# EDGAR Filing Document

**Accession Number:** 0001450011
**File Stem:** 0001193125-25-196823
**Filing Date:** 2025-9
**Character Count:** 2164292
**Document Hash:** 0142657cf00ec46789e544180495c486
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-196823.hdr.sgml**: 20250905

**ACCESSION NUMBER**: 0001193125-25-196823

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 43

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250905

**DATE AS OF CHANGE**: 20250905

**EFFECTIVENESS DATE**: 20250905

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22250
- **FILM NUMBER:** 251295490

**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-CSR

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

#### INVESTMENT COMPANIES
Investment Company Act file number: 811-22250

### PIMCO ETF Trust

#### (Exact name of registrant as specified in charter)
650 Newport Center Drive, Newport Beach, CA 92660

#### (Address of principal executive office)

#### Bijal Y. Parikh

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

#### PIMCO ETF Trust

#### 650 Newport Center Drive

#### Newport Beach, CA 92660

#### (Name and address of agent for service)
Copies to:

#### Adam T. Teufel

#### Dechert LLP

#### 1900 K Street, N.W.

#### Washington, D.C. 20006
Registrant's telephone number, including area code: (888) 877-4626

Date of fiscal year end: June 30

Date of reporting period: June 30, 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 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

• PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund

(b) Not applicable to the Registrant.

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

## HYS \| Principal Listing Exchange: NYSE Arca

#### Annual Shareholder Report \| June 30, 2025
![Image](g940699i4275f5c651065ad89d29.jpg)

## Fund Performance
This 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, 2024 to June 30, 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 | $59 | 0.56% |

---

## How did the Fund perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* U.S. duration positioning contributed to performance, specifically a curve steepening bias, as the yield curve steepened.

* Security selection in the retail sector, specifically underweight exposure to a global department store retailer in the second quarter of 2025, contributed to performance, as spreads widened.

* Security selection in the utilities sector, specifically underweight exposure to a residential energy provider, contributed to performance, as spreads widened.

* Security selection in the media and entertainment sector, specifically underweight exposure to a U.S. audio company, detracted from performance, as spreads tightened.

* Security selection in the wirelines sector, specifically underweight exposure to a telecommunications provider, detracted from performance, as spreads tightened.

* Security selection in the technology sector, specifically overweight exposure to a multinational data and technology provider, detracted from performance, as spreads widened.

## Fund Performance
In addition to the Fund's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the Bloomberg U.S. Aggregate Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended June 30, 2025 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g940699ic78e233bffa4e66419f1.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund (at NAV)** | **Bloomberg U.S. Aggregate Index** | **ICE BofA 0-5 Year US High Yield Constrained Index** |
| **6/30/15** | $10000 | $10000 | $10000 |
| **7/31/15** | $9943 | $10070 | $9897 |
| **8/31/15** | $9785 | $10055 | $9733 |
| **9/30/15** | $9583 | $10123 | $9546 |
| **10/31/15** | $9790 | $10125 | $9713 |
| **11/30/15** | $9580 | $10098 | $9529 |
| **12/31/15** | $9408 | $10065 | $9307 |
| **1/31/16** | $9253 | $10204 | $9142 |
| **2/29/16** | $9261 | $10276 | $9144 |
| **3/31/16** | $9621 | $10371 | $9502 |
| **4/30/16** | $9927 | $10410 | $9845 |
| **5/31/16** | $10017 | $10413 | $9963 |
| **6/30/16** | $10104 | $10600 | $10070 |
| **7/31/16** | $10272 | $10667 | $10268 |
| **8/31/16** | $10420 | $10655 | $10462 |
| **9/30/16** | $10526 | $10649 | $10554 |
| **10/31/16** | $10544 | $10567 | $10614 |
| **11/30/16** | $10581 | $10317 | $10617 |
| **12/31/16** | $10776 | $10332 | $10810 |
| **1/31/17** | $10882 | $10352 | $10934 |
| **2/28/17** | $11006 | $10422 | $11084 |
| **3/31/17** | $11001 | $10416 | $11075 |
| **4/30/17** | $11105 | $10497 | $11178 |
| **5/31/17** | $11197 | $10577 | $11264 |
| **6/30/17** | $11203 | $10567 | $11280 |
| **7/31/17** | $11290 | $10612 | $11374 |
| **8/31/17** | $11297 | $10707 | $11377 |
| **9/30/17** | $11366 | $10656 | $11462 |
| **10/31/17** | $11402 | $10663 | $11501 |
| **11/30/17** | $11365 | $10649 | $11468 |
| **12/31/17** | $11405 | $10698 | $11505 |
| **1/31/18** | $11498 | $10575 | $11608 |
| **2/28/18** | $11443 | $10474 | $11571 |
| **3/31/18** | $11413 | $10542 | $11555 |
| **4/30/18** | $11502 | $10463 | $11637 |
| **5/31/18** | $11536 | $10538 | $11681 |
| **6/30/18** | $11559 | $10525 | $11723 |
| **7/31/18** | $11669 | $10527 | $11837 |
| **8/31/18** | $11736 | $10595 | $11908 |
| **9/30/18** | $11797 | $10527 | $11982 |
| **10/31/18** | $11633 | $10444 | $11838 |
| **11/30/18** | $11570 | $10506 | $11754 |
| **12/31/18** | $11342 | $10699 | $11517 |
| **1/31/19** | $11759 | $10813 | $11934 |
| **2/28/19** | $11923 | $10806 | $12098 |
| **3/31/19** | $11998 | $11014 | $12172 |
| **4/30/19** | $12123 | $11017 | $12284 |
| **5/31/19** | $12003 | $11212 | $12172 |
| **6/30/19** | $12219 | $11353 | $12362 |
| **7/31/19** | $12228 | $11378 | $12400 |
| **8/31/19** | $12241 | $11673 | $12398 |
| **9/30/19** | $12276 | $11611 | $12426 |
| **10/31/19** | $12281 | $11646 | $12429 |
| **11/30/19** | $12251 | $11640 | $12426 |
| **12/31/19** | $12464 | $11632 | $12657 |
| **1/31/20** | $12441 | $11855 | $12665 |
| **2/29/20** | $12219 | $12069 | $12493 |
| **3/31/20** | $10822 | $11998 | $10995 |
| **4/30/20** | $11125 | $12211 | $11305 |
| **5/31/20** | $11541 | $12268 | $11740 |
| **6/30/20** | $11662 | $12345 | $11898 |
| **7/31/20** | $12033 | $12530 | $12302 |
| **8/31/20** | $12189 | $12428 | $12457 |
| **9/30/20** | $12103 | $12422 | $12394 |
| **10/31/20** | $12131 | $12366 | $12444 |
| **11/30/20** | $12630 | $12488 | $12896 |
| **12/31/20** | $12824 | $12505 | $13127 |
| **1/31/21** | $12865 | $12415 | $13221 |
| **2/28/21** | $12944 | $12236 | $13336 |
| **3/31/21** | $13057 | $12083 | $13435 |
| **4/30/21** | $13164 | $12178 | $13553 |
| **5/31/21** | $13207 | $12218 | $13615 |
| **6/30/21** | $13335 | $12304 | $13744 |
| **7/31/21** | $13309 | $12442 | $13743 |
| **8/31/21** | $13352 | $12418 | $13810 |
| **9/30/21** | $13378 | $12310 | $13850 |
| **10/31/21** | $13363 | $12307 | $13857 |
| **11/30/21** | $13259 | $12343 | $13744 |
| **12/31/21** | $13433 | $12312 | $13916 |
| **1/31/22** | $13223 | $12047 | $13730 |
| **2/28/22** | $13192 | $11912 | $13687 |
| **3/31/22** | $13163 | $11581 | $13625 |
| **4/30/22** | $12890 | $11142 | $13371 |
| **5/31/22** | $12878 | $11214 | $13342 |
| **6/30/22** | $12235 | $11038 | $12670 |
| **7/31/22** | $12783 | $11307 | $13227 |
| **8/31/22** | $12598 | $10988 | $13065 |
| **9/30/22** | $12302 | $10513 | $12734 |
| **10/31/22** | $12591 | $10377 | $13033 |
| **11/30/22** | $12786 | $10759 | $13218 |
| **12/31/22** | $12723 | $10710 | $13157 |
| **1/31/23** | $13094 | $11040 | $13567 |
| **2/28/23** | $13010 | $10754 | $13491 |
| **3/31/23** | $13080 | $11027 | $13571 |
| **4/30/23** | $13183 | $11094 | $13692 |
| **5/31/23** | $13122 | $10973 | $13615 |
| **6/30/23** | $13336 | $10934 | $13821 |
| **7/31/23** | $13479 | $10927 | $13992 |
| **8/31/23** | $13540 | $10857 | $14070 |
| **9/30/23** | $13476 | $10581 | $14002 |
| **10/31/23** | $13332 | $10414 | $13850 |
| **11/30/23** | $13804 | $10886 | $14324 |
| **12/31/23** | $14219 | $11302 | $14748 |
| **1/31/24** | $14231 | $11271 | $14761 |
| **2/29/24** | $14302 | $11112 | $14844 |
| **3/31/24** | $14425 | $11215 | $14978 |
| **4/30/24** | $14344 | $10931 | $14882 |
| **5/31/24** | $14474 | $11117 | $15025 |
| **6/30/24** | $14607 | $11222 | $15160 |
| **7/31/24** | $14851 | $11484 | $15423 |
| **8/31/24** | $15069 | $11649 | $15639 |
| **9/30/24** | $15291 | $11805 | $15896 |
| **10/31/24** | $15260 | $11512 | $15871 |
| **11/30/24** | $15430 | $11634 | $16037 |
| **12/31/24** | $15417 | $11444 | $16018 |
| **1/31/25** | $15621 | $11504 | $16226 |
| **2/28/25** | $15739 | $11757 | $16327 |
| **3/31/25** | $15558 | $11762 | $16155 |
| **4/30/25** | $15539 | $11808 | $16149 |
| **5/31/25** | $15800 | $11723 | $16404 |
| **6/30/25** | $16054 | $11904 | $16664 |

---

The table below shows the average annual total returns of the Fund, a regulatory index, and one or more supplemental index(es) for certain periods ended June 30, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund (at NAV) | 9.90% | 6.60% | 4.85% |
| Bloomberg U.S. Aggregate Index | 6.08% | (0.73%) | 1.76% |
| ICE BofA 0-5 Year US High Yield Constrained Index | 9.93% | 6.97% | 5.24% |

---

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

**Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results.**Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.Differences in the Fund's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.400.4ETF (888.400.4383)**.

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

---

| | |
|:---|:---|
| Total Net Assets | $1464779 |
| # of Portfolio Holdings | 895 |
| Portfolio Turnover Rate | 64% |
| Total Net Management Fees Paid During the Reporting Period | $7463 |

---

---

| | |
|:---|:---|
| 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 | 92.4% |
| Loan Participations and Assignments | 1.6% |
| Common Stocks | 0.4% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 7.2% |
| Affiliated Investments | 3.7% |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (5.3%) |
| 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](g940699i650456a51b99916f04d6.jpg)

# PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund
![Image](g940699ib95745adc7579acb45ad.jpg)

Annual Shareholder Report \|

June 30, 2025

## HYS \| Principal Listing Exchange: NYSE Arca
ETF4780TSRAR_063025

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

## STPZ \| Principal Listing Exchange: NYSE Arca

#### Annual Shareholder Report \| June 30, 2025
![Image](g940699i4275f5c651065ad89d29.jpg)

## Fund Performance
This 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, 2024 to June 30, 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 | $21 | 0.20% |

---

## How did the Fund perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Exposure to U.S. real yields contributed to absolute performance for both the Fund and the ICE BofA 1-5 Year US Inflation-Linked Treasury Index, as one- to five-year real yields moved lower on the curve.

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

## Fund Performance
In addition to the Fund's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the Bloomberg U.S. Aggregate Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended June 30, 2025 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g940699i3e859b89bb08c0a0ec9b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund (at NAV)** | **Bloomberg U.S. Aggregate Index** | **ICE BofA 1-5 Year U.S. Inflation-Linked Treasury Index** |
| **6/30/15** | $10000 | $10000 | $10000 |
| **7/31/15** | $9975 | $10070 | $9964 |
| **8/31/15** | $9935 | $10055 | $9939 |
| **9/30/15** | $9929 | $10123 | $9926 |
| **10/31/15** | $9927 | $10125 | $9927 |
| **11/30/15** | $9902 | $10098 | $9905 |
| **12/31/15** | $9865 | $10065 | $9876 |
| **1/31/16** | $9944 | $10204 | $9949 |
| **2/29/16** | $9968 | $10276 | $9975 |
| **3/31/16** | $10081 | $10371 | $10091 |
| **4/30/16** | $10079 | $10410 | $10094 |
| **5/31/16** | $10056 | $10413 | $10076 |
| **6/30/16** | $10174 | $10600 | $10190 |
| **7/31/16** | $10158 | $10667 | $10178 |
| **8/31/16** | $10116 | $10655 | $10141 |
| **9/30/16** | $10199 | $10649 | $10217 |
| **10/31/16** | $10197 | $10567 | $10220 |
| **11/30/16** | $10127 | $10317 | $10158 |
| **12/31/16** | $10160 | $10332 | $10188 |
| **1/31/17** | $10218 | $10352 | $10240 |
| **2/28/17** | $10218 | $10422 | $10251 |
| **3/31/17** | $10238 | $10416 | $10268 |
| **4/30/17** | $10234 | $10497 | $10268 |
| **5/31/17** | $10224 | $10577 | $10261 |
| **6/30/17** | $10173 | $10567 | $10209 |
| **7/31/17** | $10204 | $10612 | $10243 |
| **8/31/17** | $10234 | $10707 | $10276 |
| **9/30/17** | $10214 | $10656 | $10258 |
| **10/31/17** | $10230 | $10663 | $10275 |
| **11/30/17** | $10204 | $10649 | $10254 |
| **12/31/17** | $10226 | $10698 | $10271 |
| **1/31/18** | $10185 | $10575 | $10234 |
| **2/28/18** | $10175 | $10474 | $10225 |
| **3/31/18** | $10230 | $10542 | $10286 |
| **4/30/18** | $10221 | $10463 | $10279 |
| **5/31/18** | $10252 | $10538 | $10319 |
| **6/30/18** | $10276 | $10525 | $10334 |
| **7/31/18** | $10252 | $10527 | $10313 |
| **8/31/18** | $10304 | $10595 | $10368 |
| **9/30/18** | $10273 | $10527 | $10335 |
| **10/31/18** | $10223 | $10444 | $10291 |
| **11/30/18** | $10228 | $10506 | $10295 |
| **12/31/18** | $10245 | $10699 | $10312 |
| **1/31/19** | $10328 | $10813 | $10396 |
| **2/28/19** | $10334 | $10806 | $10408 |
| **3/31/19** | $10422 | $11014 | $10495 |
| **4/30/19** | $10467 | $11017 | $10546 |
| **5/31/19** | $10536 | $11212 | $10612 |
| **6/30/19** | $10602 | $11353 | $10685 |
| **7/31/19** | $10601 | $11378 | $10682 |
| **8/31/19** | $10659 | $11673 | $10747 |
| **9/30/19** | $10631 | $11611 | $10710 |
| **10/31/19** | $10652 | $11646 | $10743 |
| **11/30/19** | $10656 | $11640 | $10751 |
| **12/31/19** | $10742 | $11632 | $10836 |
| **1/31/20** | $10795 | $11855 | $10895 |
| **2/29/20** | $10843 | $12069 | $10945 |
| **3/31/20** | $10658 | $11998 | $10764 |
| **4/30/20** | $10795 | $12211 | $10903 |
| **5/31/20** | $10887 | $12268 | $10996 |
| **6/30/20** | $10975 | $12345 | $11086 |
| **7/31/20** | $11060 | $12530 | $11174 |
| **8/31/20** | $11189 | $12428 | $11311 |
| **9/30/20** | $11166 | $12422 | $11288 |
| **10/31/20** | $11136 | $12366 | $11258 |
| **11/30/20** | $11209 | $12488 | $11333 |
| **12/31/20** | $11324 | $12505 | $11451 |
| **1/31/21** | $11394 | $12415 | $11524 |
| **2/28/21** | $11396 | $12236 | $11526 |
| **3/31/21** | $11454 | $12083 | $11585 |
| **4/30/21** | $11566 | $12178 | $11697 |
| **5/31/21** | $11652 | $12218 | $11793 |
| **6/30/21** | $11641 | $12304 | $11784 |
| **7/31/21** | $11816 | $12442 | $11960 |
| **8/31/21** | $11813 | $12418 | $11962 |
| **9/30/21** | $11803 | $12310 | $11950 |
| **10/31/21** | $11880 | $12307 | $12029 |
| **11/30/21** | $11906 | $12343 | $12056 |
| **12/31/21** | $11931 | $12312 | $12081 |
| **1/31/22** | $11837 | $12047 | $11992 |
| **2/28/22** | $11970 | $11912 | $12127 |
| **3/31/22** | $11874 | $11581 | $12031 |
| **4/30/22** | $11846 | $11142 | $11999 |
| **5/31/22** | $11874 | $11214 | $12038 |
| **6/30/22** | $11662 | $11038 | $11824 |
| **7/31/22** | $11901 | $11307 | $12076 |
| **8/31/22** | $11697 | $10988 | $11869 |
| **9/30/22** | $11294 | $10513 | $11457 |
| **10/31/22** | $11407 | $10377 | $11572 |
| **11/30/22** | $11461 | $10759 | $11631 |
| **12/31/22** | $11425 | $10710 | $11604 |
| **1/31/23** | $11514 | $11040 | $11686 |
| **2/28/23** | $11452 | $10754 | $11617 |
| **3/31/23** | $11692 | $11027 | $11863 |
| **4/30/23** | $11714 | $11094 | $11895 |
| **5/31/23** | $11616 | $10973 | $11791 |
| **6/30/23** | $11579 | $10934 | $11753 |
| **7/31/23** | $11631 | $10927 | $11813 |
| **8/31/23** | $11636 | $10857 | $11818 |
| **9/30/23** | $11600 | $10581 | $11783 |
| **10/31/23** | $11637 | $10414 | $11826 |
| **11/30/23** | $11773 | $10886 | $11963 |
| **12/31/23** | $11914 | $11302 | $12106 |
| **1/31/24** | $11969 | $11271 | $12160 |
| **2/29/24** | $11924 | $11112 | $12113 |
| **3/31/24** | $11992 | $11215 | $12185 |
| **4/30/24** | $11961 | $10931 | $12157 |
| **5/31/24** | $12089 | $11117 | $12284 |
| **6/30/24** | $12159 | $11222 | $12364 |
| **7/31/24** | $12286 | $11484 | $12496 |
| **8/31/24** | $12361 | $11649 | $12571 |
| **9/30/24** | $12491 | $11805 | $12709 |
| **10/31/24** | $12408 | $11512 | $12625 |
| **11/30/24** | $12464 | $11634 | $12682 |
| **12/31/24** | $12427 | $11444 | $12650 |
| **1/31/25** | $12551 | $11504 | $12776 |
| **2/28/25** | $12713 | $11757 | $12940 |
| **3/31/25** | $12845 | $11762 | $13081 |
| **4/30/25** | $12956 | $11808 | $13194 |
| **5/31/25** | $12902 | $11723 | $13137 |
| **6/30/25** | $12975 | $11904 | $13214 |

---

The table below shows the average annual total returns of the Fund, a regulatory index, and one or more supplemental index(es) for certain periods ended June 30, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund (at NAV) | 6.71% | 3.40% | 2.64% |
| Bloomberg U.S. Aggregate Index | 6.08% | (0.73%) | 1.76% |
| ICE BofA 1-5 Year U.S. Inflation-Linked Treasury Index | 6.87% | 3.57% | 2.83% |

---

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

**Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results.**Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.Differences in the Fund's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.400.4ETF (888.400.4383)**.

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

---

| | |
|:---|:---|
| Total Net Assets | $450505 |
| # of Portfolio Holdings | 25 |
| Portfolio Turnover Rate | 42% |
| Total Net Management Fees Paid During the Reporting Period | $931 |

---

---

| | |
|:---|:---|
| 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 | 0.1% |
| 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](g940699i650456a51b99916f04d6.jpg)

# PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund
![Image](g940699ib95745adc7579acb45ad.jpg)

Annual Shareholder Report \|

June 30, 2025

## STPZ \| Principal Listing Exchange: NYSE Arca
ETF4792TSRAR_063025

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

## LTPZ \| Principal Listing Exchange: NYSE Arca

#### Annual Shareholder Report \| June 30, 2025
![Image](g940699i4275f5c651065ad89d29.jpg)

## Fund Performance
This 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, 2024 to June 30, 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 | $20 | 0.20% |

---

## How did the Fund perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Exposure to the inflation accrual component of Treasury Inflation-Protected Securities, as well as the coupon, contributed to absolute performance for both the Fund and the ICE BofA 15+ Year US Inflation-Linked Treasury Index, as U.S. inflation moved higher over the reporting period.

* Exposure to U.S. real yields detracted from absolute performance for both the Fund and the ICE BofA 15+ Year US Inflation-Linked Treasury Index, as 15+ year real yields moved higher on the curve.

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

## Fund Performance
In addition to the Fund's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the Bloomberg U.S. Aggregate Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended June 30, 2025 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g940699ic7dff28fc6d761bf12e4.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund (at NAV)** | **Bloomberg U.S. Aggregate Index** | **ICE BofA 15+ Year U.S. Inflation-Linked Treasury Index** |
| **6/30/15** | $10000 | $10000 | $10000 |
| **7/31/15** | $10270 | $10070 | $10182 |
| **8/31/15** | $10009 | $10055 | $9989 |
| **9/30/15** | $9741 | $10123 | $9672 |
| **10/31/15** | $9932 | $10125 | $9856 |
| **11/30/15** | $9936 | $10098 | $9877 |
| **12/31/15** | $9701 | $10065 | $9702 |
| **1/31/16** | $9991 | $10204 | $9945 |
| **2/29/16** | $10262 | $10276 | $10247 |
| **3/31/16** | $10669 | $10371 | $10632 |
| **4/30/16** | $10710 | $10410 | $10692 |
| **5/31/16** | $10554 | $10413 | $10566 |
| **6/30/16** | $11125 | $10600 | $11067 |
| **7/31/16** | $11517 | $10667 | $11493 |
| **8/31/16** | $11522 | $10655 | $11480 |
| **9/30/16** | $11515 | $10649 | $11413 |
| **10/31/16** | $11244 | $10567 | $11186 |
| **11/30/16** | $10724 | $10317 | $10716 |
| **12/31/16** | $10623 | $10332 | $10595 |
| **1/31/17** | $10762 | $10352 | $10727 |
| **2/28/17** | $10926 | $10422 | $10909 |
| **3/31/17** | $10860 | $10416 | $10819 |
| **4/30/17** | $10962 | $10497 | $10949 |
| **5/31/17** | $10959 | $10577 | $10962 |
| **6/30/17** | $10811 | $10567 | $10786 |
| **7/31/17** | $10817 | $10612 | $10776 |
| **8/31/17** | $11140 | $10707 | $11128 |
| **9/30/17** | $10988 | $10656 | $10990 |
| **10/31/17** | $11056 | $10663 | $11045 |
| **11/30/17** | $11215 | $10649 | $11218 |
| **12/31/17** | $11627 | $10698 | $11611 |
| **1/31/18** | $11442 | $10575 | $11459 |
| **2/28/18** | $10994 | $10474 | $10998 |
| **3/31/18** | $11243 | $10542 | $11277 |
| **4/30/18** | $11261 | $10463 | $11315 |
| **5/31/18** | $11248 | $10538 | $11335 |
| **6/30/18** | $11446 | $10525 | $11460 |
| **7/31/18** | $11334 | $10527 | $11344 |
| **8/31/18** | $11403 | $10595 | $11457 |
| **9/30/18** | $11081 | $10527 | $11089 |
| **10/31/18** | $10498 | $10444 | $10500 |
| **11/30/18** | $10623 | $10506 | $10623 |
| **12/31/18** | $10767 | $10699 | $10774 |
| **1/31/19** | $11058 | $10813 | $11059 |
| **2/28/19** | $10953 | $10806 | $10974 |
| **3/31/19** | $11504 | $11014 | $11513 |
| **4/30/19** | $11457 | $11017 | $11493 |
| **5/31/19** | $12039 | $11212 | $12053 |
| **6/30/19** | $12026 | $11353 | $12063 |
| **7/31/19** | $12179 | $11378 | $12243 |
| **8/31/19** | $13203 | $11673 | $13289 |
| **9/30/19** | $12782 | $11611 | $12732 |
| **10/31/19** | $12666 | $11646 | $12761 |
| **11/30/19** | $12802 | $11640 | $12864 |
| **12/31/19** | $12629 | $11632 | $12683 |
| **1/31/20** | $13520 | $11855 | $13582 |
| **2/29/20** | $13899 | $12069 | $13965 |
| **3/31/20** | $13820 | $11998 | $13892 |
| **4/30/20** | $14646 | $12211 | $14713 |
| **5/31/20** | $14542 | $12268 | $14608 |
| **6/30/20** | $14728 | $12345 | $14797 |
| **7/31/20** | $15718 | $12530 | $15774 |
| **8/31/20** | $15565 | $12428 | $15636 |
| **9/30/20** | $15511 | $12422 | $15583 |
| **10/31/20** | $15237 | $12366 | $15307 |
| **11/30/20** | $15705 | $12488 | $15781 |
| **12/31/20** | $15809 | $12505 | $15888 |
| **1/31/21** | $15647 | $12415 | $15725 |
| **2/28/21** | $14713 | $12236 | $14787 |
| **3/31/21** | $14394 | $12083 | $14474 |
| **4/30/21** | $14725 | $12178 | $14804 |
| **5/31/21** | $15047 | $12218 | $15136 |
| **6/30/21** | $15612 | $12304 | $15700 |
| **7/31/21** | $16283 | $12442 | $16374 |
| **8/31/21** | $16259 | $12418 | $16359 |
| **9/30/21** | $15930 | $12310 | $16028 |
| **10/31/21** | $16322 | $12307 | $16428 |
| **11/30/21** | $17004 | $12343 | $17119 |
| **12/31/21** | $16915 | $12312 | $17030 |
| **1/31/22** | $15880 | $12047 | $15994 |
| **2/28/22** | $15947 | $11912 | $16065 |
| **3/31/22** | $15387 | $11581 | $15516 |
| **4/30/22** | $14240 | $11142 | $14358 |
| **5/31/22** | $13420 | $11214 | $13551 |
| **6/30/22** | $12483 | $11038 | $12607 |
| **7/31/22** | $13576 | $11307 | $13710 |
| **8/31/22** | $12984 | $10988 | $13121 |
| **9/30/22** | $11049 | $10513 | $11155 |
| **10/31/22** | $11280 | $10377 | $11370 |
| **11/30/22** | $11918 | $10759 | $12018 |
| **12/31/22** | $11571 | $10710 | $11664 |
| **1/31/23** | $12155 | $11040 | $12247 |
| **2/28/23** | $11831 | $10754 | $11922 |
| **3/31/23** | $12252 | $11027 | $12352 |
| **4/30/23** | $12217 | $11094 | $12321 |
| **5/31/23** | $11994 | $10973 | $12094 |
| **6/30/23** | $12068 | $10934 | $12167 |
| **7/31/23** | $11859 | $10927 | $11961 |
| **8/31/23** | $11459 | $10857 | $11549 |
| **9/30/23** | $10690 | $10581 | $10775 |
| **10/31/23** | $10220 | $10414 | $10314 |
| **11/30/23** | $10993 | $10886 | $11097 |
| **12/31/23** | $11629 | $11302 | $11737 |
| **1/31/24** | $11619 | $11271 | $11717 |
| **2/29/24** | $11366 | $11112 | $11466 |
| **3/31/24** | $11444 | $11215 | $11549 |
| **4/30/24** | $10863 | $10931 | $10960 |
| **5/31/24** | $11264 | $11117 | $11358 |
| **6/30/24** | $11367 | $11222 | $11472 |
| **7/31/24** | $11765 | $11484 | $11872 |
| **8/31/24** | $11913 | $11649 | $12024 |
| **9/30/24** | $12224 | $11805 | $12340 |
| **10/31/24** | $11704 | $11512 | $11815 |
| **11/30/24** | $11765 | $11634 | $11879 |
| **12/31/24** | $11124 | $11444 | $11232 |
| **1/31/25** | $11337 | $11504 | $11443 |
| **2/28/25** | $11874 | $11757 | $11984 |
| **3/31/25** | $11725 | $11762 | $11837 |
| **4/30/25** | $11393 | $11808 | $11506 |
| **5/31/25** | $11202 | $11723 | $11308 |
| **6/30/25** | $11393 | $11904 | $11510 |

---

The table below shows the average annual total returns of the Fund, a regulatory index, and one or more supplemental index(es) for certain periods ended June 30, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund (at NAV) | 0.22% | (5.01%) | 1.31% |
| Bloomberg U.S. Aggregate Index | 6.08% | (0.73%) | 1.76% |
| ICE BofA 15+ Year U.S. Inflation-Linked Treasury Index | 0.33% | (4.90%) | 1.42% |

---

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

**Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results.**Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.Differences in the Fund's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.400.4ETF (888.400.4383)**.

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

---

| | |
|:---|:---|
| Total Net Assets | $674511 |
| # of Portfolio Holdings | 16 |
| Portfolio Turnover Rate | 16% |
| Total Net Management Fees Paid During the Reporting Period | $1428 |

---

---

| | |
|:---|:---|
| 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 | 99.4% |
| Short-Term Instruments | 0.1% |
| 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](g940699i650456a51b99916f04d6.jpg)

# PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund
![Image](g940699ib95745adc7579acb45ad.jpg)

Annual Shareholder Report \|

June 30, 2025

## LTPZ \| Principal Listing Exchange: NYSE Arca
ETF4794TSRAR_063025

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

## ZROZ \| Principal Listing Exchange: NYSE Arca

#### Annual Shareholder Report \| June 30, 2025
![Image](g940699i4275f5c651065ad89d29.jpg)

## Fund Performance
This 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, 2024 to June 30, 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 | $14 | 0.15% |

---

## How did the Fund perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* U.S. interest rate strategies overall, including duration, curve positioning, and instrument selection, contributed to performance.

* There were no other material contributors or detractors for this Fund.

## Fund Performance
In addition to the Fund's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the Bloomberg U.S. Aggregate Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended June 30, 2025 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g940699ifb82d707f486fa627fa1.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund (at NAV)** | **Bloomberg U.S. Aggregate Index** | **ICE BofA Long U.S. Treasury Principal STRIPS Index** |
| **6/30/15** | $10000 | $10000 | $10000 |
| **7/31/15** | $10717 | $10070 | $10621 |
| **8/31/15** | $10602 | $10055 | $10624 |
| **9/30/15** | $10818 | $10123 | $10761 |
| **10/31/15** | $10735 | $10125 | $10662 |
| **11/30/15** | $10616 | $10098 | $10529 |
| **12/31/15** | $10617 | $10065 | $10602 |
| **1/31/16** | $11444 | $10204 | $11355 |
| **2/29/16** | $11942 | $10276 | $11913 |
| **3/31/16** | $11919 | $10371 | $11889 |
| **4/30/16** | $11739 | $10410 | $11730 |
| **5/31/16** | $11929 | $10413 | $11941 |
| **6/30/16** | $13109 | $10600 | $13047 |
| **7/31/16** | $13624 | $10667 | $13609 |
| **8/31/16** | $13515 | $10655 | $13523 |
| **9/30/16** | $13171 | $10649 | $13115 |
| **10/31/16** | $12258 | $10567 | $12241 |
| **11/30/16** | $10831 | $10317 | $10900 |
| **12/31/16** | $10768 | $10332 | $10809 |
| **1/31/17** | $10849 | $10352 | $10850 |
| **2/28/17** | $11118 | $10422 | $11107 |
| **3/31/17** | $10963 | $10416 | $10979 |
| **4/30/17** | $11156 | $10497 | $11164 |
| **5/31/17** | $11470 | $10577 | $11521 |
| **6/30/17** | $11683 | $10567 | $11678 |
| **7/31/17** | $11504 | $10612 | $11494 |
| **8/31/17** | $12073 | $10707 | $12103 |
| **9/30/17** | $11707 | $10656 | $11737 |
| **10/31/17** | $11712 | $10663 | $11749 |
| **11/30/17** | $11907 | $10649 | $11916 |
| **12/31/17** | $12283 | $10698 | $12296 |
| **1/31/18** | $11752 | $10575 | $11761 |
| **2/28/18** | $11152 | $10474 | $11161 |
| **3/31/18** | $11644 | $10542 | $11695 |
| **4/30/18** | $11313 | $10463 | $11385 |
| **5/31/18** | $11649 | $10538 | $11772 |
| **6/30/18** | $11810 | $10525 | $11858 |
| **7/31/18** | $11565 | $10527 | $11579 |
| **8/31/18** | $11716 | $10595 | $11796 |
| **9/30/18** | $11226 | $10527 | $11259 |
| **10/31/18** | $10608 | $10444 | $10590 |
| **11/30/18** | $10850 | $10506 | $10849 |
| **12/31/18** | $11757 | $10699 | $11755 |
| **1/31/19** | $11786 | $10813 | $11810 |
| **2/28/19** | $11563 | $10806 | $11584 |
| **3/31/19** | $12504 | $11014 | $12500 |
| **4/30/19** | $12097 | $11017 | $12107 |
| **5/31/19** | $13386 | $11212 | $13382 |
| **6/30/19** | $13484 | $11353 | $13551 |
| **7/31/19** | $13531 | $11378 | $13597 |
| **8/31/19** | $15926 | $11673 | $15971 |
| **9/30/19** | $15284 | $11611 | $15321 |
| **10/31/19** | $15029 | $11646 | $15112 |
| **11/30/19** | $15019 | $11640 | $15083 |
| **12/31/19** | $14251 | $11632 | $14384 |
| **1/31/20** | $15844 | $11855 | $15994 |
| **2/29/20** | $17362 | $12069 | $17529 |
| **3/31/20** | $18923 | $11998 | $19107 |
| **4/30/20** | $19222 | $12211 | $19411 |
| **5/31/20** | $18502 | $12268 | $18688 |
| **6/30/20** | $18604 | $12345 | $18793 |
| **7/31/20** | $19840 | $12530 | $20042 |
| **8/31/20** | $18346 | $12428 | $18534 |
| **9/30/20** | $18530 | $12422 | $18724 |
| **10/31/20** | $17633 | $12366 | $17821 |
| **11/30/20** | $18070 | $12488 | $18266 |
| **12/31/20** | $17754 | $12505 | $17950 |
| **1/31/21** | $16840 | $12415 | $17028 |
| **2/28/21** | $15500 | $12236 | $15674 |
| **3/31/21** | $14359 | $12083 | $14522 |
| **4/30/21** | $14848 | $12178 | $15019 |
| **5/31/21** | $14870 | $12218 | $15044 |
| **6/30/21** | $15869 | $12304 | $16057 |
| **7/31/21** | $16668 | $12442 | $16867 |
| **8/31/21** | $16609 | $12418 | $16809 |
| **9/30/21** | $15962 | $12310 | $16158 |
| **10/31/21** | $16733 | $12307 | $16950 |
| **11/30/21** | $17416 | $12343 | $17650 |
| **12/31/21** | $16873 | $12312 | $17100 |
| **1/31/22** | $16031 | $12047 | $16242 |
| **2/28/22** | $15679 | $11912 | $15883 |
| **3/31/22** | $14694 | $11581 | $14878 |
| **4/30/22** | $12724 | $11142 | $12879 |
| **5/31/22** | $12191 | $11214 | $12343 |
| **6/30/22** | $12015 | $11038 | $12167 |
| **7/31/22** | $12289 | $11307 | $12460 |
| **8/31/22** | $11657 | $10988 | $11815 |
| **9/30/22** | $10382 | $10513 | $10513 |
| **10/31/22** | $9325 | $10377 | $9427 |
| **11/30/22** | $10251 | $10759 | $10372 |
| **12/31/22** | $9871 | $10710 | $10080 |
| **1/31/23** | $10937 | $11040 | $11058 |
| **2/28/23** | $10260 | $10754 | $10377 |
| **3/31/23** | $10825 | $11027 | $10948 |
| **4/30/23** | $10814 | $11094 | $10934 |
| **5/31/23** | $10342 | $10973 | $10457 |
| **6/30/23** | $10468 | $10934 | $10587 |
| **7/31/23** | $10054 | $10927 | $10162 |
| **8/31/23** | $9548 | $10857 | $9648 |
| **9/30/23** | $8372 | $10581 | $8455 |
| **10/31/23** | $7598 | $10414 | $7670 |
| **11/30/23** | $8813 | $10886 | $8897 |
| **12/31/23** | $9952 | $11302 | $10042 |
| **1/31/24** | $9469 | $11271 | $9560 |
| **2/29/24** | $9222 | $11112 | $9312 |
| **3/31/24** | $9286 | $11215 | $9381 |
| **4/30/24** | $8348 | $10931 | $8432 |
| **5/31/24** | $8676 | $11117 | $8765 |
| **6/30/24** | $8898 | $11222 | $8989 |
| **7/31/24** | $9302 | $11484 | $9397 |
| **8/31/24** | $9631 | $11649 | $9732 |
| **9/30/24** | $9839 | $11805 | $9946 |
| **10/31/24** | $9126 | $11512 | $9217 |
| **11/30/24** | $9359 | $11634 | $9456 |
| **12/31/24** | $8395 | $11444 | $8479 |
| **1/31/25** | $8332 | $11504 | $8413 |
| **2/28/25** | $9072 | $11757 | $9161 |
| **3/31/25** | $8776 | $11762 | $8866 |
| **4/30/25** | $8451 | $11808 | $8535 |
| **5/31/25** | $8003 | $11723 | $8082 |
| **6/30/25** | $8295 | $11904 | $8380 |

---

The table below shows the average annual total returns of the Fund, a regulatory index, and one or more supplemental index(es) for certain periods ended June 30, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund (at NAV) | (6.77%) | (14.92%) | (1.85%) |
| Bloomberg U.S. Aggregate Index | 6.08% | (0.73%) | 1.76% |
| ICE BofA Long U.S. Treasury Principal STRIPS Index | (6.77%) | (14.92%) | (1.75%) |

---

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

**Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results.**Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.Differences in the Fund's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.400.4ETF (888.400.4383)**.

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

---

| | |
|:---|:---|
| Total Net Assets | $1522357 |
| # of Portfolio Holdings | 21 |
| Portfolio Turnover Rate | 17% |
| Total Net Management Fees Paid During the Reporting Period | $2363 |

---

---

| | |
|:---|:---|
| 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 | 100.0% |
| Short-Term Instruments | 0.0%<sup>Footnote Reference^</sup> |
| 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](g940699i650456a51b99916f04d6.jpg)

# PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund
![Image](g940699ib95745adc7579acb45ad.jpg)

Annual Shareholder Report \|

June 30, 2025

## ZROZ \| Principal Listing Exchange: NYSE Arca
ETF4735TSRAR_063025

# PIMCO Active Bond Exchange-Traded Fund

## BOND \| Principal Listing Exchange: NYSE

#### Annual Shareholder Report \| June 30, 2025
![Image](g940699i4275f5c651065ad89d29.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO Active Bond Exchange-Traded Fund (the "Fund") for the period of July 1, 2024 to June 30, 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)**.

#### This report describes changes to the Fund that occurred during the reporting period.

## 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 | $64 | 0.62% |

---

## How did the Fund perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Curve positioning in the U.S., primarily overweight exposure to the intermediate section and underweight exposure to the long end of the curve, contributed to relative performance, as the curve steepened.

* Long exposure to securitized credit, primarily non-agency residential mortgage-backed securities, contributed to relative performance, as spreads tightened.

* Positions within corporate credit, primarily overweight exposure to investment-grade senior financials, contributed to relative performance, as spreads tightened.

* Short exposure to select emerging market currencies in Asia, particularly the new Taiwan dollar, detracted from relative performance, as the currency appreciated relative to the U.S. dollar in 2025.

* Curve positioning in the U.K., namely long exposure to the intermediate section of the curve, detracted from relative performance, as yields rose.

* Short exposure to developed market currencies in the dollar bloc, including the Australian dollar and the Canadian dollar, detracted from relative performance, as they appreciated relative to the U.S. dollar in 2025.

## Fund Performance
In addition to the Fund's performance, the graph and the table in this section include performance of a broad-based securities market index (i.e., a regulatory index). The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended June 30, 2025 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g940699i76c9c63ae00c3691aa28.jpg)

---

| | | |
|:---|:---|:---|
| | **PIMCO Active Bond Exchange-Traded Fund (at NAV)** | **Bloomberg U.S. Aggregate Index** |
| **6/30/15** | $10000 | $10000 |
| **7/31/15** | $10102 | $10070 |
| **8/31/15** | $10024 | $10055 |
| **9/30/15** | $10020 | $10123 |
| **10/31/15** | $10076 | $10125 |
| **11/30/15** | $10056 | $10098 |
| **12/31/15** | $10022 | $10065 |
| **1/31/16** | $10116 | $10204 |
| **2/29/16** | $10076 | $10276 |
| **3/31/16** | $10223 | $10371 |
| **4/30/16** | $10266 | $10410 |
| **5/31/16** | $10283 | $10413 |
| **6/30/16** | $10425 | $10600 |
| **7/31/16** | $10521 | $10667 |
| **8/31/16** | $10519 | $10655 |
| **9/30/16** | $10561 | $10649 |
| **10/31/16** | $10507 | $10567 |
| **11/30/16** | $10252 | $10317 |
| **12/31/16** | $10334 | $10332 |
| **1/31/17** | $10410 | $10352 |
| **2/28/17** | $10484 | $10422 |
| **3/31/17** | $10501 | $10416 |
| **4/30/17** | $10576 | $10497 |
| **5/31/17** | $10635 | $10577 |
| **6/30/17** | $10633 | $10567 |
| **7/31/17** | $10701 | $10612 |
| **8/31/17** | $10810 | $10707 |
| **9/30/17** | $10770 | $10656 |
| **10/31/17** | $10783 | $10663 |
| **11/30/17** | $10776 | $10649 |
| **12/31/17** | $10826 | $10698 |
| **1/31/18** | $10730 | $10575 |
| **2/28/18** | $10632 | $10474 |
| **3/31/18** | $10687 | $10542 |
| **4/30/18** | $10607 | $10463 |
| **5/31/18** | $10671 | $10538 |
| **6/30/18** | $10676 | $10525 |
| **7/31/18** | $10685 | $10527 |
| **8/31/18** | $10758 | $10595 |
| **9/30/18** | $10707 | $10527 |
| **10/31/18** | $10619 | $10444 |
| **11/30/18** | $10668 | $10506 |
| **12/31/18** | $10843 | $10699 |
| **1/31/19** | $10993 | $10813 |
| **2/28/19** | $11016 | $10806 |
| **3/31/19** | $11207 | $11014 |
| **4/30/19** | $11228 | $11017 |
| **5/31/19** | $11393 | $11212 |
| **6/30/19** | $11529 | $11353 |
| **7/31/19** | $11576 | $11378 |
| **8/31/19** | $11806 | $11673 |
| **9/30/19** | $11759 | $11611 |
| **10/31/19** | $11790 | $11646 |
| **11/30/19** | $11798 | $11640 |
| **12/31/19** | $11785 | $11632 |
| **1/31/20** | $12019 | $11855 |
| **2/29/20** | $12204 | $12069 |
| **3/31/20** | $11804 | $11998 |
| **4/30/20** | $12060 | $12211 |
| **5/31/20** | $12154 | $12268 |
| **6/30/20** | $12327 | $12345 |
| **7/31/20** | $12535 | $12530 |
| **8/31/20** | $12496 | $12428 |
| **9/30/20** | $12502 | $12422 |
| **10/31/20** | $12448 | $12366 |
| **11/30/20** | $12613 | $12488 |
| **12/31/20** | $12685 | $12505 |
| **1/31/21** | $12660 | $12415 |
| **2/28/21** | $12512 | $12236 |
| **3/31/21** | $12352 | $12083 |
| **4/30/21** | $12475 | $12178 |
| **5/31/21** | $12498 | $12218 |
| **6/30/21** | $12599 | $12304 |
| **7/31/21** | $12742 | $12442 |
| **8/31/21** | $12732 | $12418 |
| **9/30/21** | $12643 | $12310 |
| **10/31/21** | $12607 | $12307 |
| **11/30/21** | $12628 | $12343 |
| **12/31/21** | $12610 | $12312 |
| **1/31/22** | $12366 | $12047 |
| **2/28/22** | $12202 | $11912 |
| **3/31/22** | $11806 | $11581 |
| **4/30/22** | $11358 | $11142 |
| **5/31/22** | $11359 | $11214 |
| **6/30/22** | $11092 | $11038 |
| **7/31/22** | $11386 | $11307 |
| **8/31/22** | $11085 | $10988 |
| **9/30/22** | $10581 | $10513 |
| **10/31/22** | $10404 | $10377 |
| **11/30/22** | $10794 | $10759 |
| **12/31/22** | $10781 | $10710 |
| **1/31/23** | $11180 | $11040 |
| **2/28/23** | $10950 | $10754 |
| **3/31/23** | $11119 | $11027 |
| **4/30/23** | $11185 | $11094 |
| **5/31/23** | $11101 | $10973 |
| **6/30/23** | $11078 | $10934 |
| **7/31/23** | $11085 | $10927 |
| **8/31/23** | $11031 | $10857 |
| **9/30/23** | $10752 | $10581 |
| **10/31/23** | $10535 | $10414 |
| **11/30/23** | $11036 | $10886 |
| **12/31/23** | $11464 | $11302 |
| **1/31/24** | $11475 | $11271 |
| **2/29/24** | $11342 | $11112 |
| **3/31/24** | $11458 | $11215 |
| **4/30/24** | $11190 | $10931 |
| **5/31/24** | $11400 | $11117 |
| **6/30/24** | $11518 | $11222 |
| **7/31/24** | $11795 | $11484 |
| **8/31/24** | $11964 | $11649 |
| **9/30/24** | $12118 | $11805 |
| **10/31/24** | $11810 | $11512 |
| **11/30/24** | $11978 | $11634 |
| **12/31/24** | $11776 | $11444 |
| **1/31/25** | $11856 | $11504 |
| **2/28/25** | $12147 | $11757 |
| **3/31/25** | $12139 | $11762 |
| **4/30/25** | $12144 | $11808 |
| **5/31/25** | $12060 | $11723 |
| **6/30/25** | $12274 | $11904 |

---

The table below shows the average annual total returns of the Fund and a regulatory index(es) for certain periods ended June 30, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| PIMCO Active Bond Exchange-Traded Fund (at NAV) | 6.56% | (0.09%) | 2.07% |
| Bloomberg U.S. Aggregate Index | 6.08% | (0.73%) | 1.76% |

---

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

**Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results.**Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.Differences in the Fund's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.400.4ETF (888.400.4383)**.

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

---

| | |
|:---|:---|
| Total Net Assets | $5670424 |
| # of Portfolio Holdings | 1564 |
| Portfolio Turnover Rate | 496% |
| Total Net Management Fees Paid During the Reporting Period | $27139 |

---

---

| | |
|:---|:---|
| 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 | 56.9% |
| Corporate Bonds & Notes | 24.5% |
| U.S. Treasury Obligations | 14.2% |
| Asset-Backed Securities | 11.7% |
| Non-Agency Mortgage-Backed Securities | 5.8% |
| Municipal Bonds & Notes | 0.9% |
| Sovereign Issues | 0.5% |
| Preferred Securities | 0.4% |
| Loan Participations and Assignments | 0.2% |
| Short-Term Instruments | 0.3% |
| Affiliated Investments | 4.8% |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (20.2%) |
| Total | 100.0% |

---

## Material Fund Changes
This is a summary of certain changes and planned changes of the Fund since the beginning of the reporting period. For more information, you may refer to the Fund's next prospectus, which we expect to be available by October 31, 2025 or upon request at **888.400.4ETF (888.400.4383)**.

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses decreased during the year by 0.06% as a result of lower expenses related to interest.

Change to Shareholder Expenses. Effective September 2, 2025, the management fee for the Fund, stated as a percentage of the Fund's average daily net assets, will decrease by 0.10% to 0.45%.

## 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](g940699i650456a51b99916f04d6.jpg)

# PIMCO Active Bond Exchange-Traded Fund
![Image](g940699ib95745adc7579acb45ad.jpg)

Annual Shareholder Report \|

June 30, 2025

## BOND \| Principal Listing Exchange: NYSE
ETF4700TSRAR_063025

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

## TIPZ \| Principal Listing Exchange: NYSE Arca

#### Annual Shareholder Report \| June 30, 2025
![Image](g940699i4275f5c651065ad89d29.jpg)

## Fund Performance
This 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, 2024 to June 30, 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 | $21 | 0.20% |

---

## How did the Fund perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Exposure to U.S. real yields contributed to absolute performance for both the Fund and the ICE BofA US Inflation-Linked Treasury Index, as 1-10 year real yields moved lower on the curve.

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

## Fund Performance
In addition to the Fund's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the Bloomberg U.S. Aggregate Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended June 30, 2025 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g940699i05bad457ee0397d4d406.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **PIMCO Broad U.S. TIPS Index Exchange-Traded Fund (at NAV)** | **Bloomberg U.S. Aggregate Index** | **ICE BofA U.S. Inflation-Linked Treasury Index** |
| **6/30/15** | $10000 | $10000 | $10000 |
| **7/31/15** | $10065 | $10070 | $10023 |
| **8/31/15** | $9957 | $10055 | $9946 |
| **9/30/15** | $9903 | $10123 | $9873 |
| **10/31/15** | $9936 | $10125 | $9906 |
| **11/30/15** | $9922 | $10098 | $9899 |
| **12/31/15** | $9812 | $10065 | $9815 |
| **1/31/16** | $9980 | $10204 | $9964 |
| **2/29/16** | $10097 | $10276 | $10092 |
| **3/31/16** | $10285 | $10371 | $10275 |
| **4/30/16** | $10307 | $10410 | $10308 |
| **5/31/16** | $10229 | $10413 | $10238 |
| **6/30/16** | $10473 | $10600 | $10464 |
| **7/31/16** | $10557 | $10667 | $10559 |
| **8/31/16** | $10514 | $10655 | $10513 |
| **9/30/16** | $10593 | $10649 | $10570 |
| **10/31/16** | $10525 | $10567 | $10516 |
| **11/30/16** | $10294 | $10317 | $10306 |
| **12/31/16** | $10291 | $10332 | $10291 |
| **1/31/17** | $10384 | $10352 | $10376 |
| **2/28/17** | $10429 | $10422 | $10436 |
| **3/31/17** | $10427 | $10416 | $10426 |
| **4/30/17** | $10481 | $10497 | $10488 |
| **5/31/17** | $10477 | $10577 | $10490 |
| **6/30/17** | $10382 | $10567 | $10386 |
| **7/31/17** | $10432 | $10612 | $10434 |
| **8/31/17** | $10545 | $10707 | $10556 |
| **9/30/17** | $10466 | $10656 | $10483 |
| **10/31/17** | $10493 | $10663 | $10506 |
| **11/30/17** | $10508 | $10649 | $10527 |
| **12/31/17** | $10622 | $10698 | $10634 |
| **1/31/18** | $10517 | $10575 | $10540 |
| **2/28/18** | $10403 | $10474 | $10427 |
| **3/31/18** | $10509 | $10542 | $10544 |
| **4/30/18** | $10497 | $10463 | $10537 |
| **5/31/18** | $10527 | $10538 | $10582 |
| **6/30/18** | $10596 | $10525 | $10626 |
| **7/31/18** | $10540 | $10527 | $10573 |
| **8/31/18** | $10607 | $10595 | $10652 |
| **9/30/18** | $10497 | $10527 | $10528 |
| **10/31/18** | $10332 | $10444 | $10367 |
| **11/30/18** | $10385 | $10506 | $10417 |
| **12/31/18** | $10439 | $10699 | $10474 |
| **1/31/19** | $10592 | $10813 | $10626 |
| **2/28/19** | $10571 | $10806 | $10619 |
| **3/31/19** | $10788 | $11014 | $10828 |
| **4/30/19** | $10812 | $11017 | $10865 |
| **5/31/19** | $11012 | $11212 | $11059 |
| **6/30/19** | $11093 | $11353 | $11148 |
| **7/31/19** | $11130 | $11378 | $11188 |
| **8/31/19** | $11412 | $11673 | $11483 |
| **9/30/19** | $11275 | $11611 | $11307 |
| **10/31/19** | $11265 | $11646 | $11341 |
| **11/30/19** | $11285 | $11640 | $11356 |
| **12/31/19** | $11323 | $11632 | $11393 |
| **1/31/20** | $11594 | $11855 | $11665 |
| **2/29/20** | $11712 | $12069 | $11786 |
| **3/31/20** | $11559 | $11998 | $11630 |
| **4/30/20** | $11866 | $12211 | $11941 |
| **5/31/20** | $11923 | $12268 | $12002 |
| **6/30/20** | $12048 | $12345 | $12131 |
| **7/31/20** | $12349 | $12530 | $12428 |
| **8/31/20** | $12451 | $12428 | $12540 |
| **9/30/20** | $12411 | $12422 | $12500 |
| **10/31/20** | $12322 | $12366 | $12410 |
| **11/30/20** | $12476 | $12488 | $12565 |
| **12/31/20** | $12612 | $12505 | $12706 |
| **1/31/21** | $12644 | $12415 | $12745 |
| **2/28/21** | $12406 | $12236 | $12508 |
| **3/31/21** | $12365 | $12083 | $12473 |
| **4/30/21** | $12551 | $12178 | $12661 |
| **5/31/21** | $12697 | $12218 | $12811 |
| **6/30/21** | $12808 | $12304 | $12914 |
| **7/31/21** | $13156 | $12442 | $13266 |
| **8/31/21** | $13132 | $12418 | $13248 |
| **9/30/21** | $13022 | $12310 | $13145 |
| **10/31/21** | $13158 | $12307 | $13290 |
| **11/30/21** | $13303 | $12343 | $13448 |
| **12/31/21** | $13331 | $12312 | $13469 |
| **1/31/22** | $13013 | $12047 | $13160 |
| **2/28/22** | $13134 | $11912 | $13284 |
| **3/31/22** | $12892 | $11581 | $13055 |
| **4/30/22** | $12572 | $11142 | $12735 |
| **5/31/22** | $12421 | $11214 | $12592 |
| **6/30/22** | $12008 | $11038 | $12180 |
| **7/31/22** | $12572 | $11307 | $12726 |
| **8/31/22** | $12227 | $10988 | $12380 |
| **9/30/22** | $11383 | $10513 | $11532 |
| **10/31/22** | $11540 | $10377 | $11672 |
| **11/30/22** | $11751 | $10759 | $11900 |
| **12/31/22** | $11632 | $10710 | $11776 |
| **1/31/23** | $11866 | $11040 | $12007 |
| **2/28/23** | $11719 | $10754 | $11837 |
| **3/31/23** | $12037 | $11027 | $12182 |
| **4/30/23** | $12040 | $11094 | $12198 |
| **5/31/23** | $11903 | $10973 | $12044 |
| **6/30/23** | $11881 | $10934 | $12008 |
| **7/31/23** | $11876 | $10927 | $12021 |
| **8/31/23** | $11767 | $10857 | $11907 |
| **9/30/23** | $11537 | $10581 | $11674 |
| **10/31/23** | $11437 | $10414 | $11585 |
| **11/30/23** | $11752 | $10886 | $11901 |
| **12/31/23** | $12047 | $11302 | $12199 |
| **1/31/24** | $12094 | $11271 | $12245 |
| **2/29/24** | $11972 | $11112 | $12115 |
| **3/31/24** | $12051 | $11215 | $12201 |
| **4/30/24** | $11856 | $10931 | $12006 |
| **5/31/24** | $12064 | $11117 | $12214 |
| **6/30/24** | $12149 | $11222 | $12311 |
| **7/31/24** | $12362 | $11484 | $12534 |
| **8/31/24** | $12461 | $11649 | $12633 |
| **9/30/24** | $12645 | $11805 | $12823 |
| **10/31/24** | $12399 | $11512 | $12591 |
| **11/30/24** | $12459 | $11634 | $12651 |
| **12/31/24** | $12246 | $11444 | $12441 |
| **1/31/25** | $12411 | $11504 | $12601 |
| **2/28/25** | $12695 | $11757 | $12882 |
| **3/31/25** | $12774 | $11762 | $12968 |
| **4/30/25** | $12772 | $11808 | $12968 |
| **5/31/25** | $12705 | $11723 | $12886 |
| **6/30/25** | $12827 | $11904 | $13014 |

---

The table below shows the average annual total returns of the Fund, a regulatory index, and one or more supplemental index(es) for certain periods ended June 30, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| PIMCO Broad U.S. TIPS Index Exchange-Traded Fund (at NAV) | 5.58% | 1.26% | 2.52% |
| Bloomberg U.S. Aggregate Index | 6.08% | (0.73%) | 1.76% |
| ICE BofA U.S. Inflation-Linked Treasury Index | 5.71% | 1.42% | 2.67% |

---

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

**Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results.**Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.Differences in the Fund's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.400.4ETF (888.400.4383)**.

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

---

| | |
|:---|:---|
| Total Net Assets | $94791 |
| # of Portfolio Holdings | 42 |
| Portfolio Turnover Rate | 180% |
| Total Net Management Fees Paid During the Reporting Period | $211 |

---

---

| | |
|:---|:---|
| 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 | 99.4% |
| Short-Term Instruments | 0.2% |
| 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](g940699i650456a51b99916f04d6.jpg)

# PIMCO Broad U.S. TIPS Index Exchange-Traded Fund
![Image](g940699ib95745adc7579acb45ad.jpg)

Annual Shareholder Report \|

June 30, 2025

## TIPZ \| Principal Listing Exchange: NYSE Arca
ETF4795TSRAR_063025

# PIMCO Enhanced Low Duration Active Exchange-Traded Fund

## LDUR \| Principal Listing Exchange: NYSE Arca

#### Annual Shareholder Report \| June 30, 2025
![Image](g940699i4275f5c651065ad89d29.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO Enhanced Low Duration Active Exchange-Traded Fund (the "Fund") for the period of July 1, 2024 to June 30, 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 | $56 | 0.54% |

---

## How did the Fund perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Select holdings of securitized credit, particularly commercial mortgage-backed securities ("CMBS"), asset-backed securities ("ABS") and collateralized loan obligations ("CLOs"), contributed to relative performance, as the yield from ABS helped offset detractions from spreads widening and as CLO and CMBS spreads tightened. 

* Overweight exposure to U.S. duration, specifically the one-year part of the curve, contributed to relative performance, as interest rates fell during the first half of 2025. 

* Holdings of agency mortgage-backed securities contributed to performance, as spreads tightened. 

* There were no material detractors for this Fund.

## Fund Performance
In addition to the Fund's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the Bloomberg U.S. Aggregate Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended June 30, 2025 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g940699i1f89719e6b1ebfebbef6.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **PIMCO Enhanced Low Duration Active Exchange-Traded Fund (at NAV)** | **Bloomberg U.S. Aggregate Index** | **ICE BofA 1-3 Year U.S. Treasury Index** |
| **6/30/15** | $10000 | $10000 | $10000 |
| **7/31/15** | $10017 | $10070 | $10005 |
| **8/31/15** | $9980 | $10055 | $10001 |
| **9/30/15** | $9942 | $10123 | $10031 |
| **10/31/15** | $10021 | $10125 | $10021 |
| **11/30/15** | $10025 | $10098 | $9997 |
| **12/31/15** | $10002 | $10065 | $9987 |
| **1/31/16** | $9975 | $10204 | $10048 |
| **2/29/16** | $9959 | $10276 | $10060 |
| **3/31/16** | $10057 | $10371 | $10077 |
| **4/30/16** | $10108 | $10410 | $10081 |
| **5/31/16** | $10159 | $10413 | $10070 |
| **6/30/16** | $10175 | $10600 | $10131 |
| **7/31/16** | $10242 | $10667 | $10125 |
| **8/31/16** | $10268 | $10655 | $10108 |
| **9/30/16** | $10289 | $10649 | $10120 |
| **10/31/16** | $10309 | $10567 | $10113 |
| **11/30/16** | $10265 | $10317 | $10073 |
| **12/31/16** | $10286 | $10332 | $10076 |
| **1/31/17** | $10306 | $10352 | $10088 |
| **2/28/17** | $10335 | $10422 | $10099 |
| **3/31/17** | $10352 | $10416 | $10102 |
| **4/30/17** | $10380 | $10497 | $10116 |
| **5/31/17** | $10407 | $10577 | $10128 |
| **6/30/17** | $10434 | $10567 | $10120 |
| **7/31/17** | $10441 | $10612 | $10141 |
| **8/31/17** | $10464 | $10707 | $10160 |
| **9/30/17** | $10491 | $10656 | $10144 |
| **10/31/17** | $10522 | $10663 | $10138 |
| **11/30/17** | $10515 | $10649 | $10117 |
| **12/31/17** | $10506 | $10698 | $10118 |
| **1/31/18** | $10490 | $10575 | $10089 |
| **2/28/18** | $10495 | $10474 | $10085 |
| **3/31/18** | $10491 | $10542 | $10105 |
| **4/30/18** | $10506 | $10463 | $10090 |
| **5/31/18** | $10531 | $10538 | $10126 |
| **6/30/18** | $10547 | $10525 | $10128 |
| **7/31/18** | $10573 | $10527 | $10127 |
| **8/31/18** | $10600 | $10595 | $10159 |
| **9/30/18** | $10623 | $10527 | $10147 |
| **10/31/18** | $10644 | $10444 | $10163 |
| **11/30/18** | $10641 | $10506 | $10198 |
| **12/31/18** | $10647 | $10699 | $10279 |
| **1/31/19** | $10704 | $10813 | $10306 |
| **2/28/19** | $10760 | $10806 | $10317 |
| **3/31/19** | $10807 | $11014 | $10380 |
| **4/30/19** | $10851 | $11017 | $10401 |
| **5/31/19** | $10885 | $11212 | $10475 |
| **6/30/19** | $10933 | $11353 | $10529 |
| **7/31/19** | $10982 | $11378 | $10516 |
| **8/31/19** | $11027 | $11673 | $10601 |
| **9/30/19** | $11036 | $11611 | $10590 |
| **10/31/19** | $11065 | $11646 | $10624 |
| **11/30/19** | $11072 | $11640 | $10621 |
| **12/31/19** | $11110 | $11632 | $10644 |
| **1/31/20** | $11212 | $11855 | $10701 |
| **2/29/20** | $11313 | $12069 | $10794 |
| **3/31/20** | $10997 | $11998 | $10942 |
| **4/30/20** | $11198 | $12211 | $10947 |
| **5/31/20** | $11307 | $12268 | $10954 |
| **6/30/20** | $11454 | $12345 | $10957 |
| **7/31/20** | $11497 | $12530 | $10968 |
| **8/31/20** | $11516 | $12428 | $10965 |
| **9/30/20** | $11544 | $12422 | $10968 |
| **10/31/20** | $11591 | $12366 | $10964 |
| **11/30/20** | $11573 | $12488 | $10969 |
| **12/31/20** | $11607 | $12505 | $10974 |
| **1/31/21** | $11639 | $12415 | $10976 |
| **2/28/21** | $11633 | $12236 | $10967 |
| **3/31/21** | $11626 | $12083 | $10969 |
| **4/30/21** | $11636 | $12178 | $10974 |
| **5/31/21** | $11645 | $12218 | $10982 |
| **6/30/21** | $11633 | $12304 | $10965 |
| **7/31/21** | $11644 | $12442 | $10983 |
| **8/31/21** | $11647 | $12418 | $10982 |
| **9/30/21** | $11654 | $12310 | $10971 |
| **10/31/21** | $11615 | $12307 | $10938 |
| **11/30/21** | $11588 | $12343 | $10940 |
| **12/31/21** | $11571 | $12312 | $10913 |
| **1/31/22** | $11493 | $12047 | $10842 |
| **2/28/22** | $11415 | $11912 | $10801 |
| **3/31/22** | $11229 | $11581 | $10657 |
| **4/30/22** | $11187 | $11142 | $10607 |
| **5/31/22** | $11232 | $11214 | $10665 |
| **6/30/22** | $11120 | $11038 | $10604 |
| **7/31/22** | $11155 | $11307 | $10639 |
| **8/31/22** | $11112 | $10988 | $10563 |
| **9/30/22** | $11007 | $10513 | $10438 |
| **10/31/22** | $10937 | $10377 | $10428 |
| **11/30/22** | $11004 | $10759 | $10493 |
| **12/31/22** | $11062 | $10710 | $10515 |
| **1/31/23** | $11143 | $11040 | $10587 |
| **2/28/23** | $11090 | $10754 | $10510 |
| **3/31/23** | $11198 | $11027 | $10678 |
| **4/30/23** | $11237 | $11094 | $10706 |
| **5/31/23** | $11219 | $10973 | $10669 |
| **6/30/23** | $11180 | $10934 | $10617 |
| **7/31/23** | $11245 | $10927 | $10655 |
| **8/31/23** | $11296 | $10857 | $10697 |
| **9/30/23** | $11309 | $10581 | $10696 |
| **10/31/23** | $11342 | $10414 | $10732 |
| **11/30/23** | $11459 | $10886 | $10841 |
| **12/31/23** | $11599 | $11302 | $10962 |
| **1/31/24** | $11675 | $11271 | $11004 |
| **2/29/24** | $11647 | $11112 | $10959 |
| **3/31/24** | $11703 | $11215 | $10995 |
| **4/30/24** | $11673 | $10931 | $10959 |
| **5/31/24** | $11762 | $11117 | $11034 |
| **6/30/24** | $11823 | $11222 | $11098 |
| **7/31/24** | $11947 | $11484 | $11225 |
| **8/31/24** | $12035 | $11649 | $11326 |
| **9/30/24** | $12130 | $11805 | $11417 |
| **10/31/24** | $12086 | $11512 | $11350 |
| **11/30/24** | $12142 | $11634 | $11383 |
| **12/31/24** | $12196 | $11444 | $11410 |
| **1/31/25** | $12268 | $11504 | $11459 |
| **2/28/25** | $12366 | $11757 | $11538 |
| **3/31/25** | $12409 | $11762 | $11592 |
| **4/30/25** | $12458 | $11808 | $11683 |
| **5/31/25** | $12458 | $11723 | $11658 |
| **6/30/25** | $12535 | $11904 | $11728 |

---

The table below shows the average annual total returns of the Fund, a regulatory index, and one or more supplemental index(es) for certain periods ended June 30, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| PIMCO Enhanced Low Duration Active Exchange-Traded Fund (at NAV) | 6.02% | 1.82% | 2.29% |
| Bloomberg U.S. Aggregate Index | 6.08% | (0.73%) | 1.76% |
| ICE BofA 1-3 Year U.S. Treasury Index | 5.68% | 1.37% | 1.61% |

---

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

**Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results.**Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.Differences in the Fund's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.400.4ETF (888.400.4383)**.

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

---

| | |
|:---|:---|
| Total Net Assets | $929685 |
| # of Portfolio Holdings | 540 |
| Portfolio Turnover Rate | 289% |
| Total Net Management Fees Paid During the Reporting Period | $3930 |

---

---

| | |
|:---|:---|
| 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 | 32.5% |
| Asset-Backed Securities | 27.1% |
| Corporate Bonds & Notes | 23.2% |
| Non-Agency Mortgage-Backed Securities | 8.1% |
| Sovereign Issues | 3.1% |
| U.S. Treasury Obligations | 1.4% |
| Municipal Bonds & Notes | 0.6% |
| Short-Term Instruments | 15.8% |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (11.8%) |
| 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](g940699i650456a51b99916f04d6.jpg)

# PIMCO Enhanced Low Duration Active Exchange-Traded Fund
![Image](g940699ib95745adc7579acb45ad.jpg)

Annual Shareholder Report \|

June 30, 2025

## LDUR \| Principal Listing Exchange: NYSE Arca
ETF4756TSRAR_063025

# PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund

## EMNT \| Principal Listing Exchange: NYSE Arca

#### Annual Shareholder Report \| June 30, 2025
![Image](g940699i4275f5c651065ad89d29.jpg)

## Fund Performance
This 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, 2024 to June 30, 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 | $25 | 0.24% |

---

## How did the Fund perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Holdings of investment grade corporate credit contributed to relative performance, as spreads tightened.

* Select holdings of securitized credit, particularly asset-backed securities ("ABS") and collateralized loan obligations ("CLO") contributed to relative performance, as the yield from ABS helped offset detractions from spreads widening and as CLO spreads tightened.

* Overweight exposure to United States duration, particularly in the one-year portion of the curve, contributed to relative performance, as interest rates fell.

* There were no material detractors for this Fund. 

## Fund Performance
In addition to the Fund's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the Bloomberg U.S. Aggregate Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended June 30, 2025 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g940699i99ed1c3b2d205ebe15d8.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund (at NAV)** | **Bloomberg U.S. Aggregate Index** | **FTSE 3-Month Treasury Bill Index** |
| **12/10/19** | $10000 | $10000 | $10000 |
| **12/31/19** | $10023 | $10004 | $10010 |
| **1/31/20** | $10058 | $10196 | $10023 |
| **2/29/20** | $10084 | $10380 | $10036 |
| **3/31/20** | $9961 | $10319 | $10048 |
| **4/30/20** | $10043 | $10502 | $10057 |
| **5/31/20** | $10101 | $10551 | $10061 |
| **6/30/20** | $10154 | $10617 | $10062 |
| **7/31/20** | $10183 | $10776 | $10063 |
| **8/31/20** | $10196 | $10689 | $10064 |
| **9/30/20** | $10207 | $10683 | $10065 |
| **10/31/20** | $10210 | $10635 | $10066 |
| **11/30/20** | $10223 | $10740 | $10067 |
| **12/31/20** | $10232 | $10755 | $10068 |
| **1/31/21** | $10241 | $10677 | $10068 |
| **2/28/21** | $10239 | $10523 | $10069 |
| **3/31/21** | $10235 | $10392 | $10070 |
| **4/30/21** | $10246 | $10474 | $10070 |
| **5/31/21** | $10256 | $10508 | $10070 |
| **6/30/21** | $10255 | $10582 | $10070 |
| **7/31/21** | $10264 | $10700 | $10071 |
| **8/31/21** | $10265 | $10680 | $10071 |
| **9/30/21** | $10264 | $10587 | $10071 |
| **10/31/21** | $10256 | $10585 | $10072 |
| **11/30/21** | $10254 | $10616 | $10072 |
| **12/31/21** | $10252 | $10589 | $10072 |
| **1/31/22** | $10235 | $10361 | $10073 |
| **2/28/22** | $10216 | $10245 | $10074 |
| **3/31/22** | $10156 | $9960 | $10075 |
| **4/30/22** | $10137 | $9582 | $10078 |
| **5/31/22** | $10141 | $9644 | $10083 |
| **6/30/22** | $10108 | $9493 | $10090 |
| **7/31/22** | $10136 | $9725 | $10100 |
| **8/31/22** | $10144 | $9450 | $10115 |
| **9/30/22** | $10117 | $9042 | $10135 |
| **10/31/22** | $10109 | $8925 | $10160 |
| **11/30/22** | $10165 | $9253 | $10189 |
| **12/31/22** | $10205 | $9211 | $10224 |
| **1/31/23** | $10273 | $9494 | $10261 |
| **2/28/23** | $10301 | $9249 | $10297 |
| **3/31/23** | $10341 | $9484 | $10338 |
| **4/30/23** | $10389 | $9541 | $10379 |
| **5/31/23** | $10424 | $9437 | $10423 |
| **6/30/23** | $10467 | $9404 | $10468 |
| **7/31/23** | $10522 | $9397 | $10515 |
| **8/31/23** | $10570 | $9337 | $10564 |
| **9/30/23** | $10617 | $9100 | $10612 |
| **10/31/23** | $10663 | $8956 | $10662 |
| **11/30/23** | $10725 | $9362 | $10711 |
| **12/31/23** | $10787 | $9720 | $10761 |
| **1/31/24** | $10849 | $9694 | $10811 |
| **2/29/24** | $10903 | $9557 | $10858 |
| **3/31/24** | $10958 | $9645 | $10909 |
| **4/30/24** | $11007 | $9401 | $10958 |
| **5/31/24** | $11064 | $9561 | $11009 |
| **6/30/24** | $11112 | $9651 | $11058 |
| **7/31/24** | $11169 | $9877 | $11110 |
| **8/31/24** | $11225 | $10019 | $11161 |
| **9/30/24** | $11283 | $10153 | $11210 |
| **10/31/24** | $11323 | $9901 | $11258 |
| **11/30/24** | $11373 | $10006 | $11303 |
| **12/31/24** | $11414 | $9842 | $11347 |
| **1/31/25** | $11465 | $9894 | $11391 |
| **2/28/25** | $11511 | $10112 | $11430 |
| **3/31/25** | $11549 | $10116 | $11472 |
| **4/30/25** | $11588 | $10155 | $11514 |
| **5/31/25** | $11635 | $10083 | $11556 |
| **6/30/25** | $11683 | $10238 | $11598 |

---

The table below shows the average annual total returns of the Fund, a regulatory index, and one or more supplemental index(es) for certain periods ended June 30, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Index Name** | **1 Year** | **5 Years** | **Since Inception 12/10/19** |
| PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund (at NAV) | 5.14% | 2.85% | 2.84% |
| Bloomberg U.S. Aggregate Index | 6.08% | (0.73%) | 0.42% |
| FTSE 3-Month Treasury Bill Index | 4.88% | 2.88% | 2.70% |

---

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

**Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results.**Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.Differences in the Fund's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.400.4ETF (888.400.4383)**.

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

---

| | |
|:---|:---|
| Total Net Assets | $191590 |
| # of Portfolio Holdings | 197 |
| Portfolio Turnover Rate | 86% |
| Total Net Management Fees Paid During the Reporting Period | $396 |

---

---

| | |
|:---|:---|
| 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 | 28.5% |
| Asset-Backed Securities | 16.0% |
| U.S. Government Agencies | 11.7% |
| U.S. Treasury Obligations | 2.9% |
| Non-Agency Mortgage-Backed Securities | 1.1% |
| Short-Term Instruments | 66.3% |
| Financial Derivative Instruments | (0.1%) |
| Other Assets and Liabilities, Net | (26.4%) |
| 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](g940699i650456a51b99916f04d6.jpg)

# PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund
![Image](g940699ib95745adc7579acb45ad.jpg)

Annual Shareholder Report \|

June 30, 2025

## EMNT \| Principal Listing Exchange: NYSE Arca
ETF4757TSRAR_063025

# PIMCO Enhanced Short Maturity Active Exchange-Traded Fund

## MINT \| Principal Listing Exchange: NYSE Arca

#### Annual Shareholder Report \| June 30, 2025
![Image](g940699i4275f5c651065ad89d29.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO Enhanced Short Maturity Active Exchange-Traded Fund (the "Fund") for the period of July 1, 2024 to June 30, 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 | $37 | 0.36% |

---

## How did the Fund perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Holdings of investment grade corporate credit contributed to relative performance, as spreads tightened. 

* Select holdings of securitized credit, particularly commercial mortgage-backed securities ("CMBS"), collateralized loan obligations ("CLOs") and asset-backed securities ("ABS"), contributed to relative performance, as the yield from ABS helped offset detractions from spreads widening and as CLO and CMBS spreads tightened. 

* There were no material detractors for this Fund.

## Fund Performance
In addition to the Fund's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the Bloomberg U.S. Aggregate Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended June 30, 2025 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g940699icb65daa4b82cfdc255d4.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **PIMCO Enhanced Short Maturity Active Exchange-Traded Fund (at NAV)** | **Bloomberg U.S. Aggregate Index** | **FTSE 3-Month Treasury Bill Index** |
| **6/30/15** | $10000 | $10000 | $10000 |
| **7/31/15** | $10003 | $10070 | $10000 |
| **8/31/15** | $10000 | $10055 | $10000 |
| **9/30/15** | $9984 | $10123 | $10001 |
| **10/31/15** | $9999 | $10125 | $10001 |
| **11/30/15** | $10008 | $10098 | $10001 |
| **12/31/15** | $10004 | $10065 | $10002 |
| **1/31/16** | $10010 | $10204 | $10003 |
| **2/29/16** | $10004 | $10276 | $10005 |
| **3/31/16** | $10038 | $10371 | $10007 |
| **4/30/16** | $10071 | $10410 | $10010 |
| **5/31/16** | $10093 | $10413 | $10012 |
| **6/30/16** | $10103 | $10600 | $10014 |
| **7/31/16** | $10126 | $10667 | $10016 |
| **8/31/16** | $10152 | $10655 | $10018 |
| **9/30/16** | $10165 | $10649 | $10021 |
| **10/31/16** | $10181 | $10567 | $10023 |
| **11/30/16** | $10192 | $10317 | $10026 |
| **12/31/16** | $10203 | $10332 | $10029 |
| **1/31/17** | $10223 | $10352 | $10033 |
| **2/28/17** | $10246 | $10422 | $10037 |
| **3/31/17** | $10262 | $10416 | $10041 |
| **4/30/17** | $10277 | $10497 | $10046 |
| **5/31/17** | $10293 | $10577 | $10052 |
| **6/30/17** | $10310 | $10567 | $10059 |
| **7/31/17** | $10328 | $10612 | $10068 |
| **8/31/17** | $10344 | $10707 | $10076 |
| **9/30/17** | $10360 | $10656 | $10085 |
| **10/31/17** | $10378 | $10663 | $10094 |
| **11/30/17** | $10385 | $10649 | $10103 |
| **12/31/17** | $10396 | $10698 | $10113 |
| **1/31/18** | $10409 | $10575 | $10124 |
| **2/28/18** | $10417 | $10474 | $10135 |
| **3/31/18** | $10428 | $10542 | $10149 |
| **4/30/18** | $10447 | $10463 | $10162 |
| **5/31/18** | $10470 | $10538 | $10177 |
| **6/30/18** | $10485 | $10525 | $10193 |
| **7/31/18** | $10507 | $10527 | $10209 |
| **8/31/18** | $10533 | $10595 | $10227 |
| **9/30/18** | $10552 | $10527 | $10244 |
| **10/31/18** | $10567 | $10444 | $10262 |
| **11/30/18** | $10573 | $10506 | $10281 |
| **12/31/18** | $10575 | $10699 | $10302 |
| **1/31/19** | $10623 | $10813 | $10323 |
| **2/28/19** | $10656 | $10806 | $10342 |
| **3/31/19** | $10690 | $11014 | $10363 |
| **4/30/19** | $10725 | $11017 | $10384 |
| **5/31/19** | $10755 | $11212 | $10406 |
| **6/30/19** | $10782 | $11353 | $10427 |
| **7/31/19** | $10809 | $11378 | $10448 |
| **8/31/19** | $10833 | $11673 | $10467 |
| **9/30/19** | $10856 | $11611 | $10485 |
| **10/31/19** | $10883 | $11646 | $10503 |
| **11/30/19** | $10903 | $11640 | $10519 |
| **12/31/19** | $10925 | $11632 | $10534 |
| **1/31/20** | $10964 | $11855 | $10548 |
| **2/29/20** | $10981 | $12069 | $10561 |
| **3/31/20** | $10708 | $11998 | $10575 |
| **4/30/20** | $10872 | $12211 | $10583 |
| **5/31/20** | $10951 | $12268 | $10588 |
| **6/30/20** | $11021 | $12345 | $10589 |
| **7/31/20** | $11049 | $12530 | $10590 |
| **8/31/20** | $11067 | $12428 | $10591 |
| **9/30/20** | $11074 | $12422 | $10592 |
| **10/31/20** | $11081 | $12366 | $10593 |
| **11/30/20** | $11092 | $12488 | $10594 |
| **12/31/20** | $11103 | $12505 | $10595 |
| **1/31/21** | $11115 | $12415 | $10596 |
| **2/28/21** | $11112 | $12236 | $10596 |
| **3/31/21** | $11100 | $12083 | $10597 |
| **4/30/21** | $11110 | $12178 | $10597 |
| **5/31/21** | $11119 | $12218 | $10597 |
| **6/30/21** | $11119 | $12304 | $10598 |
| **7/31/21** | $11127 | $12442 | $10598 |
| **8/31/21** | $11128 | $12418 | $10598 |
| **9/30/21** | $11126 | $12310 | $10599 |
| **10/31/21** | $11113 | $12307 | $10599 |
| **11/30/21** | $11107 | $12343 | $10599 |
| **12/31/21** | $11103 | $12312 | $10600 |
| **1/31/22** | $11077 | $12047 | $10600 |
| **2/28/22** | $11050 | $11912 | $10601 |
| **3/31/22** | $10960 | $11581 | $10603 |
| **4/30/22** | $10926 | $11142 | $10606 |
| **5/31/22** | $10928 | $11214 | $10611 |
| **6/30/22** | $10875 | $11038 | $10618 |
| **7/31/22** | $10907 | $11307 | $10629 |
| **8/31/22** | $10925 | $10988 | $10645 |
| **9/30/22** | $10898 | $10513 | $10666 |
| **10/31/22** | $10879 | $10377 | $10692 |
| **11/30/22** | $10942 | $10759 | $10723 |
| **12/31/22** | $10997 | $10710 | $10759 |
| **1/31/23** | $11091 | $11040 | $10799 |
| **2/28/23** | $11115 | $10754 | $10836 |
| **3/31/23** | $11137 | $11027 | $10880 |
| **4/30/23** | $11193 | $11094 | $10923 |
| **5/31/23** | $11254 | $10973 | $10969 |
| **6/30/23** | $11319 | $10934 | $11016 |
| **7/31/23** | $11388 | $10927 | $11066 |
| **8/31/23** | $11448 | $10857 | $11118 |
| **9/30/23** | $11508 | $10581 | $11168 |
| **10/31/23** | $11560 | $10414 | $11220 |
| **11/30/23** | $11615 | $10886 | $11272 |
| **12/31/23** | $11677 | $11302 | $11325 |
| **1/31/24** | $11747 | $11271 | $11378 |
| **2/29/24** | $11803 | $11112 | $11427 |
| **3/31/24** | $11868 | $11215 | $11480 |
| **4/30/24** | $11923 | $10931 | $11532 |
| **5/31/24** | $11985 | $11117 | $11585 |
| **6/30/24** | $12035 | $11222 | $11637 |
| **7/31/24** | $12090 | $11484 | $11691 |
| **8/31/24** | $12146 | $11649 | $11745 |
| **9/30/24** | $12203 | $11805 | $11797 |
| **10/31/24** | $12258 | $11512 | $11848 |
| **11/30/24** | $12314 | $11634 | $11895 |
| **12/31/24** | $12364 | $11444 | $11942 |
| **1/31/25** | $12417 | $11504 | $11988 |
| **2/28/25** | $12466 | $11757 | $12028 |
| **3/31/25** | $12505 | $11762 | $12073 |
| **4/30/25** | $12532 | $11808 | $12116 |
| **5/31/25** | $12593 | $11723 | $12161 |
| **6/30/25** | $12643 | $11904 | $12205 |

---

The table below shows the average annual total returns of the Fund, a regulatory index, and one or more supplemental index(es) for certain periods ended June 30, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| PIMCO Enhanced Short Maturity Active Exchange-Traded Fund (at NAV) | 5.05% | 2.78% | 2.37% |
| Bloomberg U.S. Aggregate Index | 6.08% | (0.73%) | 1.76% |
| FTSE 3-Month Treasury Bill Index | 4.88% | 2.88% | 2.01% |

---

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

**Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results.**Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.Differences in the Fund's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.400.4ETF (888.400.4383)**.

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

---

| | |
|:---|:---|
| Total Net Assets | $13366548 |
| # of Portfolio Holdings | 862 |
| Portfolio Turnover Rate | 79% |
| Total Net Management Fees Paid During the Reporting Period | $43277 |

---

---

| | |
|:---|:---|
| 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 | 45.4% |
| Asset-Backed Securities | 20.2% |
| U.S. Government Agencies | 15.5% |
| U.S. Treasury Obligations | 1.8% |
| Non-Agency Mortgage-Backed Securities | 1.7% |
| Sovereign Issues | 1.1% |
| Short-Term Instruments | 15.1% |
| Affiliated Investments | 0.0%<sup>Footnote Reference^</sup> |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| 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](g940699i650456a51b99916f04d6.jpg)

# PIMCO Enhanced Short Maturity Active Exchange-Traded Fund
![Image](g940699ib95745adc7579acb45ad.jpg)

Annual Shareholder Report \|

June 30, 2025

## MINT \| Principal Listing Exchange: NYSE Arca
ETF4750TSRAR_063025

# PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund

## MUNI \| Principal Listing Exchange: NYSE Arca

#### Annual Shareholder Report \| June 30, 2025
![Image](g940699i4275f5c651065ad89d29.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund (the "Fund") for the period of July 1, 2024 to June 30, 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 | $35 | 0.35% |

---

## How did the Fund perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* An overweight exposure to the housing sector contributed to performance, as the sector outperformed the broader municipal market.

* An overweight exposure to the industrial revenue sector contributed to performance, as the sector outperformed the broader municipal market.

* Security selection in the pre-refunded segment contributed to performance, as the segment outperformed the broader municipal market.

* An overweight duration position detracted from performance, as rates rose on the long end of the municipal curve. 

* An underweight exposure to the transportation sector detracted from performance, as the sector outperformed the broader municipal market.

* Security selection in the education sector detracted from performance, as the Fund's holdings underperformed the broader municipal market.

## Fund Performance
In addition to the Fund's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the Bloomberg Municipal Bond Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended June 30, 2025 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g940699ibd2cbe8e5beb1292f6b9.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund (at NAV)** | **Bloomberg Municipal Bond Index** | **Bloomberg 1-15 Year Municipal Bond Index** |
| **6/30/15** | $10000 | $10000 | $10000 |
| **7/31/15** | $10046 | $10072 | $10061 |
| **8/31/15** | $10064 | $10092 | $10080 |
| **9/30/15** | $10133 | $10165 | $10151 |
| **10/31/15** | $10192 | $10206 | $10190 |
| **11/30/15** | $10229 | $10246 | $10211 |
| **12/31/15** | $10292 | $10318 | $10265 |
| **1/31/16** | $10414 | $10441 | $10387 |
| **2/29/16** | $10424 | $10458 | $10405 |
| **3/31/16** | $10439 | $10491 | $10415 |
| **4/30/16** | $10507 | $10568 | $10478 |
| **5/31/16** | $10512 | $10597 | $10482 |
| **6/30/16** | $10652 | $10765 | $10612 |
| **7/31/16** | $10661 | $10772 | $10626 |
| **8/31/16** | $10683 | $10786 | $10630 |
| **9/30/16** | $10661 | $10733 | $10592 |
| **10/31/16** | $10565 | $10620 | $10506 |
| **11/30/16** | $10209 | $10224 | $10167 |
| **12/31/16** | $10272 | $10344 | $10266 |
| **1/31/17** | $10319 | $10412 | $10338 |
| **2/28/17** | $10375 | $10484 | $10407 |
| **3/31/17** | $10408 | $10507 | $10425 |
| **4/30/17** | $10485 | $10583 | $10499 |
| **5/31/17** | $10603 | $10751 | $10637 |
| **6/30/17** | $10579 | $10713 | $10596 |
| **7/31/17** | $10646 | $10799 | $10674 |
| **8/31/17** | $10730 | $10882 | $10744 |
| **9/30/17** | $10696 | $10826 | $10694 |
| **10/31/17** | $10723 | $10853 | $10710 |
| **11/30/17** | $10664 | $10795 | $10623 |
| **12/31/17** | $10738 | $10907 | $10711 |
| **1/31/18** | $10649 | $10779 | $10617 |
| **2/28/18** | $10612 | $10747 | $10590 |
| **3/31/18** | $10634 | $10787 | $10613 |
| **4/30/18** | $10604 | $10748 | $10585 |
| **5/31/18** | $10697 | $10871 | $10684 |
| **6/30/18** | $10711 | $10880 | $10703 |
| **7/31/18** | $10743 | $10907 | $10737 |
| **8/31/18** | $10763 | $10935 | $10756 |
| **9/30/18** | $10708 | $10864 | $10697 |
| **10/31/18** | $10646 | $10797 | $10653 |
| **11/30/18** | $10747 | $10917 | $10761 |
| **12/31/18** | $10857 | $11047 | $10880 |
| **1/31/19** | $10958 | $11131 | $10972 |
| **2/28/19** | $11025 | $11190 | $11025 |
| **3/31/19** | $11157 | $11367 | $11153 |
| **4/30/19** | $11192 | $11410 | $11176 |
| **5/31/19** | $11350 | $11567 | $11312 |
| **6/30/19** | $11398 | $11610 | $11359 |
| **7/31/19** | $11484 | $11704 | $11448 |
| **8/31/19** | $11627 | $11888 | $11581 |
| **9/30/19** | $11550 | $11793 | $11487 |
| **10/31/19** | $11562 | $11814 | $11517 |
| **11/30/19** | $11582 | $11844 | $11544 |
| **12/31/19** | $11621 | $11880 | $11580 |
| **1/31/20** | $11791 | $12093 | $11758 |
| **2/29/20** | $11904 | $12249 | $11869 |
| **3/31/20** | $11518 | $11805 | $11523 |
| **4/30/20** | $11415 | $11657 | $11441 |
| **5/31/20** | $11758 | $12028 | $11765 |
| **6/30/20** | $11861 | $12126 | $11833 |
| **7/31/20** | $12036 | $12331 | $11999 |
| **8/31/20** | $12011 | $12273 | $11959 |
| **9/30/20** | $12009 | $12275 | $11969 |
| **10/31/20** | $11988 | $12239 | $11939 |
| **11/30/20** | $12121 | $12423 | $12071 |
| **12/31/20** | $12197 | $12499 | $12128 |
| **1/31/21** | $12258 | $12579 | $12186 |
| **2/28/21** | $12089 | $12379 | $12032 |
| **3/31/21** | $12130 | $12455 | $12089 |
| **4/30/21** | $12223 | $12560 | $12165 |
| **5/31/21** | $12259 | $12597 | $12182 |
| **6/30/21** | $12283 | $12632 | $12198 |
| **7/31/21** | $12368 | $12736 | $12287 |
| **8/31/21** | $12333 | $12690 | $12262 |
| **9/30/21** | $12243 | $12598 | $12187 |
| **10/31/21** | $12213 | $12561 | $12151 |
| **11/30/21** | $12287 | $12668 | $12216 |
| **12/31/21** | $12294 | $12689 | $12233 |
| **1/31/22** | $12012 | $12341 | $11934 |
| **2/28/22** | $11957 | $12297 | $11897 |
| **3/31/22** | $11629 | $11898 | $11581 |
| **4/30/22** | $11356 | $11569 | $11338 |
| **5/31/22** | $11485 | $11741 | $11498 |
| **6/30/22** | $11347 | $11549 | $11401 |
| **7/31/22** | $11600 | $11854 | $11655 |
| **8/31/22** | $11409 | $11594 | $11454 |
| **9/30/22** | $11093 | $11149 | $11106 |
| **10/31/22** | $11019 | $11057 | $11064 |
| **11/30/22** | $11416 | $11574 | $11452 |
| **12/31/22** | $11459 | $11607 | $11505 |
| **1/31/23** | $11719 | $11940 | $11764 |
| **2/28/23** | $11513 | $11670 | $11543 |
| **3/31/23** | $11715 | $11929 | $11767 |
| **4/30/23** | $11715 | $11902 | $11734 |
| **5/31/23** | $11636 | $11799 | $11631 |
| **6/30/23** | $11716 | $11917 | $11718 |
| **7/31/23** | $11744 | $11964 | $11764 |
| **8/31/23** | $11650 | $11792 | $11646 |
| **9/30/23** | $11402 | $11446 | $11384 |
| **10/31/23** | $11314 | $11349 | $11337 |
| **11/30/23** | $11865 | $12069 | $11885 |
| **12/31/23** | $12155 | $12350 | $12110 |
| **1/31/24** | $12140 | $12287 | $12064 |
| **2/29/24** | $12153 | $12303 | $12076 |
| **3/31/24** | $12161 | $12302 | $12075 |
| **4/30/24** | $12039 | $12150 | $11951 |
| **5/31/24** | $12030 | $12114 | $11880 |
| **6/30/24** | $12184 | $12300 | $12034 |
| **7/31/24** | $12281 | $12412 | $12140 |
| **8/31/24** | $12373 | $12510 | $12248 |
| **9/30/24** | $12482 | $12633 | $12348 |
| **10/31/24** | $12316 | $12449 | $12191 |
| **11/30/24** | $12476 | $12664 | $12341 |
| **12/31/24** | $12346 | $12480 | $12217 |
| **1/31/25** | $12407 | $12542 | $12300 |
| **2/28/25** | $12546 | $12667 | $12421 |
| **3/31/25** | $12355 | $12452 | $12264 |
| **4/30/25** | $12316 | $12352 | $12189 |
| **5/31/25** | $12310 | $12360 | $12257 |
| **6/30/25** | $12413 | $12437 | $12351 |

---

The table below shows the average annual total returns of the Fund, a regulatory index, and one or more supplemental index(es) for certain periods ended June 30, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund (at NAV) | 1.88% | 0.91% | 2.18% |
| Bloomberg Municipal Bond Index | 1.11% | 0.51% | 2.20% |
| Bloomberg 1-15 Year Municipal Bond Index | 2.63% | 0.86% | 2.13% |

---

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

**Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results.**Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.Differences in the Fund's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.400.4ETF (888.400.4383)**.

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

---

| | |
|:---|:---|
| Total Net Assets | $2009594 |
| # of Portfolio Holdings | 544 |
| Portfolio Turnover Rate | 26% |
| Total Net Management Fees Paid During the Reporting Period | $6165 |

---

---

| | |
|:---|:---|
| 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 | 19.4% |
| Local or Guaranteed Housing | 14.7% |
| Ad Valorem Property Tax | 10.9% |
| Electric Power & Light Revenue | 6.3% |
| Income Tax Revenue | 5.9% |
| Natural Gas Revenue | 5.3% |
| Highway Revenue Tolls | 4.4% |
| Water Revenue | 4.0% |
| Miscellaneous Revenue | 3.8% |
| Sales Tax Revenue | 3.2% |
| College & University Revenue | 2.8% |
| Tobacco Settlement Funded | 2.4% |
| Other Investments | 15.6% |
| Short-Term Instruments | 1.7% |
| 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](g940699i650456a51b99916f04d6.jpg)

# PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund
![Image](g940699ib95745adc7579acb45ad.jpg)

Annual Shareholder Report \|

June 30, 2025

## MUNI \| Principal Listing Exchange: NYSE Arca
ETF4754TSRAR_063025

# PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund

## CORP \| Principal Listing Exchange: NYSE Arca

#### Annual Shareholder Report \| June 30, 2025
![Image](g940699i4275f5c651065ad89d29.jpg)

## Fund Performance
This 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, 2024 to June 30, 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)**.

#### This report describes changes to the Fund that occurred during the reporting period.

## 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 | $43 | 0.41% |

---

## How did the Fund perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Duration positioning contributed to performance, specifically through a curve steepening bias, as the U.S. yield curve steepened.

* Exposure to investment grade credit default indexes contributed to performance, as spreads tightened.

* Security selection in the chemicals sector, specifically overweight exposure to a global nitrogen and methanol producer, contributed to performance, as spreads tightened amid the ongoing replenishment of global inventories.

* Security selection in the pipelines sector, specifically overweight exposure to a North American natural gas pipeline operator, detracted from performance, as spreads widened amid a project delay.

* Underweight exposure to the tobacco sector detracted from performance, as the sector outperformed the broader ICE BofA US Corporate Index.

* Security selection in the energy sector, specifically underweight exposure to a global integrated oil supermajor company, detracted from performance, as spreads tightened amid higher oil production.

## Fund Performance
In addition to the Fund's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the Bloomberg U.S. Aggregate Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended June 30, 2025 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g940699i180ae135bd6cfd37b2d1.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund (at NAV)** | **Bloomberg U.S. Aggregate Index** | **ICE BofA US Corporate Index** |
| **6/30/15** | $10000 | $10000 | $10000 |
| **7/31/15** | $10081 | $10070 | $10054 |
| **8/31/15** | $9986 | $10055 | $9986 |
| **9/30/15** | $10057 | $10123 | $10039 |
| **10/31/15** | $10130 | $10125 | $10093 |
| **11/30/15** | $10110 | $10098 | $10070 |
| **12/31/15** | $10020 | $10065 | $9983 |
| **1/31/16** | $10060 | $10204 | $10026 |
| **2/29/16** | $10173 | $10276 | $10100 |
| **3/31/16** | $10461 | $10371 | $10374 |
| **4/30/16** | $10601 | $10410 | $10515 |
| **5/31/16** | $10581 | $10413 | $10509 |
| **6/30/16** | $10814 | $10600 | $10738 |
| **7/31/16** | $10976 | $10667 | $10893 |
| **8/31/16** | $10995 | $10655 | $10923 |
| **9/30/16** | $10976 | $10649 | $10892 |
| **10/31/16** | $10872 | $10567 | $10802 |
| **11/30/16** | $10562 | $10317 | $10512 |
| **12/31/16** | $10637 | $10332 | $10578 |
| **1/31/17** | $10672 | $10352 | $10621 |
| **2/28/17** | $10804 | $10422 | $10741 |
| **3/31/17** | $10780 | $10416 | $10728 |
| **4/30/17** | $10896 | $10497 | $10835 |
| **5/31/17** | $11010 | $10577 | $10961 |
| **6/30/17** | $11051 | $10567 | $10988 |
| **7/31/17** | $11139 | $10612 | $11070 |
| **8/31/17** | $11219 | $10707 | $11164 |
| **9/30/17** | $11198 | $10656 | $11138 |
| **10/31/17** | $11245 | $10663 | $11183 |
| **11/30/17** | $11221 | $10649 | $11168 |
| **12/31/17** | $11316 | $10698 | $11263 |
| **1/31/18** | $11217 | $10575 | $11159 |
| **2/28/18** | $11023 | $10474 | $10992 |
| **3/31/18** | $11036 | $10542 | $11016 |
| **4/30/18** | $10933 | $10463 | $10922 |
| **5/31/18** | $10968 | $10538 | $10971 |
| **6/30/18** | $10927 | $10525 | $10912 |
| **7/31/18** | $11025 | $10527 | $10993 |
| **8/31/18** | $11071 | $10595 | $11052 |
| **9/30/18** | $11044 | $10527 | $11016 |
| **10/31/18** | $10877 | $10444 | $10868 |
| **11/30/18** | $10852 | $10506 | $10847 |
| **12/31/18** | $11010 | $10699 | $11010 |
| **1/31/19** | $11267 | $10813 | $11240 |
| **2/28/19** | $11300 | $10806 | $11281 |
| **3/31/19** | $11597 | $11014 | $11562 |
| **4/30/19** | $11661 | $11017 | $11626 |
| **5/31/19** | $11812 | $11212 | $11793 |
| **6/30/19** | $12090 | $11353 | $12064 |
| **7/31/19** | $12170 | $11378 | $12143 |
| **8/31/19** | $12540 | $11673 | $12512 |
| **9/30/19** | $12469 | $11611 | $12434 |
| **10/31/19** | $12539 | $11646 | $12510 |
| **11/30/19** | $12568 | $11640 | $12537 |
| **12/31/19** | $12601 | $11632 | $12577 |
| **1/31/20** | $12909 | $11855 | $12898 |
| **2/29/20** | $13040 | $12069 | $13048 |
| **3/31/20** | $12147 | $11998 | $12118 |
| **4/30/20** | $12751 | $12211 | $12706 |
| **5/31/20** | $12991 | $12268 | $12938 |
| **6/30/20** | $13271 | $12345 | $13204 |
| **7/31/20** | $13679 | $12530 | $13619 |
| **8/31/20** | $13496 | $12428 | $13442 |
| **9/30/20** | $13452 | $12422 | $13415 |
| **10/31/20** | $13411 | $12366 | $13386 |
| **11/30/20** | $13791 | $12488 | $13758 |
| **12/31/20** | $13861 | $12505 | $13822 |
| **1/31/21** | $13697 | $12415 | $13677 |
| **2/28/21** | $13470 | $12236 | $13457 |
| **3/31/21** | $13238 | $12083 | $13223 |
| **4/30/21** | $13389 | $12178 | $13372 |
| **5/31/21** | $13469 | $12218 | $13449 |
| **6/30/21** | $13707 | $12304 | $13675 |
| **7/31/21** | $13885 | $12442 | $13856 |
| **8/31/21** | $13846 | $12418 | $13824 |
| **9/30/21** | $13699 | $12310 | $13686 |
| **10/31/21** | $13720 | $12307 | $13711 |
| **11/30/21** | $13725 | $12343 | $13714 |
| **12/31/21** | $13712 | $12312 | $13680 |
| **1/31/22** | $13287 | $12047 | $13263 |
| **2/28/22** | $13035 | $11912 | $12985 |
| **3/31/22** | $12709 | $11581 | $12631 |
| **4/30/22** | $12057 | $11142 | $11993 |
| **5/31/22** | $12144 | $11214 | $12068 |
| **6/30/22** | $11820 | $11038 | $11760 |
| **7/31/22** | $12200 | $11307 | $12109 |
| **8/31/22** | $11856 | $10988 | $11794 |
| **9/30/22** | $11276 | $10513 | $11189 |
| **10/31/22** | $11149 | $10377 | $11065 |
| **11/30/22** | $11700 | $10759 | $11609 |
| **12/31/22** | $11651 | $10710 | $11584 |
| **1/31/23** | $12121 | $11040 | $12035 |
| **2/28/23** | $11767 | $10754 | $11684 |
| **3/31/23** | $12103 | $11027 | $11984 |
| **4/30/23** | $12204 | $11094 | $12085 |
| **5/31/23** | $12045 | $10973 | $11925 |
| **6/30/23** | $12071 | $10934 | $11959 |
| **7/31/23** | $12120 | $10927 | $12011 |
| **8/31/23** | $12040 | $10857 | $11929 |
| **9/30/23** | $11744 | $10581 | $11636 |
| **10/31/23** | $11532 | $10414 | $11424 |
| **11/30/23** | $12180 | $10886 | $12069 |
| **12/31/23** | $12675 | $11302 | $12557 |
| **1/31/24** | $12688 | $11271 | $12576 |
| **2/29/24** | $12503 | $11112 | $12400 |
| **3/31/24** | $12646 | $11215 | $12547 |
| **4/30/24** | $12354 | $10931 | $12255 |
| **5/31/24** | $12583 | $11117 | $12482 |
| **6/30/24** | $12666 | $11222 | $12562 |
| **7/31/24** | $12974 | $11484 | $12858 |
| **8/31/24** | $13178 | $11649 | $13055 |
| **9/30/24** | $13392 | $11805 | $13280 |
| **10/31/24** | $13087 | $11512 | $12982 |
| **11/30/24** | $13259 | $11634 | $13137 |
| **12/31/24** | $13027 | $11444 | $12904 |
| **1/31/25** | $13107 | $11504 | $12982 |
| **2/28/25** | $13386 | $11757 | $13245 |
| **3/31/25** | $13349 | $11762 | $13208 |
| **4/30/25** | $13349 | $11808 | $13205 |
| **5/31/25** | $13340 | $11723 | $13205 |
| **6/30/25** | $13596 | $11904 | $13445 |

---

The table below shows the average annual total returns of the Fund, a regulatory index, and one or more supplemental index(es) for certain periods ended June 30, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund (at NAV) | 7.35% | 0.49% | 3.12% |
| Bloomberg U.S. Aggregate Index | 6.08% | (0.73%) | 1.76% |
| ICE BofA US Corporate Index | 7.03% | 0.36% | 3.00% |

---

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

**Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results.**Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.Differences in the Fund's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.400.4ETF (888.400.4383)**.

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

---

| | |
|:---|:---|
| Total Net Assets | $1317203 |
| # of Portfolio Holdings | 1375 |
| Portfolio Turnover Rate | 18% |
| Total Net Management Fees Paid During the Reporting Period | $2565 |

---

---

| | |
|:---|:---|
| 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 | 87.2% |
| U.S. Treasury Obligations | 10.7% |
| Other Investments | 0.1% |
| Short-Term Instruments | 0.4% |
| Affiliated Investments | 0.4% |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | 1.2% |
| Total | 100.0% |

---

## Material Fund Changes
This is a summary of certain changes and planned changes of the Fund since the beginning of the reporting period. For more information, you may refer to the Fund's next prospectus, which we expect to be available by October 31, 2025 or upon request at **888.400.4ETF (888.400.4383)**.

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses increased during the year by 0.05% as a result of higher expenses related to interest.

## 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](g940699i650456a51b99916f04d6.jpg)

# PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund
![Image](g940699ib95745adc7579acb45ad.jpg)

Annual Shareholder Report \|

June 30, 2025

## CORP \| Principal Listing Exchange: NYSE Arca
ETF4760TSRAR_063025

# PIMCO Commodity Strategy Active Exchange-Traded Fund

## CMDT \| Principal Listing Exchange: NYSE Arca

#### Annual Shareholder Report \| June 30, 2025
![Image](g940699i4275f5c651065ad89d29.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO Commodity Strategy Active Exchange-Traded Fund (the "Fund") for the period of July 1, 2024 to June 30, 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 | $65 | 0.64% |

---

## How did the Fund perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Overweight exposure to the precious metals sector since August 2024 contributed to relative performance, as the sector posted positive returns.

* Underweight exposure to the grains sector contributed to relative performance, as the sector posted negative returns. 

* Overweight exposure to coffee contributed to relative performance, as the commodity posted positive returns. 

* Underweight exposure to natural gas contributed to relative performance, as the commodity posted negative returns. 

* Overweight exposure to the petroleum sector detracted from relative performance, as the sector posted negative returns.

* Exposure to California Carbon Allowances ("CCAs") detracted from relative performance, as CCAs posted negative returns. 

* Underweight exposure to aluminum and copper since July 2024 detracted from relative performance, as these commodities posted positive returns. 

* Underweight exposure to soybean oil detracted from relative performance, as the commodity posted positive returns. 

* Underweight exposure to lean hogs detracted from relative performance, as the commodity posted positive returns.

## Fund Performance
In addition to the Fund's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the S&P 500 Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended June 30, 2025 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g940699i6eee8bdf8e6a9b42d23b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **PIMCO Commodity Strategy Active Exchange-Traded Fund (at NAV)** | **S&P 500 Index** | **Bloomberg Commodity Index Total Return** |
| **5/9/23** | $10000 | $10000 | $10000 |
| **5/31/23** | $9640 | $10163 | $9491 |
| **6/30/23** | $10092 | $10835 | $9874 |
| **7/31/23** | $10851 | $11183 | $10492 |
| **8/31/23** | $10899 | $11005 | $10412 |
| **9/30/23** | $10939 | $10480 | $10339 |
| **10/31/23** | $10907 | $10260 | $10367 |
| **11/30/23** | $10770 | $11197 | $10133 |
| **12/31/23** | $10531 | $11706 | $9861 |
| **1/31/24** | $10748 | $11902 | $9900 |
| **2/29/24** | $10732 | $12538 | $9754 |
| **3/31/24** | $11171 | $12941 | $10077 |
| **4/30/24** | $11354 | $12413 | $10348 |
| **5/31/24** | $11349 | $13028 | $10530 |
| **6/30/24** | $11304 | $13496 | $10368 |
| **7/31/24** | $10989 | $13660 | $9949 |
| **8/31/24** | $10868 | $13991 | $9954 |
| **9/30/24** | $11223 | $14290 | $10438 |
| **10/31/24** | $11177 | $14160 | $10245 |
| **11/30/24** | $11177 | $14992 | $10286 |
| **12/31/24** | $11268 | $14634 | $10391 |
| **1/31/25** | $11652 | $15042 | $10802 |
| **2/28/25** | $11558 | $14845 | $10886 |
| **3/31/25** | $11960 | $14009 | $11314 |
| **4/30/25** | $11362 | $13914 | $10770 |
| **5/31/25** | $11375 | $14790 | $10708 |
| **6/30/25** | $11614 | $15542 | $10966 |

---

The table below shows the average annual total returns of the Fund, a regulatory index, and one or more supplemental index(es) for certain periods ended June 30, 2025.

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| **Fund/Index Name** | **1 Year** | **Since Inception 5/9/23** |
| PIMCO Commodity Strategy Active Exchange-Traded Fund (at NAV) | 2.74% | 7.23% |
| S&P 500 Index | 15.16% | 22.85% |
| Bloomberg Commodity Index Total Return | 5.77% | 4.40% |

---

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

**Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results.**Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.Differences in the Fund's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.400.4ETF (888.400.4383)**.

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

---

| | |
|:---|:---|
| Total Net Assets | $372814 |
| # of Portfolio Holdings | 316 |
| Portfolio Turnover Rate | 49% |
| Total Net Management Fees Paid During the Reporting Period | $2207 |

---

---

| | |
|:---|:---|
| 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 | 35.6% |
| Commodities | 19.5% |
| U.S. Government Agencies | 15.1% |
| Asset-Backed Securities | 14.3% |
| Sovereign Issues | 1.5% |
| Non-Agency Mortgage-Backed Securities | 0.3% |
| Short-Term Instruments | 5.9% |
| Affiliated Investments | 1.9% |
| Financial Derivative Instruments | (0.6%) |
| 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](g940699i650456a51b99916f04d6.jpg)

# PIMCO Commodity Strategy Active Exchange-Traded Fund
![Image](g940699ib95745adc7579acb45ad.jpg)

Annual Shareholder Report \|

June 30, 2025

## CMDT \| Principal Listing Exchange: NYSE Arca
ETF4741TSRAR_063025

# PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund

## PMBS \| Principal Listing Exchange: NASDAQ

#### Annual Shareholder Report \| June 30, 2025
![Image](g940699i4275f5c651065ad89d29.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund (the "Fund") for the period of April 1, 2025 to June 30, 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)**.

#### This report describes changes to the Fund that occurred during the reporting period.

## 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 | $18 | 0.71%<sup>Footnote Reference1</sup> |

---

---

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

---

## How did the Fund perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Underweight exposure in conventional mortgage-backed securities ("MBS") positions relative to the Bloomberg U.S. MBS Fixed-Rate Index contributed to performance, as conventional MBS spreads widened.

* Exposure to structured agency MBS positions contributed to performance, as agency interest-only positions posted positive returns. 

* Overweight exposure to non-agency residential MBS contributed to performance, as the sector posted positive returns.

* Underweight exposure to higher coupon Government National Mortgage Association ("GNMA") MBS positions detracted from performance, as higher coupons outperformed lowers coupons on a relative basis. 

* Overweight U.S. duration positioning detracted from performance, as U.S. interest rates moved higher.

## Fund Performance
In addition to the Fund's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the Bloomberg U.S. Aggregate Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended June 30, 2025 or the life of the Fund, if shorter. The Fund acquired all of the assets and liabilities of the PIMCO Mortgage-Backed Securities Fund (the "Acquired Fund") in a reorganization that occurred as of the close of business on September 20, 2024 (the "Reorganization"). Performance disclosed for the periods prior to September 20, 2024 reflects that of the Acquired Fund's Institutional Class shares. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g940699i87066fc77c51571280c2.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund (at NAV)** | **Bloomberg U.S. Aggregate Index** | **Bloomberg U.S. MBS Fixed-Rate Index** |
| **6/30/15** | $10000 | $10000 | $10000 |
| **7/31/15** | $10085 | $10070 | $10063 |
| **8/31/15** | $10083 | $10055 | $10072 |
| **9/30/15** | $10140 | $10123 | $10131 |
| **10/31/15** | $10147 | $10125 | $10138 |
| **11/30/15** | $10139 | $10098 | $10124 |
| **12/31/15** | $10135 | $10065 | $10121 |
| **1/31/16** | $10243 | $10204 | $10253 |
| **2/29/16** | $10274 | $10276 | $10291 |
| **3/31/16** | $10305 | $10371 | $10321 |
| **4/30/16** | $10346 | $10410 | $10338 |
| **5/31/16** | $10367 | $10413 | $10352 |
| **6/30/16** | $10447 | $10600 | $10436 |
| **7/31/16** | $10489 | $10667 | $10457 |
| **8/31/16** | $10491 | $10655 | $10469 |
| **9/30/16** | $10573 | $10649 | $10498 |
| **10/31/16** | $10572 | $10567 | $10471 |
| **11/30/16** | $10376 | $10317 | $10291 |
| **12/31/16** | $10397 | $10332 | $10290 |
| **1/31/17** | $10428 | $10352 | $10287 |
| **2/28/17** | $10501 | $10422 | $10336 |
| **3/31/17** | $10515 | $10416 | $10339 |
| **4/30/17** | $10577 | $10497 | $10406 |
| **5/31/17** | $10662 | $10577 | $10471 |
| **6/30/17** | $10665 | $10567 | $10429 |
| **7/31/17** | $10708 | $10612 | $10476 |
| **8/31/17** | $10815 | $10707 | $10553 |
| **9/30/17** | $10811 | $10656 | $10529 |
| **10/31/17** | $10815 | $10663 | $10526 |
| **11/30/17** | $10810 | $10649 | $10511 |
| **12/31/17** | $10852 | $10698 | $10545 |
| **1/31/18** | $10742 | $10575 | $10422 |
| **2/28/18** | $10694 | $10474 | $10353 |
| **3/31/18** | $10752 | $10542 | $10419 |
| **4/30/18** | $10716 | $10463 | $10367 |
| **5/31/18** | $10790 | $10538 | $10439 |
| **6/30/18** | $10798 | $10525 | $10445 |
| **7/31/18** | $10803 | $10527 | $10433 |
| **8/31/18** | $10867 | $10595 | $10497 |
| **9/30/18** | $10820 | $10527 | $10432 |
| **10/31/18** | $10765 | $10444 | $10366 |
| **11/30/18** | $10850 | $10506 | $10460 |
| **12/31/18** | $10994 | $10699 | $10650 |
| **1/31/19** | $11100 | $10813 | $10734 |
| **2/28/19** | $11100 | $10806 | $10724 |
| **3/31/19** | $11261 | $11014 | $10880 |
| **4/30/19** | $11252 | $11017 | $10874 |
| **5/31/19** | $11391 | $11212 | $11014 |
| **6/30/19** | $11478 | $11353 | $11094 |
| **7/31/19** | $11511 | $11378 | $11139 |
| **8/31/19** | $11599 | $11673 | $11238 |
| **9/30/19** | $11628 | $11611 | $11246 |
| **10/31/19** | $11669 | $11646 | $11286 |
| **11/30/19** | $11677 | $11640 | $11295 |
| **12/31/19** | $11698 | $11632 | $11326 |
| **1/31/20** | $11785 | $11855 | $11405 |
| **2/29/20** | $11890 | $12069 | $11523 |
| **3/31/20** | $11774 | $11998 | $11645 |
| **4/30/20** | $11924 | $12211 | $11719 |
| **5/31/20** | $11995 | $12268 | $11734 |
| **6/30/20** | $12052 | $12345 | $11723 |
| **7/31/20** | $12107 | $12530 | $11744 |
| **8/31/20** | $12161 | $12428 | $11748 |
| **9/30/20** | $12195 | $12422 | $11736 |
| **10/31/20** | $12232 | $12366 | $11731 |
| **11/30/20** | $12269 | $12488 | $11739 |
| **12/31/20** | $12317 | $12505 | $11765 |
| **1/31/21** | $12383 | $12415 | $11774 |
| **2/28/21** | $12348 | $12236 | $11695 |
| **3/31/21** | $12288 | $12083 | $11635 |
| **4/30/21** | $12366 | $12178 | $11699 |
| **5/31/21** | $12328 | $12218 | $11679 |
| **6/30/21** | $12361 | $12304 | $11674 |
| **7/31/21** | $12440 | $12442 | $11747 |
| **8/31/21** | $12436 | $12418 | $11728 |
| **9/30/21** | $12422 | $12310 | $11685 |
| **10/31/21** | $12409 | $12307 | $11663 |
| **11/30/21** | $12406 | $12343 | $11652 |
| **12/31/21** | $12384 | $12312 | $11642 |
| **1/31/22** | $12241 | $12047 | $11469 |
| **2/28/22** | $12134 | $11912 | $11358 |
| **3/31/22** | $11805 | $11581 | $11063 |
| **4/30/22** | $11347 | $11142 | $10675 |
| **5/31/22** | $11432 | $11214 | $10793 |
| **6/30/22** | $11155 | $11038 | $10620 |
| **7/31/22** | $11500 | $11307 | $10961 |
| **8/31/22** | $11170 | $10988 | $10586 |
| **9/30/22** | $10584 | $10513 | $10052 |
| **10/31/22** | $10402 | $10377 | $9909 |
| **11/30/22** | $10800 | $10759 | $10312 |
| **12/31/22** | $10744 | $10710 | $10267 |
| **1/31/23** | $11118 | $11040 | $10605 |
| **2/28/23** | $10877 | $10754 | $10325 |
| **3/31/23** | $11016 | $11027 | $10526 |
| **4/30/23** | $11099 | $11094 | $10581 |
| **5/31/23** | $11024 | $10973 | $10503 |
| **6/30/23** | $11071 | $10934 | $10458 |
| **7/31/23** | $11062 | $10927 | $10451 |
| **8/31/23** | $10970 | $10857 | $10365 |
| **9/30/23** | $10673 | $10581 | $10034 |
| **10/31/23** | $10397 | $10414 | $9827 |
| **11/30/23** | $10933 | $10886 | $10339 |
| **12/31/23** | $11356 | $11302 | $10785 |
| **1/31/24** | $11343 | $11271 | $10735 |
| **2/29/24** | $11216 | $11112 | $10560 |
| **3/31/24** | $11357 | $11215 | $10672 |
| **4/30/24** | $11038 | $10931 | $10349 |
| **5/31/24** | $11292 | $11117 | $10556 |
| **6/30/24** | $11402 | $11222 | $10680 |
| **7/31/24** | $11702 | $11484 | $10961 |
| **8/31/24** | $11858 | $11649 | $11138 |
| **9/30/24** | $12043 | $11805 | $11270 |
| **10/31/24** | $11711 | $11512 | $10951 |
| **11/30/24** | $11891 | $11634 | $11097 |
| **12/31/24** | $11721 | $11444 | $10914 |
| **1/31/25** | $11782 | $11504 | $10970 |
| **2/28/25** | $12087 | $11757 | $11250 |
| **3/31/25** | $12091 | $11762 | $11248 |
| **4/30/25** | $12104 | $11808 | $11280 |
| **5/31/25** | $12000 | $11723 | $11177 |
| **6/30/25** | $12232 | $11904 | $11376 |

---

The table below shows the average annual total returns of the Fund, a regulatory index, and one or more supplemental index(es) for certain periods ended June 30, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund (at NAV)<sup>Footnote Reference‡</sup> | 7.27% | 0.30% | 2.03% |
| Bloomberg U.S. Aggregate Index | 6.08% | (0.73%) | 1.76% |
| Bloomberg U.S. MBS Fixed-Rate Index | 6.52% | (0.60%) | 1.30% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>‡</sup> | &nbsp;&nbsp;PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund (at NAV) 3 month period ended 6/30/25 1.16%. |

---

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

**Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results.**Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.Differences in the Fund's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.400.4ETF (888.400.4383)**.

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

---

| | |
|:---|:---|
| Total Net Assets | $542638 |
| # of Portfolio Holdings | 940 |
| Portfolio Turnover Rate | 257% |
| Total Net Management Fees Paid During the Reporting Period | $509 |

---

---

| | |
|:---|:---|
| 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 | 176.8% |
| Asset-Backed Securities | 2.6% |
| Non-Agency Mortgage-Backed Securities | 2.3% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 2.2% |
| Financial Derivative Instruments | 0.4% |
| Other Assets and Liabilities, Net | (84.3%) |
| Total | 100.0% |

---

## Material Fund Changes
This is a summary of certain changes and planned changes of the Fund since the beginning of the reporting period. For more information, you may refer to the Fund's next prospectus, which we expect to be available by October 31, 2025 or upon request at **888.400.4ETF (888.400.4383)**.

Change to Fiscal Year End. At a meeting of the Board of Trustees (the "Board") on May 15-16, 2025, the Board approved a change in the fiscal year end of the Fund to June 30 to align with the fiscal year end of the other series in the PIMCO ETF Trust.

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses decreased during the year by 0.17% as a result of lower expenses related to interest.

## 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](g940699i650456a51b99916f04d6.jpg)

# PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund
![Image](g940699ib95745adc7579acb45ad.jpg)

Annual Shareholder Report \|

June 30, 2025

## PMBS \| Principal Listing Exchange: NASDAQ
ETF4742TSRAR_063025

# PIMCO Multisector Bond Active Exchange-Traded Fund

## PYLD \| Principal Listing Exchange: NYSE Arca

#### Annual Shareholder Report \| June 30, 2025
![Image](g940699i4275f5c651065ad89d29.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO Multisector Bond Active Exchange-Traded Fund (the "Fund") for the period of July 1, 2024 to June 30, 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)**.

#### This report describes changes to the Fund that occurred during the reporting period.

## 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 | $67 | 0.64% |

---

## How did the Fund perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Exposure to the U.S. cash rate contributed to performance, as the cash rate was elevated, particularly earlier in the reporting period. 

* U.S. duration positioning contributed to performance, as interest rates fell. 

* Exposure to high yield credit contributed to performance, as the asset class delivered positive returns. 

* Short exposure to the Taiwan dollar detracted from performance, as the currency appreciated relative to the U.S. dollar. 

* Short exposure to the Swiss franc detracted from performance, as the currency appreciated relative to the U.S. dollar. 

* Short exposure to the Chinese yuan detracted from performance, as the currency appreciated relative to the U.S. dollar.

## Fund Performance
In addition to the Fund's performance, the graph and the table in this section include performance of a broad-based securities market index (i.e., a regulatory index). The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended June 30, 2025 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g940699id7ba62f8fae8e797c633.jpg)

---

| | | |
|:---|:---|:---|
| | **PIMCO Multisector Bond Active Exchange-Traded Fund (at NAV)** | **Bloomberg U.S. Aggregate Index** |
| **6/21/23** | $10000 | $10000 |
| **6/30/23** | $10008 | $9960 |
| **7/31/23** | $10060 | $9953 |
| **8/31/23** | $10025 | $9890 |
| **9/30/23** | $9844 | $9638 |
| **10/31/23** | $9710 | $9486 |
| **11/30/23** | $10175 | $9916 |
| **12/31/23** | $10517 | $10295 |
| **1/31/24** | $10570 | $10267 |
| **2/29/24** | $10520 | $10122 |
| **3/31/24** | $10664 | $10216 |
| **4/30/24** | $10501 | $9957 |
| **5/31/24** | $10692 | $10126 |
| **6/30/24** | $10774 | $10222 |
| **7/31/24** | $11024 | $10461 |
| **8/31/24** | $11194 | $10611 |
| **9/30/24** | $11357 | $10753 |
| **10/31/24** | $11180 | $10487 |
| **11/30/24** | $11340 | $10598 |
| **12/31/24** | $11297 | $10424 |
| **1/31/25** | $11410 | $10479 |
| **2/28/25** | $11595 | $10710 |
| **3/31/25** | $11586 | $10714 |
| **4/30/25** | $11577 | $10756 |
| **5/31/25** | $11657 | $10679 |
| **6/30/25** | $11854 | $10843 |

---

The table below shows the average annual total returns of the Fund and a regulatory index(es) for certain periods ended June 30, 2025.

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| **Fund/Index Name** | **1 Year** | **Since Inception 6/21/23** |
| PIMCO Multisector Bond Active Exchange-Traded Fund (at NAV) | 10.02% | 8.76% |
| Bloomberg U.S. Aggregate Index | 6.08% | 4.08% |

---

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

**Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results.**Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.Differences in the Fund's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.400.4ETF (888.400.4383)**.

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

---

| | |
|:---|:---|
| Total Net Assets | $5864825 |
| # of Portfolio Holdings | 1478 |
| Portfolio Turnover Rate | 501% |
| Total Net Management Fees Paid During the Reporting Period | $16475 |

---

---

| | |
|:---|:---|
| 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. Government Agencies | 40.5% |
| Asset-Backed Securities | 37.4% |
| Corporate Bonds & Notes | 26.5% |
| Non-Agency Mortgage-Backed Securities | 14.2% |
| Sovereign Issues | 3.6% |
| U.S. Treasury Obligations | 3.6% |
| Loan Participations and Assignments | 3.4% |
| Other Investments | 0.1% |
| Short-Term Instruments | 15.7% |
| Affiliated Investments | 0.3% |
| Financial Derivative Instruments | (0.2%) |
| Other Assets and Liabilities, Net | (45.1%) |
| Total | 100.0% |

---

## Material Fund Changes
This is a summary of certain changes and planned changes of the Fund since the beginning of the reporting period. For more information, you may refer to the Fund's next prospectus, which we expect to be available by October 31, 2025 or upon request at **888.400.4ETF (888.400.4383)**.

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses decreased during the year by 0.05% as a result of lower expenses related to interest.

## 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](g940699i650456a51b99916f04d6.jpg)

# PIMCO Multisector Bond Active Exchange-Traded Fund
![Image](g940699ib95745adc7579acb45ad.jpg)

Annual Shareholder Report \|

June 30, 2025

## PYLD \| Principal Listing Exchange: NYSE Arca
ETF4796TSRAR_063025

# PIMCO Municipal Income Opportunities Active Exchange-Traded Fund

## MINO \| Principal Listing Exchange: NYSE Arca

#### Annual Shareholder Report \| June 30, 2025
![Image](g940699i4275f5c651065ad89d29.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO Municipal Income Opportunities Active Exchange-Traded Fund (the "Fund") for the period of July 1, 2024 to June 30, 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 | $39 | 0.39% |

---

## How did the Fund perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* An overweight exposure to the housing sector contributed to performance, as the sector outperformed the broader municipal market.

* An overweight exposure to the industrial revenue sector contributed to performance, as the sector outperformed the broader municipal market.

* A tactical allocation to the taxable municipals segment contributed to performance, as the segment outperformed the broader municipal market.

* An overweight duration position detracted from performance, as rates rose on the long end of the municipal curve.

* An underweight exposure to the general obligation segment detracted from performance, as the segment outperformed the broader municipal market.

* Security selection in the education sector detracted from performance, as the Fund's holdings underperformed the broader municipal market.

## Fund Performance
In addition to the Fund's performance, the graph and the table in this section include performance of a broad-based securities market index (i.e., a regulatory index). The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended June 30, 2025 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g940699ic1bd5986f1f239567d59.jpg)

---

| | | |
|:---|:---|:---|
| | **PIMCO Municipal Income Opportunities Active Exchange-Traded Fund (at NAV)** | **Bloomberg Municipal Bond Index** |
| **9/8/21** | $10000 | $10000 |
| **9/30/21** | $9918 | $9931 |
| **10/31/21** | $9886 | $9902 |
| **11/30/21** | $9998 | $9987 |
| **12/31/21** | $10031 | $10003 |
| **1/31/22** | $9714 | $9729 |
| **2/28/22** | $9648 | $9694 |
| **3/31/22** | $9322 | $9380 |
| **4/30/22** | $9032 | $9120 |
| **5/31/22** | $9143 | $9256 |
| **6/30/22** | $8911 | $9104 |
| **7/31/22** | $9192 | $9345 |
| **8/31/22** | $8997 | $9140 |
| **9/30/22** | $8669 | $8789 |
| **10/31/22** | $8542 | $8716 |
| **11/30/22** | $8974 | $9124 |
| **12/31/22** | $8983 | $9150 |
| **1/31/23** | $9274 | $9413 |
| **2/28/23** | $9084 | $9200 |
| **3/31/23** | $9218 | $9404 |
| **4/30/23** | $9288 | $9382 |
| **5/31/23** | $9238 | $9301 |
| **6/30/23** | $9345 | $9394 |
| **7/31/23** | $9381 | $9432 |
| **8/31/23** | $9304 | $9296 |
| **9/30/23** | $9065 | $9023 |
| **10/31/23** | $8939 | $8946 |
| **11/30/23** | $9501 | $9514 |
| **12/31/23** | $9753 | $9736 |
| **1/31/24** | $9771 | $9686 |
| **2/29/24** | $9816 | $9698 |
| **3/31/24** | $9841 | $9698 |
| **4/30/24** | $9750 | $9578 |
| **5/31/24** | $9769 | $9550 |
| **6/30/24** | $9910 | $9696 |
| **7/31/24** | $9972 | $9785 |
| **8/31/24** | $10032 | $9862 |
| **9/30/24** | $10143 | $9959 |
| **10/31/24** | $10030 | $9814 |
| **11/30/24** | $10183 | $9983 |
| **12/31/24** | $10047 | $9838 |
| **1/31/25** | $10103 | $9887 |
| **2/28/25** | $10213 | $9985 |
| **3/31/25** | $10042 | $9816 |
| **4/30/25** | $9981 | $9737 |
| **5/31/25** | $9932 | $9743 |
| **6/30/25** | $10004 | $9804 |

---

The table below shows the average annual total returns of the Fund and a regulatory index(es) for certain periods ended June 30, 2025.

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| **Fund/Index Name** | **1 Year** | **Since Inception 9/8/21** |
| PIMCO Municipal Income Opportunities Active Exchange-Traded Fund (at NAV) | 0.95% | 0.01% |
| Bloomberg Municipal Bond Index | 1.11% | (0.52%) |

---

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

**Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results.**Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.Differences in the Fund's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.400.4ETF (888.400.4383)**.

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

---

| | |
|:---|:---|
| Total Net Assets | $320104 |
| # of Portfolio Holdings | 386 |
| Portfolio Turnover Rate | 47% |
| Total Net Management Fees Paid During the Reporting Period | $942 |

---

---

| | |
|:---|:---|
| 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 | 17.6% |
| Local or Guaranteed Housing | 16.5% |
| Ad Valorem Property Tax | 11.0% |
| Port, Airport & Marina Revenue | 6.9% |
| Electric Power & Light Revenue | 5.8% |
| College & University Revenue | 4.3% |
| Miscellaneous Revenue | 4.2% |
| Sales Tax Revenue | 3.4% |
| Natural Gas Revenue | 3.3% |
| Water Revenue | 3.0% |
| Industrial Revenue | 2.7% |
| Other Investments | 19.4% |
| Short-Term Instruments | 2.4% |
| Financial Derivative 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](g940699i650456a51b99916f04d6.jpg)

# PIMCO Municipal Income Opportunities Active Exchange-Traded Fund
![Image](g940699ib95745adc7579acb45ad.jpg)

Annual Shareholder Report \|

June 30, 2025

## MINO \| Principal Listing Exchange: NYSE Arca
ETF4764TSRAR_063025

# PIMCO Preferred and Capital Securities Active Exchange-Traded Fund

## PRFD \| Principal Listing Exchange: NYSE Arca

#### Annual Shareholder Report \| June 30, 2025
![Image](g940699i4275f5c651065ad89d29.jpg)

## Fund Performance
This 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, 2024 to June 30, 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 | $76 | 0.73% |

---

## How did the Fund perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Overweight exposure to U.K. Additional Tier 1 securities ("AT1s") contributed to performance, as U.K. bank earnings remained strong and the Bank of England reaffirmed the seniority of AT1s over equity securities. 

* Exposure to high yield, particularly via credit default swap indexes, contributed to performance, as risk sentiment was supported by ongoing trade negotiations. 

* Overweight exposure to French AT1s contributed to performance, as French bank balance sheets remained strong and earnings benefitted from higher rates. 

* Underweight exposure to U.S. duration detracted from performance, as rates fell. 

* Security selection in U.S. non-financial retail preferreds, particularly underweight exposure to a telecommunications company, detracted from performance, as it benefited from growing bandwidth demand. 

* Security selection in U.S. preferreds, particularly underweight exposure to a large regional bank, detracted from performance, as it recovered from volatility in the banking sector.

## Fund Performance
In addition to the Fund's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the Bloomberg U.S. Aggregate Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended June 30, 2025 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g940699i1dab8bf09acbb5c38882.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **PIMCO Preferred and Capital Securities Active Exchange-Traded Fund (at NAV)** | **Bloomberg U.S. Aggregate Index** | **ICE BofA US All Capital Securities Index** |
| **1/18/23** | $10000 | $10000 | $10000 |
| **1/31/23** | $10164 | $9948 | $10188 |
| **2/28/23** | $9968 | $9691 | $9992 |
| **3/31/23** | $9355 | $9937 | $9518 |
| **4/30/23** | $9472 | $9997 | $9664 |
| **5/31/23** | $9410 | $9888 | $9551 |
| **6/30/23** | $9482 | $9853 | $9646 |
| **7/31/23** | $9721 | $9846 | $9801 |
| **8/31/23** | $9598 | $9783 | $9737 |
| **9/30/23** | $9416 | $9534 | $9627 |
| **10/31/23** | $9173 | $9384 | $9337 |
| **11/30/23** | $9723 | $9809 | $9932 |
| **12/31/23** | $10185 | $10184 | $10249 |
| **1/31/24** | $10314 | $10156 | $10516 |
| **2/29/24** | $10360 | $10013 | $10606 |
| **3/31/24** | $10541 | $10105 | $10714 |
| **4/30/24** | $10368 | $9850 | $10494 |
| **5/31/24** | $10596 | $10017 | $10699 |
| **6/30/24** | $10705 | $10112 | $10767 |
| **7/31/24** | $10879 | $10348 | $10872 |
| **8/31/24** | $11083 | $10497 | $11155 |
| **9/30/24** | $11304 | $10637 | $11422 |
| **10/31/24** | $11198 | $10374 | $11334 |
| **11/30/24** | $11295 | $10483 | $11385 |
| **12/31/24** | $11220 | $10312 | $11234 |
| **1/31/25** | $11293 | $10366 | $11307 |
| **2/28/25** | $11444 | $10595 | $11430 |
| **3/31/25** | $11385 | $10599 | $11299 |
| **4/30/25** | $11263 | $10640 | $11187 |
| **5/31/25** | $11427 | $10564 | $11317 |
| **6/30/25** | $11644 | $10726 | $11507 |

---

The table below shows the average annual total returns of the Fund, a regulatory index, and one or more supplemental index(es) for certain periods ended June 30, 2025.

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| **Fund/Index Name** | **1 Year** | **Since Inception 1/18/23** |
| PIMCO Preferred and Capital Securities Active Exchange-Traded Fund (at NAV) | 8.77% | 6.42% |
| Bloomberg U.S. Aggregate Index | 6.08% | 2.91% |
| ICE BofA US All Capital Securities Index | 6.87% | 5.90% |

---

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

**Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results.**Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.Differences in the Fund's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.400.4ETF (888.400.4383)**.

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

---

| | |
|:---|:---|
| Total Net Assets | $194459 |
| # of Portfolio Holdings | 216 |
| Portfolio Turnover Rate | 42% |
| Total Net Management Fees Paid During the Reporting Period | $1113 |

---

---

| | |
|:---|:---|
| 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 | 62.1% |
| Preferred Securities | 33.0% |
| Short-Term Instruments | 3.1% |
| Financial Derivative Instruments | 0.1% |
| Other Assets and Liabilities, Net | 1.7% |
| 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](g940699i650456a51b99916f04d6.jpg)

# PIMCO Preferred and Capital Securities Active Exchange-Traded Fund
![Image](g940699ib95745adc7579acb45ad.jpg)

Annual Shareholder Report \|

June 30, 2025

## PRFD \| Principal Listing Exchange: NYSE Arca
ETF4790TSRAR_063025

# PIMCO Senior Loan Active Exchange-Traded Fund

## LONZ \| Principal Listing Exchange: NYSE Arca

#### Annual Shareholder Report \| June 30, 2025
![Image](g940699i4275f5c651065ad89d29.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO Senior Loan Active Exchange-Traded Fund (the "Fund") for the period of July 1, 2024 to June 30, 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 | $65 | 0.63% |

---

## How did the Fund perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Security selection in the consumer non-cyclicals sector, particularly underweight exposure to a beverage manufacturer, contributed to performance, as spreads widened amid a liability management exercise.

* Underweight exposure to the retail sector contributed to performance, as the sector underperformed the broader market.

* Security selection in the healthcare sector, particularly overweight exposure to a pharmaceutical company, contributed to performance, as spreads tightened.

* Underweight exposure to the telecommunications sector detracted from performance, as the sector outperformed the broader market.

* Security selection in the media, entertainment, and publishing sector, particularly underweight exposure to a global advertising company in second quarter of 2025, detracted from performance, as spreads tightened.

* Security selection in the support services sector, particularly overweight exposure to an educational product retailer, detracted from performance, as spreads widened.

## Fund Performance
In addition to the Fund's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the Bloomberg U.S. Aggregate Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended June 30, 2025 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g940699id00985aecd90f07b1226.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **PIMCO Senior Loan Active Exchange-Traded Fund (at NAV)** | **Bloomberg U.S. Aggregate Index** | **iBoxx USD Liquid Leveraged Loans Index** |
| **6/8/22** | $10000 | $10000 | $10000 |
| **6/30/22** | $9636 | $9945 | $9661 |
| **7/31/22** | $9918 | $10188 | $9935 |
| **8/31/22** | $10028 | $9900 | $10039 |
| **9/30/22** | $9810 | $9472 | $9794 |
| **10/31/22** | $9912 | $9349 | $9934 |
| **11/30/22** | $10022 | $9693 | $10032 |
| **12/31/22** | $10082 | $9650 | $10104 |
| **1/31/23** | $10322 | $9946 | $10370 |
| **2/28/23** | $10384 | $9689 | $10399 |
| **3/31/23** | $10385 | $9935 | $10437 |
| **4/30/23** | $10469 | $9996 | $10555 |
| **5/31/23** | $10456 | $9887 | $10492 |
| **6/30/23** | $10690 | $9852 | $10725 |
| **7/31/23** | $10835 | $9845 | $10848 |
| **8/31/23** | $10954 | $9782 | $10954 |
| **9/30/23** | $11014 | $9533 | $11020 |
| **10/31/23** | $10985 | $9383 | $10996 |
| **11/30/23** | $11179 | $9808 | $11115 |
| **12/31/23** | $11389 | $10183 | $11298 |
| **1/31/24** | $11411 | $10155 | $11312 |
| **2/29/24** | $11538 | $10012 | $11437 |
| **3/31/24** | $11657 | $10104 | $11544 |
| **4/30/24** | $11735 | $9849 | $11623 |
| **5/31/24** | $11848 | $10016 | $11714 |
| **6/30/24** | $11876 | $10111 | $11739 |
| **7/31/24** | $11964 | $10347 | $11842 |
| **8/31/24** | $12047 | $10496 | $11915 |
| **9/30/24** | $12103 | $10636 | $11971 |
| **10/31/24** | $12213 | $10372 | $12082 |
| **11/30/24** | $12374 | $10482 | $12215 |
| **12/31/24** | $12444 | $10310 | $12253 |
| **1/31/25** | $12512 | $10365 | $12330 |
| **2/28/25** | $12500 | $10593 | $12303 |
| **3/31/25** | $12424 | $10597 | $12240 |
| **4/30/25** | $12429 | $10639 | $12267 |
| **5/31/25** | $12640 | $10563 | $12423 |
| **6/30/25** | $12745 | $10725 | $12528 |

---

The table below shows the average annual total returns of the Fund, a regulatory index, and one or more supplemental index(es) for certain periods ended June 30, 2025.

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| **Fund/Index Name** | **1 Year** | **Since Inception 6/8/22** |
| PIMCO Senior Loan Active Exchange-Traded Fund (at NAV) | 7.32% | 8.25% |
| Bloomberg U.S. Aggregate Index | 6.08% | 2.31% |
| iBoxx USD Liquid Leveraged Loans Index | 6.72% | 7.64% |

---

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

**Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results.**Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.Differences in the Fund's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.400.4ETF (888.400.4383)**.

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

---

| | |
|:---|:---|
| Total Net Assets | $739782 |
| # of Portfolio Holdings | 350 |
| Portfolio Turnover Rate | 81% |
| Total Net Management Fees Paid During the Reporting Period | $4371 |

---

---

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

---

---

| | |
|:---|:---|
| Loan Participations and Assignments | 84.4% |
| Corporate Bonds & Notes | 2.3% |
| Short-Term Instruments | 18.2% |
| Financial Derivative Instruments | 0.1% |
| Other Assets and Liabilities, Net | (5.0%) |
| 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](g940699i650456a51b99916f04d6.jpg)

# PIMCO Senior Loan Active Exchange-Traded Fund
![Image](g940699ib95745adc7579acb45ad.jpg)

Annual Shareholder Report \|

June 30, 2025

## LONZ \| Principal Listing Exchange: NYSE Arca
ETF4774TSRAR_063025

# PIMCO Ultra Short Government Active Exchange-Traded Fund

## BILZ \| Principal Listing Exchange: NYSE Arca

#### Annual Shareholder Report \| June 30, 2025
![Image](g940699i4275f5c651065ad89d29.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO Ultra Short Government Active Exchange-Traded Fund (the "Fund") for the period of July 1, 2024 to June 30, 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 | $14 | 0.14% |

---

## How did the Fund perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Exposure to United States Treasury Bills contributed to relative performance, as interest rates fell.

* There were no other material contributors or detractors for this Fund.

## Fund Performance
In addition to the Fund's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the Bloomberg U.S. Aggregate Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended June 30, 2025 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g940699ie8b71505f980c50525e2.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **PIMCO Ultra Short Government Active Exchange-Traded Fund (at NAV)** | **Bloomberg U.S. Aggregate Index** | **FTSE 3-Month Treasury Bill Index** |
| **6/21/23** | $10000 | $10000 | $10000 |
| **6/30/23** | $10015 | $9960 | $10013 |
| **7/31/23** | $10056 | $9953 | $10058 |
| **8/31/23** | $10102 | $9890 | $10105 |
| **9/30/23** | $10147 | $9638 | $10151 |
| **10/31/23** | $10191 | $9486 | $10199 |
| **11/30/23** | $10240 | $9916 | $10245 |
| **12/31/23** | $10288 | $10295 | $10293 |
| **1/31/24** | $10333 | $10267 | $10342 |
| **2/29/24** | $10374 | $10122 | $10386 |
| **3/31/24** | $10421 | $10216 | $10435 |
| **4/30/24** | $10465 | $9957 | $10481 |
| **5/31/24** | $10516 | $10126 | $10530 |
| **6/30/24** | $10559 | $10222 | $10577 |
| **7/31/24** | $10607 | $10461 | $10627 |
| **8/31/24** | $10658 | $10611 | $10676 |
| **9/30/24** | $10708 | $10753 | $10722 |
| **10/31/24** | $10748 | $10487 | $10769 |
| **11/30/24** | $10788 | $10598 | $10812 |
| **12/31/24** | $10832 | $10424 | $10854 |
| **1/31/25** | $10871 | $10479 | $10896 |
| **2/28/25** | $10905 | $10710 | $10933 |
| **3/31/25** | $10942 | $10714 | $10974 |
| **4/30/25** | $10979 | $10756 | $11013 |
| **5/31/25** | $11018 | $10679 | $11054 |
| **6/30/25** | $11054 | $10843 | $11094 |

---

The table below shows the average annual total returns of the Fund, a regulatory index, and one or more supplemental index(es) for certain periods ended June 30, 2025.

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| **Fund/Index Name** | **1 Year** | **Since Inception 6/21/23** |
| PIMCO Ultra Short Government Active Exchange-Traded Fund (at NAV) | 4.69% | 5.08% |
| Bloomberg U.S. Aggregate Index | 6.08% | 4.08% |
| FTSE 3-Month Treasury Bill Index | 4.88% | 5.26% |

---

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

**Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results.**Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.Differences in the Fund's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.400.4ETF (888.400.4383)**.

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

---

| | |
|:---|:---|
| Total Net Assets | $821784 |
| # of Portfolio Holdings | 41 |
| Portfolio Turnover Rate | 0% |
| Total Net Management Fees Paid During the Reporting Period | $855 |

---

---

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

---

---

| | |
|:---|:---|
| Short-Term Instruments | 100.0% |
| 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](g940699i650456a51b99916f04d6.jpg)

# PIMCO Ultra Short Government Active Exchange-Traded Fund
![Image](g940699ib95745adc7579acb45ad.jpg)

Annual Shareholder Report \|

June 30, 2025

## BILZ \| Principal Listing Exchange: NYSE Arca
ETF4752TSRAR_063025

# PIMCO Short Term Municipal Bond Active Exchange-Traded Fund

## SMMU \| Principal Listing Exchange: NYSE Arca

#### Annual Shareholder Report \| June 30, 2025
![Image](g940699i4275f5c651065ad89d29.jpg)

## Fund Performance
This 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, 2024 to June 30, 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 | $36 | 0.35% |

---

## How did the Fund perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* An overweight exposure to the industrial revenue sector contributed to performance, as the sector outperformed the broader municipal market.

* Security selection in the electric utility sector contributed to performance, as the sector underperformed the broader municipal market.

* Security selection in the healthcare sector contributed to performance, as the sector underperformed the broader municipal market.

* An overweight duration position detracted from performance, as rates rose on the long end of the municipal curve.

* An underweight exposure to the general obligation segment detracted from performance, as the segment outperformed the broader municipal market.

* Security selection in the lease-backed sector detracted from performance, as the Fund's holdings underperformed the broader municipal market.

## Fund Performance
In addition to the Fund's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the Bloomberg Municipal Bond Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended June 30, 2025 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g940699i45b06dfed72554467850.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **PIMCO Short Term Municipal Bond Active Exchange-Traded Fund (at NAV)** | **Bloomberg Municipal Bond Index** | **Bloomberg 1-Year Municipal Bond Index** |
| **6/30/15** | $10000 | $10000 | $10000 |
| **7/31/15** | $10022 | $10072 | $10014 |
| **8/31/15** | $10029 | $10092 | $10030 |
| **9/30/15** | $10050 | $10165 | $10043 |
| **10/31/15** | $10074 | $10206 | $10053 |
| **11/30/15** | $10059 | $10246 | $10040 |
| **12/31/15** | $10063 | $10318 | $10039 |
| **1/31/16** | $10105 | $10441 | $10069 |
| **2/29/16** | $10129 | $10458 | $10085 |
| **3/31/16** | $10113 | $10491 | $10071 |
| **4/30/16** | $10137 | $10568 | $10082 |
| **5/31/16** | $10131 | $10597 | $10087 |
| **6/30/16** | $10167 | $10765 | $10105 |
| **7/31/16** | $10184 | $10772 | $10123 |
| **8/31/16** | $10185 | $10786 | $10107 |
| **9/30/16** | $10161 | $10733 | $10086 |
| **10/31/16** | $10147 | $10620 | $10093 |
| **11/30/16** | $10028 | $10224 | $10049 |
| **12/31/16** | $10037 | $10344 | $10069 |
| **1/31/17** | $10090 | $10412 | $10105 |
| **2/28/17** | $10141 | $10484 | $10139 |
| **3/31/17** | $10150 | $10507 | $10139 |
| **4/30/17** | $10176 | $10583 | $10155 |
| **5/31/17** | $10222 | $10751 | $10174 |
| **6/30/17** | $10205 | $10713 | $10165 |
| **7/31/17** | $10246 | $10799 | $10189 |
| **8/31/17** | $10287 | $10882 | $10212 |
| **9/30/17** | $10267 | $10826 | $10200 |
| **10/31/17** | $10268 | $10853 | $10201 |
| **11/30/17** | $10219 | $10795 | $10155 |
| **12/31/17** | $10236 | $10907 | $10162 |
| **1/31/18** | $10239 | $10779 | $10190 |
| **2/28/18** | $10237 | $10747 | $10208 |
| **3/31/18** | $10235 | $10787 | $10200 |
| **4/30/18** | $10221 | $10748 | $10191 |
| **5/31/18** | $10265 | $10871 | $10224 |
| **6/30/18** | $10290 | $10880 | $10260 |
| **7/31/18** | $10310 | $10907 | $10282 |
| **8/31/18** | $10317 | $10935 | $10278 |
| **9/30/18** | $10296 | $10864 | $10258 |
| **10/31/18** | $10289 | $10797 | $10267 |
| **11/30/18** | $10332 | $10917 | $10300 |
| **12/31/18** | $10377 | $11047 | $10338 |
| **1/31/19** | $10425 | $11131 | $10371 |
| **2/28/19** | $10455 | $11190 | $10394 |
| **3/31/19** | $10509 | $11367 | $10422 |
| **4/30/19** | $10521 | $11410 | $10430 |
| **5/31/19** | $10583 | $11567 | $10469 |
| **6/30/19** | $10616 | $11610 | $10501 |
| **7/31/19** | $10662 | $11704 | $10536 |
| **8/31/19** | $10700 | $11888 | $10551 |
| **9/30/19** | $10674 | $11793 | $10529 |
| **10/31/19** | $10697 | $11814 | $10559 |
| **11/30/19** | $10714 | $11844 | $10577 |
| **12/31/19** | $10733 | $11880 | $10593 |
| **1/31/20** | $10793 | $12093 | $10630 |
| **2/29/20** | $10828 | $12249 | $10652 |
| **3/31/20** | $10714 | $11805 | $10599 |
| **4/30/20** | $10689 | $11657 | $10623 |
| **5/31/20** | $10840 | $12028 | $10728 |
| **6/30/20** | $10896 | $12126 | $10728 |
| **7/31/20** | $10952 | $12331 | $10755 |
| **8/31/20** | $10957 | $12273 | $10757 |
| **9/30/20** | $10966 | $12275 | $10765 |
| **10/31/20** | $10962 | $12239 | $10756 |
| **11/30/20** | $11005 | $12423 | $10770 |
| **12/31/20** | $11037 | $12499 | $10779 |
| **1/31/21** | $11066 | $12579 | $10797 |
| **2/28/21** | $11026 | $12379 | $10793 |
| **3/31/21** | $11042 | $12455 | $10801 |
| **4/30/21** | $11069 | $12560 | $10809 |
| **5/31/21** | $11073 | $12597 | $10813 |
| **6/30/21** | $11076 | $12632 | $10812 |
| **7/31/21** | $11103 | $12736 | $10826 |
| **8/31/21** | $11095 | $12690 | $10824 |
| **9/30/21** | $11067 | $12598 | $10813 |
| **10/31/21** | $11058 | $12561 | $10810 |
| **11/30/21** | $11069 | $12668 | $10813 |
| **12/31/21** | $11067 | $12689 | $10812 |
| **1/31/22** | $10957 | $12341 | $10741 |
| **2/28/22** | $10930 | $12297 | $10727 |
| **3/31/22** | $10799 | $11898 | $10638 |
| **4/30/22** | $10699 | $11569 | $10595 |
| **5/31/22** | $10773 | $11741 | $10676 |
| **6/30/22** | $10741 | $11549 | $10679 |
| **7/31/22** | $10838 | $11854 | $10736 |
| **8/31/22** | $10753 | $11594 | $10651 |
| **9/30/22** | $10625 | $11149 | $10560 |
| **10/31/22** | $10603 | $11057 | $10573 |
| **11/30/22** | $10769 | $11574 | $10695 |
| **12/31/22** | $10801 | $11607 | $10690 |
| **1/31/23** | $10925 | $11940 | $10780 |
| **2/28/23** | $10839 | $11670 | $10688 |
| **3/31/23** | $10948 | $11929 | $10803 |
| **4/30/23** | $10945 | $11902 | $10772 |
| **5/31/23** | $10923 | $11799 | $10760 |
| **6/30/23** | $10973 | $11917 | $10811 |
| **7/31/23** | $11001 | $11964 | $10835 |
| **8/31/23** | $11002 | $11792 | $10846 |
| **9/30/23** | $10933 | $11446 | $10802 |
| **10/31/23** | $10936 | $11349 | $10831 |
| **11/30/23** | $11158 | $12069 | $10988 |
| **12/31/23** | $11281 | $12350 | $11052 |
| **1/31/24** | $11285 | $12287 | $11049 |
| **2/29/24** | $11306 | $12303 | $11066 |
| **3/31/24** | $11317 | $12302 | $11065 |
| **4/30/24** | $11285 | $12150 | $11066 |
| **5/31/24** | $11294 | $12114 | $11093 |
| **6/30/24** | $11380 | $12300 | $11156 |
| **7/31/24** | $11457 | $12412 | $11229 |
| **8/31/24** | $11537 | $12510 | $11303 |
| **9/30/24** | $11594 | $12633 | $11338 |
| **10/31/24** | $11531 | $12449 | $11310 |
| **11/30/24** | $11605 | $12664 | $11355 |
| **12/31/24** | $11568 | $12480 | $11352 |
| **1/31/25** | $11623 | $12542 | $11411 |
| **2/28/25** | $11693 | $12667 | $11459 |
| **3/31/25** | $11661 | $12452 | $11471 |
| **4/30/25** | $11652 | $12352 | $11451 |
| **5/31/25** | $11711 | $12360 | $11506 |
| **6/30/25** | $11784 | $12437 | $11565 |

---

The table below shows the average annual total returns of the Fund, a regulatory index, and one or more supplemental index(es) for certain periods ended June 30, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| PIMCO Short Term Municipal Bond Active Exchange-Traded Fund (at NAV) | 3.55% | 1.58% | 1.66% |
| Bloomberg Municipal Bond Index | 1.11% | 0.51% | 2.20% |
| Bloomberg 1-Year Municipal Bond Index | 3.67% | 1.51% | 1.47% |

---

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

**Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results.**Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.Differences in the Fund's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.400.4ETF (888.400.4383)**.

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

---

| | |
|:---|:---|
| Total Net Assets | $892019 |
| # of Portfolio Holdings | 325 |
| Portfolio Turnover Rate | 32% |
| Total Net Management Fees Paid During the Reporting Period | $2376 |

---

---

| | |
|:---|:---|
| 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 | 16.1% |
| Health, Hospital & Nursing Home Revenue | 14.1% |
| Ad Valorem Property Tax | 13.9% |
| Electric Power & Light Revenue | 8.4% |
| Water Revenue | 6.1% |
| Natural Gas Revenue | 6.0% |
| General Fund | 3.4% |
| Highway Revenue Tolls | 3.3% |
| Income Tax Revenue | 2.9% |
| Miscellaneous Revenue | 2.9% |
| College & University Revenue | 2.4% |
| Other Investments | 17.2% |
| Short-Term Instruments | 5.5% |
| Other Assets and Liabilities, Net | (2.2%) |
| 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](g940699i650456a51b99916f04d6.jpg)

# PIMCO Short Term Municipal Bond Active Exchange-Traded Fund
![Image](g940699ib95745adc7579acb45ad.jpg)

Annual Shareholder Report \|

June 30, 2025

## SMMU \| Principal Listing Exchange: NYSE Arca
ETF4753TSRAR_063025

------

**Item 2.** **Code of Ethics.** <br>

As of the end of the period covered by this report, the Registrant has adopted a code of ethics (the "Code") that applies to the Registrant's principal executive officer and principal financial officer. The Registrant did not grant any waivers, including implicit waivers, from any provisions of the Code to the principal executive officer or principal financial officer during the period covered by this report.

A copy of the Code is included as an exhibit to this report.

**Item 3.** **Audit Committee Financial Expert.** <br>

The Board of Trustees has determined that Peter B. McCarthy, who serves on the Board's Audit Committee, qualifies as an "audit committee financial expert" as such term is defined in the instructions to this Item 3. The Board has also determined that Mr. McCarthy is "independent" as such term is interpreted under this Item 3.

**Item 4.** **Principal Accountant Fees and Services.** <br>

---

| | | |
|:---|:---|:---|
| (a) | <u>Fiscal Year Ended</u> | <u>Audit Fees</u> |
|  | June 30, 2025 | $1043992 |
|  | June 30, 2024 | $858197 |
| (b) | <u>Fiscal Year Ended</u> | <u>Audit-Related Fees</u><sup>(1)</sup> |
|  | June 30, 2025 | $— |
|  | June 30, 2024 | $— |
| (c) | <u>Fiscal Year Ended</u> | <u>Tax Fees</u><sup>(2)</sup> |
|  | June 30, 2025 | $— |
|  | June 30, 2024 | $— |
| (d) | <u>Fiscal Year Ended</u> | <u>All Other Fees</u><sup>(3)</sup> |
|  | June 30, 2025 | $— |
|  | June 30, 2024 | $— |

---

------

"Audit Fees" represents aggregate fees billed for each of the last two fiscal years for professional services rendered for the audit of the PIMCO ETF Trust (the "Trust" or "Registrant") annual financial statements or services that are normally provided by the accountant in connection with statutory or regulatory filings or engagements for those fiscal years.

"Audit-Related Fees" represents aggregate fees billed for each of the last two fiscal years for assurance and related services reasonably related to the performance of the audit of the Trust's annual financial statements for those years.

"Tax Fees" represents aggregate fees billed for each of the last two fiscal years for professional services related to tax compliance, tax advice and tax planning, including review of federal and state income tax returns, review of excise tax distribution requirements and preparation of excise tax returns.

"All Other Fees" represents aggregate fees, if any, billed for other products and services rendered by the principal accountant to the Trust for the last two fiscal years.

<sup>(1)</sup> There were no "Audit-Related Fees" for the last two fiscal years.

<sup>(2)</sup> There were no "Tax Fees" for the last two fiscal years.

<sup>(3)</sup> There were no "All Other Fees" for the last two fiscal years.

(e) Pre-approval policies and procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Registrant's Audit Committee has adopted pre-approval policies and procedures (the "Procedures") to govern the Audit Committee's pre-approval of (i) all audit services and permissible non-audit services to be provided to the Registrant by its independent accountant, and (ii) all permissible non-audit services to be provided by such independent accountant to the Registrant's investment adviser and to any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant (collectively, the "Service Affiliates") if the services provided directly relate to the Registrant's operations and financial reporting. In accordance with the Procedures, the Audit Committee is responsible for the engagement of the independent accountant to certify the Registrant's financial statements for each fiscal year. With respect to the pre-approval of non-audit services provided to the Registrant and its Service Affiliates, the Procedures provide that the Audit Committee may annually pre-approve a list of types or categories of non-audit services that may be provided to the Registrant or its Service Affiliates, or the Audit Committee may pre-approve such services on a project-by-project basis as they arise. Unless a type of service has received general pre-approval, it will require specific pre-approval by the Audit Committee if it is to be provided by the independent accountant. The Procedures also permit the Audit Committee to delegate authority to one or more of its members to pre-approve any proposed non-audit services that have not been previously pre-approved by the Audit Committee, subject to the ratification by the full Audit Committee no later than its next scheduled meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) With respect to the services described in paragraphs (b) through (d) of this Item 4, no amount was approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g)<br>

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aggregate Non-Audit Fees Billed to Entity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aggregate Non-Audit Fees Billed to Entity |
| Entity | June 30, 2025 | June 30, 2024 |
|  PIMCO ETF Trust | $—  | $—  |
|  Pacific Investment Management Company LLC ("PIMCO") | 37929836  | 23072979  |
|  Totals | $37929836  | $23072979  |

---

(h) The Registrant's Audit Committee has considered whether the provision of non-audit services that were rendered to the Registrant's investment adviser, and any entity controlling, controlled by, or under common control with the

------

investment adviser that provides ongoing services to the Registrant which were not pre-approved (not requiring pre-approval) is compatible with maintaining the principal accountant's independence.

(i) Not applicable.

(j) Not applicable.

**Item 5.** **Audit Committee of Listed Registrants.** <br>

The Registrant has a separately-designated standing audit committee (known as the Audit Oversight Committee) established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended. The Audit Oversight Committee is comprised of:

Michael J. Berchtold

Jennifer Holden Dunbar

Kym M. Hubbard

Gary F. Kennedy

Anne K. Kratky

Steven Lipiner

Peter B. McCarthy (Chair)

Ronald C. Parker

**Item 6.** **Investments.** <br>

The information required by this Item 6 is included as part of the Financial Statements 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' Financial Statements and Financial Highlights.

PIMCO ETF Trust

PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund

(b) Not applicable to the Registrant.

------

![LOGO](g23163g13e39.jpg)

PIMCO ETF TRUST

## Annual Financial and Other Information
June 30, 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 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](#tx23163_1) | 2 |
| &nbsp;&nbsp; [Financial Highlights (N-CSR Item 7)](#tx23163_2) | 6 |
| &nbsp;&nbsp; [Statements of Assets and Liabilities (N-CSR Item 7)](#tx23163_3) | 10 |
| &nbsp;&nbsp; [Consolidated Statement of Assets and Liabilities (N-CSR Item 7)](#tx23163_4) | 12 |
| &nbsp;&nbsp; [Statements of Operations (N-CSR Item 7)](#tx23163_5) | 13 |
| &nbsp;&nbsp; [Consolidated Statement of Operations (N-CSR Item 7)](#tx23163_6) | 16 |
| &nbsp;&nbsp; [Statements of Changes in Net Assets (N-CSR Item 7)](#tx23163_7) | 17 |
| &nbsp;&nbsp; [Consolidated Statements of Changes in Net Assets (N-CSR Item 7)](#tx23163_8) | 21 |
| &nbsp;&nbsp; [Notes to Financial Statements (N-CSR Item 7)](#tx23163_9) | 154 |
| &nbsp;&nbsp; [Remuneration Paid to Directors, Officers and Others (N-CSR Item 10)](#tx23163_10) | 181 |
| &nbsp;&nbsp; [Report of Independent Registered Public Accounting Firm (N-CSR Item 7)](#tx23163_34) | 189 |
| &nbsp;&nbsp; [Glossary](#tx23163_11) | 191 |
| &nbsp;&nbsp; [Distribution Information](#tx23163_12) | 192 |
| &nbsp;&nbsp; [Federal Income Tax Information](#tx23163_35) | 195 |
| &nbsp;&nbsp; [Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8)](#tx23163_13) | 196 |
| &nbsp;&nbsp; [Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9)](#tx23163_14) | 197 |
| &nbsp;&nbsp; [Approval of Investment Management Agreement (N-CSR Item 11)](#tx23163_15) | 198 |
| Fund | Schedule of<br>Investments<br>(N-CSR Item 6) |
| &nbsp;&nbsp; [PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund](#tx23163_16) | 22 |
| &nbsp;&nbsp; [PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund](#tx23163_17) | 23 |
| &nbsp;&nbsp; [PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund](#tx23163_18) | 24 |
| &nbsp;&nbsp; [PIMCO Broad U.S. TIPS Index Exchange-Traded Fund](#tx23163_19) | 25 |
| &nbsp;&nbsp; [PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund](#tx23163_20) | 26 |
| &nbsp;&nbsp; [PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund](#tx23163_21) | 38 |
| &nbsp;&nbsp; [PIMCO Active Bond Exchange-Traded Fund](#tx23163_22) | 50 |
| &nbsp;&nbsp; [PIMCO Enhanced Low Duration Active Exchange-Traded Fund](#tx23163_23) | 67 |
| &nbsp;&nbsp; [PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund](#tx23163_24) | 75 |
| &nbsp;&nbsp; [PIMCO Enhanced Short Maturity Active Exchange-Traded Fund](#tx23163_25) | 80 |
| &nbsp;&nbsp; [PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund](#tx23163_26) | 88 |
| &nbsp;&nbsp; [PIMCO Multisector Bond Active Exchange-Traded Fund](#tx23163_27) | 97 |
| &nbsp;&nbsp; [PIMCO Municipal Income Opportunities Active Exchange-Traded Fund](#tx23163_28) | 116 |
| &nbsp;&nbsp; [PIMCO Preferred and Capital Securities Active Exchange-Traded Fund](#tx23163_29) | 124 |
| &nbsp;&nbsp; [PIMCO Senior Loan Active Exchange-Traded Fund](#tx23163_30) | 130 |
| &nbsp;&nbsp; [PIMCO Short Term Municipal Bond Active Exchange-Traded Fund](#tx23163_31) | 139 |
| &nbsp;&nbsp; [PIMCO Ultra Short Government Active Exchange-Traded Fund](#tx23163_32) | 145 |
| &nbsp;&nbsp; [PIMCO Commodity Strategy Active Exchange-Traded Fund<sup>(1)</sup>](#tx23163_33) | 146 |

---

<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.

