Third Coast Infrastructure LLC | Third Coast Infrastructure LLC |
|  7.466% (TSFR1M + 3.750%) due 09/25/2030 ~ | 988 | 998 |
|  Tidal Waste & Recycling Holdings LLC | Tidal Waste & Recycling Holdings LLC | Tidal Waste & Recycling Holdings LLC |
|  6.422% - 7.922% (TSFR3M + 2.750%) due 10/24/2031 ~ | 914 | 922 |
|  TK Elevator Midco GmbH | TK Elevator Midco GmbH | TK Elevator Midco GmbH |
|  6.947% - 7.384% (TSFR6M + 2.750%) due 04/30/2030 ~ | 1091 | 1099 |
|  TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. |
|  6.216% - 8.272% (TSFR1M + 2.500%) due 02/28/2031 ~ | 4917 | 4941 |
|  Trident TPI Holdings, Inc. | Trident TPI Holdings, Inc. | Trident TPI Holdings, Inc. |
|  7.422% (TSFR3M + 3.750%) due 09/15/2028 ~ | 1665 | 1603 |
|  Truist Insurance Holdings LLC | Truist Insurance Holdings LLC | Truist Insurance Holdings LLC |
|  6.422% - 7.905% (TSFR3M + 2.750%) due 05/06/2031 ~ | 2925 | 2934 |
|  Turquoise Topco Ltd. | Turquoise Topco Ltd. | Turquoise Topco Ltd. |
|  TBD% due 12/30/2032 **«** | 1000 | 989 |
|  U.S. Fertility Enterprises LLC | U.S. Fertility Enterprises LLC | U.S. Fertility Enterprises LLC |
|  TBD% due 12/10/2032 | 868 | 873 |
|  TBD% due 12/10/2032 µ | 132 | 132 |
|  U.S. Renal Care, Inc. | U.S. Renal Care, Inc. | U.S. Renal Care, Inc. |
|  8.831% (TSFR1M + 5.000%) due 06/28/2028 ~ | 2587 | 2443 |
|  UKG, Inc. | UKG, Inc. | UKG, Inc. |
|  6.338% - 8.000% (TSFR3M + 2.500%) due 02/10/2031 ~ | 3487 | 3495 |
|  United Talent Agency LLC | United Talent Agency LLC | United Talent Agency LLC |
|  6.750% - 7.566% (TSFR1M + 3.000%) due 06/10/2032 «~ | 2980 | 3006 |
|  USI, Inc. | USI, Inc. | USI, Inc. |
|  5.922% - 9.048% (TSFR3M + 2.250%) due 11/21/2029 ~ | 981 | 985 |
|  5.922% - 9.100% (TSFR3M + 2.250%) due 09/29/2030 ~ | 1201 | 1204 |
|  Van Pool Transportation LLC | Van Pool Transportation LLC | Van Pool Transportation LLC |
|  3.500% - 9.738% (TSFR3M + 3.250%) due 08/06/2030 ~µ | 145 | 146 |
|  3.500% - 9.738% (TSFR3M + 3.250%) due 08/06/2030 ~ | 1055 | 1062 |
|  Varsity Brands, Inc. | Varsity Brands, Inc. | Varsity Brands, Inc. |
|  6.672% - 7.690% (TSFR3M + 3.000%) due 08/26/2031 ~ | 997 | 1002 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **151** |

---

------

Schedule of Investments PIMCO Senior Loan Active Exchange-Traded Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Veritiv Corp. | Veritiv Corp. | Veritiv Corp. |
|  7.672% (TSFR3M + 4.000%) due 12/02/2030 ~ | 2186 | 2189 |
|  Versant Media Group, Inc. | Versant Media Group, Inc. | Versant Media Group, Inc. |
|  TBD% due 01/30/2031 | 1250 | 1252 |
|  VFS Global | VFS Global | VFS Global |
|  6.288% - 8.110% (TSFR6M + 2.500%) due 10/07/2032 ~ | 963 | 968 |
|  Viavi Solutions, Inc. | Viavi Solutions, Inc. | Viavi Solutions, Inc. |
|  6.394% - 7.944% (TSFR3M + 2.500%) due 10/16/2032 «~ | 1000 | 1008 |
|  Virgin Media Bristol LLC | Virgin Media Bristol LLC | Virgin Media Bristol LLC |
|  7.052% - 7.322% (TSFR6M + 3.175%) due 03/31/2031 ~ | 4825 | 4788 |
|  7.115% - 7.221% (TSFR1M + 3.250%) due 01/31/2029 ~ | 1469 | 1473 |
|  Vista Management Holding, Inc. | Vista Management Holding, Inc. | Vista Management Holding, Inc. |
|  7.735% (TSFR3M + 3.750%) due 04/01/2031 ~ | 948 | 958 |
|  VS Buyer LLC | VS Buyer LLC | VS Buyer LLC |
|  6.090% - 8.639% (TSFR3M + 2.250%) due 04/12/2031 ~ | 2575 | 2590 |
|  Wash Multifamily Parent, Inc. | Wash Multifamily Parent, Inc. | Wash Multifamily Parent, Inc. |
|  6.966% - 7.337% (TSFR1M + 3.250%) due 09/10/2032 ~ | 1000 | 1010 |
|  Wasserman Media Group LLC | Wasserman Media Group LLC | Wasserman Media Group LLC |
|  6.716% - 7.590% (TSFR1M + 3.000%) due 06/23/2032 «~ | 1895 | 1907 |
|  WCG Intermediate Corp. | WCG Intermediate Corp. | WCG Intermediate Corp. |
|  6.716% - 7.655% (TSFR1M + 3.000%) due 02/25/2032 ~ | 1098 | 1102 |
|  WEC U.S. Holdings Ltd. | WEC U.S. Holdings Ltd. | WEC U.S. Holdings Ltd. |
|  5.873% - 9.102% (TSFR1M + 2.000%) due 01/27/2031 ~ | 818 | 821 |
|  Whatabrands LLC | Whatabrands LLC | Whatabrands LLC |
|  6.216% - 8.247% (TSFR1M + 2.500%) due 08/03/2028 ~ | 2942 | 2953 |
|  White Cap Buyer LLC | White Cap Buyer LLC | White Cap Buyer LLC |
|  6.966% - 7.384% (TSFR1M + 3.250%) due 10/19/2029 ~ | 2723 | 2737 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Wilsonart LLC | Wilsonart LLC | Wilsonart LLC |
|  7.922% (TSFR3M + 4.250%) due 08/05/2031 ~ | 1094 | 1063 |
|  X Corp. | X Corp. | X Corp. |
|  9.500% due 10/26/2029 ~ | 6400 | 6390 |
|  10.448% (TSFR3M + 6.500%) due 10/26/2029 ~ | 7646 | 7529 |
|  Zayo Group Holdings, Inc. (6.830% Cash and 0.500% PIK) | Zayo Group Holdings, Inc. (6.830% Cash and 0.500% PIK) | Zayo Group Holdings, Inc. (6.830% Cash and 0.500% PIK) |
|  7.330% (TSFR1M + 0.500%) due 03/11/2030 ~(a) | 1748 | 1664 |
|  Zelis Payments Buyer, Inc. | Zelis Payments Buyer, Inc. | Zelis Payments Buyer, Inc. |
|  6.966% - 7.337% (TSFR1M + 3.250%) due 11/26/2031 ~ | 959 | 953 |
|  Zuora, Inc. | Zuora, Inc. | Zuora, Inc. |
|  7.216% (TSFR1M + 3.500%) due 02/14/2032 ~ | 998 | 995 |
|  Total Loan Participations and Assignments (Cost $392,750) | Total Loan Participations and Assignments (Cost $392,750) | 393428 |
| CORPORATE BONDS & NOTES 2.1% | CORPORATE BONDS & NOTES 2.1% | CORPORATE BONDS & NOTES 2.1% |
| BANKING & FINANCE 0.2% | BANKING & FINANCE 0.2% | BANKING & FINANCE 0.2% |
|  Asurion LLC & Asurion Co-Issuer, Inc. | Asurion LLC & Asurion Co-Issuer, Inc. | Asurion LLC & Asurion Co-Issuer, Inc. |
|  8.000% due 12/31/2032 | 500 | 519 |
|  Panther Escrow Issuer LLC | Panther Escrow Issuer LLC | Panther Escrow Issuer LLC |
|  7.125% due 06/01/2031 | 400 | 415 |
|  |  | 934 |
| INDUSTRIALS 1.9% | INDUSTRIALS 1.9% | INDUSTRIALS 1.9% |
|  Aston Martin Capital Holdings Ltd. | Aston Martin Capital Holdings Ltd. | Aston Martin Capital Holdings Ltd. |
|  10.000% due 03/31/2029 | 400 | 373 |
|  Beignet Investor LLC | Beignet Investor LLC | Beignet Investor LLC |
|  6.581% due 05/30/2049 | 5894 | 6232 |
|  Cerdia Finanz GmbH | Cerdia Finanz GmbH | Cerdia Finanz GmbH |
|  9.375% due 10/03/2031 | 275 | 286 |
|  Merlin Entertainments Group U.S. Holdings, Inc. | Merlin Entertainments Group U.S. Holdings, Inc. | Merlin Entertainments Group U.S. Holdings, Inc. |
|  7.375% due 02/15/2031 | 250 | 223 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Venture Global LNG, Inc. | Venture Global LNG, Inc. |  |  |
|  9.500% due 02/01/2029 | 800 | $— | 830 |
|  9.875% due 02/01/2032 | 800 |  | 827 |
|  Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC |  |  |
|  6.500% due 01/15/2034 | 300 |  | 307 |
|  6.750% due 01/15/2036 | 218 |  | 223 |
|  |  |  | 9301 |
|  Total Corporate Bonds & Notes<br>(Cost $9,992) | Total Corporate Bonds & Notes<br>(Cost $9,992) |  | 10235 |
| U.S. TREASURY OBLIGATIONS 0.2% | U.S. TREASURY OBLIGATIONS 0.2% |  |  |
|  U.S. Treasury Bonds | U.S. Treasury Bonds |  |  |
|  4.875% due 08/15/2045 | 244 |  | 246 |
|  U.S. Treasury Notes | U.S. Treasury Notes |  |  |
|  4.250% due 08/15/2035 | 400 |  | 403 |
|  Total U.S. Treasury Obligations<br>(Cost $661) | Total U.S. Treasury Obligations<br>(Cost $661) |  | 649 |
| SHORT-TERM INSTRUMENTS 19.4% | SHORT-TERM INSTRUMENTS 19.4% |  |  |
| REPURCHASE AGREEMENTS (b) 19.4% | REPURCHASE AGREEMENTS (b) 19.4% |  |  |
|  |  |  | 93700 |
| Total Short-Term Instruments<br>(Cost $93,700) | Total Short-Term Instruments<br>(Cost $93,700) |  | 93700 |
| Total Investments in Securities<br>(Cost $497,103) | Total Investments in Securities<br>(Cost $497,103) |  | 498012 |
| Total Investments 103.2%<br>(Cost $497,103) | Total Investments 103.2%<br>(Cost $497,103) | $— | 498012 |
|  Financial Derivative<br>Instruments (c) 0.0%<br> (Cost or Premiums, net $4,944) | Financial Derivative<br>Instruments (c) 0.0%<br> (Cost or Premiums, net $4,944) |  | 2 |
| Other Assets and Liabilities, net (3.2)% | Other Assets and Liabilities, net (3.2)% |  | (15366) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 482648 |

---

#### 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. Note 4, Securities and Other Investments, in the Notes to Financial Statements for more information regarding unfunded loan commitments.  |

---

---

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

---

(a) Payment in-kind security.

#### 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> |
| BOS | 3.750% | 12/31/2025 | 01/02/2026 | $2600 | U.S. Treasury Notes 0.625% due 08/15/2030 | $(2650) | $2600 | $2600 |
| SAL | 3.870 | 12/31/2025 | 01/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91100 | U.S. Treasury Bills 0.000% due 10/29/2026 | (92990) | 91100 | 91120 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(95640) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93700 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93720 |

---

152 PIMCO ETF TRUST See Accompanying Notes

------

December 31, 2025 (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, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| 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 |
|  BOS | $2600 | $0 | $0 | $0 | $2600 | $(2650) | $(50) |
|  SAL | 91120 | 0 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(92990) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1870) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93720 | $&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 |  |  |  |

---

<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, 2025 was $(22) at a weighted average interest rate of 3.700%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** 

&nbsp;&nbsp;&nbsp;&nbsp;(c) 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  | 03/2026 | 88 | $9619 | $(1) | $0 | $(10) |
|  U.S. Treasury 10-Year Note March Futures  | 03/2026 | 8 | 900 | (2) | 0 | (2) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) |

---

#### 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 Long-Term Bond March Futures  | 03/2026 | 28 | $(3237) | $16 | $6 | $0 |
|  U.S. Ultra Treasury 10-Year Note March Futures  | 03/2026 | 13 | (1495) | 3 | 3 | 0 |
|  |  |  |  | $19 | $9 | $0 |
|  Total Futures Contracts |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(1)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(2)</sup> | Premiums<br>Paid/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(3)</sup> | Variation Margin | Variation Margin |
| Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(2)</sup> | Premiums<br>Paid/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(3)</sup> | Asset | Liability |
|  CDX.HY-43 5-Year Index | 5.000% | Quarterly | 12/20/2029 | $9925 | $614 | $155 | $769 | $0 | $(5) |
|  CDX.HY-44 5-Year Index | 5.000 | Quarterly | 06/20/2030 | 6150 | 186 | 311 | 497 | 0 | (3) |
|  CDX.HY-45 5-Year Index | 5.000 | Quarterly | 12/20/2030 | 46875 | 3531 | 113 | 3644 | 0 | (19) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4331 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4910 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27) |

---

#### 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/<br>(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/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.750% | Annual | 06/15/2027 | $6000 | $287 | $(68) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219 | $3 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.326 | Annual | 12/17/2029 | 2900 | 1 | 7 | 8 | 4 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 03/19/2030 | 1825 | 72 | (24) | 48 | 3 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2030 | 6750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125 | (39) | 86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1350 | 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) | 33 | 2 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **153** |

---

------

Schedule of Investments PIMCO Senior Loan Active Exchange-Traded Fund (Cont.)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/<br>(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/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250% | Annual | 06/18/2032 | $3350 | $93 | $(15) | $78 | $6 | $0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.532 | Annual | 08/20/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100 | (15) | 32 | 17 | 2 | 0 |
|  |  |  |  |  |  | $613 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(124) | $489 | $30 | $0 |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4944 | $455 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5399 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27) |

---

#### 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, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 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<sup>(4)</sup> | Variation Margin<br>Asset<sup>(4)</sup> | | Market Value | Variation Margin<br>Liability<sup>(4)</sup> |  | |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | Total | Written<br>Options | Futures |  | Total |
|  Total Exchange-Traded or Centrally Cleared | $&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;34 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) | $(27) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41) |

---

Cash of $6,368 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2025. 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> 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. 

<sup>(4)</sup> Unsettled variation margin asset of $4 for closed swaps and margin liability of $(2) for closed futures is outstanding at period end. 

#### 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, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 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 | 0 | 0 | 0 | 34 | 34 |
|  | $&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;43 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 |
|  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 | $14 | $14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 27 | 0 | 0 | 0 | 27 |
|  | $0 | $27 | $0 | $0 | $14 | $41 |

---

154 PIMCO ETF TRUST See Accompanying Notes

------

December 31, 2025 (Unaudited)

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 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 | $79 | $79 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 2592 | 0 | 0 | 21 | 2613 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2592 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $100 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2692 |
|  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 | $1141 | $1141 |
|  | $0 | $2592 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1241 | $3833 |
|  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 | $(80) | $(80) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (204) | 0 | 0 | 60 | (144) |
|  | $0 | $(204) | $0 | $0 | $(20) | $(224) |
|  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 | $(906) | $(906) |
|  | $0 | $(204) | $0 | $0 | $(926) | $(1130) |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of December 31, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>12/31/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $0 | $376438 | $16990 | $393428 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 0 | 934 | 0 | 934 |
| &nbsp;&nbsp; Industrials | 0 | 9301 | 0 | 9301 |
|  U.S. Treasury Obligations | 0 | 649 | 0 | 649 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 93700 | 0 | 93700 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;481022 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16990 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498012 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>12/31/2025 |
|  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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $39 | $0 | $39 |
|  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 | $(39) | $0 | $(39) |
|  Total Financial Derivative Instruments | $0 | $0 | $0 | $0 |
|  Totals | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;481022 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16990 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498012 |

---

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended December 31, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Beginning<br>Balance<br>at 06/30/2025 | 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 12/31/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>12/31/2025<sup>(1)</sup> |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $23931 | $11129 | $(18264) | $6 | $(427) | $580 | $5148 | $(5113) | $16990 | $46 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23931 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11129 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18264) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(427) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5148 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5113) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16990 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 |

---

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 12/31/2025** | **Valuation<br>Technique** | **Unobservable<br>Inputs** | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| **Category and Subcategory** | **Ending<br>Balance<br>at 12/31/2025** | **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 | $16990 | Third Party Vendor | Broker Quote | 98.875-100.875 | 100.200 |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16990 |  |  |  |  |

---

<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, 2025 may be due to an investment no longer held or categorized as Level 3 at period end.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **155** |

---

------

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 99.2% | INVESTMENTS IN SECURITIES 99.2% | INVESTMENTS IN SECURITIES 99.2% |
| MUNICIPAL BONDS & NOTES 86.4% | MUNICIPAL BONDS & NOTES 86.4% | MUNICIPAL BONDS & NOTES 86.4% |
| ALABAMA 4.6% | ALABAMA 4.6% | ALABAMA 4.6% |
|  Alabama Housing Finance Authority Revenue Notes, Series 2024 | Alabama Housing Finance Authority Revenue Notes, Series 2024 | Alabama Housing Finance Authority Revenue Notes, Series 2024 |
|  5.000% due 02/01/2029 | 840 | 873 |
|  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 |
|  3.670% (MUNIPSA) due 10/01/2052 ~ | 1500 | 1487 |
|  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 04/01/2053 | 8745 | 8816 |
|  5.250% due 02/01/2053 | 680 | 718 |
|  Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2023 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2023 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2023 |
|  5.250% due 12/01/2053 | 2000 | 2155 |
|  5.500% due 06/01/2049 | 1470 | 1551 |
|  5.500% due 10/01/2054 | 2400 | 2639 |
|  Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2024 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2024 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2024 |
|  5.000% due 03/01/2055 | 2700 | 2889 |
|  5.000% due 10/01/2055 | 1800 | 1937 |
|  Black Belt Energy Gas District, Alabama Revenue Notes, Series 2025 | Black Belt Energy Gas District, Alabama Revenue Notes, Series 2025 | Black Belt Energy Gas District, Alabama Revenue Notes, Series 2025 |
|  5.000% due 10/01/2035 | 4500 | 4769 |
|  Energy Southeast A Cooperative District, Alabama Revenue Bonds, Series 2023 | Energy Southeast A Cooperative District, Alabama Revenue Bonds, Series 2023 | Energy Southeast A Cooperative District, Alabama Revenue Bonds, Series 2023 |
|  5.750% due 04/01/2054 | 1000 | 1108 |
|  Jefferson County, Alabama Sewer Revenue Notes, Series 2024 | Jefferson County, Alabama Sewer Revenue Notes, Series 2024 | Jefferson County, Alabama Sewer Revenue Notes, Series 2024 |
|  5.000% due 10/01/2031 | 3000 | 3314 |
|  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 |
|  3.450% due 11/01/2033 | 725 | 728 |
|  Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2023 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2023 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2023 |
|  5.000% due 01/01/2054 | 2400 | 2539 |
|  Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2024 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2024 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2024 |
|  5.000% due 11/01/2035 | 3300 | 3506 |
|  Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2025 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2025 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2025 |
|  5.000% due 05/01/2055 | 3500 | 3747 |
|  Southeast Energy Authority A Cooperative District, Alabama Revenue Notes, Series 2025 | Southeast Energy Authority A Cooperative District, Alabama Revenue Notes, Series 2025 | Southeast Energy Authority A Cooperative District, Alabama Revenue Notes, Series 2025 |
|  5.000% due 11/01/2035 | 1600 | 1718 |
|  |  | 44494 |
| ARIZONA 1.2% | ARIZONA 1.2% | ARIZONA 1.2% |
|  Arizona Health Facilities Authority Revenue Bonds, Series 2015 | Arizona Health Facilities Authority Revenue Bonds, Series 2015 | Arizona Health Facilities Authority Revenue Bonds, Series 2015 |
|  3.570% (MUNIPSA) due 01/01/2046 ~ | 950 | 945 |
|  Coconino County, Arizona Pollution Control Corp. Revenue Bonds, Series 2017 | Coconino County, Arizona Pollution Control Corp. Revenue Bonds, Series 2017 | Coconino County, Arizona Pollution Control Corp. Revenue Bonds, Series 2017 |
|  3.750% due 03/01/2039 | 1000 | 1001 |
|  Maricopa County, Arizona & Phoenix Industrial Development Authorities Revenue Bonds, (GNMA Insured), Series 2025 | Maricopa County, Arizona & Phoenix Industrial Development Authorities Revenue Bonds, (GNMA Insured), Series 2025 | Maricopa County, Arizona & Phoenix Industrial Development Authorities Revenue Bonds, (GNMA Insured), Series 2025 |
|  5.750% due 03/01/2056 | 1095 | 1209 |
|  Maricopa County, Arizona Industrial Development Authority Revenue Bonds, Series 2023 | Maricopa County, Arizona Industrial Development Authority Revenue Bonds, Series 2023 | Maricopa County, Arizona Industrial Development Authority Revenue Bonds, Series 2023 |
|  5.000% due 01/01/2053 | 4355 | 4492 |
|  Maricopa County, Arizona Pollution Control Corp. Revenue Bonds, Series 2003 | Maricopa County, Arizona Pollution Control Corp. Revenue Bonds, Series 2003 | Maricopa County, Arizona Pollution Control Corp. Revenue Bonds, Series 2003 |
|  3.875% due 01/01/2038 | 3000 | 3050 |
|  Town of Gilbert, Arizona General Obligation Notes, Series 2022 | Town of Gilbert, Arizona General Obligation Notes, Series 2022 | Town of Gilbert, Arizona General Obligation Notes, Series 2022 |
|  5.000% due 07/15/2028 | 1425 | 1517 |
|  |  | 12214 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| CALIFORNIA 4.3% | CALIFORNIA 4.3% | CALIFORNIA 4.3% |
|  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 |
|  3.730% (MUNIPSA) due 04/01/2056 ~ | 2000 | 1971 |
|  3.770% (MUNIPSA) due 04/01/2056 ~ | 1500 | 1498 |
|  California Community Choice Financing Authority Revenue Bonds, Series 2023 | California Community Choice Financing Authority Revenue Bonds, Series 2023 | California Community Choice Financing Authority Revenue Bonds, Series 2023 |
|  5.000% due 02/01/2054 | 2500 | 2661 |
|  California Health Facilities Financing Authority Revenue Bonds, Series 2025 | California Health Facilities Financing Authority Revenue Bonds, Series 2025 | California Health Facilities Financing Authority Revenue Bonds, Series 2025 |
|  5.000% due 10/01/2050 | 2600 | 2800 |
|  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 |
|  4.020% (MUNIPSA) due 12/01/2050 ~ | 1000 | 999 |
|  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 | 1150 |
|  California State General Obligation Bonds, Series 2016 | California State General Obligation Bonds, Series 2016 | California State General Obligation Bonds, Series 2016 |
|  5.000% due 09/01/2031 | 975 | 990 |
|  California State General Obligation Bonds, Series 2017 | California State General Obligation Bonds, Series 2017 | California State General Obligation Bonds, Series 2017 |
|  5.000% due 08/01/2029 | 7000 | 7099 |
|  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 | 1313 |
|  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 | 1650 |
|  California Statewide Communities Development Authority Revenue Notes, Series 2021 | California Statewide Communities Development Authority Revenue Notes, Series 2021 | California Statewide Communities Development Authority Revenue Notes, Series 2021 |
|  1.462% due 02/01/2028 | 3680 | 3492 |
|  East Bay Municipal Utility District Water System, California Revenue Notes, Series 2025 | East Bay Municipal Utility District Water System, California Revenue Notes, Series 2025 | East Bay Municipal Utility District Water System, California Revenue Notes, Series 2025 |
|  5.000% due 06/01/2028 | 8000 | 8567 |
|  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 |
|  3.850% due 06/01/2050 | 745 | 681 |
|  Inland Empire Tobacco Securitization Corp. California Revenue Bonds, Series 2019 | Inland Empire Tobacco Securitization Corp. California Revenue Bonds, Series 2019 | Inland Empire Tobacco Securitization Corp. California Revenue Bonds, Series 2019 |
|  3.678% due 06/01/2038 | 600 | 582 |
|  San Francisco Unified School District, California General Obligation Notes, Series 2025 | San Francisco Unified School District, California General Obligation Notes, Series 2025 | San Francisco Unified School District, California General Obligation Notes, Series 2025 |
|  5.000% due 06/15/2026 | 3025 | 3061 |
|  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 | 2490 |
|  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 | 1079 |
|  |  | 42083 |
| COLORADO 3.1% | COLORADO 3.1% | COLORADO 3.1% |
|  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 | 1702 |
|  Colorado Health Facilities Authority Revenue Bonds, Series 2022 | Colorado Health Facilities Authority Revenue Bonds, Series 2022 | Colorado Health Facilities Authority Revenue Bonds, Series 2022 |
|  3.870% (MUNIPSA) due 05/15/2061 ~ | 5000 | 4998 |
|  Colorado Health Facilities Authority Revenue Bonds, Series 2023 | Colorado Health Facilities Authority Revenue Bonds, Series 2023 | Colorado Health Facilities Authority Revenue Bonds, Series 2023 |
|  5.000% due 11/15/2058 | 1000 | 1057 |
|  Colorado Health Facilities Authority Revenue Bonds, Series 2024 | Colorado Health Facilities Authority Revenue Bonds, Series 2024 | Colorado Health Facilities Authority Revenue Bonds, Series 2024 |
|  5.000% due 12/01/2034 | 2500 | 2845 |
|  5.000% due 11/15/2059 | 2200 | 2376 |
|  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 | 175 | 172 |
|  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 | 508 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  E-470 Public Highway Authority, Colorado Revenue Bonds, Series 2024 | E-470 Public Highway Authority, Colorado Revenue Bonds, Series 2024 | E-470 Public Highway Authority, Colorado Revenue Bonds, Series 2024 |
|  3.276% (SOFRRATE) due 09/01/2039 ~ | 2900 | 2895 |
|  Eagle County, Colorado Housing & Development Authority Revenue Bonds, Series 2025 | Eagle County, Colorado Housing & Development Authority Revenue Bonds, Series 2025 | Eagle County, Colorado Housing & Development Authority Revenue Bonds, Series 2025 |
|  3.550% due 12/01/2045 | 3750 | 3771 |
|  University of Colorado Hospital Authority Revenue Notes, Series 2024 | University of Colorado Hospital Authority Revenue Notes, Series 2024 | University of Colorado Hospital Authority Revenue Notes, Series 2024 |
|  5.000% due 11/15/2031 | 3400 | 3841 |
|  University of Colorado Revenue Notes, Series 2024 | University of Colorado Revenue Notes, Series 2024 | University of Colorado Revenue Notes, Series 2024 |
|  5.000% due 10/01/2028 | 5490 | 5867 |
|  |  | 30032 |
| CONNECTICUT 1.8% | CONNECTICUT 1.8% | CONNECTICUT 1.8% |
|  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 | 1038 |
|  5.000% due 07/01/2029 | 3000 | 3256 |
|  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 | 1606 |
|  Connecticut State General Obligation Notes, Series 2025 | Connecticut State General Obligation Notes, Series 2025 | Connecticut State General Obligation Notes, Series 2025 |
|  5.000% due 12/01/2030 | 2500 | 2792 |
|  5.000% due 12/01/2031 | 2500 | 2839 |
|  5.000% due 12/01/2033 | 5000 | 5813 |
|  |  | 17344 |
| DISTRICT OF COLUMBIA 1.1% | DISTRICT OF COLUMBIA 1.1% | DISTRICT OF COLUMBIA 1.1% |
|  District of Columbia General Obligation Bonds, Series 2018 | District of Columbia General Obligation Bonds, Series 2018 | District of Columbia General Obligation Bonds, Series 2018 |
|  5.000% due 06/01/2030 | 2205 | 2335 |
|  District of Columbia Income Tax Revenue Notes, Series 2025 | District of Columbia Income Tax Revenue Notes, Series 2025 | District of Columbia Income Tax Revenue Notes, Series 2025 |
|  5.000% due 06/01/2027 | 8000 | 8290 |
|  |  | 10625 |
| FLORIDA 3.4% | FLORIDA 3.4% | FLORIDA 3.4% |
|  Duval County, Florida Public Schools Certificates of Participation Notes, (AGC Insured), Series 2025 | Duval County, Florida Public Schools Certificates of Participation Notes, (AGC Insured), Series 2025 | Duval County, Florida Public Schools Certificates of Participation Notes, (AGC Insured), Series 2025 |
|  5.000% due 07/01/2028 | 3250 | 3440 |
|  Florida Development Finance Corp. Revenue Notes, Series 2023 | Florida Development Finance Corp. Revenue Notes, Series 2023 | Florida Development Finance Corp. Revenue Notes, Series 2023 |
|  5.000% due 09/01/2026 | 1550 | 1555 |
|  Florida Housing Finance Corp. Revenue Bonds, Series 2024 | Florida Housing Finance Corp. Revenue Bonds, Series 2024 | Florida Housing Finance Corp. Revenue Bonds, Series 2024 |
|  3.500% due 11/01/2042 | 3000 | 3030 |
|  Florida Housing Finance Corp. Revenue Notes, Series 2025 | Florida Housing Finance Corp. Revenue Notes, Series 2025 | Florida Housing Finance Corp. Revenue Notes, Series 2025 |
|  3.650% due 05/01/2028 | 1110 | 1118 |
|  Lee County, Florida Airport Revenue Bonds, Series 2019 | Lee County, Florida Airport Revenue Bonds, Series 2019 | Lee County, Florida Airport Revenue Bonds, Series 2019 |
|  5.000% due 04/01/2033 | 1000 | 1001 |
|  Miami-Dade County, Florida Housing Finance Authority Revenue Bonds, Series 2025 | Miami-Dade County, Florida Housing Finance Authority Revenue Bonds, Series 2025 | Miami-Dade County, Florida Housing Finance Authority Revenue Bonds, Series 2025 |
|  3.250% due 02/01/2044 | 12500 | 12596 |
|  Mid-Bay Bridge Authority, Florida Revenue Notes, (AGC Insured), Series 2025 | Mid-Bay Bridge Authority, Florida Revenue Notes, (AGC Insured), Series 2025 | Mid-Bay Bridge Authority, Florida Revenue Notes, (AGC Insured), Series 2025 |
|  5.000% due 10/01/2026 | 2240 | 2275 |
|  Orange County, Florida School Board Certificates of Participation Notes, Series 2024 | Orange County, Florida School Board Certificates of Participation Notes, Series 2024 | Orange County, Florida School Board Certificates of Participation Notes, Series 2024 |
|  5.000% due 08/01/2033 | 4000 | 4595 |
|  Palm Beach County, Florida School District Certificates of Participation Notes, Series 2025 | Palm Beach County, Florida School District Certificates of Participation Notes, Series 2025 | Palm Beach County, Florida School District Certificates of Participation Notes, Series 2025 |
|  5.000% due 08/01/2028 | 3750 | 3981 |
|  |  | 33591 |
| GEORGIA 4.7% | GEORGIA 4.7% | GEORGIA 4.7% |
|  Atlanta Urban Residential Finance Authority, Georgia Revenue Bonds, Series 2024 | Atlanta Urban Residential Finance Authority, Georgia Revenue Bonds, Series 2024 | Atlanta Urban Residential Finance Authority, Georgia Revenue Bonds, Series 2024 |
|  2.990% due 10/01/2042 | 7300 | 7318 |

---

---

| | | |
|:---|:---|:---|
| **156** | **PIMCO ETF TRUST** | See Accompanying Notes |

---

------

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  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 | 2782 |
|  Cobb County, Georgia Kennestone Hospital Authority Revenue Notes, Series 2023 | Cobb County, Georgia Kennestone Hospital Authority Revenue Notes, Series 2023 | Cobb County, Georgia Kennestone Hospital Authority Revenue Notes, Series 2023 |
|  5.000% due 04/01/2029 | 1625 | 1742 |
|  5.000% due 04/01/2030 | 1500 | 1640 |
|  College Park Housing Authority, Georgia Revenue Bonds, Series 2025 | College Park Housing Authority, Georgia Revenue Bonds, Series 2025 | College Park Housing Authority, Georgia Revenue Bonds, Series 2025 |
|  3.450% due 04/01/2044 | 3000 | 3026 |
|  Columbus County, Georgia Housing Authority Revenue Notes, (HUD Insured), Series 2025 | Columbus County, Georgia Housing Authority Revenue Notes, (HUD Insured), Series 2025 | Columbus County, Georgia Housing Authority Revenue Notes, (HUD Insured), Series 2025 |
|  5.000% due 04/01/2028 | 600 | 614 |
|  DeKalb County, Georgia Housing Authority Revenue Notes, Series 2025 | DeKalb County, Georgia Housing Authority Revenue Notes, Series 2025 | DeKalb County, Georgia Housing Authority Revenue Notes, Series 2025 |
|  3.230% due 04/01/2026 | 430 | 430 |
|  Development Authority of Burke County, Georgia Revenue Bonds, Series 2013 | Development Authority of Burke County, Georgia Revenue Bonds, Series 2013 | Development Authority of Burke County, Georgia Revenue Bonds, Series 2013 |
|  3.375% due 11/01/2053 | 4350 | 4369 |
|  Development Authority of Burke County, Georgia Revenue Bonds, Series 2018 | Development Authority of Burke County, Georgia Revenue Bonds, Series 2018 | Development Authority of Burke County, Georgia Revenue Bonds, Series 2018 |
|  2.550% due 11/01/2052 | 10000 | 10000 |
|  Douglas County Housing Authority, Georgia Revenue Notes, Series 2024 | Douglas County Housing Authority, Georgia Revenue Notes, Series 2024 | Douglas County Housing Authority, Georgia Revenue Notes, Series 2024 |
|  5.000% due 10/01/2028 | 1000 | 1033 |
|  Housing Authority of the City of Waycross, Georgia Revenue Notes, (HUD Insured), Series 2024 | Housing Authority of the City of Waycross, Georgia Revenue Notes, (HUD Insured), Series 2024 | Housing Authority of the City of Waycross, Georgia Revenue Notes, (HUD Insured), Series 2024 |
|  5.000% due 04/01/2028 | 1687 | 1728 |
|  Lawrenceville Housing Authority, Georgia Revenue Notes, Series 2024 | Lawrenceville Housing Authority, Georgia Revenue Notes, Series 2024 | Lawrenceville Housing Authority, Georgia Revenue Notes, Series 2024 |
|  5.000% due 10/01/2028 | 1615 | 1671 |
|  Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2022 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2022 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2022 |
|  4.000% due 09/01/2052 | 1000 | 1025 |
|  5.000% due 12/01/2052 | 3000 | 3138 |
|  Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2023 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2023 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2023 |
|  5.000% due 06/01/2053 | 750 | 791 |
|  Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2024 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2024 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2024 |
|  5.000% due 12/01/2054 | 750 | 803 |
|  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 01/01/2026 | 385 | 385 |
|  Municipal Electric Authority of Georgia Revenue Notes, Series 2024 | Municipal Electric Authority of Georgia Revenue Notes, Series 2024 | Municipal Electric Authority of Georgia Revenue Notes, Series 2024 |
|  5.000% due 01/01/2031 | 1250 | 1377 |
|  5.000% due 01/01/2032 | 1000 | 1117 |
|  Warner Robins Housing Authority Resident Council Corp. Georgia Revenue Notes, Series 2024 | Warner Robins Housing Authority Resident Council Corp. Georgia Revenue Notes, Series 2024 | Warner Robins Housing Authority Resident Council Corp. Georgia Revenue Notes, Series 2024 |
|  5.000% due 02/01/2029 | 775 | 807 |
|  |  | 45796 |
| IDAHO 0.5% | IDAHO 0.5% | IDAHO 0.5% |
|  Idaho Housing & Finance Association Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | Idaho Housing & Finance Association Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | Idaho Housing & Finance Association Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 |
|  6.250% due 01/01/2056 | 1250 | 1416 |
|  Idaho Housing & Finance Association Revenue Bonds, Series 2025 | Idaho Housing & Finance Association Revenue Bonds, Series 2025 | Idaho Housing & Finance Association Revenue Bonds, Series 2025 |
|  3.350% due 06/10/2050 | 3600 | 3624 |
|  |  | 5040 |
| ILLINOIS 4.4% | ILLINOIS 4.4% | ILLINOIS 4.4% |
|  Chicago Midway International Airport, Illinois Revenue Notes, (BAM Insured), Series 2023 | Chicago Midway International Airport, Illinois Revenue Notes, (BAM Insured), Series 2023 | Chicago Midway International Airport, Illinois Revenue Notes, (BAM Insured), Series 2023 |
|  5.000% due 01/01/2028 | 1465 | 1534 |
|  5.000% due 01/01/2029 | 2000 | 2140 |
|  Chicago, Illinois Revenue Notes, Series 2025 | Chicago, Illinois Revenue Notes, Series 2025 | Chicago, Illinois Revenue Notes, Series 2025 |
|  3.200% due 10/01/2028 | 2800 | 2812 |
|  Illinois Finance Authority Revenue Bonds, Series 2021 | Illinois Finance Authority Revenue Bonds, Series 2021 | Illinois Finance Authority Revenue Bonds, Series 2021 |
|  4.020% (MUNIPSA) due 05/01/2042 ~ | 1000 | 997 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Illinois Finance Authority Revenue Notes, Series 2025 | Illinois Finance Authority Revenue Notes, Series 2025 | Illinois Finance Authority Revenue Notes, Series 2025 |
|  5.000% due 08/15/2031 | 5000 | 5515 |
|  Illinois Housing Development Authority Revenue Notes, (HUD Insured), Series 2024 | Illinois Housing Development Authority Revenue Notes, (HUD Insured), Series 2024 | Illinois Housing Development Authority Revenue Notes, (HUD Insured), Series 2024 |
|  5.000% due 10/01/2027 | 2000 | 2027 |
|  Illinois Housing Development Authority Revenue Notes, Series 2025 | Illinois Housing Development Authority Revenue Notes, Series 2025 | Illinois Housing Development Authority Revenue Notes, Series 2025 |
|  3.150% due 02/01/2029 | 4750 | 4754 |
|  Illinois State General Obligation Notes, Series 2020 | Illinois State General Obligation Notes, Series 2020 | Illinois State General Obligation Notes, Series 2020 |
|  5.000% due 10/01/2028 | 3200 | 3378 |
|  5.500% due 05/01/2030 | 7750 | 8296 |
|  Illinois State General Obligation Notes, Series 2024 | Illinois State General Obligation Notes, Series 2024 | Illinois State General Obligation Notes, Series 2024 |
|  5.000% due 05/01/2029 | 3000 | 3204 |
|  5.000% due 02/01/2032 | 2000 | 2221 |
|  5.000% due 02/01/2033 | 3000 | 3360 |
|  Illinois State Toll Highway Authority Revenue Notes, Series 2024 | Illinois State Toll Highway Authority Revenue Notes, Series 2024 | Illinois State Toll Highway Authority Revenue Notes, Series 2024 |
|  5.000% due 01/01/2030 | 1000 | 1095 |
|  5.000% due 01/01/2031 | 1250 | 1396 |
|  |  | 42729 |
| INDIANA 1.7% | INDIANA 1.7% | INDIANA 1.7% |
|  Indiana Finance Authority Revenue Bonds, Series 2010 | Indiana Finance Authority Revenue Bonds, Series 2010 | Indiana Finance Authority Revenue Bonds, Series 2010 |
|  3.000% due 11/01/2030 | 2500 | 2453 |
|  Indiana Finance Authority Revenue Bonds, Series 2012 | Indiana Finance Authority Revenue Bonds, Series 2012 | Indiana Finance Authority Revenue Bonds, Series 2012 |
|  3.000% due 11/01/2030 | 4400 | 4306 |
|  Indiana Finance Authority Revenue Bonds, Series 2023 | Indiana Finance Authority Revenue Bonds, Series 2023 | Indiana Finance Authority Revenue Bonds, Series 2023 |
|  5.000% due 10/01/2062 | 2000 | 2099 |
|  Indiana Finance Authority Revenue Bonds, Series 2025 | Indiana Finance Authority Revenue Bonds, Series 2025 | Indiana Finance Authority Revenue Bonds, Series 2025 |
|  5.000% due 10/01/2063 | 1500 | 1652 |
|  Indiana Finance Authority Revenue Notes, Series 2025 | Indiana Finance Authority Revenue Notes, Series 2025 | Indiana Finance Authority Revenue Notes, Series 2025 |
|  5.000% due 11/15/2028 | 4300 | 4577 |
|  Whiting, Indiana Revenue Bonds, Series 2008 | Whiting, Indiana Revenue Bonds, Series 2008 | Whiting, Indiana Revenue Bonds, Series 2008 |
|  4.200% due 06/01/2044 | 1600 | 1683 |
|  |  | 16770 |
| KANSAS 1.4% | KANSAS 1.4% | KANSAS 1.4% |
|  Burlington, Kansas Revenue Bonds, Series 2023 | Burlington, Kansas Revenue Bonds, Series 2023 | Burlington, Kansas Revenue Bonds, Series 2023 |
|  4.300% due 03/01/2045 | 5500 | 5508 |
|  Kansas Development Finance Authority Revenue Notes, Series 2025 | Kansas Development Finance Authority Revenue Notes, Series 2025 | Kansas Development Finance Authority Revenue Notes, Series 2025 |
|  5.000% due 09/01/2028 | 1000 | 1031 |
|  Kansas Housing Development Finance Authority Revenue Notes, (HUD Insured), Series 2024 | Kansas Housing Development Finance Authority Revenue Notes, (HUD Insured), Series 2024 | Kansas Housing Development Finance Authority Revenue Notes, (HUD Insured), Series 2024 |
|  3.010% due 11/01/2027 | 2400 | 2401 |
|  Shawnee County, Kansas Revenue Bonds, Series 2025 | Shawnee County, Kansas Revenue Bonds, Series 2025 | Shawnee County, Kansas Revenue Bonds, Series 2025 |
|  3.750% due 05/01/2059 | 5000 | 5045 |
|  |  | 13985 |
| KENTUCKY 2.0% | KENTUCKY 2.0% | KENTUCKY 2.0% |
|  Kentucky Asset Liability Commission Revenue Notes, Series 2024 | Kentucky Asset Liability Commission Revenue Notes, Series 2024 | Kentucky Asset Liability Commission Revenue Notes, Series 2024 |
|  5.000% due 09/01/2026 | 5000 | 5076 |
|  Kentucky Economic Development Finance Authority Revenue Bonds, Series 2015 | Kentucky Economic Development Finance Authority Revenue Bonds, Series 2015 | Kentucky Economic Development Finance Authority Revenue Bonds, Series 2015 |
|  4.250% due 07/01/2035 | 1000 | 1001 |
|  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 | 504 |
|  Kentucky Public Energy Authority Revenue Bonds, Series 2024 | Kentucky Public Energy Authority Revenue Bonds, Series 2024 | Kentucky Public Energy Authority Revenue Bonds, Series 2024 |
|  5.000% due 01/01/2055 | 750 | 807 |
|  Kentucky Public Energy Authority Revenue Bonds, Series 2025 | Kentucky Public Energy Authority Revenue Bonds, Series 2025 | Kentucky Public Energy Authority Revenue Bonds, Series 2025 |
|  5.000% due 05/01/2036 | 5400 | 5740 |
|  5.250% due 06/01/2055 | 3750 | 3968 |
|  Kentucky State Property & Building Commission Revenue Bonds, Series 2016 | Kentucky State Property & Building Commission Revenue Bonds, Series 2016 | Kentucky State Property & Building Commission Revenue Bonds, Series 2016 |
|  5.000% due 11/01/2028 | 1810 | 1848 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Kentucky State Property & Building Commission Revenue Notes, Series 2022 | Kentucky State Property & Building Commission Revenue Notes, Series 2022 | Kentucky State Property & Building Commission Revenue Notes, Series 2022 |
|  5.000% due 06/01/2031 | 500 | 560 |
|  |  | 19504 |
| LOUISIANA 0.6% | LOUISIANA 0.6% | LOUISIANA 0.6% |
|  Louisiana Housing Corp. Revenue Notes, (FHA Insured), Series 2024 | Louisiana Housing Corp. Revenue Notes, (FHA Insured), Series 2024 | Louisiana Housing Corp. Revenue Notes, (FHA Insured), Series 2024 |
|  5.000% due 04/01/2028 | 4200 | 4294 |
|  Louisiana Public Facilities Authority Revenue Notes, Series 2025 | Louisiana Public Facilities Authority Revenue Notes, Series 2025 | Louisiana Public Facilities Authority Revenue Notes, Series 2025 |
|  5.000% due 05/15/2030 | 1800 | 1948 |
|  |  | 6242 |
| MARYLAND 1.1% | MARYLAND 1.1% | MARYLAND 1.1% |
|  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 | 3085 |
|  Maryland Community Development Administration Revenue Notes, Series 2025 | Maryland Community Development Administration Revenue Notes, Series 2025 | Maryland Community Development Administration Revenue Notes, Series 2025 |
|  3.700% due 01/01/2029 | 3450 | 3499 |
|  Maryland Department of Housing & Community Development Corp. Revenue Bonds, Series 2025 | Maryland Department of Housing & Community Development Corp. Revenue Bonds, Series 2025 | Maryland Department of Housing & Community Development Corp. Revenue Bonds, Series 2025 |
|  6.250% due 09/01/2056 | 3100 | 3467 |
|  Prince George's County, Maryland General Obligation Notes, Series 2024 | Prince George's County, Maryland General Obligation Notes, Series 2024 | Prince George's County, Maryland General Obligation Notes, Series 2024 |
|  5.000% due 09/01/2026 | 440 | 447 |
|  |  | 10498 |
| MASSACHUSETTS 1.3% | MASSACHUSETTS 1.3% | MASSACHUSETTS 1.3% |
|  Commonwealth of Massachusetts General Obligation Notes, Series 2025 | Commonwealth of Massachusetts General Obligation Notes, Series 2025 | Commonwealth of Massachusetts General Obligation Notes, Series 2025 |
|  5.000% due 07/01/2035 | 3500 | 4146 |
|  Commonwealth of Massachusetts Special Obligation Revenue Bonds, (BAM Insured), Series 2005 | Commonwealth of Massachusetts Special Obligation Revenue Bonds, (BAM Insured), Series 2005 | Commonwealth of Massachusetts Special Obligation Revenue Bonds, (BAM Insured), Series 2005 |
|  5.500% due 01/01/2034 | 5000 | 5870 |
|  Massachusetts Bay Transportation Authority Sales Tax Revenue Notes, Series 2023 | Massachusetts Bay Transportation Authority Sales Tax Revenue Notes, Series 2023 | Massachusetts Bay Transportation Authority Sales Tax Revenue Notes, Series 2023 |
|  5.000% due 07/01/2029 | 1300 | 1418 |
|  Massachusetts Development Finance Agency Revenue Bonds, Series 2019 | Massachusetts Development Finance Agency Revenue Bonds, Series 2019 | Massachusetts Development Finance Agency Revenue Bonds, Series 2019 |
|  3.920% (MUNIPSA) due 07/01/2049 ~ | 1750 | 1751 |
|  |  | 13185 |
| MICHIGAN 2.5% | MICHIGAN 2.5% | MICHIGAN 2.5% |
|  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 |
|  3.445% (TSFR3M) due 07/01/2032 ~ | 2000 | 1994 |
|  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 |
|  4.070% (MUNIPSA) due 04/15/2047 ~ | 3000 | 2993 |
|  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 | 1897 |
|  Michigan Finance Authority Revenue Notes, Series 2024 | Michigan Finance Authority Revenue Notes, Series 2024 | Michigan Finance Authority Revenue Notes, Series 2024 |
|  5.000% due 02/28/2029 | 900 | 955 |
|  5.000% due 02/28/2030 | 1170 | 1263 |
|  Michigan State Building Authority Revenue Bonds, Series 2020 | Michigan State Building Authority Revenue Bonds, Series 2020 | Michigan State Building Authority Revenue Bonds, Series 2020 |
|  3.420% due 10/15/2042 | 1000 | 1000 |
|  Michigan State Housing Development Authority Revenue Bonds, Series 2024 | Michigan State Housing Development Authority Revenue Bonds, Series 2024 | Michigan State Housing Development Authority Revenue Bonds, Series 2024 |
|  6.250% due 06/01/2055 | 690 | 759 |
|  Michigan State Housing Development Authority Revenue Notes, (HUD Insured), Series 2025 | Michigan State Housing Development Authority Revenue Notes, (HUD Insured), Series 2025 | Michigan State Housing Development Authority Revenue Notes, (HUD Insured), Series 2025 |
|  2.920% due 05/01/2029 | 3500 | 3492 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **157** |

---

------

Schedule of Investments PIMCO Short Term Municipal Bond Active Exchange-Traded Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Michigan State Housing Development Authority Revenue Notes, Series 2025 | Michigan State Housing Development Authority Revenue Notes, Series 2025 | Michigan State Housing Development Authority Revenue Notes, Series 2025 |
|  3.350% due 09/01/2027 | 985 | 987 |
|  Michigan Trunk Line State Revenue Notes, Series 2023 | Michigan Trunk Line State Revenue Notes, Series 2023 | Michigan Trunk Line State Revenue Notes, Series 2023 |
|  5.000% due 11/15/2026 | 1500 | 1533 |
|  Western Michigan University Revenue Notes, (AGC Insured), Series 2025 | Western Michigan University Revenue Notes, (AGC Insured), Series 2025 | Western Michigan University Revenue Notes, (AGC Insured), Series 2025 |
|  5.000% due 11/15/2028 | 7530 | 8011 |
|  |  | 24884 |
| MINNESOTA 0.9% | MINNESOTA 0.9% | MINNESOTA 0.9% |
|  Housing & Redevelopment Authority of The City of St Paul Minnesota Revenue Bonds, Series 2017 | Housing & Redevelopment Authority of The City of St Paul Minnesota Revenue Bonds, Series 2017 | Housing & Redevelopment Authority of The City of St Paul Minnesota Revenue Bonds, Series 2017 |
|  5.000% due 11/15/2028 | 600 | 619 |
|  5.000% due 11/15/2029 | 550 | 567 |
|  Housing & Redevelopment Authority of The City of St Paul Minnesota Revenue Notes, Series 2025 | Housing & Redevelopment Authority of The City of St Paul Minnesota Revenue Notes, Series 2025 | Housing & Redevelopment Authority of The City of St Paul Minnesota Revenue Notes, Series 2025 |
|  5.000% due 07/01/2028 | 5200 | 5464 |
|  Minnesota Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | Minnesota Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | Minnesota Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 |
|  6.250% due 07/01/2055 | 1985 | 2239 |
|  |  | 8889 |
| MISSISSIPPI 0.2% | MISSISSIPPI 0.2% | MISSISSIPPI 0.2% |
|  Mississippi Home Corp. Revenue Bonds, (HUD Insured), Series 2025 | Mississippi Home Corp. Revenue Bonds, (HUD Insured), Series 2025 | Mississippi Home Corp. Revenue Bonds, (HUD Insured), Series 2025 |
|  3.625% due 06/01/2043 | 2250 | 2259 |
| MISSOURI 2.2% | MISSOURI 2.2% | MISSOURI 2.2% |
|  Health & Educational Facilities Authority of the State of Missouri Revenue Notes, Series 2023 | Health & Educational Facilities Authority of the State of Missouri Revenue Notes, Series 2023 | Health & Educational Facilities Authority of the State of Missouri Revenue Notes, Series 2023 |
|  5.000% due 05/01/2033 | 2650 | 3035 |
|  Industrial Development Authority of the City of St Louis Missouri Revenue Bonds, Series 2025 | Industrial Development Authority of the City of St Louis Missouri Revenue Bonds, Series 2025 | Industrial Development Authority of the City of St Louis Missouri Revenue Bonds, Series 2025 |
|  3.150% due 04/01/2046 | 1100 | 1102 |
|  Kansas City Area Transportation Authority, Missouri Revenue Bonds, Series 2024 | Kansas City Area Transportation Authority, Missouri Revenue Bonds, Series 2024 | Kansas City Area Transportation Authority, Missouri Revenue Bonds, Series 2024 |
|  3.050% due 10/01/2045 | 4220 | 4226 |
|  Missouri Housing Development Commission Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | Missouri Housing Development Commission Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | Missouri Housing Development Commission Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 |
|  6.000% due 05/01/2056 | 3000 | 3325 |
|  6.250% due 05/01/2056 | 8500 | 9522 |
|  |  | 21210 |
| MONTANA 0.2% | MONTANA 0.2% | MONTANA 0.2% |
|  Montana Board of Housing Revenue Notes, Series 2024 | Montana Board of Housing Revenue Notes, Series 2024 | Montana Board of Housing Revenue Notes, Series 2024 |
|  5.000% due 09/01/2028 | 1800 | 1859 |
| MULTI-STATE 0.5% | MULTI-STATE 0.5% | MULTI-STATE 0.5% |
|  Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023 |
|  4.415% due 08/25/2040 | 4435 | 4489 |
| NEBRASKA 0.2% | NEBRASKA 0.2% | NEBRASKA 0.2% |
|  Nebraska Public Power District Revenue Notes, Series 2023 | Nebraska Public Power District Revenue Notes, Series 2023 | Nebraska Public Power District Revenue Notes, Series 2023 |
|  5.000% due 07/01/2028 | 1750 | 1835 |
| NEVADA 0.6% | NEVADA 0.6% | NEVADA 0.6% |
|  Clark County, Nevada General Obligation Bonds, Series 2018 | Clark County, Nevada General Obligation Bonds, Series 2018 | Clark County, Nevada General Obligation Bonds, Series 2018 |
|  5.000% due 06/01/2030 | 1470 | 1557 |
|  Clark County, Nevada General Obligation Bonds, Series 2019 | Clark County, Nevada General Obligation Bonds, Series 2019 | Clark County, Nevada General Obligation Bonds, Series 2019 |
|  5.000% due 07/01/2031 | 2150 | 2331 |
|  Washoe County, Nevada Revenue Bonds, Series 2016 | Washoe County, Nevada Revenue Bonds, Series 2016 | Washoe County, Nevada Revenue Bonds, Series 2016 |
|  3.625% due 03/01/2036 | 2000 | 2024 |
|  |  | 5912 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| NEW HAMPSHIRE 0.5% | NEW HAMPSHIRE 0.5% | NEW HAMPSHIRE 0.5% |
|  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 | 265 |
|  4.000% due 01/01/2027 | 250 | 251 |
|  New Hampshire Health and Education Facilities Authority Act Revenue Notes, Series 2025 | New Hampshire Health and Education Facilities Authority Act Revenue Notes, Series 2025 | New Hampshire Health and Education Facilities Authority Act Revenue Notes, Series 2025 |
|  5.000% due 08/01/2031 | 1235 | 1370 |
|  5.000% due 08/01/2032 | 3000 | 3368 |
|  |  | 5254 |
| NEW JERSEY 1.5% | NEW JERSEY 1.5% | NEW JERSEY 1.5% |
|  New Jersey Economic Development Authority Revenue Notes, Series 2023 | New Jersey Economic Development Authority Revenue Notes, Series 2023 | New Jersey Economic Development Authority Revenue Notes, Series 2023 |
|  5.000% due 03/01/2028 | 2200 | 2312 |
|  New Jersey Housing & Mortgage Finance Agency Revenue Bonds, Series 2025 | New Jersey Housing & Mortgage Finance Agency Revenue Bonds, Series 2025 | New Jersey Housing & Mortgage Finance Agency Revenue Bonds, Series 2025 |
|  6.500% due 04/01/2056 | 1100 | 1236 |
|  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 | 2117 |
|  New Jersey Turnpike Authority Revenue Notes, Series 2020 | New Jersey Turnpike Authority Revenue Notes, Series 2020 | New Jersey Turnpike Authority Revenue Notes, Series 2020 |
|  5.000% due 01/01/2028 | 3800 | 3884 |
|  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 06/01/2026 | 4750 | 4790 |
|  |  | 14339 |
| NEW MEXICO 0.4% | NEW MEXICO 0.4% | NEW MEXICO 0.4% |
|  New Mexico Mortgage Finance Authority Revenue Bonds, (HUD Insured), Series 2023 | New Mexico Mortgage Finance Authority Revenue Bonds, (HUD Insured), Series 2023 | New Mexico Mortgage Finance Authority Revenue Bonds, (HUD Insured), Series 2023 |
|  2.970% due 02/01/2042 | 4000 | 3998 |
| NEW YORK 13.2% | NEW YORK 13.2% | NEW YORK 13.2% |
|  Chautauqua County, New York Capital Resource Corp. Revenue Bonds, Series 2020 | Chautauqua County, New York Capital Resource Corp. Revenue Bonds, Series 2020 | Chautauqua County, New York Capital Resource Corp. Revenue Bonds, Series 2020 |
|  4.250% due 04/01/2042 | 2000 | 2030 |
|  Long Island Power Authority, New York Revenue Bonds, Series 2025 | Long Island Power Authority, New York Revenue Bonds, Series 2025 | Long Island Power Authority, New York Revenue Bonds, Series 2025 |
|  3.000% due 09/01/2055 | 3900 | 3909 |
|  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 |
|  3.326% (SOFRRATE) due 11/01/2032 ~ | 1500 | 1500 |
|  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 |
|  2.550% due 04/01/2042 | 16300 | 16300 |
|  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 |
|  2.500% due 06/01/2044 | 2000 | 2000 |
|  New York City, New York General Obligation Bonds, Series 2019 | New York City, New York General Obligation Bonds, Series 2019 | New York City, New York General Obligation Bonds, Series 2019 |
|  2.500% due 10/01/2046 | 10000 | 10000 |
|  New York City, New York Housing Development Corp. Revenue Bonds, Series 2025 | New York City, New York Housing Development Corp. Revenue Bonds, Series 2025 | New York City, New York Housing Development Corp. Revenue Bonds, Series 2025 |
|  3.750% due 05/01/2065 | 3900 | 3961 |
|  New York City, New York Industrial Development Agency Revenue Bonds, Series 2007 | New York City, New York Industrial Development Agency Revenue Bonds, Series 2007 | New York City, New York Industrial Development Agency Revenue Bonds, Series 2007 |
|  2.500% due 10/01/2042 | 17100 | 17100 |
|  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 |
|  2.350% due 06/15/2048 | 4700 | 4700 |
|  2.500% due 06/15/2050 | 15400 | 15400 |
|  New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2014 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2014 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2014 |
|  2.500% due 06/15/2050 | 4000 | 4000 |
|  New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2022 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2022 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2022 |
|  2.500% due 06/15/2033 | 10000 | 10000 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  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 | 1250 |
|  New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2012 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2012 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2012 |
|  2.500% due 11/01/2036 | 3800 | 3800 |
|  New York City, New York Transitional Finance Authority Revenue Bonds, Series 2024 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2024 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2024 |
|  5.000% due 11/01/2036 | 3500 | 3994 |
|  New York City, New York Transitional Finance Authority Revenue Notes, Series 2025 | New York City, New York Transitional Finance Authority Revenue Notes, Series 2025 | New York City, New York Transitional Finance Authority Revenue Notes, Series 2025 |
|  5.000% due 05/01/2030 | 4000 | 4403 |
|  New York Power Authority Revenue Notes, (AGM Insured), Series 2023 | New York Power Authority Revenue Notes, (AGM Insured), Series 2023 | New York Power Authority Revenue Notes, (AGM Insured), Series 2023 |
|  5.000% due 11/15/2027 | 1700 | 1786 |
|  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 | 4637 |
|  5.000% due 03/15/2035 | 4500 | 4564 |
|  5.000% due 03/15/2036 | 1500 | 1520 |
|  New York State Housing Finance Agency Revenue Bonds, Series 2025 | New York State Housing Finance Agency Revenue Bonds, Series 2025 | New York State Housing Finance Agency Revenue Bonds, Series 2025 |
|  3.600% due 11/01/2064 | 4300 | 4331 |
|  Port Authority of New York & New Jersey Revenue Bonds, Series 2017 | Port Authority of New York & New Jersey Revenue Bonds, Series 2017 | Port Authority of New York & New Jersey Revenue Bonds, Series 2017 |
|  5.000% due 11/15/2029 | 1110 | 1161 |
|  Triborough Bridge & Tunnel Authority, New York Revenue Notes, Series 2025 | Triborough Bridge & Tunnel Authority, New York Revenue Notes, Series 2025 | Triborough Bridge & Tunnel Authority, New York Revenue Notes, Series 2025 |
|  5.000% due 03/01/2028 | 6000 | 6319 |
|  |  | 128665 |
| 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 |
|  2.550% due 01/15/2037 | 6000 | 6000 |
|  Durham Housing Authority, North Carolina Revenue Notes, (FHA Insured), Series 2025 | Durham Housing Authority, North Carolina Revenue Notes, (FHA Insured), Series 2025 | Durham Housing Authority, North Carolina Revenue Notes, (FHA Insured), Series 2025 |
|  3.625% due 04/01/2029 | 3000 | 3042 |
|  Inlivian, North Carolina Revenue Bonds, Series 2025 | Inlivian, North Carolina Revenue Bonds, Series 2025 | Inlivian, North Carolina Revenue Bonds, Series 2025 |
|  3.300% due 11/10/2043 | 2600 | 2623 |
|  3.625% due 11/01/2058 | 5400 | 5457 |
|  North Carolina Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | North Carolina Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | North Carolina Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 |
|  6.250% due 07/01/2055 | 1295 | 1422 |
|  North Carolina Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | North Carolina Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | North Carolina Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 |
|  6.500% due 01/01/2056 | 1700 | 1945 |
|  North Carolina State Revenue Notes, Series 2025 | North Carolina State Revenue Notes, Series 2025 | North Carolina State Revenue Notes, Series 2025 |
|  5.000% due 03/01/2030 | 5000 | 5497 |
|  Raleigh Housing Authority, North Carolina Revenue Bonds, Series 2025 | Raleigh Housing Authority, North Carolina Revenue Bonds, Series 2025 | Raleigh Housing Authority, North Carolina Revenue Bonds, Series 2025 |
|  2.950% due 09/01/2059 | 4000 | 3995 |
|  |  | 29981 |
| NORTH DAKOTA 0.1% | NORTH DAKOTA 0.1% | NORTH DAKOTA 0.1% |
|  North Dakota Housing Finance Agency Revenue Bonds, Series 2025 | North Dakota Housing Finance Agency Revenue Bonds, Series 2025 | North Dakota Housing Finance Agency Revenue Bonds, Series 2025 |
|  6.000% due 01/01/2056 | 1100 | 1212 |
| OHIO 2.4% | OHIO 2.4% | OHIO 2.4% |
|  Buckeye Tobacco Settlement Financing Authority, Ohio Revenue Notes, Series 2020 | Buckeye Tobacco Settlement Financing Authority, Ohio Revenue Notes, Series 2020 | Buckeye Tobacco Settlement Financing Authority, Ohio Revenue Notes, Series 2020 |
|  5.000% due 06/01/2027 | 1120 | 1153 |
|  Franklin County, Ohio Revenue Bonds, Series 2013 | Franklin County, Ohio Revenue Bonds, Series 2013 | Franklin County, Ohio Revenue Bonds, Series 2013 |
|  2.950% due 12/01/2046 | 3500 | 3500 |
|  Franklin County, Ohio Revenue Bonds, Series 2022 | Franklin County, Ohio Revenue Bonds, Series 2022 | Franklin County, Ohio Revenue Bonds, Series 2022 |
|  2.550% due 11/01/2042 | 5200 | 5200 |
|  Franklin County, Ohio Revenue Notes, Series 2025 | Franklin County, Ohio Revenue Notes, Series 2025 | Franklin County, Ohio Revenue Notes, Series 2025 |
|  5.000% due 11/01/2027 | 700 | 730 |
|  5.000% due 11/01/2028 | 1080 | 1150 |

---

---

| | | |
|:---|:---|:---|
| **158** | **PIMCO ETF TRUST** | See Accompanying Notes |