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Important Information About the Funds

PIMCO ETF Trust (the "Trust") is an open-end management investment company that includes the PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund, PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund, PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund, PIMCO Broad U.S. TIPS Index Exchange-Traded Fund, PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund and PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund, which are exchange-traded funds ("ETFs") that seek to provide total return that closely corresponds, before fees and expenses, to the total return of a specified index (collectively, the "Index Funds"). Each Index Fund employs a representative sampling strategy in seeking to achieve its investment objective. In using this strategy, PIMCO seeks to invest in a combination of instruments such that the portfolio effectively provides exposure to the underlying index. An Index Fund may not track its underlying index with the same degree of accuracy as a fund that replicates the composition and weighting of the underlying index. The 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 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, are listed and traded at market prices on NYSE Arca, Inc. ("NYSE Arca"), and the shares of the PIMCO Active Bond Exchange-Traded Fund are listed and traded at market prices on the New York Stock Exchange ("NYSE"), each a national securities exchange, and other 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 lose money as a result of movements in interest rates.

As of the date of this report, interest rates in the United States and many parts of the world, including certain European countries, remain high. In efforts to combat inflation, the U.S. Federal Reserve (the "Fed") raised interest rates multiple times in 2022 and 2023. In September 2024, the Fed lowered interest rates for the first time since March 2020. 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 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 compliance calculations, including those used in a Fund's prospectus, investment objectives, regulatory and other investment limitations and

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

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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.

U.S. and global markets have experienced increased volatility, including as a result of the failures of certain U.S. and non-U.S. banks in 2023, which could be harmful to the Funds and issuers in which they invest. For example, if a bank at which a Fund or issuer has an account fails, any cash or other assets in bank or custody accounts, which may be substantial in size, could be temporarily inaccessible or permanently lost by the Fund or issuer. If a bank that provides a subscription line credit facility, asset-based facility, other credit facility and/or other services to an issuer or to a fund fails, the issuer or fund could be unable to draw funds under its credit facilities or obtain replacement credit facilities or other services from other lending institutions with similar terms.

Issuers in which a Fund may invest can be affected by volatility in the banking sector. Even if banks used by issuers in which the Funds invest remain solvent, 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 changes in the banking sector, 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, including those of U.S. and non-U.S. banks. Continued market volatility and uncertainty and/or a downturn in market and economic and financial conditions, as a result of developments in the banking sector or otherwise (including as a result of delayed access to cash or credit facilities), could have an adverse impact on the Funds and issuers in which they invest.

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 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 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), 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 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'

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

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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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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 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; 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; 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; 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; 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; 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<br>Exchange-Traded Fund** |  |  |  |  |  |  |  |  |
| &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; 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; 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) |
|  **PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund** |  |  |  |  |  |  |  |  |
| &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) |

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

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios 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>** |
| $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 |
| $53.82 | 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 |
| $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 |
| $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 |
| $94.81 | 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 |
| $97.35 | 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 |
| $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 |
| $95.84 | 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 |
| $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 |

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| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025<sub>7</sub> |

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------

Financial Highlights (Cont.)

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period Ended^**:** | **Net Asset<br>Value<br>Beginning<br>of Year<br>or Period<sup>(a)</sup>** | **Net<br>Investment<br>Income (Loss)<sup>(b)</sup>** | **Net<br>Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital<br>Gains** | **Tax Basis<br>Return of<br>Capital** | **Total** |
|  **PIMCO Enhanced Short Maturity Active Exchange-Traded Fund** |  |  |  |  |  |  |  |  |
| &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; 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 Multisector Bond Active Exchange-Traded Fund** |  |  |  |  |  |  |  |  |
| &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<br>Exchange-Traded Fund** |  |  |  |  |  |  |  |  |
| &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<br>Exchange-Traded Fund** |  |  |  |  |  |  |  |  |
| &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; 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; 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) |
|  **PIMCO Ultra Short Government Active Exchange-Traded Fund** |  |  |  |  |  |  |  |  |
| &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; 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 |

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

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\* 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. 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.

8 PIMCO ETF TRUST See Accompanying Notes

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios 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>** |
| $100.53 | 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 |
| $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 |
| $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 |
| $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 |
| $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 |
| $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 |
| $50.17 | 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 |
| $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 |
| $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 |

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| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025<sub>9</sub> |

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------

Statements of Assets and Liabilities

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| (Amounts in thousands<sup>†</sup>, except per share amounts) | **PIMCO**<br> **25+ Year Zero<br>Coupon U.S.<br>Treasury Index<br>Exchange-<br>Traded Fund** | **PIMCO**<br> **1-5 Year**<br> **U.S. TIPS Index<br>Exchange-<br>Traded Fund** | **PIMCO**<br> **15+ Year**<br> **U.S. TIPS Index<br>Exchange-<br>Traded Fund** | **PIMCO**<br> **Broad U.S.<br>TIPS Index<br>Exchange-<br>Traded Fund** | **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> | $1522536 | $449581 | $671309 | $94404 | $1488735 | $1296317 | $6543663 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 0 | 0 | 0 | 0 | 54359 | 5656 | 273891 |
|  *Financial Derivative Instruments* |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 0 | 0 | 0 | 0 | 129 | 287 | 4341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 0 | 0 | 0 | 0 | 0 | 0 | 5543 |
|  Cash | 0 | 0 | 0 | 0 | 0 | 1576 | 0 |
|  Deposits with counterparty | 0 | 0 | 0 | 0 | 9170 | 5649 | 8836 |
|  Foreign currency, at value | 0 | 0 | 0 | 0 | 0 | 0 | 2365 |
|  Receivable for investments sold | 0 | 12103 | 0 | 0 | 4679 | 20240 | 262753 |
|  Receivable for TBA investments sold | 0 | 0 | 0 | 0 | 0 | 0 | 3267470 |
|  Receivable for Fund shares sold | 0 | 0 | 0 | 0 | 14219 | 0 | 0 |
|  Interest and/or dividends receivable | 1 | 1318 | 3308 | 402 | 23687 | 16107 | 48504 |
|  Reimbursement receivable from PIMCO | 0 | 0 | 0 | 0 | 0 | 0 | 114 |
|  Prepaid expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  **Total Assets** | 1522537 | 463002 | 674617 | 94806 | 1594978 | 1345832 | 10417480 |
|  **Liabilities:** |  |  |  |  |  |  |  |
|  *Borrowings & Other Financing Transactions* |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for reverse repurchase agreements | $0 | $0 | $0 | $0 | $0 | $0 | $309847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for short sales | 0 | 0 | 0 | 0 | 0 | 0 | 617536 |
|  *Financial Derivative Instruments* |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 0 | 0 | 0 | 0 | 29 | 0 | 3760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 0 | 0 | 0 | 0 | 0 | 0 | 7913 |
|  Payable for investments purchased | 0 | 12425 | 0 | 0 | 75075 | 3286 | 5319 |
|  Payable for investments purchased on a delayed-delivery basis | 0 | 0 | 0 | 0 | 0 | 0 | 12369 |
|  Payable for TBA investments purchased | 0 | 0 | 0 | 0 | 0 | 0 | 3774788 |
|  Payable for unfunded loan commitments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  Payable upon return of securities loaned | 0 | 0 | 0 | 0 | 54451 | 5656 | 0 |
|  Deposits from counterparty | 0 | 0 | 0 | 0 | 0 | 0 | 13094 |
|  Payable for Fund shares redeemed | 0 | 0 | 0 | 0 | 0 | 19468 | 0 |
|  Overdraft due to custodian | 0 | 0 | 0 | 0 | 26 | 0 | 0 |
|  Accrued management fees | 180 | 72 | 106 | 15 | 617 | 219 | 2430 |
|  Accrued reimbursement to PIMCO | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  Foreign capital gains tax payable | 0 | 0 | 0 | 0 | 1 | 0 | 0 |
|  Other liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  **Total Liabilities** | 180 | 12497 | 106 | 15 | 130199 | 28629 | 4747056 |
|  **Commitments and Contingent Liabilities<sup>^^</sup>** |  |  |  |  |  |  |  |
|  **Net Assets** | $1522357 | $450505 | $674511 | $94791 | $1464779 | $1317203 | $5670424 |
|  **Net Assets Consist of:** |  |  |  |  |  |  |  |
|  Paid in capital | $2201096 | $496036 | $1041044 | $128815 | $1705849 | $1370895 | $6280643 |
|  Distributable earnings (accumulated loss) | (678739) | (45531) | (366533) | (34024) | (241070) | (53692) | (610219) |
|  **Net Assets** | $1522357 | $450505 | $674511 | $94791 | $1464779 | $1317203 | $5670424 |
|  **Shares Issued and Outstanding** | 22670 | 8370 | 12870 | 1780 | 15450 | 13530 | 61490 |
|  **Net Asset Value Per Share Outstanding<sup>(a)</sup>:** | $67.15 | $53.82 | $52.41 | $53.25 | $94.81 | $97.35 | $92.22 |
|  Cost of investments in securities | $1912663 | $450986 | $931452 | $96708 | $1486802 | $1314328 | $6505861 |
|  Cost of investments in Affiliates | $0 | $0 | $0 | $0 | $54359 | $5656 | $270532 |
|  Cost of foreign currency held | $0 | $0 | $0 | $0 | $0 | $0 | $2329 |
|  Proceeds received on short sales | $0 | $0 | $0 | $0 | $0 | $0 | $617409 |
|  Cost or premiums of financial derivative instruments, net | $0 | $0 | $0 | $0 | $(279) | $3714 | $8686 |
|  \* Includes repurchase agreements of: | $0 | $0 | $0 | $0 | $103100 | $5200 | $0 |
|  <sup>^</sup> Includes securities on loan of: | $0 | $0 | $0 | $0 | $53356 | $5530 | $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.

---

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

---

------

June 30, 2025

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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> **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** |
| $1039512 | $242342 | $13469419 | $2016641 | $8500838 | $321821 | $191017 | $776410 | $911630 | $821852 |
| 0 | 0 | 516 | 0 | 18981 | 0 | 0 | 0 | 0 | 0 |
| 987 | 0 | 0 | 0 | 6086 | 0 | 312 | 199 | 0 | 0 |
| 139 | 47 | 0 | 0 | 11433 | 0 | 24 | 899 | 0 | 0 |
| 547 | 172 | 14228 | 1 | 11250 | 0 | 0 | 2762 | 1 | 68 |
| 19951 | 260 | 25 | 0 | 44007 | 115 | 2196 | 4486 | 0 | 0 |
| 151 | 16 | 4 | 0 | 4952 | 0 | 46 | 0 | 0 | 0 |
| 4597 | 9 | 2512 | 0 | 2719 | 0 | 0 | 18935 | 0 | 6031 |
| 151447 | 0 | 0 | 0 | 3315424 | 0 | 0 | 0 | 0 | 0 |
| 0 | 0 | 35184 | 0 | 6362 | 0 | 0 | 0 | 2007 | 0 |
| 4413 | 671 | 69026 | 19134 | 46871 | 3303 | 2321 | 5233 | 7664 | 0 |
| 0 | 18 | 0 | 0 | 445 | 25 | 23 | 59 | 0 | 0 |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 1221744 | 243535 | 13590914 | 2035776 | 11969368 | 325264 | 195939 | 808983 | 921302 | 827951 |
| $0 | $0 | $0 | $0 | $0 | $0 | $913 | $0 | $0 | $0 |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 1390 | 2 | 625 | 0 | 2818 | 3 | 66 | 42 | 0 | 0 |
| 9 | 195 | 0 | 0 | 23848 | 0 | 74 | 0 | 0 | 0 |
| 13969 | 51694 | 219501 | 25627 | 452161 | 5034 | 300 | 63686 | 29042 | 0 |
| 4500 | 0 | 0 | 0 | 1613 | 0 | 0 | 0 | 0 | 0 |
| 271054 | 0 | 0 | 0 | 5590385 | 0 | 0 | 0 | 0 | 0 |
| 0 | 0 | 0 | 0 | 10371 | 0 | 0 | 2090 | 0 | 0 |
| 0 | 0 | 516 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 801 | 0 | 0 | 0 | 20362 | 0 | 0 | 2958 | 0 | 0 |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6072 |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 336 | 54 | 3724 | 555 | 2892 | 123 | 127 | 410 | 241 | 94 |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 |
| 0 | 0 | 0 | 0 | 90 | 0 | 0 | 0 | 0 | 0 |
| 0 | 0 | 0 | 0 | 3 | 0 | 0 | 15 | 0 | 0 |
| 292059 | 51945 | 224366 | 26182 | 6104543 | 5160 | 1480 | 69201 | 29283 | 6167 |
| $929685 | $191590 | $13366548 | $2009594 | $5864825 | $320104 | $194459 | $739782 | $892019 | $821784 |
| $1007203 | $194529 | $13590925 | $2054702 | $5757495 | $329170 | $189523 | $741198 | $899585 | $818979 |
| (77518) | (2939) | (224377) | (45108) | 107330 | (9066) | 4936 | (1416) | (7566) | 2805 |
| $929685 | $191590 | $13366548 | $2009594 | $5864825 | $320104 | $194459 | $739782 | $892019 | $821784 |
| 9700 | 1940 | 132960 | 39150 | 221240 | 7240 | 3820 | 14500 | 17780 | 8120 |
| $95.84 | $98.76 | $100.53 | $51.33 | $26.51 | $44.21 | $50.91 | $51.02 | $50.17 | $101.20 |
| $1038016 | $242211 | $13475460 | $2018826 | $8417226 | $324267 | $185167 | $776164 | $907526 | $821855 |
| $0 | $0 | $516 | $0 | $19002 | $0 | $0 | $0 | $0 | $0 |
| $145 | $16 | $4 | $0 | $4892 | $0 | $45 | $0 | $0 | $0 |
| $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| $(33) | $0 | $0 | $0 | $60549 | $0 | $773 | $3832 | $0 | $0 |
| $22300 | $106600 | $235300 | $0 | $880400 | $6800 | $5300 | $131300 | $0 | $0 |
| $0 | $0 | $505 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |

---

---

| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025<sub>11</sub> |

---

------

Consolidated Statement of Assets and Liabilities June 30, 2025

---

| | |
|:---|:---|
|  | **PIMCO**<br> **Commodity Strategy<br>Active Exchange-**<br> **Traded Fund** |
| (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\* | $343730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 7113 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 1904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 560 |
|  Cash | 265 |
|  Deposits with counterparty | 26718 |
|  Foreign currency, at value | 862 |
|  Receivable for investments sold | 3353 |
|  Interest and/or dividends receivable | 1873 |
|  Reimbursement receivable from PIMCO | 113 |
|  **Total Assets** | 386491 |
|  **Liabilities:** |  |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | $3269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 1580 |
|  Payable for investments purchased | 8250 |
|  Deposits from counterparty | 271 |
|  Accrued management fees | 307 |
|  **Total Liabilities** | 13677 |
|  **Commitments and Contingent Liabilities<sup>^</sup>** |  |
|  **Net Assets** | $372814 |
|  **Net Assets Consist of:** |  |
|  Paid in capital | $356303 |
|  Distributable earnings (accumulated loss) | 16511 |
|  **Net Assets** | $372814 |
|  **Shares Issued and Outstanding** | 14450 |
|  **Net Asset Value Per Share Outstanding<sup>(a)</sup>:** | $25.80 |
|  Cost of investments in securities | $321630 |
|  Cost of investments in Affiliates | $7077 |
|  Cost of foreign currency held | $843 |
|  Cost or premiums of financial derivative instruments, net | $(393) |
|  \* Includes repurchase agreements of: | $4900 |

---

---

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

---

------

Statements of Operations

---

| | | | | |
|:---|:---|:---|:---|:---|
| Year Ended June 30, 2025 | Year Ended June 30, 2025 | Year Ended June 30, 2025 | Year Ended June 30, 2025 | Year Ended June 30, 2025 |
| (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\* | $72232 | $11787 | $25036 | $4438 |
|  Dividends | 1 | 4 | 7 | 2 |
|  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 | 72233 | 11791 | 25043 | 4440 |
|  **Expenses:** |  |  |  |  |
|  Management fees | 2363 | 931 | 1428 | 211 |
|  Trustee fees | 29 | 9 | 13 | 2 |
|  Interest expense | 0 | 0 | 0 | 0 |
|  Miscellaneous expense | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 2392 | 940 | 1441 | 213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 2392 | 940 | 1441 | 213 |
|  **Net Investment Income (Loss)** | 69841 | 10851 | 23602 | 4227 |
|  **Net Realized Gain (Loss):** |  |  |  |  |
|  Investments in securities | (81251) | (4823) | (48659) | (281) |
|  Investments in Affiliates | 0 | 0 | 0 | 0 |
|  In-kind redemptions | 12194 | (812) | (76) | 306 |
|  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)** | (69057) | (5635) | (48735) | 25 |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |  |  |  |
|  Investments in securities | (123091) | 24696 | 27821 | 1087 |
|  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)** | (123091) | 24696 | 27821 | 1087 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $(122307) | $29912 | $2688 | $5339 |
|  \* Foreign tax withholdings | $0 | $0 | $0 | $0 |

---

---

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

---

---

| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025<sub>13</sub> |

---

------

Statements of Operations (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Year Ended June 30, 2025 | Year Ended June 30, 2025 | Year Ended June 30, 2025 | Year Ended June 30, 2025 | Year Ended June 30, 2025 |
| (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\* | $105190 | $65440 | $275897 | $45359 |
|  Dividends | 670 | 10 | 24 | 0 |
|  Dividends from Investments in Affiliates | 0 | 0 | 10341 | 0 |
|  Securities lending income | 689 | 32 | 0 | 0 |
|  Miscellaneous income | 110 | 0 | 61 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 106659 | 65482 | 286323 | 45359 |
|  **Expenses:** |  |  |  |  |
|  Management fees | 7463 | 2565 | 28088 | 3946 |
|  Trustee fees | 24 | 23 | 89 | 16 |
|  Interest expense | 105 | 2745 | 4724 | 674 |
|  Miscellaneous expense | 8 | 0 | 2 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 7600 | 5333 | 32903 | 4678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | 0 | 0 | (949) | (16) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 7600 | 5333 | 31954 | 4662 |
|  **Net Investment Income (Loss)** | 99059 | 60149 | 254369 | 40697 |
|  **Net Realized Gain (Loss):** |  |  |  |  |
|  Investments in securities | (7583) | (6954) | (38589) | 1500 |
|  Investments in Affiliates | 0 | 0 | (880) | 0 |
|  In-kind redemptions | 4534 | 3650 | 0 | 0 |
|  Exchange-traded or centrally cleared financial derivative instruments | 4271 | 3195 | (25348) | 2383 |
|  Over the counter financial derivative instruments | 6 | 0 | 1615 | (19) |
|  Short sales | 8 | 0 | 0 | (1657) |
|  Foreign currency | 0 | 0 | 196 | (5) |
|  **Net Realized Gain (Loss)** | 1236 | (109) | (63006) | 2202 |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |  |  |  |
|  Investments in securities | 20764 | 28370 | 100241 | 8507 |
|  Investments in Affiliates | 0 | 0 | 1438 | 0 |
|  Exchange-traded or centrally cleared financial derivative instruments | 867 | 1969 | 20183 | (897) |
|  Over the counter financial derivative instruments | 0 | 0 | (2443) | (221) |
|  Short sales | 0 | 0 | 0 | 2 |
|  Foreign currency assets and liabilities | 0 | 0 | 193 | 14 |
|  **Net Change in Unrealized Appreciation (Depreciation)** | 21631 | 30339 | 119612 | 7405 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $121926 | $90379 | $310975 | $50304 |
|  \* Foreign tax withholdings | $1 | $0 | $0 | $0 |

---

---

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

---

---

| | | |
|:---|:---|:---|
| **14** | **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> **Multisector Bond<br>Active Exchange-**<br> **Traded Fund** | **PIMCO<br>Municipal Income<br>Opportunities<br>Active**<br> **Exchange-**<br> **Traded Fund(d)** | **PIMCO**<br> **Preferred and<br>Capital Securities<br>Active Exchange-**<br> **Traded Fund** | **PIMCO Senior Loan<br>Active<br>Exchange-<br>Traded Fund** | **PIMCO Short Term<br>Municipal Bond<br>Active<br>Exchange-<br>Traded Fund** | **PIMCO**<br> **Ultra Short<br>Government Active<br>Exchange-**<br> **Traded Fund** |
| $8106 | $642463 | $67383 | $183119 | $10301 | $10027 | $54657 | $22626 | $28172 |
| 0 | 10 | 16 | 24 | 3 | 179 | 57 | 19 | 0 |
| 0 | 0 | 0 | 720 | 0 | 0 | 0 | 0 | 0 |
| 0 | 7 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 0 | 0 | 0 | 341 | 0 | 0 | 1560 | 0 | 0 |
| 8106 | 642480 | 67399 | 184204 | 10304 | 10206 | 56274 | 22645 | 28172 |
| 598 | 43277 | 6165 | 19591 | 1188 | 1358 | 5112 | 2376 | 864 |
| 3 | 224 | 30 | 33 | 4 | 3 | 11 | 11 | 9 |
| 0 | 1633 | 0 | 2834 | 2 | 67 | 220 | 0 | 0 |
| 8 | 0 | 0 | 148 | 12 | 8 | 42 | 0 | 30 |
| 609 | 45134 | 6195 | 22606 | 1206 | 1436 | 5385 | 2387 | 903 |
| (202) | 0 | 0 | (3116) | (246) | (245) | (741) | 0 | (9) |
| 407 | 45134 | 6195 | 19490 | 960 | 1191 | 4644 | 2387 | 894 |
| 7699 | 597346 | 61204 | 164714 | 9344 | 9015 | 51630 | 20258 | 27278 |
| (168) | 16740 | (5675) | (7919) | (1601) | 1610 | (8382) | (313) | 274 |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 0 | 0 | 0 | 2875 | 0 | 0 | 0 | 0 | 78 |
| (205) | (20231) | (2663) | (303) | (1071) | (1741) | (158) | 0 | 0 |
| 25 | 0 | 0 | (1901) | 0 | (68) | 2967 | 0 | 0 |
| 0 | 0 | 0 | 14 | 0 | 0 | 0 | 0 | 0 |
| (57) | 0 | 0 | (688) | 0 | 8 | 0 | 0 | 0 |
| (405) | (3491) | (8338) | (7922) | (2672) | (191) | (5573) | (313) | 352 |
| 1168 | 20313 | (21672) | 79051 | (5435) | 3067 | (2809) | 4912 | (21) |
| 0 | 0 | 0 | (41) | 0 | 0 | 0 | 0 | 0 |
| 14 | (7269) | 810 | 47312 | 169 | 709 | 561 | 0 | 0 |
| (168) | 0 | 0 | (13520) | 0 | (63) | (1353) | 0 | 0 |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 12 | 0 | 0 | (27) | 0 | 2 | 0 | 0 | 0 |
| 1026 | 13044 | (20862) | 112775 | (5266) | 3715 | (3601) | 4912 | (21) |
| $8320 | $606899 | $32004 | $269567 | $1406 | $12539 | $42456 | $24857 | $27609 |
| $3 | $0 | $0 | $90 | $0 | $0 | $0 | $0 | $0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **15** |

---

------

Consolidated Statement of Operations

---

| | |
|:---|:---|
| (Amounts in thousands<sup>†</sup>) | **PIMCO**<br> **Commodity Strategy<br>Active Exchange-**<br>**Traded Fund** |
|  **Investment Income:** |  |
|  Interest | $14891 |
|  Dividends | 9 |
|  Dividends from Investments in Affiliates | 702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 15602 |
|  **Expenses:** |  |
|  Management fees | 3369 |
|  Trustee fees | 6 |
|  Interest expense | 20 |
|  Miscellaneous expense | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 3412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | (1162) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 2250 |
|  **Net Investment Income (Loss)** | 13352 |
|  **Net Realized Gain (Loss):** |  |
|  Investments in securities | 1343 |
|  Investments in Affiliates | 2 |
|  Exchange-traded or centrally cleared financial derivative instruments | (20652) |
|  Over the counter financial derivative instruments | 791 |
|  Short sales | (1) |
|  Foreign currency | (59) |
|  **Net Realized Gain (Loss)** | (18576) |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |
|  Investments in securities | 20275 |
|  Investments in Affiliates | (67) |
|  Exchange-traded or centrally cleared financial derivative instruments | (6283) |
|  Over the counter financial derivative instruments | (1747) |
|  Foreign currency assets and liabilities | 50 |
|  **Net Change in Unrealized Appreciation (Depreciation)** | 12228 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $7004 |

---

---

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

---

---

| | | |
|:---|:---|:---|
| **16** | **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>) | **Year Ended<br>June 30, 2025** | **Year Ended<br>June 30, 2024** | **Year Ended<br>June 30, 2025** | **Year Ended<br>June 30, 2024** | **Year Ended<br>June 30, 2025** | **Year Ended<br>June 30, 2024** | **Year Ended<br>June 30, 2025** | **Year Ended<br>June 30, 2024** |
|  **Increase (Decrease) in Net Assets from:** |  |  |  |  |  |  |  |  |
|  **Operations:** |  |  |  |  |  |  |  |  |
|  Net investment income (loss) | $69841 | $47365 | $10851 | $13225 | $23602 | $30152 | $4227 | $5340 |
|  Net realized gain (loss) | (69057) | (70775) | (5635) | (31219) | (48735) | (12479) | 25 | (8132) |
|  Net change in unrealized appreciation (depreciation) | (123091) | (86070) | 24696 | 45835 | 27821 | (45533) | 1087 | 5136 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | (122307) | (109480) | 29912 | 27841 | 2688 | (27860) | 5339 | 2344 |
|  **Distributions to Shareholders:** |  |  |  |  |  |  |  |  |
|  From net investment income and/or net realized capital gains | (65875) | (41421) | (10843) | (13367) | (24079) | (30656) | (4236) | (5707) |
|  **Total Distributions<sup>(a)</sup>** | (65875) | (41421) | (10843) | (13367) | (24079) | (30656) | (4236) | (5707) |
|  **Fund Share Transactions:** |  |  |  |  |  |  |  |  |
|  Receipts for shares sold | 1220536 | 1174759 | 92852 | 136149 | 147524 | 373436 | 42492 | 18186 |
|  Cost of shares redeemed | (898398) | (583183) | (153133) | (492323) | (158546) | (278352) | (47547) | (47500) |
|  Net increase (decrease) resulting from Fund share transactions | 322138 | 591576 | (60281) | (356174) | (11022) | 95084 | (5055) | (29314) |
|  **Total Increase (Decrease) in Net Assets** | 133956 | 440675 | (41212) | (341700) | (32413) | 36568 | (3952) | (32677) |
|  **Net Assets:** |  |  |  |  |  |  |  |  |
|  Beginning of year | 1388401 | 947726 | 491717 | 833417 | 706924 | 670356 | 98743 | 131420 |
|  End of year | $1522357 | $1388401 | $450505 | $491717 | $674511 | $706924 | $94791 | $98743 |
|  **Shares of Beneficial Interest:** |  |  |  |  |  |  |  |  |
|  Shares sold | 16750 | 15600 | 1750 | 2650 | 2750 | 6900 | 800 | 350 |
|  Shares redeemed | (12550) | (7450) | (2900) | (9700) | (2950) | (5000) | (900) | (900) |
|  Net increase (decrease) in shares outstanding | 4200 | 8150 | (1150) | (7050) | (200) | 1900 | (100) | (550) |

---

---

| | |
|:---|:---|
| <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. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **17** |

---

------

Statements of Changes in Net Assets (Cont.)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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>) | **Year Ended<br>June 30, 2025** | **Year Ended<br>June 30, 2024** | **Year Ended<br>June 30, 2025** | **Year Ended<br>June 30, 2024** | **Year Ended<br>June 30, 2025** | **Year Ended<br>June 30, 2024** | **Year Ended<br>June 30, 2025** | **Year Ended<br>June 30, 2024** |
|  **Increase (Decrease) in Net Assets from:** |  |  |  |  |  |  |  |  |
|  **Operations:** |  |  |  |  |  |  |  |  |
|  Net investment income (loss) | $99059 | $83450 | $60149 | $44237 | $254369 | $189851 | $40697 | $46381 |
|  Net realized gain (loss) | 1236 | (8311) | (109) | (9478) | (63006) | (180285) | 2202 | (10297) |
|  Net change in unrealized appreciation (depreciation) | 21631 | 34253 | 30339 | 13794 | 119612 | 147636 | 7405 | 17144 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 121926 | 109392 | 90379 | 48553 | 310975 | 157202 | 50304 | 53228 |
|  **Distributions to Shareholders:** |  |  |  |  |  |  |  |  |
|  From net investment income and/or net realized capital gains | (99608) | (84984) | (60652) | (43066) | (257343) | (176461) | (40523) | (42143) |
|  Tax Basis Return of Capital | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (2039) |
|  **Total Distributions<sup>(a)</sup>** | (99608) | (84984) | (60652) | (43066) | (257343) | (176461) | (40523) | (44182) |
|  **Fund Share Transactions:** |  |  |  |  |  |  |  |  |
|  Receipts for shares sold | 560828 | 417462 | 293057 | 433128 | 1337650 | 876140 | 148997 | 79286 |
|  Cost of shares redeemed | (348751) | (312324) | (135409) | (50846) | (47619) | (8969) | (99247) | (260010) |
|  Net increase (decrease) resulting from Fund share transactions | 212077 | 105138 | 157648 | 382282 | 1290031 | 867171 | 49750 | (180724) |
|  **Total Increase (Decrease) in Net Assets** | 234395 | 129546 | 187375 | 387769 | 1343663 | 847912 | 59531 | (171678) |
|  **Net Assets:** |  |  |  |  |  |  |  |  |
|  Beginning of year | 1230384 | 1100838 | 1129828 | 742059 | 4326761 | 3478849 | 870154 | 1041832 |
|  End of year | $1464779 | $1230384 | $1317203 | $1129828 | $5670424 | $4326761 | $929685 | $870154 |
|  **Shares of Beneficial Interest:** |  |  |  |  |  |  |  |  |
|  Shares sold | 5950 | 4550 | 3050 | 4600 | 14480 | 9660 | 1560 | 840 |
|  Shares redeemed | (3750) | (3400) | (1400) | (550) | (520) | (100) | (1040) | (2760) |
|  Net increase (decrease) in shares outstanding | 2200 | 1150 | 1650 | 4050 | 13960 | 9560 | 520 | (1920) |

---

---

| | |
|:---|:---|
| <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. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

---

| | | |
|:---|:---|:---|
| **18** | **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> **Multisector**<br> **Bond Active**<br> **Exchange-Traded Fund** | **PIMCO**<br> **Multisector**<br> **Bond Active**<br> **Exchange-Traded Fund** | **PIMCO**<br> **Municipal Income**<br> **Opportunities Active**<br> **Exchange-Traded Fund** | **PIMCO**<br> **Municipal Income**<br> **Opportunities Active**<br> **Exchange-Traded Fund** |
| **Year Ended<br>June 30, 2025** | **Year Ended<br>June 30, 2024** | **Year Ended<br>June 30, 2025** | **Year Ended<br>June 30, 2024** | **Year Ended<br>June 30, 2025** | **Year Ended<br>June 30, 2024** | **Year Ended<br>June 30, 2025** | **Year Ended<br>June 30, 2024** | **Year Ended<br>June 30, 2025** | **Year Ended<br>June 30, 2024** |
| <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** |  |  |  |  |  |  |  |  |  |
| $7699 | $8562 | $597346 | $560031 | $61204 | $42955 | $164714 | $20277 | $9344 | $4559 |
| (405) | 370 | (3491) | 20760 | (8338) | (6554) | (7922) | 3222 | (2672) | 121 |
| <br>1026 | 936 | 13044 | 60515 | (20862) | 18432 | 112775 | 4721 | (5266) | 2011 |
| <br>8320 | 9868 | 606899 | 641306 | 32004 | 54833 | 269567 | 28220 | 1406 | 6691 |
| <br>(8234) | (8508) | (620798) | (549101) | (58663) | (41621) | (169205) | (18406) | (8733) | (4242) |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| (8234) | (8508) | (620798) | (549101) | (58663) | (41621) | (169205) | (18406) | (8733) | (4242) |
| 44359 | 29427 | 3809582 | 4771200 | 721185 | 595181 | 5015184 | 930967 | 199668 | 100364 |
| (19732) | (14733) | (2478451) | (2071986) | (190264) | (84093) | (256555) | 0 | (30358) | (19591) |
| <br>24627 | 14694 | 1331131 | 2699214 | 530921 | 511088 | 4758629 | 930967 | 169310 | 80773 |
| <br>24713 | 16054 | 1317232 | 2791419 | 504262 | 524300 | 4858991 | 940781 | 161983 | 83222 |
| 166877 | 150823 | 12049316 | 9257897 | 1505332 | 981032 | 1005834 | 65053 | 158121 | 74899 |
| $191590 | $166877 | $13366548 | $12049316 | $2009594 | $1505332 | $5864825 | $1005834 | $320104 | $158121 |
| 450 | 300 | 37940 | 47670 | 13960 | 11580 | 191760 | 36720 | 4440 | 2240 |
| (200) | (150) | (24710) | (20720) | (3700) | (1620) | (9840) | 0 | (680) | (440) |
| <br>250 | 150 | 13230 | 26950 | 10260 | 9960 | 181920 | 36720 | 3760 | 1800 |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **19** |

---

------

Statements of Changes in Net Assets (Cont.)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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** | **PIMCO**<br> **Ultra Short**<br> **Government Active**<br> **Exchange-Traded Fund** | **PIMCO**<br> **Ultra Short**<br> **Government Active**<br> **Exchange-Traded Fund** |
| (Amounts in thousands<sup>†</sup>) | **Year Ended<br>June 30, 2025** | **Year Ended<br>June 30, 2024** | **Year Ended<br>June 30, 2025** | **Year Ended<br>June 30, 2024** | **Year Ended<br>June 30, 2025** | **Year Ended<br>June 30, 2024** | **Year Ended<br>June 30, 2025** | **Year Ended<br>June 30, 2024** |
|  **Increase (Decrease) in Net Assets from:** |  |  |  |  |  |  |  |  |
|  **Operations:** |  |  |  |  |  |  |  |  |
|  Net investment income (loss) | $9015 | $5054 | $51630 | $23878 | $20258 | $16704 | $27278 | $8381 |
|  Net realized gain (loss) | (191) | (1095) | (5573) | (1050) | (313) | (2237) | 352 | 42 |
|  Net change in unrealized appreciation (depreciation) | 3715 | 5188 | (3601) | 4673 | 4912 | 5602 | (21) | 19 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 12539 | 9147 | 42456 | 27501 | 24857 | 20069 | 27609 | 8442 |
|  **Distributions to Shareholders:** |  |  |  |  |  |  |  |  |
|  From net investment income and/or net realized capital gains | (9265) | (5098) | (50699) | (21266) | (19325) | (16689) | (25933) | (6945) |
|  **Total Distributions<sup>(a)</sup>** | (9265) | (5098) | (50699) | (21266) | (19325) | (16689) | (25933) | (6945) |
|  **Fund Share Transactions:** |  |  |  |  |  |  |  |  |
|  Receipts for shares sold | 78103 | 53491 | 643718 | 224596 | 356936 | 102236 | 1201640 | 439232 |
|  Cost of shares redeemed | (3034) | (34638) | (288041) | (4042) | (56957) | (44558) | (744502) | (90778) |
|  Net increase (decrease) resulting from Fund share transactions | 75069 | 18853 | 355677 | 220554 | 299979 | 57678 | 457138 | 348454 |
|  **Total Increase (Decrease) in Net Assets** | 78343 | 22902 | 347434 | 226789 | 305511 | 61058 | 458814 | 349951 |
|  **Net Assets:** |  |  |  |  |  |  |  |  |
|  Beginning of year | 116116 | 93214 | 392348 | 165559 | 586508 | 525450 | 362970 | 13019 |
|  End of year | $194459 | $116116 | $739782 | $392348 | $892019 | $586508 | $821784 | $362970 |
|  **Shares of Beneficial Interest:** |  |  |  |  |  |  |  |  |
|  Shares sold | 1540 | 1100 | 12580 | 4440 | 7160 | 2060 | 11900 | 4360 |
|  Shares redeemed | (60) | (760) | (5760) | (80) | (1140) | (900) | (7370) | (900) |
|  Net increase (decrease) in shares outstanding | 1480 | 340 | 6820 | 4360 | 6020 | 1160 | 4530 | 3460 |

---

---

| | |
|:---|:---|
| <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. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

---

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

---

------

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>) | **Year Ended<br>June 30, 2025** | **Year Ended<br>June 30, 2024** |
|  **Increase (Decrease) in Net Assets from:** |  |  |
|  **Operations:** |  |  |
|  Net investment income (loss) | $13352 | $10088 |
|  Net realized gain (loss) | (18576) | 14375 |
|  Net change in unrealized appreciation (depreciation) | 12228 | (894) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 7004 | 23569 |
|  **Distributions to Shareholders:** |  |  |
|  From net investment income and/or net realized capital gains | (27179) | (7599) |
|  **Total Distributions<sup>(a)</sup>** | (27179) | (7599) |
|  **Fund Share Transactions:** |  |  |
|  Receipts for shares sold | 254701 | 116372 |
|  Cost of shares redeemed | (164214) | (28562) |
|  Net increase (decrease) resulting from Fund share transactions | 90487 | 87810 |
|  **Total Increase (Decrease) in Net Assets** | 70312 | 103780 |
|  **Net Assets:** |  |  |
|  Beginning of year | 302502 | 198722 |
|  End of year | $372814 | $302502 |
|  **Shares of Beneficial Interest:** |  |  |
|  Shares sold | 9725 | 4275 |
|  Shares redeemed | (6375) | (1050) |
|  Net increase (decrease) in shares outstanding | 3350 | 3225 |

---

---

| | |
|:---|:---|
| <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. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **21** |

---

------

Schedule of Investments PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund June 30, 2025

#### (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 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 05/15/2050 | $— | 289494 | $— | 86703 |
|  0.000% due 08/15/2050 |  | 258017 |  | 75552 |
|  0.000% due 11/15/2050 |  | 258407 |  | 74670 |
|  0.000% due 02/15/2051 |  | 294641 |  | 84205 |
|  0.000% due 05/15/2051 |  | 276175 |  | 78096 |
|  0.000% due 08/15/2051 |  | 264348 |  | 73844 |
|  0.000% due 11/15/2051 |  | 276090 |  | 76368 |
|  0.000% due 02/15/2052 |  | 292942 |  | 80030 |
|  0.000% due 05/15/2052 |  | 288448 |  | 78016 |
|  0.000% due 08/15/2052 |  | 321542 |  | 86079 |
|  0.000% due 11/15/2052 |  | 320123 |  | 85206 |
|  0.000% due 02/15/2053 |  | 329142 |  | 86425 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  0.000% due 05/15/2053 | $— | 287022 | $— | 74541 |
|  0.000% due 08/15/2053 |  | 352735 |  | 90759 |
|  0.000% due 11/15/2053 |  | 298548 |  | 76336 |
|  0.000% due 02/15/2054 |  | 214123 |  | 53891 |
|  0.000% due 05/15/2054 |  | 172122 |  | 42989 |
|  0.000% due 08/15/2054 |  | 272523 |  | 67477 |
|  0.000% due 11/15/2054 |  | 290545 |  | 71432 |
|  0.000% due 02/15/2055 |  | 327701 |  | 79864 |
|  Total U.S. Treasury Obligations<br>(Cost $1,912,610) | Total U.S. Treasury Obligations<br>(Cost $1,912,610) | Total U.S. Treasury Obligations<br>(Cost $1,912,610) |  | 1522483 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | 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 |
|  4.380% (b) | 53063 | $— | 53 |
| Total Short-Term Instruments<br>(Cost $53) | Total Short-Term Instruments<br>(Cost $53) |  | 53 |
| Total Investments in Securities<br>(Cost $1,912,663) | Total Investments in Securities<br>(Cost $1,912,663) |  | 1522536 |
| Total Investments 100.0%<br>(Cost $1,912,663) |  | $— | 1522536 |
| Other Assets and Liabilities, net 0.0% | Other Assets and Liabilities, net 0.0% |  | (179) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 1522357 |

---

#### 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 June 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at<br>06/30/2025** |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  U.S. Treasury Obligations | $0 | $1522483 | $0 | $1522483 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 0 | 53 | 0 | 53 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1522536 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1522536 |

---

There were no significant transfers into or out of Level 3 during the period ended June 30, 2025.

---

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

---

------

Schedule of Investments PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund June 30, 2025

#### (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 99.8% | INVESTMENTS IN SECURITIES 99.8% | INVESTMENTS IN SECURITIES 99.8% | INVESTMENTS IN SECURITIES 99.8% | INVESTMENTS IN SECURITIES 99.8% |
| U.S. TREASURY OBLIGATIONS 99.7% | U.S. TREASURY OBLIGATIONS 99.7% | U.S. TREASURY OBLIGATIONS 99.7% | U.S. TREASURY OBLIGATIONS 99.7% | U.S. TREASURY OBLIGATIONS 99.7% |
|  U.S. Treasury Inflation Protected Securities (a) | U.S. Treasury Inflation Protected Securities (a) | U.S. Treasury Inflation Protected Securities (a) | U.S. Treasury Inflation Protected Securities (a) | U.S. Treasury Inflation Protected Securities (a) |
|  0.125% due 04/15/2026 | $— | 4988 | $— | 4933 |
|  0.125% due 07/15/2026 |  | 21158 |  | 20977 |
|  0.125% due 10/15/2026 |  | 22490 |  | 22234 |
|  0.125% due 04/15/2027 |  | 22656 |  | 22185 |
|  0.125% due 01/15/2030 |  | 37233 |  | 35149 |
|  0.125% due 07/15/2030 |  | 12613 |  | 11853 |
|  0.125% due 01/15/2032 |  | 2427 |  | 2200 |
|  0.250% due 07/15/2029 |  | 16352 |  | 15707 |
|  0.375% due 01/15/2027 |  | 33238 |  | 32787 |
|  0.375% due 07/15/2027 |  | 26696 |  | 26339 |
|  0.500% due 01/15/2028 |  | 34580 |  | 33942 |
|  0.750% due 07/15/2028 |  | 16525 |  | 16327 |
|  0.875% due 01/15/2029 |  | 20527 |  | 20213 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  1.250% due 04/15/2028 | $— | 21312 | $— | 21276 |
|  1.625% due 10/15/2027 |  | 17497 |  | 17718 |
|  1.625% due 10/15/2029 |  | 25205 |  | 25522 |
|  1.625% due 04/15/2030 |  | 31250 |  | 31485 |
|  1.750% due 01/15/2028 |  | 19362 |  | 19613 |
|  1.875% due 07/15/2034 |  | 43 |  | 43 |
|  2.125% due 04/15/2029 |  | 25300 |  | 25987 |
|  2.375% due 10/15/2028 |  | 13743 |  | 14258 |
|  2.500% due 01/15/2029 |  | 16246 |  | 16907 |
|  3.625% due 04/15/2028 |  | 5410 |  | 5754 |
|  3.875% due 04/15/2029 |  | 5323 |  | 5812 |
|  Total U.S. Treasury Obligations<br>(Cost $450,626) | Total U.S. Treasury Obligations<br>(Cost $450,626) | Total U.S. Treasury Obligations<br>(Cost $450,626) |  | 449221 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% |
| 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 |
|  4.380% (b) | 359742 | $— | 360 |
| Total Short-Term Instruments<br>(Cost $360) | Total Short-Term Instruments<br>(Cost $360) |  | 360 |
| Total Investments in Securities<br>(Cost $450,986) | Total Investments in Securities<br>(Cost $450,986) |  | 449581 |
| Total Investments 99.8%<br>(Cost $450,986) |  | $— | 449581 |
| Other Assets and Liabilities, net 0.2% | Other Assets and Liabilities, net 0.2% |  | 924 |
| Net Assets 100.0% |  | $— | 450505 |

---

#### 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 June 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at<br>06/30/2025** |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  U.S. Treasury Obligations | $0 | $449221 | $0 | $449221 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 0 | 360 | 0 | 360 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449581 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449581 |

---

There were no significant transfers into or out of Level 3 during the period ended June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **23** |

---

------

Schedule of Investments PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund June 30, 2025

#### (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 99.4% | U.S. TREASURY OBLIGATIONS 99.4% | U.S. TREASURY OBLIGATIONS 99.4% | U.S. TREASURY OBLIGATIONS 99.4% | U.S. TREASURY OBLIGATIONS 99.4% |
|  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 | $— | 44859 | $— | 24461 |
|  0.125% due 02/15/2052 |  | 43231 |  | 23107 |
|  0.250% due 02/15/2050 |  | 48060 |  | 27944 |
|  0.625% due 02/15/2043 |  | 76414 |  | 56845 |
|  0.750% due 02/15/2042 |  | 77868 |  | 60519 |
|  0.750% due 02/15/2045 |  | 83350 |  | 60907 |
|  0.875% due 02/15/2047 |  | 81886 |  | 59383 |
|  1.000% due 02/15/2046 |  | 85933 |  | 65171 |
|  1.000% due 02/15/2048 |  | 68566 |  | 50476 |
|  1.000% due 02/15/2049 |  | 56017 |  | 40683 |
|  1.375% due 02/15/2044 |  | 82504 |  | 69335 |
|  1.500% due 02/15/2053 |  | 26707 |  | 21173 |
|  2.125% due 02/15/2041 |  | 47469 |  | 46497 |
|  2.125% due 02/15/2054 |  | 46981 |  | 43031 |
|  2.375% due 02/15/2055 |  | 21709 |  | 21007 |
|  Total U.S. Treasury Obligations<br>(Cost $930,682) | Total U.S. Treasury Obligations<br>(Cost $930,682) | Total U.S. Treasury Obligations<br>(Cost $930,682) |  | 670539 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% |
| 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 |
|  4.380% (b) | 769932 | $— | 770 |
| Total Short-Term Instruments<br>(Cost $770) | Total Short-Term Instruments<br>(Cost $770) |  | 770 |
| Total Investments in Securities<br>(Cost $931,452) | Total Investments in Securities<br>(Cost $931,452) |  | 671309 |
| Total Investments 99.5%<br>(Cost $931,452) |  | $— | 671309 |
| Other Assets and Liabilities, net 0.5% | Other Assets and Liabilities, net 0.5% |  | 3202 |
| Net Assets 100.0% |  | $— | 674511 |

---

&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. 

(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 June 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at<br>06/30/2025** |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  U.S. Treasury Obligations | $0 | $670539 | $0 | $670539 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 0 | 770 | 0 | 770 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;671309 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;671309 |

---

There were no significant transfers into or out of Level 3 during the period ended June 30, 2025.

---

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

---

------

Schedule of Investments PIMCO Broad U.S. TIPS Index Exchange-Traded Fund June 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 99.6% | INVESTMENTS IN SECURITIES 99.6% | INVESTMENTS IN SECURITIES 99.6% | INVESTMENTS IN SECURITIES 99.6% | INVESTMENTS IN SECURITIES 99.6% |
| U.S. TREASURY OBLIGATIONS 99.4% | U.S. TREASURY OBLIGATIONS 99.4% | U.S. TREASURY OBLIGATIONS 99.4% | U.S. TREASURY OBLIGATIONS 99.4% | U.S. TREASURY OBLIGATIONS 99.4% |
|  U.S. Treasury Inflation Protected Securities (a) | U.S. Treasury Inflation Protected Securities (a) | U.S. Treasury Inflation Protected Securities (a) | U.S. Treasury Inflation Protected Securities (a) | U.S. Treasury Inflation Protected Securities (a) |
|  0.125% due 07/15/2026 | $— | 4768 | $— | 4727 |
|  0.125% due 10/15/2026 |  | 4418 |  | 4368 |
|  0.125% due 04/15/2027 |  | 669 |  | 655 |
|  0.125% due 01/15/2030 |  | 4942 |  | 4665 |
|  0.125% due 07/15/2030 |  | 854 |  | 803 |
|  0.125% due 01/15/2031 |  | 4961 |  | 4598 |
|  0.125% due 07/15/2031 |  | 5143 |  | 4734 |
|  0.125% due 01/15/2032 |  | 4879 |  | 4424 |
|  0.250% due 07/15/2029 |  | 779 |  | 748 |
|  0.375% due 01/15/2027 |  | 1308 |  | 1290 |
|  0.375% due 07/15/2027 |  | 684 |  | 675 |
|  0.500% due 01/15/2028 |  | 1027 |  | 1008 |
|  0.625% due 07/15/2032 |  | 951 |  | 887 |
|  0.625% due 02/15/2043 |  | 6 |  | 4 |
|  0.750% due 07/15/2028 |  | 643 |  | 635 |
|  0.750% due 02/15/2045 |  | 3177 |  | 2321 |
|  0.875% due 01/15/2029 |  | 3354 |  | 3302 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  0.875% due 02/15/2047 | $— | 3855 | $— | 2796 |
|  1.000% due 02/15/2046 |  | 4010 |  | 3041 |
|  1.000% due 02/15/2048 |  | 3874 |  | 2852 |
|  1.125% due 01/15/2033 |  | 5005 |  | 4785 |
|  1.250% due 04/15/2028 |  | 509 |  | 508 |
|  1.375% due 07/15/2033 |  | 4750 |  | 4615 |
|  1.375% due 02/15/2044 |  | 3945 |  | 3315 |
|  1.500% due 02/15/2053 |  | 33 |  | 27 |
|  1.625% due 10/15/2027 |  | 684 |  | 693 |
|  1.625% due 10/15/2029 |  | 4384 |  | 4440 |
|  1.625% due 04/15/2030 |  | 3048 |  | 3071 |
|  1.750% due 01/15/2034 |  | 4811 |  | 4771 |
|  1.875% due 07/15/2034 |  | 4961 |  | 4968 |
|  2.125% due 04/15/2029 |  | 634 |  | 651 |
|  2.125% due 01/15/2035 |  | 2253 |  | 2291 |
|  2.125% due 02/15/2041 |  | 10 |  | 10 |
|  2.125% due 02/15/2054 |  | 38 |  | 34 |
|  2.375% due 01/15/2027 |  | 3250 |  | 3304 |
|  2.375% due 10/15/2028 |  | 4332 |  | 4495 |
|  2.375% due 02/15/2055 |  | 198 |  | 192 |
|  2.500% due 01/15/2029 |  | 2943 |  | 3063 |
|  3.375% due 04/15/2032 |  | 29 |  | 32 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  3.625% due 04/15/2028 | 105 | $— | 112 |
|  3.875% due 04/15/2029 | 322 |  | 352 |
|  Total U.S. Treasury Obligations<br>(Cost $96,566) | Total U.S. Treasury Obligations<br>(Cost $96,566) |  | 94262 |
|  | **SHARES** |  |  |
| 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 |
|  4.380% (b) | 141478 |  | 142 |
| Total Short-Term Instruments<br>(Cost $142) | Total Short-Term Instruments<br>(Cost $142) |  | 142 |
| Total Investments in Securities<br>(Cost $96,708) | Total Investments in Securities<br>(Cost $96,708) |  | 94404 |
| Total Investments 99.6%<br>(Cost $96,708) | Total Investments 99.6%<br>(Cost $96,708) | $— | 94404 |
| Other Assets and Liabilities, net 0.4% | Other Assets and Liabilities, net 0.4% |  | 387 |
| Net Assets 100.0% |  | $— | 94791 |

---

#### 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 June 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at<br>06/30/2025** |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  U.S. Treasury Obligations | $0 | $94262 | $0 | $94262 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 0 | 142 | 0 | 142 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94404 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94404 |

---

There were no significant transfers into or out of Level 3 during the period ended June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **25** |

---

------

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

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

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 101.6% | INVESTMENTS IN SECURITIES 101.6% | INVESTMENTS IN SECURITIES 101.6% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 1.6% | LOAN PARTICIPATIONS AND ASSIGNMENTS 1.6% | LOAN PARTICIPATIONS AND ASSIGNMENTS 1.6% |
|  Altice France SA | Altice France SA | Altice France SA |
|  9.756% (TSFR3M + 5.500%) due 08/15/2028 ~ | 598 | 544 |
|  Bausch & Lomb Corp. | Bausch & Lomb Corp. | Bausch & Lomb Corp. |
|  8.571% (TSFR1M + 4.250%) due 06/26/2030 ~ | 450 | 451 |
|  Bausch Health Cos., Inc. | Bausch Health Cos., Inc. | Bausch Health Cos., Inc. |
|  10.561% (TSFR1M + 6.250%) due 10/08/2030 ~ | 2000 | 1933 |
|  Cengage Learning, Inc. | Cengage Learning, Inc. | Cengage Learning, Inc. |
|  7.822% - 7.830% (TSFR3M + 3.500%) due 03/24/2031 ~ | 938 | 941 |
|  Central Parent, Inc. | Central Parent, Inc. | Central Parent, Inc. |
|  7.546% (TSFR3M + 3.250%) due 07/06/2029 ~ | 791 | 662 |
|  Clover Holdings SPV LLC | Clover Holdings SPV LLC | Clover Holdings SPV LLC |
|  15.000% due 12/09/2027 | 54 | 54 |
|  Cotiviti Corp. | Cotiviti Corp. | Cotiviti Corp. |
|  7.625% due 05/01/2031 | 2850 | 2870 |
|  Endure Digital, Inc. | Endure Digital, Inc. | Endure Digital, Inc. |
|  7.927% (TSFR1M + 3.500%) due 02/10/2028 «~ | 1492 | 1149 |
|  Envision Healthcare Corp. | Envision Healthcare Corp. | Envision Healthcare Corp. |
|  11.110% (TSFR3M + 6.750%) due 07/20/2026 « | 628 | 628 |
|  12.235% (TSFR3M + 7.875%) due 11/03/2028 « | 2423 | 2496 |
|  LSF9 Atlantis Holdings LLC | LSF9 Atlantis Holdings LLC | LSF9 Atlantis Holdings LLC |
|  8.546% (TSFR3M + 4.250%) due 03/31/2029 ~ | 2096 | 2100 |
|  Lumen Technologies, Inc. | Lumen Technologies, Inc. | Lumen Technologies, Inc. |
|  6.791% (TSFR1M + 2.350%) due 04/15/2030 ~ | 1521 | 1504 |
|  MPH Acquisition Holdings LLC | MPH Acquisition Holdings LLC | MPH Acquisition Holdings LLC |
|  8.030% (TSFR3M + 3.750%) due 12/31/2030 ~ | 462 | 456 |
|  9.141% (TSFR3M + 4.600%) due 12/31/2030 ~ | 1450 | 1305 |
|  Peraton Corp. | Peraton Corp. | Peraton Corp. |
|  8.177% (TSFR1M + 3.750%) due 02/01/2028 ~ | 1521 | 1347 |
|  U.S. Renal Care, Inc. | U.S. Renal Care, Inc. | U.S. Renal Care, Inc. |
|  9.441% (TSFR1M + 5.000%) due 06/20/2028 ~ | 3477 | 3300 |
|  Zayo Group Holdings, Inc. | Zayo Group Holdings, Inc. | Zayo Group Holdings, Inc. |
|  7.441% (TSFR1M + 3.000%) due 03/09/2027 ~ | 1300 | 1240 |
|  Total Loan Participations and Assignments<br> (Cost $22,658) | Total Loan Participations and Assignments<br> (Cost $22,658) | 22980 |
| CORPORATE BONDS & NOTES 92.4% | CORPORATE BONDS & NOTES 92.4% | CORPORATE BONDS & NOTES 92.4% |
| BANKING & FINANCE 13.7% | BANKING & FINANCE 13.7% | BANKING & FINANCE 13.7% |
|  Acrisure LLC | Acrisure LLC | Acrisure LLC |
|  4.250% due 02/15/2029 | 853 | 819 |
|  8.250% due 02/01/2029 | 1178 | 1220 |
|  8.500% due 06/15/2029 | 397 | 414 |
|  AG TTMT Escrow Issuer LLC | AG TTMT Escrow Issuer LLC | AG TTMT Escrow Issuer LLC |
|  8.625% due 09/30/2027 | 1294 | 1341 |
|  Alliant Holdings Intermediate LLC | Alliant Holdings Intermediate LLC | Alliant Holdings Intermediate LLC |
|  4.250% due 10/15/2027 | 1595 | 1567 |
|  5.875% due 11/01/2029 | 1075 | 1060 |
|  6.750% due 10/15/2027 | 3840 | 3846 |
|  6.750% due 04/15/2028 | 3851 | 3917 |
|  Allied Universal Holdco LLC | Allied Universal Holdco LLC | Allied Universal Holdco LLC |
|  4.625% due 06/01/2028 | 3074 | 2983 |
|  6.000% due 06/01/2029 (h) | 1550 | 1509 |
|  Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. |
|  5.750% due 11/20/2025 | 1663 | 1667 |
|  AmWINS Group, Inc. | AmWINS Group, Inc. | AmWINS Group, Inc. |
|  6.375% due 02/15/2029 | 1253 | 1278 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Apollo Commercial Real Estate Finance, Inc. | Apollo Commercial Real Estate Finance, Inc. | Apollo Commercial Real Estate Finance, Inc. |
|  4.625% due 06/15/2029 | 1126 | 1071 |
|  Armor Holdco, Inc. | Armor Holdco, Inc. | Armor Holdco, Inc. |
|  8.500% due 11/15/2029 | 710 | 681 |
|  Brandywine Operating Partnership LP | Brandywine Operating Partnership LP | Brandywine Operating Partnership LP |
|  8.300% due 03/15/2028 | 1142 | 1225 |
|  8.875% due 04/12/2029 | 2087 | 2261 |
|  Brookfield Property REIT, Inc. | Brookfield Property REIT, Inc. | Brookfield Property REIT, Inc. |
|  4.500% due 04/01/2027 | 2192 | 2134 |
|  5.750% due 05/15/2026 | 1280 | 1277 |
|  Burford Capital Global Finance LLC | Burford Capital Global Finance LLC | Burford Capital Global Finance LLC |
|  6.250% due 04/15/2028 | 2484 | 2463 |
|  Clue Opco LLC | Clue Opco LLC | Clue Opco LLC |
|  9.500% due 10/15/2031 (h) | 568 | 603 |
|  Coinbase Global, Inc. | Coinbase Global, Inc. | Coinbase Global, Inc. |
|  3.375% due 10/01/2028 | 5833 | 5473 |
|  Compass Group Diversified Holdings LLC | Compass Group Diversified Holdings LLC | Compass Group Diversified Holdings LLC |
|  5.250% due 04/15/2029 | 2421 | 2175 |
|  CoreLogic, Inc. | CoreLogic, Inc. | CoreLogic, Inc. |
|  4.500% due 05/01/2028 | 1530 | 1461 |
|  Credit Acceptance Corp. | Credit Acceptance Corp. | Credit Acceptance Corp. |
|  6.625% due 03/15/2030 | 437 | 443 |
|  Diversified Healthcare Trust | Diversified Healthcare Trust | Diversified Healthcare Trust |
|  0.000% due 01/15/2026 (e) | 445 | 432 |
|  4.750% due 02/15/2028 | 2111 | 1956 |
|  Encore Capital Group, Inc. | Encore Capital Group, Inc. | Encore Capital Group, Inc. |
|  8.500% due 05/15/2030 | 1403 | 1506 |
|  Five Point Operating Co. LP | Five Point Operating Co. LP | Five Point Operating Co. LP |
|  10.500% due 01/15/2028 | 884 | 900 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  5.113% due 05/03/2029 | 1286 | 1258 |
|  5.918% due 03/20/2028 | 150 | 152 |
|  Fortress Transportation & Infrastructure Investors LLC | Fortress Transportation & Infrastructure Investors LLC | Fortress Transportation & Infrastructure Investors LLC |
|  5.500% due 05/01/2028 | 3048 | 3033 |
|  Freedom Mortgage Corp. | Freedom Mortgage Corp. | Freedom Mortgage Corp. |
|  6.625% due 01/15/2027 | 540 | 541 |
|  7.625% due 05/01/2026 | 1249 | 1250 |
|  12.000% due 10/01/2028 | 2895 | 3115 |
|  Freedom Mortgage Holdings LLC | Freedom Mortgage Holdings LLC | Freedom Mortgage Holdings LLC |
|  9.250% due 02/01/2029 | 2336 | 2428 |
|  GGAM Finance Ltd. | GGAM Finance Ltd. | GGAM Finance Ltd. |
|  7.750% due 05/15/2026 | 859 | 868 |
|  8.000% due 02/15/2027 | 941 | 971 |
|  8.000% due 06/15/2028 | 391 | 414 |
|  Global Atlantic Fin Co. | Global Atlantic Fin Co. | Global Atlantic Fin Co. |
|  4.700% due 10/15/2051 •  | 1414 | 1388 |
|  Global Net Lease, Inc. | Global Net Lease, Inc. | Global Net Lease, Inc. |
|  3.750% due 12/15/2027 | 1933 | 1850 |
|  HUB International Ltd. | HUB International Ltd. | HUB International Ltd. |
|  5.625% due 12/01/2029 | 1088 | 1089 |
|  Hudson Pacific Properties LP | Hudson Pacific Properties LP | Hudson Pacific Properties LP |
|  3.950% due 11/01/2027 | 2356 | 2261 |
|  4.650% due 04/01/2029 (h) | 628 | 565 |
|  5.950% due 02/15/2028 | 1049 | 1024 |
|  Icahn Enterprises LP | Icahn Enterprises LP | Icahn Enterprises LP |
|  4.375% due 02/01/2029 | 2489 | 2094 |
|  5.250% due 05/15/2027 | 4012 | 3891 |
|  6.250% due 05/15/2026 | 1876 | 1864 |
|  9.750% due 01/15/2029 | 48 | 47 |
|  10.000% due 11/15/2029 | 1027 | 1018 |
|  Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA |
|  5.710% due 01/15/2026 | 2576 | 2582 |
|  Iron Mountain, Inc. | Iron Mountain, Inc. | Iron Mountain, Inc. |
|  4.875% due 09/15/2027 | 2950 | 2935 |
|  5.000% due 07/15/2028 | 1031 | 1024 |
|  5.250% due 03/15/2028 | 735 | 732 |
|  Jefferies Finance LLC | Jefferies Finance LLC | Jefferies Finance LLC |
|  5.000% due 08/15/2028 | 2505 | 2423 |
|  Jefferson Capital Holdings LLC | Jefferson Capital Holdings LLC | Jefferson Capital Holdings LLC |
|  6.000% due 08/15/2026 | 743 | 742 |
|  9.500% due 02/15/2029 | 2485 | 2630 |
|  Kennedy-Wilson, Inc. | Kennedy-Wilson, Inc. | Kennedy-Wilson, Inc. |
|  4.750% due 03/01/2029 | 2792 | 2619 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Ladder Capital Finance Holdings LLLP | Ladder Capital Finance Holdings LLLP | Ladder Capital Finance Holdings LLLP |
|  4.250% due 02/01/2027 | 3506 | 3459 |
|  5.250% due 10/01/2025 | 887 | 887 |
|  LD Holdings Group LLC | LD Holdings Group LLC | LD Holdings Group LLC |
|  8.750% due 11/01/2027 | 273 | 248 |
|  Liberty Mutual Group, Inc. | Liberty Mutual Group, Inc. | Liberty Mutual Group, Inc. |
|  4.125% due 12/15/2051 •  | 3312 | 3226 |
|  Midcap Financial Issuer Trust | Midcap Financial Issuer Trust | Midcap Financial Issuer Trust |
|  6.500% due 05/01/2028 | 3283 | 3255 |
|  MPT Operating Partnership LP | MPT Operating Partnership LP | MPT Operating Partnership LP |
|  5.000% due 10/15/2027 (h) | 735 | 679 |
|  8.500% due 02/15/2032 | 1369 | 1434 |
|  Nationstar Mortgage Holdings, Inc. | Nationstar Mortgage Holdings, Inc. | Nationstar Mortgage Holdings, Inc. |
|  5.000% due 02/01/2026 | 855 | 852 |
|  6.000% due 01/15/2027 | 1024 | 1026 |
|  6.500% due 08/01/2029 | 3570 | 3649 |
|  Navient Corp. | Navient Corp. | Navient Corp. |
|  4.875% due 03/15/2028 | 1377 | 1359 |
|  5.000% due 03/15/2027 | 1342 | 1337 |
|  5.500% due 03/15/2029 | 1875 | 1838 |
|  6.750% due 06/15/2026 | 1930 | 1955 |
|  NCL Finance Ltd. | NCL Finance Ltd. | NCL Finance Ltd. |
|  6.125% due 03/15/2028 | 689 | 701 |
|  Newmark Group, Inc. | Newmark Group, Inc. | Newmark Group, Inc. |
|  7.500% due 01/12/2029 | 703 | 744 |
|  Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC |
|  1.850% due 09/16/2026 | 1955 | 1866 |
|  2.000% due 03/09/2026 | 3167 | 3090 |
|  2.750% due 03/09/2028 | 1363 | 1245 |
|  5.300% due 09/13/2027 | 18 | 18 |
|  6.950% due 09/15/2026 | 731 | 740 |
|  7.050% due 09/15/2028 | 1602 | 1638 |
|  OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. |
|  3.500% due 01/15/2027 | 3879 | 3800 |
|  3.875% due 09/15/2028 | 1505 | 1444 |
|  6.625% due 01/15/2028 | 1318 | 1362 |
|  6.625% due 05/15/2029 | 20 | 21 |
|  Osaic Holdings, Inc. | Osaic Holdings, Inc. | Osaic Holdings, Inc. |
|  10.750% due 08/01/2027 | 292 | 293 |
|  Oxford Finance LLC | Oxford Finance LLC | Oxford Finance LLC |
|  6.375% due 02/01/2027 | 1667 | 1677 |
|  Park Intermediate Holdings LLC | Park Intermediate Holdings LLC | Park Intermediate Holdings LLC |
|  4.875% due 05/15/2029 | 2157 | 2091 |
|  5.875% due 10/01/2028 | 1284 | 1283 |
|  Pebblebrook Hotel LP | Pebblebrook Hotel LP | Pebblebrook Hotel LP |
|  6.375% due 10/15/2029 | 1082 | 1089 |
|  PennyMac Financial Services, Inc. | PennyMac Financial Services, Inc. | PennyMac Financial Services, Inc. |
|  4.250% due 02/15/2029 | 600 | 577 |
|  7.875% due 12/15/2029 | 1930 | 2051 |
|  Popular, Inc. | Popular, Inc. | Popular, Inc. |
|  7.250% due 03/13/2028 | 1914 | 2035 |
|  PRA Group, Inc. | PRA Group, Inc. | PRA Group, Inc. |
|  8.375% due 02/01/2028 | 2249 | 2309 |
|  8.875% due 01/31/2030 | 309 | 319 |
|  Provident Funding Associates LP | Provident Funding Associates LP | Provident Funding Associates LP |
|  9.750% due 09/15/2029 | 568 | 598 |
|  Rfna LP | Rfna LP | Rfna LP |
|  7.875% due 02/15/2030 | 1157 | 1185 |
|  RHP Hotel Properties LP | RHP Hotel Properties LP | RHP Hotel Properties LP |
|  4.750% due 10/15/2027 | 2012 | 2004 |
|  7.250% due 07/15/2028 | 1359 | 1408 |
|  RLJ Lodging Trust LP | RLJ Lodging Trust LP | RLJ Lodging Trust LP |
|  3.750% due 07/01/2026 | 1671 | 1655 |
|  4.000% due 09/15/2029 | 2356 | 2200 |
|  Rocket Cos., Inc. | Rocket Cos., Inc. | Rocket Cos., Inc. |
|  6.125% due 08/01/2030 | 1050 | 1071 |
|  Rocket Mortgage LLC | Rocket Mortgage LLC | Rocket Mortgage LLC |
|  2.875% due 10/15/2026 | 4169 | 4069 |
|  3.625% due 03/01/2029 | 830 | 789 |
|  SBA Communications Corp. | SBA Communications Corp. | SBA Communications Corp. |
|  3.125% due 02/01/2029 | 1973 | 1865 |
|  3.875% due 02/15/2027 | 2071 | 2041 |
|  Service Properties Trust | Service Properties Trust | Service Properties Trust |
|  4.750% due 10/01/2026 | 1298 | 1281 |

---

---

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

---

------

June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.500% due 12/15/2027 | 2371 | 2351 |
|  8.375% due 06/15/2029 | 430 | 448 |
|  SLM Corp. | SLM Corp. | SLM Corp. |
|  3.125% due 11/02/2026 | 3215 | 3153 |
|  Starwood Property Trust, Inc. | Starwood Property Trust, Inc. | Starwood Property Trust, Inc. |
|  3.625% due 07/15/2026 | 1171 | 1152 |
|  4.375% due 01/15/2027 | 383 | 380 |
|  6.500% due 07/01/2030 | 1210 | 1251 |
|  6.500% due 10/15/2030 | 710 | 735 |
|  7.250% due 04/01/2029 | 1676 | 1765 |
|  Stonex Escrow Issuer LLC | Stonex Escrow Issuer LLC | Stonex Escrow Issuer LLC |
|  6.875% due 07/15/2032 (a) | 525 | 531 |
|  UniCredit SpA | UniCredit SpA | UniCredit SpA |
|  5.861% due 06/19/2032 •  | 1321 | 1332 |
|  7.296% due 04/02/2034 •  | 869 | 919 |
|  United Wholesale Mortgage LLC | United Wholesale Mortgage LLC | United Wholesale Mortgage LLC |
|  5.500% due 11/15/2025 | 609 | 609 |
|  Uniti Group LP | Uniti Group LP | Uniti Group LP |
|  6.000% due 01/15/2030 (h) | 3411 | 3199 |
|  6.500% due 02/15/2029 | 3187 | 3083 |
|  8.625% due 06/15/2032 | 2200 | 2224 |
|  10.500% due 02/15/2028 | 3024 | 3208 |
|  Vornado Realty LP | Vornado Realty LP | Vornado Realty LP |
|  2.150% due 06/01/2026 | 1455 | 1414 |
|  3.400% due 06/01/2031 | 787 | 702 |
|  Voyager Aviation Holdings LLC | Voyager Aviation Holdings LLC | Voyager Aviation Holdings LLC |
|  8.500% due 05/09/2026 ^«(c) | 515 | 0 |
|  XHR LP | XHR LP | XHR LP |
|  4.875% due 06/01/2029 | 460 | 446 |
|  6.625% due 05/15/2030 | 1003 | 1023 |
|  |  | 200178 |
| INDUSTRIALS 74.9% | INDUSTRIALS 74.9% | INDUSTRIALS 74.9% |
|  AAR Escrow Issuer LLC | AAR Escrow Issuer LLC | AAR Escrow Issuer LLC |
|  6.750% due 03/15/2029 | 825 | 856 |
|  Acadia Healthcare Co., Inc. | Acadia Healthcare Co., Inc. | Acadia Healthcare Co., Inc. |
|  5.500% due 07/01/2028 | 3233 | 3214 |
|  AdaptHealth LLC | AdaptHealth LLC | AdaptHealth LLC |
|  4.625% due 08/01/2029 | 446 | 421 |
|  6.125% due 08/01/2028 | 989 | 991 |
|  ADT Security Corp. | ADT Security Corp. | ADT Security Corp. |
|  4.125% due 08/01/2029 | 1555 | 1504 |
|  Advance Auto Parts, Inc. | Advance Auto Parts, Inc. | Advance Auto Parts, Inc. |
|  1.750% due 10/01/2027 | 552 | 516 |
|  Advantage Sales & Marketing, Inc. | Advantage Sales & Marketing, Inc. | Advantage Sales & Marketing, Inc. |
|  6.500% due 11/15/2028 | 1794 | 1400 |
|  AECOM | AECOM | AECOM |
|  5.125% due 03/15/2027 | 769 | 772 |
|  Affinity Interactive | Affinity Interactive | Affinity Interactive |
|  6.875% due 12/15/2027 | 1354 | 832 |
|  Ahead DB Holdings LLC | Ahead DB Holdings LLC | Ahead DB Holdings LLC |
|  6.625% due 05/01/2028 | 3458 | 3471 |
|  Ahlstrom Holding Oyj | Ahlstrom Holding Oyj | Ahlstrom Holding Oyj |
|  4.875% due 02/04/2028 | 1173 | 1120 |
|  Air Canada | Air Canada | Air Canada |
|  3.875% due 08/15/2026 | 2521 | 2497 |
|  Albertsons Cos., Inc. | Albertsons Cos., Inc. | Albertsons Cos., Inc. |
|  3.250% due 03/15/2026 | 1260 | 1244 |
|  3.500% due 03/15/2029 | 1681 | 1594 |
|  4.625% due 01/15/2027 | 2884 | 2869 |
|  5.875% due 02/15/2028 | 2117 | 2117 |
|  Albion Financing SARL | Albion Financing SARL | Albion Financing SARL |
|  7.000% due 05/21/2030 | 3800 | 3887 |
|  Algoma Steel, Inc. | Algoma Steel, Inc. | Algoma Steel, Inc. |
|  9.125% due 04/15/2029 | 1027 | 951 |
|  Allison Transmission, Inc. | Allison Transmission, Inc. | Allison Transmission, Inc. |
|  4.750% due 10/01/2027 | 1236 | 1226 |
|  Alta Equipment Group, Inc. | Alta Equipment Group, Inc. | Alta Equipment Group, Inc. |
|  9.000% due 06/01/2029 (h) | 1295 | 1209 |
|  Altice France Holding SA | Altice France Holding SA | Altice France Holding SA |
|  6.000% due 02/15/2028 | 738 | 262 |
|  10.500% due 05/15/2027 | 11848 | 4126 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Altice France SA | Altice France SA | Altice France SA |
|  5.125% due 01/15/2029 | 791 | 654 |
|  5.125% due 07/15/2029 | 4485 | 3711 |
|  5.500% due 01/15/2028 | 3296 | 2777 |
|  5.500% due 10/15/2029 | 2483 | 2061 |
|  8.125% due 02/01/2027 | 5641 | 5081 |
|  Alumina Pty. Ltd. | Alumina Pty. Ltd. | Alumina Pty. Ltd. |
|  6.125% due 03/15/2030 | 1306 | 1327 |
|  AMC Entertainment Holdings, Inc. (10.000% Cash or 12.000% PIK) | AMC Entertainment Holdings, Inc. (10.000% Cash or 12.000% PIK) | AMC Entertainment Holdings, Inc. (10.000% Cash or 12.000% PIK) |
|  10.000% due 06/15/2026 (b) | 1463 | 1454 |
|  AMC Networks, Inc. | AMC Networks, Inc. | AMC Networks, Inc. |
|  4.250% due 02/15/2029 | 4231 | 3394 |
|  10.250% due 01/15/2029 | 1472 | 1527 |
|  American Airlines, Inc. | American Airlines, Inc. | American Airlines, Inc. |
|  5.500% due 04/20/2026 | 2331 | 2327 |
|  5.750% due 04/20/2029 | 9060 | 9058 |
|  American Axle & Manufacturing, Inc. | American Axle & Manufacturing, Inc. | American Axle & Manufacturing, Inc. |
|  5.000% due 10/01/2029 | 42 | 38 |
|  6.500% due 04/01/2027 | 1341 | 1342 |
|  American Builders & Contractors Supply Co., Inc. | American Builders & Contractors Supply Co., Inc. | American Builders & Contractors Supply Co., Inc. |
|  3.875% due 11/15/2029 | 851 | 806 |
|  4.000% due 01/15/2028 | 328 | 321 |
|  ams-OSRAM AG | ams-OSRAM AG | ams-OSRAM AG |
|  12.250% due 03/30/2029 | 3064 | 3272 |
|  ANGI Group LLC | ANGI Group LLC | ANGI Group LLC |
|  3.875% due 08/15/2028 | 1880 | 1754 |
|  Aramark Services, Inc. | Aramark Services, Inc. | Aramark Services, Inc. |
|  5.000% due 02/01/2028 | 1800 | 1794 |
|  Arches Buyer, Inc. | Arches Buyer, Inc. | Arches Buyer, Inc. |
|  4.250% due 06/01/2028 | 1330 | 1274 |
|  Ardagh Metal Packaging Finance USA LLC | Ardagh Metal Packaging Finance USA LLC | Ardagh Metal Packaging Finance USA LLC |
|  3.250% due 09/01/2028 | 881 | 833 |
|  4.000% due 09/01/2029 | 629 | 575 |
|  6.000% due 06/15/2027 | 2571 | 2581 |
|  Ardagh Packaging Finance PLC | Ardagh Packaging Finance PLC | Ardagh Packaging Finance PLC |
|  4.125% due 08/15/2026 (h) | 2198 | 2065 |
|  Aris Water Holdings LLC | Aris Water Holdings LLC | Aris Water Holdings LLC |
|  7.250% due 04/01/2030 | 2629 | 2715 |
|  Artera Services LLC | Artera Services LLC | Artera Services LLC |
|  8.500% due 02/15/2031 | 640 | 533 |
|  Ascent Resources Utica Holdings LLC | Ascent Resources Utica Holdings LLC | Ascent Resources Utica Holdings LLC |
|  5.875% due 06/30/2029 | 1109 | 1112 |
|  Ashton Woods USA LLC | Ashton Woods USA LLC | Ashton Woods USA LLC |
|  4.625% due 08/01/2029 | 384 | 367 |
|  Aston Martin Capital Holdings Ltd. | Aston Martin Capital Holdings Ltd. | Aston Martin Capital Holdings Ltd. |
|  10.000% due 03/31/2029 | 5240 | 4968 |
|  AthenaHealth Group, Inc. | AthenaHealth Group, Inc. | AthenaHealth Group, Inc. |
|  6.500% due 02/15/2030 | 4081 | 4021 |
|  Avantor Funding, Inc. | Avantor Funding, Inc. | Avantor Funding, Inc. |
|  3.875% due 11/01/2029 | 1304 | 1236 |
|  4.625% due 07/15/2028 | 1576 | 1549 |
|  Avianca Midco PLC | Avianca Midco PLC | Avianca Midco PLC |
|  9.625% due 02/14/2030 | 1713 | 1581 |
|  Avis Budget Car Rental LLC | Avis Budget Car Rental LLC | Avis Budget Car Rental LLC |
|  4.750% due 04/01/2028 (h) | 1065 | 1034 |
|  5.375% due 03/01/2029 | 773 | 746 |
|  5.750% due 07/15/2027 | 755 | 751 |
|  Axalta Coating Systems LLC | Axalta Coating Systems LLC | Axalta Coating Systems LLC |
|  4.750% due 06/15/2027 | 1415 | 1407 |
|  Axon Enterprise, Inc. | Axon Enterprise, Inc. | Axon Enterprise, Inc. |
|  6.125% due 03/15/2030 | 1040 | 1072 |
|  B&G Foods, Inc. | B&G Foods, Inc. | B&G Foods, Inc. |
|  5.250% due 09/15/2027 (h) | 1169 | 1066 |
|  8.000% due 09/15/2028 | 2807 | 2706 |
|  Bath & Body Works, Inc. | Bath & Body Works, Inc. | Bath & Body Works, Inc. |
|  6.694% due 01/15/2027 | 495 | 507 |
|  7.500% due 06/15/2029 | 749 | 771 |
|  Bausch & Lomb Corp. | Bausch & Lomb Corp. | Bausch & Lomb Corp. |
|  8.375% due 10/01/2028 | 3428 | 3582 |
|  Bausch Health Americas, Inc. | Bausch Health Americas, Inc. | Bausch Health Americas, Inc. |
|  8.500% due 01/31/2027 | 1175 | 1120 |
|  9.250% due 04/01/2026 (h) | 806 | 805 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Bausch Health Cos., Inc. | Bausch Health Cos., Inc. | Bausch Health Cos., Inc. |
|  4.875% due 06/01/2028 | 4054 | 3423 |
|  5.000% due 01/30/2028 | 1780 | 1467 |
|  5.000% due 02/15/2029 (h) | 1665 | 1167 |
|  6.250% due 02/15/2029 (h) | 1386 | 975 |
|  11.000% due 09/30/2028 | 2082 | 2063 |
|  Baytex Energy Corp. | Baytex Energy Corp. | Baytex Energy Corp. |
|  8.500% due 04/30/2030 | 2670 | 2674 |
|  BC Ltd. | BC Ltd. | BC Ltd. |
|  10.000% due 04/15/2032 | 1980 | 1999 |
|  BC ULC | BC ULC | BC ULC |
|  3.500% due 02/15/2029 | 1177 | 1122 |
|  3.875% due 01/15/2028 | 987 | 962 |
|  4.375% due 01/15/2028 | 4821 | 4732 |
|  6.125% due 06/15/2029 | 1672 | 1716 |
|  BCPE Ulysses Intermediate, Inc. (7.750% Cash or 8.500% PIK) | BCPE Ulysses Intermediate, Inc. (7.750% Cash or 8.500% PIK) | BCPE Ulysses Intermediate, Inc. (7.750% Cash or 8.500% PIK) |
|  7.750% due 04/01/2027 (b) | 425 | 411 |
|  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)(b) | 1750 | 1818 |
|  Beacon Mobility Corp. | Beacon Mobility Corp. | Beacon Mobility Corp. |
|  7.250% due 08/01/2030 (a) | 1525 | 1558 |
|  Beazer Homes USA, Inc. | Beazer Homes USA, Inc. | Beazer Homes USA, Inc. |
|  7.500% due 03/15/2031 | 703 | 714 |
|  Belron U.K. Finance PLC | Belron U.K. Finance PLC | Belron U.K. Finance PLC |
|  5.750% due 10/15/2029 | 1633 | 1648 |
|  Blackstone Mortgage Trust, Inc. | Blackstone Mortgage Trust, Inc. | Blackstone Mortgage Trust, Inc. |
|  3.750% due 01/15/2027 | 401 | 391 |
|  7.750% due 12/01/2029 | 976 | 1039 |
|  Block Communications, Inc. | Block Communications, Inc. | Block Communications, Inc. |
|  4.875% due 03/01/2028 | 318 | 306 |
|  Block, Inc. | Block, Inc. | Block, Inc. |
|  2.750% due 06/01/2026 | 2279 | 2233 |
|  Bombardier, Inc. | Bombardier, Inc. | Bombardier, Inc. |
|  6.000% due 02/15/2028 | 1877 | 1890 |
|  7.875% due 04/15/2027 | 186 | 187 |
|  Boyd Gaming Corp. | Boyd Gaming Corp. | Boyd Gaming Corp. |
|  4.750% due 12/01/2027 | 1678 | 1669 |
|  Bristow Group, Inc. | Bristow Group, Inc. | Bristow Group, Inc. |
|  6.875% due 03/01/2028 | 1348 | 1356 |
|  Buckeye Partners LP | Buckeye Partners LP | Buckeye Partners LP |
|  3.950% due 12/01/2026 | 700 | 692 |
|  6.750% due 02/01/2030 | 1159 | 1204 |
|  Cablevision Lightpath LLC | Cablevision Lightpath LLC | Cablevision Lightpath LLC |
|  3.875% due 09/15/2027 | 547 | 528 |
|  5.625% due 09/15/2028 | 547 | 529 |
|  Caesars Entertainment, Inc. | Caesars Entertainment, Inc. | Caesars Entertainment, Inc. |
|  4.625% due 10/15/2029 | 1247 | 1191 |
|  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 | 267 | 263 |
|  Camelot Return Merger Sub, Inc. | Camelot Return Merger Sub, Inc. | Camelot Return Merger Sub, Inc. |
|  8.750% due 08/01/2028 | 1653 | 1526 |
|  Capstone Borrower, Inc. | Capstone Borrower, Inc. | Capstone Borrower, Inc. |
|  8.000% due 06/15/2030 | 650 | 677 |
|  Carnival Corp. | Carnival Corp. | Carnival Corp. |
|  4.000% due 08/01/2028 | 2150 | 2106 |
|  5.750% due 03/01/2027 | 6228 | 6283 |
|  Carvana Co. (11.000% Cash or 13.000% PIK) | Carvana Co. (11.000% Cash or 13.000% PIK) | Carvana Co. (11.000% Cash or 13.000% PIK) |
|  11.000% due 06/01/2030 (b) | 1100 | 1157 |
|  Carvana Co. (9.000% Cash or 12.000% PIK) | Carvana Co. (9.000% Cash or 12.000% PIK) | Carvana Co. (9.000% Cash or 12.000% PIK) |
|  9.000% due 12/01/2028 (b) | 1647 | 1691 |
|  Cascades, Inc. | Cascades, Inc. | Cascades, Inc. |
|  6.750% due 07/15/2030 | 925 | 930 |
|  CCO Holdings LLC | CCO Holdings LLC | CCO Holdings LLC |
|  4.750% due 03/01/2030 | 2071 | 2008 |
|  5.000% due 02/01/2028 | 6210 | 6157 |
|  5.125% due 05/01/2027 | 6614 | 6597 |
|  5.375% due 06/01/2029 | 2913 | 2904 |
|  5.500% due 05/01/2026 | 888 | 888 |
|  Celanese U.S. Holdings LLC | Celanese U.S. Holdings LLC | Celanese U.S. Holdings LLC |
|  6.415% due 07/15/2027 | 1300 | 1347 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **27** |

---

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.500% due 04/15/2030 | $— | 207 | $— | 212 |
|  6.850% due 11/15/2028 |  | 1975 |  | 2077 |
|  Central Parent LLC | Central Parent LLC | Central Parent LLC | Central Parent LLC | Central Parent LLC |
|  8.000% due 06/15/2029 |  | 2460 |  | 2037 |
|  Central Parent, Inc. | Central Parent, Inc. | Central Parent, Inc. | Central Parent, Inc. | Central Parent, Inc. |
|  7.250% due 06/15/2029 |  | 3541 |  | 2891 |
|  Century Communities, Inc. | Century Communities, Inc. | Century Communities, Inc. | Century Communities, Inc. | Century Communities, Inc. |
|  3.875% due 08/15/2029 |  | 1766 |  | 1638 |
|  6.750% due 06/01/2027 |  | 246 |  | 247 |
|  Cerdia Finanz GmbH | Cerdia Finanz GmbH | Cerdia Finanz GmbH | Cerdia Finanz GmbH | Cerdia Finanz GmbH |
|  9.375% due 10/03/2031 |  | 1826 |  | 1897 |
|  Champions Financing, Inc. | Champions Financing, Inc. | Champions Financing, Inc. | Champions Financing, Inc. | Champions Financing, Inc. |
|  8.750% due 02/15/2029 (h) |  | 2225 |  | 2151 |
|  Charles River Laboratories International, Inc. | Charles River Laboratories International, Inc. | Charles River Laboratories International, Inc. | Charles River Laboratories International, Inc. | Charles River Laboratories International, Inc. |
|  3.750% due 03/15/2029 |  | 369 |  | 347 |
|  4.250% due 05/01/2028 |  | 1200 |  | 1165 |
|  Chemours Co. | Chemours Co. | Chemours Co. | Chemours Co. | Chemours Co. |
|  5.375% due 05/15/2027 |  | 1048 |  | 1039 |
|  Cheplapharm Arzneimittel GmbH | Cheplapharm Arzneimittel GmbH | Cheplapharm Arzneimittel GmbH | Cheplapharm Arzneimittel GmbH | Cheplapharm Arzneimittel GmbH |
|  5.500% due 01/15/2028 |  | 3798 |  | 3674 |
|  Chobani LLC | Chobani LLC | Chobani LLC | Chobani LLC | Chobani LLC |
|  4.625% due 11/15/2028 |  | 392 |  | 385 |
|  7.625% due 07/01/2029 |  | 815 |  | 850 |
|  Chord Energy Corp. | Chord Energy Corp. | Chord Energy Corp. | Chord Energy Corp. | Chord Energy Corp. |
|  6.750% due 03/15/2033 |  | 1736 |  | 1775 |
|  Churchill Downs, Inc. | Churchill Downs, Inc. | Churchill Downs, Inc. | Churchill Downs, Inc. | Churchill Downs, Inc. |
|  4.750% due 01/15/2028 |  | 1020 |  | 1007 |
|  5.500% due 04/01/2027 |  | 1888 |  | 1886 |
|  5.750% due 04/01/2030 |  | 700 |  | 703 |
|  Cinemark USA, Inc. | Cinemark USA, Inc. | Cinemark USA, Inc. | Cinemark USA, Inc. | Cinemark USA, Inc. |
|  5.250% due 07/15/2028 |  | 1332 |  | 1327 |
|  Citgo Petroleum Corp. | Citgo Petroleum Corp. | Citgo Petroleum Corp. | Citgo Petroleum Corp. | Citgo Petroleum Corp. |
|  6.375% due 06/15/2026 |  | 648 |  | 648 |
|  8.375% due 01/15/2029 |  | 2613 |  | 2724 |
|  Civitas Resources, Inc. | Civitas Resources, Inc. | Civitas Resources, Inc. | Civitas Resources, Inc. | Civitas Resources, Inc. |
|  5.000% due 10/15/2026 |  | 1244 |  | 1229 |
|  8.375% due 07/01/2028 |  | 3807 |  | 3903 |
|  Clarios Global LP | Clarios Global LP | Clarios Global LP | Clarios Global LP | Clarios Global LP |
|  6.750% due 02/15/2030 |  | 1567 |  | 1631 |
|  Clarivate Science Holdings Corp. | Clarivate Science Holdings Corp. | Clarivate Science Holdings Corp. | Clarivate Science Holdings Corp. | Clarivate Science Holdings Corp. |
|  4.875% due 07/01/2029 |  | 5410 |  | 5099 |
|  Clean Harbors, Inc. | Clean Harbors, Inc. | Clean Harbors, Inc. | Clean Harbors, Inc. | Clean Harbors, Inc. |
|  4.875% due 07/15/2027 |  | 1275 |  | 1270 |
|  Clear Channel Outdoor Holdings, Inc. | Clear Channel Outdoor Holdings, Inc. | Clear Channel Outdoor Holdings, Inc. | Clear Channel Outdoor Holdings, Inc. | Clear Channel Outdoor Holdings, Inc. |
|  5.125% due 08/15/2027 |  | 1615 |  | 1598 |
|  7.500% due 06/01/2029 (h) |  | 1401 |  | 1297 |
|  7.750% due 04/15/2028 (h) |  | 1997 |  | 1889 |
|  7.875% due 04/01/2030 |  | 205 |  | 212 |
|  Cleveland-Cliffs, Inc. | Cleveland-Cliffs, Inc. | Cleveland-Cliffs, Inc. | Cleveland-Cliffs, Inc. | Cleveland-Cliffs, Inc. |
|  4.625% due 03/01/2029 |  | 355 |  | 326 |
|  5.875% due 06/01/2027 |  | 2318 |  | 2318 |
|  6.875% due 11/01/2029 |  | 3412 |  | 3362 |
|  Cloud Software Group, Inc. | Cloud Software Group, Inc. | Cloud Software Group, Inc. | Cloud Software Group, Inc. | Cloud Software Group, Inc. |
|  6.500% due 03/31/2029 |  | 7363 |  | 7436 |
|  9.000% due 09/30/2029 |  | 5230 |  | 5426 |
|  Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. |
|  8.750% due 04/15/2030 |  | 839 |  | 859 |
|  CMG Media Corp. | CMG Media Corp. | CMG Media Corp. | CMG Media Corp. | CMG Media Corp. |
|  8.875% due 06/18/2029 |  | 634 |  | 599 |
|  CNX Midstream Partners LP | CNX Midstream Partners LP | CNX Midstream Partners LP | CNX Midstream Partners LP | CNX Midstream Partners LP |
|  4.750% due 04/15/2030 |  | 778 |  | 737 |
|  Cogent Communications Group LLC | Cogent Communications Group LLC | Cogent Communications Group LLC | Cogent Communications Group LLC | Cogent Communications Group LLC |
|  6.500% due 07/01/2032 |  | 1550 |  | 1528 |
|  7.000% due 06/15/2027 |  | 3381 |  | 3400 |
|  CommScope LLC | CommScope LLC | CommScope LLC | CommScope LLC | CommScope LLC |
|  4.750% due 09/01/2029 |  | 2075 |  | 2028 |
|  7.125% due 07/01/2028 (h) |  | 762 |  | 749 |
|  8.250% due 03/01/2027 (h) |  | 2148 |  | 2141 |
|  CommScope Technologies LLC | CommScope Technologies LLC | CommScope Technologies LLC | CommScope Technologies LLC | CommScope Technologies LLC |
|  5.000% due 03/15/2027 |  | 4506 |  | 4393 |
|  Community Health Systems, Inc. | Community Health Systems, Inc. | Community Health Systems, Inc. | Community Health Systems, Inc. | Community Health Systems, Inc. |
|  5.250% due 05/15/2030 |  | 1155 |  | 1025 |
|  5.625% due 03/15/2027 |  | 2980 |  | 2937 |
|  6.000% due 01/15/2029 |  | 2885 |  | 2777 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.125% due 04/01/2030 | $— | 804 | $— | 595 |
|  6.875% due 04/15/2029 |  | 2744 |  | 2190 |
|  Compass Minerals International, Inc. | Compass Minerals International, Inc. | 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 |  | 956 |
|  Comstock Resources, Inc. | Comstock Resources, Inc. | Comstock Resources, Inc. | Comstock Resources, Inc. | Comstock Resources, Inc. |
|  5.875% due 01/15/2030 |  | 575 |  | 559 |
|  6.750% due 03/01/2029 |  | 4594 |  | 4596 |
|  Connect Finco SARL | Connect Finco SARL | Connect Finco SARL | Connect Finco SARL | Connect Finco SARL |
|  9.000% due 09/15/2029 |  | 3571 |  | 3594 |
|  Consolidated Communications, Inc. | Consolidated Communications, Inc. | Consolidated Communications, Inc. | Consolidated Communications, Inc. | Consolidated Communications, Inc. |
|  5.000% due 10/01/2028 |  | 1406 |  | 1422 |
|  6.500% due 10/01/2028 |  | 1969 |  | 2009 |
|  Constellium SE | Constellium SE | Constellium SE | Constellium SE | Constellium SE |
|  3.750% due 04/15/2029 |  | 812 |  | 764 |
|  CoreWeave, Inc. | CoreWeave, Inc. | CoreWeave, Inc. | CoreWeave, Inc. | CoreWeave, Inc. |
|  9.250% due 06/01/2030 |  | 4550 |  | 4655 |
|  CQP Holdco LP | CQP Holdco LP | CQP Holdco LP | CQP Holdco LP | CQP Holdco LP |
|  5.500% due 06/15/2031 |  | 325 |  | 321 |
|  Crescent Energy Finance LLC | Crescent Energy Finance LLC | Crescent Energy Finance LLC | Crescent Energy Finance LLC | Crescent Energy Finance LLC |
|  7.375% due 01/15/2033 |  | 760 |  | 727 |
|  8.375% due 01/15/2034 (a) |  | 1900 |  | 1902 |
|  9.250% due 02/15/2028 |  | 1769 |  | 1845 |
|  Crocs, Inc. | Crocs, Inc. | Crocs, Inc. | Crocs, Inc. | Crocs, Inc. |
|  4.250% due 03/15/2029 |  | 3097 |  | 2957 |
|  Crowdstrike Holdings, Inc. | Crowdstrike Holdings, Inc. | Crowdstrike Holdings, Inc. | Crowdstrike Holdings, Inc. | Crowdstrike Holdings, Inc. |
|  3.000% due 02/15/2029 |  | 1394 |  | 1320 |
|  Crown Americas LLC | Crown Americas LLC | Crown Americas LLC | Crown Americas LLC | Crown Americas LLC |
|  4.250% due 09/30/2026 |  | 823 |  | 819 |
|  Crown Cork & Seal Co., Inc. | Crown Cork & Seal Co., Inc. | Crown Cork & Seal Co., Inc. | Crown Cork & Seal Co., Inc. | Crown Cork & Seal Co., Inc. |
|  7.375% due 12/15/2026 |  | 729 |  | 758 |
|  CSC Holdings LLC | CSC Holdings LLC | CSC Holdings LLC | CSC Holdings LLC | CSC Holdings LLC |
|  5.375% due 02/01/2028 |  | 1972 |  | 1807 |
|  5.500% due 04/15/2027 |  | 3566 |  | 3408 |
|  5.750% due 01/15/2030 |  | 1586 |  | 786 |
|  6.500% due 02/01/2029 |  | 2014 |  | 1639 |
|  7.500% due 04/01/2028 |  | 2975 |  | 2211 |
|  11.250% due 05/15/2028 |  | 1562 |  | 1557 |
|  11.750% due 01/31/2029 |  | 3887 |  | 3700 |
|  CVR Energy, Inc. | CVR Energy, Inc. | CVR Energy, Inc. | CVR Energy, Inc. | CVR Energy, Inc. |
|  8.500% due 01/15/2029 |  | 527 |  | 528 |
|  CVR Partners LP | CVR Partners LP | CVR Partners LP | CVR Partners LP | CVR Partners LP |
|  6.125% due 06/15/2028 |  | 1268 |  | 1271 |
|  CVS Health Corp. | CVS Health Corp. | CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
|  7.000% due 03/10/2055 •  |  | 6150 |  | 6359 |
|  Darling Ingredients, Inc. | Darling Ingredients, Inc. | Darling Ingredients, Inc. | Darling Ingredients, Inc. | Darling Ingredients, Inc. |
|  5.250% due 04/15/2027 |  | 725 |  | 724 |
|  DaVita, Inc. | DaVita, Inc. | DaVita, Inc. | DaVita, Inc. | DaVita, Inc. |
|  4.625% due 06/01/2030 |  | 1700 |  | 1630 |
|  Dcli Bidco LLC | Dcli Bidco LLC | Dcli Bidco LLC | Dcli Bidco LLC | Dcli Bidco LLC |
|  7.750% due 11/15/2029 |  | 1842 |  | 1867 |
|  Delek Logistics Partners LP | Delek Logistics Partners LP | Delek Logistics Partners LP | Delek Logistics Partners LP | Delek Logistics Partners LP |
|  7.125% due 06/01/2028 |  | 1099 |  | 1104 |
|  8.625% due 03/15/2029 |  | 966 |  | 1003 |
|  Deluxe Corp. | Deluxe Corp. | Deluxe Corp. | Deluxe Corp. | Deluxe Corp. |
|  8.000% due 06/01/2029 |  | 349 |  | 337 |
|  8.125% due 09/15/2029 |  | 1851 |  | 1913 |
|  Diebold Nixdorf, Inc. | Diebold Nixdorf, Inc. | Diebold Nixdorf, Inc. | Diebold Nixdorf, Inc. | Diebold Nixdorf, Inc. |
|  7.750% due 03/31/2030 |  | 587 |  | 624 |
|  DirecTV Financing LLC | DirecTV Financing LLC | DirecTV Financing LLC | DirecTV Financing LLC | DirecTV Financing LLC |
|  5.875% due 08/15/2027 |  | 6470 |  | 6453 |
|  8.875% due 02/01/2030 |  | 3248 |  | 3188 |
|  Discovery Communications LLC | Discovery Communications LLC | Discovery Communications LLC | Discovery Communications LLC | Discovery Communications LLC |
|  3.625% due 05/15/2030 |  | 2000 |  | 1768 |
|  DISH DBS Corp. | DISH DBS Corp. | DISH DBS Corp. | DISH DBS Corp. | DISH DBS Corp. |
|  5.125% due 06/01/2029 |  | 3125 |  | 2086 |
|  5.250% due 12/01/2026 |  | 4686 |  | 4261 |
|  5.750% due 12/01/2028 |  | 5204 |  | 4514 |
|  7.375% due 07/01/2028 |  | 2232 |  | 1614 |
|  7.750% due 07/01/2026 |  | 3643 |  | 3239 |
|  DISH Network Corp. | DISH Network Corp. | DISH Network Corp. | DISH Network Corp. | DISH Network Corp. |
|  11.750% due 11/15/2027 |  | 6020 |  | 6210 |
|  DT Midstream, Inc. | DT Midstream, Inc. | DT Midstream, Inc. | DT Midstream, Inc. | DT Midstream, Inc. |
|  4.125% due 06/15/2029 |  | 1578 |  | 1525 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Dye & Durham Ltd. | Dye & Durham Ltd. | Dye & Durham Ltd. |
|  8.625% due 04/15/2029 | 1468 | 1537 |
|  EchoStar Corp. | EchoStar Corp. | EchoStar Corp. |
|  10.750% due 11/30/2029 | 8775 | 9046 |
|  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 | 3493 | 3540 |
|  eG Global Finance PLC | eG Global Finance PLC | eG Global Finance PLC |
|  12.000% due 11/30/2028 | 1584 | 1750 |
|  Ellucian Holdings, Inc. | Ellucian Holdings, Inc. | Ellucian Holdings, Inc. |
|  6.500% due 12/01/2029 | 2598 | 2663 |
|  Embecta Corp. | Embecta Corp. | Embecta Corp. |
|  5.000% due 02/15/2030 | 1375 | 1244 |
|  Encino Acquisition Partners Holdings LLC | Encino Acquisition Partners Holdings LLC | Encino Acquisition Partners Holdings LLC |
|  8.500% due 05/01/2028 | 385 | 396 |
|  Encompass Health Corp. | Encompass Health Corp. | Encompass Health Corp. |
|  4.500% due 02/01/2028 | 871 | 864 |
|  Enerflex Ltd. | Enerflex Ltd. | Enerflex Ltd. |
|  9.000% due 10/15/2027 | 752 | 778 |
|  Energizer Holdings, Inc. | Energizer Holdings, Inc. | Energizer Holdings, Inc. |
|  4.750% due 06/15/2028 | 1422 | 1386 |
|  Entegris, Inc. | Entegris, Inc. | Entegris, Inc. |
|  4.750% due 04/15/2029 | 2310 | 2287 |
|  EquipmentShare.com, Inc. | EquipmentShare.com, Inc. | EquipmentShare.com, Inc. |
|  9.000% due 05/15/2028 | 1615 | 1708 |
|  ESAB Corp. | ESAB Corp. | ESAB Corp. |
|  6.250% due 04/15/2029 | 778 | 798 |
|  Excelerate Energy LP | Excelerate Energy LP | Excelerate Energy LP |
|  8.000% due 05/15/2030 | 2225 | 2347 |
|  Fair Isaac Corp. | Fair Isaac Corp. | Fair Isaac Corp. |
|  4.000% due 06/15/2028 | 359 | 350 |
|  Ferrellgas LP | Ferrellgas LP | Ferrellgas LP |
|  5.875% due 04/01/2029 | 1342 | 1243 |
|  Fertitta Entertainment LLC | Fertitta Entertainment LLC | Fertitta Entertainment LLC |
|  4.625% due 01/15/2029 | 1757 | 1684 |
|  6.750% due 01/15/2030 | 1649 | 1523 |
|  First Quantum Minerals Ltd. | First Quantum Minerals Ltd. | First Quantum Minerals Ltd. |
|  8.000% due 03/01/2033 | 200 | 205 |
|  First Student Bidco, Inc. | First Student Bidco, Inc. | First Student Bidco, Inc. |
|  4.000% due 07/31/2029 | 1585 | 1491 |
|  Fluor Corp. | Fluor Corp. | Fluor Corp. |
|  4.250% due 09/15/2028 | 1732 | 1703 |
|  FMG Resources Pty. Ltd. | FMG Resources Pty. Ltd. | FMG Resources Pty. Ltd. |
|  5.875% due 04/15/2030 | 232 | 235 |
|  Fortrea Holdings, Inc. | Fortrea Holdings, Inc. | Fortrea Holdings, Inc. |
|  7.500% due 07/01/2030 (h) | 613 | 556 |
|  Foundation Building Materials, Inc. | Foundation Building Materials, Inc. | Foundation Building Materials, Inc. |
|  6.000% due 03/01/2029 (h) | 3034 | 2785 |
|  Frontier Communications Holdings LLC | Frontier Communications Holdings LLC | Frontier Communications Holdings LLC |
|  5.000% due 05/01/2028 | 2266 | 2267 |
|  5.875% due 10/15/2027 | 3242 | 3245 |
|  5.875% due 11/01/2029 | 735 | 743 |
|  6.750% due 05/01/2029 | 1995 | 2022 |
|  FTAI Infra Escrow Holdings LLC | FTAI Infra Escrow Holdings LLC | FTAI Infra Escrow Holdings LLC |
|  10.500% due 06/01/2027 | 819 | 855 |
|  Full House Resorts, Inc. | Full House Resorts, Inc. | Full House Resorts, Inc. |
|  8.250% due 02/15/2028 | 362 | 352 |
|  FXI Holdings, Inc. | FXI Holdings, Inc. | FXI Holdings, Inc. |
|  12.250% due 11/15/2026 | 659 | 581 |
|  Gap, Inc. | Gap, Inc. | Gap, Inc. |
|  3.625% due 10/01/2029 | 1834 | 1706 |
|  Garda World Security Corp. | Garda World Security Corp. | Garda World Security Corp. |
|  4.625% due 02/15/2027 | 938 | 933 |
|  GFL Environmental, Inc. | GFL Environmental, Inc. | GFL Environmental, Inc. |
|  3.500% due 09/01/2028 | 871 | 841 |
|  4.000% due 08/01/2028 | 2426 | 2355 |
|  Global Auto Holdings Ltd. | Global Auto Holdings Ltd. | Global Auto Holdings Ltd. |
|  8.375% due 01/15/2029 | 1040 | 962 |
|  11.500% due 08/15/2029 | 1191 | 1167 |
|  Global Medical Response, Inc. | Global Medical Response, Inc. | Global Medical Response, Inc. |
|  9.500% due 10/31/2028 | 1047 | 1052 |
|  Go Daddy Operating Co. LLC | Go Daddy Operating Co. LLC | Go Daddy Operating Co. LLC |
|  3.500% due 03/01/2029 | 1927 | 1823 |
|  5.250% due 12/01/2027 | 596 | 596 |

---

---

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

---

------

June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  goeasy Ltd. | goeasy Ltd. | goeasy Ltd. |
|  7.375% due 10/01/2030 | 1787 | 1827 |
|  7.625% due 07/01/2029 | 2080 | 2146 |
|  9.250% due 12/01/2028 | 1842 | 1950 |
|  Goodyear Tire & Rubber Co. | Goodyear Tire & Rubber Co. | Goodyear Tire & Rubber Co. |
|  5.000% due 05/31/2026 | 780 | 783 |
|  5.000% due 07/15/2029 | 950 | 929 |
|  Graham Packaging Co., Inc. | Graham Packaging Co., Inc. | Graham Packaging Co., Inc. |
|  7.125% due 08/15/2028 | 3197 | 3193 |
|  Gray Media, Inc. | Gray Media, Inc. | Gray Media, Inc. |
|  4.750% due 10/15/2030 | 1124 | 851 |
|  7.000% due 05/15/2027 | 1553 | 1554 |
|  10.500% due 07/15/2029 | 2370 | 2548 |
|  Great Lakes Dredge & Dock Corp. | Great Lakes Dredge & Dock Corp. | Great Lakes Dredge & Dock Corp. |
|  5.250% due 06/01/2029 | 1288 | 1239 |
|  Griffon Corp. | Griffon Corp. | Griffon Corp. |
|  5.750% due 03/01/2028 | 2883 | 2884 |
|  Grifols SA | Grifols SA | Grifols SA |
|  4.750% due 10/15/2028 | 3611 | 3474 |
|  Group 1 Automotive, Inc. | Group 1 Automotive, Inc. | Group 1 Automotive, Inc. |
|  4.000% due 08/15/2028 | 926 | 895 |
|  GrubHub Holdings, Inc. | GrubHub Holdings, Inc. | GrubHub Holdings, Inc. |
|  5.500% due 07/01/2027 (h) | 1328 | 1290 |
|  Gulfport Energy Operating Corp. | Gulfport Energy Operating Corp. | Gulfport Energy Operating Corp. |
|  6.750% due 09/01/2029 | 1842 | 1890 |
|  HealthEquity, Inc. | HealthEquity, Inc. | HealthEquity, Inc. |
|  4.500% due 10/01/2029 | 974 | 948 |
|  Heartland Dental LLC | Heartland Dental LLC | Heartland Dental LLC |
|  10.500% due 04/30/2028 | 1109 | 1172 |
|  Helios Software Holdings, Inc. | Helios Software Holdings, Inc. | Helios Software Holdings, Inc. |
|  4.625% due 05/01/2028 | 807 | 764 |
|  8.750% due 05/01/2029 | 1596 | 1643 |
|  Herc Holdings, Inc. | Herc Holdings, Inc. | Herc Holdings, Inc. |
|  5.500% due 07/15/2027 | 1736 | 1738 |
|  7.000% due 06/15/2030 | 2050 | 2142 |
|  Hertz Corp. | Hertz Corp. | Hertz Corp. |
|  4.625% due 12/01/2026 | 608 | 545 |
|  12.625% due 07/15/2029 | 1711 | 1791 |
|  Hess Midstream Operations LP | Hess Midstream Operations LP | Hess Midstream Operations LP |
|  5.875% due 03/01/2028 | 1830 | 1858 |
|  Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. |
|  5.875% due 04/01/2029 | 1018 | 1040 |
|  Hilton Grand Vacations Borrower LLC | Hilton Grand Vacations Borrower LLC | Hilton Grand Vacations Borrower LLC |
|  5.000% due 06/01/2029 | 808 | 778 |
|  Hilton Worldwide Finance LLC | Hilton Worldwide Finance LLC | Hilton Worldwide Finance LLC |
|  4.875% due 04/01/2027 | 839 | 839 |
|  Hologic, Inc. | Hologic, Inc. | Hologic, Inc. |
|  3.250% due 02/15/2029 | 1445 | 1378 |
|  Howard Midstream Energy Partners LLC | Howard Midstream Energy Partners LLC | Howard Midstream Energy Partners LLC |
|  7.375% due 07/15/2032 | 369 | 388 |
|  8.875% due 07/15/2028 | 1178 | 1238 |
|  HTA Group Ltd. | HTA Group Ltd. | HTA Group Ltd. |
|  7.500% due 06/04/2029 | 562 | 577 |
|  Husky Injection Molding Systems Ltd. | Husky Injection Molding Systems Ltd. | Husky Injection Molding Systems Ltd. |
|  9.000% due 02/15/2029 | 1388 | 1453 |
|  iHeartCommunications, Inc. | iHeartCommunications, Inc. | iHeartCommunications, Inc. |
|  7.750% due 08/15/2030 | 330 | 256 |
|  9.125% due 05/01/2029 | 1101 | 909 |
|  10.875% due 05/01/2030 | 955 | 470 |
|  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 (b) | 791 | 812 |
|  Illuminate Buyer LLC | Illuminate Buyer LLC | Illuminate Buyer LLC |
|  9.000% due 07/01/2028 | 2560 | 2574 |
|  Imola Merger Corp. | Imola Merger Corp. | Imola Merger Corp. |
|  4.750% due 05/15/2029 | 4822 | 4659 |
|  Incora Intermediate LLC | Incora Intermediate LLC | Incora Intermediate LLC |
|  0.000% due 01/31/2030 « | 515 | 515 |
|  Incora Top Holdco LLC | Incora Top Holdco LLC | Incora Top Holdco LLC |
|  6.000% due 01/30/2033 «(j) | 371 | 514 |
|  INEOS Finance PLC | INEOS Finance PLC | INEOS Finance PLC |
|  6.750% due 05/15/2028 | 1293 | 1285 |
|  7.500% due 04/15/2029 | 470 | 472 |
|  INEOS Quattro Finance 2 PLC | INEOS Quattro Finance 2 PLC | INEOS Quattro Finance 2 PLC |
|  9.625% due 03/15/2029 | 1498 | 1521 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Ingevity Corp. | Ingevity Corp. | Ingevity Corp. |
|  3.875% due 11/01/2028 | 3313 | 3162 |
|  Installed Building Products, Inc. | Installed Building Products, Inc. | Installed Building Products, Inc. |
|  5.750% due 02/01/2028 | 537 | 538 |
|  Intelsat Jackson Holdings SA | Intelsat Jackson Holdings SA | Intelsat Jackson Holdings SA |
|  6.500% due 03/15/2030 | 5404 | 5524 |
|  International Game Technology PLC | International Game Technology PLC | International Game Technology PLC |
|  4.125% due 04/15/2026 | 1290 | 1290 |
|  6.250% due 01/15/2027 | 1300 | 1316 |
|  ION Trading Technologies SARL | ION Trading Technologies SARL | ION Trading Technologies SARL |
|  5.750% due 05/15/2028 | 1870 | 1806 |
|  9.500% due 05/30/2029 | 764 | 788 |
|  IQVIA, Inc. | IQVIA, Inc. | IQVIA, Inc. |
|  5.000% due 10/15/2026 | 1298 | 1298 |
|  5.000% due 05/15/2027 | 2855 | 2847 |
|  Ithaca Energy North Sea PLC | Ithaca Energy North Sea PLC | Ithaca Energy North Sea PLC |
|  8.125% due 10/15/2029 | 2554 | 2637 |
|  ITT Holdings LLC | ITT Holdings LLC | ITT Holdings LLC |
|  6.500% due 08/01/2029 | 1272 | 1211 |
|  Jaguar Land Rover Automotive PLC | Jaguar Land Rover Automotive PLC | Jaguar Land Rover Automotive PLC |
|  4.500% due 10/01/2027 | 1312 | 1289 |
|  JELD-WEN, Inc. | JELD-WEN, Inc. | JELD-WEN, Inc. |
|  4.875% due 12/15/2027 | 3293 | 3062 |
|  JetBlue Airways Corp. | JetBlue Airways Corp. | JetBlue Airways Corp. |
|  9.875% due 09/20/2031 | 1289 | 1255 |
|  JH North America Holdings, Inc. | JH North America Holdings, Inc. | JH North America Holdings, Inc. |
|  5.875% due 01/31/2031 | 1800 | 1817 |
|  JW Aluminum Continuous Cast Co. | JW Aluminum Continuous Cast Co. | JW Aluminum Continuous Cast Co. |
|  10.250% due 04/01/2030 | 1752 | 1771 |
|  K Hovnanian Enterprises, Inc. | K Hovnanian Enterprises, Inc. | K Hovnanian Enterprises, Inc. |
|  11.750% due 09/30/2029 | 767 | 832 |
|  Kaiser Aluminum Corp. | Kaiser Aluminum Corp. | Kaiser Aluminum Corp. |
|  4.625% due 03/01/2028 | 2156 | 2111 |
|  KBR, Inc. | KBR, Inc. | KBR, Inc. |
|  4.750% due 09/30/2028 | 882 | 849 |
|  KeHE Distributors LLC | KeHE Distributors LLC | KeHE Distributors LLC |
|  9.000% due 02/15/2029 | 2123 | 2201 |
|  Kinetik Holdings LP | Kinetik Holdings LP | Kinetik Holdings LP |
|  6.625% due 12/15/2028 | 1380 | 1412 |
|  Kodiak Gas Services LLC | Kodiak Gas Services LLC | Kodiak Gas Services LLC |
|  7.250% due 02/15/2029 | 1613 | 1670 |
|  Kraken Oil & Gas Partners LLC | Kraken Oil & Gas Partners LLC | Kraken Oil & Gas Partners LLC |
|  7.625% due 08/15/2029 | 4387 | 4314 |
|  LABL, Inc. | LABL, Inc. | LABL, Inc. |
|  10.500% due 07/15/2027 (h) | 3091 | 2960 |
|  Lamb Weston Holdings, Inc. | Lamb Weston Holdings, Inc. | Lamb Weston Holdings, Inc. |
|  4.875% due 05/15/2028 | 2086 | 2075 |
|  LBM Acquisition LLC | LBM Acquisition LLC | LBM Acquisition LLC |
|  6.250% due 01/15/2029 | 2362 | 2051 |
|  LCM Investments Holdings LLC | LCM Investments Holdings LLC | LCM Investments Holdings LLC |
|  4.875% due 05/01/2029 | 992 | 965 |
|  LCPR Senior Secured Financing DAC | LCPR Senior Secured Financing DAC | LCPR Senior Secured Financing DAC |
|  6.750% due 10/15/2027 | 1942 | 1310 |
|  Level 3 Financing, Inc. | Level 3 Financing, Inc. | Level 3 Financing, Inc. |
|  3.625% due 01/15/2029 | 1705 | 1466 |
|  3.750% due 07/15/2029 | 618 | 523 |
|  4.500% due 04/01/2030 | 1501 | 1366 |
|  4.875% due 06/15/2029 | 2719 | 2552 |
|  6.875% due 06/30/2033 | 1900 | 1935 |
|  LGI Homes, Inc. | LGI Homes, Inc. | LGI Homes, Inc. |
|  4.000% due 07/15/2029 (h) | 1091 | 977 |
|  LifePoint Health, Inc. | LifePoint Health, Inc. | LifePoint Health, Inc. |
|  5.375% due 01/15/2029 (h) | 3902 | 3640 |
|  10.000% due 06/01/2032 | 1300 | 1343 |
|  Light & Wonder International, Inc. | Light & Wonder International, Inc. | Light & Wonder International, Inc. |
|  7.000% due 05/15/2028 | 796 | 799 |
|  Lindblad Expeditions LLC | Lindblad Expeditions LLC | Lindblad Expeditions LLC |
|  6.750% due 02/15/2027 | 825 | 830 |
|  Lithia Motors, Inc. | Lithia Motors, Inc. | Lithia Motors, Inc. |
|  3.875% due 06/01/2029 | 998 | 953 |
|  4.625% due 12/15/2027 | 770 | 765 |
|  Live Nation Entertainment, Inc. | Live Nation Entertainment, Inc. | Live Nation Entertainment, Inc. |
|  4.750% due 10/15/2027 | 2587 | 2561 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.625% due 03/15/2026 | 422 | 422 |
|  6.500% due 05/15/2027 | 1172 | 1190 |
|  Madison IAQ LLC | Madison IAQ LLC | Madison IAQ LLC |
|  4.125% due 06/30/2028 | 1648 | 1602 |
|  5.875% due 06/30/2029 | 2146 | 2113 |
|  Matador Resources Co. | Matador Resources Co. | Matador Resources Co. |
|  6.875% due 04/15/2028 | 502 | 512 |
|  Match Group Holdings LLC | Match Group Holdings LLC | Match Group Holdings LLC |
|  4.625% due 06/01/2028 | 784 | 766 |
|  5.000% due 12/15/2027 | 1559 | 1552 |
|  Mativ Holdings, Inc. | Mativ Holdings, Inc. | Mativ Holdings, Inc. |
|  8.000% due 10/01/2029 (h) | 562 | 510 |
|  Mauser Packaging Solutions Holding Co. | Mauser Packaging Solutions Holding Co. | Mauser Packaging Solutions Holding Co. |
|  7.875% due 04/15/2027 | 2236 | 2275 |
|  9.250% due 04/15/2027 | 5715 | 5679 |
|  Mavis Tire Express Services Topco Corp. | Mavis Tire Express Services Topco Corp. | Mavis Tire Express Services Topco Corp. |
|  6.500% due 05/15/2029 | 2112 | 2076 |
|  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 | 1953 |
|  McAfee Corp. | McAfee Corp. | McAfee Corp. |
|  7.375% due 02/15/2030 | 4911 | 4643 |
|  McGraw-Hill Education, Inc. | McGraw-Hill Education, Inc. | McGraw-Hill Education, Inc. |
|  5.750% due 08/01/2028 | 2142 | 2156 |
|  8.000% due 08/01/2029 | 2664 | 2714 |
|  Mclaren Finance PLC | Mclaren Finance PLC | Mclaren Finance PLC |
|  7.500% due 08/01/2026 | 1384 | 1388 |
|  Medline Borrower LP | Medline Borrower LP | Medline Borrower LP |
|  3.875% due 04/01/2029 | 8125 | 7799 |
|  5.250% due 10/01/2029 | 1000 | 993 |
|  6.250% due 04/01/2029 | 1864 | 1917 |
|  MEG Energy Corp. | MEG Energy Corp. | MEG Energy Corp. |
|  5.875% due 02/01/2029 | 4508 | 4506 |
|  Methanex Corp. | Methanex Corp. | Methanex Corp. |
|  5.125% due 10/15/2027 | 583 | 581 |
|  MGM Resorts International | MGM Resorts International | MGM Resorts International |
|  6.125% due 09/15/2029 | 613 | 624 |
|  Michaels Cos., Inc. | Michaels Cos., Inc. | Michaels Cos., Inc. |
|  5.250% due 05/01/2028 | 1197 | 963 |
|  7.875% due 05/01/2029 | 1505 | 993 |
|  Midwest Gaming Borrower LLC | Midwest Gaming Borrower LLC | Midwest Gaming Borrower LLC |
|  4.875% due 05/01/2029 | 3416 | 3293 |
|  Millennium Escrow Corp. | Millennium Escrow Corp. | Millennium Escrow Corp. |
|  6.625% due 08/01/2026 | 501 | 412 |
|  Mineral Resources Ltd. | Mineral Resources Ltd. | Mineral Resources Ltd. |
|  8.000% due 11/01/2027 | 3436 | 3455 |
|  8.125% due 05/01/2027 | 2632 | 2633 |
|  9.250% due 10/01/2028 | 2610 | 2674 |
|  MIWD Holdco LLC | MIWD Holdco LLC | MIWD Holdco LLC |
|  5.500% due 02/01/2030 | 1441 | 1373 |
|  Mohegan Tribal Gaming Authority | Mohegan Tribal Gaming Authority | Mohegan Tribal Gaming Authority |
|  8.250% due 04/15/2030 | 985 | 1017 |
|  Molina Healthcare, Inc. | Molina Healthcare, Inc. | Molina Healthcare, Inc. |
|  4.375% due 06/15/2028 | 2256 | 2207 |
|  Moog, Inc. | Moog, Inc. | Moog, Inc. |
|  4.250% due 12/15/2027 | 1590 | 1556 |
|  Motion Bondco DAC | Motion Bondco DAC | Motion Bondco DAC |
|  6.625% due 11/15/2027 | 3829 | 3618 |
|  Motion Finco SARL | Motion Finco SARL | Motion Finco SARL |
|  8.375% due 02/15/2032 | 907 | 831 |
|  MPH Acquisition Holdings LLC | MPH Acquisition Holdings LLC | MPH Acquisition Holdings LLC |
|  5.750% due 12/31/2030 | 1619 | 1335 |
|  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 (b) | 666 | 661 |
|  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. |
|  7.375% due 05/15/2027 | 2768 | 2735 |
|  NCL Corp. Ltd. | NCL Corp. Ltd. | NCL Corp. Ltd. |
|  5.875% due 03/15/2026 | 420 | 422 |
|  5.875% due 02/15/2027 | 3089 | 3104 |
|  7.750% due 02/15/2029 | 837 | 890 |
|  NCR Atleos Corp. | NCR Atleos Corp. | NCR Atleos Corp. |
|  9.500% due 04/01/2029 | 1437 | 1575 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 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)** |
|  NCR Voyix Corp. | NCR Voyix Corp. | NCR Voyix Corp. |
|  5.000% due 10/01/2028 | 2658 | 2633 |
|  5.125% due 04/15/2029 | 429 | 423 |
|  Neptune Bidco U.S., Inc. | Neptune Bidco U.S., Inc. | Neptune Bidco U.S., Inc. |
|  9.290% due 04/15/2029 | 5818 | 5670 |
|  Nesco Holdings, Inc. | Nesco Holdings, Inc. | Nesco Holdings, Inc. |
|  5.500% due 04/15/2029 | 1412 | 1377 |
|  New Enterprise Stone & Lime Co., Inc. | New Enterprise Stone & Lime Co., Inc. | New Enterprise Stone & Lime Co., Inc. |
|  5.250% due 07/15/2028 | 425 | 426 |
|  New Gold, Inc. | New Gold, Inc. | New Gold, Inc. |
|  6.875% due 04/01/2032 | 2379 | 2453 |
|  Newell Brands, Inc. | Newell Brands, Inc. | Newell Brands, Inc. |
|  6.375% due 05/15/2030 | 368 | 359 |
|  8.500% due 06/01/2028 | 2502 | 2634 |
|  Newfold Digital Holdings Group, Inc. | Newfold Digital Holdings Group, Inc. | Newfold Digital Holdings Group, Inc. |
|  6.000% due 02/15/2029 « | 2248 | 1315 |
|  11.750% due 10/15/2028 « | 2259 | 1706 |
|  Nexstar Media, Inc. | Nexstar Media, Inc. | Nexstar Media, Inc. |
|  4.750% due 11/01/2028 | 887 | 865 |
|  5.625% due 07/15/2027 | 3767 | 3761 |
|  NFE Financing LLC | NFE Financing LLC | NFE Financing LLC |
|  12.000% due 11/15/2029 | 6744 | 3067 |
|  Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. |
|  4.345% due 09/17/2027 | 3825 | 3675 |
|  4.810% due 09/17/2030 | 1444 | 1326 |
|  Noble Finance LLC | Noble Finance LLC | Noble Finance LLC |
|  8.000% due 04/15/2030 | 3756 | 3828 |
|  Nordstrom, Inc. | Nordstrom, Inc. | Nordstrom, Inc. |
|  4.000% due 03/15/2027 | 400 | 393 |
|  Northern Oil & Gas, Inc. | Northern Oil & Gas, Inc. | Northern Oil & Gas, Inc. |
|  8.125% due 03/01/2028 | 1737 | 1754 |
|  NOVA Chemicals Corp. | NOVA Chemicals Corp. | NOVA Chemicals Corp. |
|  5.250% due 06/01/2027 | 1781 | 1773 |
|  Novelis Corp. | Novelis Corp. | Novelis Corp. |
|  3.250% due 11/15/2026 | 1612 | 1587 |
|  4.750% due 01/30/2030 | 3071 | 2945 |
|  NuStar Logistics LP | NuStar Logistics LP | NuStar Logistics LP |
|  6.000% due 06/01/2026 | 728 | 731 |
|  Odeon Finco PLC | Odeon Finco PLC | Odeon Finco PLC |
|  12.750% due 11/01/2027 | 577 | 603 |
|  Olin Corp. | Olin Corp. | Olin Corp. |
|  5.625% due 08/01/2029 | 213 | 212 |
|  6.625% due 04/01/2033 | 638 | 629 |
|  Olympus Water U.S. Holding Corp. | Olympus Water U.S. Holding Corp. | Olympus Water U.S. Holding Corp. |
|  4.250% due 10/01/2028 | 361 | 344 |
|  7.125% due 10/01/2027 | 1671 | 1703 |
|  9.750% due 11/15/2028 | 3013 | 3177 |
|  ON Semiconductor Corp. | ON Semiconductor Corp. | ON Semiconductor Corp. |
|  3.875% due 09/01/2028 | 3196 | 3094 |
|  OneSky Flight LLC | OneSky Flight LLC | OneSky Flight LLC |
|  8.875% due 12/15/2029 | 2711 | 2825 |
|  Ontario Gaming GTA LP | Ontario Gaming GTA LP | Ontario Gaming GTA LP |
|  8.000% due 08/01/2030 | 700 | 703 |
|  Open Text Corp. | Open Text Corp. | Open Text Corp. |
|  3.875% due 02/15/2028 | 2673 | 2595 |
|  Option Care Health, Inc. | Option Care Health, Inc. | Option Care Health, Inc. |
|  4.375% due 10/31/2029 | 869 | 837 |
|  Organon & Co. | Organon & Co. | Organon & Co. |
|  4.125% due 04/30/2028 | 3997 | 3847 |
|  5.125% due 04/30/2031 | 675 | 586 |
|  Outfront Media Capital LLC | Outfront Media Capital LLC | Outfront Media Capital LLC |
|  4.250% due 01/15/2029 | 221 | 212 |
|  5.000% due 08/15/2027 | 1263 | 1257 |
|  Owens & Minor, Inc. | Owens & Minor, Inc. | Owens & Minor, Inc. |
|  4.500% due 03/31/2029 (h) | 2787 | 2501 |
|  Paramount Global | Paramount Global | Paramount Global |
|  3.700% due 06/01/2028 | 697 | 677 |
|  6.375% due 03/30/2062 •  | 818 | 804 |
|  6.875% due 04/30/2036 | 267 | 274 |
|  Parkland Corp. | Parkland Corp. | Parkland Corp. |
|  4.625% due 05/01/2030 | 725 | 695 |
|  5.875% due 07/15/2027 | 1365 | 1367 |
|  Penn Entertainment, Inc. | Penn Entertainment, Inc. | Penn Entertainment, Inc. |
|  5.625% due 01/15/2027 | 1541 | 1537 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Performance Food Group, Inc. | Performance Food Group, Inc. | Performance Food Group, Inc. |
|  4.250% due 08/01/2029 | 2141 | 2067 |
|  5.500% due 10/15/2027 | 1377 | 1375 |
|  Permian Resources Operating LLC | Permian Resources Operating LLC | Permian Resources Operating LLC |
|  5.375% due 01/15/2026 | 693 | 694 |
|  8.000% due 04/15/2027 | 1609 | 1646 |
|  PetSmart, Inc. | PetSmart, Inc. | PetSmart, Inc. |
|  4.750% due 02/15/2028 | 1950 | 1903 |
|  7.750% due 02/15/2029 | 2958 | 2877 |
|  Pike Corp. | Pike Corp. | Pike Corp. |
|  5.500% due 09/01/2028 | 2135 | 2135 |
|  PM General Purchaser LLC | PM General Purchaser LLC | PM General Purchaser LLC |
|  9.500% due 10/01/2028 (h) | 2085 | 1448 |
|  Post Holdings, Inc. | Post Holdings, Inc. | Post Holdings, Inc. |
|  4.625% due 04/15/2030 | 2025 | 1949 |
|  5.500% due 12/15/2029 | 129 | 129 |
|  Precision Drilling Corp. | Precision Drilling Corp. | Precision Drilling Corp. |
|  6.875% due 01/15/2029 | 650 | 643 |
|  Prime Healthcare Services, Inc. | Prime Healthcare Services, Inc. | Prime Healthcare Services, Inc. |
|  9.375% due 09/01/2029 | 6827 | 6781 |
|  Prime Security Services Borrower LLC | Prime Security Services Borrower LLC | Prime Security Services Borrower LLC |
|  3.375% due 08/31/2027 | 147 | 143 |
|  5.750% due 04/15/2026 | 2149 | 2162 |
|  6.250% due 01/15/2028 | 1323 | 1326 |
|  Primo Water Holdings, Inc. | Primo Water Holdings, Inc. | Primo Water Holdings, Inc. |
|  6.250% due 04/01/2029 | 2269 | 2287 |
|  QVC, Inc. | QVC, Inc. | QVC, Inc. |
|  6.875% due 04/15/2029 | 542 | 228 |
|  Rackspace Finance LLC | Rackspace Finance LLC | Rackspace Finance LLC |
|  3.500% due 05/15/2028 | 258 | 106 |
|  Radiology Partners, Inc. | Radiology Partners, Inc. | Radiology Partners, Inc. |
|  8.500% due 07/15/2032 | 1900 | 1907 |
|  Raising Cane's Restaurants LLC | Raising Cane's Restaurants LLC | Raising Cane's Restaurants LLC |
|  9.375% due 05/01/2029 | 1362 | 1439 |
|  Rakuten Group, Inc. | Rakuten Group, Inc. | Rakuten Group, Inc. |
|  8.125% due 12/15/2029 •(f) | 438 | 429 |
|  9.750% due 04/15/2029 | 3725 | 4091 |
|  11.250% due 02/15/2027 | 4538 | 4938 |
|  Rand Parent LLC | Rand Parent LLC | Rand Parent LLC |
|  8.500% due 02/15/2030 | 2174 | 2185 |
|  RB Global Holdings, Inc. | RB Global Holdings, Inc. | RB Global Holdings, Inc. |
|  6.750% due 03/15/2028 | 872 | 896 |
|  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 | 590 |
|  Reworld Holding Corp. | Reworld Holding Corp. | Reworld Holding Corp. |
|  4.875% due 12/01/2029 | 392 | 373 |
|  ROBLOX Corp. | ROBLOX Corp. | ROBLOX Corp. |
|  3.875% due 05/01/2030 | 1793 | 1693 |
|  Rocket Software, Inc. | Rocket Software, Inc. | Rocket Software, Inc. |
|  6.500% due 02/15/2029 | 511 | 496 |
|  Rockies Express Pipeline LLC | Rockies Express Pipeline LLC | Rockies Express Pipeline LLC |
|  4.950% due 07/15/2029 | 458 | 450 |
|  Rogers Communications, Inc. | Rogers Communications, Inc. | Rogers Communications, Inc. |
|  5.250% due 03/15/2082 •  | 1168 | 1160 |
|  7.000% due 04/15/2055 •  | 1465 | 1501 |
|  Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. |
|  4.250% due 07/01/2026 | 1980 | 1971 |
|  5.500% due 08/31/2026 | 1332 | 1338 |
|  7.500% due 10/15/2027 | 734 | 776 |
|  RR Donnelley & Sons Co. | RR Donnelley & Sons Co. | RR Donnelley & Sons Co. |
|  9.500% due 08/01/2029 | 1884 | 1885 |
|  10.875% due 08/01/2029 | 1699 | 1643 |
|  Sabre GLBL, Inc. | Sabre GLBL, Inc. | Sabre GLBL, Inc. |
|  8.625% due 06/01/2027 | 759 | 777 |
|  10.750% due 11/15/2029 | 1837 | 1894 |
|  Saturn Oil & Gas, Inc. | Saturn Oil & Gas, Inc. | Saturn Oil & Gas, Inc. |
|  9.625% due 06/15/2029 (h) | 1094 | 1088 |
|  Science Applications International Corp. | Science Applications International Corp. | Science Applications International Corp. |
|  4.875% due 04/01/2028 | 734 | 723 |
|  Scientific Games Holdings LP | Scientific Games Holdings LP | Scientific Games Holdings LP |
|  6.625% due 03/01/2030 | 2439 | 2352 |
|  SCIH Salt Holdings, Inc. | SCIH Salt Holdings, Inc. | SCIH Salt Holdings, Inc. |
|  4.875% due 05/01/2028 | 2510 | 2447 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  SCIL LLC | SCIL LLC | SCIL LLC |
|  5.375% due 11/01/2026 | 2794 | 2778 |
|  Scripps Escrow, Inc. | Scripps Escrow, Inc. | Scripps Escrow, Inc. |
|  3.875% due 01/15/2029 | 1942 | 1692 |
|  5.875% due 07/15/2027 (h) | 1328 | 1183 |
|  Seadrill Finance Ltd. | Seadrill Finance Ltd. | Seadrill Finance Ltd. |
|  8.375% due 08/01/2030 | 2107 | 2148 |
|  Seagate Data Storage Technology Pte Ltd. | Seagate Data Storage Technology Pte Ltd. | Seagate Data Storage Technology Pte Ltd. |
|  4.091% due 06/01/2029 | 1578 | 1513 |
|  Seagate Data Storage Technology Pte. Ltd. | Seagate Data Storage Technology Pte. Ltd. | Seagate Data Storage Technology Pte. Ltd. |
|  5.875% due 07/15/2030 | 1900 | 1933 |
|  Sealed Air Corp. | Sealed Air Corp. | Sealed Air Corp. |
|  5.000% due 04/15/2029 | 339 | 336 |
|  6.125% due 02/01/2028 | 992 | 1007 |
|  Sensata Technologies BV | Sensata Technologies BV | Sensata Technologies BV |
|  4.000% due 04/15/2029 | 1789 | 1703 |
|  Sensata Technologies, Inc. | Sensata Technologies, Inc. | Sensata Technologies, Inc. |
|  4.375% due 02/15/2030 | 1350 | 1290 |
|  Service Corp. International | Service Corp. International | Service Corp. International |
|  4.625% due 12/15/2027 | 725 | 721 |
|  Shutterfly Finance LLC | Shutterfly Finance LLC | Shutterfly Finance LLC |
|  9.750% due 10/01/2027 | 247 | 248 |
|  Shutterfly Finance LLC (8.500% Cash) | Shutterfly Finance LLC (8.500% Cash) | Shutterfly Finance LLC (8.500% Cash) |
|  8.500% due 10/01/2027 (b) | 1897 | 1771 |
|  Sigma Holdco BV | Sigma Holdco BV | Sigma Holdco BV |
|  7.875% due 05/15/2026 | 200 | 200 |
|  Simmons Foods, Inc. | Simmons Foods, Inc. | Simmons Foods, Inc. |
|  4.625% due 03/01/2029 | 3522 | 3328 |
|  Sirius XM Radio LLC | Sirius XM Radio LLC | Sirius XM Radio LLC |
|  3.125% due 09/01/2026 | 1675 | 1645 |
|  4.000% due 07/15/2028 | 3159 | 3036 |
|  4.125% due 07/01/2030 | 731 | 674 |
|  5.000% due 08/01/2027 | 825 | 819 |
|  5.500% due 07/01/2029 | 1751 | 1741 |
|  Sitio Royalties Operating Partnership LP | Sitio Royalties Operating Partnership LP | Sitio Royalties Operating Partnership LP |
|  7.875% due 11/01/2028 | 1884 | 1974 |
|  Six Flags Entertainment Corp. | Six Flags Entertainment Corp. | Six Flags Entertainment Corp. |
|  5.500% due 04/15/2027 | 291 | 291 |
|  6.500% due 10/01/2028 | 335 | 338 |
|  SK Invictus Intermediate SARL | SK Invictus Intermediate SARL | SK Invictus Intermediate SARL |
|  5.000% due 10/30/2029 | 2533 | 2455 |
|  SM Energy Co. | SM Energy Co. | SM Energy Co. |
|  6.500% due 07/15/2028 | 384 | 388 |
|  6.625% due 01/15/2027 | 1034 | 1036 |
|  6.750% due 08/01/2029 | 4098 | 4086 |
|  7.000% due 08/01/2032 | 397 | 392 |
|  Smyrna Ready Mix Concrete LLC | Smyrna Ready Mix Concrete LLC | Smyrna Ready Mix Concrete LLC |
|  6.000% due 11/01/2028 | 1714 | 1711 |
|  Snap, Inc. | Snap, Inc. | Snap, Inc. |
|  6.875% due 03/01/2033 | 1066 | 1095 |
|  Somnigroup International, Inc. | Somnigroup International, Inc. | Somnigroup International, Inc. |
|  4.000% due 04/15/2029 | 2462 | 2356 |
|  Sotheby's | Sotheby's | Sotheby's |
|  7.375% due 10/15/2027 | 2265 | 2250 |
|  South Bow Canadian Infrastructure Holdings Ltd. | South Bow Canadian Infrastructure Holdings Ltd. | South Bow Canadian Infrastructure Holdings Ltd. |
|  7.625% due 03/01/2055 •  | 220 | 229 |
|  Specialty Building Products Holdings LLC | Specialty Building Products Holdings LLC | Specialty Building Products Holdings LLC |
|  7.750% due 10/15/2029 | 3453 | 3396 |
|  Speedway Motorsports LLC | Speedway Motorsports LLC | Speedway Motorsports LLC |
|  4.875% due 11/01/2027 | 457 | 454 |
|  Spirit AeroSystems, Inc. | Spirit AeroSystems, Inc. | Spirit AeroSystems, Inc. |
|  4.600% due 06/15/2028 | 2573 | 2531 |
|  Spirit Airlines Pass-Through Trust | Spirit Airlines Pass-Through Trust | Spirit Airlines Pass-Through Trust |
|  4.100% due 10/01/2029 | 393 | 361 |
|  Spirit Loyalty Cayman Ltd. (11.000% Cash or 4.000% PIK and 8.000% Cash) | Spirit Loyalty Cayman Ltd. (11.000% Cash or 4.000% PIK and 8.000% Cash) | Spirit Loyalty Cayman Ltd. (11.000% Cash or 4.000% PIK and 8.000% Cash) |
|  11.000% due 03/12/2030 (b)(h) | 2972 | 2024 |
|  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 | 3514 | 3365 |
|  Standard Industries, Inc. | Standard Industries, Inc. | Standard Industries, Inc. |
|  4.750% due 01/15/2028 | 1293 | 1280 |
|  5.000% due 02/15/2027 | 2457 | 2453 |

---

---

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

---

------

June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Staples, Inc. | Staples, Inc. | Staples, Inc. |
|  10.750% due 09/01/2029 | 1919 | 1826 |
|  Star Leasing Co. LLC | Star Leasing Co. LLC | Star Leasing Co. LLC |
|  7.625% due 02/15/2030 | 381 | 378 |
|  Station Casinos LLC | Station Casinos LLC | Station Casinos LLC |
|  4.500% due 02/15/2028 | 3954 | 3880 |
|  Strathcona Resources Ltd. | Strathcona Resources Ltd. | Strathcona Resources Ltd. |
|  6.875% due 08/01/2026 | 1948 | 1949 |
|  SunCoke Energy, Inc. | SunCoke Energy, Inc. | SunCoke Energy, Inc. |
|  4.875% due 06/30/2029 | 1704 | 1587 |
|  Sunoco LP | Sunoco LP | Sunoco LP |
|  4.500% due 05/15/2029 | 221 | 215 |
|  4.500% due 04/30/2030 | 985 | 948 |
|  5.875% due 03/15/2028 | 316 | 317 |
|  7.000% due 09/15/2028 | 1008 | 1041 |
|  7.000% due 05/01/2029 | 730 | 761 |
|  Superior Plus LP | Superior Plus LP | Superior Plus LP |
|  4.500% due 03/15/2029 | 1447 | 1393 |
|  Talos Production, Inc. | Talos Production, Inc. | Talos Production, Inc. |
|  9.000% due 02/01/2029 | 1659 | 1700 |
|  Taseko Mines Ltd. | Taseko Mines Ltd. | Taseko Mines Ltd. |
|  8.250% due 05/01/2030 | 1258 | 1319 |
|  Taylor Morrison Communities, Inc. | Taylor Morrison Communities, Inc. | Taylor Morrison Communities, Inc. |
|  5.750% due 01/15/2028 | 1723 | 1750 |
|  TEGNA, Inc. | TEGNA, Inc. | TEGNA, Inc. |
|  4.625% due 03/15/2028 | 3173 | 3096 |
|  4.750% due 03/15/2026 | 734 | 733 |
|  5.000% due 09/15/2029 | 716 | 684 |
|  Teleflex, Inc. | Teleflex, Inc. | Teleflex, Inc. |
|  4.250% due 06/01/2028 | 801 | 783 |
|  4.625% due 11/15/2027 | 943 | 934 |
|  Tenet Healthcare Corp. | Tenet Healthcare Corp. | Tenet Healthcare Corp. |
|  4.250% due 06/01/2029 | 3751 | 3641 |
|  4.625% due 06/15/2028 | 1415 | 1398 |
|  5.125% due 11/01/2027 | 1587 | 1585 |
|  6.125% due 10/01/2028 | 1767 | 1771 |
|  6.250% due 02/01/2027 | 701 | 701 |
|  Tenneco, Inc. | Tenneco, Inc. | Tenneco, Inc. |
|  8.000% due 11/17/2028 | 1333 | 1320 |
|  TGS ASA | TGS ASA | TGS ASA |
|  8.500% due 01/15/2030 | 3975 | 4118 |
|  Thor Industries, Inc. | Thor Industries, Inc. | Thor Industries, Inc. |
|  4.000% due 10/15/2029 | 1957 | 1836 |
|  Tidewater, Inc. | Tidewater, Inc. | Tidewater, Inc. |
|  9.125% due 07/15/2030 (a) | 1200 | 1236 |
|  Titan International, Inc. | Titan International, Inc. | Titan International, Inc. |
|  7.000% due 04/30/2028 | 1936 | 1945 |
|  TK Elevator Holdco GmbH | TK Elevator Holdco GmbH | TK Elevator Holdco GmbH |
|  7.625% due 07/15/2028 | 2733 | 2738 |
|  TK Elevator U.S. Newco, Inc. | TK Elevator U.S. Newco, Inc. | TK Elevator U.S. Newco, Inc. |
|  5.250% due 07/15/2027 | 2903 | 2903 |
|  TopBuild Corp. | TopBuild Corp. | TopBuild Corp. |
|  3.625% due 03/15/2029 | 2021 | 1913 |
|  Toucan FinCo Ltd. | Toucan FinCo Ltd. | Toucan FinCo Ltd. |
|  9.500% due 05/15/2030 | 2715 | 2778 |
|  TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. |
|  4.625% due 01/15/2029 | 1368 | 1343 |
|  6.375% due 03/01/2029 | 2191 | 2251 |
|  6.750% due 08/15/2028 | 3168 | 3239 |
|  Transocean Aquila Ltd. | Transocean Aquila Ltd. | Transocean Aquila Ltd. |
|  8.000% due 09/30/2028 | 1353 | 1367 |
|  Transocean Titan Financing Ltd. | Transocean Titan Financing Ltd. | Transocean Titan Financing Ltd. |
|  8.375% due 02/01/2028 | 1832 | 1862 |
|  Transocean, Inc. | Transocean, Inc. | Transocean, Inc. |
|  8.000% due 02/01/2027 | 1410 | 1390 |
|  8.250% due 05/15/2029 | 1997 | 1848 |
|  Travel & Leisure Co. | Travel & Leisure Co. | Travel & Leisure Co. |
|  6.000% due 04/01/2027 | 211 | 213 |
|  6.625% due 07/31/2026 | 1598 | 1617 |
|  TreeHouse Foods, Inc. | TreeHouse Foods, Inc. | TreeHouse Foods, Inc. |
|  4.000% due 09/01/2028 | 3049 | 2783 |
|  Trident TPI Holdings, Inc. | Trident TPI Holdings, Inc. | Trident TPI Holdings, Inc. |
|  12.750% due 12/31/2028 | 2471 | 2624 |
|  TriNet Group, Inc. | TriNet Group, Inc. | TriNet Group, Inc. |
|  3.500% due 03/01/2029 | 880 | 828 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Triumph Group, Inc. | Triumph Group, Inc. | Triumph Group, Inc. |
|  9.000% due 03/15/2028 | 2424 | 2535 |
|  Trivium Packaging Finance BV | Trivium Packaging Finance BV | Trivium Packaging Finance BV |
|  8.250% due 07/15/2030 | 1900 | 2011 |
|  12.250% due 01/15/2031 | 575 | 617 |
|  Tronox, Inc. | Tronox, Inc. | Tronox, Inc. |
|  4.625% due 03/15/2029 | 419 | 362 |
|  Tutor Perini Corp. | Tutor Perini Corp. | Tutor Perini Corp. |
|  11.875% due 04/30/2029 | 775 | 873 |
|  Twilio, Inc. | Twilio, Inc. | Twilio, Inc. |
|  3.625% due 03/15/2029 | 1387 | 1322 |
|  U.S. Acute Care Solutions LLC | U.S. Acute Care Solutions LLC | U.S. Acute Care Solutions LLC |
|  9.750% due 05/15/2029 | 3371 | 3481 |
|  U.S. Foods, Inc. | U.S. Foods, Inc. | U.S. Foods, Inc. |
|  6.875% due 09/15/2028 | 1700 | 1760 |
|  U.S. Renal Care, Inc. | U.S. Renal Care, Inc. | U.S. Renal Care, Inc. |
|  10.625% due 06/28/2028 | 326 | 279 |
|  Under Armour, Inc. | Under Armour, Inc. | Under Armour, Inc. |
|  3.250% due 06/15/2026 | 1766 | 1743 |
|  Unisys Corp. | Unisys Corp. | Unisys Corp. |
|  10.625% due 01/15/2031 | 1500 | 1546 |
|  United Airlines, Inc. | United Airlines, Inc. | United Airlines, Inc. |
|  4.375% due 04/15/2026 | 750 | 746 |
|  4.625% due 04/15/2029 | 1537 | 1493 |
|  United Rentals North America, Inc. | United Rentals North America, Inc. | United Rentals North America, Inc. |
|  3.875% due 11/15/2027 | 323 | 316 |
|  4.875% due 01/15/2028 | 2059 | 2052 |
|  5.500% due 05/15/2027 | 691 | 692 |
|  Univision Communications, Inc. | Univision Communications, Inc. | Univision Communications, Inc. |
|  4.500% due 05/01/2029 | 1794 | 1633 |
|  6.625% due 06/01/2027 | 3284 | 3278 |
|  8.000% due 08/15/2028 | 3445 | 3499 |
|  USA Compression Partners LP | USA Compression Partners LP | USA Compression Partners LP |
|  6.875% due 09/01/2027 | 1663 | 1667 |
|  7.125% due 03/15/2029 | 3121 | 3201 |
|  Vail Resorts, Inc. | Vail Resorts, Inc. | Vail Resorts, Inc. |
|  5.625% due 07/15/2030 (a) | 600 | 603 |
|  Valaris Ltd. | Valaris Ltd. | Valaris Ltd. |
|  8.375% due 04/30/2030 | 3452 | 3544 |
|  Velocity Vehicle Group LLC | Velocity Vehicle Group LLC | Velocity Vehicle Group LLC |
|  8.000% due 06/01/2029 | 2144 | 2144 |
|  Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. |
|  7.000% due 01/15/2030 | 4511 | 4564 |
|  8.125% due 06/01/2028 | 5511 | 5699 |
|  9.500% due 02/01/2029 | 5403 | 5889 |
|  Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC |
|  6.500% due 01/15/2034 (a) | 1850 | 1850 |
|  Vertiv Group Corp. | Vertiv Group Corp. | Vertiv Group Corp. |
|  4.125% due 11/15/2028 | 1966 | 1919 |
|  VF Corp. | VF Corp. | VF Corp. |
|  2.800% due 04/23/2027 | 750 | 717 |
|  2.950% due 04/23/2030 | 255 | 215 |
|  Viasat, Inc. | Viasat, Inc. | Viasat, Inc. |
|  5.625% due 04/15/2027 | 571 | 569 |
|  Viavi Solutions, Inc. | Viavi Solutions, Inc. | Viavi Solutions, Inc. |
|  3.750% due 10/01/2029 | 717 | 671 |
|  Victoria's Secret & Co. | Victoria's Secret & Co. | Victoria's Secret & Co. |
|  4.625% due 07/15/2029 | 900 | 841 |
|  Viking Cruises Ltd. | Viking Cruises Ltd. | Viking Cruises Ltd. |
|  5.875% due 09/15/2027 | 1558 | 1560 |
|  7.000% due 02/15/2029 | 799 | 806 |
|  9.125% due 07/15/2031 | 1199 | 1292 |
|  Viper Energy, Inc. | Viper Energy, Inc. | Viper Energy, Inc. |
|  5.375% due 11/01/2027 | 100 | 100 |
|  Virgin Media Finance PLC | Virgin Media Finance PLC | Virgin Media Finance PLC |
|  5.000% due 07/15/2030 | 2000 | 1829 |
|  Virgin Media Secured Finance PLC | Virgin Media Secured Finance PLC | Virgin Media Secured Finance PLC |
|  5.500% due 05/15/2029 | 3864 | 3803 |
|  Virgin Media Vendor Financing Notes DAC | Virgin Media Vendor Financing Notes DAC | Virgin Media Vendor Financing Notes DAC |
|  5.000% due 07/15/2028 | 1080 | 1058 |
|  VistaJet Malta Finance PLC | VistaJet Malta Finance PLC | VistaJet Malta Finance PLC |
|  6.375% due 02/01/2030 (h) | 885 | 831 |
|  7.875% due 05/01/2027 (h) | 1949 | 1963 |
|  9.500% due 06/01/2028 (h) | 2892 | 2975 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Vital Energy, Inc. | Vital Energy, Inc. | Vital Energy, Inc. |
|  7.875% due 04/15/2032 (h) | 456 | 390 |
|  VOC Escrow Ltd. | VOC Escrow Ltd. | VOC Escrow Ltd. |
|  5.000% due 02/15/2028 | 2626 | 2614 |
|  VZ Secured Financing BV | VZ Secured Financing BV | VZ Secured Financing BV |
|  5.000% due 01/15/2032 | 1091 | 971 |
|  Walgreens Boots Alliance, Inc. | Walgreens Boots Alliance, Inc. | Walgreens Boots Alliance, Inc. |
|  3.450% due 06/01/2026 | 2752 | 2694 |
|  8.125% due 08/15/2029 | 1107 | 1175 |
|  Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. |
|  4.279% due 03/15/2032 | 175 | 148 |
|  5.050% due 03/15/2042 | 1075 | 730 |
|  WASH Multifamily Acquisition, Inc. | WASH Multifamily Acquisition, Inc. | WASH Multifamily Acquisition, Inc. |
|  5.750% due 04/15/2026 | 1299 | 1295 |
|  Wayfair LLC | Wayfair LLC | Wayfair LLC |
|  7.250% due 10/31/2029 | 1148 | 1151 |
|  Weatherford International Ltd. | Weatherford International Ltd. | Weatherford International Ltd. |
|  8.625% due 04/30/2030 | 2080 | 2145 |
|  WESCO Distribution, Inc. | WESCO Distribution, Inc. | WESCO Distribution, Inc. |
|  6.375% due 03/15/2029 | 1212 | 1248 |
|  7.250% due 06/15/2028 | 304 | 308 |
|  Western Digital Corp. | Western Digital Corp. | Western Digital Corp. |
|  4.750% due 02/15/2026 | 1194 | 1192 |
|  Whirlpool Corp. | Whirlpool Corp. | Whirlpool Corp. |
|  6.125% due 06/15/2030 | 675 | 681 |
|  White Cap Buyer LLC | White Cap Buyer LLC | White Cap Buyer LLC |
|  6.875% due 10/15/2028 (h) | 2541 | 2539 |
|  Wildfire Intermediate Holdings LLC | Wildfire Intermediate Holdings LLC | Wildfire Intermediate Holdings LLC |
|  7.500% due 10/15/2029 | 1135 | 1130 |
|  Williams Scotsman, Inc. | Williams Scotsman, Inc. | Williams Scotsman, Inc. |
|  4.625% due 08/15/2028 | 144 | 142 |
|  Windstream Services LLC | Windstream Services LLC | Windstream Services LLC |
|  8.250% due 10/01/2031 | 2480 | 2599 |
|  Wolverine World Wide, Inc. | Wolverine World Wide, Inc. | Wolverine World Wide, Inc. |
|  4.000% due 08/15/2029 | 2084 | 1871 |
|  WR Grace Holdings LLC | WR Grace Holdings LLC | WR Grace Holdings LLC |
|  4.875% due 06/15/2027 | 2691 | 2679 |
|  5.625% due 08/15/2029 | 2979 | 2699 |
|  Wyndham Hotels & Resorts, Inc. | Wyndham Hotels & Resorts, Inc. | Wyndham Hotels & Resorts, Inc. |
|  4.375% due 08/15/2028 | 2246 | 2199 |
|  Wynn Las Vegas LLC | Wynn Las Vegas LLC | Wynn Las Vegas LLC |
|  5.250% due 05/15/2027 | 2310 | 2313 |
|  Xerox Holdings Corp. | Xerox Holdings Corp. | Xerox Holdings Corp. |
|  5.000% due 08/15/2025 | 387 | 385 |
|  5.500% due 08/15/2028 | 4001 | 3062 |
|  XPLR Infrastructure Operating Partners LP | XPLR Infrastructure Operating Partners LP | XPLR Infrastructure Operating Partners LP |
|  3.875% due 10/15/2026 | 1790 | 1750 |
|  7.250% due 01/15/2029 (h) | 2021 | 2073 |
|  Zayo Group Holdings, Inc. | Zayo Group Holdings, Inc. | Zayo Group Holdings, Inc. |
|  4.000% due 03/01/2027 (h) | 4785 | 4492 |
|  6.125% due 03/01/2028 (h) | 2266 | 1958 |
|  ZF North America Capital, Inc. | ZF North America Capital, Inc. | ZF North America Capital, Inc. |
|  6.750% due 04/23/2030 | 1275 | 1226 |
|  6.875% due 04/14/2028 | 3576 | 3590 |
|  Ziggo Bond Co. BV | Ziggo Bond Co. BV | Ziggo Bond Co. BV |
|  5.125% due 02/28/2030 | 857 | 749 |
|  Ziggo BV | Ziggo BV | Ziggo BV |
|  4.875% due 01/15/2030 | 1575 | 1473 |
|  ZipRecruiter, Inc. | ZipRecruiter, Inc. | ZipRecruiter, Inc. |
|  5.000% due 01/15/2030 | 1904 | 1627 |
|  ZoomInfo Technologies LLC | ZoomInfo Technologies LLC | ZoomInfo Technologies LLC |
|  3.875% due 02/01/2029 | 3100 | 2917 |
|  |  | 1097594 |
| UTILITIES 3.8% | UTILITIES 3.8% | UTILITIES 3.8% |
|  AES Corp. | AES Corp. | AES Corp. |
|  7.600% due 01/15/2055 •  | 1861 | 1921 |
|  Aethon United BR LP | Aethon United BR LP | Aethon United BR LP |
|  7.500% due 10/01/2029 | 1727 | 1813 |
|  AmeriGas Partners LP | AmeriGas Partners LP | AmeriGas Partners LP |
|  9.375% due 06/01/2028 | 244 | 252 |
|  Antero Midstream Partners LP | Antero Midstream Partners LP | Antero Midstream Partners LP |
|  5.750% due 03/01/2027 | 627 | 627 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 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)** |
|  Archrock Partners LP | Archrock Partners LP | Archrock Partners LP |
|  6.250% due 04/01/2028 | 1108 | 1112 |
|  6.875% due 04/01/2027 | 293 | 293 |
|  Atlantica Sustainable Infrastructure Ltd. | Atlantica Sustainable Infrastructure Ltd. | Atlantica Sustainable Infrastructure Ltd. |
|  4.125% due 06/15/2028 | 682 | 653 |
|  Calpine Corp. | Calpine Corp. | Calpine Corp. |
|  4.500% due 02/15/2028 | 2310 | 2293 |
|  5.125% due 03/15/2028 | 1724 | 1723 |
|  Clearway Energy Operating LLC | Clearway Energy Operating LLC | Clearway Energy Operating LLC |
|  4.750% due 03/15/2028 | 1839 | 1818 |
|  ContourGlobal Power Holdings SA | ContourGlobal Power Holdings SA | ContourGlobal Power Holdings SA |
|  6.750% due 02/28/2030 | 1166 | 1203 |
|  Edison International | Edison International | Edison International |
|  5.750% due 06/15/2027 | 1421 | 1431 |
|  6.250% due 03/15/2030 | 293 | 298 |
|  7.875% due 06/15/2054 •  | 980 | 931 |
|  Emera, Inc. | Emera, Inc. | Emera, Inc. |
|  6.750% due 06/15/2076 •  | 776 | 783 |
|  EUSHI Finance, Inc. | EUSHI Finance, Inc. | EUSHI Finance, Inc. |
|  7.625% due 12/15/2054 •  | 2672 | 2773 |
|  Genesis Energy LP | Genesis Energy LP | Genesis Energy LP |
|  7.750% due 02/01/2028 | 2306 | 2342 |
|  8.250% due 01/15/2029 | 1022 | 1069 |
|  Hilcorp Energy LP | Hilcorp Energy LP | Hilcorp Energy LP |
|  6.250% due 11/01/2028 | 1124 | 1127 |
|  Iliad Holding SASU | Iliad Holding SASU | Iliad Holding SASU |
|  7.000% due 10/15/2028 | 793 | 808 |
|  Leeward Renewable Energy Operations LLC | Leeward Renewable Energy Operations LLC | Leeward Renewable Energy Operations LLC |
|  4.250% due 07/01/2029 | 336 | 314 |
|  Lumen Technologies, Inc. | Lumen Technologies, Inc. | Lumen Technologies, Inc. |
|  4.125% due 04/15/2029 | 609 | 595 |
|  4.125% due 04/15/2030 | 344 | 337 |
|  10.000% due 10/15/2032 | 440 | 450 |
|  Millicom International Cellular SA | Millicom International Cellular SA | Millicom International Cellular SA |
|  5.125% due 01/15/2028 | 470 | 465 |
|  NGL Energy Operating LLC | NGL Energy Operating LLC | NGL Energy Operating LLC |
|  8.125% due 02/15/2029 | 1404 | 1420 |
|  NRG Energy, Inc. | NRG Energy, Inc. | NRG Energy, Inc. |
|  5.250% due 06/15/2029 | 547 | 544 |
|  5.750% due 01/15/2028 | 770 | 774 |
|  Pattern Energy Operations LP | Pattern Energy Operations LP | Pattern Energy Operations LP |
|  4.500% due 08/15/2028 | 2348 | 2276 |
|  PBF Holding Co. LLC | PBF Holding Co. LLC | PBF Holding Co. LLC |
|  6.000% due 02/15/2028 | 3497 | 3347 |
|  7.875% due 09/15/2030 | 853 | 766 |
|  PG&E Corp. | PG&E Corp. | PG&E Corp. |
|  5.000% due 07/01/2028 | 1611 | 1570 |
|  Qwest Corp. | Qwest Corp. | Qwest Corp. |
|  7.250% due 09/15/2025 | 562 | 565 |
|  Tallgrass Energy Partners LP | Tallgrass Energy Partners LP | Tallgrass Energy Partners LP |
|  5.500% due 01/15/2028 | 2558 | 2545 |
|  6.000% due 12/31/2030 | 125 | 123 |
|  6.000% due 09/01/2031 | 25 | 24 |
|  TerraForm Power Operating LLC | TerraForm Power Operating LLC | TerraForm Power Operating LLC |
|  4.750% due 01/15/2030 | 927 | 888 |
|  5.000% due 01/31/2028 | 3799 | 3763 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Transocean Poseidon Ltd. | Transocean Poseidon Ltd. | Transocean Poseidon Ltd. |
|  6.875% due 02/01/2027 | 1103 | 1105 |
|  VEON Holdings BV | VEON Holdings BV | VEON Holdings BV |
|  3.375% due 11/25/2027 | 3225 | 2982 |
|  Vistra Operations Co. LLC | Vistra Operations Co. LLC | Vistra Operations Co. LLC |
|  5.000% due 07/31/2027 | 210 | 210 |
|  5.500% due 09/01/2026 | 1295 | 1297 |
|  5.625% due 02/15/2027 | 2115 | 2118 |
|  Vodafone Group PLC | Vodafone Group PLC | Vodafone Group PLC |
|  7.000% due 04/04/2079 •  | 2426 | 2535 |
|  |  | 56283 |
|  Total Corporate Bonds & Notes<br>(Cost $1,342,514) | Total Corporate Bonds & Notes<br>(Cost $1,342,514) | 1354055 |
|  | **SHARES** |  |
| COMMON STOCKS 0.4% | COMMON STOCKS 0.4% | COMMON STOCKS 0.4% |
| ENERGY 0.0% | ENERGY 0.0% | ENERGY 0.0% |
|  New Fortress Energy, Inc. (d) | 42917 | 142 |
| FINANCIALS 0.2% | FINANCIALS 0.2% | FINANCIALS 0.2% |
|  Bruin Blocker LLC «(d)(j) | 182994 | 0 |
|  Intelsat Emergence SA «(j) | 90881 | 3135 |
|  |  | 3135 |
| HEALTH CARE 0.1% | HEALTH CARE 0.1% | HEALTH CARE 0.1% |
|  Amsurg Equity «(d)(j) | 21155 | 955 |
| INDUSTRIALS 0.1% | INDUSTRIALS 0.1% | INDUSTRIALS 0.1% |
|  Incora New Equity «(d)(j) | 17294 | 584 |
|  Spirit Aviation Holdings, Inc. (d) | 70218 | 351 |
|  |  | 935 |
| INFORMATION TECHNOLOGY 0.0% | INFORMATION TECHNOLOGY 0.0% | INFORMATION TECHNOLOGY 0.0% |
|  Riverbed Technology, Inc. «(d)(j) | 22812 | 6 |
|  Total Common Stocks<br>(Cost $11,287) | Total Common Stocks<br>(Cost $11,287) | 5173 |
| WARRANTS 0.0% | WARRANTS 0.0% | WARRANTS 0.0% |
| FINANCIALS 0.0% | FINANCIALS 0.0% | FINANCIALS 0.0% |
|  Intelsat Emergence SA - Exp. 02/17/2027 « | 28334 | 58 |
| INDUSTRIALS 0.0% | INDUSTRIALS 0.0% | INDUSTRIALS 0.0% |
|  Spirit Aviation Holdings, Inc. - Exp. 12/31/2099 | 79807 | 398 |
|  Total Warrants (Cost $4,279) | Total Warrants (Cost $4,279) | 456 |

---

---

| | | |
|:---|:---|:---|
|  | 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% |
|  Clover Holdings, Inc. | Clover Holdings, Inc. | Clover Holdings, Inc. |
|  0.000% «(d)(j) | 2459 | 44 |
|  Total Preferred Securities<br>(Cost $37) | Total Preferred Securities<br>(Cost $37) | 44 |
| SHORT-TERM INSTRUMENTS 7.2% | SHORT-TERM INSTRUMENTS 7.2% | SHORT-TERM INSTRUMENTS 7.2% |
| 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 |
|  4.380% (i) | 2926840 | 2927 |
|  |  | 2927 |
| REPURCHASE AGREEMENTS (k) 7.0% | REPURCHASE AGREEMENTS (k) 7.0% | REPURCHASE AGREEMENTS (k) 7.0% |
|  |  | 103100 |
| Total Short-Term Instruments<br>(Cost $106,027) | Total Short-Term Instruments<br>(Cost $106,027) | 106027 |
| Total Investments in Securities<br>(Cost $1,486,802) | Total Investments in Securities<br>(Cost $1,486,802) | 1488735 |
| INVESTMENTS IN AFFILIATES 3.7% | INVESTMENTS IN AFFILIATES 3.7% | INVESTMENTS IN AFFILIATES 3.7% |
| SHORT-TERM INSTRUMENTS 3.7% | SHORT-TERM INSTRUMENTS 3.7% | SHORT-TERM INSTRUMENTS 3.7% |
| MUTUAL FUNDS 3.7% | MUTUAL FUNDS 3.7% | MUTUAL FUNDS 3.7% |
|  PIMCO Government Money Market Fund | PIMCO Government Money Market Fund | PIMCO Government Money Market Fund |
|  4.480% (g)(h)(i) | 54358728 | 54359 |
| Total Short-Term Instruments<br>(Cost $54,359) | Total Short-Term Instruments<br>(Cost $54,359) | 54359 |
| Total Investments in Affiliates<br>(Cost $54,359) | Total Investments in Affiliates<br>(Cost $54,359) | 54359 |
| Total Investments 105.3%<br>(Cost $1,541,161) | Total Investments 105.3%<br>(Cost $1,541,161) | 1543094 |
|  Financial Derivative Instruments (l)(m) 0.0%<br> (Cost or Premiums, net $(279)) | Financial Derivative Instruments (l)(m) 0.0%<br> (Cost or Premiums, net $(279)) | 100 |
| Other Assets and Liabilities, net (5.3)% | Other Assets and Liabilities, net (5.3)% | (78415) |
| Net Assets 100.0% | Net Assets 100.0% | 1464779 |

---

#### 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) When-issued security.

(b) Payment in-kind security.