---

------

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Lancaster Port Authority, Ohio Revenue Bonds, Series 2024 | Lancaster Port Authority, Ohio Revenue Bonds, Series 2024 | Lancaster Port Authority, Ohio Revenue Bonds, Series 2024 |
|  5.000% due 02/01/2055 | 650 | 691 |
|  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 |
|  4.750% due 06/01/2033 | 900 | 945 |
|  Ohio Air Quality Development Authority Revenue Notes, Series 2022 | Ohio Air Quality Development Authority Revenue Notes, Series 2022 | Ohio Air Quality Development Authority Revenue Notes, Series 2022 |
|  4.000% due 09/01/2030 | 2900 | 2938 |
|  Ohio Housing Finance Agency Revenue Bonds, Series 2025 | Ohio Housing Finance Agency Revenue Bonds, Series 2025 | Ohio Housing Finance Agency Revenue Bonds, Series 2025 |
|  3.700% due 11/01/2047 | 1150 | 1162 |
|  Ohio Water Development Authority Water Pollution Control Loan Fund Revenue Bonds, Series 2009 | Ohio Water Development Authority Water Pollution Control Loan Fund Revenue Bonds, Series 2009 | Ohio Water Development Authority Water Pollution Control Loan Fund Revenue Bonds, Series 2009 |
|  4.750% due 06/01/2033 | 4500 | 4728 |
|  Port of Greater Cincinnati Development Authority, Ohio Revenue Bonds, (AGM Insured), Series 2024 | Port of Greater Cincinnati Development Authority, Ohio Revenue Bonds, (AGM Insured), Series 2024 | Port of Greater Cincinnati Development Authority, Ohio Revenue Bonds, (AGM Insured), Series 2024 |
|  5.000% due 12/01/2034 | 415 | 474 |
|  Worthington City School District, Ohio General Obligation Notes, Series 2023 | Worthington City School District, Ohio General Obligation Notes, Series 2023 | Worthington City School District, Ohio General Obligation Notes, Series 2023 |
|  0.000% due 12/01/2029 (b) | 500 | 442 |
|  |  | 23113 |
| OKLAHOMA 0.4% | OKLAHOMA 0.4% | OKLAHOMA 0.4% |
|  Oklahoma Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | Oklahoma Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | Oklahoma Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 |
|  6.500% due 09/01/2056 | 3000 | 3425 |
|  Oklahoma Housing Finance Agency Revenue Bonds, (HUD Insured), Series 2025 | Oklahoma Housing Finance Agency Revenue Bonds, (HUD Insured), Series 2025 | Oklahoma Housing Finance Agency Revenue Bonds, (HUD Insured), Series 2025 |
|  3.200% due 10/01/2042 | 750 | 751 |
|  |  | 4176 |
| OREGON 0.3% | OREGON 0.3% | OREGON 0.3% |
|  Multnomah County School District 40, Oregon General Obligation Notes, Series 2023 | Multnomah County School District 40, Oregon General Obligation Notes, Series 2023 | Multnomah County School District 40, Oregon General Obligation Notes, Series 2023 |
|  0.000% due 06/15/2027 (b) | 325 | 311 |
|  Oregon Department of Transportation State Revenue Notes, Series 2024 | Oregon Department of Transportation State Revenue Notes, Series 2024 | Oregon Department of Transportation State Revenue Notes, Series 2024 |
|  5.000% due 05/15/2026 | 1000 | 1009 |
|  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 | 147 |
|  Oregon State General Obligation Notes, Series 2023 | Oregon State General Obligation Notes, Series 2023 | Oregon State General Obligation Notes, Series 2023 |
|  5.000% due 05/01/2026 | 1625 | 1638 |
|  |  | 3105 |
| PENNSYLVANIA 1.2% | PENNSYLVANIA 1.2% | PENNSYLVANIA 1.2% |
|  Allegheny County, Pennsylvania Hospital Development Authority Revenue Bonds, Series 2017 | Allegheny County, Pennsylvania Hospital Development Authority Revenue Bonds, Series 2017 | Allegheny County, Pennsylvania Hospital Development Authority Revenue Bonds, Series 2017 |
|  4.020% (MUNIPSA) due 11/15/2047 ~ | 5000 | 4956 |
|  Lehigh County, Pennsylvania Revenue Bonds, Series 2019 | Lehigh County, Pennsylvania Revenue Bonds, Series 2019 | Lehigh County, Pennsylvania Revenue Bonds, Series 2019 |
|  4.420% (MUNIPSA) due 08/15/2038 ~(e) | 2360 | 2330 |
|  Montgomery County Industrial Development Authority, Pennsylvania Revenue Notes, Series 2023 | Montgomery County Industrial Development Authority, Pennsylvania Revenue Notes, Series 2023 | Montgomery County Industrial Development Authority, Pennsylvania Revenue Notes, Series 2023 |
|  4.100% due 06/01/2029 | 1000 | 1040 |
|  Pennsylvania Turnpike Commission Revenue Notes, Series 2024 | Pennsylvania Turnpike Commission Revenue Notes, Series 2024 | Pennsylvania Turnpike Commission Revenue Notes, Series 2024 |
|  5.000% due 12/01/2031 | 2150 | 2418 |
|  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 07/01/2026 | 1250 | 1252 |
|  |  | 11996 |
| PUERTO RICO 0.5% | PUERTO RICO 0.5% | PUERTO RICO 0.5% |
|  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 | 4750 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| SOUTH CAROLINA 0.8% | SOUTH CAROLINA 0.8% | SOUTH CAROLINA 0.8% |
|  Charleston Educational Excellence Finance Corp. South Carolina Revenue Notes, Series 2024 | Charleston Educational Excellence Finance Corp. South Carolina Revenue Notes, Series 2024 | Charleston Educational Excellence Finance Corp. South Carolina Revenue Notes, Series 2024 |
|  5.000% due 12/01/2026 | 1000 | 1022 |
|  5.000% due 12/01/2027 | 1000 | 1046 |
|  Patriots Energy Group Financing Agency, South Carolina Revenue Bonds, Series 2023 | Patriots Energy Group Financing Agency, South Carolina Revenue Bonds, Series 2023 | Patriots Energy Group Financing Agency, South Carolina Revenue Bonds, Series 2023 |
|  5.250% due 02/01/2054 | 1400 | 1514 |
|  South Carolina Public Service Authority Revenue Notes, Series 2025 | South Carolina Public Service Authority Revenue Notes, Series 2025 | South Carolina Public Service Authority Revenue Notes, Series 2025 |
|  5.000% due 12/01/2028 | 2350 | 2509 |
|  South Carolina State Housing Finance & Development Authority Revenue Bonds, (HUD Insured), Series 2024 | South Carolina State Housing Finance & Development Authority Revenue Bonds, (HUD Insured), Series 2024 | South Carolina State Housing Finance & Development Authority Revenue Bonds, (HUD Insured), Series 2024 |
|  3.000% due 04/01/2043 | 2200 | 2201 |
|  |  | 8292 |
| TENNESSEE 0.9% | TENNESSEE 0.9% | TENNESSEE 0.9% |
|  Metropolitan Government Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Bonds, Series 2025 | Metropolitan Government Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Bonds, Series 2025 | Metropolitan Government Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Bonds, Series 2025 |
|  3.150% due 12/01/2042 | 1700 | 1704 |
|  Metropolitan Government of Nashville & Davidson County Sports Auth, Tennessee Revenue Notes, Series 2023 | Metropolitan Government of Nashville & Davidson County Sports Auth, Tennessee Revenue Notes, Series 2023 | Metropolitan Government of Nashville & Davidson County Sports Auth, Tennessee Revenue Notes, Series 2023 |
|  5.000% due 07/01/2029 | 1000 | 1080 |
|  Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Notes, (FHA Insured), Series 2025 | Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Notes, (FHA Insured), Series 2025 | Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Notes, (FHA Insured), Series 2025 |
|  5.000% due 10/01/2028 | 750 | 773 |
|  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 | 1341 |
|  Tennessee Energy Acquisition Corp. Revenue Bonds, Series 2021 | Tennessee Energy Acquisition Corp. Revenue Bonds, Series 2021 | Tennessee Energy Acquisition Corp. Revenue Bonds, Series 2021 |
|  5.000% due 05/01/2052 | 3220 | 3442 |
|  |  | 8340 |
| TEXAS 12.3% | TEXAS 12.3% | TEXAS 12.3% |
|  Austin Affordable PFC Inc., Texas Revenue Notes, Series 2024 | Austin Affordable PFC Inc., Texas Revenue Notes, Series 2024 | Austin Affordable PFC Inc., Texas Revenue Notes, Series 2024 |
|  5.000% due 09/01/2028 | 1060 | 1097 |
|  Austin, Texas Electric Utility Revenue Notes, Series 2025 | Austin, Texas Electric Utility Revenue Notes, Series 2025 | Austin, Texas Electric Utility Revenue Notes, Series 2025 |
|  5.000% due 11/15/2028 | 2750 | 2939 |
|  Central Texas Regional Mobility Authority Revenue Notes, Series 2018 | Central Texas Regional Mobility Authority Revenue Notes, Series 2018 | Central Texas Regional Mobility Authority Revenue Notes, Series 2018 |
|  5.000% due 01/01/2027 | 1100 | 1126 |
|  Central Texas Turnpike System Revenue Bonds, Series 2024 | Central Texas Turnpike System Revenue Bonds, Series 2024 | Central Texas Turnpike System Revenue Bonds, Series 2024 |
|  5.000% due 08/15/2042 | 1400 | 1512 |
|  Dallas Fort Worth International Airport, Texas Revenue Notes, Series 2023 | Dallas Fort Worth International Airport, Texas Revenue Notes, Series 2023 | Dallas Fort Worth International Airport, Texas Revenue Notes, Series 2023 |
|  5.000% due 11/01/2028 | 2000 | 2134 |
|  Dallas Fort Worth International Airport, Texas Revenue Notes, Series 2024 | Dallas Fort Worth International Airport, Texas Revenue Notes, Series 2024 | Dallas Fort Worth International Airport, Texas Revenue Notes, Series 2024 |
|  5.000% due 11/01/2028 | 1500 | 1600 |
|  Dallas Housing Finance Corp. Texas Revenue Notes, Series 2024 | Dallas Housing Finance Corp. Texas Revenue Notes, Series 2024 | Dallas Housing Finance Corp. Texas Revenue Notes, Series 2024 |
|  5.000% due 10/01/2028 | 935 | 966 |
|  Dallas Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 | Dallas Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 | Dallas Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 |
|  5.000% due 02/15/2055 | 7000 | 7471 |
|  Denton Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 | Denton Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 | Denton Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 |
|  4.000% due 08/15/2055 | 2000 | 2118 |
|  Denton Independent School District, Texas General Obligation Notes, (PSF Insured), Series 2020 | Denton Independent School District, Texas General Obligation Notes, (PSF Insured), Series 2020 | Denton Independent School District, Texas General Obligation Notes, (PSF Insured), Series 2020 |
|  5.000% due 08/15/2028 | 2000 | 2068 |
|  EP Tuscany Zaragosa PFC, Texas Revenue Notes, Series 2023 | EP Tuscany Zaragosa PFC, Texas Revenue Notes, Series 2023 | EP Tuscany Zaragosa PFC, Texas Revenue Notes, Series 2023 |
|  4.000% due 12/01/2033 | 2500 | 2506 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Fort Bend Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 | Fort Bend Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 | Fort Bend Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 |
|  3.800% due 08/01/2055 | 14000 | 14320 |
|  Grand Parkway Transportation Corp. Texas Revenue Bonds, Series 2023 | Grand Parkway Transportation Corp. Texas Revenue Bonds, Series 2023 | Grand Parkway Transportation Corp. Texas Revenue Bonds, Series 2023 |
|  5.000% due 10/01/2052 | 2500 | 2599 |
|  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 |
|  5.000% due 07/01/2049 | 2500 | 2548 |
|  Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2021 | Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2021 | Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2021 |
|  2.550% due 10/01/2041 | 10090 | 10090 |
|  Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2024 | Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2024 | Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2024 |
|  5.000% due 07/01/2054 | 2000 | 2130 |
|  Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Notes, Series 2024 | Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Notes, Series 2024 | Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Notes, Series 2024 |
|  5.000% due 10/01/2031 | 800 | 899 |
|  5.000% due 07/01/2033 | 6170 | 7060 |
|  Harris County, Texas Housing Finance Corp. Revenue Bonds, Series 2025 | Harris County, Texas Housing Finance Corp. Revenue Bonds, Series 2025 | Harris County, Texas Housing Finance Corp. Revenue Bonds, Series 2025 |
|  2.950% due 09/01/2043 | 4500 | 4492 |
|  Harris County, Texas Toll Road Revenue Notes, Series 2024 | Harris County, Texas Toll Road Revenue Notes, Series 2024 | Harris County, Texas Toll Road Revenue Notes, Series 2024 |
|  5.000% due 08/15/2027 | 2250 | 2338 |
|  Las Varas Public Facility Corp. Texas Revenue Bonds, Series 2025 | Las Varas Public Facility Corp. Texas Revenue Bonds, Series 2025 | Las Varas Public Facility Corp. Texas Revenue Bonds, Series 2025 |
|  4.000% due 05/01/2043 | 6000 | 6106 |
|  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 | 2054 |
|  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 | 1454 |
|  North Texas Tollway Authority Revenue Notes, Series 2023 | North Texas Tollway Authority Revenue Notes, Series 2023 | North Texas Tollway Authority Revenue Notes, Series 2023 |
|  5.000% due 01/01/2027 | 2750 | 2818 |
|  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 | 1278 |
|  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 | 2448 |
|  San Antonio, Texas Electric & Gas Systems Revenue Bonds, Series 2025 | San Antonio, Texas Electric & Gas Systems Revenue Bonds, Series 2025 | San Antonio, Texas Electric & Gas Systems Revenue Bonds, Series 2025 |
|  3.080% due 02/01/2055 | 4500 | 4517 |
|  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 | 1909 |
|  Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2025 | Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2025 | Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2025 |
|  5.000% due 11/15/2064 | 2800 | 3128 |
|  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 | 4791 |
|  Texas Department of Housing & Community Affairs Revenue Bonds, (GNMA Insured), Series 2025 | Texas Department of Housing & Community Affairs Revenue Bonds, (GNMA Insured), Series 2025 | Texas Department of Housing & Community Affairs Revenue Bonds, (GNMA Insured), Series 2025 |
|  6.000% due 01/01/2056 | 2000 | 2237 |
|  Texas Municipal Gas Acquisition & Supply Corp. III Revenue Notes, Series 2021 | Texas Municipal Gas Acquisition & Supply Corp. III Revenue Notes, Series 2021 | Texas Municipal Gas Acquisition & Supply Corp. III Revenue Notes, Series 2021 |
|  5.000% due 12/15/2030 | 1750 | 1876 |
|  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 |
|  4.120% (TSFR3M) due 12/15/2026 ~ | 1000 | 1000 |
|  Texas State General Obligation Bonds, Series 2024 | Texas State General Obligation Bonds, Series 2024 | Texas State General Obligation Bonds, Series 2024 |
|  5.000% due 10/01/2043 | 3800 | 4132 |
|  5.000% due 10/01/2044 | 500 | 539 |
|  THF Public Facility Corp. Texas Revenue Bonds, Series 2025 | THF Public Facility Corp. Texas Revenue Bonds, Series 2025 | THF Public Facility Corp. Texas Revenue Bonds, Series 2025 |
|  3.340% due 02/01/2044 | 1580 | 1594 |
|  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 | 1002 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **159** |

---

------

Schedule of Investments PIMCO Short Term Municipal Bond Active Exchange-Traded Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  University of North Texas System Revenue Notes, Series 2025 | University of North Texas System Revenue Notes, Series 2025 | University of North Texas System Revenue Notes, Series 2025 |
|  5.000% due 04/15/2027 | 2000 | 2063 |
|  5.000% due 04/15/2028 | 1500 | 1581 |
|  5.000% due 04/15/2029 | 1400 | 1507 |
|  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 | 526 |
|  |  | 120573 |
| UTAH 0.3% | UTAH 0.3% | UTAH 0.3% |
|  Downtown Revitalization Public Infrastructure District, Utah Revenue Notes, (AGC Insured), Series 2025 | Downtown Revitalization Public Infrastructure District, Utah Revenue Notes, (AGC Insured), Series 2025 | Downtown Revitalization Public Infrastructure District, Utah Revenue Notes, (AGC Insured), Series 2025 |
|  5.000% due 06/01/2027 | 500 | 516 |
|  5.000% due 06/01/2028 | 675 | 711 |
|  Utah Housing Corp. Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | Utah Housing Corp. Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | Utah Housing Corp. Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 |
|  6.500% due 07/01/2055 | 1395 | 1592 |
|  |  | 2819 |
| VIRGINIA 0.7% | VIRGINIA 0.7% | VIRGINIA 0.7% |
|  Arlington County, Virginia Industrial Development Authority Revenue Bonds, Series 2023 | Arlington County, Virginia Industrial Development Authority Revenue Bonds, Series 2023 | Arlington County, Virginia Industrial Development Authority Revenue Bonds, Series 2023 |
|  5.000% due 07/01/2053 | 1600 | 1730 |
|  Arlington County, Virginia Industrial Development Authority Revenue Bonds, Series 2025 | Arlington County, Virginia Industrial Development Authority Revenue Bonds, Series 2025 | Arlington County, Virginia Industrial Development Authority Revenue Bonds, Series 2025 |
|  2.950% due 09/01/2049 | 2125 | 2122 |
|  Richmond Redevelopment & Housing Authority, Virginia Revenue Bonds, Series 2025 | Richmond Redevelopment & Housing Authority, Virginia Revenue Bonds, Series 2025 | Richmond Redevelopment & Housing Authority, Virginia Revenue Bonds, Series 2025 |
|  3.100% due 12/01/2055 | 1300 | 1301 |
|  Virginia Public Building Authority Revenue Bonds, Series 2015 | Virginia Public Building Authority Revenue Bonds, Series 2015 | Virginia Public Building Authority Revenue Bonds, Series 2015 |
|  4.000% due 08/01/2030 | 1300 | 1301 |
|  |  | 6454 |
| WASHINGTON 1.7% | WASHINGTON 1.7% | WASHINGTON 1.7% |
|  Energy Northwest, Washington Revenue Notes, Series 2024 | Energy Northwest, Washington Revenue Notes, Series 2024 | Energy Northwest, Washington Revenue Notes, Series 2024 |
|  5.000% due 07/01/2027 | 5000 | 5189 |
|  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 |
|  3.570% (MUNIPSA) due 05/01/2045 ~ | 3000 | 2985 |
|  Washington Health Care Facilities Authority Revenue Notes, Series 2025 | Washington Health Care Facilities Authority Revenue Notes, Series 2025 | Washington Health Care Facilities Authority Revenue Notes, Series 2025 |
|  5.000% due 10/01/2030 | 1400 | 1532 |
|  Washington State General Obligation Bonds, Series 2016 | Washington State General Obligation Bonds, Series 2016 | Washington State General Obligation Bonds, Series 2016 |
|  5.000% due 07/01/2033 | 3000 | 3000 |
|  Washington State General Obligation Notes, Series 2022 | Washington State General Obligation Notes, Series 2022 | Washington State General Obligation Notes, Series 2022 |
|  4.000% due 07/01/2026 | 1000 | 1008 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Washington State Housing Finance Commission Revenue Bonds, Series 2023 | Washington State Housing Finance Commission Revenue Bonds, Series 2023 | Washington State Housing Finance Commission Revenue Bonds, Series 2023 |
|  3.375% due 04/20/2037 | 1321 | 1251 |
|  Washington State Housing Finance Commission Revenue Bonds, Series 2025 | Washington State Housing Finance Commission Revenue Bonds, Series 2025 | Washington State Housing Finance Commission Revenue Bonds, Series 2025 |
|  2.700% due 04/01/2044 | 1825 | 1807 |
|  |  | 16772 |
| WEST VIRGINIA 0.8% | WEST VIRGINIA 0.8% | WEST VIRGINIA 0.8% |
|  West Virginia Economic Development Authority Revenue Bonds, Series 2015 | West Virginia Economic Development Authority Revenue Bonds, Series 2015 | West Virginia Economic Development Authority Revenue Bonds, Series 2015 |
|  3.375% due 03/01/2040 | 3000 | 3034 |
|  West Virginia Housing Development Fund Revenue Notes, (HUD Insured), Series 2024 | West Virginia Housing Development Fund Revenue Notes, (HUD Insured), Series 2024 | West Virginia Housing Development Fund Revenue Notes, (HUD Insured), Series 2024 |
|  5.000% due 12/01/2027 | 4954 | 5045 |
|  |  | 8079 |
| WISCONSIN 0.8% | WISCONSIN 0.8% | WISCONSIN 0.8% |
|  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 | 2558 |
|  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 | 306 |
|  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 |
|  3.500% (MUNIPSA) due 08/15/2054 ~ | 2500 | 2490 |
|  Wisconsin Housing & Economic Development Authority Revenue Bonds, Series 2024 | Wisconsin Housing & Economic Development Authority Revenue Bonds, Series 2024 | Wisconsin Housing & Economic Development Authority Revenue Bonds, Series 2024 |
|  5.000% due 08/01/2058 | 2000 | 2020 |
|  |  | 7374 |
|  Total Municipal Bonds & Notes<br>(Cost $835,043) | Total Municipal Bonds & Notes<br>(Cost $835,043) | 844761 |
|  | **SHARES** |  |
| SHORT-TERM INSTRUMENTS 12.8% | SHORT-TERM INSTRUMENTS 12.8% | SHORT-TERM INSTRUMENTS 12.8% |
| MUTUAL FUNDS 0.3% | MUTUAL FUNDS 0.3% | MUTUAL FUNDS 0.3% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  3.850% (d) | 2460793 | 2461 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |
| SHORT-TERM NOTES 4.2% | SHORT-TERM NOTES 4.2% | SHORT-TERM NOTES 4.2% |
|  Federal Home Loan Bank Discount Notes | Federal Home Loan Bank Discount Notes | Federal Home Loan Bank Discount Notes |
|  3.560% due 03/25/2026 (b)(c) | 1500 | 1488 |
|  3.570% due 03/20/2026 (b)(c) | 600 | 595 |
|  3.585% due 03/20/2026 - 04/22/2026 (b)(c) | 13000 | 12877 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  3.590% due 03/27/2026 (b)(c) | 1700 | $— | 1686 |
|  3.635% due 03/04/2026 (b)(c) | 7400 |  | 7354 |
|  3.745% due 03/13/2026 (b)(c) | 4535 |  | 4503 |
|  3.785% due 02/20/2026 (b)(c) | 1050 |  | 1045 |
|  3.791% due 02/20/2026 (b)(c) | 1050 |  | 1045 |
|  3.815% due 01/30/2026 (b)(c) | 3900 |  | 3889 |
|  3.860% due 01/09/2026 (b)(c) | 3300 |  | 3297 |
|  3.877% due 01/02/2026 (b)(c) | 3200 |  | 3199 |
|  |  |  | 40978 |
| U.S. TREASURY BILLS 6.0% | U.S. TREASURY BILLS 6.0% | U.S. TREASURY BILLS 6.0% | U.S. TREASURY BILLS 6.0% |
|  3.682% due 01/02/2026 - 04/07/2026 (a)(b) | 59050 |  | 58762 |
| MUNICIPAL BONDS & NOTES 2.3% | MUNICIPAL BONDS & NOTES 2.3% | MUNICIPAL BONDS & NOTES 2.3% | MUNICIPAL BONDS & NOTES 2.3% |
|  Albany City School District, New York General Obligation Notes, Series 2025 | Albany City School District, New York General Obligation Notes, Series 2025 | Albany City School District, New York General Obligation Notes, Series 2025 | Albany City School District, New York General Obligation Notes, Series 2025 |
|  4.000% due 06/25/2026 | 4500 |  | 4525 |
|  Austin, Texas Electric Utility Revenue Notes, Series 2025 | Austin, Texas Electric Utility Revenue Notes, Series 2025 | Austin, Texas Electric Utility Revenue Notes, Series 2025 | Austin, Texas Electric Utility Revenue Notes, Series 2025 |
|  5.000% due 11/15/2026 | 2000 |  | 2042 |
|  Chittenango Central School District, New York General Obligation Notes, Series 2025 | Chittenango Central School District, New York General Obligation Notes, Series 2025 | Chittenango Central School District, New York General Obligation Notes, Series 2025 | Chittenango Central School District, New York General Obligation Notes, Series 2025 |
|  4.000% due 06/25/2026 | 5500 |  | 5529 |
|  Downtown Revitalization Public Infrastructure District, Utah Revenue Notes, (AGM Insured),Series 2025 | Downtown Revitalization Public Infrastructure District, Utah Revenue Notes, (AGM Insured),Series 2025 | Downtown Revitalization Public Infrastructure District, Utah Revenue Notes, (AGM Insured),Series 2025 | Downtown Revitalization Public Infrastructure District, Utah Revenue Notes, (AGM Insured),Series 2025 |
|  5.000% due 06/01/2026 | 700 |  | 706 |
|  Franklin County, Ohio Revenue Notes, Series 2025 | Franklin County, Ohio Revenue Notes, Series 2025 | Franklin County, Ohio Revenue Notes, Series 2025 | Franklin County, Ohio Revenue Notes, Series 2025 |
|  5.000% due 11/01/2026 | 800 |  | 816 |
|  Honeoye Falls-Lima Central School District, New York General Obligation Notes, Series 2025 | Honeoye Falls-Lima Central School District, New York General Obligation Notes, Series 2025 | Honeoye Falls-Lima Central School District, New York General Obligation Notes, Series 2025 | Honeoye Falls-Lima Central School District, New York General Obligation Notes, Series 2025 |
|  4.000% due 06/25/2026 | 1000 |  | 1006 |
|  North Syracuse Central School District, New York General Obligation Notes, Series 2025 | North Syracuse Central School District, New York General Obligation Notes, Series 2025 | North Syracuse Central School District, New York General Obligation Notes, Series 2025 | North Syracuse Central School District, New York General Obligation Notes, Series 2025 |
|  4.000% due 07/31/2026 | 3000 |  | 3023 |
|  Starpoint Central School District, New York General Obligation Notes, Series 2025 | Starpoint Central School District, New York General Obligation Notes, Series 2025 | Starpoint Central School District, New York General Obligation Notes, Series 2025 | Starpoint Central School District, New York General Obligation Notes, Series 2025 |
|  4.000% due 06/26/2026 | 3000 |  | 3016 |
|  Yuma, Arizona Revenue Notes, Series 2025 | Yuma, Arizona Revenue Notes, Series 2025 | Yuma, Arizona Revenue Notes, Series 2025 | Yuma, Arizona Revenue Notes, Series 2025 |
|  5.000% due 07/01/2026 | 1700 |  | 1721 |
|  Total Municipal Bonds & Notes<br>(Cost $22,354) | Total Municipal Bonds & Notes<br>(Cost $22,354) |  | 22384 |
| Total Short-Term Instruments<br>(Cost $124,552) | Total Short-Term Instruments<br>(Cost $124,552) |  | 124585 |
| Total Investments in Securities<br>(Cost $959,595) | Total Investments in Securities<br>(Cost $959,595) |  | 969346 |
| Total Investments 99.2%<br>(Cost $959,595) | Total Investments 99.2%<br>(Cost $959,595) | $— | 969346 |
| Other Assets and Liabilities, net 0.8% | Other Assets and Liabilities, net 0.8% |  | 8225 |
| Net Assets 100.0% | Net Assets 100.0% | $— | 977571 |

---

#### 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.

(c) Coupon represents a yield to maturity.

(d) Coupon represents a 7-Day Yield.

---

| | | |
|:---|:---|:---|
| **160** | **PIMCO ETF TRUST** | See Accompanying Notes |

---

------

December 31, 2025 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;(e) 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 | 4.420% | 08/15/2038 | 09/14/2021 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2388 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2330 | 0.24% |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of December 31, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>12/31/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; Alabama | $0 | $44494 | $0 | $44494 |
| &nbsp;&nbsp; Arizona | 0 | 12214 | 0 | 12214 |
| &nbsp;&nbsp; California | 0 | 42083 | 0 | 42083 |
| &nbsp;&nbsp; Colorado | 0 | 30032 | 0 | 30032 |
| &nbsp;&nbsp; Connecticut | 0 | 17344 | 0 | 17344 |
| &nbsp;&nbsp; District of Columbia | 0 | 10625 | 0 | 10625 |
| &nbsp;&nbsp; Florida | 0 | 33591 | 0 | 33591 |
| &nbsp;&nbsp; Georgia | 0 | 45796 | 0 | 45796 |
| &nbsp;&nbsp; Idaho | 0 | 5040 | 0 | 5040 |
| &nbsp;&nbsp; Illinois | 0 | 42729 | 0 | 42729 |
| &nbsp;&nbsp; Indiana | 0 | 16770 | 0 | 16770 |
| &nbsp;&nbsp; Kansas | 0 | 13985 | 0 | 13985 |
| &nbsp;&nbsp; Kentucky | 0 | 19504 | 0 | 19504 |
| &nbsp;&nbsp; Louisiana | 0 | 6242 | 0 | 6242 |
| &nbsp;&nbsp; Maryland | 0 | 10498 | 0 | 10498 |
| &nbsp;&nbsp; Massachusetts | 0 | 13185 | 0 | 13185 |
| &nbsp;&nbsp; Michigan | 0 | 24884 | 0 | 24884 |
| &nbsp;&nbsp; Minnesota | 0 | 8889 | 0 | 8889 |
| &nbsp;&nbsp; Mississippi | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | 2259 | 0 | 2259 |
| &nbsp;&nbsp; Missouri | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21210 |
| &nbsp;&nbsp; Montana | 0 | 1859 | 0 | 1859 |
| &nbsp;&nbsp; Multi-State | 0 | 4489 | 0 | 4489 |
| &nbsp;&nbsp; Nebraska | 0 | 1835 | 0 | 1835 |
| &nbsp;&nbsp; Nevada | 0 | 5912 | 0 | 5912 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2025** |
| &nbsp;&nbsp; New Hampshire | $0 | $5254 | $0 | $5254 |
| &nbsp;&nbsp; New Jersey | 0 | 14339 | 0 | 14339 |
| &nbsp;&nbsp; New Mexico | 0 | 3998 | 0 | 3998 |
| &nbsp;&nbsp; New York | 0 | 128665 | 0 | 128665 |
| &nbsp;&nbsp; North Carolina | 0 | 29981 | 0 | 29981 |
| &nbsp;&nbsp; North Dakota | 0 | 1212 | 0 | 1212 |
| &nbsp;&nbsp; Ohio | 0 | 23113 | 0 | 23113 |
| &nbsp;&nbsp; Oklahoma | 0 | 4176 | 0 | 4176 |
| &nbsp;&nbsp; Oregon | 0 | 3105 | 0 | 3105 |
| &nbsp;&nbsp; Pennsylvania | 0 | 11996 | 0 | 11996 |
| &nbsp;&nbsp; Puerto Rico | 0 | 4750 | 0 | 4750 |
| &nbsp;&nbsp; South Carolina | 0 | 8292 | 0 | 8292 |
| &nbsp;&nbsp; Tennessee | 0 | 8340 | 0 | 8340 |
| &nbsp;&nbsp; Texas | 0 | 120573 | 0 | 120573 |
| &nbsp;&nbsp; Utah | 0 | 2819 | 0 | 2819 |
| &nbsp;&nbsp; Virginia | 0 | 6454 | 0 | 6454 |
| &nbsp;&nbsp; Washington | 0 | 16772 | 0 | 16772 |
| &nbsp;&nbsp; West Virginia | 0 | 8079 | 0 | 8079 |
| &nbsp;&nbsp; Wisconsin | 0 | 7374 | 0 | 7374 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 0 | 2461 | 0 | 2461 |
| &nbsp;&nbsp; Short-Term Notes | 0 | 40978 | 0 | 40978 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 58762 | 0 | 58762 |
| &nbsp;&nbsp; Municipal Bonds & Notes | 0 | 22384 | 0 | 22384 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;969346 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;969346 |

---

There were no significant transfers into or out of Level 3 during the period ended December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **161** |

---

------

Schedule of Investments PIMCO Ultra Short Government Active Exchange-Traded Fund December 31, 2025 (Unaudited)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S<sup>)</sup>** | **PRINCIPAL<br>AMOUNT<br>(000S<sup>)</sup>** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 100.3% | INVESTMENTS IN SECURITIES 100.3% | INVESTMENTS IN SECURITIES 100.3% | INVESTMENTS IN SECURITIES 100.3% | INVESTMENTS IN SECURITIES 100.3% |
| SHORT-TERM INSTRUMENTS 100.3% | SHORT-TERM INSTRUMENTS 100.3% | SHORT-TERM INSTRUMENTS 100.3% | SHORT-TERM INSTRUMENTS 100.3% | SHORT-TERM INSTRUMENTS 100.3% |
| U.S. TREASURY BILLS 100.3% | U.S. TREASURY BILLS 100.3% | U.S. TREASURY BILLS 100.3% | U.S. TREASURY BILLS 100.3% | U.S. TREASURY BILLS 100.3% |
|  3.832% due 01/20/2026 - 06/11/2026 (a)(b) | $— | 847060 | $— | 840960 |
| Total Short-Term Instruments<br>(Cost $840,654) | Total Short-Term Instruments<br>(Cost $840,654) | Total Short-Term Instruments<br>(Cost $840,654) |  | 840960 |
| Total Investments in Securities<br>(Cost $840,654) | Total Investments in Securities<br>(Cost $840,654) | Total Investments in Securities<br>(Cost $840,654) |  | 840960 |
| Total Investments 100.3%<br>(Cost $840,654) | Total Investments 100.3%<br>(Cost $840,654) | Total Investments 100.3%<br>(Cost $840,654) | $— | 840960 |
| Other Assets and Liabilities, net (0.3)% | Other Assets and Liabilities, net (0.3)% | Other Assets and Liabilities, net (0.3)% |  | (2610) |
| Net Assets 100.0% | Net Assets 100.0% | Net Assets 100.0% | $— | 838350 |

---

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

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

(b) Zero coupon security.

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of December 31, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>12/31/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; U.S. Treasury Bills | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840960 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840960 |

---

There were no significant transfers into or out of Level 3 during the period ended December 31, 2025.

---

| | | |
|:---|:---|:---|
| **162** | **PIMCO ETF TRUST** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO Commodity Strategy Active Exchange-Traded Fund December 31, 2025 (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 90.6% | INVESTMENTS IN SECURITIES 90.6% | INVESTMENTS IN SECURITIES 90.6% |
| CORPORATE BONDS & NOTES 29.7% | CORPORATE BONDS & NOTES 29.7% | CORPORATE BONDS & NOTES 29.7% |
| BANKING & FINANCE 18.2% | BANKING & FINANCE 18.2% | BANKING & FINANCE 18.2% |
|  ABN AMRO Bank NV | ABN AMRO Bank NV | ABN AMRO Bank NV |
|  1.542% due 06/16/2027 •  | 1600 | 1581 |
|  4.751% (SOFRINDX + 1.000%) due 12/03/2028 ~ | 3700 | 3714 |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust |
|  2.450% due 10/29/2026 | 700 | 691 |
|  American Honda Finance Corp. | American Honda Finance Corp. | American Honda Finance Corp. |
|  4.544% due 08/13/2027 •  | 4300 | 4310 |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding |
|  4.696% due 07/16/2026 •  | 3000 | 3005 |
|  4.805% (SOFRINDX + 1.030%) due 08/27/2026 ~ | 2600 | 2609 |
|  5.620% due 05/08/2026 | 475 | 477 |
|  Banco Santander SA | Banco Santander SA | Banco Santander SA |
|  5.097% (SOFRRATE + 1.120%) due 07/15/2028 ~ | 2000 | 2013 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  1.734% due 07/22/2027 •  | 4600 | 4542 |
|  Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA |
|  4.936% (SOFRRATE + 0.990%) due 10/16/2028 ~ | 800 | 804 |
|  5.370% (SOFRINDX + 1.400%) due 07/13/2026 ~ | 3000 | 3018 |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  4.375% due 01/12/2026 | 800 | 800 |
|  5.829% due 05/09/2027 •  | 5000 | 5029 |
|  BNP Paribas SA | BNP Paribas SA | BNP Paribas SA |
|  1.323% due 01/13/2027 •  | 600 | 599 |
|  BPCE SA | BPCE SA | BPCE SA |
|  5.975% due 01/18/2027 •  | 3920 | 3922 |
|  Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce |
|  4.540% (SOFRRATE + 0.800%) due 09/08/2028 ~ | 5000 | 5010 |
|  4.668% (SOFRRATE + 0.940%) due 06/28/2027 ~ | 200 | 201 |
|  4.690% (SOFRRATE + 0.720%) due 01/13/2028 ~ | 900 | 901 |
|  Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
|  1.122% due 01/28/2027 •  | 2500 | 2494 |
|  Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA |
|  1.980% due 12/15/2027 •  | 1500 | 1471 |
|  4.395% (SOFRINDX + 0.620%) due 08/28/2026 ~ | 1300 | 1303 |
|  Credit Agricole SA | Credit Agricole SA | Credit Agricole SA |
|  5.301% (SOFRRATE + 1.290%) due 07/05/2026 ~ | 1301 | 1308 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  4.450% due 02/15/2026 | 500 | 500 |
|  DBS Group Holdings Ltd. | DBS Group Holdings Ltd. | DBS Group Holdings Ltd. |
|  4.376% (SOFRRATE + 0.600%) due 03/21/2028 ~ | 1400 | 1405 |
|  DNB Bank ASA | DNB Bank ASA | DNB Bank ASA |
|  1.535% due 05/25/2027 •  | 2000 | 1980 |
|  Equitable Financial Life Global Funding | Equitable Financial Life Global Funding | Equitable Financial Life Global Funding |
|  1.300% due 07/12/2026 | 610 | 602 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  5.800% due 03/05/2027 | 2600 | 2634 |
|  6.690% (SOFRRATE + 2.950%) due 03/06/2026 ~ | 800 | 803 |
|  General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. |
|  1.500% due 06/10/2026 | 511 | 505 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  1.542% due 09/10/2027 •  | 4000 | 3931 |
|  5.198% (SOFRRATE + 1.290%) due 04/23/2028 ~ | 600 | 606 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  5.391% (SOFRRATE + 1.570%) due 08/14/2027 ~ | 500 | 503 |
|  5.887% due 08/14/2027 •  | 2000 | 2021 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  ING Groep NV | ING Groep NV | ING Groep NV |
|  4.738% due 04/01/2027 •  | 1000 | 1001 |
|  Jackson National Life Global Funding | Jackson National Life Global Funding | Jackson National Life Global Funding |
|  4.900% due 01/13/2027 | 600 | 605 |
|  5.500% due 01/09/2026 | 1127 | 1127 |
|  Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC |
|  5.408% (SOFRINDX + 1.560%) due 08/07/2027 ~ | 1800 | 1812 |
|  Mizuho Bank Ltd. | Mizuho Bank Ltd. | Mizuho Bank Ltd. |
|  4.513% (BBSW3M + 0.860%) due 02/23/2026 ~ | 2000 | 1336 |
|  4.562% (BBSW3M + 0.850%) due 09/14/2026 ~ | 300 | 201 |
|  Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. |
|  1.234% due 05/22/2027 •  | 200 | 198 |
|  Morgan Stanley Bank NA | Morgan Stanley Bank NA | Morgan Stanley Bank NA |
|  4.644% (SOFRRATE + 0.685%) due 10/15/2027 ~ | 1000 | 1002 |
|  Morgan Stanley Private Bank NA | Morgan Stanley Private Bank NA | Morgan Stanley Private Bank NA |
|  4.754% (SOFRRATE + 0.770%) due 07/06/2028 ~ | 5000 | 5012 |
|  MUFG Bank Ltd. | MUFG Bank Ltd. | MUFG Bank Ltd. |
|  4.523% (BBSW3M + 0.870%) due 02/17/2026 ~ | 2000 | 1336 |
|  National Bank of Canada | National Bank of Canada | National Bank of Canada |
|  4.628% due 03/25/2027 •  | 1708 | 1710 |
|  NatWest Markets PLC | NatWest Markets PLC | NatWest Markets PLC |
|  4.488% (SOFRRATE + 0.760%) due 09/29/2026 ~ | 800 | 802 |
|  Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC |
|  1.850% due 09/16/2026 | 1500 | 1468 |
|  2.000% due 03/09/2026 | 273 | 272 |
|  Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. |
|  5.709% due 01/09/2026 | 1500 | 1500 |
|  Pacific Life Global Funding II | Pacific Life Global Funding II | Pacific Life Global Funding II |
|  4.328% (SOFRRATE + 0.480%) due 02/04/2027 ~ | 2000 | 2003 |
|  Protective Life Global Funding | Protective Life Global Funding | Protective Life Global Funding |
|  4.412% (SOFRRATE + 0.500%) due 07/22/2026 ~ | 800 | 801 |
|  Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada |
|  4.640% (SOFRINDX + 0.710%) due 01/21/2027 ~ | 800 | 804 |
|  Societe Generale SA | Societe Generale SA | Societe Generale SA |
|  6.447% due 01/12/2027 •  | 400 | 400 |
|  Standard Chartered PLC | Standard Chartered PLC | Standard Chartered PLC |
|  4.979% (SOFRRATE + 1.170%) due 05/14/2028 ~ | 1000 | 1007 |
|  5.855% (SOFRRATE + 2.030%) due 02/08/2028 ~ | 800 | 812 |
|  6.170% due 01/09/2027 •  | 514 | 514 |
|  6.187% due 07/06/2027 •  | 400 | 404 |
|  Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
|  5.289% (SOFRRATE + 1.300%) due 07/13/2026 ~ | 3500 | 3521 |
|  Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. |
|  4.880% (SOFRRATE + 1.150%) due 09/14/2026 ~ | 600 | 604 |
|  4.926% (SOFRRATE + 1.150%) due 09/14/2026 ~ | 300 | 302 |
|  Svenska Handelsbanken AB | Svenska Handelsbanken AB | Svenska Handelsbanken AB |
|  4.435% (SOFRRATE + 0.660%) due 05/28/2027 ~ | 2500 | 2510 |
|  Swedbank AB | Swedbank AB | Swedbank AB |
|  5.337% due 09/20/2027 | 2500 | 2558 |
|  Synchrony Financial | Synchrony Financial | Synchrony Financial |
|  3.700% due 08/04/2026 | 1500 | 1495 |
|  Toyota Motor Credit Corp. | Toyota Motor Credit Corp. | Toyota Motor Credit Corp. |
|  4.596% (SOFRRATE + 0.770%) due 08/07/2026 ~ | 2000 | 2007 |
|  UBS AG | UBS AG | UBS AG |
|  4.156% (BBSW3M + 0.500%) due 02/26/2026 ~ | 700 | 467 |
|  4.934% (BBSW3M + 1.300%) due 05/12/2026 ~ | 3500 | 2344 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  1.305% due 02/02/2027 •  | 2750 | 2742 |
|  Woori Card Co. Ltd. | Woori Card Co. Ltd. | Woori Card Co. Ltd. |
|  1.750% due 03/23/2026 | 782 | 778 |
|  |  | 110747 |
| INDUSTRIALS 9.9% | INDUSTRIALS 9.9% | INDUSTRIALS 9.9% |
|  7-Eleven, Inc. | 7-Eleven, Inc. | 7-Eleven, Inc. |
|  0.950% due 02/10/2026 | 1100 | 1096 |
|  Algonquin Power & Utilities Corp. | Algonquin Power & Utilities Corp. | Algonquin Power & Utilities Corp. |
|  5.365% due 06/15/2026 þ | 5800 | 5829 |
|  BAT International Finance PLC | BAT International Finance PLC | BAT International Finance PLC |
|  1.668% due 03/25/2026 | 952 | 947 |
|  Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. |
|  1.570% due 01/15/2026 | 5100 | 5095 |
|  4.875% due 07/15/2026 | 466 | 466 |
|  BMW U.S. Capital LLC | BMW U.S. Capital LLC | BMW U.S. Capital LLC |
|  4.530% (SOFRRATE + 0.710%) due 08/11/2027 ~ | 4100 | 4112 |
|  4.614% (SOFRINDX + 0.800%) due 08/13/2026 ~ | 1500 | 1505 |
|  Boeing Co. | Boeing Co. | Boeing Co. |
|  2.196% due 02/04/2026 | 1400 | 1397 |
|  2.750% due 02/01/2026 | 300 | 300 |
|  3.100% due 05/01/2026 | 870 | 867 |
|  Campbell's Co. | Campbell's Co. | Campbell's Co. |
|  5.300% due 03/20/2026 | 3800 | 3809 |
|  Cigna Group | Cigna Group | Cigna Group |
|  1.250% due 03/15/2026 | 1500 | 1491 |
|  Daimler Truck Finance North America LLC | Daimler Truck Finance North America LLC | Daimler Truck Finance North America LLC |
|  4.650% due 10/12/2030 | 5400 | 5441 |
|  Entergy Louisiana LLC | Entergy Louisiana LLC | Entergy Louisiana LLC |
|  2.400% due 10/01/2026 | 730 | 723 |
|  Fox Corp. | Fox Corp. | Fox Corp. |
|  4.709% due 01/25/2029 | 900 | 912 |
|  Glencore Funding LLC | Glencore Funding LLC | Glencore Funding LLC |
|  5.071% (SOFRINDX + 1.060%) due 04/04/2027 ~ | 300 | 301 |
|  Hyundai Capital America | Hyundai Capital America | Hyundai Capital America |
|  4.846% (SOFRRATE + 1.120%) due 06/23/2027 ~ | 1400 | 1408 |
|  Kraft Heinz Foods Co. | Kraft Heinz Foods Co. | Kraft Heinz Foods Co. |
|  3.000% due 06/01/2026 | 4000 | 3983 |
|  Kraton Corp. | Kraton Corp. | Kraton Corp. |
|  5.000% due 07/15/2027 | 3000 | 3047 |
|  Mercedes-Benz Finance North America LLC | Mercedes-Benz Finance North America LLC | Mercedes-Benz Finance North America LLC |
|  4.507% due 04/01/2027 •  | 2200 | 2208 |
|  Molson Coors Beverage Co. | Molson Coors Beverage Co. | Molson Coors Beverage Co. |
|  3.000% due 07/15/2026 | 5500 | 5471 |
|  NTT Finance Corp. | NTT Finance Corp. | NTT Finance Corp. |
|  1.162% due 04/03/2026 | 1700 | 1688 |
|  Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. |
|  5.500% due 08/31/2026 | 2000 | 2003 |
|  5.500% due 04/01/2028 | 100 | 102 |
|  Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC |
|  5.875% due 06/30/2026 | 281 | 281 |
|  Skyworks Solutions, Inc. | Skyworks Solutions, Inc. | Skyworks Solutions, Inc. |
|  1.800% due 06/01/2026 | 100 | 99 |
|  VMware LLC | VMware LLC | VMware LLC |
|  1.400% due 08/15/2026 | 1700 | 1675 |
|  Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC |
|  4.555% (SOFRRATE + 0.830%)<br>due 03/20/2026 ~ | 1300 | 1301 |
|  4.900% due 08/14/2026 | 2500 | 2511 |
|  |  | 60068 |
| UTILITIES 1.6% | UTILITIES 1.6% | UTILITIES 1.6% |
|  Emera U.S. Finance LP | Emera U.S. Finance LP | Emera U.S. Finance LP |
|  3.550% due 06/15/2026 | 100 | 100 |
|  Enel Finance International NV | Enel Finance International NV | Enel Finance International NV |
|  1.625% due 07/12/2026 | 2100 | 2074 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **163** |

---

------

Schedule of Investments PIMCO Commodity Strategy Active Exchange-Traded Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Eversource Energy | Eversource Energy | Eversource Energy |
|  1.400% due 08/15/2026 | 200 | 196 |
|  Israel Electric Corp. Ltd. | Israel Electric Corp. Ltd. | Israel Electric Corp. Ltd. |
|  7.750% due 12/15/2027 | 300 | 318 |
|  National Rural Utilities Cooperative Finance Corp. | National Rural Utilities Cooperative Finance Corp. | National Rural Utilities Cooperative Finance Corp. |
|  4.358% (SOFRRATE + 0.580%)<br>due 11/22/2026 ~ | 1500 | 1504 |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  3.150% due 01/01/2026 | 5530 | 5530 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  4.400% due 09/06/2026 | 100 | 100 |
|  |  | 9822 |
|  Total Corporate Bonds & Notes (Cost $179,780) | Total Corporate Bonds & Notes (Cost $179,780) | 180637 |
| U.S. GOVERNMENT AGENCIES 13.3% | U.S. GOVERNMENT AGENCIES 13.3% | U.S. GOVERNMENT AGENCIES 13.3% |
|  Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS |
|  4.774% due 07/25/2054 - 11/25/2055 •  | 3649 | 3664 |
|  4.804% due 05/25/2055 •  | 1635 | 1643 |
|  4.824% due 03/25/2055 - 09/25/2055 •  | 9291 | 9350 |
|  4.874% due 02/25/2055 - 08/25/2055 •  | 4455 | 4476 |
|  4.974% due 07/25/2055 •  | 2910 | 2921 |
|  5.024% due 12/25/2054 - 08/25/2055 •  | 3891 | 3905 |
|  5.074% due 01/25/2055 •  | 327 | 328 |
|  5.124% due 05/25/2054 •  | 995 | 1002 |
|  Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS |
|  4.774% due 12/25/2053 - 08/25/2055 •  | 15559 | 15613 |
|  4.784% due 03/25/2055 •  | 3945 | 3959 |
|  4.824% due 01/25/2055 •  | 4140 | 4159 |
|  4.874% due 11/25/2055 •  | 1095 | 1099 |
|  4.924% due 09/25/2055 •  | 596 | 598 |
|  4.974% due 06/25/2054 - 10/25/2055 •  | 5216 | 5235 |
|  5.054% due 08/25/2055 •  | 1301 | 1306 |
|  5.074% due 01/25/2055 •  | 742 | 745 |
|  Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS |
|  4.090% due 04/20/2069 •  | 116 | 116 |
|  4.678% due 11/20/2074 •  | 936 | 939 |
|  4.818% due 06/20/2055 •  | 10575 | 10624 |
|  4.868% due 01/20/2054 - 10/20/2073 •  | 3354 | 3379 |
|  4.918% due 06/20/2055 •  | 1712 | 1718 |
|  5.068% due 06/20/2055 - 07/20/2055 •  | 4051 | 4071 |
|  Total U.S. Government Agencies (Cost $80,539) | Total U.S. Government Agencies (Cost $80,539) | 80850 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 1.3% | NON-AGENCY MORTGAGE-BACKED SECURITIES 1.3% | NON-AGENCY MORTGAGE-BACKED SECURITIES 1.3% |
|  Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS |
|  4.688% due 09/20/2075 •  | 3511 | 3522 |
|  4.698% due 10/20/2075 •  | 3491 | 3507 |
|  OBX Trust | OBX Trust | OBX Trust |
|  5.988% due 01/25/2064 þ | 842 | 850 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $7,842) | Total Non-Agency Mortgage-Backed Securities (Cost $7,842) | 7879 |
| ASSET-BACKED SECURITIES 11.1% | ASSET-BACKED SECURITIES 11.1% | ASSET-BACKED SECURITIES 11.1% |
| AUTOMOBILE ABS OTHER 0.4% | AUTOMOBILE ABS OTHER 0.4% | AUTOMOBILE ABS OTHER 0.4% |
|  Hyundai Auto Lease Securitization Trust | Hyundai Auto Lease Securitization Trust | Hyundai Auto Lease Securitization Trust |
|  4.374% due 01/18/2028 | 2700 | 2701 |
| AUTOMOBILE SEQUENTIAL 1.1% | AUTOMOBILE SEQUENTIAL 1.1% | AUTOMOBILE SEQUENTIAL 1.1% |
|  Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust |
|  4.640% due 01/10/2030 | 800 | 805 |
|  Citizens Auto Receivables Trust | Citizens Auto Receivables Trust | Citizens Auto Receivables Trust |
|  5.840% due 01/18/2028 | 766 | 771 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  GM Financial Automobile Leasing Trust | GM Financial Automobile Leasing Trust | GM Financial Automobile Leasing Trust |
|  4.540% due 05/20/2027 | 2605 | 2612 |
|  4.550% due 07/20/2027 | 1284 | 1288 |
|  M&T Bank Auto Receivables Trust | M&T Bank Auto Receivables Trust | M&T Bank Auto Receivables Trust |
|  5.220% due 02/17/2032 | 1091 | 1104 |
|  |  | 6580 |
| CREDIT CARD BULLET 0.9% | CREDIT CARD BULLET 0.9% | CREDIT CARD BULLET 0.9% |
|  American Express Credit Account Master Trust | American Express Credit Account Master Trust | American Express Credit Account Master Trust |
|  5.230% due 09/15/2028 | 2000 | 2020 |
|  Evergreen Credit Card Trust | Evergreen Credit Card Trust | Evergreen Credit Card Trust |
|  4.540% due 10/15/2029 •  | 3400 | 3413 |
|  |  | 5433 |
| CREDIT CARD OTHER 0.4% | CREDIT CARD OTHER 0.4% | CREDIT CARD OTHER 0.4% |
|  Trillium Credit Card Trust II | Trillium Credit Card Trust II | Trillium Credit Card Trust II |
|  4.297% due 09/26/2030 •  | 2500 | 2509 |
| OTHER ABS 8.3% | OTHER ABS 8.3% | OTHER ABS 8.3% |
|  522 Funding CLO Ltd. | 522 Funding CLO Ltd. | 522 Funding CLO Ltd. |
|  5.060% due 10/23/2034 •  | 1200 | 1201 |
|  AlbaCore Euro CLO IV DAC | AlbaCore Euro CLO IV DAC | AlbaCore Euro CLO IV DAC |
|  2.999% due 07/15/2035 •  | 1000 | 1176 |
|  AMMC CLO 24 Ltd. | AMMC CLO 24 Ltd. | AMMC CLO 24 Ltd. |
|  5.084% due 01/20/2035 •  | 800 | 800 |
|  Anchorage Credit Funding 19 Ltd. | Anchorage Credit Funding 19 Ltd. | Anchorage Credit Funding 19 Ltd. |
|  5.036% due 10/25/2040 | 1600 | 1600 |
|  ARES LX CLO Ltd. | ARES LX CLO Ltd. | ARES LX CLO Ltd. |
|  5.064% due 07/18/2034 •  | 400 | 400 |
|  ARES LXV CLO Ltd. | ARES LXV CLO Ltd. | ARES LXV CLO Ltd. |
|  4.978% due 07/25/2034 •  | 2700 | 2700 |
|  ARES XXVII CLO Ltd. | ARES XXVII CLO Ltd. | ARES XXVII CLO Ltd. |
|  5.009% due 10/28/2034 •  | 1200 | 1200 |
|  Atlantic Avenue Ltd. | Atlantic Avenue Ltd. | Atlantic Avenue Ltd. |
|  5.144% due 01/20/2035 •  | 1200 | 1201 |
|  Atlas Senior Loan Fund XVII Ltd. | Atlas Senior Loan Fund XVII Ltd. | Atlas Senior Loan Fund XVII Ltd. |
|  4.944% due 10/20/2034 •  | 1600 | 1596 |
|  Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. |
|  5.124% due 07/19/2034 •  | 1200 | 1201 |
|  Canyon Capital CLO Ltd. | Canyon Capital CLO Ltd. | Canyon Capital CLO Ltd. |
|  4.915% due 10/15/2034 •  | 1400 | 1399 |
|  Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. |
|  4.974% due 07/20/2034 •  | 900 | 901 |
|  CarVal CLO I Ltd. | CarVal CLO I Ltd. | CarVal CLO I Ltd. |
|  5.124% due 07/16/2031 •  | 652 | 653 |
|  CQS U.S. CLO Ltd. | CQS U.S. CLO Ltd. | CQS U.S. CLO Ltd. |
|  5.084% due 01/20/2035 •  | 200 | 200 |
|  Cumulus Static CLO DAC | Cumulus Static CLO DAC | Cumulus Static CLO DAC |
|  3.264% due 11/15/2033 •  | 515 | 607 |
|  ICG U.S. CLO Ltd. | ICG U.S. CLO Ltd. | ICG U.S. CLO Ltd. |
|  4.884% due 01/16/2033 •  | 613 | 614 |
|  Jamestown CLO XVI Ltd. | Jamestown CLO XVI Ltd. | Jamestown CLO XVI Ltd. |
|  4.978% due 07/25/2034 •  | 600 | 600 |
|  Jamestown CLO XVIII Ltd. | Jamestown CLO XVIII Ltd. | Jamestown CLO XVIII Ltd. |
|  5.128% due 07/25/2035 •  | 400 | 401 |
|  KKR CLO 42 Ltd. | KKR CLO 42 Ltd. | KKR CLO 42 Ltd. |
|  5.034% due 07/20/2034 •  | 2700 | 2702 |
|  LCM 36 Ltd. | LCM 36 Ltd. | LCM 36 Ltd. |
|  4.975% due 01/15/2034 •  | 1600 | 1598 |
|  LCM Loan Income Fund I Ltd. | LCM Loan Income Fund I Ltd. | LCM Loan Income Fund I Ltd. |
|  5.176% due 04/20/2031 •  | 81 | 82 |
|  Madison Park Funding XLVI Ltd. | Madison Park Funding XLVI Ltd. | Madison Park Funding XLVI Ltd. |
|  4.905% due 10/15/2034 •  | 1400 | 1399 |
|  MMAF Equipment Finance LLC | MMAF Equipment Finance LLC | MMAF Equipment Finance LLC |
|  5.790% due 11/13/2026 | 9 | 9 |
|  Navesink CLO 2 Ltd. | Navesink CLO 2 Ltd. | Navesink CLO 2 Ltd. |
|  0.000% due 01/15/2036 •(a) | 1100 | 1100 |
|  Navient Refinance Loan Trust | Navient Refinance Loan Trust | Navient Refinance Loan Trust |
|  4.800% due 10/15/2055 | 1260 | 1264 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Northwoods Capital XII-B Ltd. | Northwoods Capital XII-B Ltd. | Northwoods Capital XII-B Ltd. |
|  4.913% due 06/15/2031 •  | 633 | 634 |
|  Ocean Trails CLO XI | Ocean Trails CLO XI | Ocean Trails CLO XI |
|  4.914% due 07/20/2034 •  | 1400 | 1397 |
|  Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC |
|  2.859% due 10/15/2034 •  | 1354 | 1593 |
|  2.989% due 01/15/2033 •  | 385 | 452 |
|  Parallel Ltd. | Parallel Ltd. | Parallel Ltd. |
|  5.015% due 07/15/2034 •  | 1400 | 1397 |
|  Regatta XVI Funding Ltd. | Regatta XVI Funding Ltd. | Regatta XVI Funding Ltd. |
|  5.105% due 01/15/2033 •  | 1297 | 1298 |
|  Rockford Tower CLO Ltd. | Rockford Tower CLO Ltd. | Rockford Tower CLO Ltd. |
|  5.084% due 07/20/2035 •  | 1100 | 1101 |
|  Silver Rock CLO II Ltd. | Silver Rock CLO II Ltd. | Silver Rock CLO II Ltd. |
|  4.924% due 01/20/2035 •  | 2000 | 2000 |
|  SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
|  5.634% due 09/15/2053 •  | 1390 | 1415 |
|  SoFi Consumer Loan Program Trust | SoFi Consumer Loan Program Trust | SoFi Consumer Loan Program Trust |
|  4.470% due 08/15/2034 | 759 | 762 |
|  THL Credit Wind River CLO Ltd. | THL Credit Wind River CLO Ltd. | THL Credit Wind River CLO Ltd. |
|  5.105% due 04/15/2035 •  | 2700 | 2702 |
|  Trinitas CLO VI Ltd. | Trinitas CLO VI Ltd. | Trinitas CLO VI Ltd. |
|  4.968% due 01/25/2034 •  | 1900 | 1901 |
|  Trinitas CLO VII Ltd. | Trinitas CLO VII Ltd. | Trinitas CLO VII Ltd. |
|  4.918% due 01/25/2035 •  | 1800 | 1800 |
|  Trinitas CLO XIX Ltd. | Trinitas CLO XIX Ltd. | Trinitas CLO XIX Ltd. |
|  4.994% due 10/20/2033 •  | 256 | 257 |
|  Trysail CLO Ltd. | Trysail CLO Ltd. | Trysail CLO Ltd. |
|  5.123% due 10/20/2033 •  | 500 | 501 |
|  Wellfleet CLO Ltd. | Wellfleet CLO Ltd. | Wellfleet CLO Ltd. |
|  5.055% due 07/15/2034 •  | 2700 | 2701 |
|  Wind River CLO Ltd. | Wind River CLO Ltd. | Wind River CLO Ltd. |
|  4.965% due 10/15/2034 •  | 1691 | 1687 |
|  |  | 50202 |
|  Total Asset-Backed Securities (Cost $66,998) | Total Asset-Backed Securities (Cost $66,998) | 67425 |
| SOVEREIGN ISSUES 0.8% | SOVEREIGN ISSUES 0.8% | SOVEREIGN ISSUES 0.8% |
|  Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional |
|  0.000% due 04/01/2026 (c) | 9100 | 1606 |
|  Eagle Funding Luxco SARL | Eagle Funding Luxco SARL | Eagle Funding Luxco SARL |
|  5.500% due 08/17/2030 | 3300 | 3366 |
|  Total Sovereign Issues (Cost $4,967) | Total Sovereign Issues (Cost $4,967) | 4972 |
|  | **SHARES** |  |
| COMMON STOCKS 0.0% | COMMON STOCKS 0.0% | COMMON STOCKS 0.0% |
| INDUSTRIALS 0.0% | INDUSTRIALS 0.0% | INDUSTRIALS 0.0% |
|  Platinum NYM JPM (b) | 51 | 103 |
|  Total Common Stocks (Cost $81) | Total Common Stocks (Cost $81) | 103 |
|  | **OUNCES** |  |
| COMMODITIES 15.9% | COMMODITIES 15.9% | COMMODITIES 15.9% |
|  Gold Warehouse Receipts | 12898 | 55633 |
|  Platinum Warehouse Receipts | 16051 | 23991 |
|  Silver Warehouse Receipts | 244250 | 17081 |
|  Total Commodities (Cost $52,749) | Total Commodities (Cost $52,749) | 96705 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |
| SHORT-TERM INSTRUMENTS 18.5% | SHORT-TERM INSTRUMENTS 18.5% | SHORT-TERM INSTRUMENTS 18.5% |
| COMMERCIAL PAPER 10.2% | COMMERCIAL PAPER 10.2% | COMMERCIAL PAPER 10.2% |
|  Air Lease Corp. | Air Lease Corp. | Air Lease Corp. |
|  4.100% due 01/15/2026 | 5600 | 5591 |
|  4.150% due 01/02/2026 | 3300 | 3299 |
|  AMETEK, Inc. | AMETEK, Inc. | AMETEK, Inc. |
|  4.020% due 01/12/2026 | 1200 | 1198 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  4.100% due 01/06/2026 | 300 | 300 |
|  4.150% due 01/20/2026 | 4500 | 4490 |
|  4.150% due 01/21/2026 | 500 | 499 |

---

---

| | | |
|:---|:---|:---|
| **164** | **PIMCO ETF TRUST** | See Accompanying Notes |

---

------

December 31, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Edison International | Edison International | Edison International | Edison International | Edison International |
|  4.250% due 01/02/2026 | $— | 3300 | $— | 3299 |
|  ERAC USA Finance LLC | ERAC USA Finance LLC | ERAC USA Finance LLC | ERAC USA Finance LLC | ERAC USA Finance LLC |
|  4.200% due 01/12/2026 |  | 5800 |  | 5792 |
|  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. |
|  3.950% due 01/07/2026 |  | 1600 |  | 1599 |
|  3.950% due 01/14/2026 |  | 600 |  | 599 |
|  3.950% due 01/23/2026 |  | 3600 |  | 3591 |
|  HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. |
|  4.150% due 01/08/2026 |  | 3200 |  | 3197 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. | HCA, Inc. | HCA, Inc. |
|  4.100% due 01/20/2026 |  | 5000 |  | 4989 |
|  4.120% due 02/02/2026 |  | 300 |  | 299 |
|  4.120% due 02/12/2026 |  | 500 |  | 498 |
|  4.300% due 01/07/2026 |  | 1800 |  | 1799 |
|  4.300% due 01/13/2026 |  | 1100 |  | 1098 |
|  Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. |
|  4.000% due 01/07/2026 |  | 5500 |  | 5496 |
|  Oracle Corp. | Oracle Corp. | Oracle Corp. | Oracle Corp. | Oracle Corp. |
|  4.220% due 01/16/2026 |  | 5800 |  | 5790 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  San Diego Gas & Electric Co. | San Diego Gas & Electric Co. | San Diego Gas & Electric Co. |
|  3.940% due 01/20/2026 | 3400 | 3392 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  4.050% due 01/30/2026 | 900 | 897 |
|  4.550% due 01/05/2026 | 2900 | 2898 |
|  VW Credit, Inc. | VW Credit, Inc. | VW Credit, Inc. |
|  4.220% due 01/13/2026 | 1500 | 1498 |
|  |  | 62108 |
| REPURCHASE AGREEMENTS (g) 8.3% | REPURCHASE AGREEMENTS (g) 8.3% | REPURCHASE AGREEMENTS (g) 8.3% |
|  |  | 50500 |
| U.S. TREASURY BILLS 0.0% | U.S. TREASURY BILLS 0.0% | U.S. TREASURY BILLS 0.0% |
|  3.898% due 01/27/2026 (c)(d)(j) | 15 | 15 |
| Total Short-Term Instruments<br>(Cost $112,634) | Total Short-Term Instruments<br>(Cost $112,634) | 112623 |
| Total Investments in Securities<br>(Cost $505,590) | Total Investments in Securities<br>(Cost $505,590) | 551194 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| INVESTMENTS IN AFFILIATES 2.6% | INVESTMENTS IN AFFILIATES 2.6% | INVESTMENTS IN AFFILIATES 2.6% | INVESTMENTS IN AFFILIATES 2.6% |
| MUTUAL FUNDS 2.6% | MUTUAL FUNDS 2.6% | MUTUAL FUNDS 2.6% | MUTUAL FUNDS 2.6% |
|  PIMCO Enhanced Short Maturity Active Exchange-Traded Fund | 153828 | $— | 15435 |
| Total Mutual Funds<br>(Cost $15,425) | Total Mutual Funds<br>(Cost $15,425) |  | 15435 |
| Total Investments in Affiliates<br>(Cost $15,425) | Total Investments in Affiliates<br>(Cost $15,425) |  | 15435 |
| Total Investments 93.2%<br>(Cost $521,015) | Total Investments 93.2%<br>(Cost $521,015) | $— | 566629 |
|  Financial Derivative Instruments (h)(i) 0.3%<br> (Cost or Premiums, net $(315)) |  |  | 1956 |
| Other Assets and Liabilities, net 6.5% | Other Assets and Liabilities, net 6.5% |  | 39518 |
| Net Assets 100.0% | Net Assets 100.0% | $— | 608103 |

---

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

---

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

---

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

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

(a) When-issued security.

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

(c) Zero coupon security.

(d) Coupon represents a yield to maturity.

(e) Institutional Class Shares of each Fund.

(f) Coupon represents a 7-Day Yield.

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS
&nbsp;&nbsp;&nbsp;&nbsp;(g) 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> |
| BOS | 3.670% | 12/31/2025 | 01/02/2026 | $12900 | U.S. Treasury Notes 4.500% due 11/15/2033 | $(13135) | $12900 | $12903 |
|  | 3.670% | 12/31/2025 | 01/02/2026 | 4800 | U.S. Treasury Notes 4.500% due 11/15/2033 | (4887) | 4800 | 4801 |
| BPS | 3.930 | 12/31/2025 | 01/02/2026 | 5700 | U.S. Treasury Bonds 4.000% due 11/15/2042 | (5792) | 5700 | 5701 |
|  | 3.930 | 12/31/2025 | 01/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27100 | U.S. Treasury Inflation Protected Securities 1.375% due 07/15/2033 | (27615) | 27100 | 27106 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51429) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50511 |

---

#### 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, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| 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 | 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 |
|  BOS | $17704 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17704 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18022) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(318) |
|  BPS | 32807 | 0 | 0 | 32807 | (33407) | (600) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50511 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |  |  |  |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **165** |

---

------

Schedule of Investments PIMCO Commodity Strategy Active Exchange-Traded Fund (Cont.)