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

---

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

---

------

June 30, 2025

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

(e) Zero coupon security.

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

(g) Institutional Class Shares of each Fund.

(h) Securities with an aggregate market value of $53,356 were out on loan in exchange for $54,451 of cash collateral as of June 30, 2025. See Note 5, Securities Lending, in the Notes to Financial Statements for more information regarding securities on loan and cash collateral.

(i) Coupon represents a 7-Day Yield.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Issuer Description | Acquisition<br>Date | Cost | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
|  Amsurg Equity | 11/02/2023 - 11/06/2023 | $884 | $955 | 0.07% |
|  Bruin Blocker LLC | 04/20/2021 | 0 | 0 | 0.00 |
|  Clover Holdings, Inc. | 12/09/2024 | 37 | 44 | 0.00 |
|  Incora New Equity | 01/31/2025 | 840 | 584 | 0.04 |
|  Incora Top Holdco LLC 6.000% due 01/30/2033 | 01/31/2025 | 371 | 514 | 0.04 |
|  Intelsat Emergence SA | 10/02/2018 - 07/03/2023 | 6884 | 3135 | 0.21 |
|  Riverbed Technology, Inc. | 04/24/2018 - 12/07/2021 | 1634 | 6 | 0.00 |
|  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10650 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5238 | 0.36% |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS
&nbsp;&nbsp;&nbsp;&nbsp;(k) 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 | 4.440% | 06/30/2025 | 07/01/2025 | $5400 | U.S. Treasury Notes 3.625% due 03/31/2028 | $(5517) | $5400 | $5401 |
|  | 4.440 | 07/01/2025 | 07/02/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47800 | U.S. Treasury Notes 4.125% due 10/31/2029 | (48827) | 47800 | 47800 |
|  | 4.450 | 06/30/2025 | 07/01/2025 | 49700 | U.S. Treasury Notes 4.250% due 02/28/2029 | (50785) | 49700 | 49706 |
| DEU | 4.470 | 06/30/2025 | 07/01/2025 | 100 | U.S. Treasury Inflation Protected Securities 0.375% due 07/15/2027 | (102) | 100 | 100 |
|  | 4.470 | 07/01/2025 | 07/02/2025 | 100 | U.S. Treasury Bonds 2.375% due 02/15/2042 | (102) | 100 | 100 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(105333) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103100 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103107 |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of June 30, 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 | $102907 | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102907 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(105129) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2222) |
|  DEU | 200 | 0 | 0 | 0 | 200 | (204) | (4) |
|  Master Securities Forward Transaction Agreement |  |  |  |  |  |  |  |
|  BPG | 0 | 0 | 0 | 5356 | 5356 | (5459) | (103) |
|  BCY | 0 | 0 | 0 | 26216 | 26216 | (26726) | (510) |
|  BMO | 0 | 0 | 0 | 649 | 649 | (662) | (13) |
|  BOS | 0 | 0 | 0 | 2416 | 2416 | (2462) | (46) |
|  BSN | 0 | 0 | 0 | 1358 | 1358 | (1384) | (26) |
|  GSC | 0 | 0 | 0 | 6267 | 6267 | (6393) | (126) |
|  MSB | 0 | 0 | 0 | 928 | 928 | (946) | (18) |
|  RDR | 0 | 0 | 0 | 10166 | 10166 | (10419) | (253) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103107 | $&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;53356 |  |  |  |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| JUNE 30, 2025 33

------

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

#### CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

#### Remaining Contractual Maturity of the Agreements

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Overnight and**<br> **Continuous** | Up to 30 days | 31-90 days | Greater Than 90 days | Total |
|  Securities Lending Transactions<sup>(3)</sup> | Securities Lending Transactions<sup>(3)</sup> | Securities Lending Transactions<sup>(3)</sup> | Securities Lending Transactions<sup>(3)</sup> | Securities Lending Transactions<sup>(3)</sup> | Securities Lending Transactions<sup>(3)</sup> |
|  Corporate Bonds & Notes | $54451 | $0 | $0 | $0 | $54451 |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54451 | $&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;54451 |
|  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  | $54451 |

---

**The average amount of borrowings outstanding during the period ended June 30, 2025 was $(497) at a weighted average interest rate of 4.440%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** 

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(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 |
|  3-Month SOFR Active Contract June Futures  | 09/2027 | 143 | $34644 | $325 | $11 | $0 |
|  3-Month SOFR Active Contract March Futures  | 06/2027 | 143 | 34661 | 336 | 11 | 0 |
|  U.S. Treasury 2-Year Note September Futures  | 09/2025 | 176 | 36612 | 118 | 9 | 0 |
|  U.S. Treasury 5-Year Note September Futures  | 09/2025 | 638 | 69542 | 776 | 85 | 0 |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1555 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### SWAP AGREEMENTS:

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>June 30, 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>June 30, 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 | 0.820% | $1000 | $(100) | $105 | $5 | $0 | $(1) |
|  Carnival Corp. | 1.000 | Quarterly | 06/20/2029 | 1.088 | 1300 | (75) | 71 | (4) | 0 | 0 |
|  MGM Resorts International | 5.000 | Quarterly | 12/20/2029 | 1.690 | 3200 | 456 | (27) | 429 | 4 | 0 |
|  Transocean, Inc. | 1.000 | Quarterly | 12/20/2028 | 6.096 | 600 | (89) | 2 | (87) | 1 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343 | $&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 | $4800 | $180 | $(14) | $166 | $6 | $0 |
|  CDX.HY-40 5-Year Index | 5.000 | Quarterly | 06/20/2028 | 588 | 14 | 27 | 41 | 2 | 0 |
|  CDX.HY-41 5-Year Index | 5.000 | Quarterly | 12/20/2028 | 99 | 6 | 2 | 8 | 0 | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

34 PIMCO ETF TRUST See Accompanying Notes

------

June 30, 2025

#### 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/<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** | **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 | 12/18/2026 |  | $31000 | $(334) | $398 | $64 | $0 | $(8) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2031 |  | 8675 | (337) | 242 | (95) | 0 | (20) |
|  |  |  |  |  |  |  | $(671) | $640 | $(31) | $0 | $(28) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  | $(279) | $806 | $527 | $13 | $(29) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of June 30, 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;116 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129 | $&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;(29) |

---

**Cash of $9,170 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 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. 

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

#### 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>June 30, 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>June 30, 2025<sup>(2)</sup> | **Notional<br>Amount<sup>(3)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | Asset | Liability |
| GST | Petroleos Mexicanos « | 3.750% | Monthly | 12/24/2025 | —¨ | $100 | $0 | $0 | $0 | $0 |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $&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 |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of June 30, 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>(5)</sup> |
|  GST | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $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 |
|  Total Over the Counter | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |  |  |  |

---

¨ Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **35** |

---

------

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

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

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of June 30, 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 | $116 | $116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 13 | 0 | 0 | 0 | 13 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $28 | $29 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 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 |  |  |  |
|  Exchange-traded or centrally cleared |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $1413 | $1413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 2863 | 0 | 0 | (5) | 2858 |
|  | $0 | $2863 | $0 | $0 | $1408 | $4271 |
|  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 | $6 | $0 | $0 | $0 | $6 |
|  | $0 | $2869 | $0 | $0 | $1408 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4277 |
|  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 | $1410 | $1410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (1182) | 0 | 0 | 639 | (543) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1182) | $&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;2049 | $867 |

---

36 PIMCO ETF TRUST See Accompanying Notes

------

June 30, 2025

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of June 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at<br>06/30/2025** |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $0 | $18707 | $4273 | $22980 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 0 | 200178 | 0 | 200178 |
| &nbsp;&nbsp; Industrials | 1850 | 1091694 | 4050 | 1097594 |
| &nbsp;&nbsp; Utilities | 0 | 56283 | 0 | 56283 |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Energy | 0 | 142 | 0 | 142 |
| &nbsp;&nbsp; Financials | 0 | 0 | 3135 | 3135 |
| &nbsp;&nbsp; Health Care | 0 | 0 | 955 | 955 |
| &nbsp;&nbsp; Industrials | 351 | 0 | 584 | 935 |
| &nbsp;&nbsp; Information Technology | 0 | 0 | 6 | 6 |
|  Warrants | Warrants | Warrants | Warrants | Warrants |
| &nbsp;&nbsp; Financials | 0 | 0 | 58 | 58 |
| &nbsp;&nbsp; Industrials | 0 | 398 | 0 | 398 |
|  Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| &nbsp;&nbsp; Industrials | 0 | 0 | 44 | 44 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 0 | 2927 | 0 | 2927 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 103100 | 0 | 103100 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2201 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1473429 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13105 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1488735 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at<br>06/30/2025** |
|  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 | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | $54359 | $0 | $0 | $54359 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56560 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1473429 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13105 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1543094 |
|  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 | $129 | $0 | $129 |
|  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 | $(29) | $0 | $(29) |
|  Total Financial Derivative Instruments | $0 | $100 | $0 | $100 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56560 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1473529 | $13105 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1543194 |

---

There were no significant transfers into or out of Level 3 during the period ended June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **37** |

---

------

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 98.4% | INVESTMENTS IN SECURITIES 98.4% | INVESTMENTS IN SECURITIES 98.4% |
| CORPORATE BONDS & NOTES 87.2% | CORPORATE BONDS & NOTES 87.2% | CORPORATE BONDS & NOTES 87.2% |
| BANKING & FINANCE 32.5% | BANKING & FINANCE 32.5% | BANKING & FINANCE 32.5% |
|  AerCap Ireland Capital DAC | AerCap Ireland Capital DAC | AerCap Ireland Capital DAC |
|  2.450% due 10/29/2026 | 3381 | 3295 |
|  3.000% due 10/29/2028 | 210 | 200 |
|  3.300% due 01/30/2032 | 2311 | 2095 |
|  3.400% due 10/29/2033 | 146 | 129 |
|  3.850% due 10/29/2041 | 63 | 50 |
|  4.450% due 10/01/2025 | 729 | 728 |
|  AIA Group Ltd. | AIA Group Ltd. | AIA Group Ltd. |
|  4.950% due 04/04/2033 (d) | 2074 | 2106 |
|  Aircastle Ltd. | Aircastle Ltd. | Aircastle Ltd. |
|  4.250% due 06/15/2026 | 835 | 831 |
|  6.500% due 07/18/2028 | 638 | 666 |
|  Alexandria Real Estate Equities, Inc. | Alexandria Real Estate Equities, Inc. | Alexandria Real Estate Equities, Inc. |
|  1.875% due 02/01/2033 | 1876 | 1501 |
|  Allstate Corp. | Allstate Corp. | Allstate Corp. |
|  4.200% due 12/15/2046 | 88 | 72 |
|  Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. |
|  2.200% due 11/02/2028 | 1668 | 1539 |
|  6.184% due 07/26/2035 •  | 4700 | 4797 |
|  6.848% due 01/03/2030 •  | 150 | 158 |
|  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 •  | 208 | 227 |
|  American Financial Group, Inc. | American Financial Group, Inc. | American Financial Group, Inc. |
|  4.500% due 06/15/2047 | 373 | 302 |
|  American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP |
|  5.500% due 02/01/2034 | 312 | 317 |
|  American Tower Corp. | American Tower Corp. | American Tower Corp. |
|  2.750% due 01/15/2027 | 624 | 609 |
|  2.900% due 01/15/2030 | 2421 | 2257 |
|  2.950% due 01/15/2051 | 2369 | 1502 |
|  3.125% due 01/15/2027 | 322 | 316 |
|  3.600% due 01/15/2028 | 1025 | 1007 |
|  5.650% due 03/15/2033 | 100 | 104 |
|  Aon Corp. | Aon Corp. | Aon Corp. |
|  2.800% due 05/15/2030 | 2638 | 2446 |
|  2.900% due 08/23/2051 | 2452 | 1526 |
|  3.900% due 02/28/2052 | 70 | 52 |
|  Arch Capital Group Ltd. | Arch Capital Group Ltd. | Arch Capital Group Ltd. |
|  3.635% due 06/30/2050 | 242 | 177 |
|  Ares Capital Corp. | Ares Capital Corp. | Ares Capital Corp. |
|  2.875% due 06/15/2027 | 1325 | 1281 |
|  2.875% due 06/15/2028 | 1563 | 1473 |
|  Arthur J Gallagher & Co. | Arthur J Gallagher & Co. | Arthur J Gallagher & Co. |
|  3.500% due 05/20/2051 | 244 | 170 |
|  5.750% due 07/15/2054 | 10 | 10 |
|  ASB Bank Ltd. | ASB Bank Ltd. | ASB Bank Ltd. |
|  2.375% due 10/22/2031 | 125 | 110 |
|  Assured Guaranty U.S. Holdings, Inc. | Assured Guaranty U.S. Holdings, Inc. | Assured Guaranty U.S. Holdings, Inc. |
|  3.150% due 06/15/2031 | 371 | 343 |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding |
|  1.450% due 01/08/2026 | 564 | 555 |
|  1.608% due 06/29/2026 | 1228 | 1195 |
|  2.673% due 06/07/2031 | 768 | 675 |
|  5.322% due 11/13/2031 | 2231 | 2250 |
|  Australia & New Zealand Banking Group Ltd. | Australia & New Zealand Banking Group Ltd. | Australia & New Zealand Banking Group Ltd. |
|  2.950% due 07/22/2030 •  | 234 | 234 |
|  4.400% due 05/19/2026 (e) | 468 | 467 |
|  AvalonBay Communities, Inc. | AvalonBay Communities, Inc. | AvalonBay Communities, Inc. |
|  5.350% due 06/01/2034 | 1570 | 1616 |
|  Aviation Capital Group LLC | Aviation Capital Group LLC | Aviation Capital Group LLC |
|  1.950% due 01/30/2026 | 168 | 165 |
|  6.250% due 04/15/2028 | 2572 | 2681 |
|  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 | 1693 | 1610 |
|  5.500% due 01/15/2026 | 1977 | 1980 |
|  AXIS Specialty Finance PLC | AXIS Specialty Finance PLC | AXIS Specialty Finance PLC |
|  4.000% due 12/06/2027 | 273 | 270 |

---

---

| | | |
|:---|:---|:---|
|  | **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 |
|  5.862% due 09/14/2026 •  | 117 | 117 |
|  7.883% due 11/15/2034 •  | 1705 | 1938 |
|  Banco de Credito e Inversiones SA | Banco de Credito e Inversiones SA | Banco de Credito e Inversiones SA |
|  3.500% due 10/12/2027 (d) | 798 | 784 |
|  Banco Santander SA | Banco Santander SA | Banco Santander SA |
|  1.849% due 03/25/2026 | 86 | 84 |
|  5.147% due 08/18/2025 | 202 | 202 |
|  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 •  | 417 | 367 |
|  2.572% due 10/20/2032 •  | 3618 | 3190 |
|  2.592% due 04/29/2031 •  | 320 | 293 |
|  2.687% due 04/22/2032 •  | 938 | 842 |
|  2.884% due 10/22/2030 •  | 207 | 194 |
|  2.972% due 02/04/2033 •  | 280 | 251 |
|  3.194% due 07/23/2030 •  | 150 | 143 |
|  3.419% due 12/20/2028 •  | 2682 | 2622 |
|  3.593% due 07/21/2028 •  | 74 | 73 |
|  3.970% due 03/05/2029 •  | 173 | 171 |
|  4.827% due 07/22/2026 •  | 830 | 830 |
|  5.015% due 07/22/2033 •  | 2856 | 2890 |
|  5.080% due 01/20/2027 •  | 1497 | 1501 |
|  5.288% due 04/25/2034 •  | 2033 | 2074 |
|  5.468% due 01/23/2035 •  | 3085 | 3171 |
|  5.872% due 09/15/2034 •  | 140 | 148 |
|  Bank of Ireland Group PLC | Bank of Ireland Group PLC | Bank of Ireland Group PLC |
|  2.029% due 09/30/2027 •  | 1211 | 1174 |
|  6.253% due 09/16/2026 •  | 120 | 120 |
|  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 •  | 573 | 567 |
|  5.802% due 10/25/2028 •  | 46 | 48 |
|  5.834% due 10/25/2033 •  | 2266 | 2404 |
|  Bank of New Zealand | Bank of New Zealand | Bank of New Zealand |
|  1.000% due 03/03/2026 | 110 | 108 |
|  Bank of Nova Scotia | Bank of Nova Scotia | Bank of Nova Scotia |
|  4.404% due 09/08/2028 •  | 570 | 571 |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  4.375% due 01/12/2026 | 3323 | 3321 |
|  5.304% due 08/09/2026 •  | 524 | 524 |
|  5.785% due 02/25/2036 •  | 500 | 511 |
|  5.829% due 05/09/2027 •  | 120 | 121 |
|  6.224% due 05/09/2034 •  | 30 | 32 |
|  6.496% due 09/13/2027 •  | 1352 | 1383 |
|  7.325% due 11/02/2026 •  | 120 | 121 |
|  7.385% due 11/02/2028 •  | 558 | 592 |
|  7.437% due 11/02/2033 •  | 183 | 208 |
|  Berkshire Hathaway Finance Corp. | Berkshire Hathaway Finance Corp. | Berkshire Hathaway Finance Corp. |
|  3.850% due 03/15/2052 | 1753 | 1358 |
|  BGC Group, Inc. | BGC Group, Inc. | BGC Group, Inc. |
|  6.600% due 06/10/2029 | 1725 | 1789 |
|  Blackstone Holdings Finance Co. LLC | Blackstone Holdings Finance Co. LLC | Blackstone Holdings Finance Co. LLC |
|  1.625% due 08/05/2028 | 210 | 194 |
|  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 | 144 |
|  Blackstone Secured Lending Fund | Blackstone Secured Lending Fund | Blackstone Secured Lending Fund |
|  2.750% due 09/16/2026 | 1211 | 1179 |
|  3.625% due 01/15/2026 | 251 | 249 |
|  Block Financial LLC | Block Financial LLC | Block Financial LLC |
|  3.875% due 08/15/2030 | 1082 | 1028 |
|  Blue Owl Capital Corp. | Blue Owl Capital Corp. | Blue Owl Capital Corp. |
|  3.400% due 07/15/2026 | 201 | 198 |
|  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 | 1056 |
|  4.125% due 10/07/2051 | 656 | 450 |
|  BNP Paribas SA | BNP Paribas SA | BNP Paribas SA |
|  1.323% due 01/13/2027 •  | 1489 | 1463 |
|  4.400% due 08/14/2028 | 3780 | 3769 |
|  Boston Properties LP | Boston Properties LP | Boston Properties LP |
|  2.550% due 04/01/2032 | 100 | 84 |
|  BPCE SA | BPCE SA | BPCE SA |
|  1.000% due 01/20/2026 | 314 | 308 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  1.652% due 10/06/2026 •  | $— | 2102 | $— | 2085 |
|  3.500% due 10/23/2027 |  | 247 |  | 242 |
|  5.975% due 01/18/2027 •  |  | 1543 |  | 1554 |
|  6.612% due 10/19/2027 •  |  | 650 |  | 666 |
|  Brandywine Operating Partnership LP | Brandywine Operating Partnership LP | Brandywine Operating Partnership LP | Brandywine Operating Partnership LP | Brandywine Operating Partnership LP |
|  3.950% due 11/15/2027 |  | 375 |  | 365 |
|  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 |  | 446 |  | 434 |
|  Brighthouse Financial, Inc. | Brighthouse Financial, Inc. | Brighthouse Financial, Inc. | Brighthouse Financial, Inc. | Brighthouse Financial, Inc. |
|  4.700% due 06/22/2047 |  | 65 |  | 50 |
|  Broadridge Financial Solutions, Inc. | Broadridge Financial Solutions, Inc. | Broadridge Financial Solutions, Inc. | Broadridge Financial Solutions, Inc. | Broadridge Financial Solutions, Inc. |
|  2.900% due 12/01/2029 |  | 1474 |  | 1382 |
|  Brookfield Finance, Inc. | Brookfield Finance, Inc. | Brookfield Finance, Inc. | Brookfield Finance, Inc. | Brookfield Finance, Inc. |
|  3.625% due 02/15/2052 |  | 942 |  | 652 |
|  3.900% due 01/25/2028 |  | 1170 |  | 1157 |
|  4.850% due 03/29/2029 |  | 2090 |  | 2111 |
|  CaixaBank SA | CaixaBank SA | CaixaBank SA | CaixaBank SA | CaixaBank SA |
|  6.684% due 09/13/2027 •  |  | 1711 |  | 1753 |
|  Cantor Fitzgerald LP | Cantor Fitzgerald LP | Cantor Fitzgerald LP | Cantor Fitzgerald LP | Cantor Fitzgerald LP |
|  7.200% due 12/12/2028 |  | 928 |  | 985 |
|  Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. |
|  4.100% due 02/09/2027 |  | 184 |  | 183 |
|  4.985% due 07/24/2026 •  |  | 240 |  | 240 |
|  5.247% due 07/26/2030 •  |  | 328 |  | 336 |
|  5.268% due 05/10/2033 •  |  | 145 |  | 146 |
|  5.468% due 02/01/2029 •  |  | 120 |  | 123 |
|  5.700% due 02/01/2030 •  |  | 1528 |  | 1581 |
|  Capital One NA | Capital One NA | Capital One NA | Capital One NA | Capital One NA |
|  4.650% due 09/13/2028 |  | 2794 |  | 2809 |
|  CBRE Services, Inc. | CBRE Services, Inc. | CBRE Services, Inc. | CBRE Services, Inc. | CBRE Services, Inc. |
|  5.950% due 08/15/2034 |  | 4831 |  | 5089 |
|  Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. |
|  1.650% due 03/11/2031 |  | 4824 |  | 4144 |
|  1.950% due 12/01/2031 |  | 374 |  | 320 |
|  2.300% due 05/13/2031 |  | 82 |  | 73 |
|  2.900% due 03/03/2032 |  | 180 |  | 162 |
|  Chubb INA Holdings LLC | Chubb INA Holdings LLC | Chubb INA Holdings LLC | Chubb INA Holdings LLC | Chubb INA Holdings LLC |
|  3.050% due 12/15/2061 |  | 417 |  | 258 |
|  CI Financial Corp. | CI Financial Corp. | CI Financial Corp. | CI Financial Corp. | CI Financial Corp. |
|  7.500% due 05/30/2029 |  | 1371 |  | 1447 |
|  Citibank NA | Citibank NA | Citibank NA | Citibank NA | Citibank NA |
|  5.570% due 04/30/2034 |  | 4308 |  | 4489 |
|  5.803% due 09/29/2028 |  | 150 |  | 157 |
|  Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
|  2.561% due 05/01/2032 •  |  | 1590 |  | 1409 |
|  2.572% due 06/03/2031 •  |  | 500 |  | 454 |
|  3.057% due 01/25/2033 •  |  | 2506 |  | 2240 |
|  3.070% due 02/24/2028 •  |  | 130 |  | 127 |
|  3.668% due 07/24/2028 •  |  | 563 |  | 554 |
|  4.075% due 04/23/2029 •  |  | 393 |  | 389 |
|  4.412% due 03/31/2031 •  |  | 80 |  | 79 |
|  4.542% due 09/19/2030 •  |  | 2592 |  | 2581 |
|  4.910% due 05/24/2033 •  |  | 150 |  | 150 |
|  5.333% due 03/27/2036 •  |  | 1364 |  | 1375 |
|  5.610% due 09/29/2026 •  |  | 30 |  | 30 |
|  6.270% due 11/17/2033 •  |  | 1161 |  | 1251 |
|  Citizens Bank NA | Citizens Bank NA | Citizens Bank NA | Citizens Bank NA | Citizens Bank NA |
|  3.750% due 02/18/2026 |  | 633 |  | 629 |
|  4.575% due 08/09/2028 •  |  | 463 |  | 464 |
|  Citizens Financial Group, Inc. | Citizens Financial Group, Inc. | Citizens Financial Group, Inc. | Citizens Financial Group, Inc. | Citizens Financial Group, Inc. |
|  2.850% due 07/27/2026 |  | 943 |  | 927 |
|  3.250% due 04/30/2030 |  | 10 |  | 9 |
|  5.718% due 07/23/2032 •  |  | 2737 |  | 2833 |
|  CNO Global Funding | CNO Global Funding | CNO Global Funding | CNO Global Funding | CNO Global Funding |
|  5.875% due 06/04/2027 |  | 1196 |  | 1228 |
|  Commonwealth Bank of Australia | Commonwealth Bank of Australia | Commonwealth Bank of Australia | Commonwealth Bank of Australia | Commonwealth Bank of Australia |
|  2.688% due 03/11/2031 (e) |  | 1239 |  | 1105 |
|  Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA |
|  1.980% due 12/15/2027 •  |  | 674 |  | 650 |
|  3.750% due 07/21/2026 |  | 891 |  | 884 |
|  5.800% due 12/31/2099 |  | 3 |  | 3 |
|  Corebridge Financial, Inc. | Corebridge Financial, Inc. | Corebridge Financial, Inc. | Corebridge Financial, Inc. | Corebridge Financial, Inc. |
|  3.650% due 04/05/2027 |  | 1963 |  | 1938 |
|  3.850% due 04/05/2029 |  | 1270 |  | 1245 |
|  3.900% due 04/05/2032 |  | 196 |  | 184 |
|  4.400% due 04/05/2052 |  | 100 |  | 80 |

---

---

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

---

------

June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Credit Agricole SA | Credit Agricole SA | Credit Agricole SA |
|  1.247% due 01/26/2027 •  | 1351 | 1325 |
|  5.301% due 07/12/2028 | 51 | 52 |
|  6.316% due 10/03/2029 •  | 1928 | 2027 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  1.350% due 07/15/2025 | 23 | 23 |
|  2.100% due 04/01/2031 | 20 | 17 |
|  2.250% due 01/15/2031 | 986 | 858 |
|  2.500% due 07/15/2031 | 10 | 9 |
|  2.900% due 03/15/2027 | 619 | 602 |
|  2.900% due 04/01/2041 | 172 | 123 |
|  3.100% due 11/15/2029 | 1496 | 1404 |
|  3.300% due 07/01/2030 | 100 | 94 |
|  4.300% due 02/15/2029 | 679 | 670 |
|  4.450% due 02/15/2026 | 1020 | 1019 |
|  CubeSmart LP | CubeSmart LP | CubeSmart LP |
|  3.000% due 02/15/2030 | 56 | 52 |
|  DAE Sukuk Difc Ltd. | DAE Sukuk Difc Ltd. | DAE Sukuk Difc Ltd. |
|  3.750% due 02/15/2026 | 1223 | 1215 |
|  Danske Bank AS | Danske Bank AS | Danske Bank AS |
|  4.375% due 06/12/2028 | 1266 | 1263 |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  2.129% due 11/24/2026 •  | 1676 | 1659 |
|  5.373% due 01/10/2029 •  | 980 | 997 |
|  6.720% due 01/18/2029 •  | 440 | 462 |
|  7.079% due 02/10/2034 •  | 847 | 903 |
|  Digital Realty Trust LP | Digital Realty Trust LP | Digital Realty Trust LP |
|  3.700% due 08/15/2027 | 51 | 50 |
|  5.550% due 01/15/2028 | 469 | 481 |
|  DNB Bank ASA | DNB Bank ASA | DNB Bank ASA |
|  1.535% due 05/25/2027 •  | 1946 | 1897 |
|  DOC Dr. LLC | DOC Dr. LLC | DOC Dr. LLC |
|  3.950% due 01/15/2028 | 264 | 262 |
|  Empower Finance LP | Empower Finance LP | Empower Finance LP |
|  3.075% due 09/17/2051 | 2473 | 1575 |
|  Enstar Group Ltd. | Enstar Group Ltd. | Enstar Group Ltd. |
|  3.100% due 09/01/2031 | 396 | 352 |
|  EPR Properties | EPR Properties | EPR Properties |
|  3.750% due 08/15/2029 | 2313 | 2203 |
|  4.950% due 04/15/2028 | 60 | 60 |
|  EQT AB | EQT AB | EQT AB |
|  5.850% due 05/08/2035 | 1813 | 1851 |
|  Equinix, Inc. | Equinix, Inc. | Equinix, Inc. |
|  1.450% due 05/15/2026 | 10 | 10 |
|  2.150% due 07/15/2030 | 539 | 480 |
|  3.000% due 07/15/2050 | 810 | 507 |
|  3.200% due 11/18/2029 | 1246 | 1183 |
|  Equitable Financial Life Global Funding | Equitable Financial Life Global Funding | Equitable Financial Life Global Funding |
|  1.300% due 07/12/2026 | 620 | 602 |
|  Essex Portfolio LP | Essex Portfolio LP | Essex Portfolio LP |
|  2.650% due 03/15/2032 | 3284 | 2873 |
|  Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP |
|  2.350% due 03/15/2032 | 1818 | 1544 |
|  F&G Global Funding | F&G Global Funding | F&G Global Funding |
|  1.750% due 06/30/2026 | 135 | 131 |
|  2.300% due 04/11/2027 | 641 | 616 |
|  Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. |
|  5.625% due 08/16/2032 | 1643 | 1689 |
|  Fidelity National Financial, Inc. | Fidelity National Financial, Inc. | Fidelity National Financial, Inc. |
|  3.200% due 09/17/2051 | 313 | 193 |
|  First American Financial Corp. | First American Financial Corp. | First American Financial Corp. |
|  4.000% due 05/15/2030 | 133 | 128 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  2.900% due 02/16/2028 | 928 | 871 |
|  3.815% due 11/02/2027 | 865 | 835 |
|  4.125% due 08/17/2027 | 1433 | 1401 |
|  4.389% due 01/08/2026 | 1650 | 1643 |
|  4.542% due 08/01/2026 | 936 | 930 |
|  5.810% due 11/05/2026 ~ | 1234 | 1229 |
|  5.850% due 05/17/2027 | 1161 | 1170 |
|  6.532% due 03/19/2032 | 2358 | 2396 |
|  6.800% due 05/12/2028 | 120 | 124 |
|  6.950% due 03/06/2026 | 785 | 793 |
|  FS KKR Capital Corp. | FS KKR Capital Corp. | FS KKR Capital Corp. |
|  3.400% due 01/15/2026 | 262 | 260 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  GA Global Funding Trust | GA Global Funding Trust | GA Global Funding Trust |
|  1.950% due 09/15/2028 | 181 | 167 |
|  2.250% due 01/06/2027 | 775 | 749 |
|  5.900% due 01/13/2035 | 213 | 216 |
|  GAIF Bond Issuer Pty. Ltd. | GAIF Bond Issuer Pty. Ltd. | GAIF Bond Issuer Pty. Ltd. |
|  3.400% due 09/30/2026 | 394 | 389 |
|  GATX Corp. | GATX Corp. | GATX Corp. |
|  3.500% due 06/01/2032 | 50 | 46 |
|  General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. |
|  1.250% due 01/08/2026 | 1986 | 1950 |
|  1.500% due 06/10/2026 | 1297 | 1259 |
|  2.350% due 01/08/2031 | 150 | 130 |
|  4.300% due 04/06/2029 | 132 | 129 |
|  5.850% due 04/06/2030 | 100 | 103 |
|  Global Atlantic Fin Co. | Global Atlantic Fin Co. | Global Atlantic Fin Co. |
|  3.125% due 06/15/2031 | 376 | 334 |
|  GLP Capital LP | GLP Capital LP | GLP Capital LP |
|  3.250% due 01/15/2032 | 100 | 88 |
|  4.000% due 01/15/2030 | 1328 | 1277 |
|  4.000% due 01/15/2031 | 475 | 448 |
|  5.300% due 01/15/2029 | 1538 | 1556 |
|  5.625% due 09/15/2034 | 2500 | 2493 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  1.431% due 03/09/2027 •  | 1790 | 1752 |
|  1.948% due 10/21/2027 •  | 2274 | 2202 |
|  1.992% due 01/27/2032 •  | 5035 | 4362 |
|  2.615% due 04/22/2032 •  | 2884 | 2564 |
|  2.640% due 02/24/2028 •  | 1318 | 1280 |
|  3.102% due 02/24/2033 •  | 1706 | 1536 |
|  3.615% due 03/15/2028 •  | 289 | 285 |
|  4.482% due 08/23/2028 •  | 1735 | 1738 |
|  5.016% due 10/23/2035 •  | 1183 | 1169 |
|  5.851% due 04/25/2035 •  | 1002 | 1051 |
|  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 | 2051 | 2014 |
|  Guardian Life Insurance Co. of America | Guardian Life Insurance Co. of America | Guardian Life Insurance Co. of America |
|  4.850% due 01/24/2077 | 1257 | 1045 |
|  HAT Holdings LLC | HAT Holdings LLC | HAT Holdings LLC |
|  8.000% due 06/15/2027 | 155 | 162 |
|  Highwoods Realty LP | Highwoods Realty LP | Highwoods Realty LP |
|  3.050% due 02/15/2030 | 2208 | 2017 |
|  Horizon Mutual Holdings, Inc. | Horizon Mutual Holdings, Inc. | Horizon Mutual Holdings, Inc. |
|  6.200% due 11/15/2034 | 311 | 306 |
|  Host Hotels & Resorts LP | Host Hotels & Resorts LP | Host Hotels & Resorts LP |
|  4.500% due 02/01/2026 | 476 | 475 |
|  5.700% due 07/01/2034 | 3131 | 3153 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  2.013% due 09/22/2028 •  | 52 | 49 |
|  2.206% due 08/17/2029 •  | 230 | 214 |
|  2.357% due 08/18/2031 •  | 1331 | 1182 |
|  2.871% due 11/22/2032 •  | 151 | 134 |
|  3.973% due 05/22/2030 •  | 1950 | 1899 |
|  4.041% due 03/13/2028 •  | 210 | 208 |
|  4.292% due 09/12/2026 •  | 365 | 365 |
|  4.583% due 06/19/2029 •  | 1140 | 1142 |
|  4.755% due 06/09/2028 •  | 110 | 110 |
|  5.130% due 03/03/2031 •  | 3622 | 3671 |
|  5.210% due 08/11/2028 •  | 100 | 101 |
|  5.546% due 03/04/2030 •  | 60 | 62 |
|  5.790% due 05/13/2036 •  | 1364 | 1403 |
|  5.887% due 08/14/2027 •  | 272 | 276 |
|  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 | 54 |
|  4.017% due 03/28/2028 •  | 212 | 211 |
|  Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA |
|  7.000% due 11/21/2025 | 100 | 101 |
|  7.778% due 06/20/2054 •  | 1157 | 1299 |
|  8.248% due 11/21/2033 •  | 563 | 654 |
|  Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP |
|  2.000% due 08/15/2031 | 2633 | 2243 |
|  JBS USA Holding Lux SARL | JBS USA Holding Lux SARL | JBS USA Holding Lux SARL |
|  5.750% due 04/01/2033 | 27 | 28 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Jefferies Financial Group, Inc. | Jefferies Financial Group, Inc. | Jefferies Financial Group, Inc. |
|  6.200% due 04/14/2034 | 70 | 73 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  1.045% due 11/19/2026 •  | 100 | 99 |
|  1.470% due 09/22/2027 •  | 1345 | 1298 |
|  2.522% due 04/22/2031 •  | 320 | 293 |
|  2.947% due 02/24/2028 •  | 1541 | 1506 |
|  2.963% due 01/25/2033 •  | 715 | 643 |
|  3.509% due 01/23/2029 •  | 821 | 804 |
|  4.005% due 04/23/2029 •  | 185 | 183 |
|  4.323% due 04/26/2028 •  | 890 | 889 |
|  4.586% due 04/26/2033 •  | 805 | 797 |
|  4.851% due 07/25/2028 •  | 1494 | 1510 |
|  4.912% due 07/25/2033 •  | 3008 | 3026 |
|  4.979% due 07/22/2028 •  | 1005 | 1018 |
|  5.336% due 01/23/2035 •  | 1252 | 1282 |
|  5.571% due 04/22/2028 •  | 432 | 441 |
|  5.766% due 04/22/2035 •  | 4312 | 4532 |
|  Kilroy Realty LP | Kilroy Realty LP | Kilroy Realty LP |
|  4.375% due 10/01/2025 | 337 | 336 |
|  KKR Group Finance Co. LLC | KKR Group Finance Co. LLC | KKR Group Finance Co. LLC |
|  3.250% due 12/15/2051 | 3275 | 2104 |
|  Liberty Mutual Group, Inc. | Liberty Mutual Group, Inc. | Liberty Mutual Group, Inc. |
|  3.951% due 10/15/2050 | 1712 | 1255 |
|  5.500% due 06/15/2052 | 905 | 839 |
|  Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC |
|  3.574% due 11/07/2028 •  | 180 | 176 |
|  3.750% due 03/18/2028 •  | 345 | 341 |
|  5.871% due 03/06/2029 •  | 803 | 830 |
|  7.953% due 11/15/2033 •  | 1705 | 1954 |
|  Lseg U.S. Fin Corp. | Lseg U.S. Fin Corp. | Lseg U.S. Fin Corp. |
|  4.875% due 03/28/2027 | 308 | 311 |
|  LSEGA Financing PLC | LSEGA Financing PLC | LSEGA Financing PLC |
|  2.000% due 04/06/2028 | 1704 | 1605 |
|  3.200% due 04/06/2041 | 1621 | 1243 |
|  Macquarie Group Ltd. | Macquarie Group Ltd. | Macquarie Group Ltd. |
|  1.935% due 04/14/2028 •  | 1192 | 1139 |
|  3.763% due 11/28/2028 •  | 60 | 59 |
|  Manulife Financial Corp. | Manulife Financial Corp. | Manulife Financial Corp. |
|  4.150% due 03/04/2026 | 813 | 812 |
|  Marex Group PLC | Marex Group PLC | Marex Group PLC |
|  6.404% due 11/04/2029 | 1987 | 2046 |
|  Marsh & McLennan Cos., Inc. | Marsh & McLennan Cos., Inc. | Marsh & McLennan Cos., Inc. |
|  4.550% due 11/08/2027 | 224 | 226 |
|  MassMutual Global Funding | MassMutual Global Funding | MassMutual Global Funding |
|  5.050% due 12/07/2027 | 67 | 68 |
|  Meiji Yasuda Life Insurance Co. | Meiji Yasuda Life Insurance Co. | Meiji Yasuda Life Insurance Co. |
|  5.200% due 10/20/2045 •  | 49 | 49 |
|  MET Tower Global Funding | MET Tower Global Funding | MET Tower Global Funding |
|  1.250% due 09/14/2026 | 111 | 107 |
|  MetLife, Inc. | MetLife, Inc. | MetLife, Inc. |
|  4.125% due 08/13/2042 | 130 | 109 |
|  9.250% due 04/08/2068 | 163 | 194 |
|  Metropolitan Life Global Funding | Metropolitan Life Global Funding | Metropolitan Life Global Funding |
|  1.875% due 01/11/2027 | 2467 | 2386 |
|  5.150% due 03/28/2033 | 3268 | 3318 |
|  Mitsubishi HC Capital, Inc. | Mitsubishi HC Capital, Inc. | Mitsubishi HC Capital, Inc. |
|  5.080% due 09/15/2027 | 1363 | 1379 |
|  Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. |
|  2.309% due 07/20/2032 •  | 548 | 478 |
|  2.341% due 01/19/2028 •  | 3136 | 3038 |
|  3.195% due 07/18/2029 | 1240 | 1184 |
|  5.017% due 07/20/2028 •  | 1017 | 1030 |
|  Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. |
|  5.414% due 09/13/2028 •  | 2221 | 2271 |
|  5.748% due 07/06/2034 •  | 192 | 200 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  1.593% due 05/04/2027 •  | 116 | 113 |
|  1.928% due 04/28/2032 •  | 3459 | 2958 |
|  2.511% due 10/20/2032 •  | 309 | 271 |
|  3.622% due 04/01/2031 •  | 3311 | 3176 |
|  4.300% due 01/27/2045 | 717 | 612 |
|  4.679% due 07/17/2026 •  | 1678 | 1678 |
|  4.889% due 07/20/2033 •  | 2300 | 2303 |
|  5.123% due 02/01/2029 •  | 1668 | 1698 |
|  5.164% due 04/20/2029 •  | 130 | 133 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **39** |

---

------

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 | $— | 172 |
|  5.831% due 04/19/2035 •  |  | 1111 |  | 1164 |
|  6.627% due 11/01/2034 •  |  | 1506 |  | 1661 |
|  Morgan Stanley Bank NA | Morgan Stanley Bank NA | Morgan Stanley Bank NA | Morgan Stanley Bank NA | Morgan Stanley Bank NA |
|  5.287% due 07/14/2028 ~ |  | 952 |  | 955 |
|  Nasdaq, Inc. | Nasdaq, Inc. | Nasdaq, Inc. | Nasdaq, Inc. | Nasdaq, Inc. |
|  2.500% due 12/21/2040 |  | 212 |  | 147 |
|  3.950% due 03/07/2052 |  | 192 |  | 144 |
|  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 |  | 1407 |  | 1085 |
|  4.950% due 04/22/2044 |  | 54 |  | 46 |
|  NatWest Group PLC | NatWest Group PLC | NatWest Group PLC | NatWest Group PLC | NatWest Group PLC |
|  4.964% due 08/15/2030 •  |  | 3243 |  | 3281 |
|  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 |  | 98 |
|  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 |  | 739 |
|  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 |  | 119 |
|  2.000% due 03/09/2026 |  | 2342 |  | 2285 |
|  2.450% due 09/15/2028 |  | 100 |  | 89 |
|  NMI Holdings, Inc. | NMI Holdings, Inc. | NMI Holdings, Inc. | NMI Holdings, Inc. | NMI Holdings, Inc. |
|  6.000% due 08/15/2029 |  | 1959 |  | 2013 |
|  Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. |
|  2.172% due 07/14/2028 |  | 117 |  | 109 |
|  Nordea Bank Abp | Nordea Bank Abp | Nordea Bank Abp | Nordea Bank Abp | Nordea Bank Abp |
|  1.500% due 09/30/2026 |  | 55 |  | 53 |
|  5.375% due 09/22/2027 |  | 1699 |  | 1738 |
|  Norinchukin Bank | Norinchukin Bank | Norinchukin Bank | Norinchukin Bank | Norinchukin Bank |
|  4.867% due 09/14/2027 |  | 676 |  | 680 |
|  5.071% due 09/14/2032 |  | 300 |  | 297 |
|  5.430% due 03/09/2028 (d) |  | 1126 |  | 1149 |
|  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 |  | 308 |
|  4.000% due 07/01/2025 |  | 20 |  | 20 |
|  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 |  | 697 |
|  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 |  | 2332 |  | 2135 |
|  Pacific Life Global Funding | Pacific Life Global Funding | Pacific Life Global Funding | Pacific Life Global Funding | Pacific Life Global Funding |
|  1.600% due 09/21/2028 |  | 2750 |  | 2532 |
|  Pacific LifeCorp | Pacific LifeCorp | Pacific LifeCorp | Pacific LifeCorp | Pacific LifeCorp |
|  5.400% due 09/15/2052 |  | 1080 |  | 1029 |
|  Phillips Edison Grocery Center Operating<br>Partnership LP | Phillips Edison Grocery Center Operating<br>Partnership LP | Phillips Edison Grocery Center Operating<br>Partnership LP | Phillips Edison Grocery Center Operating<br>Partnership LP | Phillips Edison Grocery Center Operating<br>Partnership LP |
|  5.750% due 07/15/2034 |  | 1309 |  | 1347 |
|  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. |
|  2.307% due 04/23/2032 •  |  | 260 |  | 228 |
|  5.068% due 01/24/2034 •  |  | 3094 |  | 3111 |
|  5.354% due 12/02/2028 •  |  | 47 |  | 48 |
|  5.492% due 05/14/2030 •  |  | 1834 |  | 1901 |
|  Popular, Inc. | Popular, Inc. | Popular, Inc. | Popular, Inc. | Popular, Inc. |
|  7.250% due 03/13/2028 |  | 1437 |  | 1528 |
|  Pricoa Global Funding | Pricoa Global Funding | Pricoa Global Funding | Pricoa Global Funding | Pricoa Global Funding |
|  4.400% due 08/27/2027 |  | 387 |  | 389 |
|  Principal Life Global Funding | Principal Life Global Funding | Principal Life Global Funding | Principal Life Global Funding | Principal Life Global Funding |
|  3.000% due 04/18/2026 |  | 783 |  | 775 |
|  Prologis LP | Prologis LP | Prologis LP | Prologis LP | Prologis LP |
|  4.000% due 09/15/2028 |  | 1453 |  | 1446 |
|  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 |  | 795 |
|  Prudential Financial, Inc. | Prudential Financial, Inc. | Prudential Financial, Inc. | Prudential Financial, Inc. | Prudential Financial, Inc. |
|  3.000% due 03/10/2040 |  | 172 |  | 130 |
|  Prudential Funding Asia PLC | Prudential Funding Asia PLC | Prudential Funding Asia PLC | Prudential Funding Asia PLC | Prudential Funding Asia PLC |
|  3.125% due 04/14/2030 |  | 957 |  | 905 |
|  Realty Income Corp. | Realty Income Corp. | Realty Income Corp. | Realty Income Corp. | Realty Income Corp. |
|  3.250% due 01/15/2031 |  | 132 |  | 124 |
|  3.400% due 01/15/2028 |  | 586 |  | 575 |
|  4.450% due 09/15/2026 |  | 509 |  | 509 |
|  Reinsurance Group of America, Inc. | Reinsurance Group of America, Inc. | Reinsurance Group of America, Inc. | Reinsurance Group of America, Inc. | Reinsurance Group of America, Inc. |
|  3.950% due 09/15/2026 |  | 1215 |  | 1209 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Reliance Standard Life Global Funding | Reliance Standard Life Global Funding | Reliance Standard Life Global Funding |
|  1.512% due 09/28/2026 | 157 | 151 |
|  Rexford Industrial Realty LP | Rexford Industrial Realty LP | Rexford Industrial Realty LP |
|  2.150% due 09/01/2031 | 1130 | 969 |
|  RGA Global Funding | RGA Global Funding | RGA Global Funding |
|  6.000% due 11/21/2028 | 1686 | 1770 |
|  Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada |
|  4.715% due 03/27/2028 •  | 71 | 71 |
|  Sabra Health Care LP | Sabra Health Care LP | Sabra Health Care LP |
|  3.200% due 12/01/2031 | 290 | 259 |
|  Santander Holdings USA, Inc. | Santander Holdings USA, Inc. | Santander Holdings USA, Inc. |
|  2.490% due 01/06/2028 •  | 1939 | 1878 |
|  4.500% due 07/17/2025 | 965 | 965 |
|  6.499% due 03/09/2029 •  | 1814 | 1892 |
|  Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC |
|  1.673% due 06/14/2027 •  | 2881 | 2799 |
|  SMBC Aviation Capital Finance DAC | SMBC Aviation Capital Finance DAC | SMBC Aviation Capital Finance DAC |
|  1.900% due 10/15/2026 | 1442 | 1393 |
|  Societe Generale SA | Societe Generale SA | Societe Generale SA |
|  1.792% due 06/09/2027 •  | 433 | 422 |
|  3.337% due 01/21/2033 •  | 1080 | 959 |
|  6.691% due 01/10/2034 •  | 695 | 742 |
|  Standard Chartered PLC | Standard Chartered PLC | Standard Chartered PLC |
|  2.678% due 06/29/2032 •  | 172 | 152 |
|  State Street Corp. | State Street Corp. | State Street Corp. |
|  5.820% due 11/04/2028 •  | 1067 | 1106 |
|  Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
|  2.222% due 09/17/2031 | 4271 | 3720 |
|  2.472% due 01/14/2029 | 685 | 643 |
|  2.750% due 01/15/2030 | 3617 | 3361 |
|  5.766% due 01/13/2033 | 117 | 123 |
|  Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. |
|  4.950% due 09/15/2027 | 1746 | 1770 |
|  Sun Communities Operating LP | Sun Communities Operating LP | Sun Communities Operating LP |
|  2.300% due 11/01/2028 | 483 | 452 |
|  Synchrony Financial | Synchrony Financial | Synchrony Financial |
|  5.150% due 03/19/2029 | 274 | 275 |
|  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 | 3141 | 2857 |
|  4.108% due 06/08/2027 | 359 | 358 |
|  5.156% due 01/10/2028 | 110 | 112 |
|  Toyota Motor Credit Corp. | Toyota Motor Credit Corp. | Toyota Motor Credit Corp. |
|  4.550% due 08/09/2029 | 1706 | 1720 |
|  Truist Financial Corp. | Truist Financial Corp. | Truist Financial Corp. |
|  4.260% due 07/28/2026 •  | 378 | 378 |
|  4.873% due 01/26/2029 •  | 673 | 681 |
|  5.122% due 01/26/2034 •  | 120 | 120 |
|  5.867% due 06/08/2034 •  | 395 | 413 |
|  7.161% due 10/30/2029 •  | 1541 | 1667 |
|  U.S. Bancorp | U.S. Bancorp | U.S. Bancorp |
|  4.548% due 07/22/2028 •  | 946 | 948 |
|  4.653% due 02/01/2029 •  | 608 | 612 |
|  5.727% due 10/21/2026 •  | 1086 | 1090 |
|  5.775% due 06/12/2029 •  | 810 | 841 |
|  5.836% due 06/12/2034 •  | 348 | 366 |
|  UBS AG | UBS AG | UBS AG |
|  1.250% due 06/01/2026 | 540 | 525 |
|  1.250% due 08/07/2026 | 332 | 321 |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  1.305% due 02/02/2027 •  | 976 | 958 |
|  3.126% due 08/13/2030 •  | 1078 | 1017 |
|  4.125% due 09/24/2025 | 1561 | 1558 |
|  4.194% due 04/01/2031 •  | 2537 | 2485 |
|  4.751% due 05/12/2028 •  | 1208 | 1215 |
|  6.373% due 07/15/2026 •  | 636 | 637 |
|  6.442% due 08/11/2028 •  | 371 | 386 |
|  6.537% due 08/12/2033 •  | 1239 | 1348 |
|  UDR, Inc. | UDR, Inc. | UDR, Inc. |
|  2.100% due 08/01/2032 | 1661 | 1377 |
|  UniCredit SpA | UniCredit SpA | UniCredit SpA |
|  1.982% due 06/03/2027 •  | 1085 | 1058 |
|  2.569% due 09/22/2026 •  | 1248 | 1242 |
|  3.127% due 06/03/2032 •  | 145 | 131 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  VICI Properties LP | VICI Properties LP | VICI Properties LP |
|  4.625% due 12/01/2029 | 4219 | 4147 |
|  5.125% due 05/15/2032 | 51 | 51 |
|  5.625% due 05/15/2052 | 1225 | 1132 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  2.879% due 10/30/2030 •  | 1614 | 1508 |
|  3.068% due 04/30/2041 •  | 376 | 284 |
|  3.350% due 03/02/2033 •  | 220 | 201 |
|  3.526% due 03/24/2028 •  | 1523 | 1502 |
|  4.478% due 04/04/2031 •  | 330 | 329 |
|  4.611% due 04/25/2053 •  | 1230 | 1049 |
|  4.808% due 07/25/2028 • | 1740 | 1755 |
|  4.897% due 07/25/2033 • | 5496 | 5499 |
|  5.389% due 04/24/2034 • | 120 | 123 |
|  6.303% due 10/23/2029 • | 150 | 159 |
|  Welltower OP LLC | Welltower OP LLC | Welltower OP LLC |
|  4.250% due 04/15/2028 | 1225 | 1227 |
|  Weyerhaeuser Co. | Weyerhaeuser Co. | Weyerhaeuser Co. |
|  6.875% due 12/15/2033 | 334 | 369 |
|  7.375% due 03/15/2032 | 2430 | 2745 |
|  |  | 427502 |
| INDUSTRIALS 42.0% | INDUSTRIALS 42.0% | INDUSTRIALS 42.0% |
|  7-Eleven, Inc. | 7-Eleven, Inc. | 7-Eleven, Inc. |
|  0.950% due 02/10/2026 | 1481 | 1448 |
|  AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. |
|  2.950% due 11/21/2026 | 1536 | 1511 |
|  3.200% due 05/14/2026 | 25 | 25 |
|  4.050% due 11/21/2039 | 81 | 71 |
|  4.250% due 11/14/2028 | 70 | 70 |
|  4.400% due 11/06/2042 | 52 | 46 |
|  4.550% due 03/15/2035 | 2044 | 1985 |
|  4.950% due 03/15/2031 | 358 | 368 |
|  5.200% due 03/15/2035 | 81 | 83 |
|  Adobe, Inc. | Adobe, Inc. | Adobe, Inc. |
|  4.800% due 04/04/2029 | 563 | 578 |
|  Aker BP ASA | Aker BP ASA | Aker BP ASA |
|  3.100% due 07/15/2031 | 794 | 709 |
|  5.125% due 10/01/2034 | 476 | 457 |
|  5.800% due 10/01/2054 | 2305 | 2104 |
|  Alcon Finance Corp. | Alcon Finance Corp. | Alcon Finance Corp. |
|  2.600% due 05/27/2030 | 2930 | 2683 |
|  Algonquin Power & Utilities Corp. | Algonquin Power & Utilities Corp. | Algonquin Power & Utilities Corp. |
|  5.365% due 06/15/2026 | 1768 | 1778 |
|  Alibaba Group Holding Ltd. | Alibaba Group Holding Ltd. | Alibaba Group Holding Ltd. |
|  3.400% due 12/06/2027 | 1118 | 1099 |
|  Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. |
|  2.950% due 01/25/2030 | 228 | 213 |
|  3.800% due 01/25/2050 | 44 | 32 |
|  5.267% due 02/12/2034 | 210 | 210 |
|  Allegion PLC | Allegion PLC | Allegion PLC |
|  3.500% due 10/01/2029 | 606 | 581 |
|  Amazon.com, Inc. | Amazon.com, Inc. | Amazon.com, Inc. |
|  2.100% due 05/12/2031 | 4069 | 3614 |
|  2.700% due 06/03/2060 | 1740 | 1000 |
|  3.100% due 05/12/2051 | 140 | 94 |
|  3.250% due 05/12/2061 | 642 | 418 |
|  3.875% due 08/22/2037 | 1752 | 1585 |
|  4.100% due 04/13/2062 | 246 | 193 |
|  Amcor Flexibles North America, Inc. | Amcor Flexibles North America, Inc. | Amcor Flexibles North America, Inc. |
|  2.690% due 05/25/2031 | 40 | 36 |
|  America Movil SAB de CV | America Movil SAB de CV | America Movil SAB de CV |
|  3.625% due 04/22/2029 | 317 | 307 |
|  Amgen, Inc. | Amgen, Inc. | Amgen, Inc. |
|  2.200% due 02/21/2027 | 76 | 74 |
|  2.450% due 02/21/2030 | 100 | 92 |
|  3.000% due 02/22/2029 | 177 | 169 |
|  3.000% due 01/15/2052 | 320 | 206 |
|  3.150% due 02/21/2040 | 788 | 607 |
|  3.200% due 11/02/2027 | 595 | 581 |
|  4.200% due 02/22/2052 | 284 | 222 |
|  4.400% due 05/01/2045 | 2829 | 2409 |
|  4.400% due 02/22/2062 | 384 | 300 |
|  5.150% due 03/02/2028 | 1477 | 1510 |
|  5.250% due 03/02/2033 | 30 | 31 |
|  5.750% due 03/02/2063 | 143 | 139 |

---

---

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

---

------

June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Amphenol Corp. | Amphenol Corp. | Amphenol Corp. |
|  2.800% due 02/15/2030 | 160 | 150 |
|  Anglo American Capital PLC | Anglo American Capital PLC | Anglo American Capital PLC |
|  3.875% due 03/16/2029 | 355 | 347 |
|  6.000% due 04/05/2054 | 1451 | 1432 |
|  AngloGold Ashanti Holdings PLC | AngloGold Ashanti Holdings PLC | AngloGold Ashanti Holdings PLC |
|  3.750% due 10/01/2030 | 1047 | 977 |
|  Anheuser-Busch Cos. LLC | Anheuser-Busch Cos. LLC | Anheuser-Busch Cos. LLC |
|  4.700% due 02/01/2036 | 1820 | 1777 |
|  Anheuser-Busch InBev Finance, Inc. | Anheuser-Busch InBev Finance, Inc. | Anheuser-Busch InBev Finance, Inc. |
|  4.900% due 02/01/2046 | 1007 | 920 |
|  Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch InBev Worldwide, Inc. |
|  3.500% due 06/01/2030 | 7 | 7 |
|  4.900% due 01/23/2031 | 483 | 497 |
|  4.950% due 01/15/2042 | 113 | 107 |
|  5.000% due 06/15/2034 | 269 | 275 |
|  5.450% due 01/23/2039 | 134 | 136 |
|  5.800% due 01/23/2059 | 167 | 171 |
|  Apple, Inc. | Apple, Inc. | Apple, Inc. |
|  1.200% due 02/08/2028 | 10 | 9 |
|  1.650% due 05/11/2030 | 1516 | 1350 |
|  2.200% due 09/11/2029 | 10 | 9 |
|  2.375% due 02/08/2041 | 120 | 84 |
|  2.800% due 02/08/2061 | 73 | 43 |
|  2.850% due 08/05/2061 | 172 | 103 |
|  3.350% due 08/08/2032 | 858 | 810 |
|  3.850% due 08/04/2046 | 1383 | 1120 |
|  3.950% due 08/08/2052 | 941 | 751 |
|  4.650% due 02/23/2046 | 1095 | 1002 |
|  Aptiv Swiss Holdings Ltd. | Aptiv Swiss Holdings Ltd. | Aptiv Swiss Holdings Ltd. |
|  3.100% due 12/01/2051 | 349 | 210 |
|  4.350% due 03/15/2029 | 260 | 256 |
|  5.750% due 09/13/2054 | 2079 | 1864 |
|  Ashtead Capital, Inc. | Ashtead Capital, Inc. | Ashtead Capital, Inc. |
|  5.500% due 08/11/2032 | 1531 | 1552 |
|  Astrazeneca Finance LLC | Astrazeneca Finance LLC | Astrazeneca Finance LLC |
|  1.750% due 05/28/2028 | 283 | 266 |
|  2.250% due 05/28/2031 | 200 | 179 |
|  AstraZeneca PLC | AstraZeneca PLC | AstraZeneca PLC |
|  1.375% due 08/06/2030 | 1602 | 1391 |
|  4.000% due 01/17/2029 | 1637 | 1630 |
|  Atlassian Corp. | Atlassian Corp. | Atlassian Corp. |
|  5.250% due 05/15/2029 | 1894 | 1945 |
|  Autodesk, Inc. | Autodesk, Inc. | Autodesk, Inc. |
|  2.850% due 01/15/2030 | 55 | 51 |
|  AutoNation, Inc. | AutoNation, Inc. | AutoNation, Inc. |
|  3.800% due 11/15/2027 | 130 | 128 |
|  AutoZone, Inc. | AutoZone, Inc. | AutoZone, Inc. |
|  4.750% due 08/01/2032 | 172 | 171 |
|  Bacardi Ltd. | Bacardi Ltd. | Bacardi Ltd. |
|  2.750% due 07/15/2026 | 100 | 98 |
|  4.700% due 05/15/2028 | 503 | 505 |
|  5.300% due 05/15/2048 | 206 | 182 |
|  BAE Systems Holdings, Inc. | BAE Systems Holdings, Inc. | BAE Systems Holdings, Inc. |
|  3.850% due 12/15/2025 | 376 | 375 |
|  BAE Systems PLC | BAE Systems PLC | BAE Systems PLC |
|  1.900% due 02/15/2031 | 2011 | 1748 |
|  3.400% due 04/15/2030 | 1771 | 1691 |
|  Baidu, Inc. | Baidu, Inc. | Baidu, Inc. |
|  1.720% due 04/09/2026 | 53 | 52 |
|  BAT Capital Corp. | BAT Capital Corp. | BAT Capital Corp. |
|  4.540% due 08/15/2047 | 533 | 431 |
|  Bayer U.S. Finance LLC | Bayer U.S. Finance LLC | Bayer U.S. Finance LLC |
|  4.250% due 12/15/2025 | 1707 | 1702 |
|  4.375% due 12/15/2028 | 3055 | 3027 |
|  4.875% due 06/25/2048 | 1222 | 1002 |
|  6.250% due 01/21/2029 | 381 | 400 |
|  6.500% due 11/21/2033 | 381 | 409 |
|  Becton Dickinson & Co. | Becton Dickinson & Co. | Becton Dickinson & Co. |
|  1.957% due 02/11/2031 | 130 | 113 |
|  2.823% due 05/20/2030 | 3484 | 3227 |
|  4.669% due 06/06/2047 | 617 | 530 |
|  BHP Billiton Finance USA Ltd. | BHP Billiton Finance USA Ltd. | BHP Billiton Finance USA Ltd. |
|  5.250% due 09/08/2030 | 50 | 52 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Biogen, Inc. | Biogen, Inc. | Biogen, Inc. |
|  3.250% due 02/15/2051 | 67 | 43 |
|  BMW U.S. Capital LLC | BMW U.S. Capital LLC | BMW U.S. Capital LLC |
|  2.550% due 04/01/2031 | 55 | 49 |
|  3.300% due 04/06/2027 | 50 | 49 |
|  4.150% due 04/09/2030 | 2169 | 2133 |
|  Boardwalk Pipelines LP | Boardwalk Pipelines LP | Boardwalk Pipelines LP |
|  3.400% due 02/15/2031 | 2016 | 1863 |
|  Boeing Co. | Boeing Co. | Boeing Co. |
|  2.196% due 02/04/2026 | 3697 | 3640 |
|  2.250% due 06/15/2026 | 150 | 147 |
|  2.750% due 02/01/2026 | 10 | 10 |
|  3.100% due 05/01/2026 | 10 | 10 |
|  3.250% due 02/01/2028 | 1564 | 1517 |
|  3.600% due 05/01/2034 | 90 | 79 |
|  3.625% due 02/01/2031 | 1520 | 1433 |
|  3.950% due 08/01/2059 | 2833 | 1939 |
|  5.705% due 05/01/2040 | 1247 | 1233 |
|  5.805% due 05/01/2050 | 100 | 96 |
|  Booz Allen Hamilton, Inc. | Booz Allen Hamilton, Inc. | Booz Allen Hamilton, Inc. |
|  5.950% due 08/04/2033 | 642 | 660 |
|  BorgWarner, Inc. | BorgWarner, Inc. | BorgWarner, Inc. |
|  4.950% due 08/15/2029 | 1818 | 1845 |
|  Boston Scientific Corp. | Boston Scientific Corp. | Boston Scientific Corp. |
|  6.500% 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 | 249 | 152 |
|  3.060% due 06/17/2041 | 196 | 145 |
|  3.119% due 05/04/2026 | 243 | 241 |
|  3.379% due 02/08/2061 | 3627 | 2341 |
|  3.543% due 04/06/2027 | 10 | 10 |
|  3.937% due 09/21/2028 | 300 | 298 |
|  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 | 75 |
|  1.450% due 11/13/2030 | 269 | 233 |
|  3.900% due 02/20/2028 | 2428 | 2417 |
|  4.125% due 06/15/2039 | 81 | 72 |
|  4.900% due 02/22/2029 | 282 | 289 |
|  5.100% due 02/22/2031 | 24 | 25 |
|  5.200% due 02/22/2034 | 72 | 74 |
|  6.250% due 11/15/2053 | 237 | 254 |
|  Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
|  1.950% due 02/15/2028 | 1173 | 1107 |
|  2.600% due 02/15/2033 | 1378 | 1179 |
|  3.137% due 11/15/2035 | 1004 | 847 |
|  3.187% due 11/15/2036 | 1472 | 1221 |
|  3.419% due 04/15/2033 | 1330 | 1207 |
|  3.469% due 04/15/2034 | 1620 | 1448 |
|  4.110% due 09/15/2028 | 122 | 122 |
|  4.150% due 04/15/2032 | 552 | 532 |
|  4.926% due 05/15/2037 | 1715 | 1665 |
|  Cameron LNG LLC | Cameron LNG LLC | Cameron LNG LLC |
|  3.701% due 01/15/2039 | 1979 | 1693 |
|  Canadian National Railway Co. | Canadian National Railway Co. | Canadian National Railway Co. |
|  5.850% due 11/01/2033 | 968 | 1037 |
|  Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. |
|  5.000% due 12/15/2029 | 71 | 72 |
|  6.450% due 06/30/2033 | 125 | 133 |
|  Canadian Pacific Railway Co. | Canadian Pacific Railway Co. | Canadian Pacific Railway Co. |
|  3.500% due 05/01/2050 | 2185 | 1558 |
|  Carlisle Cos., Inc. | Carlisle Cos., Inc. | Carlisle Cos., Inc. |
|  2.750% due 03/01/2030 | 448 | 414 |
|  Carnival Corp. | Carnival Corp. | Carnival Corp. |
|  4.000% due 08/01/2028 | 2161 | 2116 |
|  Carrier Global Corp. | Carrier Global Corp. | Carrier Global Corp. |
|  2.722% due 02/15/2030 | 2217 | 2061 |
|  3.577% due 04/05/2050 | 100 | 73 |
|  6.200% due 03/15/2054 | 108 | 116 |
|  Caterpillar, Inc. | Caterpillar, Inc. | Caterpillar, Inc. |
|  5.300% due 09/15/2035 | 30 | 31 |
|  CDW LLC | CDW LLC | CDW LLC |
|  2.670% due 12/01/2026 | 1052 | 1026 |
|  3.250% due 02/15/2029 | 334 | 317 |
|  3.276% due 12/01/2028 | 417 | 399 |
|  5.100% due 03/01/2030 | 1606 | 1619 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Cenovus Energy, Inc. | Cenovus Energy, Inc. | Cenovus Energy, Inc. |
|  5.400% due 06/15/2047 | 322 | 286 |
|  6.750% due 11/15/2039 | 257 | 275 |
|  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 | 446 |
|  4.625% due 12/15/2029 | 3223 | 3137 |
|  CenterPoint Energy Resources Corp. | CenterPoint Energy Resources Corp. | CenterPoint Energy Resources Corp. |
|  1.750% due 10/01/2030 | 322 | 280 |
|  CF Industries, Inc. | CF Industries, Inc. | CF Industries, Inc. |
|  5.150% due 03/15/2034 | 5108 | 5091 |
|  Charter Communications Operating LLC | Charter Communications Operating LLC | Charter Communications Operating LLC |
|  2.250% due 01/15/2029 | 338 | 311 |
|  2.300% due 02/01/2032 | 1201 | 1014 |
|  2.800% due 04/01/2031 | 150 | 134 |
|  3.750% due 02/15/2028 | 692 | 679 |
|  3.850% due 04/01/2061 | 1335 | 856 |
|  3.950% due 06/30/2062 | 1168 | 753 |
|  4.200% due 03/15/2028 | 190 | 188 |
|  5.375% due 04/01/2038 | 371 | 350 |
|  6.100% due 06/01/2029 | 2221 | 2326 |
|  6.650% due 02/01/2034 | 1052 | 1127 |
|  Cheniere Corpus Christi Holdings LLC | Cheniere Corpus Christi Holdings LLC | Cheniere Corpus Christi Holdings LLC |
|  2.742% due 12/31/2039 | 147 | 120 |
|  3.700% due 11/15/2029 | 129 | 124 |
|  Cheniere Energy Partners LP | Cheniere Energy Partners LP | Cheniere Energy Partners LP |
|  5.750% due 08/15/2034 | 3348 | 3440 |
|  Chevron USA, Inc. | Chevron USA, Inc. | Chevron USA, Inc. |
|  2.343% due 08/12/2050 | 2458 | 1408 |
|  Choice Hotels International, Inc. | Choice Hotels International, Inc. | Choice Hotels International, Inc. |
|  3.700% due 01/15/2031 | 466 | 432 |
|  Cigna Group | Cigna Group | Cigna Group |
|  3.400% due 03/01/2027 | 3269 | 3224 |
|  3.875% due 10/15/2047 | 150 | 113 |
|  4.375% due 10/15/2028 | 150 | 150 |
|  4.800% due 08/15/2038 | 100 | 94 |
|  4.800% due 07/15/2046 | 5 | 4 |
|  5.600% due 02/15/2054 | 2583 | 2480 |
|  CK Hutchison International 24 Ltd. | CK Hutchison International 24 Ltd. | CK Hutchison International 24 Ltd. |
|  5.500% due 04/26/2034 | 452 | 466 |
|  Coca-Cola Co. | Coca-Cola Co. | Coca-Cola Co. |
|  1.375% due 03/15/2031 | 143 | 123 |
|  2.125% due 09/06/2029 | 139 | 129 |
|  2.500% due 06/01/2040 | 474 | 346 |
|  3.450% due 03/25/2030 | 403 | 391 |
|  5.000% due 05/13/2034 | 832 | 857 |
|  Comcast Corp. | Comcast Corp. | Comcast Corp. |
|  2.350% due 01/15/2027 | 74 | 72 |
|  2.650% due 02/01/2030 | 202 | 188 |
|  2.887% due 11/01/2051 | 1800 | 1096 |
|  2.937% due 11/01/2056 | 150 | 88 |
|  3.200% due 07/15/2036 | 1665 | 1395 |
|  3.400% due 07/15/2046 | 239 | 170 |
|  3.750% due 04/01/2040 | 466 | 387 |
|  3.950% due 10/15/2025 | 121 | 121 |
|  3.969% due 11/01/2047 | 479 | 370 |
|  4.000% due 08/15/2047 | 674 | 523 |
|  4.049% due 11/01/2052 | 285 | 215 |
|  4.600% due 10/15/2038 | 155 | 144 |
|  4.950% due 10/15/2058 | 160 | 137 |
|  5.500% due 11/15/2032 | 1661 | 1745 |
|  6.050% due 05/15/2055 | 1364 | 1394 |
|  Conagra Brands, Inc. | Conagra Brands, Inc. | Conagra Brands, Inc. |
|  4.850% due 11/01/2028 | 280 | 283 |
|  5.300% due 11/01/2038 | 430 | 412 |
|  ConocoPhillips Co. | ConocoPhillips Co. | ConocoPhillips Co. |
|  3.758% due 03/15/2042 | 11 | 9 |
|  3.800% due 03/15/2052 | 1694 | 1231 |
|  4.300% due 11/15/2044 | 1838 | 1530 |
|  Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. |
|  2.875% due 05/01/2030 | 1229 | 1138 |
|  3.150% due 08/01/2029 | 1575 | 1497 |
|  4.100% due 02/15/2048 | 179 | 139 |
|  5.250% due 11/15/2048 | 2365 | 2182 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **41** |

---

------

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

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Continental Resources, Inc. | Continental Resources, Inc. | Continental Resources, Inc. |
|  2.268% due 11/15/2026 | 1198 | 1158 |
|  4.375% due 01/15/2028 | 100 | 99 |
|  5.750% due 01/15/2031 | 1629 | 1645 |
|  Corning, Inc. | Corning, Inc. | Corning, Inc. |
|  5.450% due 11/15/2079 | 832 | 765 |
|  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 | 195 |
|  4.500% due 09/16/2025 | 12 | 12 |
|  5.950% due 01/08/2034 | 2021 | 2064 |
|  Cox Communications, Inc. | Cox Communications, Inc. | Cox Communications, Inc. |
|  1.800% due 10/01/2030 | 3011 | 2576 |
|  5.450% due 09/01/2034 | 2333 | 2302 |
|  CRH America Finance, Inc. | CRH America Finance, Inc. | CRH America Finance, Inc. |
|  3.400% due 05/09/2027 | 969 | 953 |
|  CRH SMW Finance DAC | CRH SMW Finance DAC | CRH SMW Finance DAC |
|  5.200% due 05/21/2029 | 2208 | 2265 |
|  CSX Corp. | CSX Corp. | CSX Corp. |
|  4.100% due 03/15/2044 | 1098 | 916 |
|  6.220% due 04/30/2040 | 1888 | 2042 |
|  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 | 1209 | 1149 |
|  3.625% due 04/01/2027 | 953 | 941 |
|  3.750% due 04/01/2030 | 1049 | 1007 |
|  4.125% due 04/01/2040 | 472 | 396 |
|  5.050% due 03/25/2048 | 2215 | 1914 |
|  5.125% due 02/21/2030 | 1711 | 1742 |
|  5.125% due 07/20/2045 | 2043 | 1811 |
|  6.000% due 06/01/2044 | 118 | 117 |
|  6.000% due 06/01/2063 | 100 | 96 |
|  Daimler Truck Finance North America LLC | Daimler Truck Finance North America LLC | Daimler Truck Finance North America LLC |
|  2.500% due 12/14/2031 | 456 | 396 |
|  Darden Restaurants, Inc. | Darden Restaurants, Inc. | Darden Restaurants, Inc. |
|  6.300% due 10/10/2033 | 1359 | 1457 |
|  DCP Midstream Operating LP | DCP Midstream Operating LP | DCP Midstream Operating LP |
|  5.125% due 05/15/2029 | 1540 | 1565 |
|  5.625% due 07/15/2027 | 380 | 389 |
|  Dell International LLC | Dell International LLC | Dell International LLC |
|  8.100% due 07/15/2036 | 481 | 580 |
|  Delta Air Lines, Inc. | Delta Air Lines, Inc. | Delta Air Lines, Inc. |
|  4.750% due 10/20/2028 | 10 | 10 |
|  Devon Energy Corp. | Devon Energy Corp. | Devon Energy Corp. |
|  5.000% due 06/15/2045 | 174 | 145 |
|  5.200% due 09/15/2034 | 3547 | 3447 |
|  Diageo Capital PLC | Diageo Capital PLC | Diageo Capital PLC |
|  5.300% due 10/24/2027 | 804 | 824 |
|  Diamondback Energy, Inc. | Diamondback Energy, Inc. | Diamondback Energy, Inc. |
|  5.200% due 04/18/2027 | 957 | 970 |
|  5.900% due 04/18/2064 | 2471 | 2290 |
|  6.250% due 03/15/2033 | 91 | 97 |
|  Dow Chemical Co. | Dow Chemical Co. | Dow Chemical Co. |
|  2.100% due 11/15/2030 | 157 | 138 |
|  6.900% due 05/15/2053 | 9 | 10 |
|  DR Horton, Inc. | DR Horton, Inc. | DR Horton, Inc. |
|  5.000% due 10/15/2034 | 1914 | 1894 |
|  eBay, Inc. | eBay, Inc. | eBay, Inc. |
|  5.900% due 11/22/2025 | 485 | 487 |
|  Electronic Arts, Inc. | Electronic Arts, Inc. | Electronic Arts, Inc. |
|  1.850% due 02/15/2031 | 1248 | 1085 |
|  Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. |
|  2.250% due 05/15/2030 | 1692 | 1528 |
|  3.600% due 03/15/2051 | 149 | 105 |
|  3.700% due 09/15/2049 | 106 | 76 |
|  4.100% due 05/15/2032 | 151 | 145 |
|  4.550% due 03/01/2048 | 2643 | 2207 |
|  4.850% due 08/15/2054 | 807 | 677 |
|  5.125% due 02/15/2053 | 1813 | 1620 |
|  5.350% due 10/15/2025 | 171 | 171 |
|  5.950% due 12/15/2034 | 250 | 265 |
|  Eli Lilly & Co. | Eli Lilly & Co. | Eli Lilly & Co. |
|  4.150% due 03/15/2059 | 1413 | 1129 |
|  5.950% due 11/15/2037 | 331 | 355 |
|  Embraer Netherlands Finance BV | Embraer Netherlands Finance BV | Embraer Netherlands Finance BV |
|  5.980% due 02/11/2035 | 1813 | 1870 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Empresa Nacional de Telecomunicaciones SA | Empresa Nacional de Telecomunicaciones SA | Empresa Nacional de Telecomunicaciones SA |
|  4.750% due 08/01/2026 | 832 | 833 |
|  Enbridge, Inc. | Enbridge, Inc. | Enbridge, Inc. |
|  2.500% due 08/01/2033 | 427 | 355 |
|  3.125% due 11/15/2029 | 340 | 321 |
|  3.700% due 07/15/2027 | 332 | 328 |
|  5.250% due 04/05/2027 | 71 | 72 |
|  5.900% due 11/15/2026 | 200 | 204 |
|  5.950% due 04/05/2054 | 72 | 71 |
|  6.000% due 11/15/2028 | 230 | 242 |
|  6.700% due 11/15/2053 | 2970 | 3215 |
|  Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
|  4.950% due 05/15/2028 | 1765 | 1790 |
|  5.000% due 05/15/2050 | 1656 | 1385 |
|  5.250% due 04/15/2029 | 120 | 123 |
|  5.300% due 04/15/2047 | 1074 | 948 |
|  5.600% due 09/01/2034 | 2277 | 2314 |
|  6.250% due 04/15/2049 | 1236 | 1221 |
|  6.550% due 12/01/2033 | 120 | 130 |
|  7.375% due 02/01/2031 | 120 | 126 |
|  Eni SpA | Eni SpA | Eni SpA |
|  5.500% due 05/15/2034 | 484 | 488 |
|  5.950% due 05/15/2054 | 3536 | 3425 |
|  Entergy Louisiana LLC | Entergy Louisiana LLC | Entergy Louisiana LLC |
|  4.200% due 09/01/2048 | 5030 | 4012 |
|  5.800% due 03/15/2055 | 1435 | 1438 |
|  Enterprise Products Operating LLC | Enterprise Products Operating LLC | Enterprise Products Operating LLC |
|  3.200% due 02/15/2052 | 2632 | 1719 |
|  3.950% due 01/31/2060 | 1445 | 1053 |
|  4.200% due 01/31/2050 | 3088 | 2450 |
|  4.250% due 02/15/2048 | 186 | 151 |
|  4.850% due 08/15/2042 | 171 | 157 |
|  EQT Corp. | EQT Corp. | EQT Corp. |
|  3.900% due 10/01/2027 | 53 | 52 |
|  5.700% due 04/01/2028 | 1162 | 1196 |
|  Equifax, Inc. | Equifax, Inc. | Equifax, Inc. |
|  7.000% due 07/01/2037 | 364 | 409 |
|  Equinor ASA | Equinor ASA | Equinor ASA |
|  2.375% due 05/22/2030 | 2609 | 2396 |
|  3.625% due 04/06/2040 | 15 | 13 |
|  7.150% due 11/15/2025 | 26 | 26 |
|  ERAC USA Finance LLC | ERAC USA Finance LLC | ERAC USA Finance LLC |
|  3.300% due 12/01/2026 | 152 | 150 |
|  7.000% due 10/15/2037 | 645 | 741 |
|  Essential Utilities, Inc. | Essential Utilities, Inc. | Essential Utilities, Inc. |
|  2.704% due 04/15/2030 | 216 | 199 |
|  3.566% due 05/01/2029 | 1023 | 994 |
|  FedEx Corp. | FedEx Corp. | FedEx Corp. |
|  3.100% due 08/05/2029 | 450 | 427 |
|  3.900% due 02/01/2035 | 28 | 25 |
|  4.050% due 02/15/2048 | 80 | 59 |
|  4.100% due 02/01/2045 | 160 | 123 |
|  4.250% due 05/15/2030 | 133 | 130 |
|  4.550% due 04/01/2046 | 4 | 3 |
|  4.750% due 11/15/2045 | 39 | 33 |
|  Fidelity National Information Services, Inc. | Fidelity National Information Services, Inc. | Fidelity National Information Services, Inc. |
|  1.150% due 03/01/2026 | 134 | 131 |
|  FirstEnergy Pennsylvania Electric Co. | FirstEnergy Pennsylvania Electric Co. | FirstEnergy Pennsylvania Electric Co. |
|  3.600% due 06/01/2029 | 640 | 618 |
|  4.300% due 01/15/2029 | 125 | 124 |
|  5.150% due 03/30/2026 | 100 | 100 |
|  Fiserv, Inc. | Fiserv, Inc. | Fiserv, Inc. |
|  3.200% due 07/01/2026 | 939 | 928 |
|  4.400% due 07/01/2049 | 90 | 74 |
|  Flex Intermediate Holdco LLC | Flex Intermediate Holdco LLC | Flex Intermediate Holdco LLC |
|  3.363% due 06/30/2031 | 295 | 262 |
|  Flutter Treasury DAC | Flutter Treasury DAC | Flutter Treasury DAC |
|  6.375% due 04/29/2029 | 1042 | 1074 |
|  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 | 321 |
|  5.576% due 01/25/2049 | 1628 | 1529 |
|  Freeport Indonesia PT | Freeport Indonesia PT | Freeport Indonesia PT |
|  4.763% due 04/14/2027 | 376 | 377 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Freeport-McMoRan, Inc. | Freeport-McMoRan, Inc. | Freeport-McMoRan, Inc. |
|  4.125% due 03/01/2028 | 2339 | 2312 |
|  4.625% due 08/01/2030 | 101 | 100 |
|  Fresenius Medical Care U.S. Finance, Inc. | Fresenius Medical Care U.S. Finance, Inc. | Fresenius Medical Care U.S. Finance, Inc. |
|  2.375% due 02/16/2031 | 223 | 193 |
|  Gartner, Inc. | Gartner, Inc. | Gartner, Inc. |
|  4.500% due 07/01/2028 | 844 | 836 |
|  General Motors Co. | General Motors Co. | General Motors Co. |
|  5.400% due 04/01/2048 (d) | 1332 | 1158 |
|  6.600% due 04/01/2036 | 78 | 83 |
|  6.750% due 04/01/2046 | 46 | 47 |
|  6.800% due 10/01/2027 | 2148 | 2237 |
|  Gilead Sciences, Inc. | Gilead Sciences, Inc. | Gilead Sciences, Inc. |
|  1.200% due 10/01/2027 | 540 | 507 |
|  2.800% due 10/01/2050 | 411 | 259 |
|  2.950% due 03/01/2027 | 106 | 104 |
|  4.800% due 11/15/2029 | 242 | 247 |
|  Glencore Funding LLC | Glencore Funding LLC | Glencore Funding LLC |
|  1.625% due 09/01/2025 | 10 | 10 |
|  2.850% due 04/27/2031 | 408 | 368 |
|  3.875% due 10/27/2027 | 100 | 99 |
|  3.875% due 04/27/2051 | 10 | 7 |
|  5.400% due 05/08/2028 | 3076 | 3145 |
|  5.403% due 04/04/2027 ~ | 2797 | 2811 |
|  Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. |
|  4.150% due 08/15/2049 | 292 | 216 |
|  Graphic Packaging International LLC | Graphic Packaging International LLC | Graphic Packaging International LLC |
|  1.512% due 04/15/2026 | 230 | 224 |
|  Greensaif Pipelines Bidco SARL | Greensaif Pipelines Bidco SARL | Greensaif Pipelines Bidco SARL |
|  5.853% due 02/23/2036 | 2628 | 2660 |
|  Haleon U.S. Capital LLC | Haleon U.S. Capital LLC | Haleon U.S. Capital LLC |
|  3.375% due 03/24/2027 | 2408 | 2374 |
|  Halliburton Co. | Halliburton Co. | Halliburton Co. |
|  2.920% due 03/01/2030 | 600 | 558 |
|  5.000% due 11/15/2045 | 136 | 120 |
|  Harley-Davidson Financial Services, Inc. | Harley-Davidson Financial Services, Inc. | Harley-Davidson Financial Services, Inc. |
|  6.500% due 03/10/2028 | 867 | 895 |
|  Hasbro, Inc. | Hasbro, Inc. | Hasbro, Inc. |
|  3.900% due 11/19/2029 | 1199 | 1157 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. |
|  3.125% due 03/15/2027 | 163 | 160 |
|  3.500% due 07/15/2051 | 770 | 511 |
|  3.625% due 03/15/2032 | 1148 | 1059 |
|  4.125% due 06/15/2029 | 1708 | 1679 |
|  4.375% due 03/15/2042 | 2297 | 1922 |
|  5.250% due 06/15/2049 | 2407 | 2140 |
|  5.875% due 02/01/2029 | 60 | 62 |
|  Health Care Service Corp. | Health Care Service Corp. | Health Care Service Corp. |
|  5.200% due 06/15/2029 | 200 | 204 |
|  Hess Corp. | Hess Corp. | Hess Corp. |
|  5.800% due 04/01/2047 | 1710 | 1703 |
|  7.125% due 03/15/2033 | 251 | 285 |
|  Home Depot, Inc. | Home Depot, Inc. | Home Depot, Inc. |
|  2.375% due 03/15/2051 | 2472 | 1399 |
|  3.125% due 12/15/2049 | 2258 | 1525 |
|  4.250% due 04/01/2046 | 7 | 6 |
|  4.500% due 12/06/2048 | 70 | 60 |
|  4.950% due 09/15/2052 | 1258 | 1145 |
|  Howmet Aerospace, Inc. | Howmet Aerospace, Inc. | Howmet Aerospace, Inc. |
|  4.850% due 10/15/2031 | 2333 | 2366 |
|  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 | 134 |
|  5.875% due 03/01/2033 | 1214 | 1255 |
|  8.150% due 06/15/2038 | 323 | 384 |
|  Huntington Ingalls Industries, Inc. | Huntington Ingalls Industries, Inc. | Huntington Ingalls Industries, Inc. |
|  2.043% due 08/16/2028 | 1303 | 1214 |
|  Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. |
|  5.250% due 06/30/2029 | 1978 | 2013 |
|  5.750% due 03/30/2032 | 821 | 843 |
|  Hyundai Capital America | Hyundai Capital America | Hyundai Capital America |
|  1.500% due 06/15/2026 | 772 | 750 |
|  1.650% due 09/17/2026 | 1436 | 1386 |
|  1.800% due 10/15/2025 | 133 | 132 |
|  2.000% due 06/15/2028 | 1141 | 1056 |

---

---

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

---

------

June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  2.100% due 09/15/2028 | $— | 247 | $— | 228 |
|  5.600% due 03/30/2028 |  | 451 |  | 462 |
|  Illumina, Inc. | Illumina, Inc. | Illumina, Inc. | Illumina, Inc. | Illumina, Inc. |
|  2.550% due 03/23/2031 |  | 1206 |  | 1061 |
|  Imperial Brands Finance PLC | Imperial Brands Finance PLC | Imperial Brands Finance PLC | Imperial Brands Finance PLC | Imperial Brands Finance PLC |
|  3.500% due 07/26/2026 |  | 975 |  | 964 |
|  6.125% due 07/27/2027 |  | 370 |  | 382 |
|  Infor LLC | Infor LLC | Infor LLC | Infor LLC | Infor LLC |
|  1.750% due 07/15/2025 |  | 15 |  | 15 |
|  Intel Corp. | Intel Corp. | Intel Corp. | Intel Corp. | Intel Corp. |
|  3.100% due 02/15/2060 |  | 1439 |  | 805 |
|  4.875% due 02/10/2028 |  | 915 |  | 927 |
|  5.200% due 02/10/2033 (d) |  | 781 |  | 788 |
|  5.600% due 02/21/2054 |  | 3622 |  | 3325 |
|  International Business Machines Corp. | International Business Machines Corp. | International Business Machines Corp. | International Business Machines Corp. | International Business Machines Corp. |
|  4.400% due 07/27/2032 |  | 585 |  | 577 |
|  4.900% due 07/27/2052 |  | 1159 |  | 1031 |
|  International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. |
|  4.450% due 09/26/2028 |  | 1562 |  | 1562 |
|  IQVIA, Inc. | IQVIA, Inc. | IQVIA, Inc. | IQVIA, Inc. | IQVIA, Inc. |
|  5.700% due 05/15/2028 |  | 1411 |  | 1448 |
|  JDE Peet's NV | JDE Peet's NV | JDE Peet's NV | JDE Peet's NV | JDE Peet's NV |
|  2.250% due 09/24/2031 |  | 539 |  | 460 |
|  KazMunayGas National Co. JSC | KazMunayGas National Co. JSC | KazMunayGas National Co. JSC | KazMunayGas National Co. JSC | KazMunayGas National Co. JSC |
|  5.750% due 04/19/2047 |  | 464 |  | 404 |
|  Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. |
|  4.050% due 04/15/2032 |  | 1961 |  | 1886 |
|  4.500% due 04/15/2052 |  | 2014 |  | 1660 |
|  Kinder Morgan, Inc. | Kinder Morgan, Inc. | Kinder Morgan, Inc. | Kinder Morgan, Inc. | Kinder Morgan, Inc. |
|  5.300% due 12/01/2034 |  | 315 |  | 315 |
|  5.450% due 08/01/2052 |  | 122 |  | 112 |
|  5.550% due 06/01/2045 |  | 1886 |  | 1781 |
|  Kraft Heinz Foods Co. | Kraft Heinz Foods Co. | Kraft Heinz Foods Co. | Kraft Heinz Foods Co. | Kraft Heinz Foods Co. |
|  6.875% due 01/26/2039 |  | 2294 |  | 2539 |
|  7.125% due 08/01/2039 |  | 1387 |  | 1564 |
|  Kroger Co. | Kroger Co. | Kroger Co. | Kroger Co. | Kroger Co. |
|  5.000% due 09/15/2034 |  | 383 |  | 380 |
|  7.500% due 04/01/2031 |  | 153 |  | 176 |
|  L3Harris Technologies, Inc. | L3Harris Technologies, Inc. | L3Harris Technologies, Inc. | L3Harris Technologies, Inc. | L3Harris Technologies, Inc. |
|  3.850% due 12/15/2026 |  | 2503 |  | 2489 |
|  4.400% due 06/15/2028 |  | 230 |  | 231 |
|  Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. |
|  6.000% due 08/15/2029 |  | 3484 |  | 3583 |
|  Leidos, Inc. | Leidos, Inc. | Leidos, Inc. | Leidos, Inc. | Leidos, Inc. |
|  2.300% due 02/15/2031 |  | 1149 |  | 1006 |
|  4.375% due 05/15/2030 |  | 928 |  | 915 |
|  Lennar Corp. | Lennar Corp. | Lennar Corp. | Lennar Corp. | Lennar Corp. |
|  5.250% due 06/01/2026 |  | 48 |  | 48 |
|  LKQ Corp. | LKQ Corp. | LKQ Corp. | LKQ Corp. | LKQ Corp. |
|  5.750% due 06/15/2028 |  | 1058 |  | 1090 |
|  Lockheed Martin Corp. | Lockheed Martin Corp. | Lockheed Martin Corp. | Lockheed Martin Corp. | Lockheed Martin Corp. |
|  4.300% due 06/15/2062 |  | 262 |  | 207 |
|  4.700% due 12/15/2031 |  | 70 |  | 71 |
|  5.250% due 01/15/2033 |  | 69 |  | 72 |
|  5.900% due 11/15/2063 |  | 493 |  | 510 |
|  Lowe's Cos., Inc. | Lowe's Cos., Inc. | Lowe's Cos., Inc. | Lowe's Cos., Inc. | Lowe's Cos., Inc. |
|  3.100% due 05/03/2027 |  | 583 |  | 572 |
|  LYB International Finance LLC | LYB International Finance LLC | LYB International Finance LLC | LYB International Finance LLC | LYB International Finance LLC |
|  1.250% due 10/01/2025 |  | 114 |  | 113 |
|  Marathon Petroleum Corp. | Marathon Petroleum Corp. | Marathon Petroleum Corp. | Marathon Petroleum Corp. | Marathon Petroleum Corp. |
|  3.800% due 04/01/2028 |  | 1975 |  | 1948 |
|  Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. |
|  2.750% due 10/15/2033 |  | 433 |  | 369 |
|  2.850% due 04/15/2031 |  | 230 |  | 209 |
|  4.625% due 06/15/2030 |  | 3215 |  | 3224 |
|  Mars, Inc. | Mars, Inc. | Mars, Inc. | Mars, Inc. | Mars, Inc. |
|  5.000% due 03/01/2032 |  | 4183 |  | 4241 |
|  5.200% due 03/01/2035 |  | 800 |  | 810 |
|  Marvell Technology, Inc. | Marvell Technology, Inc. | Marvell Technology, Inc. | Marvell Technology, Inc. | Marvell Technology, Inc. |
|  2.450% due 04/15/2028 |  | 378 |  | 359 |
|  4.875% due 06/22/2028 |  | 409 |  | 414 |
|  5.950% due 09/15/2033 |  | 956 |  | 1010 |
|  Masco Corp. | Masco Corp. | Masco Corp. | Masco Corp. | Masco Corp. |
|  1.500% due 02/15/2028 |  | 508 |  | 472 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Massachusetts Institute of Technology | Massachusetts Institute of Technology | Massachusetts Institute of Technology |
|  3.885% due 07/01/2116 | 172 | 119 |
|  Mattel, Inc. | Mattel, Inc. | Mattel, Inc. |
|  3.375% due 04/01/2026 | 1306 | 1290 |
|  McDonald's Corp. | McDonald's Corp. | McDonald's Corp. |
|  3.500% due 07/01/2027 | 1800 | 1778 |
|  4.875% due 12/09/2045 | 1855 | 1675 |
|  5.700% due 02/01/2039 | 252 | 262 |
|  Mead Johnson Nutrition Co. | Mead Johnson Nutrition Co. | Mead Johnson Nutrition Co. |
|  4.125% due 11/15/2025 | 156 | 156 |
|  Medtronic Global Holdings SCA | Medtronic Global Holdings SCA | Medtronic Global Holdings SCA |
|  4.250% due 03/30/2028 | 2534 | 2547 |
|  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 | 621 |
|  5.125% due 08/01/2034 (d) | 1707 | 1704 |
|  Merck & Co., Inc. | Merck & Co., Inc. | Merck & Co., Inc. |
|  1.700% due 06/10/2027 | 1473 | 1412 |
|  2.900% due 12/10/2061 | 4559 | 2660 |
|  Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. |
|  3.850% due 08/15/2032 | 1675 | 1611 |
|  4.650% due 08/15/2062 | 2329 | 1965 |
|  Micron Technology, Inc. | Micron Technology, Inc. | Micron Technology, Inc. |
|  5.327% due 02/06/2029 | 100 | 102 |
|  Microsoft Corp. | Microsoft Corp. | Microsoft Corp. |
|  1.350% due 09/15/2030 | 10 | 9 |
|  2.525% due 06/01/2050 | 3377 | 2089 |
|  2.675% due 06/01/2060 | 929 | 550 |
|  2.921% due 03/17/2052 | 60 | 40 |
|  Molson Coors Beverage Co. | Molson Coors Beverage Co. | Molson Coors Beverage Co. |
|  4.200% due 07/15/2046 | 269 | 215 |
|  Mondelez International Holdings Netherlands BV | Mondelez International Holdings Netherlands BV | Mondelez International Holdings Netherlands BV |
|  1.250% due 09/24/2026 | 1260 | 1215 |
|  4.250% due 09/15/2025 | 48 | 48 |
|  Mondelez International, Inc. | Mondelez International, Inc. | Mondelez International, Inc. |
|  6.500% due 11/01/2031 | 913 | 1013 |
|  Motorola Solutions, Inc. | Motorola Solutions, Inc. | Motorola Solutions, Inc. |
|  2.300% due 11/15/2030 | 664 | 590 |
|  2.750% due 05/24/2031 | 146 | 131 |
|  5.500% due 09/01/2044 | 899 | 878 |
|  MPLX LP | MPLX LP | MPLX LP |
|  1.750% due 03/01/2026 | 52 | 51 |
|  4.125% due 03/01/2027 | 1964 | 1954 |
|  4.700% due 04/15/2048 | 40 | 32 |
|  4.950% due 03/14/2052 | 1199 | 994 |
|  5.200% due 03/01/2047 | 1765 | 1542 |
|  5.500% due 02/15/2049 | 281 | 254 |
|  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 | 3552 | 3626 |
|  Nestle Holdings, Inc. | Nestle Holdings, Inc. | Nestle Holdings, Inc. |
|  5.000% due 03/14/2028 | 945 | 967 |
|  Netflix, Inc. | Netflix, Inc. | Netflix, Inc. |
|  4.375% due 11/15/2026 | 28 | 28 |
|  4.875% due 04/15/2028 | 2138 | 2183 |
|  6.375% due 05/15/2029 | 115 | 124 |
|  Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. |
|  3.522% due 09/17/2025 | 128 | 127 |
|  Nordson Corp. | Nordson Corp. | Nordson Corp. |
|  5.800% due 09/15/2033 | 240 | 254 |
|  Norfolk Southern Corp. | Norfolk Southern Corp. | Norfolk Southern Corp. |
|  4.100% due 05/15/2121 | 242 | 168 |
|  5.950% due 03/15/2064 | 1892 | 1949 |
|  Northrop Grumman Corp. | Northrop Grumman Corp. | Northrop Grumman Corp. |
|  3.250% due 01/15/2028 | 2 | 2 |
|  3.850% due 04/15/2045 | 200 | 158 |
|  4.950% due 03/15/2053 | 199 | 179 |
|  5.200% due 06/01/2054 | 62 | 58 |
|  NTT Finance Corp. | NTT Finance Corp. | NTT Finance Corp. |
|  1.162% due 04/03/2026 | 120 | 117 |
|  5.104% due 07/02/2027 | 1433 | 1453 |
|  5.110% due 07/02/2029 | 1307 | 1336 |
|  NXP BV | NXP BV | NXP BV |
|  2.500% due 05/11/2031 | 2471 | 2183 |
|  3.150% due 05/01/2027 | 132 | 129 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.300% due 06/18/2029 | $— | 132 | $— | 131 |
|  4.400% due 06/01/2027 |  | 100 |  | 100 |
|  5.000% due 01/15/2033 |  | 170 |  | 170 |
|  Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. |
|  6.050% due 10/01/2054 |  | 1200 |  | 1101 |
|  6.125% due 01/01/2031 |  | 200 |  | 207 |
|  6.450% due 09/15/2036 |  | 3368 |  | 3448 |
|  6.625% due 09/01/2030 |  | 130 |  | 138 |
|  7.500% due 05/01/2031 |  | 591 |  | 651 |
|  OCI NV | OCI NV | OCI NV | OCI NV | OCI NV |
|  6.700% due 03/16/2033 |  | 1373 |  | 1521 |
|  Open Text Corp. | Open Text Corp. | Open Text Corp. | Open Text Corp. | Open Text Corp. |
|  6.900% due 12/01/2027 |  | 685 |  | 710 |
|  Oracle Corp. | Oracle Corp. | Oracle Corp. | Oracle Corp. | Oracle Corp. |
|  1.650% due 03/25/2026 |  | 505 |  | 495 |
|  2.300% due 03/25/2028 |  | 1794 |  | 1703 |
|  3.950% due 03/25/2051 |  | 3494 |  | 2581 |
|  4.125% due 05/15/2045 |  | 1798 |  | 1430 |
|  4.900% due 02/06/2033 |  | 809 |  | 811 |
|  5.375% due 07/15/2040 |  | 60 |  | 59 |
|  5.800% due 11/10/2025 |  | 70 |  | 70 |
|  Otis Worldwide Corp. | Otis Worldwide Corp. | Otis Worldwide Corp. | Otis Worldwide Corp. | Otis Worldwide Corp. |
|  2.565% due 02/15/2030 |  | 10 |  | 9 |
|  Ovintiv, Inc. | Ovintiv, Inc. | Ovintiv, Inc. | Ovintiv, Inc. | Ovintiv, Inc. |
|  5.650% due 05/15/2028 |  | 1062 |  | 1092 |
|  7.100% due 07/15/2053 |  | 638 |  | 662 |
|  Owens Corning | Owens Corning | Owens Corning | Owens Corning | Owens Corning |
|  3.400% due 08/15/2026 |  | 100 |  | 99 |
|  Paramount Global | Paramount Global | Paramount Global | Paramount Global | Paramount Global |
|  2.900% due 01/15/2027 |  | 188 |  | 183 |
|  3.700% due 06/01/2028 |  | 261 |  | 253 |
|  4.200% due 05/19/2032 |  | 200 |  | 183 |
|  4.600% due 01/15/2045 |  | 69 |  | 51 |
|  4.850% due 07/01/2042 |  | 335 |  | 264 |
|  4.900% due 08/15/2044 |  | 1266 |  | 977 |
|  4.950% due 05/19/2050 |  | 65 |  | 50 |
|  5.850% due 09/01/2043 |  | 3 |  | 3 |
|  Penske Truck Leasing Co. LP | Penske Truck Leasing Co. LP | Penske Truck Leasing Co. LP | Penske Truck Leasing Co. LP | Penske Truck Leasing Co. LP |
|  1.200% due 11/15/2025 |  | 466 |  | 460 |
|  1.700% due 06/15/2026 |  | 2 |  | 2 |
|  3.400% due 11/15/2026 |  | 1483 |  | 1461 |
|  5.875% due 11/15/2027 |  | 943 |  | 971 |
|  PepsiCo, Inc. | PepsiCo, Inc. | PepsiCo, Inc. | PepsiCo, Inc. | PepsiCo, Inc. |
|  3.500% due 03/19/2040 |  | 56 |  | 47 |
|  4.600% due 07/17/2045 |  | 672 |  | 609 |
|  Pertamina Persero PT | Pertamina Persero PT | Pertamina Persero PT | Pertamina Persero PT | Pertamina Persero PT |
|  1.400% due 02/09/2026 |  | 317 |  | 311 |
|  Pfizer Investment Enterprises Pte. Ltd. | Pfizer Investment Enterprises Pte. Ltd. | Pfizer Investment Enterprises Pte. Ltd. | Pfizer Investment Enterprises Pte. Ltd. | Pfizer Investment Enterprises Pte. Ltd. |
|  4.650% due 05/19/2030 |  | 452 |  | 458 |
|  Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. |
|  1.750% due 11/01/2030 |  | 192 |  | 167 |
|  2.750% due 02/25/2026 |  | 158 |  | 156 |
|  3.875% due 08/21/2042 |  | 443 |  | 361 |
|  5.000% due 11/17/2025 |  | 323 |  | 323 |
|  5.250% due 02/13/2034 |  | 1300 |  | 1327 |
|  5.625% due 11/17/2029 |  | 323 |  | 339 |
|  5.750% due 11/17/2032 |  | 323 |  | 342 |
|  6.375% due 05/16/2038 |  | 431 |  | 479 |
|  Pioneer Natural Resources Co. | Pioneer Natural Resources Co. | Pioneer Natural Resources Co. | Pioneer Natural Resources Co. | Pioneer Natural Resources Co. |
|  1.125% due 01/15/2026 |  | 135 |  | 133 |
|  PRA Health Sciences, Inc. | PRA Health Sciences, Inc. | PRA Health Sciences, Inc. | PRA Health Sciences, Inc. | PRA Health Sciences, Inc. |
|  2.875% due 07/15/2026 |  | 557 |  | 544 |
|  Prosus NV | Prosus NV | Prosus NV | Prosus NV | Prosus NV |
|  3.680% due 01/21/2030 |  | 1773 |  | 1672 |
|  4.027% due 08/03/2050 |  | 116 |  | 78 |
|  4.193% due 01/19/2032 |  | 180 |  | 169 |
|  QatarEnergy LNG S3 | QatarEnergy LNG S3 | QatarEnergy LNG S3 | QatarEnergy LNG S3 | QatarEnergy LNG S3 |
|  5.838% due 09/30/2027 |  | 159 |  | 162 |
|  Qorvo, Inc. | Qorvo, Inc. | Qorvo, Inc. | Qorvo, Inc. | Qorvo, Inc. |
|  4.375% due 10/15/2029 |  | 1021 |  | 992 |
|  Quanta Services, Inc. | Quanta Services, Inc. | Quanta Services, Inc. | Quanta Services, Inc. | Quanta Services, Inc. |
|  2.350% due 01/15/2032 |  | 1990 |  | 1714 |
|  2.900% due 10/01/2030 |  | 56 |  | 52 |
|  Regeneron Pharmaceuticals, Inc. | Regeneron Pharmaceuticals, Inc. | Regeneron Pharmaceuticals, Inc. | Regeneron Pharmaceuticals, Inc. | Regeneron Pharmaceuticals, Inc. |
|  2.800% due 09/15/2050 |  | 3083 |  | 1842 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 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)** |
|  Reliance, Inc. | Reliance, Inc. | Reliance, Inc. |
|  1.300% due 08/15/2025 | 178 | 177 |
|  RELX Capital, Inc. | RELX Capital, Inc. | RELX Capital, Inc. |
|  3.000% due 05/22/2030 | 614 | 578 |
|  4.000% due 03/18/2029 | 1220 | 1211 |
|  Renesas Electronics Corp. | Renesas Electronics Corp. | Renesas Electronics Corp. |
|  2.170% due 11/25/2026 | 1058 | 1024 |
|  Republic Services, Inc. | Republic Services, Inc. | Republic Services, Inc. |
|  3.375% due 11/15/2027 | 943 | 927 |
|  Roche Holdings, Inc. | Roche Holdings, Inc. | Roche Holdings, Inc. |
|  4.790% due 03/08/2029 | 1714 | 1750 |
|  5.338% due 11/13/2028 | 925 | 960 |
|  Rogers Communications, Inc. | Rogers Communications, Inc. | Rogers Communications, Inc. |
|  3.200% due 03/15/2027 | 971 | 952 |
|  3.700% due 11/15/2049 | 199 | 146 |
|  4.350% due 05/01/2049 | 182 | 147 |
|  5.000% due 02/15/2029 | 30 | 30 |
|  Royalty Pharma PLC | Royalty Pharma PLC | Royalty Pharma PLC |
|  3.300% due 09/02/2040 | 106 | 80 |
|  3.350% due 09/02/2051 | 224 | 145 |
|  3.550% due 09/02/2050 | 1839 | 1247 |
|  5.150% due 09/02/2029 | 1181 | 1206 |
|  RTX Corp. | RTX Corp. | RTX Corp. |
|  1.900% due 09/01/2031 | 59 | 50 |
|  4.050% due 05/04/2047 | 2041 | 1635 |
|  4.125% due 11/16/2028 | 189 | 188 |
|  4.350% due 04/15/2047 | 425 | 353 |
|  4.500% due 06/01/2042 | 1478 | 1309 |
|  5.375% due 02/27/2053 | 1306 | 1251 |
|  5.750% due 11/08/2026 | 888 | 905 |
|  SABIC Capital BV | SABIC Capital BV | SABIC Capital BV |
|  4.500% due 10/10/2028 | 73 | 73 |
|  Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC |
|  4.500% due 05/15/2030 | 450 | 449 |
|  5.900% due 09/15/2037 | 66 | 69 |
|  Santos Finance Ltd. | Santos Finance Ltd. | Santos Finance Ltd. |
|  3.649% due 04/29/2031 | 1433 | 1335 |
|  Saudi Arabian Oil Co. | Saudi Arabian Oil Co. | Saudi Arabian Oil Co. |
|  5.250% due 07/17/2034 | 40 | 40 |
|  Schlumberger Holdings Corp. | Schlumberger Holdings Corp. | Schlumberger Holdings Corp. |
|  5.000% due 05/29/2027 | 1521 | 1541 |
|  Sealed Air Corp. | Sealed Air Corp. | Sealed Air Corp. |
|  1.573% due 10/15/2026 | 1213 | 1161 |
|  Sherwin-Williams Co. | Sherwin-Williams Co. | Sherwin-Williams Co. |
|  2.900% due 03/15/2052 | 80 | 49 |
|  4.250% due 08/08/2025 | 950 | 949 |
|  4.550% due 08/01/2045 | 53 | 45 |
|  Silgan Holdings, Inc. | Silgan Holdings, Inc. | Silgan Holdings, Inc. |
|  1.400% due 04/01/2026 | 361 | 351 |
|  SK Hynix, Inc. | SK Hynix, Inc. | SK Hynix, Inc. |
|  1.500% due 01/19/2026 | 54 | 53 |
|  5.500% due 01/16/2027 | 5 | 5 |
|  6.375% due 01/17/2028 | 646 | 674 |
|  Skyworks Solutions, Inc. | Skyworks Solutions, Inc. | Skyworks Solutions, Inc. |
|  1.800% due 06/01/2026 | 567 | 552 |
|  Smith & Nephew PLC | Smith & Nephew PLC | Smith & Nephew PLC |
|  2.032% due 10/14/2030 | 417 | 365 |
|  Smurfit Kappa Treasury ULC | Smurfit Kappa Treasury ULC | Smurfit Kappa Treasury ULC |
|  5.200% due 01/15/2030 | 1663 | 1697 |
|  South Bow USA Infrastructure Holdings LLC | South Bow USA Infrastructure Holdings LLC | South Bow USA Infrastructure Holdings LLC |
|  5.584% due 10/01/2034 | 2353 | 2329 |
|  South32 Treasury Ltd. | South32 Treasury Ltd. | South32 Treasury Ltd. |
|  4.350% due 04/14/2032 | 1042 | 978 |
|  Southern Co. | Southern Co. | Southern Co. |
|  4.400% due 07/01/2046 | 1048 | 874 |
|  4.850% due 03/15/2035 | 263 | 257 |
|  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 | 79 |
|  4.500% due 03/15/2045 | 571 | 470 |
|  Stanley Black & Decker, Inc. | Stanley Black & Decker, Inc. | Stanley Black & Decker, Inc. |
|  6.707% due 03/15/2060 •  | 131 | 128 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Starbucks Corp. | Starbucks Corp. | Starbucks Corp. |
|  2.000% due 03/12/2027 | 129 | 124 |
|  2.550% due 11/15/2030 | 540 | 490 |
|  3.000% due 02/14/2032 | 3806 | 3446 |
|  Steel Dynamics, Inc. | Steel Dynamics, Inc. | Steel Dynamics, Inc. |
|  3.250% due 01/15/2031 | 50 | 47 |
|  Stryker Corp. | Stryker Corp. | Stryker Corp. |
|  3.500% due 03/15/2026 | 1281 | 1273 |
|  Suzano International Finance BV | Suzano International Finance BV | Suzano International Finance BV |
|  5.500% due 01/17/2027 | 70 | 71 |
|  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 | 1325 | 1336 |
|  Sysco Corp. | Sysco Corp. | Sysco Corp. |
|  2.400% due 02/15/2030 | 200 | 183 |
|  5.950% due 04/01/2030 | 45 | 48 |
|  6.000% due 01/17/2034 | 1602 | 1721 |
|  T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
|  1.500% due 02/15/2026 | 587 | 576 |
|  2.250% due 11/15/2031 | 117 | 101 |
|  2.400% due 03/15/2029 | 244 | 227 |
|  2.625% due 04/15/2026 | 51 | 50 |
|  2.700% due 03/15/2032 | 1606 | 1416 |
|  3.000% due 02/15/2041 | 2515 | 1842 |
|  3.400% due 10/15/2052 | 1245 | 832 |
|  3.600% due 11/15/2060 | 2744 | 1831 |
|  3.750% due 04/15/2027 | 2149 | 2128 |
|  3.875% due 04/15/2030 | 51 | 50 |
|  4.375% due 04/15/2040 | 1890 | 1676 |
|  5.650% due 01/15/2053 | 170 | 165 |
|  5.750% due 01/15/2034 | 1204 | 1261 |
|  Take-Two Interactive Software, Inc. | Take-Two Interactive Software, Inc. | Take-Two Interactive Software, Inc. |
|  3.700% due 04/14/2027 | 1191 | 1180 |
|  Takeda Pharmaceutical Co. Ltd. | Takeda Pharmaceutical Co. Ltd. | Takeda Pharmaceutical Co. Ltd. |
|  3.375% due 07/09/2060 | 3970 | 2548 |
|  Targa Resources Corp. | Targa Resources Corp. | Targa Resources Corp. |
|  5.200% due 07/01/2027 | 1907 | 1933 |
|  6.250% due 07/01/2052 | 630 | 625 |
|  6.500% due 02/15/2053 | 237 | 243 |
|  Target Corp. | Target Corp. | Target Corp. |
|  5.250% due 02/15/2036 | 1987 | 2006 |
|  TCI Communications, Inc. | TCI Communications, Inc. | TCI Communications, Inc. |
|  7.875% due 02/15/2026 | 1457 | 1486 |
|  TD SYNNEX Corp. | TD SYNNEX Corp. | TD SYNNEX Corp. |
|  1.750% due 08/09/2026 | 1190 | 1151 |
|  Telefonica Emisiones SA | Telefonica Emisiones SA | Telefonica Emisiones SA |
|  4.103% due 03/08/2027 | 1195 | 1189 |
|  4.665% due 03/06/2038 | 1902 | 1712 |
|  Tencent Holdings Ltd. | Tencent Holdings Ltd. | Tencent Holdings Ltd. |
|  3.925% due 01/19/2038 | 59 | 52 |
|  3.975% due 04/11/2029 | 561 | 556 |
|  4.525% due 04/11/2049 | 212 | 181 |
|  Tennessee Gas Pipeline Co. LLC | Tennessee Gas Pipeline Co. LLC | Tennessee Gas Pipeline Co. LLC |
|  2.900% due 03/01/2030 | 400 | 370 |
|  7.625% due 04/01/2037 | 1209 | 1406 |
|  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 | 147 |
|  3.386% due 06/29/2060 | 1159 | 761 |
|  TotalEnergies Capital SA | TotalEnergies Capital SA | TotalEnergies Capital SA |
|  3.883% due 10/11/2028 | 221 | 220 |
|  4.724% due 09/10/2034 | 270 | 268 |
|  5.150% due 04/05/2034 | 148 | 152 |
|  5.425% due 09/10/2064 | 73 | 68 |
|  Toyota Industries Corp. | Toyota Industries Corp. | Toyota Industries Corp. |
|  3.566% due 03/16/2028 (d) | 456 | 446 |
|  TransCanada PipeLines Ltd. | TransCanada PipeLines Ltd. | TransCanada PipeLines Ltd. |
|  4.100% due 04/15/2030 | 45 | 44 |
|  4.250% due 05/15/2028 | 345 | 344 |
|  4.625% due 03/01/2034 | 545 | 523 |
|  7.625% due 01/15/2039 | 2445 | 2857 |
|  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 | 502 |
|  4.600% due 03/15/2048 | 219 | 185 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  TSMC Global Ltd. | TSMC Global Ltd. | TSMC Global Ltd. |
|  0.750% due 09/28/2025 | 440 | 436 |
|  TWDC Enterprises 18 Corp. | TWDC Enterprises 18 Corp. | TWDC Enterprises 18 Corp. |
|  2.950% due 06/15/2027 | 570 | 560 |
|  7.000% due 03/01/2032 | 128 | 146 |
|  Tyson Foods, Inc. | Tyson Foods, Inc. | Tyson Foods, Inc. |
|  4.000% due 03/01/2026 | 300 | 299 |
|  Unilever Capital Corp. | Unilever Capital Corp. | Unilever Capital Corp. |
|  4.625% due 08/12/2034 | 1148 | 1140 |
|  Union Pacific Corp. | Union Pacific Corp. | Union Pacific Corp. |
|  2.150% due 02/05/2027 | 77 | 75 |
|  2.800% due 02/14/2032 | 1446 | 1305 |
|  3.375% due 02/01/2035 | 120 | 107 |
|  United Airlines Pass-Through Trust | United Airlines Pass-Through Trust | United Airlines Pass-Through Trust |
|  5.800% due 07/15/2037 | 1406 | 1439 |
|  United Rentals North America, Inc. | United Rentals North America, Inc. | United Rentals North America, Inc. |
|  3.875% due 11/15/2027 | 325 | 318 |
|  6.000% due 12/15/2029 | 316 | 324 |
|  UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. |
|  1.150% due 05/15/2026 | 79 | 77 |
|  2.000% due 05/15/2030 | 34 | 30 |
|  2.900% due 05/15/2050 | 705 | 439 |
|  3.050% due 05/15/2041 | 1622 | 1193 |
|  3.125% due 05/15/2060 | 158 | 95 |
|  3.375% due 04/15/2027 | 156 | 154 |
|  3.700% due 08/15/2049 | 1229 | 896 |
|  3.750% due 10/15/2047 | 192 | 143 |
|  3.875% due 08/15/2059 | 188 | 133 |
|  4.250% due 01/15/2029 | 1900 | 1897 |
|  4.500% due 04/15/2033 | 44 | 43 |
|  4.750% due 07/15/2045 | 1341 | 1188 |
|  4.950% due 05/15/2062 | 180 | 155 |
|  5.000% due 04/15/2034 | 152 | 152 |
|  5.050% due 04/15/2053 | 832 | 743 |
|  5.250% due 02/15/2028 | 241 | 247 |
|  5.300% due 02/15/2030 | 49 | 51 |
|  5.350% due 02/15/2033 | 115 | 119 |
|  5.500% due 04/15/2064 | 31 | 29 |
|  6.050% due 02/15/2063 | 70 | 71 |
|  6.625% due 11/15/2037 | 41 | 46 |
|  6.875% due 02/15/2038 | 628 | 714 |
|  Vale Overseas Ltd. | Vale Overseas Ltd. | Vale Overseas Ltd. |
|  3.750% due 07/08/2030 | 80 | 75 |
|  Valero Energy Corp. | Valero Energy Corp. | Valero Energy Corp. |
|  4.350% due 06/01/2028 | 1870 | 1872 |
|  Var Energi ASA | Var Energi ASA | Var Energi ASA |
|  8.000% due 11/15/2032 | 1705 | 1934 |
|  Verisk Analytics, Inc. | Verisk Analytics, Inc. | Verisk Analytics, Inc. |
|  4.125% due 03/15/2029 | 1702 | 1692 |
|  VF Corp. | VF Corp. | VF Corp. |
|  6.000% due 10/15/2033 | 35 | 32 |
|  VMware LLC | VMware LLC | VMware LLC |
|  1.400% due 08/15/2026 | 736 | 712 |
|  1.800% due 08/15/2028 | 115 | 106 |
|  2.200% due 08/15/2031 | 601 | 522 |
|  Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC |
|  1.250% due 11/24/2025 | 1012 | 998 |
|  4.850% due 08/15/2027 | 964 | 965 |
|  5.650% due 09/12/2028 | 1643 | 1679 |
|  6.200% due 11/16/2028 | 3170 | 3295 |
|  Walgreens Boots Alliance, Inc. | Walgreens Boots Alliance, Inc. | Walgreens Boots Alliance, Inc. |
|  3.450% due 06/01/2026 | 691 | 677 |
|  Walmart, Inc. | Walmart, Inc. | Walmart, Inc. |
|  4.500% due 04/15/2053 | 1233 | 1081 |
|  Walt Disney Co. | Walt Disney Co. | Walt Disney Co. |
|  2.200% due 01/13/2028 | 78 | 75 |
|  2.650% due 01/13/2031 | 180 | 166 |
|  3.800% due 05/13/2060 | 20 | 15 |
|  6.200% due 12/15/2034 | 203 | 227 |
|  6.650% due 11/15/2037 | 121 | 138 |
|  Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. |
|  5.050% due 03/15/2042 | 576 | 391 |
|  5.141% due 03/15/2052 | 264 | 164 |
|  Waste Connections, Inc. | Waste Connections, Inc. | Waste Connections, Inc. |
|  2.600% due 02/01/2030 | 1431 | 1332 |
|  2.950% due 01/15/2052 | 700 | 448 |

---

---

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

---

------

June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Western Digital Corp. | Western Digital Corp. | Western Digital Corp. |
|  2.850% due 02/01/2029 | 100 | 93 |
|  Western Midstream Operating LP | Western Midstream Operating LP | Western Midstream Operating LP |
|  5.450% due 11/15/2034 | 2685 | 2634 |
|  6.150% due 04/01/2033 | 1498 | 1560 |
|  Westinghouse Air Brake Technologies Corp. | Westinghouse Air Brake Technologies Corp. | Westinghouse Air Brake Technologies Corp. |
|  4.700% due 09/15/2028 | 1823 | 1834 |
|  Williams Cos., Inc. | Williams Cos., Inc. | Williams Cos., Inc. |
|  3.750% due 06/15/2027 | 130 | 129 |
|  4.650% due 08/15/2032 | 129 | 127 |
|  5.300% due 08/15/2052 | 409 | 374 |
|  5.400% due 03/04/2044 | 1690 | 1589 |
|  Woodside Finance Ltd. | Woodside Finance Ltd. | Woodside Finance Ltd. |
|  3.700% due 09/15/2026 | 1213 | 1201 |
|  5.100% due 09/12/2034 | 1474 | 1428 |
|  5.700% due 09/12/2054 | 200 | 181 |
|  Workday, Inc. | Workday, Inc. | Workday, Inc. |
|  3.700% due 04/01/2029 | 707 | 691 |
|  3.800% due 04/01/2032 | 443 | 416 |
|  WRKCo, Inc. | WRKCo, Inc. | WRKCo, Inc. |
|  3.900% due 06/01/2028 | 341 | 337 |
|  Wyeth LLC | Wyeth LLC | Wyeth LLC |
|  5.950% due 04/01/2037 | 915 | 976 |
|  Zimmer Biomet Holdings, Inc. | Zimmer Biomet Holdings, Inc. | Zimmer Biomet Holdings, Inc. |
|  3.550% due 03/20/2030 | 55 | 52 |
|  Zoetis, Inc. | Zoetis, Inc. | Zoetis, Inc. |
|  2.000% due 05/15/2030 | 317 | 285 |
|  |  | 553472 |
| UTILITIES 12.7% |  |  |
|  AEP Texas, Inc. | AEP Texas, Inc. | AEP Texas, Inc. |
|  3.450% due 01/15/2050 | 1626 | 1102 |
|  5.250% due 05/15/2052 | 100 | 90 |
|  AES Corp. | AES Corp. | AES Corp. |
|  2.450% due 01/15/2031 | 4886 | 4274 |
|  5.450% due 06/01/2028 | 236 | 241 |
|  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 | 796 | 600 |
|  4.800% due 12/15/2043 | 51 | 46 |
|  American Water Capital Corp. | American Water Capital Corp. | American Water Capital Corp. |
|  3.000% due 12/01/2026 | 51 | 50 |
|  4.200% due 09/01/2048 | 719 | 578 |
|  5.450% due 03/01/2054 | 216 | 209 |
|  Appalachian Power Co. | Appalachian Power Co. | Appalachian Power Co. |
|  7.000% due 04/01/2038 | 1412 | 1573 |
|  Arizona Public Service Co. | Arizona Public Service Co. | Arizona Public Service Co. |
|  2.200% due 12/15/2031 | 61 | 52 |
|  4.500% due 04/01/2042 | 56 | 48 |
|  5.700% due 08/15/2034 | 2244 | 2316 |
|  AT&T, Inc. | AT&T, Inc. | AT&T, Inc. |
|  1.650% due 02/01/2028 | 10 | 9 |
|  3.500% due 09/15/2053 | 3349 | 2269 |
|  3.650% due 09/15/2059 | 3201 | 2149 |
|  4.100% due 02/15/2028 | 1632 | 1626 |
|  4.300% due 12/15/2042 | 37 | 31 |
|  4.350% due 03/01/2029 | 1569 | 1573 |
|  4.850% due 03/01/2039 | 682 | 646 |
|  5.400% due 02/15/2034 | 120 | 123 |
|  Atmos Energy Corp. | Atmos Energy Corp. | Atmos Energy Corp. |
|  1.500% due 01/15/2031 | 139 | 119 |
|  4.150% due 01/15/2043 | 1373 | 1157 |
|  Avangrid, Inc. | Avangrid, Inc. | Avangrid, Inc. |
|  3.800% due 06/01/2029 | 1198 | 1171 |
|  Baltimore Gas & Electric Co. | Baltimore Gas & Electric Co. | Baltimore Gas & Electric Co. |
|  5.400% due 06/01/2053 | 118 | 113 |
|  Berkshire Hathaway Energy Co. | Berkshire Hathaway Energy Co. | Berkshire Hathaway Energy Co. |
|  1.650% due 05/15/2031 | 2064 | 1759 |
|  3.700% due 07/15/2030 | 5 | 5 |
|  4.450% due 01/15/2049 | 131 | 108 |
|  4.500% due 02/01/2045 | 100 | 86 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.125% due 04/01/2036 | $— | 1452 | $— | 1563 |
|  BG Energy Capital PLC | BG Energy Capital PLC | BG Energy Capital PLC | BG Energy Capital PLC | BG Energy Capital PLC |
|  5.125% due 10/15/2041 |  | 525 |  | 497 |
|  Black Hills Corp. | Black Hills Corp. | Black Hills Corp. | Black Hills Corp. | Black Hills Corp. |
|  3.150% due 01/15/2027 |  | 1194 |  | 1168 |
|  4.200% due 09/15/2046 |  | 100 |  | 79 |
|  6.000% due 01/15/2035 |  | 1129 |  | 1172 |
|  6.150% due 05/15/2034 |  | 25 |  | 26 |
|  BP Capital Markets PLC | BP Capital Markets PLC | BP Capital Markets PLC | BP Capital Markets PLC | BP Capital Markets PLC |
|  3.279% due 09/19/2027 |  | 125 |  | 123 |
|  4.875% due 03/22/2030 •(b) |  | 51 |  | 51 |
|  British Telecommunications PLC | British Telecommunications PLC | British Telecommunications PLC | British Telecommunications PLC | British Telecommunications PLC |
|  9.625% due 12/15/2030 |  | 1478 |  | 1819 |
|  Brooklyn Union Gas Co. | Brooklyn Union Gas Co. | Brooklyn Union Gas Co. | Brooklyn Union Gas Co. | Brooklyn Union Gas Co. |
|  3.407% due 03/10/2026 |  | 1193 |  | 1181 |
|  4.487% due 03/04/2049 |  | 58 |  | 46 |
|  CenterPoint Energy Houston Electric LLC | CenterPoint Energy Houston Electric LLC | CenterPoint Energy Houston Electric LLC | CenterPoint Energy Houston Electric LLC | CenterPoint Energy Houston Electric LLC |
|  4.950% due 04/01/2033 |  | 2780 |  | 2794 |
|  CenterPoint Energy, Inc. | CenterPoint Energy, Inc. | CenterPoint Energy, Inc. | CenterPoint Energy, Inc. | CenterPoint Energy, Inc. |
|  1.450% due 06/01/2026 |  | 591 |  | 575 |
|  Chile Electricity Lux MPC SARL | Chile Electricity Lux MPC SARL | Chile Electricity Lux MPC SARL | Chile Electricity Lux MPC SARL | Chile Electricity Lux MPC SARL |
|  5.672% due 10/20/2035 |  | 1364 |  | 1375 |
|  Cleveland Electric Illuminating Co. | Cleveland Electric Illuminating Co. | Cleveland Electric Illuminating Co. | Cleveland Electric Illuminating Co. | Cleveland Electric Illuminating Co. |
|  4.550% due 11/15/2030 |  | 120 |  | 118 |
|  CMS Energy Corp. | CMS Energy Corp. | CMS Energy Corp. | CMS Energy Corp. | CMS Energy Corp. |
|  4.750% due 06/01/2050 •  |  | 1904 |  | 1853 |
|  Columbia Pipelines Holding Co. LLC | Columbia Pipelines Holding Co. LLC | Columbia Pipelines Holding Co. LLC | Columbia Pipelines Holding Co. LLC | Columbia Pipelines Holding Co. LLC |
|  6.042% due 08/15/2028 |  | 1298 |  | 1352 |
|  Comision Federal de Electricidad | Comision Federal de Electricidad | Comision Federal de Electricidad | Comision Federal de Electricidad | Comision Federal de Electricidad |
|  3.348% due 02/09/2031 |  | 86 |  | 76 |
|  Commonwealth Edison Co. | Commonwealth Edison Co. | Commonwealth Edison Co. | Commonwealth Edison Co. | Commonwealth Edison Co. |
|  3.700% due 03/01/2045 |  | 40 |  | 31 |
|  3.750% due 08/15/2047 |  | 196 |  | 149 |
|  4.000% due 03/01/2048 |  | 3681 |  | 2923 |
|  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. | Consolidated Edison Co. of New York, Inc. | Consolidated Edison Co. of New York, Inc. |
|  3.000% due 12/01/2060 |  | 683 |  | 405 |
|  3.600% due 06/15/2061 |  | 1050 |  | 717 |
|  3.850% due 06/15/2046 |  | 2790 |  | 2161 |
|  6.150% due 11/15/2052 |  | 1390 |  | 1468 |
|  Constellation Energy Generation LLC | Constellation Energy Generation LLC | Constellation Energy Generation LLC | Constellation Energy Generation LLC | Constellation Energy Generation LLC |
|  5.600% due 06/15/2042 |  | 1423 |  | 1386 |
|  Consumers Energy Co. | Consumers Energy Co. | Consumers Energy Co. | Consumers Energy Co. | Consumers Energy Co. |
|  4.600% due 05/30/2029 |  | 463 |  | 468 |
|  Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. |
|  3.375% due 04/01/2030 |  | 90 |  | 86 |
|  7.000% due 06/01/2054 •  |  | 1057 |  | 1137 |
|  DTE Electric Co. | DTE Electric Co. | DTE Electric Co. | DTE Electric Co. | DTE Electric Co. |
|  3.000% due 03/01/2032 |  | 415 |  | 378 |
|  DTE Energy Co. | DTE Energy Co. | DTE Energy Co. | DTE Energy Co. | DTE Energy Co. |
|  3.400% due 06/15/2029 |  | 2765 |  | 2654 |
|  Duke Energy Carolinas LLC | Duke Energy Carolinas LLC | Duke Energy Carolinas LLC | Duke Energy Carolinas LLC | Duke Energy Carolinas LLC |
|  2.550% due 04/15/2031 |  | 411 |  | 373 |
|  2.850% due 03/15/2032 |  | 110 |  | 99 |
|  3.550% due 03/15/2052 |  | 203 |  | 147 |
|  3.875% due 03/15/2046 |  | 60 |  | 47 |
|  6.000% due 12/01/2028 |  | 1049 |  | 1108 |
|  Duke Energy Corp. | Duke Energy Corp. | Duke Energy Corp. | Duke Energy Corp. | Duke Energy Corp. |
|  2.450% due 06/01/2030 |  | 713 |  | 647 |
|  2.550% due 06/15/2031 |  | 10 |  | 9 |
|  3.150% due 08/15/2027 |  | 129 |  | 126 |
|  3.400% due 06/15/2029 |  | 10 |  | 10 |
|  3.500% due 06/15/2051 |  | 252 |  | 173 |
|  3.750% due 09/01/2046 |  | 460 |  | 342 |
|  5.000% due 08/15/2052 |  | 178 |  | 156 |
|  Duke Energy Florida LLC | Duke Energy Florida LLC | Duke Energy Florida LLC | Duke Energy Florida LLC | Duke Energy Florida LLC |
|  2.400% due 12/15/2031 |  | 1132 |  | 1002 |
|  3.400% due 10/01/2046 |  | 580 |  | 417 |
|  5.650% due 04/01/2040 |  | 11 |  | 11 |
|  Duke Energy Progress LLC | Duke Energy Progress LLC | Duke Energy Progress LLC | Duke Energy Progress LLC | Duke Energy Progress LLC |
|  3.400% due 04/01/2032 |  | 100 |  | 93 |
|  3.450% due 03/15/2029 |  | 10 |  | 10 |
|  3.600% due 09/15/2047 |  | 100 |  | 73 |
|  4.000% due 04/01/2052 |  | 100 |  | 77 |
|  5.250% due 03/15/2033 |  | 1570 |  | 1622 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Duquesne Light Holdings, Inc. | Duquesne Light Holdings, Inc. | Duquesne Light Holdings, Inc. |
|  3.616% due 08/01/2027 | 126 | 122 |
|  Edison International | Edison International | Edison International |
|  5.750% due 06/15/2027 | 454 | 457 |
|  Electricite de France SA | Electricite de France SA | Electricite de France SA |
|  4.875% due 01/22/2044 | 1201 | 1033 |
|  6.375% due 01/13/2055 | 1451 | 1457 |
|  6.900% due 05/23/2053 | 1877 | 2005 |
|  Emera U.S. Finance LP | Emera U.S. Finance LP | Emera U.S. Finance LP |
|  4.750% due 06/15/2046 | 625 | 520 |
|  Enel Finance International NV | Enel Finance International NV | Enel Finance International NV |
|  5.000% due 06/15/2032 | 1707 | 1713 |
|  6.000% due 10/07/2039 | 1633 | 1681 |
|  Evergy, Inc. | Evergy, Inc. | Evergy, Inc. |
|  2.900% due 09/15/2029 | 1852 | 1741 |
|  Eversource Energy | Eversource Energy | Eversource Energy |
|  0.800% due 08/15/2025 | 9 | 9 |
|  2.900% due 03/01/2027 | 176 | 172 |
|  3.375% due 03/01/2032 | 9 | 8 |
|  4.600% due 07/01/2027 | 789 | 793 |
|  5.000% due 01/01/2027 | 50 | 50 |
|  5.125% due 05/15/2033 | 718 | 719 |
|  Exelon Corp. | Exelon Corp. | Exelon Corp. |
|  4.450% due 04/15/2046 | 210 | 174 |
|  FirstEnergy Corp. | FirstEnergy Corp. | FirstEnergy Corp. |
|  2.250% due 09/01/2030 | 347 | 308 |
|  3.900% due 07/15/2027 | 30 | 30 |
|  Florida Power & Light Co. | Florida Power & Light Co. | Florida Power & Light Co. |
|  3.150% due 10/01/2049 | 4157 | 2812 |
|  4.125% due 02/01/2042 | 968 | 824 |
|  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. |
|  1.750% due 09/30/2027 | 2 | 2 |
|  Georgia Power Co. | Georgia Power Co. | Georgia Power Co. |
|  5.250% due 03/15/2034 | 582 | 594 |
|  Indiana Michigan Power Co. | Indiana Michigan Power Co. | Indiana Michigan Power Co. |
|  4.250% due 08/15/2048 | 1281 | 1019 |
|  Interstate Power & Light Co. | Interstate Power & Light Co. | Interstate Power & Light Co. |
|  3.100% due 11/30/2051 | 28 | 18 |
|  3.700% due 09/15/2046 | 25 | 18 |
|  6.250% due 07/15/2039 | 128 | 136 |
|  Jersey Central Power & Light Co. | Jersey Central Power & Light Co. | Jersey Central Power & Light Co. |
|  2.750% due 03/01/2032 | 741 | 650 |
|  Kentucky Utilities Co. | Kentucky Utilities Co. | Kentucky Utilities Co. |
|  5.125% due 11/01/2040 | 344 | 332 |
|  5.450% due 04/15/2033 | 2123 | 2191 |
|  KeySpan Gas East Corp. | KeySpan Gas East Corp. | KeySpan Gas East Corp. |
|  2.742% due 08/15/2026 | 1453 | 1422 |
|  LLPL Capital Pte. Ltd. | LLPL Capital Pte. Ltd. | LLPL Capital Pte. Ltd. |
|  6.875% due 02/04/2039 | 195 | 199 |
|  MidAmerican Energy Co. | MidAmerican Energy Co. | MidAmerican Energy Co. |
|  4.250% due 07/15/2049 | 2668 | 2172 |
|  National Rural Utilities Cooperative Finance Corp. | National Rural Utilities Cooperative Finance Corp. | National Rural Utilities Cooperative Finance Corp. |
|  4.400% due 11/01/2048 | 1349 | 1146 |
|  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 | 86 |
|  3.250% due 12/01/2026 | 1083 | 1068 |
|  NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
|  4.800% due 12/01/2077 •  | 1072 | 1029 |
|  5.000% due 02/28/2030 | 101 | 104 |
|  NGPL PipeCo LLC | NGPL PipeCo LLC | NGPL PipeCo LLC |
|  3.250% due 07/15/2031 | 324 | 289 |
|  4.875% due 08/15/2027 | 303 | 302 |
|  NiSource, Inc. | NiSource, Inc. | NiSource, Inc. |
|  0.950% due 08/15/2025 | 10 | 10 |
|  2.950% due 09/01/2029 | 869 | 820 |
|  5.000% due 06/15/2052 | 130 | 116 |
|  Northern States Power Co. | Northern States Power Co. | Northern States Power Co. |
|  2.900% due 03/01/2050 | 1668 | 1087 |
|  NRG Energy, Inc. | NRG Energy, Inc. | NRG Energy, Inc. |
|  2.000% due 12/02/2025 | 481 | 474 |
|  7.000% due 03/15/2033 | 1798 | 1975 |
|  NSTAR Electric Co. | NSTAR Electric Co. | NSTAR Electric Co. |
|  4.400% due 03/01/2044 | 43 | 37 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 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)** |
|  Oglethorpe Power Corp. | Oglethorpe Power Corp. | Oglethorpe Power Corp. |
|  6.200% due 12/01/2053 | 420 | 430 |
|  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 | 25 |
|  Oncor Electric Delivery Co. LLC | Oncor Electric Delivery Co. LLC | Oncor Electric Delivery Co. LLC |
|  3.100% due 09/15/2049 | 512 | 337 |
|  ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. |
|  3.400% due 09/01/2029 | 1474 | 1407 |
|  4.250% due 09/24/2027 | 476 | 475 |
|  4.400% due 10/15/2029 | 1914 | 1900 |
|  4.550% due 07/15/2028 | 573 | 574 |
|  4.750% due 10/15/2031 | 638 | 632 |
|  5.200% due 07/15/2048 | 1359 | 1178 |
|  6.100% due 11/15/2032 | 871 | 922 |
|  6.500% due 09/01/2030 | 1574 | 1682 |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  2.500% due 02/01/2031 | 20 | 17 |
|  3.250% due 06/01/2031 | 81 | 73 |
|  3.300% due 08/01/2040 | 260 | 186 |
|  3.450% due 07/01/2025 | 128 | 127 |
|  3.750% due 07/01/2028 | 1628 | 1580 |
|  3.950% due 12/01/2047 | 1050 | 742 |
|  4.550% due 07/01/2030 | 103 | 100 |
|  4.650% due 08/01/2028 | 52 | 52 |
|  4.950% due 07/01/2050 | 103 | 83 |
|  5.450% due 06/15/2027 | 1207 | 1221 |
|  6.100% due 01/15/2029 | 1687 | 1748 |
|  PacifiCorp | PacifiCorp | PacifiCorp |
|  4.150% due 02/15/2050 | 300 | 228 |
|  5.450% due 02/15/2034 | 2146 | 2178 |
|  PECO Energy Co. | PECO Energy Co. | PECO Energy Co. |
|  3.000% due 09/15/2049 | 548 | 361 |
|  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 | 425 |
|  Piedmont Natural Gas Co., Inc. | Piedmont Natural Gas Co., Inc. | Piedmont Natural Gas Co., Inc. |
|  2.500% due 03/15/2031 | 58 | 52 |
|  Pinnacle West Capital Corp. | Pinnacle West Capital Corp. | Pinnacle West Capital Corp. |
|  5.214% due 06/10/2026 ~ | 287 | 288 |
|  Plains All American Pipeline LP | Plains All American Pipeline LP | Plains All American Pipeline LP |
|  3.550% due 12/15/2029 | 198 | 189 |
|  5.150% due 06/01/2042 | 2459 | 2193 |
|  Public Service Co. of Colorado | Public Service Co. of Colorado | Public Service Co. of Colorado |
|  1.900% due 01/15/2031 | 339 | 294 |
|  3.550% due 06/15/2046 | 52 | 37 |
|  5.850% due 05/15/2055 | 1364 | 1352 |
|  Public Service Electric & Gas Co. | Public Service Electric & Gas Co. | Public Service Electric & Gas Co. |
|  4.650% due 03/15/2033 | 2570 | 2556 |
|  Public Service Enterprise Group, Inc. | Public Service Enterprise Group, Inc. | Public Service Enterprise Group, Inc. |
|  0.800% due 08/15/2025 | 942 | 937 |
|  Puget Energy, Inc. | Puget Energy, Inc. | Puget Energy, Inc. |
|  4.100% due 06/15/2030 | 467 | 451 |
|  4.224% due 03/15/2032 | 991 | 935 |
|  Puget Sound Energy, Inc. | Puget Sound Energy, Inc. | Puget Sound Energy, Inc. |
|  3.250% due 09/15/2049 | 40 | 27 |
|  5.795% due 03/15/2040 | 30 | 31 |
|  RWE Finance U.S. LLC | RWE Finance U.S. LLC | RWE Finance U.S. LLC |
|  6.250% due 04/16/2054 | 229 | 228 |
|  San Diego Gas & Electric Co. | San Diego Gas & Electric Co. | San Diego Gas & Electric Co. |
|  1.700% due 10/01/2030 | 196 | 171 |
|  3.000% due 03/15/2032 | 291 | 262 |
|  4.150% due 05/15/2048 | 175 | 136 |
|  5.350% due 04/01/2053 | 180 | 168 |
|  Sempra | Sempra | Sempra |
|  3.250% due 06/15/2027 | 59 | 58 |
|  5.500% due 08/01/2033 | 359 | 367 |
|  Shell Finance U.S., Inc. | Shell Finance U.S., Inc. | Shell Finance U.S., Inc. |
|  2.375% due 11/07/2029 | 159 | 148 |
|  2.750% due 04/06/2030 | 296 | 278 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Shell International Finance BV | Shell International Finance BV | Shell International Finance BV |
|  3.125% due 11/07/2049 | 217 | 145 |
|  4.375% due 05/11/2045 | 1060 | 902 |
|  Sinopec Group Overseas Development Ltd. | Sinopec Group Overseas Development Ltd. | Sinopec Group Overseas Development Ltd. |
|  4.125% due 09/12/2025 | 206 | 206 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  2.850% due 08/01/2029 | 1386 | 1283 |
|  3.650% due 02/01/2050 | 1722 | 1140 |
|  4.125% due 03/01/2048 | 2857 | 2075 |
|  5.450% due 06/01/2031 | 2311 | 2353 |
|  Southern California Gas Co. | Southern California Gas Co. | Southern California Gas Co. |
|  4.125% due 06/01/2048 | 1953 | 1518 |
|  4.450% due 03/15/2044 | 52 | 43 |
|  5.600% due 04/01/2054 | 3264 | 3182 |
|  Southern Power Co. | Southern Power Co. | Southern Power Co. |
|  5.150% due 09/15/2041 | 580 | 549 |
|  Southwest Gas Corp. | Southwest Gas Corp. | Southwest Gas Corp. |
|  4.050% due 03/15/2032 | 713 | 678 |
|  5.450% due 03/23/2028 | 1229 | 1258 |
|  Southwestern Electric Power Co. | Southwestern Electric Power Co. | Southwestern Electric Power Co. |
|  4.100% due 09/15/2028 | 821 | 814 |
|  Southwestern Public Service Co. | Southwestern Public Service Co. | Southwestern Public Service Co. |
|  3.150% due 05/01/2050 | 1638 | 1062 |
|  3.700% due 08/15/2047 | 9 | 7 |
|  3.750% due 06/15/2049 | 314 | 228 |
|  Tampa Electric Co. | Tampa Electric Co. | Tampa Electric Co. |
|  4.350% due 05/15/2044 | 30 | 25 |
|  5.000% due 07/15/2052 | 100 | 89 |
|  Tucson Electric Power Co. | Tucson Electric Power Co. | Tucson Electric Power Co. |
|  5.200% due 09/15/2034 | 2893 | 2907 |
|  Union Electric Co. | Union Electric Co. | Union Electric Co. |
|  2.150% due 03/15/2032 | 740 | 638 |
|  3.900% due 04/01/2052 | 387 | 296 |
|  Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. |
|  2.355% due 03/15/2032 | 3991 | 3442 |
|  2.550% due 03/21/2031 | 1693 | 1519 |
|  2.987% due 10/30/2056 | 111 | 67 |
|  3.700% due 03/22/2061 | 106 | 73 |
|  4.672% due 03/15/2055 | 27 | 23 |
|  4.780% due 02/15/2035 | 1568 | 1528 |
|  4.812% due 03/15/2039 | 2196 | 2062 |
|  5.401% due 07/02/2037 | 127 | 128 |
|  Virginia Electric & Power Co. | Virginia Electric & Power Co. | Virginia Electric & Power Co. |
|  4.625% due 05/15/2052 | 280 | 236 |
|  6.000% due 01/15/2036 | 60 | 63 |
|  8.875% due 11/15/2038 | 2226 | 2944 |
|  Vistra Operations Co. LLC | Vistra Operations Co. LLC | Vistra Operations Co. LLC |
|  4.300% due 07/15/2029 | 2400 | 2366 |
|  Vodafone Group PLC | Vodafone Group PLC | Vodafone Group PLC |
|  5.750% due 02/10/2063 | 2567 | 2409 |
|  6.150% due 02/27/2037 | 87 | 93 |
|  WEC Energy Group, Inc. | WEC Energy Group, Inc. | WEC Energy Group, Inc. |
|  2.200% due 12/15/2028 | 1507 | 1402 |
|  Wisconsin Power & Light Co. | Wisconsin Power & Light Co. | Wisconsin Power & Light Co. |
|  3.950% due 09/01/2032 | 2091 | 1978 |
|  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 | 50 | 49 |
|  |  | 167522 |
|  Total Corporate Bonds & Notes<br>(Cost $1,165,764) |  | 1148496 |
| U.S. TREASURY OBLIGATIONS 10.7% | U.S. TREASURY OBLIGATIONS 10.7% | U.S. TREASURY OBLIGATIONS 10.7% |
|  U.S. Treasury Bonds |  |  |
|  3.375% due 08/15/2042 | 2402 | 2017 |
|  3.875% due 05/15/2043 | 1500 | 1340 |
|  4.000% due 11/15/2042 | 3186 | 2908 |
|  4.500% due 02/15/2044 | 15700 | 15175 |
|  4.625% due 02/15/2055 | 20687 | 20144 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  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) |
|  1.750% due 01/15/2034 (i) | 20244 | $— | 20078 |
|  1.875% due 07/15/2034 | 1022 |  | 1023 |
|  U.S. Treasury Notes |  |  |  |
|  3.875% due 08/15/2033 (i) | 1800 |  | 1773 |
|  4.000% due 02/15/2034 | 14200 |  | 14056 |
|  4.375% due 05/15/2034 | 21300 |  | 21639 |
|  4.625% due 02/15/2035 | 39900 |  | 41178 |
|  Total U.S. Treasury Obligations<br>(Cost $142,087) | Total U.S. Treasury Obligations<br>(Cost $142,087) |  | 141331 |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Peru Government International Bond |  |  |  |
|  5.500% due 03/30/2036 | 800 |  | 801 |
|  Province of British Columbia |  |  |  |
|  4.750% due 06/12/2034 | 480 |  | 488 |
|  Total Sovereign Issues<br>(Cost $1,276) | Total Sovereign Issues<br>(Cost $1,276) |  | 1289 |
|  | **SHARES** |  |  |
| PREFERRED SECURITIES 0.0% | PREFERRED SECURITIES 0.0% | PREFERRED SECURITIES 0.0% | PREFERRED SECURITIES 0.0% |
| INDUSTRIALS 0.0% | INDUSTRIALS 0.0% | INDUSTRIALS 0.0% | INDUSTRIALS 0.0% |
|  SVB Financial Trust |  |  |  |
|  11.000% due 11/07/2032 | 1 |  | 1 |
|  Total Preferred Securities (Cost $1) |  |  | 1 |
| SHORT-TERM INSTRUMENTS 0.4% | SHORT-TERM INSTRUMENTS 0.4% | SHORT-TERM INSTRUMENTS 0.4% | SHORT-TERM INSTRUMENTS 0.4% |
| REPURCHASE AGREEMENTS (g) 0.4% | REPURCHASE AGREEMENTS (g) 0.4% | REPURCHASE AGREEMENTS (g) 0.4% | REPURCHASE AGREEMENTS (g) 0.4% |
|  |  |  | 5200 |
| Total Short-Term Instruments<br>(Cost $5,200) |  |  | 5200 |
| Total Investments in Securities<br>(Cost $1,314,328) | Total Investments in Securities<br>(Cost $1,314,328) |  | 1296317 |
| INVESTMENTS IN AFFILIATES 0.4% | INVESTMENTS IN AFFILIATES 0.4% | INVESTMENTS IN AFFILIATES 0.4% | INVESTMENTS IN AFFILIATES 0.4% |
| SHORT-TERM INSTRUMENTS 0.4% | SHORT-TERM INSTRUMENTS 0.4% | SHORT-TERM INSTRUMENTS 0.4% | SHORT-TERM INSTRUMENTS 0.4% |
| MUTUAL FUNDS 0.4% | MUTUAL FUNDS 0.4% | MUTUAL FUNDS 0.4% | MUTUAL FUNDS 0.4% |
|  PIMCO Government Money Market Fund<br> 4.480% (c)(d)(f) | 5655506 |  | 5656 |
| Total Short-Term Instruments<br>(Cost $5,656) |  |  | 5656 |
| Total Investments in Affiliates<br>(Cost $5,656) | Total Investments in Affiliates<br>(Cost $5,656) |  | 5656 |
| Total Investments 98.8%<br>(Cost $1,319,984) |  | $— | 1301973 |
|  Financial Derivative Instruments (h) 0.0%<br>(Cost or Premiums, net $3,714) | Financial Derivative Instruments (h) 0.0%<br>(Cost or Premiums, net $3,714) |  | 287 |
| Other Assets and Liabilities, net 1.2% | Other Assets and Liabilities, net 1.2% |  | 14943 |
| Net Assets 100.0% |  | $— | 1317203 |

---

---

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

---

------

June 30, 2025

#### 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) 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 $5,530 were out on loan in exchange for $5,656 of cash collateral as of June 30, 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
&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 | 4.440% | 06/30/2025 | 07/01/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5200 | U.S. Treasury Notes 3.625% due 03/31/2028 | $(5312) | $5200 | $5201 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5312) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5200 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5201 |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of June 30, 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 | $5201 | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5201 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5312) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(111) |
|  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 |
|  BCY | 0 | 0 | 0 | 1472 | 1472 | (1502) | (30) |
|  BMO | 0 | 0 | 0 | 205 | 205 | (209) | (4) |
|  GSC | 0 | 0 | 0 | 1756 | 1756 | (1791) | (35) |
|  RDR | 0 | 0 | 0 | 2097 | 2097 | (2154) | (57) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5201 | $&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;5530 |  |  |  |

---

#### 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 | $5656 | $0 | $0 | $0 | $5656 |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5656 | $&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 | $5656 |
|  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  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5656 |

---

<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 June 30, 2025 was $(51,306) at a weighted average interest rate of 4.878%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **47** |

---

------

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

&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)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variation Margin | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 September Futures  | 09/2025 | 256 | $27904 | $346 | $34 | $0 |
|  U.S. Treasury 10-Year Ultra Long-Term Bond September Futures  | 09/2025 | 174 | 19882 | 298 | 84 | 0 |
|  U.S. Treasury Ultra Long-Term Bond September Futures  | 09/2025 | 36 | 4289 | 97 | 49 | 0 |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;741 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### SWAP AGREEMENTS:

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>June 30, 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>June 30, 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 | 0.290% | $4200 | $27 | $3 | $30 | $0 | $0 |
|  National Rural Utilities Cooperative Finance Corp. | 1.000 | Quarterly | 12/20/2026 | 0.082 | 100 | 3 | (1) | 2 | 0 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $&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;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.IG-41 5-Year Index | 1.000% | Quarterly | 12/20/2028 | $3500 | $68 | $8 | $76 | $1 | $0 |
|  CDX.IG-43 5-Year Index | 1.000 | Quarterly | 12/20/2029 | 18300 | 407 | 10 | 417 | 9 | 0 |
|  CDX.IG-44 5-Year Index | 1.000 | Quarterly | 06/20/2030 | 198000 | 3209 | 1238 | 4447 | 110 | 0 |
|  |  |  |  |  | $3684 | $1256 | $4940 | $120 | $0 |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3714 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1258 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4972 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120 | $&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 June 30, 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;167 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287 | $&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 |

---

(i) Securities with an aggregate market value of $4,081 and cash of $5,649 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 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. 