<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, 2025 was $(43) at a weighted average interest rate of 3.768%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** 

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

#### PURCHASED OPTIONS:

#### COMMODITY OPTIONS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Cost | Market<br>Value |
|  Call - CBOE Wheat July 2026 Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600.000 | 06/26/2026 | 63 | 315 | $96 | $48 |
|  Put - ICE Crude Oil March 2026 Futures | 55.000 | 01/27/2026 | 89 | 89 | 66 | 23 |
|  Put - NYMEX Crude Oil March 2026 Futures | 50.000 | 02/17/2026 | 75 | 75 | 94 | 31 |
|  Call - NYMEX Natural Gas March 2026 Futures | 3.750 | 02/24/2026 | 31 | 310 | 61 | 35 |
|  Call - NYMEX Natural Gas March 2026 Futures | 4.500 | 02/24/2026 | 122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1220 | 301 | 50 |
|  Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187 |

---

#### WRITTEN OPTIONS:

#### COMMODITY OPTIONS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Premiums<br>(Received) | Market<br>Value |
|  Put - CBOE Wheat July 2026 Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500.000 | 06/26/2026 | 127 | $635 | $(92) | $(121) |
|  Call - ICE Crude Oil March 2026 Futures | 70.000 | 01/27/2026 | 89 | 89 | (77) | (13) |
|  Call - NYMEX Crude Oil March 2026 Futures | 64.000 | 02/17/2026 | 75 | 75 | (91) | (41) |
|  Put - NYMEX Natural Gas March 2026 Futures | 3.000 | 02/24/2026 | 31 | 310 | (62) | (68) |
|  Put - NYMEX Natural Gas March 2026 Futures | 3.050 | 02/24/2026 | 117 | 1170 | (225) | (288) |
|  Put - NYMEX Natural Gas March 2026 Futures | 3.500 | 02/24/2026 | 273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2730 | (743) | (1458) |
|  Total Written Options |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1290) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1989) |

---

#### 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 |
|  Arabica Coffee July Futures  | 07/2026 | 58 | $7091 | $(132) | $0 | $(28) |
|  Arabica Coffee March Futures  | 03/2026 | 118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1092) | 0 | (64) |
|  Australia Government 3-Year Bond March Futures  | 03/2026 | 436 | 30550 | 28 | 8 | (8) |
|  Brent Crude December Futures  | 10/2026 | 453 | 27280 | (727) | 0 | (249) |
|  Brent Crude March Futures  | 01/2026 | 441 | 26835 | (224) | 0 | (212) |
|  Brent Crude September Futures  | 07/2026 | 484 | 29122 | (400) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(266) |
|  California Carbon Allowance Vintage December Futures  | 12/2026 | 778 | 25596 | 1248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117 | 0 |
|  Canada Government 5-Year Bond March Futures  | 03/2026 | 171 | 14114 | (88) | 0 | (25) |
|  Carbon Emissions December Futures  | 12/2026 | 139 | 14272 | 535 | 16 | (29) |
|  Cocoa July Futures  | 07/2026 | 115 | 7052 | 156 | 7 | 0 |
|  Copper July Futures  | 07/2026 | 18 | 2606 | 78 | 0 | (44) |
|  Copper March Futures  | 03/2026 | 98 | 13921 | 808 | 0 | (244) |
|  Corn March Futures  | 03/2026 | 811 | 17852 | (86) | 0 | (10) |
|  Cotton No. 2 March Futures  | 03/2026 | 51 | 1639 | (37) | 0 | (1) |
|  Gas Oil June Futures  | 06/2026 | 216 | 12992 | (623) | 0 | (54) |
|  Gas Oil March Futures  | 03/2026 | 61 | 3756 | 59 | 0 | (29) |
|  Gold 100 oz. April Futures  | 04/2026 | 148 | 64734 | (573) | 0 | (666) |
|  Gold 100 oz. June Futures  | 06/2026 | 38 | 16746 | 634 | 0 | (171) |
|  Hard Red Winter Wheat March Futures  | 03/2026 | 463 | 11916 | (522) | 0 | (166) |
|  Hard Red Winter Wheat May Futures  | 05/2026 | 26 | 686 | (12) | 0 | (9) |
|  Iron Ore March Futures  | 03/2026 | 2109 | 22102 | 1029 | 0 | (27) |
|  Lean Hogs June Futures  | 06/2026 | 217 | 8930 | 247 | 0 | (9) |
|  Live Cattle April Futures  | 04/2026 | 271 | 25170 | 435 | 133 | 0 |
|  Live Cattle June Futures  | 06/2026 | 248 | 22496 | 1332 | 97 | 0 |
|  LME Aluminum January Futures  | 01/2026 | 670 | 49895 | 5275 | 0 | 0 |
|  LME Aluminum July Futures  | 07/2026 | 57 | 4290 | 112 | 113 | 0 |
|  LME Aluminum March Futures  | 03/2026 | 580 | 43420 | 3262 | 585 | 0 |
|  LME Aluminum May Futures  | 05/2026 | 282 | 21187 | 1287 | 0 | 0 |

---

---

| | | |
|:---|:---|:---|
| **166** | **PIMCO ETF TRUST** | See Accompanying Notes |

---

------

December 31, 2025 (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** |
|  LME Lead January Futures  | 01/2026 | 54 | $2674 | $(20) | $0 | $0 |
|  LME Lead March Futures  | 03/2026 | 55 | 2761 | (43) | 0 | 0 |
|  LME Nickel January Futures  | 01/2026 | 237 | 23528 | 1662 | 0 | 0 |
|  LME Nickel July Futures  | 07/2026 | 156 | 15762 | 1138 | 1159 | (42) |
|  LME Nickel March Futures  | 03/2026 | 331 | 33045 | 2355 | 771 | (45) |
|  LME Nickel May Futures  | 05/2026 | 155 | 15573 | 1189 | 0 | 0 |
|  LME Zinc January Futures  | 01/2026 | 616 | 47641 | 2709 | 0 | 0 |
|  LME Zinc July Futures  | 07/2026 | 177 | 13840 | 197 | 204 | (7) |
|  LME Zinc March Futures  | 03/2026 | 691 | 53879 | 2228 | 744 | (11) |
|  LME Zinc May Futures  | 05/2026 | 183 | 14295 | 598 | 0 | 0 |
|  Natural Gas March Futures  | 02/2026 | 612 | 19156 | (3044) | 0 | (1334) |
|  New York Harbor June Futures  | 05/2026 | 256 | 21876 | (1390) | 0 | (253) |
|  RBOB Gasoline June Futures  | 05/2026 | 337 | 27715 | (431) | 0 | (248) |
|  RBOB Gasoline March Futures  | 02/2026 | 5 | 366 | 0 | 0 | 0 |
|  Silver July Futures  | 07/2026 | 17 | 6101 | 405 | 0 | (625) |
|  Silver March Futures  | 03/2026 | 4 | 1412 | (114) | 0 | (146) |
|  Soybean July Futures  | 07/2026 | 247 | 13267 | (584) | 0 | (145) |
|  Soybean March Futures  | 03/2026 | 272 | 14246 | (1100) | 0 | (201) |
|  Soybean Meal March Futures  | 03/2026 | 375 | 11228 | (960) | 0 | (109) |
|  Sugar No. 11 March Futures  | 02/2026 | 150 | 2522 | (148) | 29 | 0 |
|  U.S. Treasury 5-Year Note March Futures  | 03/2026 | 1249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136522 | (208) | 0 | (146) |
|  WTI Crude June Futures  | 05/2026 | 110 | 6271 | (208) | 0 | (57) |
|  WTI Crude March Futures  | 02/2026 | 232 | 13275 | (694) | 0 | (121) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15546 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3983 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5801) |

---

#### 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 |
|  Brent Crude June Futures  | 04/2026 | 216 | $(13014) | $94 | $121 | $0 |
|  Gold 100 oz. February Futures  | 02/2026 | 85 | (36899) | 74 | 384 | 0 |
|  LME Aluminum January Futures  | 01/2026 | 670 | (49895) | (3806) | 0 | 0 |
|  LME Aluminum March Futures  | 03/2026 | 456 | (34137) | (1688) | 0 | 0 |
|  LME Aluminum May Futures  | 05/2026 | 282 | (21187) | (1305) | 0 | 0 |
|  LME Lead January Futures  | 01/2026 | 54 | (2674) | 57 | 0 | 0 |
|  LME Lead March Futures  | 03/2026 | 55 | (2761) | (37) | 0 | 0 |
|  LME Nickel January Futures  | 01/2026 | 237 | (23528) | (2078) | 0 | 0 |
|  LME Nickel July Futures  | 07/2026 | 2 | (202) | (10) | 0 | 0 |
|  LME Nickel March Futures  | 03/2026 | 207 | (20666) | (1799) | 0 | 0 |
|  LME Nickel May Futures  | 05/2026 | 155 | (15573) | (1242) | 0 | 0 |
|  LME Zinc January Futures  | 01/2026 | 616 | (47641) | (1468) | 0 | 0 |
|  LME Zinc March Futures  | 03/2026 | 320 | (24951) | (631) | 0 | 0 |
|  LME Zinc May Futures  | 05/2026 | 183 | (14295) | (186) | 0 | 0 |
|  Natural Gas April Futures  | 03/2026 | 391 | (12328) | 1148 | 715 | 0 |
|  New York Harbor March Futures  | 02/2026 | 122 | (10778) | 689 | 162 | 0 |
|  Platinum April Futures  | 04/2026 | 233 | (23815) | (4363) | 2457 | 0 |
|  Platinum February Futures  | 02/2026 | 2 | (204) | (39) | 20 | 0 |
|  Silver January Futures  | 01/2026 | 40 | (14027) | (2188) | 1448 | 0 |
|  Soybean Oil March Futures  | 03/2026 | 221 | (6439) | 445 | 117 | 0 |
|  U.S. Treasury 2-Year Note March Futures  | 03/2026 | 242 | (50527) | (21) | 17 | 0 |
|  U.S. Treasury Ultra Long-Term Bond March Futures  | 03/2026 | 50 | (5900) | 33 | 19 | 0 |
|  U.S. Ultra Treasury 10-Year Note March Futures  | 03/2026 | 93 | (10696) | (8) | 17 | 0 |
|  Wheat March Futures  | 03/2026 | 152 | (3853) | 331 | 28 | 0 |
|  Wheat May Futures  | 05/2026 | 26 | (674) | 11 | 5 | 0 |
|  |  |  |  | $(17987) | $5510 | $0 |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2441) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9493 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5801) |

---

#### 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, 2025<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, 2025<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 |
|  Morgan Stanley | 1.000% | Quarterly | 06/20/2026 | 0.226% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2800 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| DECEMBER 31, 2025 167

------

Schedule of Investments PIMCO Commodity Strategy Active Exchange-Traded Fund (Cont.)

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/ Receive <br>Floating Rate | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Notional<br>Amount | 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 | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value** | Asset | Liability |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 3.750% | Annual | 09/17/2030 |  | 9500 | $(46) | $99 | $53 | $11 | $0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2029 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23400 | (100) | (209) | (309) | 31 | 0 |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.290 | Annual | 05/31/2030 |  | 34627 | 18 | 129 | 147 | 49 | 0 |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.375 | Annual | 05/31/2030 |  | 45626 | 44 | 1 | 45 | 65 | 0 |
|  |  |  |  |  |  |  | $(84) | $20 | $(64) | $156 | $0 |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(73) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 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<sup>(6)</sup> | Variation Margin<br>Asset<sup>(6)</sup> | | Market Value | Variation Margin<br>Liability<sup>(6)</sup> | Variation Margin<br>Liability<sup>(6)</sup> | |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | Total | Written<br>Options | Futures | Swap<br>Agreements | Total |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9521 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9864 | $(1989) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5802) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7791) |

---

Cash of $39,668 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2025. 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. 

<sup>(5)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

<sup>(6)</sup> Unsettled variation margin asset of $28 and liability of $(1) for closed futures is outstanding at period end. 

&nbsp;&nbsp;&nbsp;&nbsp;(i) 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 |
|  BPS | 01/2026 | 7537 | $4915 | $0 | $(116) |
|  | 01/2026 | $694 | 1221 | 9 | 0 |
|  | 04/2026 | 1400 | $245 | 0 | (5) |
|  CBK | 01/2026 | 220 | 147 | 0 | 0 |
|  | 01/2026 | 226 | 164 | 0 | (1) |
|  | 01/2026 | 685 | 800 | 0 | (5) |
|  | 01/2026 | $4069 | 6196 | 67 | 0 |
|  FAR | 01/2026 | 11855 | $7700 | 0 | (212) |
|  | 01/2026 | 920 | 1208 | 0 | (32) |
|  | 01/2026 | 19 | 6 | 0 | 0 |
|  | 01/2026 | $48 | 884 | 1 | 0 |
|  | 01/2026 | 482 | 856 | 11 | 0 |
|  | 02/2026 | 6 | 19 | 0 | 0 |
|  GLM | 01/2026 | 179 | 152 | 0 | (1) |
|  | 01/2026 | 21 | 69 | 0 | 0 |
|  | 03/2026 | 1006 | $183 | 2 | 0 |
|  | 04/2026 | 7700 | 1364 | 5 | (17) |

---

---

| | | |
|:---|:---|:---|
| **168** | **PIMCO ETF TRUST** | See Accompanying Notes |

---

------

December 31, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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** |
|  JPM | 01/2026 | $359 | 306 | $1 | $0 |
|  | 01/2026 | 35 | 113 | 1 | 0 |
|  MBC | 01/2026 | 274 | $195 | 0 | (5) |
|  | 01/2026 | $1607 | 2792 | 1 | 0 |
|  SOG | 01/2026 | 3814 | $4416 | 0 | (68) |
|  | 01/2026 | $1103 | 952 | 17 | 0 |
|  | 01/2026 | 939 | 717 | 27 | 0 |
|  | 03/2026 | 3 | $0 | 0 | 0 |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(462) |

---

#### PURCHASED OPTIONS:

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BPS Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.250% | 12/09/2026 | 1700 | $1 | $0 |
| CBK Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.500 | 02/13/2026 | 170600 | 114 | 3 |
| FAR Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.250 | 12/09/2026 | 140000 | 64 | 37 |
| MYC Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.650 | 09/09/2026 | 83100 | 83 | 56 |
| NGF Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.650 | 09/09/2026 | 158500 | 168 | 107 |
|  Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | $430 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203 |

---

#### 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, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| 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 | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(2)</sup> |
|  BPS | $9 | $0 | $0 | $9 | $(121) | $0 | $0 | $(121) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(112) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | $(97) |
|  CBK | 67 | 3 | 0 | 70 | (6) | 0 | 0 | (6) | 64 | 0 | 64 |
|  FAR | 12 | 37 | 0 | 49 | (244) | 0 | 0 | (244) | (195) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(195) |
|  GLM | 7 | 0 | 0 | 7 | (18) | 0 | 0 | (18) | (11) | 0 | (11) |
|  JPM | 2 | 0 | 0 | 2 | 0 | 0 | 0 | 0 | 2 | 0 | 2 |
|  MBC | 1 | 0 | 0 | 1 | (5) | 0 | 0 | (5) | (4) | 0 | (4) |
|  MYC | 0 | 56 | 0 | 56 | 0 | 0 | 0 | 0 | 56 | 0 | 56 |
|  NGF | 0 | 107 | 0 | 107 | 0 | 0 | 0 | 0 | 107 | 0 | 107 |
|  SOG | 44 | 0 | 0 | 44 | (68) | 0 | 0 | (68) | (24) | 0 | (24) |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(462) | $&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;(462) |  |  |  |

---

(j) Securities with an aggregate market value of $15 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of December 31, 2025.

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<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 FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **169** |

---

------

Schedule of Investments PIMCO Commodity Strategy Active Exchange-Traded Fund (Cont.)

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 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; Purchased Options  | $187 | $0 | $0 | $0 | $0 | $187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 9460 | 0 | 0 | 0 | 61 | 9521 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 156 | 156 |
|  | $9647 | $0 | $0 | $0 | $217 | $9864 |
|  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 | $142 | $0 | $142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | 203 | 203 |
|  | $0 | $0 | $0 | $142 | $203 | $345 |
|  | $9647 | $0 | $0 | $142 | $420 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10209 |
|  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; Written Options  | $1989 | $0 | $0 | $0 | $0 | $1989 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 5623 | 0 | 0 | 0 | 179 | 5802 |
|  | $7612 | $0 | $0 | $0 | $179 | $7791 |
|  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 | $462 | $0 | $462 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7612 | $&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;462 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179 | $8253 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 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; Purchased Options  | $27 | $0 | $0 | $0 | $0 | $27 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 180 | 0 | 0 | 0 | 0 | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | (4385) | 0 | 0 | 0 | 1361 | (3024) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 9 | 0 | 0 | (702) | (693) |
|  | $(4178) | $9 | $0 | $0 | $659 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3510) |
|  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 | $(735) | $0 | $(735) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | (178) | (178) |
|  | $0 | $0 | $0 | $(735) | $(178) | $(913) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4178) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(735) | $481 | $(4423) |
|  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; Purchased Options  | $(405) | $0 | $0 | $0 | $0 | $(405) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | (594) | 0 | 0 | 0 | 0 | (594) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 8394 | 0 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1473) | 6921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 1091 | 1091 |
|  | $7395 | $0 | $0 | $0 | $(382) | $7013 |
|  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 | $772 | $0 | $772 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | (121) | (121) |
|  | $0 | $0 | $0 | $772 | $(121) | $651 |
|  | $7395 | $0 | $0 | $772 | $(503) | $7664 |

---

170 PIMCO ETF TRUST See Accompanying Notes

------

December 31, 2025 (Unaudited)

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of December 31, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>12/31/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  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;110747 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110747 |
| &nbsp;&nbsp; Industrials | 0 | 60068 | 0 | 60068 |
| &nbsp;&nbsp; Utilities | 0 | 9822 | 0 | 9822 |
|  U.S. Government Agencies | 0 | 80850 | 0 | 80850 |
|  Non-Agency Mortgage-Backed Securities | 0 | 7879 | 0 | 7879 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile ABS Other | 0 | 2701 | 0 | 2701 |
| &nbsp;&nbsp; Automobile Sequential | 0 | 6580 | 0 | 6580 |
| &nbsp;&nbsp; Credit Card Bullet | 0 | 5433 | 0 | 5433 |
| &nbsp;&nbsp; Credit Card Other | 0 | 2509 | 0 | 2509 |
| &nbsp;&nbsp; Other ABS | 0 | 50202 | 0 | 50202 |
|  Sovereign Issues | 0 | 4972 | 0 | 4972 |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Industrials | 0 | 103 | 0 | 103 |
|  Commodities | 0 | 96705 | 0 | 96705 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Commercial Paper | 0 | 62108 | 0 | 62108 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 50500 | 0 | 50500 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 15 | 0 | 15 |
|  | $0 | $551194 | $0 | $551194 |

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| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>12/31/2025 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Mutual Funds | $15435 | $0 | $0 | $15435 |
|  Total Investments | $15435 | $551194 | $0 | $566629 |
|  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 | 9627 | 209 | 0 | 9836 |
|  Over the counter | 0 | 345 | 0 | 345 |
|  | $9627 | $554 | $0 | $10181 |
|  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 | (7644) | (146) | 0 | (7790) |
|  Over the counter | 0 | (462) | 0 | (462) |
|  | $(7644) | $(608) | $0 | $(8252) |
|  Total Financial Derivative Instruments | $1983 | $(54) | $0 | $1929 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17418 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551140 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;568558 |

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There were no significant transfers into or out of Level 3 during the period ended December 31, 2025.

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| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **171** |

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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.

The PIMCO Commodity Strategy Active Exchange-Traded Fund has established PIMCO Cayman Commodity Fund CMDT, Ltd., a Cayman Islands exempted company (the "Commodity Subsidiary"), which is wholly-owned and controlled by the Fund. See Note 15, Basis for Consolidation, in the Notes to Financial Statements for more information regarding the Commodity Subsidiary.

Each Fund is an exchange-traded fund ("ETF"). ETFs are funds that trade like other publicly-traded securities and may be designed to track an index or to be actively managed. Unlike shares of a mutual fund, which can be bought from and redeemed by the issuing fund by all shareholders at a price based on net asset value ("NAV"), shares of a Fund may be directly purchased from and redeemed by a Fund at NAV solely by a member or participant of a clearing agency registered with the U.S. Securities and Exchange Commission ("SEC"), which has a written agreement with the Fund's Distributor that allows such member or participant to place orders for the purchase and redemption of Creation Units (as defined below) ("Authorized Participant"). 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."

Each Fund has adopted the Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Adoption of the standard impacted financial statement disclosures only and did not affect the Funds' financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and to assess its performance, and has discrete financial information available. The Officers, as listed in the

Management of the Trust section of the most recent Statement of Additional Information, act as the Funds' CODM. Each Fund represents a single operating segment, as the CODM monitors the operating results of the Funds as a whole and each Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Funds' portfolio managers as a team. The financial information in the form of each Fund's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus each Fund's comparative benchmarks and to make resource allocation decisions for each Fund's single segment, is consistent with that presented within the Funds' financial statements. Segment assets are reflected on the accompanying Statements of Assets and Liabilities as "total assets" and significant segment expenses are listed on the accompanying Statements of Operations.

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, including but not limited to ASC 946. 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

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| | |
|:---|:---|
| **172** | **PIMCO ETF TRUST** |

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December 31, 2025 (Unaudited)

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. A debt obligation may be granted, in certain situations, a contractual or non-contractual forbearance for interest payments that are expected to be paid after agreed upon pay dates.

(b) Foreign Taxes A Fund may be subject to foreign taxes on income, stock dividends, capital gains on investments or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which a Fund invests. These foreign taxes, if any, are paid by a Fund and are reflected in its Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "other foreign taxes", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable as of December 31, 2025, if any, are disclosed in the Statements of Assets and Liabilities.

(c) Foreign Currency Translation The market values of foreign securities, currency holdings and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the current exchange rates each business day. Purchases and sales of securities and income and expense items denominated in foreign currencies, if any, are translated into U.S. dollars at the exchange rate in effect on the transaction date. The Funds do not separately report the effects of changes in foreign exchange rates from changes in market prices on securities held. Such changes are included in net realized gain (loss) and net change in unrealized appreciation (depreciation) from investments on the Statements of

Operations. The Funds may invest in foreign currency-denominated securities and may engage in foreign currency transactions either on a spot (cash) basis at the rate prevailing in the currency exchange market at the time or through a forward foreign currency contract. Realized foreign exchange gains (losses) arising from sales of spot foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid are included in net realized gain (loss) on foreign currency transactions on the Statements of Operations. Net unrealized foreign exchange gains (losses) arising from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period are included in net change in unrealized appreciation (depreciation) on foreign currency assets and liabilities on the Statements of Operations.

(d) Distributions to Shareholders The following table shows the anticipated frequency of distributions from net investment income, if any, for each Fund.

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| | | |
|:---|:---|:---|
| | Distribution Frequency | Distribution Frequency |
| Fund Name | Declared | Distributed |
|  PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund | Monthly | Monthly |
|  PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund | Monthly | Monthly |
|  PIMCO Broad U.S. TIPS Index Exchange-Traded Fund | Monthly | Monthly |
|  PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund | Monthly | Monthly |
|  PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund | Monthly | Monthly |
|  PIMCO Active Bond Exchange-Traded Fund | Monthly | Monthly |
|  PIMCO Enhanced Low Duration Active Exchange-Traded Fund | Monthly | Monthly |
|  PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund | Monthly | Monthly |
|  PIMCO Enhanced Short Maturity Active Exchange-Traded Fund | Monthly | Monthly |
|  PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund | Monthly | Monthly |
|  PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund | Monthly | Monthly |
|  PIMCO Multisector Bond Active Exchange-Traded Fund | Monthly | Monthly |
|  PIMCO Municipal Income Opportunities Active Exchange-Traded Fund | Monthly | Monthly |
|  PIMCO Preferred and Capital Securities Active Exchange-Traded Fund | Monthly | Monthly |
|  PIMCO Senior Loan Active Exchange-Traded Fund | Monthly | Monthly |
|  PIMCO Short Term Municipal Bond Active Exchange-Traded Fund | Monthly | Monthly |
|  PIMCO Ultra Short Government Active Exchange-Traded Fund | Monthly | Monthly |
|  PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund | Quarterly | Quarterly |
|  PIMCO Commodity Strategy Active Exchange-Traded Fund | Quarterly | Quarterly |

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **173** |

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Notes to Financial Statements (Cont.)

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. A Fund may revise its distribution policy or postpone the payment of distributions at any time.

Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. Differences between tax regulations and U.S. GAAP may cause timing differences between income and capital gain recognition. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. As a result, income distributions and capital gain distributions declared during a fiscal period may differ significantly from the net investment income (loss) and realized gains (losses) reported on each Fund's annual financial statements presented under U.S. GAAP.

Separately, if a Fund determines or estimates, as applicable, that a portion of a distribution may be comprised of amounts from sources other than net investment income in accordance with its policies, accounting records (if applicable) and accounting practices, the Fund will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. For these purposes, a Fund determines or estimates, as applicable, the source or sources from which a distribution is paid, to the close of the period as of which it is paid, in reference to its internal accounting records and related accounting practices. If, based on such accounting records and practices, it is determined or estimated, as applicable, that a particular distribution does not include capital gains or paid-in surplus or other capital sources, a Section 19 Notice generally would not be issued. It is important to note that differences exist between a Fund's daily internal accounting records and practices, a Fund's financial statements presented in accordance with U.S. GAAP, and recordkeeping practices under income tax regulations. For instance, a Fund's internal accounting records and practices may take into account, among other factors, tax-related characteristics of certain sources of distributions that differ from treatment under U.S. GAAP. Examples of such differences may include but are not limited to, for certain funds, the treatment of periodic payments under interest rate swap contracts. Accordingly, among other consequences, it is possible that a Fund may not issue a Section 19 Notice in situations where the Fund's financial statements prepared later and in accordance with U.S. GAAP and/or the final tax character of those distributions might later report that the sources of those distributions included capital gains and/or a return of capital. Please visit www.pimco.com for the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Final determination of a distribution's tax character will be provided to shareholders when such information is available.

Distributions classified as a tax basis return of capital at a Fund's fiscal year end, if any, are reflected on the Statements of Changes in Net Assets and have been recorded to paid in capital on the Statements of Assets and Liabilities. In addition, other amounts have been reclassified between distributable earnings (accumulated loss) and paid in capital on the Statements of Assets and Liabilities to more appropriately conform U.S. GAAP to tax characterizations of distributions.

(e) New Accounting Pronouncements and Regulatory Updates In September 2023, the SEC adopted amendments to Rule 35d-1 under the Act, which governs fund naming conventions (the "Names Rule"). In general, the Names 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 amendments expand the scope of the current rule to include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a fund may deviate from its 80% investment policy and address the calculation methodology of derivatives instruments for purposes of the rule. Changes to a fund's calculation methodology for derivatives instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund's policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective December 11, 2023. On March 14, 2025, the SEC extended the compliance date from December 11, 2025 to June 11, 2026 for fund groups with $1 billion or more in net assets and modified the operation of the compliance dates to allow for compliance based on the timing of certain annual disclosure and reporting obligations that are tied to a fund's fiscal year-end. At this time, management is evaluating the implications of these changes on the financial statements.

In December 2023, FASB issued ASU 2023-09, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Management has implemented changes in connection with the amendments and where applicable included additional disclosure in the Notes to Financial Statements.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

(a) Investment Valuation Policies The NAV of a Fund's shares, or each of their respective share classes, as applicable, is determined by dividing the total value of portfolio investments and other assets attributable to the Fund or class, less any liabilities, as applicable, by the total number of shares outstanding.

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|:---|:---|
| **174** | **PIMCO ETF TRUST** |

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December 31, 2025 (Unaudited)

On each day that the New York Stock Exchange ("NYSE") is open, each Fund's shares are ordinarily valued as of the close of regular trading (normally 4:00 p.m., Eastern time) ("NYSE Close"). Information that becomes known to the Funds or their agents after the time as of which NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or the NAV determined earlier that day. If regular trading on the NYSE closes earlier than scheduled, each Fund may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that day. Each Fund generally does not calculate its NAV on days on which the NYSE is not open for business. If the NYSE is closed on a day it would normally be open for business, each Fund may calculate its NAV as of the NYSE Close for such day or such other time that each Fund may determine.

For purposes of calculating NAV, portfolio securities and other assets for which market quotations are readily available are valued at market value. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that a Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. Market value is generally determined on the basis of official closing prices or the last reported sales prices. The Funds will normally use pricing data for domestic equity securities received shortly after the NYSE Close and do not normally take into account trading, clearances or settlements that take place after the NYSE Close. A foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by 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 portfolio investments. The Valuation Designee may value Fund portfolio securities for which market quotations are not readily available and

other Fund assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, "Pricing Sources").

Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Common stocks, ETFs, exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. Exchange-traded options, except equity options, futures and options on futures, are valued at the settlement price determined by the relevant exchange. Swap agreements and swaptions are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Sources. With respect to any portion of a Fund's assets that are invested in one or more open-end management investment companies (other than ETFs), a Fund's NAV will be calculated based on the NAVs of such investments. Open-end management investment companies may include affiliated funds.

If a foreign (non-U.S.) equity security's value has materially changed after the close of the security's primary exchange or principal market but before the NYSE Close, the security may be valued at fair value. Foreign (non-U.S.) equity securities that do not trade when the NYSE is open are also valued at fair value. With respect to foreign (non-U.S.) equity securities, a Fund may determine the fair value of investments based on information provided by Pricing Sources, which may recommend fair value or adjustments with reference to other securities, indexes or assets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indexes) that occur after the close of the relevant market and before the NYSE Close. A Fund may utilize modeling tools provided by third-party vendors to determine fair values of foreign (non-U.S.) securities. For these purposes, unless otherwise determined by the Valuation Designee, any movement in the applicable reference index or instrument ("zero trigger") between the earlier close of the applicable foreign market and the NYSE Close may be deemed to be a significant event, prompting the application of the pricing model (effectively resulting in daily fair

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **175** |

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Notes to Financial Statements (Cont.)

valuations). Foreign exchanges may permit trading in foreign (non-U.S.) equity securities on days when the Trust is not open for business, which may result in a Fund's portfolio investments being affected when shareholders are unable to buy or sell shares.

Senior secured floating rate loans for which an active secondary market exists to a reliable degree are valued at the mean of the last available bid/ask prices in the market for such loans, as provided by a Pricing Source. Senior secured floating rate loans for which an active secondary market does not exist to a reliable degree are valued at fair value, which is intended to approximate market value. In valuing a senior secured floating rate loan at fair value, the factors considered may include, but are not limited to, the following: (a) the creditworthiness of the borrower and any intermediate participants, (b) the terms of the loan, (c) recent prices in the market for similar loans, if any, and (d) recent prices in the market for instruments of similar quality, rate, period until next interest rate reset and maturity.

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

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 a Fund normally will be taken into account in calculating the NAV. A 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.

Fair valuation may require subjective determinations about the value of a security. While the Trust's and Valuation Designee's policies and procedures are intended to result in a calculation of a Fund's NAV that fairly reflects security values as of the time of pricing, the Trust cannot ensure that fair values accurately reflect the price that a Fund could obtain for a security if it were to dispose of that security as of the time

of pricing (for instance, in a forced or distressed sale). The prices used by a Fund may differ from the value that would be realized if the securities were sold.

(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.

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

For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to realized gain (loss), unrealized appreciation (depreciation), purchases and sales, accrued discounts (premiums), and transfers into and out of the Level 3 category during the period. The end of period value is used for the transfers between fair value Levels of a Fund's assets and liabilities. Additionally, U.S. GAAP requires quantitative information regarding the significant unobservable inputs used in the determination of fair value of assets or liabilities categorized as Level 3 in the fair value hierarchy. In accordance with the requirements of U.S. GAAP, a fair value hierarchy and, if material, a Level 3 reconciliation and details of significant unobservable inputs, have been included in the Notes to Schedule of Investments for each respective Fund.

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|:---|:---|
| **176** | **PIMCO ETF TRUST** |

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December 31, 2025 (Unaudited)

(c) Valuation Techniques and the Fair Value Hierarchy

Level 1, Level 2 and Level 3 trading assets and trading liabilities, at fair value The valuation methods (or "techniques") and significant inputs used in determining the fair values of portfolio securities or other assets and liabilities categorized as Level 1, Level 2 and Level 3 of the fair value hierarchy are as follows:

Common stocks, ETFs, exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy.

Investments in registered open-end investment companies (other than ETFs) will be valued based upon the NAVs of such investments and are categorized as Level 1 of the fair value hierarchy. Investments in unregistered open-end investment companies will be calculated based upon the NAVs of such investments and are considered Level 1 provided that the NAVs are observable, calculated daily and are the value at which both purchases and sales will be conducted.

Fixed income securities including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. treasury obligations, sovereign issues, bank loans, convertible preferred securities, non-U.S. bonds and short-term debt instruments (such as commercial paper, time deposits and certificates of deposit) are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The Pricing Sources' internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Fixed income securities purchased on a delayed-delivery basis or as a repurchase commitment in a sale-buyback transaction are marked to market daily until settlement at the forward settlement date and are categorized as Level 2 of the fair value hierarchy.

Mortgage-related and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also normally valued by Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche, and incorporate

deal collateral performance, as available. Mortgage-related and asset-backed securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the NYSE Close. These securities are valued using Pricing Sources that consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain exchange traded futures and options to account for market movement between the exchange settlement and the NYSE Close. These securities are valued using quotes obtained from a quotation reporting system, established market makers or Pricing Sources. Financial derivatives using these valuation adjustments are categorized as Level 2 of the fair value hierarchy.

Equity exchange-traded options and over the counter financial derivative instruments, such as forward foreign currency contracts and options contracts derive their value from underlying asset prices, indexes, reference rates and other inputs or a combination of these factors. These contracts are normally valued on the basis of quotes obtained from a quotation reporting system, established market makers or Pricing Sources (normally determined as of the NYSE Close). Depending on the product and the terms of the transaction, financial derivative instruments can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as quoted prices, issuer details, indexes, bid/ask spreads, interest rates, implied volatilities, yield curves, dividends and exchange rates. Financial derivative instruments that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Centrally cleared swaps and over the counter swaps derive their value from underlying asset prices, indexes, reference rates and other inputs or a combination of these factors. They are valued using a broker-dealer bid quotation or on market-based prices provided by Pricing Sources (normally determined as of the NYSE Close). Centrally cleared swaps and over the counter swaps can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models may use inputs that are observed from actively quoted markets such as the overnight index swap rate, interest rates, yield curves and credit spreads. These securities are categorized as Level 2 of the fair value hierarchy.

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|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **177** |

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Notes to Financial Statements (Cont.)

Proxy pricing procedures set the base price of a fixed income security and subsequently adjust the price proportionally to market value changes of a pre-determined security deemed to be comparable in duration, generally a U.S. Treasury or sovereign note based on country of issuance. The base price may be a broker-dealer quote, transaction price or an internal value as derived by analysis of market data. The base price of the security may be reset on a periodic basis based on the availability of market data and procedures approved by the Valuation Oversight Committee. Significant changes in the unobservable inputs of the proxy pricing process (the base price) would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

If third-party evaluated vendor pricing is not available or not deemed to be indicative of fair value, the Manager may elect to obtain Broker Quotes directly from the broker-dealer or passed through from a third-party vendor. In the event that fair value is based upon a single sourced Broker Quote, these securities are categorized as Level 3 of the fair value hierarchy. Broker Quotes are typically received from established market participants. Although independently received, the Manager does not have the transparency to view the underlying inputs which support the market quotation. Significant changes in the Broker Quote would have direct and proportional changes in the fair value of the security.

The Discounted Cash Flow model is based on future cash flows generated by the investment and may be normalized based on expected investment performance. Future cash flows are discounted to present value using an appropriate rate of return, typically calibrated to the initial transaction date

and adjusted based on Capital Asset Pricing Model and/or other market-based inputs. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

Securities may be valued based on purchase prices of privately negotiated transactions. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

Short-term debt instruments (such as commercial paper, time deposits and certificates of deposit) having a remaining maturity of 60 days or less may be valued at amortized cost, so long as the amortized cost value of such short-term debt instruments is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. These securities are categorized as Level 2 or Level 3 of the fair value hierarchy depending on the source of the base price.

When a fair valuation method is applied by PIMCO that uses significant unobservable inputs, investments will be priced by a method that the Valuation Designee believes reflects fair value and are categorized as Level 3 of the fair value hierarchy.

Physical commodities are valued using spot prices from established commodity exchanges as published by third-party Pricing Sources as of the reporting date. In addition, warehouse receipts are generally valued by a third-party vendor using the front month futures discounted back to the reporting date. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 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 is included on the Statements of Operations as a component of Securities Lending Income. PIMCO Government Money Market Fund is considered to be affiliated with the Funds. A complete schedule of portfolio holdings for each affiliate fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available at the SEC's website at www.sec.gov. A copy of each affiliate fund's shareholder report is also available at the SEC's website at www.sec.gov, on the Funds' website at www.pimco.com, or upon request, as applicable. The table below shows the Funds' transactions in and earnings from investments in the affiliated fund for the period ended December 31, 2025 (amounts in thousands<sup>†</sup>):

#### Investments in PIMCO Government Money Market Fund

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fund Name | Market Value<br>06/30/2025 | **Purchases**<br> **at Cost** | Proceeds<br>from Sales | Net<br>Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Market Value<br>12/31/2025 | 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 | $54359 | $118719 | $(129961) | $0 | $0 | $43117 | $1003 | $0 |
|  PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund | 5656 | 31151 | (30192) | 0 | 0 | 6615 | 134 | 0 |
|  PIMCO Enhanced Short Maturity Active Exchange-Traded Fund | 516 | 14594 | (13428) | 0 | 0 | 1682 | 25 | 0 |

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

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|:---|:---|
| **178** | **PIMCO ETF TRUST** |

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December 31, 2025 (Unaudited)

<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. 