---

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

---

------

June 30, 2025

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of June 30, 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 | $167 | $167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 120 | 0 | 0 | 0 | 120 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120 | $&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;167 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 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 | $1375 | $1375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1418 | 0 | 0 | 402 | 1820 |
|  | $0 | $1418 | $0 | $0 | $1777 | $3195 |
|  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 | $645 | $645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1417 | 0 | 0 | (93) | 1324 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1417 | $&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;552 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1969 |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of June 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at**<br> **06/30/2025** |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | $0 | $427502 | $0 | $427502 |
| &nbsp;&nbsp; Industrials | 0 | 553472 | 0 | 553472 |
| &nbsp;&nbsp; Utilities | 0 | 167522 | 0 | 167522 |
|  U.S. Treasury Obligations | 0 | 141331 | 0 | 141331 |
|  Sovereign Issues | 0 | 1289 | 0 | 1289 |
|  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; Repurchase Agreements | 0 | 5200 | 0 | 5200 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $1296317 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1296317 |
|  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 | 5656 | 0 | 0 | 5656 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5656 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1296317 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1301973 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at**<br> **06/30/2025** |
|  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 | $287 | $0 | $287 |
|  Total Financial Derivative Instruments | $0 | $287 | $0 | $287 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5656 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1296604 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1302260 |

---

There were no significant transfers into or out of Level 3 during the period ended June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **49** |

---

------

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 115.4% | INVESTMENTS IN SECURITIES 115.4% | INVESTMENTS IN SECURITIES 115.4% |
| 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. |
|  6.519% - 6.522% (TSFR3M + 2.250%) due 04/20/2028 ~ | 2405 | 2393 |
|  Avolon TLB Borrower 1 U.S. LLC |  |  |
|  6.071% (TSFR1M + 1.750%) due 06/24/2030 ~ | 1255 | 1257 |
|  Castlelake LP |  |  |
|  2.950% due 05/13/2031 « | 4444 | 4198 |
|  Quikrete Holdings, Inc. |  |  |
|  6.577% (TSFR1M + 2.250%) due 02/10/2032 ~ | 998 | 997 |
|  SkyMiles IP Ltd. |  |  |
|  8.022% (TSFR3M + 3.750%) due 10/20/2027 ~ | 1502 | 1514 |
|  Total Loan Participations and Assignments (Cost $10,576) | Total Loan Participations and Assignments (Cost $10,576) | 10359 |
| CORPORATE BONDS & NOTES 24.5% | CORPORATE BONDS & NOTES 24.5% | CORPORATE BONDS & NOTES 24.5% |
| BANKING & FINANCE 16.8% | BANKING & FINANCE 16.8% | BANKING & FINANCE 16.8% |
|  AerCap Ireland Capital DAC | AerCap Ireland Capital DAC | AerCap Ireland Capital DAC |
|  2.450% due 10/29/2026 | 7934 | 7732 |
|  3.000% due 10/29/2028 | 2684 | 2558 |
|  5.100% due 01/19/2029 | 2700 | 2749 |
|  Aircastle Ltd. | Aircastle Ltd. | Aircastle Ltd. |
|  5.950% due 02/15/2029 | 5000 | 5168 |
|  Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. |
|  6.184% due 07/26/2035 •  | 1250 | 1276 |
|  6.848% due 01/03/2030 •  | 3100 | 3274 |
|  American Assets Trust LP | American Assets Trust LP | American Assets Trust LP |
|  3.375% due 02/01/2031 | 2800 | 2509 |
|  6.150% due 10/01/2034 | 3950 | 3950 |
|  American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP |
|  5.500% due 02/01/2034 | 1700 | 1729 |
|  American National Group, Inc. | American National Group, Inc. | American National Group, Inc. |
|  5.750% due 10/01/2029 | 3600 | 3688 |
|  American Tower Corp. | American Tower Corp. | American Tower Corp. |
|  3.650% due 03/15/2027 | 3000 | 2964 |
|  5.800% due 11/15/2028 | 1600 | 1670 |
|  Americold Realty Operating Partnership LP | Americold Realty Operating Partnership LP | Americold Realty Operating Partnership LP |
|  5.409% due 09/12/2034 | 5900 | 5778 |
|  Antares Holdings LP | Antares Holdings LP | Antares Holdings LP |
|  3.750% due 07/15/2027 | 3700 | 3559 |
|  3.950% due 07/15/2026 | 1000 | 984 |
|  6.350% due 10/23/2029 | 5900 | 5963 |
|  6.500% due 02/08/2029 | 1000 | 1014 |
|  Ares Capital Corp. | Ares Capital Corp. | Ares Capital Corp. |
|  3.250% due 07/15/2025 | 1800 | 1799 |
|  5.875% due 03/01/2029 | 3000 | 3060 |
|  Ares Management Corp. | Ares Management Corp. | Ares Management Corp. |
|  6.375% due 11/10/2028 | 6000 | 6362 |
|  Ares Strategic Income Fund | Ares Strategic Income Fund | Ares Strategic Income Fund |
|  5.600% due 02/15/2030 | 5000 | 4987 |
|  Armor RE Ltd. | Armor RE Ltd. | Armor RE Ltd. |
|  12.808% due 01/07/2032 ~ | 250 | 250 |
|  Aspen Insurance Holdings Ltd. | Aspen Insurance Holdings Ltd. | Aspen Insurance Holdings Ltd. |
|  5.750% due 07/01/2030 | 3300 | 3356 |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding |
|  5.516% due 03/25/2027 | 2000 | 2034 |
|  5.684% due 02/23/2026 | 7800 | 7855 |
|  Aviation Capital Group LLC | Aviation Capital Group LLC | Aviation Capital Group LLC |
|  6.750% due 10/25/2028 | 5000 | 5317 |
|  Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
|  5.750% due 03/01/2029 | 3000 | 3083 |
|  Baldwin Re Ltd. | Baldwin Re Ltd. | Baldwin Re Ltd. |
|  6.334% due 07/07/2028 ~ | 1000 | 1000 |
|  Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA |
|  5.381% due 03/13/2029 | 6000 | 6183 |
|  Banco Santander SA | Banco Santander SA | Banco Santander SA |
|  2.958% due 03/25/2031 | 2200 | 2010 |
|  6.033% due 01/17/2035 | 1200 | 1265 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  4.948% due 07/22/2028 •  | 4000 | 4047 |
|  5.202% due 04/25/2029 •  | 8400 | 8586 |
|  5.288% due 04/25/2034 •  | 9600 | 9796 |
|  5.511% due 01/24/2036 •  | 2500 | 2571 |
|  5.872% due 09/15/2034 •  | 17500 | 18474 |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  5.690% due 03/12/2030 •  | 7500 | 7762 |
|  7.385% due 11/02/2028 •  | 7000 | 7432 |
|  7.437% due 11/02/2033 •  | 5000 | 5677 |
|  BGC Group, Inc. | BGC Group, Inc. | BGC Group, Inc. |
|  6.150% due 04/02/2030 | 5987 | 6072 |
|  6.600% due 06/10/2029 | 2800 | 2903 |
|  Blue Cross & Blue Shield of Minnesota | Blue Cross & Blue Shield of Minnesota | Blue Cross & Blue Shield of Minnesota |
|  5.960% due 05/01/2032 «(k) | 4000 | 4011 |
|  Blue Owl Capital Corp. | Blue Owl Capital Corp. | Blue Owl Capital Corp. |
|  5.950% due 03/15/2029 | 2000 | 2011 |
|  Blue Owl Finance LLC | Blue Owl Finance LLC | Blue Owl Finance LLC |
|  4.375% due 02/15/2032 | 2000 | 1868 |
|  6.250% due 04/18/2034 | 1100 | 1132 |
|  Blue Ridge Re Ltd. | Blue Ridge Re Ltd. | Blue Ridge Re Ltd. |
|  9.544% due 01/08/2031 ~ | 2000 | 2033 |
|  12.080% due 01/08/2031 ~ | 2000 | 2031 |
|  BNP Paribas SA | BNP Paribas SA | BNP Paribas SA |
|  2.591% due 01/20/2028 •  | 7500 | 7282 |
|  4.625% due 02/25/2031 •(g)(i) | 2000 | 1784 |
|  5.786% due 01/13/2033 •  | 6600 | 6870 |
|  Boston Properties LP | Boston Properties LP | Boston Properties LP |
|  2.450% due 10/01/2033 | 4700 | 3758 |
|  2.550% due 04/01/2032 | 4400 | 3714 |
|  BPCE SA | BPCE SA | BPCE SA |
|  5.716% due 01/18/2030 •  | 5000 | 5149 |
|  5.975% due 01/18/2027 •  | 4000 | 4028 |
|  Brandywine Operating Partnership LP | Brandywine Operating Partnership LP | Brandywine Operating Partnership LP |
|  3.950% due 11/15/2027 | 300 | 292 |
|  8.300% due 03/15/2028 | 100 | 107 |
|  Brixmor Operating Partnership LP | Brixmor Operating Partnership LP | Brixmor Operating Partnership LP |
|  4.050% due 07/01/2030 | 2000 | 1942 |
|  Brookfield Finance, Inc. | Brookfield Finance, Inc. | Brookfield Finance, Inc. |
|  6.350% due 01/05/2034 | 5500 | 5904 |
|  CaixaBank SA | CaixaBank SA | CaixaBank SA |
|  5.673% due 03/15/2030 •  | 4800 | 4966 |
|  6.037% due 06/15/2035 •  | 800 | 837 |
|  Cantor Fitzgerald LP | Cantor Fitzgerald LP | Cantor Fitzgerald LP |
|  7.200% due 12/12/2028 | 6500 | 6902 |
|  Cape Lookout Re Ltd. | Cape Lookout Re Ltd. | Cape Lookout Re Ltd. |
|  11.194% due 03/13/2032 ~ | 1500 | 1506 |
|  12.996% due 04/05/2027 ~ | 2100 | 2130 |
|  Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. |
|  7.149% due 10/29/2027 •  | 2000 | 2067 |
|  7.964% due 11/02/2034 •  | 2000 | 2326 |
|  Citadel Finance LLC | Citadel Finance LLC | Citadel Finance LLC |
|  5.900% due 02/10/2030 | 5500 | 5555 |
|  Citadel LP | Citadel LP | Citadel LP |
|  6.375% due 01/23/2032 | 4000 | 4179 |
|  Citadel Securities Global Holdings LLC | Citadel Securities Global Holdings LLC | Citadel Securities Global Holdings LLC |
|  5.500% due 06/18/2030 | 2500 | 2531 |
|  Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
|  2.976% due 11/05/2030 •  | 4700 | 4398 |
|  3.785% due 03/17/2033 •  | 4500 | 4208 |
|  4.075% due 04/23/2029 •  | 3000 | 2971 |
|  6.270% due 11/17/2033 •  | 7000 | 7540 |
|  CNO Global Funding | CNO Global Funding | CNO Global Funding |
|  4.950% due 09/09/2029 | 3700 | 3740 |
|  Constellation Insurance, Inc. | Constellation Insurance, Inc. | Constellation Insurance, Inc. |
|  6.800% due 01/24/2030 | 3300 | 3283 |
|  Corebridge Financial, Inc. | Corebridge Financial, Inc. | Corebridge Financial, Inc. |
|  5.750% due 01/15/2034 | 2000 | 2079 |
|  Cousins Properties LP | Cousins Properties LP | Cousins Properties LP |
|  5.250% due 07/15/2030 | 3200 | 3262 |
|  Credit Agricole SA | Credit Agricole SA | Credit Agricole SA |
|  5.862% due 01/09/2036 •  | 4000 | 4148 |
|  Credit Suisse AG AT1 Claim | 8900 | 1068 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  5.800% due 03/01/2034 | 8100 | 8391 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Deloitte LLP | Deloitte LLP | Deloitte LLP |
|  5.410% due 01/30/2032 «(k) | 1200 | 1209 |
|  5.410% due 01/30/2037 «(k) | 500 | 499 |
|  5.590% due 01/30/2035 «(k) | 1100 | 1099 |
|  5.790% due 01/30/2040 «(k) | 900 | 888 |
|  5.970% due 01/30/2045 «(k) | 900 | 868 |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  2.311% due 11/16/2027 •  | 4500 | 4367 |
|  2.552% due 01/07/2028 •  | 6500 | 6315 |
|  5.706% due 02/08/2028 •  | 1500 | 1525 |
|  6.720% due 01/18/2029 •  | 2500 | 2627 |
|  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 | 7800 | 6948 |
|  Equitable Holdings, Inc. | Equitable Holdings, Inc. | Equitable Holdings, Inc. |
|  5.594% due 01/11/2033 | 1000 | 1041 |
|  Essex Portfolio LP | Essex Portfolio LP | Essex Portfolio LP |
|  5.500% due 04/01/2034 | 1500 | 1533 |
|  Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP |
|  5.400% due 02/01/2034 | 1500 | 1524 |
|  5.900% due 01/15/2031 | 2100 | 2220 |
|  F&G Global Funding | F&G Global Funding | F&G Global Funding |
|  5.875% due 01/16/2030 | 4000 | 4116 |
|  Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. |
|  5.625% due 08/16/2032 | 2000 | 2056 |
|  5.750% due 05/20/2035 | 7750 | 7861 |
|  6.350% due 03/22/2054 | 2000 | 2028 |
|  Farmers Insurance Exchange | Farmers Insurance Exchange | Farmers Insurance Exchange |
|  4.747% due 11/01/2057 •  | 2000 | 1638 |
|  7.000% due 10/15/2064 •  | 1900 | 1891 |
|  Fidelity National Financial, Inc. | Fidelity National Financial, Inc. | Fidelity National Financial, Inc. |
|  3.400% due 06/15/2030 | 1800 | 1681 |
|  First American Financial Corp. | First American Financial Corp. | First American Financial Corp. |
|  2.400% due 08/15/2031 | 1500 | 1282 |
|  4.000% due 05/15/2030 | 1000 | 959 |
|  5.450% due 09/30/2034 | 1300 | 1274 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  4.950% due 05/28/2027 | 5000 | 4969 |
|  5.800% due 03/08/2029 | 4400 | 4411 |
|  6.050% due 03/05/2031 | 5000 | 4992 |
|  6.798% due 11/07/2028 | 10000 | 10364 |
|  6.950% due 03/06/2026 | 1500 | 1515 |
|  Freedom Mortgage Holdings LLC | Freedom Mortgage Holdings LLC | Freedom Mortgage Holdings LLC |
|  8.375% due 04/01/2032 | 6100 | 6171 |
|  FS KKR Capital Corp. | FS KKR Capital Corp. | FS KKR Capital Corp. |
|  3.400% due 01/15/2026 | 1900 | 1884 |
|  6.875% due 08/15/2029 | 3800 | 3898 |
|  7.875% due 01/15/2029 | 1500 | 1584 |
|  GA Global Funding Trust | GA Global Funding Trust | GA Global Funding Trust |
|  5.500% due 01/08/2029 | 3000 | 3076 |
|  5.900% due 01/13/2035 | 6100 | 6191 |
|  Global Atlantic Fin Co. | Global Atlantic Fin Co. | Global Atlantic Fin Co. |
|  4.400% due 10/15/2029 | 3000 | 2913 |
|  GLP Capital LP | GLP Capital LP | GLP Capital LP |
|  3.250% due 01/15/2032 | 1500 | 1321 |
|  5.300% due 01/15/2029 | 600 | 607 |
|  5.375% due 04/15/2026 | 600 | 601 |
|  5.625% due 09/15/2034 | 1500 | 1496 |
|  6.250% due 09/15/2054 | 2000 | 1954 |
|  6.750% due 12/01/2033 | 1500 | 1603 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  3.102% due 02/24/2033 •  | 10000 | 9003 |
|  4.482% due 08/23/2028 •  | 10000 | 10015 |
|  5.330% due 07/23/2035 •  | 4700 | 4743 |
|  5.536% due 01/28/2036 •  | 13000 | 13336 |
|  5.851% due 04/25/2035 •  | 4000 | 4197 |
|  6.249% due 03/15/2028 ~ | 3000 | 3058 |
|  Golub Capital BDC, Inc. | Golub Capital BDC, Inc. | Golub Capital BDC, Inc. |
|  6.000% due 07/15/2029 | 6000 | 6084 |
|  Golub Capital Private Credit Fund | Golub Capital Private Credit Fund | Golub Capital Private Credit Fund |
|  5.875% due 05/01/2030 | 2000 | 1998 |
|  Goodman U.S. Finance Five LLC | Goodman U.S. Finance Five LLC | Goodman U.S. Finance Five LLC |
|  4.625% due 05/04/2032 | 1500 | 1473 |
|  Greengrove RE Ltd. | Greengrove RE Ltd. | Greengrove RE Ltd. |
|  12.044% due 04/08/2032 ~ | 400 | 400 |

---

---

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

---

------

June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. |
|  6.375% due 07/01/2034 | 2500 | 2502 |
|  Hardwood Funding LLC | Hardwood Funding LLC | Hardwood Funding LLC |
|  5.160% due 06/07/2032 «(k) | 1500 | 1518 |
|  5.330% due 06/07/2035 «(k) | 700 | 709 |
|  Host Hotels & Resorts LP | Host Hotels & Resorts LP | Host Hotels & Resorts LP |
|  2.900% due 12/15/2031 | 2000 | 1754 |
|  5.500% due 04/15/2035 | 4850 | 4803 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  4.755% due 06/09/2028 •  | 2500 | 2510 |
|  5.402% due 08/11/2033 •  | 4200 | 4310 |
|  5.546% due 03/04/2030 •  | 4000 | 4120 |
|  5.719% due 03/04/2035 •  | 7100 | 7366 |
|  6.254% due 03/09/2034 •  | 10000 | 10703 |
|  ING Groep NV | ING Groep NV | ING Groep NV |
|  3.875% due 05/16/2027 •(g)(i) | 600 | 559 |
|  4.250% due 05/16/2031 •(g)(i) | 600 | 503 |
|  5.335% due 03/19/2030 •  | 10000 | 10257 |
|  Integrity Re Ltd. | Integrity Re Ltd. | Integrity Re Ltd. |
|  21.308% due 06/08/2026 ~ | 2000 | 2088 |
|  Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP |
|  4.875% due 02/01/2035 | 1000 | 969 |
|  5.450% due 08/15/2030 | 5000 | 5181 |
|  Jackson National Life Global Funding | Jackson National Life Global Funding | Jackson National Life Global Funding |
|  5.315% due 01/14/2028 ~ | 3100 | 3112 |
|  Jane Street Group | Jane Street Group | Jane Street Group |
|  7.125% due 04/30/2031 | 1500 | 1579 |
|  Jones Lang LaSalle, Inc. | Jones Lang LaSalle, Inc. | Jones Lang LaSalle, Inc. |
|  6.875% due 12/01/2028 | 3600 | 3866 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  2.963% due 01/25/2033 •  | 2500 | 2248 |
|  4.565% due 06/14/2030 •  | 12000 | 12055 |
|  5.350% due 06/01/2034 •  | 17500 | 18010 |
|  5.572% due 04/22/2036 •  | 14000 | 14514 |
|  5.766% due 04/22/2035 •  | 9000 | 9459 |
|  KBC Group NV | KBC Group NV | KBC Group NV |
|  6.324% due 09/21/2034 •  | 5000 | 5360 |
|  Kilroy Realty LP | Kilroy Realty LP | Kilroy Realty LP |
|  3.050% due 02/15/2030 | 2000 | 1811 |
|  Kizuna RE Pte. Ltd. | Kizuna RE Pte. Ltd. | Kizuna RE Pte. Ltd. |
|  7.044% due 04/09/2029 ~ | 603 | 614 |
|  KKR Financial Holdings LLC | KKR Financial Holdings LLC | KKR Financial Holdings LLC |
|  5.400% due 05/23/2033 | 6000 | 5780 |
|  KKR Group Finance Co. LLC | KKR Group Finance Co. LLC | KKR Group Finance Co. LLC |
|  4.850% due 05/17/2032 | 1500 | 1494 |
|  Ladder Capital Finance Holdings LLLP | Ladder Capital Finance Holdings LLLP | Ladder Capital Finance Holdings LLLP |
|  5.500% due 08/01/2030 (c) | 1400 | 1410 |
|  Lazard Group LLC | Lazard Group LLC | Lazard Group LLC |
|  6.000% due 03/15/2031 | 1500 | 1576 |
|  Liberty Mutual Group, Inc. | Liberty Mutual Group, Inc. | Liberty Mutual Group, Inc. |
|  4.125% due 12/15/2051 •  | 4000 | 3896 |
|  4.300% due 02/01/2061 | 4800 | 2909 |
|  Lineage OP LP | Lineage OP LP | Lineage OP LP |
|  5.250% due 07/15/2030 | 2200 | 2214 |
|  Lion RE DAC | Lion RE DAC | Lion RE DAC |
|  6.409% due 07/16/2025 •  | 500 | 589 |
|  Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC |
|  4.976% due 08/11/2033 •(l) | 8500 | 8429 |
|  5.871% due 03/06/2029 •  | 5000 | 5170 |
|  7.500% due 09/27/2025 •(g)(i) | 5000 | 5026 |
|  Low Income Investment Fund | Low Income Investment Fund | Low Income Investment Fund |
|  3.711% due 07/01/2029 | 2500 | 2352 |
|  LPL Holdings, Inc. | LPL Holdings, Inc. | LPL Holdings, Inc. |
|  5.150% due 06/15/2030 | 4200 | 4254 |
|  5.750% due 06/15/2035 | 900 | 911 |
|  6.750% due 11/17/2028 | 5000 | 5334 |
|  Lseg U.S. Fin Corp. | Lseg U.S. Fin Corp. | Lseg U.S. Fin Corp. |
|  5.297% due 03/28/2034 | 1500 | 1542 |
|  LXP Industrial Trust | LXP Industrial Trust | LXP Industrial Trust |
|  2.375% due 10/01/2031 | 5800 | 4901 |
|  Main Street Capital Corp. | Main Street Capital Corp. | Main Street Capital Corp. |
|  6.950% due 03/01/2029 | 3100 | 3227 |
|  Maple Grove Funding Trust | Maple Grove Funding Trust | Maple Grove Funding Trust |
|  4.161% due 08/15/2051 | 5500 | 3738 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Marex Group PLC | Marex Group PLC | Marex Group PLC |
|  5.829% due 05/08/2028 | 4000 | 4053 |
|  Massachusetts Mutual Life Insurance Co. | Massachusetts Mutual Life Insurance Co. | Massachusetts Mutual Life Insurance Co. |
|  5.077% due 02/15/2069 •  | 3250 | 2892 |
|  Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. |
|  3.195% due 07/18/2029 | 1500 | 1432 |
|  5.354% due 09/13/2028 •  | 2500 | 2554 |
|  MMcapS Funding Ltd. | MMcapS Funding Ltd. | MMcapS Funding Ltd. |
|  4.854% (US0003M + 0.290%) due 12/26/2039 ~ | 509 | 491 |
|  MMIFS Re Ltd. | MMIFS Re Ltd. | MMIFS Re Ltd. |
|  5.548% due 01/10/2033 ~ | 250 | 184 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  0.000% due 04/02/2032 þ(k) | 9000 | 6247 |
|  2.511% due 10/20/2032 •  | 1700 | 1489 |
|  3.622% due 04/01/2031 •  | 3000 | 2878 |
|  5.164% due 04/20/2029 •  | 2000 | 2040 |
|  5.173% due 01/16/2030 •  | 3000 | 3063 |
|  5.664% due 04/17/2036 •  | 15000 | 15550 |
|  6.296% due 10/18/2028 •  | 19500 | 20317 |
|  Nationstar Mortgage Holdings, Inc. | Nationstar Mortgage Holdings, Inc. | Nationstar Mortgage Holdings, Inc. |
|  7.125% due 02/01/2032 | 1200 | 1247 |
|  Nature Coast Re Ltd. | Nature Coast Re Ltd. | Nature Coast Re Ltd. |
|  14.044% due 04/10/2033 ~ | 300 | 301 |
|  NatWest Group PLC | NatWest Group PLC | NatWest Group PLC |
|  4.600% due 06/28/2031 •(g)(i) | 200 | 176 |
|  5.778% due 03/01/2035 •  | 8700 | 9039 |
|  Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC |
|  1.850% due 09/16/2026 | 4500 | 4295 |
|  5.300% due 09/13/2027 | 1400 | 1381 |
|  NMI Holdings, Inc. | NMI Holdings, Inc. | NMI Holdings, Inc. |
|  6.000% due 08/15/2029 | 4500 | 4623 |
|  Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. |
|  1.653% due 07/14/2026 | 3000 | 2914 |
|  5.842% due 01/18/2028 | 1500 | 1547 |
|  6.070% due 07/12/2028 | 3100 | 3236 |
|  Nordea Bank Abp | Nordea Bank Abp | Nordea Bank Abp |
|  3.750% due 03/01/2029 •(g)(i) | 5000 | 4503 |
|  6.625% due 03/26/2026 •(g)(i) | 5600 | 5646 |
|  Oaktree Strategic Credit Fund | Oaktree Strategic Credit Fund | Oaktree Strategic Credit Fund |
|  6.500% due 07/23/2029 | 1300 | 1332 |
|  Omega Healthcare Investors, Inc. | Omega Healthcare Investors, Inc. | Omega Healthcare Investors, Inc. |
|  4.750% due 01/15/2028 | 3350 | 3367 |
|  Orange Capital RE DAC | Orange Capital RE DAC | Orange Capital RE DAC |
|  8.323% due 01/17/2029 ~ | 250 | 294 |
|  Pacific Life Insurance Co. | Pacific Life Insurance Co. | Pacific Life Insurance Co. |
|  9.250% due 06/15/2039 | 5000 | 6820 |
|  Palm RE Ltd. | Palm RE Ltd. | Palm RE Ltd. |
|  12.058% due 06/07/2032 ~ | 250 | 251 |
|  Polestar Re Ltd. | Polestar Re Ltd. | Polestar Re Ltd. |
|  14.794% due 01/07/2028 ~ | 600 | 619 |
|  17.544% due 01/07/2027 ~ | 2300 | 2403 |
|  Preferred Term Securities Ltd. | Preferred Term Securities Ltd. | Preferred Term Securities Ltd. |
|  4.880% (US0003M + 0.300%) due 03/22/2037 ~ | 1512 | 1395 |
|  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 | 4522 |
|  Prudential Financial, Inc. | Prudential Financial, Inc. | Prudential Financial, Inc. |
|  6.500% due 03/15/2054 •  | 2800 | 2883 |
|  Quercus Re DAC | Quercus Re DAC | Quercus Re DAC |
|  10.176% due 01/06/2031 ~ | 250 | 302 |
|  Realty Income Corp. | Realty Income Corp. | Realty Income Corp. |
|  3.250% due 01/15/2031 | 2100 | 1969 |
|  4.450% due 09/15/2026 | 700 | 701 |
|  5.125% due 04/15/2035 | 1300 | 1302 |
|  Sammons Financial Group Global Funding | Sammons Financial Group Global Funding | Sammons Financial Group Global Funding |
|  5.100% due 12/10/2029 | 1500 | 1533 |
|  Sammons Financial Group, Inc. | Sammons Financial Group, Inc. | Sammons Financial Group, Inc. |
|  6.875% due 04/15/2034 | 7590 | 8145 |
|  Santander Holdings USA, Inc. | Santander Holdings USA, Inc. | Santander Holdings USA, Inc. |
|  5.353% due 09/06/2030 •  | 2800 | 2851 |
|  6.499% due 03/09/2029 •  | 1700 | 1773 |
|  6.565% due 06/12/2029 •  | 3000 | 3146 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC |
|  2.896% due 03/15/2032 •  | 2300 | 2054 |
|  6.534% due 01/10/2029 •  | 8000 | 8352 |
|  6.833% due 11/21/2026 •  | 3000 | 3025 |
|  Selective Insurance Group, Inc. | Selective Insurance Group, Inc. | Selective Insurance Group, Inc. |
|  5.900% due 04/15/2035 | 2500 | 2558 |
|  Sixth Street Lending Partners | Sixth Street Lending Partners | Sixth Street Lending Partners |
|  5.750% due 01/15/2030 | 3000 | 3009 |
|  6.125% due 07/15/2030 | 1000 | 1019 |
|  Societe Generale SA | Societe Generale SA | Societe Generale SA |
|  6.446% due 01/10/2029 •  | 3300 | 3434 |
|  Stellantis Finance U.S., Inc. | Stellantis Finance U.S., Inc. | Stellantis Finance U.S., Inc. |
|  6.450% due 03/18/2035 | 8000 | 8042 |
|  Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
|  5.520% due 01/13/2028 | 4000 | 4120 |
|  5.766% due 01/13/2033 | 3000 | 3157 |
|  Torrey Pines Re Ltd. | Torrey Pines Re Ltd. | Torrey Pines Re Ltd. |
|  10.308% due 06/07/2032 ~ | 600 | 620 |
|  11.558% due 06/07/2032 ~ | 300 | 313 |
|  13.308% due 06/05/2031 ~ | 250 | 256 |
|  Trust Fibra Uno | Trust Fibra Uno | Trust Fibra Uno |
|  4.869% due 01/15/2030 | 4900 | 4657 |
|  6.950% due 01/30/2044 | 300 | 267 |
|  UBS AG | UBS AG | UBS AG |
|  5.000% due 07/09/2027 | 3500 | 3555 |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  6.301% due 09/22/2034 •  | 15500 | 16652 |
|  6.373% due 07/15/2026 •  | 1600 | 1602 |
|  9.016% due 11/15/2033 •  | 2100 | 2597 |
|  Ursa Re Ltd. | Ursa Re Ltd. | Ursa Re Ltd. |
|  11.794% due 02/22/2028 ~ | 1000 | 1006 |
|  Ventas Realty LP | Ventas Realty LP | Ventas Realty LP |
|  5.000% due 01/15/2035 | 2500 | 2459 |
|  Veraison Re Ltd. | Veraison Re Ltd. | Veraison Re Ltd. |
|  9.294% due 03/08/2033 ~ | 250 | 250 |
|  VICI Properties LP | VICI Properties LP | VICI Properties LP |
|  3.750% due 02/15/2027 | 100 | 99 |
|  4.125% due 08/15/2030 | 500 | 480 |
|  5.750% due 02/01/2027 | 280 | 284 |
|  5.750% due 04/01/2034 | 1000 | 1023 |
|  6.125% due 04/01/2054 | 1000 | 984 |
|  Vitality Re Ltd. | Vitality Re Ltd. | Vitality Re Ltd. |
|  6.044% due 01/08/2030 ~ | 250 | 250 |
|  8.044% due 01/08/2030 ~ | 250 | 251 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  2.879% due 10/30/2030 •  | 1000 | 935 |
|  4.897% due 07/25/2033 •  | 21000 | 21011 |
|  5.557% due 07/25/2034 •  | 17000 | 17551 |
|  5.605% due 04/23/2036 •  | 6000 | 6196 |
|  Windmill Re DAC | Windmill Re DAC | Windmill Re DAC |
|  7.599% due 07/05/2028 ~ | 250 | 297 |
|  Winston RE Ltd. | Winston RE Ltd. | Winston RE Ltd. |
|  10.808% due 02/21/2028 ~ | 250 | 254 |
|  16.044% due 02/26/2027 ~ | 4000 | 4206 |
|  |  | 955119 |
| INDUSTRIALS 5.4% |  |  |
|  Air Canada |  |  |
|  3.875% due 08/15/2026 | 1000 | 991 |
|  Air Canada Pass-Through Trust | Air Canada Pass-Through Trust | Air Canada Pass-Through Trust |
|  3.300% due 07/15/2031 | 600 | 563 |
|  5.250% due 10/01/2030 | 1416 | 1431 |
|  American Airlines Pass-Through Trust | American Airlines Pass-Through Trust | American Airlines Pass-Through Trust |
|  3.375% due 11/01/2028 | 6768 | 6602 |
|  3.700% due 04/01/2028 | 1428 | 1403 |
|  American Airlines, Inc. |  |  |
|  5.500% due 04/20/2026 | 300 | 299 |
|  5.750% due 04/20/2029 | 1400 | 1400 |
|  Amrize Finance U.S. LLC |  |  |
|  4.950% due 04/07/2030 | 2000 | 2028 |
|  Ashtead Capital, Inc. |  |  |
|  5.800% due 04/15/2034 | 3000 | 3072 |
|  Bacardi Ltd. |  |  |
|  5.150% due 05/15/2038 | 1200 | 1110 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **51** |

---

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Bayer U.S. Finance LLC | Bayer U.S. Finance LLC | Bayer U.S. Finance LLC | Bayer U.S. Finance LLC | Bayer U.S. Finance LLC |
|  4.375% due 12/15/2028 | $— | 4402 | $— | 4362 |
|  6.375% due 11/21/2030 |  | 1000 |  | 1063 |
|  6.500% due 11/21/2033 |  | 2450 |  | 2628 |
|  6.875% due 11/21/2053 |  | 1500 |  | 1594 |
|  Boeing Co. |  |  |  |  |
|  3.625% due 02/01/2031 |  | 3000 |  | 2828 |
|  6.259% due 05/01/2027 |  | 1300 |  | 1338 |
|  6.298% due 05/01/2029 |  | 1700 |  | 1798 |
|  6.388% due 05/01/2031 |  | 1300 |  | 1398 |
|  6.528% due 05/01/2034 |  | 1100 |  | 1196 |
|  6.858% due 05/01/2054 |  | 1800 |  | 1972 |
|  7.008% due 05/01/2064 |  | 1000 |  | 1099 |
|  Booz Allen Hamilton, Inc. |  |  |  |  |
|  5.950% due 04/15/2035 |  | 1700 |  | 1730 |
|  Bowdoin College |  |  |  |  |
|  4.693% due 07/01/2112 |  | 3400 |  | 2675 |
|  Broadcom, Inc. |  |  |  |  |
|  2.450% due 02/15/2031 |  | 10000 |  | 8945 |
|  4.000% due 04/15/2029 |  | 2000 |  | 1973 |
|  4.150% due 04/15/2032 |  | 2000 |  | 1928 |
|  4.926% due 05/15/2037 |  | 2000 |  | 1942 |
|  California Institute of Technology |  |  |  |  |
|  4.283% due 09/01/2116 |  | 3000 |  | 2144 |
|  CDW LLC |  |  |  |  |
|  5.550% due 08/22/2034 |  | 2600 |  | 2596 |
|  Centene Corp. |  |  |  |  |
|  3.000% due 10/15/2030 |  | 1500 |  | 1341 |
|  Charter Communications Operating LLC | Charter Communications Operating LLC | Charter Communications Operating LLC | Charter Communications Operating LLC | Charter Communications Operating LLC |
|  2.800% due 04/01/2031 |  | 2100 |  | 1873 |
|  6.384% due 10/23/2035 |  | 2000 |  | 2102 |
|  Cheniere Energy Partners LP |  |  |  |  |
|  3.250% due 01/31/2032 |  | 2000 |  | 1794 |
|  Cheniere Energy, Inc. |  |  |  |  |
|  5.650% due 04/15/2034 |  | 3000 |  | 3074 |
|  Choice Hotels International, Inc. |  |  |  |  |
|  3.700% due 01/15/2031 |  | 2000 |  | 1856 |
|  5.850% due 08/01/2034 |  | 3500 |  | 3530 |
|  Claremont Mckenna College |  |  |  |  |
|  3.775% due 01/01/2122 |  | 3000 |  | 1901 |
|  Dell International LLC |  |  |  |  |
|  5.300% due 10/01/2029 |  | 4400 |  | 4530 |
|  5.750% due 02/01/2033 |  | 1500 |  | 1577 |
|  Delta Air Lines Pass-Through Trust |  |  |  |  |
|  2.000% due 12/10/2029 |  | 981 |  | 924 |
|  Delta Air Lines, Inc. |  |  |  |  |
|  3.750% due 10/28/2029 |  | 3400 |  | 3251 |
|  4.500% due 10/20/2025 |  | 500 |  | 499 |
|  4.750% due 10/20/2028 |  | 2000 |  | 2006 |
|  Diamondback Energy, Inc. |  |  |  |  |
|  5.550% due 04/01/2035 |  | 2700 |  | 2731 |
|  El Paso Natural Gas Co. LLC |  |  |  |  |
|  3.500% due 02/15/2032 |  | 1500 |  | 1352 |
|  Enbridge, Inc. |  |  |  |  |
|  6.200% due 11/15/2030 |  | 2150 |  | 2301 |
|  Energy Transfer LP |  |  |  |  |
|  5.250% due 07/01/2029 |  | 11500 |  | 11785 |
|  5.550% due 02/15/2028 |  | 2500 |  | 2573 |
|  5.700% due 04/01/2035 |  | 1100 |  | 1121 |
|  6.000% due 06/15/2048 |  | 5000 |  | 4806 |
|  Eni SpA |  |  |  |  |
|  5.750% due 05/19/2035 |  | 2500 |  | 2558 |
|  Essent Group Ltd. |  |  |  |  |
|  6.250% due 07/01/2029 |  | 2200 |  | 2280 |
|  Expedia Group, Inc. | Expedia Group, Inc. | Expedia Group, Inc. | Expedia Group, Inc. | Expedia Group, Inc. |
|  3.250% due 02/15/2030 |  | 2200 |  | 2076 |
|  Ferguson Enterprises, Inc. | Ferguson Enterprises, Inc. | Ferguson Enterprises, Inc. | Ferguson Enterprises, Inc. | Ferguson Enterprises, Inc. |
|  5.000% due 10/03/2034 |  | 1000 |  | 993 |
|  Flex Intermediate Holdco LLC | Flex Intermediate Holdco LLC | Flex Intermediate Holdco LLC | Flex Intermediate Holdco LLC | Flex Intermediate Holdco LLC |
|  4.317% due 12/30/2039 |  | 2700 |  | 2134 |
|  Flex Ltd. | Flex Ltd. | Flex Ltd. | Flex Ltd. | Flex Ltd. |
|  5.250% due 01/15/2032 |  | 2100 |  | 2124 |
|  GE Capital Funding LLC | GE Capital Funding LLC | GE Capital Funding LLC | GE Capital Funding LLC | GE Capital Funding LLC |
|  4.550% due 05/15/2032 |  | 1500 |  | 1491 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Georgetown University | Georgetown University | Georgetown University |
|  5.215% due 12/31/2099 | 6560 | 5778 |
|  Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. |
|  5.400% due 08/15/2032 | 5100 | 5209 |
|  Greensaif Pipelines Bidco SARL | Greensaif Pipelines Bidco SARL | Greensaif Pipelines Bidco SARL |
|  5.853% due 02/23/2036 | 2300 | 2328 |
|  6.103% due 08/23/2042 | 1400 | 1402 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. |
|  3.625% due 03/15/2032 | 3000 | 2768 |
|  5.250% due 03/01/2030 | 1600 | 1641 |
|  5.500% due 03/01/2032 | 3300 | 3407 |
|  5.500% due 06/01/2033 | 2200 | 2253 |
|  5.750% due 03/01/2035 | 1000 | 1029 |
|  Imperial Brands Finance PLC | Imperial Brands Finance PLC | Imperial Brands Finance PLC |
|  6.125% due 07/27/2027 | 3000 | 3098 |
|  Kraft Heinz Foods Co. | Kraft Heinz Foods Co. | Kraft Heinz Foods Co. |
|  4.375% due 06/01/2046 | 4000 | 3238 |
|  Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. |
|  3.500% due 08/18/2026 | 1100 | 1086 |
|  Mars, Inc. | Mars, Inc. | Mars, Inc. |
|  5.000% due 03/01/2032 | 2500 | 2534 |
|  5.200% due 03/01/2035 | 2500 | 2531 |
|  Micron Technology, Inc. | Micron Technology, Inc. | Micron Technology, Inc. |
|  5.375% due 04/15/2028 | 1900 | 1954 |
|  MPLX LP | MPLX LP | MPLX LP |
|  5.000% due 03/01/2033 | 2100 | 2072 |
|  MSCI, Inc. | MSCI, Inc. | MSCI, Inc. |
|  3.875% due 02/15/2031 | 100 | 94 |
|  National Football League | National Football League | National Football League |
|  4.780% due 10/05/2030 «(k) | 4500 | 4509 |
|  5.250% due 10/05/2034 «(k) | 5500 | 5522 |
|  5.420% due 10/05/2037 «(k) | 2100 | 2111 |
|  National Fuel Gas Co. | National Fuel Gas Co. | National Fuel Gas Co. |
|  5.500% due 10/01/2026 | 1500 | 1516 |
|  5.500% due 03/15/2030 | 2100 | 2159 |
|  NetApp, Inc. | NetApp, Inc. | NetApp, Inc. |
|  5.500% due 03/17/2032 | 1000 | 1030 |
|  5.700% due 03/17/2035 | 1600 | 1644 |
|  New York & Presbyterian Hospital | New York & Presbyterian Hospital | New York & Presbyterian Hospital |
|  4.763% due 08/01/2116 | 3000 | 2414 |
|  Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. |
|  4.345% due 09/17/2027 | 2500 | 2402 |
|  NXP BV | NXP BV | NXP BV |
|  5.000% due 01/15/2033 | 900 | 898 |
|  Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. |
|  5.200% due 08/01/2029 | 1200 | 1205 |
|  6.125% due 01/01/2031 (k) | 5000 | 5180 |
|  Oracle Corp. | Oracle Corp. | Oracle Corp. |
|  4.900% due 02/06/2033 | 1000 | 1003 |
|  Pacific National Finance Pty. Ltd. | Pacific National Finance Pty. Ltd. | Pacific National Finance Pty. Ltd. |
|  4.750% due 03/22/2028 | 4300 | 4177 |
|  Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos |
|  6.490% due 01/23/2027 | 311 | 310 |
|  6.700% due 02/16/2032 | 4600 | 4278 |
|  Quanta Services, Inc. | Quanta Services, Inc. | Quanta Services, Inc. |
|  2.900% due 10/01/2030 | 2000 | 1845 |
|  5.250% due 08/09/2034 | 3100 | 3140 |
|  Quikrete Holdings, Inc. | Quikrete Holdings, Inc. | Quikrete Holdings, Inc. |
|  6.375% due 03/01/2032 | 1200 | 1235 |
|  6.750% due 03/01/2033 | 300 | 310 |
|  Smith & Nephew PLC | Smith & Nephew PLC | Smith & Nephew PLC |
|  5.400% due 03/20/2034 | 7000 | 7103 |
|  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 | 3663 |
|  Spirit Airlines Pass-Through Trust | Spirit Airlines Pass-Through Trust | Spirit Airlines Pass-Through Trust |
|  3.375% due 08/15/2031 | 500 | 443 |
|  4.100% due 10/01/2029 | 638 | 586 |
|  T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
|  2.700% due 03/15/2032 | 2500 | 2204 |
|  Targa Resources Corp. | Targa Resources Corp. | Targa Resources Corp. |
|  5.500% due 02/15/2035 | 1150 | 1155 |
|  6.125% due 03/15/2033 | 3000 | 3163 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Time Warner Cable LLC | Time Warner Cable LLC | Time Warner Cable LLC | Time Warner Cable LLC | Time Warner Cable LLC |
|  6.550% due 05/01/2037 | $— | 600 | $— | 620 |
|  7.300% due 07/01/2038 |  | 2500 |  | 2728 |
|  Turkish Airlines Pass-Through Trust | Turkish Airlines Pass-Through Trust | Turkish Airlines Pass-Through Trust | Turkish Airlines Pass-Through Trust | Turkish Airlines Pass-Through Trust |
|  4.200% due 09/15/2028 |  | 1489 |  | 1443 |
|  United Airlines Pass-Through Trust | United Airlines Pass-Through Trust | United Airlines Pass-Through Trust | United Airlines Pass-Through Trust | United Airlines Pass-Through Trust |
|  2.700% due 11/01/2033 |  | 303 |  | 271 |
|  3.100% due 01/07/2030 |  | 846 |  | 809 |
|  3.450% due 01/07/2030 |  | 2538 |  | 2428 |
|  4.550% due 08/25/2031 |  | 1779 |  | 1672 |
|  5.450% due 08/15/2038 |  | 1983 |  | 2008 |
|  5.875% due 04/15/2029 |  | 1113 |  | 1137 |
|  Vale Overseas Ltd. |  |  |  |  |
|  6.400% due 06/28/2054 |  | 4000 |  | 3935 |
|  Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC |
|  4.125% due 08/15/2031 |  | 6100 |  | 5651 |
|  Venture Global LNG, Inc. |  |  |  |  |
|  7.000% due 01/15/2030 |  | 5600 |  | 5666 |
|  Vmed O2 U.K. Financing PLC |  |  |  |  |
|  7.750% due 04/15/2032 |  | 3400 |  | 3537 |
|  VMware LLC |  |  |  |  |
|  2.200% due 08/15/2031 |  | 2000 |  | 1737 |
|  Wesleyan University |  |  |  |  |
|  4.781% due 07/01/2116 |  | 3248 |  | 2537 |
|  Western Midstream Operating LP | Western Midstream Operating LP | Western Midstream Operating LP | Western Midstream Operating LP | Western Midstream Operating LP |
|  5.450% due 11/15/2034 |  | 1700 |  | 1667 |
|  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 |  | 3130 |  | 3149 |
|  5.611% due 03/11/2034 |  | 2000 |  | 2072 |
|  Woodside Finance Ltd. |  |  |  |  |
|  5.100% due 09/12/2034 |  | 13550 |  | 13128 |
|  5.700% due 05/19/2032 |  | 4700 |  | 4787 |
|  |  |  |  | 303300 |
| UTILITIES 2.3% |  |  |  |  |
|  AES Corp. |  |  |  |  |
|  5.800% due 03/15/2032 |  | 8000 |  | 8127 |
|  Capital Power U.S. Holdings, Inc. |  |  |  |  |
|  5.257% due 06/01/2028 |  | 1700 |  | 1723 |
|  Edison International |  |  |  |  |
|  5.750% due 06/15/2027 |  | 1750 |  | 1763 |
|  Electricite de France SA |  |  |  |  |
|  5.950% due 04/22/2034 |  | 4000 |  | 4173 |
|  6.000% due 04/22/2064 |  | 4000 |  | 3793 |
|  Enel Finance International NV |  |  |  |  |
|  7.500% due 10/14/2032 |  | 2000 |  | 2281 |
|  Eversource Energy |  |  |  |  |
|  5.950% due 02/01/2029 |  | 4400 |  | 4597 |
|  NGPL PipeCo LLC |  |  |  |  |
|  3.250% due 07/15/2031 |  | 1500 |  | 1338 |
|  NiSource, Inc. |  |  |  |  |
|  1.700% due 02/15/2031 |  | 6100 |  | 5226 |
|  Oncor Electric Delivery Co. LLC |  |  |  |  |
|  5.150% due 05/01/2029 «(k) |  | 12000 |  | 12195 |
|  ONEOK, Inc. |  |  |  |  |
|  6.050% due 09/01/2033 |  | 6000 |  | 6298 |
|  Pacific Gas & Electric Co. |  |  |  |  |
|  2.500% due 02/01/2031 |  | 2400 |  | 2085 |
|  4.950% due 07/01/2050 |  | 6700 |  | 5407 |
|  5.550% due 05/15/2029 |  | 3000 |  | 3049 |
|  5.800% due 05/15/2034 |  | 3000 |  | 3001 |
|  5.900% due 06/15/2032 |  | 1500 |  | 1532 |
|  6.000% due 08/15/2035 |  | 3200 |  | 3237 |
|  6.150% due 01/15/2033 |  | 2200 |  | 2267 |
|  6.700% due 04/01/2053 |  | 2200 |  | 2209 |
|  6.950% due 03/15/2034 |  | 2000 |  | 2154 |
|  PacifiCorp |  |  |  |  |
|  7.375% due 09/15/2055 •  |  | 5500 |  | 5731 |
|  PPL Capital Funding, Inc. |  |  |  |  |
|  5.250% due 09/01/2034 |  | 2000 |  | 2018 |
|  Puget Energy, Inc. |  |  |  |  |
|  4.224% due 03/15/2032 |  | 3000 |  | 2830 |
|  5.725% due 03/15/2035 |  | 1500 |  | 1510 |

---

---

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

---

------

June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  4.000% due 04/01/2047 | 2750 | 1978 |
|  4.650% due 10/01/2043 | 150 | 121 |
|  6.000% due 01/15/2034 | 3600 | 3694 |
|  Southern California Gas Co. |  |  |
|  2.550% due 02/01/2030 | 1700 | 1563 |
|  Texas Electric Market Stabilization Funding N LLC | Texas Electric Market Stabilization Funding N LLC | Texas Electric Market Stabilization Funding N LLC |
|  5.057% due 08/01/2048 | 15500 | 14464 |
|  Toledo Edison Co. |  |  |
|  2.650% due 05/01/2028 | 2918 | 2736 |
|  Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. |
|  2.850% due 09/03/2041 | 3000 | 2127 |
|  4.400% due 11/01/2034 | 4500 | 4273 |
|  4.780% due 02/15/2035 | 4900 | 4776 |
|  Vistra Operations Co. LLC | Vistra Operations Co. LLC | Vistra Operations Co. LLC |
|  6.950% due 10/15/2033 | 5000 | 5495 |
|  |  | 129771 |
|  Total Corporate Bonds & Notes<br>(Cost $1,370,363) | Total Corporate Bonds & Notes<br>(Cost $1,370,363) | 1388190 |
| MUNICIPAL BONDS & NOTES 0.9% | MUNICIPAL BONDS & NOTES 0.9% | MUNICIPAL BONDS & NOTES 0.9% |
| CALIFORNIA 0.2% |  |  |
|  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 | 5951 |
|  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 | 2755 |
|  3.714% due 06/01/2041 | 8000 | 6125 |
|  |  | 14831 |
| 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 | 5343 | 5716 |
| 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 | 7691 |
| 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 | 6250 | 6361 |
|  5.532% due 01/01/2034 | 5000 | 5111 |
|  |  | 11472 |
| 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 | 4384 |
|  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 | 484 |
|  |  | 4868 |
| TEXAS 0.1% |  |  |
|  Texas Private Activity Bond Surface Transportation Corp. Revenue Bonds, Series 2019 | Texas Private Activity Bond Surface Transportation Corp. Revenue Bonds, Series 2019 | Texas Private Activity Bond Surface Transportation Corp. Revenue Bonds, Series 2019 |
|  3.922% due 12/31/2049 | 4200 | 3282 |
| WEST VIRGINIA 0.1% |  |  |
|  Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2020 | Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2020 | Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2020 |
|  4.875% due 06/01/2049 | 3355 | 3079 |
|  Total Municipal Bonds & Notes (Cost $52,391) |  | 50939 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| U.S. GOVERNMENT AGENCIES 56.9% | U.S. GOVERNMENT AGENCIES 56.9% | U.S. GOVERNMENT AGENCIES 56.9% | U.S. GOVERNMENT AGENCIES 56.9% | U.S. GOVERNMENT AGENCIES 56.9% |
|  Fannie Mae | Fannie Mae | Fannie Mae | Fannie Mae | Fannie Mae |
|  0.000% due 07/25/2031 - 02/25/2040 (b)(e) | $— | 58 | $— | 50 |
|  0.812% due 05/25/2042 •  |  | 134 |  | 100 |
|  1.580% due 09/25/2042 •(a) |  | 17773 |  | 2566 |
|  2.000% due 04/25/2040 •(a) |  | 24 |  | 2 |
|  2.780% due 05/25/2036 •(a) |  | 532 |  | 56 |
|  3.000% due 03/25/2033 - 02/25/2043 |  | 1 |  | 1 |
|  3.500% due 06/25/2042 |  | 399 |  | 365 |
|  4.000% due 10/01/2026 - 07/01/2044 |  | 615 |  | 597 |
|  4.500% due 10/01/2035 - 06/01/2051 |  | 795 |  | 771 |
|  5.000% due 05/01/2034 - 11/01/2039 |  | 729 |  | 732 |
|  5.330% due 04/01/2032 |  | 1176 |  | 1229 |
|  5.500% due 12/01/2031 - 04/01/2039 |  | 439 |  | 442 |
|  6.000% due 05/25/2031 - 09/01/2037 |  | 406 |  | 417 |
|  6.048% due 12/01/2028 •  |  | 92 |  | 92 |
|  6.405% due 11/01/2035 •  |  | 2 |  | 2 |
|  6.500% due 01/01/2036 - 05/01/2038 |  | 26 |  | 28 |
|  6.696% due 01/25/2036 •  |  | 59 |  | 59 |
|  6.945% due 04/01/2036 •  |  | 3 |  | 3 |
|  7.000% due 04/01/2037 - 03/01/2038 |  | 37 |  | 38 |
|  7.343% due 09/01/2034 •  |  | 17 |  | 18 |
|  7.500% due 10/01/2037 |  | 53 |  | 57 |
|  Freddie Mac | Freddie Mac | Freddie Mac | Freddie Mac | Freddie Mac |
|  0.000% due 01/15/2033 - 07/15/2039 (b)(e) |  | 259 |  | 238 |
|  0.000% due 06/15/2042 •  |  | 50 |  | 24 |
|  0.000% due 11/15/2048 •(a) |  | 15851 |  | 527 |
|  0.532% due 12/15/2040 •(a) |  | 875 |  | 54 |
|  0.612% due 05/15/2041 •  |  | 579 |  | 486 |
|  2.210% due 06/15/2040 ~(a) |  | 5357 |  | 449 |
|  3.000% due 01/01/2043 - 04/01/2043 |  | 3 |  | 2 |
|  3.500% due 12/15/2028 (a) |  | 25 |  | 0 |
|  3.500% due 10/01/2033 - 03/01/2042 |  | 54 |  | 53 |
|  4.000% due 09/01/2033 - 06/01/2049 |  | 5767 |  | 5486 |
|  4.500% due 02/01/2034 - 11/01/2044 |  | 2609 |  | 2575 |
|  5.000% due 05/15/2033 - 07/15/2041 |  | 280 |  | 281 |
|  5.250% due 04/15/2033 |  | 17 |  | 17 |
|  5.306% due 06/25/2055 «•  |  | 13000 |  | 13016 |
|  5.500% due 08/01/2025 - 10/01/2037 |  | 535 |  | 542 |
|  6.000% due 12/01/2034 - 08/01/2037 |  | 73 |  | 75 |
|  6.500% due 01/01/2037 - 07/01/2037 |  | 12 |  | 12 |
|  6.939% due 12/01/2031 •  |  | 22 |  | 23 |
|  7.480% due 07/01/2036 •  |  | 2 |  | 2 |
|  7.512% due 05/15/2033 •  |  | 17 |  | 19 |
|  Ginnie Mae | Ginnie Mae | Ginnie Mae | Ginnie Mae | Ginnie Mae |
|  2.000% due 08/20/2030 |  | 457 |  | 440 |
|  3.000% due 08/20/2026 - 07/15/2029 |  | 5436 |  | 5372 |
|  3.500% due 12/20/2040 - 03/20/2047 |  | 7172 |  | 6593 |
|  4.000% due 09/20/2040 - 06/15/2047 |  | 11478 |  | 10845 |
|  4.500% due 08/20/2038 - 02/20/2047 |  | 1207 |  | 1173 |
|  4.750% due 01/20/2035 |  | 53 |  | 53 |
|  5.000% due 03/20/2034 - 04/20/2040 |  | 251 |  | 250 |
|  5.500% due 04/16/2034 - 11/20/2038 |  | 24 |  | 24 |
|  6.000% due 08/20/2038 - 02/20/2039 |  | 46 |  | 45 |
|  6.500% due 12/20/2038 |  | 11 |  | 11 |
|  Ginnie Mae, TBA | Ginnie Mae, TBA | Ginnie Mae, TBA | Ginnie Mae, TBA | Ginnie Mae, TBA |
|  2.500% due 08/01/2055 |  | 95000 |  | 80726 |
|  3.000% due 07/01/2055 - 08/01/2055 |  | 132000 |  | 116755 |
|  3.500% due 07/01/2055 |  | 102800 |  | 93473 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Tennessee Valley Authority | Tennessee Valley Authority | Tennessee Valley Authority |
|  5.250% due 02/01/2055 | 10000 | 9776 |
|  Tennessee Valley Authority STRIPS | Tennessee Valley Authority STRIPS | Tennessee Valley Authority STRIPS |
|  0.000% due 06/15/2038 (e) | 2500 | 1322 |
|  Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security |
|  3.500% due 06/01/2045 - 07/01/2049 | 32081 | 29724 |
|  4.000% due 10/01/2025 - 09/01/2052 | 77524 | 72433 |
|  4.500% due 06/01/2039 - 10/01/2053 | 231395 | 221908 |
|  5.000% due 09/01/2052 - 10/01/2053 | 329214 | 324003 |
|  5.500% due 07/01/2053 - 02/01/2055 | 509338 | 509936 |
|  6.000% due 11/01/2053 - 04/01/2055 | 768519 | 785170 |
|  6.500% due 10/01/2053 - 02/01/2054 | 78021 | 80866 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  3.000% due 07/01/2055 - 08/01/2055 | 366066 | 316770 |
|  4.000% due 07/01/2055 - 08/01/2055 | 185000 | 172010 |
|  4.500% due 08/01/2055 | 218700 | 209118 |
|  5.000% due 08/01/2055 | 133800 | 131058 |
|  6.500% due 08/01/2055 | 16300 | 16807 |
|  Total U.S. Government Agencies<br>(Cost $3,189,131) | Total U.S. Government Agencies<br>(Cost $3,189,131) | 3228167 |
| U.S. TREASURY OBLIGATIONS 14.2% | U.S. TREASURY OBLIGATIONS 14.2% | U.S. TREASURY OBLIGATIONS 14.2% |
|  U.S. Treasury Bonds |  |  |
|  2.375% due 02/15/2042 (n)(p) | 150000 | 109172 |
|  3.125% due 08/15/2044 (l) | 206100 | 162569 |
|  3.875% due 02/15/2043 (l)(n) | 318300 | 285028 |
|  U.S. Treasury Inflation Protected Securities (f) | U.S. Treasury Inflation Protected Securities (f) | U.S. Treasury Inflation Protected Securities (f) |
|  0.125% due 10/15/2025 (n) | 7665 | 7638 |
|  1.750% due 01/15/2034 (n) | 157777 | 156482 |
|  2.125% due 01/15/2035 (l) | 82735 | 84136 |
|  Total U.S. Treasury Obligations<br>(Cost $781,472) | Total U.S. Treasury Obligations<br>(Cost $781,472) | 805025 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 5.8% | NON-AGENCY MORTGAGE-BACKED SECURITIES 5.8% | NON-AGENCY MORTGAGE-BACKED SECURITIES 5.8% |
|  AG Trust | AG Trust | AG Trust |
|  6.327% due 07/15/2041 •  | 3279 | 3289 |
|  Ajax Mortgage Loan Trust | Ajax Mortgage Loan Trust | Ajax Mortgage Loan Trust |
|  1.698% due 05/25/2059 | 751 | 706 |
|  American Home Mortgage Investment Trust | American Home Mortgage Investment Trust | American Home Mortgage Investment Trust |
|  4.794% due 12/25/2046 •  | 2758 | 2320 |
|  BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust |
|  2.847% due 04/20/2042 | 12600 | 9979 |
|  3.109% due 04/25/2050 « | 28821 | 27744 |
|  3.109% due 08/25/2052 « | 10000 | 8726 |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  4.746% due 08/27/2036 ~ | 5494 | 5284 |
|  BANK |  |  |
|  5.561% due 05/15/2068 ~ | 2200 | 2312 |
|  BANK5 |  |  |
|  5.769% due 06/15/2057 | 2200 | 2288 |
|  5.788% due 06/15/2057 | 4300 | 4469 |
|  Barclays Commercial Mortgage Securities Trust | Barclays Commercial Mortgage Securities Trust | Barclays Commercial Mortgage Securities Trust |
|  4.314% due 12/15/2051 | 1000 | 983 |
|  BCAP LLC Trust |  |  |
|  4.734% due 05/25/2047 •  | 1339 | 1217 |
|  Bear Stearns ALT-A Trust |  |  |
|  5.074% due 04/25/2034 •  | 6 | 6 |
|  Benchmark Mortgage Trust | Benchmark Mortgage Trust | Benchmark Mortgage Trust |
|  6.841% due 11/15/2056 ~ | 6700 | 7132 |
|  BMO Mortgage Trust | BMO Mortgage Trust | BMO Mortgage Trust |
|  5.462% due 02/15/2057 | 2000 | 2052 |
|  5.625% due 12/15/2057 ~ | 3400 | 3531 |
|  5.857% due 02/15/2057 | 2000 | 2087 |
|  BWAY Mortgage Trust | BWAY Mortgage Trust | BWAY Mortgage Trust |
|  5.676% due 09/15/2036 •  | 5000 | 4827 |
|  BX Commercial Mortgage Trust | BX Commercial Mortgage Trust | BX Commercial Mortgage Trust |
|  5.156% due 10/15/2036 •  | 655 | 655 |
|  5.325% due 02/15/2039 •  | 4185 | 4185 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **53** |

---

------

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

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust |
|  3.250% due 03/25/2063 ~ | 3622 | 3264 |
|  3.250% due 09/25/2063 ~ | 2645 | 2372 |
|  5.605% due 06/25/2055 •  | 4101 | 4113 |
|  Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust |
|  6.000% due 05/25/2036 | 3456 | 1418 |
|  ChaseFlex Trust | ChaseFlex Trust | ChaseFlex Trust |
|  6.500% due 02/25/2037 | 3795 | 1281 |
|  CIM Trust | CIM Trust | CIM Trust |
|  5.500% due 08/25/2064 ~ | 10623 | 10726 |
|  Citigroup Commercial Mortgage Trust | Citigroup Commercial Mortgage Trust | Citigroup Commercial Mortgage Trust |
|  3.778% due 09/10/2058 | 7065 | 7042 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  4.754% due 09/25/2036 •  | 360 | 341 |
|  5.234% due 08/25/2035 •  | 113 | 110 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  5.500% due 08/25/2034 | 899 | 909 |
|  COLT Mortgage Loan Trust | COLT Mortgage Loan Trust | COLT Mortgage Loan Trust |
|  6.467% due 08/25/2067 þ | 1378 | 1384 |
|  COMM Mortgage Trust | COMM Mortgage Trust | COMM Mortgage Trust |
|  3.140% due 10/10/2036 | 2340 | 2176 |
|  5.726% due 12/15/2038 •  | 5261 | 5197 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.684% due 06/25/2037 •  | 468 | 392 |
|  4.794% due 05/25/2047 •  | 129 | 119 |
|  5.072% due 12/20/2035 •  | 2568 | 2427 |
|  5.500% due 07/25/2035 | 960 | 678 |
|  5.500% due 08/25/2035 | 259 | 223 |
|  5.500% due 12/25/2035 | 612 | 421 |
|  5.500% due 02/25/2036 | 1188 | 951 |
|  5.750% due 05/25/2036 | 355 | 134 |
|  6.000% due 04/25/2037 | 2464 | 2071 |
|  6.250% due 08/25/2036 | 302 | 160 |
|  Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust |
|  4.607% due 11/25/2037 ~ | 1896 | 1813 |
|  4.720% due 02/20/2036 ~ | 395 | 347 |
|  4.964% due 03/20/2036 ~ | 426 | 397 |
|  4.974% due 03/25/2035 •  | 46 | 43 |
|  Countrywide Home Loan Reperforming REMIC Trust | Countrywide Home Loan Reperforming REMIC Trust | Countrywide Home Loan Reperforming REMIC Trust |
|  4.774% due 01/25/2036 •  | 729 | 689 |
|  Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. |
|  5.089% due 11/25/2031 •  | 24 | 14 |
|  5.387% due 11/25/2034 ~ | 15 | 14 |
|  Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust |
|  3.784% due 02/25/2061 ~ | 1440 | 1427 |
|  3.962% due 09/25/2057 ~ | 1000 | 945 |
|  4.118% due 12/27/2060 ~ | 1752 | 1747 |
|  4.197% due 07/27/2061 ~ | 2565 | 2544 |
|  5.500% due 03/25/2037 | 669 | 299 |
|  5.826% due 07/15/2038 •  | 1000 | 902 |
|  6.000% due 07/25/2037 | 311 | 270 |
|  6.421% due 10/25/2037 ~ | 2739 | 1591 |
|  Deutsche Alt-A Securities Mortgage Loan Trust | Deutsche Alt-A Securities Mortgage Loan Trust | Deutsche Alt-A Securities Mortgage Loan Trust |
|  4.914% due 01/25/2047 •  | 3300 | 2884 |
|  Deutsche Alt-B Securities Mortgage Loan Trust | Deutsche Alt-B Securities Mortgage Loan Trust | Deutsche Alt-B Securities Mortgage Loan Trust |
|  5.431% due 02/25/2036 ~ | 106 | 97 |
|  5.665% due 02/25/2036 ~ | 982 | 899 |
|  EQUS Mortgage Trust | EQUS Mortgage Trust | EQUS Mortgage Trust |
|  5.331% due 10/15/2038 •  | 4699 | 4700 |
|  GS Mortgage Securities Corp. Trust | GS Mortgage Securities Corp. Trust | GS Mortgage Securities Corp. Trust |
|  5.559% due 07/15/2035 •  | 1298 | 870 |
|  GSMPS Mortgage Loan Trust | GSMPS Mortgage Loan Trust | GSMPS Mortgage Loan Trust |
|  4.784% due 01/25/2036 •  | 1606 | 1300 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  4.429% due 11/25/2035 ~ | 5 | 4 |
|  4.729% due 01/25/2036 ~ | 791 | 741 |
|  6.000% due 03/25/2036 | 4030 | 1336 |
|  6.500% due 05/25/2036 | 543 | 206 |
|  7.323% due 09/25/2034 ~ | 88 | 89 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  4.812% due 01/19/2038 •  | 2469 | 2168 |
|  4.842% due 12/19/2036 •  | 2009 | 1577 |
|  4.972% due 03/19/2035 •  | 695 | 706 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  4.004% due 09/25/2036 ~ | 1382 | 886 |
|  JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust |
|  5.593% due 12/25/2035 ~ | 398 | 276 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  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 | 2041 |
|  2.812% due 01/16/2037 | 100 | 90 |
|  3.648% due 12/15/2049 ~ | 3700 | 3642 |
|  5.158% due 04/15/2037 •  | 1953 | 1932 |
|  5.505% due 07/05/2033 •  | 1777 | 1733 |
|  7.235% due 10/05/2040 | 2000 | 2129 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  4.625% due 07/25/2063 ~ | 4713 | 4592 |
|  5.308% due 02/25/2036 ~ | 579 | 405 |
|  5.479% due 07/25/2035 ~ | 9 | 9 |
|  6.000% due 08/25/2037 | 768 | 334 |
|  6.500% due 01/25/2036 | 4906 | 2495 |
|  Key Commercial Mortgage Securities Trust | Key Commercial Mortgage Securities Trust | Key Commercial Mortgage Securities Trust |
|  2.233% due 09/16/2052 | 10000 | 8952 |
|  Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust |
|  5.250% due 07/25/2067 | 1629 | 1627 |
|  5.750% due 07/25/2061 | 1002 | 999 |
|  5.892% due 10/25/2066 | 1340 | 1341 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.794% due 12/25/2036 •  | 1860 | 1805 |
|  4.814% due 11/25/2046 •  | 2285 | 2014 |
|  5.399% due 11/25/2035 •  | 3 | 3 |
|  Lux Trust | Lux Trust | Lux Trust |
|  7.002% due 08/15/2040 •  | 3200 | 3227 |
|  MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust |
|  3.499% due 04/25/2034 ~ | 140 | 122 |
|  6.559% due 12/25/2035 •  | 2482 | 2430 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.994% due 07/25/2029 •  | 28 | 28 |
|  5.364% due 05/25/2029 ~ | 7 | 6 |
|  MFA Trust | MFA Trust | MFA Trust |
|  1.014% due 01/26/2065 ~ | 1071 | 1009 |
|  1.324% due 01/26/2065 ~ | 292 | 276 |
|  1.381% due 04/25/2065 ~ | 1390 | 1350 |
|  1.632% due 01/26/2065 ~ | 561 | 532 |
|  1.638% due 04/25/2065 ~ | 575 | 557 |
|  6.775% due 10/25/2058 þ | 1004 | 1015 |
|  MHC Commercial Mortgage Trust | MHC Commercial Mortgage Trust | MHC Commercial Mortgage Trust |
|  5.227% due 04/15/2038 •  | 725 | 725 |
|  Mill City Mortgage Loan Trust | Mill City Mortgage Loan Trust | Mill City Mortgage Loan Trust |
|  2.750% due 07/25/2059 ~ | 1438 | 1402 |
|  2.750% due 08/25/2059 ~ | 439 | 425 |
|  MKT Mortgage Trust | MKT Mortgage Trust | MKT Mortgage Trust |
|  2.694% due 02/12/2040 | 5000 | 4423 |
|  Morgan Stanley Capital Trust | Morgan Stanley Capital Trust | Morgan Stanley Capital Trust |
|  3.912% due 09/09/2032 | 2100 | 1865 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  6.075% due 06/25/2036 ~ | 1865 | 1827 |
|  Natixis Commercial Mortgage Securities Trust | Natixis Commercial Mortgage Securities Trust | Natixis Commercial Mortgage Securities Trust |
|  3.858% due 04/10/2037 | 3260 | 2860 |
|  5.526% due 08/15/2038 •  | 900 | 870 |
|  New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust |
|  6.864% due 10/25/2063 | 6001 | 6065 |
|  New York Mortgage Trust Loan Trust | New York Mortgage Trust Loan Trust | New York Mortgage Trust Loan Trust |
|  4.670% due 08/25/2061 þ | 2591 | 2574 |
|  NLT Trust | NLT Trust | NLT Trust |
|  3.200% due 10/25/2062 ~ | 2775 | 2535 |
|  Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust |
|  4.934% due 06/25/2037 •  | 4672 | 3899 |
|  Nomura Resecuritization Trust | Nomura Resecuritization Trust | Nomura Resecuritization Trust |
|  6.500% due 10/26/2037 | 1780 | 735 |
|  OBX Trust | OBX Trust | OBX Trust |
|  6.120% due 11/25/2062 ~ | 4368 | 4366 |
|  6.129% due 12/25/2063 þ | 5067 | 5110 |
|  6.567% due 06/25/2063 þ | 2495 | 2515 |
|  7.159% due 10/25/2063 þ | 2576 | 2621 |
|  One New York Plaza Trust | One New York Plaza Trust | One New York Plaza Trust |
|  5.376% due 01/15/2036 •  | 6100 | 5934 |
|  OPEN Trust | OPEN Trust | OPEN Trust |
|  7.401% due 11/15/2040 •  | 2059 | 2064 |
|  RBSGC Mortgage Loan Trust | RBSGC Mortgage Loan Trust | RBSGC Mortgage Loan Trust |
|  4.814% due 12/25/2034 •  | 1096 | 1002 |
|  RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust |
|  5.582% due 12/25/2044 þ | 3225 | 3241 |
|  Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust |
|  6.000% due 06/25/2036 | 1093 | 896 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.000% due 12/25/2036 | $— | 882 | 738 |
|  6.500% due 07/25/2037 |  | 1821 | 1504 |
|  Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust |
|  4.984% due 08/25/2033 •  |  | 17 | 16 |
|  5.500% due 08/25/2034 |  | 1078 | 1043 |
|  Residential Funding Mortgage Securities, Inc. Trust | Residential Funding Mortgage Securities, Inc. Trust | Residential Funding Mortgage Securities, Inc. Trust | Residential Funding Mortgage Securities, Inc. Trust |
|  6.000% due 06/25/2036 |  | 381 | 326 |
|  Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust |
|  5.132% due 07/20/2033 •  |  | 9 | 9 |
|  5.190% due 02/20/2035 •  |  | 239 | 229 |
|  SMRT Commercial Mortgage Trust |  |  |  |
|  5.312% due 01/15/2039 •  |  | 2350 | 2342 |
|  Starwood Mortgage Residential Trust | Starwood Mortgage Residential Trust | Starwood Mortgage Residential Trust | Starwood Mortgage Residential Trust |
|  0.943% due 05/25/2065 ~ |  | 594 | 557 |
|  1.439% due 11/25/2055 ~ |  | 293 | 278 |
|  1.593% due 11/25/2055 ~ |  | 379 | 360 |
|  Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust |
|  5.522% due 10/25/2046 •  |  | 651 | 619 |
|  5.999% due 06/25/2037 •  |  | 148 | 127 |
|  Towd Point Mortgage Trust |  |  |  |
|  3.250% due 07/25/2058 ~ |  | 1856 | 1836 |
|  4.518% due 10/25/2064 ~ |  | 4520 | 4516 |
|  Verus Securitization Trust |  |  |  |
|  1.824% due 11/25/2066 ~ |  | 2295 | 2100 |
|  6.443% due 08/25/2068 |  | 3054 | 3077 |
|  6.665% due 09/25/2068 þ |  | 4652 | 4709 |
|  6.876% due 11/25/2068 ~ |  | 2262 | 2296 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  3.775% due 01/25/2037 ~ |  | 2076 | 1808 |
|  4.358% due 07/25/2037 ~ |  | 1800 | 1653 |
|  5.899% due 10/25/2046 •  |  | 899 | 843 |
|  Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust |
|  4.114% due 10/25/2036 |  | 7036 | 2384 |
|  4.954% due 12/25/2035 •  |  | 5710 | 5039 |
|  5.369% due 05/25/2046 •  |  | 327 | 286 |
|  Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust |
|  6.551% due 12/28/2037 ~ |  | 1107 | 999 |
|  6.558% due 08/25/2036 ~ |  | 218 | 203 |
|  Worldwide Plaza Trust | Worldwide Plaza Trust | Worldwide Plaza Trust | Worldwide Plaza Trust |
|  3.526% due 11/10/2036 |  | 8900 | 6327 |
|  WSTN Trust |  |  |  |
|  6.518% due 07/05/2037 ~ |  | 3500 | 3553 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $345,266) | Total Non-Agency Mortgage-Backed Securities (Cost $345,266) | Total Non-Agency Mortgage-Backed Securities (Cost $345,266) | 327908 |
| ASSET-BACKED SECURITIES 11.7% | ASSET-BACKED SECURITIES 11.7% | ASSET-BACKED SECURITIES 11.7% | ASSET-BACKED SECURITIES 11.7% |
| AUTOMOBILE ABS OTHER 0.2% | AUTOMOBILE ABS OTHER 0.2% | AUTOMOBILE ABS OTHER 0.2% | AUTOMOBILE ABS OTHER 0.2% |
|  Chesapeake Funding LLC |  |  |  |
|  5.074% due 05/15/2036 •  |  | 3302 | 3301 |
|  GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust |
|  5.770% due 11/15/2028 |  | 3000 | 3030 |
|  Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust |
|  5.980% due 04/16/2029 |  | 1700 | 1730 |
|  6.400% due 03/17/2031 |  | 1700 | 1761 |
|  |  |  | 9822 |
| AUTOMOBILE SEQUENTIAL 0.5% | AUTOMOBILE SEQUENTIAL 0.5% | AUTOMOBILE SEQUENTIAL 0.5% | AUTOMOBILE SEQUENTIAL 0.5% |
|  Avis Budget Rental Car Funding AESOP LLC | 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 | 5066 |
|  6.020% due 02/20/2030 |  | 7500 | 7852 |
|  Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust |
|  5.900% due 08/10/2027 |  | 1223 | 1225 |
|  First Help Financial Trust | First Help Financial Trust | First Help Financial Trust | First Help Financial Trust |
|  6.570% due 06/15/2028 |  | 267 | 269 |
|  Ford Auto Securitization Trust | Ford Auto Securitization Trust | Ford Auto Securitization Trust | Ford Auto Securitization Trust |
|  5.053% due 07/15/2028 |  | 3012 | 2245 |
|  GM Financial Revolving Receivables Trust | GM Financial Revolving Receivables Trust | GM Financial Revolving Receivables Trust | GM Financial Revolving Receivables Trust |
|  5.770% due 08/11/2036 | $— | 3600 | 3771 |
|  LAD Auto Receivables Trust | LAD Auto Receivables Trust | LAD Auto Receivables Trust | LAD Auto Receivables Trust |
|  6.240% due 06/15/2028 |  | 5000 | 5073 |
|  Octane Receivables Trust | Octane Receivables Trust | Octane Receivables Trust | Octane Receivables Trust |
|  6.440% due 03/20/2029 |  | 701 | 707 |
|  Research-Driven Pagaya Motor Trust | Research-Driven Pagaya Motor Trust | Research-Driven Pagaya Motor Trust | Research-Driven Pagaya Motor Trust |
|  7.090% due 06/25/2032 |  | 292 | 294 |

---

---

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

---

------

June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  SCCU Auto Receivables Trust |  |  |
|  5.700% due 10/16/2028 | 1300 | 1313 |
|  5.700% due 08/15/2029 | 600 | 616 |
|  Tricolor Auto Securitization Trust | Tricolor Auto Securitization Trust | Tricolor Auto Securitization Trust |
|  6.610% due 10/15/2027 | 1743 | 1751 |
|  |  | 30182 |
| CMBS OTHER 0.9% |  |  |
|  ACREC Ltd. |  |  |
|  5.579% due 10/16/2036 •  | 802 | 800 |
|  BDS LLC |  |  |
|  5.599% due 10/21/2042 •  | 3200 | 3189 |
|  BSPRT Issuer Ltd. |  |  |
|  5.746% due 12/15/2038 •  | 1595 | 1599 |
|  6.608% due 07/15/2039 •  | 1244 | 1248 |
|  BXMT Ltd. |  |  |
|  6.328% due 11/15/2037 •  | 2579 | 2576 |
|  Greystone Commercial Real Estate LLC | Greystone Commercial Real Estate LLC | Greystone Commercial Real Estate LLC |
|  5.793% due 01/15/2043 •  | 7350 | 7360 |
|  KREF Ltd. | KREF Ltd. | KREF Ltd. |
|  5.768% due 02/17/2039 •  | 1075 | 1078 |
|  LoanCore Issuer Ltd. | LoanCore Issuer Ltd. | LoanCore Issuer Ltd. |
|  5.726% due 11/15/2038 •  | 1387 | 1389 |
|  MF1 LLC | MF1 LLC | MF1 LLC |
|  5.635% due 02/18/2040 •  | 4400 | 4394 |
|  6.055% due 03/19/2039 •  | 2500 | 2511 |
|  MF1 Ltd. | MF1 Ltd. | MF1 Ltd. |
|  5.668% due 02/19/2037 •  | 8447 | 8455 |
|  6.128% due 12/15/2035 •  | 1087 | 1089 |
|  PFP Ltd. | PFP Ltd. | PFP Ltd. |
|  6.144% due 09/17/2039 •  | 5376 | 5395 |
|  Starwood Commercial Mortgage Trust | Starwood Commercial Mortgage Trust | Starwood Commercial Mortgage Trust |
|  5.629% due 04/18/2038 •  | 4648 | 4634 |
|  TPG Real Estate Finance Issuer Ltd. | TPG Real Estate Finance Issuer Ltd. | TPG Real Estate Finance Issuer Ltd. |
|  5.628% due 03/15/2038 •  | 3498 | 3494 |
|  5.964% due 02/15/2039 •  | 4419 | 4428 |
|  |  | 53639 |
| HOME EQUITY OTHER 2.7% |  |  |
|  ABFC Trust | ABFC Trust | ABFC Trust |
|  4.714% due 10/25/2036 •  | 972 | 896 |
|  4.914% due 09/25/2036 •  | 3701 | 3658 |
|  ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust |
|  4.934% due 10/25/2036 •  | 4221 | 1660 |
|  Aegis Asset-Backed Securities Trust | Aegis Asset-Backed Securities Trust | Aegis Asset-Backed Securities Trust |
|  5.154% due 08/25/2035 •  | 58 | 57 |
|  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 |
|  3.031% due 06/25/2033 •  | 3352 | 3174 |
|  Argent Securities Trust | Argent Securities Trust | Argent Securities Trust |
|  4.814% due 03/25/2036 •  | 3112 | 2873 |
|  Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates |
|  4.894% due 01/25/2036 •  | 4446 | 4248 |
|  Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust |
|  5.139% due 11/25/2035 •  | 1174 | 1182 |
|  5.244% due 06/25/2034 •  | 2091 | 2129 |
|  5.259% due 04/25/2034 •  | 600 | 625 |
|  7.651% due 08/15/2032 •  | 245 | 232 |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  4.894% due 11/25/2036 •  | 3200 | 3104 |
|  5.334% due 03/25/2034 •  | 1613 | 1690 |
|  5.409% due 12/25/2034 •  | 1407 | 1438 |
|  5.559% due 03/25/2035 •  | 130 | 130 |
|  Carrington Mortgage Loan Trust | Carrington Mortgage Loan Trust | Carrington Mortgage Loan Trust |
|  4.594% due 10/25/2036 •  | 2196 | 1667 |
|  4.694% due 02/25/2037 •  | 3405 | 3297 |
|  5.484% due 05/25/2035 •  | 2983 | 2894 |
|  CIT Mortgage Loan Trust | CIT Mortgage Loan Trust | CIT Mortgage Loan Trust |
|  6.684% due 10/25/2037 •  | 3576 | 3614 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  4.754% due 09/25/2036 •  | 1030 | 787 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.694% due 03/25/2037 •  | 194 | 175 |
|  5.109% due 10/25/2035 •  | 245 | 241 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.634% due 06/25/2047 •  | 6713 | 5935 |
|  4.714% due 06/25/2035 •  | 2504 | 2278 |
|  4.714% due 05/25/2037 •  | 2284 | 2175 |
|  4.874% due 09/25/2037 •  | 1262 | 1312 |
|  4.894% due 04/25/2047 •  | 6126 | 5522 |
|  EMC Mortgage Loan Trust | EMC Mortgage Loan Trust | EMC Mortgage Loan Trust |
|  5.534% due 08/25/2040 •  | 939 | 945 |
|  Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust |
|  5.304% due 11/25/2034 •  | 4908 | 4421 |
|  5.484% due 11/25/2034 •  | 312 | 294 |
|  GSAA Trust | GSAA Trust | GSAA Trust |
|  4.874% due 03/25/2047 •  | 2690 | 921 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  5.214% due 07/25/2045 •  | 739 | 740 |
|  Home Equity Mortgage Loan Asset-Backed Trust | Home Equity Mortgage Loan Asset-Backed Trust | Home Equity Mortgage Loan Asset-Backed Trust |
|  4.624% due 07/25/2037 •  | 7352 | 2912 |
|  4.674% due 11/25/2036 •  | 6129 | 4983 |
|  JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. |
|  5.019% due 05/25/2035 •  | 883 | 875 |
|  JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust |
|  4.219% due 07/25/2036 •  | 1510 | 1439 |
|  5.004% due 07/25/2036 •  | 1100 | 1085 |
|  Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust |
|  5.484% due 06/25/2035 •  | 3303 | 3241 |
|  5.584% due 09/25/2034 •  | 705 | 711 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  3.967% due 02/25/2037 | 11899 | 1351 |
|  Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust |
|  4.504% due 10/25/2036 •  | 67 | 29 |
|  4.564% due 01/25/2037 •  | 1617 | 745 |
|  4.574% due 05/25/2037 •  | 98 | 88 |
|  4.584% due 10/25/2036 •  | 265 | 137 |
|  4.654% due 11/25/2036 •  | 2634 | 1252 |
|  4.934% due 07/25/2036 •  | 1406 | 514 |
|  4.934% due 08/25/2036 •  | 12463 | 6214 |
|  5.094% due 11/25/2035 •  | 4072 | 3968 |
|  5.214% due 01/25/2035 •  | 68 | 68 |
|  5.349% due 07/25/2034 •  | 526 | 534 |
|  5.684% due 07/25/2037 •  | 6420 | 5710 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  6.465% due 09/25/2046 þ | 2636 | 862 |
|  New Century Home Equity Loan Trust | New Century Home Equity Loan Trust | New Century Home Equity Loan Trust |
|  5.319% due 08/25/2034 •  | 570 | 605 |
|  Nomura Home Equity Loan, Inc. Home Equity Loan Trust | Nomura Home Equity Loan, Inc. Home Equity Loan Trust | Nomura Home Equity Loan, Inc. Home Equity Loan Trust |
|  5.199% due 05/25/2035 •  | 763 | 759 |
|  Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust |
|  4.614% due 04/25/2037 •  | 2090 | 1021 |
|  4.714% due 07/25/2036 •  | 1841 | 1058 |
|  RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust |
|  6.025% due 02/25/2044 ~ | 681 | 686 |
|  6.147% due 06/25/2044 þ | 3550 | 3584 |
|  Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust |
|  5.194% due 11/25/2035 •  | 732 | 667 |
|  5.586% due 11/25/2036 | 662 | 214 |
|  5.608% due 05/25/2036 þ | 13820 | 5997 |
|  5.812% due 11/25/2036 þ | 12195 | 4105 |
|  5.893% due 06/25/2037 | 2722 | 703 |
|  6.115% due 08/25/2036 þ | 8664 | 3253 |
|  6.120% due 11/25/2036 | 1166 | 414 |
|  Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust |
|  4.944% due 03/25/2036 •  | 998 | 982 |
|  Residential Asset Securities Corp. Trust | Residential Asset Securities Corp. Trust | Residential Asset Securities Corp. Trust |
|  4.654% due 02/25/2037 •  | 3553 | 3470 |
|  Saxon Asset Securities Trust | Saxon Asset Securities Trust | Saxon Asset Securities Trust |
|  1.540% due 03/25/2035 •  | 178 | 158 |
|  1.814% due 05/25/2035 •  | 595 | 486 |
|  6.159% due 12/26/2034 •  | 1773 | 1417 |
|  6.184% due 12/25/2037 •  | 425 | 407 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  5.214% due 02/25/2034 •  | 1702 | 1757 |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  4.684% due 07/25/2037 •  | 3128 | 2549 |
|  Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust |
|  4.779% due 07/25/2036 •  | 4353 | 2499 |
|  5.064% due 11/25/2035 •  | 1463 | 1436 |
|  5.139% due 03/25/2034 •  | 1429 | 1483 |
|  5.934% due 11/25/2034 •  | 2075 | 2273 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust |
|  5.304% due 07/25/2035 •  | 32 | 54 |
|  5.469% due 07/25/2035 •  | 2915 | 2973 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  5.348% due 07/25/2065 þ | 3900 | 3900 |
|  6.125% due 02/25/2064 ~ | 682 | 688 |
|  WaMu Asset-Backed Certificates WaMu Trust | WaMu Asset-Backed Certificates WaMu Trust | WaMu Asset-Backed Certificates WaMu Trust |
|  4.659% due 05/25/2037 •  | 1630 | 1530 |
|  Wells Fargo Home Equity Asset-Backed Securities Trust | Wells Fargo Home Equity Asset-Backed Securities Trust | Wells Fargo Home Equity Asset-Backed Securities Trust |
|  5.184% due 12/25/2035 •  | 1522 | 1517 |
|  6.984% due 04/25/2035 •  | 131 | 133 |
|  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 |
|  5.034% due 04/25/2034 •  | 52 | 51 |
|  |  | 153861 |
| HOME EQUITY SEQUENTIAL 0.0% | HOME EQUITY SEQUENTIAL 0.0% | HOME EQUITY SEQUENTIAL 0.0% |
|  ABFC Trust |  |  |
|  4.754% due 01/25/2037 •  | 1688 | 929 |
| WHOLE LOAN COLLATERAL 0.5% |  |  |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  6.664% due 05/25/2036 þ | 3981 | 1438 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  5.334% due 01/25/2036 •  | 1780 | 1765 |
|  First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust |
|  4.654% due 12/25/2037 •  | 1852 | 1784 |
|  4.754% due 10/25/2036 •  | 2945 | 1927 |
|  5.034% due 11/25/2035 •  | 172 | 169 |
|  5.259% due 05/25/2034 •  | 1073 | 1050 |
|  5.619% due 12/25/2034 •  | 1475 | 1489 |
|  5.859% due 10/25/2034 •  | 692 | 695 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  5.184% due 01/25/2034 •  | 715 | 721 |
|  6.309% due 08/25/2034 •  | 4885 | 4248 |
|  Lehman XS Trust |  |  |
|  4.702% due 06/25/2036 þ | 1447 | 1418 |
|  6.260% due 11/25/2035 þ | 2929 | 1276 |
|  PRET LLC |  |  |
|  4.744% due 07/25/2051 þ | 797 | 793 |
|  5.487% due 10/25/2051 ~ | 803 | 803 |
|  Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust |
|  4.514% due 03/25/2032 •  | 779 | 677 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  5.014% due 12/25/2035 •  | 1232 | 1207 |
|  Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust |
|  4.734% due 09/25/2037 •  | 5627 | 3864 |
|  |  | 25324 |
| OTHER ABS 6.9% |  |  |
|  522 Funding CLO Ltd. | 522 Funding CLO Ltd. | 522 Funding CLO Ltd. |
|  5.571% due 10/20/2031 •  | 1423 | 1425 |
|  Aaset Trust |  |  |
|  2.798% due 01/15/2047 | 2029 | 1891 |
|  ACHV ABS Trust |  |  |
|  5.900% due 04/25/2031 | 120 | 121 |
|  ALESCO Preferred Funding Ltd. | ALESCO Preferred Funding Ltd. | ALESCO Preferred Funding Ltd. |
|  5.335% due 09/23/2038 •  | 2090 | 2001 |
|  Anchorage Capital CLO Ltd. |  |  |
|  5.369% due 01/20/2035 •  | 2000 | 1995 |
|  5.969% due 04/20/2037 •  | 9100 | 9120 |
|  Anchorage Credit Funding Ltd. | Anchorage Credit Funding Ltd. | Anchorage Credit Funding Ltd. |
|  2.723% due 04/27/2039 | 2000 | 1904 |
|  2.871% due 01/28/2039 | 2400 | 2277 |
|  2.875% due 07/27/2039 | 2000 | 1879 |
|  3.000% due 01/21/2040 | 2000 | 1864 |
|  3.177% due 10/25/2038 | 2000 | 1918 |
|  3.619% due 04/25/2038 | 2200 | 2165 |
|  3.793% due 10/25/2037 | 910 | 893 |
|  3.900% due 07/28/2037 | 8867 | 8704 |
|  4.430% due 07/25/2037 | 3251 | 3220 |
|  4.620% due 04/25/2037 | 1610 | 1599 |
|  Apex Credit CLO Ltd. | Apex Credit CLO Ltd. | Apex Credit CLO Ltd. |
|  6.069% due 04/20/2036 •  | 4900 | 4915 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **55** |

---

------

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

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Apidos CLO |  |  |
|  5.622% due 07/16/2031 •  | 1513 | 1516 |
|  APL Finance DAC |  |  |
|  7.000% due 07/21/2031 | 2344 | 2366 |
|  Apollo Aviation Securitization Equity Trust | Apollo Aviation Securitization Equity Trust | Apollo Aviation Securitization Equity Trust |
|  5.522% due 02/16/2050 « | 7300 | 7362 |
|  Ares CLO Ltd. | Ares CLO Ltd. | Ares CLO Ltd. |
|  5.433% due 10/28/2034 •  | 4200 | 4205 |
|  5.600% due 04/17/2033 •  | 6700 | 6722 |
|  Ascent Education Funding Trust | Ascent Education Funding Trust | Ascent Education Funding Trust |
|  6.140% due 10/25/2050 | 534 | 546 |
|  Atlantic Avenue Ltd. |  |  |
|  5.529% due 01/20/2035 •  | 5800 | 5798 |
|  Atlas Senior Loan Fund Ltd. |  |  |
|  5.379% due 01/18/2035 •  | 2900 | 2898 |
|  5.717% due 10/24/2031 •  | 1486 | 1488 |
|  Bain Capital Credit CLO Ltd. |  |  |
|  5.269% due 04/23/2035 •  | 8000 | 7976 |
|  5.299% due 10/21/2034 •  | 6550 | 6519 |
|  5.335% due 07/24/2034 •  | 1800 | 1793 |
|  5.469% due 10/20/2034 •  | 7440 | 7458 |
|  5.741% due 07/16/2034 •  | 1000 | 1003 |
|  5.911% due 07/16/2034 •  | 1500 | 1503 |
|  Benefit Street Partners CLO Ltd. |  |  |
|  5.619% due 04/20/2034 •  | 6400 | 6410 |
|  Birch Grove CLO Ltd. |  |  |
|  5.870% due 07/17/2037 •  | 8300 | 8333 |
|  BlueMountain CLO Ltd. |  |  |
|  5.472% due 10/25/2030 •  | 2263 | 2265 |
|  Canyon CLO Ltd. |  |  |
|  5.336% due 07/15/2034 •  | 2000 | 2002 |
|  Capital Automotive Reit |  |  |
|  5.750% due 09/15/2053 | 4694 | 4729 |
|  Capital Street Master Trust |  |  |
|  5.654% due 10/16/2028 •  | 7500 | 7502 |
|  Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. |
|  5.359% due 07/20/2034 •  | 5600 | 5606 |
|  Castlelake Aircraft Securitization Trust | Castlelake Aircraft Securitization Trust | Castlelake Aircraft Securitization Trust |
|  4.125% due 06/15/2043 | 210 | 204 |
|  CBAM Ltd. |  |  |
|  5.561% due 04/17/2031 •  | 1057 | 1059 |
|  Centerbridge Credit Funding Ltd. |  |  |
|  3.164% due 07/25/2039 | 2300 | 2214 |
|  Daimler Trucks Retail Trust |  |  |
|  5.390% due 01/15/2030 | 2500 | 2504 |
|  Diameter Capital CLO Ltd. | Diameter Capital CLO Ltd. | Diameter Capital CLO Ltd. |
|  5.866% due 04/15/2037 •  | 8900 | 8928 |
|  Diameter Credit Funding Ltd. | Diameter Credit Funding Ltd. | Diameter Credit Funding Ltd. |
|  3.940% due 01/25/2038 | 900 | 886 |
|  Diamond Infrastructure Funding LLC | Diamond Infrastructure Funding LLC | Diamond Infrastructure Funding LLC |
|  1.760% due 04/15/2049 | 600 | 571 |
|  Diamond Issuer LLC | Diamond Issuer LLC | Diamond Issuer LLC |
|  2.305% due 11/20/2051 | 1800 | 1699 |
|  Dryden CLO Ltd. | Dryden CLO Ltd. | Dryden CLO Ltd. |
|  5.362% due 08/20/2034 •  | 6200 | 6185 |
|  Dryden Senior Loan Fund | Dryden Senior Loan Fund | Dryden Senior Loan Fund |
|  5.419% due 10/19/2029 •  | 2016 | 2017 |
|  ECMC Group Student Loan Trust | ECMC Group Student Loan Trust | ECMC Group Student Loan Trust |
|  5.420% due 01/27/2070 •  | 2466 | 2480 |
|  Elevation CLO Ltd. | Elevation CLO Ltd. | Elevation CLO Ltd. |
|  5.412% due 07/25/2034 •  | 3500 | 3504 |
|  5.582% due 01/25/2035 •  | 1300 | 1301 |
|  Fortress Credit BSL Ltd. | Fortress Credit BSL Ltd. | Fortress Credit BSL Ltd. |
|  5.369% due 07/23/2032 •  | 2551 | 2554 |
|  GreenSky Home Improvement Trust | GreenSky Home Improvement Trust | GreenSky Home Improvement Trust |
|  5.550% due 06/25/2059 | 500 | 512 |
|  5.870% due 06/25/2059 | 2700 | 2750 |
|  5.880% due 06/25/2059 | 620 | 623 |
|  Greywolf CLO Ltd. | Greywolf CLO Ltd. | Greywolf CLO Ltd. |
|  5.502% due 04/22/2033 •  | 4100 | 4110 |
|  Guggenheim CLO Ltd. | Guggenheim CLO Ltd. | Guggenheim CLO Ltd. |
|  5.406% due 01/15/2035 •  | 3300 | 3294 |
|  Home Partners of America Trust | Home Partners of America Trust | Home Partners of America Trust |
|  2.200% due 01/17/2041 | 1671 | 1543 |
|  Horizon Aircraft Finance Ltd. | Horizon Aircraft Finance Ltd. | Horizon Aircraft Finance Ltd. |
|  3.721% due 07/15/2039 | 1454 | 1406 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  KDAC Aviation Finance Ltd. | KDAC Aviation Finance Ltd. | KDAC Aviation Finance Ltd. |
|  4.212% due 12/15/2042 | 1287 | 1253 |
|  KKR CLO Ltd. | KKR CLO Ltd. | KKR CLO Ltd. |
|  5.468% due 07/15/2030 •  | 1051 | 1051 |
|  5.701% due 07/20/2034 •  | 3520 | 3528 |
|  5.701% due 02/09/2035 •  | 6200 | 6205 |
|  LCM Ltd. | LCM Ltd. | LCM Ltd. |
|  5.336% due 10/15/2034 •  | 2500 | 2494 |
|  Lunar Aircraft Ltd. | Lunar Aircraft Ltd. | Lunar Aircraft Ltd. |
|  3.376% due 02/15/2045 | 1302 | 1270 |
|  Madison Park Funding Ltd. | Madison Park Funding Ltd. | Madison Park Funding Ltd. |
|  5.256% due 10/15/2034 •  | 5650 | 5657 |
|  5.319% due 10/19/2034 •  | 4300 | 4294 |
|  Marble Point CLO Ltd. | Marble Point CLO Ltd. | Marble Point CLO Ltd. |
|  5.469% due 01/20/2032 •  | 408 | 408 |
|  METAL LLC | METAL LLC | METAL LLC |
|  4.581% due 10/15/2042 | 2325 | 1546 |
|  Mountain View CLO Ltd. | Mountain View CLO Ltd. | Mountain View CLO Ltd. |
|  5.415% due 10/15/2034 •  | 5000 | 4996 |
|  Navient Private Education Loan Trust | Navient Private Education Loan Trust | Navient Private Education Loan Trust |
|  5.876% due 07/16/2040 •  | 519 | 522 |
|  Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust |
|  1.310% due 01/15/2069 | 607 | 570 |
|  1.330% due 04/15/2069 | 2204 | 2026 |
|  Navient Student Loan Trust | Navient Student Loan Trust | Navient Student Loan Trust |
|  7.230% due 03/15/2072 | 1600 | 1729 |
|  Nelnet Student Loan Trust | Nelnet Student Loan Trust | Nelnet Student Loan Trust |
|  6.640% due 02/20/2041 | 2693 | 2789 |
|  Neuberger Berman Loan Advisers CLO Ltd. | Neuberger Berman Loan Advisers CLO Ltd. | Neuberger Berman Loan Advisers CLO Ltd. |
|  5.302% due 10/14/2036 •  | 2610 | 2605 |
|  5.330% due 07/17/2036 •  | 2600 | 2598 |
|  Ocean Trails CLO | Ocean Trails CLO | Ocean Trails CLO |
|  5.299% due 07/20/2034 •  | 5200 | 5201 |
|  5.556% due 10/15/2034 •  | 2000 | 2001 |
|  Octagon Investment Partners Ltd. | Octagon Investment Partners Ltd. | Octagon Investment Partners Ltd. |
|  5.419% due 10/20/2030 •  | 1200 | 1201 |
|  OFSI BSL Ltd. | OFSI BSL Ltd. | OFSI BSL Ltd. |
|  5.539% 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 | 10440 |
|  Oportun Issuance Trust | Oportun Issuance Trust | Oportun Issuance Trust |
|  5.860% due 02/09/2032 | 474 | 475 |
|  Pagaya AI Debt Grantor Trust | Pagaya AI Debt Grantor Trust | Pagaya AI Debt Grantor Trust |
|  5.156% due 07/15/2032 | 1000 | 1003 |
|  5.331% due 01/15/2032 | 554 | 556 |
|  5.628% due 07/15/2032 | 6899 | 6939 |
|  5.867% due 07/15/2032 | 6899 | 6939 |
|  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 | 293 | 295 |
|  Pagaya AI Debt Trust | Pagaya AI Debt Trust | Pagaya AI Debt Trust |
|  5.373% due 01/17/2033 | 500 | 501 |
|  6.258% due 10/15/2031 | 1002 | 1009 |
|  6.319% due 08/15/2031 | 421 | 425 |
|  6.660% due 07/15/2031 | 154 | 155 |
|  Palmer Square Loan Funding Ltd. | Palmer Square Loan Funding Ltd. | Palmer Square Loan Funding Ltd. |
|  5.318% due 10/15/2029 •  | 363 | 364 |
|  Parallel Ltd. | Parallel Ltd. | Parallel Ltd. |
|  5.366% due 07/15/2034 •  | 4100 | 4093 |
|  Pikes Peak CLO | Pikes Peak CLO | Pikes Peak CLO |
|  5.489% due 10/11/2034 •  | 6500 | 6506 |
|  PK ALIFT Loan Funding LP | PK ALIFT Loan Funding LP | PK ALIFT Loan Funding LP |
|  5.365% due 11/15/2042 | 5300 | 5325 |
|  Raptor Aircraft Finance LLC | Raptor Aircraft Finance LLC | Raptor Aircraft Finance LLC |
|  4.213% due 08/23/2044 | 1762 | 1597 |
|  Reach ABS Trust | Reach ABS Trust | Reach ABS Trust |
|  5.840% due 07/15/2031 | 1500 | 1518 |
|  5.880% due 07/15/2031 | 644 | 646 |
|  6.300% due 02/18/2031 | 128 | 129 |
|  Romark Credit Funding Ltd. | Romark Credit Funding Ltd. | Romark Credit Funding Ltd. |
|  2.625% due 10/25/2039 | 1000 | 940 |
|  5.539% due 09/15/2042 | 4400 | 4409 |
|  Sandstone Peak Ltd. | Sandstone Peak Ltd. | Sandstone Peak Ltd. |
|  5.536% due 10/15/2034 •  | 6300 | 6304 |
|  Sapphire Aviation Finance Ltd. | Sapphire Aviation Finance Ltd. | Sapphire Aviation Finance Ltd. |
|  4.250% due 03/15/2040 | 62 | 62 |
|  Saranac CLO Ltd. | Saranac CLO Ltd. | Saranac CLO Ltd. |
|  5.724% due 08/13/2031 •  | 2741 | 2738 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Silver Rock CLO Ltd. | Silver Rock CLO Ltd. | Silver Rock CLO Ltd. | Silver Rock CLO Ltd. |
|  5.309% due 01/20/2035 •  | $| 3600 | 3593 |
|  Slam Ltd. | Slam Ltd. | Slam Ltd. | Slam Ltd. |
|  5.335% due 09/15/2049 |  | 2762 | 2761 |
|  SLAM Ltd. | SLAM Ltd. | SLAM Ltd. | SLAM Ltd. |
|  5.807% due 05/15/2050 |  | 5900 | 6014 |
|  SLM Private Credit Student Loan Trust | SLM Private Credit Student Loan Trust | SLM Private Credit Student Loan Trust | SLM Private Credit Student Loan Trust |
|  4.850% due 12/15/2039 •  |  | 1573 | 1535 |
|  4.890% due 12/15/2038 •  |  | 221 | 218 |
|  SLM Private Education Loan Trust | SLM Private Education Loan Trust | SLM Private Education Loan Trust | SLM Private Education Loan Trust |
|  9.176% due 10/15/2041 •  |  | 2351 | 2465 |
|  SLM Student Loan Trust | SLM Student Loan Trust | SLM Student Loan Trust | SLM Student Loan Trust |
|  5.375% due 04/25/2049 |  | 128 | 128 |
|  5.525% due 07/25/2049 |  | 1744 | 1714 |
|  6.325% due 01/27/2026 |  | 593 | 595 |
|  SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
|  5.284% due 09/15/2054 •  |  | 1574 | 1564 |
|  5.380% due 01/15/2053 |  | 482 | 490 |
|  5.654% due 10/16/2056 •  |  | 1070 | 1073 |
|  Sound Point CLO | Sound Point CLO | Sound Point CLO | Sound Point CLO |
|  5.688% due 07/15/2034 •  |  | 5700 | 5707 |
|  Stonepeak ABS | Stonepeak ABS | Stonepeak ABS | Stonepeak ABS |
|  2.301% due 02/28/2033 |  | 345 | 330 |
|  Symphony CLO Ltd. | Symphony CLO Ltd. | Symphony CLO Ltd. | Symphony CLO Ltd. |
|  5.479% due 01/23/2032 •  |  | 798 | 799 |
|  TCW CLO AMR Ltd. | TCW CLO AMR Ltd. | TCW CLO AMR Ltd. | TCW CLO AMR Ltd. |
|  5.624% due 08/16/2034 •  |  | 5600 | 5608 |
|  Tralee CLO Ltd. | Tralee CLO Ltd. | Tralee CLO Ltd. | Tralee CLO Ltd. |
|  5.349% due 10/20/2034 •  |  | 2800 | 2803 |
|  Trinitas CLO Ltd. | Trinitas CLO Ltd. | Trinitas CLO Ltd. | Trinitas CLO Ltd. |
|  5.342% due 01/25/2035 •  |  | 1800 | 1793 |
|  5.379% due 10/20/2033 •  |  | 2900 | 2902 |
|  5.652% due 04/25/2033 •  |  | 6300 | 6309 |
|  Venture CLO Ltd. | Venture CLO Ltd. | Venture CLO Ltd. | Venture CLO Ltd. |
|  5.409% due 10/20/2034 •  |  | 2000 | 1998 |
|  5.521% due 07/20/2030 •  |  | 973 | 974 |
|  5.578% due 09/07/2030 •  |  | 2555 | 2557 |
|  5.578% due 07/15/2031 •  |  | 1975 | 1976 |
|  5.581% due 07/20/2030 •  |  | 905 | 904 |
|  Verizon Master Trust | Verizon Master Trust | Verizon Master Trust | Verizon Master Trust |
|  5.350% due 09/22/2031 |  | 7000 | 7259 |
|  Vertical Bridge Holdings LLC | Vertical Bridge Holdings LLC | Vertical Bridge Holdings LLC | Vertical Bridge Holdings LLC |
|  3.706% due 02/15/2057 |  | 2400 | 2137 |
|  Voya CLO Ltd. | Voya CLO Ltd. | Voya CLO Ltd. | Voya CLO Ltd. |
|  5.329% due 04/20/2034 •  |  | 2700 | 2690 |
|  Voya Ltd. | Voya Ltd. | Voya Ltd. | Voya Ltd. |
|  5.518% due 10/15/2030 •  |  | 695 | 696 |
|  WAVE LLC | WAVE LLC | WAVE LLC | WAVE LLC |
|  3.597% due 09/15/2044 |  | 2567 | 2463 |
|  Whitehorse Ltd. | Whitehorse Ltd. | Whitehorse Ltd. | Whitehorse Ltd. |
|  5.768% due 10/15/2031 •  |  | 1724 | 1726 |
|  Wise CLO Ltd. | Wise CLO Ltd. | Wise CLO Ltd. | Wise CLO Ltd. |
|  6.080% due 04/20/2038 •  |  | 5000 | 5014 |
|  |  |  | 393346 |
|  Total Asset-Backed Securities<br>(Cost $688,737) | Total Asset-Backed Securities<br>(Cost $688,737) | Total Asset-Backed Securities<br>(Cost $688,737) | 667103 |
| SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% |
|  Brazil Government International Bond | Brazil Government International Bond | Brazil Government International Bond | Brazil Government International Bond |
|  6.125% due 03/15/2034 |  | 8500 | 8437 |
|  Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond |
|  6.000% due 05/13/2030 |  | 1600 | 1657 |
|  6.875% due 05/13/2037 |  | 6500 | 6795 |
|  7.375% due 05/13/2055 |  | 4200 | 4346 |
|  Province of Quebec | Province of Quebec | Province of Quebec | Province of Quebec |
|  4.450% due 09/01/2034 | CAD | 7100 | 5488 |
|  Total Sovereign Issues<br>(Cost $25,964) | Total Sovereign Issues<br>(Cost $25,964) | Total Sovereign Issues<br>(Cost $25,964) | 26723 |
|  |  | **SHARES** |  |
| PREFERRED SECURITIES 0.4% | PREFERRED SECURITIES 0.4% | PREFERRED SECURITIES 0.4% | PREFERRED SECURITIES 0.4% |
| BANKING & FINANCE 0.4% | BANKING & FINANCE 0.4% | BANKING & FINANCE 0.4% | BANKING & FINANCE 0.4% |
|  American AgCredit Corp. |  |  |  |
|  5.250% due 06/15/2026 •(g) |  | 4000000 | 3885 |

---

---

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

---

------

June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  Capital Farm Credit ACA |  |  |
|  5.000% due 03/15/2026 •(g) | 3300000 | 3316 |
|  CoBank ACB |  |  |
|  4.250% due 01/01/2027 •(g) | 1700000 | 1643 |
|  7.250% due 07/01/2029 •(g) | 10000000 | 10298 |
|  Farm Credit Bank of Texas |  |  |
|  5.700% due 09/15/2025 •(g) | 4250000 | 4247 |
|  |  | 23389 |
| INDUSTRIALS 0.0% | INDUSTRIALS 0.0% | INDUSTRIALS 0.0% |
|  SVB Financial Trust | SVB Financial Trust | SVB Financial Trust |
|  0.000% due 11/07/2032 (e) | 112000 | 2 |
|  Total Preferred Securities<br>(Cost $26,103) | Total Preferred Securities<br>(Cost $26,103) | 23391 |
| SHORT-TERM INSTRUMENTS 0.3% | SHORT-TERM INSTRUMENTS 0.3% | SHORT-TERM INSTRUMENTS 0.3% |
| 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 |
|  4.380% (j) | 12863447 | 12863 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| U.S. TREASURY BILLS 0.1% | U.S. TREASURY BILLS 0.1% | U.S. TREASURY BILLS 0.1% | U.S. TREASURY BILLS 0.1% | U.S. TREASURY BILLS 0.1% |
|  4.324% due 07/31/2025 - 10/21/2025 (d)(e)(p) | $— | 3018 | $— | 2995 |
| Total Short-Term Instruments<br>(Cost $15,858) | Total Short-Term Instruments<br>(Cost $15,858) | Total Short-Term Instruments<br>(Cost $15,858) |  | 15858 |
|  Total Investments in Securities<br>(Cost $6,505,861) | Total Investments in Securities<br>(Cost $6,505,861) | Total Investments in Securities<br>(Cost $6,505,861) |  | 6543663 |
|  | SHARES | SHARES |  |  |
| INVESTMENTS IN AFFILIATES 4.8% | INVESTMENTS IN AFFILIATES 4.8% | INVESTMENTS IN AFFILIATES 4.8% | INVESTMENTS IN AFFILIATES 4.8% | INVESTMENTS IN AFFILIATES 4.8% |
| MUTUAL FUNDS (h) 4.8% | MUTUAL FUNDS (h) 4.8% | MUTUAL FUNDS (h) 4.8% | MUTUAL FUNDS (h) 4.8% | MUTUAL FUNDS (h) 4.8% |
|  PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund |  | 582979 |  | 55389 |
|  PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund |  | 2030273 |  | 99585 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  PIMCO Preferred And Capital Securities Active Exchange-Traded Fund | 843737 | $— | 43005 |
|  PIMCO Senior Loan Active Exchange-Traded Fund | 1488681 |  | 75912 |
| Total Mutual Funds<br>(Cost $270,532) | Total Mutual Funds<br>(Cost $270,532) |  | 273891 |
| Total Investments in Affiliates<br>(Cost $270,532) | Total Investments in Affiliates<br>(Cost $270,532) |  | 273891 |
| Total Investments 120.2%<br>(Cost $6,776,393) | Total Investments 120.2%<br>(Cost $6,776,393) | $— | 6817554 |
|  Financial Derivative Instruments (m)(o) (0.0)%<br> (Cost or Premiums, net $8,686) | Financial Derivative Instruments (m)(o) (0.0)%<br> (Cost or Premiums, net $8,686) |  | (1789) |
| Other Assets and Liabilities, net (20.2)% | Other Assets and Liabilities, net (20.2)% |  | (1145341) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 5670424 |

---

#### 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.

&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 | 5.960% | 05/01/2032 | 04/15/2025 | $4000 | $4011 | 0.07% |
|  Deloitte LLP | 5.410 | 01/30/2032 | 10/30/2024 | 1200 | 1209 | 0.02 |
|  Deloitte LLP | 5.410 | 01/30/2037 | 10/30/2024 | 500 | 499 | 0.01 |
|  Deloitte LLP | 5.590 | 01/30/2035 | 10/30/2024 | 1100 | 1099 | 0.02 |
|  Deloitte LLP | 5.790 | 01/30/2040 | 10/30/2024 | 900 | 888 | 0.02 |
|  Deloitte LLP | 5.970 | 01/30/2045 | 10/30/2024 | 900 | 868 | 0.01 |
|  Hardwood Funding LLC | 5.160 | 06/07/2032 | 03/11/2025 | 1500 | 1518 | 0.03 |
|  Hardwood Funding LLC | 5.330 | 06/07/2035 | 03/11/2025 | 700 | 709 | 0.01 |
|  Morgan Stanley | 0.000 | 04/02/2032 | 02/11/2020 | 8058 | 6247 | 0.11 |
|  National Football League | 4.780 | 10/05/2030 | 06/27/2025 | 4500 | 4509 | 0.08 |
|  National Football League | 5.250 | 10/05/2034 | 06/27/2025 | 5500 | 5522 | 0.10 |
|  National Football League | 5.420 | 10/05/2037 | 06/27/2025 | 2100 | 2111 | 0.04 |
|  Oncor Electric Delivery Co. LLC | 5.150 | 05/01/2029 | 01/21/2025 | 12000 | 12195 | 0.21 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42958 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41385 | 0.73% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **57** |

---

------

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

#### 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 |
|  DEU | 4.580% | 06/30/2025 | 07/01/2025 | $(11509) | $(11511) |
|  JPS | 4.250 | 06/23/2025 | 08/01/2025 | (6536) | (6543) |
|  | 4.430 | 06/10/2025 | 07/08/2025 | (781) | (783) |
|  | 4.550 | 06/30/2025 | 07/01/2025 | (1091) | (1090) |
|  STR | 4.480 | 07/01/2025 | 07/02/2025 | (151485) | (151485) |
|  | 4.490 | 06/30/2025 | 07/01/2025 | (138418) | (138435) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(309847) |

---

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  U.S. Government Agencies (10.9)% | U.S. Government Agencies (10.9)% | U.S. Government Agencies (10.9)% | U.S. Government Agencies (10.9)% | U.S. Government Agencies (10.9)% | U.S. Government Agencies (10.9)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 6.000% | 08/01/2055 | $598000 | $(607064) | $(607151) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 7.000 | 08/01/2055 | 9900 | (10345) | (10385) |
|  Total Short Sales (10.9)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(617409) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(617536) |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of June 30, 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 |
|  DEU | $0 | $(11511) | $0 | $0 | $(11511) | $11372 | $(139) |
|  JPS | 0 | (8416) | 0 | 0 | (8416) | 8805 | 389 |
|  STR | 0 | (289920) | 0 | 0 | (289920) | 140281 | (149639) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(309847) | $&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 | $(6543) | $0 | $(6543) |
|  U.S. Treasury Obligations | (151036) | (783) | 0 | 0 | (151819) |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(151036) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(783) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6543) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(158362) |
|  Payable for reverse repurchase agreements <sup>(3)</sup> | Payable for reverse repurchase agreements <sup>(3)</sup> | Payable for reverse repurchase agreements <sup>(3)</sup> | Payable for reverse repurchase agreements <sup>(3)</sup> | Payable for reverse repurchase agreements <sup>(3)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(158362) |

---

(l) Securities with an aggregate market value of $160,459 have been pledged as collateral under the terms of the above master agreements as of June 30, 2025.

<sup>(1)</sup> The average amount of borrowings outstanding during the period ended June 30, 2025 was $(80474) at a weighted average interest rate of 4.431%. 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 $(151485) is outstanding at period end. 

---

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

---

------

June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;(m) 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 |  |  |
| **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 September Futures  | 09/2025 | 2909 | $605140 | $2202 | $159 | $0 |
|  U.S. Treasury 5-Year Note September Futures  | 09/2025 | 6379 | 695311 | 7200 | 847 | 0 |
|  U.S. Treasury 10-Year Note September Futures  | 09/2025 | 6064 | 679926 | 11446 | 1895 | 0 |
|  U.S. Treasury Ultra Long-Term Bond September Futures  | 09/2025 | 1036 | 123414 | 4516 | 1392 | 0 |
|  United Kingdom Long Gilt September Futures  | 09/2025 | 311 | 39714 | 804 | 43 | (137) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26168 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4336 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(137) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| 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 Ultra Long-Term Bond September Futures  | 09/2025 | 1569 | $(179283) | $(3870) | $0 | $(760) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22298 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4336 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(897) |

---

#### 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>June 30, 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>June 30, 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 |
|  AES Corp. | 5.000% | Quarterly | 06/20/2026 | 0.317% | $3400 | $335 | $(177) | $158 | $0 | $0 |
|  Boeing Co. | 1.000 | Quarterly | 06/20/2026 | 0.296 | 1500 | 15 | (4) | 11 | 0 | 0 |
|  Boeing Co. | 1.000 | Quarterly | 12/20/2026 | 0.367 | 5300 | 57 | (7) | 50 | 0 | 0 |
|  British Telecommunications PLC | 1.000 | Quarterly | 12/20/2027 | 0.256 | 200 | 3 | 1 | 4 | 0 | 0 |
|  Devon Energy Corp. | 1.000 | Quarterly | 12/20/2026 | 0.402 | $2000 | 20 | (2) | 18 | 0 | (1) |
|  Devon Energy Corp. | 1.000 | Quarterly | 06/20/2027 | 0.455 | 1000 | 8 | 2 | 10 | 0 | 0 |
|  Energy Transfer Operating LP | 1.000 | Quarterly | 12/20/2025 | 0.192 | 1100 | 12 | (7) | 5 | 0 | 0 |
|  Ford Motor Credit Co. LLC | 5.000 | Quarterly | 06/20/2027 | 1.100 | 300 | 33 | (10) | 23 | 0 | 0 |
|  Valeo SA | 1.000 | Quarterly | 06/20/2026 | 0.726 | 1800 | (11) | 17 | 6 | 1 | 0 |
|  Valeo SA | 1.000 | Quarterly | 06/20/2028 | 1.390 | 2500 | (125) | 93 | (32) | 4 | 0 |
|  Verizon Communications, Inc. | 1.000 | Quarterly | 06/20/2026 | 0.277 | $900 | 10 | (3) | 7 | 0 | 0 |
|  Verizon Communications, Inc. | 1.000 | Quarterly | 12/20/2026 | 0.312 | 5600 | 68 | (11) | 57 | 0 | 0 |
|  Verizon Communications, Inc. | 1.000 | Quarterly | 06/20/2028 | 0.416 | 1200 | 16 | 4 | 20 | 0 | 0 |
|  Verizon Communications, Inc. | 1.000 | Quarterly | 12/20/2028 | 0.462 | 300 | 4 | 1 | 5 | 0 | 0 |
|  Williams Cos., Inc. | 1.000 | Quarterly | 12/20/2026 | 0.160 | 2600 | 42 | (10) | 32 | 0 | (1) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(113) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.261% | Annual | 02/28/2029 | $93500 | $0 | $771 | $771 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(103) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.280 | Annual | 02/28/2029 | 93500 | 0 | 702 | 702 | 0 | (104) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.281 | Annual | 02/28/2029 | 120700 | 0 | 905 | 905 | 0 | (134) |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.620 | Annual | 11/30/2029 | 209209 | 522 | (2715) | (2193) | 0 | (309) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.620 | Annual | 02/14/2030 | 133500 | 2110 | (2924) | (814) | 0 | (203) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.264 | Annual | 06/30/2031 | 46800 | 0 | 839 | 839 | 0 | (98) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.266 | Annual | 06/30/2031 | 155700 | 0 | 2770 | 2770 | 0 | (326) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.880 | Annual | 07/10/2034 | 20500 | (62) | (149) | (211) | 0 | (73) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.885 | Annual | 07/12/2034 | 10400 | (35) | (77) | (112) | 0 | (37) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.850 | Annual | 08/05/2034 | 4400 | (17) | (21) | (38) | 0 | (16) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.645 | Annual | 08/07/2034 | 4400 | (15) | 55 | 40 | 0 | (16) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.679 | Annual | 08/13/2034 | 10100 | (37) | 96 | 59 | 0 | (36) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.569 | Annual | 08/14/2034 | 10100 | (33) | 188 | 155 | 0 | (36) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.586 | Annual | 08/19/2034 | 10100 | (35) | 173 | 138 | 0 | (36) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.595 | Annual | 08/19/2034 | 4400 | (16) | 73 | 57 | 0 | (16) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.532 | Annual | 08/20/2034 | 10100 | (36) | 221 | 185 | 0 | (36) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.550 | Annual | 08/21/2034 | 10000 | (36) | 203 | 167 | 0 | (36) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **59** |

---

------

Schedule of Investments PIMCO Active Bond 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/(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 | 3.558% | Annual | 08/21/2034 | $4400 | $(15) | $85 | $70 | $0 | $(16) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.613 | Annual | 08/22/2034 | 4400 | (16) | 65 | 49 | 0 | (16) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.555 | Annual | 08/28/2034 | 4400 | (16) | 86 | 70 | 0 | (16) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.565 | Annual | 08/28/2034 | 4400 | (16) | 82 | 66 | 0 | (16) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.599 | Annual | 08/28/2034 | 4400 | (16) | 70 | 54 | 0 | (16) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.600 | Annual | 08/28/2034 | 10100 | (41) | 163 | 122 | 0 | (36) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.643 | Annual | 08/28/2034 | 4400 | (16) | 53 | 37 | 0 | (16) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.514 | Annual | 09/04/2034 | 4400 | (17) | 101 | 84 | 0 | (16) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.525 | Annual | 09/04/2034 | 4400 | (16) | 95 | 79 | 0 | (16) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.408 | Annual | 09/05/2034 | 5000 | (20) | 161 | 141 | 0 | (18) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.410 | Annual | 09/05/2034 | 4400 | (17) | 140 | 123 | 0 | (16) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.232 | Annual | 09/10/2034 | 2200 | (10) | 105 | 95 | 0 | (8) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.280 | Annual | 09/16/2034 | 10100 | (44) | 437 | 393 | 0 | (36) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.231 | Annual | 09/18/2034 | 4400 | (16) | 205 | 189 | 0 | (15) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.248 | Annual | 09/18/2034 | 4400 | (16) | 199 | 183 | 0 | (15) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.012 | Annual | 02/14/2035 | 72700 | 32 | (1959) | (1927) | 0 | (281) |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.900 | Annual | 02/15/2035 | 102500 | (39) | (2014) | (2053) | 0 | (398) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 02/12/2055 | 39000 | 6328 | 131 | 6459 | 0 | (280) |
|  Receive | CAONREPO | 2.740 | Semi-Annual | 06/01/2034 | 7100 | 0 | 66 | 66 | 0 | (15) |
|  |  |  |  |  |  | $8339 | $(619) | $7720 | $0 | $(2861) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $8826 | $(732) | $8094 | $5 | $(2863) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of June 30, 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;4336 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4341 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(897) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2863) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3760) |

---

(n) Securities with an aggregate market value of $75,908 and cash of $8,836 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 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.

&nbsp;&nbsp;&nbsp;&nbsp;(o) 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 | 07/2025 | 9 | $6 | $0 | $0 |
|  | 07/2025 | $13914 | 21419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183 | 0 |
|  | 07/2025 | 11 | 9 | 0 | 0 |
|  | 07/2025 | 1313 | 2182 | 17 | 0 |
|  | 08/2025 | 21419 | $13922 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(184) |
|  | 08/2025 | 9 | 11 | 0 | 0 |
|  | 08/2025 | 32750 | 4586 | 0 | (6) |

---

---

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

---

------

June 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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** |
|  | 08/2025 | 2182 | $1314 | $0 | $(17) |
|  | 08/2025 | $6 | 9 | 0 | 0 |
|  BOA | 07/2025 | 1501 | $978 | 0 | (10) |
|  | 07/2025 | 44604827 | 32721 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(272) |
|  | 07/2025 | $4912 | 4320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
|  | 07/2025 | 1625 | 26512106 | 10 | 0 |
|  | 07/2025 | 744 | 953 | 5 | 0 |
|  | 08/2025 | 8712 | $1218 | 0 | (4) |
|  | 08/2025 | 951 | 744 | 0 | (5) |
|  | 08/2025 | 580 | 18 | 0 | (2) |
|  BPS | 07/2025 | 9911 | 1816 | 0 | (8) |
|  | 07/2025 | 4235 | 419 | 0 | (2) |
|  | 07/2025 | 7000 | 729 | 0 | (11) |
|  | 07/2025 | 1908 | 58 | 0 | (1) |
|  | 07/2025 | 70457 | 2165 | 0 | (261) |
|  | 07/2025 | $1780 | 9911 | 44 | 0 |
|  | 07/2025 | 3246 | 52959562 | 19 | 0 |
|  | 07/2025 | 20 | 26646 | 0 | 0 |
|  | 07/2025 | 260 | 8516 | 2 | 0 |
|  | 07/2025 | 991 | 29501 | 24 | 0 |
|  | 08/2025 | 28998 | $4060 | 0 | (6) |
|  | 08/2025 | 127500 | 3065 | 0 | (31) |
|  | 08/2025 | 124053 | 3806 | 0 | (507) |
|  | 08/2025 | $2047 | 177924 | 24 | 0 |
|  | 08/2025 | 148 | 4856 | 20 | 0 |
|  BRC | 07/2025 | 385 | $249 | 0 | (5) |
|  | 07/2025 | 4640 | 6313 | 0 | (56) |
|  | 07/2025 | 14269 | 4098 | 0 | (138) |
|  | 07/2025 | 344659 | 252 | 0 | (3) |
|  | 07/2025 | 2528 | 249 | 0 | (2) |
|  | 07/2025 | 6036 | 147 | 0 | (2) |
|  | 07/2025 | $2032 | 6861 | 5 | 0 |
|  | 07/2025 | 15 | 2107 | 0 | 0 |
|  | 07/2025 | 26 | 35656 | 0 | 0 |
|  | 07/2025 | 713 | 2670 | 28 | 0 |
|  | 07/2025 | 2 | 93 | 0 | 0 |
|  | 07/2025 | 2366 | 42760 | 46 | 0 |
|  | 08/2025 | 6314 | 4640 | 56 | 0 |
|  | 08/2025 | 3288 | 137061 | 39 | 0 |
|  CBK | 07/2025 | 174826 | $32036 | 0 | (141) |
|  | 07/2025 | 19 | 13 | 0 | 0 |
|  | 07/2025 | 297 | 340 | 0 | (10) |
|  | 07/2025 | 31695 | 23 | 0 | 0 |
|  | 07/2025 | 4350 | 458 | 0 | (2) |
|  | 07/2025 | 99849 | 3003 | 0 | (72) |
|  | 07/2025 | 91859 | 2822 | 0 | (340) |
|  | 07/2025 | $29898 | 174826 | 2280 | 0 |
|  | 07/2025 | 1034 | 16844215 | 4 | 0 |
|  | 07/2025 | 17205 | 23580225 | 237 | 0 |
|  | 07/2025 | 1580 | 46817 | 32 | 0 |
|  | 08/2025 | 265769 | $8152 | 0 | (1087) |
|  | 08/2025 | $15328 | 1321112 | 59 | (6) |
|  | 09/2025 | 7621 | $397 | 0 | (6) |
|  DUB | 07/2025 | 744 | 479 | 0 | (10) |
|  | 07/2025 | 3522 | 4086 | 0 | (63) |
|  | 07/2025 | 6929 | 1999 | 0 | (58) |
|  | 07/2025 | 313633 | 230 | 0 | (2) |
|  | 07/2025 | 98 | 76 | 0 | (1) |
|  | 07/2025 | $217 | 3530937 | 1 | 0 |
|  | 07/2025 | 909 | 27014 | 21 | 0 |
|  | 08/2025 | 4086 | 3515 | 63 | 0 |
|  | 08/2025 | 7105 | 613059 | 33 | 0 |
|  | 09/2025 | 111 | $6 | 0 | 0 |
|  FAR | 07/2025 | 18789 | 12123 | 0 | (243) |
|  | 07/2025 | 52823 | 9239 | 0 | (483) |
|  | 07/2025 | 6618 | 8037 | 0 | (304) |
|  | 07/2025 | 663920 | 4561 | 0 | (49) |
|  | 07/2025 | 248 | 193 | 0 | (2) |
|  | 07/2025 | $9680 | 52823 | 43 | 0 |
|  | 07/2025 | 8659 | 6932 | 78 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **61** |

---

------

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** |
|  | 07/2025 | $8104 | 1162547 | $0 | $(31) |
|  | 07/2025 | 598 | 763 | 2 | 0 |
|  | 08/2025 | 6903 | $8659 | 0 | (78) |
|  | 08/2025 | 30606 | 4277 | 0 | (15) |
|  | 08/2025 | 879 | 691 | 0 | (2) |
|  | 08/2025 | $3395 | 293618 | 23 | 0 |
|  | 08/2025 | 4561 | 661479 | 49 | 0 |
|  | 09/2025 | 4757 | 92628 | 139 | 0 |
|  GLM | 07/2025 | 131980 | $23940 | 0 | (352) |
|  | 07/2025 | 46408 | 1427 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(171) |
|  | 07/2025 | $24185 | 131980 | 107 | 0 |
|  | 07/2025 | 245 | 3987843 | 1 | 0 |
|  | 07/2025 | 232 | 296 | 1 | 0 |
|  | 08/2025 | 296 | $232 | 0 | (1) |
|  | 09/2025 | $6334 | 35468 | 94 | 0 |
|  | 10/2025 | 17606 | 99274 | 250 | 0 |
|  IND | 07/2025 | 1201 | 11364 | 0 | 0 |
|  | 08/2025 | 11340 | $1201 | 0 | 0 |
|  JPM | 07/2025 | 313 | 382 | 0 | (13) |
|  | 07/2025 | 332962 | 245 | 0 | (2) |
|  | 07/2025 | 2005 | 1196 | 0 | (26) |
|  | 07/2025 | 6571 | 5115 | 0 | (52) |
|  | 07/2025 | 70955 | 2179 | 0 | (264) |
|  | 07/2025 | $1254 | 1718388 | 17 | 0 |
|  | 07/2025 | 7639 | 28690 | 319 | 0 |
|  | 07/2025 | 487 | 624 | 3 | 0 |
|  | 07/2025 | 678 | 12124 | 5 | 0 |
|  | 08/2025 | 31064 | $4345 | 0 | (11) |
|  | 08/2025 | 623 | 487 | 0 | (3) |
|  | 08/2025 | 129870 | 3983 | 0 | (532) |
|  | 08/2025 | $2289 | 198441 | 22 | 0 |
|  MBC | 07/2025 | 42639 | $31044 | 0 | (267) |
|  | 07/2025 | 9 | 11 | 0 | 0 |
|  | 07/2025 | 501 | 574 | 0 | (16) |
|  | 07/2025 | 15784 | 12304 | 0 | (110) |
|  | 07/2025 | 50122 | 1514 | 0 | (29) |
|  | 07/2025 | 72532 | 2226 | 0 | (272) |
|  | 07/2025 | $31044 | 42673 | 293 | 0 |
|  | 07/2025 | 328 | 5339374 | 1 | 0 |
|  | 07/2025 | 355 | 50995 | 0 | (1) |
|  | 07/2025 | 5478 | 20511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212 | 0 |
|  | 07/2025 | 12862 | 16634 | 219 | 0 |
|  | 07/2025 | 72 | 2146 | 2 | 0 |
|  | 08/2025 | 42601 | $31044 | 0 | (294) |
|  | 08/2025 | 10134 | 1413 | 0 | (8) |
|  | 08/2025 | 16596 | 12862 | 0 | (222) |
|  | 08/2025 | 106966 | 3299 | 0 | (420) |
|  MYI | 07/2025 | 223262 | 1532 | 0 | (19) |
|  | 07/2025 | $182 | 26262 | 1 | 0 |
|  | 07/2025 | 958 | 9661 | 1 | 0 |
|  | 08/2025 | 31196 | $4357 | 0 | (17) |
|  | 08/2025 | 9659 | 958 | 0 | (1) |
|  | 08/2025 | $1532 | 222441 | 19 | 0 |
|  NGF | 07/2025 | 2928 | 47729497 | 15 | 0 |
|  SCX | 07/2025 | 105 | $30 | 0 | (1) |
|  | 07/2025 | 2487 | 17 | 0 | 0 |
|  | 07/2025 | 177 | 107 | 0 | (1) |
|  | 07/2025 | 7104 | 244 | 0 | (1) |
|  | 07/2025 | $1138 | 18546188 | 5 | 0 |
|  | 07/2025 | 2569 | 3313 | 37 | 0 |
|  | 07/2025 | 2721 | 80836 | 62 | 0 |
|  | 08/2025 | 53746 | $7524 | 0 | (13) |
|  | 08/2025 | 3305 | 2569 | 0 | (38) |
|  | 08/2025 | 40757 | 1249 | 0 | (168) |
|  | 08/2025 | $2396 | 205698 | 0 | (1) |
|  | 08/2025 | 17 | 2478 | 0 | 0 |
|  SOG | 07/2025 | 368488 | $2553 | 0 | (6) |
|  | 07/2025 | $100 | 1006 | 0 | 0 |
|  | 08/2025 | 1006 | $100 | 0 | 0 |

---

---

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

---

------

June 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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** |
|  | 08/2025 | $14 | 1185 | $0 | $0 |
|  | 08/2025 | 2553 | 367136 | 6 | 0 |
|  SSB | 07/2025 | 6283 | 4640 | 86 | 0 |
|  UAG | 07/2025 | 1049 | $292 | 0 | (19) |
|  | 07/2025 | 267856 | 198 | 0 | (1) |
|  | 07/2025 | 3903 | 384 | 0 | (3) |
|  | 07/2025 | 7959 | 240 | 0 | (5) |
|  | 07/2025 | $118 | 17135 | 1 | 0 |
|  | 07/2025 | 198 | 267986 | 1 | 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;5543 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7898) |

---

#### WRITTEN OPTIONS:

#### CREDIT DEFAULT SWAPTIONS ON CREDIT INDEXES

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Buy/Sell<br>Protection | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
|  GST | Put - OTC CDX.IG-44 5-Year Index | Sell | 0.850% | 07/16/2025 | 20900 | $(29) | $(2) |
|  | Put - OTC CDX.IG-44 5-Year Index | Sell | 0.900 | 07/16/2025 | 20400 | (23) | (1) |
|  JPM | Put - OTC CDX.IG-44 5-Year Index | Sell | 1.000 | 07/16/2025 | 22100 | (23) | (1) |
|  RBC | Put - OTC CDX.IG-44 5-Year Index | Sell | 0.850 | 07/16/2025 | 20900 | (25) | (2) |
|  | Put - OTC CDX.IG-44 5-Year Index | Sell | 0.900 | 07/16/2025 | 22100 | (26) | (1) |
|  Total Written Options | Total Written Options |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(126) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE 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>June 30, 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>June 30, 2025<sup>(3)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| GST | Soft Bank Group,Inc. | 1.000% | Quarterly | 06/20/2026 | 1.490% | $1700 | $(14) | $6 | $0 | $(8) |
|  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;6 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of June 30, 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 | $200 | $0 | $0 | $200 | $(207) | $0 | $0 | $(207) | $(7) | $0 | $(7) |
|  BOA | 192 | 0 | 0 | 192 | (293) | 0 | 0 | (293) | (101) | 0 | (101) |
|  BPS | 133 | 0 | 0 | 133 | (827) | 0 | 0 | (827) | (694) | 646 | (48) |
|  BRC | 174 | 0 | 0 | 174 | (206) | 0 | 0 | (206) | (32) | 96 | 64 |
|  CBK | 2612 | 0 | 0 | 2612 | (1664) | 0 | 0 | (1664) | 948 | (540) | 408 |
|  DUB | 118 | 0 | 0 | 118 | (134) | 0 | 0 | (134) | (16) | 0 | (16) |
|  FAR | 334 | 0 | 0 | 334 | (1207) | 0 | 0 | (1207) | (873) | 703 | (170) |
|  GLM | 453 | 0 | 0 | 453 | (524) | 0 | 0 | (524) | (71) | 0 | (71) |
|  GST | 0 | 0 | 0 | 0 | 0 | (3) | (8) | (11) | (11) | 65 | 54 |
|  JPM | 366 | 0 | 0 | 366 | (903) | (1) | 0 | (904) | (538) | 673 | 135 |
|  MBC | 727 | 0 | 0 | 727 | (1639) | 0 | 0 | (1639) | (912) | 926 | 14 |
|  MYI | 21 | 0 | 0 | 21 | (37) | 0 | 0 | (37) | (16) | 0 | (16) |
|  NGF | 15 | 0 | 0 | 15 | 0 | 0 | 0 | 0 | 15 | 0 | 15 |
|  RBC | 0 | 0 | 0 | 0 | 0 | (3) | 0 | (3) | (3) | 25 | 22 |
|  SCX | 104 | 0 | 0 | 104 | (223) | 0 | 0 | (223) | (119) | 0 | (119) |
|  SOG | 6 | 0 | 0 | 6 | (6) | 0 | 0 | (6) | 0 | 0 | 0 |
|  SSB | 86 | 0 | 0 | 86 | 0 | 0 | 0 | 0 | 86 | 0 | 86 |
|  UAG | 2 | 0 | 0 | 2 | (28) | 0 | 0 | (28) | (26) | 0 | (26) |
|  Total Over the Counter | $5543 | $0 | $0 | $5543 | $(7898) | $(7) | $(8) | $(7913) |  |  |  |

---

(p) Securities with an aggregate market value of $3,133 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of June 30, 2025.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **63** |

---

------

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

<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 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. 

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of June 30, 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 | $4336 | $4336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 5 | 0 | 0 | 0 | 5 |
|  | $0 | $5 | $0 | $0 | $4336 | $4341 |
|  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 | $5543 | $0 | $5543 |
|  | $0 | $5 | $0 | $5543 | $4336 | $9884 |
|  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 | $897 | $897 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 2 | 0 | 0 | 2861 | 2863 |
|  | $0 | $2 | $0 | $0 | $3758 | $3760 |
|  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 | $7898 | $0 | $7898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 7 | 0 | 0 | 0 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 8 | 0 | 0 | 0 | 8 |
|  | $0 | $15 | $0 | $7898 | $0 | $7913 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7898 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3758 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11673 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 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; Written Options  | $0 | $0 | $0 | $0 | $95 | $95 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | (27589) | (27589) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 586 | 0 | 0 | 1560 | 2146 |
|  | $0 | $586 | $0 | $0 | $(25934) | $(25348) |
|  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 | $(409) | $0 | $(409) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | 401 | 401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 88 | 0 | 0 | 1530 | 1618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 5 | 0 | 0 | 0 | 5 |
|  | $0 | $93 | $0 | $(409) | $1931 | $1615 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;679 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(409) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24003) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23733) |

---

64 PIMCO ETF TRUST See Accompanying Notes

------

June 30, 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 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; Written Options  | $0 | $0 | $0 | $0 | $(1) | $(1) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 19913 | 19913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (171) | 0 | 0 | 442 | 271 |
|  | $0 | $(171) | $0 | $0 | $20354 | $20183 |
|  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 | $(2360) | $0 | $(2360) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 119 | 0 | 0 | (210) | (91) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 8 | 0 | 0 | 0 | 8 |
|  | $0 | $127 | $0 | $(2360) | $(210) | $(2443) |
|  | $&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;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2360) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20144 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17740 |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of June 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at<br>06/30/2025** |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $0 | $6161 | $4198 | $10359 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 0 | 944318 | 10801 | 955119 |
| &nbsp;&nbsp; Industrials | 0 | 291158 | 12142 | 303300 |
| &nbsp;&nbsp; Utilities | 0 | 117576 | 12195 | 129771 |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; California | 0 | 14831 | 0 | 14831 |
| &nbsp;&nbsp; Illinois | 0 | 5716 | 0 | 5716 |
| &nbsp;&nbsp; Indiana | 0 | 7691 | 0 | 7691 |
| &nbsp;&nbsp; Minnesota | 0 | 11472 | 0 | 11472 |
| &nbsp;&nbsp; New York | 0 | 4868 | 0 | 4868 |
| &nbsp;&nbsp; Texas | 0 | 3282 | 0 | 3282 |
| &nbsp;&nbsp; West Virginia | 0 | 3079 | 0 | 3079 |
|  U.S. Government Agencies | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3215151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3228167 |
|  U.S. Treasury Obligations | 0 | 805025 | 0 | 805025 |
|  Non-Agency Mortgage-Backed Securities | 0 | 291438 | 36470 | 327908 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile ABS Other | 0 | 9822 | 0 | 9822 |
| &nbsp;&nbsp; Automobile Sequential | 0 | 30182 | 0 | 30182 |
| &nbsp;&nbsp; CMBS Other | 0 | 53639 | 0 | 53639 |
| &nbsp;&nbsp; Home Equity Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149961 | 0 | 153861 |
| &nbsp;&nbsp; Home Equity Sequential | 0 | 929 | 0 | 929 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 25324 | 0 | 25324 |
| &nbsp;&nbsp; Other ABS | 0 | 385984 | 7362 | 393346 |
|  Sovereign Issues | 0 | 26723 | 0 | 26723 |
|  Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| &nbsp;&nbsp; Banking & Finance | 0 | 23389 | 0 | 23389 |
| &nbsp;&nbsp; Industrials | 0 | 2 | 0 | 2 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair**<br> **Value at<br>06/30/2025** |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | $0 | $12863 | $0 | $12863 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 2995 | 0 | 2995 |
|  | $3900 | $6443579 | $96184 | $6543663 |
|  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 | 273891 | 0 | 0 | 273891 |
|  Total Investments | $277791 | $6443579 | $96184 | $6817554 |
|  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 | $(617536) | $0 | $(617536) |
|  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 | 43 | 4298 | 0 | 4341 |
|  Over the counter | 0 | 5543 | 0 | 5543 |
|  | $43 | $9841 | $0 | $9884 |
|  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 | (137) | (3623) | 0 | (3760) |
|  Over the counter | 0 | (7913) | 0 | (7913) |
|  | $(137) | $(11536) | $0 | $(11673) |
|  Total Financial Derivative Instruments | $(94) | $(1695) | $0 | $(1789) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277697 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5824348 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96184 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6198229 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| JUNE 30, 2025 65

------

Schedule of Investments PIMCO Active Bond Exchange-Traded Fund (Cont.) June 30, 2025

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended June 30, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Beginning<br>Balance<br>at 06/30/2024 | 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 06/30/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>06/30/2025 <sup>(1)</sup> |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $13417 | $0 | $(9367) | $3 | $19 | $126 | $0 | $0 | $4198 | $59 |
|  Corporate Bonds & Notes |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Banking & Finance | 268 | 10800 | 0 | 0 | 0 | 30 | 0 | (297) | 10801 | 2 |
| &nbsp;&nbsp; Industrials | 0 | 12100 | 0 | 0 | 0 | 42 | 0 | 0 | 12142 | 41 |
| &nbsp;&nbsp; Utilities | 0 | 12000 | 0 | 0 | 0 | 195 | 0 | 0 | 12195 | 195 |
|  U.S. Government Agencies | 0 | 13016 | 0 | 0 | 0 | 0 | 0 | 0 | 13016 | 0 |
|  Non-Agency Mortgage-Backed Securities | 9958 | 37140 | (1265) | 149 | 64 | 1044 | 0 | (10620) | 36470 | 427 |
|  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 | 0 | 7300 | 0 | 0 | 0 | 62 | 0 | 0 | 7362 | 62 |
| &nbsp;&nbsp; Whole Loan Collateral | 185 | 0 | (26) | 2 | 2 | 6 | 0 | (169) | 0 | 0 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23828 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92356 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10658) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1505 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11086) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96184 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;786 |

---

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 06/30/2025 | **Valuation**<br> **Technique** | **Unobservable**<br> **Inputs** | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| Category and Subcategory | Ending<br>Balance<br>at 06/30/2025 | **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 | $4198 | Indicative Market Quotation | Broker Quote | 94.460 |  |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; Banking & Finance | 10801 | Discounted Cash Flow | Discount Rate | 4.960-6.861 | 5.787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 12142 | Proxy Pricing | Base Price | 100.000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 12195 | Discounted Cash Flow | Discount Rate | 4.670 |  |
|  U.S. Government Agencies | 13016 | Recent Transaction | Purchase Price | 100.125 |  |
|  Non-Agency Mortgage-Backed Securities | 27744 | Discounted Cash Flow | Discount Rate | 5.396 |  |
|  | 8726 | Discounted Cash Flow | Discount Rate | $7.252 |  |
|  Asset-Backed Securities |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other ABS | 7362 | Proxy Pricing | Base Price | 99.996 |  |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96184 |  |  |  |  |

---

<sup>(1)</sup> Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at June 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end.

---

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

---

------

Schedule of Investments PIMCO Enhanced Low Duration Active Exchange-Traded Fund June 30, 2025

#### (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 111.8% | INVESTMENTS IN SECURITIES 111.8% | INVESTMENTS IN SECURITIES 111.8% |
| CORPORATE BONDS & NOTES 23.2% | CORPORATE BONDS & NOTES 23.2% | CORPORATE BONDS & NOTES 23.2% |
| BANKING & FINANCE 14.4% | BANKING & FINANCE 14.4% | BANKING & FINANCE 14.4% |
|  ABN AMRO Bank NV | ABN AMRO Bank NV | ABN AMRO Bank NV |
|  5.387% due 12/03/2028 ~ | 6200 | 6199 |
|  6.575% due 10/13/2026 •  | 2200 | 2212 |
|  American Tower Corp. | American Tower Corp. | American Tower Corp. |
|  5.000% due 01/31/2030 | 1600 | 1632 |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding |
|  5.411% due 08/27/2026 ~ | 1000 | 1004 |
|  5.516% due 03/25/2027 | 2000 | 2034 |
|  5.622% due 03/25/2027 ~ | 4582 | 4618 |
|  Aviation Capital Group LLC | Aviation Capital Group LLC | Aviation Capital Group LLC |
|  1.950% due 01/30/2026 | 1131 | 1113 |
|  4.875% due 10/01/2025 | 1000 | 1000 |
|  Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
|  2.125% due 02/21/2026 | 421 | 413 |
|  5.500% due 01/15/2026 | 8654 | 8668 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  4.827% due 07/22/2026 •  | 5000 | 5000 |
|  Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA |
|  5.440% due 02/16/2028 ~ | 1800 | 1809 |
|  5.482% due 01/23/2027 ~ | 550 | 553 |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  4.375% due 01/12/2026 | 400 | 400 |
|  BPCE SA | BPCE SA | BPCE SA |
|  6.612% due 10/19/2027 •  | 2400 | 2458 |
|  Brighthouse Financial Global Funding | Brighthouse Financial Global Funding | Brighthouse Financial Global Funding |
|  1.550% due 05/24/2026 | 2445 | 2379 |
|  5.550% due 04/09/2027 | 5800 | 5893 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  3.700% due 06/15/2026 | 1600 | 1586 |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  6.119% due 07/14/2026 •  | 9200 | 9204 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  4.134% due 08/04/2025 | 10625 | 10614 |
|  GA Global Funding Trust | GA Global Funding Trust | GA Global Funding Trust |
|  4.400% due 09/23/2027 | 1500 | 1498 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  5.966% (US0003M + 1.380%) due 09/12/2026 ~ | 4850 | 4864 |
|  ING Groep NV | ING Groep NV | ING Groep NV |
|  1.400% due 07/01/2026 •  | 7000 | 7000 |
|  KKR Financial Holdings LLC | KKR Financial Holdings LLC | KKR Financial Holdings LLC |
|  5.400% due 05/23/2033 | 5500 | 5299 |
|  Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC |
|  5.434% due 11/26/2028 ~ | 1711 | 1715 |
|  Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. |
|  5.446% due 05/13/2031 ~ | 8500 | 8505 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  4.679% due 07/17/2026 •  | 5000 | 4999 |
|  NatWest Markets PLC | NatWest Markets PLC | NatWest Markets PLC |
|  5.270% due 05/17/2027 ~ | 4700 | 4722 |
|  Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC |
|  1.850% due 09/16/2026 | 4745 | 4529 |
|  Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. |
|  1.851% due 07/16/2025 | 2350 | 2347 |
|  5.099% due 07/03/2025 | 3692 | 3692 |
|  5.709% due 01/09/2026 | 2300 | 2312 |
|  Pacific Life Global Funding | Pacific Life Global Funding | Pacific Life Global Funding |
|  5.009% due 06/04/2026 ~ | 1496 | 1501 |
|  Santander U.K. PLC | Santander U.K. PLC | Santander U.K. PLC |
|  4.496% due 12/12/2027 | 3800 | 3844 |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  6.373% due 07/15/2026 •  | 1900 | 1902 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  4.540% due 08/15/2026 •  | 4300 | 4299 |
|  5.133% due 01/24/2028 ~ | 2000 | 2002 |
|  |  | 133819 |
| INDUSTRIALS 6.1% | INDUSTRIALS 6.1% | INDUSTRIALS 6.1% |
|  Algonquin Power & Utilities Corp. | Algonquin Power & Utilities Corp. | Algonquin Power & Utilities Corp. |
|  5.365% due 06/15/2026 | 2779 | 2794 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Bayer U.S. Finance LLC | Bayer U.S. Finance LLC | Bayer U.S. Finance LLC |
|  4.250% due 12/15/2025 | 5200 | 5186 |
|  4.375% due 12/15/2028 | 1500 | 1486 |
|  6.125% due 11/21/2026 | 2200 | 2237 |
|  Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. |
|  4.875% due 07/15/2026 | 1731 | 1730 |
|  Boeing Co. | Boeing Co. | Boeing Co. |
|  2.196% due 02/04/2026 | 2400 | 2363 |
|  2.750% due 02/01/2026 | 300 | 297 |
|  6.259% due 05/01/2027 | 600 | 618 |
|  Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. |
|  5.000% due 12/15/2029 | 700 | 707 |
|  Canadian Pacific Railway Co. | Canadian Pacific Railway Co. | Canadian Pacific Railway Co. |
|  3.125% due 06/01/2026 | 700 | 690 |
|  Dell International LLC | Dell International LLC | Dell International LLC |
|  4.900% due 10/01/2026 | 1700 | 1708 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. |
|  5.000% due 03/01/2028 | 600 | 609 |
|  Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. |
|  5.050% due 03/30/2028 | 1700 | 1719 |
|  Illumina, Inc. | Illumina, Inc. | Illumina, Inc. |
|  5.800% due 12/12/2025 | 1700 | 1707 |
|  Marvell Technology, Inc. | Marvell Technology, Inc. | Marvell Technology, Inc. |
|  4.750% due 07/15/2030 | 2500 | 2512 |
|  Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. |
|  3.522% due 09/17/2025 | 750 | 746 |
|  Ooredoo International Finance Ltd. | Ooredoo International Finance Ltd. | Ooredoo International Finance Ltd. |
|  5.000% due 10/19/2025 | 2339 | 2342 |
|  Renesas Electronics Corp. | Renesas Electronics Corp. | Renesas Electronics Corp. |
|  2.170% due 11/25/2026 | 705 | 682 |
|  Rolls-Royce PLC | Rolls-Royce PLC | Rolls-Royce PLC |
|  3.625% due 10/14/2025 | 8842 | 8830 |
|  SK Hynix, Inc. | SK Hynix, Inc. | SK Hynix, Inc. |
|  1.500% due 01/19/2026 | 3100 | 3050 |
|  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 | 2114 |
|  Uber Technologies, Inc. | Uber Technologies, Inc. | Uber Technologies, Inc. |
|  6.250% due 01/15/2028 | 8500 | 8546 |
|  Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC |
|  4.950% due 03/25/2027 | 2500 | 2508 |
|  5.236% due 03/20/2026 ~ | 575 | 575 |
|  5.327% due 09/12/2025 ~ | 800 | 801 |
|  |  | 56557 |
| UTILITIES 2.7% | UTILITIES 2.7% | UTILITIES 2.7% |
|  AES Corp. | AES Corp. | AES Corp. |
|  1.375% due 01/15/2026 | 600 | 589 |
|  Enel Finance International NV | Enel Finance International NV | Enel Finance International NV |
|  5.125% due 06/26/2029 | 1000 | 1019 |
|  7.050% due 10/14/2025 | 2500 | 2515 |
|  Evergy Kansas Central, Inc. | Evergy Kansas Central, Inc. | Evergy Kansas Central, Inc. |
|  4.700% due 03/13/2028 | 2100 | 2125 |
|  FirstEnergy Corp. | FirstEnergy Corp. | FirstEnergy Corp. |
|  3.900% due 07/15/2027 | 901 | 891 |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  3.150% due 01/01/2026 | 2000 | 1981 |
|  5.339% due 09/04/2025 ~ | 7200 | 7200 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  3.650% due 03/01/2028 | 3300 | 3209 |
|  4.400% due 09/06/2026 | 1000 | 999 |
|  4.875% due 02/01/2027 | 300 | 302 |
|  4.900% due 06/01/2026 | 600 | 601 |
|  5.250% due 03/15/2030 | 4000 | 4043 |
|  |  | 25474 |
|  Total Corporate Bonds & Notes<br>(Cost $215,133) | Total Corporate Bonds & Notes<br>(Cost $215,133) | 215850 |
| MUNICIPAL BONDS & NOTES 0.6% | MUNICIPAL BONDS & NOTES 0.6% | MUNICIPAL BONDS & NOTES 0.6% |
| LOUISIANA 0.6% | LOUISIANA 0.6% | LOUISIANA 0.6% |
|  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 |
|  4.888% (US0003M + 0.300%) due 02/15/2036 ~ | 6110 | 5674 |
|  Total Municipal Bonds & Notes<br>(Cost $5,652) | Total Municipal Bonds & Notes<br>(Cost $5,652) | 5674 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| U.S. GOVERNMENT AGENCIES 32.5% | U.S. GOVERNMENT AGENCIES 32.5% | U.S. GOVERNMENT AGENCIES 32.5% | U.S. GOVERNMENT AGENCIES 32.5% | U.S. GOVERNMENT AGENCIES 32.5% |
|  Fannie Mae | Fannie Mae | Fannie Mae | Fannie Mae | Fannie Mae |
|  2.636% due 12/25/2026 ~ | $— | 963 | $— | 939 |
|  2.961% due 02/25/2027 ~ |  | 1929 |  | 1892 |
|  3.162% due 06/25/2027 ~ |  | 645 |  | 632 |
|  4.000% due 06/01/2042 - 03/01/2047 |  | 382 |  | 369 |
|  5.000% due 07/01/2033 - 07/01/2044 |  | 990 |  | 982 |
|  5.150% due 05/01/2035 |  | 33 |  | 33 |
|  5.205% due 09/25/2054 •  |  | 7762 |  | 7737 |
|  5.255% due 03/25/2055 •  |  | 380 |  | 381 |
|  5.305% due 10/25/2054 -<br>05/25/2055 •  |  | 4628 |  | 4639 |
|  5.350% due 02/01/2035 -<br>01/01/2038 |  | 252 |  | 251 |
|  5.355% due 01/25/2055 -<br>05/25/2055 •  |  | 4829 |  | 4827 |
|  5.402% due 07/25/2055 •  |  | 1300 |  | 1300 |
|  5.405% due 06/25/2054 -<br>01/25/2055 •  |  | 7577 |  | 7572 |
|  5.450% due 04/01/2036 |  | 75 |  | 75 |
|  5.455% due 01/25/2055 -<br>03/25/2055 •  |  | 6284 |  | 6284 |
|  5.465% due 03/25/2055 •  |  | 2383 |  | 2384 |
|  5.500% due 12/01/2031 -<br>09/01/2040 |  | 720 |  | 725 |
|  5.505% due 12/25/2053 -<br>01/25/2055 •  |  | 3213 |  | 3221 |
|  5.555% due 02/25/2055 •  |  | 902 |  | 906 |
|  6.000% due 09/01/2028 -<br>04/01/2048 |  | 538 |  | 548 |
|  6.500% due 07/01/2036 -<br>09/01/2048 |  | 249 |  | 255 |
|  Freddie Mac | Freddie Mac | Freddie Mac | Freddie Mac | Freddie Mac |
|  2.000% due 02/01/2028 -<br>04/01/2028 |  | 2 |  | 1 |
|  2.500% due 10/25/2048 |  | 124 |  | 114 |
|  5.000% due 10/01/2033 -<br>02/01/2038 |  | 244 |  | 246 |
|  5.175% due 04/25/2055 •  |  | 5998 |  | 5990 |
|  5.235% due 05/25/2055 •  |  | 5848 |  | 5848 |
|  5.245% due 11/25/2054 •  |  | 11042 |  | 11020 |
|  5.255% due 10/25/2054 -<br>04/25/2055 •  |  | 14358 |  | 14339 |
|  5.285% due 02/25/2055 •  |  | 1116 |  | 1120 |
|  5.305% due 10/25/2052 -<br>06/25/2055 •  |  | 24383 |  | 24357 |
|  5.306% due 06/25/2055 «•  |  | 2000 |  | 2002 |
|  5.400% due 09/01/2037 -<br>11/01/2038 |  | 296 |  | 303 |
|  5.404% due 07/25/2055 •  |  | 2100 |  | 2101 |
|  5.455% due 12/25/2054 -<br>03/25/2055 •  |  | 10718 |  | 10712 |
|  5.500% due 08/01/2033 -<br>06/01/2047 |  | 909 |  | 929 |
|  5.505% due 01/25/2055 -<br>02/25/2055 •  |  | 4021 |  | 4031 |
|  5.550% due 06/01/2037 -<br>07/01/2037 |  | 58 |  | 59 |
|  5.555% due 05/25/2054 •  |  | 2769 |  | 2782 |
|  6.000% due 09/01/2031 -<br>05/01/2033 |  | 18 |  | 17 |
|  6.500% due 11/01/2036 -<br>10/17/2038 |  | 245 |  | 253 |
|  7.000% due 05/01/2029 |  | 9 |  | 9 |
|  Ginnie Mae | Ginnie Mae | Ginnie Mae | Ginnie Mae | Ginnie Mae |
|  2.500% due 10/20/2049 |  | 100 |  | 89 |
|  3.000% due 11/20/2046 |  | 74 |  | 65 |
|  3.500% due 05/20/2042 -<br>11/20/2049 |  | 6931 |  | 6663 |
|  3.700% due 04/15/2042 |  | 95 |  | 90 |
|  3.740% due 03/20/2042 -<br>07/20/2042 |  | 69 |  | 64 |
|  3.750% due 04/15/2042 -<br>03/20/2044 |  | 121 |  | 113 |
|  4.000% due 04/20/2040 -<br>06/20/2043 |  | 503 |  | 470 |
|  4.500% due 08/20/2038 -<br>11/20/2048 |  | 332 |  | 323 |
|  5.052% due 10/20/2072 •  |  | 740 |  | 741 |
|  5.202% due 01/20/2074 -<br>07/20/2074 •  |  | 6509 |  | 6532 |
|  5.204% due 06/20/2055 ~•  |  | 7600 |  | 7605 |
|  5.252% due 01/20/2054 -<br>05/20/2055 •  |  | 1786 |  | 1787 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **67** |

---

------

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

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.282% due 09/20/2073 •  | 7418 | 7493 |
|  5.302% due 05/20/2073 •  | 10626 | 10741 |
|  5.350% due 12/15/2036 -<br>01/15/2038 | 200 | 204 |
|  5.400% due 06/20/2039 | 77 | 78 |
|  5.426% due 08/16/2039 •  | 3 | 3 |
|  5.500% due 03/20/2034 -<br>08/20/2041 | 305 | 306 |
|  6.000% due 09/20/2038 | 26 | 26 |
|  6.500% due 10/15/2027 -<br>07/20/2039 | 28 | 29 |
|  7.000% due 05/15/2026 -<br>06/20/2055 | 5431 | 5520 |
|  Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security |
|  4.750% due 09/01/2034 -<br>04/01/2036 | 277 | 279 |
|  5.340% due 09/01/2029 | 35 | 35 |
|  6.000% due 06/01/2031 | 1 | 1 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  4.000% due 07/01/2055 | 14800 | 13763 |
|  5.000% due 08/01/2055 | 62100 | 60828 |
|  6.000% due 08/01/2055 | 45400 | 46095 |
|  Total U.S. Government Agencies<br>(Cost $300,745) | Total U.S. Government Agencies<br>(Cost $300,745) | 302128 |
| U.S. TREASURY OBLIGATIONS 1.4% | U.S. TREASURY OBLIGATIONS 1.4% | U.S. TREASURY OBLIGATIONS 1.4% |
|  U.S. Treasury Inflation Protected Securities (d) | U.S. Treasury Inflation Protected Securities (d) | U.S. Treasury Inflation Protected Securities (d) |
|  0.125% due 07/15/2026 | 7761 | 7695 |
|  0.125% due 10/15/2026 | 2348 | 2321 |
|  2.125% due 04/15/2029 (g)(i) | 2790 | 2865 |
|  Total U.S. Treasury Obligations<br>(Cost $12,797) | Total U.S. Treasury Obligations<br>(Cost $12,797) | 12881 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 8.1% | NON-AGENCY MORTGAGE-BACKED SECURITIES 8.1% | NON-AGENCY MORTGAGE-BACKED SECURITIES 8.1% |
|  AG Trust | AG Trust | AG Trust |
|  6.327% due 07/15/2041 •  | 1616 | 1621 |
|  Angel Oak Mortgage Trust | Angel Oak Mortgage Trust | Angel Oak Mortgage Trust |
|  1.469% due 06/25/2065 ~ | 320 | 304 |
|  BCP Trust | BCP Trust | BCP Trust |
|  5.225% due 06/15/2038 •  | 5600 | 5052 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  4.754% due 02/25/2034 •  | 463 | 437 |
|  5.467% due 05/25/2035 ~ | 16 | 16 |
|  BWAY Mortgage Trust | BWAY Mortgage Trust | BWAY Mortgage Trust |
|  5.676% due 09/15/2036 •  | 3000 | 2896 |
|  BX Trust | BX Trust | BX Trust |
|  5.126% due 01/15/2034 •  | 1448 | 1448 |
|  Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust |
|  6.792% due 02/25/2037 ~ | 250 | 246 |
|  Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates |
|  4.634% due 01/25/2036 •  | 22 | 21 |
|  4.664% due 10/25/2035 •  | 136 | 131 |
|  4.734% due 08/25/2035 •  | 14 | 13 |
|  Citigroup Commercial Mortgage Trust | Citigroup Commercial Mortgage Trust | Citigroup Commercial Mortgage Trust |
|  5.606% due 10/15/2036 •  | 1950 | 1940 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  5.000% due 05/25/2051 •  | 3380 | 3139 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  5.805% due 06/25/2055 •  | 793 | 795 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.714% due 06/25/2037 •  | 49 | 45 |
|  DROP Mortgage Trust | DROP Mortgage Trust | DROP Mortgage Trust |
|  5.576% due 10/15/2043 •  | 6000 | 5828 |
|  Extended Stay America Trust | Extended Stay America Trust | Extended Stay America Trust |
|  5.506% due 07/15/2038 •  | 4803 | 4808 |
|  First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust |
|  5.909% due 02/25/2035 ~ | 133 | 126 |
|  GCAT Trust | GCAT Trust | GCAT Trust |
|  2.650% due 10/25/2068 ~ | 223 | 217 |
|  2.885% due 12/27/2066 ~ | 1516 | 1417 |
|  GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust |
|  5.000% due 12/25/2051 •  | 2283 | 2120 |
|  5.000% due 02/25/2052 •  | 3694 | 3429 |
|  5.656% due 11/25/2054 •  | 1667 | 1674 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  6.559% due 08/25/2033 •  | 20 | 20 |
|  6.562% due 09/25/2035 ~ | 1 | 1 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Impac CMB Trust | Impac CMB Trust | Impac CMB Trust |
|  5.074% due 03/25/2035 •  | 60 | 58 |
|  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 | 58 | 57 |
|  5.476% due 04/15/2038 •  | 866 | 866 |
|  5.809% due 12/15/2031 •  | 551 | 549 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  5.479% due 07/25/2035 ~ | 137 | 131 |
|  MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust |
|  6.833% due 04/21/2034 ~ | 11 | 11 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.894% due 04/25/2029 •  | 72 | 67 |
|  6.018% due 12/25/2035 ~ | 127 | 125 |
|  MFA Trust | MFA Trust | MFA Trust |
|  6.105% due 12/25/2068 þ | 692 | 696 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  5.514% due 11/25/2035 •  | 755 | 758 |
|  Morgan Stanley Residential Mortgage Loan Trust | Morgan Stanley Residential Mortgage Loan Trust | Morgan Stanley Residential Mortgage Loan Trust |
|  5.000% due 09/25/2051 •  | 741 | 688 |
|  New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust |
|  0.941% due 10/25/2058 ~ | 749 | 714 |
|  2.464% due 01/26/2060 ~ | 4077 | 3853 |
|  3.500% due 12/25/2057 ~ | 795 | 771 |
|  3.500% due 10/25/2059 ~ | 319 | 300 |
|  4.500% due 05/25/2058 ~ | 79 | 77 |
|  NYO Commercial Mortgage Trust | NYO Commercial Mortgage Trust | NYO Commercial Mortgage Trust |
|  5.521% due 11/15/2038 •  | 6000 | 5992 |
|  OBX Trust | OBX Trust | OBX Trust |
|  1.957% due 10/25/2061 ~ | 199 | 169 |
|  6.520% due 07/25/2063 þ | 1743 | 1758 |
|  One New York Plaza Trust | One New York Plaza Trust | One New York Plaza Trust |
|  5.376% due 01/15/2036 •  | 3700 | 3599 |
|  ONE Park Mortgage Trust | ONE Park Mortgage Trust | ONE Park Mortgage Trust |
|  5.126% due 03/15/2036 •  | 3914 | 3845 |
|  PRKCM Trust | PRKCM Trust | PRKCM Trust |
|  6.333% due 03/25/2059 þ | 259 | 262 |
|  PRPM Trust | PRPM Trust | PRPM Trust |
|  6.221% due 11/25/2068 þ | 535 | 538 |
|  Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust |
|  4.832% due 07/20/2036 •  | 374 | 324 |
|  Starwood Mortgage Residential Trust | Starwood Mortgage Residential Trust | Starwood Mortgage Residential Trust |
|  1.486% due 04/25/2065 ~ | 205 | 198 |
|  Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust |
|  5.012% due 07/19/2034 •  | 2 | 2 |
|  5.092% due 09/19/2032 •  | 2 | 2 |
|  Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust |
|  5.642% due 04/25/2045 ~ | 26 | 26 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  2.250% due 11/25/2061 ~ | 562 | 526 |
|  2.250% due 12/25/2061 ~ | 1669 | 1617 |
|  3.750% due 05/25/2058 ~ | 1444 | 1418 |
|  5.434% due 05/25/2058 •  | 507 | 520 |
|  5.434% due 10/25/2059 •  | 337 | 339 |
|  Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust |
|  5.712% due 01/25/2069 þ | 1282 | 1285 |
|  6.259% due 12/25/2068 þ | 3131 | 3161 |
|  6.476% due 06/25/2068 | 1590 | 1601 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  4.059% due 07/25/2037 ~ | 320 | 287 |
|  5.054% due 01/25/2045 •  | 5 | 5 |
|  5.234% due 06/25/2044 •  | 312 | 310 |
|  5.294% due 10/25/2045 •  | 47 | 47 |
|  5.379% due 06/25/2046 •  | 20 | 18 |
|  5.782% due 06/25/2033 ~ | 1 | 1 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $77,253) | Total Non-Agency Mortgage-Backed Securities (Cost $77,253) | 75315 |
| ASSET-BACKED SECURITIES 27.1% | ASSET-BACKED SECURITIES 27.1% | ASSET-BACKED SECURITIES 27.1% |
| AUTOMOBILE ABS OTHER 0.5% | AUTOMOBILE ABS OTHER 0.5% | AUTOMOBILE ABS OTHER 0.5% |
|  Ford Credit Auto Lease Trust | Ford Credit Auto Lease Trust | Ford Credit Auto Lease Trust |
|  4.714% due 08/15/2027 ~ | 5000 | 5003 |
| AUTOMOBILE SEQUENTIAL 9.8% | AUTOMOBILE SEQUENTIAL 9.8% | AUTOMOBILE SEQUENTIAL 9.8% |
|  Ally Auto Receivables Trust | Ally Auto Receivables Trust | Ally Auto Receivables Trust |
|  4.140% due 07/16/2029 | 4000 | 3998 |
|  ARI Fleet Lease Trust | ARI Fleet Lease Trust | ARI Fleet Lease Trust |
|  4.590% due 03/15/2034 | 1100 | 1105 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  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 | 8330 |
|  Bank of America Auto Trust | Bank of America Auto Trust | Bank of America Auto Trust |
|  5.530% due 02/15/2028 | 2802 | 2822 |
|  BofA Auto Trust | BofA Auto Trust | BofA Auto Trust |
|  5.350% due 11/15/2028 | 4500 | 4545 |
|  CarMax Auto Owner Trust | CarMax Auto Owner Trust | CarMax Auto Owner Trust |
|  6.080% due 12/15/2026 | 550 | 551 |
|  Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust |
|  4.260% due 10/10/2029 | 5300 | 5297 |
|  4.550% due 05/10/2030 | 3000 | 3017 |
|  5.380% due 03/12/2029 | 2500 | 2532 |
|  5.820% due 08/10/2028 | 2236 | 2252 |
|  Chase Auto Owner Trust | Chase Auto Owner Trust | Chase Auto Owner Trust |
|  4.180% due 08/27/2029 | 800 | 799 |
|  4.940% due 07/25/2029 | 8400 | 8479 |
|  Citizens Auto Receivables Trust | Citizens Auto Receivables Trust | Citizens Auto Receivables Trust |
|  5.830% due 02/15/2028 | 4757 | 4794 |
|  5.840% due 01/18/2028 | 5722 | 5759 |
|  Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC |
|  4.820% due 02/20/2029 | 3700 | 3757 |
|  5.510% due 01/22/2029 | 2158 | 2165 |
|  5.760% due 10/22/2029 | 2039 | 2048 |
|  Ford Credit Auto Owner Trust | Ford Credit Auto Owner Trust | Ford Credit Auto Owner Trust |
|  4.850% due 08/15/2035 | 6100 | 6193 |
|  GECU Auto Receivables Trust | GECU Auto Receivables Trust | GECU Auto Receivables Trust |
|  5.630% due 08/15/2028 | 2400 | 2414 |
|  GM Financial Automobile Leasing Trust | GM Financial Automobile Leasing Trust | GM Financial Automobile Leasing Trust |
|  5.090% due 03/22/2027 | 2500 | 2508 |
|  Harley-Davidson Motorcycle Trust | Harley-Davidson Motorcycle Trust | Harley-Davidson Motorcycle Trust |
|  4.310% due 07/16/2029 | 4200 | 4209 |
|  Huntington Auto Trust | Huntington Auto Trust | Huntington Auto Trust |
|  5.230% due 01/16/2029 | 3000 | 3028 |
|  LAD Auto Receivables Trust | LAD Auto Receivables Trust | LAD Auto Receivables Trust |
|  5.610% due 08/15/2028 | 2700 | 2721 |
|  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 | 3037 |
|  Tesla Auto Lease Trust | Tesla Auto Lease Trust | Tesla Auto Lease Trust |
|  6.130% due 09/21/2026 | 2044 | 2051 |
|  Toyota Auto Receivables Owner Trust | Toyota Auto Receivables Owner Trust | Toyota Auto Receivables Owner Trust |
|  5.160% due 04/17/2028 | 2922 | 2938 |
|  |  | 91349 |
| CMBS OTHER 1.3% | CMBS OTHER 1.3% | CMBS OTHER 1.3% |
|  AREIT Trust | AREIT Trust | AREIT Trust |
|  6.556% due 06/17/2039 •  | 5942 | 5947 |
|  BXMT Ltd. | BXMT Ltd. | BXMT Ltd. |
|  6.328% due 11/15/2037 •  | 1341 | 1340 |
|  HERA Commercial Mortgage Ltd. | HERA Commercial Mortgage Ltd. | HERA Commercial Mortgage Ltd. |
|  5.479% due 02/18/2038 •  | 510 | 510 |
|  MF1 Ltd. | MF1 Ltd. | MF1 Ltd. |
|  6.128% due 12/15/2035 •  | 294 | 294 |
|  PFP Ltd. | PFP Ltd. | PFP Ltd. |
|  6.586% due 08/19/2035 •  | 3356 | 3361 |
|  Ready Capital Mortgage Financing LLC | Ready Capital Mortgage Financing LLC | Ready Capital Mortgage Financing LLC |
|  6.693% due 10/25/2039 •  | 659 | 659 |
|  |  | 12111 |
| CREDIT CARD BULLET 1.5% | CREDIT CARD BULLET 1.5% | CREDIT CARD BULLET 1.5% |
|  Synchrony Card Funding LLC | Synchrony Card Funding LLC | Synchrony Card Funding LLC |
|  4.780% due 02/15/2031 | 5900 | 5996 |
|  5.540% due 07/15/2029 | 8000 | 8094 |
|  |  | 14090 |
| CREDIT CARD OTHER 1.1% | CREDIT CARD OTHER 1.1% | CREDIT CARD OTHER 1.1% |
|  Trillium Credit Card Trust | Trillium Credit Card Trust | Trillium Credit Card Trust |
|  5.226% due 08/26/2028 •  | 10000 | 10008 |
| HOME EQUITY OTHER 0.6% | HOME EQUITY OTHER 0.6% | HOME EQUITY OTHER 0.6% |
|  Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust |
|  5.244% due 06/25/2034 •  | 56 | 57 |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  5.234% due 10/27/2032 •  | 4 | 4 |
|  5.334% due 08/25/2034 •  | 397 | 393 |

---

---

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

---

------

June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Chase Funding Trust | Chase Funding Trust | Chase Funding Trust |
|  5.034% due 07/25/2033 •  | 143 | 143 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  3.387% due 03/25/2036 •  | 72 | 71 |
|  Finance America Mortgage Loan Trust | Finance America Mortgage Loan Trust | Finance America Mortgage Loan Trust |
|  5.259% due 08/25/2034 •  | 100 | 95 |
|  GSAA Home Equity Trust | GSAA Home Equity Trust | GSAA Home Equity Trust |
|  4.974% due 07/25/2037 •  | 59 | 57 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  4.954% due 06/25/2036 •  | 416 | 405 |
|  Home Equity Asset Trust | Home Equity Asset Trust | Home Equity Asset Trust |
|  5.484% due 11/25/2034 •  | 373 | 372 |
|  New Century Home Equity Loan Trust | New Century Home Equity Loan Trust | New Century Home Equity Loan Trust |
|  5.364% due 11/25/2034 •  | 291 | 295 |
|  NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust |
|  5.094% due 01/25/2036 •  | 17 | 17 |
|  RAAC Trust | RAAC Trust | RAAC Trust |
|  4.984% due 01/25/2046 •  | 208 | 208 |
|  Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust |
|  3.733% due 08/25/2033 •  | 608 | 554 |
|  Residential Asset Securities Corp. Trust | Residential Asset Securities Corp. Trust | Residential Asset Securities Corp. Trust |
|  5.529% due 03/25/2035 •  | 191 | 191 |
|  Saxon Asset Securities Trust | Saxon Asset Securities Trust | Saxon Asset Securities Trust |
|  1.814% due 05/25/2035 •  | 93 | 90 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  5.109% due 01/25/2035 •  | 90 | 82 |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  5.109% due 06/25/2035 •  | 46 | 46 |
|  Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust |
|  4.984% due 09/25/2034 •  | 1424 | 1383 |
|  5.139% due 03/25/2034 •  | 293 | 304 |
|  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 |
|  5.034% due 04/25/2034 •  | 734 | 728 |
|  |  | 5495 |
| 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 |
|  4.754% due 04/25/2036 •  | 834 | 816 |
|  5.184% due 11/25/2034 •  | 53 | 53 |
|  |  | 869 |
| OTHER ABS 12.2% | OTHER ABS 12.2% | OTHER ABS 12.2% |
|  37 Capital CLO Ltd. | 37 Capital CLO Ltd. | 37 Capital CLO Ltd. |
|  5.536% due 10/15/2034 •  | 3400 | 3403 |
|  Anchorage Capital CLO Ltd. | Anchorage Capital CLO Ltd. | Anchorage Capital CLO Ltd. |
|  5.712% due 04/22/2034 •  | 1700 | 1704 |
|  Apidos CLO | Apidos CLO | Apidos CLO |
|  5.581% due 04/20/2034 •  | 650 | 650 |
|  Ascent Education Funding Trust | Ascent Education Funding Trust | Ascent Education Funding Trust |
|  6.140% due 10/25/2050 | 1832 | 1872 |
|  Atlas Senior Loan Fund Ltd. | Atlas Senior Loan Fund Ltd. | Atlas Senior Loan Fund Ltd. |
|  5.329% due 10/20/2034 •  | 1000 | 1000 |
|  Atlas Static Senior Loan Fund Ltd. | Atlas Static Senior Loan Fund Ltd. | Atlas Static Senior Loan Fund Ltd. |
|  6.006% due 07/15/2030 •  | 1107 | 1109 |
|  Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. |
|  5.335% due 07/24/2034 •  | 3300 | 3286 |
|  5.359% due 10/21/2034 •  | 3300 | 3304 |
|  Dell Equipment Finance Trust | Dell Equipment Finance Trust | Dell Equipment Finance Trust |
|  4.751% due 10/22/2025 | 322 | 322 |
|  Dryden CLO Ltd. | Dryden CLO Ltd. | Dryden CLO Ltd. |
|  5.568% due 07/15/2031 •  | 4202 | 4211 |
|  ELFI Graduate Loan Program LLC | ELFI Graduate Loan Program LLC | ELFI Graduate Loan Program LLC |
|  1.530% due 12/26/2046 | 3463 | 3082 |
|  Elmwood CLO Ltd. | Elmwood CLO Ltd. | Elmwood CLO Ltd. |
|  5.463% due 04/22/2035 « | 4500 | 4500 |
|  Greenwood Park CLO Ltd. | Greenwood Park CLO Ltd. | Greenwood Park CLO Ltd. |
|  5.528% due 04/15/2031 •  | 875 | 876 |
|  ICG U.S. CLO Ltd. | ICG U.S. CLO Ltd. | ICG U.S. CLO Ltd. |
|  5.251% due 01/16/2033 •  | 2950 | 2949 |
|  Jamestown CLO Ltd. | Jamestown CLO Ltd. | Jamestown CLO Ltd. |
|  5.402% due 07/25/2034 •  | 500 | 499 |
|  KKR CLO Ltd. | KKR CLO Ltd. | KKR CLO Ltd. |
|  5.468% due 07/15/2030 •  | 252 | 252 |
|  5.471% due 07/18/2030 •  | 84 | 84 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  LCM Ltd. | LCM Ltd. | LCM Ltd. |
|  5.326% due 01/15/2034 •  | 1600 | 1595 |
|  5.611% due 04/20/2031 •  | 591 | 592 |
|  Navient Private Education Loan Trust | Navient Private Education Loan Trust | Navient Private Education Loan Trust |
|  2.460% due 11/15/2068 | 462 | 445 |
|  5.876% due 07/16/2040 •  | 944 | 949 |
|  Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust |
|  0.840% due 05/15/2069 | 786 | 717 |
|  1.170% due 09/16/2069 | 1015 | 946 |
|  1.310% due 01/15/2069 | 362 | 341 |
|  5.426% due 04/15/2069 •  | 1225 | 1219 |
|  Navient Student Loan Trust | Navient Student Loan Trust | Navient Student Loan Trust |
|  6.480% due 03/15/2072 | 4480 | 4593 |
|  Octagon Investment Partners Ltd. | Octagon Investment Partners Ltd. | Octagon Investment Partners Ltd. |
|  5.309% due 01/20/2035 •  | 3400 | 3381 |
|  Palmer Square Loan Funding Ltd. | Palmer Square Loan Funding Ltd. | Palmer Square Loan Funding Ltd. |
|  5.318% due 10/15/2029 •  | 13 | 13 |
|  PFS Financing Corp. | PFS Financing Corp. | PFS Financing Corp. |
|  5.520% due 10/15/2028 | 5000 | 5076 |
|  PK ALIFT Loan Funding LP | PK ALIFT Loan Funding LP | PK ALIFT Loan Funding LP |
|  5.052% due 10/15/2039 | 4749 | 4740 |
|  Post Road Equipment Finance LLC | Post Road Equipment Finance LLC | Post Road Equipment Finance LLC |
|  4.900% due 05/15/2031 | 5000 | 5031 |
|  Recette CLO Ltd. | Recette CLO Ltd. | Recette CLO Ltd. |
|  5.611% due 04/20/2034 •  | 4300 | 4312 |
|  Sandstone Peak Ltd. | Sandstone Peak Ltd. | Sandstone Peak Ltd. |
|  5.536% due 10/15/2034 •  | 3000 | 3002 |
|  Saranac CLO Ltd. | Saranac CLO Ltd. | Saranac CLO Ltd. |
|  5.724% due 08/13/2031 •  | 1677 | 1675 |
|  Sculptor CLO Ltd. | Sculptor CLO Ltd. | Sculptor CLO Ltd. |
|  5.329% due 07/20/2034 •  | 3400 | 3401 |
|  SLM Student Loan Trust | SLM Student Loan Trust | SLM Student Loan Trust |
|  5.375% due 04/25/2049 | 17 | 17 |
|  6.325% due 01/27/2026 | 56 | 57 |
|  SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
|  1.600% due 09/15/2054 | 608 | 572 |
|  2.230% due 09/15/2037 | 938 | 904 |
|  4.480% due 05/16/2050 | 2015 | 2004 |
|  5.026% due 03/17/2053 •  | 282 | 280 |
|  5.090% due 10/16/2056 | 1070 | 1081 |
|  5.284% due 09/15/2054 •  | 2423 | 2412 |
|  5.380% due 07/15/2053 | 2221 | 2268 |
|  5.670% due 11/15/2052 | 3513 | 3609 |
|  SoFi Professional Loan Program Trust | SoFi Professional Loan Program Trust | SoFi Professional Loan Program Trust |
|  1.950% due 02/15/2046 | 380 | 356 |
|  TIAA CLO Ltd. | TIAA CLO Ltd. | TIAA CLO Ltd. |
|  5.409% due 01/20/2032 •  | 1723 | 1725 |
|  Towd Point Asset Trust | Towd Point Asset Trust | Towd Point Asset Trust |
|  5.132% due 11/20/2061 •  | 581 | 579 |
|  Tralee CLO Ltd. | Tralee CLO Ltd. | Tralee CLO Ltd. |
|  5.502% due 10/25/2032 •  | 2472 | 2474 |
|  Venture CLO Ltd. | Venture CLO Ltd. | Venture CLO Ltd. |
|  5.581% due 07/20/2030 •  | 2073 | 2069 |
|  5.664% due 04/20/2032 •  | 757 | 758 |
|  Verdelite Static CLO Ltd. | Verdelite Static CLO Ltd. | Verdelite Static CLO Ltd. |
|  5.399% due 07/20/2032 •  | 3364 | 3359 |
|  Verizon Master Trust | Verizon Master Trust | Verizon Master Trust |
|  4.170% due 08/20/2030 | 4500 | 4510 |
|  Voya CLO Ltd. | Voya CLO Ltd. | Voya CLO Ltd. |
|  5.329% due 04/20/2034 •  | 3300 | 3288 |
|  5.491% due 04/17/2030 •  | 521 | 522 |
|  Voya Ltd. | Voya Ltd. | Voya Ltd. |
|  5.518% due 10/15/2030 •  | 811 | 812 |
|  Wellfleet CLO Ltd. | Wellfleet CLO Ltd. | Wellfleet CLO Ltd. |
|  0.000% due 04/20/2034 •(a) | 4500 | 4500 |
|  |  | 113287 |
|  Total Asset-Backed Securities<br>(Cost $251,401) | Total Asset-Backed Securities<br>(Cost $251,401) | 252212 |
| SOVEREIGN ISSUES 3.1% | SOVEREIGN ISSUES 3.1% | SOVEREIGN ISSUES 3.1% |
|  Cassa Depositi e Prestiti SpA | Cassa Depositi e Prestiti SpA | Cassa Depositi e Prestiti SpA |
|  5.875% due 04/30/2029 | 2800 | 2931 |
|  Israel Government International Bond | Israel Government International Bond | Israel Government International Bond |
|  5.375% due 02/19/2030 | 2000 | 2041 |
|  Kommunalbanken AS | Kommunalbanken AS | Kommunalbanken AS |
|  4.734% due 06/25/2027 ~ | 15000 | 15005 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Republic of Poland Government International Bond | Republic of Poland Government International Bond | Republic of Poland Government International Bond |
|  4.875% due 02/12/2030 | 8500 | 8676 |
|  Total Sovereign Issues<br>(Cost $28,224) | Total Sovereign Issues<br>(Cost $28,224) | 28653 |
| SHORT-TERM INSTRUMENTS 15.8% | SHORT-TERM INSTRUMENTS 15.8% | SHORT-TERM INSTRUMENTS 15.8% |
| COMMERCIAL PAPER 13.4% | COMMERCIAL PAPER 13.4% | COMMERCIAL PAPER 13.4% |
|  AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. |
|  4.640% due 07/08/2025 | 700 | 699 |
|  4.640% due 07/10/2025 | 1100 | 1099 |
|  4.640% due 07/18/2025 | 1810 | 1806 |
|  Air Lease Corp. | Air Lease Corp. | Air Lease Corp. |
|  4.800% due 07/17/2025 | 6700 | 6685 |
|  4.840% due 07/08/2025 | 1000 | 999 |
|  4.840% due 07/15/2025 | 1500 | 1497 |
|  Bacardi-Martini BV | Bacardi-Martini BV | Bacardi-Martini BV |
|  4.900% due 07/03/2025 | 1500 | 1499 |
|  4.950% due 07/03/2025 | 8500 | 8497 |
|  Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
|  4.730% due 07/10/2025 | 600 | 599 |
|  Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. |
|  4.870% due 07/25/2025 (a) | 9500 | 9469 |
|  CBRE Services, Inc. | CBRE Services, Inc. | CBRE Services, Inc. |
|  4.640% due 07/24/2025 | 9200 | 9170 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  5.030% due 07/22/2025 | 9800 | 9770 |
|  CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
|  4.920% due 07/14/2025 | 8200 | 8184 |
|  4.920% due 07/15/2025 | 2000 | 1996 |
|  Enbridge U.S., Inc. | Enbridge U.S., Inc. | Enbridge U.S., Inc. |
|  4.600% due 07/11/2025 | 6500 | 6491 |
|  4.600% due 07/21/2025 | 3600 | 3590 |
|  Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. |
|  5.000% due 07/01/2025 | 10000 | 9999 |
|  Harley-Davidson Financial Services, Inc. | Harley-Davidson Financial Services, Inc. | Harley-Davidson Financial Services, Inc. |
|  5.070% due 08/04/2025 | 6500 | 6470 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. |
|  4.950% due 08/14/2025 | 1300 | 1292 |
|  4.950% due 08/15/2025 | 1200 | 1192 |
|  5.000% due 08/22/2025 | 11800 | 11715 |
|  JABIL, Inc. | JABIL, Inc. | JABIL, Inc. |
|  4.850% due 07/14/2025 | 3300 | 3294 |
|  Jones Lang LaSalle Finance BV | Jones Lang LaSalle Finance BV | Jones Lang LaSalle Finance BV |
|  4.720% due 07/09/2025 | 8500 | 8490 |
|  4.760% due 07/01/2025 | 600 | 600 |
|  NXP BV | NXP BV | NXP BV |
|  4.640% due 09/10/2025 | 9200 | 9115 |
|  |  | 124217 |
| REPURCHASE AGREEMENTS (e) 2.4% | REPURCHASE AGREEMENTS (e) 2.4% | REPURCHASE AGREEMENTS (e) 2.4% |
|  |  | 22300 |
| U.S. TREASURY BILLS 0.0% | U.S. TREASURY BILLS 0.0% | U.S. TREASURY BILLS 0.0% |
|  4.368% due 08/07/2025 (b)(c) | 283 | 282 |
| Total Short-Term Instruments<br>(Cost $146,811) | Total Short-Term Instruments<br>(Cost $146,811) | 146799 |
| Total Investments in Securities<br>(Cost $1,038,016) | Total Investments in Securities<br>(Cost $1,038,016) | 1039512 |
| Total Investments 111.8%<br>(Cost $1,038,016) | Total Investments 111.8%<br>(Cost $1,038,016) | 1039512 |
|  Financial Derivative<br>Instruments (f)(h) (0.0)%<br> (Cost or Premiums, net $(33)) |  | (273) |
| Other Assets and Liabilities, net (11.8)% | Other Assets and Liabilities, net (11.8)% | (109554) |
| Net Assets 100.0% |  | 929685 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| JUNE 30, 2025 69

------

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

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

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

---

| | |
|:---|:---|
| ~ | 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) Zero coupon security.

(c) Coupon represents a yield to maturity.

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

#### 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> |
| BOS | 4.440% | 06/30/2025 | 07/01/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22300 | U.S. Treasury Notes 3.625% due 03/31/2028 | $(22782) | $22300 | $22303 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22782) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22300 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22303 |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of June 30, 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 | $22303 | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22303 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22782) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(479) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22303 | $&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 June 30, 2025 was $(13,752) at a weighted average interest rate of 4.584%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** 

&nbsp;&nbsp;&nbsp;&nbsp;(f) 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 June Futures  | 09/2025 | 912 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218116 | $(72) | $0 | $(20) |
|  3-Month SOFR Active Contract March Futures  | 06/2026 | 2553 | 616550 | 1105 | 208 | 0 |
|  U.S. Treasury 2-Year Note September Futures  | 09/2025 | 381 | 79257 | 313 | 28 | 0 |
|  U.S. Treasury 5-Year Note September Futures  | 09/2025 | 4958 | 540422 | 5448 | 749 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6794 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) |

---

70 PIMCO ETF TRUST See Accompanying Notes

------

June 30, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 September Futures  | 09/2025 | 84 | $(9419) | $(134) | $0 | $(27) |
|  U.S. Treasury 10-Year Ultra Long-Term Bond September Futures  | 09/2025 | 393 | (44906) | (764) | 0 | (187) |
|  U.S. Treasury Ultra Long-Term Bond September Futures  | 09/2025 | 385 | (45863) | (1310) | 0 | (463) |
|  |  |  |  | $(2208) | $0 | $(677) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4586 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(697) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION<sup>(1)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Index/Tranches | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(2)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(3)</sup> | Variation Margin | Variation Margin |
| Index/Tranches | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(2)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(3)</sup> | Asset | Liability |
|  CDX.IG-44 5-Year Index | (1.000)% | Quarterly | 06/20/2030 | $83400 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1103) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(769) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1872) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54) |

---

#### 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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variation Margin | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 | $8 | $186 | $2 | $0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.862 | Annual | 02/28/2029 | 21700 | 0 | (312) | (312) | 0 | (25) |
|  Receive<sup>(4)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.620 | Annual | 11/30/2029 | 383124 | 315 | (4330) | (4015) | 0 | (566) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2030 | 27200 | 301 | (80) | 221 | 0 | (45) |
|  |  |  |  |  |  | $794 | $(4714) | $(3920) | $2 | $(636) |
|  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;(309) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5483) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5792) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(690) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of June 30, 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>(5)</sup> | Variation Margin<br>Liability<sup>(5)</sup> | **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;985 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;987 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(697) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(693) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1390) |

---

(g) Securities with an aggregate market value of $1,467 and cash of $19,951 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

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

<sup>(2)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(3)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(4)</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>(5)</sup> Unsettled variation margin liability of $(3) for closed swap agreements is outstanding at period end. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **71** |

---

------

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

&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 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 | 07/2025 | 49 | $32 | $0 | $0 |
|  | 08/2025 | $32 | 49 | 0 | 0 |
|  FAR | 07/2025 | 48 | $59 | 0 | (2) |
|  | 07/2025 | $32 | 49 | 1 | 0 |
|  | 07/2025 | 60 | 48 | 1 | 0 |
|  | 08/2025 | 48 | $60 | 0 | (1) |
|  MBC | 07/2025 | 145 | 106 | 0 | (1) |
|  | 07/2025 | $106 | 145 | 1 | 0 |
|  | 08/2025 | 145 | $106 | 0 | (1) |
|  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;3 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) |

---

#### 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 |
| MYC Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.600% | 08/12/2025 | 211500 | $168 | $136 |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.600 | 08/12/2025 | 211500 | 169 | 0 |
|  Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136 |

---

#### WRITTEN OPTIONS:

#### CREDIT DEFAULT SWAPTIONS ON CREDIT INDEXES

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Buy/Sell<br>Protection | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| GST | Put - OTC CDX.IG-44 5-Year Index | Sell | 0.900% | 07/16/2025 | 47100 | $(53) | $(3) |
| JPM | Put - OTC CDX.IG-44 5-Year Index | Sell | 1.000 | 07/16/2025 | 3650 | (4) | 0 |
| RBC | Put - OTC CDX.IG-44 5-Year Index | Sell | 0.900 | 07/16/2025 | 3650 | (4) | (1) |
|  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;(61) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of June 30, 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> |
|  FAR | $2 | $0 | $0 | $2 | $(3) | $0 | $0 | $(3) | $(1) | $0 | $(1) |
|  GST | 0 | 0 | 0 | 0 | 0 | (3) | 0 | (3) | (3) | 225 | 222 |
|  MBC | 1 | 0 | 0 | 1 | (2) | 0 | 0 | (2) | (1) | 0 | (1) |
|  MYC | 0 | 136 | 0 | 136 | 0 | 0 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(250) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(114) |
|  RBC | 0 | 0 | 0 | 0 | 0 | (1) | 0 | (1) | (1) | 0 | (1) |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | $&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;139 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) | $&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;(9) |  |  |  |

---

(i) Securities with an aggregate market value of $225 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of June 30, 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. 

---

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

---

------

June 30, 2025

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of June 30, 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 | $985 | $985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 2 | 2 |
|  | $0 | $0 | $0 | $0 | $987 | $987 |
|  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 | $3 | $0 | $3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | 136 | 136 |
|  | $0 | $0 | $0 | $3 | $136 | $139 |
|  | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1123 | $1126 |
|  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 | $697 | $697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 57 | 0 | 0 | 636 | 693 |
|  | $0 | $57 | $0 | $0 | $1333 | $1390 |
|  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 | $5 | $0 | $5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 4 | 0 | 0 | 0 | 4 |
|  | $0 | $4 | $0 | $5 | $0 | $9 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 | $&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;1333 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1399 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 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 | $5219 | $5219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (601) | 0 | 0 | (2235) | (2836) |
|  | $0 | $(601) | $0 | $0 | $2984 | $2383 |
|  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 | $291 | $0 | $291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | (76) | (76) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | (234) | 0 | 0 | 0 | (234) |
|  | $0 | $(234) | $0 | $291 | $(76) | $(19) |
|  | $0 | $(835) | $0 | $291 | $2908 | $2364 |
|  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 | $4586 | $4586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (769) | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4714) | (5483) |
|  | $0 | $(769) | $0 | $0 | $(128) | $(897) |
|  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 | $(68) | $0 | $(68) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | (210) | (210) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 57 | 0 | 0 | 0 | 57 |
|  | $0 | $57 | $0 | $(68) | $(210) | $(221) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(712) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(68) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(338) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1118) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| JUNE 30, 2025 73

------

Schedule of Investments PIMCO Enhanced Low Duration Active Exchange-Traded Fund (Cont.) June 30, 2025

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of June 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at<br>06/30/2025** |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  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 | $133819 | $0 | $133819 |
| &nbsp;&nbsp; Industrials | 0 | 56557 | 0 | 56557 |
| &nbsp;&nbsp; Utilities | 0 | 25474 | 0 | 25474 |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; Louisiana | 0 | 5674 | 0 | 5674 |
|  U.S. Government Agencies | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2002 | 302128 |
|  U.S. Treasury Obligations | 0 | 12881 | 0 | 12881 |
|  Non-Agency Mortgage-Backed Securities | 0 | 75315 | 0 | 75315 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile ABS Other | 0 | 5003 | 0 | 5003 |
| &nbsp;&nbsp; Automobile Sequential | 0 | 91349 | 0 | 91349 |
| &nbsp;&nbsp; CMBS Other | 0 | 12111 | 0 | 12111 |
| &nbsp;&nbsp; Credit Card Bullet | 0 | 14090 | 0 | 14090 |
| &nbsp;&nbsp; Credit Card Other | 0 | 10008 | 0 | 10008 |
| &nbsp;&nbsp; Home Equity Other | 0 | 5495 | 0 | 5495 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 869 | 0 | 869 |
| &nbsp;&nbsp; Other ABS | 0 | 108787 | 4500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113287 |
|  Sovereign Issues | 0 | 28653 | 0 | 28653 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Commercial Paper | 0 | 124217 | 0 | 124217 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair**<br> **Value at<br>06/30/2025** |
| &nbsp;&nbsp; Repurchase Agreements | $0 | $22300 | $0 | $22300 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 282 | 0 | 282 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1033010 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6502 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1039512 |
|  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 | 987 | 0 | 987 |
|  Over the counter | 0 | 139 | 0 | 139 |
|  | $0 | $1126 | $0 | $1126 |
|  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 | (1387) | 0 | (1387) |
|  Over the counter | 0 | (9) | 0 | (9) |
|  | $0 | $(1396) | $0 | $(1396) |
|  Total Financial Derivative Instruments | $0 | $(270) | $0 | $(270) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1032740 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6502 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1039242 |

---

There were no significant transfers into or out of Level 3 during the period ended June 30, 2025.

---

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

---

------

Schedule of Investments PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund June 30, 2025

#### (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 126.5% | INVESTMENTS IN SECURITIES 126.5% | INVESTMENTS IN SECURITIES 126.5% |
| CORPORATE BONDS & NOTES 28.5% | CORPORATE BONDS & NOTES 28.5% | CORPORATE BONDS & NOTES 28.5% |
| BANKING & FINANCE 18.6% | BANKING & FINANCE 18.6% | BANKING & FINANCE 18.6% |
|  ABN AMRO Bank NV | ABN AMRO Bank NV | ABN AMRO Bank NV |
|  5.387% due 12/03/2028 ~ | 400 | 400 |
|  6.575% due 10/13/2026 •  | 1200 | 1206 |
|  AerCap Ireland Capital DAC | AerCap Ireland Capital DAC | AerCap Ireland Capital DAC |
|  6.500% due 07/15/2025 | 800 | 801 |
|  Aon Global Ltd. | Aon Global Ltd. | Aon Global Ltd. |
|  3.875% due 12/15/2025 | 1000 | 997 |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding |
|  5.172% due 01/07/2027 ~ | 1200 | 1203 |
|  Aviation Capital Group LLC | Aviation Capital Group LLC | Aviation Capital Group LLC |
|  4.125% due 08/01/2025 | 1125 | 1124 |
|  Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA |
|  5.862% due 09/14/2026 •  | 600 | 601 |
|  Bank of America NA | Bank of America NA | Bank of America NA |
|  5.390% due 08/18/2026 ~ | 1400 | 1409 |
|  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 | 1009 |
|  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 | 983 |
|  BPCE SA | BPCE SA | BPCE SA |
|  1.652% due 10/06/2026 •  | 1400 | 1389 |
|  5.975% due 01/18/2027 •  | 500 | 503 |
|  Citigroup Global Markets Holdings, Inc. | Citigroup Global Markets Holdings, Inc. | Citigroup Global Markets Holdings, Inc. |
|  4.870% due 01/20/2026 ~ | 800 | 799 |
|  Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA |
|  1.106% due 02/24/2027 •  | 1800 | 1761 |
|  Credit Agricole SA | Credit Agricole SA | Credit Agricole SA |
|  1.247% due 01/26/2027 •  | 1000 | 981 |
|  Danske Bank AS | Danske Bank AS | Danske Bank AS |
|  1.621% due 09/11/2026 •  | 500 | 497 |
|  DBS Group Holdings Ltd. | DBS Group Holdings Ltd. | DBS Group Holdings Ltd. |
|  5.009% due 09/12/2025 ~ | 1000 | 1000 |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  1.686% due 03/19/2026 | 278 | 273 |
|  6.119% due 07/14/2026 •  | 500 | 500 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  6.950% due 03/06/2026 | 1000 | 1010 |
|  Great-West Lifeco U.S. Finance LP | Great-West Lifeco U.S. Finance LP | Great-West Lifeco U.S. Finance LP |
|  0.904% due 08/12/2025 | 1600 | 1592 |
|  ING Groep NV | ING Groep NV | ING Groep NV |
|  1.400% due 07/01/2026 •  | 3400 | 3400 |
|  4.625% due 01/06/2026 | 400 | 400 |
|  Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA |
|  7.000% due 11/21/2025 | 1600 | 1613 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  1.578% due 04/22/2027 •  | 2100 | 2052 |
|  NatWest Markets PLC | NatWest Markets PLC | NatWest Markets PLC |
|  5.270% due 05/17/2027 ~ | 500 | 502 |
|  New York Life Global Funding | New York Life Global Funding | New York Life Global Funding |
|  4.952% due 06/11/2027 ~ | 1200 | 1203 |
|  Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. |
|  1.851% due 07/16/2025 | 1500 | 1498 |
|  Norinchukin Bank | Norinchukin Bank | Norinchukin Bank |
|  1.284% due 09/22/2026 | 200 | 192 |
|  4.867% due 09/14/2027 | 1000 | 1006 |
|  Protective Life Global Funding | Protective Life Global Funding | Protective Life Global Funding |
|  4.850% due 07/22/2026 ~ | 400 | 401 |
|  5.045% due 04/10/2026 •  | 400 | 401 |
|  United Overseas Bank Ltd. | United Overseas Bank Ltd. | United Overseas Bank Ltd. |
|  4.921% due 04/02/2028 ~ | 500 | 501 |
|  Weyerhaeuser Co. | Weyerhaeuser Co. | Weyerhaeuser Co. |
|  4.750% due 05/15/2026 | 730 | 732 |
|  7.350% due 07/01/2026 | 1000 | 1023 |
|  |  | 35663 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| INDUSTRIALS 6.9% | INDUSTRIALS 6.9% | INDUSTRIALS 6.9% |
|  Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. |
|  1.570% due 01/15/2026 | 700 | 688 |
|  4.875% due 07/15/2026 | 893 | 893 |
|  BMW U.S. Capital LLC | BMW U.S. Capital LLC | BMW U.S. Capital LLC |
|  5.185% due 03/19/2027 ~ | 500 | 500 |
|  Burberry Group PLC | Burberry Group PLC | Burberry Group PLC |
|  1.125% due 09/21/2025 | 1600 | 2178 |
|  Chanel Ceres PLC | Chanel Ceres PLC | Chanel Ceres PLC |
|  0.500% due 07/31/2026 | 1500 | 1732 |
|  Illumina, Inc. | Illumina, Inc. | Illumina, Inc. |
|  4.650% due 09/09/2026 | 1000 | 1001 |
|  Infor LLC | Infor LLC | Infor LLC |
|  1.750% due 07/15/2025 | 651 | 650 |
|  Intel Corp. | Intel Corp. | Intel Corp. |
|  3.700% due 07/29/2025 | 800 | 797 |
|  Kraft Heinz Foods Co. | Kraft Heinz Foods Co. | Kraft Heinz Foods Co. |
|  3.000% due 06/01/2026 | 1000 | 987 |
|  Microchip Technology, Inc. | Microchip Technology, Inc. | Microchip Technology, Inc. |
|  4.250% due 09/01/2025 | 1200 | 1199 |
|  Rogers Communications, Inc. | Rogers Communications, Inc. | Rogers Communications, Inc. |
|  3.625% due 12/15/2025 | 600 | 597 |
|  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 | 198 |
|  Synopsys, Inc. | Synopsys, Inc. | Synopsys, Inc. |
|  4.550% due 04/01/2027 | 500 | 503 |
|  Whitbread Group PLC | Whitbread Group PLC | Whitbread Group PLC |
|  3.375% due 10/16/2025 | 1000 | 1366 |
|  |  | 13289 |
| UTILITIES 3.0% |  |  |
|  AES Corp. | AES Corp. | AES Corp. |
|  1.375% due 01/15/2026 | 1867 | 1832 |
|  Electricite de France SA | Electricite de France SA | Electricite de France SA |
|  3.625% due 10/13/2025 | 1500 | 1494 |
|  Enel Finance International NV | Enel Finance International NV | Enel Finance International NV |
|  7.050% due 10/14/2025 | 1500 | 1509 |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  5.339% due 09/04/2025 ~ | 800 | 800 |
|  |  | 5635 |
|  Total Corporate Bonds & Notes (Cost $54,040) |  | 54587 |
| U.S. GOVERNMENT AGENCIES 11.7% | U.S. GOVERNMENT AGENCIES 11.7% | U.S. GOVERNMENT AGENCIES 11.7% |
|  Fannie Mae | Fannie Mae | Fannie Mae |
|  4.814% due 08/25/2044 •  | 583 | 577 |
|  4.920% due 05/25/2046 •  | 190 | 188 |
|  5.205% due 09/25/2054 •  | 2840 | 2830 |
|  5.255% due 11/25/2053 - 03/25/2055 •  | 1791 | 1793 |
|  5.305% due 05/25/2055 •  | 290 | 290 |
|  5.355% due 05/25/2055 •  | 198 | 199 |
|  5.405% due 06/25/2054 - 01/25/2055 •  | 1285 | 1284 |
|  5.505% due 12/25/2053 - 02/25/2055 •  | 778 | 779 |
|  5.555% due 02/25/2055 •  | 180 | 181 |
|  Freddie Mac | Freddie Mac | Freddie Mac |
|  4.862% due 08/25/2027 •  | 800 | 800 |
|  5.018% due 01/15/2054 •  | 404 | 401 |
|  5.205% due 09/25/2054 - 03/25/2055 •  | 1873 | 1869 |
|  5.245% due 11/25/2054 •  | 2926 | 2920 |
|  5.255% due 03/25/2055 - 04/25/2055 •  | 1988 | 1980 |
|  5.305% due 06/25/2055 •  | 685 | 687 |
|  5.455% due 01/25/2055 •  | 844 | 845 |
|  5.505% due 01/25/2055 - 02/25/2055 •  | 453 | 454 |
|  5.555% due 05/25/2054 •  | 503 | 506 |
|  Ginnie Mae | Ginnie Mae | Ginnie Mae |
|  3.000% due 06/20/2051 •  | 996 | 863 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.961% due 10/20/2062 •  | $— | 251 | 252 |
|  5.096% due 02/20/2064 •  |  | 780 | 784 |
|  5.174% due 03/20/2067 •  |  | 820 | 827 |
|  5.402% due 05/20/2073 •  |  | 251 | 253 |
|  Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security |
|  3.500% due 01/01/2028 |  | 802 | 795 |
|  Total U.S. Government Agencies (Cost $22,511) |  |  | 22357 |
| U.S. TREASURY OBLIGATIONS 2.9% | U.S. TREASURY OBLIGATIONS 2.9% | U.S. TREASURY OBLIGATIONS 2.9% | U.S. TREASURY OBLIGATIONS 2.9% |
|  U.S. Treasury Inflation Protected Securities (b) | U.S. Treasury Inflation Protected Securities (b) | U.S. Treasury Inflation Protected Securities (b) | U.S. Treasury Inflation Protected Securities (b) |
|  0.125% due 10/15/2025 |  | 618 | 616 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  3.875% due 05/31/2027 |  | 4900 | 4912 |
|  Total U.S. Treasury Obligations<br>(Cost $5,512) |  |  | 5528 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 1.1% | NON-AGENCY MORTGAGE-BACKED SECURITIES 1.1% | NON-AGENCY MORTGAGE-BACKED SECURITIES 1.1% | NON-AGENCY MORTGAGE-BACKED SECURITIES 1.1% |
|  Gemgarto PLC | Gemgarto PLC | Gemgarto PLC | Gemgarto PLC |
|  5.124% due 12/16/2067 •  |  | 60 | 82 |
|  OBX Trust | OBX Trust | OBX Trust | OBX Trust |
|  2.305% due 11/25/2061 ~ | $— | 531 | 476 |
|  2.783% due 01/25/2062 þ |  | 410 | 394 |
|  One Market Plaza Trust | One Market Plaza Trust | One Market Plaza Trust | One Market Plaza Trust |
|  3.614% due 02/10/2032 |  | 438 | 419 |
|  Starwood Mortgage Residential Trust | Starwood Mortgage Residential Trust | Starwood Mortgage Residential Trust | Starwood Mortgage Residential Trust |
|  1.027% due 11/25/2055 ~ |  | 85 | 81 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  3.750% due 05/25/2058 ~ |  | 206 | 203 |
|  VASA Trust | VASA Trust | VASA Trust | VASA Trust |
|  5.326% due 07/15/2039 •  |  | 500 | 486 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $2,265) | Total Non-Agency Mortgage-Backed Securities (Cost $2,265) | Total Non-Agency Mortgage-Backed Securities (Cost $2,265) | 2141 |
| ASSET-BACKED SECURITIES 16.0% | ASSET-BACKED SECURITIES 16.0% | ASSET-BACKED SECURITIES 16.0% | ASSET-BACKED SECURITIES 16.0% |
| AUTOMOBILE ABS OTHER 1.9% | AUTOMOBILE ABS OTHER 1.9% | AUTOMOBILE ABS OTHER 1.9% | AUTOMOBILE ABS OTHER 1.9% |
|  Tesla Auto Lease Trust | Tesla Auto Lease Trust | Tesla Auto Lease Trust | Tesla Auto Lease Trust |
|  4.802% due 06/22/2026 •  |  | 217 | 217 |
|  4.892% due 01/20/2027 •  |  | 1010 | 1010 |
|  Tesla Electric Vehicle Trust | Tesla Electric Vehicle Trust | Tesla Electric Vehicle Trust | Tesla Electric Vehicle Trust |
|  4.822% due 12/21/2026 •  |  | 271 | 271 |
|  Toyota Lease Owner Trust | Toyota Lease Owner Trust | Toyota Lease Owner Trust | Toyota Lease Owner Trust |
|  4.712% due 07/20/2027 •  |  | 1500 | 1500 |
|  4.742% due 02/22/2027 •  |  | 546 | 545 |
|  World Omni Auto Receivables Trust | World Omni Auto Receivables Trust | World Omni Auto Receivables Trust | World Omni Auto Receivables Trust |
|  4.884% due 02/16/2027 •  |  | 78 | 78 |
|  |  |  | 3621 |
| AUTOMOBILE SEQUENTIAL 5.3% | AUTOMOBILE SEQUENTIAL 5.3% | AUTOMOBILE SEQUENTIAL 5.3% | AUTOMOBILE SEQUENTIAL 5.3% |
|  ARI Fleet Lease Trust | ARI Fleet Lease Trust | ARI Fleet Lease Trust | ARI Fleet Lease Trust |
|  5.410% due 02/17/2032 |  | 481 | 482 |
|  5.540% due 04/15/2033 |  | 760 | 765 |
|  BMW Canada Auto Trust | BMW Canada Auto Trust | BMW Canada Auto Trust | BMW Canada Auto Trust |
|  4.844% due 07/20/2027 |  | 517 | 384 |
|  BMW Vehicle Owner Trust | BMW Vehicle Owner Trust | BMW Vehicle Owner Trust | BMW Vehicle Owner Trust |
|  5.470% due 02/25/2028 | $— | 752 | 757 |
|  BofA Auto Trust | BofA Auto Trust | BofA Auto Trust | BofA Auto Trust |
|  5.570% due 12/15/2026 |  | 116 | 117 |
|  CarMax Auto Owner Trust | CarMax Auto Owner Trust | CarMax Auto Owner Trust | CarMax Auto Owner Trust |
|  3.490% due 02/16/2027 |  | 185 | 185 |
|  3.970% due 04/15/2027 |  | 296 | 296 |
|  Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust |
|  5.620% due 01/10/2029 |  | 800 | 806 |
|  5.770% due 04/12/2027 |  | 38 | 38 |
|  Chase Auto Owner Trust | Chase Auto Owner Trust | Chase Auto Owner Trust | Chase Auto Owner Trust |
|  5.680% due 01/25/2029 |  | 1500 | 1517 |
|  Ent Auto Receivables Trust | Ent Auto Receivables Trust | Ent Auto Receivables Trust | Ent Auto Receivables Trust |
|  6.220% due 08/16/2027 |  | 22 | 22 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **75** |

---

------

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

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC |
|  5.740% due 12/20/2026 | $| 566 | 569 |
|  Ford Auto Securitization Trust | Ford Auto Securitization Trust | Ford Auto Securitization Trust | Ford Auto Securitization Trust |
|  3.945% due 10/15/2026 | CAD | 334 | 246 |
|  5.053% due 07/15/2028 |  | 471 | 351 |
|  GMF Canada Leasing Trust | GMF Canada Leasing Trust | GMF Canada Leasing Trust | GMF Canada Leasing Trust |
|  4.883% due 12/21/2026 |  | 655 | 487 |
|  Harley-Davidson Motorcycle Trust | Harley-Davidson Motorcycle Trust | Harley-Davidson Motorcycle Trust | Harley-Davidson Motorcycle Trust |
|  5.650% due 02/16/2027 | $| 207 | 207 |
|  LAD Auto Receivables Trust | LAD Auto Receivables Trust | LAD Auto Receivables Trust | LAD Auto Receivables Trust |
|  4.640% due 11/15/2027 |  | 704 | 704 |
|  5.610% due 08/15/2028 |  | 527 | 531 |
|  5.700% due 03/15/2027 |  | 66 | 66 |
|  Oscar U.S. Funding LLC | Oscar U.S. Funding LLC | Oscar U.S. Funding LLC | Oscar U.S. Funding LLC |
|  5.480% due 02/10/2027 |  | 625 | 626 |
|  SBNA Auto Lease Trust | SBNA Auto Lease Trust | SBNA Auto Lease Trust | SBNA Auto Lease Trust |
|  4.940% due 11/20/2026 |  | 296 | 296 |
|  5.670% due 11/20/2026 |  | 114 | 114 |
|  SCCU Auto Receivables Trust | SCCU Auto Receivables Trust | SCCU Auto Receivables Trust | SCCU Auto Receivables Trust |
|  5.450% due 12/15/2027 |  | 357 | 358 |
|  SFS Auto Receivables Securitization Trust | SFS Auto Receivables Securitization Trust | SFS Auto Receivables Securitization Trust | SFS Auto Receivables Securitization Trust |
|  5.710% due 10/20/2027 |  | 147 | 147 |
|  |  |  | 10071 |
| CREDIT CARD BULLET 1.3% | CREDIT CARD BULLET 1.3% | CREDIT CARD BULLET 1.3% | CREDIT CARD BULLET 1.3% |
|  Master Credit Card Trust | Master Credit Card Trust | Master Credit Card Trust | Master Credit Card Trust |
|  5.053% due 01/21/2028 •  |  | 1500 | 1502 |
|  5.153% due 01/21/2027 •  |  | 1000 | 1000 |
|  |  |  | 2502 |
| CREDIT CARD OTHER 1.7% | CREDIT CARD OTHER 1.7% | CREDIT CARD OTHER 1.7% | CREDIT CARD OTHER 1.7% |
|  Golden Credit Card Trust | Golden Credit Card Trust | Golden Credit Card Trust | Golden Credit Card Trust |
|  1.140% due 08/15/2028 |  | 800 | 773 |
|  Trillium Credit Card Trust | Trillium Credit Card Trust | Trillium Credit Card Trust | Trillium Credit Card Trust |
|  5.130% due 12/26/2028 •  |  | 1000 | 1002 |
|  5.226% due 08/26/2028 •  |  | 1500 | 1501 |
|  |  |  | 3276 |
| OTHER ABS 5.8% | OTHER ABS 5.8% | OTHER ABS 5.8% | OTHER ABS 5.8% |
|  Allegro CLO Ltd. | Allegro CLO Ltd. | Allegro CLO Ltd. | Allegro CLO Ltd. |
|  5.519% due 01/19/2033 •  |  | 600 | 601 |
|  Apidos CLO | Apidos CLO | Apidos CLO | Apidos CLO |
|  5.520% due 04/17/2034 •  |  | 600 | 600 |
|  Barings CLO Ltd. | Barings CLO Ltd. | Barings CLO Ltd. | Barings CLO Ltd. |
|  5.521% due 01/20/2031 •  |  | 79 | 79 |
|  Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. |
|  5.489% due 07/20/2032 •  |  | 515 | 516 |
|  College Avenue Student Loans LLC | College Avenue Student Loans LLC | College Avenue Student Loans LLC | College Avenue Student Loans LLC |
|  5.634% due 12/26/2047 •  |  | 392 | 391 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Commonbond Student Loan Trust | Commonbond Student Loan Trust | Commonbond Student Loan Trust |
|  1.980% due 08/25/2050 | 917 | 820 |
|  3.560% due 09/25/2045 | 396 | 381 |
|  Crown Point CLO Ltd. | Crown Point CLO Ltd. | Crown Point CLO Ltd. |
|  5.499% due 10/20/2031 •  | 305 | 306 |
|  DLLAA LLC | DLLAA LLC | DLLAA LLC |
|  4.700% due 10/20/2027 | 800 | 802 |
|  Golub Capital Partners Static Ltd. | Golub Capital Partners Static Ltd. | Golub Capital Partners Static Ltd. |
|  5.499% due 04/20/2033 •  | 380 | 380 |
|  GreatAmerica Leasing Receivables Funding LLC | GreatAmerica Leasing Receivables Funding LLC | GreatAmerica Leasing Receivables Funding LLC |
|  5.280% due 03/15/2027 | 720 | 723 |
|  Kubota Credit Owner Trust | Kubota Credit Owner Trust | Kubota Credit Owner Trust |
|  5.450% due 04/15/2027 | 473 | 475 |
|  Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust |
|  1.060% due 10/15/2069 | 713 | 642 |
|  1.310% due 01/15/2069 | 84 | 79 |
|  2.400% due 10/15/2068 | 77 | 74 |
|  2.600% due 08/15/2068 | 533 | 514 |
|  2.640% due 05/15/2068 | 118 | 115 |
|  3.130% due 02/15/2068 | 384 | 377 |
|  5.426% due 04/15/2069 •  | 175 | 174 |
|  Northwoods Capital Ltd. | Northwoods Capital Ltd. | Northwoods Capital Ltd. |
|  5.558% due 11/13/2031 •  | 641 | 640 |
|  Palmer Square Loan Funding Ltd. | Palmer Square Loan Funding Ltd. | Palmer Square Loan Funding Ltd. |
|  5.318% due 10/15/2029 •  | 113 | 113 |
|  SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
|  1.600% due 09/15/2054 | 449 | 423 |
|  5.226% due 01/15/2053 •  | 565 | 560 |
|  5.380% due 01/15/2053 | 515 | 522 |
|  Venture CLO Ltd. | Venture CLO Ltd. | Venture CLO Ltd. |
|  5.581% due 07/20/2030 •  | 95 | 95 |
|  Voya CLO Ltd. | Voya CLO Ltd. | Voya CLO Ltd. |
|  5.469% due 07/20/2032 •  | 723 | 723 |
|  |  | 11125 |
|  Total Asset-Backed Securities<br>(Cost $30,748) |  | 30595 |
| SHORT-TERM INSTRUMENTS 66.3% | SHORT-TERM INSTRUMENTS 66.3% | SHORT-TERM INSTRUMENTS 66.3% |
| COMMERCIAL PAPER 10.7% | COMMERCIAL PAPER 10.7% | COMMERCIAL PAPER 10.7% |
|  AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. |
|  4.640% due 07/07/2025 | 1700 | 1698 |
|  Air Lease Corp. | Air Lease Corp. | Air Lease Corp. |
|  4.800% due 07/17/2025 | 300 | 299 |
|  4.840% due 07/08/2025 | 700 | 699 |
|  4.840% due 07/15/2025 | 900 | 898 |
|  Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
|  4.730% due 07/10/2025 | 600 | 599 |
|  CBRE Services, Inc. | CBRE Services, Inc. | CBRE Services, Inc. |
|  4.690% due 07/10/2025 | 1600 | 1598 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Crown Castle, Inc. |  |  |  |
|  5.030% due 07/22/2025 | 2400 | $— | 2393 |
|  Dominion Energy, Inc. |  |  |  |
|  4.600% due 07/18/2025 | 400 |  | 399 |
|  4.600% due 08/01/2025 | 1500 |  | 1494 |
|  Global Payments, Inc. |  |  |  |
|  5.000% due 07/01/2025 | 300 |  | 300 |
|  Harley-Davidson Financial Services, Inc. | Harley-Davidson Financial Services, Inc. | Harley-Davidson Financial Services, Inc. | Harley-Davidson Financial Services, Inc. |
|  5.070% due 08/04/2025 | 400 |  | 398 |
|  HCA, Inc. |  |  |  |
|  5.000% due 08/22/2025 | 2400 |  | 2383 |
|  Intel Corp. |  |  |  |
|  4.590% due 07/03/2025 | 1000 |  | 1000 |
|  JABIL, Inc. |  |  |  |
|  4.850% due 07/14/2025 | 400 |  | 399 |
|  4.860% due 07/02/2025 | 300 |  | 300 |
|  Jones Lang LaSalle Finance BV |  |  |  |
|  4.650% due 07/09/2025 | 300 |  | 300 |
|  4.720% due 07/07/2025 | 800 |  | 799 |
|  4.720% due 07/14/2025 | 800 |  | 799 |
|  NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
|  4.600% due 07/28/2025 | 1500 |  | 1495 |
|  4.610% due 08/25/2025 (a) | 900 |  | 894 |
|  NXP BV |  |  |  |
|  4.640% due 09/10/2025 | 500 |  | 495 |
|  ONEOK, Inc. |  |  |  |
|  4.600% due 07/11/2025 | 400 |  | 399 |
|  TELUS Corp. |  |  |  |
|  4.990% due 09/04/2025 | 500 |  | 496 |
|  |  |  | 20534 |
| REPURCHASE AGREEMENTS (c) 55.6% | REPURCHASE AGREEMENTS (c) 55.6% | REPURCHASE AGREEMENTS (c) 55.6% | REPURCHASE AGREEMENTS (c) 55.6% |
|  |  |  | 106600 |
| Total Short-Term Instruments<br>(Cost $127,135) | Total Short-Term Instruments<br>(Cost $127,135) |  | 127134 |
| Total Investments in Securities<br>(Cost $242,211) | Total Investments in Securities<br>(Cost $242,211) |  | 242342 |
| Total Investments 126.5%<br>(Cost $242,211) | Total Investments 126.5%<br>(Cost $242,211) | $— | 242342 |
|  Financial Derivative<br>Instruments (d)(e) (0.1)%<br> (Cost or Premiums, net $0) | Financial Derivative<br>Instruments (d)(e) (0.1)%<br> (Cost or Premiums, net $0) |  | (150) |
| Other Assets and Liabilities, net (26.4)% | Other Assets and Liabilities, net (26.4)% |  | (50602) |
| Net Assets 100.0% |  | $— | 191590 |

---

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

---

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

---

------

June 30, 2025

#### 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> |
| BOS | 4.440% | 06/30/2025 | 07/01/2025 | $8200 | U.S. Treasury Bonds 4.500% due 02/15/2044 | $(8401) | $8200 | $8201 |
|  | 4.470 | 07/01/2025 | 07/02/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50700 | U.S. Treasury Bonds 4.500% due 02/15/2044 | (51737) | 50700 | 50700 |
| BPS | 4.430 | 07/01/2025 | 07/02/2025 | 100 | U.S. Treasury Notes 4.250% due 01/31/2030 | (102) | 100 | 100 |
| DEU | 4.470 | 06/30/2025 | 07/01/2025 | 47600 | U.S. Treasury Bonds 1.125% due 05/15/2040 | (48950) | 47600 | 47606 |
|  |  |  |  |  | U.S. Treasury Inflation Protected Securities 0.375% due 07/15/2027 | (102) |  |  |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(109292) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106600 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106607 |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of June 30, 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 | $58901 | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58901 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60138) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1237) |
|  BPS | 100 | 0 | 0 | 0 | 100 | (102) | (2) |
|  DEU | 47606 | 0 | 0 | 0 | 47606 | (49052) | (1446) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106607 | $&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: 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 September Futures  | 09/2025 | 11 | $(2288) | $(10) | $0 | $(1) |
|  U.S. Treasury 5-Year Note September Futures  | 09/2025 | 12 | (1308) | (15) | 0 | (1) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of June 30, 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;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;(2) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |

---

Cash of $260 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **77** |

---

------

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

&nbsp;&nbsp;&nbsp;&nbsp;(e) 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 | 07/2025 | 1452 | $1651 | $0 | $(59) |
|  BRC | 07/2025 | $3613 | 2655 | 32 | 0 |
|  | 08/2025 | 2655 | $3613 | 0 | (32) |
|  JPM | 07/2025 | 2655 | 3577 | 0 | (68) |
|  | 07/2025 | $208 | 286 | 2 | 0 |
|  | 08/2025 | 1452 | $1706 | 0 | (8) |
|  MBC | 07/2025 | 2276 | 1657 | 0 | (14) |
|  | 07/2025 | $1448 | 1991 | 13 | 0 |
|  | 08/2025 | 1987 | $1448 | 0 | (14) |
|  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;47 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(195) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of June 30, 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 | $0 | $0 | $0 | $0 | $(59) | $0 | $0 | $(59) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59) |
|  BRC | 32 | 0 | 0 | 32 | (32) | 0 | 0 | (32) | 0 | 0 | 0 |
|  JPM | 2 | 0 | 0 | 2 | (76) | 0 | 0 | (76) | (74) | 0 | (74) |
|  MBC | 13 | 0 | 0 | 13 | (28) | 0 | 0 | (28) | (15) | 0 | (15) |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 | $&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;47 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(195) | $&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;(195) |  |  |  |

---

<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 June 30, 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 |
|  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 | $47 | $0 | $47 |
|  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 | $2 | $2 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $195 |
|  | $0 | $0 | $0 | $195 | $2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197 |

---

78 PIMCO ETF TRUST See Accompanying Notes

------

June 30, 2025

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(205) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(205) |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $25 | $0 | $25 |
|  | $0 | $0 | $0 | $25 | $(205) | $(180) |
|  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 | $14 | $14 |
|  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;(168) | $0 | $(168) |
|  | $0 | $0 | $0 | $(168) | $14 | $(154) |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of June 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at<br>06/30/2025** |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  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;35663 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35663 |
| &nbsp;&nbsp; Industrials | 0 | 13289 | 0 | 13289 |
| &nbsp;&nbsp; Utilities | 0 | 5635 | 0 | 5635 |
|  U.S. Government Agencies | 0 | 22357 | 0 | 22357 |
|  U.S. Treasury Obligations | 0 | 5528 | 0 | 5528 |
|  Non-Agency Mortgage-Backed Securities | 0 | 2141 | 0 | 2141 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile ABS Other | 0 | 3621 | 0 | 3621 |
| &nbsp;&nbsp; Automobile Sequential | 0 | 10071 | 0 | 10071 |
| &nbsp;&nbsp; Credit Card Bullet | 0 | 2502 | 0 | 2502 |
| &nbsp;&nbsp; Credit Card Other | 0 | 3276 | 0 | 3276 |
| &nbsp;&nbsp; Other ABS | 0 | 11125 | 0 | 11125 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Commercial Paper | 0 | 20534 | 0 | 20534 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 106600 | 0 | 106600 |
|  Total Investments | $0 | $242342 | $0 | $242342 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at<br>06/30/2025** |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Over the counter | $0 | $47 | $0 | $47 |
|  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 | (2) | 0 | (2) |
|  Over the counter | 0 | (195) | 0 | (195) |
|  | $0 | $(197) | $0 | $(197) |
|  Total Financial Derivative Instruments | $0 | $(150) | $0 | $(150) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242192 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242192 |

---

There were no significant transfers into or out of Level 3 during the period ended June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **79** |

---

------

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 100.8% | INVESTMENTS IN SECURITIES 100.8% | INVESTMENTS IN SECURITIES 100.8% |
| CORPORATE BONDS & NOTES 45.4% | CORPORATE BONDS & NOTES 45.4% | CORPORATE BONDS & NOTES 45.4% |
| BANKING & FINANCE 29.4% | BANKING & FINANCE 29.4% | BANKING & FINANCE 29.4% |
|  ABN AMRO Bank NV | ABN AMRO Bank NV | ABN AMRO Bank NV |
|  5.387% due 12/03/2028 ~ | 34300 | 34295 |
|  6.185% due 09/18/2027 •  | 78595 | 79544 |
|  6.575% due 10/13/2026 •  | 42800 | 43024 |
|  AerCap Ireland Capital DAC | AerCap Ireland Capital DAC | AerCap Ireland Capital DAC |
|  1.750% due 01/30/2026 | 14889 | 14631 |
|  3.875% due 01/23/2028 | 510 | 502 |
|  4.450% due 10/01/2025 | 8698 | 8690 |
|  4.450% due 04/03/2026 | 6715 | 6705 |
|  6.500% due 07/15/2025 | 43042 | 43070 |
|  Air Lease Corp. | Air Lease Corp. | Air Lease Corp. |
|  3.750% due 06/01/2026 | 1230 | 1222 |
|  5.300% due 06/25/2026 | 10918 | 10993 |
|  Aircastle Ltd. | Aircastle Ltd. | Aircastle Ltd. |
|  4.250% due 06/15/2026 | 9000 | 8962 |
|  American Express Co. | American Express Co. | American Express Co. |
|  5.009% due 11/04/2026 ~ | 20038 | 20079 |
|  5.126% due 02/13/2026 ~ | 33410 | 33468 |
|  American Honda Finance Corp. | American Honda Finance Corp. | American Honda Finance Corp. |
|  4.845% due 10/10/2025 ~ | 23000 | 23015 |
|  4.968% due 08/14/2025 ~ | 38692 | 38710 |
|  5.055% due 01/09/2026 ~ | 1100 | 1102 |
|  5.133% due 10/03/2025 ~ | 7900 | 7912 |
|  5.167% due 03/12/2027 ~ | 2506 | 2509 |
|  American Tower Corp. | American Tower Corp. | American Tower Corp. |
|  1.300% due 09/15/2025 | 8190 | 8133 |
|  1.600% due 04/15/2026 | 26200 | 25624 |
|  4.400% due 02/15/2026 | 6000 | 5993 |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding |
|  4.950% due 01/07/2027 | 20774 | 20919 |
|  5.097% due 07/16/2026 •  | 44200 | 44266 |
|  5.172% due 01/07/2027 ~ | 15922 | 15968 |
|  5.211% due 05/08/2026 ~ | 57739 | 57922 |
|  5.411% due 08/27/2026 ~ | 37804 | 37961 |
|  5.620% due 05/08/2026 | 7323 | 7390 |
|  5.622% due 03/25/2027 ~ | 2000 | 2016 |
|  Aviation Capital Group LLC | Aviation Capital Group LLC | Aviation Capital Group LLC |
|  1.950% due 01/30/2026 | 7076 | 6965 |
|  Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
|  2.125% due 02/21/2026 | 11681 | 11467 |
|  5.500% due 01/15/2026 | 32656 | 32709 |
|  Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA |
|  5.862% due 09/14/2026 •  | 17500 | 17537 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  1.197% due 10/24/2026 •  | 35887 | 35515 |
|  3.559% due 04/23/2027 •  | 20710 | 20564 |
|  5.080% due 01/20/2027 •  | 64229 | 64407 |
|  5.323% due 07/22/2027 ~ | 4587 | 4605 |
|  5.754% due 09/15/2027 ~ | 1505 | 1519 |
|  Bank of America NA | Bank of America NA | Bank of America NA |
|  5.390% due 08/18/2026 ~ | 135 | 136 |
|  Bank of Montreal | Bank of Montreal | Bank of Montreal |
|  0.949% due 01/22/2027 •  | 14000 | 13720 |
|  5.019% due 09/15/2026 ~ | 9570 | 9579 |
|  5.274% due 09/10/2027 ~ | 18197 | 18255 |
|  5.556% due 12/11/2026 ~ | 4805 | 4847 |
|  Bank of New York Mellon | Bank of New York Mellon | Bank of New York Mellon |
|  4.587% due 04/20/2027 •  | 20450 | 20500 |
|  Bank of Nova Scotia | Bank of Nova Scotia | Bank of Nova Scotia |
|  4.750% due 02/02/2026 | 10000 | 10024 |
|  4.932% due 03/02/2026 ~ | 8650 | 8662 |
|  5.169% due 06/04/2027 ~ | 171 | 172 |
|  Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA |
|  5.482% due 01/23/2027 ~ | 5366 | 5400 |
|  5.745% due 07/13/2026 ~ | 18630 | 18802 |
|  5.896% due 07/13/2026 | 800 | 812 |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  4.375% due 01/12/2026 | 57927 | 57891 |
|  5.304% due 08/09/2026 •  | 31836 | 31846 |
|  5.829% due 05/09/2027 •  | 19813 | 20018 |
|  5.887% due 03/12/2028 ~ | 9501 | 9578 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.278% due 09/13/2027 ~ | $— | 1575 | $— | 1598 |
|  7.325% due 11/02/2026 •  |  | 8790 |  | 8864 |
|  BNP Paribas SA | BNP Paribas SA | BNP Paribas SA | BNP Paribas SA | BNP Paribas SA |
|  1.323% due 01/13/2027 •  |  | 39125 |  | 38448 |
|  BPCE SA | BPCE SA | BPCE SA | BPCE SA | BPCE SA |
|  1.652% due 10/06/2026 •  |  | 68258 |  | 67706 |
|  5.366% due 09/25/2025 ~ |  | 37612 |  | 37672 |
|  5.975% due 01/18/2027 •  |  | 27457 |  | 27647 |
|  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 |  | 2298 |  | 2236 |
|  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 |
|  5.065% due 01/13/2028 ~ |  | 4390 |  | 4388 |
|  5.326% due 09/11/2027 ~ |  | 15383 |  | 15443 |
|  5.354% due 06/28/2027 ~ |  | 493 |  | 495 |
|  5.563% due 10/02/2026 ~ |  | 6500 |  | 6561 |
|  Citibank NA | Citibank NA | Citibank NA | Citibank NA | Citibank NA |
|  4.948% due 04/30/2026 ~ |  | 14500 |  | 14521 |
|  5.069% due 08/06/2026 ~ |  | 3262 |  | 3270 |
|  5.219% due 09/29/2025 ~ |  | 2310 |  | 2312 |
|  Citigroup Global Markets Holdings, Inc. | Citigroup Global Markets Holdings, Inc. | Citigroup Global Markets Holdings, Inc. | Citigroup Global Markets Holdings, Inc. | Citigroup Global Markets Holdings, Inc. |
|  4.870% due 01/20/2026 ~ |  | 35700 |  | 35669 |
|  Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
|  1.122% due 01/28/2027 •  |  | 30000 |  | 29412 |
|  5.809% (US0003M + 1.250%) due 07/01/2026 ~ |  | 7757 |  | 7757 |
|  CNH Industrial Capital LLC | CNH Industrial Capital LLC | CNH Industrial Capital LLC | CNH Industrial Capital LLC | CNH Industrial Capital LLC |
|  1.450% due 07/15/2026 |  | 3222 |  | 3121 |
|  Commonwealth Bank of Australia | Commonwealth Bank of Australia | Commonwealth Bank of Australia | Commonwealth Bank of Australia | Commonwealth Bank of Australia |
|  4.743% due 07/07/2025 ~ |  | 12000 |  | 12001 |
|  Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA |
|  5.002% due 08/28/2026 ~ |  | 27300 |  | 27373 |
|  5.048% due 07/18/2025 ~ |  | 10500 |  | 10502 |
|  5.055% due 01/09/2026 ~ |  | 41000 |  | 41082 |
|  5.100% due 03/05/2027 ~ |  | 70100 |  | 70371 |
|  5.242% due 10/05/2026 ~ |  | 950 |  | 956 |
|  Credit Agricole SA | Credit Agricole SA | Credit Agricole SA | Credit Agricole SA | Credit Agricole SA |
|  1.247% due 01/26/2027 •  |  | 46312 |  | 45434 |
|  5.266% due 03/11/2027 ~ |  | 45465 |  | 45553 |
|  5.632% due 07/05/2026 ~ |  | 8860 |  | 8926 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  1.350% due 07/15/2025 |  | 496 |  | 495 |
|  4.450% due 02/15/2026 |  | 594 |  | 593 |
|  Danske Bank AS | Danske Bank AS | Danske Bank AS | Danske Bank AS | Danske Bank AS |
|  1.621% due 09/11/2026 •  |  | 9844 |  | 9784 |
|  6.259% due 09/22/2026 •  |  | 3930 |  | 3942 |
|  DBS Group Holdings Ltd. | DBS Group Holdings Ltd. | DBS Group Holdings Ltd. | DBS Group Holdings Ltd. | DBS Group Holdings Ltd. |
|  5.009% due 09/12/2025 ~ |  | 50100 |  | 50119 |
|  5.010% due 03/21/2028 ~ |  | 44000 |  | 44094 |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  2.129% due 11/24/2026 •  |  | 16873 |  | 16704 |
|  4.100% due 01/13/2026 |  | 18034 |  | 17977 |
|  6.119% due 07/14/2026 •  |  | 127698 |  | 127753 |
|  DNB Bank ASA | DNB Bank ASA | DNB Bank ASA | DNB Bank ASA | DNB Bank ASA |
|  1.127% due 09/16/2026 •  |  | 12500 |  | 12408 |
|  5.896% due 10/09/2026 •  |  | 4450 |  | 4467 |
|  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 |  | 3727 |  | 3624 |
|  5.150% due 07/07/2025 |  | 10462 |  | 10462 |
|  Federation des Caisses Desjardins du Quebec | Federation des Caisses Desjardins du Quebec | Federation des Caisses Desjardins du Quebec | Federation des Caisses Desjardins du Quebec | Federation des Caisses Desjardins du Quebec |
|  4.985% due 01/27/2027 ~ |  | 54975 |  | 55024 |
|  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 |
|  3.375% due 11/13/2025 |  | 10445 |  | 10376 |
|  4.134% due 08/04/2025 |  | 25065 |  | 25040 |
|  4.389% due 01/08/2026 |  | 27552 |  | 27433 |
|  6.950% due 03/06/2026 |  | 11200 |  | 11310 |
|  7.341% due 03/06/2026 ~ |  | 2424 |  | 2447 |
|  GA Global Funding Trust | GA Global Funding Trust | GA Global Funding Trust | GA Global Funding Trust | GA Global Funding Trust |
|  1.625% due 01/15/2026 |  | 17426 |  | 17133 |
|  Goldman Sachs Bank USA | Goldman Sachs Bank USA | Goldman Sachs Bank USA | Goldman Sachs Bank USA | Goldman Sachs Bank USA |
|  5.125% due 05/21/2027 ~ |  | 22089 |  | 22157 |
|  5.175% due 03/18/2027 ~ |  | 12490 |  | 12523 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  1.093% due 12/09/2026 •  |  | 5905 |  | 5814 |
|  1.431% due 03/09/2027 •  |  | 4700 |  | 4599 |
|  5.182% due 12/09/2026 •  |  | 17245 |  | 17273 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.202% due 03/09/2027 •  | $— | 8698 | $— | 8712 |
|  5.214% due 09/10/2027 ~ |  | 3200 |  | 3205 |
|  5.427% due 08/10/2026 ~ |  | 58371 |  | 58428 |
|  5.798% due 08/10/2026 •  |  | 5310 |  | 5318 |
|  6.294% (US0003M + 1.750%) due 10/28/2027 ~ |  | 4000 |  | 4067 |
|  Great-West Lifeco U.S. Finance LP | Great-West Lifeco U.S. Finance LP | Great-West Lifeco U.S. Finance LP | Great-West Lifeco U.S. Finance LP | Great-West Lifeco U.S. Finance LP |
|  0.904% due 08/12/2025 |  | 16728 |  | 16649 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  4.292% due 09/12/2026 •  |  | 24595 |  | 24572 |
|  5.932% due 08/14/2027 ~ |  | 10014 |  | 10106 |
|  5.966% (US0003M + 1.380%) due 09/12/2026 ~ |  | 41439 |  | 41554 |
|  7.336% due 11/03/2026 •  |  | 1307 |  | 1319 |
|  ING Groep NV | ING Groep NV | ING Groep NV | ING Groep NV | ING Groep NV |
|  1.400% due 07/01/2026 •  |  | 12005 |  | 12005 |
|  4.625% due 01/06/2026 |  | 3300 |  | 3302 |
|  5.423% due 04/01/2027 •  |  | 33173 |  | 33267 |
|  5.956% due 09/11/2027 ~ |  | 6975 |  | 7062 |
|  International Bank for Reconstruction & Development | International Bank for Reconstruction & Development | International Bank for Reconstruction & Development | International Bank for Reconstruction & Development | International Bank for Reconstruction & Development |
|  4.712% due 09/23/2026 ~ |  | 115000 |  | 115130 |
|  Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA |
|  7.000% due 11/21/2025 |  | 26884 |  | 27098 |
|  Jackson National Life Global Funding | Jackson National Life Global Funding | Jackson National Life Global Funding | Jackson National Life Global Funding | Jackson National Life Global Funding |
|  5.500% due 01/09/2026 |  | 2500 |  | 2511 |
|  John Deere Capital Corp. | John Deere Capital Corp. | John Deere Capital Corp. | John Deere Capital Corp. | John Deere Capital Corp. |
|  4.828% due 10/22/2025 •  |  | 16200 |  | 16213 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  1.045% due 11/19/2026 •  |  | 9827 |  | 9695 |
|  3.960% due 01/29/2027 •  |  | 36769 |  | 36677 |
|  5.171% due 09/22/2027 ~ |  | 7000 |  | 7018 |
|  5.235% due 04/22/2027 ~ |  | 4295 |  | 4308 |
|  5.270% due 04/22/2028 ~ |  | 14458 |  | 14502 |
|  5.280% due 07/22/2028 ~ |  | 5673 |  | 5697 |
|  5.552% due 01/23/2028 ~ |  | 14545 |  | 14669 |
|  5.558% due 02/24/2028 ~ |  | 13814 |  | 13936 |
|  Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC |
|  4.716% due 08/11/2026 •  |  | 42282 |  | 42265 |
|  5.920% due 08/07/2027 ~ |  | 12450 |  | 12549 |
|  5.985% due 08/07/2027 •  |  | 7023 |  | 7131 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  5.050% due 01/28/2027 •  |  | 22000 |  | 22069 |
|  Morgan Stanley Bank NA | Morgan Stanley Bank NA | Morgan Stanley Bank NA | Morgan Stanley Bank NA | Morgan Stanley Bank NA |
|  5.030% due 10/15/2027 ~ |  | 44884 |  | 44923 |
|  National Bank of Canada | National Bank of Canada | National Bank of Canada | National Bank of Canada | National Bank of Canada |
|  5.312% due 03/25/2027 •  |  | 50225 |  | 50281 |
|  5.373% due 07/02/2027 ~ |  | 2300 |  | 2305 |
|  NatWest Group PLC | NatWest Group PLC | NatWest Group PLC | NatWest Group PLC | NatWest Group PLC |
|  5.663% due 11/15/2028 ~ |  | 181 |  | 182 |
|  5.847% due 03/02/2027 •  |  | 11821 |  | 11927 |
|  NatWest Markets PLC | NatWest Markets PLC | NatWest Markets PLC | NatWest Markets PLC | NatWest Markets PLC |
|  5.174% due 09/29/2026 ~ |  | 10180 |  | 10210 |
|  5.270% due 05/17/2027 ~ |  | 23314 |  | 23422 |
|  5.356% due 03/21/2028 ~ |  | 220 |  | 220 |
|  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 |
|  4.770% due 02/05/2027 ~ |  | 74700 |  | 74566 |
|  4.952% due 06/11/2027 ~ |  | 13100 |  | 13131 |
|  Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. |
|  1.653% due 07/14/2026 |  | 1400 |  | 1360 |
|  1.851% due 07/16/2025 |  | 90140 |  | 90031 |
|  5.099% due 07/03/2025 |  | 38419 |  | 38420 |
|  5.591% due 07/02/2027 ~ |  | 2070 |  | 2085 |
|  Nordea Bank Abp | Nordea Bank Abp | Nordea Bank Abp | Nordea Bank Abp | Nordea Bank Abp |
|  5.145% due 03/19/2027 ~ |  | 9500 |  | 9550 |
|  Pacific Life Global Funding | Pacific Life Global Funding | Pacific Life Global Funding | Pacific Life Global Funding | Pacific Life Global Funding |
|  4.839% due 02/04/2027 ~ |  | 68200 |  | 68227 |
|  4.955% due 01/27/2028 ~ |  | 43800 |  | 43772 |
|  PNC Bank NA | PNC Bank NA | PNC Bank NA | PNC Bank NA | PNC Bank NA |
|  4.775% due 01/15/2027 •  |  | 7950 |  | 7964 |
|  4.845% due 01/15/2027 ~ |  | 42550 |  | 42571 |
|  Protective Life Global Funding | Protective Life Global Funding | Protective Life Global Funding | Protective Life Global Funding | Protective Life Global Funding |
|  4.850% due 07/22/2026 ~(d) |  | 30500 |  | 30537 |
|  Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada |
|  4.819% due 08/03/2026 ~ |  | 38600 |  | 38630 |
|  4.950% due 11/02/2026 ~ |  | 2600 |  | 2605 |

---

---

| | | |
|:---|:---|:---|
| **80** | **PIMCO ETF TRUST** | See Accompanying Notes |

---

------

June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.068% due 10/18/2027 ~ | 25065 | 25097 |
|  5.142% due 07/23/2027 ~ | 53077 | 53257 |
|  5.208% due 10/18/2028 ~ | 4900 | 4908 |
|  5.234% due 03/27/2028 ~ | 19950 | 20017 |
|  Santander Holdings USA, Inc. | Santander Holdings USA, Inc. | Santander Holdings USA, Inc. |
|  4.500% due 07/17/2025 | 7878 | 7875 |
|  Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC |
|  1.532% due 08/21/2026 •  | 56648 | 56388 |
|  1.673% due 06/14/2027 •  | 1110 | 1078 |
|  6.833% due 11/21/2026 •  | 33216 | 33490 |
|  Standard Chartered PLC | Standard Chartered PLC | Standard Chartered PLC |
|  1.456% due 01/14/2027 •  | 8661 | 8517 |
|  4.050% due 04/12/2026 | 10300 | 10255 |
|  Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
|  5.646% due 07/13/2026 ~ | 44888 | 45330 |
|  5.776% due 01/13/2026 ~ | 28200 | 28369 |
|  Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. |
|  5.509% due 03/09/2026 ~ | 13727 | 13804 |
|  5.517% due 03/09/2026 ~ | 18395 | 18498 |
|  5.546% due 09/14/2026 ~ | 2850 | 2873 |
|  5.554% due 09/14/2026 ~ | 4612 | 4649 |
|  Svenska Handelsbanken AB | Svenska Handelsbanken AB | Svenska Handelsbanken AB |
|  5.649% due 06/15/2026 •  | 1000 | 1009 |
|  Swedbank AB | Swedbank AB | Swedbank AB |
|  5.779% due 06/15/2026 •  | 10509 | 10612 |
|  Synchrony Bank | Synchrony Bank | Synchrony Bank |
|  5.400% due 08/22/2025 | 11210 | 11208 |
|  Toyota Motor Credit Corp. | Toyota Motor Credit Corp. | Toyota Motor Credit Corp. |
|  4.819% due 05/15/2026 ~ | 11202 | 11218 |
|  4.992% due 01/05/2026 ~ | 8000 | 8016 |
|  5.131% due 08/07/2026 ~ | 36000 | 36162 |
|  UBS AG | UBS AG | UBS AG |
|  4.640% due 08/03/2025 •  | 5000 | 4997 |
|  5.326% due 09/11/2025 ~ | 4308 | 4315 |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  1.305% due 02/02/2027 •  | 16245 | 15940 |
|  1.364% due 01/30/2027 •  | 21642 | 21251 |
|  4.125% due 04/15/2026 | 49300 | 49168 |
|  5.711% due 01/12/2027 •  | 1348 | 1356 |
|  6.373% due 07/15/2026 •  | 3600 | 3603 |
|  United Overseas Bank Ltd. | United Overseas Bank Ltd. | United Overseas Bank Ltd. |
|  4.921% due 04/02/2028 ~ | 64500 | 64623 |
|  Ventas Realty LP | Ventas Realty LP | Ventas Realty LP |
|  4.125% due 01/15/2026 | 7185 | 7157 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  5.133% due 01/24/2028 ~ | 20059 | 20078 |
|  5.420% due 04/22/2028 ~ | 2601 | 2619 |
|  Wells Fargo Bank NA | Wells Fargo Bank NA | Wells Fargo Bank NA |
|  5.055% due 01/15/2026 ~ | 16800 | 16835 |
|  5.159% due 08/01/2025 ~ | 9875 | 9878 |
|  5.421% due 08/07/2026 ~ | 200 | 201 |
|  |  | 3935628 |
| INDUSTRIALS 10.9% | INDUSTRIALS 10.9% | INDUSTRIALS 10.9% |
|  7-Eleven, Inc. | 7-Eleven, Inc. | 7-Eleven, Inc. |
|  0.950% due 02/10/2026 | 24374 | 23839 |
|  Algonquin Power & Utilities Corp. | Algonquin Power & Utilities Corp. | Algonquin Power & Utilities Corp. |
|  5.365% due 06/15/2026 | 10900 | 10961 |
|  Bacardi Ltd. | Bacardi Ltd. | Bacardi Ltd. |
|  2.750% due 07/15/2026 | 680 | 666 |
|  BAT International Finance PLC | BAT International Finance PLC | BAT International Finance PLC |
|  1.668% due 03/25/2026 | 7595 | 7439 |
|  Baxter International, Inc. | Baxter International, Inc. | Baxter International, Inc. |
|  2.600% due 08/15/2026 | 8817 | 8654 |
|  Bayer U.S. Finance LLC | Bayer U.S. Finance LLC | Bayer U.S. Finance LLC |
|  4.250% due 12/15/2025 | 140641 | 140262 |
|  5.500% due 08/15/2025 | 2145 | 2145 |
|  6.125% due 11/21/2026 | 400 | 407 |
|  Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. |
|  1.570% due 01/15/2026 | 107188 | 105285 |
|  BMW U.S. Capital LLC | BMW U.S. Capital LLC | BMW U.S. Capital LLC |
|  4.650% due 03/19/2027 | 7600 | 7646 |
|  4.893% due 04/02/2026 ~ | 25120 | 25132 |
|  4.982% due 08/11/2025 ~ | 4000 | 4001 |
|  5.166% due 08/13/2026 ~ | 27741 | 27852 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Boeing Co. | Boeing Co. | Boeing Co. |
|  2.196% due 02/04/2026 | 52402 | 51592 |
|  2.600% due 10/30/2025 | 15010 | 14883 |
|  2.750% due 02/01/2026 | 18825 | 18613 |
|  Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
|  3.150% due 11/15/2025 | 7325 | 7287 |
|  Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. |
|  2.050% due 07/15/2025 | 1500 | 1498 |
|  Conagra Brands, Inc. | Conagra Brands, Inc. | Conagra Brands, Inc. |
|  4.600% due 11/01/2025 | 10701 | 10691 |
|  7.125% due 10/01/2026 | 789 | 812 |
|  Cox Communications, Inc. | Cox Communications, Inc. | Cox Communications, Inc. |
|  3.350% due 09/15/2026 | 2043 | 2012 |
|  Dell International LLC | Dell International LLC | Dell International LLC |
|  6.020% due 06/15/2026 | 10021 | 10118 |
|  Enbridge Energy Partners LP | Enbridge Energy Partners LP | Enbridge Energy Partners LP |
|  5.875% due 10/15/2025 | 12548 | 12559 |
|  Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
|  4.750% due 01/15/2026 | 16250 | 16252 |
|  5.950% due 12/01/2025 | 22021 | 22059 |
|  FirstEnergy Pennsylvania Electric Co. | FirstEnergy Pennsylvania Electric Co. | FirstEnergy Pennsylvania Electric Co. |
|  5.150% due 03/30/2026 | 6648 | 6664 |
|  Flex Ltd. | Flex Ltd. | Flex Ltd. |
|  3.750% due 02/01/2026 | 13233 | 13148 |
|  General Motors Co. | General Motors Co. | General Motors Co. |
|  6.125% due 10/01/2025 | 5778 | 5789 |
|  Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. |
|  1.200% due 03/01/2026 | 14875 | 14528 |
|  Harley-Davidson, Inc. | Harley-Davidson, Inc. | Harley-Davidson, Inc. |
|  3.500% due 07/28/2025 | 3488 | 3483 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. |
|  5.250% due 06/15/2026 | 7536 | 7547 |
|  5.375% due 09/01/2026 | 12025 | 12088 |
|  5.875% due 02/15/2026 | 8213 | 8222 |
|  Hyundai Capital America | Hyundai Capital America | Hyundai Capital America |
|  3.500% due 11/02/2026 | 4632 | 4570 |
|  5.402% due 03/25/2027 ~ | 37800 | 37749 |
|  5.445% due 03/19/2027 ~ | 1865 | 1863 |
|  5.449% due 06/24/2027 ~ | 6395 | 6392 |
|  5.509% due 08/04/2025 •  | 49680 | 49704 |
|  5.527% due 06/23/2027 ~ | 2900 | 2904 |
|  5.679% due 11/03/2025 ~ | 29920 | 30011 |
|  5.847% due 01/08/2027 ~ | 4224 | 4250 |
|  6.000% due 07/11/2025 | 298 | 298 |
|  6.250% due 11/03/2025 | 9683 | 9723 |
|  Illumina, Inc. | Illumina, Inc. | Illumina, Inc. |
|  5.800% due 12/12/2025 | 22000 | 22096 |
|  Imperial Brands Finance PLC | Imperial Brands Finance PLC | Imperial Brands Finance PLC |
|  3.500% due 07/26/2026 | 2400 | 2372 |
|  4.250% due 07/21/2025 | 11243 | 11239 |
|  Intel Corp. | Intel Corp. | Intel Corp. |
|  3.700% due 07/29/2025 | 1824 | 1818 |
|  International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. |
|  1.230% due 10/01/2025 | 5671 | 5616 |
|  Mars, Inc. | Mars, Inc. | Mars, Inc. |
|  4.450% due 03/01/2027 | 8000 | 8031 |
|  Marvell Technology, Inc. | Marvell Technology, Inc. | Marvell Technology, Inc. |
|  1.650% due 04/15/2026 | 7204 | 7042 |
|  Mead Johnson Nutrition Co. | Mead Johnson Nutrition Co. | Mead Johnson Nutrition Co. |
|  4.125% due 11/15/2025 | 200 | 200 |
|  Mercedes-Benz Finance North America LLC | Mercedes-Benz Finance North America LLC | Mercedes-Benz Finance North America LLC |
|  4.926% due 08/01/2025 ~ | 21019 | 21026 |
|  4.985% due 07/31/2026 ~ | 34600 | 34617 |
|  5.012% due 01/09/2026 ~ | 75440 | 75533 |
|  5.195% due 04/01/2027 •  | 1925 | 1925 |
|  Microchip Technology, Inc. | Microchip Technology, Inc. | Microchip Technology, Inc. |
|  4.250% due 09/01/2025 | 40161 | 40116 |
|  Molson Coors Beverage Co. | Molson Coors Beverage Co. | Molson Coors Beverage Co. |
|  3.000% due 07/15/2026 | 20375 | 20077 |
|  MPLX LP | MPLX LP | MPLX LP |
|  1.750% due 03/01/2026 | 33400 | 32760 |
|  Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. |
|  3.522% due 09/17/2025 | 1160 | 1154 |
|  NTT Finance Corp. | NTT Finance Corp. | NTT Finance Corp. |
|  1.162% due 04/03/2026 | 26841 | 26187 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  NXP BV | NXP BV | NXP BV |
|  3.875% due 06/18/2026 | 1421 | 1413 |
|  5.350% due 03/01/2026 | 14570 | 14641 |
|  Penske Truck Leasing Co. LP | Penske Truck Leasing Co. LP | Penske Truck Leasing Co. LP |
|  1.200% due 11/15/2025 | 22346 | 22056 |
|  1.700% due 06/15/2026 | 1637 | 1593 |
|  4.000% due 07/15/2025 | 10174 | 10172 |
|  5.750% due 05/24/2026 | 1310 | 1321 |
|  Rogers Communications, Inc. | Rogers Communications, Inc. | Rogers Communications, Inc. |
|  3.625% due 12/15/2025 | 12469 | 12415 |
|  Rolls-Royce PLC | Rolls-Royce PLC | Rolls-Royce PLC |
|  3.625% due 10/14/2025 | 10450 | 10436 |
|  Sydney Airport Finance Co. Pty. Ltd. | Sydney Airport Finance Co. Pty. Ltd. | Sydney Airport Finance Co. Pty. Ltd. |
|  3.625% due 04/28/2026 | 22584 | 22413 |
|  Synopsys, Inc. | Synopsys, Inc. | Synopsys, Inc. |
|  4.550% due 04/01/2027 | 35400 | 35593 |
|  T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
|  2.250% due 02/15/2026 | 183 | 180 |
|  Transurban Finance Co. Pty. Ltd. | Transurban Finance Co. Pty. Ltd. | Transurban Finance Co. Pty. Ltd. |
|  4.125% due 02/02/2026 | 1080 | 1077 |
|  Uber Technologies, Inc. | Uber Technologies, Inc. | Uber Technologies, Inc. |
|  7.500% due 09/15/2027 | 25789 | 26036 |
|  Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC |
|  1.250% due 11/24/2025 | 24210 | 23882 |
|  5.236% due 03/20/2026 ~ | 61691 | 61706 |
|  5.327% due 09/12/2025 ~ | 24372 | 24390 |
|  5.428% due 08/14/2026 ~ | 24673 | 24756 |
|  5.472% due 03/25/2027 ~ | 58800 | 58749 |
|  Williams Cos., Inc. | Williams Cos., Inc. | Williams Cos., Inc. |
|  5.400% due 03/02/2026 | 25000 | 25146 |
|  Zoetis, Inc. | Zoetis, Inc. | Zoetis, Inc. |
|  4.500% due 11/13/2025 | 9225 | 9221 |
|  5.400% due 11/14/2025 | 334 | 335 |
|  |  | 1450938 |
| UTILITIES 5.1% | UTILITIES 5.1% | UTILITIES 5.1% |
|  AES Corp. | AES Corp. | AES Corp. |
|  1.375% due 01/15/2026 | 24678 | 24212 |
|  American Electric Power Co., Inc. | American Electric Power Co., Inc. | American Electric Power Co., Inc. |
|  1.000% due 11/01/2025 | 5950 | 5877 |
|  5.699% due 08/15/2025 | 14697 | 14709 |
|  Black Hills Corp. | Black Hills Corp. | Black Hills Corp. |
|  3.950% due 01/15/2026 | 13974 | 13899 |
|  Brooklyn Union Gas Co. | Brooklyn Union Gas Co. | Brooklyn Union Gas Co. |
|  3.407% due 03/10/2026 | 3300 | 3267 |
|  Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. |
|  3.900% due 10/01/2025 | 6491 | 6480 |
|  Edison International | Edison International | Edison International |
|  4.700% due 08/15/2025 | 10441 | 10425 |
|  Electricite de France SA | Electricite de France SA | Electricite de France SA |
|  3.625% due 10/13/2025 | 7528 | 7498 |
|  Enel Finance International NV | Enel Finance International NV | Enel Finance International NV |
|  1.625% due 07/12/2026 | 6390 | 6203 |
|  7.050% due 10/14/2025 | 13729 | 13810 |
|  Entergy Corp. | Entergy Corp. | Entergy Corp. |
|  0.900% due 09/15/2025 | 16406 | 16284 |
|  Eversource Energy | Eversource Energy | Eversource Energy |
|  4.750% due 05/15/2026 | 989 | 991 |
|  Jersey Central Power & Light Co. | Jersey Central Power & Light Co. | Jersey Central Power & Light Co. |
|  4.300% due 01/15/2026 | 1075 | 1073 |
|  National Rural Utilities Cooperative Finance Corp. | National Rural Utilities Cooperative Finance Corp. | National Rural Utilities Cooperative Finance Corp. |
|  1.000% due 06/15/2026 | 616 | 597 |
|  4.963% due 11/22/2026 ~ | 60300 | 60352 |
|  NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
|  5.116% due 01/29/2026 ~ | 62039 | 62188 |
|  5.749% due 09/01/2025 | 11845 | 11863 |
|  Oncor Electric Delivery Co. LLC | Oncor Electric Delivery Co. LLC | Oncor Electric Delivery Co. LLC |
|  4.500% due 03/20/2027 | 10900 | 10958 |
|  ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. |
|  2.200% due 09/15/2025 | 15112 | 15024 |
|  5.000% due 03/01/2026 | 5000 | 5004 |
|  5.850% due 01/15/2026 | 54992 | 55279 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **81** |

---

------

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

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  2.950% due 03/01/2026 | 2800 | 2764 |
|  3.150% due 01/01/2026 | 62652 | 62061 |
|  3.450% due 07/01/2025 | 36405 | 36405 |
|  5.339% due 09/04/2025 ~ | 84897 | 84899 |
|  Pinnacle West Capital Corp. | Pinnacle West Capital Corp. | Pinnacle West Capital Corp. |
|  5.214% due 06/10/2026 ~ | 24082 | 24124 |
|  SA Global Sukuk Ltd. | SA Global Sukuk Ltd. | SA Global Sukuk Ltd. |
|  1.602% due 06/17/2026 | 7100 | 6899 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  1.200% due 02/01/2026 | 5707 | 5564 |
|  3.700% due 08/01/2025 | 7188 | 7179 |
|  4.400% due 09/06/2026 | 10595 | 10581 |
|  4.900% due 06/01/2026 | 19971 | 19993 |
|  5.350% due 03/01/2026 | 77234 | 77632 |
|  Southern California Gas Co. | Southern California Gas Co. | Southern California Gas Co. |
|  2.600% due 06/15/2026 | 3730 | 3665 |
|  |  | 687759 |
|  Total Corporate Bonds & Notes<br>(Cost $6,066,500) | Total Corporate Bonds & Notes<br>(Cost $6,066,500) | 6074325 |
| U.S. GOVERNMENT AGENCIES 15.5% | U.S. GOVERNMENT AGENCIES 15.5% | U.S. GOVERNMENT AGENCIES 15.5% |
|  Fannie Mae | Fannie Mae | Fannie Mae |
|  2.000% due 12/25/2044 | 697 | 618 |
|  4.670% due 05/25/2037 •  | 7 | 7 |
|  4.720% due 12/25/2045 •  | 1230 | 1212 |
|  4.736% due 01/25/2037 •  | 169 | 167 |
|  4.750% due 02/25/2037 •  | 14 | 14 |
|  4.764% due 06/25/2048 •  | 5302 | 5243 |
|  4.770% due 11/25/2036 •  | 27 | 26 |
|  4.784% due 08/25/2044 •  | 1770 | 1731 |
|  4.814% due 08/25/2044 - 10/25/2044 •  | 5863 | 5801 |
|  4.816% due 04/18/2028 - 09/18/2031 •  | 34 | 34 |
|  4.820% due 06/25/2026 •  | 9 | 9 |
|  4.830% due 09/25/2035 •  | 151 | 150 |
|  4.840% due 03/25/2037 •  | 109 | 108 |
|  4.864% due 07/25/2044 - 03/25/2060 •  | 14006 | 13810 |
|  4.870% due 02/25/2038 - 06/25/2059 •  | 4441 | 4363 |
|  4.914% due 07/25/2046 •  | 3459 | 3438 |
|  4.916% due 05/18/2032 •  | 22 | 22 |
|  4.920% due 06/25/2031 •  | 31 | 31 |
|  4.964% due 07/25/2046 •  | 2280 | 2241 |
|  4.966% due 03/18/2032 •  | 43 | 43 |
|  5.100% due 12/25/2037 •  | 193 | 192 |
|  5.120% due 05/25/2037 •  | 40 | 40 |
|  5.155% due 11/25/2054 •  | 25149 | 25077 |
|  5.170% due 03/25/2037 - 02/25/2040 •  | 37 | 37 |
|  5.200% due 02/25/2038 •  | 510 | 511 |
|  5.205% due 09/25/2054 - 04/25/2055 •  | 335027 | 334077 |
|  5.255% due 01/25/2055 - 03/25/2055 •  | 16259 | 16275 |
|  5.270% due 07/25/2038 •  | 10 | 10 |
|  5.305% due 10/25/2054 - 05/25/2055 •  | 64753 | 64903 |
|  5.320% due 03/25/2032 •  | 5 | 5 |
|  5.355% due 05/25/2055 •  | 14497 | 14583 |
|  5.402% due 07/25/2055 •  | 12000 | 12004 |
|  5.405% due 06/25/2054 - 01/25/2055 •  | 36416 | 36387 |
|  5.505% due 12/25/2053 - 02/25/2055 •  | 69053 | 69225 |
|  5.555% due 02/25/2055 •  | 13531 | 13589 |
|  6.679% due 01/01/2036 •  | 1075 | 1113 |
|  7.018% due 05/01/2038 •  | 140 | 145 |
|  Freddie Mac | Freddie Mac | Freddie Mac |
|  1.000% due 08/15/2044 | 3811 | 3191 |
|  4.668% due 11/15/2036 - 01/15/2040 •  | 2 | 3 |
|  4.738% due 02/15/2037 •  | 385 | 380 |
|  4.784% due 05/15/2038 •  | 1184 | 1200 |
|  4.794% due 05/15/2041 •  | 1158 | 1143 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.814% due 03/15/2037 - 03/15/2043 •  | $— | 20590 | $— | 20222 |
|  4.838% due 04/15/2041 •  |  | 124 |  | 122 |
|  4.864% due 12/15/2042 - 11/15/2044 •  |  | 3207 |  | 3201 |
|  4.868% due 09/15/2048 - 04/15/2049 •  |  | 2995 |  | 2909 |
|  4.884% due 06/15/2044 •  |  | 4000 |  | 3954 |
|  4.914% due 12/15/2037 •  |  | 702 |  | 687 |
|  4.916% due 02/25/2026 •  |  | 1472 |  | 1473 |
|  4.918% due 07/15/2039 •  |  | 18 |  | 18 |
|  5.150% due 03/15/2050 •  |  | 27876 |  | 27528 |
|  5.175% due 04/25/2055 •  |  | 93453 |  | 93328 |
|  5.205% due 07/25/2054 - 03/25/2055 •  |  | 52046 |  | 51900 |
|  5.235% due 05/25/2055 •  |  | 90447 |  | 90442 |
|  5.245% due 11/25/2054 •  |  | 235003 |  | 234523 |
|  5.255% due 03/25/2055 - 04/25/2055 •  |  | 118968 |  | 119006 |
|  5.285% due 02/25/2055 •  |  | 24278 |  | 24353 |
|  5.305% due 10/25/2052 - 06/25/2055 •  |  | 236536 |  | 235704 |
|  5.306% due 06/25/2055 «•  |  | 18500 |  | 18523 |
|  5.404% due 07/25/2055 •  |  | 20700 |  | 20707 |
|  5.455% due 12/25/2054 - 01/25/2055 •  |  | 79329 |  | 79312 |
|  5.505% due 01/25/2055 - 02/25/2055 •  |  | 39954 |  | 40054 |
|  5.555% due 05/25/2054 - 06/25/2055 •  |  | 75558 |  | 75905 |
|  6.901% due 09/01/2037 •  |  | 761 |  | 788 |
|  Ginnie Mae | Ginnie Mae | Ginnie Mae | Ginnie Mae | Ginnie Mae |
|  2.500% due 01/20/2049 - 10/20/2049 |  | 2206 |  | 1971 |
|  3.000% due 07/20/2046 |  | 167 |  | 163 |
|  4.370% due 05/20/2063 •  |  | 55 |  | 54 |
|  4.602% due 01/20/2068 •  |  | 729 |  | 726 |
|  4.677% due 06/20/2068 •  |  | 7627 |  | 7672 |
|  4.746% due 09/20/2060 - 03/20/2068 •  |  | 4659 |  | 4655 |
|  4.776% due 10/20/2060 •  |  | 452 |  | 452 |
|  4.796% due 08/20/2058 •  |  | 200 |  | 200 |
|  4.816% due 11/20/2070 - 12/20/2070 •  |  | 14702 |  | 14526 |
|  4.826% due 12/20/2060 •  |  | 924 |  | 924 |
|  4.846% due 11/20/2070 •  |  | 2398 |  | 2367 |
|  4.882% due 03/20/2049 - 06/20/2049 •  |  | 11195 |  | 10925 |
|  4.916% due 06/20/2067 - 10/20/2068 •  |  | 1455 |  | 1461 |
|  4.926% due 04/20/2065 •  |  | 114 |  | 114 |
|  4.946% due 03/20/2061 - 07/20/2067 •  |  | 1802 |  | 1805 |
|  4.961% due 10/20/2062 •  |  | 30 |  | 30 |
|  4.996% due 05/20/2065 •  |  | 8893 |  | 8890 |
|  5.032% due 09/20/2040 •  |  | 2484 |  | 2466 |
|  5.046% due 01/20/2062 - 05/20/2069 •  |  | 5761 |  | 5769 |
|  5.052% due 05/20/2041 •  |  | 4805 |  | 4773 |
|  5.062% due 10/20/2040 •  |  | 4534 |  | 4503 |
|  5.076% due 04/20/2065 •  |  | 3212 |  | 3213 |
|  5.082% due 05/20/2041 •  |  | 1339 |  | 1316 |
|  5.096% due 11/20/2064 - 10/20/2065 •  |  | 13394 |  | 13403 |
|  5.126% due 01/16/2040 •  |  | 1763 |  | 1765 |
|  5.146% due 04/20/2070 •  |  | 30502 |  | 30414 |
|  5.172% due 02/20/2040 •  |  | 1544 |  | 1548 |
|  5.176% due 09/20/2063 •  |  | 44 |  | 44 |
|  5.196% due 11/20/2065 - 02/20/2067 •  |  | 1914 |  | 1918 |
|  5.199% due 12/20/2068 •  |  | 4585 |  | 4619 |
|  5.202% due 04/20/2040 •  |  | 3200 |  | 3211 |
|  5.204% due 06/20/2055 •  |  | 82400 |  | 82452 |
|  5.226% due 09/20/2066 •  |  | 459 |  | 460 |
|  5.227% due 06/20/2067 •  |  | 3142 |  | 3182 |
|  5.232% due 03/20/2040 - 01/20/2074 •  |  | 17229 |  | 17326 |
|  5.246% due 07/20/2066 •  |  | 739 |  | 741 |
|  5.252% due 01/20/2054 - 09/20/2073 •  |  | 28565 |  | 28658 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.276% due 08/20/2066 •  | 347 | 348 |
|  5.346% due 09/20/2069 •  | 645 | 647 |
|  5.366% due 07/20/2065 •  | 1255 | 1261 |
|  5.402% due 05/20/2073 •  | 19148 | 19298 |
|  5.436% due 05/20/2060 •  | 809 | 816 |
|  5.443% due 05/20/2060 - 06/20/2060 •  | 1533 | 1546 |
|  5.446% due 01/20/2066 - 12/20/2066 •  | 2525 | 2538 |
|  5.496% due 02/20/2066 •  | 3638 | 3656 |
|  5.592% due 04/20/2067 •  | 744 | 755 |
|  6.000% due 12/15/2033 | 6 | 7 |
|  6.500% due 11/15/2033 - 12/15/2033 | 6 | 6 |
|  7.000% due 01/15/2031 - 07/15/2032 | 4 | 2 |
|  7.500% due 09/15/2027 - 06/15/2028 | 7 | 7 |
|  Total U.S. Government Agencies<br>(Cost $2,081,543) | Total U.S. Government Agencies<br>(Cost $2,081,543) | 2077420 |
| U.S. TREASURY OBLIGATIONS 1.8% | U.S. TREASURY OBLIGATIONS 1.8% | U.S. TREASURY OBLIGATIONS 1.8% |
|  U.S. Treasury Inflation Protected Securities (b) | U.S. Treasury Inflation Protected Securities (b) | U.S. Treasury Inflation Protected Securities (b) |
|  0.125% due 10/15/2025 (h) | 28186 | 28089 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  4.000% due 05/31/2030 | 209400 | 211461 |
|  Total U.S. Treasury Obligations<br>(Cost $236,719) | Total U.S. Treasury Obligations<br>(Cost $236,719) | 239550 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 1.7% | NON-AGENCY MORTGAGE-BACKED SECURITIES 1.7% | NON-AGENCY MORTGAGE-BACKED SECURITIES 1.7% |
|  Arroyo Mortgage Trust | Arroyo Mortgage Trust | Arroyo Mortgage Trust |
|  1.175% due 10/25/2048 ~ | 9229 | 8336 |
|  Ashford Hospitality Trust | Ashford Hospitality Trust | Ashford Hospitality Trust |
|  5.384% due 04/15/2035 •  | 596 | 593 |
|  Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust |
|  5.032% due 08/25/2033 ~ | 217 | 210 |
|  COLT Mortgage Loan Trust | COLT Mortgage Loan Trust | COLT Mortgage Loan Trust |
|  1.397% due 10/25/2066 ~ | 21234 | 18115 |
|  COMM Mortgage Trust | COMM Mortgage Trust | COMM Mortgage Trust |
|  5.726% due 12/15/2038 •  | 8221 | 8120 |
|  Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust |
|  5.194% due 07/15/2032 •  | 3095 | 3073 |
|  6.276% due 10/15/2037 •  | 8700 | 8645 |
|  CRSNT Trust | CRSNT Trust | CRSNT Trust |
|  5.254% due 04/15/2036 •  | 52400 | 51770 |
|  Extended Stay America Trust | Extended Stay America Trust | Extended Stay America Trust |
|  5.506% due 07/15/2038 •  | 2059 | 2060 |
|  GCAT Trust | GCAT Trust | GCAT Trust |
|  2.650% due 10/25/2068 ~ | 1060 | 1029 |
|  2.885% due 12/27/2066 ~ | 17876 | 16709 |
|  JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust |
|  5.926% due 09/15/2029 •  | 17535 | 16942 |
|  Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust |
|  5.892% due 10/25/2066 | 4402 | 4405 |
|  Mellon Residential Funding Corp. Mortgage Pass-Through Certificates | Mellon Residential Funding Corp. Mortgage Pass-Through Certificates | Mellon Residential Funding Corp. Mortgage Pass-Through Certificates |
|  5.126% due 11/15/2031 •  | 138 | 134 |
|  MF1 Ltd. | MF1 Ltd. | MF1 Ltd. |
|  5.382% due 12/15/2034 •  | 2700 | 2693 |
|  Mill City Mortgage Loan Trust | Mill City Mortgage Loan Trust | Mill City Mortgage Loan Trust |
|  2.750% due 07/25/2059 ~ | 291 | 284 |
|  Morgan Stanley Capital Trust | Morgan Stanley Capital Trust | Morgan Stanley Capital Trust |
|  5.459% due 11/15/2034 •  | 4332 | 4267 |
|  Natixis Commercial Mortgage Securities Trust | Natixis Commercial Mortgage Securities Trust | Natixis Commercial Mortgage Securities Trust |
|  5.526% due 08/15/2038 •  | 3000 | 2901 |
|  OBX Trust | OBX Trust | OBX Trust |
|  2.783% due 01/25/2062 þ | 36610 | 35186 |
|  Starwood Mortgage Residential Trust | Starwood Mortgage Residential Trust | Starwood Mortgage Residential Trust |
|  1.027% due 11/25/2055 ~ | 2038 | 1927 |
|  Starwood Mortgage Trust | Starwood Mortgage Trust | Starwood Mortgage Trust |
|  5.284% due 11/15/2036 •  | 17200 | 17143 |

---

---

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

---

------

June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  2.900% due 10/25/2059 ~ | 10265 | 9863 |
|  3.750% due 03/25/2058 ~ | 7045 | 6862 |
|  5.434% due 10/25/2059 •  | 841 | 848 |
|  Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust |
|  0.820% due 10/25/2063 ~ | 2566 | 2481 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $234,645) | Total Non-Agency Mortgage-Backed Securities (Cost $234,645) | 224596 |
| ASSET-BACKED SECURITIES 20.2% | ASSET-BACKED SECURITIES 20.2% | ASSET-BACKED SECURITIES 20.2% |
| AUTOMOBILE ABS OTHER 7.0% | AUTOMOBILE ABS OTHER 7.0% | AUTOMOBILE ABS OTHER 7.0% |
|  BMW Vehicle Lease Trust | BMW Vehicle Lease Trust | BMW Vehicle Lease Trust |
|  4.725% due 01/25/2027 •  | 9172 | 9178 |
|  BofA Auto Trust | BofA Auto Trust | BofA Auto Trust |
|  4.852% due 11/22/2027 •  | 11100 | 11115 |
|  CarMax Auto Owner Trust | CarMax Auto Owner Trust | CarMax Auto Owner Trust |
|  4.734% due 03/15/2028 •  | 39500 | 39496 |
|  4.754% due 12/15/2027 •  | 12055 | 12065 |
|  4.774% due 09/15/2027 •  | 28910 | 28927 |
|  4.883% due 05/17/2027 •  | 1773 | 1774 |
|  4.924% due 03/15/2027 •  | 5916 | 5919 |
|  4.994% due 07/17/2028 •  | 36600 | 36736 |
|  5.104% due 12/15/2026 •  | 2312 | 2313 |
|  Chesapeake Funding LLC | Chesapeake Funding LLC | Chesapeake Funding LLC |
|  5.074% due 05/15/2036 •  | 7001 | 6997 |
|  5.554% due 05/15/2035 •  | 5216 | 5240 |
|  Citizens Auto Receivables Trust | Citizens Auto Receivables Trust | Citizens Auto Receivables Trust |
|  4.844% due 11/16/2026 •  | 6001 | 6003 |
|  Ford Credit Auto Lease Trust | Ford Credit Auto Lease Trust | Ford Credit Auto Lease Trust |
|  4.704% due 02/15/2027 •  | 20451 | 20454 |
|  4.714% due 08/15/2027 ~ | 24200 | 24214 |
|  Ford Credit Auto Owner Trust | Ford Credit Auto Owner Trust | Ford Credit Auto Owner Trust |
|  4.704% due 04/15/2027 •  | 18118 | 18122 |
|  GM Financial Automobile Leasing Trust | GM Financial Automobile Leasing Trust | GM Financial Automobile Leasing Trust |
|  4.712% due 05/20/2027 •  | 122000 | 122089 |
|  4.772% due 01/20/2027 •  | 22743 | 22757 |
|  4.802% due 07/20/2027 ~ | 28900 | 28951 |
|  GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust |
|  4.704% due 02/16/2027 •  | 1506 | 1506 |
|  4.704% due 10/18/2027 •  | 25861 | 25876 |
|  4.834% due 11/16/2026 •  | 906 | 906 |
|  Harley-Davidson Motorcycle Trust | Harley-Davidson Motorcycle Trust | Harley-Davidson Motorcycle Trust |
|  4.964% due 07/17/2028 •  | 13700 | 13736 |
|  Hyundai Auto Lease Securitization Trust | Hyundai Auto Lease Securitization Trust | Hyundai Auto Lease Securitization Trust |
|  4.704% due 06/15/2027 •  | 39550 | 39559 |
|  4.804% due 03/15/2027 •  | 7963 | 7973 |
|  5.004% due 09/15/2027 •  | 38500 | 38644 |
|  Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust |
|  4.704% due 09/15/2027 •  | 28969 | 28987 |
|  M&T Bank Auto Receivables Trust | M&T Bank Auto Receivables Trust | M&T Bank Auto Receivables Trust |
|  4.804% due 05/15/2028 •  | 26000 | 26033 |
|  Mercedes-Benz Auto Lease Trust | Mercedes-Benz Auto Lease Trust | Mercedes-Benz Auto Lease Trust |
|  4.744% due 12/15/2026 •  | 7998 | 7998 |
|  Nissan Auto Lease Trust | Nissan Auto Lease Trust | Nissan Auto Lease Trust |
|  4.714% due 06/15/2027 •  | 17303 | 17314 |
|  4.754% due 11/15/2027 •  | 56300 | 56388 |
|  Nissan Auto Receivables Owner Trust | Nissan Auto Receivables Owner Trust | Nissan Auto Receivables Owner Trust |
|  4.684% due 06/15/2027 •  | 28130 | 28143 |
|  4.864% due 05/15/2026 •  | 756 | 756 |
|  Tesla Auto Lease Trust | Tesla Auto Lease Trust | Tesla Auto Lease Trust |
|  4.802% due 06/22/2026 •  | 1521 | 1521 |
|  4.892% due 01/20/2027 •  | 2713 | 2715 |
|  Tesla Electric Vehicle Trust | Tesla Electric Vehicle Trust | Tesla Electric Vehicle Trust |
|  4.822% due 12/21/2026 •  | 3193 | 3194 |
|  Toyota Auto Receivables Owner Trust | Toyota Auto Receivables Owner Trust | Toyota Auto Receivables Owner Trust |
|  4.694% due 08/16/2027 •  | 39750 | 39764 |
|  4.844% due 03/15/2028 •  | 35000 | 35066 |
|  Toyota Lease Owner Trust | Toyota Lease Owner Trust | Toyota Lease Owner Trust |
|  4.712% due 07/20/2027 •  | 83400 | 83395 |
|  4.742% due 02/22/2027 •  | 16673 | 16670 |
|  Volkswagen Auto Lease Trust | Volkswagen Auto Lease Trust | Volkswagen Auto Lease Trust |
|  4.772% due 12/21/2026 •  | 16488 | 16493 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Volkswagen Auto Loan Enhanced Trust | Volkswagen Auto Loan Enhanced Trust | Volkswagen Auto Loan Enhanced Trust |
|  4.932% due 03/22/2027 •  | 9470 | 9477 |
|  World Omni Auto Receivables Trust | World Omni Auto Receivables Trust | World Omni Auto Receivables Trust |
|  4.774% due 01/18/2028 •  | 1342 | 1343 |
|  4.884% due 02/16/2027 •  | 1811 | 1812 |
|  World Omni Automobile Lease Securitization Trust | World Omni Automobile Lease Securitization Trust | World Omni Automobile Lease Securitization Trust |
|  4.694% due 12/15/2027 •  | 20500 | 20504 |
|  4.734% due 02/16/2027 •  | 12649 | 12655 |
|  |  | 940778 |
| AUTOMOBILE SEQUENTIAL 5.8% | AUTOMOBILE SEQUENTIAL 5.8% | AUTOMOBILE SEQUENTIAL 5.8% |
|  Ally Auto Receivables Trust | Ally Auto Receivables Trust | Ally Auto Receivables Trust |
|  4.460% due 07/15/2027 | 2711 | 2710 |
|  5.320% due 01/15/2027 | 936 | 936 |
|  ARI Fleet Lease Trust | ARI Fleet Lease Trust | ARI Fleet Lease Trust |
|  4.590% due 03/15/2034 | 16800 | 16872 |
|  5.410% due 02/17/2032 | 17699 | 17732 |
|  5.540% due 04/15/2033 | 9729 | 9792 |
|  Bank of America Auto Trust | Bank of America Auto Trust | Bank of America Auto Trust |
|  5.530% due 02/15/2028 | 10617 | 10691 |
|  5.850% due 08/17/2026 | 255 | 255 |
|  BMW Vehicle Owner Trust | BMW Vehicle Owner Trust | BMW Vehicle Owner Trust |
|  5.470% due 02/25/2028 | 8151 | 8201 |
|  BofA Auto Trust | BofA Auto Trust | BofA Auto Trust |
|  4.520% due 11/22/2027 | 7200 | 7206 |
|  5.350% due 11/15/2028 | 13125 | 13255 |
|  5.570% due 12/15/2026 | 579 | 580 |
|  Capital One Prime Auto Receivables Trust | Capital One Prime Auto Receivables Trust | Capital One Prime Auto Receivables Trust |
|  5.820% due 06/15/2028 | 1400 | 1418 |
|  CarMax Auto Owner Trust | CarMax Auto Owner Trust | CarMax Auto Owner Trust |
|  3.490% due 02/16/2027 | 1824 | 1820 |
|  4.750% due 10/15/2027 | 4348 | 4354 |
|  5.050% due 01/18/2028 | 10681 | 10721 |
|  5.280% due 05/15/2028 | 20983 | 21114 |
|  5.300% due 03/15/2027 | 3029 | 3033 |
|  5.340% due 08/16/2027 | 3527 | 3539 |
|  5.650% due 05/17/2027 | 5278 | 5291 |
|  6.000% due 07/17/2028 | 14213 | 14422 |
|  Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust |
|  3.210% due 12/11/2028 | 1271 | 1255 |
|  4.130% due 04/12/2027 | 278 | 278 |
|  4.260% due 10/10/2029 | 3310 | 3308 |
|  4.500% due 06/12/2028 | 5752 | 5746 |
|  4.560% due 08/10/2028 | 14300 | 14330 |
|  4.610% due 11/10/2027 | 8942 | 8941 |
|  4.620% due 02/10/2028 | 2411 | 2411 |
|  4.640% due 01/10/2030 | 8300 | 8354 |
|  5.050% due 04/10/2029 | 13985 | 14072 |
|  5.330% due 07/10/2029 | 1090 | 1102 |
|  5.500% due 08/10/2027 | 2348 | 2351 |
|  5.620% due 01/10/2029 | 1000 | 1008 |
|  5.630% due 11/10/2027 | 3572 | 3579 |
|  5.770% due 04/12/2027 | 35 | 35 |
|  5.980% due 12/10/2027 | 5593 | 5619 |
|  6.160% due 10/10/2028 | 1655 | 1673 |
|  Chase Auto Owner Trust | Chase Auto Owner Trust | Chase Auto Owner Trust |
|  4.940% due 07/25/2029 | 19100 | 19280 |
|  5.480% due 04/26/2027 | 1836 | 1838 |
|  5.530% due 09/27/2027 | 4944 | 4957 |
|  5.660% due 05/26/2027 | 5365 | 5377 |
|  5.680% due 01/25/2029 | 13825 | 13984 |
|  5.900% due 03/25/2027 | 625 | 626 |
|  Citizens Auto Receivables Trust | Citizens Auto Receivables Trust | Citizens Auto Receivables Trust |
|  5.110% due 04/17/2028 | 23029 | 23159 |
|  5.330% due 08/15/2028 | 9699 | 9784 |
|  5.840% due 01/18/2028 | 10107 | 10173 |
|  Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC |
|  4.380% due 07/20/2029 | 2954 | 2951 |
|  4.510% due 02/22/2028 | 34600 | 34661 |
|  4.650% due 10/20/2027 | 4200 | 4214 |
|  4.690% due 07/20/2027 | 42000 | 42067 |
|  5.310% due 04/20/2027 | 1541 | 1547 |
|  5.740% due 12/20/2026 | 18154 | 18238 |
|  FCCU Auto Receivables Trust | FCCU Auto Receivables Trust | FCCU Auto Receivables Trust |
|  5.760% due 11/15/2027 | 2790 | 2800 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Ford Credit Auto Owner Trust | Ford Credit Auto Owner Trust | Ford Credit Auto Owner Trust |
|  4.320% due 08/15/2027 | 7590 | 7584 |
|  4.650% due 02/15/2028 | 3039 | 3042 |
|  5.230% due 05/15/2028 | 3568 | 3588 |
|  GECU Auto Receivables Trust | GECU Auto Receivables Trust | GECU Auto Receivables Trust |
|  5.950% due 03/15/2027 | 481 | 481 |
|  GM Financial Automobile Leasing Trust | GM Financial Automobile Leasing Trust | GM Financial Automobile Leasing Trust |
|  4.540% due 05/20/2027 | 7600 | 7611 |
|  5.380% due 11/20/2026 | 610 | 611 |
|  GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust |
|  4.660% due 02/16/2028 | 1605 | 1607 |
|  5.100% due 03/16/2029 | 9140 | 9224 |
|  5.130% due 04/16/2029 | 4131 | 4175 |
|  5.450% due 06/16/2028 | 5481 | 5516 |
|  GMF Floorplan Owner Revolving Trust | GMF Floorplan Owner Revolving Trust | GMF Floorplan Owner Revolving Trust |
|  5.340% due 06/15/2028 | 43149 | 43570 |
|  GreenState Auto Receivables Trust | GreenState Auto Receivables Trust | GreenState Auto Receivables Trust |
|  5.530% due 08/16/2027 | 2977 | 2979 |
|  Harley-Davidson Motorcycle Trust | Harley-Davidson Motorcycle Trust | Harley-Davidson Motorcycle Trust |
|  4.620% due 08/16/2027 | 19775 | 19783 |
|  Honda Auto Receivables Owner Trust | Honda Auto Receivables Owner Trust | Honda Auto Receivables Owner Trust |
|  4.560% due 03/15/2027 | 14998 | 14998 |
|  5.210% due 08/15/2028 | 2997 | 3024 |
|  5.870% due 06/22/2026 | 2111 | 2113 |
|  Huntington Auto Trust | Huntington Auto Trust | Huntington Auto Trust |
|  5.500% due 03/15/2027 | 1558 | 1560 |
|  Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust |
|  4.410% due 05/15/2029 | 13193 | 13266 |
|  5.540% due 10/16/2028 | 7873 | 7961 |
|  LAD Auto Receivables Trust | LAD Auto Receivables Trust | LAD Auto Receivables Trust |
|  4.640% due 11/15/2027 | 704 | 704 |
|  5.210% due 06/15/2027 | 279 | 279 |
|  5.700% due 03/15/2027 | 246 | 247 |
|  Mercedes-Benz Auto Receivables Trust | Mercedes-Benz Auto Receivables Trust | Mercedes-Benz Auto Receivables Trust |
|  5.920% due 11/16/2026 | 126 | 126 |
|  Nissan Auto Lease Trust | Nissan Auto Lease Trust | Nissan Auto Lease Trust |
|  4.600% due 11/15/2027 | 2088 | 2094 |
|  Oscar U.S. Funding LLC | Oscar U.S. Funding LLC | Oscar U.S. Funding LLC |
|  5.480% due 02/10/2027 | 3304 | 3308 |
|  PenFed Auto Receivables Owner Trust | PenFed Auto Receivables Owner Trust | PenFed Auto Receivables Owner Trust |
|  5.040% due 09/15/2027 | 2698 | 2701 |
|  SBNA Auto Lease Trust | SBNA Auto Lease Trust | SBNA Auto Lease Trust |
|  4.680% due 04/20/2027 | 2500 | 2501 |
|  4.940% due 11/20/2026 | 10724 | 10734 |
|  5.560% due 11/22/2027 | 30970 | 31232 |
|  5.670% due 11/20/2026 | 1057 | 1059 |
|  SCCU Auto Receivables Trust | SCCU Auto Receivables Trust | SCCU Auto Receivables Trust |
|  5.450% due 12/15/2027 | 893 | 895 |
|  SFS Auto Receivables Securitization Trust | SFS Auto Receivables Securitization Trust | SFS Auto Receivables Securitization Trust |
|  4.650% due 05/22/2028 | 8580 | 8586 |
|  4.710% due 05/22/2028 | 1399 | 1400 |
|  4.950% due 05/21/2029 | 4882 | 4905 |
|  5.330% due 11/20/2029 | 17412 | 17631 |
|  5.470% due 10/20/2028 | 7602 | 7654 |
|  Stellantis Financial Underwritten Enhanced Lease Trust | Stellantis Financial Underwritten Enhanced Lease Trust | Stellantis Financial Underwritten Enhanced Lease Trust |
|  4.630% due 07/20/2027 | 17300 | 17347 |
|  Toyota Auto Receivables Owner Trust | Toyota Auto Receivables Owner Trust | Toyota Auto Receivables Owner Trust |
|  3.760% due 04/15/2027 | 3274 | 3265 |
|  4.630% due 09/15/2027 | 3937 | 3939 |
|  5.300% due 09/15/2027 | 3063 | 3078 |
|  USAA Auto Owner Trust | USAA Auto Owner Trust | USAA Auto Owner Trust |
|  4.510% due 06/15/2028 | 12600 | 12631 |
|  5.030% due 03/15/2029 | 7524 | 7588 |
|  5.250% due 03/15/2027 | 12334 | 12353 |
|  5.580% due 05/15/2028 | 1959 | 1970 |
|  World Omni Auto Receivables Trust | World Omni Auto Receivables Trust | World Omni Auto Receivables Trust |
|  4.430% due 12/17/2029 | 5440 | 5464 |
|  4.660% due 05/15/2028 | 4659 | 4663 |
|  4.780% due 01/18/2028 | 5215 | 5219 |
|  4.860% due 03/15/2029 | 15490 | 15581 |
|  5.610% due 02/15/2028 | 1018 | 1022 |
|  5.910% due 02/16/2027 | 1389 | 1390 |
|  |  | 767919 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| JUNE 30, 2025 83

------

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

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| CMBS OTHER 0.5% | CMBS OTHER 0.5% | CMBS OTHER 0.5% |
|  AREIT Trust | AREIT Trust | AREIT Trust |
|  5.551% due 01/20/2037 •  | 21616 | 21589 |
|  BXMT Ltd. | BXMT Ltd. | BXMT Ltd. |
|  6.328% due 11/15/2037 •  | 19907 | 19887 |
|  GPMT Ltd. | GPMT Ltd. | GPMT Ltd. |
|  5.929% due 07/16/2035 •  | 11321 | 11100 |
|  Starwood Commercial Mortgage Trust | Starwood Commercial Mortgage Trust | Starwood Commercial Mortgage Trust |
|  5.654% due 11/15/2038 •  | 17426 | 17416 |
|  |  | 69992 |
| CREDIT CARD BULLET 1.6% | CREDIT CARD BULLET 1.6% | CREDIT CARD BULLET 1.6% |
|  Citibank Credit Card Issuance Trust | Citibank Credit Card Issuance Trust | Citibank Credit Card Issuance Trust |
|  5.036% due 08/07/2027 •  | 34100 | 34117 |
|  5.196% due 05/14/2029 •  | 5550 | 5605 |
|  Discover Card Execution Note Trust | Discover Card Execution Note Trust | Discover Card Execution Note Trust |
|  4.930% due 06/15/2028 | 11195 | 11267 |
|  Golden Credit Card Trust | Golden Credit Card Trust | Golden Credit Card Trust |
|  4.310% due 09/15/2027 | 14760 | 14755 |
|  Master Credit Card Trust | Master Credit Card Trust | Master Credit Card Trust |
|  5.053% due 01/21/2028 •  | 67143 | 67236 |
|  5.153% due 01/21/2027 •  | 77200 | 77169 |
|  |  | 210149 |
| CREDIT CARD OTHER 2.0% | CREDIT CARD OTHER 2.0% | CREDIT CARD OTHER 2.0% |
|  CARDS Trust | CARDS Trust | CARDS Trust |
|  5.192% due 07/15/2028 •  | 13100 | 13102 |
|  Golden Credit Card Trust | Golden Credit Card Trust | Golden Credit Card Trust |
|  1.140% due 08/15/2028 | 52270 | 50467 |
|  1.970% due 01/15/2029 | 35200 | 34003 |
|  Trillium Credit Card Trust | Trillium Credit Card Trust | Trillium Credit Card Trust |
|  5.130% due 12/26/2028 •  | 67700 | 67827 |
|  5.226% due 08/26/2028 •  | 95000 | 95071 |
|  |  | 260470 |
| OTHER ABS 3.3% | OTHER ABS 3.3% | OTHER ABS 3.3% |
|  Allegro CLO Ltd. | Allegro CLO Ltd. | Allegro CLO Ltd. |
|  5.519% due 01/19/2033 •  | 3700 | 3703 |
|  Anchorage Capital CLO Ltd. | Anchorage Capital CLO Ltd. | Anchorage Capital CLO Ltd. |
|  5.712% due 04/22/2034 •  | 2600 | 2606 |
|  Apidos CLO | Apidos CLO | Apidos CLO |
|  5.541% due 04/20/2031 •  | 2569 | 2571 |
|  5.622% due 07/16/2031 •  | 360 | 361 |
|  Ares CLO Ltd. | Ares CLO Ltd. | Ares CLO Ltd. |
|  5.600% due 04/17/2033 •  | 24800 | 24880 |
|  Atlas Senior Loan Fund Ltd. | Atlas Senior Loan Fund Ltd. | Atlas Senior Loan Fund Ltd. |
|  5.329% due 10/20/2034 •  | 1550 | 1550 |
|  5.614% due 04/22/2031 •  | 533 | 534 |
|  BlueMountain CLO Ltd. | BlueMountain CLO Ltd. | BlueMountain CLO Ltd. |
|  5.472% due 10/25/2030 •  | 6224 | 6229 |
|  5.526% due 11/15/2030 •  | 3009 | 3009 |
|  Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. |
|  5.594% due 07/27/2031 •  | 814 | 815 |
|  Catamaran CLO Ltd. | Catamaran CLO Ltd. | Catamaran CLO Ltd. |
|  5.634% due 04/22/2030 •  | 2478 | 2481 |
|  CIFC Funding Ltd. | CIFC Funding Ltd. | CIFC Funding Ltd. |
|  5.487% due 10/24/2030 •  | 13553 | 13556 |
|  CNH Equipment Trust | CNH Equipment Trust | CNH Equipment Trust |
|  5.900% due 02/16/2027 | 2902 | 2904 |
|  Commonbond Student Loan Trust | Commonbond Student Loan Trust | Commonbond Student Loan Trust |
|  5.284% due 05/25/2041 •  | 137 | 136 |
|  Crestline Denali CLO Ltd. | Crestline Denali CLO Ltd. | Crestline Denali CLO Ltd. |
|  5.561% due 04/20/2030 •  | 400 | 401 |
|  Crossroads Asset Trust | Crossroads Asset Trust | Crossroads Asset Trust |
|  4.910% due 02/20/2032 | 1700 | 1705 |
|  Dell Equipment Finance Trust | Dell Equipment Finance Trust | Dell Equipment Finance Trust |
|  4.680% due 07/22/2027 | 5400 | 5424 |
|  4.751% due 10/22/2025 | 1882 | 1882 |
|  DLLAA LLC | DLLAA LLC | DLLAA LLC |
|  4.700% due 10/20/2027 | 27100 | 27163 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  DLLST LLC | DLLST LLC | DLLST LLC |
|  5.330% due 01/20/2026 | 3670 | 3673 |
|  Dryden CLO Ltd. | Dryden CLO Ltd. | Dryden CLO Ltd. |
|  5.501% due 04/18/2031 •  | 4911 | 4919 |
|  5.530% due 01/17/2033 •  | 3278 | 3284 |
|  Dryden Senior Loan Fund | Dryden Senior Loan Fund | Dryden Senior Loan Fund |
|  5.419% due 10/19/2029 •  | 5953 | 5958 |
|  ELFI Graduate Loan Program LLC | ELFI Graduate Loan Program LLC | ELFI Graduate Loan Program LLC |
|  1.530% due 12/26/2046 | 4947 | 4403 |
|  Gallatin CLO Ltd. | Gallatin CLO Ltd. | Gallatin CLO Ltd. |
|  5.608% due 07/15/2031 •  | 4519 | 4530 |
|  Golub Capital Partners CLO Ltd. | Golub Capital Partners CLO Ltd. | Golub Capital Partners CLO Ltd. |
|  5.592% due 10/25/2034 •  | 6600 | 6607 |
|  Golub Capital Partners Static Ltd. | Golub Capital Partners Static Ltd. | Golub Capital Partners Static Ltd. |
|  5.499% due 04/20/2033 •  | 4433 | 4433 |
|  KKR CLO Ltd. | KKR CLO Ltd. | KKR CLO Ltd. |
|  5.471% due 07/18/2030 •  | 561 | 562 |
|  Kubota Credit Owner Trust | Kubota Credit Owner Trust | Kubota Credit Owner Trust |
|  5.450% due 04/15/2027 | 18199 | 18286 |
|  5.610% due 07/15/2026 | 4578 | 4583 |
|  LCM Loan Income Fund Ltd. | LCM Loan Income Fund Ltd. | LCM Loan Income Fund Ltd. |
|  5.561% due 04/20/2031 •  | 2198 | 2200 |
|  LCM Ltd. | LCM Ltd. | LCM Ltd. |
|  5.588% due 04/15/2031 •  | 552 | 553 |
|  5.601% due 01/20/2031 •  | 1423 | 1423 |
|  M&T Equipment Notes | M&T Equipment Notes | M&T Equipment Notes |
|  4.700% due 12/16/2027 | 12800 | 12860 |
|  Madison Park Funding Ltd. | Madison Park Funding Ltd. | Madison Park Funding Ltd. |
|  5.514% due 07/27/2031 •  | 4058 | 4064 |
|  5.521% due 04/20/2032 •  | 4035 | 4043 |
|  Magnetite Ltd. | Magnetite Ltd. | Magnetite Ltd. |
|  5.406% due 10/15/2031 •  | 4130 | 4132 |
|  Marathon CLO Ltd. | Marathon CLO Ltd. | Marathon CLO Ltd. |
|  5.456% due 04/15/2032 •  | 9387 | 9401 |
|  MidOcean Credit CLO | MidOcean Credit CLO | MidOcean Credit CLO |
|  5.499% due 04/20/2033 •  | 13302 | 13316 |
|  MMAF Equipment Finance LLC | MMAF Equipment Finance LLC | MMAF Equipment Finance LLC |
|  5.200% due 09/13/2027 | 4951 | 4965 |
|  5.790% due 11/13/2026 | 4152 | 4165 |
|  Mountain View CLO LLC | Mountain View CLO LLC | Mountain View CLO LLC |
|  5.562% due 01/16/2031 •  | 355 | 355 |
|  Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust |
|  0.840% due 05/15/2069 | 3126 | 2851 |
|  1.310% due 01/15/2069 | 7431 | 6987 |
|  1.580% due 04/15/2070 | 24135 | 21825 |
|  1.690% due 05/15/2069 | 4450 | 4218 |
|  2.230% due 07/15/2070 | 19564 | 17934 |
|  3.130% due 02/15/2068 | 1101 | 1080 |
|  4.000% due 12/15/2059 | 324 | 320 |
|  5.426% due 04/15/2069 •  | 5948 | 5921 |
|  Navient Student Loan Trust | Navient Student Loan Trust | Navient Student Loan Trust |
|  5.220% due 07/26/2066 •  | 3898 | 3868 |
|  Nelnet Student Loan Trust | Nelnet Student Loan Trust | Nelnet Student Loan Trust |
|  1.420% due 04/20/2062 | 457 | 428 |
|  4.724% due 12/24/2035 •  | 931 | 924 |
|  5.220% due 09/25/2065 •  | 5068 | 5063 |
|  5.234% due 08/25/2067 •  | 8998 | 8970 |
|  5.286% due 02/25/2066 •  | 4912 | 4908 |
|  Neuberger Berman CLO | Neuberger Berman CLO | Neuberger Berman CLO |
|  5.438% due 10/15/2029 •  | 488 | 488 |
|  Newark BSL CLO Ltd. | Newark BSL CLO Ltd. | Newark BSL CLO Ltd. |
|  5.513% due 07/25/2030 •  | 1723 | 1724 |
|  Octagon Investment Partners Ltd. | Octagon Investment Partners Ltd. | Octagon Investment Partners Ltd. |
|  5.419% due 10/20/2030 •  | 5011 | 5016 |
|  OZLM Ltd. | OZLM Ltd. | OZLM Ltd. |
|  5.419% due 07/20/2030 •  | 850 | 851 |
|  5.469% due 10/20/2031 •  | 781 | 782 |
|  PEAC Solutions Receivables LLC | PEAC Solutions Receivables LLC | PEAC Solutions Receivables LLC |
|  4.940% due 10/20/2028 | 6200 | 6225 |
|  PHEAA Student Loan Trust | PHEAA Student Loan Trust | PHEAA Student Loan Trust |
|  5.370% due 11/25/2065 •  | 2532 | 2528 |
|  Race Point CLO Ltd. | Race Point CLO Ltd. | Race Point CLO Ltd. |
|  5.458% due 10/15/2030 •  | 1016 | 1015 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Rad CLO Ltd. | Rad CLO Ltd. | Rad CLO Ltd. |
|  5.512% due 04/25/2032 •  | 6800 | 6809 |
|  Romark CLO Ltd. | Romark CLO Ltd. | Romark CLO Ltd. |
|  5.571% due 10/23/2030 •  | 8808 | 8817 |
|  Saranac CLO Ltd. | Saranac CLO Ltd. | Saranac CLO Ltd. |
|  5.724% due 08/13/2031 •  | 5288 | 5282 |
|  SLM Private Credit Student Loan Trust | SLM Private Credit Student Loan Trust | SLM Private Credit Student Loan Trust |
|  4.890% due 12/15/2038 •  | 2593 | 2558 |
|  SLM Student Loan Trust | SLM Student Loan Trust | SLM Student Loan Trust |
|  5.070% due 12/27/2038 •  | 1303 | 1280 |
|  5.120% due 01/25/2029 •  | 1568 | 1534 |
|  SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
|  1.290% due 07/15/2053 | 8688 | 8189 |
|  5.026% due 03/17/2053 •  | 3670 | 3639 |
|  5.326% due 09/15/2034 •  | 322 | 322 |
|  5.526% due 07/15/2053 •  | 1096 | 1098 |
|  SoFi Professional Loan Program LLC | SoFi Professional Loan Program LLC | SoFi Professional Loan Program LLC |
|  2.650% due 09/25/2040 | 312 | 309 |
|  SoFi Professional Loan Program Trust | SoFi Professional Loan Program Trust | SoFi Professional Loan Program Trust |
|  1.950% due 02/15/2046 | 7593 | 7112 |
|  Sound Point CLO Ltd. | Sound Point CLO Ltd. | Sound Point CLO Ltd. |
|  5.644% due 07/26/2031 •  | 202 | 202 |
|  5.651% due 01/21/2031 •  | 2088 | 2090 |
|  5.681% due 04/18/2031 •  | 475 | 476 |
|  TIAA CLO Ltd. | TIAA CLO Ltd. | TIAA CLO Ltd. |
|  5.672% due 01/16/2031 •  | 365 | 366 |
|  Venture CLO Ltd. | Venture CLO Ltd. | Venture CLO Ltd. |
|  5.521% due 07/20/2030 •  | 6697 | 6704 |
|  5.581% due 07/20/2030 •  | 2025 | 2021 |
|  Verizon Master Trust | Verizon Master Trust | Verizon Master Trust |
|  4.972% due 08/20/2030 •  | 22600 | 22723 |
|  4.982% due 09/08/2028 •  | 26000 | 26041 |
|  Voya CLO Ltd. | Voya CLO Ltd. | Voya CLO Ltd. |
|  5.491% due 04/17/2030 •  | 3181 | 3183 |
|  5.498% due 06/07/2030 •  | 1267 | 1268 |
|  Voya Ltd. | Voya Ltd. | Voya Ltd. |
|  5.518% due 10/15/2030 •  | 3361 | 3362 |
|  |  | 443936 |
|  Total Asset-Backed Securities<br>(Cost $2,695,639) | Total Asset-Backed Securities<br>(Cost $2,695,639) | 2693244 |
| SOVEREIGN ISSUES 1.1% | SOVEREIGN ISSUES 1.1% | SOVEREIGN ISSUES 1.1% |
|  Kommunalbanken AS | Kommunalbanken AS | Kommunalbanken AS |
|  4.734% due 06/25/2027 ~ | 88000 | 88030 |
|  Kuntarahoitus Oyj | Kuntarahoitus Oyj | Kuntarahoitus Oyj |
|  5.359% due 02/02/2029 ~ | 52000 | 53021 |
|  Total Sovereign Issues (Cost $140,989) | Total Sovereign Issues (Cost $140,989) | 141051 |
| SHORT-TERM INSTRUMENTS 15.1% | SHORT-TERM INSTRUMENTS 15.1% | SHORT-TERM INSTRUMENTS 15.1% |
| COMMERCIAL PAPER 13.3% | COMMERCIAL PAPER 13.3% | COMMERCIAL PAPER 13.3% |
|  AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. |
|  4.640% due 07/07/2025 | 63600 | 63543 |
|  Air Lease Corp. | Air Lease Corp. | Air Lease Corp. |
|  4.820% due 07/02/2025 (a) | 36100 | 36095 |
|  4.850% due 07/18/2025 | 14000 | 13966 |
|  Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. |
|  4.610% due 07/10/2025 | 3100 | 3096 |
|  4.630% due 07/07/2025 | 26900 | 26876 |
|  4.630% due 07/09/2025 | 27900 | 27868 |
|  4.640% due 07/29/2025 | 16300 | 16238 |
|  4.640% due 07/30/2025 | 24000 | 23906 |
|  4.670% due 07/02/2025 | 51700 | 51687 |
|  Amrize Finance U.S. LLC | Amrize Finance U.S. LLC | Amrize Finance U.S. LLC |
|  4.670% due 07/15/2025 | 15700 | 15670 |
|  4.670% due 07/16/2025 | 119000 | 118756 |
|  Bacardi-Martini BV | Bacardi-Martini BV | Bacardi-Martini BV |
|  4.900% due 07/03/2025 | 6050 | 6048 |
|  4.950% due 07/03/2025 | 50050 | 50030 |
|  4.950% due 07/10/2025 | 5550 | 5543 |

---

---

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

---

------

June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
|  4.730% due 07/10/2025 | 48300 | 48238 |
|  Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. |
|  4.900% due 08/06/2025 (a) | 132300 | 131654 |
|  CBRE Services, Inc. | CBRE Services, Inc. | CBRE Services, Inc. |
|  4.690% due 07/10/2025 | 68500 | 68410 |
|  4.710% due 07/10/2025 | 48450 | 48386 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  5.030% due 07/22/2025 | 117300 | 116941 |
|  5.030% due 07/24/2025 | 44300 | 44152 |
|  CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
|  4.920% due 07/14/2025 | 72700 | 72561 |
|  4.920% due 07/15/2025 | 23300 | 23252 |
|  Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. |
|  4.600% due 07/18/2025 | 12850 | 12821 |
|  4.600% due 07/21/2025 | 7500 | 7480 |
|  4.600% due 08/01/2025 | 19850 | 19769 |
|  Enbridge U.S., Inc. | Enbridge U.S., Inc. | Enbridge U.S., Inc. |
|  4.600% due 07/11/2025 | 11500 | 11484 |
|  4.600% due 07/21/2025 | 6600 | 6582 |
|  Harley-Davidson Financial Services, Inc. | Harley-Davidson Financial Services, Inc. | Harley-Davidson Financial Services, Inc. |
|  5.070% due 08/01/2025 | 1400 | 1394 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. |
|  4.950% due 08/14/2025 | 31400 | 31207 |
|  4.950% due 08/15/2025 | 32900 | 32693 |
|  5.000% due 08/22/2025 | 140700 | 139684 |
|  Intel Corp. | Intel Corp. | Intel Corp. |
|  4.590% due 07/01/2025 | 74600 | 74591 |
|  4.590% due 07/03/2025 | 56450 | 56428 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Intercontinental Exchange, Inc. | Intercontinental Exchange, Inc. | Intercontinental Exchange, Inc. | Intercontinental Exchange, Inc. | Intercontinental Exchange, Inc. |
|  4.600% due 07/02/2025 | $— | 9900 | $— | 9897 |
|  JABIL, Inc. | JABIL, Inc. | JABIL, Inc. | JABIL, Inc. | JABIL, Inc. |
|  4.860% due 07/02/2025 |  | 14300 |  | 14296 |
|  Jones Lang LaSalle Finance BV | Jones Lang LaSalle Finance BV | Jones Lang LaSalle Finance BV | Jones Lang LaSalle Finance BV | Jones Lang LaSalle Finance BV |
|  4.650% due 07/09/2025 |  | 28200 |  | 28168 |
|  4.650% due 07/14/2025 |  | 10800 |  | 10781 |
|  4.720% due 07/07/2025 |  | 800 |  | 799 |
|  4.720% due 07/09/2025 |  | 1500 |  | 1498 |
|  4.720% due 07/14/2025 |  | 65700 |  | 65582 |
|  4.720% due 07/16/2025 |  | 16100 |  | 16067 |
|  4.760% due 07/01/2025 |  | 1200 |  | 1200 |
|  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. |
|  4.600% due 07/23/2025 |  | 22100 |  | 22035 |
|  4.600% due 07/28/2025 |  | 39000 |  | 38860 |
|  4.600% due 07/29/2025 |  | 18200 |  | 18133 |
|  4.610% due 08/25/2025 (a) |  | 12300 |  | 12212 |
|  4.610% due 08/28/2025 (a) |  | 2300 |  | 2283 |
|  NXP BV | NXP BV | NXP BV | NXP BV | NXP BV |
|  4.600% due 07/01/2025 |  | 11300 |  | 11298 |
|  4.600% due 07/02/2025 |  | 9100 |  | 9098 |
|  4.640% due 09/10/2025 |  | 5800 |  | 5746 |
|  RTX Corp. | RTX Corp. | RTX Corp. | RTX Corp. | RTX Corp. |
|  4.630% due 07/16/2025 |  | 73800 |  | 73648 |
|  4.660% due 07/15/2025 |  | 3800 |  | 3793 |
|  Virginia Electric & Power Co. | Virginia Electric & Power Co. | Virginia Electric & Power Co. | Virginia Electric & Power Co. | Virginia Electric & Power Co. |
|  4.600% due 07/28/2025 |  | 31600 |  | 31490 |
|  |  |  |  | 1783933 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| REPURCHASE AGREEMENTS (f) 1.8% | REPURCHASE AGREEMENTS (f) 1.8% | REPURCHASE AGREEMENTS (f) 1.8% | REPURCHASE AGREEMENTS (f) 1.8% |
|  |  | $— | 235300 |
| Total Short-Term Instruments<br>(Cost $2,019,425) | Total Short-Term Instruments<br>(Cost $2,019,425) |  | 2019233 |
| Total Investments in Securities<br>(Cost $13,475,460) | Total Investments in Securities<br>(Cost $13,475,460) |  | 13469419 |
|  | SHARES |  |  |
| 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 |
|  4.480% (c)(d)(e) | 515500 |  | 516 |
| Total Short-Term Instruments<br>(Cost $516) | Total Short-Term Instruments<br>(Cost $516) |  | 516 |
| Total Investments in Affiliates<br>(Cost $516) | Total Investments in Affiliates<br>(Cost $516) |  | 516 |
| Total Investments 100.8%<br>(Cost $13,475,976) |  | $— | 13469935 |
|  Financial Derivative<br>Instruments (g) (0.0)%<br> (Cost or Premiums, net $0) | Financial Derivative<br>Instruments (g) (0.0)%<br> (Cost or Premiums, net $0) |  | (625) |
| Other Assets and Liabilities, net (0.8)% | Other Assets and Liabilities, net (0.8)% |  | (102762) |
| Net Assets 100.0% |  | $— | 13366548 |

---

#### 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) When-issued security.

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

(c) Institutional Class Shares of each Fund.

(d) Securities with an aggregate market value of $505 were out on loan in exchange for $516 of cash collateral as of June 30, 2025. See Note 5, Securities Lending, in the Notes to Financial Statements for more information regarding securities on loan and cash collateral.

(e) Coupon represents a 7-Day Yield.