The PIMCO Active Bond Exchange-Traded Fund, PIMCO Commodity Strategy Active Exchange-Traded Fund, PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund, PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund, PIMCO Municipal Income Opportunities Active Exchange-Traded Fund, PIMCO Multisector Bond Active Exchange-Traded Fund, PIMCO Preferred and Capital Securities Active Exchange-Traded Fund, PIMCO Senior Loan Active Exchange-Traded Fund and PIMCO Short Term Municipal Bond Active Exchange-Traded Fund each may invest in certain other series of the Trust, series of PIMCO Funds, and series of PIMCO Equity Series (each series, an "Underlying Fund" and collectively, the "Underlying Funds"). The tables below show the Funds' transactions in and earnings from investments in the affiliated funds for the period ended December 31, 2025 (amounts in thousands<sup>†</sup>):

#### PIMCO Active Bond Exchange-Traded Fund

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Underlying PIMCO Fund | Market Value<br>06/30/2025 | Purchases<br>at Cost | Proceeds<br>from Sales | Net<br>Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Market Value<br>12/31/2025 | 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 | $55389 | $0 | $(55034) | $373 | $(728) | $0 | $286 | $0 |
|  PIMCO Preferred and Capital Securities Active Exchange-Traded Fund | 43005 | 0 | (22075) | 386 | (30) | 21286 | 996 | 0 |
|  PIMCO Senior Loan Active Exchange-Traded Fund | 75912 | 0 | (59670) | 419 | (869) | 15792 | 1359 | 0 |
|  PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund | 99585 | 128888 | 0 | 0 | 1748 | 230221 | 4834 | 0 |
| PIMCO Commodity Strategy Active Exchange-Traded Fund | PIMCO Commodity Strategy Active Exchange-Traded Fund | PIMCO Commodity Strategy Active Exchange-Traded Fund | PIMCO Commodity Strategy Active Exchange-Traded Fund |  |  |  |  |  |
| Underlying PIMCO Fund | Market Value<br>06/30/2025 | Purchases<br>at Cost | Proceeds<br>from Sales | Net<br>Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Market Value<br>12/31/2025 | Dividend<br>Income<sup>(1)</sup> | Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup> |
|  PIMCO Enhanced Short Maturity Active Exchange-Traded Fund | $7113 | $19800 | $(11436) | $(16) | $(26) | $15435 | $423 | $0 |
| PIMCO Multisector Bond Active Exchange-Traded Fund | PIMCO Multisector Bond Active Exchange-Traded Fund | PIMCO Multisector Bond Active Exchange-Traded Fund | PIMCO Multisector Bond Active Exchange-Traded Fund |  |  |  |  |  |
| Underlying PIMCO Fund | Market Value<br>06/30/2025 | Purchases<br>at Cost | Proceeds<br>from Sales | Net<br>Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Market Value<br>12/31/2025 | Dividend<br>Income<sup>(1)</sup> | Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup> |
|  PIMCO Senior Loan Active Exchange-Traded Fund | $18981 | $0 | $0 | $0 | $(265) | $18716 | $942 | $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 according to 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

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|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **179** |

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Notes to Financial Statements (Cont.)

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.

Exchange-Traded Funds typically are index-based investment companies that hold substantially all of their assets in securities representing their specific index, but may also be actively-managed investment companies. Shares of ETFs trade throughout the day on an exchange and represent an investment in a portfolio of securities and other assets. As a shareholder of another investment company, a Fund would bear a pro rata portion of the other investment company's expenses, including advisory fees, in addition to the expenses a Fund bears directly in connection with its own operations. Investments in ETFs entail certain risks; in particular, investments in index ETFs involve the risk that the ETF's performance may not track the performance of the index the ETF is designed to track.

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 a Fund. A loan is often administered by a bank or other financial institution (the "agent") that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. A Fund may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. When a Fund purchases assignments from agents it acquires direct rights against the borrowers of the loans. These loans may include participations in bridge loans, which are loans taken out by borrowers for a short period (typically less than one year) pending arrangement of more permanent financing through, for example, the issuance of bonds, frequently high yield bonds issued for the purpose of acquisitions.

The types of loans and related investments in which the Funds may invest include, among others, senior loans, subordinated loans (including second lien loans, B-Notes and mezzanine loans), whole loans, commercial real estate and other commercial loans and structured loans. The Funds may originate loans or acquire direct interests in loans through primary loan distributions and/or in private transactions. In the case of subordinated loans, there may be significant indebtedness ranking ahead of the borrower's obligation to the holder of such a loan, including in the event of the borrower's insolvency. Mezzanine loans are typically secured by a pledge of an equity interest in the mortgage borrower that owns the real estate rather than an interest in a mortgage.

Investments in loans may include unfunded loan commitments, which are contractual obligations for funding. Unfunded loan commitments may include revolving credit facilities, which may obligate a Fund to supply additional cash to the borrower on demand. Unfunded loan commitments represent a future obligation in full, even though a percentage of the committed amount may not be utilized by the borrower. When investing in a loan participation, a Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the agent selling the loan agreement and only upon receipt of payments by the agent from the borrower. A Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan. In certain circumstances, a Fund may receive a penalty fee upon the prepayment of a loan by a borrower. Fees earned or paid are recorded as a component of interest income or interest expense, respectively, on the Statements of Operations. Unfunded loan commitments, if any, 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 interests in 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 payments. 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,

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|:---|:---|
| **180** | **PIMCO ETF TRUST** |

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December 31, 2025 (Unaudited)

computer leases, syndicated bank loans, peer-to-peer loans and litigation finance loans. The Funds may invest in any level of the capital structure of an issuer or mortgage-backed or asset-backed securities, including the equity or "first loss" tranche.

Collateralized Debt Obligations ("CDOs") include Collateralized Bond Obligations ("CBOs"), Collateralized Loan Obligations ("CLOs") and other similarly structured securities. CBOs, CLOs and other CDOs are types of asset-backed securities. A CBO is a trust which is often 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. Other CDOs are trusts backed by other types of assets representing obligations of various parties. For CBOs, CLOs and other CDOs, the cash flows from the trust are split into portions, called tranches, varying in risk and yield. The riskiest portion is the "equity" tranche which bears the first loss from any defaults from the bonds or loans in the trust, although more senior tranches may also bear losses. Since they are partially protected from defaults, senior tranches from a CBO trust, CLO trust or trust of another CDO typically have higher ratings and lower yields than their underlying securities, and can be rated investment grade. Despite the protection from the equity tranche, CBO, CLO or other CDO tranches can experience substantial losses due to actual defaults, downgrades of the underlying collateral by rating agencies, forced liquidation of the collateral pool due to a failure of coverage tests, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults, as well as aversion to CBO, CLO or other CDO securities as a class. 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) risks related to the capability of the servicer of the securitized assets, (iv) the risk that a Fund may invest in CBOs, CLOs, or other CDOs that are subordinate to other classes, (v) the structure and complexity of the transaction and the legal documents may not be fully understood at the time of investment and could lead to disputes with the issuer or among

investors regarding the characterization of proceeds or unexpected investment results, and (vi) the CDO's manager may perform poorly.

Collateralized Mortgage Obligations ("CMOs") are debt obligations of a legal entity that are collateralized by whole mortgage loans or private mortgage bonds and divided into classes. CMOs are structured into multiple classes, often referred to as "tranches," with each class bearing a different stated maturity and entitled to a different schedule for payments of principal and interest, including prepayments. CMOs may be less liquid and may exhibit greater price volatility than other types of mortgage-related or asset-backed securities.

Stripped Mortgage-Backed Securities ("SMBS") are derivative multi-class mortgage securities. SMBS are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. An SMBS will have one class that will receive all of the interest (the interest-only or "IO" class), while the other class will receive the entire principal (the principal-only or "PO" class). Payments received for IOs are included in interest income on the Statements of Operations. Because no principal will be received at the maturity of an IO class, 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

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|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **181** |

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Notes to Financial Statements (Cont.)

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, as amended. 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, 2025, 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. The U.S. Government does not guarantee the net asset value of a Fund's shares. 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 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, 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 is a government sponsored corporation that issues Participation Certificates ("PCs"), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the U.S. Government.

In June 2019, FNMA and FHLMC started issuing Uniform Mortgage-Backed Securities in place of their current offerings of TBA-eligible securities (the "Single Security Initiative"). The Single Security Initiative seeks to support the overall liquidity of the TBA market and aligns the characteristics of FNMA and FHLMC certificates. The long-term effects

that the Single Security Initiative may have on the market for TBA and other mortgage-backed securities are uncertain.

Roll-timing strategies can be used where a Fund seeks to extend the expiration or maturity of a position, such as a TBA security on an underlying asset, by closing out the position before expiration and contemporaneously opening a new position with respect to substantially the same underlying asset with a later expiration date. TBA securities purchased or sold are reflected on the Statements of Assets and Liabilities as an asset or liability, respectively. Recently finalized FINRA rules include mandatory margin requirements for the TBA market that require the Funds to post collateral in connection with their TBA transactions. There is no similar requirement applicable to the Funds' TBA counterparties. The required collateralization of TBA trades could increase the cost of TBA transactions to the Funds and impose added operational complexity.

Separate Trading of Registered Interest and Principal of Securities ("STRIPS") are U.S. Treasury fixed income securities in which the principal is separated, or stripped, from the interest and each takes the form of zero coupon securities. A STRIP is sold at a significant discount to face value and offers no interest payments; rather, investors receive payment at maturity. Zero coupon securities do not distribute interest on a current basis and tend to be subject to greater risk than interest-paying securities.

Warrants are securities that are usually issued together with a debt security or preferred security and that give the holder the right to buy a proportionate amount of common stock at a specified price. Warrants normally have a life that is measured in years and entitle the holder to buy common stock of a company at a price that is usually higher than the market price at the time the warrant is issued. Warrants may entail greater risks than certain other types of investments. Generally, warrants do not carry the right to receive dividends or exercise voting rights with respect to the underlying securities, and they do not represent any rights in the assets of the issuer. In addition, their value does not necessarily change with the value of the underlying securities, and they cease to have value if they are not exercised on or before their expiration date. If the market price of the underlying stock does not exceed the exercise price during the life of the warrant, the warrant will expire worthless. Warrants may increase the potential profit or loss to be realized from the investment as compared with investing the same amount in the underlying securities. Similarly, the percentage increase or decrease in the value of an equity security warrant may be greater than the percentage increase or decrease in the value of the underlying common stock. Warrants may relate to the purchase of equity or debt securities. Debt obligations with warrants attached to purchase equity securities have many characteristics of convertible securities and their prices may, to some degree, reflect the performance of the underlying stock. Debt

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| **182** | **PIMCO ETF TRUST** |

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December 31, 2025 (Unaudited)

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).

(c) The PIMCO Commodity Strategy Active Exchange-Traded Fund may acquire and hold physical commodities. Physical commodities are pursuant to warehouse receipts providing proof of ownership of such commodities. Warehouse receipts may be negotiable or non-negotiable. Negotiable warehouse receipts allow transfer of ownership of that commodity without having to deliver the physical commodity.

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

The Funds may enter into the borrowings and other financing transactions described below to the extent permitted by each Fund's respective investment policies.

The following disclosures contain information on a Fund's ability to lend or borrow cash or securities to the extent permitted under the Act, which may be viewed as borrowing or financing transactions by a Fund. The location of these instruments in each Fund's financial statements is described below.

(a) Line of Credit The PIMCO Senior Loan Active Exchange-Traded Fund entered into a senior unsecured revolving credit agreement with State Street Bank & Trust Company to be utilized for temporary purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund pays financing charges based on a combination of an overnight bank funding rate based on a variable rate plus a credit spread. The Fund also pays a fee of 0.25% per annum on the unused commitment amounts. As of December 31, 2025, if applicable, any outstanding borrowings would be disclosed as a payable for line of credit on the Statements of Assets and Liabilities. Interest on outstanding borrowings, if any, paid by the Fund is disclosed as part of the interest expense on the Statements of Operations. Interest and outstanding borrowings, if any, paid by the Funds is disclosed as part of the interest expense on the Statements of

Operations. Costs and fees, if any, related to the line of credit are disclosed on the Statements of Operations.

As of December 31, 2025, the maximum available commitment and related fees for the revolving credit agreement are:

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| | |
|:---|:---|
| Maximum Available<br>Commitment | Commitment<br>and Upfront Fees |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31678 |

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(b) Repurchase Agreements Under the terms of a typical repurchase agreement, a Fund purchases an underlying debt obligation (collateral) subject to an obligation of the seller to repurchase, and a Fund to resell, the obligation at an agreed-upon price and time. In an open maturity repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by a Fund or counterparty at any time. The underlying securities for all repurchase agreements are held by a Fund's custodian or designated subcustodians (in the case of tri-party repurchase agreements). Traditionally, a Fund has used bilateral repurchase agreements wherein the underlying securities will be held by a Fund's custodian. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Repurchase agreements, if any, including accrued interest, are included on the Statements of Assets and Liabilities. Interest earned is recorded as a component of interest income on the Statements of Operations. In periods of increased demand for collateral, a Fund may pay a fee for the receipt of collateral, which may result in interest expense to a Fund.

(c) Reverse Repurchase Agreements In a reverse repurchase agreement, a Fund delivers a security in exchange for cash to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. In an open maturity reverse repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by a Fund or counterparty at any time. A Fund is entitled to receive principal and interest payments, if any, made on the security delivered to the counterparty during the term of the agreement. Cash received in exchange for securities delivered plus accrued interest payments to be made by a Fund to counterparties are reflected as a liability on the Statements of Assets and Liabilities. Interest payments made by a Fund to counterparties are recorded as a component of interest expense on the Statements of Operations. In periods of increased demand for the security, a Fund may receive a fee for use of the security by the counterparty, which may result in interest income to the Fund. A Fund will segregate assets determined to be liquid by the Manager or will otherwise cover its obligations under reverse repurchase agreements.

(d) Sale-Buybacks A sale-buyback financing transaction consists of a sale of a security by a Fund to a financial institution, the counterparty,

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **183** |

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Notes to Financial Statements (Cont.)

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.

(e) Securities Lending The Funds listed below may seek to earn additional income by lending their securities to certain qualified broker-dealers and institutions on a short-term or long-term basis via a lending agent.

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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 |
|  PIMCO Senior Loan Active Exchange-Traded Fund |

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Securities on loan are required to be fully collateralized. 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.

For financial reporting purposes, the Funds do not offset financial instruments' payables and receivables and related collateral on the Statements of Assets and Liabilities. Each Fund is subject to a lending limit of 33 1/3% of total assets (including the value of collateral).

The loans are subject to termination at the option of the borrower or a 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, a Fund has the right to repurchase the securities using the collateral in the open market.

The borrower pays fees at the Funds' direction to the lending agent. The lending agent may retain a portion of the fees and interest earned on the cash collateral invested as compensation for its services. Investments made with the cash collateral are disclosed on the Schedules of Investments, if applicable. The lending fees and the Funds' portion of the interest income earned on cash collateral are included on the Statements of Operations as securities lending income, if applicable.

(f) Short Sales Short sales are transactions in which a Fund sells a security that it does not own in anticipation that the market price of that security will decline. A Fund may make short sales of securities: (i) to offset potential declines in long positions in similar securities, (ii) to increase the flexibility of a Fund, (iii) for investment return, (iv) as part of a risk arbitrage strategy, and (v) as part of its overall portfolio management strategies involving the use of derivative instruments. When a Fund makes a short sale, it will often borrow the security sold short and deliver it to the broker-dealer through which it made the short sale as collateral for its obligation to deliver the security upon conclusion of the sale. A Fund will ordinarily have to pay a fee or premium to borrow a security and be obligated to repay the lender of the security any dividend or interest that accrues on the security during the period of the loan. Securities sold in short sale transactions and the dividend or interest payable on such securities, if any, are reflected as payable for short sales on the Statements of Assets and Liabilities. Short sales expose a Fund to the risk that it will be required to cover its short position at a time when the security or other asset has appreciated in value, thus resulting in losses to a Fund. A short sale is "against the box" if a Fund holds in its portfolio or has the right to acquire the security sold short, or securities identical to the security sold short, at no additional cost. A Fund will be subject to additional risks to the extent that it engages in short sales that are not "against the box." A Fund's loss on a short sale could theoretically be unlimited in cases where the Fund is unable, for whatever reason, to close out its short position.

(g) Interfund Lending In accordance with an exemptive order (the "Order") from the SEC, the Funds of the Trust may participate in a joint

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| | |
|:---|:---|
| **184** | **PIMCO ETF TRUST** |

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December 31, 2025 (Unaudited)

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, 2025, the Funds did not participate in the Interfund Lending Program.

6. FINANCIAL DERIVATIVE INSTRUMENTS

The Funds may enter into the financial derivative instruments described below to the extent permitted by each Fund's respective investment policies.

The following disclosures contain information on how and why the Funds use financial derivative instruments, and how financial derivative instruments affect the Funds' financial position, results of operations and cash flows. The location and fair value amounts of these instruments on the Statements of Assets and Liabilities and the net realized gain (loss) and net change in unrealized appreciation (depreciation) on the Statements of Operations, each categorized by type of financial derivative contract and related risk exposure, are included in a table in the Notes to Schedules of Investments. The financial derivative instruments outstanding as of period end and the amounts of net realized gain (loss) and net change in unrealized appreciation (depreciation) on financial derivative instruments during the period, as disclosed in the Notes to Schedules of Investments, serve as indicators of the volume of financial derivative activity for the Funds.

(a) Forward Foreign Currency Contracts may be engaged, in connection with settling planned purchases or sales of securities, to hedge the currency exposure associated with some or all of a Fund's securities or as part of an investment strategy. A forward foreign currency contract is an agreement between two parties to buy and sell

a currency at a set price on a future date. The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. Forward foreign currency contracts are marked to market daily, and the change in value is recorded by a Fund as an unrealized gain (loss). Realized gains (losses) are equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed and are recorded upon delivery or receipt of the currency. These contracts may involve market risk in excess of the unrealized gain (loss) reflected on the Statements of Assets and Liabilities. In addition, a Fund could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar. To mitigate such risk, cash or securities may be exchanged as collateral pursuant to the terms of the underlying contracts.

(b) Futures Contracts are agreements to buy or sell a security or other asset for a set price on a future date and are traded on an exchange. A Fund may use futures contracts to manage its exposure to the securities markets or to movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the securities held by a Fund and the prices of futures contracts and the possibility of an illiquid market. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, a Fund is required to deposit with its futures broker an amount of cash, U.S. Government and Agency Obligations, or select sovereign debt, in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and based on such movements in the price of the contracts, an appropriate payable or receivable for the change in value may be posted or collected by a Fund ("Futures Variation Margin"). Futures Variation Margins, if any, are disclosed within centrally cleared financial derivative instruments on the Statements of Assets and Liabilities. Gains (losses) are recognized but not considered realized until the contracts expire or close. Futures contracts involve, to varying degrees, risk of loss in excess of the Futures Variation Margin included within exchange traded or centrally cleared financial derivative instruments on the Statements of Assets and Liabilities.

(c) Options Contracts may be written or purchased to enhance returns or to hedge an existing position or future investment. A Fund may write call and put options on securities and financial derivative instruments it owns or in which it may invest. Writing put options tends to increase a Fund's exposure to the underlying instrument. Writing call options tends to decrease a Fund's exposure to the underlying instrument. When a Fund writes a call or put, an amount equal to the premium received is recorded and subsequently marked to market to reflect the current value of the option written. These amounts are included on the

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **185** |

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Notes to Financial Statements (Cont.)

Statements of Assets and Liabilities. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, security or currency transaction to determine the realized gain (loss). Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. A Fund as a writer of an option has no control over whether the underlying instrument may be sold ("call") or purchased ("put") and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk a Fund may not be able to enter into a closing transaction because of an illiquid market.

Purchasing call options tends to increase a Fund's exposure to the underlying instrument. Purchasing put options tends to decrease a Fund's exposure to the underlying instrument. A Fund pays a premium which is included as an asset on the Statements of Assets and Liabilities and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) when the underlying transaction is executed.

Commodity Options are options on commodity futures contracts ("Commodity Option"). The underlying instrument for the Commodity Option is not the commodity itself, but rather a futures contract for that commodity. The exercise of a Commodity Option will not include physical delivery of the underlying commodity but will result in a cash transfer for the amount of the difference between the current market value of the underlying futures contract and the strike price. For an option that is in-the-money, a Fund will normally offset its position rather than exercise the option to retain any remaining time value.

Foreign Currency Options may be written or purchased to be used as a short or long hedge against possible variations in foreign exchange rates or to gain exposure to foreign currencies.

Interest Rate Swaptions may be written or purchased to enter into a pre-defined swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, by some specified date in the future. The writer of the swaption becomes the counterparty to the swap if the buyer exercises. The interest rate swaption agreement will specify whether the buyer of the swaption will be a fixed-rate receiver or a fixed-rate payer upon exercise.

Options on Securities may be written or purchased to enhance returns or to hedge an existing position or future investment. An option on a security uses a specified security as the underlying instrument for the option contract.

(d) Swap Agreements are bilaterally negotiated agreements between a Fund and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap agreements may be privately negotiated in the over the counter market ("OTC swaps") or may be cleared through a third party, known as a central counterparty or derivatives clearing organization ("Centrally Cleared Swaps"). A Fund may enter into asset, credit default, cross-currency, interest rate, total return, variance and other forms of swap agreements to manage its exposure to credit, currency, interest rate, commodity, equity and inflation risk. In connection with these agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency.

Centrally Cleared Swaps are marked to market daily based upon valuations as determined from the underlying contract or in accordance with the requirements of the central counterparty or derivatives clearing organization. Changes in market value, if any, are reflected as a component of net change in unrealized appreciation (depreciation) on the Statements of Operations. Daily changes in valuation of centrally cleared swaps ("Swap Variation Margin"), if any, are disclosed within centrally cleared financial derivative instruments on the Statements of Assets and Liabilities. Centrally Cleared and OTC swap payments received or paid at the beginning of the measurement period are included on the Statements of Assets and Liabilities and represent premiums paid or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates and other relevant factors). Upfront premiums received (paid) are initially recorded as liabilities (assets) and subsequently marked to market to reflect the current value of the swap. These upfront premiums are recorded as realized gain (loss) on the Statements of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain (loss) on the Statements of Operations. Net periodic payments received or paid by a Fund are included as part of realized gain (loss) on the Statements of Operations.

For purposes of applying certain of a Fund's investment policies and restrictions, swap agreements, like other derivative instruments, may be valued by a Fund at market value, notional value or full exposure value. In the case of a credit default swap, in applying certain of a Fund's investment policies and restrictions, a Fund will value the credit default

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| | |
|:---|:---|
| **186** | **PIMCO ETF TRUST** |

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December 31, 2025 (Unaudited)

swap at its notional value or its full exposure value (i.e., the sum of the notional amount for the contract plus the market value), but may value the credit default swap at market value for purposes of applying certain of a Fund's other investment policies and restrictions. For example, a Fund may value credit default swaps at full exposure value for purposes of a Fund's credit quality guidelines (if any) because such value in general better reflects a Fund's actual economic exposure during the term of the credit default swap agreement. As a result, a Fund may, at times, have notional exposure to an asset class (before netting) that is greater or lesser than the stated limit or restriction noted in a Fund's prospectus. In this context, both the notional amount and the market value may be positive or negative depending on whether a Fund is selling or buying protection through the credit default swap. The manner in which certain securities or other instruments are valued by a Fund for purposes of applying investment policies and restrictions may differ from the manner in which those investments are valued by other types of investors.

Entering into swap agreements involves, to varying degrees, elements of interest, credit, market and documentation risk in excess of the amounts recognized on the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may fail to perform or meet an obligation or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates or the values of the asset upon which the swap is based.

A Fund's maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract's remaining life, to the extent that amount is positive. The risk may be mitigated by having a master netting arrangement between a Fund and the counterparty and by the posting of collateral to a Fund to cover a Fund's exposure to the counterparty.

To the extent a Fund has a policy to limit the net amount owed to or to be received from a single counterparty under existing swap agreements, such limitation only applies to counterparties to OTC swaps and does not apply to centrally cleared swaps where the counterparty is a central counterparty or derivatives clearing organization.

Credit Default Swap Agreements on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues are entered into to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where a Fund owns or has exposure to the referenced obligation) or to take an active long or short position with respect to the likelihood of a particular issuer's default. Credit default swap agreements involve one party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for

the right to receive a specified return in the event that the referenced entity, obligation or index, as specified in the swap agreement, undergoes a certain credit event. As a seller of protection on credit default swap agreements, a Fund will generally receive from the buyer of protection a fixed rate of income throughout the term of the swap provided that there is no credit event. As the seller, a Fund would effectively add leverage to its portfolio because, in addition to its total net assets, a Fund would be subject to investment exposure on the notional amount of the swap.

If a Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations 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, 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. 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 indexes involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indexes 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 indexes may include, but are not limited to,

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **187** |

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Notes to Financial Statements (Cont.)

investment grade securities, high yield securities, asset-backed securities, emerging markets and/or various credit ratings within each sector. Credit indexes 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 indexes changes periodically, usually every six months, and for most indexes, each name has an equal weight in the index. Credit default swaps on credit indexes 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 indexes 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 indexes, the quoted market prices and resulting values, as well as the annual payment rate, serve as an indication 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 as 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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|:---|:---|
| **188** | **PIMCO ETF TRUST** |

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December 31, 2025 (Unaudited)

7. PRINCIPAL AND OTHER RISKS

(a) Principal Risks

The principal risks of investing in a Fund, which could adversely affect its net asset value, yield and total return, are listed below.

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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 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>Mortgage-<br>Backed<br>Securities<br>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 |
|  Small Fund |  |  |  | X |  |  |  |  |  |  |  |  |  |  |  |
|  Senior Loan |  |  |  |  |  |  |  |  |  |  |  |  |  | X |  |
|  Market Trading | X | 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 | X |
|  Call | X | 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 | X |
|  Collateralized Loan Obligations |  |  |  |  |  |  | X | X | X | X |  | X |  | X |  |
|  High Yield |  |  |  |  | X |  | X | X |  |  |  |  | X | X |  |
|  Market | X | 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 | X |
|  Liquidity | X | 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 | X |
|  Call and Put Strategy |  |  |  |  |  |  |  |  |  |  |  | X |  |  |  |
|  Asset-Linked Notes |  |  |  |  |  |  |  |  |  |  |  | X |  |  |  |
|  Basis |  |  |  |  |  |  |  |  |  |  |  | X |  |  |  |
|  Equity |  |  |  |  |  |  | X |  |  |  |  | X |  | X |  |
|  Mortgage-Related and Other Asset Backed Securities |  |  |  |  | X |  | X | X | X | X |  | X |  |  |  |
|  Foreign (Non-U.S.) Investment |  |  |  |  | X | X | X | X | X | X |  | X |  | X |  |
|  Emerging Markets |  |  |  |  | X | X | X | X |  |  |  | X |  |  |  |
|  Sovereign Debt |  |  |  |  | X | X |  |  |  |  |  |  |  |  |  |
|  Environmental, Social and Governance |  |  |  |  |  |  |  |  | X |  |  |  |  |  |  |
|  AMT Bonds |  |  |  |  |  |  |  |  |  |  |  |  | X |  |  |
|  Currency |  |  |  |  |  |  | X | X | X |  |  |  |  | X |  |
|  Leveraging | X | X | X | X | X | X | X | X | X | X | X | X | X | X | X |
|  Management and Tracking Error | X | X | X | X | X | X |  |  |  |  |  |  |  |  |  |
|  Indexing | X | X | X | X | X | X |  |  |  |  |  |  |  |  |  |
|  Management |  |  |  |  |  |  | X | X | X | X | X | X | X | X | 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 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **189** |

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Notes to Financial Statements (Cont.)

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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 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>Mortgage-<br>Backed<br>Securities<br>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** |
|  Short Exposure |  |  |  |  |  |  | X | X | X | X |  | X |  | X |  |
|  Convertible Securities |  |  |  |  |  |  | X |  |  |  |  |  |  |  |  |
|  Tax-Efficient Investing |  |  |  |  |  |  | X | X |  |  |  |  |  |  |  |
|  Distribution Rate |  |  |  |  |  |  | X | X |  |  |  |  |  |  |  |
|  Futures Contract |  |  |  |  |  |  |  |  | X | X |  |  |  |  |  |
|  Turnover |  |  |  |  |  |  | X | X |  |  |  |  |  |  |  |
|  Capital Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Preferred Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Concentration in Banking Industries |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Contingent Convertible Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Commodity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Issuer Non-Diversification |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Model |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Tax |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Subsidiary |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Oil-Related |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Gold-Related |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Risks | PIMCO<br>Multisector<br>Bond Active<br>Exchange-<br>Traded<br>Fund | PIMCO<br>Preferred<br>and Capital<br>Securities<br>Active<br>Exchange-<br>Traded<br>Fund | **PIMCO**<br> **Ultra Short<br>Government<br>Active<br>Exchange-<br>Traded**<br> **Fund** | PIMCO<br>Commodity<br>Strategy<br>Active<br>Exchange-<br>Traded<br>Fund |
|  Small Fund |  |  |  |  |
|  Senior Loan |  |  |  |  |
|  Market Trading | X | X | X | X |
|  Interest Rate | X | X | X | X |
|  Call | X | X | X | X |
|  Inflation-Indexed Security |  |  |  |  |
|  Credit | X | X | X | X |
|  Collateralized Loan Obligations | X |  |  |  |
|  High Yield | X | X |  |  |
|  Market | X | X | X | X |
|  Municipal Bond |  |  |  |  |
|  Issuer | X | X |  | X |
|  Liquidity | X | X |  | X |
|  Derivatives | X | X |  | X |
|  Call and Put Strategy |  |  |  |  |
|  Asset-Linked Notes |  |  |  |  |
|  Basis |  |  |  |  |
|  Equity | X | X |  |  |
|  Mortgage-Related and Other Asset-Backed Securities | X |  |  | X |
|  Foreign (Non-U.S.) Investment | X | X |  | X |
|  Emerging Markets | X | X |  |  |
|  Sovereign Debt | X |  |  | X |
|  Environmental, Social and Governance |  |  |  |  |
|  AMT Bonds |  |  |  |  |
|  Currency | X | X |  | X |

---

---

| | |
|:---|:---|
| **190** | **PIMCO ETF TRUST** |

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------

December 31, 2025 (Unaudited)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Risks** | **PIMCO<br>Multisector<br>Bond Active<br>Exchange-<br>Traded<br>Fund** | **PIMCO<br>Multisector<br>Bond Active<br>Exchange-<br>Traded<br>Fund** | **PIMCO<br>Preferred<br>and Capital<br>Securities<br>Active<br>Exchange-<br>Traded<br>Fund** | **PIMCO<br>Preferred<br>and Capital<br>Securities<br>Active<br>Exchange-<br>Traded<br>Fund** | **PIMCO**<br> **Ultra Short<br>Government<br>Active<br>Exchange-<br>Traded**<br> **Fund** | **PIMCO**<br> **Ultra Short<br>Government<br>Active<br>Exchange-<br>Traded**<br> **Fund** | **PIMCO<br>Commodity<br>Strategy<br>Active<br>Exchange-<br>Traded<br>Fund** |
|  Leveraging |  | X |  | X |  |  | X |
|  Management and Tracking Error |  |  |  |  |  |  |  |
|  Indexing |  |  |  |  |  |  |  |
|  Management |  | X |  | X |  | X | X |
|  Asset-Backed Securities |  |  |  |  |  |  |  |
|  California State-Specific |  |  |  |  |  |  |  |
|  New York State-Specific |  |  |  |  |  |  |  |
|  Puerto Rico-Specific |  |  |  |  |  |  |  |
|  Municipal Project-Specific |  |  |  |  |  |  |  |
|  Short Exposure |  | X |  | X |  |  | X |
|  Convertible Securities |  |  |  |  |  |  |  |
|  Tax-Efficient Investing |  |  |  |  |  |  |  |
|  Distribution Rate |  |  |  |  |  |  |  |
|  Futures Contract |  |  |  |  |  |  |  |
|  Turnover |  | X |  |  |  |  |  |
|  Capital Securities |  |  |  | X |  |  |  |
|  Preferred Securities |  |  |  | X |  |  |  |
|  Concentration in Banking Industries |  |  |  | X |  |  |  |
|  Contingent Convertible Securities |  | X |  | X |  |  |  |
|  Commodity |  |  |  |  |  |  | X |
|  Issuer Non-Diversification |  |  |  |  |  |  | X |
|  Model |  |  |  |  |  |  | X |
|  Tax |  |  |  |  |  |  | X |
|  Subsidiary |  |  |  |  |  |  | X |
|  Oil-Related |  |  |  |  |  |  | X |
|  Gold-Related |  |  |  |  |  |  | X |

---

Please see "Description of Principal Risks" in a Fund's prospectus for a more detailed description of the risks of investing in a Fund.

Small Fund Risk is the risk that a smaller fund may not achieve investment or trading efficiencies or may be limited in ability to participate in certain investment opportunities due to its size. Additionally, a smaller fund may be more adversely affected by large purchases or redemptions by investors.

Senior Loan Risk is the risk that investing in senior loans, including bank loans, exposes the Fund to heightened credit risk, call risk, settlement risk and liquidity risk. If an issuer of a senior loan prepays or redeems the loan prior to maturity, the Fund may have to reinvest the proceeds in instruments that pay lower interest rates. To the extent the Fund invests in senior loans that are covenant-lite obligations, the Fund may have fewer rights against a borrower (e.g., covenant-lite obligations may contain fewer maintenance covenants than other obligations, or no maintenance covenants) and may have a greater risk of loss on such investments as compared to investments in traditional loans.

Market Trading Risk is the risk that an active secondary trading market for Fund shares does not continue once developed, that a Fund may not continue to meet a listing exchange's trading or listing requirements, that trading in Fund shares may be halted or become less liquid, or that Fund shares trade at prices other than a Fund's net asset value and are subject to trading costs. These risks may be exacerbated if the creation/redemption process becomes less effective, particularly during times of market stress or volatility.

Interest Rate Risk is the risk that fixed income securities will fluctuate in value due to changes 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. Factors such as government policy, inflation, the economy, and market for bonds can impact interest rates and yields.

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 including declining interest rates, changes in credit spreads and

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **191** |

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Notes to Financial Statements (Cont.)

improvements in the issuer's credit quality. If an issuer calls a security that a Fund has invested in, a Fund may not recoup the full amount of its initial investment or may not realize the full anticipated earnings from the investment and may be forced to reinvest in lower-yielding securities, securities with greater credit risks or securities with other, less favorable features.