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS
&nbsp;&nbsp;&nbsp;&nbsp;(f) REPURCHASE AGREEMENTS:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Lending<br>Rate | Settlement<br>Date | Maturity<br>Date | Principal<br>Amount | Collateralized By | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| FICC STR | 4.400% | 06/30/2025 | 07/01/2025 | $2900 | U.S. Treasury Notes 3.750% due 06/30/2027 | $(2958) | $2900 | $2900 |
| SAL | 4.440 | 06/30/2025 | 07/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232400 | U.S. Treasury Bills 0.000% due 07/10/2025 | (237137) | 232400 | 232429 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(240095) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235300 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235329 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| JUNE 30, 2025 85

------

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

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of June 30, 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 |
|  FICC STR | $2900 | $0 | $0 | $0 | $2900 | $(2958) | $(58) |
|  SAL | 232429 | 0 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(237137) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4708) |
|  Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions |
|  BCY | 0 | 0 | 0 | 505 | 505 | (516) | (11) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235329 | $&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;505 |  |  |  |

---

#### 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 | $516 | $0 | $0 | $0 | $516 |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516 | $&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 | $516 |
|  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  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516 |

---

<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 June 30, 2025 was $(36,711) at a weighted average interest rate of 4.385%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** 

&nbsp;&nbsp;&nbsp;&nbsp;(g) 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 September Futures  | 09/2025 | 11427 | $(2377084) | $(8537) | $0 | $(625) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8537) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(625) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of June 30, 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;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;(625) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(625) |

---

(h) Securities with an aggregate market value of $13,864 and cash of $25 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

---

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

---

------

June 30, 2025

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of June 30, 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 - 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  | $&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;625 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 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 | $&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;(20231) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20231) |
|  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 | $(7269) | $(7269) |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of June 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at<br>06/30/2025** |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  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;3935628 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3935628 |
| &nbsp;&nbsp; Industrials | 0 | 1450938 | 0 | 1450938 |
| &nbsp;&nbsp; Utilities | 0 | 687759 | 0 | 687759 |
|  U.S. Government Agencies | 0 | 2058897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18523 | 2077420 |
|  U.S. Treasury Obligations | 0 | 239550 | 0 | 239550 |
|  Non-Agency Mortgage-Backed Securities | 0 | 224596 | 0 | 224596 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile ABS Other | 0 | 940778 | 0 | 940778 |
| &nbsp;&nbsp; Automobile Sequential | 0 | 767919 | 0 | 767919 |
| &nbsp;&nbsp; CMBS Other | 0 | 69992 | 0 | 69992 |
| &nbsp;&nbsp; Credit Card Bullet | 0 | 210149 | 0 | 210149 |
| &nbsp;&nbsp; Credit Card Other | 0 | 260470 | 0 | 260470 |
| &nbsp;&nbsp; Other ABS | 0 | 443936 | 0 | 443936 |
|  Sovereign Issues | 0 | 141051 | 0 | 141051 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Commercial Paper | 36095 | 1747838 | 0 | 1783933 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 235300 | 0 | 235300 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36095 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13414801 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18523 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13469419 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at<br>06/30/2025** |
|  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 | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | $516 | $0 | $0 | $516 |
|  Total Investments | $36611 | $13414801 | $18523 | $13469935 |
|  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 | $(625) | $0 | $(625) |
|  Total Financial Derivative Instruments | $0 | $(625) | $0 | $(625) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36611 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13414176 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18523 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13469310 |

---

There were no significant transfers into or out of Level 3 during the period ended June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **87** |

---

------

Schedule of Investments PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund

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

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 100.4% | INVESTMENTS IN SECURITIES 100.4% | INVESTMENTS IN SECURITIES 100.4% |
| MUNICIPAL BONDS & NOTES 97.5% | MUNICIPAL BONDS & NOTES 97.5% | MUNICIPAL BONDS & NOTES 97.5% |
| ALABAMA 4.0% | ALABAMA 4.0% | ALABAMA 4.0% |
|  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 |
|  2.270% due 10/01/2052 ~ | 2000 | 1974 |
|  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 | 5260 |
|  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 | 2954 |
|  5.500% due 10/01/2054 | 5000 | 5400 |
|  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 | 7835 |
|  5.000% due 10/01/2055 | 4800 | 5057 |
|  Chatom Industrial Development Board, Alabama Revenue Notes, (AGM Insured), Series 2020 | Chatom Industrial Development Board, Alabama Revenue Notes, (AGM Insured), Series 2020 | Chatom Industrial Development Board, Alabama Revenue Notes, (AGM Insured), Series 2020 |
|  5.000% due 08/01/2027 | 1000 | 1038 |
|  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 | 1639 |
|  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 | 5031 |
|  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 | 1581 |
|  5.000% due 11/15/2036 | 1220 | 1277 |
|  5.000% due 11/15/2037 | 875 | 910 |
|  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 | 3836 |
|  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 | 1859 |
|  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 | 4641 |
|  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 | 6270 |
|  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 | 8996 |
|  5.000% due 10/01/2055 | 700 | 738 |
|  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 | 2747 |
|  5.000% due 01/01/2056 | 6600 | 6739 |
|  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 | 3645 |
|  |  | 79427 |
| ALASKA 0.3% | ALASKA 0.3% | ALASKA 0.3% |
|  Alaska Housing Finance Corp. Revenue Bonds,<br>Series 2022 | Alaska Housing Finance Corp. Revenue Bonds,<br>Series 2022 | Alaska Housing Finance Corp. Revenue Bonds,<br>Series 2022 |
|  5.000% due 12/01/2033 | 1905 | 2060 |
|  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 | 1025 |
|  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 | 3039 |
|  |  | 6124 |
| ARIZONA 1.0% | ARIZONA 1.0% | ARIZONA 1.0% |
|  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 | 2900 | 3179 |
|  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 | 8922 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  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 | 404 |
|  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 | 1534 |
|  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 | 5278 |
|  |  | 19317 |
| CALIFORNIA 4.9% | CALIFORNIA 4.9% | CALIFORNIA 4.9% |
|  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 |
|  2.370% due 04/01/2056 ~ | 2000 | 1985 |
|  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 | 4949 |
|  5.250% due 11/01/2054 | 7750 | 8217 |
|  5.500% due 10/01/2054 | 1885 | 2022 |
|  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 | 6431 |
|  5.000% due 02/01/2055 | 8100 | 8610 |
|  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 | 982 |
|  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 | 3066 |
|  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 |
|  5.250% due 12/01/2040 | 2500 | 2580 |
|  5.250% due 12/01/2042 | 3000 | 3046 |
|  5.250% due 12/01/2043 | 2825 | 2853 |
|  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 (a) | 8400 | 9044 |
|  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 | 1081 |
|  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 | 4440 |
|  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 | 2956 |
|  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 | 6608 |
|  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 | 3582 |
|  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 (c) | 1500 | 716 |
|  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 | 1103 |
|  Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 |
|  2.746% due 06/01/2034 | 3000 | 2598 |
|  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 | 5467 |
|  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 | 1078 |
|  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 | 3432 |
|  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 | 511 |
|  5.000% due 09/01/2044 | 690 | 691 |
|  San Francisco, California City & County Certificates of Participation Bonds, Series 2017 | San Francisco, California City & County Certificates of Participation Bonds, Series 2017 | San Francisco, California City & County Certificates of Participation Bonds, Series 2017 |
|  4.000% due 04/01/2036 | 6320 | 6320 |
|  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 | 3622 |
|  |  | 97990 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| COLORADO 2.0% | COLORADO 2.0% | COLORADO 2.0% |
|  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 | 311 |
|  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 | 5166 |
|  5.000% due 11/15/2048 | 2500 | 2513 |
|  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 | 1346 |
|  5.000% due 11/15/2049 | 1360 | 1393 |
|  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 | 1313 |
|  5.250% due 11/01/2037 | 1450 | 1552 |
|  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 | 6235 |
|  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 | 4973 |
|  5.000% due 05/15/2034 | 3400 | 3819 |
|  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 | 3677 |
|  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 | 3448 |
|  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 | 1402 |
|  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 |
|  3.691% due 09/01/2039 ~ | 3400 | 3381 |
|  |  | 40529 |
| CONNECTICUT 1.2% | CONNECTICUT 1.2% | CONNECTICUT 1.2% |
|  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 | 2810 |
|  Connecticut Special Tax State Revenue Bonds,<br>Series 2018 | Connecticut Special Tax State Revenue Bonds,<br>Series 2018 | Connecticut Special Tax State Revenue Bonds,<br>Series 2018 |
|  5.000% due 10/01/2033 | 1020 | 1075 |
|  5.000% due 01/01/2035 | 4290 | 4448 |
|  Connecticut Special Tax State Revenue Bonds,<br>Series 2022 | Connecticut Special Tax State Revenue Bonds,<br>Series 2022 | Connecticut Special Tax State Revenue Bonds,<br>Series 2022 |
|  5.000% due 07/01/2039 | 5000 | 5343 |
|  Connecticut State General Obligation Bonds,<br>Series 2018 | Connecticut State General Obligation Bonds,<br>Series 2018 | Connecticut State General Obligation Bonds,<br>Series 2018 |
|  5.000% due 09/15/2030 | 3640 | 3874 |
|  Connecticut State General Obligation Notes,<br>Series 2022 | Connecticut State General Obligation Notes,<br>Series 2022 | Connecticut State General Obligation Notes,<br>Series 2022 |
|  5.000% due 09/15/2028 | 2725 | 2922 |
|  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 | 1261 |
|  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 | 1964 |
|  |  | 23697 |
| DELAWARE 0.1% | DELAWARE 0.1% | DELAWARE 0.1% |
|  Delaware State Economic Development Authority Revenue Bonds, Series 2020 | Delaware State Economic Development Authority Revenue Bonds, Series 2020 | Delaware State Economic Development Authority Revenue Bonds, Series 2020 |
|  1.250% due 10/01/2045 | 2000 | 1981 |
| DISTRICT OF COLUMBIA 1.8% | DISTRICT OF COLUMBIA 1.8% | DISTRICT OF COLUMBIA 1.8% |
|  District of Columbia General Obligation Bonds,<br>Series 2024 | District of Columbia General Obligation Bonds,<br>Series 2024 | District of Columbia General Obligation Bonds,<br>Series 2024 |
|  5.000% due 08/01/2039 | 9155 | 9873 |
|  District of Columbia General Obligation Notes,<br>Series 2024 | District of Columbia General Obligation Notes,<br>Series 2024 | District of Columbia General Obligation Notes,<br>Series 2024 |
|  5.000% due 08/01/2031 | 3000 | 3356 |

---

---

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

---

------

June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  District of Columbia Income Tax Revenue Bonds,<br>Series 2025 | District of Columbia Income Tax Revenue Bonds,<br>Series 2025 | District of Columbia Income Tax Revenue Bonds,<br>Series 2025 |
|  5.000% due 06/01/2041 | 5500 | 5863 |
|  District of Columbia Income Tax Revenue Notes,<br>Series 2025 | District of Columbia Income Tax Revenue Notes,<br>Series 2025 | District of Columbia Income Tax Revenue Notes,<br>Series 2025 |
|  5.000% due 06/01/2028 | 8500 | 9065 |
|  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 | 2147 |
|  5.000% due 07/01/2033 | 5000 | 5134 |
|  |  | 35438 |
| FLORIDA 3.6% | FLORIDA 3.6% | FLORIDA 3.6% |
|  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 | 3738 |
|  5.000% due 07/01/2030 | 2000 | 2196 |
|  Florida Housing Finance Corp. Revenue Bonds,<br>Series 2024 | Florida Housing Finance Corp. Revenue Bonds,<br>Series 2024 | Florida Housing Finance Corp. Revenue Bonds,<br>Series 2024 |
|  3.500% due 11/01/2042 | 3000 | 3016 |
|  Florida's Turnpike Enterprise Revenue Bonds,<br>Series 2018 | Florida's Turnpike Enterprise Revenue Bonds,<br>Series 2018 | Florida's Turnpike Enterprise Revenue Bonds,<br>Series 2018 |
|  4.000% due 07/01/2048 | 4500 | 4047 |
|  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 |
|  3.850% due 11/15/2054 | 17000 | 17000 |
|  Hillsborough County, Florida Industrial Development Authority Revenue Notes, Series 2024 | Hillsborough County, Florida Industrial Development Authority Revenue Notes, Series 2024 | Hillsborough County, Florida Industrial Development Authority Revenue Notes, Series 2024 |
|  5.000% due 11/15/2034 | 6500 | 7277 |
|  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 | 1578 |
|  JEA Electric System, Florida Revenue Notes,<br>Series 2024 | JEA Electric System, Florida Revenue Notes,<br>Series 2024 | JEA Electric System, Florida Revenue Notes,<br>Series 2024 |
|  5.000% due 10/01/2034 | 4500 | 5049 |
|  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 | 975 |
|  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 | 1086 |
|  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 | 6549 |
|  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 | 3013 |
|  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 | 3107 |
|  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 | 1548 |
|  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 08/01/2034 | 3960 | 4447 |
|  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 | 3139 |
|  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 (c) | 1850 | 1256 |
|  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 (c) | 350 | 323 |
|  0.000% due 10/01/2029 (c) | 700 | 599 |
|  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 | 2576 |
|  Tampa, Florida Revenue Bonds, Series 2020 | Tampa, Florida Revenue Bonds, Series 2020 | Tampa, Florida Revenue Bonds, Series 2020 |
|  0.000% due 09/01/2033 (c) | 200 | 144 |
|  |  | 72663 |
| GEORGIA 2.4% | GEORGIA 2.4% | GEORGIA 2.4% |
|  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 | 1784 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  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 | 1875 |
|  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 | 620 |
|  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 | 2945 |
|  5.000% due 04/01/2043 | 3375 | 3435 |
|  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 | 4493 |
|  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 | 1082 |
|  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 | 3276 |
|  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 | 723 |
|  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 | 1925 |
|  5.000% due 12/01/2052 | 3000 | 3115 |
|  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 | 1049 |
|  5.000% due 12/01/2053 | 7600 | 8012 |
|  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 | 1903 |
|  5.000% due 12/01/2054 | 1800 | 1903 |
|  5.000% due 05/01/2055 | 3400 | 3580 |
|  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 | 1840 |
|  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 | 404 |
|  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 | 205 |
|  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 | 2775 |
|  |  | 48913 |
| HAWAII 0.5% | HAWAII 0.5% | HAWAII 0.5% |
|  City & County Honolulu, Hawaii General Obligation Bonds, Series 2015 | City & County Honolulu, Hawaii General Obligation Bonds, Series 2015 | City & County Honolulu, Hawaii General Obligation Bonds, Series 2015 |
|  5.000% due 10/01/2030 | 2000 | 2010 |
|  City & County Honolulu, Hawaii Wastewater System Revenue Bonds, Series 2015 | City & County Honolulu, Hawaii Wastewater System Revenue Bonds, Series 2015 | City & County Honolulu, Hawaii Wastewater System Revenue Bonds, Series 2015 |
|  4.000% due 07/01/2034 | 8475 | 8475 |
|  |  | 10485 |
| IDAHO 0.3% | IDAHO 0.3% | IDAHO 0.3% |
|  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 | 3483 |
|  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 | 2400 | 2325 |
|  |  | 5808 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| ILLINOIS 5.2% | ILLINOIS 5.2% | ILLINOIS 5.2% |
|  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 | 3694 |
|  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 | 5233 |
|  Illinois Finance Authority Revenue Bonds, Series 2020 | Illinois Finance Authority Revenue Bonds, Series 2020 | Illinois Finance Authority Revenue Bonds, Series 2020 |
|  4.000% 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 |
|  4.000% 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 | 8801 |
|  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 | 3830 |
|  Illinois Sales Tax State Revenue Bonds, Series 2013 | Illinois Sales Tax State Revenue Bonds, Series 2013 | Illinois Sales Tax State Revenue Bonds, Series 2013 |
|  5.000% due 06/15/2026 | 1500 | 1505 |
|  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 | 1245 |
|  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 | 6097 |
|  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 | 4027 |
|  Illinois State General Obligation Bonds, Series 2024 | Illinois State General Obligation Bonds, Series 2024 | Illinois State General Obligation Bonds, Series 2024 |
|  5.000% due 02/01/2036 | 9000 | 9652 |
|  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 | 7410 |
|  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 | 5424 |
|  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 | 2100 |
|  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 | 2678 |
|  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 | 14535 |
|  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 | 2903 |
|  5.000% due 01/01/2036 | 5000 | 5511 |
|  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 (c) | 500 | 311 |
|  0.000% due 06/15/2037 (c) | 1500 | 881 |
|  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 | 2742 |
|  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 | 1380 |
|  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 | 1053 |
|  |  | 103612 |
| INDIANA 1.2% | INDIANA 1.2% | INDIANA 1.2% |
|  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 | 3585 |
|  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 | 2043 |
|  4.250% due 11/01/2030 | 1500 | 1529 |
|  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 | 1581 |
|  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 | 1102 |
|  5.000% due 10/01/2037 | 800 | 873 |
|  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 (a) | 3000 | 3291 |
|  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 | 647 |
|  5.000% due 03/01/2032 | 700 | 760 |
|  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 | 4389 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **89** |

---

------

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

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  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 | 3899 |
|  |  | 23699 |
| IOWA 0.2% | IOWA 0.2% | IOWA 0.2% |
|  Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds, Series 2022 | Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds, Series 2022 | Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds, Series 2022 |
|  4.000% due 12/01/2050 | 3000 | 3204 |
|  5.000% due 12/01/2050 | 800 | 907 |
|  |  | 4111 |
| KANSAS 0.1% | KANSAS 0.1% | 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 | 2191 |
| KENTUCKY 0.8% | KENTUCKY 0.8% | KENTUCKY 0.8% |
|  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 | 4896 |
|  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 | 1650 |
|  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 | 1903 |
|  Kentucky Public Energy Authority Revenue Bonds, Series 2025 | Kentucky Public Energy Authority Revenue Bonds, Series 2025 | Kentucky Public Energy Authority Revenue Bonds, Series 2025 |
|  5.250% due 06/01/2055 | 1700 | 1798 |
|  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 | 5830 | 5897 |
|  |  | 16144 |
| LOUISIANA 1.2% | LOUISIANA 1.2% | LOUISIANA 1.2% |
|  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 | 12037 |
|  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 | 1247 |
|  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 | 1664 |
|  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 | 1078 |
|  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 | 4725 |
|  Tangipahoa Parish Hospital Service District No 1, Louisiana Revenue Bonds, Series 2021 | Tangipahoa Parish Hospital Service District No 1, Louisiana Revenue Bonds, Series 2021 | Tangipahoa Parish Hospital Service District No 1, Louisiana Revenue Bonds, Series 2021 |
|  4.000% due 02/01/2037 | 2000 | 1915 |
|  |  | 23910 |
| MARYLAND 0.9% | MARYLAND 0.9% | MARYLAND 0.9% |
|  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 | 1470 |
|  Maryland Health & Higher Educational Facilities Authority Revenue Bonds, Series 2021 | Maryland Health & Higher Educational Facilities Authority Revenue Bonds, Series 2021 | Maryland Health & Higher Educational Facilities Authority Revenue Bonds, Series 2021 |
|  4.000% due 06/01/2037 | 225 | 210 |
|  5.000% due 06/01/2033 | 445 | 463 |
|  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 | 2412 |
|  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 | 369 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  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 | 3795 |
|  Washington Suburban Sanitary Commission, Maryland Revenue Bonds, Series 2013 | Washington Suburban Sanitary Commission, Maryland Revenue Bonds, Series 2013 | Washington Suburban Sanitary Commission, Maryland Revenue Bonds, Series 2013 |
|  3.900% due 06/01/2027 | 9840 | 9840 |
|  |  | 18559 |
| MASSACHUSETTS 1.0% | MASSACHUSETTS 1.0% | MASSACHUSETTS 1.0% |
|  Commonwealth of Massachusetts General Obligation Bonds, Series 2022 | Commonwealth of Massachusetts General Obligation Bonds, Series 2022 | Commonwealth of Massachusetts General Obligation Bonds, Series 2022 |
|  5.000% due 10/01/2037 | 3400 | 3685 |
|  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 | 5647 |
|  5.000% due 04/01/2040 | 1750 | 1897 |
|  5.000% due 04/01/2042 | 2000 | 2120 |
|  5.000% due 04/01/2043 | 2500 | 2632 |
|  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 | 1708 |
|  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 | 1574 |
|  Massachusetts Development Finance Agency Revenue Bonds, Series 2019 | Massachusetts Development Finance Agency Revenue Bonds, Series 2019 | Massachusetts Development Finance Agency Revenue Bonds, Series 2019 |
|  2.520% due 07/01/2049 ~ | 1000 | 999 |
|  |  | 20262 |
| MICHIGAN 2.3% | MICHIGAN 2.3% | MICHIGAN 2.3% |
|  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 |
|  3.655% due 07/01/2032 ~ | 3000 | 2960 |
|  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 | 1260 |
|  5.000% due 07/01/2030 | 1715 | 1860 |
|  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 | 5465 |
|  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 |
|  2.670% due 04/15/2047 ~ | 3500 | 3488 |
|  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 | 2173 |
|  Michigan Finance Authority Revenue Bonds,<br>Series 2015 | Michigan Finance Authority Revenue Bonds,<br>Series 2015 | Michigan Finance Authority Revenue Bonds,<br>Series 2015 |
|  5.000% due 07/01/2030 | 1200 | 1202 |
|  Michigan Finance Authority Revenue Bonds,<br>Series 2020 | Michigan Finance Authority Revenue Bonds,<br>Series 2020 | Michigan Finance Authority Revenue Bonds,<br>Series 2020 |
|  5.000% due 06/01/2040 | 5000 | 5064 |
|  Michigan Finance Authority Revenue Bonds,<br>Series 2024 | Michigan Finance Authority Revenue Bonds,<br>Series 2024 | Michigan Finance Authority Revenue Bonds,<br>Series 2024 |
|  5.000% due 02/28/2039 | 1290 | 1358 |
|  Michigan Finance Authority Revenue Notes,<br>Series 2024 | Michigan Finance Authority Revenue Notes,<br>Series 2024 | Michigan Finance Authority Revenue Notes,<br>Series 2024 |
|  5.000% due 08/31/2034 | 1930 | 2121 |
|  Michigan State Building Authority Revenue Bonds, Series 2015 | Michigan State Building Authority Revenue Bonds, Series 2015 | Michigan State Building Authority Revenue Bonds, Series 2015 |
|  5.000% due 04/15/2034 | 2000 | 2007 |
|  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 | 1088 |
|  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 | 5146 |
|  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 | 1800 | 1976 |
|  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 | 1954 |
|  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 (a) | 1890 | 1939 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  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 | 3028 |
|  5.000% due 11/15/2033 | 2020 | 2269 |
|  |  | 46358 |
| MINNESOTA 1.6% | MINNESOTA 1.6% | MINNESOTA 1.6% |
|  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 | 3492 |
|  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 | 8668 |
|  5.000% due 07/01/2032 | 2000 | 2197 |
|  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 | 3216 |
|  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 |
|  6.250% due 01/01/2055 | 1700 | 1889 |
|  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 | 1800 |
|  State of Minnesota, Minnesota Certificate Bonds, Series 2023 | State of Minnesota, Minnesota Certificate Bonds, Series 2023 | State of Minnesota, Minnesota Certificate Bonds, Series 2023 |
|  5.000% due 11/01/2042 | 10000 | 10479 |
|  |  | 31741 |
| 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 | 1048 |
|  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 | 1371 |
|  |  | 3919 |
| MISSOURI 0.4% | MISSOURI 0.4% | MISSOURI 0.4% |
|  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 | 2434 |
|  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 | 4464 |
|  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 (a) | 1700 | 1886 |
|  |  | 8784 |
| MULTI-STATE 4.3% | MULTI-STATE 4.3% | MULTI-STATE 4.3% |
|  FHLMC Multifamily VRD Certificates, Revenue Bonds, Series 2025 | FHLMC Multifamily VRD Certificates, Revenue Bonds, Series 2025 | FHLMC Multifamily VRD Certificates, Revenue Bonds, Series 2025 |
|  4.388% due 11/25/2042 | 15465 | 15351 |
|  4.869% due 01/25/2043 | 20989 | 20989 |
|  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 |
|  4.033% due 12/25/2036 | 8401 | 8409 |
|  4.143% due 01/25/2040 ~ | 10783 | 10376 |
|  4.552% due 08/25/2040 ~ | 13165 | 13323 |
|  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 |
|  4.615% due 08/25/2041 ~(e) | 6670 | 6853 |
|  4.685% due 10/25/2040 | 6448 | 6577 |
|  4.700% due 04/25/2042 | 4988 | 4971 |
|  |  | 86849 |
| NEBRASKA 0.2% | NEBRASKA 0.2% | NEBRASKA 0.2% |
|  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 | 3808 |

---

90 PIMCO ETF TRUST See Accompanying Notes

------

June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| NEVADA 1.8% | NEVADA 1.8% | NEVADA 1.8% |
|  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 | 4598 |
|  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 | 4377 |
|  Clark County, Nevada School District General Obligation Notes, (AGM Insured), Series 2020 | Clark County, Nevada School District General Obligation Notes, (AGM Insured), Series 2020 | Clark County, Nevada School District General Obligation Notes, (AGM Insured), Series 2020 |
|  5.000% due 06/15/2028 | 1000 | 1067 |
|  5.000% due 06/15/2029 | 2030 | 2201 |
|  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 | 5052 |
|  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 | 1478 |
|  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 | 10668 |
|  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 | 4126 |
|  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 | 2502 |
|  |  | 36069 |
| NEW HAMPSHIRE 1.4% | NEW HAMPSHIRE 1.4% | NEW HAMPSHIRE 1.4% |
|  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 | 4888 | 4466 |
|  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 |
|  4.163% due 10/20/2041 | 1392 | 1292 |
|  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 |
|  4.168% due 01/20/2041 ~ | 6287 | 5976 |
|  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 | 4410 |
|  5.000% due 08/01/2034 | 1700 | 1875 |
|  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 | 5320 | 5964 |
|  New Hampshire National Finance Authority Affordable Housing, Series 2024 | New Hampshire National Finance Authority Affordable Housing, Series 2024 | New Hampshire National Finance Authority Affordable Housing, Series 2024 |
|  4.150% due 10/20/2040 | 5090 | 4922 |
|  |  | 28905 |
| NEW JERSEY 2.5% | NEW JERSEY 2.5% | NEW JERSEY 2.5% |
|  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 | Federal Home Loan Mortgage Corp. Enhanced Receipt, New Jersey Revenue Bonds, Series 2019 |
|  3.870% due 11/15/2035 (e) | 12592 | 11357 |
|  New Jersey Economic Development Authority Revenue Bonds, Series 2015 | New Jersey Economic Development Authority Revenue Bonds, Series 2015 | New Jersey Economic Development Authority Revenue Bonds, Series 2015 |
|  5.250% due 06/15/2027 | 975 | 976 |
|  New Jersey Economic Development Authority Revenue Bonds, Series 2021 | New Jersey Economic Development Authority Revenue Bonds, Series 2021 | New Jersey Economic Development Authority Revenue Bonds, Series 2021 |
|  4.000% due 06/15/2034 | 500 | 504 |
|  New Jersey Economic Development Authority Revenue Bonds, Series 2022 | New Jersey Economic Development Authority Revenue Bonds, Series 2022 | New Jersey Economic Development Authority Revenue Bonds, Series 2022 |
|  5.000% due 11/01/2036 | 2500 | 2657 |
|  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 (a) | 2400 | 2688 |
|  New Jersey State General Obligation Notes,<br>Series 2020 | New Jersey State General Obligation Notes,<br>Series 2020 | New Jersey State General Obligation Notes,<br>Series 2020 |
|  5.000% due 06/01/2026 | 2000 | 2042 |
|  New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2009 | New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2009 | New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2009 |
|  0.000% due 12/15/2034 (c) | 1500 | 1047 |
|  New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2018 | New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2018 | New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2018 |
|  5.000% due 12/15/2036 | 1380 | 1415 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2023 | 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 | 6997 |
|  5.000% due 06/15/2037 | 10985 | 11731 |
|  Tobacco Settlement Financing Corp. New Jersey Revenue Bonds, Series 2018 | Tobacco Settlement Financing Corp. New Jersey Revenue Bonds, Series 2018 | Tobacco Settlement Financing Corp. New Jersey Revenue Bonds, Series 2018 |
|  5.000% due 06/01/2031 | 7870 | 8091 |
|  |  | 49505 |
| NEW MEXICO 0.9% | NEW MEXICO 0.9% | NEW MEXICO 0.9% |
|  Farmington, New Mexico Revenue Bonds, Series 2005 | Farmington, New Mexico Revenue Bonds, Series 2005 | Farmington, New Mexico Revenue Bonds, Series 2005 |
|  1.800% due 04/01/2029 | 5000 | 4587 |
|  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 | 7000 | 7101 |
|  New Mexico Hospital Equipment Loan Council Revenue Bonds, Series 2017 | New Mexico Hospital Equipment Loan Council Revenue Bonds, Series 2017 | New Mexico Hospital Equipment Loan Council Revenue Bonds, Series 2017 |
|  4.000% due 08/01/2039 | 7950 | 7365 |
|  |  | 19053 |
| NEW YORK 12.2% | NEW YORK 12.2% | NEW YORK 12.2% |
|  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 |
|  4.000% due 06/25/2026 | 5000 | 5043 |
|  Battery Park City Authority, New York Revenue Bonds, Series 2019 | 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 | 2612 |
|  Long Island Power Authority, New York Revenue Bonds, Series 2023 | 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 | 1768 |
|  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 | Monroe County, New York Industrial Development Agency Revenue Bonds, (FNMA Insured), Series 2023 |
|  4.720% due 01/01/2044 | 1800 | 1785 |
|  Nassau County, New York General Obligation Notes, Series 2016 | Nassau County, New York General Obligation Notes, Series 2016 | Nassau County, New York General Obligation Notes, Series 2016 |
|  5.000% due 04/01/2026 | 1360 | 1384 |
|  New York City, New York General Obligation Bonds, Series 2015 | New York City, New York General Obligation Bonds, Series 2015 | New York City, New York General Obligation Bonds, Series 2015 |
|  3.900% 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 | New York City, New York General Obligation Bonds, Series 2017 |
|  3.900% 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 | New York City, New York General Obligation Bonds, Series 2018 |
|  3.900% 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 | New York City, New York Industrial Development Agency Revenue Notes, (AGM Insured), Series 2021 |
|  5.000% due 01/01/2030 | 2005 | 2167 |
|  New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2013 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2013 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2013 |
|  3.950% due 06/15/2048 | 20000 | 20000 |
|  New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2021 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2021 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2021 |
|  5.000% due 06/15/2032 | 5000 | 5578 |
|  New York City, New York Municipal Water Finance Authority Revenue Notes, Series 2022 | New York City, New York Municipal Water Finance Authority Revenue Notes, Series 2022 | New York City, New York Municipal Water Finance Authority Revenue Notes, Series 2022 |
|  5.000% due 06/15/2028 | 2000 | 2142 |
|  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 | New York City, New York Transitional Finance Authority Building Aid Revenue Bonds, Series 2018 |
|  5.000% due 07/15/2031 | 1520 | 1602 |
|  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 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2014 |
|  3.900% 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 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2018 |
|  4.000% 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 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2019 |
|  3.900% 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 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2022 |
|  5.000% due 08/01/2035 | 2000 | 2181 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.000% due 02/01/2040 | $— | 2450 | $— | 2576 |
|  5.250% due 08/01/2040 |  | 4890 |  | 5246 |
|  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 | 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 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2023 |
|  5.000% due 02/01/2039 |  | 3000 |  | 3199 |
|  New York City, New York Transitional Finance Authority Revenue Bonds, Series 2023 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2023 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2023 | 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 |  | 2177 |
|  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 | 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 |  | 4908 |
|  5.000% due 05/01/2046 |  | 8000 |  | 8239 |
|  New York City, New York Transitional Finance Authority Revenue Bonds, Series 2025 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2025 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2025 | 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 |  | 1131 |
|  5.000% due 11/01/2036 |  | 1300 |  | 1445 |
|  5.000% due 11/01/2037 |  | 4500 |  | 4946 |
|  5.000% due 11/01/2046 |  | 4000 |  | 4120 |
|  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 | New York Power Authority Revenue Bonds, (AGM Insured), Series 2023 |
|  5.000% due 11/15/2036 |  | 1000 |  | 1115 |
|  5.000% due 11/15/2037 |  | 1000 |  | 1102 |
|  New York State Dormitory Authority Revenue Bonds, Series 2015 | New York State Dormitory Authority Revenue Bonds, Series 2015 | New York State Dormitory Authority Revenue Bonds, Series 2015 | New York State Dormitory Authority Revenue Bonds, Series 2015 | New York State Dormitory Authority Revenue Bonds, Series 2015 |
|  5.000% due 03/15/2030 |  | 3500 |  | 3510 |
|  New York State Dormitory Authority Revenue Bonds, Series 2018 | New York State Dormitory Authority Revenue Bonds, Series 2018 | New York State Dormitory Authority Revenue Bonds, Series 2018 | New York State Dormitory Authority Revenue Bonds, Series 2018 | New York State Dormitory Authority Revenue Bonds, Series 2018 |
|  5.000% due 03/15/2031 |  | 3000 |  | 3182 |
|  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 | New York State Dormitory Authority Revenue Bonds, Series 2020 |
|  4.000% due 03/15/2034 |  | 4705 |  | 4773 |
|  4.000% due 02/15/2047 |  | 5000 |  | 4456 |
|  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 | New York State Dormitory Authority Revenue Bonds, Series 2022 |
|  4.000% due 05/01/2045 |  | 4740 |  | 4246 |
|  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 | New York State Dormitory Authority Revenue Bonds, Series 2024 |
|  5.000% due 03/15/2042 |  | 2000 |  | 2093 |
|  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 | New York State Dormitory Authority Revenue Bonds, Series 2025 |
|  5.000% due 07/01/2039 |  | 3385 |  | 3581 |
|  5.000% due 07/01/2040 |  | 1500 |  | 1570 |
|  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 | New York State Dormitory Authority Revenue Notes, Series 2024 |
|  5.000% due 05/01/2034 |  | 6100 |  | 6763 |
|  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 | New York State Energy Research & Development Authority Revenue Bonds, Series 1994 |
|  3.500% due 10/01/2029 |  | 3000 |  | 2965 |
|  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 | 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 |  | 5751 |
|  New York State Urban Development Corp. Revenue Bonds, Series 2015 | New York State Urban Development Corp. Revenue Bonds, Series 2015 | New York State Urban Development Corp. Revenue Bonds, Series 2015 | New York State Urban Development Corp. Revenue Bonds, Series 2015 | New York State Urban Development Corp. Revenue Bonds, Series 2015 |
|  5.000% due 03/15/2035 |  | 2500 |  | 2507 |
|  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 | 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 |  | 5379 |
|  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 | 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 |  | 1097 |
|  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 | 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 |  | 2971 |  | 2932 |
|  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 | 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 |  | 5119 |
|  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 | 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 |  | 4722 |
|  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 | Triborough Bridge & Tunnel Authority, New York Revenue Notes, Series 2025 | Triborough Bridge & Tunnel Authority, New York Revenue Notes, Series 2025 |
|  5.000% due 03/15/2029 |  | 15000 |  | 16233 |
|  5.000% due 12/01/2033 |  | 1000 |  | 1136 |
|  TSASC, Inc., New York Revenue Notes, Series 2017 | TSASC, Inc., New York Revenue Notes, Series 2017 | 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 |  | 1285 |
|  5.000% due 06/01/2027 |  | 2800 |  | 2868 |
|  |  |  |  | 244984 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| JUNE 30, 2025 91

------

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

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| NORTH CAROLINA 1.8% | NORTH CAROLINA 1.8% | NORTH CAROLINA 1.8% |
|  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 |
|  4.000% 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 | 2201 |
|  Charlotte-Mecklenburg Hospital Authority, North Carolina Revenue Notes, Series 2022 | Charlotte-Mecklenburg Hospital Authority, North Carolina Revenue Notes, Series 2022 | Charlotte-Mecklenburg Hospital Authority, North Carolina Revenue Notes, Series 2022 |
|  5.000% due 01/15/2028 | 1000 | 1054 |
|  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 | 2990 | 2941 |
|  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 | 3400 | 3729 |
|  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 | 4648 |
|  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 | 4702 |
|  |  | 37040 |
| 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 | 1120 |
|  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 | 2906 |
|  |  | 4026 |
| OHIO 2.1% | OHIO 2.1% | OHIO 2.1% |
|  Buckeye Tobacco Settlement Financing Authority, Ohio Revenue Bonds, Series 2020 | Buckeye Tobacco Settlement Financing Authority, Ohio Revenue Bonds, Series 2020 | Buckeye Tobacco Settlement Financing Authority, Ohio Revenue Bonds, Series 2020 |
|  5.000% due 06/01/2035 | 1000 | 1031 |
|  5.000% due 06/01/2036 | 2065 | 2119 |
|  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 | 1255 |
|  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 | 1083 |
|  Kent State University, Ohio Revenue Bonds,<br>Series 2022 | Kent State University, Ohio Revenue Bonds,<br>Series 2022 | Kent State University, Ohio Revenue Bonds,<br>Series 2022 |
|  5.000% due 05/01/2033 | 510 | 565 |
|  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 | 121 |
|  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 | 3010 |
|  Ohio Higher Educational Facility Commission Revenue Bonds, Series 2008 | Ohio Higher Educational Facility Commission Revenue Bonds, Series 2008 | Ohio Higher Educational Facility Commission Revenue Bonds, Series 2008 |
|  3.850% 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 | 1628 |
|  5.000% due 02/01/2039 | 1750 | 1874 |
|  5.000% due 02/01/2042 | 1700 | 1761 |
|  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 | 9095 | 9985 |
|  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 | 1363 |
|  Ohio Water Development Authority Water Pollution Control Loan Fund Revenue Bonds, Series 2023 | Ohio Water Development Authority Water Pollution Control Loan Fund Revenue Bonds, Series 2023 | Ohio Water Development Authority Water Pollution Control Loan Fund Revenue Bonds, Series 2023 |
|  5.000% due 12/01/2037 | 4985 | 5453 |
|  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 | 409 |
|  5.000% due 12/01/2039 | 430 | 449 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.000% due 12/01/2040 | 410 | 425 |
|  5.000% due 12/01/2041 | 460 | 471 |
|  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 (c) | 845 | 669 |
|  0.000% due 12/01/2032 (c) | 880 | 665 |
|  |  | 42336 |
| OKLAHOMA 0.5% | OKLAHOMA 0.5% | OKLAHOMA 0.5% |
|  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 | 2024 |
|  5.000% due 06/01/2037 | 1100 | 1191 |
|  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 | 4421 |
|  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 |
|  |  | 9423 |
| OREGON 0.9% | OREGON 0.9% | OREGON 0.9% |
|  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 | 1581 |
|  5.000% due 08/15/2036 | 1500 | 1570 |
|  5.000% due 08/15/2037 | 1600 | 1663 |
|  5.000% due 08/15/2038 | 1000 | 1032 |
|  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 05/15/2036 | 2000 | 2222 |
|  5.000% due 05/15/2037 | 1000 | 1100 |
|  5.000% due 05/15/2038 | 2250 | 2447 |
|  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 | 1628 |
|  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 | 1581 |
|  5.000% due 04/01/2035 | 2015 | 2300 |
|  |  | 17124 |
| PENNSYLVANIA 3.7% | PENNSYLVANIA 3.7% | PENNSYLVANIA 3.7% |
|  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 |
|  2.620% due 11/15/2047 ~ | 10000 | 9888 |
|  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 | 4150 | 3882 |
|  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 | 5603 |
|  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 |
|  3.826% due 06/01/2037 ~ | 4000 | 3722 |
|  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 | 1132 |
|  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 | 623 |
|  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 | 3676 |
|  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 | 5666 |
|  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 | 7237 |
|  Pennsylvania Higher Educational Facilities Authority Revenue Bonds, Series 2015 | Pennsylvania Higher Educational Facilities Authority Revenue Bonds, Series 2015 | Pennsylvania Higher Educational Facilities Authority Revenue Bonds, Series 2015 |
|  5.000% due 08/15/2029 | 340 | 341 |
|  5.000% due 08/15/2031 | 300 | 301 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.000% due 08/15/2033 | 1000 | 1002 |
|  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 | 1290 |
|  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 | 1100 | 1202 |
|  Pennsylvania Turnpike Commission Revenue Bonds, Series 2021 | Pennsylvania Turnpike Commission Revenue Bonds, Series 2021 | Pennsylvania Turnpike Commission Revenue Bonds, Series 2021 |
|  5.000% due 12/01/2036 | 8170 | 8806 |
|  Pennsylvania Turnpike Commission Revenue Bonds, Series 2024 | Pennsylvania Turnpike Commission Revenue Bonds, Series 2024 | Pennsylvania Turnpike Commission Revenue Bonds, Series 2024 |
|  5.000% due 12/01/2039 | 2350 | 2499 |
|  5.000% due 12/01/2043 | 4000 | 4152 |
|  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 | 2683 |
|  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 | 2652 |
|  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 | 2091 |
|  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 | 3958 |
|  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 | 1117 |
|  |  | 73523 |
| PUERTO RICO 1.8% | PUERTO RICO 1.8% | PUERTO RICO 1.8% |
|  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 |
|  3.568% (US0003M + 0.520%) due 07/01/2029 ~ | 1280 | 1223 |
|  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018 | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018 | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018 |
|  0.000% due 07/01/2051 (c) | 26355 | 6162 |
|  0.000% due 07/01/2046 (c) | 21700 | 6913 |
|  4.500% due 07/01/2034 | 8671 | 8671 |
|  5.000% due 07/01/2058 | 1000 | 942 |
|  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 | 9000 | 8454 |
|  4.550% due 07/01/2040 | 4200 | 4030 |
|  |  | 36395 |
| RHODE ISLAND 1.2% | RHODE ISLAND 1.2% | RHODE ISLAND 1.2% |
|  Rhode Island Health & Educational Building Corp. Revenue Bonds, Series 2023 | Rhode Island Health & Educational Building Corp. Revenue Bonds, Series 2023 | Rhode Island Health & Educational Building Corp. Revenue Bonds, Series 2023 |
|  5.000% due 09/01/2036 | 3065 | 3345 |
|  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 | 1061 |
|  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 | 7052 |
|  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 | 11005 |
|  5.000% due 06/01/2040 | 2000 | 2000 |
|  |  | 24463 |
| SOUTH CAROLINA 1.0% | SOUTH CAROLINA 1.0% | SOUTH CAROLINA 1.0% |
|  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 | 1933 |
|  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 | 3007 |

---

---

| | | |
|:---|:---|:---|
| **92** | **PIMCO ETF TRUST** | See Accompanying Notes |

---

------

June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  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 | 9551 |
|  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 | 3144 |
|  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 | 1233 |
|  5.000% due 12/01/2042 | 1500 | 1546 |
|  |  | 20414 |
| SOUTH DAKOTA 0.2% | SOUTH DAKOTA 0.2% | SOUTH DAKOTA 0.2% |
|  South Dakota Health & Educational Facilities Authority Revenue Bonds, Series 2014 | South Dakota Health & Educational Facilities Authority Revenue Bonds, Series 2014 | South Dakota Health & Educational Facilities Authority Revenue Bonds, Series 2014 |
|  5.000% due 11/01/2027 | 925 | 926 |
|  South Dakota Health & Educational Facilities Authority Revenue Bonds, Series 2015 | South Dakota Health & Educational Facilities Authority Revenue Bonds, Series 2015 | South Dakota Health & Educational Facilities Authority Revenue Bonds, Series 2015 |
|  5.000% due 11/01/2028 | 900 | 906 |
|  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 | 3180 |
|  |  | 5012 |
| TENNESSEE 1.8% | TENNESSEE 1.8% | TENNESSEE 1.8% |
|  Knox County, Tennessee Health Educational & Housing Facility Board Revenue Notes, Series 2022 | Knox County, Tennessee Health Educational & Housing Facility Board Revenue Notes, Series 2022 | Knox County, Tennessee Health Educational & Housing Facility Board Revenue Notes, Series 2022 |
|  3.950% due 12/01/2027 | 3500 | 3505 |
|  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 | 845 |
|  5.000% due 07/01/2038 | 500 | 547 |
|  Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Bonds, Series 2023 | Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Bonds, Series 2023 | Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Bonds, Series 2023 |
|  4.875% due 10/01/2038 | 3275 | 3293 |
|  Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Bonds, Series 2024 | Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Bonds, Series 2024 | Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Bonds, Series 2024 |
|  3.250% due 10/01/2045 | 5400 | 5399 |
|  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 | 2012 |
|  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 | 6300 |
|  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 | 3048 |
|  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 | 3584 |
|  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 | 7243 |
|  |  | 35776 |
| TEXAS 16.5% | TEXAS 16.5% | TEXAS 16.5% |
|  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 02/15/2041 | 4000 | 4219 |
|  Austin Affordable PFC Inc., Texas Revenue Bonds, Series 2024 | Austin Affordable PFC Inc., Texas Revenue Bonds, Series 2024 | Austin Affordable PFC Inc., Texas Revenue Bonds, Series 2024 |
|  4.500% due 03/01/2043 | 3750 | 3632 |
|  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 | 1715 |
|  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 | 5717 |
|  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 | 3933 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  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 (c) | 3000 | 2902 |
|  Central Texas Turnpike System Revenue Bonds,<br>Series 2024 | Central Texas Turnpike System Revenue Bonds,<br>Series 2024 | Central Texas Turnpike System Revenue Bonds,<br>Series 2024 |
|  5.000% due 08/15/2042 | 3600 | 3790 |
|  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 | 4646 |
|  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 | 4715 |
|  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 | 5754 |
|  Corpus Christi Independent School District, Texas General Obligation Notes, (PSF Insured), Series 2016 | Corpus Christi Independent School District, Texas General Obligation Notes, (PSF Insured), Series 2016 | Corpus Christi Independent School District, Texas General Obligation Notes, (PSF Insured), Series 2016 |
|  5.000% due 08/15/2025 | 2115 | 2120 |
|  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 | 1464 |
|  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 | 3314 |
|  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 | 2278 |
|  Dallas Housing Finance Corp. Texas Revenue Bonds, Series 2025 | Dallas Housing Finance Corp. Texas Revenue Bonds, Series 2025 | Dallas Housing Finance Corp. Texas Revenue Bonds, Series 2025 |
|  4.450% due 04/01/2041 | 2000 | 1973 |
|  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 | 17913 |
|  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 | 2795 |
|  Ector County, Texas General Obligation Bonds,<br>Series 2024 | Ector County, Texas General Obligation Bonds,<br>Series 2024 | Ector County, Texas General Obligation Bonds,<br>Series 2024 |
|  5.000% due 02/15/2037 | 5220 | 5657 |
|  Ector County, Texas General Obligation Notes,<br>Series 2024 | Ector County, Texas General Obligation Notes,<br>Series 2024 | Ector County, Texas General Obligation Notes,<br>Series 2024 |
|  5.000% due 02/15/2035 | 1700 | 1882 |
|  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 | 14093 |
|  EP Tuscany Zaragosa PFC, Texas Revenue Notes,<br>Series 2023 | EP Tuscany Zaragosa PFC, Texas Revenue Notes,<br>Series 2023 | EP Tuscany Zaragosa PFC, Texas Revenue Notes,<br>Series 2023 |
|  4.000% due 12/01/2033 | 5000 | 4924 |
|  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 | 24365 |
|  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 | 1100 | 1080 |
|  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 | 5238 |
|  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 |
|  3.850% 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 | 6398 |
|  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 | 2200 | 2439 |
|  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 | 8163 |
|  Harris County, Texas Toll Road Revenue Bonds,<br>Series 2023 | Harris County, Texas Toll Road Revenue Bonds,<br>Series 2023 | Harris County, Texas Toll Road Revenue Bonds,<br>Series 2023 |
|  5.000% due 08/15/2035 | 2960 | 3269 |
|  Harris County, Texas Toll Road Revenue Bonds,<br>Series 2024 | Harris County, Texas Toll Road Revenue Bonds,<br>Series 2024 | Harris County, Texas Toll Road Revenue Bonds,<br>Series 2024 |
|  5.000% due 08/15/2037 | 5000 | 5462 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  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 | 1675 |
|  Houston, Texas Airport System Revenue Bonds,<br>Series 2018 | Houston, Texas Airport System Revenue Bonds,<br>Series 2018 | Houston, Texas Airport System Revenue Bonds,<br>Series 2018 |
|  5.000% due 07/01/2030 | 3300 | 3468 |
|  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 | 1519 |
|  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 | 1631 |
|  5.000% due 02/15/2038 | 2000 | 2155 |
|  5.000% due 02/15/2039 | 5000 | 5345 |
|  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 | 14722 |
|  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 | 2498 |
|  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 | 1270 |
|  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 | 4310 |
|  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 | 2605 |
|  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 | 1222 |
|  4.000% due 05/15/2044 | 720 | 650 |
|  5.000% due 05/15/2038 | 1000 | 1069 |
|  5.000% due 05/15/2039 | 1000 | 1058 |
|  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 | 1830 |
|  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 | 998 |
|  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 | 2905 |
|  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 | 4723 |
|  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 | 1164 |
|  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 | 3923 |
|  Rockwall Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2015 | Rockwall Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2015 | Rockwall Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2015 |
|  4.000% due 02/15/2037 | 2420 | 2379 |
|  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 | 4861 |
|  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 | 4568 |
|  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 | 2414 |
|  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 | 3878 |
|  5.000% due 02/01/2040 | 4380 | 4651 |
|  5.000% due 02/01/2041 | 3000 | 3161 |
|  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 | 2338 |

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---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **93** |

---

------

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

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| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  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 | 1942 |
|  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 | 5288 |
|  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 | 9190 |
|  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 |
|  4.519% 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 | 2822 |
|  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 | 4851 |
|  5.000% due 10/01/2042 | 590 | 620 |
|  5.000% due 10/01/2044 | 4000 | 4162 |
|  Texas State General Obligation Notes, Series 2024 | Texas State General Obligation Notes, Series 2024 | Texas State General Obligation Notes, Series 2024 |
|  5.000% due 10/01/2030 | 14000 | 15481 |
|  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 | 2124 |
|  5.000% due 03/15/2041 | 2000 | 2106 |
|  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 (c) | 2950 | 987 |
|  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 | 8411 |
|  5.000% due 10/15/2047 | 5860 | 5991 |
|  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 | 2084 |
|  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 | 1313 |
|  5.000% due 10/15/2030 | 1775 | 1970 |
|  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 | 513 |
|  5.000% due 09/01/2032 | 400 | 422 |
|  |  | 331018 |
| UTAH 0.4% | UTAH 0.4% | UTAH 0.4% |
|  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 | 2985 | 3327 |
|  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 | 3800 | 4316 |
|  |  | 7643 |
| VIRGINIA 1.3% | VIRGINIA 1.3% | VIRGINIA 1.3% |
|  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 | 3235 |
|  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 | 4409 |
|  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 | 1010 |
|  5.000% due 07/01/2038 | 600 | 642 |
|  Roanoke Economic Development Authority, Virginia Revenue Bonds, Series 2020 | Roanoke Economic Development Authority, Virginia Revenue Bonds, Series 2020 | Roanoke Economic Development Authority, Virginia Revenue Bonds, Series 2020 |
|  5.000% due 07/01/2053 | 6700 | 7223 |
|  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 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  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 | 6926 |
|  |  | 26747 |
| WASHINGTON 2.1% | WASHINGTON 2.1% | WASHINGTON 2.1% |
|  Energy Northwest, Washington Revenue Bonds,<br>Series 2022 | Energy Northwest, Washington Revenue Bonds,<br>Series 2022 | Energy Northwest, Washington Revenue Bonds,<br>Series 2022 |
|  5.000% due 07/01/2035 | 3000 | 3286 |
|  Energy Northwest, Washington Revenue Bonds,<br>Series 2025 | Energy Northwest, Washington Revenue Bonds,<br>Series 2025 | Energy Northwest, Washington Revenue Bonds,<br>Series 2025 |
|  5.000% due 07/01/2041 | 3500 | 3727 |
|  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 | 1388 |
|  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 | 2143 |
|  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 | 4992 |
|  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 | 1751 |
|  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 | 1739 |
|  Washington Health Care Facilities Authority Revenue Bonds, Series 2020 | Washington Health Care Facilities Authority Revenue Bonds, Series 2020 | Washington Health Care Facilities Authority Revenue Bonds, Series 2020 |
|  5.000% due 09/01/2032 | 450 | 485 |
|  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 | 2976 |
|  Washington State General Obligation Bonds,<br>Series 2016 | Washington State General Obligation Bonds,<br>Series 2016 | Washington State General Obligation Bonds,<br>Series 2016 |
|  5.000% due 07/01/2033 | 5000 | 5043 |
|  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 | 1583 |
|  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 | 4286 |
|  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 | 4136 | 3763 |
|  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 |
|  4.085% due 03/20/2040 | 4679 | 4398 |
|  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 | 1076 |
|  |  | 42636 |
| 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 | 2552 |
| WISCONSIN 1.4% | WISCONSIN 1.4% | WISCONSIN 1.4% |
|  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 | 6551 |
|  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 | 2330 |
|  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 | 265 |
|  University of Wisconsin Hospitals & Clinics Revenue Bonds, Series 2018 | University of Wisconsin Hospitals & Clinics Revenue Bonds, Series 2018 | University of Wisconsin Hospitals & Clinics Revenue Bonds, Series 2018 |
|  3.800% due 04/01/2048 | 7150 | 7150 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  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 | 3980 |
|  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 (c) | 1075 | 956 |
|  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 | 3749 |
|  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 | 1901 |
|  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 | 2041 |
|  |  | 28923 |
|  Total Municipal Bonds & Notes<br>(Cost $1,961,610) | Total Municipal Bonds & Notes<br>(Cost $1,961,610) | 1959886 |
| U.S. GOVERNMENT AGENCIES 0.9% | U.S. GOVERNMENT AGENCIES 0.9% | U.S. GOVERNMENT AGENCIES 0.9% |
|  Federal Home Loan Bank | Federal Home Loan Bank | Federal Home Loan Bank |
|  0.000% due 07/01/2025 (c) | 8200 | 8199 |
|  Freddie Mac | Freddie Mac | Freddie Mac |
|  3.800% due 01/01/2040 | 9874 | 9215 |
|  Total U.S. Government Agencies<br>(Cost $17,696) | Total U.S. Government Agencies<br>(Cost $17,696) | 17414 |
| 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 | 2850 |
|  Multifamily Tax-Exempt Mortgage-Backed Bonds | Multifamily Tax-Exempt Mortgage-Backed Bonds | Multifamily Tax-Exempt Mortgage-Backed Bonds |
|  4.500% due 08/01/2041 | 995 | 976 |
|  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 | 2892 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $6,894) | Total Non-Agency Mortgage-Backed Securities (Cost $6,894) | 6718 |
|  | **SHARES** |  |
| SHORT-TERM INSTRUMENTS 1.7% | SHORT-TERM INSTRUMENTS 1.7% | SHORT-TERM INSTRUMENTS 1.7% |
| 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 |
|  4.380% (d) | 596568 | 597 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |
| U.S. TREASURY BILLS 1.2% | U.S. TREASURY BILLS 1.2% | U.S. TREASURY BILLS 1.2% |
|  4.331% due 07/24/2025 - 10/07/2025 (b)(c) | 23200 | 22982 |
| MUNICIPAL BONDS & NOTES 0.5% | MUNICIPAL BONDS & NOTES 0.5% | MUNICIPAL BONDS & NOTES 0.5% |
|  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 (a) | 3000 | 3027 |
|  Township of Parsippany-Troy Hills, New Jersey General Obligation Notes, Series 2024 | Township of Parsippany-Troy Hills, New Jersey General Obligation Notes, Series 2024 | Township of Parsippany-Troy Hills, New Jersey General Obligation Notes, Series 2024 |
|  4.000% due 10/29/2025 | 6000 | 6017 |
|  Total Municipal Bonds & Notes<br>(Cost $9,047) | Total Municipal Bonds & Notes<br>(Cost $9,047) | 9044 |
| Total Short-Term Instruments<br>(Cost $32,626) | Total Short-Term Instruments<br>(Cost $32,626) | 32623 |
| Total Investments in Securities<br>(Cost $2,018,826) | Total Investments in Securities<br>(Cost $2,018,826) | 2016641 |
| Total Investments 100.4%<br>(Cost $2,018,826) | Total Investments 100.4%<br>(Cost $2,018,826) | 2016641 |
| Other Assets and Liabilities, net (0.4)% | Other Assets and Liabilities, net (0.4)% | (7047) |
| Net Assets 100.0% | Net Assets 100.0% | 2009594 |

---

94 PIMCO ETF TRUST See Accompanying Notes

------

June 30, 2025

#### 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) When-issued security.

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

(c) Zero coupon security.

(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 - 08/28/2024 | $11136 | $11357 | 0.56% |
|  Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2024 | 4.615 | 08/25/2041 | 03/19/2024 | 6719 | 6853 | 0.34 |
|  New York State Housing Finance Agency Revenue Bonds, (FHA Insured), Series 2020 | 4.200 | 11/01/2054 | 11/28/2023 | 5832 | 5751 | 0.29 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23687 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23961 | 1.19% |

---

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

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 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;(2663) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2663) |
|  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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;810 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;810 |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of June 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at<br>06/30/2025** |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  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 | $79427 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $79427 |
| &nbsp;&nbsp; Alaska | 0 | 6124 | 0 | 6124 |
| &nbsp;&nbsp; Arizona | 0 | 19317 | 0 | 19317 |
| &nbsp;&nbsp; California | 0 | 97990 | 0 | 97990 |
| &nbsp;&nbsp; Colorado | 0 | 40529 | 0 | 40529 |
| &nbsp;&nbsp; Connecticut | 0 | 23697 | 0 | 23697 |
| &nbsp;&nbsp; Delaware | 0 | 1981 | 0 | 1981 |
| &nbsp;&nbsp; District of Columbia | 0 | 35438 | 0 | 35438 |
| &nbsp;&nbsp; Florida | 0 | 72663 | 0 | 72663 |
| &nbsp;&nbsp; Georgia | 0 | 48913 | 0 | 48913 |
| &nbsp;&nbsp; Hawaii | 0 | 10485 | 0 | 10485 |
| &nbsp;&nbsp; Idaho | 0 | 5808 | 0 | 5808 |
| &nbsp;&nbsp; Illinois | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103612 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103612 |
| &nbsp;&nbsp; Indiana | 0 | 23699 | 0 | 23699 |
| &nbsp;&nbsp; Iowa | 0 | 4111 | 0 | 4111 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair**<br> **Value at<br>06/30/2025** |
| &nbsp;&nbsp; Kansas | $0 | $2191 | $0 | $2191 |
| &nbsp;&nbsp; Kentucky | 0 | 16144 | 0 | 16144 |
| &nbsp;&nbsp; Louisiana | 0 | 23910 | 0 | 23910 |
| &nbsp;&nbsp; Maryland | 0 | 18559 | 0 | 18559 |
| &nbsp;&nbsp; Massachusetts | 0 | 20262 | 0 | 20262 |
| &nbsp;&nbsp; Michigan | 0 | 46358 | 0 | 46358 |
| &nbsp;&nbsp; Minnesota | 0 | 31741 | 0 | 31741 |
| &nbsp;&nbsp; Mississippi | 0 | 3919 | 0 | 3919 |
| &nbsp;&nbsp; Missouri | 0 | 8784 | 0 | 8784 |
| &nbsp;&nbsp; Multi-State | 0 | 86849 | 0 | 86849 |
| &nbsp;&nbsp; Nebraska | 0 | 3808 | 0 | 3808 |
| &nbsp;&nbsp; Nevada | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36069 |
| &nbsp;&nbsp; New Hampshire | 0 | 28905 | 0 | 28905 |
| &nbsp;&nbsp; New Jersey | 0 | 49505 | 0 | 49505 |
| &nbsp;&nbsp; New Mexico | 0 | 19053 | 0 | 19053 |
| &nbsp;&nbsp; New York | 0 | 244984 | 0 | 244984 |
| &nbsp;&nbsp; North Carolina | 0 | 37040 | 0 | 37040 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **95** |

---

------

Schedule of Investments PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund (Cont.) June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair**<br> **Value at<br>06/30/2025** |
| &nbsp;&nbsp; North Dakota | $0 | $4026 | $0 | $4026 |
| &nbsp;&nbsp; Ohio | 0 | 42336 | 0 | 42336 |
| &nbsp;&nbsp; Oklahoma | 0 | 9423 | 0 | 9423 |
| &nbsp;&nbsp; Oregon | 0 | 17124 | 0 | 17124 |
| &nbsp;&nbsp; Pennsylvania | 0 | 73523 | 0 | 73523 |
| &nbsp;&nbsp; Puerto Rico | 0 | 36395 | 0 | 36395 |
| &nbsp;&nbsp; Rhode Island | 0 | 24463 | 0 | 24463 |
| &nbsp;&nbsp; South Carolina | 0 | 20414 | 0 | 20414 |
| &nbsp;&nbsp; South Dakota | 0 | 5012 | 0 | 5012 |
| &nbsp;&nbsp; Tennessee | 0 | 35776 | 0 | 35776 |
| &nbsp;&nbsp; Texas | 0 | 331018 | 0 | 331018 |
| &nbsp;&nbsp; Utah | 0 | 7643 | 0 | 7643 |
| &nbsp;&nbsp; Virginia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26747 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair**<br> **Value at<br>06/30/2025** |
| &nbsp;&nbsp; Washington | $0 | $42636 | $0 | $42636 |
| &nbsp;&nbsp; West Virginia | 0 | 2552 | 0 | 2552 |
| &nbsp;&nbsp; Wisconsin | 0 | 28923 | 0 | 28923 |
|  U.S. Government Agencies | 0 | 17414 | 0 | 17414 |
|  Non-Agency Mortgage-Backed Securities | 0 | 6718 | 0 | 6718 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 0 | 597 | 0 | 597 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 22982 | 0 | 22982 |
| &nbsp;&nbsp; Municipal Bonds & Notes | 0 | 9044 | 0 | 9044 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2016641 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2016641 |

---

There were no significant transfers into or out of Level 3 during the period ended June 30, 2025.

---

| | | |
|:---|:---|:---|
| **96** | **PIMCO ETF TRUST** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO Multisector Bond Active Exchange-Traded Fund June 30, 2025

#### (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 145.0% | INVESTMENTS IN SECURITIES 145.0% | INVESTMENTS IN SECURITIES 145.0% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 3.4% | LOAN PARTICIPATIONS AND ASSIGNMENTS 3.4% | LOAN PARTICIPATIONS AND ASSIGNMENTS 3.4% |
|  Aligned Data Centers International LP | Aligned Data Centers International LP | Aligned Data Centers International LP |
|  7.799% due 12/18/2029 «~ | 22500 | 22560 |
|  Altice France SA | Altice France SA | Altice France SA |
|  9.756% (TSFR3M + 5.500%) due 08/15/2028 ~ | 1987 | 1806 |
|  Aspire Bakeries Holdings LLC | Aspire Bakeries Holdings LLC | Aspire Bakeries Holdings LLC |
|  8.572% (TSFR1M + 4.250%) due 12/23/2030 ~ | 2985 | 3000 |
|  Bank of Industry Ltd. | Bank of Industry Ltd. | Bank of Industry Ltd. |
|  3.695% (EUR003M + 1.700%) due 08/23/2027 ~ | 6000 | 7021 |
|  Carnival Corp. | Carnival Corp. | Carnival Corp. |
|  6.312% (TSFR1M + 2.000%) due 10/18/2028 ~ | 192 | 193 |
|  Clover Holdings 2 LLC | Clover Holdings 2 LLC | Clover Holdings 2 LLC |
|  TBD% due 12/10/2029 µ | 116 | 116 |
|  8.307% (TSFR3M + 4.000%) due 12/09/2031 ~ | 900 | 903 |
|  Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. |
|  TBD% (TSFR1M + 3.250%) due 04/01/2032 ~µ | 34 | 34 |
|  7.577% (TSFR1M + 3.250%) due 04/01/2032 ~ | 1966 | 1960 |
|  Cotiviti Corp. | Cotiviti Corp. | Cotiviti Corp. |
|  7.074% (TSFR1M + 2.750%) due 05/01/2031 ~ | 988 | 984 |
|  7.074% (TSFR1M + 2.750%) due 03/26/2032 ~ | 5000 | 4982 |
|  CPPIB Capital, Inc. | CPPIB Capital, Inc. | CPPIB Capital, Inc. |
|  7.046% (TSFR3M + 2.750%) due 08/20/2031 ~ | 1985 | 1983 |
|  Databricks, Inc. | Databricks, Inc. | Databricks, Inc. |
|  TBD% - 1.000% due 01/03/2031 «µ | 1087 | 1098 |
|  8.816% (TSFR1M + 4.500%) due 01/03/2031 «~ | 4913 | 4962 |
|  DirecTV Financing LLC | DirecTV Financing LLC | DirecTV Financing LLC |
|  9.827% (TSFR1M + 5.500%) due 02/17/2031 ~ | 1880 | 1800 |
|  DK Crown Holdings, Inc. | DK Crown Holdings, Inc. | DK Crown Holdings, Inc. |
|  6.066% (TSFR1M + 1.750%) due 03/04/2032 ~ | 3990 | 3982 |
|  Endure Digital, Inc. | Endure Digital, Inc. | Endure Digital, Inc. |
|  7.927% (TSFR1M + 3.500%) due 02/10/2028 «~ | 2984 | 2298 |
|  EPIC Crude Services LP | EPIC Crude Services LP | EPIC Crude Services LP |
|  7.256% (TSFR3M + 3.000%) due 10/15/2031 ~ | 2993 | 3006 |
|  FinCo LLC | FinCo LLC | FinCo LLC |
|  6.577% (TSFR1M + 2.250%) due 06/27/2029 ~ | 98 | 99 |
|  Forward Air Corp. | Forward Air Corp. | Forward Air Corp. |
|  8.780% (TSFR3M + 4.500%) due 12/19/2030 ~ | 2032 | 2024 |
|  GFL Environmental, Inc. | GFL Environmental, Inc. | GFL Environmental, Inc. |
|  6.824% (TSFR3M + 2.500%) due 03/03/2032 ~ | 5000 | 5009 |
|  Global Medical Response, Inc. (9.079% Cash and 0.750% PIK) | Global Medical Response, Inc. (9.079% Cash and 0.750% PIK) | Global Medical Response, Inc. (9.079% Cash and 0.750% PIK) |
|  9.829% due 10/31/2028 (b) | 184 | 184 |
|  Golden State Foods LLC | Golden State Foods LLC | Golden State Foods LLC |
|  8.561% (TSFR1M + 4.250%) due 12/04/2031 ~ | 2978 | 2996 |
|  Jane Street Group LLC | Jane Street Group LLC | Jane Street Group LLC |
|  6.333% (TSFR3M + 2.000%) due 12/15/2031 ~ | 5948 | 5947 |
|  Kaseya, Inc. | Kaseya, Inc. | Kaseya, Inc. |
|  7.577% (TSFR1M + 3.250%) due 03/20/2032 ~ | 3990 | 4010 |
|  LifePoint Health, Inc. | LifePoint Health, Inc. | LifePoint Health, Inc. |
|  7.820% (TSFR3M + 3.500%) due 05/19/2031 ~ | 794 | 783 |
|  8.006% (TSFR3M + 3.750%) due 05/19/2031 ~ | 4975 | 4930 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Medline Borrower LP | Medline Borrower LP | Medline Borrower LP |
|  6.577% (TSFR1M + 2.250%) due 10/23/2028 ~ | 993 | 995 |
|  MH Sub LLC | MH Sub LLC | MH Sub LLC |
|  8.577% (TSFR1M + 4.250%) due 12/31/2031 ~ | 2985 | 2602 |
|  Modena Buyer LLC | Modena Buyer LLC | Modena Buyer LLC |
|  8.780% (TSFR3M + 4.500%) due 07/01/2031 ~ | 1493 | 1441 |
|  Novelis Corp. | Novelis Corp. | Novelis Corp. |
|  6.296% (TSFR3M + 2.000%) due 03/11/2032 ~ | 4988 | 5000 |
|  OCS Group Holdings Ltd. | OCS Group Holdings Ltd. | OCS Group Holdings Ltd. |
|  9.961% due 11/28/2031 | 5000 | 6851 |
|  Pantheon Senior Debt Secondaries | Pantheon Senior Debt Secondaries | Pantheon Senior Debt Secondaries |
|  6.317% (TSFR3M + 2.000%) due 03/26/2026 «(h) | 1400 | 1400 |
|  Primo Brands Corp. | Primo Brands Corp. | Primo Brands Corp. |
|  6.546% (TSFR3M + 2.250%) due 03/31/2028 ~ | 988 | 992 |
|  Project Alpha Investindustrial | Project Alpha Investindustrial | Project Alpha Investindustrial |
|  4.256% (EUR003M + 2.100%) due 02/27/2026 «~(h) | 378 | 445 |
|  Project Flash | Project Flash | Project Flash |
|  TBD% due 04/30/2030 «µ | 9000 | 9000 |
|  Proofpoint, Inc. | Proofpoint, Inc. | Proofpoint, Inc. |
|  7.327% (TSFR1M + 3.000%) due 08/31/2028 ~ | 3980 | 3987 |
|  QualityTech LP | QualityTech LP | QualityTech LP |
|  7.813% (TSFR1M + 3.500%) due 10/30/2031 «~ | 4000 | 4020 |
|  Raven Acquisition Holdings LLC | Raven Acquisition Holdings LLC | Raven Acquisition Holdings LLC |
|  TBD% - 3.250% due 11/19/2031 µ | 133 | 133 |
|  7.577% (TSFR1M + 3.250%) due 11/19/2031 ~ | 1862 | 1863 |
|  RealPage, Inc. | RealPage, Inc. | RealPage, Inc. |
|  8.046% (TSFR3M + 3.750%) due 04/24/2028 ~ | 2993 | 3001 |
|  Republic of Kenya | Republic of Kenya | Republic of Kenya |
|  9.849% (PRIME + 5.400%) due 04/05/2028 «~ | 5000 | 4988 |
|  Republic of Panama | Republic of Panama | Republic of Panama |
|  4.103% (EUR006M + 1.750%) due 03/05/2027 «~ | 10000 | 11865 |
|  4.804% (EUR006M + 2.450%) due 04/01/2027 «~ | 7600 | 8994 |
|  Rockpoint Gas Storage Partners LP | Rockpoint Gas Storage Partners LP | Rockpoint Gas Storage Partners LP |
|  7.296% (TSFR3M + 3.000%) due 09/18/2031 | 4873 | 4897 |
|  Specialty Building Products Holdings LLC | Specialty Building Products Holdings LLC | Specialty Building Products Holdings LLC |
|  8.177% (TSFR1M + 3.750%) due 10/15/2028 ~ | 2686 | 2574 |
|  Stepstone Group MidCo 2 GmbH | Stepstone Group MidCo 2 GmbH | Stepstone Group MidCo 2 GmbH |
|  8.608% - 8.651% (TSFR3M + 4.500%) due 12/19/2031 | 4000 | 3890 |
|  Subcalidora 2 | Subcalidora 2 | Subcalidora 2 |
|  7.730% (EUR003M + 5.750%) due 08/14/2029 «~ | 2000 | 2368 |
|  TK Elevator Midco GmbH | TK Elevator Midco GmbH | TK Elevator Midco GmbH |
|  7.237% due 04/30/2030 ~ | 4988 | 5006 |
|  Transnet SOC Ltd. | Transnet SOC Ltd. | Transnet SOC Ltd. |
|  11.558% (JIBA3M + 4.000%) due 03/02/2028 «~ | 157714 | 8837 |
|  Truist Insurance Holdings LLC | Truist Insurance Holdings LLC | Truist Insurance Holdings LLC |
|  7.046% (TSFR3M + 2.750%) due 05/06/2031 ~ | 460 | 460 |
|  U.S. Renal Care, Inc. | U.S. Renal Care, Inc. | U.S. Renal Care, Inc. |
|  9.441% (TSFR1M + 5.000%) due 06/20/2028 ~ | 2977 | 2826 |
|  UKG, Inc. | UKG, Inc. | UKG, Inc. |
|  7.311% (TSFR1M + 3.000%) due 02/10/2031 ~ | 891 | 895 |
|  VEON Amsterdam BV | VEON Amsterdam BV | VEON Amsterdam BV |
|  8.531% - 10.750% (TSFR3M + 3.250%) due 03/25/2027 «~ | 4000 | 4001 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Vista Management Holding, Inc. | Vista Management Holding, Inc. | Vista Management Holding, Inc. |
|  8.048% (TSFR3M + 3.750%) due 04/01/2031 ~ | 5000 | 5019 |
|  Total Loan Participations and Assignments (Cost $191,720) | Total Loan Participations and Assignments (Cost $191,720) | 197020 |
| CORPORATE BONDS & NOTES 26.5% | CORPORATE BONDS & NOTES 26.5% | CORPORATE BONDS & NOTES 26.5% |
| BANKING & FINANCE 8.4% | BANKING & FINANCE 8.4% | BANKING & FINANCE 8.4% |
|  Alliant Holdings Intermediate LLC | Alliant Holdings Intermediate LLC | Alliant Holdings Intermediate LLC |
|  6.500% due 10/01/2031 | 2800 | 2856 |
|  American Tower Corp. |  |  |
|  2.750% due 01/15/2027 | 575 | 561 |
|  3.650% due 03/15/2027 | 200 | 198 |
|  3.800% due 08/15/2029 | 1400 | 1362 |
|  Ares Strategic Income Fund |  |  |
|  5.450% due 09/09/2028 | 5000 | 5004 |
|  6.200% due 03/21/2032 | 4000 | 4014 |
|  Armor RE Ltd. |  |  |
|  12.808% due 01/07/2032 ~ | 700 | 701 |
|  Banco Santander SA |  |  |
|  5.565% due 01/17/2030 | 8000 | 8308 |
|  6.033% due 01/17/2035 | 3800 | 4005 |
|  Banco Votorantim SA | Banco Votorantim SA | Banco Votorantim SA |
|  5.875% due 04/08/2028 | 5000 | 5074 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  2.592% due 04/29/2031 •  | 5000 | 4572 |
|  5.511% due 01/24/2036 •  | 8700 | 8949 |
|  5.819% due 09/15/2029 •  | 600 | 625 |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  5.690% due 03/12/2030 •  | 625 | 647 |
|  Boost Newco Borrower LLC | Boost Newco Borrower LLC | Boost Newco Borrower LLC |
|  7.500% due 01/15/2031 | 1300 | 1381 |
|  BPCE SA | BPCE SA | BPCE SA |
|  5.389% due 05/28/2031 •  | 5000 | 5093 |
|  6.027% due 05/28/2036 •  | 6182 | 6371 |
|  6.612% due 10/19/2027 •  | 250 | 256 |
|  Bread Financial Holdings, Inc. | Bread Financial Holdings, Inc. | Bread Financial Holdings, Inc. |
|  8.375% due 06/15/2035 •  | 4000 | 4031 |
|  Brookfield Property REIT, Inc. | Brookfield Property REIT, Inc. | Brookfield Property REIT, Inc. |
|  4.500% due 04/01/2027 | 160 | 156 |
|  Brown & Brown, Inc. | Brown & Brown, Inc. | Brown & Brown, Inc. |
|  4.900% due 06/23/2030 | 2481 | 2505 |
|  Burford Capital Global Finance LLC | Burford Capital Global Finance LLC | Burford Capital Global Finance LLC |
|  9.250% due 07/01/2031 | 1856 | 1956 |
|  CaixaBank SA | CaixaBank SA | CaixaBank SA |
|  5.673% due 03/15/2030 •  | 1250 | 1293 |
|  Cantor Fitzgerald LP | Cantor Fitzgerald LP | Cantor Fitzgerald LP |
|  7.200% due 12/12/2028 | 850 | 903 |
|  CI Financial Corp. | CI Financial Corp. | CI Financial Corp. |
|  7.500% due 05/30/2029 | 1000 | 1056 |
|  CIMA Finance DAC | CIMA Finance DAC | CIMA Finance DAC |
|  2.950% due 09/05/2029 | 3554 | 3269 |
|  Citadel Finance LLC | Citadel Finance LLC | Citadel Finance LLC |
|  5.900% due 02/10/2030 | 12000 | 12119 |
|  Citadel LP | Citadel LP | Citadel LP |
|  6.000% due 01/23/2030 | 7350 | 7602 |
|  6.375% due 01/23/2032 | 5437 | 5680 |
|  Citadel Securities Global Holdings LLC | Citadel Securities Global Holdings LLC | Citadel Securities Global Holdings LLC |
|  5.500% due 06/18/2030 | 1690 | 1711 |
|  Clue Opco LLC | Clue Opco LLC | Clue Opco LLC |
|  9.500% due 10/15/2031 | 400 | 424 |
|  Cousins Properties LP | Cousins Properties LP | Cousins Properties LP |
|  5.250% due 07/15/2030 | 10837 | 11046 |
|  Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA |
|  9.700% due 03/05/2045 « | 42200 | 12442 |
|  10.100% due 12/15/2043 | 8500 | 2549 |
|  Credit Acceptance Corp. | Credit Acceptance Corp. | Credit Acceptance Corp. |
|  6.625% due 03/15/2030 | 3000 | 3043 |
|  9.250% due 12/15/2028 | 500 | 530 |
|  Credit Opportunities Partners LLC | Credit Opportunities Partners LLC | Credit Opportunities Partners LLC |
|  6.520% due 03/20/2028 «(h) | 8000 | 8054 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **97** |

---

------

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

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  1.050% due 07/15/2026 | 475 | 458 |
|  Deloitte LLP | Deloitte LLP | Deloitte LLP |
|  5.250% due 01/30/2030 «(h) | 2000 | 2026 |
|  5.410% due 01/30/2032 «(h) | 2000 | 2015 |
|  5.590% due 01/30/2035 «(h) | 2000 | 1999 |
|  Encore Capital Group, Inc. | Encore Capital Group, Inc. | Encore Capital Group, Inc. |
|  8.500% due 05/15/2030 | 8866 | 9517 |
|  9.250% due 04/01/2029 | 2234 | 2378 |
|  EPR Properties | EPR Properties | EPR Properties |
|  3.750% due 08/15/2029 | 6334 | 6034 |
|  Equitable Holdings, Inc. | Equitable Holdings, Inc. | Equitable Holdings, Inc. |
|  4.350% due 04/20/2028 | 60 | 60 |
|  Everglades Re Ltd. | Everglades Re Ltd. | Everglades Re Ltd. |
|  15.794% due 05/13/2031 ~ | 400 | 415 |
|  F&G Global Funding | F&G Global Funding | F&G Global Funding |
|  5.875% due 01/16/2030 | 8866 | 9122 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  5.800% due 03/05/2027 | 1125 | 1134 |
|  5.875% due 11/07/2029 | 8000 | 8026 |
|  5.918% due 03/20/2028 | 15000 | 15155 |
|  Fortitude Group Holdings LLC | Fortitude Group Holdings LLC | Fortitude Group Holdings LLC |
|  6.250% due 04/01/2030 | 7000 | 7205 |
|  Fortress Transportation & Infrastructure Investors LLC | Fortress Transportation & Infrastructure Investors LLC | Fortress Transportation & Infrastructure Investors LLC |
|  5.500% due 05/01/2028 | 1430 | 1423 |
|  7.000% due 05/01/2031 | 2675 | 2772 |
|  Freedom Mortgage Corp. | Freedom Mortgage Corp. | Freedom Mortgage Corp. |
|  6.625% due 01/15/2027 | 1560 | 1564 |
|  12.000% due 10/01/2028 | 250 | 269 |
|  Freedom Mortgage Holdings LLC | Freedom Mortgage Holdings LLC | Freedom Mortgage Holdings LLC |
|  8.375% due 04/01/2032 | 1836 | 1857 |
|  9.125% due 05/15/2031 | 2859 | 2951 |
|  9.250% due 02/01/2029 | 300 | 312 |
|  GLP Capital LP | GLP Capital LP | GLP Capital LP |
|  4.000% due 01/15/2031 | 1500 | 1415 |
|  5.300% due 01/15/2029 | 1611 | 1630 |
|  5.375% due 04/15/2026 | 780 | 781 |
|  5.625% due 09/15/2034 | 1800 | 1795 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  5.218% due 04/23/2031 •  | 12000 | 12305 |
|  Greengrove RE Ltd. | Greengrove RE Ltd. | Greengrove RE Ltd. |
|  12.044% due 04/08/2032 ~ | 2000 | 2000 |
|  HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. |
|  6.150% due 01/15/2031 | 2700 | 2735 |
|  6.375% due 07/01/2034 | 1700 | 1701 |
|  Hardwood Funding LLC | Hardwood Funding LLC | Hardwood Funding LLC |
|  4.840% due 06/07/2028 «(h) | 6000 | 6036 |
|  HAT Holdings LLC | HAT Holdings LLC | HAT Holdings LLC |
|  3.375% due 06/15/2026 | 13 | 13 |
|  8.000% due 06/15/2027 | 446 | 465 |
|  Host Hotels & Resorts LP | Host Hotels & Resorts LP | Host Hotels & Resorts LP |
|  3.500% due 09/15/2030 | 3018 | 2804 |
|  HPS Corporate Lending Fund | HPS Corporate Lending Fund | HPS Corporate Lending Fund |
|  5.450% due 01/14/2028 | 12000 | 12037 |
|  Jane Street Group | Jane Street Group | Jane Street Group |
|  6.125% due 11/01/2032 | 3000 | 3030 |
|  6.750% due 05/01/2033 | 6670 | 6862 |
|  7.125% due 04/30/2031 | 1100 | 1158 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  5.294% due 07/22/2035 •  | 4138 | 4213 |
|  5.350% due 06/01/2034 •  | 2793 | 2874 |
|  5.502% due 01/24/2036 •  | 14700 | 15147 |
|  Ladder Capital Finance Holdings LLLP | Ladder Capital Finance Holdings LLLP | Ladder Capital Finance Holdings LLLP |
|  5.500% due 08/01/2030 (a) | 1000 | 1007 |
|  7.000% due 07/15/2031 | 1200 | 1256 |
|  Lazard Group LLC | Lazard Group LLC | Lazard Group LLC |
|  6.000% due 03/15/2031 | 3019 | 3172 |
|  Lineage OP LP | Lineage OP LP | Lineage OP LP |
|  5.250% due 07/15/2030 | 3690 | 3714 |
|  Marex Group PLC | Marex Group PLC | Marex Group PLC |
|  5.829% due 05/08/2028 | 11900 | 12056 |
|  Mercury General Corp. | Mercury General Corp. | Mercury General Corp. |
|  4.400% due 03/15/2027 | 5750 | 5706 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. |
|  5.406% due 04/19/2034 •  | 465 | 478 |
|  5.472% due 09/13/2033 •  | 2400 | 2475 |
|  5.574% due 01/16/2036 •  | 4000 | 4112 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  3.622% due 04/01/2031 •  | 9000 | 8633 |
|  3.955% due 03/21/2035 •  | 1000 | 1205 |
|  6.407% due 11/01/2029 •  | 500 | 530 |
|  Nationstar Mortgage Holdings, Inc. | Nationstar Mortgage Holdings, Inc. | Nationstar Mortgage Holdings, Inc. |
|  5.750% due 11/15/2031 | 4775 | 4853 |
|  Nature Coast Re Ltd. | Nature Coast Re Ltd. | Nature Coast Re Ltd. |
|  14.044% due 04/10/2033 ~ | 2200 | 2210 |
|  Newmark Group, Inc. | Newmark Group, Inc. | Newmark Group, Inc. |
|  7.500% due 01/12/2029 | 1634 | 1730 |
|  Norinchukin Bank | Norinchukin Bank | Norinchukin Bank |
|  5.094% due 10/16/2029 | 9900 | 10048 |
|  OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. |
|  3.500% due 01/15/2027 | 2974 | 2913 |
|  6.625% due 05/15/2029 | 3900 | 4010 |
|  7.125% due 11/15/2031 | 1250 | 1301 |
|  7.500% due 05/15/2031 | 2600 | 2718 |
|  9.000% due 01/15/2029 | 335 | 351 |
|  Palm RE Ltd. | Palm RE Ltd. | Palm RE Ltd. |
|  12.058% due 06/07/2032 ~ | 900 | 902 |
|  Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC |
|  0.000% due 04/05/2032 (e) | 2850 | 2028 |
|  Pebblebrook Hotel LP | Pebblebrook Hotel LP | Pebblebrook Hotel LP |
|  6.375% due 10/15/2029 | 4100 | 4125 |
|  PennyMac Financial Services, Inc. | PennyMac Financial Services, Inc. | PennyMac Financial Services, Inc. |
|  5.750% due 09/15/2031 | 857 | 841 |
|  7.875% due 12/15/2029 | 350 | 372 |
|  PRA Group, Inc. | PRA Group, Inc. | PRA Group, Inc. |
|  8.875% due 01/31/2030 | 3000 | 3096 |
|  Realty Income Corp. | Realty Income Corp. | Realty Income Corp. |
|  1.625% due 12/15/2030 | 225 | 261 |
|  Rfna LP | Rfna LP | Rfna LP |
|  7.875% due 02/15/2030 | 4850 | 4967 |
|  RHP Hotel Properties LP | RHP Hotel Properties LP | RHP Hotel Properties LP |
|  6.500% due 06/15/2033 | 8000 | 8235 |
|  Rocket Cos., Inc. | Rocket Cos., Inc. | Rocket Cos., Inc. |
|  6.125% due 08/01/2030 | 1200 | 1224 |
|  Sammons Financial Group Global Funding | Sammons Financial Group Global Funding | Sammons Financial Group Global Funding |
|  5.100% due 12/10/2029 | 2000 | 2044 |
|  Sammons Financial Group, Inc. | Sammons Financial Group, Inc. | Sammons Financial Group, Inc. |
|  6.875% due 04/15/2034 | 10315 | 11069 |
|  Santander Holdings USA, Inc. | Santander Holdings USA, Inc. | Santander Holdings USA, Inc. |
|  5.473% due 03/20/2029 •  | 7395 | 7521 |
|  6.174% due 01/09/2030 •  | 500 | 520 |
|  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 | 784 |
|  5.694% due 04/15/2031 •  | 4300 | 4437 |
|  6.534% due 01/10/2029 •  | 700 | 731 |
|  Selective Insurance Group, Inc. | Selective Insurance Group, Inc. | Selective Insurance Group, Inc. |
|  5.900% due 04/15/2035 | 8513 | 8710 |
|  Sixth Street Lending Partners | Sixth Street Lending Partners | Sixth Street Lending Partners |
|  5.750% due 01/15/2030 | 7600 | 7622 |
|  6.125% due 07/15/2030 | 4900 | 4992 |
|  SLM Corp. | SLM Corp. | SLM Corp. |
|  3.125% due 11/02/2026 | 2400 | 2354 |
|  6.500% due 01/31/2030 | 10715 | 11255 |
|  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 | 4669 |
|  Starwood Property Trust, Inc. | Starwood Property Trust, Inc. | Starwood Property Trust, Inc. |
|  6.500% due 07/01/2030 | 3000 | 3101 |
|  Synchrony Bank | Synchrony Bank | Synchrony Bank |
|  5.400% due 08/22/2025 | 185 | 185 |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  5.699% due 02/08/2035 •  | 1000 | 1039 |
|  6.442% due 08/11/2028 •  | 550 | 572 |
|  6.537% due 08/12/2033 •  | 4091 | 4451 |
|  UniCredit SpA | UniCredit SpA | UniCredit SpA |
|  7.296% due 04/02/2034 •  | 300 | 317 |
|  VB DPR Finance Co. | VB DPR Finance Co. | VB DPR Finance Co. |
|  6.833% due 03/15/2035 «(h) | 4200 | 4118 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  VFH Parent LLC | VFH Parent LLC | VFH Parent LLC |
|  7.500% due 06/15/2031 | 2169 | 2278 |
|  VICI Properties LP | VICI Properties LP | VICI Properties LP |
|  4.950% due 02/15/2030 | 610 | 614 |
|  5.125% due 11/15/2031 | 7110 | 7124 |
|  5.750% due 04/01/2034 | 2725 | 2787 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  5.244% due 01/24/2031 •  | 3900 | 4002 |
|  5.389% due 04/24/2034 •  | 1480 | 1515 |
|  Weyerhaeuser Co. | Weyerhaeuser Co. | Weyerhaeuser Co. |
|  7.375% due 03/15/2032 | 1000 | 1130 |
|  Winston RE Ltd. | Winston RE Ltd. | Winston RE Ltd. |
|  10.808% due 02/21/2028 ~ | 300 | 305 |
|  |  | 496814 |
| INDUSTRIALS 14.9% | INDUSTRIALS 14.9% | INDUSTRIALS 14.9% |
|  Air Canada Pass-Through Trust | Air Canada Pass-Through Trust | Air Canada Pass-Through Trust |
|  3.300% due 07/15/2031 | 1148 | 1076 |
|  3.600% due 09/15/2028 | 330 | 323 |
|  Albion Financing SARL | Albion Financing SARL | Albion Financing SARL |
|  7.000% due 05/21/2030 | 12115 | 12394 |
|  Altice France SA | Altice France SA | Altice France SA |
|  5.500% due 10/15/2029 | 2660 | 2208 |
|  8.125% due 02/01/2027 | 5000 | 4504 |
|  Amer Sports Co. | Amer Sports Co. | Amer Sports Co. |
|  6.750% due 02/16/2031 | 775 | 808 |
|  American Airlines Pass-Through Trust | American Airlines Pass-Through Trust | American Airlines Pass-Through Trust |
|  3.200% due 12/15/2029 | 146 | 140 |
|  3.600% due 03/22/2029 | 287 | 279 |
|  3.650% due 02/15/2029 | 800 | 774 |
|  American Builders & Contractors Supply Co., Inc. | American Builders & Contractors Supply Co., Inc. | American Builders & Contractors Supply Co., Inc. |
|  3.875% due 11/15/2029 | 4370 | 4137 |
|  ams-OSRAM AG | ams-OSRAM AG | ams-OSRAM AG |
|  10.500% due 03/30/2029 | 1300 | 1606 |
|  Aris Water Holdings LLC | Aris Water Holdings LLC | Aris Water Holdings LLC |
|  7.250% due 04/01/2030 | 5000 | 5163 |
|  AS Mileage Plan IP Ltd. | AS Mileage Plan IP Ltd. | AS Mileage Plan IP Ltd. |
|  5.021% due 10/20/2029 | 8200 | 8119 |
|  5.308% due 10/20/2031 | 10888 | 10718 |
|  Ashtead Capital, Inc. | Ashtead Capital, Inc. | Ashtead Capital, Inc. |
|  5.800% due 04/15/2034 | 6970 | 7137 |
|  Aston Martin Capital Holdings Ltd. | Aston Martin Capital Holdings Ltd. | Aston Martin Capital Holdings Ltd. |
|  10.000% due 03/31/2029 | 550 | 521 |
|  Axalta Coating Systems LLC | Axalta Coating Systems LLC | Axalta Coating Systems LLC |
|  3.375% due 02/15/2029 | 2305 | 2185 |
|  Axon Enterprise, Inc. | Axon Enterprise, Inc. | Axon Enterprise, Inc. |
|  6.125% due 03/15/2030 | 11970 | 12339 |
|  Bausch & Lomb Corp. | Bausch & Lomb Corp. | Bausch & Lomb Corp. |
|  8.375% due 10/01/2028 | 250 | 261 |
|  BC ULC | BC ULC | BC ULC |
|  3.500% due 02/15/2029 | 2514 | 2397 |
|  4.000% due 10/15/2030 | 7404 | 6907 |
|  Beacon Mobility Corp. | Beacon Mobility Corp. | Beacon Mobility Corp. |
|  7.250% due 08/01/2030 (a) | 2995 | 3060 |
|  Becton Dickinson & Co. | Becton Dickinson & Co. | Becton Dickinson & Co. |
|  1.957% due 02/11/2031 | 1453 | 1261 |
|  5.110% due 02/08/2034 | 1684 | 1689 |
|  Block, Inc. | Block, Inc. | Block, Inc. |
|  6.500% due 05/15/2032 | 6837 | 7058 |
|  Boeing Co. | Boeing Co. | Boeing Co. |
|  2.196% due 02/04/2026 | 2300 | 2264 |
|  3.250% due 02/01/2028 | 3000 | 2910 |
|  3.625% due 02/01/2031 | 1057 | 996 |
|  5.150% due 05/01/2030 | 1800 | 1833 |
|  6.528% due 05/01/2034 | 3573 | 3885 |
|  6.858% due 05/01/2054 | 2420 | 2652 |
|  Booz Allen Hamilton, Inc. | Booz Allen Hamilton, Inc. | Booz Allen Hamilton, Inc. |
|  5.950% due 04/15/2035 | 19198 | 19532 |
|  British Airways Pass-Through Trust | British Airways Pass-Through Trust | British Airways Pass-Through Trust |
|  3.300% due 06/15/2034 | 131 | 122 |
|  4.250% due 05/15/2034 | 1796 | 1726 |
|  Broadcom Corp. | Broadcom Corp. | Broadcom Corp. |
|  3.500% due 01/15/2028 | 100 | 98 |

---

---

| | | |
|:---|:---|:---|
| **98** | **PIMCO ETF TRUST** | See Accompanying Notes |

---

------

June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
|  3.187% due 11/15/2036 | 10969 | 9098 |
|  4.926% due 05/15/2037 | 8305 | 8065 |
|  Builders FirstSource, Inc. | Builders FirstSource, Inc. | Builders FirstSource, Inc. |
|  4.250% due 02/01/2032 | 4516 | 4187 |
|  5.000% due 03/01/2030 | 2900 | 2849 |
|  CACI International, Inc. | CACI International, Inc. | CACI International, Inc. |
|  6.375% due 06/15/2033 | 8000 | 8266 |
|  Camelot Finance SA | Camelot Finance SA | Camelot Finance SA |
|  4.500% due 11/01/2026 | 146 | 144 |
|  Carnival Corp. | Carnival Corp. | Carnival Corp. |
|  4.000% due 08/01/2028 | 9694 | 9494 |
|  Carvana Co. (11.000% Cash or 13.000% PIK) | Carvana Co. (11.000% Cash or 13.000% PIK) | Carvana Co. (11.000% Cash or 13.000% PIK) |
|  11.000% due 06/01/2030 (b) | 4000 | 4209 |
|  CDW LLC | CDW LLC | CDW LLC |
|  3.569% due 12/01/2031 | 9125 | 8405 |
|  5.100% due 03/01/2030 | 7670 | 7730 |
|  5.550% due 08/22/2034 | 3757 | 3751 |
|  Centene Corp. | Centene Corp. | Centene Corp. |
|  2.500% due 03/01/2031 | 16458 | 14181 |
|  3.000% due 10/15/2030 | 17237 | 15413 |
|  Cerdia Finanz GmbH | Cerdia Finanz GmbH | Cerdia Finanz GmbH |
|  9.375% due 10/03/2031 | 2500 | 2597 |
|  CGI, Inc. | CGI, Inc. | CGI, Inc. |
|  1.450% due 09/14/2026 | 400 | 386 |
|  Charter Communications Operating LLC | Charter Communications Operating LLC | Charter Communications Operating LLC |
|  2.250% due 01/15/2029 | 1000 | 921 |
|  2.800% due 04/01/2031 | 100 | 89 |
|  3.850% due 04/01/2061 | 15004 | 9621 |
|  3.950% due 06/30/2062 | 1850 | 1193 |
|  Chord Energy Corp. | Chord Energy Corp. | Chord Energy Corp. |
|  6.750% due 03/15/2033 | 6862 | 7015 |
|  Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. |
|  6.750% due 04/15/2032 | 8950 | 9191 |
|  CMA CGM SA | CMA CGM SA | CMA CGM SA |
|  5.000% due 01/15/2031 | 1500 | 1768 |
|  5.500% due 07/15/2029 | 1000 | 1218 |
|  Cogent Communications Group LLC | Cogent Communications Group LLC | Cogent Communications Group LLC |
|  6.500% due 07/01/2032 | 1300 | 1282 |
|  Community Health Systems, Inc. | Community Health Systems, Inc. | Community Health Systems, Inc. |
|  5.250% due 05/15/2030 | 8042 | 7139 |
|  Coterra Energy, Inc. | Coterra Energy, Inc. | Coterra Energy, Inc. |
|  5.400% due 02/15/2035 | 2000 | 1981 |
|  Coty, Inc. | Coty, Inc. | Coty, Inc. |
|  5.000% due 04/15/2026 | 57 | 57 |
|  Crowdstrike Holdings, Inc. | Crowdstrike Holdings, Inc. | Crowdstrike Holdings, Inc. |
|  3.000% due 02/15/2029 | 1110 | 1051 |
|  CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
|  4.300% due 03/25/2028 | 630 | 628 |
|  Dcli Bidco LLC | Dcli Bidco LLC | Dcli Bidco LLC |
|  7.750% due 11/15/2029 | 4250 | 4309 |
|  Delta Air Lines Pass-Through Trust | Delta Air Lines Pass-Through Trust | Delta Air Lines Pass-Through Trust |
|  2.000% due 12/10/2029 | 596 | 561 |
|  Diamond Foreign Asset Co. | Diamond Foreign Asset Co. | Diamond Foreign Asset Co. |
|  8.500% due 10/01/2030 | 8112 | 8453 |
|  Diamondback Energy, Inc. | Diamondback Energy, Inc. | Diamondback Energy, Inc. |
|  5.550% due 04/01/2035 | 9000 | 9102 |
|  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 | 2000 | 2027 |
|  Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. |
|  4.750% due 02/15/2030 | 3000 | 3038 |
|  5.200% due 02/15/2035 | 4700 | 4752 |
|  Embraer Netherlands Finance BV | Embraer Netherlands Finance BV | Embraer Netherlands Finance BV |
|  5.980% due 02/11/2035 | 6500 | 6704 |
|  Enbridge, Inc. | Enbridge, Inc. | Enbridge, Inc. |
|  5.700% due 03/08/2033 | 3970 | 4118 |
|  Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
|  3.750% due 05/15/2030 | 1736 | 1666 |
|  5.200% due 04/01/2030 | 5000 | 5113 |
|  5.600% due 09/01/2034 | 2700 | 2744 |
|  5.700% due 04/01/2035 | 5000 | 5095 |
|  6.550% due 12/01/2033 | 1100 | 1194 |
|  Eni SpA | Eni SpA | Eni SpA |
|  5.500% due 05/15/2034 | 8490 | 8559 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Entergy Louisiana LLC | Entergy Louisiana LLC | Entergy Louisiana LLC |
|  4.000% due 03/15/2033 | 495 | 467 |
|  5.350% due 03/15/2034 | 625 | 642 |
|  EQT Corp. | EQT Corp. | EQT Corp. |
|  4.500% due 01/15/2029 | 2546 | 2516 |
|  4.750% due 01/15/2031 | 7624 | 7509 |
|  Essent Group Ltd. | Essent Group Ltd. | Essent Group Ltd. |
|  6.250% due 07/01/2029 | 2944 | 3051 |
|  Expand Energy Corp. | Expand Energy Corp. | Expand Energy Corp. |
|  5.700% due 01/15/2035 | 15095 | 15323 |
|  First Student Bidco, Inc. | First Student Bidco, Inc. | First Student Bidco, Inc. |
|  4.000% due 07/31/2029 | 350 | 329 |
|  Fiserv Funding ULC | Fiserv Funding ULC | Fiserv Funding ULC |
|  3.500% due 06/15/2032 | 5000 | 5877 |
|  Flex Intermediate Holdco LLC | Flex Intermediate Holdco LLC | Flex Intermediate Holdco LLC |
|  3.363% due 06/30/2031 | 7787 | 6925 |
|  Flora Food Management BV | Flora Food Management BV | Flora Food Management BV |
|  6.875% due 07/02/2029 | 3000 | 3593 |
|  Flutter Treasury DAC | Flutter Treasury DAC | Flutter Treasury DAC |
|  5.875% due 06/04/2031 | 6777 | 6832 |
|  Ford Motor Co. | Ford Motor Co. | Ford Motor Co. |
|  3.250% due 02/12/2032 | 185 | 156 |
|  Gartner, Inc. | Gartner, Inc. | Gartner, Inc. |
|  3.750% due 10/01/2030 | 15411 | 14431 |
|  Global Medical Response, Inc. | Global Medical Response, Inc. | Global Medical Response, Inc. |
|  9.500% due 10/31/2028 | 1961 | 1970 |
|  Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. |
|  1.200% due 03/01/2026 | 300 | 293 |
|  goeasy Ltd. | goeasy Ltd. | goeasy Ltd. |
|  6.875% due 05/15/2030 | 3330 | 3351 |
|  7.625% due 07/01/2029 | 5142 | 5305 |
|  9.250% due 12/01/2028 | 3463 | 3666 |
|  Greensaif Pipelines Bidco SARL | Greensaif Pipelines Bidco SARL | Greensaif Pipelines Bidco SARL |
|  5.853% due 02/23/2036 | 3500 | 3543 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. |
|  3.625% due 03/15/2032 | 7525 | 6944 |
|  4.625% due 03/15/2052 | 3530 | 2839 |
|  5.500% due 03/01/2032 | 5383 | 5558 |
|  5.750% due 03/01/2035 | 13715 | 14112 |
|  Hologic, Inc. | Hologic, Inc. | Hologic, Inc. |
|  3.250% due 02/15/2029 | 13962 | 13315 |
|  Howmet Aerospace, Inc. | Howmet Aerospace, Inc. | Howmet Aerospace, Inc. |
|  6.750% due 01/15/2028 | 60 | 63 |
|  Imola Merger Corp. | Imola Merger Corp. | Imola Merger Corp. |
|  4.750% due 05/15/2029 | 2333 | 2254 |
|  Insulet Corp. | Insulet Corp. | Insulet Corp. |
|  6.500% due 04/01/2033 | 4426 | 4618 |
|  Intelligent Packaging Ltd. Finco, Inc. | Intelligent Packaging Ltd. Finco, Inc. | Intelligent Packaging Ltd. Finco, Inc. |
|  6.000% due 09/15/2028 | 1000 | 1000 |
|  IPD 3 BV | IPD 3 BV | IPD 3 BV |
|  5.350% due 06/15/2031 •  | 1000 | 1179 |
|  IQVIA, Inc. | IQVIA, Inc. | IQVIA, Inc. |
|  6.250% due 02/01/2029 | 3400 | 3556 |
|  6.250% due 06/01/2032 | 1400 | 1438 |
|  JetBlue Airways Corp. | JetBlue Airways Corp. | JetBlue Airways Corp. |
|  9.875% due 09/20/2031 | 7401 | 7205 |
|  JetBlue Pass-Through Trust | JetBlue Pass-Through Trust | JetBlue Pass-Through Trust |
|  2.750% due 11/15/2033 | 1488 | 1306 |
|  4.000% due 05/15/2034 | 813 | 763 |
|  Kodiak Gas Services LLC | Kodiak Gas Services LLC | Kodiak Gas Services LLC |
|  7.250% due 02/15/2029 | 1500 | 1553 |
|  Kraken Oil & Gas Partners LLC | Kraken Oil & Gas Partners LLC | Kraken Oil & Gas Partners LLC |
|  7.625% due 08/15/2029 | 6200 | 6096 |
|  Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. |
|  3.500% due 08/18/2026 | 2800 | 2764 |
|  3.900% due 08/08/2029 | 6181 | 5889 |
|  LifePoint Health, Inc. | LifePoint Health, Inc. | LifePoint Health, Inc. |
|  11.000% due 10/15/2030 | 775 | 856 |
|  Live Nation Entertainment, Inc. | Live Nation Entertainment, Inc. | Live Nation Entertainment, Inc. |
|  3.750% due 01/15/2028 | 10112 | 9810 |
|  Manuchar Group SARL | Manuchar Group SARL | Manuchar Group SARL |
|  6.941% due 07/07/2032 •(a) | 5000 | 5772 |
|  Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. |
|  5.100% due 04/15/2032 | 10955 | 11085 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Marvell Technology, Inc. | Marvell Technology, Inc. | Marvell Technology, Inc. |
|  4.750% due 07/15/2030 | 400 | 402 |
|  5.450% due 07/15/2035 | 500 | 504 |
|  5.750% due 02/15/2029 | 1100 | 1146 |
|  Matador Resources Co. | Matador Resources Co. | Matador Resources Co. |
|  6.250% due 04/15/2033 | 1000 | 995 |
|  Mauser Packaging Solutions Holding Co. | Mauser Packaging Solutions Holding Co. | Mauser Packaging Solutions Holding Co. |
|  7.875% due 04/15/2027 | 425 | 433 |
|  Medline Borrower LP | Medline Borrower LP | Medline Borrower LP |
|  6.250% due 04/01/2029 | 2862 | 2944 |
|  MPLX LP | MPLX LP | MPLX LP |
|  1.750% due 03/01/2026 | 460 | 451 |
|  National Football League | National Football League | National Football League |
|  4.780% due 10/05/2030 «(h) | 1000 | 1002 |
|  5.480% due 10/05/2028 «(h) | 1600 | 1628 |
|  National Fuel Gas Co. | National Fuel Gas Co. | National Fuel Gas Co. |
|  5.500% due 03/15/2030 | 1000 | 1028 |
|  5.950% due 03/15/2035 | 3000 | 3069 |
|  NCL Corp. Ltd. | NCL Corp. Ltd. | NCL Corp. Ltd. |
|  8.125% due 01/15/2029 | 200 | 211 |
|  NetApp, Inc. | NetApp, Inc. | NetApp, Inc. |
|  5.500% due 03/17/2032 | 7191 | 7410 |
|  Newell Brands, Inc. | Newell Brands, Inc. | Newell Brands, Inc. |
|  8.500% due 06/01/2028 | 5000 | 5264 |
|  Newfold Digital Holdings Group, Inc. | Newfold Digital Holdings Group, Inc. | Newfold Digital Holdings Group, Inc. |
|  11.750% due 10/15/2028 « | 2500 | 1888 |
|  Nidda Healthcare Holding GmbH | Nidda Healthcare Holding GmbH | Nidda Healthcare Holding GmbH |
|  5.625% due 02/21/2030 | 2000 | 2406 |
|  Noble Finance LLC | Noble Finance LLC | Noble Finance LLC |
|  8.000% due 04/15/2030 | 5734 | 5843 |
|  Novelis Corp. | Novelis Corp. | Novelis Corp. |
|  6.875% due 01/30/2030 | 3000 | 3104 |
|  NXP BV | NXP BV | NXP BV |
|  3.875% due 06/18/2026 | 245 | 244 |
|  Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. |
|  5.375% due 01/01/2032 | 3000 | 2978 |
|  6.450% due 09/15/2036 | 2369 | 2425 |
|  8.875% due 07/15/2030 | 625 | 715 |
|  Olympus Water U.S. Holding Corp. | Olympus Water U.S. Holding Corp. | Olympus Water U.S. Holding Corp. |
|  9.750% due 11/15/2028 | 100 | 105 |
|  Organon & Co. | Organon & Co. | Organon & Co. |
|  4.125% due 04/30/2028 | 8656 | 8331 |
|  6.750% due 05/15/2034 | 1980 | 1904 |
|  Permian Resources Operating LLC | Permian Resources Operating LLC | Permian Resources Operating LLC |
|  6.250% due 02/01/2033 | 3100 | 3131 |
|  PetSmart, Inc. | PetSmart, Inc. | PetSmart, Inc. |
|  4.750% due 02/15/2028 | 2350 | 2294 |
|  Post Holdings, Inc. | Post Holdings, Inc. | Post Holdings, Inc. |
|  4.625% due 04/15/2030 | 8011 | 7709 |
|  Prime Healthcare Services, Inc. | Prime Healthcare Services, Inc. | Prime Healthcare Services, Inc. |
|  9.375% due 09/01/2029 | 1500 | 1490 |
|  Primo Water Holdings, Inc. | Primo Water Holdings, Inc. | Primo Water Holdings, Inc. |
|  4.375% due 04/30/2029 | 7670 | 7444 |
|  Quikrete Holdings, Inc. | Quikrete Holdings, Inc. | Quikrete Holdings, Inc. |
|  6.375% due 03/01/2032 | 5500 | 5659 |
|  6.750% due 03/01/2033 | 5068 | 5232 |
|  QXO Building Products, Inc. | QXO Building Products, Inc. | QXO Building Products, Inc. |
|  6.750% due 04/30/2032 | 6956 | 7183 |
|  Raising Cane's Restaurants LLC | Raising Cane's Restaurants LLC | Raising Cane's Restaurants LLC |
|  9.375% due 05/01/2029 | 660 | 697 |
|  Rand Parent LLC | Rand Parent LLC | Rand Parent LLC |
|  8.500% due 02/15/2030 | 5995 | 6025 |
|  Rollins, Inc. | Rollins, Inc. | Rollins, Inc. |
|  5.250% due 02/24/2035 | 7100 | 7130 |
|  Rolls-Royce PLC | Rolls-Royce PLC | Rolls-Royce PLC |
|  5.750% due 10/15/2027 | 3425 | 3518 |
|  Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. |
|  5.500% due 04/01/2028 | 6838 | 6927 |
|  Royalty Pharma PLC | Royalty Pharma PLC | Royalty Pharma PLC |
|  1.200% due 09/02/2025 | 155 | 154 |
|  Santos Finance Ltd. | Santos Finance Ltd. | Santos Finance Ltd. |
|  6.875% due 09/19/2033 | 9373 | 10241 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **99** |

---

------

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

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Seadrill Finance Ltd. | Seadrill Finance Ltd. | Seadrill Finance Ltd. |
|  8.375% due 08/01/2030 | 4050 | 4128 |
|  Seagate Data Storage Technology Pte Ltd. | Seagate Data Storage Technology Pte Ltd. | Seagate Data Storage Technology Pte Ltd. |
|  8.250% due 12/15/2029 | 260 | 278 |
|  9.625% due 12/01/2032 | 3700 | 4174 |
|  Snam SpA | Snam SpA | Snam SpA |
|  5.750% due 05/28/2035 | 8150 | 8330 |
|  Snap, Inc. | Snap, Inc. | Snap, Inc. |
|  6.875% due 03/01/2033 | 14503 | 14891 |
|  Spirit AeroSystems, Inc. | Spirit AeroSystems, Inc. | Spirit AeroSystems, Inc. |
|  9.375% due 11/30/2029 | 250 | 266 |
|  9.750% due 11/15/2030 | 300 | 331 |
|  Spirit Airlines Pass-Through Trust | Spirit Airlines Pass-Through Trust | Spirit Airlines Pass-Through Trust |
|  3.375% due 08/15/2031 | 624 | 554 |
|  4.100% due 10/01/2029 | 3744 | 3441 |
|  Star Parent, Inc. | Star Parent, Inc. | Star Parent, Inc. |
|  9.000% due 10/01/2030 | 250 | 263 |
|  Stonepeak Nile Parent LLC | Stonepeak Nile Parent LLC | Stonepeak Nile Parent LLC |
|  7.250% due 03/15/2032 | 10656 | 11303 |
|  Stryker Corp. | Stryker Corp. | Stryker Corp. |
|  1.950% due 06/15/2030 | 1000 | 892 |
|  Synopsys, Inc. | Synopsys, Inc. | Synopsys, Inc. |
|  4.650% due 04/01/2028 | 2000 | 2021 |
|  4.850% due 04/01/2030 | 4000 | 4057 |
|  5.000% due 04/01/2032 | 4985 | 5052 |
|  T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
|  3.750% due 04/15/2027 | 555 | 549 |
|  3.875% due 04/15/2030 | 1425 | 1384 |
|  TGS ASA | TGS ASA | TGS ASA |
|  8.500% due 01/15/2030 | 3944 | 4086 |
|  Tidewater, Inc. | Tidewater, Inc. | Tidewater, Inc. |
|  9.125% due 07/15/2030 (a) | 1783 | 1836 |
|  Time Warner Cable LLC | Time Warner Cable LLC | Time Warner Cable LLC |
|  4.500% due 09/15/2042 | 4504 | 3590 |
|  TopBuild Corp. | TopBuild Corp. | TopBuild Corp. |
|  4.125% due 02/15/2032 | 4135 | 3837 |
|  Toucan FinCo Ltd. | Toucan FinCo Ltd. | Toucan FinCo Ltd. |
|  9.500% due 05/15/2030 | 6000 | 6138 |
|  TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. |
|  7.125% due 12/01/2031 | 325 | 341 |
|  Transocean Aquila Ltd. | Transocean Aquila Ltd. | Transocean Aquila Ltd. |
|  8.000% due 09/30/2028 | 204 | 206 |
|  Transocean Titan Financing Ltd. | Transocean Titan Financing Ltd. | Transocean Titan Financing Ltd. |
|  8.375% due 02/01/2028 | 167 | 170 |
|  U.S. Foods, Inc. | U.S. Foods, Inc. | U.S. Foods, Inc. |
|  4.750% due 02/15/2029 | 215 | 211 |
|  United Airlines Pass-Through Trust | United Airlines Pass-Through Trust | United Airlines Pass-Through Trust |
|  2.700% due 11/01/2033 | 1906 | 1708 |
|  3.500% due 09/01/2031 | 837 | 790 |
|  5.450% due 08/15/2038 | 4687 | 4746 |
|  5.875% due 04/15/2029 | 1338 | 1367 |
|  United Airlines, Inc. | United Airlines, Inc. | United Airlines, Inc. |
|  4.625% due 04/15/2029 | 3195 | 3103 |
|  Univision Communications, Inc. | Univision Communications, Inc. | Univision Communications, Inc. |
|  8.500% due 07/31/2031 | 2000 | 2004 |
|  Valaris Ltd. | Valaris Ltd. | Valaris Ltd. |
|  8.375% due 04/30/2030 | 6690 | 6869 |
|  Vale Overseas Ltd. | Vale Overseas Ltd. | Vale Overseas Ltd. |
|  6.400% due 06/28/2054 | 200 | 197 |
|  Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC |
|  3.875% due 11/01/2033 | 4710 | 4123 |
|  Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. |
|  7.000% due 01/15/2030 | 14021 | 14186 |
|  8.375% due 06/01/2031 | 5038 | 5236 |
|  Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC |
|  6.500% due 01/15/2034 (a) | 900 | 900 |
|  6.750% due 01/15/2036 (a) | 900 | 900 |
|  Viking Cruises Ltd. | Viking Cruises Ltd. | Viking Cruises Ltd. |
|  9.125% due 07/15/2031 | 3675 | 3960 |
|  Viridien | Viridien | Viridien |
|  10.000% due 10/15/2030 | 4000 | 3939 |
|  Vmed O2 U.K. Financing PLC | Vmed O2 U.K. Financing PLC | Vmed O2 U.K. Financing PLC |
|  4.250% due 01/31/2031 | 11729 | 10752 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  VMware LLC | VMware LLC | VMware LLC |
|  1.400% due 08/15/2026 | 60 | 58 |
|  2.200% due 08/15/2031 | 9786 | 8497 |
|  VOC Escrow Ltd. | VOC Escrow Ltd. | VOC Escrow Ltd. |
|  5.000% due 02/15/2028 | 705 | 702 |
|  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 | 5017 |
|  5.050% due 03/27/2028 | 5000 | 5030 |
|  Walgreens Boots Alliance, Inc. | Walgreens Boots Alliance, Inc. | Walgreens Boots Alliance, Inc. |
|  8.125% due 08/15/2029 | 3000 | 3184 |
|  Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. |
|  4.279% due 03/15/2032 | 2000 | 1693 |
|  5.050% due 03/15/2042 | 1800 | 1222 |
|  Wayfair LLC | Wayfair LLC | Wayfair LLC |
|  7.250% due 10/31/2029 | 7207 | 7228 |
|  7.750% due 09/15/2030 | 2000 | 2017 |
|  Weir Group, Inc. | Weir Group, Inc. | Weir Group, Inc. |
|  5.350% due 05/06/2030 | 8002 | 8117 |
|  Western Digital Corp. | Western Digital Corp. | Western Digital Corp. |
|  2.850% due 02/01/2029 | 2372 | 2201 |
|  4.750% due 02/15/2026 | 32 | 32 |
|  Westinghouse Air Brake Technologies Corp. | Westinghouse Air Brake Technologies Corp. | Westinghouse Air Brake Technologies Corp. |
|  3.450% due 11/15/2026 | 60 | 59 |
|  Woodside Finance Ltd. | Woodside Finance Ltd. | Woodside Finance Ltd. |
|  5.100% due 09/12/2034 | 4000 | 3875 |
|  Wynn Las Vegas LLC | Wynn Las Vegas LLC | Wynn Las Vegas LLC |
|  5.250% due 05/15/2027 | 345 | 345 |
|  Wynn Resorts Finance LLC | Wynn Resorts Finance LLC | Wynn Resorts Finance LLC |
|  7.125% due 02/15/2031 | 393 | 419 |
|  Yinson Bergenia Production BV | Yinson Bergenia Production BV | Yinson Bergenia Production BV |
|  8.498% due 01/31/2045 (a) | 2300 | 2331 |
|  Yinson Boronia Production BV | Yinson Boronia Production BV | Yinson Boronia Production BV |
|  8.947% due 07/31/2042 | 3766 | 4013 |
|  ZipRecruiter, Inc. | ZipRecruiter, Inc. | ZipRecruiter, Inc. |
|  5.000% due 01/15/2030 | 1000 | 855 |
|  |  | 873468 |
| UTILITIES 3.2% | UTILITIES 3.2% | UTILITIES 3.2% |
|  AES Corp. | AES Corp. | AES Corp. |
|  5.450% due 06/01/2028 | 310 | 317 |
|  5.800% due 03/15/2032 | 12273 | 12467 |
|  Aethon United BR LP | Aethon United BR LP | Aethon United BR LP |
|  7.500% due 10/01/2029 | 2500 | 2624 |
|  Antero Midstream Partners LP | Antero Midstream Partners LP | Antero Midstream Partners LP |
|  5.750% due 03/01/2027 | 260 | 260 |
|  AT&T, Inc. | AT&T, Inc. | AT&T, Inc. |
|  1.650% due 02/01/2028 | 1380 | 1295 |
|  Boston Gas Co. | Boston Gas Co. | Boston Gas Co. |
|  5.843% due 01/10/2035 | 12154 | 12642 |
|  Calpine Corp. | Calpine Corp. | Calpine Corp. |
|  4.500% due 02/15/2028 | 1785 | 1772 |
|  Chile Electricity Lux MPC SARL | Chile Electricity Lux MPC SARL | Chile Electricity Lux MPC SARL |
|  5.580% due 10/20/2035 | 4399 | 4406 |
|  5.672% due 10/20/2035 | 7000 | 7056 |
|  ContourGlobal Power Holdings SA | ContourGlobal Power Holdings SA | ContourGlobal Power Holdings SA |
|  6.750% due 02/28/2030 | 7398 | 7632 |
|  DTE Energy Co. | DTE Energy Co. | DTE Energy Co. |
|  5.200% due 04/01/2030 | 6000 | 6143 |
|  Edison International | Edison International | Edison International |
|  6.250% due 03/15/2030 | 11000 | 11176 |
|  Electricite de France SA | Electricite de France SA | Electricite de France SA |
|  4.875% due 09/21/2038 | 8289 | 7669 |
|  5.750% due 01/13/2035 | 5878 | 6009 |
|  9.125% due 03/15/2033 •(g) | 120 | 136 |
|  Evergy Kansas Central, Inc. | Evergy Kansas Central, Inc. | Evergy Kansas Central, Inc. |
|  4.700% due 03/13/2028 | 4200 | 4250 |
|  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 | 2287 | 2323 |
|  FirstEnergy Corp. | FirstEnergy Corp. | FirstEnergy Corp. |
|  3.400% due 03/01/2050 | 2388 | 1620 |
|  FORESEA Holding SA | FORESEA Holding SA | FORESEA Holding SA |
|  7.500% due 06/15/2030 | 3200 | 3043 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Genesis Energy LP | Genesis Energy LP | Genesis Energy LP |
|  8.250% due 01/15/2029 | 3600 | 3767 |
|  ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. |
|  5.200% due 07/15/2048 | 1111 | 963 |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  2.100% due 08/01/2027 | 9400 | 8905 |
|  3.300% due 12/01/2027 | 6400 | 6194 |
|  4.550% due 07/01/2030 | 365 | 356 |
|  5.700% due 03/01/2035 | 8500 | 8428 |
|  5.800% due 05/15/2034 | 7512 | 7515 |
|  6.000% due 08/15/2035 | 900 | 910 |
|  6.100% due 01/15/2029 | 4000 | 4146 |
|  6.950% due 03/15/2034 | 750 | 808 |
|  Public Service Enterprise Group, Inc. | Public Service Enterprise Group, Inc. | Public Service Enterprise Group, Inc. |
|  4.900% due 03/15/2030 | 6000 | 6105 |
|  Puget Energy, Inc. | Puget Energy, Inc. | Puget Energy, Inc. |
|  5.725% due 03/15/2035 | 6500 | 6542 |
|  San Diego Gas & Electric Co. | San Diego Gas & Electric Co. | San Diego Gas & Electric Co. |
|  5.400% due 04/15/2035 | 5000 | 5108 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  5.200% due 06/01/2034 | 3000 | 2912 |
|  5.875% due 12/01/2053 | 834 | 762 |
|  Southern Gas Corridor CJSC | Southern Gas Corridor CJSC | Southern Gas Corridor CJSC |
|  6.875% due 03/24/2026 | 8000 | 8115 |
|  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 | 18732 | 18523 |
|  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 | 3015 |
|  |  | 186558 |
|  Total Corporate Bonds & Notes<br>(Cost $1,527,191) | Total Corporate Bonds & Notes<br>(Cost $1,527,191) | 1556840 |
| MUNICIPAL BONDS & NOTES 0.1% | MUNICIPAL BONDS & NOTES 0.1% | MUNICIPAL BONDS & NOTES 0.1% |
| ARIZONA 0.1% | ARIZONA 0.1% | ARIZONA 0.1% |
|  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 | 3109 |
| 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 | 154 |
|  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 |
|  |  | 298 |
|  Total Municipal Bonds & Notes<br>(Cost $3,313) | Total Municipal Bonds & Notes<br>(Cost $3,313) | 3407 |
| U.S. GOVERNMENT AGENCIES 40.5% | U.S. GOVERNMENT AGENCIES 40.5% | U.S. GOVERNMENT AGENCIES 40.5% |
|  Freddie Mac | Freddie Mac | Freddie Mac |
|  2.862% due 07/25/2054 ~ | 30000 | 28149 |
|  5.205% due 11/25/2054 •  | 21788 | 21699 |
|  5.505% due 02/25/2055 •  | 9365 | 9387 |
|  11.405% due 01/25/2042 •  | 6000 | 6404 |
|  12.105% due 11/25/2041 •  | 12648 | 13542 |
|  Ginnie Mae | Ginnie Mae | Ginnie Mae |
|  7.000% due 06/20/2055 | 2000 | 2032 |
|  Ginnie Mae, TBA | Ginnie Mae, TBA | Ginnie Mae, TBA |
|  3.000% due 08/01/2055 | 28300 | 25029 |
|  Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security |
|  6.000% due 10/01/2053 | 142 | 145 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  3.000% due 07/01/2055 | 48400 | 41888 |
|  4.000% due 08/01/2055 | 121600 | 113059 |
|  4.500% due 08/01/2055 | 404725 | 386993 |
|  5.000% due 08/01/2055 | 282125 | 276344 |
|  6.000% due 08/01/2055 | 725845 | 736952 |
|  6.500% due 08/01/2055 | 694950 | 716569 |
|  Total U.S. Government Agencies<br>(Cost $2,355,716) | Total U.S. Government Agencies<br>(Cost $2,355,716) | 2378192 |

---

100 PIMCO ETF TRUST See Accompanying Notes

------

June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| U.S. TREASURY OBLIGATIONS 3.6% | U.S. TREASURY OBLIGATIONS 3.6% | U.S. TREASURY OBLIGATIONS 3.6% |
|  U.S. Treasury Inflation Protected Securities (f) | U.S. Treasury Inflation Protected Securities (f) | U.S. Treasury Inflation Protected Securities (f) |
|  0.125% due 10/15/2025 (k) | 1607 | 1601 |
|  0.375% due 07/15/2025 (k) | 8363 | 8359 |
|  1.875% due 07/15/2034 | 100275 | 100410 |
|  2.125% due 04/15/2029 (k) | 96922 | 99553 |
|  Total U.S. Treasury Obligations<br>(Cost $206,611) | Total U.S. Treasury Obligations<br>(Cost $206,611) | 209923 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 14.2% | NON-AGENCY MORTGAGE-BACKED SECURITIES 14.2% | NON-AGENCY MORTGAGE-BACKED SECURITIES 14.2% |
|  ACRA Trust | ACRA Trust | ACRA Trust |
|  5.608% due 10/25/2064 þ | 5309 | 5316 |
|  AG Trust | AG Trust | AG Trust |
|  6.327% due 07/15/2041 •  | 7365 | 7389 |
|  American Home Mortgage Assets Trust | American Home Mortgage Assets Trust | American Home Mortgage Assets Trust |
|  5.319% due 11/25/2046 •  | 501 | 122 |
|  American Home Mortgage Investment Trust | American Home Mortgage Investment Trust | American Home Mortgage Investment Trust |
|  6.000% due 02/25/2045 | 7500 | 6649 |
|  Angel Oak Mortgage Trust | Angel Oak Mortgage Trust | Angel Oak Mortgage Trust |
|  4.800% due 11/25/2067 þ | 2089 | 2077 |
|  5.985% due 01/25/2069 þ | 1560 | 1568 |
|  6.197% due 01/25/2069 þ | 3005 | 3032 |
|  6.500% due 12/25/2067 þ | 691 | 696 |
|  ATLX Trust | ATLX Trust | ATLX Trust |
|  3.850% due 04/25/2063 þ | 5668 | 5446 |
|  3.850% due 04/25/2064 þ | 5955 | 5759 |
|  Avon Finance | Avon Finance | Avon Finance |
|  5.139% due 12/28/2049 •  | 704 | 967 |
|  BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust |
|  2.847% due 04/20/2042 | 2790 | 2209 |
|  Banc of America Alternative Loan Trust | Banc of America Alternative Loan Trust | Banc of America Alternative Loan Trust |
|  5.707% due 10/25/2036 ~ | 3932 | 1056 |
|  6.359% due 10/25/2036 | 5159 | 1383 |
|  Barclays Commercial Mortgage Securities Trust | Barclays Commercial Mortgage Securities Trust | Barclays Commercial Mortgage Securities Trust |
|  5.137% due 12/15/2057 | 5000 | 5126 |
|  5.609% due 12/15/2057 | 5000 | 5187 |
|  Bear Stearns Mortgage Funding Trust | Bear Stearns Mortgage Funding Trust | Bear Stearns Mortgage Funding Trust |
|  4.854% due 07/25/2036 •  | 730 | 682 |
|  Benchmark Mortgage Trust | Benchmark Mortgage Trust | Benchmark Mortgage Trust |
|  2.732% due 02/15/2053 | 1400 | 1287 |
|  3.944% due 07/15/2051 | 1300 | 1282 |
|  BINOM Securitization Trust | BINOM Securitization Trust | BINOM Securitization Trust |
|  4.441% due 08/25/2057 ~ | 5345 | 5184 |
|  BMO Mortgage Trust | BMO Mortgage Trust | BMO Mortgage Trust |
|  5.092% due 11/15/2057 | 10000 | 10183 |
|  5.153% due 12/15/2057 | 5000 | 5102 |
|  5.462% due 02/15/2057 | 2400 | 2463 |
|  5.566% due 11/15/2057 ~ | 10000 | 10325 |
|  5.625% due 12/15/2057 ~ | 5700 | 5920 |
|  5.857% due 02/15/2057 | 9600 | 10019 |
|  BX Commercial Mortgage Trust | BX Commercial Mortgage Trust | BX Commercial Mortgage Trust |
|  5.325% due 02/15/2039 •  | 159 | 159 |
|  Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust |
|  3.250% due 03/25/2063 ~ | 972 | 876 |
|  3.250% due 09/25/2063 ~ | 19466 | 17455 |
|  3.250% due 03/25/2064 ~ | 3611 | 3217 |
|  3.250% due 08/25/2064 ~ | 4623 | 4102 |
|  3.250% due 09/25/2064 ~ | 8124 | 7240 |
|  3.375% due 12/25/2064 ~ | 13202 | 11825 |
|  CIM Trust | CIM Trust | CIM Trust |
|  3.250% due 10/25/2058 ~ | 1056 | 961 |
|  4.750% due 06/25/2064 ~ | 4040 | 4010 |
|  5.000% due 02/25/2099 þ | 12030 | 11902 |
|  6.639% due 12/25/2067 þ | 349 | 351 |
|  COLT Mortgage Loan Trust | COLT Mortgage Loan Trust | COLT Mortgage Loan Trust |
|  5.162% due 04/25/2067 | 649 | 646 |
|  6.393% due 06/25/2069 þ | 3737 | 3786 |
|  6.421% due 05/25/2069 | 1651 | 1672 |
|  COMM Mortgage Trust | COMM Mortgage Trust | COMM Mortgage Trust |
|  3.140% due 10/10/2036 | 1900 | 1767 |
|  Connecticut Avenue Securities Trust | Connecticut Avenue Securities Trust | Connecticut Avenue Securities Trust |
|  11.305% due 04/25/2042 •  | 5800 | 6282 |
|  13.805% due 03/25/2042 •  | 2000 | 2229 |
|  14.155% due 03/25/2042 •  | 5000 | 5602 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust |
|  1.115% due 01/25/2060 ~ | 2702 | 2285 |
|  2.000% due 01/25/2060 ~ | 9724 | 8785 |
|  3.650% due 07/25/2058 ~ | 556 | 546 |
|  3.962% due 09/25/2057 ~ | 1000 | 945 |
|  4.467% due 08/01/2057 ~ | 930 | 913 |
|  Cross Mortgage Trust | Cross Mortgage Trust | Cross Mortgage Trust |
|  5.549% due 12/25/2069 ~ | 4846 | 4871 |
|  6.093% due 04/25/2069 þ | 731 | 736 |
|  6.147% due 07/25/2069 þ | 3338 | 3370 |
|  6.272% due 06/25/2069 þ | 4416 | 4467 |
|  6.615% due 03/25/2068 þ | 301 | 303 |
|  CSAB Mortgage-Backed Trust | CSAB Mortgage-Backed Trust | CSAB Mortgage-Backed Trust |
|  6.220% due 09/25/2036 | 5830 | 1634 |
|  DC Commercial Mortgage Trust | DC Commercial Mortgage Trust | DC Commercial Mortgage Trust |
|  6.314% due 09/12/2040 | 500 | 522 |
|  Deutsche Alt-A Securities Mortgage Loan Trust | Deutsche Alt-A Securities Mortgage Loan Trust | Deutsche Alt-A Securities Mortgage Loan Trust |
|  4.734% due 09/25/2047 •  | 5970 | 5128 |
|  4.914% due 12/25/2036 •  | 24563 | 5059 |
|  Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust |
|  5.522% due 01/26/2060 þ | 5146 | 5180 |
|  5.655% due 02/25/2060 þ | 13454 | 13566 |
|  5.726% due 01/25/2060 þ | 6602 | 6663 |
|  GCAT Trust | GCAT Trust | GCAT Trust |
|  4.250% due 05/25/2067 ~ | 2807 | 2670 |
|  6.007% due 01/25/2059 þ | 660 | 663 |
|  6.085% due 06/25/2059 þ | 2012 | 2030 |
|  GS Mortgage Securities Corp. Trust | GS Mortgage Securities Corp. Trust | GS Mortgage Securities Corp. Trust |
|  3.721% due 02/10/2037 | 6500 | 6273 |
|  5.680% due 12/15/2036 •  | 6281 | 6270 |
|  GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust |
|  3.900% due 09/25/2061 | 5597 | 5446 |
|  4.100% due 07/25/2065 | 1000 | 963 |
|  5.648% due 06/25/2065 ~ | 25000 | 25113 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  5.014% due 08/25/2046 •  | 21271 | 4610 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  5.052% due 11/19/2035 •  | 1398 | 908 |
|  5.112% due 06/20/2035 •  | 4955 | 4722 |
|  ILPT Commercial Mortgage Trust | ILPT Commercial Mortgage Trust | ILPT Commercial Mortgage Trust |
|  6.557% due 10/15/2039 •  | 1878 | 1879 |
|  JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust |
|  5.158% due 04/15/2037 •  | 2831 | 2801 |
|  5.409% due 02/15/2035 •  | 823 | 810 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  4.625% due 07/25/2063 ~ | 1598 | 1557 |
|  5.250% due 11/25/2063 ~ | 393 | 393 |
|  5.990% due 07/25/2064 ~ | 835 | 840 |
|  JP Morgan Seasoned Mortgage Trust | JP Morgan Seasoned Mortgage Trust | JP Morgan Seasoned Mortgage Trust |
|  3.700% due 01/25/2063 ~ | 1000 | 938 |
|  4.446% due 01/25/2063 ~ | 1907 | 1829 |
|  Lehman Mortgage Trust | Lehman Mortgage Trust | Lehman Mortgage Trust |
|  4.934% due 10/25/2036 •  | 12719 | 3317 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.814% due 12/25/2036 •  | 1633 | 1276 |
|  4.954% due 02/25/2046 •  | 9272 | 8289 |
|  5.374% due 09/25/2047 •  | 8330 | 7501 |
|  Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust |
|  4.854% due 04/25/2037 •  | 788 | 620 |
|  Merrion Square Residential DAC | Merrion Square Residential DAC | Merrion Square Residential DAC |
|  2.999% due 03/24/2081 •  | 8427 | 9939 |
|  MF1 Ltd. | MF1 Ltd. | MF1 Ltd. |
|  5.382% due 12/15/2034 •  | 3790 | 3781 |
|  MFA Trust | MFA Trust | MFA Trust |
|  4.250% due 02/25/2066 ~ | 1806 | 1733 |
|  6.105% due 12/25/2068 þ | 1780 | 1790 |
|  6.775% due 10/25/2058 þ | 1004 | 1015 |
|  Mill City Mortgage Loan Trust | Mill City Mortgage Loan Trust | Mill City Mortgage Loan Trust |
|  3.250% due 07/25/2059 ~ | 13945 | 12086 |
|  3.250% due 01/25/2061 ~ | 3007 | 2641 |
|  3.250% due 10/25/2069 ~ | 3973 | 3870 |
|  Morgan Stanley Residential Mortgage Loan Trust | Morgan Stanley Residential Mortgage Loan Trust | Morgan Stanley Residential Mortgage Loan Trust |
|  4.000% due 06/25/2064 | 7656 | 7414 |
|  New Orleans Hotel Trust | New Orleans Hotel Trust | New Orleans Hotel Trust |
|  5.348% due 04/15/2032 •  | 9793 | 9723 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  New York Mortgage Trust Loan Trust | New York Mortgage Trust Loan Trust | New York Mortgage Trust Loan Trust |
|  3.750% due 02/25/2068 ~ | 871 | 806 |
|  5.379% due 06/25/2069 ~ | 6010 | 6008 |
|  NLT Trust | NLT Trust | NLT Trust |
|  3.200% due 10/25/2062 ~ | 3196 | 2919 |
|  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 ~ | 4689 | 1345 |
|  5.978% due 08/25/2036 ~ | 9238 | 2442 |
|  6.757% due 06/25/2036 | 10413 | 2745 |
|  Nomura Resecuritization Trust | Nomura Resecuritization Trust | Nomura Resecuritization Trust |
|  1.832% due 10/26/2036 •  | 3369 | 3002 |
|  OBX Trust | OBX Trust | OBX Trust |
|  3.646% due 03/25/2053 ~ | 1173 | 1157 |
|  3.677% due 04/25/2053 ~ | 1565 | 1563 |
|  4.700% due 07/25/2062 þ | 4847 | 4855 |
|  5.110% due 08/25/2062 þ | 7975 | 7940 |
|  5.878% due 12/25/2063 þ | 7090 | 7127 |
|  6.233% due 05/25/2064 þ | 2634 | 2664 |
|  6.465% due 10/25/2063 þ | 694 | 700 |
|  6.520% due 07/25/2063 þ | 317 | 320 |
|  6.567% due 06/25/2063 þ | 320 | 322 |
|  6.844% due 04/25/2063 þ | 776 | 786 |
|  7.159% due 10/25/2063 þ | 1356 | 1379 |
|  Oceanview Mortgage Trust | Oceanview Mortgage Trust | Oceanview Mortgage Trust |
|  5.261% due 05/25/2055 •  | 1600 | 1604 |
|  OPEN Trust | OPEN Trust | OPEN Trust |
|  7.401% due 11/15/2040 •  | 180 | 181 |
|  PRET LLC | PRET LLC | PRET LLC |
|  5.963% due 11/25/2054 þ | 8631 | 8642 |
|  PRET Trust | PRET Trust | PRET Trust |
|  4.000% due 08/25/2064 þ | 4674 | 4526 |
|  4.000% due 07/25/2069 þ | 1909 | 1849 |
|  4.075% due 06/25/2064 ~ | 3485 | 3328 |
|  4.150% due 04/25/2065 þ | 3375 | 3253 |
|  PRKCM Trust | PRKCM Trust | PRKCM Trust |
|  6.431% due 05/25/2059 þ | 1868 | 1889 |
|  6.584% due 09/25/2058 þ | 670 | 677 |
|  7.225% due 11/25/2058 þ | 723 | 734 |
|  PRPM LLC | PRPM LLC | PRPM LLC |
|  3.750% due 03/25/2054 þ | 819 | 798 |
|  3.750% due 04/25/2055 þ | 11877 | 11488 |
|  4.000% due 11/25/2053 þ | 884 | 868 |
|  4.000% due 01/25/2054 þ | 1623 | 1593 |
|  4.000% due 05/25/2054 þ | 761 | 747 |
|  4.000% due 07/25/2054 þ | 778 | 762 |
|  4.000% due 08/25/2054 þ | 1600 | 1569 |
|  4.000% due 10/25/2054 þ | 1680 | 1641 |
|  4.000% due 11/25/2054 þ | 7474 | 7260 |
|  4.200% due 12/25/2064 þ | 2513 | 2460 |
|  4.500% due 02/25/2055 þ | 1880 | 1855 |
|  5.250% due 07/25/2055 ~ | 1000 | 999 |
|  5.699% due 11/25/2029 þ | 1762 | 1768 |
|  5.870% due 11/25/2029 þ | 8135 | 8139 |
|  5.897% due 12/25/2029 þ | 8667 | 8617 |
|  6.179% due 06/25/2030 þ | 1000 | 1009 |
|  6.255% due 05/25/2030 þ | 5955 | 5993 |
|  6.469% due 05/25/2030 þ | 8754 | 8750 |
|  PRPM Trust | PRPM Trust | PRPM Trust |
|  5.674% due 12/26/2069 þ | 5091 | 5102 |
|  5.802% due 11/25/2069 þ | 16550 | 16698 |
|  6.221% due 11/25/2068 þ | 1604 | 1615 |
|  6.250% due 08/25/2068 þ | 732 | 736 |
|  6.265% due 12/25/2068 þ | 3040 | 3067 |
|  6.327% due 06/25/2069 þ | 2670 | 2720 |
|  RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust |
|  5.158% due 10/25/2044 þ | 7729 | 7713 |
|  5.472% due 06/25/2055 «þ | 7300 | 7336 |
|  5.553% due 03/25/2055 þ | 24564 | 24730 |
|  5.582% due 12/25/2044 þ | 13914 | 13984 |
|  5.653% due 01/25/2045 þ | 17614 | 17732 |
|  5.846% due 08/25/2044 þ | 5696 | 5728 |
|  Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust |
|  6.500% due 09/25/2037 | 5320 | 4439 |
|  Santander Mortgage Asset Receivable Trust | Santander Mortgage Asset Receivable Trust | Santander Mortgage Asset Receivable Trust |
|  5.545% due 01/25/2065 | 1901 | 1907 |
|  5.732% due 02/25/2065 | 13634 | 13744 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **101** |

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

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| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust |
|  4.466% due 11/25/2063 ~ | $| 15647 | 15816 |
|  SMRT Commercial Mortgage Trust | SMRT Commercial Mortgage Trust | SMRT Commercial Mortgage Trust | SMRT Commercial Mortgage Trust |
|  5.312% due 01/15/2039 •  |  | 1500 | 1495 |
|  TIB Diversified Payment Rights Finance Co. | TIB Diversified Payment Rights Finance Co. | TIB Diversified Payment Rights Finance Co. | TIB Diversified Payment Rights Finance Co. |
|  7.962% due 11/15/2034 «(h) |  | 2200 | 2201 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  1.750% due 10/25/2060 |  | 985 | 894 |
|  2.900% due 10/25/2059 ~ |  | 902 | 867 |
|  3.750% due 04/25/2057 ~ |  | 1500 | 1475 |
|  3.750% due 09/25/2062 |  | 7563 | 7242 |
|  4.114% due 04/25/2055 ~ |  | 7500 | 7314 |
|  4.435% due 10/27/2064 ~ |  | 20500 | 20610 |
|  4.518% due 10/25/2064 ~ |  | 18079 | 18066 |
|  5.434% due 10/25/2048 •  |  | 609 | 610 |
|  5.725% due 11/25/2064 |  | 9499 | 9553 |
|  Trinity Square PLC | Trinity Square PLC | Trinity Square PLC | Trinity Square PLC |
|  5.617% due 07/15/2059 ~ | GBP | 1000 | 1372 |
|  Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust |
|  3.417% due 01/25/2060 | $| 246 | 241 |
|  5.041% due 08/25/2067 |  | 4788 | 4768 |
|  5.218% due 09/25/2069 ~ |  | 7033 | 7035 |
|  5.811% due 05/25/2068 |  | 1247 | 1249 |
|  5.999% due 02/25/2068 |  | 765 | 765 |
|  6.116% due 03/25/2069 |  | 9723 | 9819 |
|  6.192% due 06/25/2069 þ |  | 4666 | 4715 |
|  6.193% due 03/25/2068 þ |  | 292 | 292 |
|  6.218% due 06/25/2069 þ |  | 4480 | 4532 |
|  6.259% due 12/25/2068 þ |  | 6047 | 6105 |
|  6.338% due 04/25/2069 |  | 2783 | 2815 |
|  6.443% due 08/25/2068 |  | 797 | 803 |
|  6.665% due 09/25/2068 þ |  | 797 | 807 |
|  6.876% due 11/25/2068 ~ |  | 1170 | 1187 |
|  7.070% due 10/25/2068 þ |  | 656 | 666 |
|  Visio Trust | Visio Trust | Visio Trust | Visio Trust |
|  6.598% due 10/25/2058 þ |  | 769 | 775 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  4.993% due 01/25/2036 ~ |  | 4726 | 4559 |
|  5.294% due 10/25/2045 •  |  | 1923 | 1918 |
|  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 | 1305 |
|  3.640% due 12/15/2059 |  | 500 | 492 |
|  5.439% due 11/15/2057 |  | 10000 | 10286 |
|  5.920% due 11/15/2057 ~ |  | 10000 | 10483 |
|  WSTN Trust | WSTN Trust | WSTN Trust | WSTN Trust |
|  6.518% due 07/05/2037 ~ |  | 400 | 406 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $825,431) | Total Non-Agency Mortgage-Backed Securities (Cost $825,431) | Total Non-Agency Mortgage-Backed Securities (Cost $825,431) | 833062 |
| ASSET-BACKED SECURITIES 37.4% | ASSET-BACKED SECURITIES 37.4% | ASSET-BACKED SECURITIES 37.4% | ASSET-BACKED SECURITIES 37.4% |
| AUTOMOBILE ABS OTHER 4.5% | AUTOMOBILE ABS OTHER 4.5% | AUTOMOBILE ABS OTHER 4.5% | AUTOMOBILE ABS OTHER 4.5% |
|  Ally Bank Auto Credit-Linked Notes Trust | Ally Bank Auto Credit-Linked Notes Trust | Ally Bank Auto Credit-Linked Notes Trust | Ally Bank Auto Credit-Linked Notes Trust |
|  6.315% due 05/17/2032 |  | 308 | 311 |
|  Bridgecrest Lending Auto Securitization Trust | Bridgecrest Lending Auto Securitization Trust | Bridgecrest Lending Auto Securitization Trust | Bridgecrest Lending Auto Securitization Trust |
|  5.170% due 03/17/2031 |  | 15000 | 15157 |
|  Carmax Select Receivables Trust | Carmax Select Receivables Trust | Carmax Select Receivables Trust | Carmax Select Receivables Trust |
|  5.010% due 09/16/2030 |  | 10000 | 10106 |
|  Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust |
|  4.670% due 12/10/2030 |  | 6000 | 6010 |
|  4.900% due 12/10/2030 |  | 6000 | 6022 |
|  5.820% due 09/10/2030 |  | 3750 | 3829 |
|  Consumer Portfolio Services Auto Trust | Consumer Portfolio Services Auto Trust | Consumer Portfolio Services Auto Trust | Consumer Portfolio Services Auto Trust |
|  4.790% due 11/15/2029 |  | 3500 | 3508 |
|  5.120% due 07/15/2031 |  | 3300 | 3326 |
|  CPS Auto Receivables Trust | CPS Auto Receivables Trust | CPS Auto Receivables Trust | CPS Auto Receivables Trust |
|  4.650% due 03/15/2029 |  | 5300 | 5300 |
|  4.760% due 01/15/2031 |  | 7000 | 6997 |
|  5.740% due 04/15/2030 |  | 1500 | 1513 |
|  Drive Auto Receivables Trust | Drive Auto Receivables Trust | Drive Auto Receivables Trust | Drive Auto Receivables Trust |
|  4.520% due 07/16/2029 |  | 6000 | 6001 |
|  4.670% due 05/17/2032 |  | 6000 | 6012 |
|  4.990% due 09/15/2032 |  | 13300 | 13396 |
|  Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust |
|  4.480% due 04/16/2029 |  | 8000 | 7994 |
|  4.640% due 01/15/2030 |  | 8000 | 8013 |

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| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.920% due 09/17/2029 | $— | 20000 | 20147 |
|  5.090% due 10/15/2031 |  | 21500 | 21744 |
|  5.160% due 07/15/2031 |  | 20000 | 20241 |
|  5.410% due 05/15/2030 |  | 1500 | 1512 |
|  Foursight Capital Automobile Receivables Trust | Foursight Capital Automobile Receivables Trust | Foursight Capital Automobile Receivables Trust | Foursight Capital Automobile Receivables Trust |
|  5.550% due 05/15/2029 |  | 1000 | 1011 |
|  GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust |
|  4.970% due 10/15/2029 |  | 20000 | 20188 |
|  5.080% due 01/16/2029 |  | 2800 | 2813 |
|  5.110% due 01/15/2031 |  | 17900 | 18118 |
|  5.210% due 02/18/2031 |  | 6000 | 6067 |
|  GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust |
|  4.500% due 11/15/2030 |  | 630 | 632 |
|  5.640% due 06/17/2030 |  | 3250 | 3330 |
|  5.640% due 08/15/2030 |  | 800 | 823 |
|  5.920% due 08/15/2030 |  | 1000 | 1032 |
|  Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust |
|  4.870% due 05/15/2031 |  | 20000 | 20230 |
|  5.060% due 05/15/2031 |  | 20000 | 20265 |
|  5.450% due 03/15/2030 |  | 1295 | 1311 |
|  6.400% due 03/17/2031 |  | 500 | 518 |
|  6.430% due 02/18/2031 |  | 500 | 519 |
|  |  |  | 263996 |
| AUTOMOBILE SEQUENTIAL 2.6% | AUTOMOBILE SEQUENTIAL 2.6% | AUTOMOBILE SEQUENTIAL 2.6% | AUTOMOBILE SEQUENTIAL 2.6% |
|  Avis Budget Rental Car Funding AESOP LLC | 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 | 504 |
|  5.360% due 06/20/2030 |  | 2000 | 2056 |
|  5.900% due 08/21/2028 |  | 1200 | 1234 |
|  Carmax Select Receivables Trust | Carmax Select Receivables Trust | Carmax Select Receivables Trust | Carmax Select Receivables Trust |
|  4.770% due 09/17/2029 |  | 10000 | 10073 |
|  Drive Auto Receivables Trust | Drive Auto Receivables Trust | Drive Auto Receivables Trust | Drive Auto Receivables Trust |
|  4.730% due 09/15/2032 |  | 30000 | 30139 |
|  FCCU Auto Receivables Trust | FCCU Auto Receivables Trust | FCCU Auto Receivables Trust | FCCU Auto Receivables Trust |
|  5.460% due 04/15/2030 |  | 1000 | 1024 |
|  First Help Financial Issuer Trust | First Help Financial Issuer Trust | First Help Financial Issuer Trust | First Help Financial Issuer Trust |
|  4.920% due 02/15/2031 |  | 20000 | 20072 |
|  4.940% due 11/15/2030 |  | 6633 | 6655 |
|  5.690% due 02/15/2030 |  | 1909 | 1930 |
|  5.890% due 06/15/2030 |  | 2527 | 2558 |
|  Ford Auto Securitization Trust | Ford Auto Securitization Trust | Ford Auto Securitization Trust | Ford Auto Securitization Trust |
|  4.972% due 03/15/2030 |  | 3000 | 2287 |
|  5.053% due 07/15/2028 |  | 2823 | 2104 |
|  Foursight Capital Automobile Receivables Trust | Foursight Capital Automobile Receivables Trust | Foursight Capital Automobile Receivables Trust | Foursight Capital Automobile Receivables Trust |
|  5.490% due 01/16/2029 | $— | 853 | 857 |
|  GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust |
|  4.750% due 01/16/2029 |  | 19000 | 19070 |
|  GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust |
|  4.460% due 10/15/2030 (a) |  | 500 | 500 |
|  Lendbuzz Securitization Trust | Lendbuzz Securitization Trust | Lendbuzz Securitization Trust | Lendbuzz Securitization Trust |
|  4.970% due 10/15/2029 |  | 4423 | 4429 |
|  5.100% due 10/15/2030 |  | 4800 | 4818 |
|  7.090% due 10/16/2028 |  | 934 | 950 |
|  OneMain Direct Auto Receivables Trust | OneMain Direct Auto Receivables Trust | OneMain Direct Auto Receivables Trust | OneMain Direct Auto Receivables Trust |
|  5.410% due 11/14/2029 |  | 4000 | 4039 |
|  Research-Driven Pagaya Motor Asset Trust | Research-Driven Pagaya Motor Asset Trust | Research-Driven Pagaya Motor Asset Trust | Research-Driven Pagaya Motor Asset Trust |
|  7.130% due 01/26/2032 |  | 563 | 565 |
|  Research-Driven Pagaya Motor Trust | Research-Driven Pagaya Motor Trust | Research-Driven Pagaya Motor Trust | Research-Driven Pagaya Motor Trust |
|  7.090% due 06/25/2032 |  | 1458 | 1471 |
|  SBNA Auto Lease Trust | SBNA Auto Lease Trust | SBNA Auto Lease Trust | SBNA Auto Lease Trust |
|  5.560% due 11/22/2027 |  | 2180 | 2198 |
|  Tricolor Auto Securitization Trust | Tricolor Auto Securitization Trust | Tricolor Auto Securitization Trust | Tricolor Auto Securitization Trust |
|  5.220% due 06/15/2028 |  | 5517 | 5526 |
|  6.360% due 12/15/2027 |  | 414 | 416 |
|  6.610% due 10/15/2027 |  | 349 | 350 |
|  Veros Auto Receivables Trust | Veros Auto Receivables Trust | Veros Auto Receivables Trust | Veros Auto Receivables Trust |
|  5.310% due 09/15/2028 |  | 22970 | 23003 |
|  6.280% due 11/15/2027 |  | 728 | 731 |
|  |  |  | 149559 |
| CMBS OTHER 1.2% | CMBS OTHER 1.2% | CMBS OTHER 1.2% | CMBS OTHER 1.2% |
|  AREIT Trust | AREIT Trust | AREIT Trust | AREIT Trust |
|  6.426% due 08/17/2041 •  |  | 490 | 491 |

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| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Greystone Commercial Real Estate LLC | Greystone Commercial Real Estate LLC | Greystone Commercial Real Estate LLC |
|  5.793% due 01/15/2043 •  | 50000 | 50064 |
|  KREF Ltd. | KREF Ltd. | KREF Ltd. |
|  5.768% due 02/17/2039 •  | 768 | 770 |
|  LoanCore Issuer Ltd. | LoanCore Issuer Ltd. | LoanCore Issuer Ltd. |
|  5.726% due 07/15/2036 •  | 756 | 756 |
|  5.853% due 01/17/2037 •  | 818 | 821 |
|  MF1 LLC | MF1 LLC | MF1 LLC |
|  6.055% due 03/19/2039 •  | 2000 | 2008 |
|  PFP Ltd. | PFP Ltd. | PFP Ltd. |
|  6.144% due 09/17/2039 •  | 16481 | 16540 |
|  |  | 71450 |
| FINANCE CONSUMER LOANS 0.0% | FINANCE CONSUMER LOANS 0.0% | FINANCE CONSUMER LOANS 0.0% |
|  SLM Student Loan Trust | SLM Student Loan Trust | SLM Student Loan Trust |
|  2.708% due 07/25/2039 •  | 1120 | 1246 |
| HOME EQUITY OTHER 5.5% | HOME EQUITY OTHER 5.5% | HOME EQUITY OTHER 5.5% |
|  Accredited Mortgage Loan Trust | Accredited Mortgage Loan Trust | Accredited Mortgage Loan Trust |
|  4.874% due 12/25/2035 •  | 13785 | 13044 |
|  ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust |
|  4.794% due 07/25/2037 •  | 28958 | 6807 |
|  4.954% due 07/25/2036 •  | 8571 | 6997 |
|  6.684% due 08/25/2045 •  | 7570 | 6782 |
|  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 |
|  5.379% due 07/25/2035 •  | 87 | 86 |
|  5.484% due 08/25/2035 •  | 1011 | 1000 |
|  6.234% due 09/25/2034 •  | 3414 | 2838 |
|  Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates |
|  4.894% due 01/25/2036 •  | 356 | 340 |
|  Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust |
|  5.394% due 11/25/2035 •  | 5283 | 4588 |
|  6.459% due 05/25/2035 •  | 2778 | 2428 |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  4.985% due 12/25/2035 •  | 11588 | 11190 |
|  5.134% due 04/25/2037 •  | 6813 | 6506 |
|  5.207% due 12/25/2035 •  | 10830 | 10644 |
|  5.699% due 03/25/2035 •  | 1008 | 1010 |
|  BNC Mortgage Loan Trust | BNC Mortgage Loan Trust | BNC Mortgage Loan Trust |
|  5.934% due 11/25/2037 •  | 12673 | 8873 |
|  Chase Funding Trust | Chase Funding Trust | Chase Funding Trust |
|  4.894% due 12/25/2033 •  | 882 | 877 |
|  CIT Mortgage Loan Trust | CIT Mortgage Loan Trust | CIT Mortgage Loan Trust |
|  7.059% due 10/25/2037 •  | 30849 | 29874 |
|  Citicorp Residential Mortgage Trust | Citicorp Residential Mortgage Trust | Citicorp Residential Mortgage Trust |
|  4.473% due 07/25/2036 | 7347 | 7108 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  7.581% due 10/25/2036 þ | 1680 | 977 |
|  Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates |
|  6.609% due 12/25/2034 •  | 3471 | 3194 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.284% due 12/25/2034 •  | 830 | 760 |
|  4.914% due 03/25/2047 •  | 6537 | 6178 |
|  5.074% due 09/25/2047 •  | 11085 | 9246 |
|  5.456% due 07/25/2035 ~ | 342 | 340 |
|  6.309% due 07/25/2035 •  | 5367 | 5293 |
|  Equifirst Loan Securitization Trust | Equifirst Loan Securitization Trust | Equifirst Loan Securitization Trust |
|  4.694% due 04/25/2037 •  | 5000 | 3980 |
|  Fieldstone Mortgage Investment Trust | Fieldstone Mortgage Investment Trust | Fieldstone Mortgage Investment Trust |
|  5.079% due 02/25/2036 •  | 2202 | 1928 |
|  Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust |
|  4.734% due 08/25/2036 •  | 8234 | 3369 |
|  GSAA Home Equity Trust | GSAA Home Equity Trust | GSAA Home Equity Trust |
|  4.534% due 05/25/2037 •  | 7936 | 2774 |
|  5.069% due 09/25/2035 ~ | 415 | 277 |
|  6.158% due 09/25/2035 þ | 3049 | 2033 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  4.574% due 01/25/2037 •  | 9669 | 5894 |
|  4.614% due 06/25/2036 •  | 822 | 453 |
|  4.929% due 03/25/2046 •  | 3000 | 2754 |
|  5.004% due 02/25/2036 •  | 2325 | 2335 |

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|:---|:---|:---|
| **102** | **PIMCO ETF TRUST** | See Accompanying Notes |

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June 30, 2025

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| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.169% due 09/25/2035 •  | 1344 | 1329 |
|  5.529% due 02/25/2035 •  | 5822 | 5503 |
|  HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust |
|  4.694% due 12/25/2036 •  | 4994 | 1873 |
|  4.714% due 04/25/2037 •  | 17979 | 11712 |
|  4.794% due 04/25/2037 •  | 5952 | 3880 |
|  4.994% due 04/25/2037 •  | 4226 | 2757 |
|  IXIS Real Estate Capital Trust | IXIS Real Estate Capital Trust | IXIS Real Estate Capital Trust |
|  5.034% due 03/25/2036 •  | 149 | 78 |
|  JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust |
|  4.754% due 03/25/2037 •  | 1500 | 1374 |
|  Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust |
|  5.184% due 02/25/2034 •  | 1218 | 1211 |
|  MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust |
|  4.534% due 08/25/2036 •  | 6676 | 2253 |
|  MASTR Specialized Loan Trust | MASTR Specialized Loan Trust | MASTR Specialized Loan Trust |
|  6.834% due 01/25/2036 •  | 6104 | 4109 |
|  Merrill Lynch First Franklin Mortgage Loan Trust | Merrill Lynch First Franklin Mortgage Loan Trust | Merrill Lynch First Franklin Mortgage Loan Trust |
|  4.694% due 06/25/2037 •  | 1428 | 1424 |
|  4.774% due 05/25/2037 •  | 4048 | 2923 |
|  4.934% due 06/25/2037 •  | 262 | 263 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  5.559% due 06/25/2035 •  | 3764 | 3937 |
|  Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust |
|  5.054% due 12/25/2035 •  | 264 | 260 |
|  5.334% due 05/25/2034 •  | 6047 | 5841 |
|  5.529% due 01/25/2035 •  | 463 | 472 |
|  7.209% due 08/25/2034 •  | 550 | 468 |
|  New Century Home Equity Loan Trust | New Century Home Equity Loan Trust | New Century Home Equity Loan Trust |
|  4.994% due 05/25/2036 •  | 1500 | 1402 |
|  5.319% due 05/25/2034 •  | 1603 | 1630 |
|  Nomura Home Equity Loan, Inc. Home Equity Loan Trust | Nomura Home Equity Loan, Inc. Home Equity Loan Trust | Nomura Home Equity Loan, Inc. Home Equity Loan Trust |
|  5.234% due 02/25/2037 •  | 1192 | 334 |
|  NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust |
|  4.714% due 06/25/2036 •  | 213 | 192 |
|  RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust |
|  5.344% due 09/25/2044 þ | 4228 | 4230 |
|  6.141% due 04/25/2044 ~ | 3538 | 3566 |
|  6.147% due 06/25/2044 þ | 8069 | 8146 |
|  Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust |
|  5.710% due 04/25/2037 þ | 13614 | 3216 |
|  5.909% due 04/25/2037 þ | 46054 | 11260 |
|  Residential Asset Securities Corp. Trust | Residential Asset Securities Corp. Trust | Residential Asset Securities Corp. Trust |
|  6.459% due 03/25/2035 •  | 669 | 618 |
|  Saxon Asset Securities Trust | Saxon Asset Securities Trust | Saxon Asset Securities Trust |
|  4.534% due 05/25/2047 •  | 292 | 213 |
|  4.674% due 01/25/2047 •  | 5925 | 5648 |
|  4.834% due 09/25/2047 •  | 6402 | 5957 |
|  4.929% due 03/25/2036 •  | 6050 | 4694 |
|  5.234% due 09/25/2047 •  | 10000 | 7645 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.694% due 01/25/2037 •  | 673 | 640 |
|  4.794% due 02/25/2037 •  | 15532 | 13403 |
|  4.854% due 03/25/2036 •  | 3617 | 3401 |
|  4.854% due 12/25/2036 •  | 3490 | 1703 |
|  5.394% due 10/25/2035 •  | 3151 | 2284 |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  4.954% due 02/25/2037 •  | 11251 | 3027 |
|  Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust |
|  5.384% due 10/25/2033 •  | 1624 | 1657 |
|  Structured Asset Securities Corp. | Structured Asset Securities Corp. | Structured Asset Securities Corp. |
|  4.685% due 02/25/2035 •  | 825 | 818 |
|  Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust |
|  4.704% due 01/25/2037 •  | 13110 | 11598 |
|  4.854% due 02/25/2037 •  | 288 | 284 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  6.125% due 02/25/2064 ~ | 2148 | 2168 |
|  Wells Fargo Home Equity Asset-Backed Securities Trust | Wells Fargo Home Equity Asset-Backed Securities Trust | Wells Fargo Home Equity Asset-Backed Securities Trust |
|  5.424% due 04/25/2035 •  | 262 | 262 |
|  |  | 324440 |
| 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 |
|  4.262% due 11/25/2036 •  | 1216 | 1109 |

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| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| MANUFACTURING HOUSE SEQUENTIAL 0.1% | MANUFACTURING HOUSE SEQUENTIAL 0.1% | MANUFACTURING HOUSE SEQUENTIAL 0.1% |
|  Cascade MH Asset Trust | Cascade MH Asset Trust | Cascade MH Asset Trust |
|  5.695% due 11/25/2056 ~ | 2355 | 2408 |
| WHOLE LOAN COLLATERAL 3.0% | WHOLE LOAN COLLATERAL 3.0% | WHOLE LOAN COLLATERAL 3.0% |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  4.834% due 11/25/2046 •  | 376 | 370 |
|  First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust |
|  6.309% due 07/25/2034 •  | 273 | 275 |
|  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 |
|  5.199% due 11/25/2035 •  | 3184 | 3068 |
|  PRET LLC | PRET LLC | PRET LLC |
|  5.744% due 06/25/2055 þ(a) | 1000 | 1002 |
|  5.851% due 12/25/2054 þ | 13487 | 13513 |
|  5.925% due 10/25/2054 þ | 16369 | 16338 |
|  5.926% due 10/25/2054 þ | 7497 | 7490 |
|  5.963% due 09/25/2054 þ | 6390 | 6402 |
|  6.244% due 05/25/2055 þ | 29763 | 29900 |
|  6.368% due 04/25/2055 þ | 30855 | 31035 |
|  Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust |
|  4.814% due 10/25/2036 •  | 17464 | 15797 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.674% due 11/25/2036 •  | 27350 | 7605 |
|  Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust |
|  4.914% due 09/25/2037 •  | 2354 | 1620 |
|  VCAT LLC | VCAT LLC | VCAT LLC |
|  5.877% due 01/25/2055 þ | 9656 | 9682 |
|  5.889% due 02/25/2055 þ | 16037 | 16059 |
|  5.977% due 01/25/2055 þ | 17326 | 17373 |
|  |  | 177529 |
| OTHER ABS 20.5% | OTHER ABS 20.5% | OTHER ABS 20.5% |
|  37 Capital CLO Ltd. | 37 Capital CLO Ltd. | 37 Capital CLO Ltd. |
|  5.346% due 04/15/2035 •  | 5200 | 5184 |
|  522 Funding CLO Ltd. | 522 Funding CLO Ltd. | 522 Funding CLO Ltd. |
|  5.479% due 10/23/2034 •  | 7800 | 7803 |
|  Aaset Trust | Aaset Trust | Aaset Trust |
|  2.798% due 01/15/2047 | 5748 | 5359 |
|  ACHV ABS Trust | ACHV ABS Trust | ACHV ABS Trust |
|  4.760% due 04/26/2032 | 3255 | 3256 |
|  5.010% due 12/26/2031 | 388 | 389 |
|  5.040% due 04/26/2032 | 4419 | 4411 |
|  5.070% due 10/27/2031 | 1507 | 1513 |
|  5.430% due 10/27/2031 | 2344 | 2359 |
|  5.450% due 12/26/2031 | 2625 | 2642 |
|  5.680% due 12/26/2031 | 3069 | 3075 |
|  5.900% due 04/25/2031 | 383 | 387 |
|  Affirm Master Trust | Affirm Master Trust | Affirm Master Trust |
|  4.670% due 07/15/2033 | 1600 | 1607 |
|  4.990% due 02/15/2033 | 30000 | 30247 |
|  American Money Management Corp. CLO Ltd. | American Money Management Corp. CLO Ltd. | American Money Management Corp. CLO Ltd. |
|  5.469% due 01/20/2035 •  | 9100 | 9103 |
|  Anchorage Capital CLO Ltd. | Anchorage Capital CLO Ltd. | Anchorage Capital CLO Ltd. |
|  5.319% due 10/20/2034 •  | 20000 | 20005 |
|  5.969% due 04/20/2037 •  | 1500 | 1503 |
|  Anchorage Credit Funding Ltd. | Anchorage Credit Funding Ltd. | Anchorage Credit Funding Ltd. |
|  2.723% due 04/27/2039 | 2000 | 1904 |
|  2.871% due 01/28/2039 | 4000 | 3795 |
|  2.875% due 07/27/2039 | 2000 | 1879 |
|  3.000% due 01/21/2040 | 2000 | 1864 |
|  3.177% due 10/25/2038 | 2400 | 2302 |
|  3.619% due 04/25/2038 | 10200 | 10037 |
|  3.793% due 10/25/2037 | 10741 | 10532 |
|  3.900% due 07/28/2037 | 9830 | 9651 |
|  4.169% due 04/25/2038 | 2000 | 1926 |
|  4.300% due 07/25/2036 | 16581 | 16441 |
|  Apidos CLO | Apidos CLO | Apidos CLO |
|  5.520% due 04/17/2034 •  | 22200 | 22192 |
|  Apollo Aviation Securitization Equity Trust | Apollo Aviation Securitization Equity Trust | Apollo Aviation Securitization Equity Trust |
|  5.522% due 02/16/2050 « | 15000 | 15128 |
|  Arcano Euro CLO DAC | Arcano Euro CLO DAC | Arcano Euro CLO DAC |
|  0.000% due 07/25/2039 •(a) | 5400 | 6361 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Ares CLO Ltd. | Ares CLO Ltd. | Ares CLO Ltd. |
|  5.433% due 10/28/2034 •  | 2500 | 2503 |
|  Ascent Education Funding Trust | Ascent Education Funding Trust | Ascent Education Funding Trust |
|  6.140% due 10/25/2050 | 1756 | 1794 |
|  Atlas Senior Loan Fund Ltd. | Atlas Senior Loan Fund Ltd. | Atlas Senior Loan Fund Ltd. |
|  5.329% due 10/20/2034 •  | 2100 | 2100 |
|  Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. |
|  0.000% due 04/22/2035 •(a) | 1900 | 1900 |
|  0.000% due 07/15/2035 •(a) | 1300 | 1301 |
|  5.299% due 10/21/2034 •  | 18200 | 18113 |
|  5.335% due 07/24/2034 •  | 10000 | 9959 |
|  5.422% due 10/23/2034 •  | 6000 | 5985 |
|  5.469% due 10/20/2034 •  | 20000 | 20049 |
|  5.489% due 10/23/2034 •  | 8700 | 8706 |
|  5.491% due 07/16/2034 •  | 11100 | 11092 |
|  5.719% due 10/20/2034 •  | 1000 | 1001 |
|  5.741% due 07/16/2034 •  | 1500 | 1505 |
|  Bankers Healthcare Group Securitization Trust | Bankers Healthcare Group Securitization Trust | Bankers Healthcare Group Securitization Trust |
|  4.820% due 04/17/2036 | 9401 | 9465 |
|  5.260% due 04/17/2036 | 12400 | 12510 |
|  5.550% due 04/17/2036 | 169 | 169 |
|  6.920% due 12/17/2036 | 131 | 135 |
|  Benefit Street Partners CLO Ltd. | Benefit Street Partners CLO Ltd. | Benefit Street Partners CLO Ltd. |
|  5.619% due 04/20/2034 •  | 850 | 851 |
|  Blackbird Capital Aircraft Lease Ltd. | Blackbird Capital Aircraft Lease Ltd. | Blackbird Capital Aircraft Lease Ltd. |
|  2.443% due 07/15/2046 | 1594 | 1496 |
|  Canyon CLO Ltd. | Canyon CLO Ltd. | Canyon CLO Ltd. |
|  5.336% due 07/15/2034 •  | 5200 | 5206 |
|  Capital Street Master Trust | Capital Street Master Trust | Capital Street Master Trust |
|  5.654% due 10/16/2028 •  | 8000 | 8002 |
|  Carbone CLO Ltd. | Carbone CLO Ltd. | Carbone CLO Ltd. |
|  5.671% due 01/20/2031 •  | 572 | 573 |
|  Carval CLO Ltd. | Carval CLO Ltd. | Carval CLO Ltd. |
|  5.259% due 07/20/2032 •  | 19728 | 19743 |
|  Castlelake Aircraft Structured Trust | Castlelake Aircraft Structured Trust | Castlelake Aircraft Structured Trust |
|  5.783% due 02/15/2050 | 13628 | 13838 |
|  CIFC Funding Ltd. | CIFC Funding Ltd. | CIFC Funding Ltd. |
|  5.487% due 10/24/2030 •  | 477 | 478 |
|  College Avenue Student Loans LLC | College Avenue Student Loans LLC | College Avenue Student Loans LLC |
|  5.539% due 07/25/2051 •  | 2208 | 2196 |
|  5.834% due 12/28/2048 •  | 1279 | 1279 |
|  6.205% due 05/25/2055 •  | 2557 | 2591 |
|  CRB Securitization Trust | CRB Securitization Trust | CRB Securitization Trust |
|  6.960% due 10/20/2033 | 68 | 68 |
|  Diameter Credit Funding Ltd. | Diameter Credit Funding Ltd. | Diameter Credit Funding Ltd. |
|  4.600% due 07/25/2037 | 2396 | 2378 |
|  Dryden CLO Ltd. | Dryden CLO Ltd. | Dryden CLO Ltd. |
|  5.362% due 08/20/2034 •  | 48500 | 48385 |
|  Dryden Senior Loan Fund | Dryden Senior Loan Fund | Dryden Senior Loan Fund |
|  5.339% due 04/20/2034 •  | 1920 | 1920 |
|  ECMC Group Student Loan Trust | ECMC Group Student Loan Trust | ECMC Group Student Loan Trust |
|  5.570% due 11/25/2069 •  | 885 | 889 |
|  Elevation CLO Ltd. | Elevation CLO Ltd. | Elevation CLO Ltd. |
|  5.412% due 07/25/2034 •  | 24200 | 24227 |
|  5.582% due 01/25/2035 •  | 18000 | 18007 |
|  5.882% due 01/25/2035 •  | 2300 | 2305 |
|  Elmwood CLO Ltd. | Elmwood CLO Ltd. | Elmwood CLO Ltd. |
|  5.463% due 04/22/2035 « | 600 | 600 |
|  Fortress Credit BSL Ltd. | Fortress Credit BSL Ltd. | Fortress Credit BSL Ltd. |
|  5.369% due 07/23/2032 •  | 5657 | 5663 |
|  Foundation Finance Trust | Foundation Finance Trust | Foundation Finance Trust |
|  4.670% due 04/15/2052 (a) | 500 | 500 |
|  GoldenTree Loan Management U.S. CLO Ltd. | GoldenTree Loan Management U.S. CLO Ltd. | GoldenTree Loan Management U.S. CLO Ltd. |
|  5.419% due 10/20/2034 •  | 5000 | 5003 |
|  Golub Capital Partners Static Ltd. | Golub Capital Partners Static Ltd. | Golub Capital Partners Static Ltd. |
|  5.499% due 04/20/2033 •  | 1266 | 1266 |
|  GreenSky Home Improvement Issuer Trust | GreenSky Home Improvement Issuer Trust | GreenSky Home Improvement Issuer Trust |
|  5.120% due 03/25/2060 | 13602 | 13631 |
|  5.150% due 10/27/2059 | 3394 | 3432 |
|  5.220% due 03/25/2060 | 9488 | 9584 |
|  5.250% due 10/27/2059 | 1623 | 1625 |
|  5.260% due 10/27/2059 | 400 | 403 |
|  5.320% due 03/25/2060 | 13200 | 13452 |
|  5.550% due 10/27/2059 | 400 | 404 |
|  6.430% due 10/27/2059 | 400 | 405 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **103** |

---

------

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

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  GreenSky Home Improvement Trust | GreenSky Home Improvement Trust | GreenSky Home Improvement Trust |
|  5.550% due 06/25/2059 | 1100 | 1127 |
|  5.870% due 06/25/2059 | 2000 | 2037 |
|  6.360% due 06/25/2059 | 2000 | 2051 |
|  Greywolf CLO Ltd. | Greywolf CLO Ltd. | Greywolf CLO Ltd. |
|  5.502% due 04/22/2033 •  | 20800 | 20850 |
|  ICG U.S. CLO Ltd. | ICG U.S. CLO Ltd. | ICG U.S. CLO Ltd. |
|  5.251% due 01/16/2033 •  | 15010 | 15008 |
|  KKR CLO Ltd. | KKR CLO Ltd. | KKR CLO Ltd. |
|  5.701% due 02/09/2035 •  | 2000 | 2001 |
|  LCM Ltd. | LCM Ltd. | LCM Ltd. |
|  5.326% due 01/15/2034 •  | 2000 | 1993 |
|  Lendmark Funding Trust | Lendmark Funding Trust | Lendmark Funding Trust |
|  5.530% due 06/21/2032 | 3100 | 3155 |
|  Madison Park Funding Ltd. | Madison Park Funding Ltd. | Madison Park Funding Ltd. |
|  5.256% due 10/15/2034 •  | 30000 | 30035 |
|  5.316% due 04/15/2035 •  | 1000 | 996 |
|  Navesink CLO Ltd. | Navesink CLO Ltd. | Navesink CLO Ltd. |
|  5.526% due 04/15/2036 •  | 4600 | 4602 |
|  Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust |
|  5.476% due 12/15/2059 •  | 1070 | 1066 |
|  Navient Refinance Loan Trust | Navient Refinance Loan Trust | Navient Refinance Loan Trust |
|  5.020% due 07/15/2055 | 3200 | 3226 |
|  5.320% due 07/15/2055 | 4200 | 4223 |
|  Navient Student Loan Trust | Navient Student Loan Trust | Navient Student Loan Trust |
|  5.320% due 08/26/2069 •  | 812 | 811 |
|  Nelnet Student Loan Trust | Nelnet Student Loan Trust | Nelnet Student Loan Trust |
|  6.502% due 02/20/2041 •  | 275 | 281 |
|  6.640% due 02/20/2041 | 275 | 285 |
|  Neuberger Berman Loan Advisers CLO Ltd. | Neuberger Berman Loan Advisers CLO Ltd. | Neuberger Berman Loan Advisers CLO Ltd. |
|  5.302% due 10/14/2036 •  | 21300 | 21261 |
|  5.330% due 07/17/2036 •  | 21000 | 20984 |
|  Octagon Investment Partners Ltd. | Octagon Investment Partners Ltd. | Octagon Investment Partners Ltd. |
|  5.309% due 01/20/2035 •  | 10600 | 10542 |
|  5.419% due 10/20/2030 •  | 1906 | 1907 |
|  Octagon Ltd. | Octagon Ltd. | Octagon Ltd. |
|  5.576% due 07/21/2035 •  | 40000 | 39974 |
|  OFSI BSL Ltd. | OFSI BSL Ltd. | OFSI BSL Ltd. |
|  5.539% due 04/20/2034 •  | 15600 | 15618 |
|  Oportun Funding Trust | Oportun Funding Trust | Oportun Funding Trust |
|  4.960% due 08/16/2032 | 8071 | 8060 |
|  5.240% due 08/16/2032 | 7900 | 7920 |
|  5.780% due 08/16/2032 | 2000 | 2008 |
|  Oportun Issuance Trust | Oportun Issuance Trust | Oportun Issuance Trust |
|  5.010% due 02/08/2033 | 7300 | 7298 |
|  5.300% due 02/08/2033 | 2000 | 1999 |
|  5.860% due 02/09/2032 | 1220 | 1221 |
|  5.890% due 02/08/2033 | 1000 | 1000 |
|  Pagaya AI Debt Grantor Trust | Pagaya AI Debt Grantor Trust | Pagaya AI Debt Grantor Trust |
|  0.000% due 04/15/2032 «~ | 1230 | 800 |
|  4.961% due 10/15/2032 | 5173 | 5164 |
|  5.065% due 03/15/2032 | 2368 | 2369 |
|  5.092% due 07/15/2032 | 6019 | 6029 |
|  5.156% due 07/15/2032 | 5500 | 5516 |
|  5.162% due 04/15/2032 « | 992 | 992 |
|  5.183% due 06/15/2032 | 3672 | 3686 |
|  5.329% due 10/15/2032 | 13900 | 13930 |
|  5.331% due 01/15/2032 | 2023 | 2029 |
|  5.617% due 04/15/2032 « | 1369 | 1370 |
|  5.628% due 07/15/2032 | 9999 | 10057 |
|  5.637% due 07/15/2032 | 2900 | 2909 |
|  5.639% due 10/15/2032 | 16100 | 16144 |
|  5.750% due 06/15/2032 | 4271 | 4292 |
|  5.823% due 04/15/2032 « | 789 | 789 |
|  5.867% due 07/15/2032 | 5000 | 5028 |
|  5.992% due 06/15/2032 | 1600 | 1603 |
|  6.261% due 04/15/2032 « | 829 | 829 |
|  6.278% due 10/15/2031 | 999 | 1008 |
|  10.273% due 04/15/2032 « | 1019 | 990 |
|  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 | 920 | 926 |
|  Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust |
|  6.117% due 12/15/2031 | 1446 | 1458 |
|  Pagaya AI Debt Trust | Pagaya AI Debt Trust | Pagaya AI Debt Trust |
|  5.373% due 01/17/2033 | 2700 | 2706 |
|  6.258% due 10/15/2031 | 1432 | 1442 |
|  6.660% due 07/15/2031 | 1075 | 1082 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  7.299% due 06/16/2031 | $— | 482 | $— | 488 |
|  8.050% due 03/15/2030 ~ |  | 1 |  | 1 |
|  9.099% due 04/15/2031 |  | 761 |  | 764 |
|  9.524% due 12/16/2030 ~ |  | 205 |  | 207 |
|  9.570% due 12/16/2030 |  | 2197 |  | 2209 |
|  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 |  | 8657 |
|  Parallel Ltd. | Parallel Ltd. | Parallel Ltd. | Parallel Ltd. | Parallel Ltd. |
|  5.366% due 07/15/2034 •  |  | 20000 |  | 19968 |
|  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 |  | 17772 |
|  Pikes Peak CLO | Pikes Peak CLO | Pikes Peak CLO | Pikes Peak CLO | Pikes Peak CLO |
|  5.466% due 07/15/2034 •  |  | 18000 |  | 18013 |
|  5.489% due 10/11/2034 •  |  | 18000 |  | 18017 |
|  PK ALIFT Loan Funding LP | PK ALIFT Loan Funding LP | PK ALIFT Loan Funding LP | PK ALIFT Loan Funding LP | PK ALIFT Loan Funding LP |
|  5.052% due 10/15/2039 |  | 6333 |  | 6321 |
|  5.365% due 11/15/2042 |  | 20000 |  | 20093 |
|  Reach ABS Trust | Reach ABS Trust | Reach ABS Trust | Reach ABS Trust | Reach ABS Trust |
|  4.960% due 08/16/2032 |  | 6814 |  | 6816 |
|  5.340% due 08/16/2032 |  | 4600 |  | 4623 |
|  5.840% due 07/15/2031 |  | 5000 |  | 5061 |
|  5.880% due 07/15/2031 |  | 1203 |  | 1206 |
|  5.990% due 08/16/2032 |  | 1200 |  | 1212 |
|  6.290% due 02/18/2031 |  | 950 |  | 961 |
|  6.300% due 02/18/2031 |  | 457 |  | 459 |
|  Romark Credit Funding Ltd. | Romark Credit Funding Ltd. | Romark Credit Funding Ltd. | Romark Credit Funding Ltd. | Romark Credit Funding Ltd. |
|  5.539% due 09/15/2042 |  | 3400 |  | 3407 |
|  Sculptor CLO Ltd. | Sculptor CLO Ltd. | Sculptor CLO Ltd. | Sculptor CLO Ltd. | Sculptor CLO Ltd. |
|  5.329% due 07/20/2034 •  |  | 10000 |  | 10003 |
|  SLAM Ltd. | SLAM Ltd. | SLAM Ltd. | SLAM Ltd. | SLAM Ltd. |
|  5.807% due 05/15/2050 |  | 25000 |  | 25484 |
|  SLM Student Loan Trust | SLM Student Loan Trust | SLM Student Loan Trust | SLM Student Loan Trust | SLM Student Loan Trust |
|  2.558% due 10/25/2039 •  |  | 1133 |  | 1245 |
|  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 |
|  5.060% due 03/16/2054 | $— | 13070 |  | 13223 |
|  5.090% due 10/16/2056 |  | 2050 |  | 2073 |
|  5.130% due 04/15/2054 |  | 29618 |  | 29992 |
|  5.380% due 01/15/2053 |  | 965 |  | 980 |
|  5.380% due 07/15/2053 |  | 4443 |  | 4537 |
|  5.403% due 06/17/2052 •  |  | 1388 |  | 1380 |
|  5.403% due 07/15/2053 •  |  | 4443 |  | 4450 |
|  5.500% due 06/17/2052 |  | 6389 |  | 6549 |
|  5.654% due 10/16/2056 •  |  | 2585 |  | 2593 |
|  6.104% due 10/16/2056 •  |  | 3682 |  | 3758 |
|  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 |
|  4.800% due 02/27/2034 |  | 12344 |  | 12370 |
|  4.820% due 06/25/2034 |  | 3500 |  | 3507 |
|  Sound Point CLO Ltd. | Sound Point CLO Ltd. | Sound Point CLO Ltd. | Sound Point CLO Ltd. | Sound Point CLO Ltd. |
|  5.651% due 01/21/2031 •  |  | 193 |  | 193 |
|  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 |  | 1624 |  | 1687 |
|  Symphony CLO Ltd. | Symphony CLO Ltd. | Symphony CLO Ltd. | Symphony CLO Ltd. | Symphony CLO Ltd. |
|  5.776% due 04/15/2037 •  |  | 2000 |  | 2013 |
|  6.072% due 01/20/2037 •  |  | 1000 |  | 1004 |
|  TCW CLO AMR Ltd. | TCW CLO AMR Ltd. | TCW CLO AMR Ltd. | TCW CLO AMR Ltd. | TCW CLO AMR Ltd. |
|  5.624% due 08/16/2034 •  |  | 7100 |  | 7110 |
|  TCW CLO Ltd. | TCW CLO Ltd. | TCW CLO Ltd. | TCW CLO Ltd. | TCW CLO Ltd. |
|  5.861% due 01/16/2037 •  |  | 2000 |  | 2003 |
|  Trinitas CLO Ltd. | Trinitas CLO Ltd. | Trinitas CLO Ltd. | Trinitas CLO Ltd. | Trinitas CLO Ltd. |
|  5.309% due 07/20/2035 •  |  | 21000 |  | 20897 |
|  5.379% due 10/20/2033 •  |  | 23900 |  | 23913 |
|  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 |  | 648 |  | 658 |
|  Upstart Securitization Trust | Upstart Securitization Trust | Upstart Securitization Trust | Upstart Securitization Trust | Upstart Securitization Trust |
|  5.220% due 06/20/2035 « |  | 6200 |  | 6209 |
|  Venture CLO Ltd. | Venture CLO Ltd. | Venture CLO Ltd. | Venture CLO Ltd. | Venture CLO Ltd. |
|  5.409% due 10/20/2034 •  |  | 1000 |  | 999 |
|  Voya CLO Ltd. | Voya CLO Ltd. | Voya CLO Ltd. | Voya CLO Ltd. | Voya CLO Ltd. |
|  5.469% due 07/20/2032 •  |  | 474 |  | 475 |
|  Wellfleet CLO Ltd. | Wellfleet CLO Ltd. | Wellfleet CLO Ltd. | Wellfleet CLO Ltd. | Wellfleet CLO Ltd. |
|  0.000% due 04/20/2034 •(a) |  | 4300 |  | 4300 |
|  Wind River CLO Ltd. | Wind River CLO Ltd. | Wind River CLO Ltd. | Wind River CLO Ltd. | Wind River CLO Ltd. |
|  5.316% due 10/15/2034 •  |  | 21484 |  | 21420 |
|  |  |  |  | 1199509 |
|  Total Asset-Backed Securities<br>(Cost $2,185,880) | Total Asset-Backed Securities<br>(Cost $2,185,880) | Total Asset-Backed Securities<br>(Cost $2,185,880) |  | 2191246 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| SOVEREIGN ISSUES 3.6% | SOVEREIGN ISSUES 3.6% | SOVEREIGN ISSUES 3.6% |
|  Angolan Government International Bond | Angolan Government International Bond | Angolan Government International Bond |
|  8.000% due 11/26/2029 | 6100 | 5547 |
|  Avenir Issuer Ireland DAC | Avenir Issuer Ireland DAC | Avenir Issuer Ireland DAC |
|  6.000% due 10/25/2027 | 2864 | 2687 |
|  Bank Gospodarstwa Krajowego | Bank Gospodarstwa Krajowego | Bank Gospodarstwa Krajowego |
|  5.750% due 07/09/2034 | 1500 | 1546 |
|  Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional |
|  0.000% due 07/01/2025 (e) | 4400 | 809 |
|  0.000% due 10/01/2025 (e) | 202100 | 35880 |
|  0.000% due 04/01/2026 (e) | 48600 | 8058 |
|  Colombian TES | Colombian TES | Colombian TES |
|  11.500% due 07/25/2046 | 23907600 | 5294 |
|  13.250% due 02/09/2033 | 76145500 | 19515 |
|  Ecuador Government International Bond | Ecuador Government International Bond | Ecuador Government International Bond |
|  6.900% due 07/31/2030 | 10050 | 8743 |
|  Egypt Government International Bond | Egypt Government International Bond | Egypt Government International Bond |
|  6.375% due 04/11/2031 | 4850 | 5314 |
|  El Salvador Government International Bond | El Salvador Government International Bond | El Salvador Government International Bond |
|  7.625% due 02/01/2041 | 725 | 669 |
|  9.250% due 04/17/2030 | 800 | 849 |
|  Israel Government International Bond | Israel Government International Bond | Israel Government International Bond |
|  5.375% due 02/19/2030 | 5000 | 5102 |
|  5.625% due 02/19/2035 | 5000 | 5091 |
|  Ivory Coast Government International Bond | Ivory Coast Government International Bond | Ivory Coast Government International Bond |
|  4.875% due 01/30/2032 | 3850 | 4071 |
|  Mexican Bonos | Mexican Bonos | Mexican Bonos |
|  7.000% due 09/03/2026 | 57000 | 3001 |
|  Mexican Udibonos | Mexican Udibonos | Mexican Udibonos |
|  4.000% due 11/30/2028 (f) | 255025 | 13325 |
|  Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond |
|  5.850% due 07/02/2032 (a) | 1700 | 1722 |
|  6.625% due 01/29/2038 (a) | 1600 | 1626 |
|  Panama Government International Bond | Panama Government International Bond | Panama Government International Bond |
|  7.500% due 03/01/2031 | 300 | 320 |
|  8.000% due 03/01/2038 | 4250 | 4565 |
|  Peru Government International Bond | Peru Government International Bond | Peru Government International Bond |
|  6.150% due 08/12/2032 | 83200 | 24295 |
|  6.900% due 08/12/2037 | 7300 | 2101 |
|  Republic of South Africa Government International Bond | Republic of South Africa Government International Bond | Republic of South Africa Government International Bond |
|  8.000% due 01/31/2030 | 83750 | 4652 |
|  8.500% due 01/31/2037 | 721100 | 35458 |
|  Romania Government International Bond | Romania Government International Bond | Romania Government International Bond |
|  5.125% due 09/24/2031 | 2000 | 2329 |
|  5.250% due 03/10/2030 | 2200 | 2649 |
|  Senegal Government International Bond | Senegal Government International Bond | Senegal Government International Bond |
|  5.375% due 06/08/2037 | 1500 | 1098 |
|  Turkiye Government International Bond | Turkiye Government International Bond | Turkiye Government International Bond |
|  47.469% due 09/06/2028 ~ | 100000 | 2412 |
|  49.053% due 05/20/2026 ~ | 31100 | 785 |
|  49.053% due 05/17/2028 ~ | 59300 | 1445 |
|  Total Sovereign Issues (Cost $201,658) | Total Sovereign Issues (Cost $201,658) | 210958 |
|  | SHARES |  |
| COMMON STOCKS 0.0% | COMMON STOCKS 0.0% | COMMON STOCKS 0.0% |
| ENERGY 0.0% | ENERGY 0.0% | ENERGY 0.0% |
|  New Fortress Energy, Inc. (c) | 8876 | 29 |
|  Total Common Stocks (Cost $0) | Total Common Stocks (Cost $0) | 29 |

---

---

| | | |
|:---|:---|:---|
| **104** | **PIMCO ETF TRUST** | See Accompanying Notes |

---

------

June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| SHORT-TERM INSTRUMENTS 15.7% | SHORT-TERM INSTRUMENTS 15.7% | SHORT-TERM INSTRUMENTS 15.7% | SHORT-TERM INSTRUMENTS 15.7% | SHORT-TERM INSTRUMENTS 15.7% |
| REPURCHASE AGREEMENTS (i) 15.0% | REPURCHASE AGREEMENTS (i) 15.0% | REPURCHASE AGREEMENTS (i) 15.0% | REPURCHASE AGREEMENTS (i) 15.0% | REPURCHASE AGREEMENTS (i) 15.0% |
|  |  |  | $— | 880400 |
| SHORT-TERM NOTES 0.1% | SHORT-TERM NOTES 0.1% | SHORT-TERM NOTES 0.1% | SHORT-TERM NOTES 0.1% | SHORT-TERM NOTES 0.1% |
|  Pagaya AI Debt Trust | Pagaya AI Debt Trust | Pagaya AI Debt Trust | Pagaya AI Debt Trust | Pagaya AI Debt Trust |
|  4.858% due 06/15/2026 | $— | 2800 |  | 2801 |
|  Upstart Securitization Trust | Upstart Securitization Trust | Upstart Securitization Trust | Upstart Securitization Trust | Upstart Securitization Trust |
|  4.840% due 06/20/2026 « |  | 2600 |  | 2602 |
|  |  |  |  | 5403 |
| NIGERIA TREASURY BILLS 0.1% | NIGERIA TREASURY BILLS 0.1% | NIGERIA TREASURY BILLS 0.1% | NIGERIA TREASURY BILLS 0.1% | NIGERIA TREASURY BILLS 0.1% |
|  33.141% due 06/11/2026 - 06/12/2026 (d)(e) |  | 13776118 |  | 7290 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| U.S. TREASURY BILLS 0.5% | U.S. TREASURY BILLS 0.5% | U.S. TREASURY BILLS 0.5% | U.S. TREASURY BILLS 0.5% | U.S. TREASURY BILLS 0.5% |
|  4.321% due 07/03/2025 - 10/21/2025 (d)(e)(k)(m) | $— | 27176 | $— | 27068 |
| Total Short-Term Instruments<br>(Cost $919,706) | Total Short-Term Instruments<br>(Cost $919,706) | Total Short-Term Instruments<br>(Cost $919,706) |  | 920161 |
| Total Investments in Securities<br>(Cost $8,417,226) | Total Investments in Securities<br>(Cost $8,417,226) | Total Investments in Securities<br>(Cost $8,417,226) |  | 8500838 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| INVESTMENTS IN AFFILIATES 0.3% | INVESTMENTS IN AFFILIATES 0.3% | INVESTMENTS IN AFFILIATES 0.3% | INVESTMENTS IN AFFILIATES 0.3% |
| MUTUAL FUNDS 0.3% | MUTUAL FUNDS 0.3% | MUTUAL FUNDS 0.3% | MUTUAL FUNDS 0.3% |
|  PIMCO Senior Loan Active Exchange-Traded Fund | 372228 | $— | 18981 |
| Total Mutual Funds<br>(Cost $19,002) | Total Mutual Funds<br>(Cost $19,002) |  | 18981 |
| Total Investments in Affiliates<br>(Cost $19,002) | Total Investments in Affiliates<br>(Cost $19,002) |  | 18981 |
| Total Investments 145.3%<br>(Cost $8,436,228) | Total Investments 145.3%<br>(Cost $8,436,228) | $— | 8519819 |
|  Financial Derivative<br>Instruments (j)(l) (0.2)%<br> (Cost or Premiums, net $60,549) | Financial Derivative<br>Instruments (j)(l) (0.2)%<br> (Cost or Premiums, net $60,549) |  | (9147) |
| Other Assets and Liabilities, net (45.1)% | Other Assets and Liabilities, net (45.1)% |  | (2645847) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 5864825 |

---

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

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

---

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

---

---

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

---

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

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

(a) When-issued security.