Inflation-Indexed Security Risk is the risk that inflation-indexed debt securities are subject to the effects of actual or anticipated 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 experience losses if the issuer or guarantor of a fixed income security, the counterparty to a derivative contract, or the issuer or guarantor of collateral, is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to meet its financial obligations.

Collateralized Loan Obligations Risk is the risk that investing in collateralized loan obligations ("CLOs") and other similarly structured investments exposes a 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: (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) risks related to the capability of the servicer of the securitized assets; (iv) the risk that a Fund may invest in tranches of CLOs that are subordinate to other tranches; (v) the structure and complexity of the transaction and the legal documents may not be fully understood at the time of investment and could lead to disputes with the issuer or among investors regarding the characterization of proceeds or unexpected investment results; and (vi) 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 market, credit, call and liquidity risks. High yield securities are considered primarily speculative by rating

agencies with respect to the issuer's continuing ability to make principal and interest payments, and their values 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 fluctuate, sometimes rapidly or unpredictably, due to a variety of factors affecting securities markets generally or particular industries or sectors.

Municipal Bond Risk is the risk that by investing 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"), 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 reasons related to the issuer, such as management performance, changes in financial condition or credit rating, financial leverage, reputation or reduced demand for the issuer's goods or services.

Liquidity Risk is the risk that a particular investment may be difficult to purchase or sell and that a Fund may be unable to sell 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. The liquidity of a Fund's shares may be constrained by the liquidity of the Fund's portfolio holdings.

Derivatives Risk is the risk of investing in derivative instruments (such as forwards, futures, options, swaps and structured securities) and other similar investments, including leverage, liquidity, interest rate, market, counterparty (including credit), operational, legal and management risks, and valuation complexity. Changes in the value of a derivative or other similar investment 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 a Fund. A Fund's use of derivatives or other similar investments may result in losses to a Fund, a reduction in a Fund's returns and/or increased volatility. Non-centrally-cleared 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

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| | |
|:---|:---|
| **192** | **PIMCO ETF TRUST** |

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December 31, 2025 (Unaudited)

protections afforded to centrally-cleared derivative transactions might not be available for non-centrally-cleared 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 regulations 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 other similar investments and/or adversely affect the value of derivatives or other similar investments and a Fund's performance.

Call and Put Strategy Risk is the risk that the Fund may write calls and/or puts on instruments the Fund owns or otherwise has exposure to (covered calls or covered puts) or write calls and/or puts on instruments to which the Fund has no exposure (naked calls or naked puts) in return for a premium. The Fund may pursue such a strategy directly or within the structure of an asset-linked note (such as mortgage-linked notes that may count towards the Fund's 80% policy). Under a call or put writing strategy (either directly or indirectly through an asset-linked note), the Fund typically would expect to receive cash (or a premium) for having written (sold) a call or put option, which enables a purchaser of the call to buy (or the purchaser of the put to sell) the asset on which the option is written at a certain price within a specified time frame.

Writing call options will limit the Fund's opportunity to profit from an increase in the market value and other returns of the underlying asset to the exercise price (plus the premium received). The Fund's maximum potential gain via a written covered call will generally be expected to be the premium received from writing a covered call option plus the difference between any lower price at which the Fund acquired exposure to the applicable underlying asset and any higher price at which a purchaser of the call option may exercise the call option. The Fund's maximum potential gain via a written naked call or any put will generally be the premium received from writing the option. The Fund's maximum potential loss on a written covered call is the purchase price paid for the underlying asset minus the premium received for writing the option. The Fund's maximum potential loss on a written uncovered call is theoretically limitless as the value of the underlying asset rises. The Fund's maximum potential loss on a written put is the entire strike price minus the premium received for writing the option as the value of the underlying asset could fall to zero. Therefore, written calls and puts can result in overall losses and detract from the Fund's total returns even though the call or put options produce premiums and may initially produce income and cash flow to the Fund (and distributions by the Fund) for having written the call or put options.

Buying a call option or put option will generally involve the Fund paying a premium on the option, which may detract from returns and may not limit losses. The Fund may lose the initial amount invested in the call option or put option.

When the Fund purchases an asset-linked note with call or put writing exposure embedded within it from a counterparty, the Fund is expected to receive exposure to the premium of the call or put option within the note (such as in the form of a coupon from the note). Therefore, these notes can provide recurring cash flow and income to the Fund based on the premiums that would be received from writing call or put options and this can be an important source of the Fund's return, distributions and/or income. In a rising market, a covered call option may require an underlying instrument to be sold at an exercise price that is lower than would be received if the instrument was sold at the market price. If a call or put expires, the Fund would generally realize a gain in the amount of the premium received, but because there may have been a decline (unrealized loss) in the market value of the underlying instrument during the option period, the market value loss realized may exceed such gain. If the underlying instrument declines by more than the option premium the Fund receives, there will be a loss on the overall position, which will detract from the Fund's total returns even if the call or put options written by the Fund produced premiums and initially produced Fund distributions, returns, income and/or cash flow. When the Fund purchases an asset-linked note with call or put buying exposure, such exposure and any premiums paid for the call or put option exposure will generally detract from returns and may not limit losses.

Asset-Linked Notes Risk is the risk that asset-linked notes (including, but not limited to, interest rate-linked and/or mortgage-linked notes) are subject to the risk that investing in these instruments may be more costly to the Fund than if the Fund had invested in the asset(s) underlying the instrument directly. Asset-linked notes expose the Fund to the risks of the underlying asset(s). In addition, they are subject to certain structured products risks, such as issuer and counterparty risk. The Fund's asset-linked note investments are subject to the risk that counterparties will fail to make payments when due or default completely. Prices of the Fund's asset-linked note investments may be adversely affected if any of the issuers of the underlying asset(s) or counterparties to the asset-linked notes are subject to an actual or perceived deterioration in their credit quality. Should the prices of the asset underlying an asset-linked note move in an unexpected manner, the Fund may not achieve the anticipated benefits of an investment in an asset-linked note, and may realize losses, which could be significant and could include the Fund's entire principal investment. There may be no established trading market for asset-linked notes, and they may constitute illiquid investments, which may make them difficult to sell

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **193** |

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Notes to Financial Statements (Cont.)

and value. A lack of liquidity may also cause the value of an asset-linked note to decline. In addition, asset-linked notes may exhibit price behavior that does not correlate with the asset(s) underlying the instrument. Asset-linked notes may result in the Fund recognizing more taxable income in a given period than what would have been recognized from a direct investment in the underlying assets and/or increase Fund distributions at the expense of Fund returns and/or capital gains distributions.

Basis Risk is the risk that exists when the price of a derivative position diverges from the price of the underlying instrument(s), and/or there is a mismatch between an asset and the derivative's reference asset(s), which may result in excess losses to the Fund. Under certain market conditions, it may not be economically feasible to initiate a transaction or liquidate a position in time to avoid a loss or take advantage of an opportunity.

Equity Risk is the risk that the value of equity or equity-related securities, such as common stocks and preferred 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. In addition, preferred securities may be subject to greater credit risk or other risks, such as risks related to deferred and omitted distributions, limited voting rights, liquidity, interest rates, regulatory changes and special redemption rights.

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. A Fund may invest in any tranche of mortgage-related and other asset-backed securities, including junior and/or equity tranches (to the extent consistent with the Fund's guidelines), which generally carry higher levels of the foregoing risks.

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 or less developed markets, differing financial reporting, accounting, corporate governance and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable U.S. or foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, political changes, diplomatic developments, trade restrictions (including tariffs) 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 events resulting from an issuer's inability or unwillingness to make principal or interest payments in a timely fashion.

Environmental, Social and Governance Risk is the risk that, because the Fund's ESG strategy may select or typically exclude securities of certain issuers for reasons in addition to performance, the Fund's performance may differ from funds that do not utilize an ESG investing strategy. ESG investing is qualitative and subjective by nature, and there is no guarantee that the factors utilized by PIMCO or any judgment exercised by PIMCO will reflect the opinions of any particular investor. The Fund also faces the risk that reliance on third-party data and ratings, which may be inconsistent, incomplete, or inaccurate, could lead to misaligned investments and adversely impact its performance and objectives.

AMT Bonds Risk is the risk that "AMT Bonds," which are municipal securities that pay interest that is taxable under the federal alternative minimum tax applicable to noncorporate taxpayers, may expose the Fund to certain risks in addition to those typically associated with municipal bonds. Interest or principal on AMT Bonds paid out of current or anticipated revenues from a specific project or specific asset may be adversely impacted by declines in revenue from the project or asset. Declines in general business activity could also affect the economic viability of facilities that are the sole source of revenue to support AMT Bonds. In this regard, AMT Bonds may entail greater risks than general obligation municipal bonds. AMT Bonds may also be less liquid than other municipal securities, which could make them more difficult to sell in stressed market conditions. In addition, changes in federal tax law could alter the treatment of AMT Bonds. For shareholders subject to the federal alternative minimum tax, a portion of the Fund's distributions may not be exempt from gross federal income, which may give rise to alternative minimum tax liability.

Currency Risk is the risk that foreign (non-U.S.) currencies may fluctuate in value relative to the U.S. dollar, which can affect the value of 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, and derivative instruments, may give rise to leverage,

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| | |
|:---|:---|
| **194** | **PIMCO ETF TRUST** |

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December 31, 2025 (Unaudited)

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. The use of leverage may also increase a Fund's sensitivity to interest rate changes and other market risks.

Management and Tracking Error Risk is the risk that a 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 transaction 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, including the use of quantitative models or methods, will not produce the desired results and that actual or potential conflicts of interest, legislative, regulatory or tax restrictions, policies or developments may affect the investment techniques available to PIMCO and the individual portfolio managers in connection with managing a Fund and may cause PIMCO to restrict or prohibit participation in certain investments. There is no guarantee that the investment objective of a Fund will be achieved.

Asset-Backed Securities Risk is the risk of investing in asset-backed securities, including interest rate risk, extension risk, prepayment risk and credit risk.

California State-Specific Risk is the risk that by focusing its investments in California municipal bonds, a Fund may be affected significantly by economic, regulatory, social, environmental 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 focusing its investments in New York municipal bonds, a Fund may be affected significantly by economic, regulatory, social 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 because 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.

Futures Contract Risk is the risk that, while the value of a futures contract tends to correlate with the value of the underlying asset that it represents, differences between the futures market and the market for the underlying asset may result in an imperfect correlation. Futures contracts may involve risks different from, and possibly greater than, the risks associated with investing directly in the underlying assets. The purchase or sale of a futures contract may result in losses in excess of the amount invested in the futures contract. In addition, futures contracts may expose a Fund to leverage risk, liquidity risk, market volatility, and margin requirements.

Turnover Risk is the risk that high levels of portfolio turnover may increase transaction costs and taxes and may lower investment performance.

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **195** |

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Notes to Financial Statements (Cont.)

Capital Securities Risk is the risk that the value of capital securities, which may be in the form of debt, equity, or a hybrid thereof, issued by U.S. and non-U.S. financial institutions to satisfy their regulatory capital requirements may decline in response to changes in legislation and regulations applicable to financial institutions and financial markets, increased competition, adverse changes in general or industry-specific economic conditions, or unfavorable interest rates. Subordinated and hybrid securities in particular are also subject to the risk of ranking junior to other creditors in the event of a liquidation or other bankruptcy-related event, the risk that principal amount due can be written down to a lesser amount (including potentially to zero), and the general risks applicable to fixed income investments, including interest rate risk, credit risk, market risk and liquidity risk, and equity investments, any of which could result in losses to the Fund. Changes to regulatory capital requirements or related supervisory guidance may affect the value, ranking, or terms of capital securities. By investing under normal circumstances at least 80% of its assets in a combination of preferred securities and capital securities, the Fund will be more susceptible to these risks than a fund that does not invest in capital securities to the same extent as the Fund.

Preferred Securities Risk is the risk that preferred securities may be subject to greater credit or other risks than senior debt instruments. In addition, preferred securities are subject to other risks, such as risks related to deferred and omitted distributions, limited or no voting rights, liquidity constraints, interest rate changes, regulatory or tax changes and special redemption or call rights.

Concentration in Banking Industries Risk is the risk of concentrating in industries related to banking, including interest rate risk, market risk, the risk of heightened competition and the risk that legislation and other government actions could adversely affect such industries.

Contingent Convertible Securities Risk is the risk of investing in contingent convertible securities, including the risk that interest payments may be cancelled by the issuer or a regulatory authority, the risk of ranking junior to other creditors in the event of a liquidation or other bankruptcy-related event as a result of holding subordinated debt, the risk of a Fund's investment becoming further subordinated as a result of conversion from debt to equity, the risk of a Fund's investment receiving less favorable treatment than equity of the issuer in certain situations, such as during periods of financial distress or regulatory intervention, the risk that principal amount due can be written down to a lesser amount (including potentially to zero), and the general risks applicable to fixed income investments, including interest rate risk, credit risk, market risk and liquidity risk, any of which could result in losses to a Fund.

Commodity Risk is the risk that investing in commodity-linked derivative instruments and commodities, either directly or indirectly

through the Commodity Subsidiary, may subject the Fund to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments or commodities may be affected by changes in overall market movements, foreign currency exchange rates, commodity index volatility, changes in inflation, interest rates, or supply and demand factors affecting a particular industry or commodity market, such as drought, floods, weather, livestock disease, pandemics and public health emergencies, embargoes, taxation, war, terrorism, cyber hacking, economic and political developments, environmental proceedings, tariffs, changes in storage costs, availability of transportation systems, and international economic, political and regulatory developments. Investments in commodities can also present risks associated with transportation and delivery, custody, storage and maintenance, illiquidity, and the unavailability of accurate market valuations of the commodity.

Issuer Non-Diversification Risk is the risk of focusing investments on a small number of issuers, including being more susceptible to risks associated with a single economic, political or regulatory occurrence than a more diversified portfolio might be. Funds that are "non-diversified" may invest a greater percentage of their assets in the securities of a single issuer (such as bonds issued by a particular state) than funds that are "diversified".

Model Risk is the risk that the Fund's investment models used in making investment allocation decisions may not adequately take into account certain factors, or may contain design flaws or faulty assumptions, and may rely on incomplete or inaccurate data inputs, any of which may result in a decline in the value of an investment in the Fund. The performance of the investment models may be impacted by software or other technology malfunctions, human error, programming inaccuracies, power loss, and other events or circumstances, which may be difficult to detect and may be beyond the control of the Fund.

Tax Risk is the risk that the tax treatment of swap agreements and other derivative instruments, such as commodity-linked derivative instruments, including commodity index-linked notes, swap agreements, commodity options, futures, and options on futures, may be affected by future regulatory or legislative changes that could affect whether income from such investments is "qualifying income" under Subchapter M of the Internal Revenue Code, or otherwise affect the character, timing and/or amount of the Fund's taxable income or gains and distributions.

Subsidiary Risk is the risk that, by investing in the Commodity Subsidiary, the Fund is indirectly exposed to the risks associated with the Commodity Subsidiary's investments. The Commodity Subsidiary is not registered under the Act and may not be subject to all the investor

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| | |
|:---|:---|
| **196** | **PIMCO ETF TRUST** |

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December 31, 2025 (Unaudited)

protections of the Act. There is no guarantee that the investment objective of the Commodity Subsidiary will be achieved.

Oil-Related Risk is the risk that investments in, or tied to the price of, oil may fluctuate substantially over short periods of time or be more volatile than other types of investments due to, among other things, national and international political changes, currency values, policies of Organization of the Petroleum Exporting Countries ("OPEC") and other oil exporting countries, changes in relationships among OPEC and other oil exporting countries and oil importing countries, regulatory changes, taxation policies and the economies of key energy-consuming countries. Supply and demand dynamics, technological changes in energy production and market speculation may also affect the volatility of the Fund's oil-related investments.

Gold-Related Risk is the risk that investments in, or tied to the price of, gold may fluctuate substantially over short periods of time or be more volatile than other types of investments due to, among other matters, changes in interest rates, inflation expectations, currency values or other economic, financial and political factors in the U.S. and foreign (non-U.S.) countries.

(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 Disruptions 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 actual or threatened war or armed conflicts, military conflicts, terrorism, social unrest, recessions, supply chain disruptions, market manipulation, government interventions, defaults and shutdowns, political and regulatory changes or diplomatic developments or the imposition of sanctions and other measures, including the imposition of tariffs, or other U.S. economic policies and any related public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), bank failures and natural/ environmental disasters, which can all negatively impact the securities markets and cause a Fund to lose value. These events can also impair the technology and other operational systems upon which a Fund's service providers, including PIMCO as a Fund's investment adviser, rely, and could otherwise disrupt a Fund's service providers' ability to fulfill their obligations to a Fund.

Government Intervention in Financial Markets Federal, state, and other governments, their regulatory agencies, or self-regulatory organizations may take actions that affect the regulation of the instruments in which a Fund invests, or the issuers of such instruments, in ways that are unforeseeable. Legislation or regulation may also change the way in which a Fund itself is regulated. Such legislation or regulation could limit or preclude a Fund's ability to achieve its investment objective. Also, while such legislation or regulations are intended to strengthen markets, systems and public finances, they could affect fund expenses and the value of fund investments in unpredictable ways. 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 complex information technology and communication systems, including cloud-based technology, has become more prevalent and interconnected in the course of business, the Funds have become potentially more susceptible to operational and information security risks resulting from breaches in cyber security despite the efforts of PIMCO, a Fund, or their service providers to adopt

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **197** |

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Notes to Financial Statements (Cont.)

technologies, processes, and practices intended to mitigate these risks. Disruptions or failures that affect service providers, counterparties, market participants or issuers of securities that are held by a Fund may adversely affect PIMCO or a Fund, including by causing losses or impairing PIMCO's or a Fund's operations. 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. Geopolitical tensions can increase the scale and sophistication of deliberate cybersecurity attacks, particularly those from nation-states or from entities with nation-state backing, who may desire to use cybersecurity attacks to cause damage or create leverage against geopolitical rivals. Cyber security failures or breaches may result in financial losses to a Fund and its shareholders. These failures or breaches may also result in disruptions to business operations, potentially resulting in financial losses; interference with a Fund's ability to calculate its net asset value, process shareholder transactions or otherwise transact business with shareholders; impediments to trading; violations of applicable privacy and other laws; regulatory fines; penalties; third-party claims in litigation; reputational damage; reimbursement or other compensation costs; additional compliance and cyber security risk management costs and other adverse consequences. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. There is also a risk that cyber security breaches may not be detected. The Funds and their shareholders may suffer losses as a result of a cyber security breach related to the Funds, their service providers, trading counterparties or the issuers in which a Fund invests.

8. MASTER NETTING ARRANGEMENTS

A Fund may be subject to various netting arrangements ("Master Agreements") with select counterparties. Master Agreements govern the terms of certain transactions, and are intended to reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that is intended to improve legal certainty. Each type of Master Agreement governs certain types of transactions. Different types of transactions may be traded out of different legal entities or affiliates of a particular organization, resulting in the need for multiple agreements with a single counterparty. As the Master Agreements are specific to unique operations of different asset types, they allow a Fund to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single Master Agreement with a counterparty. For financial reporting purposes, the Statements of Assets and Liabilities generally present derivative assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting.

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under most Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Agreement with a counterparty in a given account exceeds a specified threshold, which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Bills and U.S. dollar cash are generally the preferred forms of collateral, although other securities may be used depending on the terms outlined in the applicable Master Agreement. Securities and cash pledged as collateral are reflected as assets on the Statements of Assets and Liabilities as either a component of Investments at value (securities) or Deposits with counterparty. Cash collateral received is not typically held in a segregated account and as such is reflected as a liability on the Statements of Assets and Liabilities as Deposits from counterparty. The market value of any securities received as collateral is not reflected as a component of NAV. A Fund's overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.

Certain of the Funds may lend securities through Securities Finance Trust Company ("Securities Lending Agent"), an unaffiliated securities lending agent, and receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day, and any increases or decreases in the required collateral are exchanged between a Fund and the counterparty on the next business day. Cash collateral received is invested in the PIMCO Government Money Market Fund or another cash sweep vehicle agreed by a Fund. The Securities Lending Agent administers the Funds' securities lending program, providing services that include marketing the Funds' available securities, soliciting bids from potential borrowers, monitoring the daily value of the loaned securities, and investing cash collateral in accordance with specific instructions provided by the Funds. Any securities on loan will be subject to the relevant Fund's agreement with the Securities Lending Agent along with any master lending agreement entered into by the Securities Lending Agent on behalf of the Fund with any permitted borrowers.

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.

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| | |
|:---|:---|
| **198** | **PIMCO ETF TRUST** |

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December 31, 2025 (Unaudited)

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. FCM customers, such as the Funds, are permitted to transfer their customer account (and cleared derivative transactions held in such customer account) from one FCM to another FCM. Upon completion of the transfer, the customer maintains the same economic position with respect to the outstanding exposure. As such, these transfers are not recognized as dispositions and reacquisitions of the affected derivative positions. 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 porting of exposure between FCMs has no impact on the market value or accumulated unrealized appreciation (depreciation), initial margin posted, and any unsettled variation margin; these values as of period end are disclosed in the Notes to Schedules of Investments.

Prime Broker Arrangements may be entered into to facilitate execution and/or clearing of listed equity option transactions or short sales of equity securities between a Fund and selected counterparties. The arrangements provide guidelines surrounding the rights, obligations and other events, including, but not limited to, margin, execution and settlement. These agreements maintain provisions for, among other things, payments, maintenance of collateral, events of default and termination. Margin and other assets delivered as collateral are typically in the possession of the prime broker and would offset any obligations due to the prime broker. The market values of listed options and securities sold short and related collateral are disclosed in the Notes to Schedules of Investments.

International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes ("ISDA Master Agreements")

govern bilateral OTC derivative transactions entered into by a Fund with select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral posting and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. The ISDA Master Agreement may contain additional provisions that add counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level or as required by regulation. Similarly, if required by regulation, the Funds may be required to post additional collateral beyond coverage of daily exposure. These amounts, if any, may (or if required by law, will) be segregated with a third-party custodian. To the extent the Funds are required by regulation to post additional collateral beyond coverage of daily exposure, they could potentially incur costs, including in procuring eligible assets to meet collateral requirements, associated with such posting. The market value of OTC financial derivative instruments, collateral received or pledged, and net exposure by counterparty as of period end are disclosed in the Notes to Schedules of Investments.

9. FEES AND EXPENSES

(a) Management Fee PIMCO, a majority-owned subsidiary of Allianz Asset Management of America 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 and supervisory and administrative services under what is essentially an all-in fee structure. Each Fund will pay monthly management fees to PIMCO at an annual rate based on average daily net assets (the "Management Fee"), at an annual rate as noted in the table below.

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| | |
|:---|:---|
| Fund Name | Management Fee |
|  PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund | 0.15% |
|  PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund | 0.20% |
|  PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund | 0.20% |
|  PIMCO Broad U.S. TIPS Index Exchange-Traded Fund | 0.20% |
|  PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund | 0.55% |
|  PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund | 0.20% |
|  PIMCO Active Bond Exchange-Traded Fund<sup>(1)</sup> | 0.45%<sup>(2)</sup> |
|  PIMCO Enhanced Low Duration Active Exchange-Traded Fund | 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 Mortgage-Backed Securities Active Exchange- Traded Fund | 0.40% |
|  PIMCO Multisector Bond Active Exchange-Traded Fund<sup>(4)</sup> | 0.65% |

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **199** |

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Notes to Financial Statements (Cont.)

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| | |
|:---|:---|
| **Fund Name** | **Management Fee** |
|  PIMCO Municipal Income Opportunities Active Exchange-Traded Fund<sup>(4)</sup> | 0.49% |
|  PIMCO Preferred and Capital Securities Active Exchange-Traded Fund<sup>(5)</sup> | 0.84% |
|  PIMCO Senior Loan Active Exchange-Traded Fund<sup>(6)</sup> | 0.70% |
|  PIMCO Short Term Municipal Bond Active Exchange-Traded Fund | 0.35% |
|  PIMCO Ultra Short Government Active Exchange-Traded Fund | 0.14% |
|  PIMCO Commodity Strategy Active Exchange-Traded Fund<sup>(5)</sup> | 0.79% |

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<sup>(1)</sup> PIMCO has contractually agreed, through October 31, 2026, 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 September 2, 2025, the management fee for the Fund, stated as a percentage of the Fund's average daily net assets, was 0.55%. Effective September 2, 2025, the management fee for the Fund, stated as a percentage of the Fund's average daily net assets, decreased by 0.10% to 0.45%. 

<sup>(3)</sup> PIMCO has contractually agreed, through October 31, 2026, to waive or reduce 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, 2026, to waive or reduce 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, 2026, to waive or reduce its Management Fee by 0.15% of the average daily net assets attributable to the Fund. 

<sup>(6)</sup> PIMCO has contractually agreed, through October 31, 2026, to reduce its Management Fee by 0.10% 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, 2025, each Fund (except PIMCO Mortgage-Backed Securities Active Exchange-Traded 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 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 are responsible for the following expenses: (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 (including, without limitation, fees and expenses of outside legal counsel or third-party consultants retained in connection with reviewing, negotiating and structuring specialized

loans and other investments made by a Fund, and any costs associated with originating loans, asset securitizations, alternative lending-related strategies and so-called "broken-deal costs" (e.g., fees, costs, expenses and liabilities, including, for example, due diligence-related fees, costs, expenses and liabilities, with respect to unconsummated investments)) ; (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, (except that PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund will not bear organizational expenses), 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.

(d) Remuneration Paid to Directors, Officers and Others (N-CSR Item 10) The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive remuneration for their services to the Trust from the Administrator or its affiliates. The pro rata share of Trustee fees for each Fund is reflected on the Statements of Operations as Trustee fees.

(e) Expense Limitation Pursuant to the Expense Limitation Agreement, PIMCO has contractually agreed, through October 31, 2026, to waive a portion of each Fund's (apart from the PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund's) 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 each 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 the PMBS Expense Limitation Agreement, PIMCO has contractually agreed, through October 31, 2026, to waive a portion of PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund's Management Fee, or reimburse the Fund, to the extent that the Fund's 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 "PMBS Expense Limit") (calculated as a percentage of the Fund's average daily net assets). The PMBS 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.

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|:---|:---|
| **200** | **PIMCO ETF TRUST** |

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December 31, 2025 (Unaudited)

Pursuant to a Fee Waiver Agreement, PIMCO has contractually agreed, through October 31, 2026, to waive or reduce its Management Fee for the PIMCO Active Bond Exchange-Traded Fund 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.

Pursuant to a Fee Waiver Agreement, PIMCO has contractually agreed, through October 31, 2026, to waive or reduce its Management Fee by 0.15% of the average daily net assets of the PIMCO Commodity Strategy Active Exchange-Traded Fund. This Fee Waiver 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, 2026, to waive or reduce its Management Fee by 0.12% of the average daily net assets of the PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund. This Fee Waiver 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, 2026, to waive or reduce its Management Fee by 0.10% of the average daily net assets of the PIMCO Multisector Bond Active Exchange-Traded Fund. This Fee

Waiver 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, 2026, to waive or reduce its Management Fee by 0.10% of the average daily net assets of the PIMCO Municipal Income Opportunities Active Exchange-Traded Fund. This Fee Waiver 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, 2026, to waive or reduce its Management Fee by 0.15% of the average daily net assets of the PIMCO Preferred and Capital Securities Active Exchange-Traded Fund. This Fee Waiver 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, 2026, to reduce its Management Fee by 0.10% of the average daily net assets of the PIMCO Senior Loan Active Exchange-Traded Fund. This Fee Waiver 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.

Each waiver is reflected on the Statements of Operations as a component of Waiver and/or Reimbursement by PIMCO.

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 pursuant to the Expense Limitation Agreement and PMBS Expense Limitation Agreement (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 and PMBS 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 and PMBS Expense Limit); ii) exceed the total Reimbursement Amount; or iii) include any amounts previously reimbursed to PIMCO. The recoverable amounts to PIMCO as of December 31, 2025 were (amounts in thousands<sup>†</sup>):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Expiring Within | Expiring Within | Expiring Within | Expiring Within |
| Fund Name | 12 months | 13-24 months | 25-36 months | Total |
|  PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund | $188 | $201 | $230 | $619 |
|  PIMCO Multisector Bond Active Exchange-Traded Fund | 0 | 987 | 6280 | 7267 |
|  PIMCO Municipal Income Opportunities Active Exchange-Traded Fund | 74 | 173 | 329 | 576 |
|  PIMCO Preferred and Capital Securities Active Exchange-Traded Fund | 179 | 177 | 289 | 645 |
|  PIMCO Senior Loan Active Exchange-Traded Fund | 323 | 471 | 755 | 1549 |
|  PIMCO Ultra Short Government Active Exchange-Traded Fund | 0 | 0 | 4 | 4 |
|  PIMCO Commodity Strategy Active Exchange-Traded Fund | 232 | 442 | 720 | 1394 |

---

---

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

---

(f) Acquired Fund Fees and Expenses PIMCO has contractually agreed, through October 31, 2026, for the PIMCO Active Bond

Exchange-Traded Fund, PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund, PIMCO Mortgage-Backed Securities Active

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **201** |

---

------

Notes to Financial Statements (Cont.)

Exchange-Traded Fund, PIMCO Multisector Bond Active Exchange-Traded Fund, PIMCO Municipal Income Opportunities Active Exchange-Traded Fund, PIMCO Preferred and Capital Securities Active Exchange-Traded Fund, PIMCO Senior Loan Active Exchange-Traded Fund, PIMCO Short Term Municipal Bond Active Exchange-Traded Fund and PIMCO Commodity Strategy Active Exchange-Traded Fund to waive its Management Fee in an amount equal to the expenses attributable to investment advisory, supervisory and administrative, and management fees of Underlying Funds indirectly incurred by each Fund's investments in Underlying Funds up to a maximum waived amount that is equal to each Fund's aggregate management fee. The waiver will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term. Investors should be aware that an Underlying Fund may engage in securities lending transactions, and the cash collateral received by an Underlying Fund engaging in a securities lending transaction may be invested in short-term liquid fixed income instruments or in money market or short-term funds, or similar investment vehicles, including affiliated money market or short-term funds, as further described in such Underlying Fund's registration statement. In such case, the Underlying Fund will incur investment advisory fees, supervisory and administrative fees, service fees or other fees in connection with such investment of cash collateral. Ultimately, such fees will be borne by the Funds and will not be waived under the contractual waiver described

above. For the period ended December 31, 2025, the Funds below waived and/or reimbursed the following fees (amounts in thousands<sup>†</sup>):

---

| | |
|:---|:---|
| Fund Name | Waived Fees |
|  PIMCO Active Bond Exchange-Traded Fund | $521 |
|  PIMCO Multisector Bond Active Exchange-Traded Fund | 57 |
|  PIMCO Commodity Strategy Active Exchange-Traded Fund | 28 |

---

---

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

---

The Commodity Subsidiary has entered into a separate contract with PIMCO for the management of the Commodity Subsidiary's portfolio pursuant to which the Commodity Subsidiary pays PIMCO a management fee at the annual rate of 0.69% of its average daily net assets. PIMCO has contractually agreed to waive the PIMCO Commodity Strategy Active Exchange-Traded Fund's management fee in an amount equal to the management fee paid by the Commodity Subsidiary to PIMCO. This waiver may not be terminated by PIMCO and will remain in effect for as long as PIMCO's contract with the Commodity Subsidiary is in place. PIMCO may not seek reimbursement from the PIMCO Commodity Strategy Active Exchange-Traded Fund with respect to the management fees waived. The waiver, if any, is reflected on the Consolidated Statement of Operations as a component of Waiver and/ or Reimbursement by PIMCO. See Note 15, Basis for Consolidation, in the Notes to Financial Statements for more information regarding the Commodity Subsidiary.

10. RELATED PARTY TRANSACTIONS

The Manager and Distributor are related parties. Fees paid to these parties are disclosed in Note 9, Fees and Expenses, and the accrued related party fee amounts are disclosed on the Statements of Assets and Liabilities.

Certain Funds are permitted to purchase or sell securities from or to certain related affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by the Funds from or to another fund or portfolio that are, or could be, considered an affiliate, or an affiliate of an affiliate, by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with applicable SEC rules and interpretations under the Act. Further, as defined under the procedures, each transaction is effected at the current market price. Purchases and sales of securities pursuant to applicable SEC rules and interpretations under the Act for the period ended December 31, 2025 were as follows (amounts in thousands<sup>†</sup>):

---

| | | | |
|:---|:---|:---|:---|
| Fund Name | Purchases | Sales | Realized<br>Gain/(Loss) |
|  PIMCO Active Bond Exchange-Traded Fund | $0 | $3425 | $(847) |
|  PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund | 15398 | 18455 | (882) |
|  PIMCO Municipal Income Opportunities Active Exchange-Traded Fund | 3594 | 3736 | (174) |
|  PIMCO Short Term Municipal Bond Active Exchange-Traded Fund | 1115 | 1083 | (59) |

---

---

| | |
|:---|:---|
| <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.

---

| | |
|:---|:---|
| **202** | **PIMCO ETF TRUST** |

---

------

December 31, 2025 (Unaudited)

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 a Fund. Frequent and active trading of a Fund's portfolio holdings may cause adverse tax consequences for shareholders due to an increase in short-term capital gains and may also adversely impact the Fund's after-tax returns. 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, 2025 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 | $150131 | $210193 | $0 | $0 |
|  PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund | 57820 | 65313 | 0 | 0 |
|  PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund | 21763 | 35845 | 0 | 0 |
|  PIMCO Broad U.S. TIPS Index Exchange-Traded Fund | 61765 | 64181 | 0 | 0 |
|  PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund | 15939 | 14598 | 427490 | 431930 |
|  PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund | 0 | 0 | 154016 | 99947 |
|  PIMCO Active Bond Exchange-Traded Fund | 16760005 | 15503681 | 1271968 | 315868 |
|  PIMCO Enhanced Low Duration Active Exchange-Traded Fund | 1218140 | 1116223 | 325109 | 190820 |
|  PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund | 21256 | 7905 | 42567 | 32665 |
|  PIMCO Enhanced Short Maturity Active Exchange-Traded Fund | 1065487 | 506677 | 3951282 | 2208304 |
|  PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund | 2847 | 0 | 332418 | 216364 |
|  PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund | 9842473 | 8992004 | 56837 | 2840 |
|  PIMCO Multisector Bond Active Exchange-Traded Fund | 46827175 | 43599916 | 1932968 | 259925 |
|  PIMCO Municipal Income Opportunities Active Exchange-Traded Fund | 407 | 0 | 126972 | 64513 |
|  PIMCO Preferred and Capital Securities Active Exchange-Traded Fund | 600 | 0 | 35981 | 34411 |
|  PIMCO Senior Loan Active Exchange-Traded Fund | 7246 | 6629 | 306248 | 495474 |
|  PIMCO Short Term Municipal Bond Active Exchange-Traded Fund | 0 | 0 | 113571 | 118650 |
|  PIMCO Ultra Short Government Active Exchange-Traded Fund | 0 | 0 | 0 | 0 |
|  PIMCO Commodity Strategy Active Exchange-Traded Fund | 39674 | 572 | 178247 | 108709 |

---

---

| | |
|:---|:---|
| <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. Each Fund reserves the right to not impose a standard or variable redemption transaction fee or to vary the amount of the variable redemption transaction fee imposed, up to the maximum amount listed below, depending on the materiality of the Fund's actual transaction costs incurred in selling securities to raise the cash amount redeemed

(in the case of a variable redemption transaction fee) or where PIMCO believes that not imposing the standard or variable redemption transaction fee or varying the variable redemption transaction fee would be in a Fund's and the Fund's shareholders' best interests.

SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| DECEMBER 31, 2025 203

------

Notes to Financial Statements (Cont.)

---

| | | |
|:---|:---|:---|
| **Standard Creation/<br>Redemption<br>Transaction Fee\*** | **Maximum<br>Variable Charge<br>for Cash Creations\*\*** | **Maximum<br>Variable Charge for<br>Cash Redemptions\*\*** |
| $500 | 3.00% | 2.00% |

---

\* Applicable to in-kind contributions or redemptions only.

\*\* As a percentage of the net asset value per Creation Unit purchased or redeemed, inclusive of the standard creation transaction fee (if imposed). 

14. INVESTMENT TRANSACTIONS

For the period ended December 31, 2025, 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 | $345145 | $249325 |
|  PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund | 29693 | 48522 |
|  PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund | 42347 | 23739 |
|  PIMCO Broad U.S. TIPS Index Exchange-Traded Fund | 21226 | 23915 |
|  PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund | 145946 | 71402 |
|  PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund | 107133 | 62771 |
|  PIMCO Active Bond Exchange-Traded Fund | 92125 | 0 |
|  PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund | 27976 | 0 |
|  PIMCO Multisector Bond Active Exchange-Traded Fund | 1329653 | 151394 |
|  PIMCO Ultra Short Government Active Exchange-Traded Fund | 1169 | 0 |

---

---

| | |
|:---|:---|
| <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. BASIS FOR CONSOLIDATION

The Commodity Subsidiary was incorporated on January 19, 2023, as a wholly-owned subsidiary acting as an investment vehicle for the PIMCO Commodity Strategy Active Exchange-Traded Fund in order to effect certain investments for the Fund consistent with the Fund's investment objectives and policies, as specified in its prospectus and statement of additional information. The Fund's investment portfolio has been consolidated and includes the portfolio holdings of the Fund and the Commodity Subsidiary. The consolidated financial statements include the accounts of the Fund and the Commodity Subsidiary, if any. All inter-company transactions and balances have been eliminated. A subscription agreement was entered into between the Fund and the Commodity Subsidiary, comprising the entire issued share capital of the Commodity Subsidiary, with the intent that the Fund will remain the sole shareholder and retain all rights. Under the Memorandum and Articles of Association, shares issued by the Commodity Subsidiary confer upon a shareholder the right to receive notice of, to attend and to vote at general meetings of the Commodity Subsidiary and shall confer upon the shareholder rights in a winding-up or repayment of capital and the right to participate in the profits or assets of the Commodity Subsidiary. The net assets of the Commodity Subsidiary as of period end represented 24.4% of the Fund's consolidated net assets.

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

16. REGULATORY AND LITIGATION MATTERS

The Funds are not named as defendants in any material litigation or arbitration proceedings and are not aware of any material litigation or claim pending or threatened against them.

The foregoing speaks only as of the date of this report.

17. FEDERAL INCOME TAX MATTERS

Each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code (the "Code") and distribute all of its taxable income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made.

A Fund may be subject to local withholding taxes, including those imposed on realized capital gains. Any applicable foreign capital gains tax is accrued daily based upon net unrealized gains, and may be payable following the sale of any applicable investments.

In accordance with U.S. GAAP, the Manager has reviewed the Funds' tax positions for all open tax years. As of December 31, 2025, the Funds have recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions they have taken or expect to take in future tax returns.

The Funds file U.S. federal, state and local tax returns as required. The Funds' tax returns are subject to examination by relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return but which can be extended to six years in certain circumstances. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

---

| | |
|:---|:---|
| **204** | **PIMCO ETF TRUST** |

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------

December 31, 2025 (Unaudited)

One of the requirements for favorable tax treatment as a regulated investment company under the Code is that a Fund derive at least 90% of its gross income from certain qualifying sources of income. The Internal Revenue Service ("IRS") has issued a revenue ruling which holds that income derived from commodity index-linked derivatives, if earned directly by a Fund, is not qualifying income under Subchapter M of the Code. As such, the Funds' ability to utilize direct investments in commodity-linked swaps as part of its investment strategy is limited to a maximum of 10% of its gross income. However, in a subsequent revenue ruling, the IRS provides that income from alternative investment instruments (such as certain commodity index-linked notes) that create commodity exposure may be considered qualifying income under the Code. The IRS has issued private letter rulings in which the IRS specifically concluded that income derived from an investment in a subsidiary that provides commodity-linked exposure through its investments will constitute qualifying income.

PIMCO Commodity Strategy Active Exchange-Traded Fund will continue to seek to gain exposure to the commodity markets primarily through investments in its Commodity Subsidiary and perhaps through commodity-linked notes. The Commodity Subsidiary will be treated as a controlled foreign corporation. As a result, a Fund with a subsidiary will be required to include in gross income for U.S. federal income tax purposes all of its subsidiary's subpart F income, whether or not such income is distributed by the subsidiary. It is expected that all of the subsidiary's income and realized gains and mark-to-market gains will be subpart F income. PIMCO Commodity Strategy Active Exchange-Traded Fund's recognition of its Commodity Subsidiary's subpart F income will increase the Fund's tax basis in its Commodity Subsidiary. Distributions by the Commodity Subsidiary to PIMCO Commodity Strategy Active Exchange-Traded Fund will be tax-free, to the extent of its previously undistributed subpart F income, and will correspondingly reduce PIMCO Commodity Strategy Active Exchange-Traded Fund's tax basis in its Commodity Subsidiary. Subpart F income is generally treated by PIMCO Commodity Strategy Active Exchange-Traded Fund as ordinary income, regardless of the character of the Commodity Subsidiary's underlying income or gains.

If a net loss is realized by a subsidiary, such loss is not generally available to offset the income earned by such subsidiary's parent Fund, and such loss cannot be carried forward to offset taxable income of the parent Fund or the subsidiary in future periods.

Under IRS regulations, income derived from a controlled foreign corporation will be considered qualifying income if distributed to a Fund or if the Fund's income from in the subsidiary is derived with respect to the Fund's business of investing in securities. A subsidiary may pay such a distribution at any time. An IRS revenue procedure states that the IRS will not in the future issue private letter rulings that would require a determination of whether an asset (such as a commodity index-linked note) is a "security" under the Act.

There can be no assurance that the IRS will not change its position with respect to some or all of these conclusions or that future legislation will not adversely impact the tax treatment of PIMCO Commodity Strategy Active Exchange-Traded Fund's commodity-linked investments. If the IRS were to change or reverse its position, or if future legislation adversely affected the tax treatment of a Fund's commodity-linked investments, there would likely be a significant adverse impact on PIMCO Commodity Strategy Active Exchange-Traded Fund, including the possibility of failing to qualify as a regulated investment company.

If PIMCO Commodity Strategy Active Exchange-Traded Fund did not qualify as a regulated investment company for any taxable year, its taxable income would be subject to tax at the Fund level at regular corporate tax rates (without reduction for distributions to shareholders) and to a further tax at the shareholder level when such income is distributed. Furthermore, the tax treatment of PIMCO Commodity Strategy Active Exchange-Traded Fund's investments in its Commodity Subsidiary may otherwise be adversely affected by future legislation, court decisions, Treasury Regulations and/or guidance issued by the IRS. Such developments could affect the character, timing and/or amount of a Fund's taxable income or any distributions made by PIMCO Commodity Strategy Active Exchange-Traded Fund or result in the inability of PIMCO Commodity Strategy Active Exchange-Traded Fund to operate as described in the Fund's prospectus.

Under the Regulated Investment Company Modernization Act of 2010, a fund is permitted to carry forward any new capital losses for an unlimited period. Additionally, such capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term under previous law.

As of their last fiscal year ended June 30, 2025, 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 | $56534 | $250042 |
|  PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund | 9752 | 35959 |
|  PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19352 | 89074 |
|  PIMCO Broad U.S. TIPS Index Exchange-Traded Fund | 22664 | 9387 |
|  PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund | 48613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193017 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **205** |

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------

Notes to Financial Statements (Cont.) December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Short-Term** | **Long-Term** |
|  PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund | $13041 | $29096 |
|  PIMCO Active Bond Exchange-Traded Fund | 420699 | 215873 |
|  PIMCO Enhanced Low Duration Active Exchange-Traded Fund | 52111 | 21688 |
|  PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund | 1157 | 1797 |
|  PIMCO Enhanced Short Maturity Active Exchange-Traded Fund | 64949 | 179119 |
|  PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund | 29613 | 20237 |
|  PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund | 18475 | 22171 |
|  PIMCO Multisector Bond Active Exchange-Traded Fund | 7292 | 0 |
|  PIMCO Municipal Income Opportunities Active Exchange-Traded Fund | 6580 | 1203 |
|  PIMCO Preferred and Capital Securities Active Exchange-Traded Fund | 1153 | 0 |
|  PIMCO Senior Loan Active Exchange-Traded Fund | 9701 | 855 |
|  PIMCO Short Term Municipal Bond Active Exchange-Traded Fund | 6256 | 7812 |
|  PIMCO Ultra Short Government Active Exchange-Traded Fund | 0 | 0 |
|  PIMCO Commodity Strategy Active Exchange-Traded Fund | 2 | 0 |

---

---

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

---

As of December 31, 2025, 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 | $1923372 | $0 | $(363582) | $(363582) |
|  PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund | 431646 | 1770 | (3507) | (1737) |
|  PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund | 937775 | 0 | (255986) | (255986) |
|  PIMCO Broad U.S. TIPS Index Exchange-Traded Fund | 94349 | 144 | (2890) | (2746) |
|  PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund | 1576636 | 38253 | (19325) | 18928 |
|  PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund | 1425780 | 20775 | (28479) | (7704) |
|  PIMCO Active Bond Exchange-Traded Fund | 7655389 | 188077 | (103062) | 85015 |
|  PIMCO Enhanced Low Duration Active Exchange-Traded Fund | 1350599 | 7205 | (4919) | 2286 |
|  PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund | 210369 | 690 | (535) | 155 |
|  PIMCO Enhanced Short Maturity Active Exchange-Traded Fund | 14506327 | 31742 | (16275) | 15467 |
|  PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund | 2465512 | 50264 | (2967) | 47297 |
|  PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund | 1635847 | 15719 | (9196) | 6523 |
|  PIMCO Multisector Bond Active Exchange-Traded Fund | 17207606 | 243716 | (54670) | 189046 |
|  PIMCO Municipal Income Opportunities Active Exchange-Traded Fund | 454199 | 8549 | (1531) | 7018 |
|  PIMCO Preferred and Capital Securities Active Exchange-Traded Fund | 192128 | 9373 | (1682) | 7691 |
|  PIMCO Senior Loan Active Exchange-Traded Fund | 502047 | 3731 | (2351) | 1380 |
|  PIMCO Short Term Municipal Bond Active Exchange-Traded Fund | 959595 | 10308 | (557) | 9751 |
|  PIMCO Ultra Short Government Active Exchange-Traded Fund | 840654 | 306 | 0 | 306 |
|  PIMCO Commodity Strategy Active Exchange-Traded Fund | 520700 | 78049 | (36533) | 41516 |

---

---

| | |
|:---|:---|
| <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.

---

| | |
|:---|:---|
| **206** | **PIMCO ETF TRUST** |

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------

Glossary: (abbreviations that may be used in the preceding statements) (Unaudited)

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **207** |

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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, 2025 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) |
|  September 2025 | $0.7400 | $0.0000 | $0.0000 | $0.7400 |
|  December 2025 | $0.8800 | $0.0000 | $0.0000 | $0.8800 |
| 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 2025 | $0.1400 | $0.0000 | $0.0000 | $0.1400 |
|  August 2025 | $0.2100 | $0.0000 | $0.0000 | $0.2100 |
|  September 2025 | $0.1200 | $0.0000 | $0.0000 | $0.1200 |
|  October 2025 | $0.1900 | $0.0000 | $0.0000 | $0.1900 |
|  November 2025 | $0.1700 | $0.0000 | $0.0000 | $0.1700 |
|  December 2025 | $0.1700 | $0.0000 | $0.0000 | $0.1700 |
| 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 2025 | $0.1700 | $0.0000 | $0.0000 | $0.1700 |
|  August 2025 | $0.2400 | $0.0000 | $0.0000 | $0.2400 |
|  September 2025 | $0.1400 | $0.0000 | $0.0000 | $0.1400 |
|  October 2025 | $0.2200 | $0.0000 | $0.0000 | $0.2200 |
|  November 2025 | $0.2000 | $0.0000 | $0.0000 | $0.2000 |
|  December 2025 | $0.2000 | $0.0000 | $0.0000 | $0.2000 |
| 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 2025 | $0.1800 | $0.0000 | $0.0000 | $0.1800 |
|  August 2025 | $0.2300 | $0.0000 | $0.0000 | $0.2300 |
|  September 2025 | $0.1600 | $0.0000 | $0.0000 | $0.1600 |
|  October 2025 | $0.2200 | $0.0000 | $0.0000 | $0.2200 |
|  November 2025 | $0.2000 | $0.0000 | $0.0000 | $0.2000 |
|  December 2025 | $0.2000 | $0.0000 | $0.0000 | $0.2000 |
| 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 2025 | $0.5700 | $0.0000 | $0.0000 | $0.5700 |
|  August 2025 | $0.5700 | $0.0000 | $0.0000 | $0.5700 |
|  September 2025 | $0.5200 | $0.0000 | $0.0000 | $0.5200 |
|  October 2025 | $0.6200 | $0.0000 | $0.0000 | $0.6200 |
|  November 2025 | $0.6200 | $0.0000 | $0.0000 | $0.6200 |
|  December 2025 | $0.6200 | $0.0000 | $0.0000 | $0.6200 |

---

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| | |
|:---|:---|
| **208** | **PIMCO ETF TRUST** |

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(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 2025 | $0.3900 | $0.0000 | $0.0000 | $0.3900 |
|  August 2025 | $0.4000 | $0.0000 | $0.0000 | $0.4000 |
|  September 2025 | $0.3800 | $0.0000 | $0.0000 | $0.3800 |
|  October 2025 | $0.4100 | $0.0000 | $0.0000 | $0.4100 |
|  November 2025 | $0.3600 | $0.0000 | $0.0000 | $0.3600 |
|  December 2025 | $0.4200 | $0.0000 | $0.0000 | $0.4200 |
| **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 2025 | $0.4000 | $0.0000 | $0.0000 | $0.4000 |
|  August 2025 | $0.4000 | $0.0000 | $0.0000 | $0.4000 |
|  September 2025 | $0.4000 | $0.0000 | $0.0000 | $0.4000 |
|  October 2025 | $0.4200 | $0.0000 | $0.0000 | $0.4200 |
|  November 2025 | $0.4000 | $0.0000 | $0.0000 | $0.4000 |
|  December 2025 | $0.4000 | $0.0000 | $0.0000 | $0.4000 |
| **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 2025 | $0.3800 | $0.0000 | $0.0000 | $0.3800 |
|  August 2025 | $0.3700 | $0.0000 | $0.0000 | $0.3700 |
|  September 2025 | $0.3700 | $0.0000 | $0.0000 | $0.3700 |
|  October 2025 | $0.3700 | $0.0000 | $0.0000 | $0.3700 |
|  November 2025 | $0.3600 | $0.0000 | $0.0000 | $0.3600 |
|  December 2025 | $0.3389 | $0.0000 | $0.0111 | $0.3500 |
| **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 2025 | $0.3600 | $0.0000 | $0.0000 | $0.3600 |
|  August 2025 | $0.3500 | $0.0000 | $0.0000 | $0.3500 |
|  September 2025 | $0.3500 | $0.0000 | $0.0000 | $0.3500 |
|  October 2025 | $0.3600 | $0.0000 | $0.0000 | $0.3600 |
|  November 2025 | $0.3200 | $0.0000 | $0.0000 | $0.3200 |
|  December 2025 | $0.3100 | $0.0000 | $0.0000 | $0.3100 |
| **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 2025 | $0.3800 | $0.0000 | $0.0000 | $0.3800 |
|  August 2025 | $0.3800 | $0.0000 | $0.0000 | $0.3800 |
|  September 2025 | $0.3800 | $0.0000 | $0.0000 | $0.3800 |
|  October 2025 | $0.3800 | $0.0000 | $0.0000 | $0.3800 |
|  November 2025 | $0.3700 | $0.0000 | $0.0000 | $0.3700 |
|  December 2025 | $0.3600 | $0.0000 | $0.0000 | $0.3600 |
| **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 2025 | $0.1400 | $0.0000 | $0.0000 | $0.1400 |
|  August 2025 | $0.1500 | $0.0000 | $0.0000 | $0.1500 |
|  September 2025 | $0.1400 | $0.0000 | $0.0000 | $0.1400 |
|  October 2025 | $0.1600 | $0.0000 | $0.0000 | $0.1600 |
|  November 2025 | $0.1300 | $0.0000 | $0.0000 | $0.1300 |
|  December 2025 | $0.1500 | $0.0000 | $0.0000 | $0.1500 |

---

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **209** |

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Distribution Information (Cont.)

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| | | | | |
|:---|:---|:---|:---|:---|
| **PIMCO Mortgage-Backed Securities 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 2025 | $0.2000 | $0.0000 | $0.0000 | $0.2000 |
|  August 2025 | $0.2300 | $0.0000 | $0.0000 | $0.2300 |
|  September 2025 | $0.2200 | $0.0000 | $0.0000 | $0.2200 |
|  October 2025 | $0.2200 | $0.0000 | $0.0000 | $0.2200 |
|  November 2025 | $0.2000 | $0.0000 | $0.0000 | $0.2000 |
|  December 2025 | $0.2000 | $0.0000 | $0.0000 | $0.2000 |
| **PIMCO Multisector Bond 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 2025 | $0.1300 | $0.0000 | $0.0000 | $0.1300 |
|  August 2025 | $0.1400 | $0.0000 | $0.0000 | $0.1400 |
|  September 2025 | $0.1400 | $0.0000 | $0.0000 | $0.1400 |
|  October 2025 | $0.1400 | $0.0000 | $0.0000 | $0.1400 |
|  November 2025 | $0.1291 | $0.0000 | $0.0009 | $0.1300 |
|  December 2025 | $0.1299 | $0.0000 | $0.0001 | $0.1300 |
| **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 2025 | $0.1400 | $0.0000 | $0.0000 | $0.1400 |
|  August 2025 | $0.1400 | $0.0000 | $0.0000 | $0.1400 |
|  September 2025 | $0.1400 | $0.0000 | $0.0000 | $0.1400 |
|  October 2025 | $0.1500 | $0.0000 | $0.0000 | $0.1500 |
|  November 2025 | $0.1500 | $0.0000 | $0.0000 | $0.1500 |
|  December 2025 | $0.1500 | $0.0000 | $0.0000 | $0.1500 |
| **PIMCO Preferred and Capital Securities 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 2025 | $0.2400 | $0.0000 | $0.0000 | $0.2400 |
|  August 2025 | $0.2400 | $0.0000 | $0.0000 | $0.2400 |
|  September 2025 | $0.2400 | $0.0000 | $0.0000 | $0.2400 |
|  October 2025 | $0.2400 | $0.0000 | $0.0000 | $0.2400 |
|  November 2025 | $0.2400 | $0.0000 | $0.0000 | $0.2400 |
|  December 2025 | $0.2500 | $0.0000 | $0.0000 | $0.2500 |
| **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 2025 | $0.3000 | $0.0000 | $0.0000 | $0.3000 |
|  August 2025 | $0.3200 | $0.0000 | $0.0000 | $0.3200 |
|  September 2025 | $0.3500 | $0.0000 | $0.0000 | $0.3500 |
|  October 2025 | $0.3900 | $0.0000 | $0.0000 | $0.3900 |
|  November 2025 | $0.3900 | $0.0000 | $0.0000 | $0.3900 |
|  December 2025 | $0.3900 | $0.0000 | $0.0000 | $0.3900 |
| **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 2025 | $0.1200 | $0.0000 | $0.0000 | $0.1200 |
|  August 2025 | $0.1200 | $0.0000 | $0.0000 | $0.1200 |
|  September 2025 | $0.1200 | $0.0000 | $0.0000 | $0.1200 |
|  October 2025 | $0.1400 | $0.0000 | $0.0000 | $0.1400 |
|  November 2025 | $0.1100 | $0.0000 | $0.0000 | $0.1100 |
|  December 2025 | $0.1200 | $0.0000 | $0.0000 | $0.1200 |

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| | |
|:---|:---|
| **210** | **PIMCO ETF TRUST** |

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(Unaudited)

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| | | | | |
|:---|:---|:---|:---|:---|
| **PIMCO Ultra Short Government 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 2025 | $0.3700 | $0.0000 | $0.0000 | $0.3700 |
|  August 2025 | $0.3700 | $0.0000 | $0.0000 | $0.3700 |
|  September 2025 | $0.4000 | $0.0000 | $0.0000 | $0.4000 |
|  October 2025 | $0.3800 | $0.0000 | $0.0000 | $0.3800 |
|  November 2025 | $0.3400 | $0.0000 | $0.0000 | $0.3400 |
|  December 2025 | $0.3200 | $0.0000 | $0.0000 | $0.3200 |
| **PIMCO Commodity Strategy 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)** |
|  September 2025 | $0.2100 | $0.0000 | $0.0000 | $0.2100 |
|  December 2025 | $0.2200 | $0.0000 | $0.0000 | $0.2200 |

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\* 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 funds 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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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **211** |

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Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8) (Unaudited)

Not applicable.

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| | |
|:---|:---|
| **212** | **PIMCO ETF TRUST** |

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Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9) (Unaudited)

Not applicable.

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **213** |

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Approval of Investment Management Agreement (N-CSR Item 11)

At a meeting held on August 19-20, 2025, 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, 2026. 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").

In addition, the Board considered and unanimously approved the renewal of the investment management agreement between PIMCO and PIMCO Cayman Commodity Fund CMDT, Ltd., the wholly-owned subsidiary (the "Subsidiary") of PIMCO Commodity Strategy Active Exchange-Traded Fund (the "Subsidiary Agreement"), for an additional one-year term through August 31, 2026.

The information, material factors and conclusions that formed the basis for the Board's approvals 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 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 and Subsidiary Agreement.

With respect to the Subsidiary Agreement, the Trustees considered that PIMCO Commodity Strategy Active Exchange-Traded Fund may utilize

its Subsidiary to execute its investment strategy and that PIMCO provides investment advisory and administrative services to the Subsidiary pursuant to the Subsidiary Agreement in the same manner as it does for that Fund under the Investment Management Agreement. The Trustees also considered that, with respect to the Subsidiary, PIMCO does not retain a separate advisory or other fee from the Subsidiary, and that PIMCO's profitability with respect to the Subsidiary is not positively impacted as a result of the Subsidiary Agreement. The Trustees determined, therefore, that it was appropriate to consider the approval of the Subsidiary Agreement collectively with their consideration of the continuation 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 19-20, 2025 meeting. The Independent Trustees also met via video conference with Counsel on July 23, 2025, and conducted a video conference meeting on August 13, 2025 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 determinations were made on the basis of each Trustee's business judgment after consideration and evaluation of all the information presented. Individual Trustees may have given different weights to certain factors and assigned various degrees of materiality to information received in connection with the approval process. In deciding to approve the renewal of the Agreement, the Board did not identify any single factor or particular information that, in isolation, was controlling. The discussions below are 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.

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| | |
|:---|:---|
| **214** | **PIMCO ETF TRUST** |

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(Unaudited)

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 to the Funds. The Board noted that PIMCO makes available to its investment professionals a variety of resources and systems relating to, for example, 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 for the competitive investment management industry and to strengthen its ability to deliver advisory services under the Agreement. The Board considered PIMCO's policies, procedures and systems reasonably designed to assure compliance with applicable laws and regulations, including recently adopted 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 continuous investment in its disciplines and personnel, which has enhanced PIMCO's services to the Funds and has allowed PIMCO to introduce innovative new funds over time and other investment options that have the potential to benefit shareholders. In addition, the Board considered the nature, extent and quality of services provided by PIMCO to the Subsidiary.

In addition, the Trustees considered new services and service enhancements that PIMCO has implemented, including, but not limited to investing in its cybersecurity program and business continuity functions, 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 and Subsidiary 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 what is essentially an all-in fee

structure (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 is expected to 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. 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, 2025 and other performance data, as available, over short- and long-term periods ended June 30, 2025 (the "PIMCO Report") and from Broadridge concerning the Funds' performance, as available, over short- and long-term periods ended March 31, 2025 (the "Broadridge Report"). The Board also noted that the Broadridge Report incorporated peer classifications from Morningstar for the Funds for which it was believed that Morningstar provided a better 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 to a specified index as provided to the Board (the "performance index") 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-, five-, and/or ten -year periods ended March 31, 2025. The Board also reviewed information that showed that, certain index Funds underperformed their performance index, but that PIMCO did not expect such Funds, for structural reasons, to outperform their performance index 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 performance 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

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **215** |

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------

Approval of Investment Management Agreement (N-CSR Item 11) (Cont.)

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 and the Subsidiary 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 and the Subsidiary 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 ratios 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 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 expense ratios (including total expense ratios net of fee waivers and expense limitation agreements, as applicable) of the Funds (excluding, as may be applicable, extraordinary expenses, interest expenses, acquired fund fees and expenses, and certain other items) (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, and also noted the fee waivers in place with respect to the management fee that might result from investments in the Subsidiary. The Board compared each Fund's total expense ratio to other funds in the Broadridge Report "Expense Group" and found each Fund's total expense ratio to be reasonable.

The Board also reviewed data comparing the Funds' management fees to the fee rates PIMCO charges to open-end registered funds, and non-U.S. registered funds, separate accounts, sub-advised clients, collective investment trusts, 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 advisory services provided by PIMCO to the Funds, 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 and derivatives management, the implementation and compliance 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 Board considered that, with respect to collective investment trusts, PIMCO performs fewer or less extensive services because collective investment trusts are generally exempt from SEC regulation and typically involve lower compliance costs; investors in a collective investment trust may receive shareholder services from a trustee bank, rather than PIMCO; collective investment trusts have less regulatory disclosure; and the management structure of collective investment trusts differs from that of Funds. 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 the fee rates 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 for each Fund. 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.

---

| | |
|:---|:---|
| **216** | **PIMCO ETF TRUST** |

---

------

(Unaudited)

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, such as when assets remain flat or decrease. Other factors the Board considered in assessing the unified fee include PIMCO's approach of pricing Funds at 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.

The Board noted that the majority of the Funds' total expense ratios continue to be lower than those of the majority of competitor funds. The Board discussed with PIMCO certain Funds that had above median total expense ratios. Upon comparing the Funds' total expense ratios to other funds in the "Peer Groups" provided by the Broadridge Report where appropriate, the Board found the total expense ratios of each Fund to be reasonable.

The Trustees also considered the management fees charged to the Funds that invest in other investment companies and the services provided in exchange for such fees. The Trustees determined that such services were in addition to the services provided to the underlying funds in which the Funds may invest and, therefore, such services were not duplicative of the services provided to the underlying funds. The Board also considered the various fee waiver agreements in place for those Funds.

Based on the information presented by PIMCO and Broadridge, members of the Board determined, in the exercise of their business judgment, that the management fees charged by PIMCO under the Agreement and Subsidiary Agreement, and that the total expense ratio 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, as well as the resulting level of profits from, the Funds. Additionally, the Board discussed PIMCO's pre- and post-distribution profit margin ranges with respect to the Funds, as compared to the prior year. 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 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 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, had been held steady during the contractual period at that scaled competitive rate for most Funds as assets grew, or as assets declined in the case of some Funds, 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 further considered that, in contrast, breakpoints may be a proxy for charging higher fees on lower asset levels and that when a fund's assets decline, breakpoints may reverse, which causes expense ratios to increase. The Trustees also reviewed materials indicating that, unlike the Funds' unified fee structure, funds with "pass through" expense structures may experience increased expense ratios when fixed dollar fees are charged against declining fund assets. The Trustees also reviewed materials demonstrating the benefits of the unified fee to shareholders during market downturns and/or periods of high volatility. The Trustees considered that the unified fee protects shareholders from a rise in administrative and 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,

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **217** |

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------

Approval of Investment Management Agreement (N-CSR Item 11) (Cont.) (Unaudited)

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. Such benefits also include ancillary benefits to PIMCO or its employees related to service or rate offers in financial firms' other business lines, which can result in PIMCO or its employees having access to more favorable products or rates. In addition, the Board considered that PIMCO may benefit indirectly from its use of the HUB technology platform, a joint venture between PIMCO, Man Group, S&P Global, Microsoft and State Street, and its recent strategic managed service arrangement with a third-party consultant. 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 the 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 and the Subsidiary Agreement. The Independent Trustees and the Board as a whole concluded that the Agreement and the Subsidiary Agreement continued to be fair and reasonable to the Funds and their shareholders, that the fees charged under the Agreement on behalf of the Funds were fair and reasonable in light of the services provided, and that the renewal of the Agreement and the Subsidiary Agreement was in the best interests of the Funds and their shareholders.

---

| | |
|:---|:---|
| **218** | **PIMCO ETF TRUST** |

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------

#### General Information
Investment Manager

Pacific Investment Management Company LLC

650 Newport Center Drive

Newport Beach, CA 92660

Distributor

PIMCO Investments LLC

1633 Broadway

New York, NY 10019

Custodian

State Street Bank & Trust Co.

State Street Financial Center

One Congress Street, Suite 1

Boston, MA 02114-2016

Transfer Agent

State Street Bank and Trust Company

1776 Heritage Drive

North Quincy, MA 02171

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 PIMCO ETF Trust.

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![LOGO](g17112g49r13.jpg)

ETFFSTMSAR_123125

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**Item 8.** **Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** <br>

The information required by this Item 8 is included as part of the semiannual Financial Statements and Financial Highlights filed under Item 7(a) of this Form N-CSR.

------

**Item 9.** **Proxy Disclosures for Open-End Management Investment Companies.** <br>

The information required by this Item 9 is included as part of the semiannual Financial Statements and Financial Highlights filed under Item 7(a) of this Form N-CSR.

**Item 10.** **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** <br>

The information required by this Item 10 is included as part of the semiannual Financial Statements and Financial Highlights filed under Item 7(a) of this Form N-CSR.

**Item 11.** **Statement Regarding Basis for Approval of Investment Advisory Contract.** <br>

The information required by this Item 11 is included as part of the semiannual Financial Statements and Financial Highlights filed under Item 7(a) of this Form N-CSR.

**Item 12.** **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** <br>

Not applicable to open-end investment companies.

**Item 13.** **Portfolio Managers of Closed-End Management Investment Companies.** <br>

Not applicable to open-end investment companies.

**Item 14.** **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** <br>

Not applicable to open-end investment companies.

**Item 15.** **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.

**Item 16.** **Controls and Procedures.** <br>

(a) The principal executive officer and principal financial & accounting officer have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) provide reasonable assurances that material information relating to the Registrant is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing of this report.

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**Item 17.** **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** <br>

Not applicable to open-end investment companies.

**Item 18.** **Recovery of Erroneously Awarded Compensation.** <br>

(a) Not applicable.

(b) Not applicable.

**Item 19.** **Exhibits.** <br>

(a)(1) &nbsp;&nbsp;&nbsp;&nbsp; Exhibit 99.CODE—Code of Ethics is not applicable for semiannual reports.

------

---

| | |
|:---|:---|
|  (a)(2) | Not applicable to the for open-end investment companies. |
|  (a)(3) | [Exhibit 99.CERT—Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](d17112dex99cert.htm) |
|  (a)(4) | Not applicable to the Registrant. |
|  (a)(5) | There was no change in the Registrant's independent public accountant for the period covered by the report. |
| (b) | [Exhibit 99.906CERT—Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](d17112dex99906cert.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.

---

| | |
|:---|:---|
|  PIMCO ETF Trust | PIMCO ETF Trust |
|  By:<br>| /s/ Joshua D. Ratner<br>|
|  | <br> Joshua D. Ratner |
|  | President (Principal Executive Officer) |
|  Date: | March 5, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By:<br>| /s/ Joshua D. Ratner<br>|
|  | <br> Joshua D. Ratner |
|  | President (Principal Executive Officer) |
|  Date: | March 5, 2026 |
|  By:<br>| /s/ Bijal Y. Parikh<br>|
|  | <br> Bijal Y. Parikh |
|  | Treasurer (Principal Financial & Accounting Officer) |
|  Date: | March 5, 2026 |

---

## Ex-99.Cert

**Exhibit 99.CERT** 

**<u>Certification Under Rule 30a-2(a)</u>**

**CERTIFICATION** 

I, Joshua D. Ratner, 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 5, 2026 |
| Signature: | /s/ Joshua D. Ratner |
| Title: | President (Principal Executive Officer) |

---

------

**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 5, 2026 |
| Signature: | /s/ Bijal Y. Parikh |
| Title: | Treasurer (Principal Financial & Accounting Officer) |

---

## 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/ Joshua D. Ratner | By: | /s/ Bijal Y. Parikh |
| Name: | Joshua D. Ratner | Name: | Bijal Y. Parikh |
| Title: | President (Principal Executive Officer) | Title: | Treasurer (Principal Financial & Accounting Officer) |
| Date: | March 5, 2026 | Date: | March 5, 2026 |

---

**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.