(b) Payment in-kind security.

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

(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.

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Issuer Description | Coupon | Maturity<br>Date | Acquisition<br>Date | Cost | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
|  Credit Opportunities Partners LLC | 6.520% | 03/20/2028 | 03/20/2025 | $8000 | $8054 | 0.14% |
|  Deloitte LLP | 5.250 | 01/30/2030 | 10/30/2024 | 2000 | 2026 | 0.04 |
|  Deloitte LLP | 5.410 | 01/30/2032 | 10/30/2024 | 2000 | 2015 | 0.03 |
|  Deloitte LLP | 5.590 | 01/30/2035 | 10/30/2024 | 2000 | 1999 | 0.03 |
|  Hardwood Funding LLC | 4.840 | 06/07/2028 | 03/11/2025 | 6000 | 6036 | 0.10 |
|  National Football League | 4.780 | 10/05/2030 | 06/27/2025 | 1000 | 1002 | 0.02 |
|  National Football League | 5.480 | 10/05/2028 | 03/14/2024 | 1600 | 1628 | 0.03 |
|  Pantheon Senior Debt Secondaries | 6.317 | 03/26/2026 | 03/18/2025 | 1400 | 1400 | 0.02 |
|  Project Alpha Investindustrial | 4.256 | 02/27/2026 | 02/28/2025 | 392 | 445 | 0.01 |
|  TIB Diversified Payment Rights Finance Co. | 7.962 | 11/15/2034 | 09/18/2024 | 2200 | 2201 | 0.04 |
|  VB DPR Finance Co. | 6.833 | 03/15/2035 | 01/31/2025 | 4200 | 4118 | 0.07 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30792 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30924 | 0.53% |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| JUNE 30, 2025 105

------

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

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS
&nbsp;&nbsp;&nbsp;&nbsp;(i) 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 | 4.440% | 06/30/2025 | 07/01/2025 | $53800 | U.S. Treasury Notes 3.625% due 03/31/2028 | $(54962) | $53800 | $53807 |
|  | 4.440 | 07/01/2025 | 07/02/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404100 | U.S. Treasury Notes 4.125% due 10/31/2029 | (412781) | 404100 | 404100 |
|  | 4.450 | 06/30/2025 | 07/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390000 | U.S. Treasury Notes 3.625% due 03/31/2030 | (398818) | 390000 | 390048 |
| DEU | 4.420 | 07/01/2025 | 07/02/2025 | 100 | U.S. Treasury Bonds 3.250% due 05/15/2042 | (102) | 100 | 100 |
|  | 4.600 | 06/30/2025 | 07/01/2025 | 32400 | U.S. Treasury Bonds 4.000% due 11/15/2052 | (33057) | 32400 | 32404 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(899720) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880400 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880459 |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of June 30, 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 | $847955 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;847955 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(866561) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18606) |
|  DEU | 32504 | 0 | 0 | 32504 | (33159) | (655) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880459 | $&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 June 30, 2025 was $(3,595) at a weighted average interest rate of 5.186%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** 

&nbsp;&nbsp;&nbsp;&nbsp;(j) 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 September Futures  | 09/2025 | 98 | $7393 | $(34) | $0 | $(34) |
|  Euro-BTP September Futures  | 09/2025 | 177 | 25228 | (11) | 40 | (48) |
|  Euro-Bund September Futures  | 09/2025 | 144 | 22077 | (174) | 5 | (63) |
|  U.S. Treasury 2-Year Note September Futures  | 09/2025 | 2145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446210 | 1618 | 117 | 0 |
|  U.S. Treasury 5-Year Note September Futures  | 09/2025 | 6947 | 757223 | 6291 | 923 | 0 |
|  U.S. Treasury 10-Year Note September Futures  | 09/2025 | 1374 | 154060 | 2575 | 429 | 0 |
|  U.S. Treasury 10-Year Ultra Long-Term Bond September Futures  | 09/2025 | 1234 | 141004 | 2476 | 598 | 0 |
|  U.S. Treasury Ultra Long-Term Bond September Futures  | 09/2025 | 426 | 50747 | 1786 | 573 | 0 |
|  United Kingdom Long Gilt September Futures  | 09/2025 | 46 | 5874 | (24) | 6 | (20) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14503 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2691 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(165) |

---

#### 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 September Futures  | 09/2025 | 146 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21298) | $83 | $46 | $(10) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14586 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2737 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(175) |

---

106 PIMCO ETF TRUST See Accompanying Notes

------

June 30, 2025

#### 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>June 30, 2025<sup>(2)</sup> | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Variation Margin | Variation Margin |
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>June 30, 2025<sup>(2)</sup> | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Asset | Liability |
|  AT&T, Inc. | 1.000% | Quarterly | 06/20/2028 | 0.431% | $500 | $3 | $5 | $8 | $0 | $0 |
|  Boeing Co. | 1.000 | Quarterly | 06/20/2030 | 0.742 | 4600 | 13 | 42 | 55 | 3 | 0 |
|  Bombardier, Inc. | 5.000 | Quarterly | 06/20/2028 | 0.853 | 100 | 4 | 8 | 12 | 0 | 0 |
|  Ford Motor Credit Co. LLC | 5.000 | Quarterly | 06/20/2028 | 1.388 | 200 | 21 | (1) | 20 | 0 | 0 |
|  Verizon Communications, Inc. | 1.000 | Quarterly | 12/20/2028 | 0.462 | 100 | 0 | 2 | 2 | 0 | 0 |
|  ZF Europe Finance BV | 5.000 | Quarterly | 12/20/2029 | 4.701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400 | 109 | (88) | 21 | 3 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | $&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) | $9 | $(1) | $1 | $0 |
|  CDX.EM-42 5-Year Index | 1.000 | Quarterly | 12/20/2029 | 100 | (3) | 2 | (1) | 0 | 0 |
|  CDX.EM-43 5-Year Index | 1.000 | Quarterly | 06/20/2030 | 200 | (7) | 2 | (5) | 0 | 0 |
|  CDX.HY-43 5-Year Index | 5.000 | Quarterly | 12/20/2029 | 148600 | 11545 | (416) | 11129 | 488 | 0 |
|  CDX.HY-44 5-Year Index | 5.000 | Quarterly | 06/20/2030 | 448900 | 21308 | 13145 | 34453 | 1578 | 0 |
|  CDX.IG-43 5-Year Index | 1.000 | Quarterly | 12/20/2029 | 46700 | 980 | 86 | 1066 | 23 | 0 |
|  CDX.IG-44 5-Year Index | 1.000 | Quarterly | 06/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1490400 | 25694 | 7770 | 33464 | 824 | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59507 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20598 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80105 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2914 | $&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/<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 | Notional<br>Amount | Premiums<br>Paid/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 3.500% | Annual | 03/19/2030 |  | 102200 | $(2372) | $1101 | $(1271) | $0 | $(6) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2030 |  | $132100 | 82 | 993 | 1075 | 0 | (219) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2026 |  | 117700 | (1476) | 1718 | 242 | 0 | (29) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.200 | Annual | 07/31/2029 |  | 27400 | 653 | (142) | 511 | 0 | (34) |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.570 | Annual | 11/30/2029 |  | 494100 | 0 | (4213) | (4213) | 0 | (728) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2030 |  | 46500 | 382 | 7 | 389 | 0 | (75) |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2030 |  | 24300 | (170) | (233) | (403) | 0 | (46) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.200 | Annual | 08/31/2031 |  | 30500 | (31) | 861 | 830 | 0 | (65) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.232 | Annual | 09/10/2034 |  | 400 | (2) | 19 | 17 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.240 | Annual | 09/16/2034 |  | 400 | (2) | 19 | 17 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.231 | Annual | 09/18/2034 |  | 900 | (3) | 42 | 39 | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.248 | Annual | 09/18/2034 |  | 700 | (2) | 31 | 29 | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.245 | Annual | 10/18/2034 |  | 33200 | (114) | 1474 | 1360 | 0 | (118) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.400 | Annual | 05/05/2035 |  | 133700 | 643 | 2643 | 3286 | 0 | (512) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 05/07/2035 |  | 5100 | (25) | 50 | 25 | 20 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.300 | Annual | 11/15/2053 |  | 17100 | 765 | 1216 | 1981 | 0 | (129) |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 09/17/2055 |  | 47300 | 165 | 3156 | 3321 | 0 | (376) |
|  Pay | 1-Year BRL-CDI | 13.926 | Maturity | 01/04/2027 |  | 24900 | 0 | (13) | (13) | 2 | 0 |
|  Pay | 1-Year BRL-CDI | 13.927 | Maturity | 01/04/2027 |  | 474400 | (201) | (46) | (247) | 47 | 0 |
|  Pay | 1-Year BRL-CDI | 13.291 | Maturity | 01/02/2029 |  | 130900 | 0 | 201 | 201 | 192 | 0 |
|  Pay | 1-Year BRL-CDI | 13.320 | Maturity | 01/02/2029 |  | 14000 | 0 | 24 | 24 | 21 | 0 |
|  Receive | 3-Month EUR-EURIBOR | 2.510 | Annual | 04/09/2035 |  | 2900 | (10) | 32 | 22 | 6 | 0 |
|  Receive | 3-Month EUR-EURIBOR | 2.520 | Annual | 04/09/2035 |  | 1500 | (6) | 16 | 10 | 3 | 0 |
|  Receive | 3-Month EUR-EURIBOR | 2.550 | Annual | 04/16/2035 |  | 1400 | (5) | 10 | 5 | 3 | 0 |
|  Receive | 3-Month EUR-EURIBOR | 2.530 | Annual | 04/23/2035 |  | 3700 | (15) | 35 | 20 | 8 | 0 |
|  Receive | 3-Month EUR-EURIBOR | 2.450 | Annual | 05/05/2035 |  | 1500 | (5) | 26 | 21 | 3 | 0 |
|  Pay<sup>(5)</sup> | 6-Month AUD-BBR-BBSW | 4.750 | Semi-Annual | 12/20/2033 |  | 148675 | 794 | 763 | 1557 | 0 | (208) |
|  Pay | 6-Month CZK-PRIBOR | 4.270 | Annual | 08/01/2028 |  | 48900 | 22 | 83 | 105 | 0 | (5) |
|  Pay | 6-Month CZK-PRIBOR | 3.365 | Annual | 11/28/2029 |  | 149700 | (68) | 117 | 49 | 0 | (21) |
|  Pay<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2030 |  | 58600 | (108) | 5 | (103) | 0 | (64) |
|  Receive<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2035 |  | 16400 | 561 | 67 | 628 | 33 | 0 |
|  Receive<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2055 |  | 18700 | 1523 | 767 | 2290 | 71 | 0 |
|  Pay | 6-Month HUF-BBR | 6.650 | Annual | 03/13/2030 |  | 4165800 | 6 | 264 | 270 | 20 | 0 |
|  |  |  |  |  |  |  | $981 | $11093 | $12074 | $429 | $(2643) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  | $60638 | $31659 | $92297 | $3349 | $(2643) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| JUNE 30, 2025 107

------

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

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of June 30, 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;2737 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3349 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6086 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(175) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2643) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2818) |

---

(k) Securities with an aggregate market value of $109,668 and cash of $44,033 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 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;(l) 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 | 07/2025 | 48523 | $55173 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1985) |
|  | 07/2025 | 111735451 | 6849 | 0 | (41) |
|  | 07/2025 | 20 | 6 | 0 | 0 |
|  | 07/2025 | 8841200 | 6483 | 0 | (57) |
|  | 07/2025 | 42200 | 11615 | 0 | (295) |
|  | 07/2025 | 217 | 169 | 0 | (1) |
|  | 07/2025 | $7158 | 5864 | 233 | 0 |
|  | 08/2025 | 624521 | $18967 | 0 | (2744) |
|  | 08/2025 | $9086 | 64964 | 24 | 0 |
|  | 08/2025 | 169 | 216 | 1 | 0 |
|  | 10/2025 | 686 | 2533 | 27 | 0 |
|  BPS | 07/2025 | 156768 | $28011 | 0 | (843) |
|  | 07/2025 | 186928644 | 11460 | 0 | (57) |
|  | 07/2025 | 2835024 | 33050 | 0 | (16) |
|  | 07/2025 | 2583200 | 17898 | 0 | (40) |
|  | 07/2025 | 2975 | 309 | 0 | (5) |
|  | 07/2025 | 2498 | 76 | 0 | (1) |
|  | 07/2025 | 169947 | 5230 | 0 | (621) |
|  | 07/2025 | $28565 | 156768 | 290 | 0 |
|  | 07/2025 | 4820 | 78660848 | 30 | 0 |
|  | 07/2025 | 15830 | 21430387 | 16 | 0 |
|  | 07/2025 | 7120 | 232944 | 53 | 0 |
|  | 07/2025 | 30945 | 919865 | 679 | 0 |
|  | 08/2025 | 69283 | $9696 | 0 | (19) |
|  | 08/2025 | 1046 | 47 | 0 | (3) |
|  | 08/2025 | 141339 | 4336 | 0 | (577) |
|  | 08/2025 | $9254 | 66007 | 2 | 0 |
|  | 08/2025 | 1748 | 151918 | 21 | 0 |
|  | 08/2025 | 21 | 3013 | 0 | 0 |
|  | 08/2025 | 247 | 8093 | 34 | 0 |
|  | 10/2025 | 18900 | $3156 | 0 | (243) |
|  | 05/2030 | 2974 | 10242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409 | 0 |

---

---

| | | |
|:---|:---|:---|
| **108** | **PIMCO ETF TRUST** | See Accompanying Notes |

---

------

June 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/**<br> (Depreciation) | **Unrealized Appreciation/**<br> (Depreciation) |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  BRC | 07/2025 | 3687 | $4187 | $0 | $(156) |
|  | 07/2025 | 347983 | 254 | 0 | (3) |
|  | 07/2025 | 589 | 58 | 0 | (1) |
|  | 07/2025 | 75060 | 2303 | 0 | (8) |
|  | 07/2025 | 314146 | 7736 | 0 | (52) |
|  | 07/2025 | $12754 | 9374 | 113 | 0 |
|  | 07/2025 | 31 | 4442 | 0 | 0 |
|  | 07/2025 | 21 | 29197 | 0 | 0 |
|  | 07/2025 | 215 | 807 | 8 | 0 |
|  | 07/2025 | 15218 | 621375 | 162 | 0 |
|  | 07/2025 | 716281 | $39616 | 0 | (780) |
|  | 08/2025 | 10322 | 464 | 0 | (28) |
|  | 08/2025 | 9374 | 12756 | 0 | (113) |
|  | 08/2025 | $482 | 3500 | 9 | 0 |
|  | 08/2025 | 3907 | 335407 | 0 | (2) |
|  | 08/2025 | 493 | 20532 | 6 | 0 |
|  | 09/2025 | 34829 | $9609 | 0 | (202) |
|  | 11/2025 | $2981 | 10942 | 96 | 0 |
|  CBK | 07/2025 | 78248 | $14339 | 0 | (63) |
|  | 07/2025 | 26430 | 30562 | 0 | (572) |
|  | 07/2025 | 12743013 | 9272 | 0 | (154) |
|  | 07/2025 | 33451 | 9100 | 0 | (340) |
|  | 07/2025 | 1640 | 173 | 0 | (1) |
|  | 07/2025 | 130728 | 3931 | 0 | (94) |
|  | 07/2025 | 372220 | 11665 | 0 | (1151) |
|  | 07/2025 | $13382 | 20541 | 137 | 0 |
|  | 07/2025 | 13382 | 78248 | 1020 | 0 |
|  | 07/2025 | 22026 | 30163 | 124 | 0 |
|  | 07/2025 | 1907 | 31059085 | 8 | 0 |
|  | 07/2025 | 2793 | 397700 | 0 | (31) |
|  | 07/2025 | 516 | 706705 | 7 | 0 |
|  | 07/2025 | 18303 | 65308 | 124 | 0 |
|  | 07/2025 | 620 | 20700 | 17 | 0 |
|  | 07/2025 | 15951 | 474237 | 377 | 0 |
|  | 08/2025 | 123826 | $17174 | 0 | (190) |
|  | 08/2025 | 107892527 | 25872 | 0 | (400) |
|  | 08/2025 | 336459 | 10327 | 0 | (1370) |
|  | 08/2025 | $33207 | 237420 | 85 | 0 |
|  | 08/2025 | 14283 | 1231019 | 53 | (5) |
|  | 09/2025 | 65446 | $18303 | 0 | (125) |
|  | 09/2025 | $7428 | 27467 | 310 | 0 |
|  | 12/2025 | 11157 | $3014 | 0 | (121) |
|  DUB | 07/2025 | 75 | 58 | 0 | (1) |
|  | 07/2025 | $76404 | 65860 | 1176 | 0 |
|  | 07/2025 | 1212 | 36008 | 28 | 0 |
|  | 08/2025 | 65715 | $76404 | 0 | (1174) |
|  | 08/2025 | $13532 | 97697 | 168 | 0 |
|  | 08/2025 | 6066 | 523452 | 28 | 0 |
|  | 09/2025 | 85389 | $4435 | 0 | (79) |
|  | 09/2025 | 35345 | 9788 | 0 | (168) |
|  FAR | 07/2025 | 20541 | 13308 | 0 | (211) |
|  | 07/2025 | 207137 | 36443 | 0 | (1682) |
|  | 07/2025 | 5863 | 7140 | 0 | (250) |
|  | 07/2025 | 10728 | 1493 | 0 | (8) |
|  | 07/2025 | 2687 | 18 | 0 | 0 |
|  | 07/2025 | 10837 | 2939 | 0 | (67) |
|  | 07/2025 | 364 | 284 | 0 | (2) |
|  | 07/2025 | $37501 | 207137 | 624 | 0 |
|  | 07/2025 | 17084 | 2450858 | 0 | (65) |
|  | 07/2025 | 11809 | 42206 | 102 | 0 |
|  | 08/2025 | 40991 | $5728 | 0 | (20) |
|  | 08/2025 | $4164 | 6365 | 28 | 0 |
|  | 08/2025 | 715 | 570 | 6 | 0 |
|  | 08/2025 | 2899 | 250702 | 20 | 0 |
|  | 08/2025 | 18 | 2677 | 0 | 0 |
|  | 08/2025 | 157 | 200 | 0 | 0 |
|  | 09/2025 | 210306 | $37501 | 0 | (616) |
|  | 09/2025 | 240234 | 12338 | 0 | (362) |
|  | 12/2025 | 42418 | 11809 | 0 | (102) |
|  GLM | 07/2025 | 205469 | 37246 | 0 | (572) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **109** |

---

------

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** |
|  | 07/2025 | 31870 | $8560 | $0 | $(431) |
|  | 07/2025 | 67 | 53 | 0 | 0 |
|  | 07/2025 | 34768 | 1069 | 0 | (128) |
|  | 07/2025 | $37621 | 205469 | 197 | 0 |
|  | 07/2025 | 451 | 7353200 | 2 | 0 |
|  | 07/2025 | 7050 | $392 | 0 | (5) |
|  | 08/2025 | 18819 | 2624 | 0 | (15) |
|  | 08/2025 | 84962 | 235 | 0 | (15) |
|  | 08/2025 | $53 | 67 | 0 | 0 |
|  | 08/2025 | 378 | 12395 | 53 | 0 |
|  | 09/2025 | 31850 | 178448 | 493 | 0 |
|  | 10/2025 | 21500 | $3531 | 0 | (337) |
|  | 10/2025 | $5396 | 30427 | 77 | 0 |
|  | 04/2026 | 18800 | $3190 | 0 | (44) |
|  JPM | 07/2025 | 65707 | 12041 | 0 | (53) |
|  | 07/2025 | 7579 | 5517 | 0 | (48) |
|  | 07/2025 | 20326 | 2816 | 0 | (26) |
|  | 07/2025 | 8146 | 10986 | 0 | (196) |
|  | 07/2025 | 318486 | 234 | 0 | (2) |
|  | 07/2025 | 1562 | 932 | 0 | (21) |
|  | 07/2025 | 19546 | 5288 | 0 | (133) |
|  | 07/2025 | 5183 | 4035 | 0 | (41) |
|  | 07/2025 | 172462 | 5305 | 0 | (633) |
|  | 07/2025 | $11659 | 65707 | 435 | 0 |
|  | 07/2025 | 3232 | 52589165 | 11 | 0 |
|  | 07/2025 | 43 | 58849 | 1 | 0 |
|  | 07/2025 | 2308 | 8666 | 96 | 0 |
|  | 07/2025 | 1732 | 51430 | 39 | 0 |
|  | 07/2025 | 162341 | $9084 | 0 | (72) |
|  | 08/2025 | 121771 | 16936 | 0 | (139) |
|  | 08/2025 | 180846 | 5551 | 0 | (736) |
|  | 08/2025 | $9243 | 66059 | 21 | 0 |
|  | 08/2025 | 26808 | 22817 | 127 | 0 |
|  | 08/2025 | 1954 | 169436 | 18 | 0 |
|  | 08/2025 | 111 | 142 | 1 | 0 |
|  | 04/2026 | 29800 | $5028 | 0 | (98) |
|  MBC | 07/2025 | 28627 | 20843 | 0 | (179) |
|  | 07/2025 | 11274 | 1564 | 0 | (12) |
|  | 07/2025 | 1228 | 1664 | 0 | (22) |
|  | 07/2025 | 15893 | 12365 | 0 | (134) |
|  | 07/2025 | 65623 | 1983 | 0 | (38) |
|  | 07/2025 | 82918 | 2544 | 0 | (311) |
|  | 07/2025 | $4398 | 6045 | 42 | 0 |
|  | 07/2025 | 41329 | 35597 | 603 | 0 |
|  | 07/2025 | 380 | 6174343 | 1 | 0 |
|  | 07/2025 | 57564 | 8379207 | 624 | (2) |
|  | 07/2025 | 1655 | 6196 | 64 | 0 |
|  | 07/2025 | 17571 | 22580 | 187 | 0 |
|  | 07/2025 | 930 | 31015 | 25 | 0 |
|  | 07/2025 | 3410 | 108055 | 311 | 0 |
|  | 08/2025 | 6035 | $4398 | 0 | (42) |
|  | 08/2025 | 11305 | 1565 | 0 | (21) |
|  | 08/2025 | 148489 | 4593 | 0 | (569) |
|  | 08/2025 | $112 | 16027 | 0 | 0 |
|  | 08/2025 | 2926 | 3775 | 51 | 0 |
|  MYI | 07/2025 | 282995 | $1960 | 0 | (5) |
|  | 07/2025 | 57 | 15 | 0 | 0 |
|  | 07/2025 | $383 | 55364 | 1 | 0 |
|  | 07/2025 | 552 | 5569 | 0 | 0 |
|  | 08/2025 | 41781 | $5836 | 0 | (23) |
|  | 08/2025 | 5568 | 552 | 0 | 0 |
|  | 08/2025 | $1960 | 281953 | 5 | 0 |
|  | 10/2025 | 800 | $132 | 0 | (12) |
|  NGF | 07/2025 | $5399 | 88008574 | 27 | 0 |
|  | 08/2025 | 117 | 4883 | 1 | 0 |
|  RBC | 08/2025 | 3072 | 22402 | 69 | 0 |
|  SCX | 07/2025 | 517147 | $3597 | 7 | (1) |
|  | 07/2025 | 754 | 584 | 0 | (8) |
|  | 07/2025 | 6808 | 234 | 0 | (1) |

---

---

| | | |
|:---|:---|:---|
| **110** | **PIMCO ETF TRUST** | See Accompanying Notes |

---

------

June 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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** |
|  | 07/2025 | $2099 | 34197381 | $10 | $0 |
|  | 07/2025 | 1343 | 2222 | 11 | 0 |
|  | 07/2025 | 27027 | 800378 | 530 | 0 |
|  | 07/2025 | 27882 | 495402 | 57 | 0 |
|  | 08/2025 | 87956 | $12307 | 0 | (27) |
|  | 08/2025 | 46241 | 1417 | 0 | (190) |
|  | 08/2025 | $123 | 892 | 2 | 0 |
|  | 08/2025 | 2046 | 175633 | 0 | (1) |
|  | 08/2025 | 370 | 53251 | 1 | 0 |
|  | 08/2025 | 584 | 752 | 9 | 0 |
|  SOG | 07/2025 | 7918563 | $54857 | 0 | (131) |
|  | 07/2025 | 660 | 400 | 0 | (2) |
|  | 07/2025 | $58 | 580 | 0 | 0 |
|  | 08/2025 | 4010 | $11 | 0 | (1) |
|  | 08/2025 | 580 | 58 | 0 | 0 |
|  | 08/2025 | $12 | 1012 | 0 | 0 |
|  | 08/2025 | 54857 | 7889505 | 132 | 0 |
|  | 08/2025 | 401 | 660 | 2 | 0 |
|  UAG | 07/2025 | 256209 | $189 | 0 | (1) |
|  | 07/2025 | 5561 | 548 | 0 | (4) |
|  | 07/2025 | 10489 | 316 | 0 | (7) |
|  | 07/2025 | $250 | 36124 | 1 | 0 |
|  | 07/2025 | 189 | 256333 | 1 | 0 |
|  | 09/2025 | 283 | 5484 | 7 | 0 |
|  | 12/2025 | 28324 | 548329 | 363 | 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;11370 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23806) |

---

#### WRITTEN OPTIONS:

#### CREDIT DEFAULT SWAPTIONS ON CREDIT INDEXES

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Buy/Sell<br>Protection | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| GST | Put - OTC CDX.IG-44 5-Year Index | Sell | 0.850% | 07/16/2025 | 5800 | $(8) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |
|  | Put - OTC CDX.IG-44 5-Year Index | Sell | 0.900 | 07/16/2025 | 11000 | (12) | (1) |
| JPM | Put - OTC CDX.IG-44 5-Year Index | Sell | 1.000 | 07/16/2025 | 5500 | (6) | 0 |
| RBC | Put - OTC CDX.IG-44 5-Year Index | Sell | 0.850 | 07/16/2025 | 5800 | (7) | 0 |
|  | Put - OTC CDX.IG-44 5-Year Index | Sell | 0.900 | 07/16/2025 | 5100 | (6) | 0 |
|  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;(39) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |

---

#### 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>June 30, 2025<sup>(3)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/<br>(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>June 30, 2025<sup>(3)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BPS | Mexico Government International Bond | 1.000% | Quarterly | 06/20/2026 | 0.401% | $4000 | $22 | $2 | $24 | $0 |
|  | Romania Government International Bond | 1.000 | Quarterly | 12/20/2025 | 0.758 | 7000 | 9 | 1 | 10 | 0 |
| CBK | Israel Government International Bond | 1.000 | Quarterly | 06/20/2027 | 0.603 | 1000 | (5) | 13 | 8 | 0 |
| DUB | Petroleos Mexicanos « | 4.750 | Monthly | 07/06/2026 | —¨ | 3824 | 0 | 21 | 21 | 0 |
| GST | Soft Bank Group,Inc. | 1.000 | Quarterly | 06/20/2026 | 1.490 | 9000 | (76) | 36 | 0 | (40) |
|  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;(50) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of June 30, 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> |
|  BOA | $285 | $0 | $0 | $285 | $(5123) | $0 | $0 | $(5123) | $(4838) | $4790 | $(48) |
|  BPS | 1534 | 0 | 34 | 1568 | (2425) | 0 | 0 | (2425) | (857) | 710 | (147) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **111** |

---

------

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

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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>** |
|  BRC | $394 | $0 | $0 | $394 | $(1345) | $0 | $0 | $(1345) | $(951) | $754 | $(197) |
|  CBK | 2262 | 0 | 8 | 2270 | (4617) | 0 | 0 | (4617) | (2347) | 2817 | 470 |
|  DUB | 1400 | 0 | 21 | 1421 | (1422) | 0 | 0 | (1422) | (1) | 0 | (1) |
|  FAR | 780 | 0 | 0 | 780 | (3385) | 0 | 0 | (3385) | (2605) | 1852 | (753) |
|  GLM | 822 | 0 | 0 | 822 | (1547) | 0 | 0 | (1547) | (725) | 542 | (183) |
|  GST | 0 | 0 | 0 | 0 | 0 | (2) | (40) | (42) | (42) | 264 | 222 |
|  JPM | 749 | 0 | 0 | 749 | (2198) | 0 | 0 | (2198) | (1449) | 1565 | 116 |
|  MBC | 1908 | 0 | 0 | 1908 | (1330) | 0 | 0 | (1330) | 578 | 0 | 578 |
|  MYI | 6 | 0 | 0 | 6 | (40) | 0 | 0 | (40) | (34) | (56) | (90) |
|  NGF | 28 | 0 | 0 | 28 | 0 | 0 | 0 | 0 | 28 | 0 | 28 |
|  RBC | 69 | 0 | 0 | 69 | 0 | 0 | 0 | 0 | 69 | 0 | 69 |
|  SCX | 627 | 0 | 0 | 627 | (228) | 0 | 0 | (228) | 399 | (530) | (131) |
|  SOG | 134 | 0 | 0 | 134 | (134) | 0 | 0 | (134) | 0 | 0 | 0 |
|  UAG | 372 | 0 | 0 | 372 | (12) | 0 | 0 | (12) | 360 | 0 | 360 |
|  Total Over the Counter | $11370 | $0 | $63 | $11433 | $(23806) | $(2) | $(40) | $(23848) |  |  |  |

---

(m) Securities with an aggregate market value of $13,296 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of June 30, 2025.

<sup>¨</sup> Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation.

<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. 

<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. 

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of June 30, 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 | $0 | $0 | $0 | $2737 | $2737 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 2920 | 0 | 0 | 429 | 3349 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2920 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3166 | $6086 |
|  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 | $11370 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 63 | 0 | 0 | 0 | 63 |
|  | $0 | $63 | $0 | $11370 | $0 | $11433 |
|  | $0 | $2983 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11370 | $3166 | $17519 |

---

112 PIMCO ETF TRUST See Accompanying Notes

------

June 30, 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 - 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 | $175 | $175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 2643 | 2643 |
|  | $0 | $0 | $0 | $0 | $2818 | $2818 |
|  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 | $23806 | $0 | $23806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 2 | 0 | 0 | 0 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 40 | 0 | 0 | 0 | 40 |
|  | $0 | $42 | $0 | $23806 | $0 | $23848 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23806 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2818 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26666 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 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; Written Options  | $0 | $0 | $0 | $0 | $564 | $564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 225 | 225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 12434 | 0 | 0 | (13526) | (1092) |
|  | $0 | $12434 | $0 | $0 | $(12737) | $(303) |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $(4352) | $0 | $(4352) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | 15 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 66 | 0 | 156 | 2030 | 2252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 184 | 0 | 0 | 0 | 184 |
|  | $0 | $250 | $0 | $(4196) | $2045 | $(1901) |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12684 | $0 | $(4196) | $(10692) | $(2204) |
|  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 | $14652 | $14652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 21177 | 0 | 0 | 11483 | 32660 |
|  | $0 | $21177 | $0 | $0 | $26135 | $47312 |
|  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 | $(13605) | $0 | $(13605) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | (7) | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 37 | 0 | 0 | (18) | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 73 | 0 | 0 | 0 | 73 |
|  | $0 | $110 | $0 | $(13605) | $(25) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13520) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $21287 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13605) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26110 | $33792 |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of June 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair Value<br>at 06/30/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $0 | $110184 | $86836 | $197020 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 0 | 460124 | 36690 | 496814 |
| &nbsp;&nbsp; Industrials | 1800 | 867150 | 4518 | 873468 |
| &nbsp;&nbsp; Utilities | 0 | 186558 | 0 | 186558 |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; Arizona | 0 | 3109 | 0 | 3109 |
| &nbsp;&nbsp; California | 0 | 298 | 0 | 298 |
|  U.S. Government Agencies | 0 | 2378192 | 0 | 2378192 |
|  U.S. Treasury Obligations | 0 | 209923 | 0 | 209923 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair Value<br>at 06/30/2025** |
|  Non-Agency Mortgage-Backed Securities | $0 | $823525 | $9537 | $833062 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile ABS Other | 0 | 263996 | 0 | 263996 |
| &nbsp;&nbsp; Automobile Sequential | 0 | 149559 | 0 | 149559 |
| &nbsp;&nbsp; CMBS Other | 0 | 71450 | 0 | 71450 |
| &nbsp;&nbsp; Finance Consumer Loans | 0 | 1246 | 0 | 1246 |
| &nbsp;&nbsp; Home Equity Other | 0 | 324440 | 0 | 324440 |
| &nbsp;&nbsp; Home Equity Sequential | 0 | 1109 | 0 | 1109 |
| &nbsp;&nbsp; Manufacturing House Sequential | 0 | 2408 | 0 | 2408 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 177529 | 0 | 177529 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **113** |

---

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair Value<br>at 06/30/2025** |
| &nbsp;&nbsp; Other ABS | $0 | $1171802 | $27707 | $1199509 |
|  Sovereign Issues | 0 | 210958 | 0 | 210958 |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Energy | 0 | 29 | 0 | 29 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 880400 | 0 | 880400 |
| &nbsp;&nbsp; Short-Term Notes | 0 | 2801 | 2602 | 5403 |
| &nbsp;&nbsp; Nigeria Treasury Bills | 0 | 7290 | 0 | 7290 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 27068 | 0 | 27068 |
|  | $1800 | $8331148 | $167890 | $8500838 |
|  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 | 18981 | 0 | 0 | 18981 |
|  Total Investments | $20781 | $8331148 | $167890 | $8519819 |
|  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 | $97 | $5989 | $0 | $6086 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair Value<br>at 06/30/2025** |
|  Over the counter | $0 | $11412 | $21 | $11433 |
|  | $97 | $17401 | $21 | $17519 |
|  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 | (175) | (2643) | 0 | (2818) |
|  Over the counter | 0 | (23848) | 0 | (23848) |
|  | $(175) | $(26491) | $0 | $(26666) |
|  Total Financial Derivative Instruments | $(78) | $(9090) | $21 | $(9147) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20703 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8322058 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167911 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8510672 |

---

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended June 30, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Beginning<br>Balance<br>at 06/30/2024 | Net<br>Purchases<sup>(1)</sup> | Net<br>Sales/<br>Settlements<sup>(1)</sup> | Accrued<br>Discounts/<br>(Premiums) | Realized<br>Gain/<br>(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 06/30/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>06/30/2025<sup>(2)</sup> |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $3714 | $83008 | $(3724) | $198 | $7 | $3633 | $0 | $0 | $86836 | $3636 |
|  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 | 964 | 35830 | (1000) | 34 | 0 | 862 | 0 | 0 | 36690 | 860 |
| &nbsp;&nbsp; Industrials | 1598 | 1000 | 0 | 0 | 0 | 32 | 1888 | 0 | 4518 | 33 |
|  Non-Agency Mortgage-Backed Securities | 2055 | 9500 | 0 | 27 | 0 | 164 | 0 | (2209) | 9537 | 36 |
|  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; Home Equity Other | 282 | 0 | (34) | 1 | 1 | 13 | 0 | (263) | 0 | 0 |
| &nbsp;&nbsp; Other ABS | 2318 | 28612 | (1466) | 13 | 0 | (83) | 0 | (1687) | 27707 | (147) |
|  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 | 0 | 2600 | 0 | 0 | 0 | 2 | 0 | 0 | 2602 | 3 |
|  | $10931 | $160550 | $(6224) | $273 | $8 | $4623 | $1888 | $(4159) | $167890 | $4421 |
|  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 | $0 | $13 | $0 | $0 | $0 | $8 | $0 | $0 | $21 | $8 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10931 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160563 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6224) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4631 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1888 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4159) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167911 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4429 |

---

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 06/30/2025 | **Valuation**<br> **Technique** | **Unobservable**<br> **Inputs** | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| **Category and Subcategory** | Ending<br>Balance<br>at 06/30/2025 | **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 | $61245 | Discounted Cash Flow | Discount Rate | 3.327-11.518 | 6.876 |
|  | 4666 | Indicative Market Quotation | Broker Quote | 77.000-100.500 | 88.925 |
|  | 10845 | Recent Transaction | Purchase Price | 100.000 |  |
|  | 10080 | Third Party Vendor | Broker Quote | 100.500-101.000 | 100.801 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; Banking & Finance | 24248 | Discounted Cash Flow | Discount Rate | 4.620-7.326 | 5.889 |
|  | 12442 | Proxy Pricing | Base Price | 104.175 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 1628 | Discounted Cash Flow | Discount Rate | 4.796 |  |
|  | 1888 | Indicative Market Quotation | Broker Quote | 75.500 |  |
|  | 1002 | Proxy Pricing | Base Price | 100.000 |  |
|  Non-Agency Mortgage-Backed Securities | 2201 | Discounted Cash Flow | Discount Rate | 6.573 |  |
|  | 7336 | Proxy Pricing | Base Price | 99.999 |  |

---

---

| | | |
|:---|:---|:---|
| **114** | **PIMCO ETF TRUST** | See Accompanying Notes |

---

------

June 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Ending<br>Balance<br>at 06/30/2025** | **Valuation**<br> **Technique** | **Unobservable**<br> **Inputs** | **(% Unless Noted Otherwise)** | **(% Unless Noted Otherwise)** |
| **Category and Subcategory** | **Ending<br>Balance<br>at 06/30/2025** | **Valuation**<br> **Technique** | **Unobservable**<br> **Inputs** | **Input Value(s)** | **Weighted**<br> **Average** |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp;&nbsp;&nbsp; Other ABS | $5771 | Discounted<br>Cash Flow | Discount Rate | 5.661-20.000 | 8.948 |
|  | 21336 | Proxy Pricing | Base Price | 99.996-99.997 | 99.996 |
|  | 600 | Recent Transaction | Purchase Price | 100.000 |  |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp;&nbsp;&nbsp; Short-Term Notes | 2602 | Proxy Pricing | Base Price | 100.000 |  |
|  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 | Indicative<br>Market Quotation | Broker Quote | 0.197 |  |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167911 |  |  |  |  |

---

<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 June 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **115** |

---

------

Schedule of Investments PIMCO Municipal Income Opportunities Active Exchange-Traded Fund

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

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 100.5% | INVESTMENTS IN SECURITIES 100.5% | INVESTMENTS IN SECURITIES 100.5% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
| INDUSTRIALS 0.1% | INDUSTRIALS 0.1% | INDUSTRIALS 0.1% |
|  Sutter Health | Sutter Health | Sutter Health |
|  5.537% due 08/15/2035 | 500 | 517 |
|  Total Corporate Bonds & Notes (Cost $500) | Total Corporate Bonds & Notes (Cost $500) | 517 |
| MUNICIPAL BONDS & NOTES 97.2% | MUNICIPAL BONDS & NOTES 97.2% | MUNICIPAL BONDS & NOTES 97.2% |
| ALABAMA 4.0% | ALABAMA 4.0% | ALABAMA 4.0% |
|  Auburn University, Alabama Revenue Bonds, Series 2025 | Auburn University, Alabama Revenue Bonds, Series 2025 | Auburn University, Alabama Revenue Bonds, Series 2025 |
|  5.000% due 06/01/2043 | 1335 | 1406 |
|  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 | 1400 | 1477 |
|  5.500% due 10/01/2054 | 400 | 432 |
|  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 | 1059 |
|  5.000% due 10/01/2055 | 600 | 632 |
|  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 | 535 |
|  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 | 956 |
|  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 | 421 |
|  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 | 1241 |
|  5.000% due 10/01/2055 | 1700 | 1793 |
|  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 | 1021 |
|  5.250% due 03/01/2055 | 1500 | 1568 |
|  5.250% due 11/01/2055 | 300 | 323 |
|  |  | 12864 |
| 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 2.0% | ARIZONA 2.0% | ARIZONA 2.0% |
|  Arizona Industrial Development Authority Revenue Bonds, Series 2019 | Arizona Industrial Development Authority Revenue Bonds, Series 2019 | Arizona Industrial Development Authority Revenue Bonds, Series 2019 |
|  3.950% 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 | 443 |
|  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 | 998 |
|  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 | 1049 |
|  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 01/01/2041 | 710 | 761 |
|  |  | 6251 |
| ARKANSAS 0.3% | ARKANSAS 0.3% | ARKANSAS 0.3% |
|  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 |
|  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 | 451 |
|  |  | 993 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| CALIFORNIA 5.3% | CALIFORNIA 5.3% | CALIFORNIA 5.3% |
|  Alameda Corridor Transportation Authority, California Revenue Bonds, Series 2022 | Alameda Corridor Transportation Authority, California Revenue Bonds, Series 2022 | Alameda Corridor Transportation Authority, California Revenue Bonds, Series 2022 |
|  0.000% due 10/01/2047 (d) | 500 | 285 |
|  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 | 341 |
|  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 | 926 |
|  California Community Choice Financing Authority Revenue Bonds, Series 2021 | California Community Choice Financing Authority Revenue Bonds, Series 2021 | California Community Choice Financing Authority Revenue Bonds, Series 2021 |
|  4.000% due 02/01/2052 | 1000 | 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 | 421 |
|  5.250% due 01/01/2054 | 250 | 262 |
|  5.250% due 11/01/2054 | 700 | 742 |
|  5.500% due 10/01/2054 | 200 | 215 |
|  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 | 843 |
|  5.000% due 02/01/2055 | 1100 | 1169 |
|  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 | 76 |
|  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 (a) | 1300 | 1400 |
|  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 | 98 |
|  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 | 230 |
|  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 | 1013 |
|  California Pollution Control Financing Authority Revenue Bonds, Series 2017 | California Pollution Control Financing Authority Revenue Bonds, Series 2017 | California Pollution Control Financing Authority Revenue Bonds, Series 2017 |
|  4.250% due 11/01/2042 | 1000 | 1000 |
|  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 | 594 |
|  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 | 382 |
|  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 | 254 |
|  California Statewide Communities Development Authority Revenue Bonds, Series 2016 | California Statewide Communities Development Authority Revenue Bonds, Series 2016 | California Statewide Communities Development Authority Revenue Bonds, Series 2016 |
|  5.250% due 12/01/2056 | 250 | 240 |
|  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 | 419 |
|  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 (d) | 200 | 122 |
|  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 | 230 |
|  3.850% due 06/01/2050 | 435 | 396 |
|  4.214% due 06/01/2050 | 200 | 144 |
|  Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2022 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2022 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2022 |
|  5.000% due 06/01/2051 | 250 | 246 |
|  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 | 437 |
|  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 | 1772 |
|  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 | 147 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  San Diego County, California Regional Airport Authority Revenue Bonds, Series 2023 | San Diego County, California Regional Airport Authority Revenue Bonds, Series 2023 | San Diego County, California Regional Airport Authority Revenue Bonds, Series 2023 |
|  5.250% due 07/01/2058 | 900 | 913 |
|  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 | 549 |
|  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 (c) | 1000 | 153 |
|  |  | 17014 |
| COLORADO 3.5% | COLORADO 3.5% | COLORADO 3.5% |
|  Board of Governors of Colorado State University System Certificates of Participation Bonds, Series 2024 | Board of Governors of Colorado State University System Certificates of Participation Bonds, Series 2024 | Board of Governors of Colorado State University System Certificates of Participation Bonds, Series 2024 |
|  5.000% due 11/01/2043 | 200 | 210 |
|  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 |
|  2.050% 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 | 517 |
|  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 | 431 |
|  Colorado Health Facilities Authority Revenue Bonds, Series 2022 | Colorado Health Facilities Authority Revenue Bonds, Series 2022 | Colorado Health Facilities Authority Revenue Bonds, Series 2022 |
|  5.000% due 05/15/2062 | 1500 | 1531 |
|  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 | 549 |
|  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 | 502 |
|  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 | 919 |
|  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 | 991 |
|  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 | 457 |
|  Denver, Colorado Airport System City & County Revenue Bonds, Series 2022 | Denver, Colorado Airport System City & County Revenue Bonds, Series 2022 | Denver, Colorado Airport System City & County Revenue Bonds, Series 2022 |
|  5.000% due 11/15/2053 | 1000 | 984 |
|  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 | 1005 |
|  |  | 11336 |
| CONNECTICUT 0.6% | CONNECTICUT 0.6% | CONNECTICUT 0.6% |
|  Connecticut Special Tax State Revenue Bonds, Series 2018 | Connecticut Special Tax State Revenue Bonds, Series 2018 | Connecticut Special Tax State Revenue Bonds, Series 2018 |
|  5.000% due 01/01/2031 | 1000 | 1050 |
|  Norwalk, Connecticut Housing Authority, (FNMA Insured), Series 2024 | Norwalk, Connecticut Housing Authority, (FNMA Insured), Series 2024 | Norwalk, Connecticut Housing Authority, (FNMA Insured), Series 2024 |
|  4.400% due 09/01/2042 | 1000 | 969 |
|  |  | 2019 |
| DELAWARE 0.1% | DELAWARE 0.1% | DELAWARE 0.1% |
|  Delaware State Economic Development Authority Revenue Bonds, Series 2020 | Delaware State Economic Development Authority Revenue Bonds, Series 2020 | Delaware State Economic Development Authority Revenue Bonds, Series 2020 |
|  1.250% due 10/01/2045 | 250 | 248 |
| DISTRICT OF COLUMBIA 0.8% | DISTRICT OF COLUMBIA 0.8% | DISTRICT OF COLUMBIA 0.8% |
|  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 | 500 | 522 |
|  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 | 543 |

---

---

| | | |
|:---|:---|:---|
| **116** | **PIMCO ETF TRUST** | See Accompanying Notes |

---

------

June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.000% due 07/15/2048 | 500 | 507 |
|  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 | 1008 |
|  |  | 2580 |
| FLORIDA 4.9% | FLORIDA 4.9% | FLORIDA 4.9% |
|  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 | 1007 |
|  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 | 470 |
|  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 | 378 |
|  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 | 1491 |
|  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 | 1000 | 1005 |
|  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 | 506 |
|  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 | 407 |
|  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 |
|  3.850% due 11/15/2054 | 2300 | 2300 |
|  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 | 533 |
|  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 | 1013 |
|  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 |
|  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 | 1226 |
|  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 | 833 |
|  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 | 2841 |
|  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 | 456 |
|  Village Community Development District No. 13, Florida Special Assessment Bonds, Series 2020 | Village Community Development District No. 13, Florida Special Assessment Bonds, Series 2020 | Village Community Development District No. 13, Florida Special Assessment Bonds, Series 2020 |
|  3.500% due 05/01/2051 | 500 | 368 |
|  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 | 196 |
|  |  | 15693 |
| GEORGIA 1.6% | GEORGIA 1.6% | GEORGIA 1.6% |
|  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 | 989 |
|  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 | 525 |
|  Douglas County, Georgia Housing Authority Multifamly Tax-Exempt Bonds, Series 2024 | Douglas County, Georgia Housing Authority Multifamly Tax-Exempt Bonds, Series 2024 | Douglas County, Georgia Housing Authority Multifamly Tax-Exempt Bonds, Series 2024 |
|  4.375% due 04/01/2043 | 2000 | 1894 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  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 12/01/2053 | 400 | 421 |
|  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 | 317 |
|  Municipal Electric Authority of Georgia Revenue Bonds, (BAM Insured), Series 2024 | Municipal Electric Authority of Georgia Revenue Bonds, (BAM Insured), Series 2024 | Municipal Electric Authority of Georgia Revenue Bonds, (BAM Insured), Series 2024 |
|  5.250% due 01/01/2054 | 500 | 519 |
|  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 | 511 |
|  |  | 5176 |
| IDAHO 1.0% | IDAHO 1.0% | IDAHO 1.0% |
|  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 03/01/2040 | 2000 | 2101 |
|  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 | 955 | 922 |
|  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 | 219 | 197 |
|  |  | 3220 |
| ILLINOIS 5.2% | ILLINOIS 5.2% | ILLINOIS 5.2% |
|  Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2022 | Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2022 | Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2022 |
|  5.000% due 01/01/2055 | 500 | 492 |
|  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 | 2606 |
|  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 | 508 |
|  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 (a) | 500 | 533 |
|  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 | 506 |
|  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 | 463 |
|  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 | 1580 |
|  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 | 533 |
|  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 | 1093 |
|  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 | 987 |
|  4.000% due 06/01/2037 | 300 | 280 |
|  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 | 2044 |
|  5.250% due 05/01/2045 | 1000 | 1017 |
|  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 | 1262 |
|  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 | 1000 | 1088 |
|  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 | 1022 |
|  |  | 16524 |
| INDIANA 1.9% | INDIANA 1.9% | INDIANA 1.9% |
|  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 | 529 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  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 | 250 | 243 |
|  4.250% due 11/01/2030 | 1750 | 1784 |
|  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 (a) | 500 | 545 |
|  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 | 378 |
|  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 | 311 |
|  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 | 380 |
|  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 2008 | Whiting, Indiana Revenue Bonds, Series 2008 | Whiting, Indiana Revenue Bonds, Series 2008 |
|  4.200% due 06/01/2044 | 600 | 600 |
|  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 | 1016 |
|  |  | 5988 |
| IOWA 0.2% | IOWA 0.2% | IOWA 0.2% |
|  Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds, Series 2022 | Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds, Series 2022 | Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds, Series 2022 |
|  4.000% due 12/01/2050 | 500 | 534 |
| KENTUCKY 1.3% | KENTUCKY 1.3% | KENTUCKY 1.3% |
|  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 | 653 |
|  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 | 317 |
|  Kentucky Public Energy Authority Revenue Bonds, Series 2025 | Kentucky Public Energy Authority Revenue Bonds, Series 2025 | Kentucky Public Energy Authority Revenue Bonds, Series 2025 |
|  5.250% due 06/01/2055 | 250 | 264 |
|  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 | 650 | 658 |
|  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 | 736 |
|  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 | 1030 |
|  |  | 4158 |
| LOUISIANA 0.9% | LOUISIANA 0.9% | LOUISIANA 0.9% |
|  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 | 486 |
|  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 | 262 |
|  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 | 2151 |
|  |  | 2899 |
| MARYLAND 0.9% | MARYLAND 0.9% | MARYLAND 0.9% |
|  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 | 1027 |
|  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 | 896 |

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---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **117** |

---

------

Schedule of Investments PIMCO Municipal Income Opportunities Active Exchange-Traded Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Maryland State General Obligation Bonds, Series 2025 | Maryland State General Obligation Bonds, Series 2025 | Maryland State General Obligation Bonds, Series 2025 |
|  5.000% due 06/01/2039 | 1000 | 1099 |
|  |  | 3022 |
| MASSACHUSETTS 2.4% | MASSACHUSETTS 2.4% | MASSACHUSETTS 2.4% |
|  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 | 1048 |
|  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 | 722 |
|  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 12/01/2054 | 500 | 511 |
|  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 04/01/2045 | 2000 | 2083 |
|  Commonwealth of Massachusetts Transportation Fund Revenue Bonds, Series 2024 | Commonwealth of Massachusetts Transportation Fund Revenue Bonds, Series 2024 | Commonwealth of Massachusetts Transportation Fund Revenue Bonds, Series 2024 |
|  5.000% due 06/01/2053 | 2000 | 2045 |
|  Massachusetts Development Finance Agency Revenue Bonds, Series 2024 | Massachusetts Development Finance Agency Revenue Bonds, Series 2024 | Massachusetts Development Finance Agency Revenue Bonds, Series 2024 |
|  4.000% due 03/01/2054 | 1000 | 861 |
|  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 | 515 |
|  |  | 7785 |
| MICHIGAN 2.9% | MICHIGAN 2.9% | MICHIGAN 2.9% |
|  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 | 332 |
|  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 | 420 | 433 |
|  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 | 776 |
|  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 | 1719 |
|  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 (c) | 2500 | 246 |
|  5.000% due 06/01/2040 | 750 | 760 |
|  Michigan Finance Authority Revenue Bonds, Series 2024 | Michigan Finance Authority Revenue Bonds, Series 2024 | Michigan Finance Authority Revenue Bonds, Series 2024 |
|  5.500% due 02/28/2049 | 500 | 519 |
|  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 | 1618 |
|  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 11/15/2046 | 500 | 516 |
|  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 (a) | 600 | 619 |
|  5.500% due 06/01/2050 (a) | 650 | 676 |
|  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 | 809 |
|  |  | 9218 |
| MINNESOTA 2.3% | MINNESOTA 2.3% | MINNESOTA 2.3% |
|  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 | 500 |
|  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 07/01/2033 | 2250 | 2477 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  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 | 509 |
|  5.000% due 11/15/2049 | 250 | 245 |
|  Minnesota Agricultural & Economic Development Board Revenue Bonds, Series 2024 | Minnesota Agricultural & Economic Development Board Revenue Bonds, Series 2024 | Minnesota Agricultural & Economic Development Board Revenue Bonds, Series 2024 |
|  5.250% due 01/01/2054 | 1000 | 1012 |
|  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 | 490 | 549 |
|  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 | 490 |
|  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 | 500 |
|  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 | 1055 |
|  |  | 7337 |
| 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 | 323 |
| MISSOURI 1.4% | MISSOURI 1.4% | MISSOURI 1.4% |
|  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 | 451 |
|  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 04/01/2059 | 1650 | 1808 |
|  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 | 1944 |
|  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 (a) | 300 | 333 |
|  |  | 4536 |
| MULTI-STATE 3.7% | MULTI-STATE 3.7% | MULTI-STATE 3.7% |
|  FHLMC Multifamily VRD Certificates, Revenue Bonds, Series 2025 | FHLMC Multifamily VRD Certificates, Revenue Bonds, Series 2025 | FHLMC Multifamily VRD Certificates, Revenue Bonds, Series 2025 |
|  4.388% due 11/25/2042 | 2494 | 2476 |
|  4.869% due 01/25/2043 | 3398 | 3398 |
|  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 |
|  4.033% due 12/25/2036 | 684 | 685 |
|  4.143% due 01/25/2040 ~ | 392 | 377 |
|  4.552% due 08/25/2040 ~ | 990 | 1002 |
|  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 |
|  4.615% due 08/25/2041 ~(f) | 2190 | 2250 |
|  4.685% due 10/25/2040 | 694 | 708 |
|  4.700% due 04/25/2042 | 998 | 994 |
|  |  | 11890 |
| 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 | 248 |
| NEVADA 1.1% | NEVADA 1.1% | NEVADA 1.1% |
|  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 | 2683 |
|  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 | 287 |
|  Reno, Nevada Revenue Bonds, Series 2018 | Reno, Nevada Revenue Bonds, Series 2018 | Reno, Nevada Revenue Bonds, Series 2018 |
|  0.000% due 07/01/2058 (c) | 1000 | 150 |
|  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 | 501 |
|  |  | 3621 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| NEW HAMPSHIRE 1.3% | NEW HAMPSHIRE 1.3% | NEW HAMPSHIRE 1.3% |
|  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 | 489 | 447 |
|  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 |
|  4.168% due 01/20/2041 ~ | 1497 | 1423 |
|  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 | 1007 |
|  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 | 600 | 672 |
|  New Hampshire National Finance Authority Affordable Housing, Series 2024 | New Hampshire National Finance Authority Affordable Housing, Series 2024 | New Hampshire National Finance Authority Affordable Housing, Series 2024 |
|  4.150% due 10/20/2040 | 600 | 580 |
|  |  | 4129 |
| NEW JERSEY 1.3% | NEW JERSEY 1.3% | NEW JERSEY 1.3% |
|  Middlesex County Improvement Authority, New Jersey Revenue Bonds, Series 2023 | Middlesex County Improvement Authority, New Jersey Revenue Bonds, Series 2023 | Middlesex County Improvement Authority, New Jersey Revenue Bonds, Series 2023 |
|  5.000% due 08/15/2053 | 500 | 512 |
|  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 | 247 |
|  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 | 1000 | 1002 |
|  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 (a) | 400 | 448 |
|  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 | 1026 |
|  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 | 901 |
|  |  | 4136 |
| NEW MEXICO 0.3% | NEW MEXICO 0.3% | NEW MEXICO 0.3% |
|  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 | 324 |
|  |  | 832 |
| NEW YORK 9.9% | NEW YORK 9.9% | NEW YORK 9.9% |
|  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 | 807 |
|  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 | 1582 |
|  New York City, New York General Obligation Bonds, Series 2012 | New York City, New York General Obligation Bonds, Series 2012 | New York City, New York General Obligation Bonds, Series 2012 |
|  3.900% 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 | 265 |
|  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 | 517 |
|  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 | 243 |
|  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 | 208 |
|  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 | 2047 |

---

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| | | |
|:---|:---|:---|
| **118** | **PIMCO ETF TRUST** | See Accompanying Notes |

---

------

June 30, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.250% due 06/15/2054 | $— | 500 | $— | 519 |
|  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 | 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 |  | 529 |
|  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 | 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 |  | 1563 |
|  5.000% due 05/01/2044 |  | 1300 |  | 1349 |
|  New York City, New York Transitional Finance Authority Revenue Bonds, Series 2025 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2025 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2025 | 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 11/01/2046 |  | 1000 |  | 1030 |
|  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 | New York Liberty Development Corp. Revenue Bonds, Series 2014 | New York Liberty Development Corp. Revenue Bonds, Series 2014 |
|  5.000% due 11/15/2044 |  | 1350 |  | 1322 |
|  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 | 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 |  | 1090 |
|  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 | New York State Dormitory Authority Revenue Bonds, Series 2020 |
|  5.000% due 07/01/2050 |  | 500 |  | 503 |
|  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 | New York State Dormitory Authority Revenue Bonds, Series 2022 |
|  5.000% due 03/15/2041 |  | 500 |  | 520 |
|  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 | New York State Dormitory Authority Revenue Bonds, Series 2024 |
|  4.000% due 05/01/2038 |  | 750 |  | 730 |
|  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 | New York State Dormitory Authority Revenue Notes, Series 2024 |
|  5.000% due 05/01/2034 |  | 200 |  | 222 |
|  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 | 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 |  | 506 |
|  5.000% due 03/15/2063 |  | 1000 |  | 1007 |
|  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 | 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 |  | 897 |
|  New York Transportation Development Corp. Revenue Bonds, (AGC Insured) ,Series 2024 | New York Transportation Development Corp. Revenue Bonds, (AGC Insured) ,Series 2024 | New York Transportation Development Corp. Revenue Bonds, (AGC Insured) ,Series 2024 | New York Transportation Development Corp. Revenue Bonds, (AGC Insured) ,Series 2024 | New York Transportation Development Corp. Revenue Bonds, (AGC Insured) ,Series 2024 |
|  5.250% due 12/31/2054 |  | 1600 |  | 1603 |
|  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 | 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 |  | 518 |
|  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 | 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 |  | 514 |
|  6.000% due 04/01/2035 |  | 250 |  | 272 |
|  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 | 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 | 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 |  | 541 |
|  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 | 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 |  | 1421 |
|  Port Authority of New York & New Jersey Revenue Bonds, Series 2025 | Port Authority of New York & New Jersey Revenue Bonds, Series 2025 | Port Authority of New York & New Jersey Revenue Bonds, Series 2025 | Port Authority of New York & New Jersey Revenue Bonds, Series 2025 | Port Authority of New York & New Jersey Revenue Bonds, Series 2025 |
|  5.000% due 01/15/2040 |  | 1000 |  | 1080 |
|  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 | 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 |  | 542 |
|  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 | 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 |  | 990 |  | 977 |
|  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 | 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 (c) |  | 1500 |  | 134 |
|  4.000% due 06/01/2050 |  | 300 |  | 253 |
|  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 | 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 |  | 455 |
|  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 | 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 |  | 517 |

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---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  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 | 1752 |
|  |  | 31524 |
| NORTH CAROLINA 0.8% | NORTH CAROLINA 0.8% | NORTH CAROLINA 0.8% |
|  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 | 990 | 973 |
|  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 | 400 | 439 |
|  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 | 1014 |
|  |  | 2426 |
| 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 12/01/2041 | 525 | 539 |
| OHIO 3.7% | OHIO 3.7% | OHIO 3.7% |
|  Allen County, Ohio Hospital Facilities Revenue Bonds, Series 2017 | Allen County, Ohio Hospital Facilities Revenue Bonds, Series 2017 | Allen County, Ohio Hospital Facilities Revenue Bonds, Series 2017 |
|  5.000% due 08/01/2042 | 500 | 501 |
|  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 | 1039 |
|  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 |
|  0.010% due 06/01/2057 (c) | 7400 | 689 |
|  4.000% due 06/01/2048 | 500 | 415 |
|  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 | 1699 |
|  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 | 462 |
|  Hamilton County, Ohio Revenue Bonds, Series 2021 | Hamilton County, Ohio Revenue Bonds, Series 2021 | Hamilton County, Ohio Revenue Bonds, Series 2021 |
|  4.050% due 08/15/2051 | 1900 | 1900 |
|  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 | 355 |
|  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 | 505 |
|  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 | 771 |
|  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 | 2300 | 2526 |
|  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 | 290 |
|  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 | 760 |
|  |  | 11912 |
| OKLAHOMA 0.2% | OKLAHOMA 0.2% | OKLAHOMA 0.2% |
|  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 | 626 |
| OREGON 0.3% | OREGON 0.3% | OREGON 0.3% |
|  Oregon State General Obligation Bonds, Series 2022 | Oregon State General Obligation Bonds, Series 2022 | Oregon State General Obligation Bonds, Series 2022 |
|  4.000% due 06/01/2045 | 1100 | 1100 |
| PENNSYLVANIA 4.3% | PENNSYLVANIA 4.3% | PENNSYLVANIA 4.3% |
|  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 | 730 |

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| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania Revenue Bonds, Series 2022 | Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania Revenue Bonds, Series 2022 | Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania Revenue Bonds, Series 2022 |
|  5.250% due 05/01/2042 | 500 | 495 |
|  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 | 234 |
|  Commonwealth of Pennsylvania, General Obligation Bonds, Series 2016 | Commonwealth of Pennsylvania, General Obligation Bonds, Series 2016 | Commonwealth of Pennsylvania, General Obligation Bonds, Series 2016 |
|  4.000% due 09/15/2034 | 500 | 502 |
|  Lehigh County, Pennsylvania Revenue Bonds, Series 2019 | Lehigh County, Pennsylvania Revenue Bonds, Series 2019 | Lehigh County, Pennsylvania Revenue Bonds, Series 2019 |
|  3.020% due 08/15/2038 ~(f) | 940 | 927 |
|  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 | 500 | 515 |
|  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 |
|  3.950% 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 | 293 |
|  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 | 252 |
|  5.000% due 12/31/2038 | 500 | 499 |
|  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 | 527 |
|  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 | 1049 |
|  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 | 1594 |
|  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 | 1012 |
|  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 | 200 | 216 |
|  6.250% due 10/01/2054 | 200 | 219 |
|  Pennsylvania Turnpike Commission Revenue Bonds, Series 2013 | Pennsylvania Turnpike Commission Revenue Bonds, Series 2013 | Pennsylvania Turnpike Commission Revenue Bonds, Series 2013 |
|  0.000% due 12/01/2037 (d) | 2100 | 2024 |
|  Pennsylvania Turnpike Commission Revenue Bonds, Series 2021 | Pennsylvania Turnpike Commission Revenue Bonds, Series 2021 | Pennsylvania Turnpike Commission Revenue Bonds, Series 2021 |
|  5.000% due 12/01/2051 | 250 | 253 |
|  |  | 13841 |
| PUERTO RICO 2.5% | PUERTO RICO 2.5% | PUERTO RICO 2.5% |
|  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 | 239 | 147 |
|  0.000% due 11/01/2051 | 1966 | 1244 |
|  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 | 334 | 320 |
|  Puerto Rico Electric Power Authority Revenue Bonds, Series 2010 | Puerto Rico Electric Power Authority Revenue Bonds, Series 2010 | Puerto Rico Electric Power Authority Revenue Bonds, Series 2010 |
|  5.250% due 07/01/2040 ^(b) | 2150 | 1048 |
|  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018 | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018 | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018 |
|  0.000% due 07/01/2051 (c) | 5400 | 1263 |
|  0.010% due 07/01/2046 (c) | 2500 | 796 |
|  5.000% due 07/01/2058 | 1750 | 1648 |
|  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 | 1500 | 1409 |
|  4.550% due 07/01/2040 | 250 | 240 |
|  |  | 8115 |

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See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| JUNE 30, 2025 119

------

Schedule of Investments PIMCO Municipal Income Opportunities Active Exchange-Traded Fund (Cont.)

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| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| RHODE ISLAND 0.3% | RHODE ISLAND 0.3% | RHODE ISLAND 0.3% |
|  Tobacco Settlement Financing Corp. Rhode Island Revenue Bonds, Series 2015 | Tobacco Settlement Financing Corp. Rhode Island Revenue Bonds, Series 2015 | Tobacco Settlement Financing Corp. Rhode Island Revenue Bonds, Series 2015 |
|  5.000% due 06/01/2040 | 750 | 750 |
|  5.000% due 06/01/2050 | 200 | 198 |
|  |  | 948 |
| SOUTH CAROLINA 1.4% | SOUTH CAROLINA 1.4% | SOUTH CAROLINA 1.4% |
|  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 | 614 |
|  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 | 215 |
|  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 | 1332 |
|  5.500% due 12/01/2054 | 1050 | 1100 |
|  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 | 1288 |
|  |  | 4549 |
| SOUTH DAKOTA 0.2% | SOUTH DAKOTA 0.2% | SOUTH DAKOTA 0.2% |
|  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 | 481 |
| TENNESSEE 0.8% | TENNESSEE 0.8% | TENNESSEE 0.8% |
|  Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Bonds, Series 2024 | Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Bonds, Series 2024 | Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Bonds, Series 2024 |
|  3.250% due 10/01/2045 | 600 | 600 |
|  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 | 1006 |
|  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 | 1097 |
|  |  | 2703 |
| TEXAS 16.5% | TEXAS 16.5% | TEXAS 16.5% |
|  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 | 102 |
|  Angelina & Neches River Authority, Texas Revenue Bonds, Series 2021 | Angelina & Neches River Authority, Texas Revenue Bonds, Series 2021 | Angelina & Neches River Authority, Texas Revenue Bonds, Series 2021 |
|  5.000% due 12/01/2045 | 250 | 250 |
|  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 | 394 |
|  4.125% due 08/15/2054 | 500 | 431 |
|  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 | 1403 |
|  Austin Affordable PFC Inc., Texas Revenue Bonds, Series 2024 | Austin Affordable PFC Inc., Texas Revenue Bonds, Series 2024 | Austin Affordable PFC Inc., Texas Revenue Bonds, Series 2024 |
|  4.500% due 03/01/2043 | 500 | 484 |
|  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 | 2000 | 2018 |
|  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 | 3053 |
|  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 | 270 |
|  Bexar Management And Development Corp. Texas Revenue Bonds, Series 2024 | Bexar Management And Development Corp. Texas Revenue Bonds, Series 2024 | Bexar Management And Development Corp. Texas Revenue Bonds, Series 2024 |
|  3.020% due 05/10/2045 | 2000 | 1981 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  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 | 1500 | 1592 |
|  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 | 671 |
|  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 | 489 |
|  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 | 2183 |
|  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 08/15/2048 | 700 | 716 |
|  5.000% due 08/15/2053 | 1500 | 1522 |
|  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 | 496 |
|  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 | 439 |
|  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 | 2100 | 2062 |
|  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 | 524 |
|  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 | 1131 |
|  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 | 1038 |
|  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 | 1568 |
|  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 | 104 |
|  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 | 436 |
|  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 | 509 |
|  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 | 1017 |
|  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 | 5091 |
|  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 | 500 |
|  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 | 695 |
|  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 | 2004 |
|  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 | 238 |
|  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 | 1014 |
|  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 | 503 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  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 | 962 |
|  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 | 179 |
|  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 | 724 |
|  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 | 1001 |
|  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 | 3071 |
|  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 | 1122 |
|  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 | 632 |
|  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 | 971 |
|  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 | 1107 |
|  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 | 237 |
|  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 | 1775 |
|  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 | 601 |
|  5.000% due 10/15/2057 | 250 | 253 |
|  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 | 506 |
|  Texas Water Development Board Revenue Bonds, Series 2024 | Texas Water Development Board Revenue Bonds, Series 2024 | Texas Water Development Board Revenue Bonds, Series 2024 |
|  4.125% due 10/15/2047 | 900 | 817 |
|  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 | 1330 |
|  |  | 52749 |
| UTAH 0.9% | UTAH 0.9% | UTAH 0.9% |
|  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 | 1271 |
|  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 | 321 |
|  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 | 495 | 552 |
|  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 | 681 |
|  |  | 2825 |
| VIRGINIA 0.6% | VIRGINIA 0.6% | VIRGINIA 0.6% |
|  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 | 310 | 291 |
|  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 | 1000 | 1102 |
|  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 | 515 |
|  |  | 1908 |

---

120 PIMCO ETF TRUST See Accompanying Notes

------

June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| WASHINGTON 1.6% | WASHINGTON 1.6% | WASHINGTON 1.6% |
|  King County, Washington General Obligation Bonds, Series 2024 | King County, Washington General Obligation Bonds, Series 2024 | King County, Washington General Obligation Bonds, Series 2024 |
|  5.000% due 12/01/2044 | 1500 | 1568 |
|  Washington State General Obligation Bonds, Series 2023 | Washington State General Obligation Bonds, Series 2023 | Washington State General Obligation Bonds, Series 2023 |
|  5.000% due 06/01/2040 | 1000 | 1063 |
|  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 | 1030 |
|  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 | 476 |
|  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 | 492 | 448 |
|  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 |
|  4.085% due 03/20/2040 | 597 | 561 |
|  |  | 5146 |
| WEST VIRGINIA 0.5% | WEST VIRGINIA 0.5% | WEST VIRGINIA 0.5% |
|  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 | 1050 | 1072 |
|  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 | 319 |
|  West Virginia Housing Development Fund Revenue Notes, Series 2024 | West Virginia Housing Development Fund Revenue Notes, Series 2024 | West Virginia Housing Development Fund Revenue Notes, Series 2024 |
|  5.000% due 08/01/2027 | 175 | 181 |
|  |  | 1572 |
| WISCONSIN 1.0% | WISCONSIN 1.0% | WISCONSIN 1.0% |
|  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 | 259 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.000% due 03/31/2056 | 250 | 193 |
|  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 | 337 |
|  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 | 313 |
|  5.250% due 06/15/2050 | 250 | 251 |
|  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 | 672 |
|  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 (c) | 1000 | 366 |
|  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 |
|  3.750% due 04/01/2035 | 900 | 900 |
|  |  | 3291 |
|  Total Municipal Bonds & Notes<br>(Cost $313,517) | Total Municipal Bonds & Notes<br>(Cost $313,517) | 311086 |
| U.S. GOVERNMENT AGENCIES 0.1% | U.S. GOVERNMENT AGENCIES 0.1% | U.S. GOVERNMENT AGENCIES 0.1% |
|  Freddie Mac | Freddie Mac | Freddie Mac |
|  3.084% due 04/25/2043 ~ | 197 | 172 |
|  Total U.S. Government Agencies (Cost $158) | Total U.S. Government Agencies (Cost $158) | 172 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 0.7% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.7% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.7% |
|  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 | 393 |
|  Indiana Housing & Community Development Authority | Indiana Housing & Community Development Authority | Indiana Housing & Community Development Authority |
|  4.600% due 01/01/2042 | 300 | 299 |
|  Multifamily Tax-Exempt Mortgage-Backed Bonds | Multifamily Tax-Exempt Mortgage-Backed Bonds | Multifamily Tax-Exempt Mortgage-Backed Bonds |
|  4.500% due 08/01/2041 | 995 | 976 |
|  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 | 482 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $2,195) | Total Non-Agency Mortgage-Backed Securities (Cost $2,195) | 2150 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| SHORT-TERM INSTRUMENTS 2.4% | SHORT-TERM INSTRUMENTS 2.4% | SHORT-TERM INSTRUMENTS 2.4% | SHORT-TERM INSTRUMENTS 2.4% |
| 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 |
|  4.380% (e) | 294187 | $— | 294 |
|  | PRINCIPAL<br>AMOUNT<br>(000S) |  |  |
| REPURCHASE AGREEMENTS (g) 2.1% | REPURCHASE AGREEMENTS (g) 2.1% | REPURCHASE AGREEMENTS (g) 2.1% | REPURCHASE AGREEMENTS (g) 2.1% |
|  |  |  | 6800 |
| MUNICIPAL BONDS & NOTES 0.2% | MUNICIPAL BONDS & NOTES 0.2% | MUNICIPAL BONDS & NOTES 0.2% | MUNICIPAL BONDS & NOTES 0.2% |
|  Township of Parsippany-Troy Hills, New Jersey General Obligation Notes, Series 2024 | Township of Parsippany-Troy Hills, New Jersey General Obligation Notes, Series 2024 | Township of Parsippany-Troy Hills, New Jersey General Obligation Notes, Series 2024 | Township of Parsippany-Troy Hills, New Jersey General Obligation Notes, Series 2024 |
|  4.000% due 10/29/2025 | 800 |  | 802 |
|  Total Municipal Bonds & Notes<br>(Cost $803) | Total Municipal Bonds & Notes<br>(Cost $803) |  | 802 |
| Total Short-Term Instruments<br> (Cost $7,897) | Total Short-Term Instruments<br> (Cost $7,897) |  | 7896 |
| Total Investments in Securities<br> (Cost $324,267) | Total Investments in Securities<br> (Cost $324,267) |  | 321821 |
| Total Investments 100.5%<br>(Cost $324,267) | Total Investments 100.5%<br>(Cost $324,267) | $— | 321821 |
|  Financial Derivative Instruments (h) (0.0)%<br> (Cost or Premiums, net $0) |  |  | (3) |
| Other Assets and Liabilities, net (0.5)% | Other Assets and Liabilities, net (0.5)% |  | (1714) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 320104 |

---

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

^ Security is in default.

---

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

---

(a) When-issued security.

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

(c) Zero coupon security.

(d) Security becomes interest bearing at a future date.

(e) Coupon represents a 7-Day Yield.

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Issuer Description | Coupon | Maturity<br>Date | Acquisition<br>Date | Cost | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
|  Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2024 | 4.615% | 08/25/2041 | 03/19/2024 - 01/22/2025 | $2182 | $2250 | 0.70% |
|  Lehigh County, Pennsylvania Revenue Bonds,<br>Series 2019 | 3.020 | 08/15/2038 | 09/14/2021 | 953 | 927 | 0.29 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3135 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3177 | 0.99% |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| JUNE 30, 2025 121

------

Schedule of Investments PIMCO Municipal Income Opportunities Active Exchange-Traded Fund (Cont.)

#### 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 | 4.440% | 06/30/2025 | 07/01/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6800 | U.S. Treasury Bonds 4.500% due 02/15/2044 | $(6966) | $6800 | $6801 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6966) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6800 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6801 |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of June 30, 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 | $6801 | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6801 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6966) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(165) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6801 | $&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 June 30, 2025 was $(47) at a weighted average interest rate of 5.003%. 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

#### 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 5-Year Note September Futures  | 09/2025 | 6 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(654) | $(9) | $0 | $(1) |
|  U.S. Treasury 10-Year Note September Futures  | 09/2025 | 8 | (897) | (16) | 0 | (2) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of June 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | 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 | |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | Total | Written<br>Options |  | Swap<br>Agreements | |
|  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;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(3) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(3) |

---

Cash of $115 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 2025. 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.

---

| | | |
|:---|:---|:---|
| **122** | **PIMCO ETF TRUST** | See Accompanying Notes |

---

------

June 30, 2025

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of June 30, 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 - 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  | $&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;3 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 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;(1071) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1071) |
|  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 | $169 | $169 |

---

#### FAIR VALUE MEASUREMENTS
**The following is a summary of the fair valuations according to the inputs used as of June 30, 2025 in valuing the Fund's assets and liabilities**:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>06/30/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Industrials | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $517 | $0 | $517 |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; Alabama | 0 | 12864 | 0 | 12864 |
| &nbsp;&nbsp; Alaska | 0 | 257 | 0 | 257 |
| &nbsp;&nbsp; Arizona | 0 | 6251 | 0 | 6251 |
| &nbsp;&nbsp; Arkansas | 0 | 993 | 0 | 993 |
| &nbsp;&nbsp; California | 0 | 17014 | 0 | 17014 |
| &nbsp;&nbsp; Colorado | 0 | 11336 | 0 | 11336 |
| &nbsp;&nbsp; Connecticut | 0 | 2019 | 0 | 2019 |
| &nbsp;&nbsp; Delaware | 0 | 248 | 0 | 248 |
| &nbsp;&nbsp; District of Columbia | 0 | 2580 | 0 | 2580 |
| &nbsp;&nbsp; Florida | 0 | 15693 | 0 | 15693 |
| &nbsp;&nbsp; Georgia | 0 | 5176 | 0 | 5176 |
| &nbsp;&nbsp; Idaho | 0 | 3220 | 0 | 3220 |
| &nbsp;&nbsp; Illinois | 0 | 16524 | 0 | 16524 |
| &nbsp;&nbsp; Indiana | 0 | 5988 | 0 | 5988 |
| &nbsp;&nbsp; Iowa | 0 | 534 | 0 | 534 |
| &nbsp;&nbsp; Kentucky | 0 | 4158 | 0 | 4158 |
| &nbsp;&nbsp; Louisiana | 0 | 2899 | 0 | 2899 |
| &nbsp;&nbsp; Maryland | 0 | 3022 | 0 | 3022 |
| &nbsp;&nbsp; Massachusetts | 0 | 7785 | 0 | 7785 |
| &nbsp;&nbsp; Michigan | 0 | 9218 | 0 | 9218 |
| &nbsp;&nbsp; Minnesota | 0 | 7337 | 0 | 7337 |
| &nbsp;&nbsp; Mississippi | 0 | 323 | 0 | 323 |
| &nbsp;&nbsp; Missouri | 0 | 4536 | 0 | 4536 |
| &nbsp;&nbsp; Multi-State | 0 | 11890 | 0 | 11890 |
| &nbsp;&nbsp; Nebraska | 0 | 248 | 0 | 248 |
| &nbsp;&nbsp; Nevada | 0 | 3621 | 0 | 3621 |
| &nbsp;&nbsp; New Hampshire | 0 | 4129 | 0 | 4129 |
| &nbsp;&nbsp; New Jersey | 0 | 4136 | 0 | 4136 |
| &nbsp;&nbsp; New Mexico | 0 | 832 | 0 | 832 |
| &nbsp;&nbsp; New York | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31524 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>06/30/2025** |
| &nbsp;&nbsp; North Carolina | 0 | 2426 | 0 | 2426 |
| &nbsp;&nbsp; North Dakota | 0 | 539 | 0 | 539 |
| &nbsp;&nbsp; Ohio | 0 | 11912 | 0 | 11912 |
| &nbsp;&nbsp; Oklahoma | 0 | 626 | 0 | 626 |
| &nbsp;&nbsp; Oregon | 0 | 1100 | 0 | 1100 |
| &nbsp;&nbsp; Pennsylvania | 0 | 13841 | 0 | 13841 |
| &nbsp;&nbsp; Puerto Rico | 0 | 8115 | 0 | 8115 |
| &nbsp;&nbsp; Rhode Island | 0 | 948 | 0 | 948 |
| &nbsp;&nbsp; South Carolina | 0 | 4549 | 0 | 4549 |
| &nbsp;&nbsp; South Dakota | 0 | 481 | 0 | 481 |
| &nbsp;&nbsp; Tennessee | 0 | 2703 | 0 | 2703 |
| &nbsp;&nbsp; Texas | 0 | 52749 | 0 | 52749 |
| &nbsp;&nbsp; Utah | 0 | 2825 | 0 | 2825 |
| &nbsp;&nbsp; Virginia | 0 | 1908 | 0 | 1908 |
| &nbsp;&nbsp; Washington | 0 | 5146 | 0 | 5146 |
| &nbsp;&nbsp; West Virginia | 0 | 1572 | 0 | 1572 |
| &nbsp;&nbsp; Wisconsin | 0 | 3291 | 0 | 3291 |
|  U.S. Government Agencies | 0 | 172 | 0 | 172 |
|  Non-Agency Mortgage-Backed Securities | 0 | 2150 | 0 | 2150 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 0 | 294 | 0 | 294 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 6800 | 0 | 6800 |
| &nbsp;&nbsp; Municipal Bonds & Notes | 0 | 802 | 0 | 802 |
|  Total Investments | $0 | $321821 | $0 | $321821 |
|  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 | $(3) | $0 | $(3) |
|  Total Financial Derivative Instruments | $0 | $(3) | $0 | $(3) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321818 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321818 |

---

There were no significant transfers into or out of Level 3 during the period ended June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **123** |

---

------

Schedule of Investments PIMCO Preferred and Capital Securities Active Exchange-Traded Fund

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

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 98.2% | INVESTMENTS IN SECURITIES 98.2% | INVESTMENTS IN SECURITIES 98.2% |
| CORPORATE BONDS & NOTES 62.1% | CORPORATE BONDS & NOTES 62.1% | CORPORATE BONDS & NOTES 62.1% |
| BANKING & FINANCE 39.7% | BANKING & FINANCE 39.7% | BANKING & FINANCE 39.7% |
|  AerCap Ireland Capital DAC | AerCap Ireland Capital DAC | AerCap Ireland Capital DAC |
|  6.950% due 03/10/2055 •  | 600 | 624 |
|  Allstate Corp. | Allstate Corp. | Allstate Corp. |
|  6.500% due 05/15/2067 •  | 400 | 411 |
|  7.526% due 08/15/2053 ~ | 1146 | 1147 |
|  Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA |
|  7.750% due 01/14/2032 •(d)(e) | 600 | 610 |
|  9.375% due 03/19/2029 •(d)(e) | 361 | 399 |
|  Banco Mercantil del Norte SA | Banco Mercantil del Norte SA | Banco Mercantil del Norte SA |
|  7.625% due 01/10/2028 •(d)(e) | 1500 | 1496 |
|  Banco Santander SA | Banco Santander SA | Banco Santander SA |
|  9.625% due 11/21/2028 •(d)(e) | 800 | 885 |
|  9.625% due 05/21/2033 •(d)(e) | 1200 | 1403 |
|  Bank of Montreal | Bank of Montreal | Bank of Montreal |
|  7.700% due 05/26/2084 •(e) | 1400 | 1449 |
|  Bank of Nova Scotia | Bank of Nova Scotia | Bank of Nova Scotia |
|  3.625% due 10/27/2081 •(e) | 479 | 449 |
|  7.350% due 04/27/2085 •(e) | 1000 | 1010 |
|  8.000% due 01/27/2084 •(e) | 1100 | 1169 |
|  8.625% due 10/27/2082 •(e) | 500 | 532 |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  6.125% due 12/15/2025 •(d)(e) | 500 | 501 |
|  8.000% due 03/15/2029 •(d)(e) | 2000 | 2103 |
|  8.875% due 09/15/2027 •(d)(e) | 200 | 290 |
|  9.250% due 09/15/2028 •(d)(e) | 200 | 296 |
|  9.625% due 12/15/2029 •(d)(e) | 1000 | 1113 |
|  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 •(e) | 500 | 515 |
|  8.125% due 01/08/2039 •(e) | 800 | 827 |
|  BNP Paribas SA | BNP Paribas SA | BNP Paribas SA |
|  7.000% due 08/16/2028 •(d)(e)(h) | 500 | 511 |
|  7.375% due 09/10/2034 •(d)(e) | 400 | 407 |
|  8.000% due 08/22/2031 •(d)(e) | 1000 | 1060 |
|  9.250% due 11/17/2027 •(d)(e) | 1869 | 2008 |
|  Burford Capital Global Finance LLC | Burford Capital Global Finance LLC | Burford Capital Global Finance LLC |
|  9.250% due 07/01/2031 | 695 | 732 |
|  Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce |
|  6.950% due 01/28/2085 •(e) | 800 | 804 |
|  Commerzbank AG | Commerzbank AG | Commerzbank AG |
|  7.500% due 10/09/2030 •(d)(e) | 1400 | 1427 |
|  Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA |
|  4.875% due 06/29/2029 •(d)(e) | 800 | 943 |
|  Corebridge Financial, Inc. | Corebridge Financial, Inc. | Corebridge Financial, Inc. |
|  6.375% due 09/15/2054 •  | 1200 | 1199 |
|  6.875% due 12/15/2052 •  | 1343 | 1386 |
|  Credit Suisse AG AT1 Claim | Credit Suisse AG AT1 Claim | Credit Suisse AG AT1 Claim |
|  1.000% due 12/31/2060 | 800 | 96 |
|  Dai-ichi Life Insurance Co. Ltd. | Dai-ichi Life Insurance Co. Ltd. | Dai-ichi Life Insurance Co. Ltd. |
|  6.200% due 01/16/2035 •(d) | 800 | 809 |
|  DNB Bank ASA | DNB Bank ASA | DNB Bank ASA |
|  7.375% due 05/30/2029 •(d)(e) | 1600 | 1643 |
|  Equitable Holdings, Inc. | Equitable Holdings, Inc. | Equitable Holdings, Inc. |
|  6.700% due 03/28/2055 •  | 1000 | 1026 |
|  Fortitude Group Holdings LLC | Fortitude Group Holdings LLC | Fortitude Group Holdings LLC |
|  6.250% due 04/01/2030 | 200 | 206 |
|  Global Atlantic Fin Co. | Global Atlantic Fin Co. | Global Atlantic Fin Co. |
|  4.700% due 10/15/2051 •  | 1200 | 1178 |
|  7.950% due 10/15/2054 •  | 550 | 574 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  6.500% due 03/23/2028 •(d)(e) | 1200 | 1211 |
|  7.050% due 06/05/2030 •(d)(e) | 500 | 507 |
|  ING Groep NV | ING Groep NV | ING Groep NV |
|  5.750% due 11/16/2026 •(d)(e) | 1200 | 1194 |
|  7.250% due 11/16/2034 •(d)(e) | 500 | 509 |
|  8.000% due 05/16/2030 •(d)(e) | 1400 | 1490 |
|  Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA |
|  7.700% due 09/17/2025 •(d)(e) | 600 | 603 |
|  7.778% due 06/20/2054 •  | 300 | 337 |
|  8.248% due 11/21/2033 •  | 1074 | 1247 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  KBC Group NV | KBC Group NV | KBC Group NV | KBC Group NV |
|  8.000% due 09/05/2028 •(d)(e) | EUR | 200 | 261 |
|  Liberty Mutual Group, Inc. | Liberty Mutual Group, Inc. | Liberty Mutual Group, Inc. | Liberty Mutual Group, Inc. |
|  4.125% due 12/15/2051 •  | $| 1200 | 1169 |
|  Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC |
|  6.750% due 09/27/2031 •(d)(e) |  | 400 | 392 |
|  7.500% due 09/27/2025 •(d)(e) |  | 300 | 302 |
|  8.000% due 09/27/2029 •(d)(e) |  | 2333 | 2466 |
|  Meiji Yasuda Life Insurance Co. | Meiji Yasuda Life Insurance Co. | Meiji Yasuda Life Insurance Co. | Meiji Yasuda Life Insurance Co. |
|  6.100% due 06/11/2055 •  |  | 500 | 500 |
|  MetLife, Inc. | MetLife, Inc. | MetLife, Inc. | MetLife, Inc. |
|  6.350% due 03/15/2055 •  |  | 500 | 514 |
|  Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. |
|  8.200% due 01/15/2029 •(d)(e) |  | 800 | 867 |
|  NatWest Group PLC | NatWest Group PLC | NatWest Group PLC | NatWest Group PLC |
|  6.000% due 12/29/2025 •(d)(e) |  | 600 | 601 |
|  7.300% due 11/19/2034 •(d)(e) |  | 800 | 796 |
|  8.125% due 11/10/2033 •(d)(e) |  | 2200 | 2379 |
|  Nippon Life Insurance Co. | Nippon Life Insurance Co. | Nippon Life Insurance Co. | Nippon Life Insurance Co. |
|  5.950% due 04/16/2054 •  |  | 1100 | 1109 |
|  6.250% due 09/13/2053 •  |  | 1000 | 1030 |
|  6.500% due 04/30/2055 •  |  | 1900 | 1968 |
|  Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. |
|  7.000% due 07/15/2030 •(a)(d)(e) |  | 300 | 304 |
|  Nordea Bank Abp | Nordea Bank Abp | Nordea Bank Abp | Nordea Bank Abp |
|  6.300% due 09/25/2031 •(d)(e)(h) |  | 200 | 195 |
|  6.625% due 03/26/2026 •(d)(e) |  | 1000 | 1008 |
|  Prudential Financial, Inc. | Prudential Financial, Inc. | Prudential Financial, Inc. | Prudential Financial, Inc. |
|  5.125% due 03/01/2052 •  |  | 1200 | 1162 |
|  6.000% due 09/01/2052 •  |  | 1518 | 1533 |
|  6.500% due 03/15/2054 •  |  | 1200 | 1236 |
|  Reinsurance Group of America, Inc. | Reinsurance Group of America, Inc. | Reinsurance Group of America, Inc. | Reinsurance Group of America, Inc. |
|  6.650% due 09/15/2055 •  |  | 900 | 899 |
|  Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada |
|  6.350% due 11/24/2084 •(e) |  | 300 | 283 |
|  6.750% due 08/24/2085 •(e) |  | 900 | 903 |
|  7.500% due 05/02/2084 •(e) |  | 3400 | 3522 |
|  Skandinaviska Enskilda Banken AB | Skandinaviska Enskilda Banken AB | Skandinaviska Enskilda Banken AB | Skandinaviska Enskilda Banken AB |
|  6.875% due 06/30/2027 •(d)(e) |  | 400 | 408 |
|  Societe Generale SA | Societe Generale SA | Societe Generale SA | Societe Generale SA |
|  9.375% due 11/22/2027 •(d)(e) |  | 484 | 515 |
|  10.000% due 11/14/2028 •(d)(e) |  | 600 | 656 |
|  Standard Chartered PLC | Standard Chartered PLC | Standard Chartered PLC | Standard Chartered PLC |
|  7.875% due 03/08/2030 •(d)(e) |  | 300 | 313 |
|  Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
|  6.600% due 06/05/2034 •(d)(e) |  | 300 | 301 |
|  Svenska Handelsbanken AB | Svenska Handelsbanken AB | Svenska Handelsbanken AB | Svenska Handelsbanken AB |
|  4.375% due 03/01/2027 •(d)(e) |  | 1000 | 975 |
|  4.750% due 03/01/2031 •(d)(e) |  | 1000 | 921 |
|  Swiss RE Subordinated Finance PLC | Swiss RE Subordinated Finance PLC | Swiss RE Subordinated Finance PLC | Swiss RE Subordinated Finance PLC |
|  5.698% due 04/05/2035 •  |  | 500 | 505 |
|  Toronto-Dominion Bank | Toronto-Dominion Bank | Toronto-Dominion Bank | Toronto-Dominion Bank |
|  7.250% due 07/31/2084 •(e) |  | 300 | 309 |
|  8.125% due 10/31/2082 •(e) |  | 1728 | 1809 |
|  UBS Group AG | UBS Group AG | UBS Group AG | UBS Group AG |
|  6.850% due 09/10/2029 •(d)(e) |  | 700 | 705 |
|  7.000% due 02/10/2030 •(d)(e) |  | 200 | 199 |
|  7.125% due 08/10/2034 •(d)(e) |  | 1000 | 998 |
|  7.750% due 04/12/2031 •(d)(e) |  | 1000 | 1055 |
|  9.250% due 11/13/2028 •(d)(e) |  | 500 | 547 |
|  9.250% due 11/13/2033 •(d)(e) |  | 1100 | 1275 |
|  |  |  | 77226 |
| INDUSTRIALS 4.7% | INDUSTRIALS 4.7% | INDUSTRIALS 4.7% | INDUSTRIALS 4.7% |
|  Enbridge, Inc. | Enbridge, Inc. | Enbridge, Inc. | Enbridge, Inc. |
|  5.750% due 07/15/2080 •  |  | 2515 | 2510 |
|  6.250% due 03/01/2078 •  |  | 200 | 201 |
|  7.625% due 01/15/2083 •  |  | 1100 | 1163 |
|  8.250% due 01/15/2084 •  |  | 700 | 742 |
|  Enterprise Products Operating LLC | Enterprise Products Operating LLC | Enterprise Products Operating LLC | Enterprise Products Operating LLC |
|  5.375% due 02/15/2078 •  |  | 435 | 429 |
|  7.573% due 08/16/2077 ~ |  | 489 | 487 |
|  Plains All American Pipeline LP | Plains All American Pipeline LP | Plains All American Pipeline LP | Plains All American Pipeline LP |
|  8.698% due 07/30/2025 ~(d) |  | 498 | 500 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Southern Co. | Southern Co. | Southern Co. |
|  3.750% due 09/15/2051 •  | 600 | 593 |
|  4.000% due 01/15/2051 •  | 2400 | 2390 |
|  |  | 9015 |
| UTILITIES 17.7% | UTILITIES 17.7% | UTILITIES 17.7% |
|  AES Andes SA | AES Andes SA | AES Andes SA |
|  8.150% due 06/10/2055 •  | 200 | 207 |
|  AES Corp. | AES Corp. | AES Corp. |
|  7.600% due 01/15/2055 •  | 1100 | 1135 |
|  American Electric Power Co., Inc. | American Electric Power Co., Inc. | American Electric Power Co., Inc. |
|  6.950% due 12/15/2054 •  | 300 | 314 |
|  7.050% due 12/15/2054 •  | 300 | 312 |
|  BP Capital Markets PLC | BP Capital Markets PLC | BP Capital Markets PLC |
|  6.125% due 03/18/2035 •(d) | 600 | 600 |
|  6.450% due 12/01/2033 •(d) | 2300 | 2357 |
|  British Telecommunications PLC | British Telecommunications PLC | British Telecommunications PLC |
|  4.250% due 11/23/2081 •  | 1050 | 1032 |
|  4.875% due 11/23/2081 •  | 400 | 367 |
|  CenterPoint Energy, Inc. | CenterPoint Energy, Inc. | CenterPoint Energy, Inc. |
|  6.850% due 02/15/2055 •  | 900 | 933 |
|  7.000% due 02/15/2055 •  | 250 | 262 |
|  CMS Energy Corp. | CMS Energy Corp. | CMS Energy Corp. |
|  3.750% due 12/01/2050 •  | 1300 | 1170 |
|  6.500% due 06/01/2055 •  | 400 | 402 |
|  Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. |
|  6.625% due 05/15/2055 •  | 1200 | 1221 |
|  7.000% due 06/01/2054 •  | 1400 | 1506 |
|  Duke Energy Corp. | Duke Energy Corp. | Duke Energy Corp. |
|  6.450% due 09/01/2054 •  | 2100 | 2164 |
|  Edison International | Edison International | Edison International |
|  8.125% due 06/15/2053 •(h) | 300 | 290 |
|  Electricite de France SA | Electricite de France SA | Electricite de France SA |
|  9.125% due 03/15/2033 •(d) | 1615 | 1826 |
|  Emera, Inc. | Emera, Inc. | Emera, Inc. |
|  6.750% due 06/15/2076 •  | 900 | 908 |
|  Evergy, Inc. | Evergy, Inc. | Evergy, Inc. |
|  6.650% due 06/01/2055 •  | 810 | 824 |
|  Exelon Corp. | Exelon Corp. | Exelon Corp. |
|  6.500% due 03/15/2055 •  | 600 | 611 |
|  NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
|  6.375% due 08/15/2055 •  | 1100 | 1126 |
|  6.700% due 09/01/2054 •  | 1200 | 1240 |
|  6.750% due 06/15/2054 •  | 1800 | 1872 |
|  NiSource, Inc. | NiSource, Inc. | NiSource, Inc. |
|  6.950% due 11/30/2054 •  | 800 | 835 |
|  PacifiCorp | PacifiCorp | PacifiCorp |
|  7.375% due 09/15/2055 •  | 900 | 938 |
|  Sempra | Sempra | Sempra |
|  6.400% due 10/01/2054 •  | 300 | 286 |
|  6.625% due 04/01/2055 •  | 1250 | 1212 |
|  6.875% due 10/01/2054 •  | 1650 | 1668 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  4.000% due 04/01/2047 | 600 | 431 |
|  Transcanada Trust | Transcanada Trust | Transcanada Trust |
|  5.500% due 09/15/2079 •  | 1600 | 1590 |
|  5.600% due 03/07/2082 •  | 1736 | 1688 |
|  Vodafone Group PLC | Vodafone Group PLC | Vodafone Group PLC |
|  5.125% due 06/04/2081 •  | 1900 | 1442 |
|  7.000% due 04/04/2079 •  | 1600 | 1672 |
|  |  | 34441 |
|  Total Corporate Bonds & Notes<br>(Cost $116,863) | Total Corporate Bonds & Notes<br>(Cost $116,863) | 120682 |
|  | **SHARES** |  |
| PREFERRED SECURITIES 33.0% | PREFERRED SECURITIES 33.0% | PREFERRED SECURITIES 33.0% |
| BANKING & FINANCE 30.4% | BANKING & FINANCE 30.4% | BANKING & FINANCE 30.4% |
|  Aircastle Ltd. | Aircastle Ltd. | Aircastle Ltd. |
|  5.250% due 06/15/2026 •(d) | 1071000 | 1062 |
|  Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. |
|  4.700% due 05/15/2028 •(d) | 516000 | 465 |

---

---

| | | |
|:---|:---|:---|
| **124** | **PIMCO ETF TRUST** | See Accompanying Notes |

---

------

June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  American Express Co. | American Express Co. | American Express Co. |
|  3.550% due 09/15/2026 •(d) | 1400000 | 1370 |
|  Banco Santander SA | Banco Santander SA | Banco Santander SA |
|  8.000% due 02/01/2034 •(d)(e) | 600000 | 635 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  4.375% due 01/27/2027 •(d) | 2433000 | 2393 |
|  5.875% due 03/15/2028 •(d) | 3418000 | 3473 |
|  6.625% due 05/01/2030 •(d) | 2300000 | 2380 |
|  Bank of New York Mellon Corp. | Bank of New York Mellon Corp. | Bank of New York Mellon Corp. |
|  4.625% due 09/20/2026 •(d) | 1900000 | 1891 |
|  Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. |
|  3.950% due 09/01/2026 •(d) | 1600000 | 1563 |
|  Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. |
|  4.000% due 12/01/2030 •(d) | 2836000 | 2631 |
|  5.000% due 12/01/2027 •(d) | 400000 | 392 |
|  Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
|  6.750% due 02/15/2030 •(d) | 200000 | 201 |
|  6.950% due 02/15/2030 •(d) | 3800000 | 3883 |
|  7.000% due 08/15/2034 •(d) | 1400000 | 1472 |
|  Citizens Financial Group, Inc. | Citizens Financial Group, Inc. | Citizens Financial Group, Inc. |
|  7.549% due 10/06/2025 ~(d) | 200000 | 201 |
|  CoBank ACB | CoBank ACB | CoBank ACB |
|  6.450% due 10/01/2027 •(d) | 400000 | 404 |
|  7.125% due 01/01/2030 •(d) | 75000 | 77 |
|  Dresdner Funding Trust | Dresdner Funding Trust | Dresdner Funding Trust |
|  8.151% due 06/30/2031 | 600000 | 663 |
|  Farm Credit Bank of Texas | Farm Credit Bank of Texas | Farm Credit Bank of Texas |
|  7.750% due 06/15/2029 •(d) | 500000 | 520 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  3.650% due 08/10/2026 •(d) | 1000000 | 980 |
|  6.125% due 11/10/2034 •(d) | 700000 | 700 |
|  6.850% due 02/10/2030 •(d) | 700000 | 724 |
|  7.186% due 08/10/2025 •(d) | 650000 | 653 |
|  7.500% due 02/10/2029 •(d) | 400000 | 425 |
|  7.500% due 05/10/2029 •(d) | 2600000 | 2742 |
|  Huntington Bancshares, Inc. | Huntington Bancshares, Inc. | Huntington Bancshares, Inc. |
|  5.625% due 07/15/2030 •(d) | 1000000 | 1013 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  6.500% due 04/01/2030 •(d) | 3600000 | 3717 |
|  6.875% due 06/01/2029 •(d) | 900000 | 951 |
|  MetLife Capital Trust | MetLife Capital Trust | MetLife Capital Trust |
|  8.252% due 12/15/2067 | 2100000 | 2307 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  MetLife, Inc. | MetLife, Inc. | MetLife, Inc. |
|  5.875% due 03/15/2028 •(d) | 1100000 | 1122 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  6.625% due 10/15/2029 (d) | 36000 | 931 |
|  7.740% due 12/15/2025 ~(d) | 400000 | 407 |
|  PNC Financial Services Group, Inc. | PNC Financial Services Group, Inc. | PNC Financial Services Group, Inc. |
|  3.400% due 09/15/2026 •(d) | 300000 | 290 |
|  6.000% due 05/15/2027 •(d) | 1200000 | 1215 |
|  6.200% due 09/15/2027 •(d) | 200000 | 204 |
|  6.250% due 03/15/2030 •(d) | 2439000 | 2516 |
|  State Street Corp. | State Street Corp. | State Street Corp. |
|  6.700% due 03/15/2029 •(d) | 1400000 | 1460 |
|  6.700% due 09/15/2029 •(d) | 700000 | 732 |
|  Synchrony Financial | Synchrony Financial | Synchrony Financial |
|  8.250% due 05/15/2029 ~(d) | 19200 | 477 |
|  Truist Financial Corp. | Truist Financial Corp. | Truist Financial Corp. |
|  5.100% due 03/01/2030 •(d) | 1296000 | 1284 |
|  U.S. Bancorp | U.S. Bancorp | U.S. Bancorp |
|  5.300% due 04/15/2027 •(d) | 688000 | 689 |
|  Voya Financial, Inc. | Voya Financial, Inc. | Voya Financial, Inc. |
|  7.758% due 09/15/2028 •(d) | 925000 | 978 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  3.900% due 03/15/2026 •(d) | 2300000 | 2281 |
|  6.850% due 09/15/2029 •(d) | 3200000 | 3358 |
|  7.625% due 09/15/2028 •(d) | 1133000 | 1220 |
|  |  | 59052 |
| INDUSTRIALS 1.3% | INDUSTRIALS 1.3% | INDUSTRIALS 1.3% |
|  Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
|  6.500% due 11/15/2026 •(d) | 300000 | 302 |
|  6.625% due 02/15/2028 •(d) | 1146000 | 1143 |
|  7.125% due 05/15/2030 •(d) | 1100000 | 1123 |
|  SVB Financial Trust | SVB Financial Trust | SVB Financial Trust |
|  0.000% due 11/07/2032 (b) | 48000 | 1 |
|  |  | 2569 |
| UTILITIES 1.3% | UTILITIES 1.3% | UTILITIES 1.3% |
|  AT&T, Inc. | AT&T, Inc. | AT&T, Inc. |
|  4.750% due 07/30/2025 (d) | 30700 | 587 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Edison International | Edison International | Edison International | Edison International |
|  5.000% due 12/15/2026 •(d) | 1200000 | $— | 1040 |
|  SCE Trust | SCE Trust | SCE Trust | SCE Trust |
|  7.500% due 11/22/2028 (d) | 12000 |  | 268 |
|  Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. |
|  9.000% due 09/30/2029 •(d) | 700000 |  | 683 |
|  |  |  | 2578 |
|  Total Preferred Securities (Cost $62,168) | Total Preferred Securities (Cost $62,168) |  | 64199 |
| SHORT-TERM INSTRUMENTS 3.1% | SHORT-TERM INSTRUMENTS 3.1% | SHORT-TERM INSTRUMENTS 3.1% | SHORT-TERM INSTRUMENTS 3.1% |
| MUTUAL FUNDS 0.4% | MUTUAL FUNDS 0.4% | MUTUAL FUNDS 0.4% | MUTUAL FUNDS 0.4% |
|  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 |
|  4.380% (f) | 775214 |  | 775 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |  |
| REPURCHASE AGREEMENTS (g) 2.7% | REPURCHASE AGREEMENTS (g) 2.7% | REPURCHASE AGREEMENTS (g) 2.7% | REPURCHASE AGREEMENTS (g) 2.7% |
|  |  |  | 5300 |
| U.S. TREASURY BILLS 0.0% | U.S. TREASURY BILLS 0.0% | U.S. TREASURY BILLS 0.0% | U.S. TREASURY BILLS 0.0% |
|  4.316% due 07/17/2025 (b)(c) | 61 |  | 61 |
| Total Short-Term Instruments<br> (Cost $6,136) | Total Short-Term Instruments<br> (Cost $6,136) |  | 6136 |
| Total Investments in Securities<br>(Cost $185,167) | Total Investments in Securities<br>(Cost $185,167) |  | 191017 |
| Total Investments 98.2%<br>(Cost $185,167) | Total Investments 98.2%<br>(Cost $185,167) | $— | 191017 |
|  Financial Derivative Instruments (i)(j) 0.1%<br> (Cost or Premiums, net $773) |  |  | 196 |
| Other Assets and Liabilities, net 1.7% | Other Assets and Liabilities, net 1.7% |  | 3246 |
| Net Assets 100.0% | Net Assets 100.0% | $— | 194459 |

---

#### 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) When-issued security.

(b) Zero coupon security.

(c) Coupon represents a yield to maturity.

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

(e) Contingent convertible 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> |
| BOS | 4.440% | 06/30/2025 | 07/01/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5300 | U.S. Treasury Bonds 4.500% due 02/15/2044 | $(5430) | $5300 | $5301 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5430) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5300 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5301 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| JUNE 30, 2025 125

------

Schedule of Investments PIMCO Preferred and Capital Securities Active Exchange-Traded Fund (Cont.)

#### 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 |
|  BOS | 4.000% | 06/23/2025 | 08/01/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(188) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(188) |
|  BPS | 0.750 | 05/14/2025 | TBD<sup>(3)</sup> | (452) | (453) |
|  MEI | 2.750 | 06/23/2025 | 08/01/2025 | (272) | (272) |
|  Total Reverse Repurchase Agreements |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(913) |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of June 30, 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5301 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(188) | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5113 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5234) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(121) |
|  BPS | 0 | (453) | 0 | 0 | (453) | 511 | 58 |
|  MEI | 0 | (272) | 0 | 0 | (272) | 291 | 19 |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5301 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(913) | $&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 | $(460) | $(453) | $(913) |
|  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;(460) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(453) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(913) |
|  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;(913) |

---

(h) Securities with an aggregate market value of $996 have been pledged as collateral under the terms of the above master agreements as of June 30, 2025.

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

<sup>(2)</sup> The average amount of borrowings outstanding during the period ended June 30, 2025 was $(70) at a weighted average interest rate of 1.113%. 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;(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 2-Year Note September Futures  | 09/2025 | 41 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8529 | $29 | $3 | $0 |
|  U.S. Treasury 10-Year Note September Futures  | 09/2025 | 61 | 6840 | 121 | 19 | 0 |
|  U.S. Treasury 10-Year Ultra Long-Term Bond September Futures  | 09/2025 | 95 | 10855 | 203 | 41 | 0 |
|  U.S. Treasury Long-Term Bond September Futures  | 09/2025 | 76 | 8776 | 213 | 67 | 0 |
|  U.S. Treasury Ultra Long-Term Bond September Futures  | 09/2025 | 136 | 16201 | 669 | 156 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1235 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

126 PIMCO ETF TRUST See Accompanying Notes

------

June 30, 2025

#### 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 September Futures  | 09/2025 | 8 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1109) | $5 | $2 | $(1) |
|  Euro-Bund September Futures  | 09/2025 | 1 | (153) | 1 | 1 | 0 |
|  U.S. Treasury 5-Year Note September Futures  | 09/2025 | 185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20165) | (184) | 0 | (28) |
|  |  |  |  | $(178) | $3 | $(29) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1057 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29) |

---

#### 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5200 | $301 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | $&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** | **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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300 | $(3) | $0 | $(3) | $0 | $0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 03/19/2027 | 2100 | (44) | 16 | (28) | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2029 | 5600 | 4 | (78) | (74) | 0 | (7) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2029 | 800 | 20 | (11) | 9 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 03/19/2030 | 300 | 17 | (10) | 7 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2030 | 2400 | 37 | (18) | 19 | 0 | (4) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2031 | 700 | (6) | (4) | (10) | 0 | (2) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2034 | 100 | 1 | 0 | 1 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2034 | 400 | (2) | 3 | 1 | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2035 | 5700 | 395 | (179) | 216 | 0 | (21) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 06/20/2054 | 100 | (1) | (6) | (7) | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2055 | 400 | 54 | (6) | 48 | 0 | (3) |
|  |  |  |  |  |  | $472 | $(293) | $179 | $5 | $(37) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;773 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(195) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of June 30, 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;289 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312 | $&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;(37) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(66) |

---

Cash of $2,196 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 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. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **127** |

---

------

Schedule of Investments PIMCO Preferred and Capital Securities Active Exchange-Traded Fund (Cont.)

&nbsp;&nbsp;&nbsp;&nbsp;(j) 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 | 07/2025 | 1039 | $1182 | $0 | $(42) |
|  BRC | 07/2025 | $563 | 414 | 5 | 0 |
|  | 08/2025 | 414 | $563 | 0 | (5) |
|  DUB | 07/2025 | $1205 | 1039 | 19 | 0 |
|  | 08/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1037 | $1205 | 0 | (19) |
|  SSB | 07/2025 | 414 | 561 | 0 | (8) |
|  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;24 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(74) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of June 30, 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 | $0 | $0 | $0 | $0 | $(42) | $0 | $0 | $(42) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42) |
|  BRC | 5 | 0 | 0 | 5 | (5) | 0 | 0 | (5) | 0 | 0 | 0 |
|  DUB | 19 | 0 | 0 | 19 | (19) | 0 | 0 | (19) | 0 | 0 | 0 |
|  SSB | 0 | 0 | 0 | 0 | (8) | 0 | 0 | (8) | (8) | 0 | (8) |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | $&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;24 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(74) | $&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;(74) |  |  |  |

---

<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 June 30, 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 | $289 | $289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 18 | 0 | 0 | 5 | 23 |
|  | $0 | $18 | $0 | $0 | $294 | $312 |
|  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 | $24 | $0 | $24 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336 |
|  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 | $29 | $29 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 37 | 37 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $66 | $66 |
| Over the counter |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $74 | $0 | $74 |
|  | $&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;74 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140 |

---

128 PIMCO ETF TRUST See Accompanying Notes

------

June 30, 2025

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 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 | $(2087) | $(2087) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 309 | 0 | 0 | 37 | 346 |
|  | $0 | $309 | $0 | $0 | $(2050) | $(1741) |
|  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 | $(68) | $0 | $(68) |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(68) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2050) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1809) |
|  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 | $1027 | $1027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 65 | 0 | 0 | (383) | (318) |
|  | $0 | $65 | $0 | $0 | $644 | $709 |
|  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 | $(63) | $0 | $(63) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $65 | $0 | $(63) | $644 | $646 |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of June 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at<br>06/30/2025** |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Corporate Bonds & Notes |  |  |  |  |
| &nbsp;&nbsp; Banking & Finance | $0 | $77226 | $0 | $77226 |
| &nbsp;&nbsp; Industrials | 0 | 9015 | 0 | 9015 |
| &nbsp;&nbsp; Utilities | 0 | 34441 | 0 | 34441 |
|  Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| &nbsp;&nbsp; Banking & Finance | 1408 | 57644 | 0 | 59052 |
| &nbsp;&nbsp; Industrials | 0 | 2569 | 0 | 2569 |
| &nbsp;&nbsp; Utilities | 855 | 1723 | 0 | 2578 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 0 | 775 | 0 | 775 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 5300 | 0 | 5300 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 61 | 0 | 61 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2263 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188754 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191017 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at<br>06/30/2025** |
|  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 | $3 | $309 | $0 | $312 |
|  Over the counter | 0 | 24 | 0 | 24 |
|  | $3 | $333 | $0 | $336 |
|  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 | (1) | (65) | 0 | (66) |
|  Over the counter | 0 | (74) | 0 | (74) |
|  | $(1) | $(139) | $0 | $(140) |
|  Total Financial Derivative Instruments | $2 | $194 | $0 | $196 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2265 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188948 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191213 |

---

There were no significant transfers into or out of Level 3 during the period ended June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **129** |

---

------

Schedule of Investments PIMCO Senior Loan 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 105.0% | INVESTMENTS IN SECURITIES 105.0% | INVESTMENTS IN SECURITIES 105.0% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 84.5% | LOAN PARTICIPATIONS AND ASSIGNMENTS 84.5% | LOAN PARTICIPATIONS AND ASSIGNMENTS 84.5% |
|  ABG Intermediate Holdings LLC | ABG Intermediate Holdings LLC | ABG Intermediate Holdings LLC |
|  6.577% (TSFR1M + 2.250%) due 12/21/2028 ~ | 1859 | 1860 |
|  6.577% (TSFR1M + 2.250%) due 02/13/2032 ~ | 1970 | 1969 |
|  Acrisure LLC | Acrisure LLC | Acrisure LLC |
|  7.327% (TSFR1M + 3.000%) due 11/06/2030 ~ | 3012 | 3008 |
|  Action Environmental Group, Inc. | Action Environmental Group, Inc. | Action Environmental Group, Inc. |
|  8.046% (TSFR3M + 3.750%) due 10/24/2030 «~ | 2385 | 2391 |
|  Advisor Group, Inc. | Advisor Group, Inc. | Advisor Group, Inc. |
|  7.827% (TSFR1M + 3.500%) due 08/17/2028 ~ | 1603 | 1608 |
|  Ahead DB Holdings LLC | Ahead DB Holdings LLC | Ahead DB Holdings LLC |
|  7.296% (TSFR3M + 3.000%) due 02/03/2031 ~ | 775 | 777 |
|  AI Aqua Merger Sub, Inc. | AI Aqua Merger Sub, Inc. | AI Aqua Merger Sub, Inc. |
|  7.324% (TSFR1M + 3.000%) due 07/31/2028 ~ | 4166 | 4164 |
|  AL NGPL Holdings LLC | AL NGPL Holdings LLC | AL NGPL Holdings LLC |
|  6.785% (TSFR3M + 2.500%) due 04/13/2028 ~ | 1904 | 1905 |
|  Albion Financing 3 SARL | Albion Financing 3 SARL | Albion Financing 3 SARL |
|  TBD% due 05/30/2031 | 2200 | 2206 |
|  Albion Financing SARL | Albion Financing SARL | Albion Financing SARL |
|  7.321% (TSFR3M + 3.000%) due 08/16/2029 ~ | 978 | 980 |
|  Alliant Holdings Intermediate LLC | Alliant Holdings Intermediate LLC | Alliant Holdings Intermediate LLC |
|  7.072% (TSFR1M + 2.750%) due 09/19/2031 ~ | 3698 | 3703 |
|  Allied Universal Holdco LLC | Allied Universal Holdco LLC | Allied Universal Holdco LLC |
|  8.177% (TSFR1M + 3.750%) due 05/12/2028 ~ | 4507 | 4534 |
|  Allspring Buyer LLC | Allspring Buyer LLC | Allspring Buyer LLC |
|  7.309% (TSFR3M + 3.000%) due 11/01/2030 ~ | 2000 | 2014 |
|  Altar Bidco, Inc. | Altar Bidco, Inc. | Altar Bidco, Inc. |
|  7.247% due 02/01/2029 | 2711 | 2706 |
|  Altice France SA | Altice France SA | Altice France SA |
|  9.756% (TSFR3M + 5.500%) due 08/15/2028 ~ | 2775 | 2521 |
|  Amentum Government Services Holdings LLC | Amentum Government Services Holdings LLC | Amentum Government Services Holdings LLC |
|  6.577% (TSFR1M + 2.250%) due 09/29/2031 ~ | 2130 | 2130 |
|  American Airlines, Inc. | American Airlines, Inc. | American Airlines, Inc. |
|  6.519% - 6.522% (TSFR3M + 2.250%) due 04/20/2028 ~ | 1842 | 1833 |
|  Amspec Parent LLC | Amspec Parent LLC | Amspec Parent LLC |
|  TBD% due 12/22/2031 µ | 267 | 268 |
|  TBD% (TSFR3M + 3.500%) due 12/22/2031 «~ | 1733 | 1744 |
|  AmWINS Group, Inc. | AmWINS Group, Inc. | AmWINS Group, Inc. |
|  6.577% (TSFR1M + 2.250%) due 01/30/2032 ~ | 2662 | 2666 |
|  Amynta Agency Borrower, Inc. | Amynta Agency Borrower, Inc. | Amynta Agency Borrower, Inc. |
|  7.327% (TSFR1M + 3.000%) due 12/29/2031 ~ | 3772 | 3776 |
|  Anticimex International AB | Anticimex International AB | Anticimex International AB |
|  TBD% due 11/16/2028 | 1990 | 2000 |
|  Applied Systems, Inc. | Applied Systems, Inc. | Applied Systems, Inc. |
|  6.796% (TSFR3M + 2.500%) due 02/24/2031 ~ | 2869 | 2885 |
|  Arches Buyer, Inc. | Arches Buyer, Inc. | Arches Buyer, Inc. |
|  7.677% (TSFR1M + 3.250%) due 12/06/2027 ~ | 1674 | 1655 |
|  Armor Holding LLC | Armor Holding LLC | Armor Holding LLC |
|  TBD% - 8.070% (TSFR6M + 3.750%) due 12/11/2028 ~ | 2233 | 2248 |
|  AS Mileage Plan IP Ltd. | AS Mileage Plan IP Ltd. | AS Mileage Plan IP Ltd. |
|  6.269% (TSFR3M + 2.000%) due 10/15/2031 ~ | 1692 | 1703 |
|  Ascend Learning LLC | Ascend Learning LLC | Ascend Learning LLC |
|  10.175% due12/10/2029 ~ | 469 | 472 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Aspire Bakeries Holdings LLC | Aspire Bakeries Holdings LLC | Aspire Bakeries Holdings LLC |
|  8.572% (TSFR1M + 4.250%) due 12/23/2030 ~ | 2786 | 2800 |
|  Assetmark Financial Holdings, Inc. | Assetmark Financial Holdings, Inc. | Assetmark Financial Holdings, Inc. |
|  7.046% (TSFR3M + 2.750%) due 09/05/2031 ~ | 1092 | 1095 |
|  AssuredPartners, Inc. | AssuredPartners, Inc. | AssuredPartners, Inc. |
|  7.827% (TSFR1M + 3.500%) due 02/14/2031 ~ | 3963 | 3977 |
|  Asurion LLC | Asurion LLC | Asurion LLC |
|  8.677% (TSFR1M + 4.250%) due 08/19/2028 ~ | 3818 | 3783 |
|  Athenahealth Group, Inc. | Athenahealth Group, Inc. | Athenahealth Group, Inc. |
|  7.077% (TSFR1M + 2.750%) due 02/15/2029 ~ | 5331 | 5332 |
|  Auris Luxembourg SARL | Auris Luxembourg SARL | Auris Luxembourg SARL |
|  7.881% (TSFR6M + 3.750%) due 02/28/2029 ~ | 562 | 563 |
|  Avalara, Inc. | Avalara, Inc. | Avalara, Inc. |
|  7.546% (TSFR3M + 3.250%) due 03/26/2032 ~ | 1000 | 1005 |
|  B&G Foods, Inc. | B&G Foods, Inc. | B&G Foods, Inc. |
|  7.827% (TSFR1M + 3.500%) due 10/10/2029 ~ | 2755 | 2526 |
|  Baldwin Insurance Group Holdings LLC | Baldwin Insurance Group Holdings LLC | Baldwin Insurance Group Holdings LLC |
|  7.314% (TSFR1M + 3.000%) due 05/26/2031 ~ | 1995 | 1999 |
|  Barnes Group, Inc. | Barnes Group, Inc. | Barnes Group, Inc. |
|  7.327% (TSFR1M + 3.000%) due 01/27/2032 ~ | 2344 | 2351 |
|  Bausch & Lomb Corp. | Bausch & Lomb Corp. | Bausch & Lomb Corp. |
|  8.327% (TSFR1M + 4.000%) due 09/29/2028 ~ | 835 | 837 |
|  8.571% (TSFR1M + 4.250%) due 06/26/2030 ~ | 1825 | 1831 |
|  8.671% (TSFR1M + 4.250%) due 05/10/2027 ~ | 3073 | 3071 |
|  BCP Renaissance Parent LLC | BCP Renaissance Parent LLC | BCP Renaissance Parent LLC |
|  7.296% (TSFR3M + 3.000%) due 10/31/2028 ~ | 1336 | 1342 |
|  BCPE Empire Holdings, Inc. | BCPE Empire Holdings, Inc. | BCPE Empire Holdings, Inc. |
|  7.577% (TSFR1M + 3.250%) due 12/11/2030 ~ | 5108 | 5085 |
|  Beach Acquisition Bidco LLC | Beach Acquisition Bidco LLC | Beach Acquisition Bidco LLC |
|  TBD% due 06/25/2032 « | 2725 | 2742 |
|  Belron Finance LLC | Belron Finance LLC | Belron Finance LLC |
|  7.049% (TSFR3M + 2.750%) due 10/16/2031 ~ | 3052 | 3070 |
|  BIP PipeCo Holdings LLC | BIP PipeCo Holdings LLC | BIP PipeCo Holdings LLC |
|  6.535% (TSFR3M + 2.250%) due 12/06/2030 ~ | 4401 | 4404 |
|  Blackhawk Network Holdings, Inc. | Blackhawk Network Holdings, Inc. | Blackhawk Network Holdings, Inc. |
|  8.327% (TSFR1M + 4.000%) due 03/12/2029 ~ | 428 | 431 |
|  Boost Newco Borrower LLC | Boost Newco Borrower LLC | Boost Newco Borrower LLC |
|  6.296% (TSFR3M + 2.000%) due 01/31/2031 ~ | 811 | 814 |
|  Boxer Parent Co., Inc. | Boxer Parent Co., Inc. | Boxer Parent Co., Inc. |
|  7.333% (TSFR3M + 3.000%) due 07/30/2031 ~ | 4104 | 4083 |
|  Brazos Delaware LLC | Brazos Delaware LLC | Brazos Delaware LLC |
|  7.311% (TSFR1M + 3.000%) due 02/11/2030 ~ | 1985 | 1991 |
|  BroadStreet Partners, Inc. | BroadStreet Partners, Inc. | BroadStreet Partners, Inc. |
|  7.327% (TSFR1M + 3.000%) due 06/13/2031 ~ | 4444 | 4454 |
|  Caesars Entertainment, Inc. | Caesars Entertainment, Inc. | Caesars Entertainment, Inc. |
|  6.577% (TSFR1M + 2.250%) due 02/06/2030 ~ | 980 | 980 |
|  6.577% (TSFR1M + 2.250%) due 02/06/2031 ~ | 2471 | 2473 |
|  Calpine Construction Finance Co. LP | Calpine Construction Finance Co. LP | Calpine Construction Finance Co. LP |
|  6.327% (TSFR1M + 2.000%) due 07/31/2030 ~ | 4597 | 4603 |
|  Camelot U.S. Acquisition LLC | Camelot U.S. Acquisition LLC | Camelot U.S. Acquisition LLC |
|  7.077% (TSFR1M + 2.750%) due 01/31/2031 ~ | 3325 | 3295 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Carnival Corp. | Carnival Corp. | Carnival Corp. |
|  6.312% (TSFR1M + 2.000%) due 08/08/2027 ~ | 253 | 254 |
|  6.312% (TSFR1M + 2.000%) due 10/18/2028 ~ | 2000 | 2004 |
|  Cast & Crew Payroll LLC | Cast & Crew Payroll LLC | Cast & Crew Payroll LLC |
|  8.077% (TSFR1M + 3.750%) due 12/29/2028 ~ | 2664 | 2525 |
|  Cengage Learning, Inc. | Cengage Learning, Inc. | Cengage Learning, Inc. |
|  7.822% - 7.830% (TSFR3M + 3.500%) due 03/24/2031 ~ | 648 | 650 |
|  Central Parent, Inc. | Central Parent, Inc. | Central Parent, Inc. |
|  7.546% (TSFR3M + 3.250%) due 07/06/2029 ~ | 7428 | 6221 |
|  Century De Buyer LLC | Century De Buyer LLC | Century De Buyer LLC |
|  7.780% (TSFR3M + 3.500%) due 10/30/2030 ~ | 1191 | 1199 |
|  Charlotte Buyer, Inc. | Charlotte Buyer, Inc. | Charlotte Buyer, Inc. |
|  8.564% (TSFR1M + 4.250%) due 02/11/2028 ~ | 1681 | 1683 |
|  Charter Communications Operating LLC | Charter Communications Operating LLC | Charter Communications Operating LLC |
|  6.548% (TSFR3M + 2.250%) due 12/15/2031 ~ | 1269 | 1272 |
|  Charter NEX U.S., Inc. | Charter NEX U.S., Inc. | Charter NEX U.S., Inc. |
|  7.061% (TSFR1M + 2.750%) due 11/29/2030 ~ | 1951 | 1960 |
|  Chobani LLC | Chobani LLC | Chobani LLC |
|  6.827% (TSFR1M + 2.500%) due 10/25/2027 ~ | 2965 | 2979 |
|  Chromalloy Corp. | Chromalloy Corp. | Chromalloy Corp. |
|  8.038% (TSFR3M + 3.750%) due 03/27/2031 ~ | 2035 | 2040 |
|  Clarios Global LP | Clarios Global LP | Clarios Global LP |
|  7.077% (TSFR1M + 2.750%) due 01/28/2032 ~ | 3175 | 3182 |
|  Cloud Software Group, Inc. | Cloud Software Group, Inc. | Cloud Software Group, Inc. |
|  7.796% (TSFR3M + 3.500%) due 03/29/2029 ~ | 1036 | 1038 |
|  8.046% (TSFR3M + 3.750%) due 03/21/2031 ~ | 1011 | 1014 |
|  Clover Holdings 2 LLC | Clover Holdings 2 LLC | Clover Holdings 2 LLC |
|  TBD% due 12/10/2029 µ | 74 | 74 |
|  8.307% (TSFR3M + 4.000%) due 12/09/2031 ~ | 2550 | 2557 |
|  Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. |
|  TBD% (TSFR1M + 3.250%) due 04/01/2032 ~µ | 61 | 61 |
|  7.502% (TSFR1M + 3.175%) due 04/13/2029 ~ | 1990 | 1988 |
|  TBD% (TSFR1M + 3.250%) due 04/01/2032 ~ | 1514 | 1509 |
|  CNT Holdings Corp. | CNT Holdings Corp. | CNT Holdings Corp. |
|  6.780% (TSFR3M + 2.500%) due 11/08/2032 ~ | 1879 | 1886 |
|  Colossus Acquireco LLC | Colossus Acquireco LLC | Colossus Acquireco LLC |
|  TBD% due 06/11/2032 | 1850 | 1840 |
|  ConnectWise LLC | ConnectWise LLC | ConnectWise LLC |
|  TBD% due 09/29/2028 | 1992 | 2005 |
|  Construction Partners, Inc. | Construction Partners, Inc. | Construction Partners, Inc. |
|  6.827% (TSFR1M + 2.500%) due 11/03/2031 ~ | 995 | 999 |
|  Cotiviti Corp. | Cotiviti Corp. | Cotiviti Corp. |
|  7.074% (TSFR1M + 2.750%) due 05/01/2031 ~ | 5340 | 5322 |
|  Covia Holdings Corp. | Covia Holdings Corp. | Covia Holdings Corp. |
|  7.572% (TSFR1M + 3.250%) due 02/26/2032 ~ | 2450 | 2461 |
|  CPI Holdco B LLC | CPI Holdco B LLC | CPI Holdco B LLC |
|  TBD% due 05/19/2031 | 997 | 996 |
|  6.577% (TSFR1M + 2.250%) due 05/17/2031 ~ | 1159 | 1159 |
|  CPPIB Capital, Inc. | CPPIB Capital, Inc. | CPPIB Capital, Inc. |
|  7.046% (TSFR3M + 2.750%) due 08/20/2031 ~ | 3325 | 3321 |
|  CQP Holdco LP | CQP Holdco LP | CQP Holdco LP |
|  6.296% (TSFR3M + 2.000%) due 12/31/2030 ~ | 2500 | 2503 |

---

---

| | | |
|:---|:---|:---|
| **130** | **PIMCO ETF TRUST** | See Accompanying Notes |

---

------

June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Crown Subsea Communications Holding, Inc. | Crown Subsea Communications Holding, Inc. | Crown Subsea Communications Holding, Inc. |
|  8.330% (TSFR3M + 4.000%) due 01/30/2031 ~ | 569 | 574 |
|  Cube Industrials Buyer, Inc. | Cube Industrials Buyer, Inc. | Cube Industrials Buyer, Inc. |
|  TBD% - 7.772% (TSFR3M + 3.500%) due 10/17/2031 ~ | 2200 | 2214 |
|  CWGS Group LLC | CWGS Group LLC | CWGS Group LLC |
|  6.941% (TSFR1M + 2.500%) due 06/03/2028 ~ | 1990 | 1950 |
| Darktrace PLC | Darktrace PLC | Darktrace PLC |
|  7.458% (TSFR3M + 3.250%) due 10/09/2031 ~ | 1746 | 1749 |
|  Delta 2 Lux SARL | Delta 2 Lux SARL | Delta 2 Lux SARL |
|  TBD% due 09/30/2031 | 983 | 986 |
|  TBD% (TSFR3M + 2.000%) due 09/30/2031 ~ | 1967 | 1972 |
|  Delta TopCo, Inc. | Delta TopCo, Inc. | Delta TopCo, Inc. |
|  7.074% (TSFR3M + 2.750%) due 11/30/2029 ~ | 1686 | 1675 |
|  DexKo Global, Inc. | DexKo Global, Inc. | DexKo Global, Inc. |
|  8.191% (TSFR1M + 3.750%) due 10/04/2028 ~ | 1977 | 1897 |
|  DirecTV Financing LLC | DirecTV Financing LLC | DirecTV Financing LLC |
|  9.791% (TSFR3M + 5.250%) due 08/02/2029 ~ | 721 | 717 |
|  Dotdash Meredith, Inc. | Dotdash Meredith, Inc. | Dotdash Meredith, Inc. |
|  7.824% (TSFR3M + 3.500%) due 06/17/2032 ~ | 250 | 251 |
|  Dragon Buyer, Inc. | Dragon Buyer, Inc. | Dragon Buyer, Inc. |
|  7.296% (TSFR3M + 3.000%) due 09/30/2031 ~ | 1496 | 1501 |
|  DTI Holdco, Inc. | DTI Holdco, Inc. | DTI Holdco, Inc. |
|  8.327% (TSFR1M + 4.000%) due 04/26/2029 ~ | 992 | 982 |
|  Dun & Bradstreet Corp. | Dun & Bradstreet Corp. | Dun & Bradstreet Corp. |
|  6.572% (TSFR1M + 2.250%) due 01/18/2029 ~ | 3087 | 3088 |
|  Edelman Financial Center LLC | Edelman Financial Center LLC | Edelman Financial Center LLC |
|  7.327% (TSFR1M + 3.000%) due 04/07/2028 ~ | 1807 | 1811 |
|  Electron BidCo, Inc. | Electron BidCo, Inc. | Electron BidCo, Inc. |
|  7.077% (TSFR1M + 2.750%) due 11/01/2028 ~ | 299 | 300 |
|  Ellucian Holdings, Inc. | Ellucian Holdings, Inc. | Ellucian Holdings, Inc. |
|  7.327% (TSFR1M + 3.000%) due 10/09/2029 ~ | 1964 | 1971 |
|  Embecta Corp. | Embecta Corp. | Embecta Corp. |
|  7.327% (TSFR1M + 3.000%) due 03/30/2029 ~ | 336 | 335 |
|  EMRLD Borrower LP | EMRLD Borrower LP | EMRLD Borrower LP |
|  6.827% (TSFR1M + 2.500%) due 08/04/2031 ~ | 1509 | 1508 |
|  Endure Digital, Inc. | Endure Digital, Inc. | Endure Digital, Inc. |
|  7.927% (TSFR1M + 3.500%) due 02/10/2028 «~ | 980 | 755 |
|  Ensemble RCM LLC | Ensemble RCM LLC | Ensemble RCM LLC |
|  7.280% (TSFR3M + 3.000%) due 08/01/2029 ~ | 2070 | 2080 |
|  EOC Borrower LLC | EOC Borrower LLC | EOC Borrower LLC |
|  7.327% (TSFR1M + 3.000%) due 03/24/2032 ~ | 2900 | 2907 |
|  EP Purchaser LLC | EP Purchaser LLC | EP Purchaser LLC |
|  8.057% (TSFR3M + 3.500%) due 11/06/2028 ~ | 985 | 970 |
|  9.057% (TSFR3M + 4.500%) due 11/06/2028 ~ | 1712 | 1690 |
|  EPIC Crude Services LP | EPIC Crude Services LP | EPIC Crude Services LP |
|  7.256% (TSFR3M + 3.000%) due 10/15/2031 ~ | 2369 | 2380 |
|  Epicor Software Corp. | Epicor Software Corp. | Epicor Software Corp. |
|  7.077% (TSFR1M + 2.750%) due 05/30/2031 ~ | 1585 | 1591 |
|  Fertitta Entertainment LLC | Fertitta Entertainment LLC | Fertitta Entertainment LLC |
|  7.827% (TSFR1M + 3.500%) due 01/27/2029 ~ | 6805 | 6805 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Fiesta Purchaser, Inc. | Fiesta Purchaser, Inc. | Fiesta Purchaser, Inc. |
|  7.577% (TSFR1M + 3.250%) due 02/12/2031 ~ | 1356 | 1361 |
|  FinCo LLC | FinCo LLC | FinCo LLC |
|  6.577% (TSFR1M + 2.250%) due 06/27/2029 ~ | 1990 | 2001 |
|  First Advantage Holdings LLC | First Advantage Holdings LLC | First Advantage Holdings LLC |
|  7.577% (TSFR1M + 3.250%) due 10/31/2031 ~ | 1664 | 1667 |
|  First Student Bidco, Inc. | First Student Bidco, Inc. | First Student Bidco, Inc. |
|  6.796% (TSFR3M + 2.500%) due 07/21/2028 ~ | 3411 | 3417 |
|  Fleet Midco Ltd. | Fleet Midco Ltd. | Fleet Midco Ltd. |
|  7.055% (TSFR6M + 2.750%) due 02/21/2031 «~ | 993 | 996 |
|  Focus Financial Partners LLC | Focus Financial Partners LLC | Focus Financial Partners LLC |
|  7.077% (TSFR1M + 2.750%) due 09/15/2031 ~ | 3281 | 3278 |
|  Fortis 333, Inc. | Fortis 333, Inc. | Fortis 333, Inc. |
|  7.796% (TSFR3M + 3.500%) due 03/29/2032 ~ | 1725 | 1727 |
|  Fortress Intermediate, Inc. | Fortress Intermediate, Inc. | Fortress Intermediate, Inc. |
|  7.827% (TSFR1M + 3.500%) due 06/27/2031 «~ | 4394 | 4411 |
|  Forward Air Corp. | Forward Air Corp. | Forward Air Corp. |
|  8.780% (TSFR3M + 4.500%) due 12/19/2030 ~ | 3581 | 3565 |
|  Freeport LNG Investments LLLP | Freeport LNG Investments LLLP | Freeport LNG Investments LLLP |
|  7.519% (TSFR3M + 3.250%) due 12/21/2028 ~ | 3331 | 3339 |
|  FrontDoor, Inc. | FrontDoor, Inc. | FrontDoor, Inc. |
|  6.577% (TSFR1M + 2.250%) due 12/19/2031 ~ | 1990 | 1999 |
|  Frontier Communications Corp. | Frontier Communications Corp. | Frontier Communications Corp. |
|  6.792% (TSFR6M + 2.500%) due 07/01/2031 ~ | 823 | 824 |
|  Garda World Security Corp. | Garda World Security Corp. | Garda World Security Corp. |
|  7.314% (TSFR1M + 3.000%) due 02/01/2029 ~ | 1244 | 1248 |
|  GBT U.S. LLC | GBT U.S. LLC | GBT U.S. LLC |
|  6.783% (TSFR3M + 2.500%) due 07/28/2031 ~ | 1863 | 1869 |
|  GC Ferry Acquisition I, Inc. | GC Ferry Acquisition I, Inc. | GC Ferry Acquisition I, Inc. |
|  TBD% due 06/04/2032 | 1815 | 1786 |
|  TBD% due 06/04/2032 «µ | 310 | 305 |
|  GEN II Fund Services LLC | GEN II Fund Services LLC | GEN II Fund Services LLC |
|  6.967% (TSFR6M + 2.750%) due 11/26/2031 ~ | 1397 | 1400 |
|  Genesys Cloud Services Holdings LLC | Genesys Cloud Services Holdings LLC | Genesys Cloud Services Holdings LLC |
|  6.827% (TSFR1M + 2.500%) due 01/30/2032 ~ | 495 | 495 |
|  GFL Environmental, Inc. | GFL Environmental, Inc. | GFL Environmental, Inc. |
|  6.824% (TSFR3M + 2.500%) due 03/03/2032 ~ | 3900 | 3907 |
|  Global Medical Response, Inc. (9.079% Cash and 0.750% PIK) | Global Medical Response, Inc. (9.079% Cash and 0.750% PIK) | Global Medical Response, Inc. (9.079% Cash and 0.750% PIK) |
|  9.829% due 10/31/2028 (b) | 3733 | 3743 |
|  Go Daddy Operating Co. LLC | Go Daddy Operating Co. LLC | Go Daddy Operating Co. LLC |
|  6.077% (TSFR1M + 1.750%) due 11/09/2029 ~ | 1995 | 1999 |
| Golden State Foods LLC | Golden State Foods LLC | Golden State Foods LLC |
|  8.561% (TSFR1M + 4.250%) due 12/04/2031 ~ | 1737 | 1747 |
|  Graham Packaging Co., Inc. | Graham Packaging Co., Inc. | Graham Packaging Co., Inc. |
|  6.827% (TSFR1M + 2.500%) due 08/04/2027 ~ | 1002 | 1005 |
|  Gray Television, Inc. | Gray Television, Inc. | Gray Television, Inc. |
|  9.574% (TSFR1M + 5.250%) due 06/04/2029 ~ | 345 | 345 |
|  Grifols Worldwide Operations U.S.A., Inc. | Grifols Worldwide Operations U.S.A., Inc. | Grifols Worldwide Operations U.S.A., Inc. |
|  6.483% (TSFR3M + 2.000%) due 11/15/2027 ~ | 3225 | 3219 |
|  Grinding Media, Inc. | Grinding Media, Inc. | Grinding Media, Inc. |
|  7.830% (TSFR3M + 3.500%) due 10/12/2028 «~ | 1212 | 1204 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Gryphon Debt Merger Sub, Inc. | Gryphon Debt Merger Sub, Inc. | Gryphon Debt Merger Sub, Inc. |
|  TBD% due 06/18/2032 | 2175 | 2177 |
|  Guggenheim Partners LLC | Guggenheim Partners LLC | Guggenheim Partners LLC |
|  6.796% (TSFR3M + 2.500%) due 11/26/2031 ~ | 1095 | 1100 |
|  Gulfside Supply, Inc. | Gulfside Supply, Inc. | Gulfside Supply, Inc. |
|  7.296% (TSFR3M + 3.000%) due 06/17/2031 ~ | 815 | 818 |
|  Hanger, Inc. | Hanger, Inc. | Hanger, Inc. |
|  TBD% due 10/23/2031 µ | 114 | 114 |
|  TBD% (TSFR1M + 3.500%) due 10/23/2031 ~ | 884 | 886 |
|  Harbor Freight Tools U.S.A., Inc. | Harbor Freight Tools U.S.A., Inc. | Harbor Freight Tools U.S.A., Inc. |
|  TBD% due 06/11/2031 | 2000 | 1961 |
|  Hilton Grand Vacations Borrower LLC | Hilton Grand Vacations Borrower LLC | Hilton Grand Vacations Borrower LLC |
|  6.327% (TSFR1M + 2.000%) due 01/17/2031 ~ | 2184 | 2184 |
|  HUB International Ltd. | HUB International Ltd. | HUB International Ltd. |
|  6.769% - 6.796% (TSFR3M + 2.500%) due 06/20/2030 ~ | 4793 | 4812 |
|  Hudson River Trading LLC | Hudson River Trading LLC | Hudson River Trading LLC |
|  TBD% (TSFR1M + 3.000%) due 03/18/2030 ~ | 2484 | 2494 |
|  IMC Financing LLC | IMC Financing LLC | IMC Financing LLC |
|  7.815% (TSFR1M + 3.500%) due 06/02/2032 ~ | 1475 | 1486 |
|  Instructure Holdings, Inc. | Instructure Holdings, Inc. | Instructure Holdings, Inc. |
|  7.205% (TSFR6M + 3.000%) due 11/13/2031 ~ | 1796 | 1800 |
|  IRB Holding Corp. | IRB Holding Corp. | IRB Holding Corp. |
|  6.827% (TSFR1M + 2.500%) due 12/15/2027 ~ | 3485 | 3489 |
|  Iridium Satellite LLC | Iridium Satellite LLC | Iridium Satellite LLC |
|  6.577% (TSFR1M + 2.250%) due 09/20/2030 ~ | 2542 | 2549 |
|  iSolved, Inc. | iSolved, Inc. | iSolved, Inc. |
|  7.327% (TSFR1M + 3.000%) due 10/15/2030 ~ | 741 | 744 |
|  Jane Street Group LLC | Jane Street Group LLC | Jane Street Group LLC |
|  6.333% (TSFR3M + 2.000%) due 12/15/2031 ~ | 6163 | 6163 |
|  Janney Montgomery Scott LLC | Janney Montgomery Scott LLC | Janney Montgomery Scott LLC |
|  TBD% - 3.250% due 11/28/2031 µ | 286 | 287 |
|  TBD% - 3.250% (TSFR6M + 3.250%) due 11/28/2031 ~ | 1710 | 1719 |
|  Jazz Financing Lux SARL | Jazz Financing Lux SARL | Jazz Financing Lux SARL |
|  6.577% (TSFR1M + 2.250%) due 05/05/2028 ~ | 1994 | 2004 |
|  Johnstone Supply LLC | Johnstone Supply LLC | Johnstone Supply LLC |
|  6.818% (TSFR1M + 2.500%) due 06/09/2031 ~ | 1677 | 1683 |
|  Jump Financial LLC | Jump Financial LLC | Jump Financial LLC |
|  8.546% (TSFR3M + 4.250%) due 02/26/2032 «~ | 1397 | 1405 |
|  Kaman Corp. | Kaman Corp. | Kaman Corp. |
|  TBD% - 1.000% due 02/26/2032 µ | 159 | 160 |
|  TBD% - 1.000% (TSFR3M + 2.750%) due 02/26/2032 ~ | 1691 | 1691 |
|  Kaseya, Inc. | Kaseya, Inc. | Kaseya, Inc. |
|  7.577% (TSFR1M + 3.250%) due 03/20/2032 ~ | 1571 | 1579 |
|  KKR Apple Bidco LLC | KKR Apple Bidco LLC | KKR Apple Bidco LLC |
|  6.827% (TSFR1M + 2.500%) due 09/23/2031 ~ | 1915 | 1914 |
|  Kohler Energy Co. LLC | Kohler Energy Co. LLC | Kohler Energy Co. LLC |
|  8.046% (TSFR3M + 3.750%) due 05/01/2031 ~ | 2262 | 2268 |
|  Lakeshore Intermediate LLC | Lakeshore Intermediate LLC | Lakeshore Intermediate LLC |
|  7.941% (TSFR1M + 3.500%) due 09/29/2028 «~ | 1979 | 1574 |
|  LBM Acquisition LLC | LBM Acquisition LLC | LBM Acquisition LLC |
|  8.162% (TSFR1M + 3.750%) due 06/06/2031 ~ | 4059 | 3805 |
|  8.177% (TSFR1M + 3.750%) due 12/17/2027 ~ | 1984 | 1962 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **131** |

---

------

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

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  LC AHAB U.S. Bidco LLC | LC AHAB U.S. Bidco LLC | LC AHAB U.S. Bidco LLC |
|  7.327% (TSFR1M + 3.000%) due 05/01/2031 ~ | 4883 | 4887 |
|  Level 3 Financing, Inc. | Level 3 Financing, Inc. | Level 3 Financing, Inc. |
|  8.577% (TSFR1M + 4.250%) due 03/27/2032 ~ | 200 | 202 |
|  LifePoint Health, Inc. | LifePoint Health, Inc. | LifePoint Health, Inc. |
|  7.820% (TSFR3M + 3.500%) due 05/19/2031 ~ | 1664 | 1641 |
|  8.006% (TSFR3M + 3.750%) due 05/19/2031 ~ | 1476 | 1462 |
|  M6 ETX Holdings Midco LLC | M6 ETX Holdings Midco LLC | M6 ETX Holdings Midco LLC |
|  7.327% (TSFR1M + 3.000%) due 04/01/2032 ~ | 2325 | 2338 |
|  Madison IAQ LLC | Madison IAQ LLC | Madison IAQ LLC |
|  6.608% - 6.762% (TSFR6M + 2.500%) due 06/21/2028 ~ | 1264 | 1267 |
|  7.557% (TSFR3M + 3.250%) due 05/06/2032 ~ | 2 | 2 |
|  Mauser Packaging Solutions Holding Co. | Mauser Packaging Solutions Holding Co. | Mauser Packaging Solutions Holding Co. |
|  7.324% (TSFR1M + 3.000%) due 04/15/2027 ~ | 1730 | 1732 |
|  Mavis Tire Express Services Corp. | Mavis Tire Express Services Corp. | Mavis Tire Express Services Corp. |
|  7.333% (TSFR3M + 3.000%) due 05/04/2028 ~ | 1969 | 1971 |
|  McAfee LLC | McAfee LLC | McAfee LLC |
|  7.316% (TSFR1M + 3.000%) due 03/01/2029 ~ | 3567 | 3472 |
|  McGraw-Hill Global Education Holdings LLC | McGraw-Hill Global Education Holdings LLC | McGraw-Hill Global Education Holdings LLC |
|  7.577% (TSFR1M + 3.250%) due 08/06/2031 ~ | 1986 | 1995 |
|  Medline Borrower LP | Medline Borrower LP | Medline Borrower LP |
|  6.577% (TSFR1M + 2.250%) due 10/23/2028 ~ | 6697 | 6713 |
|  MH Sub LLC | MH Sub LLC | MH Sub LLC |
|  8.577% (TSFR1M + 4.250%) due 05/03/2028 ~ | 2917 | 2742 |
|  Minimax Viking GmbH | Minimax Viking GmbH | Minimax Viking GmbH |
|  6.577% (TSFR1M + 2.250%) due 03/17/2032 «~ | 1500 | 1508 |
|  Mitchell International, Inc. | Mitchell International, Inc. | Mitchell International, Inc. |
|  7.577% (TSFR1M + 3.250%) due 06/17/2031 ~ | 1689 | 1689 |
|  MKS Instruments, Inc. | MKS Instruments, Inc. | MKS Instruments, Inc. |
|  6.322% (TSFR1M + 2.000%) due 08/17/2029 ~ | 1859 | 1866 |
|  Modena Buyer LLC | Modena Buyer LLC | Modena Buyer LLC |
|  8.780% (TSFR3M + 4.500%) due 07/01/2031 ~ | 2090 | 2018 |
|  Motion Finco SARL | Motion Finco SARL | Motion Finco SARL |
|  7.796% (TSFR3M + 3.500%)<br>due 11/12/2029 | 1647 | 1572 |
|  Murphy U.S.A., Inc. | Murphy U.S.A., Inc. | Murphy U.S.A., Inc. |
|  6.074% (TSFR1M + 1.750%) due 04/07/2032 ~ | 2925 | 2954 |
|  National Mentor Holdings, Inc. | National Mentor Holdings, Inc. | National Mentor Holdings, Inc. |
|  8.146% - 8.177% (TSFR3M + 3.750%) due 03/02/2028 ~ | 2982 | 2889 |
|  NCR Atleos LLC | NCR Atleos LLC | NCR Atleos LLC |
|  8.030% (TSFR3M + 3.750%) due 04/16/2029 ~ | 973 | 982 |
|  Neptune Bidco U.S., Inc. | Neptune Bidco U.S., Inc. | Neptune Bidco U.S., Inc. |
|  9.330% (TSFR3M + 5.000%) due 04/11/2029 ~ | 2750 | 2608 |
|  Nexstar Media, Inc. | Nexstar Media, Inc. | Nexstar Media, Inc. |
|  TBD% due 06/28/2032 | 2600 | 2598 |
|  Nielsen Consumer, Inc. | Nielsen Consumer, Inc. | Nielsen Consumer, Inc. |
|  7.827% (TSFR1M + 3.500%) due 03/06/2028 ~ | 1318 | 1321 |
|  Nouryon Finance BV | Nouryon Finance BV | Nouryon Finance BV |
|  7.510% (TSFR3M + 3.250%) due 04/03/2028 ~ | 965 | 971 |
|  Nuvei Technologies Corp. | Nuvei Technologies Corp. | Nuvei Technologies Corp. |
|  7.327% (TSFR1M + 3.000%) due 11/17/2031 ~ | 1147 | 1150 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Olympus Water U.S. Holding Corp. | Olympus Water U.S. Holding Corp. | Olympus Water U.S. Holding Corp. |
|  7.296% (TSFR3M + 3.000%) due 06/20/2031 ~ | 2171 | 2150 |
|  OMNIA Partners LLC | OMNIA Partners LLC | OMNIA Partners LLC |
|  6.783% (TSFR3M + 2.500%) due 07/25/2030 ~ | 1975 | 1981 |
|  Opal Bidco SAS | Opal Bidco SAS | Opal Bidco SAS |
|  7.435% - 9.750% (TSFR3M + 2.250%) due 04/28/2032 ~ | 2350 | 2362 |
|  Organon & Co. | Organon & Co. | Organon & Co. |
|  6.571% (TSFR1M + 2.250%) due 05/19/2031 ~ | 1866 | 1839 |
|  Oryx Midstream Services Permian Basin LLC | Oryx Midstream Services Permian Basin LLC | Oryx Midstream Services Permian Basin LLC |
|  6.572% (TSFR1M + 2.250%) due 10/05/2028 ~ | 2771 | 2773 |
|  Parexel International Corp. | Parexel International Corp. | Parexel International Corp. |
|  6.827% (TSFR1M + 2.500%) due 11/15/2028 ~ | 3749 | 3754 |
|  Particle Investments SARL | Particle Investments SARL | Particle Investments SARL |
|  8.077% (TSFR1M + 3.750%) due 03/28/2031 ~ | 691 | 696 |
|  Pasadena Performance Products LLC | Pasadena Performance Products LLC | Pasadena Performance Products LLC |
|  7.796% (TSFR3M + 3.500%) due 02/27/2032 ~ | 3491 | 3516 |
|  Peer Holding BV | Peer Holding BV | Peer Holding BV |
|  6.796% (TSFR3M + 2.500%) due 07/01/2031 ~ | 2594 | 2611 |
|  PENN Entertainment, Inc. | PENN Entertainment, Inc. | PENN Entertainment, Inc. |
|  6.827% (TSFR1M + 2.500%) due 05/03/2029 ~ | 1383 | 1386 |
|  Peraton Corp. | Peraton Corp. | Peraton Corp. |
|  8.177% (TSFR1M + 3.750%) due 02/01/2028 ~ | 2543 | 2252 |
|  PG Investment Co. 59 SARL | PG Investment Co. 59 SARL | PG Investment Co. 59 SARL |
|  7.046% (TSFR3M + 2.750%) due 03/26/2031 ~ | 769 | 772 |
|  Phoenix Guarantor, Inc. | Phoenix Guarantor, Inc. | Phoenix Guarantor, Inc. |
|  6.827% (TSFR1M + 2.500%) due 02/21/2031 ~ | 3761 | 3778 |
|  Planet U.S. Buyer LLC | Planet U.S. Buyer LLC | Planet U.S. Buyer LLC |
|  7.325% - 7.330% (TSFR3M + 3.000%) due 02/07/2031 ~ | 2104 | 2115 |
|  PointClickCare Technologies, Inc. | PointClickCare Technologies, Inc. | PointClickCare Technologies, Inc. |
|  7.416% (TSFR6M + 3.250%) due 11/03/2031 ~ | 995 | 1001 |
|  Polaris Newco LLC | Polaris Newco LLC | Polaris Newco LLC |
|  8.291% (TSFR3M + 3.750%) due 06/02/2028 ~ | 2563 | 2502 |
|  Press Ganey Holdings, Inc. | Press Ganey Holdings, Inc. | Press Ganey Holdings, Inc. |
|  7.577% (TSFR1M + 3.250%) due 04/30/2031 ~ | 1587 | 1592 |
|  Prime Security Services Borrower LLC | Prime Security Services Borrower LLC | Prime Security Services Borrower LLC |
|  6.070% (TSFR1M + 1.750%) due 03/07/2032 ~ | 998 | 991 |
|  6.320% (TSFR1M + 2.000%) due 10/13/2030 ~ | 4441 | 4449 |
|  Primo Brands Corp. | Primo Brands Corp. | Primo Brands Corp. |
|  6.546% (TSFR3M + 2.250%) due 03/31/2028 ~ | 5594 | 5620 |
|  Project Alpha Intermediate Holding, Inc. | Project Alpha Intermediate Holding, Inc. | Project Alpha Intermediate Holding, Inc. |
|  7.546% (TSFR3M + 3.250%) due 10/26/2030 ~ | 1618 | 1628 |
|  Proofpoint, Inc. | Proofpoint, Inc. | Proofpoint, Inc. |
|  TBD% due 08/31/2028 | 800 | 801 |
|  TBD% (TSFR1M + 3.000%) due 08/31/2028 ~ | 3912 | 3919 |
|  PUG LLC | PUG LLC | PUG LLC |
|  9.077% (TSFR1M + 4.750%) due 03/15/2030 ~ | 1620 | 1577 |
|  Quartz Acquireco LLC | Quartz Acquireco LLC | Quartz Acquireco LLC |
|  6.546% (TSFR3M + 2.250%) due 06/28/2030 ~ | 1261 | 1268 |
|  Quikrete Holdings, Inc. | Quikrete Holdings, Inc. | Quikrete Holdings, Inc. |
|  6.577% (TSFR1M + 2.250%) due 03/19/2029 ~ | 4289 | 4293 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.577% (TSFR1M + 2.250%) due 02/10/2032 ~ | $— | 1696 | $— | 1696 |
|  QXO, Inc. | QXO, Inc. | QXO, Inc. | QXO, Inc. | QXO, Inc. |
|  7.296% (TSFR3M + 3.000%) due 04/30/2032 ~ |  | 416 |  | 419 |
|  Raising Cane's Restaurants LLC | Raising Cane's Restaurants LLC | Raising Cane's Restaurants LLC | Raising Cane's Restaurants LLC | Raising Cane's Restaurants LLC |
|  6.327% (TSFR1M + 2.000%) due 09/18/2031 ~ |  | 1613 |  | 1624 |
|  Rand Parent LLC | Rand Parent LLC | Rand Parent LLC | Rand Parent LLC | Rand Parent LLC |
|  7.296% (TSFR3M + 3.000%) due 03/18/2030 ~ |  | 3391 |  | 3377 |
|  Raven Acquisition Holdings LLC | Raven Acquisition Holdings LLC | Raven Acquisition Holdings LLC | Raven Acquisition Holdings LLC | Raven Acquisition Holdings LLC |
|  TBD% - 3.250% due 11/19/2031 µ |  | 222 |  | 222 |
|  TBD% - 3.250% (TSFR1M + 3.250%) due 11/19/2031 ~ |  | 1167 |  | 1168 |
|  RealPage, Inc. | RealPage, Inc. | RealPage, Inc. | RealPage, Inc. | RealPage, Inc. |
|  7.557% (TSFR3M + 3.000%) due 04/24/2028 ~ |  | 1519 |  | 1510 |
|  8.046% (TSFR3M + 3.750%) due 04/24/2028 ~ |  | 998 |  | 1000 |
|  Recess Holdings, Inc. | Recess Holdings, Inc. | Recess Holdings, Inc. | Recess Holdings, Inc. | Recess Holdings, Inc. |
|  8.025% (TSFR3M + 3.750%) due 02/20/2030 ~ |  | 1494 |  | 1499 |
|  Reworld Holding Corp. | Reworld Holding Corp. | Reworld Holding Corp. | Reworld Holding Corp. | Reworld Holding Corp. |
|  6.562% (TSFR1M + 2.250%) due 11/30/2028 ~ |  | 1485 |  | 1489 |
|  6.571% due 11/30/2028 |  | 1986 |  | 1989 |
|  Rockpoint Gas Storage Partners LP | Rockpoint Gas Storage Partners LP | Rockpoint Gas Storage Partners LP | Rockpoint Gas Storage Partners LP | Rockpoint Gas Storage Partners LP |
|  7.296% (TSFR3M + 3.000%) due 09/18/2031 |  | 4339 |  | 4361 |
|  Sauer Brands, Inc. | Sauer Brands, Inc. | Sauer Brands, Inc. | Sauer Brands, Inc. | Sauer Brands, Inc. |
|  TBD% due 02/19/2032 µ |  | 86 |  | 87 |
|  TBD% (TSFR1M + 3.250%) due 02/19/2032 ~ |  | 914 |  | 920 |
|  Scientific Games Holdings LP | Scientific Games Holdings LP | Scientific Games Holdings LP | Scientific Games Holdings LP | Scientific Games Holdings LP |
|  7.285% (TSFR3M + 3.000%) due 04/04/2029 ~ |  | 4460 |  | 4461 |
|  SCIH Salt Holdings, Inc. | SCIH Salt Holdings, Inc. | SCIH Salt Holdings, Inc. | SCIH Salt Holdings, Inc. | SCIH Salt Holdings, Inc. |
|  7.280% - 7.324% (TSFR3M + 3.000%) due 01/31/2029 ~ |  | 2981 |  | 2986 |
|  Sedgwick Claims Management Services, Inc. | Sedgwick Claims Management Services, Inc. | Sedgwick Claims Management Services, Inc. | Sedgwick Claims Management Services, Inc. | Sedgwick Claims Management Services, Inc. |
|  7.327% (TSFR1M + 3.000%) due 07/31/2031 ~ |  | 1063 |  | 1068 |
|  Select Medical Corp. | Select Medical Corp. | Select Medical Corp. | Select Medical Corp. | Select Medical Corp. |
|  6.327% (TSFR1M + 2.000%) due 12/03/2031 ~ |  | 2735 |  | 2747 |
|  Sharp Services LLC | Sharp Services LLC | Sharp Services LLC | Sharp Services LLC | Sharp Services LLC |
|  7.546% (TSFR3M + 3.250%) due 12/31/2028 ~ |  | 1490 |  | 1497 |
|  SolarWinds Holdings, Inc. | SolarWinds Holdings, Inc. | SolarWinds Holdings, Inc. | SolarWinds Holdings, Inc. | SolarWinds Holdings, Inc. |
|  8.261% (TSFR3M + 4.000%) due 04/16/2032 ~ |  | 1000 |  | 980 |
|  Somnigroup International Inc. |  |  |  |  |
|  9.000% (PRIME + 1.500%) due 12/24/2031 ~ |  | 1573 |  | 1578 |
|  Sotera Health Holdings LLC | Sotera Health Holdings LLC | Sotera Health Holdings LLC | Sotera Health Holdings LLC | Sotera Health Holdings LLC |
|  7.546% (TSFR3M + 3.250%) due 05/30/2031 ~ |  | 3955 |  | 3977 |
|  Specialty Building Products Holdings LLC | Specialty Building Products Holdings LLC | Specialty Building Products Holdings LLC | Specialty Building Products Holdings LLC | Specialty Building Products Holdings LLC |
|  8.177% (TSFR1M + 3.750%) due 10/15/2028 ~ |  | 2583 |  | 2475 |
|  Speedster Bidco GmbH | Speedster Bidco GmbH | Speedster Bidco GmbH | Speedster Bidco GmbH | Speedster Bidco GmbH |
|  7.546% (TSFR3M + 3.250%) due 12/10/2031 ~ |  | 1995 |  | 2009 |
|  Spring Education Group, Inc. | Spring Education Group, Inc. | Spring Education Group, Inc. | Spring Education Group, Inc. | Spring Education Group, Inc. |
|  8.296% (TSFR3M + 4.000%) due 10/04/2030 ~ |  | 296 |  | 297 |
|  SS&C Technologies, Inc. | SS&C Technologies, Inc. | SS&C Technologies, Inc. | SS&C Technologies, Inc. | SS&C Technologies, Inc. |
|  TBD% due 05/09/2031 |  | 4675 |  | 4703 |
|  Starwood Property Trust, Inc. | Starwood Property Trust, Inc. | Starwood Property Trust, Inc. | Starwood Property Trust, Inc. | Starwood Property Trust, Inc. |
|  6.577% (TSFR1M + 2.250%) due 01/02/2030 ~ |  | 3159 |  | 3173 |
|  Station Casinos LLC | Station Casinos LLC | Station Casinos LLC | Station Casinos LLC | Station Casinos LLC |
|  6.327% (TSFR1M + 2.000%) due 03/14/2031 ~ |  | 2379 |  | 2386 |

---

---

| | | |
|:---|:---|:---|
| **132** | **PIMCO ETF TRUST** | See Accompanying Notes |

---

------

June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Stonepeak Nile Parent LLC | Stonepeak Nile Parent LLC | Stonepeak Nile Parent LLC |
|  9.250% (PRIME + 1.750%) due 04/09/2032 ~ | 4175 | 4194 |
|  Student Transportation of America Holdings, Inc. | Student Transportation of America Holdings, Inc. | Student Transportation of America Holdings, Inc. |
|  TBD% due 06/24/2032 µ | 88 | 89 |
|  TBD% due 06/24/2032 | 1237 | 1241 |
|  Sunrise Financing Partnership | Sunrise Financing Partnership | Sunrise Financing Partnership |
|  6.793% (TSFR3M + 2.500%) due 02/15/2032 ~ | 2462 | 2460 |
|  Surgery Center Holdings, Inc. | Surgery Center Holdings, Inc. | Surgery Center Holdings, Inc. |
|  7.077% (TSFR1M + 2.750%) due 12/19/2030 ~ | 1429 | 1436 |
|  Sycamore Buyer LLC | Sycamore Buyer LLC | Sycamore Buyer LLC |
|  6.572% (TSFR1M + 2.250%) due 05/21/2032 ~ | 2575 | 2581 |
|  Syniverse Holdings, Inc. | Syniverse Holdings, Inc. | Syniverse Holdings, Inc. |
|  11.296% (TSFR3M + 7.000%) due 05/13/2027 ~ | 1756 | 1672 |
|  Tacala LLC | Tacala LLC | Tacala LLC |
|  7.827% (TSFR1M + 3.500%) due 01/31/2031 ~ | 1707 | 1718 |
|  Teneo Holdings LLC | Teneo Holdings LLC | Teneo Holdings LLC |
|  9.077% (TSFR1M + 4.750%) due 03/13/2031 ~ | 691 | 699 |
|  Terex Corp. | Terex Corp. | Terex Corp. |
|  6.327% (TSFR1M + 2.000%) due 10/08/2031 ~ | 1796 | 1808 |
|  TGP Holdings LLC | TGP Holdings LLC | TGP Holdings LLC |
|  7.677% (TSFR1M + 3.250%) due 06/29/2028 ~ | 509 | 458 |
|  Tidal Waste & Recycling Holdings LLC | Tidal Waste & Recycling Holdings LLC | Tidal Waste & Recycling Holdings LLC |
|  7.296% (TSFR3M + 3.000%) due 10/24/2031 ~ | 1671 | 1683 |
|  TK Elevator Midco GmbH | TK Elevator Midco GmbH | TK Elevator Midco GmbH |
|  7.237% due 04/30/2030 ~ | 6491 | 6515 |
|  TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. |
|  6.796% (TSFR3M + 2.500%) due 02/28/2031 ~ | 3953 | 3964 |
|  Travel & Leisure Co. | Travel & Leisure Co. | Travel & Leisure Co. |
|  6.827% (TSFR1M + 2.500%) due 12/14/2029 ~ | 2780 | 2786 |
|  Trident TPI Holdings, Inc. | Trident TPI Holdings, Inc. | Trident TPI Holdings, Inc. |
|  8.046% (TSFR3M + 3.750%) due 09/15/2028 ~ | 2084 | 2050 |
|  Trucordia Insurance Holdings LLC | Trucordia Insurance Holdings LLC | Trucordia Insurance Holdings LLC |
|  7.564% (TSFR1M + 3.250%) due 06/14/2032 ~ | 1850 | 1856 |
|  Truist Insurance Holdings LLC | Truist Insurance Holdings LLC | Truist Insurance Holdings LLC |
|  7.046% (TSFR3M + 2.750%) due 05/06/2031 ~ | 2925 | 2930 |
|  Twitter, Inc. | Twitter, Inc. | Twitter, Inc. |
|  10.927% (TSFR1M + 6.500%) due 10/26/2029 ~ | 5685 | 5562 |
|  UFC Holdings LLC | UFC Holdings LLC | UFC Holdings LLC |
|  6.571% (TSFR3M + 2.250%) due 11/21/2031 ~ | 1741 | 1750 |
|  UKG, Inc. | UKG, Inc. | UKG, Inc. |
|  7.311% (TSFR1M + 3.000%) due 02/10/2031 ~ | 7287 | 7323 |
|  United Talent Agency LLC | United Talent Agency LLC | United Talent Agency LLC |
|  7.811% (TSFR1M + 3.500%) due 06/10/2032 «~ | 2980 | 2991 |
|  Upfield BV | Upfield BV | Upfield BV |
|  TBD% due 01/03/2028 | 1995 | 1999 |
|  USI, Inc. | USI, Inc. | USI, Inc. |
|  6.546% (TSFR3M + 2.250%) due 11/21/2029 ~ | 1738 | 1737 |
|  6.546% (TSFR3M + 2.250%) due 09/29/2030 ~ | 4460 | 4454 |
|  Van Pool Transportation LLC | Van Pool Transportation LLC | Van Pool Transportation LLC |
|  TBD% due 06/17/2030 | 3254 | 3254 |
|  TBD% due 06/17/2030 µ | 446 | 446 |
|  Veritiv Corp. | Veritiv Corp. | Veritiv Corp. |
|  8.296% (TSFR3M + 4.000%) due 11/30/2030 ~ | 1799 | 1808 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Viavi Solutions, Inc. | Viavi Solutions, Inc. | Viavi Solutions, Inc. |
|  TBD% due 07/30/2032 | 1000 | 1002 |
|  Virgin Media Bristol LLC | Virgin Media Bristol LLC | Virgin Media Bristol LLC |
|  6.926% - 7.417% (TSFR1M + 3.175%) due 03/31/2031 ~ | 7800 | 7711 |
|  7.676% (TSFR1M + 3.250%) due 01/31/2029 ~ | 2219 | 2202 |
|  Vista Management Holding, Inc. | Vista Management Holding, Inc. | Vista Management Holding, Inc. |
|  8.048% (TSFR3M + 3.750%) due 04/01/2031 ~ | 1450 | 1455 |
|  VS Buyer LLC | VS Buyer LLC | VS Buyer LLC |
|  7.019% (TSFR3M + 2.750%) due 04/12/2031 ~ | 2582 | 2598 |
|  Wand NewCo 3, Inc. | Wand NewCo 3, Inc. | Wand NewCo 3, Inc. |
|  6.827% (TSFR1M + 2.500%) due 01/30/2031 ~ | 936 | 933 |
|  Wasserman Media Group LLC | Wasserman Media Group LLC | Wasserman Media Group LLC |
|  TBD% due 06/23/2032 « | 1900 | 1905 |
|  WaterBridge Midstream Operating LLC | WaterBridge Midstream Operating LLC | WaterBridge Midstream Operating LLC |
|  8.300% (TSFR3M + 4.000%) due 05/10/2029 ~ | 1489 | 1491 |
|  WCG Intermediate Corp. | WCG Intermediate Corp. | WCG Intermediate Corp. |
|  7.322% - 7.327% (TSFR1M + 3.000%) due 02/25/2032 ~ | 1605 | 1590 |
|  WEC U.S. Holdings Ltd. | WEC U.S. Holdings Ltd. | WEC U.S. Holdings Ltd. |
|  6.574% (TSFR1M + 2.250%) due 01/27/2031 ~ | 3835 | 3840 |
|  Whatabrands LLC | Whatabrands LLC | Whatabrands LLC |
|  6.827% (TSFR1M + 2.500%) due 08/03/2028 ~ | 4465 | 4472 |
|  White Cap Buyer LLC | White Cap Buyer LLC | White Cap Buyer LLC |
|  7.577% (TSFR1M + 3.250%) due 10/19/2029 ~ | 3899 | 3884 |
|  WhiteWater DBR HoldCo LLC | WhiteWater DBR HoldCo LLC | WhiteWater DBR HoldCo LLC |
|  6.563% (TSFR3M + 2.250%) due 03/03/2031 ~ | 1985 | 1990 |
|  Zayo Group Holdings, Inc. | Zayo Group Holdings, Inc. | Zayo Group Holdings, Inc. |
|  7.441% (TSFR1M + 3.000%) due 03/09/2027 ~ | 1975 | 1884 |
|  Zelis Payments Buyer, Inc. | Zelis Payments Buyer, Inc. | Zelis Payments Buyer, Inc. |
|  7.577% (TSFR1M + 3.250%) due 11/26/2031 ~ | 1970 | 1962 |
|  Ziggo Financing Partnership | Ziggo Financing Partnership | Ziggo Financing Partnership |
|  6.926% (TSFR1M + 2.500%) due 04/30/2028 ~ | 1716 | 1681 |
|  Zuora, Inc. | Zuora, Inc. | Zuora, Inc. |
|  7.827% (TSFR1M + 3.500%) due 02/14/2032 ~ | 1000 | 997 |
|  Total Loan Participations and Assignments<br>(Cost $624,847) | Total Loan Participations and Assignments<br>(Cost $624,847) | 624644 |
| CORPORATE BONDS & NOTES 2.3% | CORPORATE BONDS & NOTES 2.3% | CORPORATE BONDS & NOTES 2.3% |
| BANKING & FINANCE 0.4% | BANKING & FINANCE 0.4% | BANKING & FINANCE 0.4% |
|  Alliant Holdings Intermediate LLC | Alliant Holdings Intermediate LLC | Alliant Holdings Intermediate LLC |
|  7.000% due 01/15/2031 | 500 | 518 |
|  Freedom Mortgage Corp. | Freedom Mortgage Corp. | Freedom Mortgage Corp. |
|  12.000% due 10/01/2028 | 450 | 484 |
|  Howard Hughes Corp. | Howard Hughes Corp. | Howard Hughes Corp. |
|  4.125% due 02/01/2029 | 350 | 333 |
|  Icahn Enterprises LP | Icahn Enterprises LP | Icahn Enterprises LP |
|  10.000% due 11/15/2029 | 265 | 263 |
|  Panther Escrow Issuer LLC | Panther Escrow Issuer LLC | Panther Escrow Issuer LLC |
|  7.125% due 06/01/2031 | 400 | 416 |
|  Pebblebrook Hotel LP | Pebblebrook Hotel LP | Pebblebrook Hotel LP |
|  6.375% due 10/15/2029 | 500 | 503 |
|  PRA Group, Inc. | PRA Group, Inc. | PRA Group, Inc. |
|  8.375% due 02/01/2028 | 500 | 513 |
|  |  | 3030 |
| INDUSTRIALS 1.8% | INDUSTRIALS 1.8% | INDUSTRIALS 1.8% |
|  Aston Martin Capital Holdings Ltd. | Aston Martin Capital Holdings Ltd. | Aston Martin Capital Holdings Ltd. |
|  10.000% due 03/31/2029 | 1000 | 948 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  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)(b) | 300 | 312 |
|  Carnival Corp. | Carnival Corp. | Carnival Corp. |
|  5.750% due 03/15/2030 | 1325 | 1348 |
|  CCO Holdings LLC | CCO Holdings LLC | CCO Holdings LLC |
|  4.500% due 08/15/2030 | 1000 | 954 |
|  Cerdia Finanz GmbH | Cerdia Finanz GmbH | Cerdia Finanz GmbH |
|  9.375% due 10/03/2031 | 500 | 520 |
|  Champ Acquisition Corp. | Champ Acquisition Corp. | Champ Acquisition Corp. |
|  8.375% due 12/01/2031 | 250 | 266 |
|  Community Health Systems, Inc. | Community Health Systems, Inc. | Community Health Systems, Inc. |
|  5.250% due 05/15/2030 | 400 | 355 |
|  Fertitta Entertainment LLC | Fertitta Entertainment LLC | Fertitta Entertainment LLC |
|  4.625% due 01/15/2029 | 250 | 240 |
|  goeasy Ltd. | goeasy Ltd. | goeasy Ltd. |
|  7.625% due 07/01/2029 | 300 | 309 |
|  GYP Holdings Corp. | GYP Holdings Corp. | GYP Holdings Corp. |
|  4.625% due 05/01/2029 | 500 | 502 |
|  Hilton Grand Vacations Borrower LLC | Hilton Grand Vacations Borrower LLC | Hilton Grand Vacations Borrower LLC |
|  4.875% due 07/01/2031 | 250 | 231 |
|  Howard Midstream Energy Partners LLC | Howard Midstream Energy Partners LLC | Howard Midstream Energy Partners LLC |
|  7.375% due 07/15/2032 | 350 | 368 |
|  McGraw-Hill Education, Inc. | McGraw-Hill Education, Inc. | McGraw-Hill Education, Inc. |
|  5.750% due 08/01/2028 | 350 | 352 |
|  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 | 224 |
|  NCL Corp. Ltd. | NCL Corp. Ltd. | NCL Corp. Ltd. |
|  8.125% due 01/15/2029 | 400 | 422 |
|  Option Care Health, Inc. | Option Care Health, Inc. | Option Care Health, Inc. |
|  4.375% due 10/31/2029 | 900 | 867 |
|  Pike Corp. | Pike Corp. | Pike Corp. |
|  8.625% due 01/31/2031 | 250 | 272 |
|  Snap, Inc. | Snap, Inc. | Snap, Inc. |
|  6.875% due 03/01/2033 | 300 | 308 |
|  Spirit AeroSystems, Inc. | Spirit AeroSystems, Inc. | Spirit AeroSystems, Inc. |
|  9.750% due 11/15/2030 | 250 | 276 |
|  Station Casinos LLC | Station Casinos LLC | Station Casinos LLC |
|  6.625% due 03/15/2032 | 400 | 409 |
|  Surgery Center Holdings, Inc. | Surgery Center Holdings, Inc. | Surgery Center Holdings, Inc. |
|  7.250% due 04/15/2032 | 600 | 612 |
|  TopBuild Corp. | TopBuild Corp. | TopBuild Corp. |
|  4.125% due 02/15/2032 | 1625 | 1508 |
|  TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. |
|  7.125% due 12/01/2031 | 400 | 420 |
|  Triumph Group, Inc. | Triumph Group, Inc. | Triumph Group, Inc. |
|  9.000% due 03/15/2028 | 480 | 502 |
|  Valaris Ltd. | Valaris Ltd. | Valaris Ltd. |
|  8.375% due 04/30/2030 | 750 | 770 |
|  |  | 13295 |
| UTILITIES 0.1% | UTILITIES 0.1% | UTILITIES 0.1% |
|  Calpine Corp. | Calpine Corp. | Calpine Corp. |
|  5.000% due 02/01/2031 | 450 | 445 |
|  ContourGlobal Power Holdings SA | ContourGlobal Power Holdings SA | ContourGlobal Power Holdings SA |
|  6.750% due 02/28/2030 | 275 | 284 |
|  |  | 729 |
|  Total Corporate Bonds & Notes<br>(Cost $16,605) | Total Corporate Bonds & Notes<br>(Cost $16,605) | 17054 |
|  | **SHARES** |  |
| SHORT-TERM INSTRUMENTS 18.2% | SHORT-TERM INSTRUMENTS 18.2% | SHORT-TERM INSTRUMENTS 18.2% |
| 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 |
|  4.380% (e) | 1102757 | 1103 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |
| REPURCHASE AGREEMENTS (f) 17.7% | REPURCHASE AGREEMENTS (f) 17.7% | REPURCHASE AGREEMENTS (f) 17.7% |
|  |  | 131300 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| JUNE 30, 2025 133

------

Schedule of Investments PIMCO Senior Loan 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)** |
| U.S. TREASURY BILLS 0.3% | U.S. TREASURY BILLS 0.3% | U.S. TREASURY BILLS 0.3% | U.S. TREASURY BILLS 0.3% | U.S. TREASURY BILLS 0.3% |
|  4.250% due 07/03/2025 (c)(d) | $— | 2310 | $— | 2309 |
| Total Short-Term Instruments<br>(Cost $134,712) | Total Short-Term Instruments<br>(Cost $134,712) | Total Short-Term Instruments<br>(Cost $134,712) |  | 134712 |
| Total Investments in Securities<br>(Cost $776,164) | Total Investments in Securities<br>(Cost $776,164) | Total Investments in Securities<br>(Cost $776,164) |  | 776410 |
| Total Investments 105.0%<br>(Cost $776,164) | Total Investments 105.0%<br>(Cost $776,164) | Total Investments 105.0%<br>(Cost $776,164) | $— | 776410 |
|  Financial Derivative<br>Instruments (g)(h) 0.1%<br> (Cost or Premiums, net $3,832) | Financial Derivative<br>Instruments (g)(h) 0.1%<br> (Cost or Premiums, net $3,832) | Financial Derivative<br>Instruments (g)(h) 0.1%<br> (Cost or Premiums, net $3,832) |  | 1056 |
| Other Assets and Liabilities, net (5.1)% | Other Assets and Liabilities, net (5.1)% | Other Assets and Liabilities, net (5.1)% |  | (37684) |
| Net Assets 100.0% | Net Assets 100.0% | Net Assets 100.0% | $— | 739782 |

---

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

&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).

---

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

---

---

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

---

(a) When-issued security.

(b) Payment in-kind security.

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

(d) Zero coupon security.

(e) Coupon represents a 7-Day Yield.

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS
&nbsp;&nbsp;&nbsp;&nbsp;(f) 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 | 4.380% | 06/30/2025 | 08/18/2025 | $25000 | U.S. Treasury Notes 2.750% due 05/31/2029 | $(25543) | $25000 | $25003 |
|  | 4.440 | 06/30/2025 | 07/01/2025 | 106300 | U.S. Treasury Notes 3.625% - 4.250% due 03/31/2028 - 02/28/2029 | (108537) | 106300 | 106313 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(134080) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131300 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131316 |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of June 30, 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 | $131316 | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131316 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(134080) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2764) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131316 | $&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. 

---

| | | |
|:---|:---|:---|
| **134** | **PIMCO ETF TRUST** | See Accompanying Notes |

---

------

June 30, 2025

**The average amount of borrowings outstanding during the period ended June 30, 2025 was $(93) at a weighted average interest rate of 4.560%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** 

&nbsp;&nbsp;&nbsp;&nbsp;(g) 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 |
|  U.S. Treasury 5-Year Note September Futures  | 09/2025 | 15 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1635 | $18 | $2 | $0 |
|  U.S. Treasury 10-Year Note September Futures  | 09/2025 | 55 | 6167 | 104 | 17 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  U.S. Treasury 10-Year Ultra Long-Term Bond September Futures  | 09/2025 | 13 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1485) | $(25) | $0 | $(6) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) |

---

#### 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-43 5-Year Index | 5.000% | Quarterly | 12/20/2029 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26325 | $1682 | $289 | $1971 | $87 | $0 |
|  CDX.HY-44 5-Year Index | 5.000 | Quarterly | 06/20/2030 | 26525 | 1543 | 493 | 2036 | 93 | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3225 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;782 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4007 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180 | $&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 | 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 | 3.250% | Annual | 06/18/2030 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6750 | $125 | $(70) | $55 | $0 | $(11) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2027 | 6000 | 287 | (83) | 204 | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.326 | Annual | 12/17/2029 | 2900 | 1 | 25 | 26 | 0 | (4) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 03/19/2030 | 1825 | 72 | (32) | 40 | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2032 | 1350 | 50 | (24) | 26 | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2032 | 3350 | 93 | (35) | 58 | 0 | (9) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.532 | Annual | 08/20/2034 | 1100 | (15) | 35 | 20 | 0 | (4) |
|  |  |  |  |  |  | $613 | $(184) | $429 | $0 | $(36) |
|  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;3838 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;598 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4436 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of June 30, 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 |  | **Total** |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | **Total** | Written<br>Options |  |  | **Total** |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(6) | $(36) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| JUNE 30, 2025 135

------

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

**Cash of $5,366 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 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

#### SWAP AGREEMENTS:

#### TOTAL RETURN SWAPS ON INDEXES

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Pay/Receive<sup>(1)</sup>** | **Underlying Reference** | **# of Units** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| **Counterparty** | **Pay/Receive<sup>(1)</sup>** | **Underlying Reference** | **# of Units** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | Asset | Liability |
|  JPM | Receive | iBoxx USD Liquid Investment Grade Index  | N/A | 1.144% (1-Month USD-LIBOR<br>plus a specified spread) | Maturity | 09/22/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13000 | $(6) | $295 | $289 | $0 |
|  | Receive | iBoxx USD Liquid Investment Grade Index  | N/A | 1.144% (1-Month USD-LIBOR<br>plus a specified spread) | Maturity | 12/22/2025 | 86775 | 0 | 610 | 610 | 0 |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;899 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of June 30, 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> |
|  JPM | $&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;899 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;899 | $&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;899 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(573) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326 |

---

<sup>(1)</sup> Receive represents that the Fund receives payments for any positive net return on the underlying reference. The Fund makes payments for any negative net return on such underlying reference. Pay represents that the Fund receives payments for any negative net return on the underlying reference. The Fund makes payments for any positive net return on such underlying reference. 

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

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of June 30, 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 | $19 | $19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 180 | 0 | 0 | 0 | 180 |
|  | $0 | $180 | $0 | $0 | $19 | $199 |
|  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 | $899 | $899 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180 | $&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;918 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1098 |

---

136 PIMCO ETF TRUST See Accompanying Notes

------

June 30, 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 - 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 | $6 | $6 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 36 | 36 |
|  | $&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;42 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 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 | $(191) | $(191) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (161) | 0 | 0 | 194 | 33 |
|  | $0 | $(161) | $0 | $0 | $3 | $(158) |
|  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 | $2967 | $2967 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(161) | $&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;2970 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2809 |
|  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 | $111 | $111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 782 | 0 | 0 | (332) | 450 |
|  | $0 | $782 | $0 | $0 | $(221) | $561 |
|  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 | $(1353) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1353) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&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;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1574) | $(792) |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of June 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at<br>06/30/2025** |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $600713 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23931 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;624644 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 0 | 3030 | 0 | 3030 |
| &nbsp;&nbsp; Industrials | 0 | 13295 | 0 | 13295 |
| &nbsp;&nbsp; Utilities | 0 | 729 | 0 | 729 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 0 | 1103 | 0 | 1103 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131300 | 0 | 131300 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 2309 | 0 | 2309 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;752479 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23931 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;776410 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at<br>06/30/2025** |
|  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 | $199 | $0 | $199 |
|  Over the counter | 0 | 899 | 0 | 899 |
|  | $0 | $1098 | $0 | $1098 |
|  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 | $(42) | $0 | $(42) |
|  Total Financial Derivative Instruments | $0 | $1056 | $0 | $1056 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753535 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23931 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777466 |

---

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended June 30, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Category and<br>Subcategory | Beginning<br>Balance<br>at 06/30/2024 | 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 06/30/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>06/30/2025 <sup>(1)</sup> |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $10211 | $29738 | $(14841) | $2 | $4 | $(423) | $755 | $(1515) | $23931 | $(356) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10211 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29738 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14841) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(423) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1515) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23931 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(356) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| JUNE 30, 2025 137

------

Schedule of Investments PIMCO Senior Loan Active Exchange-Traded Fund (Cont.) June 30, 2025

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 06/30/2025 | Valuation<br>Technique | Unobservable<br>Inputs | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| Category and Subcategory | Ending<br>Balance<br>at 06/30/2025 | 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 | $755 | Indicative Market Quotation | Broker Quote | 77.000 |  |
|  | 23176 | Third Party Vendor | Broker Quote | 79.500 – 100.625 | 98.931 |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23931 |  |  |  |  |

---

<sup>(1)</sup> Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at June 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end.

---

| | | |
|:---|:---|:---|
| **138** | **PIMCO ETF TRUST** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO Short Term Municipal Bond Active Exchange-Traded Fund June 30, 2025

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

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 102.2% | INVESTMENTS IN SECURITIES 102.2% | INVESTMENTS IN SECURITIES 102.2% |
| MUNICIPAL BONDS & NOTES 96.7% | MUNICIPAL BONDS & NOTES 96.7% | MUNICIPAL BONDS & NOTES 96.7% |
| ALABAMA 4.5% | ALABAMA 4.5% | ALABAMA 4.5% |
|  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 | 881 |
|  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 |
|  2.270% due 10/01/2052 ~ | 1500 | 1481 |
|  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 | 8777 |
|  5.250% due 02/01/2053 | 680 | 715 |
|  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 | 2144 |
|  5.500% due 06/01/2049 | 1470 | 1551 |
|  5.500% due 10/01/2054 | 2400 | 2592 |
|  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 | 2859 |
|  5.000% due 10/01/2055 | 1800 | 1896 |
|  Chatom Industrial Development Board, Alabama Revenue Notes, (AGM Insured), Series 2020 | Chatom Industrial Development Board, Alabama Revenue Notes, (AGM Insured), Series 2020 | Chatom Industrial Development Board, Alabama Revenue Notes, (AGM Insured), Series 2020 |
|  5.000% due 08/01/2025 | 1000 | 1001 |
|  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 | 1093 |
|  Healthcare Authority of Baptist Health, Alabama Revenue Notes, Series 2023 | Healthcare Authority of Baptist Health, Alabama Revenue Notes, Series 2023 | Healthcare Authority of Baptist Health, Alabama Revenue Notes, Series 2023 |
|  5.000% due 11/15/2025 | 1000 | 1005 |
|  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 | 3288 |
|  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 | 709 |
|  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 | 2529 |
|  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 | 3413 |
|  5.000% due 10/01/2055 | 250 | 264 |
|  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 | 3698 |
|  |  | 39896 |
| ARIZONA 1.4% | ARIZONA 1.4% | ARIZONA 1.4% |
|  Arizona Health Facilities Authority Revenue Bonds, Series 2015 | Arizona Health Facilities Authority Revenue Bonds, Series 2015 | Arizona Health Facilities Authority Revenue Bonds, Series 2015 |
|  2.170% due 01/01/2046 ~ | 1125 | 1117 |
|  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 | 999 |
|  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 | 1100 | 1206 |
|  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 | 4518 |
|  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 | 3041 |
|  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 | 1527 |
|  |  | 12408 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| CALIFORNIA 6.5% | CALIFORNIA 6.5% | CALIFORNIA 6.5% |
|  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 |
|  2.330% due 04/01/2056 ~ | 2000 | 1929 |
|  2.370% due 04/01/2056 ~ | 1500 | 1489 |
|  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 | 2633 |
|  California Health Facilities Financing Authority Revenue Bonds, Series 2021 | California Health Facilities Financing Authority Revenue Bonds, Series 2021 | California Health Facilities Financing Authority Revenue Bonds, Series 2021 |
|  3.000% due 08/15/2054 | 3000 | 3000 |
|  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 (a) | 2600 | 2784 |
|  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 |
|  2.620% due 12/01/2050 ~ | 1000 | 995 |
|  California Infrastructure & Economic Development Bank Revenue Notes, Series 2018 | California Infrastructure & Economic Development Bank Revenue Notes, Series 2018 | California Infrastructure & Economic Development Bank Revenue Notes, Series 2018 |
|  5.000% due 10/01/2025 | 2250 | 2262 |
|  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 | 1129 |
|  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 | 997 |
|  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 | 7163 |
|  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 | 1320 |
|  California State General Obligation Notes, Series 2023 | California State General Obligation Notes, Series 2023 | California State General Obligation Notes, Series 2023 |
|  5.000% due 09/01/2025 | 5000 | 5018 |
|  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 | 1646 |
|  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 | 3452 |
|  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 | 8606 |
|  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 | 1360 | 1238 |
|  Los Angeles Unified School District, California General Obligation Notes, Series 2024 | Los Angeles Unified School District, California General Obligation Notes, Series 2024 | Los Angeles Unified School District, California General Obligation Notes, Series 2024 |
|  5.000% due 07/01/2026 | 2300 | 2359 |
|  Pasadena Unified School District, California General Obligation Notes, Series 2021 | Pasadena Unified School District, California General Obligation Notes, Series 2021 | Pasadena Unified School District, California General Obligation Notes, Series 2021 |
|  2.000% due 08/01/2025 | 2110 | 2108 |
|  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 | 3092 |
|  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 | 2454 |
|  Southern California Public Power Authority Revenue Bonds, Series 2020 | Southern California Public Power Authority Revenue Bonds, Series 2020 | Southern California Public Power Authority Revenue Bonds, Series 2020 |
|  0.650% due 07/01/2040 | 1000 | 1000 |
|  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 | 1049 |
|  |  | 57723 |
| COLORADO 3.4% | COLORADO 3.4% | COLORADO 3.4% |
|  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 | 1713 |
|  Colorado Health Facilities Authority Revenue Bonds, Series 2022 | Colorado Health Facilities Authority Revenue Bonds, Series 2022 | Colorado Health Facilities Authority Revenue Bonds, Series 2022 |
|  2.470% due 05/15/2061 ~ | 5000 | 4962 |
|  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 | 1059 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  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 | 2732 |
|  5.000% due 11/15/2059 | 2200 | 2365 |
|  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 | 275 | 268 |
|  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 | 512 |
|  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 |
|  3.691% due 09/01/2039 ~ | 2900 | 2884 |
|  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 | 3762 |
|  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 | 3788 |
|  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 | 5886 |
|  |  | 29931 |
| CONNECTICUT 2.0% | CONNECTICUT 2.0% | CONNECTICUT 2.0% |
|  Connecticut Special Tax State Revenue Notes, Series 2018 | Connecticut Special Tax State Revenue Notes, Series 2018 | Connecticut Special Tax State Revenue Notes, Series 2018 |
|  5.000% due 10/01/2025 | 1000 | 1005 |
|  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 | 1047 |
|  5.000% due 07/01/2029 | 3000 | 3260 |
|  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 | 1613 |
|  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 | 2773 |
|  5.000% due 12/01/2031 | 2500 | 2804 |
|  5.000% due 12/01/2033 | 5000 | 5687 |
|  |  | 18189 |
| DELAWARE 0.3% | DELAWARE 0.3% | DELAWARE 0.3% |
|  Delaware State Economic Development Authority Revenue Bonds, Series 2020 | Delaware State Economic Development Authority Revenue Bonds, Series 2020 | Delaware State Economic Development Authority Revenue Bonds, Series 2020 |
|  1.050% due 01/01/2031 | 750 | 750 |
|  1.250% due 10/01/2045 | 2000 | 1981 |
|  |  | 2731 |
| DISTRICT OF COLUMBIA 1.3% | DISTRICT OF COLUMBIA 1.3% | DISTRICT OF COLUMBIA 1.3% |
|  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 | 8347 |
|  Washington Metropolitan Area Transit Authority, Columbia Revenue Notes, Series 2023 | Washington Metropolitan Area Transit Authority, Columbia Revenue Notes, Series 2023 | Washington Metropolitan Area Transit Authority, Columbia Revenue Notes, Series 2023 |
|  5.000% due 07/15/2025 | 1000 | 1001 |
|  |  | 11683 |
| FLORIDA 3.0% | FLORIDA 3.0% | FLORIDA 3.0% |
|  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 | 3461 |
|  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 | 1570 |
|  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 | 3016 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **139** |

---

------

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

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  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 | 1114 |
|  Florida Insurance Assistance Interlocal Agency Revenue Notes, Series 2023 | Florida Insurance Assistance Interlocal Agency Revenue Notes, Series 2023 | Florida Insurance Assistance Interlocal Agency Revenue Notes, Series 2023 |
|  5.000% due 09/01/2025 | 3800 | 3816 |
|  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 | 1004 |
|  Mid-Bay Bridge Authority, Florida Revenue Bonds, Series 2015 | Mid-Bay Bridge Authority, Florida Revenue Bonds, Series 2015 | Mid-Bay Bridge Authority, Florida Revenue Bonds, Series 2015 |
|  5.000% due 10/01/2035 | 2000 | 2009 |
|  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 (a) | 2240 | 2293 |
|  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 | 4478 |
|  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 | 3998 |
|  |  | 26759 |
| GEORGIA 5.2% | GEORGIA 5.2% | GEORGIA 5.2% |
|  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 | 7315 |
|  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 | 2676 |
|  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 | 1741 |
|  5.000% due 04/01/2030 | 1500 | 1627 |
|  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 | 3013 |
|  Columbus County, Georgia Housing Authority Revenue Notes, (FHA Insured), Series 2025 | Columbus County, Georgia Housing Authority Revenue Notes, (FHA Insured), Series 2025 | Columbus County, Georgia Housing Authority Revenue Notes, (FHA Insured), Series 2025 |
|  5.000% due 04/01/2028 | 600 | 620 |
|  DeKalb County, Georgia Housing Authority Revenue Notes, Series 2022 | DeKalb County, Georgia Housing Authority Revenue Notes, Series 2022 | DeKalb County, Georgia Housing Authority Revenue Notes, Series 2022 |
|  3.400% due 09/01/2025 | 600 | 600 |
|  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 | 4340 |
|  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 |
|  4.000% 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 | 1042 |
|  Housing Authority of the City of Waycross, Georgia Revenue Notes, Series 2024 | Housing Authority of the City of Waycross, Georgia Revenue Notes, Series 2024 | Housing Authority of the City of Waycross, Georgia Revenue Notes, Series 2024 |
|  5.000% due 04/01/2028 | 1687 | 1743 |
|  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 | 1684 |
|  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 | 1005 |
|  5.000% due 12/01/2052 | 3000 | 3115 |
|  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 | 787 |
|  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 | 793 |
|  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 | 389 |

---

---

| | | |
|:---|:---|:---|
|  | **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 01/01/2031 | 1250 | 1366 |
|  5.000% due 01/01/2032 | 1000 | 1103 |
|  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 | 812 |
|  |  | 46201 |
| HAWAII 0.3% | HAWAII 0.3% | HAWAII 0.3% |
|  City & County Honolulu, Hawaii Wastewater System Revenue Bonds, Series 2015 | City & County Honolulu, Hawaii Wastewater System Revenue Bonds, Series 2015 | City & County Honolulu, Hawaii Wastewater System Revenue Bonds, Series 2015 |
|  4.000% due 07/01/2034 | 3000 | 3000 |
| IDAHO 0.4% | IDAHO 0.4% | IDAHO 0.4% |
|  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 (a) | 3600 | 3600 |
| 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 | 1546 |
|  5.000% due 01/01/2029 | 2000 | 2148 |
|  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 | 2808 |
|  Illinois Finance Authority Revenue Bonds, Series 2015 | Illinois Finance Authority Revenue Bonds, Series 2015 | Illinois Finance Authority Revenue Bonds, Series 2015 |
|  5.000% due 11/15/2033 | 1895 | 1895 |
|  Illinois Finance Authority Revenue Bonds, Series 2021 | Illinois Finance Authority Revenue Bonds, Series 2021 | Illinois Finance Authority Revenue Bonds, Series 2021 |
|  2.620% due 05/01/2042 ~ | 1000 | 994 |
|  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 | 5427 |
|  Illinois Housing Development Authority Revenue Notes, (FHA Insured), Series 2024 | Illinois Housing Development Authority Revenue Notes, (FHA Insured), Series 2024 | Illinois Housing Development Authority Revenue Notes, (FHA Insured), Series 2024 |
|  5.000% due 10/01/2027 | 2000 | 2043 |
|  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 | 3369 |
|  5.500% due 05/01/2030 | 7750 | 8204 |
|  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 | 3179 |
|  5.000% due 02/01/2032 | 2000 | 2167 |
|  5.000% due 02/01/2033 | 3000 | 3263 |
|  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 | 1091 |
|  5.000% due 01/01/2031 | 1250 | 1382 |
|  |  | 39516 |
| INDIANA 1.9% | INDIANA 1.9% | INDIANA 1.9% |
|  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 | 2428 |
|  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 | 4280 |
|  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 | 2109 |
|  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 (a) | 1500 | 1634 |
|  Indiana Finance Authority Revenue Notes, Series 2021 | Indiana Finance Authority Revenue Notes, Series 2021 | Indiana Finance Authority Revenue Notes, Series 2021 |
|  0.650% due 08/01/2025 | 4500 | 4487 |
|  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 | 1600 |
|  |  | 16538 |
| KANSAS 1.6% | KANSAS 1.6% | KANSAS 1.6% |
|  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 | 5509 |
|  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 | 1041 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Kansas Housing Development Finance Authority Revenue Notes, Series 2024 | Kansas Housing Development Finance Authority Revenue Notes, Series 2024 | Kansas Housing Development Finance Authority Revenue Notes, Series 2024 |
|  3.010% due 11/01/2027 | 2400 | 2398 |
|  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 | 5032 |
|  |  | 13980 |
| KENTUCKY 1.5% | KENTUCKY 1.5% | KENTUCKY 1.5% |
|  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 | 5130 |
|  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 | 989 |
|  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 | 502 |
|  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 | 793 |
|  Kentucky Public Energy Authority Revenue Bonds, Series 2025 | Kentucky Public Energy Authority Revenue Bonds, Series 2025 | Kentucky Public Energy Authority Revenue Bonds, Series 2025 |
|  5.250% due 06/01/2055 | 3750 | 3966 |
|  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 | 1854 |
|  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 | 553 |
|  |  | 13787 |
| LOUISIANA 1.0% | LOUISIANA 1.0% | LOUISIANA 1.0% |
|  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 | 4323 |
|  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 | 1933 |
|  Parish of St John the Baptist, Louisiana Revenue Bonds, Series 2017 | Parish of St John the Baptist, Louisiana Revenue Bonds, Series 2017 | Parish of St John the Baptist, Louisiana Revenue Bonds, Series 2017 |
|  2.375% due 06/01/2037 | 2810 | 2780 |
|  |  | 9036 |
| MARYLAND 0.7% | MARYLAND 0.7% | MARYLAND 0.7% |
|  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 | 3115 |
|  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 | 3485 |
|  |  | 6600 |
| MASSACHUSETTS 1.4% | MASSACHUSETTS 1.4% | MASSACHUSETTS 1.4% |
|  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 | 4002 |
|  Commonwealth of Massachusetts Revenue Bonds, (BAM/NPFGC Insured), Series 2005 | Commonwealth of Massachusetts Revenue Bonds, (BAM/NPFGC Insured), Series 2005 | Commonwealth of Massachusetts Revenue Bonds, (BAM/NPFGC Insured), Series 2005 |
|  5.500% due 01/01/2034 | 5000 | 5676 |
|  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 | 1419 |
|  Massachusetts Development Finance Agency Revenue Bonds, Series 2019 | Massachusetts Development Finance Agency Revenue Bonds, Series 2019 | Massachusetts Development Finance Agency Revenue Bonds, Series 2019 |
|  2.520% due 07/01/2049 ~ | 1750 | 1749 |
|  |  | 12846 |

---

140 PIMCO ETF TRUST See Accompanying Notes

------

June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| MICHIGAN 2.4% | MICHIGAN 2.4% | MICHIGAN 2.4% |
|  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 |
|  3.655% due 07/01/2032 ~ | 2000 | 1974 |
|  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 |
|  2.670% due 04/15/2047 ~ | 3000 | 2990 |
|  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 | 1883 |
|  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 | 950 |
|  5.000% due 02/28/2030 | 1170 | 1246 |
|  Michigan State Building Authority Revenue Bonds, Series 2020 | Michigan State Building Authority Revenue Bonds, Series 2020 | Michigan State Building Authority Revenue Bonds, Series 2020 |
|  2.020% 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 | 700 | 768 |
|  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 | 988 |
|  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 | 1549 |
|  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 | 8038 |
|  |  | 21386 |
| MINNESOTA 1.0% | MINNESOTA 1.0% | MINNESOTA 1.0% |
|  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 | 620 |
|  5.000% due 11/15/2029 | 550 | 568 |
|  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 | 5492 |
|  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 | 2000 | 2243 |
|  |  | 8923 |
| MISSISSIPPI 0.3% | MISSISSIPPI 0.3% | MISSISSIPPI 0.3% |
|  Mississippi Home Corp. Revenue Bonds, Series 2025 | Mississippi Home Corp. Revenue Bonds, Series 2025 | Mississippi Home Corp. Revenue Bonds, Series 2025 |
|  3.625% due 06/01/2043 | 2250 | 2255 |
| MISSOURI 2.1% | MISSOURI 2.1% | MISSOURI 2.1% |
|  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 | 2958 |
|  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 | 1097 |
|  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 | 4210 |
|  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 (a) | 8500 | 9430 |
|  St Louis School District, Missouri General Obligation Bonds, (AGM Insured), Series 2023 | St Louis School District, Missouri General Obligation Bonds, (AGM Insured), Series 2023 | St Louis School District, Missouri General Obligation Bonds, (AGM Insured), Series 2023 |
|  5.000% due 04/01/2034 | 1000 | 1097 |
|  |  | 18792 |
| 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 | 1874 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| 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 |
|  4.552% due 08/25/2040 ~ | 4454 | 4508 |
| 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 | 1842 |
| NEVADA 0.7% | NEVADA 0.7% | NEVADA 0.7% |
|  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 | 1551 |
|  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 | 2320 |
|  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 | 2001 |
|  |  | 5872 |
| NEW HAMPSHIRE 0.6% | NEW HAMPSHIRE 0.6% | NEW HAMPSHIRE 0.6% |
|  New Hampshire Business Finance Authority Revenue Notes, Series 2021 | New Hampshire Business Finance Authority Revenue Notes, Series 2021 | New Hampshire Business Finance Authority Revenue Notes, Series 2021 |
|  4.000% due 01/01/2026 | 265 | 265 |
|  4.000% due 01/01/2027 | 250 | 249 |
|  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 | 1349 |
|  5.000% due 08/01/2032 | 3000 | 3297 |
|  |  | 5160 |
| NEW JERSEY 1.6% | NEW JERSEY 1.6% | NEW JERSEY 1.6% |
|  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 | 2323 |
|  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 (a) | 1100 | 1232 |
|  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 | 2132 |
|  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 | 3911 |
|  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 | 4801 |
|  |  | 14399 |
| NEW MEXICO 0.6% | NEW MEXICO 0.6% | NEW MEXICO 0.6% |
|  New Mexico Mortgage Finance Authority Revenue Bonds, Series 2023 | New Mexico Mortgage Finance Authority Revenue Bonds, Series 2023 | New Mexico Mortgage Finance Authority Revenue Bonds, Series 2023 |
|  3.730% due 02/01/2042 | 5000 | 5002 |
| NEW YORK 18.1% | NEW YORK 18.1% | NEW YORK 18.1% |
|  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 | 4539 |
|  Chappaqua Central School District, New York General Obligation Notes, Series 2024 | Chappaqua Central School District, New York General Obligation Notes, Series 2024 | Chappaqua Central School District, New York General Obligation Notes, Series 2024 |
|  4.250% due 07/25/2025 | 6000 | 6004 |
|  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 | 2015 |
|  Guilderland Central School District,New York General Obligation Notes, Series 2024 | Guilderland Central School District,New York General Obligation Notes, Series 2024 | Guilderland Central School District,New York General Obligation Notes, Series 2024 |
|  4.500% due 07/25/2025 | 3000 | 3003 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Long Island Power Authority, New York Revenue Bonds, Series 2022 | Long Island Power Authority, New York Revenue Bonds, Series 2022 | Long Island Power Authority, New York Revenue Bonds, Series 2022 |
|  2.370% due 09/01/2038 ~ | 2000 | 1998 |
|  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 |
|  3.748% 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 |
|  3.900% 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 |
|  3.900% 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 |
|  3.900% due 10/01/2046 | 10000 | 10000 |
|  New York City, New York General Obligation Notes, Series 2017 | New York City, New York General Obligation Notes, Series 2017 | New York City, New York General Obligation Notes, Series 2017 |
|  5.000% due 08/01/2025 | 6000 | 6010 |
|  New York City, New York Housing Development Corp. Revenue Bonds, (FHA Insured), Series 2021 | New York City, New York Housing Development Corp. Revenue Bonds, (FHA Insured), Series 2021 | New York City, New York Housing Development Corp. Revenue Bonds, (FHA Insured), Series 2021 |
|  0.600% due 05/01/2061 | 1780 | 1780 |
|  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 | 3928 |
|  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 |
|  3.950% 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 |
|  3.950% due 06/15/2048 | 4700 | 4700 |
|  4.000% 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 |
|  3.900% 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 |
|  3.900% due 06/15/2033 | 10000 | 10000 |
|  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 | 1263 |
|  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 |
|  4.000% 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 | 3856 |
|  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 | 1803 |
|  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 | 4692 |
|  5.000% due 03/15/2035 | 4500 | 4582 |
|  5.000% due 03/15/2036 | 1500 | 1525 |
|  New York State Housing Finance Agency Revenue Bonds, Series 2025 | 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 | 4310 |
|  New York State Urban Development Corp. Revenue Bonds, Series 2015 | New York State Urban Development Corp. Revenue Bonds, Series 2015 | New York State Urban Development Corp. Revenue Bonds, Series 2015 |
|  5.000% due 03/15/2035 | 5000 | 5015 |
|  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 | 1163 |
|  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 | 3022 |
|  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 | 6340 |
|  5.000% due 03/15/2029 | 7000 | 7575 |
|  Utility Debt Securitization Authority, New York Revenue Bonds, Series 2015 | Utility Debt Securitization Authority, New York Revenue Bonds, Series 2015 | Utility Debt Securitization Authority, New York Revenue Bonds, Series 2015 |
|  5.000% due 12/15/2032 | 2500 | 2520 |
|  |  | 161743 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| JUNE 30, 2025 141

------

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

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| NORTH CAROLINA 2.9% | NORTH CAROLINA 2.9% | NORTH CAROLINA 2.9% |
|  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 |
|  4.000% 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 | 3022 |
|  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 | 2606 |
|  3.625% due 11/01/2058 | 5400 | 5449 |
|  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 | 1300 | 1426 |
|  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 | 1927 |
|  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 | 5467 |
|  |  | 25897 |
| 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 | 1206 |
| OHIO 2.2% | OHIO 2.2% | OHIO 2.2% |
|  Franklin County, Ohio Revenue Bonds, Series 2022 | Franklin County, Ohio Revenue Bonds, Series 2022 | Franklin County, Ohio Revenue Bonds, Series 2022 |
|  4.000% due 11/01/2042 | 5600 | 5600 |
|  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 | 688 |
|  Ohio Air Quality Development Authority Revenue Bonds, Series 2009 | Ohio Air Quality Development Authority Revenue Bonds, Series 2009 | Ohio Air Quality Development Authority Revenue Bonds, Series 2009 |
|  1.500% due 02/01/2026 | 2200 | 2170 |
|  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 | 2931 |
|  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 | 1158 |
|  Ohio State General Obligation Notes, Series 2025 | Ohio State General Obligation Notes, Series 2025 | Ohio State General Obligation Notes, Series 2025 |
|  5.000% due 11/01/2028 | 6000 | 6456 |
|  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 | 456 |
|  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 (c) | 500 | 430 |
|  |  | 19889 |
| OKLAHOMA 0.5% | OKLAHOMA 0.5% | OKLAHOMA 0.5% |
|  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 | 3393 |
|  Oklahoma Housing Finance Agency Revenue Bonds, Series 2025 | Oklahoma Housing Finance Agency Revenue Bonds, Series 2025 | Oklahoma Housing Finance Agency Revenue Bonds, Series 2025 |
|  3.200% due 10/01/2042 | 750 | 749 |
|  |  | 4142 |
| 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 (c) | 325 | 306 |
|  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 | 1020 |
|  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 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  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 | 1656 |
|  |  | 3129 |
| PENNSYLVANIA 1.7% | PENNSYLVANIA 1.7% | PENNSYLVANIA 1.7% |
|  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 |
|  2.620% due 11/15/2047 ~ | 5000 | 4944 |
|  Lehigh County, Pennsylvania Revenue Bonds, Series 2019 | Lehigh County, Pennsylvania Revenue Bonds, Series 2019 | Lehigh County, Pennsylvania Revenue Bonds, Series 2019 |
|  3.020% due 08/15/2038 ~(e) | 2360 | 2328 |
|  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 | 4500 | 4636 |
|  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 | 2402 |
|  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 | 1253 |
|  |  | 15563 |
| 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 |
| SOUTH CAROLINA 1.1% | SOUTH CAROLINA 1.1% | SOUTH CAROLINA 1.1% |
|  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 | 1031 |
|  5.000% due 12/01/2027 | 1000 | 1055 |
|  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 | 1504 |
|  South Carolina Jobs-Economic Development Authority Revenue Bonds, Series 2020 | South Carolina Jobs-Economic Development Authority Revenue Bonds, Series 2020 | South Carolina Jobs-Economic Development Authority Revenue Bonds, Series 2020 |
|  5.000% due 12/01/2048 | 1250 | 1255 |
|  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 | 2513 |
|  South Carolina State Housing Finance & Development Authority Revenue Bonds, Series 2024 | South Carolina State Housing Finance & Development Authority Revenue Bonds, Series 2024 | South Carolina State Housing Finance & Development Authority Revenue Bonds, Series 2024 |
|  3.000% due 04/01/2043 | 2200 | 2189 |
|  |  | 9547 |
| TENNESSEE 1.0% | TENNESSEE 1.0% | TENNESSEE 1.0% |
|  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 | 1081 |
|  Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Bonds, Series 2024 | Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Bonds, Series 2024 | Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Bonds, Series 2024 |
|  3.250% due 10/01/2045 | 2025 | 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 | Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Notes, (FHA Insured), Series 2025 |
|  5.000% due 10/01/2028 | 750 | 778 |
|  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 | 1312 |
|  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 | 3394 |
|  |  | 8590 |
| 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 | 1107 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Austin, Texas Electric Utility Revenue Notes, Series 2023 | Austin, Texas Electric Utility Revenue Notes, Series 2023 | Austin, Texas Electric Utility Revenue Notes, Series 2023 |
|  5.000% due 11/15/2025 | 1200 | 1209 |
|  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 | 1134 |
|  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 | 1474 |
|  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 | 2147 |
|  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 | 1610 |
|  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 | 973 |
|  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 | 7479 |
|  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 | 2064 |
|  Denton Independent School District, Texas General Obligation Notes, (PSF Insured), Series 2023 | Denton Independent School District, Texas General Obligation Notes, (PSF Insured), Series 2023 | Denton Independent School District, Texas General Obligation Notes, (PSF Insured), Series 2023 |
|  5.000% due 08/15/2025 | 1500 | 1503 |
|  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 | 2462 |
|  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 | 14213 |
|  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 | 2619 |
|  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 | 2568 |
|  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 |
|  3.850% 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 | 2133 |
|  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 | 887 |
|  5.000% due 07/01/2033 | 6170 | 6855 |
|  Harris County, Texas General Obligation Bonds, Series 2015 | Harris County, Texas General Obligation Bonds, Series 2015 | Harris County, Texas General Obligation Bonds, Series 2015 |
|  5.000% due 10/01/2026 | 2920 | 2937 |
|  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 | 2358 |
|  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 | 6092 |
|  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 | 2074 |
|  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 | 1430 |
|  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 | 2849 |
|  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 | 1267 |
|  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 | 2414 |

---

---

| | | |
|:---|:---|:---|
| **142** | **PIMCO ETF TRUST** | See Accompanying Notes |

---

------

June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  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 | 1923 |
|  Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Notes, Series 2022 | Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Notes, Series 2022 | Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Notes, Series 2022 |
|  5.000% due 10/01/2026 | 225 | 231 |
|  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 | 4714 |
|  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 | 2215 |
|  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 |
|  4.519% due 12/15/2026 ~ | 1000 | 1000 |
|  Texas Municipal Gas Acquisition & Supply Corp. Revenue Notes, Series 2021 | Texas Municipal Gas Acquisition & Supply Corp. Revenue Notes, Series 2021 | Texas Municipal Gas Acquisition & Supply Corp. Revenue Notes, Series 2021 |
|  5.000% due 12/15/2026 | 1750 | 1785 |
|  Texas State General Obligation Bonds, Series 2024 | Texas State General Obligation Bonds, Series 2024 | Texas State General Obligation Bonds, Series 2024 |
|  5.000% due 10/01/2042 | 500 | 525 |
|  5.000% due 10/01/2043 | 3800 | 3968 |
|  Texas Water Development Board Revenue Notes, Series 2022 | Texas Water Development Board Revenue Notes, Series 2022 | Texas Water Development Board Revenue Notes, Series 2022 |
|  5.000% due 10/15/2025 | 1250 | 1258 |
|  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 (a) | 1580 | 1583 |
|  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 | 1004 |
|  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 | 2081 |
|  5.000% due 04/15/2028 | 1500 | 1593 |
|  5.000% due 04/15/2029 | 1400 | 1513 |
|  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 | 528 |
|  |  | 109869 |
| UTAH 0.4% | UTAH 0.4% | UTAH 0.4% |
|  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 | 520 |
|  5.000% due 06/01/2028 | 675 | 716 |
|  Salt Lake City, Utah Airport Revenue Notes, Series 2021 | Salt Lake City, Utah Airport Revenue Notes, Series 2021 | Salt Lake City, Utah Airport Revenue Notes, Series 2021 |
|  5.000% due 07/01/2025 | 450 | 450 |
|  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 | 1400 | 1590 |
|  |  | 3276 |

---

---

| | | |
|:---|:---|:---|
|  | 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 | 1600 | 1725 |
|  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 |
|  Wise County, Virginia Industrial Development Authority Revenue Bonds, Series 2009 | Wise County, Virginia Industrial Development Authority Revenue Bonds, Series 2009 | Wise County, Virginia Industrial Development Authority Revenue Bonds, Series 2009 |
|  0.750% due 10/01/2040 | 3800 | 3773 |
|  |  | 6799 |
| WASHINGTON 2.0% | WASHINGTON 2.0% | WASHINGTON 2.0% |
|  Central Puget Sound Regional Transit Authority Sales & Rental Car Taxes, Washington Revenue Bonds, Series 2015 | Central Puget Sound Regional Transit Authority Sales & Rental Car Taxes, Washington Revenue Bonds, Series 2015 | Central Puget Sound Regional Transit Authority Sales & Rental Car Taxes, Washington Revenue Bonds, Series 2015 |
|  2.120% due 11/01/2045 ~ | 4500 | 4464 |
|  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 | 5235 |
|  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 |
|  2.170% due 05/01/2045 ~ | 3000 | 2967 |
|  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 | 3026 |
|  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 | 1014 |
|  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 | 1330 | 1210 |
|  |  | 17916 |
| WEST VIRGINIA 0.9% | WEST VIRGINIA 0.9% | WEST VIRGINIA 0.9% |
|  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 | 2995 |
|  West Virginia Housing Development Fund Revenue Notes, Series 2024 | West Virginia Housing Development Fund Revenue Notes, Series 2024 | West Virginia Housing Development Fund Revenue Notes, Series 2024 |
|  5.000% due 12/01/2027 | 4954 | 5085 |
|  |  | 8080 |
| WISCONSIN 0.9% | WISCONSIN 0.9% | WISCONSIN 0.9% |
|  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 | 2513 |
|  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 | 305 |
|  Wisconsin Department of Transportation Revenue Notes, Series 2023 | Wisconsin Department of Transportation Revenue Notes, Series 2023 | Wisconsin Department of Transportation Revenue Notes, Series 2023 |
|  5.000% due 07/01/2025 | 750 | 750 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  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 |
|  2.100% due 08/15/2054 ~ | 2500 | 2479 |
|  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 | 2036 |
|  |  | 8083 |
|  Total Municipal Bonds & Notes<br>(Cost $858,813) | Total Municipal Bonds & Notes<br>(Cost $858,813) | 862916 |
|  | **SHARES** |  |
| SHORT-TERM INSTRUMENTS 5.5% | SHORT-TERM INSTRUMENTS 5.5% | SHORT-TERM INSTRUMENTS 5.5% |
| MUTUAL FUNDS 0.7% | MUTUAL FUNDS 0.7% | MUTUAL FUNDS 0.7% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class |  |  |
|  4.380% (d) | 6384736 | 6385 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |
| U.S. TREASURY BILLS 3.5% | U.S. TREASURY BILLS 3.5% | U.S. TREASURY BILLS 3.5% |
|  4.315% due 07/01/2025 - 10/21/2025 (b)(c) | 31100 | 30861 |
| MUNICIPAL BONDS & NOTES 1.3% | MUNICIPAL BONDS & NOTES 1.3% | MUNICIPAL BONDS & NOTES 1.3% |
|  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 (a) | 5500 | 5540 |
|  Downtown Revitalization Public Infrastructure District, Utah Revenue Notes, Series 2025 | Downtown Revitalization Public Infrastructure District, Utah Revenue Notes, Series 2025 | Downtown Revitalization Public Infrastructure District, Utah Revenue Notes, Series 2025 |
|  5.000% due 06/01/2026 | 700 | 713 |
|  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 (a) | 1000 | 1009 |
|  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 07/01/2025 | 2000 | 2000 |
|  Township of Parsippany-Troy Hills, New Jersey General Obligation Notes, Series 2024 | Township of Parsippany-Troy Hills, New Jersey General Obligation Notes, Series 2024 | Township of Parsippany-Troy Hills, New Jersey General Obligation Notes, Series 2024 |
|  4.000% due 10/29/2025 | 2200 | 2206 |
| Total Municipal Bonds & Notes<br>(Cost $11,467) | Total Municipal Bonds & Notes<br>(Cost $11,467) | 11468 |
| Total Short-Term Instruments<br>(Cost $48,713) | Total Short-Term Instruments<br>(Cost $48,713) | 48714 |
| Total Investments in Securities<br>(Cost $907,526) | Total Investments in Securities<br>(Cost $907,526) | 911630 |
| Total Investments 102.2%<br>(Cost $907,526) | Total Investments 102.2%<br>(Cost $907,526) | 911630 |
| Other Assets and Liabilities, net (2.2)% | Other Assets and Liabilities, net (2.2)% | (19611) |
| Net Assets 100.0% | Net Assets 100.0% | 892019 |

---

#### 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) When-issued security.

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

(c) Zero coupon security.

(d) Coupon represents a 7-Day Yield.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **143** |

---

------

Schedule of Investments PIMCO Short Term Municipal Bond Active Exchange-Traded Fund (Cont.) June 30, 2025

&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 | 3.020% | 08/15/2038 | 09/14/2021 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2393 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2328 | 0.26% |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of June 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at<br>06/30/2025** |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  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;39896 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39896 |
| &nbsp;&nbsp; Arizona | 0 | 12408 | 0 | 12408 |
| &nbsp;&nbsp; California | 0 | 57723 | 0 | 57723 |
| &nbsp;&nbsp; Colorado | 0 | 29931 | 0 | 29931 |
| &nbsp;&nbsp; Connecticut | 0 | 18189 | 0 | 18189 |
| &nbsp;&nbsp; Delaware | 0 | 2731 | 0 | 2731 |
| &nbsp;&nbsp; District of Columbia | 0 | 11683 | 0 | 11683 |
| &nbsp;&nbsp; Florida | 0 | 26759 | 0 | 26759 |
| &nbsp;&nbsp; Georgia | 0 | 46201 | 0 | 46201 |
| &nbsp;&nbsp; Hawaii | 0 | 3000 | 0 | 3000 |
| &nbsp;&nbsp; Idaho | 0 | 3600 | 0 | 3600 |
| &nbsp;&nbsp; Illinois | 0 | 39516 | 0 | 39516 |
| &nbsp;&nbsp; Indiana | 0 | 16538 | 0 | 16538 |
| &nbsp;&nbsp; Kansas | 0 | 13980 | 0 | 13980 |
| &nbsp;&nbsp; Kentucky | 0 | 13787 | 0 | 13787 |
| &nbsp;&nbsp; Louisiana | 0 | 9036 | 0 | 9036 |
| &nbsp;&nbsp; Maryland | 0 | 6600 | 0 | 6600 |
| &nbsp;&nbsp; Massachusetts | 0 | 12846 | 0 | 12846 |
| &nbsp;&nbsp; Michigan | 0 | 21386 | 0 | 21386 |
| &nbsp;&nbsp; Minnesota | 0 | 8923 | 0 | 8923 |
| &nbsp;&nbsp; Mississippi | 0 | 2255 | 0 | 2255 |
| &nbsp;&nbsp; Missouri | 0 | 18792 | 0 | 18792 |
| &nbsp;&nbsp; Montana | 0 | 1874 | 0 | 1874 |
| &nbsp;&nbsp; Multi-State | 0 | 4508 | 0 | 4508 |
| &nbsp;&nbsp; Nebraska | 0 | 1842 | 0 | 1842 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair**<br> **Value at<br>06/30/2025** |
| &nbsp;&nbsp; Nevada | $0 | $5872 | $0 | $5872 |
| &nbsp;&nbsp; New Hampshire | 0 | 5160 | 0 | 5160 |
| &nbsp;&nbsp; New Jersey | 0 | 14399 | 0 | 14399 |
| &nbsp;&nbsp; New Mexico | 0 | 5002 | 0 | 5002 |
| &nbsp;&nbsp; New York | 0 | 161743 | 0 | 161743 |
| &nbsp;&nbsp; North Carolina | 0 | 25897 | 0 | 25897 |
| &nbsp;&nbsp; North Dakota | 0 | 1206 | 0 | 1206 |
| &nbsp;&nbsp; Ohio | 0 | 19889 | 0 | 19889 |
| &nbsp;&nbsp; Oklahoma | 0 | 4142 | 0 | 4142 |
| &nbsp;&nbsp; Oregon | 0 | 3129 | 0 | 3129 |
| &nbsp;&nbsp; Pennsylvania | 0 | 15563 | 0 | 15563 |
| &nbsp;&nbsp; Puerto Rico | 0 | 4750 | 0 | 4750 |
| &nbsp;&nbsp; South Carolina | 0 | 9547 | 0 | 9547 |
| &nbsp;&nbsp; Tennessee | 0 | 8590 | 0 | 8590 |
| &nbsp;&nbsp; Texas | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109869 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109869 |
| &nbsp;&nbsp; Utah | 0 | 3276 | 0 | 3276 |
| &nbsp;&nbsp; Virginia | 0 | 6799 | 0 | 6799 |
| &nbsp;&nbsp; Washington | 0 | 17916 | 0 | 17916 |
| &nbsp;&nbsp; West Virginia | 0 | 8080 | 0 | 8080 |
| &nbsp;&nbsp; Wisconsin | 0 | 8083 | 0 | 8083 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 0 | 6385 | 0 | 6385 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 30861 | 0 | 30861 |
| &nbsp;&nbsp; Municipal Bonds & Notes | 0 | 11468 | 0 | 11468 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $911630 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $911630 |

---

There were no significant transfers into or out of Level 3 during the period ended June 30, 2025.

---

| | | |
|:---|:---|:---|
| **144** | **PIMCO ETF TRUST** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO Ultra Short Government Active Exchange-Traded Fund June 30, 2025

#### (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% |
| SHORT-TERM INSTRUMENTS 100.0% | SHORT-TERM INSTRUMENTS 100.0% | SHORT-TERM INSTRUMENTS 100.0% | SHORT-TERM INSTRUMENTS 100.0% | SHORT-TERM INSTRUMENTS 100.0% |
| U.S. TREASURY BILLS 100.0% | U.S. TREASURY BILLS 100.0% | U.S. TREASURY BILLS 100.0% | U.S. TREASURY BILLS 100.0% | U.S. TREASURY BILLS 100.0% |
|  4.335% due 07/22/2025 - 10/21/2025 (a)(b) | $— | 827914 | $— | 821852 |
| Total Short-Term Instruments<br>(Cost $821,855) | Total Short-Term Instruments<br>(Cost $821,855) | Total Short-Term Instruments<br>(Cost $821,855) |  | 821852 |
| Total Investments in Securities<br>(Cost $821,855) | Total Investments in Securities<br>(Cost $821,855) | Total Investments in Securities<br>(Cost $821,855) |  | 821852 |
| Total Investments 100.0%<br>(Cost $821,855) | Total Investments 100.0%<br>(Cost $821,855) | Total Investments 100.0%<br>(Cost $821,855) | $— | 821852 |
| Other Assets and Liabilities, net 0.0% | Other Assets and Liabilities, net 0.0% | Other Assets and Liabilities, net 0.0% |  | (68) |
| Net Assets 100.0% | Net Assets 100.0% | Net Assets 100.0% | $— | 821784 |

---

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

&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. 

(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 June 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at<br>06/30/2025** |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
|  U.S. Treasury Bills | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;821852 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;821852 |

---

There were no significant transfers into or out of Level 3 during the period ended June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **145** |

---

------

Consolidated Schedule of Investments PIMCO Commodity Strategy 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 92.2% | INVESTMENTS IN SECURITIES 92.2% | INVESTMENTS IN SECURITIES 92.2% |
| CORPORATE BONDS & NOTES 35.6% | CORPORATE BONDS & NOTES 35.6% | CORPORATE BONDS & NOTES 35.6% |
| BANKING & FINANCE 23.8% | BANKING & FINANCE 23.8% | BANKING & FINANCE 23.8% |
|  ABN AMRO Bank NV | ABN AMRO Bank NV | ABN AMRO Bank NV |
|  5.387% due 12/03/2028 ~ | 3700 | 3700 |
|  American Tower Corp. | American Tower Corp. | American Tower Corp. |
|  1.300% due 09/15/2025 | 1300 | 1291 |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding |
|  5.097% due 07/16/2026 •  | 2000 | 2003 |
|  5.411% due 08/27/2026 ~ | 2300 | 2310 |
|  Aviation Capital Group LLC | Aviation Capital Group LLC | Aviation Capital Group LLC |
|  4.875% due 10/01/2025 | 2553 | 2552 |
|  Banco Santander SA | Banco Santander SA | Banco Santander SA |
|  5.465% due 07/15/2028 ~ | 2000 | 2006 |
|  Bank of Nova Scotia | Bank of Nova Scotia | Bank of Nova Scotia |
|  4.796% due 10/27/2025 ~ | 2900 | 1912 |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  4.375% due 01/12/2026 | 800 | 799 |
|  BNP Paribas SA | BNP Paribas SA | BNP Paribas SA |
|  1.323% due 01/13/2027 •  | 600 | 590 |
|  BPCE SA | BPCE SA | BPCE SA |
|  5.202% due 09/29/2025 | 2100 | 1385 |
|  Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
|  1.122% due 01/28/2027 •  | 2500 | 2451 |
|  5.809% (US0003M + 1.250%) due 07/01/2026 ~ | 2700 | 2700 |
|  Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA |
|  1.980% due 12/15/2027 •  | 1500 | 1447 |
|  5.002% due 08/28/2026 ~ | 1300 | 1303 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  4.450% due 02/15/2026 | 500 | 499 |
|  DBS Group Holdings Ltd. | DBS Group Holdings Ltd. | DBS Group Holdings Ltd. |
|  5.009% due 09/12/2025 ~ | 1000 | 1000 |
|  5.010% due 03/21/2028 ~ | 1400 | 1403 |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  2.129% due 11/24/2026 •  | 1200 | 1188 |
|  6.119% due 07/14/2026 •  | 2900 | 2901 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  3.375% due 11/13/2025 | 2000 | 1987 |
|  7.341% due 03/06/2026 ~ | 800 | 808 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  1.542% due 09/10/2027 •  | 4000 | 3863 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  4.292% due 09/12/2026 •  | 3000 | 2997 |
|  5.887% due 08/14/2027 •  | 2000 | 2029 |
|  5.932% due 08/14/2027 ~ | 500 | 505 |
|  ING Bank Australia Ltd. | ING Bank Australia Ltd. | ING Bank Australia Ltd. |
|  4.695% due 12/08/2025 ~ | 1200 | 792 |
|  ING Groep NV | ING Groep NV | ING Groep NV |
|  1.400% due 07/01/2026 •  | 1000 | 1000 |
|  5.423% due 04/01/2027 •  | 500 | 501 |
|  Jackson National Life Global Funding | Jackson National Life Global Funding | Jackson National Life Global Funding |
|  4.900% due 01/13/2027 | 600 | 604 |
|  Metropolitan Life Global Funding | Metropolitan Life Global Funding | Metropolitan Life Global Funding |
|  4.205% due 12/01/2025 •  | 5000 | 3292 |
|  Mizuho Bank Ltd. | Mizuho Bank Ltd. | Mizuho Bank Ltd. |
|  4.564% due 09/14/2026 ~ | 300 | 198 |
|  4.584% due 02/23/2026 ~ | 2000 | 1320 |
|  4.610% due 08/22/2025 ~ | 1000 | 659 |
|  Morgan Stanley Bank NA | Morgan Stanley Bank NA | Morgan Stanley Bank NA |
|  5.030% due 10/15/2027 ~ | 1000 | 1001 |
|  MUFG Bank Ltd. | MUFG Bank Ltd. | MUFG Bank Ltd. |
|  4.678% due 02/17/2026 ~ | 2000 | 1321 |
|  National Bank of Canada | National Bank of Canada | National Bank of Canada |
|  5.312% due 03/25/2027 •  | 1708 | 1710 |
|  NatWest Markets PLC | NatWest Markets PLC | NatWest Markets PLC |
|  5.174% 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 | 1432 |
|  2.000% due 03/09/2026 | 273 | 266 |
|  Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. |
|  1.851% due 07/16/2025 | 2550 | 2547 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.099% due 07/03/2025 | $| 300 | 300 |
|  5.709% due 01/09/2026 |  | 1500 | 1508 |
|  Pacific Life Global Funding | Pacific Life Global Funding | Pacific Life Global Funding | Pacific Life Global Funding |
|  4.839% due 02/04/2027 ~ |  | 2000 | 2001 |
|  Protective Life Global Funding | Protective Life Global Funding | Protective Life Global Funding | Protective Life Global Funding |
|  4.850% due 07/22/2026 ~ |  | 800 | 801 |
|  Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada |
|  5.059% due 01/21/2027 ~ |  | 800 | 803 |
|  Shinhan Bank Co. Ltd. | Shinhan Bank Co. Ltd. | Shinhan Bank Co. Ltd. | Shinhan Bank Co. Ltd. |
|  5.747% due 11/16/2025 ~ | AUD | 1500 | 993 |
|  Standard Chartered Bank | Standard Chartered Bank | Standard Chartered Bank | Standard Chartered Bank |
|  4.853% due 12/03/2027 | $| 500 | 509 |
|  Standard Chartered PLC | Standard Chartered PLC | Standard Chartered PLC | Standard Chartered PLC |
|  5.538% due 05/14/2028 ~ |  | 1000 | 1004 |
|  Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
|  5.646% due 07/13/2026 ~ |  | 3500 | 3534 |
|  Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. |
|  5.546% due 09/14/2026 ~ |  | 600 | 605 |
|  5.554% due 09/14/2026 ~ |  | 300 | 302 |
|  Svenska Handelsbanken AB | Svenska Handelsbanken AB | Svenska Handelsbanken AB | Svenska Handelsbanken AB |
|  5.042% due 05/28/2027 ~ |  | 2500 | 2507 |
|  Swedbank AB | Swedbank AB | Swedbank AB | Swedbank AB |
|  5.337% due 09/20/2027 |  | 2500 | 2551 |
|  Toyota Motor Credit Corp. | Toyota Motor Credit Corp. | Toyota Motor Credit Corp. | Toyota Motor Credit Corp. |
|  5.131% due 08/07/2026 ~ |  | 2000 | 2009 |
|  U.S. Bancorp | U.S. Bancorp | U.S. Bancorp | U.S. Bancorp |
|  5.727% due 10/21/2026 •  |  | 1900 | 1906 |
|  UBS AG | UBS AG | UBS AG | UBS AG |
|  1.200% due 07/30/2025 | AUD | 1000 | 657 |
|  4.210% due 02/26/2026 ~ |  | 700 | 461 |
|  5.100% due 05/12/2026 ~ |  | 3500 | 2320 |
|  UBS Group AG | UBS Group AG | UBS Group AG | UBS Group AG |
|  1.305% due 02/02/2027 •  | $| 1000 | 981 |
|  |  |  | 88826 |
| INDUSTRIALS 9.2% | INDUSTRIALS 9.2% | INDUSTRIALS 9.2% | INDUSTRIALS 9.2% |
|  Bayer U.S. Finance LLC | Bayer U.S. Finance LLC | Bayer U.S. Finance LLC | Bayer U.S. Finance LLC |
|  4.250% due 12/15/2025 |  | 4400 | 4388 |
|  Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. |
|  1.570% due 01/15/2026 |  | 4000 | 3929 |
|  4.875% due 07/15/2026 |  | 466 | 466 |
|  BMW U.S. Capital LLC | BMW U.S. Capital LLC | BMW U.S. Capital LLC | BMW U.S. Capital LLC |
|  5.166% due 08/13/2026 ~ |  | 1500 | 1506 |
|  Energy Transfer LP | Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
|  5.950% due 12/01/2025 |  | 2885 | 2890 |
|  Fidelity National Information Services, Inc. | Fidelity National Information Services, Inc. | Fidelity National Information Services, Inc. | Fidelity National Information Services, Inc. |
|  4.500% due 07/15/2025 |  | 1000 | 1000 |
|  Harley-Davidson, Inc. | Harley-Davidson, Inc. | Harley-Davidson, Inc. | Harley-Davidson, Inc. |
|  3.500% due 07/28/2025 |  | 2500 | 2497 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. | HCA, Inc. |
|  5.875% due 02/15/2026 |  | 3000 | 3003 |
|  Hyundai Capital America | Hyundai Capital America | Hyundai Capital America | Hyundai Capital America |
|  5.679% due 11/03/2025 ~ |  | 197 | 198 |
|  6.250% due 11/03/2025 |  | 1500 | 1506 |
|  Illumina, Inc. | Illumina, Inc. | Illumina, Inc. | Illumina, Inc. |
|  5.800% due 12/12/2025 |  | 1000 | 1004 |
|  Kraft Heinz Foods Co. | Kraft Heinz Foods Co. | Kraft Heinz Foods Co. | Kraft Heinz Foods Co. |
|  3.000% due 06/01/2026 |  | 4000 | 3949 |
|  Kraton Corp. | Kraton Corp. | Kraton Corp. | Kraton Corp. |
|  5.000% due 07/15/2027 |  | 3000 | 3039 |
|  Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. |
|  3.522% due 09/17/2025 |  | 500 | 497 |
|  Rolls-Royce PLC | Rolls-Royce PLC | Rolls-Royce PLC | Rolls-Royce PLC |
|  3.625% due 10/14/2025 |  | 1526 | 1524 |
|  Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC |
|  5.236% due 03/20/2026 ~ |  | 1300 | 1300 |
|  5.327% due 09/12/2025 ~ |  | 1500 | 1501 |
|  |  |  | 34197 |
| UTILITIES 2.6% | UTILITIES 2.6% | UTILITIES 2.6% | UTILITIES 2.6% |
|  Electricite de France SA | Electricite de France SA | Electricite de France SA | Electricite de France SA |
|  3.625% due 10/13/2025 |  | 1700 | 1693 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Enel Finance International NV | Enel Finance International NV | Enel Finance International NV |
|  7.050% due 10/14/2025 | 1000 | 1006 |
|  National Rural Utilities Cooperative Finance Corp. | National Rural Utilities Cooperative Finance Corp. | National Rural Utilities Cooperative Finance Corp. |
|  4.963% due 11/22/2026 ~ | 1500 | 1502 |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  3.150% due 01/01/2026 | 5530 | 5478 |
|  |  | 9679 |
|  Total Corporate Bonds & Notes<br>(Cost $131,972) | Total Corporate Bonds & Notes<br>(Cost $131,972) | 132702 |
| U.S. GOVERNMENT AGENCIES 15.1% | U.S. GOVERNMENT AGENCIES 15.1% | U.S. GOVERNMENT AGENCIES 15.1% |
|  Fannie Mae | Fannie Mae | Fannie Mae |
|  5.205% due 09/25/2054 - 04/25/2055 •  | 13751 | 13715 |
|  5.255% due 01/25/2055 •  | 1614 | 1616 |
|  5.402% due 07/25/2055 •  | 2000 | 2000 |
|  5.405% due 06/25/2054 - 01/25/2055 •  | 2367 | 2365 |
|  5.505% due 01/25/2055 •  | 842 | 844 |
|  Freddie Mac | Freddie Mac | Freddie Mac |
|  5.205% due 07/25/2054 •  | 1400 | 1400 |
|  5.235% due 05/25/2055 •  | 1949 | 1949 |
|  5.255% due 03/25/2055 - 04/25/2055 •  | 5509 | 5506 |
|  5.306% due 06/25/2055 «•  | 3000 | 3004 |
|  5.404% due 07/25/2055 •  | 3200 | 3201 |
|  5.455% due 12/25/2054 - 01/25/2055 •  | 3705 | 3706 |
|  5.505% due 01/25/2055 •  | 372 | 373 |
|  5.555% due 05/25/2054 •  | 1091 | 1096 |
|  Ginnie Mae | Ginnie Mae | Ginnie Mae |
|  4.350% due 04/20/2069 •  | 137 | 137 |
|  5.062% due 11/20/2074 •  | 974 | 971 |
|  5.204% due 06/20/2055 •  | 10800 | 10807 |
|  5.252% due 01/20/2054 - 10/20/2073 •  | 3533 | 3542 |
|  Total U.S. Government Agencies<br>(Cost $56,270) | Total U.S. Government Agencies<br>(Cost $56,270) | 56232 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 0.3% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.3% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.3% |
|  OBX Trust | OBX Trust | OBX Trust |
|  5.988% due 01/25/2064 þ | 1027 | 1034 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $1,027) | Total Non-Agency Mortgage-Backed Securities (Cost $1,027) | 1034 |
| ASSET-BACKED SECURITIES 14.3% | ASSET-BACKED SECURITIES 14.3% | ASSET-BACKED SECURITIES 14.3% |
| AUTOMOBILE SEQUENTIAL 2.4% | AUTOMOBILE SEQUENTIAL 2.4% | AUTOMOBILE SEQUENTIAL 2.4% |
|  CarMax Auto Owner Trust | CarMax Auto Owner Trust | CarMax Auto Owner Trust |
|  5.300% due 03/15/2027 | 473 | 474 |
|  Citizens Auto Receivables Trust | Citizens Auto Receivables Trust | Citizens Auto Receivables Trust |
|  5.840% due 01/18/2028 | 1486 | 1496 |
|  GM Financial Automobile Leasing Trust | GM Financial Automobile Leasing Trust | GM Financial Automobile Leasing Trust |
|  4.540% due 05/20/2027 | 3600 | 3605 |
|  4.550% due 07/20/2027 | 1400 | 1404 |
|  Honda Auto Receivables Owner Trust | Honda Auto Receivables Owner Trust | Honda Auto Receivables Owner Trust |
|  5.870% due 06/22/2026 | 134 | 134 |
|  M&T Bank Auto Receivables Trust | M&T Bank Auto Receivables Trust | M&T Bank Auto Receivables Trust |
|  5.220% due 02/17/2032 | 1100 | 1114 |
|  SCCU Auto Receivables Trust | SCCU Auto Receivables Trust | SCCU Auto Receivables Trust |
|  5.850% due 05/17/2027 | 56 | 56 |
|  USAA Auto Owner Trust | USAA Auto Owner Trust | USAA Auto Owner Trust |
|  5.250% due 03/15/2027 | 486 | 486 |
|  |  | 8769 |
| CREDIT CARD BULLET 1.5% | CREDIT CARD BULLET 1.5% | CREDIT CARD BULLET 1.5% |
|  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 | 2024 |
|  Citibank Credit Card Issuance Trust | Citibank Credit Card Issuance Trust | Citibank Credit Card Issuance Trust |
|  5.230% due 12/08/2027 | 2000 | 2006 |

---

---

| | | |
|:---|:---|:---|
| **146** | **PIMCO ETF TRUST** | See Accompanying Notes |

---

------

June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Master Credit Card Trust | Master Credit Card Trust | Master Credit Card Trust |
|  5.153% due 01/21/2027 •  | 1600 | 1599 |
|  |  | 5629 |
| CREDIT CARD OTHER 0.5% | CREDIT CARD OTHER 0.5% | CREDIT CARD OTHER 0.5% |
|  Trillium Credit Card Trust | Trillium Credit Card Trust | Trillium Credit Card Trust |
|  5.226% due 08/26/2028 •  | 2000 | 2002 |
| OTHER ABS 9.9% | OTHER ABS 9.9% | OTHER ABS 9.9% |
|  522 Funding CLO Ltd. | 522 Funding CLO Ltd. | 522 Funding CLO Ltd. |
|  5.479% due 10/23/2034 •  | 1200 | 1200 |
|  AlbaCore Euro CLO DAC | AlbaCore Euro CLO DAC | AlbaCore Euro CLO DAC |
|  3.269% due 07/15/2035 •  | 1000 | 1180 |
|  Allegro CLO Ltd. | Allegro CLO Ltd. | Allegro CLO Ltd. |
|  5.519% due 01/19/2033 •  | 1000 | 1001 |
|  American Money Management Corp. CLO Ltd. | American Money Management Corp. CLO Ltd. | American Money Management Corp. CLO Ltd. |
|  5.469% due 01/20/2035 •  | 800 | 800 |
|  Ares CLO Ltd. | Ares CLO Ltd. | Ares CLO Ltd. |
|  5.433% due 10/28/2034 •  | 1200 | 1201 |
|  Atlantic Avenue Ltd. | Atlantic Avenue Ltd. | Atlantic Avenue Ltd. |
|  5.529% due 01/20/2035 •  | 1200 | 1200 |
|  Atlas Senior Loan Fund Ltd. | Atlas Senior Loan Fund Ltd. | Atlas Senior Loan Fund Ltd. |
|  5.329% due 10/20/2034 •  | 1600 | 1600 |
|  Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. |
|  5.509% due 07/19/2034 •  | 1200 | 1203 |
|  Canyon Capital CLO Ltd. | Canyon Capital CLO Ltd. | Canyon Capital CLO Ltd. |
|  5.266% due 10/15/2034 •  | 1400 | 1402 |
|  Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. |
|  5.359% due 07/20/2034 •  | 900 | 901 |
|  Carval CLO Ltd. | Carval CLO Ltd. | Carval CLO Ltd. |
|  5.491% due 07/16/2031 •  | 892 | 894 |
|  CQS U.S. CLO Ltd. | CQS U.S. CLO Ltd. | CQS U.S. CLO Ltd. |
|  5.469% due 01/20/2035 •  | 200 | 200 |
|  Cumulus Static CLO DAC | Cumulus Static CLO DAC | Cumulus Static CLO DAC |
|  3.343% due 11/15/2033 •  | 614 | 725 |
|  ICG U.S. CLO Ltd. | ICG U.S. CLO Ltd. | ICG U.S. CLO Ltd. |
|  5.251% due 01/16/2033 •  | 1128 | 1128 |
|  Jamestown CLO Ltd. | Jamestown CLO Ltd. | Jamestown CLO Ltd. |
|  5.402% due 07/25/2034 •  | 600 | 598 |
|  5.552% due 07/25/2035 •  | 400 | 401 |
|  Kubota Credit Owner Trust | Kubota Credit Owner Trust | Kubota Credit Owner Trust |
|  5.610% due 07/15/2026 | 243 | 244 |
|  LCM Loan Income Fund Ltd. | LCM Loan Income Fund Ltd. | LCM Loan Income Fund Ltd. |
|  5.561% due 04/20/2031 •  | 275 | 275 |
|  LCM Ltd. | LCM Ltd. | LCM Ltd. |
|  5.326% due 01/15/2034 •  | 1600 | 1595 |
|  Madison Park Funding Ltd. | Madison Park Funding Ltd. | Madison Park Funding Ltd. |
|  5.256% due 10/15/2034 •  | 1400 | 1402 |
|  MMAF Equipment Finance LLC | MMAF Equipment Finance LLC | MMAF Equipment Finance LLC |
|  5.790% due 11/13/2026 | 268 | 269 |
|  Mountain View CLO Ltd. | Mountain View CLO Ltd. | Mountain View CLO Ltd. |
|  5.716% due 04/15/2034 •  | 1000 | 1001 |
|  Northwoods Capital Ltd. | Northwoods Capital Ltd. | Northwoods Capital Ltd. |
|  5.508% due 06/15/2031 •  | 937 | 936 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Ocean Trails CLO | Ocean Trails CLO | Ocean Trails CLO |
|  5.299% due 07/20/2034 •  | 1400 | 1400 |
|  OZLM Ltd. | OZLM Ltd. | OZLM Ltd. |
|  5.419% due 07/20/2030 •  | 144 | 144 |
|  Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC |
|  3.170% due 10/15/2034 •  | 1500 | 1762 |
|  3.259% due 01/15/2033 •  | 692 | 815 |
|  Parallel Ltd. | Parallel Ltd. | Parallel Ltd. |
|  5.366% due 07/15/2034 •  | 1400 | 1398 |
|  Rad CLO Ltd. | Rad CLO Ltd. | Rad CLO Ltd. |
|  5.512% due 04/25/2032 •  | 308 | 308 |
|  Regatta Funding Ltd. | Regatta Funding Ltd. | Regatta Funding Ltd. |
|  5.456% due 01/15/2033 •  | 1460 | 1461 |
|  Silver Rock CLO Ltd. | Silver Rock CLO Ltd. | Silver Rock CLO Ltd. |
|  5.309% due 01/20/2035 •  | 2000 | 1996 |
|  Trinitas CLO Ltd. | Trinitas CLO Ltd. | Trinitas CLO Ltd. |
|  5.342% due 01/25/2035 •  | 1800 | 1793 |
|  5.379% due 10/20/2033 •  | 300 | 300 |
|  Trysail CLO Ltd. | Trysail CLO Ltd. | Trysail CLO Ltd. |
|  5.511% due 10/20/2033 •  | 500 | 500 |
|  Verizon Master Trust | Verizon Master Trust | Verizon Master Trust |
|  4.982% due 09/08/2028 •  | 2000 | 2003 |
|  Wind River CLO Ltd. | Wind River CLO Ltd. | Wind River CLO Ltd. |
|  5.316% due 10/15/2034 •  | 1691 | 1686 |
|  |  | 36922 |
|  Total Asset-Backed Securities (Cost $52,864) | Total Asset-Backed Securities (Cost $52,864) | 53322 |
| SOVEREIGN ISSUES 1.5% | SOVEREIGN ISSUES 1.5% | SOVEREIGN ISSUES 1.5% |
|  Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional |
|  0.000% due 10/01/2025 (c) | 8600 | 1527 |
|  Israel Government International Bond | Israel Government International Bond | Israel Government International Bond |
|  1.750% due 08/31/2025 | 10700 | 3164 |
|  5.375% due 02/19/2030 | 1100 | 1122 |
|  Total Sovereign Issues (Cost $5,390) | Total Sovereign Issues (Cost $5,390) | 5813 |
|  | **OUNCES** |  |
| COMMODITIES 19.5% | COMMODITIES 19.5% | COMMODITIES 19.5% |
|  Gold Warehouse Receipts | 17487 | 57409 |
|  Platinum Warehouse Receipts | 4921 | 6542 |
|  Silver Warehouse Receipts | 244250 | 8726 |
|  Total Commodities<br>(Cost $52,156) | Total Commodities<br>(Cost $52,156) | 72677 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |
| SHORT-TERM INSTRUMENTS 5.9% | SHORT-TERM INSTRUMENTS 5.9% | SHORT-TERM INSTRUMENTS 5.9% |
| COMMERCIAL PAPER 4.3% | COMMERCIAL PAPER 4.3% | COMMERCIAL PAPER 4.3% |
|  Air Lease Corp. | Air Lease Corp. | Air Lease Corp. |
|  4.850% due 07/18/2025 | 3700 | 3691 |
|  Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. |
|  4.900% due 08/06/2025 (a) | 3700 | 3682 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  5.030% due 07/22/2025 | 4000 | $— | 3988 |
|  NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
|  4.610% due 08/25/2025 (a) | 3900 |  | 3872 |
|  4.610% due 08/28/2025 (a) | 700 |  | 695 |
|  |  |  | 15928 |
|  | **SHARES** |  |  |
| 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 |  |  |  |
|  4.380% (e) | 294225 |  | 294 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |  |
| REPURCHASE AGREEMENTS (f) 1.3% | REPURCHASE AGREEMENTS (f) 1.3% | REPURCHASE AGREEMENTS (f) 1.3% | REPURCHASE AGREEMENTS (f) 1.3% |
|  |  |  | 4900 |
| U.S. TREASURY BILLS 0.2% | U.S. TREASURY BILLS 0.2% | U.S. TREASURY BILLS 0.2% | U.S. TREASURY BILLS 0.2% |
|  4.317% due 08/19/2025 - 10/21/2025 (b)(c)(i) | 837 |  | 828 |
| Total Short-Term Instruments<br>(Cost $21,951) | Total Short-Term Instruments<br>(Cost $21,951) |  | 21950 |
| Total Investments in Securities<br>(Cost $321,630) | Total Investments in Securities<br>(Cost $321,630) |  | 343730 |
|  | **SHARES** |  |  |
| INVESTMENTS IN AFFILIATES 1.9% | INVESTMENTS IN AFFILIATES 1.9% | INVESTMENTS IN AFFILIATES 1.9% | INVESTMENTS IN AFFILIATES 1.9% |
| MUTUAL FUNDS (d) 1.9% | MUTUAL FUNDS (d) 1.9% | MUTUAL FUNDS (d) 1.9% | MUTUAL FUNDS (d) 1.9% |
|  PIMCO Enhanced Short Maturity Active Exchange-Traded Fund | 70751 |  | 7113 |
| Total Mutual Funds<br>(Cost $7,077) | Total Mutual Funds<br>(Cost $7,077) |  | 7113 |
| Total Investments in Affiliates<br>(Cost $7,077) | Total Investments in Affiliates<br>(Cost $7,077) |  | 7113 |
| Total Investments 94.1%<br>(Cost $328,707) | Total Investments 94.1%<br>(Cost $328,707) | $— | 350843 |
|  Financial Derivative<br>Instruments (g)(h) (0.6)%<br> (Cost or Premiums, net $(393)) |  |  | (2385) |
| Other Assets and Liabilities, net 6.5% | Other Assets and Liabilities, net 6.5% |  | 24356 |
| Net Assets 100.0% | Net Assets 100.0% | $— | 372814 |

---

#### 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) When-issued security.

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

(c) Zero coupon security.

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| JUNE 30, 2025 147

------

Consolidated Schedule of Investments PIMCO Commodity Strategy Active Exchange-Traded Fund (Cont.)

(d) Institutional Class Shares of each Fund.

(e) Coupon represents a 7-Day Yield.

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS
&nbsp;&nbsp;&nbsp;&nbsp;(f) 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> |
| TDM | 4.580% | 06/30/2025 | 07/01/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4900 | U.S. Treasury Notes 1.875% due 07/31/2026 | $(4999) | $4900 | $4901 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4999) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4900 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4901 |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of June 30, 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 |
|  TDM | $4901 | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4901 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4999) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(98) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4901 | $&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 June 30, 2025 was $(78) at a weighted average interest rate of 4.465%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** 

&nbsp;&nbsp;&nbsp;&nbsp;(g) 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 - NYMEX Natural Gas August 2025 Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000 | 07/28/2025 | 41 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410 | $30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
|  Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |

---

#### WRITTEN OPTIONS:

#### COMMODITY OPTIONS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Premiums<br>(Received) | Market<br>Value |
|  Put - NYMEX Natural Gas August 2025 Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.400 | 07/28/2025 | 41 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410 | $(30) | $(80) |
|  Put - NYMEX Natural Gas August 2025 Futures | 3.500 | 07/28/2025 | 39 | 390 | (42) | (98) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(72) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(178) |

---

#### 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  | 09/2025 | 343 | $82033 | $(22) | $0 | $(6) |
|  3-Month SOFR Active Contract March Futures  | 06/2026 | 540 | 130410 | 329 | 41 | 0 |
|  Aluminum January Futures  | 01/2026 | 134 | 8738 | 47 | 47 | 0 |
|  Aluminum July Futures  | 07/2025 | 261 | 16951 | 98 | 0 | 0 |
|  Aluminum November Futures  | 11/2025 | 51 | 3319 | 91 | 0 | 0 |

---

---

| | | |
|:---|:---|:---|
| **148** | **PIMCO ETF TRUST** | See Accompanying Notes |

---

------

June 30, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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** |
|  Aluminum September Futures  | 09/2025 | 379 | $24636 | (273) | $157 | $0 |
|  Arabica Coffee December Futures  | 12/2025 | 147 | 16240 | (3146) | 0 | (154) |
|  Australia Government 10-Year Bond September Futures  | 09/2025 | 101 | 7162 | 14 | 0 | (6) |
|  Brent Crude December Futures  | 10/2025 | 122 | 7919 | 32 | 0 | (9) |
|  Brent Crude March Futures  | 01/2026 | 360 | 23292 | (623) | 0 | (32) |
|  Brent Crude September Futures  | 07/2025 | 174 | 11613 | (42) | 6 | (8) |
|  California Carbon Allowance December Futures  | 12/2025 | 128 | 3634 | (161) | 40 | 0 |
|  California Carbon Allowance Vintage December Futures  | 12/2026 | 444 | 13387 | (618) | 124 | 0 |
|  Cocoa December Futures  | 12/2025 | 61 | 5062 | (17) | 18 | 0 |
|  Copper August Futures  | 08/2025 | 27 | 6687 | 71 | 71 | 0 |
|  Copper July Futures  | 07/2025 | 52 | 12929 | 611 | 165 | 0 |
|  Corn December Futures  | 12/2025 | 89 | 1893 | 11 | 3 | (4) |
|  Corn September Futures  | 09/2025 | 454 | 9290 | (244) | 0 | (51) |
|  Cotton No. 2 December Futures  | 12/2025 | 165 | 5621 | 23 | 0 | (98) |
|  European Climate Exchange December Futures  | 12/2025 | 75 | 6093 | (522) | 49 | (176) |
|  Gas Oil December Futures  | 12/2025 | 155 | 9761 | 173 | 0 | (8) |
|  Gold 100 oz. December Futures  | 12/2025 | 189 | 63559 | (310) | 382 | 0 |
|  Hard Red Winter Wheat December Futures  | 12/2025 | 17 | 468 | (68) | 0 | (6) |
|  Hard Red Winter Wheat September Futures  | 09/2025 | 157 | 4135 | (193) | 0 | (55) |
|  Iron Ore September Futures  | 09/2025 | 898 | 8419 | (62) | 0 | (17) |
|  Lean Hogs December Futures  | 12/2025 | 217 | 7272 | 148 | 0 | (167) |
|  Live Cattle December Futures  | 12/2025 | 50 | 4213 | 46 | 9 | 0 |
|  Live Cattle October Futures  | 10/2025 | 177 | 14880 | (27) | 25 | 0 |
|  Natural Gas August Futures  | 07/2025 | 313 | 10817 | (1571) | 0 | (886) |
|  Natural Gas January Futures  | 12/2025 | 15 | 728 | (22) | 0 | (36) |
|  Natural Gas November Futures  | 10/2025 | 106 | 4224 | (285) | 0 | (265) |
|  New York Harbor December Futures  | 11/2025 | 208 | 19170 | 486 | 166 | 0 |
|  Nickel January Futures  | 01/2026 | 44 | 4080 | 8 | 36 | (23) |
|  Nickel July Futures  | 07/2025 | 47 | 4247 | (337) | 0 | 0 |
|  Nickel November Futures  | 11/2025 | 70 | 6438 | (312) | 0 | 0 |
|  Nickel September Futures  | 09/2025 | 152 | 13859 | (572) | 57 | (82) |
|  RBOB Gasoline December Futures  | 11/2025 | 248 | 18876 | 602 | 3 | 0 |
|  RBOB Gasoline September Futures  | 08/2025 | 36 | 3088 | (100) | 5 | 0 |
|  Silver December Futures  | 12/2025 | 32 | 5858 | (47) | 0 | (33) |
|  Silver September Futures  | 09/2025 | 121 | 21884 | 1543 | 0 | (120) |
|  Soybean January Futures  | 01/2026 | 9 | 469 | (5) | 1 | 0 |
|  Soybean Meal December Futures  | 12/2025 | 317 | 9171 | (506) | 25 | 0 |
|  Soybean November Futures  | 11/2025 | 226 | 11605 | (213) | 25 | 0 |
|  Soybean Oil January Futures  | 01/2026 | 102 | 3237 | 26 | 9 | 0 |
|  Sugar No. 11 October Futures  | 09/2025 | 177 | 3211 | (318) | 0 | (101) |
|  U.S. Treasury 5-Year Note September Futures  | 09/2025 | 1407 | 153363 | 1647 | 183 | 0 |
|  WTI Crude December Futures  | 11/2025 | 152 | 9371 | (279) | 0 | (14) |
|  WTI Crude September Futures  | 08/2025 | 65 | 4150 | (4) | 0 | (14) |
|  Zinc July Futures  | 07/2025 | 121 | 8316 | (912) | 0 | 0 |
|  Zinc November Futures  | 11/2025 | 47 | 3245 | 89 | 0 | 0 |
|  Zinc September Futures  | 09/2025 | 90 | 6194 | (449) | 0 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6165) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1647 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2371) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| 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 |
|  Aluminum January Futures  | 01/2026 | 2 | $(130) | $0 | $0 | $0 |
|  Aluminum July Futures  | 07/2025 | 261 | (16951) | 339 | 0 | 0 |
|  Aluminum November Futures  | 11/2025 | 51 | (3319) | (275) | 0 | 0 |
|  Aluminum September Futures  | 09/2025 | 299 | (19435) | (1238) | 0 | 0 |
|  Copper August Futures  | 08/2025 | 9 | (1137) | (15) | 9 | 0 |
|  Copper July Futures  | 07/2025 | 36 | (8951) | (271) | 0 | 0 |
|  Copper September Futures  | 09/2025 | 37 | (4701) | (139) | 37 | 0 |
|  Corn December Futures  | 12/2026 | 89 | (2034) | (3) | 3 | (1) |
|  Gold 100 oz. August Futures  | 08/2025 | 166 | (54908) | 918 | 0 | (334) |
|  Gold 100 oz. July Futures  | 07/2025 | 25 | (8236) | (59) | 0 | (52) |
|  Natural Gas December Futures  | 11/2025 | 25 | (1140) | 54 | 61 | 0 |
|  New York Harbor September Futures  | 08/2025 | 4 | (378) | 0 | 0 | 0 |
|  Nickel January Futures  | 01/2026 | 3 | (278) | (2) | 0 | 0 |
|  Nickel July Futures  | 07/2025 | 47 | (4247) | 128 | 0 | 0 |
|  Nickel November Futures  | 11/2025 | 70 | (6438) | (90) | 0 | 0 |
|  Nickel September Futures  | 09/2025 | 81 | (7385) | (360) | 0 | 0 |
|  Platinum July Futures  | 07/2025 | 98 | (6537) | (1684) | 34 | 0 |
|  U.S. Treasury 2-Year Note September Futures  | 09/2025 | 615 | (127934) | (471) | 0 | (34) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **149** |

---

------

Consolidated Schedule of Investments PIMCO Commodity Strategy Active Exchange-Traded Fund (Cont.)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 Ultra Long-Term Bond September Futures  | 09/2025 | 9 | $(1028) | $(25) | $0 | $(4) |
|  U.S. Treasury Ultra Long-Term Bond September Futures  | 09/2025 | 63 | (7505) | (263) | 0 | (85) |
|  Wheat December Futures  | 12/2025 | 6 | (168) | 15 | 1 | 0 |
|  Wheat September Futures  | 09/2025 | 157 | (4225) | 137 | 20 | 0 |
|  WTI Crude September Futures  | 08/2025 | 89 | (5683) | (66) | 20 | 0 |
|  Zinc July Futures  | 07/2025 | 121 | (8316) | 546 | 0 | 0 |
|  Zinc November Futures  | 11/2025 | 47 | (3245) | (171) | 0 | 0 |
|  Zinc September Futures  | 09/2025 | 90 | (6194) | (202) | 0 | 0 |
|  |  |  |  | $(3197) | $185 | $(510) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $(9362) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1832 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2881) |

---

#### SWAP AGREEMENTS:

#### 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/<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** | **Notional<br>Amount** | Premiums<br>Paid/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value** | Asset | Liability |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 3.500% | Annual | 03/19/2030 |  | 12900 | $(352) | $192 | $(160) | $0 | $(1) |
|  Receive<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.620 | Annual | 11/30/2029 |  | $125439 | (125) | (1190) | (1315) | 0 | (185) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2029 |  | 16700 | (52) | (73) | (125) | 0 | (24) |
|  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;(529) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1071) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1600) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(210) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of June 30, 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>(2)</sup> | Variation Margin<br>Asset<sup>(2)</sup> | |  | Variation Margin<br>Liability | Variation Margin<br>Liability | |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | Total |  | Futures | Swap<br>Agreements | Total |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1904 | $(178) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2881) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(210) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3269) |

---

Cash of $26,686 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 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.

<sup>(2)</sup> Unsettled variation margin asset of $68 for closed futures is outstanding at period end. 

&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 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 | 07/2025 | $518 | 442 | $3 | $0 |
|  | 08/2025 | 442 | $519 | 0 | (3) |
|  BOA | 07/2025 | 3218 | 3659 | 0 | (131) |
|  | 07/2025 | $1076 | 1662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | 0 |
|  BPS | 07/2025 | 62 | $11 | 0 | (1) |
|  | 07/2025 | 84 | 95 | 0 | (4) |
|  | 07/2025 | $11 | 62 | 0 | 0 |
|  | 09/2025 | 10635 | $2906 | 0 | (254) |
|  | 10/2025 | 4100 | 679 | 0 | (58) |
|  BRC | 07/2025 | 567 | 652 | 0 | (16) |
|  | 07/2025 | 739 | 1006 | 0 | (9) |
|  | 07/2025 | 82 | 24 | 0 | 0 |
|  | 07/2025 | $1252 | 920 | 11 | 0 |
|  | 07/2025 | 49 | 171 | 2 | 0 |
|  | 08/2025 | 920 | $1252 | 0 | (11) |
|  | 08/2025 | $1006 | 739 | 9 | 0 |
|  CBK | 07/2025 | 208 | 181 | 5 | 0 |
|  | 09/2025 | 1 | $0 | 0 | 0 |

---

---

| | | |
|:---|:---|:---|
| **150** | **PIMCO ETF TRUST** | See Accompanying Notes |

---

------

June 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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** |
|  FAR | 07/2025 | 25165 | $16236 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(326) |
|  | 07/2025 | 28978 | 5278 | 0 | (56) |
|  | 07/2025 | $15366 | 23503 | 102 | 0 |
|  | 07/2025 | 5068 | 28978 | 265 | 0 |
|  | 08/2025 | 23503 | $15376 | 0 | (102) |
|  | 09/2025 | $2653 | 14878 | 44 | 0 |
|  | 09/2025 | 45 | 868 | 1 | 0 |
|  GLM | 07/2025 | 14300 | $2389 | 0 | (243) |
|  | 07/2025 | $2620 | 14300 | 12 | 0 |
|  | 10/2025 | 19800 | $3245 | 0 | (316) |
|  JPM | 07/2025 | 186 | 214 | 0 | (5) |
|  | 08/2025 | 3432 | 4032 | 0 | (19) |
|  MBC | 07/2025 | 278 | 202 | 0 | (2) |
|  | 07/2025 | $202 | 278 | 2 | 0 |
|  | 08/2025 | 278 | $202 | 0 | (2) |
|  MYI | 10/2025 | 300 | 49 | 0 | (5) |
|  SCX | 07/2025 | $24 | 84 | 1 | 0 |
|  SSB | 07/2025 | 920 | $1246 | 0 | (17) |
|  | 07/2025 | $1001 | 739 | 14 | 0 |
|  UAG | 07/2025 | 4 | 13 | 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;488 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1580) |

---

#### 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 |
| MYC Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.600% | 08/12/2025 | 111400 | $89 | $72 |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.600 | 08/12/2025 | 111400 | 89 | 0 |
|  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;178 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of June 30, 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> |
|  AZD | $3 | $0 | $0 | $3 | $(3) | $0 | $0 | $(3) | $0 | $0 | $0 |
|  BOA | 17 | 0 | 0 | 17 | (131) | 0 | 0 | (131) | (114) | 0 | (114) |
|  BPS | 0 | 0 | 0 | 0 | (317) | 0 | 0 | (317) | (317) | 282 | (35) |
|  BRC | 22 | 0 | 0 | 22 | (36) | 0 | 0 | (36) | (14) | 0 | (14) |
|  CBK | 5 | 0 | 0 | 5 | 0 | 0 | 0 | 0 | 5 | 0 | 5 |
|  FAR | 412 | 0 | 0 | 412 | (484) | 0 | 0 | (484) | (72) | 0 | (72) |
|  GLM | 12 | 0 | 0 | 12 | (559) | 0 | 0 | (559) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(547) | 503 | (44) |
|  JPM | 0 | 0 | 0 | 0 | (24) | 0 | 0 | (24) | (24) | 0 | (24) |
|  MBC | 2 | 0 | 0 | 2 | (4) | 0 | 0 | (4) | (2) | 0 | (2) |
|  MYC | 0 | 72 | 0 | 72 | 0 | 0 | 0 | 0 | 72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(270) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(198) |
|  MYI | 0 | 0 | 0 | 0 | (5) | 0 | 0 | (5) | (5) | 43 | 38 |
|  SCX | 1 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 1 | 0 | 1 |
|  SSB | 14 | 0 | 0 | 14 | (17) | 0 | 0 | (17) | (3) | 0 | (3) |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1580) | $&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;(1580) |  |  |  |

---

(i) Securities with an aggregate market value of $828 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of June 30, 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 | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **151** |

---

------

Consolidated 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 June 30, 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  | $4 | $0 | $0 | $0 | $0 | $4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 1676 | 0 | 0 | 0 | 224 | 1900 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1680 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $0 | $224 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1904 |
|  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 | $488 | $0 | $488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | 72 | 72 |
|  | $0 | $0 | $0 | $488 | $72 | $560 |
|  | $1680 | $0 | $0 | $488 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296 | $2464 |
|  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  | $178 | $0 | $0 | $0 | $0 | $178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 2746 | 0 | 0 | 0 | 135 | 2881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 210 | 210 |
|  | $2924 | $0 | $0 | $0 | $345 | $3269 |
|  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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1580 | $0 | $1580 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2924 | $0 | $0 | $1580 | $345 | $4849 |

---

The effect of Financial Derivative Instruments on the Consolidated Statement of Operations for the period ended June 30, 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  | $(15) | $0 | $0 | $0 | $0 | $(15) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | (452) | 0 | 0 | 0 | 0 | (452) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | (19564) | 0 | 0 | 0 | 1165 | (18399) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1786) | (1786) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20031) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $(621) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20652) |
|  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;1132 | $0 | $1132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | (341) | 0 | 0 | 0 | 0 | (341) |
|  | $(341) | $0 | $0 | $1132 | $0 | $791 |
|  | $(20372) | $0 | $0 | $1132 | $(621) | $(19861) |
|  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  | $(18) | $0 | $0 | $0 | $0 | $(18) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 49 | 0 | 0 | 0 | 0 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | (6522) | 0 | 0 | 0 | 1279 | (5243) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | (1071) | (1071) |
|  | $(6491) | $0 | $0 | $0 | $208 | $(6283) |
|  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 | $(1580) | $0 | $(1580) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | (106) | (106) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | (61) | 0 | 0 | 0 | 0 | (61) |
|  | $(61) | $0 | $0 | $(1580) | $(106) | $(1747) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6552) | $&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;(1580) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8030) |

---

152 PIMCO ETF TRUST See Accompanying Notes

------

June 30, 2025

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of June 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at<br>06/30/2025** |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | $0 | $88826 | $0 | $88826 |
| &nbsp;&nbsp; Industrials | 0 | 34197 | 0 | 34197 |
| &nbsp;&nbsp; Utilities | 0 | 9679 | 0 | 9679 |
|  U.S. Government Agencies | 0 | 53228 | 3004 | 56232 |
|  Non-Agency Mortgage-Backed Securities | 0 | 1034 | 0 | 1034 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile Sequential | 0 | 8769 | 0 | 8769 |
| &nbsp;&nbsp; Credit Card Bullet | 0 | 5629 | 0 | 5629 |
| &nbsp;&nbsp; Credit Card Other | 0 | 2002 | 0 | 2002 |
| &nbsp;&nbsp; Other ABS | 0 | 36922 | 0 | 36922 |
|  Sovereign Issues | 0 | 5813 | 0 | 5813 |
|  Commodities | 0 | 72677 | 0 | 72677 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Commercial Paper | 0 | 15928 | 0 | 15928 |
| &nbsp;&nbsp; Mutual Funds | 0 | 294 | 0 | 294 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 4900 | 0 | 4900 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 828 | 0 | 828 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340726 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3004 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343730 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at<br>06/30/2025** |
|  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 | $7113 | $0 | $0 | $7113 |
|  Total Investments | $7113 | $340726 | $3004 | $350843 |
|  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 | 1612 | 224 | 0 | 1836 |
|  Over the counter | 0 | 560 | 0 | 560 |
|  | $1612 | $784 | $0 | $2396 |
|  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 | (2930) | (339) | 0 | (3269) |
|  Over the counter | 0 | (1580) | 0 | (1580) |
|  | $(2930) | $(1919) | $0 | $(4849) |
|  Total Financial Derivative Instruments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1318) | $(1135) | $0 | $(2453) |
|  Totals | $5795 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339591 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3004 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348390 |

---

There were no significant transfers into or out of Level 3 during the period ended June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **153** |

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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 16, 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 ("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 new 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 the conversion feature are not amortized. Estimated tax liabilities on

---

| | |
|:---|:---|
| **154** | **PIMCO ETF TRUST** |

---

------

June 30, 2025

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 June 30, 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.

---

| | | |
|:---|:---|:---|
| | Distribution Frequency | Distribution Frequency |
| Fund Name | Declared | Distributed |
|  PIMCO 1-5 Year U.S. TIPS Index<br>Exchange-Traded Fund | Monthly | Monthly |
|  PIMCO 15+ Year U.S. TIPS Index<br>Exchange-Traded Fund | Monthly | Monthly |
|  PIMCO Broad U.S. TIPS Index Exchange-Traded Fund | Monthly | Monthly |
|  PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund | Monthly | Monthly |
|  PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund | Monthly | Monthly |
|  PIMCO Active Bond Exchange-Traded Fund | Monthly | Monthly |
|  PIMCO Enhanced Low Duration Active Exchange-Traded Fund | Monthly | Monthly |
|  PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund | Monthly | Monthly |
|  PIMCO Enhanced Short Maturity Active Exchange-Traded Fund | Monthly | Monthly |
|  PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund | Monthly | Monthly |
|  PIMCO Multisector Bond Active Exchange-Traded Fund | Monthly | Monthly |
|  PIMCO Municipal Income Opportunities Active Exchange-Traded Fund | Monthly | Monthly |
|  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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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **155** |

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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, 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 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 November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280)". ASU 2023-07 requires public entities to provide disclosure of significant segment expenses that are regularly provided to the CODM. ASU 2023-07, among other things, (i) requires a single segment public entity to provide all necessary disclosures required by Topic 280, (ii) mandates the disclosure of the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit and loss to assess segment performance and to decide how to allocate resources and (iii) provides the ability for a public entity to elect more than one performance measure. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Management has implemented changes in connection with the amendments and has determined that there was no material impact to the Funds' financial statements.

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| | |
|:---|:---|
| **156** | **PIMCO ETF TRUST** |

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June 30, 2025

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. The ASU is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. At this time, management is evaluating the implications of these changes on the financial statements.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

(a) Investment Valuation Policies The NAV of a Fund's shares, or each of their respective share classes, as applicable, is determined by dividing the total value of portfolio investments and other assets attributable to the Fund or class, less any liabilities, as applicable, by the total number of shares outstanding.

On each day that the New York Stock Exchange ("NYSE") is open, 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

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **157** |

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Notes to Financial Statements (Cont.)

based on information provided by Pricing Sources, which may recommend fair value or adjustments with reference to other securities, indexes or assets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indexes) that occur after the close of the relevant market and before the NYSE Close. A Fund may utilize modeling tools provided by third-party vendors to determine fair values of foreign (non-U.S.) securities. For these purposes, unless otherwise determined by the Valuation Designee, any movement in the applicable reference index or instrument ("zero trigger") between the earlier close of the applicable foreign market and the NYSE Close may be deemed to be a significant event, prompting the application of the pricing model (effectively resulting in daily fair valuations). Foreign exchanges may permit trading in foreign (non-U.S.) equity securities on days when the Trust is not open for business, which may result in a Fund's portfolio investments being affected when shareholders are unable to buy or sell shares.

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.

Assets or liabilities categorized as Level 2 or 3 as of period end have been transferred between Levels 2 and 3 since the prior period due to changes in the method utilized in valuing the investments. Transfers from Level 2 to Level 3 are a result of a change, in the normal course of business, from the use of methods used by Pricing Sources (Level 2) to the use of a Broker Quote or valuation technique which utilizes

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|:---|:---|
| **158** | **PIMCO ETF TRUST** |

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June 30, 2025

significant unobservable inputs due to an absence of current or reliable market-based data (Level 3). Transfers from Level 3 to Level 2 are a result of the availability of current and reliable market-based data provided by Pricing Sources or other valuation techniques which utilize significant observable inputs. In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to Schedule of Investments for each respective Fund.

For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to realized gain (loss), unrealized appreciation (depreciation), purchases and sales, accrued discounts (premiums), and transfers into and out of the Level 3 category during the period. The end of period value is used for the transfers between fair value Levels of a Fund's assets and liabilities. Additionally, U.S. GAAP requires quantitative information regarding the significant unobservable inputs used in the determination of fair value of assets or liabilities categorized as Level 3 in the fair value hierarchy. In accordance with the requirements of U.S. GAAP, a fair value hierarchy and, if material, a Level 3 reconciliation and details of significant unobservable inputs, have been included in the Notes to Schedule of Investments for each respective Fund.

(c) Valuation Techniques and the Fair Value Hierarchy

Level 1, Level 2 and Level 3 trading assets and trading liabilities, at fair value The valuation methods (or "techniques") and significant inputs used in determining the fair values of portfolio securities or other assets and liabilities categorized as Level 1, Level 2 and Level 3 of the fair value hierarchy are as follows:

Common stocks, ETFs, exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy.

Investments in registered open-end investment companies (other than ETFs) will be valued based upon the NAVs of such investments and are categorized as Level 1 of the fair value hierarchy. Investments in unregistered open-end investment companies will be calculated based upon the NAVs of such investments and are considered Level 1 provided that the NAVs are observable, calculated daily and are the value at which both purchases and sales will be conducted.

Fixed income securities including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. treasury obligations,

sovereign issues, bank loans, convertible preferred securities, non-U.S. bonds and short-term debt instruments (such as commercial paper, time deposits and certificates of deposit) are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The Pricing Sources' internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Fixed income securities purchased on a delayed-delivery basis or as a repurchase commitment in a sale-buyback transaction are marked to market daily until settlement at the forward settlement date and are categorized as Level 2 of the fair value hierarchy.

Mortgage-related and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also normally valued by Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche, and incorporate deal collateral performance, as available. Mortgage-related and asset-backed securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the NYSE Close. These securities are valued using Pricing Sources that consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain exchange traded futures and options to account for market movement between the exchange settlement and the NYSE Close. These securities are valued using quotes obtained from a quotation reporting system, established market makers or Pricing Sources. Financial derivatives using these valuation adjustments are categorized as Level 2 of the fair value hierarchy.

Equity exchange-traded options and over the counter financial derivative instruments, such as forward foreign currency contracts and options contracts derive their value from underlying asset prices, indexes, reference rates and other inputs or a combination of these

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **159** |

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Notes to Financial Statements (Cont.)

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.

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

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|:---|:---|
| **160** | **PIMCO ETF TRUST** |

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June 30, 2025

schedule of portfolio holdings for each affiliate fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available at the SEC's website at www.sec.gov. A copy of each affiliate fund's shareholder report is also available at the SEC's website at www.sec.gov, on the Funds' website at www.pimco.com, or upon request, as applicable. The table below shows the Funds' transactions in and earnings from investments in the affiliated fund for the period ended June 30, 2025 (amounts in thousands<sup>†</sup>):

#### Investments in PIMCO Government Money Market Fund

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fund Name | Market Value<br>06/30/2024 | **Purchases**<br> **at Cost** | Proceeds<br>from Sales | Net<br>Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Market Value<br>06/30/2025 | 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 | $41111 | $286024 | $(272776) | $0 | $0 | $54359 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2142 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
|  PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund | 3565 | 29058 | (26967) | 0 | 0 | 5656 | 174 | 0 |
|  PIMCO Enhanced Short Maturity Active Exchange-Traded Fund | 0 | 40796 | (40280) | 0 | 0 | 516 | 74 | 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. 

The PIMCO Active Bond Exchange-Traded Fund, PIMCO Commodity Strategy Active Exchange-Traded Fund, PIMCO Intermediate Municipal Bond 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 Trust, 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 June 30, 2025 (amounts in thousands<sup>†</sup>):

#### PIMCO Active Bond Exchange-Traded Fund

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Underlying PIMCO Fund | Market Value<br>06/30/2024 | Purchases<br>at Cost | Proceeds<br>from Sales | Net<br>Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Market Value<br>06/30/2025 | Dividend<br>Income<sup>(1)</sup> | Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup> |
|  0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund | $0 | $99526 | $(44466) | $(399) | $728 | $55389 | $1445 | $0 |
|  PIMCO Preferred and Capital Securities Active Exchange-Traded Fund | 19995 | 22209 | 0 | 0 | 801 | 43005 | 1974 | 0 |
|  PIMCO Senior Loan Active Exchange-Traded Fund | 36085 | 72382 | (32185) | (517) | 147 | 75912 | 4585 | 0 |
|  PIMCO Enhanced Short Maturity Active Exchange-Traded Fund | 25162 | 0 | (25079) | 36 | (119) | 0 | 1065 | 0 |
|  PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund | 0 | 99704 | 0 | 0 | (119) | 99585 | 1272 | 0 |

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

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Underlying PIMCO Fund | Market Value<br>06/30/2024 | Purchases<br>at Cost | Proceeds<br>from Sales | Net<br>Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Market Value<br>06/30/2025 | Dividend<br>Income<sup>(1)</sup> | Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup> |
|  PIMCO Enhanced Short Maturity Active Exchange-Traded Fund | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20289 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5923 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19034) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(67) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7113 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;702 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

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

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Underlying PIMCO Fund | Market Value<br>06/30/2024 | Purchases<br>at Cost | Proceeds<br>from Sales | Net<br>Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Market Value<br>06/30/2025 | Dividend<br>Income<sup>(1)</sup> | Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup> |
|  PIMCO Senior Loan Active Exchange-Traded Fund | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3386 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15636 | $&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;(41) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18981 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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. 

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **161** |

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Notes to Financial Statements (Cont.)

(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.

Bank Obligations in which a Fund may invest include certificates of deposit, bankers' acceptances and fixed time deposits. Certificates of deposit are negotiable certificates issued against Funds deposited in a commercial bank for a definite period of time and earning a specified return. Bankers' acceptances are negotiable drafts or bills of exchange, normally drawn by an importer or exporter to pay for specific merchandise, which are "accepted" by a bank, meaning, in effect, that the bank unconditionally agrees to pay the face value of the instrument on maturity. Fixed time deposits are bank obligations payable at a stated maturity date and bearing interest at a fixed rate. Fixed time deposits may be withdrawn on demand by the investor, but may be subject to early withdrawal penalties which vary depending upon market conditions and the remaining maturity of the obligation.

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 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

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|:---|:---|
| **162** | **PIMCO ETF TRUST** |

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June 30, 2025

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, computer leases, syndicated bank loans, peer-to-peer loans and litigation finance loans.

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 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. 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.

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **163** |

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Notes to Financial Statements (Cont.)

Payment In-Kind Securities may give the issuer the option at each interest payment date of making interest payments in either cash and/or additional debt securities. Those additional debt securities usually have the same terms, including maturity dates and interest rates, and associated risks as the original bonds. The daily market quotations of the original bonds may include the accrued interest (referred to as a dirty price) and require a pro rata adjustment from the unrealized appreciation (depreciation) on investments to interest receivable on the Statements of Assets and Liabilities.

Perpetual Bonds are fixed income securities with no maturity date but pay a coupon in perpetuity (with no specified ending or maturity date). Unlike typical fixed income securities, there is no obligation for perpetual bonds to repay principal. The coupon payments, however, are mandatory. While perpetual bonds have no maturity date, they may have a callable date in which the perpetuity is eliminated and the issuer may return the principal received on the specified call date. Additionally, a perpetual bond may have additional features, such as interest rate increases at periodic dates or an increase as of a predetermined point in the future.

Restricted Investments are subject to legal or contractual restrictions on resale and may generally be sold privately, but may be required to be registered or exempted from such registration before being sold to the public. Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933, 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 June 30, 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. Some U.S. Government securities, such as Treasury bills, notes and bonds, and securities guaranteed by the Government National Mortgage Association, are supported by the full faith and credit of the U.S. Government; others, such as those of the Federal Home Loan Banks, are supported by the right of the issuer to borrow from the U.S. Department of the Treasury (the "U.S. Treasury"); and others, such as those of the Federal National Mortgage Association ("FNMA" or "Fannie Mae"), are supported by the discretionary authority of the U.S. Government to purchase the agency's obligations. U.S. Government securities may include zero coupon securities which do not distribute interest on a current basis and tend to be subject to a greater risk than interest-paying securities of similar maturities.

Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include FNMA and the Federal Home Loan Mortgage Corporation ("FHLMC" or "Freddie Mac"). FNMA is a government-sponsored corporation. FNMA purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks and credit unions and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA, but are not backed by the full faith and credit of the U.S. Government. FHLMC 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

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|:---|:---|
| **164** | **PIMCO ETF TRUST** |

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June 30, 2025

proportionate amount of common stock at a specified price. Warrants normally have a life that is measured in years and entitle the holder to buy common stock of a company at a price that is usually higher than the market price at the time the warrant is issued. Warrants may entail greater risks than certain other types of investments. Generally, warrants do not carry the right to receive dividends or exercise voting rights with respect to the underlying securities, and they do not represent any rights in the assets of the issuer. In addition, their value does not necessarily change with the value of the underlying securities, and they cease to have value if they are not exercised on or before their expiration date. If the market price of the underlying stock does not exceed the exercise price during the life of the warrant, the warrant will expire worthless. Warrants may increase the potential profit or loss to be realized from the investment as compared with investing the same amount in the underlying securities. Similarly, the percentage increase or decrease in the value of an equity security warrant may be greater than the percentage increase or decrease in the value of the underlying common stock. Warrants may relate to the purchase of equity or debt securities. Debt obligations with warrants attached to purchase equity securities have many characteristics of convertible securities and their prices may, to some degree, reflect the performance of the underlying stock. Debt obligations also may be issued with warrants attached to purchase additional debt securities at the same coupon rate. A decline in interest rates would permit a Fund to sell such warrants at a profit. If interest rates rise, these warrants would generally expire with no value.

When-Issued Transactions are purchases or sales made on a when-issued basis. These transactions are made conditionally because a security, although authorized, has not yet been issued in the market. Transactions to purchase or sell securities on a when-issued basis involve a commitment by a Fund to purchase or sell these securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. A Fund may sell when-issued securities before they are delivered, which may result in a realized gain (loss).

**(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 June 30, 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 commitment and upfront fees, if any, paid by the Funds are disclosed as part of the interest expense on the Statements of Operations. Commitment and Upfront Fees incurred by the Fund in connection with its line of credit agreement was recorded as a prepaid expense and disclosed on the Statements of Assets and Liabilities. Such fees are amortized through the expiration date of the agreement and included as part of the interest expense on the Statements of Operations. Legal costs, if any, related to entering into the line of credit are included in Miscellaneous Expenses on the Statements of Operations.

As of June 30, 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 |
| $25000000 | $58337 |

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\* Maximum available commitment prior to renewal on August 27, 2024, for the Fund was $10,000,000. 

(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.

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **165** |

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Notes to Financial Statements (Cont.)

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 AgreementsIn 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, 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.

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

(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 33.33% 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 to

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|:---|:---|
| **166** | **PIMCO ETF TRUST** |

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June 30, 2025

(i) 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 counterparty. A Fund will ordinarily have to pay a fee or premium to borrow a security and be obligated to repay the lender of the security any dividend or interest that accrues on the security during the period of the loan. Securities sold in short sale transactions and the dividend or interest payable on such securities, if any, are reflected as payable for short sales on the Statements of Assets and Liabilities. Short sales expose a Fund to the risk that it will be required to cover its short position at a time when the security or other asset has appreciated in value, thus resulting in losses to a Fund. A short sale is "against the box" if a Fund holds in its portfolio or has the right to acquire the security sold short, or securities identical to the security sold short, at no additional cost. A Fund will be subject to additional risks to the extent that it engages in short sales that are not "against the box." A Fund's loss on a short sale could theoretically be unlimited in cases where 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 lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Fund's investment policies and restrictions. The Funds are currently permitted to borrow under the Interfund Lending Program. A lending fund may lend in aggregate up to 15% of its current net assets at the time of the interfund loan, but may not lend more than 5% of its net assets to any one borrowing fund through the Interfund Lending Program. A borrowing fund may not borrow through the Interfund Lending Program or from any other source if its total outstanding borrowings immediately after the borrowing would be more than 33 1/3% of its total assets (or any lower threshold provided for by the fund's investment restrictions). If a borrowing fund's total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interfund loan rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending fund and the bank loan rate, as calculated according to a formula established by the Board.

During the period ended June 30, 2025, the Funds did not participate in the Interfund Lending Program.

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

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

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **167** |

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Notes to Financial Statements (Cont.)

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 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.

Credit Default Swaptions may be written or purchased to hedge exposure to the credit risk of an investment without making a commitment to the underlying instrument. A credit default swaption is an option to sell or buy credit protection on a specific reference by entering into a pre-defined swap agreement by some specified date in the future.

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 Exchange-Traded Futures Contracts ("Futures Option") may be written or purchased to hedge an existing position or future investment, for speculative purposes or to manage exposure to market movements. A Futures Option is an option contract in which the underlying instrument is a single futures 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

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| | |
|:---|:---|
| **168** | **PIMCO ETF TRUST** |

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June 30, 2025

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 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.

Asset Swap Agreements convert the cash flows from an underlying security from fixed coupon to floating coupon, floating coupon to fixed coupon, or from one currency to another. The terms and conditions of the asset swap are the same as for an interest rate swap. However, an asset swap is unique in that one interest payment is tied to cash flows from an investment, such as corporate bonds or sovereign issues. The other payment is typically tied to an alternative index, such as a floating rate or a rate denominated in a different currency.

Commodity Forward Swap Agreements ("Commodity Forwards") are entered into to gain or mitigate exposure to the underlying referenced commodity. Commodity Forwards involve commitments between two parties where cash flows are exchanged at a future date based on the difference between a fixed and variable price with respect to the number of units of the commodity. At the maturity date, a net cash flow is exchanged, where the payoff amount is equivalent to the difference between the fixed and variable price of the underlying commodity multiplied by the number of units. To the extent the difference between the fixed and variable price of the underlying

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **169** |

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Notes to Financial Statements (Cont.)

referenced commodity exceeds or falls short of the offsetting payment obligation, a Fund will receive a payment from or make a payment to the counterparty.

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, 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 serve as the indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The maximum potential amount of future payments (undiscounted) that a Fund as a seller of protection could be required to make under a credit default swap agreement equals the notional amount of the

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| | |
|:---|:---|
| **170** | **PIMCO ETF TRUST** |

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June 30, 2025

agreement. Notional amounts of each individual credit default swap agreement outstanding as of period end for which a Fund is the seller of protection are disclosed in the Notes to Schedules of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by a Fund for the same referenced entity or entities.

Interest Rate Swap Agreements may be entered into to help hedge against interest rate risk exposure and to maintain a Fund's ability to generate income at prevailing market rates. The value of the fixed rate bonds that the Funds hold may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, a Fund may enter into interest rate swap agreements. Interest rate swap agreements involve the exchange by a Fund with another party for their respective commitment to pay or receive interest on the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or "cap", (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or "floor", (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements

exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the buyer pays an upfront fee in consideration for the right to early terminate the swap transaction in whole, at zero cost and at a predetermined date and time prior to the maturity date, (v) spreadlocks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark, or (vi) basis swaps, under which two parties can exchange variable interest rates based on different segments of money markets.

Total Return Swap Agreements are entered into to gain or mitigate exposure to the underlying reference asset. Total return swap agreements involve commitments where single or multiple cash flows are exchanged based on the price of an underlying reference asset and on a fixed or variable interest rate. Total return swap agreements may involve commitments to pay interest in exchange for a market-linked return. One counterparty pays out the total return of a specific underlying reference asset, which may include a single security, a basket of securities or an index, and in return receives a fixed or variable rate. At the maturity date, a net cash flow is exchanged where the total return is equivalent to the return of the underlying reference asset less a financing rate, if any. As a receiver, a Fund would receive payments based on any net positive total return and would owe payments in the event of a net negative total return. As the payer, a Fund would owe payments on any net positive total return and would receive payments in the event of a net negative total return.

7. PRINCIPAL AND OTHER RISKS

(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 ESG<br>Exchange-<br>Traded<br>Fund | PIMCO<br>Enhanced<br>Short<br>Maturity<br>Active<br>Exchange-<br>Traded<br>Fund | PIMCO<br>Intermediate<br>Municipal<br>Bond Active<br>Exchange-<br>Traded<br>Fund | PIMCO<br>Municipal<br>Income<br>Opportunities<br>Active<br>Exchange-<br>Traded<br>Fund | PIMCO<br>Senior<br>Loan<br>Active<br>Exchange-<br>Traded<br>Fund | PIMCO<br>Short Term<br>Municipal<br>Bond Active<br>Exchange-<br>Traded<br>Fund |
|  New Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Senior Loan |  |  |  |  |  |  |  |  |  |  |  |  | X |  |
|  Market Trading | X | X | X | X | X | X | X | X | X | X | X | X | X | X |
|  Interest Rate | X | X | X | X | X | X | X | X | X | X | X | X | X | X |
|  Call | X | X | X | X | X | X | X | X | X | X | X | X | X | X |
|  Inflation-Indexed Security |  | X | X | X |  |  |  |  |  |  |  |  |  |  |
|  Credit | X | X | X | X | X | X | X | X | X | X | X | X | X | X |
|  Collateralized Loan Obligations |  |  |  |  |  |  | X | 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 |
|  Municipal Bond |  |  |  |  |  |  |  |  |  |  | X | X |  | X |
|  Issuer |  |  |  |  | X | X | X | X | X | X | X | X | X | X |
|  Liquidity | X | X | X | X | X | X | X | X | X | X | X | X | X | X |
|  Derivatives | X | X | X | X | X | X | X | X |  |  | X | X | X | X |
|  Equity |  |  |  |  |  |  | X |  |  |  |  |  | X |  |

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **171** |

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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 ESG<br>Exchange-<br>Traded<br>Fund** | **PIMCO<br>Enhanced<br>Short<br>Maturity<br>Active<br>Exchange-<br>Traded<br>Fund** | **PIMCO<br>Intermediate<br>Municipal<br>Bond Active<br>Exchange-<br>Traded<br>Fund** | **PIMCO<br>Municipal<br>Income<br>Opportunities<br>Active<br>Exchange-<br>Traded<br>Fund** | **PIMCO<br>Senior<br>Loan<br>Active<br>Exchange-<br>Traded<br>Fund** | **PIMCO<br>Short Term<br>Municipal<br>Bond Active<br>Exchange-<br>Traded<br>Fund** |
|  Mortgage-Related and Other Asset-Backed Securities |  |  |  |  | X |  | X | X | X | X |  |  |  |  |
|  Foreign (Non-U.S.) Investment |  |  |  |  | X | X | X | X | X | X |  |  | X |  |
|  Emerging Markets |  |  |  |  | X | X | X | X |  |  |  |  |  |  |
|  Sovereign Debt |  |  |  |  | X | X |  |  |  |  |  |  |  |  |
|  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 |
|  Management and Tracking Error | X | X | X | X | X | X |  |  |  |  |  |  |  |  |
|  Indexing | X | X | X | X | X | X |  |  |  |  |  |  |  |  |
|  Management |  |  |  |  |  |  | X | X | X | X | X | X | X | X |
|  Asset-Backed Securities |  |  |  |  |  |  |  |  |  |  |  |  | X |  |
|  California State-Specific |  |  |  |  |  |  |  |  |  |  | X | X |  |  |
|  New York State-Specific |  |  |  |  |  |  |  |  |  |  | X | X |  |  |
|  Puerto Rico-Specific |  |  |  |  |  |  |  |  |  |  |  | X |  |  |
|  Municipal Project-Specific |  |  |  |  |  |  |  |  |  |  | X | X |  | X |
|  Short Exposure |  |  |  |  |  |  | X | X | X | X |  |  | X |  |
|  Convertible Securities |  |  |  |  |  |  | X |  |  |  |  |  |  |  |
|  Tax-Efficient Investing |  |  |  |  |  |  | X | X |  |  |  |  |  |  |
|  Distribution Rate |  |  |  |  |  |  | X | X |  |  |  |  |  |  |
|  LIBOR Transition |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Futures Contract |  |  |  |  |  |  |  |  | X | X |  |  |  |  |
|  Capital Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Preferred Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Concentration in Banking Industries |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Contingent Convertible Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Commodity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Issuer Non-Diversification |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Model |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Tax |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Subsidiary |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Oil-Related |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Gold-Related |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 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 | PIMCO<br>Commodity<br>Strategy<br>Active<br>Exchange-<br>Traded<br>Fund |
|  New Fund |  | X |  | X |  | X |  | X |
|  Senior Loan |  |  |  |  |  |  |  |  |
|  Market Trading |  | X |  | X |  | X |  | X |
|  Interest Rate |  | X |  | X |  | X |  | X |
|  Call |  | X |  | X |  | X |  | X |
|  Inflation-Indexed Security |  |  |  |  |  |  |  |  |

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|:---|:---|
| **172** | **PIMCO ETF TRUST** |

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** | **PIMCO<br>Commodity<br>Strategy<br>Active<br>Exchange-<br>Traded<br>Fund** |
|  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 |
|  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 |
|  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 |  |  |  |  |  |  |  |  |
|  LIBOR Transition |  |  |  | X |  |  |  |  |
|  Futures Contract |  |  |  |  |  |  |  |  |
|  Capital Securities |  |  |  | X |  |  |  |  |
|  Preferred Securities |  |  |  | X |  |  |  |  |
|  Concentration in Banking Industries |  |  |  | X |  |  |  |  |
|  Contingent Convertible Securities |  | X |  | X |  |  |  |  |
|  Commodity |  |  |  |  |  |  |  | X |
|  Issuer Non-Diversification |  |  |  |  |  |  |  | X |
|  Model |  |  |  |  |  |  |  | X |
|  Tax |  |  |  |  |  |  |  | X |
|  Subsidiary |  |  |  |  |  |  |  | X |
|  Oil-Related |  |  |  |  |  |  |  | X |
|  Gold-Related |  |  |  |  |  |  |  | X |

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Please see "Description of Principal Risks" in a Fund's prospectus for a more detailed description of the risks of investing in a Fund.

New Fund Risk is the risk that a new fund's performance may not represent how the fund is expected to or may perform in the long term. In addition, new funds have limited operating histories for investors to evaluate and new funds may not attract sufficient assets to achieve investment and trading efficiencies.

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

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **173** |

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Notes to Financial Statements (Cont.)

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.

Interest Rate Risk is the risk that fixed income securities will fluctuate in value because of a change in interest rates; a fund with a longer average portfolio duration will be more sensitive to changes in interest rates than a fund with a shorter average portfolio duration. 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 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, or 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 factors affecting securities markets generally or particular industries.

Municipal Bond Risk is the risk that by investing in municipal bonds a Fund may be affected significantly by the economic, regulatory or political developments affecting the ability of issuers of municipal bonds to pay interest or repay principal.

Issuer Risk is the risk that the value of a security may decline for 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.

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| **174** | **PIMCO ETF TRUST** |

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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 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 regulation relating to a registered fund's use of derivatives and related instruments could potentially limit or impact a Fund's ability to invest in derivatives, limit a Fund's ability to employ certain strategies that use derivatives or other similar investments and/or adversely affect the value of derivatives or other similar investments and a Fund's performance.

Equity Risk is the risk that the value of equity or equity-related securities, including 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 markets, differing 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 event 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. 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 will change in value relative to the U.S. dollar and affect a Fund's investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies.

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **175** |

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Notes to Financial Statements (Cont.)

Leveraging Risk is the risk that certain transactions of a Fund, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, or derivative instruments, may give rise to leverage, magnifying gains and losses and causing a Fund to be more volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss. The use of leverage may also increase a Fund's sensitivity to interest rate 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 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 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.

LIBOR Transition Risk is the risk related to the discontinuation of the London Interbank Offered Rate ("LIBOR"). Certain instruments held by a Fund have historically referenced LIBOR. Although LIBOR is no longer published, there remains residual risks associated with the transition that may impact markets or particular investments and, as such, the full impact of the transition on the Fund or the financial instruments in which the Fund invests cannot yet be fully determined.

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

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| **176** | **PIMCO ETF TRUST** |

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June 30, 2025

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.

Capital Securities Risk is the risk that the value of securities, which may be in the form of debt, equity or a hybrid thereof, issued by U.S. and non-U.S. financial institutions that can be used to satisfy their regulatory capital requirements, may decline in response to changes in legislation and regulations applicable to financial institutions and financial markets, increased competition, adverse changes in general or industry-specific economic conditions, or unfavorable interest rates. By investing under normal circumstances at least 80% of its assets in a combination of preferred securities and capital securities, the Fund will be more susceptible to these risks than a fund that does not invest in capital securities to the same extent as the Fund.

Preferred Securities Risk is the risk that preferred securities may be subject to greater credit or other risks than senior debt instruments. In addition, preferred securities are subject to other risks, such as risks related to deferred and omitted distributions, limited voting rights, liquidity, interest rate changes, regulatory changes and special

redemption rights.

Concentration in Banking Industries Risk is the risk of concentrating in industries related to banking, including interest rate risk, market risk, the risk of heightened competition and the risk that legislation and other government actions could adversely affect such industries.

Contingent Convertible Securities Risk is the risk of investing in contingent convertible securities, including the risk that interest payments will be cancelled by the issuer or a regulatory authority, the risk of ranking junior to other creditors in the event of a liquidation or other bankruptcy-related event as a result of holding subordinated 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 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 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

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **177** |

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Notes to Financial Statements (Cont.)

volatile than other types of investments due to, among other things, national and international political changes, 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.

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 or inflation expectations 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, 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. 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 technologies, processes, and practices intended to mitigate these risks. 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

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| **178** | **PIMCO ETF TRUST** |

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June 30, 2025

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.

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.

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **179** |

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Notes to Financial Statements (Cont.)

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> | 0.55% |
|  PIMCO Enhanced Low Duration Active Exchange-Traded Fund | 0.46% |
|  PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund<sup>(2)</sup> | 0.36% |
|  PIMCO Enhanced Short Maturity Active Exchange-Traded Fund | 0.35% |
|  PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund | 0.35% |
|  PIMCO Multisector Bond Active Exchange-Traded Fund<sup>(3)</sup> | 0.65% |
|  PIMCO Municipal Income Opportunities Active Exchange-Traded Fund<sup>(3)</sup> | 0.49% |
|  PIMCO Preferred and Capital Securities Active Exchange-Traded Fund<sup>(4)</sup> | 0.84% |
|  PIMCO Senior Loan Active Exchange-Traded Fund<sup>(5)</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>(4)</sup> | 0.79% |

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<sup>(1)</sup> PIMCO has contractually agreed, through October 31, 2025, 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. 

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|:---|:---|
| **180** | **PIMCO ETF TRUST** |

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June 30, 2025

<sup>(2)</sup> PIMCO has contractually agreed, through October 31, 2025, to waive or reduce its Management Fee by 0.12% of the average daily net assets attributable to the Fund. 

<sup>(3)</sup> PIMCO has contractually agreed, through October 31, 2025, to waive or reduce its Management Fee by 0.10% of the average daily net assets attributable to the Fund. 

<sup>(4)</sup> PIMCO has contractually agreed, through October 31, 2025, to waive or reduce its Management Fee by 0.15% of the average daily net assets attributable to the Fund. 

<sup>(5)</sup> PIMCO has contractually agreed, through October 31, 2025, 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 June 30, 2025, each Fund was permitted to compensate the Distributor at an annual rate of up to 0.25% of a Fund's average daily net assets (the "12b-1 Plan Fee"). However, the Board of Trustees has determined not to authorize payment of a 12b-1 Plan Fee at this time. The 12b-1 Plan Fee may only be imposed or increased when the Board determines that it is in the best interests of shareholders to do so. Because these fees are paid out of a Fund's assets on an ongoing basis, to the extent that a fee is authorized, over time it will increase the cost of an investment in the Fund. The 12b-1 Plan Fee may cost an investor more than other types of sales charges.

(c) Fund Expenses PIMCO provides or procures supervisory and administrative services for shareholders and also bears the costs of various third-party services required by the Funds, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Funds are responsible for: (i) salaries and other compensation of any of the Trust's executive officers and employees who are not officers, directors, stockholders, or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses; (iv) costs of borrowing money, including interest expenses; (v) securities lending fees and expenses; (vi) fees and expenses of the Trustees who are not "interested persons" of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vii) extraordinary expenses, including costs of litigation and indemnification expenses; and (viii) organizational and offering expenses of the Trust and the Funds, and any other expenses which are capitalized in accordance with generally accepted accounting principles. The ratio of expenses to average net assets, as disclosed on the Financial Highlights, may differ from the annual fund operating expenses as disclosed in the prospectus.

(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, 2025, to waive a

portion of each 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 a Fee Waiver Agreement, PIMCO has contractually agreed, through October 31, 2025, 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, 2025, 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, 2025, 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, 2025, 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.

Pursuant to a Fee Waiver Agreement, PIMCO has contractually agreed, through October 31, 2025, 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, 2025, 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.

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **181** |

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Notes to Financial Statements (Cont.)

Pursuant to a Fee Waiver Agreement, PIMCO has contractually agreed, through October 31, 2025, to reduce its Management Fee by 0.10% of the average daily net assets of the PIMCO Senior Loan Active Exchange-Traded Fund.

Each waiver is reflected on the Statements of Operations as a component of Waiver and/or Reimbursement by PIMCO.

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 (the "Reimbursement Amount") within thirty-six months of the time of the waiver, provided that such amount paid to PIMCO will not: i) together with any organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata Trustee fees, exceed, for such month, the Expense Limit (or the amount of the expense limit in place at the time the amount being recouped was originally waived if lower than the Expense Limit); ii) exceed the total Reimbursement Amount; or iii) include any amounts previously reimbursed to PIMCO. The recoverable amounts to PIMCO as of June 30, 2025 were (amounts in thousands<sup>†</sup>):

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| | | | | |
|:---|:---|:---|:---|:---|
| | Expiring within | Expiring within | Expiring within | Expiring within |
| Fund Name | 12 months | 13-24 months | 25-36 months | Total |
|  PIMCO Enhanced Low Duration Active Exchange-Traded Fund | $0 | $0 | $1 | $1 |
|  PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund | 203 | 199 | 203 | 605 |
|  PIMCO Multisector Bond Active Exchange-Traded Fund | 0 | 289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3336 |
|  PIMCO Municipal Income Opportunities Active Exchange-Traded Fund | 56 | 111 | 246 | 413 |
|  PIMCO Preferred and Capital Securities Active Exchange-Traded Fund | 118 | 134 | 245 | 497 |
|  PIMCO Senior Loan Active Exchange-Traded Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343 | 742 | 1335 |
|  PIMCO Ultra Short Government Active Exchange-Traded Fund | 0 | 11 | 9 | 20 |
|  PIMCO Commodity Strategy Active Exchange-Traded Fund | 87 | 339 | 535 | 961 |

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

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(f) Acquired Fund Fees and Expenses PIMCO has contractually agreed, through October 31, 2025, for the PIMCO Active Bond Exchange-Traded Fund, PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund, PIMCO Multisector Bond Active Exchange-Traded Fund, PIMCO Municipal Income Opportunities Active Exchange-Traded Fund, PIMCO Preferred and Capital Securities Active Exchange-Traded Fund, PIMCO Senior Loan Active Exchange-Traded Fund, PIMCO Short Term Municipal Bond Active Exchange-Traded Fund and PIMCO 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 the Fund's investments in Underlying Funds. 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. The waiver amounts for the Acquired Fund Fees and Expenses are shown below.

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| | |
|:---|:---|
| Fund Name | Waived<br>Amount |
|  PIMCO Active Bond Exchange-Traded Fund | $949 |
|  PIMCO Multisector Bond Active Exchange-Traded Fund | 69 |
|  PIMCO Commodity Strategy Active Exchange-Traded Fund | 45 |

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

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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 16, Basis for Consolidation, in the Notes to Financial Statements for more information regarding the Commodity Subsidiary.

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| | |
|:---|:---|
| **182** | **PIMCO ETF TRUST** |

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June 30, 2025

10. RELATED PARTY TRANSACTIONS

The Manager and Distributor are related parties. Fees paid to these parties are disclosed in Note 9, Fees and Expenses, and the accrued related party fee amounts are disclosed on the Statements of Assets and Liabilities.

Certain Funds are permitted to purchase or sell securities from or to certain related affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by the Funds from or to another fund or portfolio that are, or could be, considered an affiliate, or an affiliate of an affiliate, by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with applicable SEC rules and interpretations under the Act. Further, as defined under the procedures, each transaction is effected at the current market price. Purchases and sales of securities pursuant to applicable SEC rules and interpretations under the Act for the period ended June 30, 2025 were as follows (amounts in thousands<sup>†</sup>):

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| | | | |
|:---|:---|:---|:---|
| Fund Name | Purchases | Sales | Realized<br>Gain/(Loss) |
|  PIMCO Active Bond Exchange-Traded Fund | $11431 | $0 | $0 |
|  PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund | 82771 | 81359 | (4248) |
|  PIMCO Municipal Income Opportunities Active Exchange-Traded Fund | 16420 | 13517 | (855) |
|  PIMCO Short Term Municipal Bond Active Exchange-Traded Fund | 12900 | 11204 | (452) |

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

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11. GUARANTEES AND INDEMNIFICATIONS

Under the Trust's organizational documents, each Trustee or officer of the Trust is indemnified and each employee or other agent of the Trust (including the Trust's investment manager) may be indemnified, to the extent permitted by the Act, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts.

12. PURCHASES AND SALES OF SECURITIES

The length of time a Fund has held a particular security is not generally a consideration in investment decisions. A change in the securities held by a Fund is known as "portfolio turnover." Each Fund may engage in frequent and active trading of portfolio securities to achieve its investment objective(s), particularly during periods of volatile market movements. High portfolio turnover may involve correspondingly greater transaction costs, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities, which are borne by 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 June 30, 2025 were as follows (amounts in thousands<sup>†</sup>):

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| | | | | |
|:---|:---|:---|:---|:---|
| | 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 | $267430 | $333471 | $0 | $0 |
|  PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund | 193242 | 199104 | 0 | 0 |
|  PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund | 112167 | 128800 | 0 | 0 |
|  PIMCO Broad U.S. TIPS Index Exchange-Traded Fund | 188413 | 191837 | 0 | 0 |
|  PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund | 0 | 0 | 835506 | 880762 |
|  PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund | 82130 | 34514 | 158737 | 269833 |
|  PIMCO Active Bond Exchange-Traded Fund | 31485031 | 30248897 | 1235538 | 462337 |
|  PIMCO Enhanced Low Duration Active Exchange-Traded Fund | 2134859 | 2096964 | 406342 | 371698 |
|  PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund | 38203 | 15200 | 72552 | 62883 |
|  PIMCO Enhanced Short Maturity Active Exchange-Traded Fund | 3650495 | 1710033 | 7227342 | 5153803 |
|  PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund | 36825 | 0 | 989470 | 434915 |
|  PIMCO Multisector Bond Active Exchange - Traded Fund | 21286446 | 19231678 | 4476880 | 578393 |
|  PIMCO Municipal Income Opportunities Active Exchange-Traded Fund | 7414 | 0 | 267022 | 107872 |
|  PIMCO Preferred and Capital Securities Active Exchange-Traded Fund | 75 | 0 | 135846 | 63999 |
|  PIMCO Senior Loan Active Exchange-Traded Fund | 0 | 0 | 892487 | 530288 |
|  PIMCO Short Term Municipal Bond Active Exchange-Traded Fund | 0 | 1100 | 506502 | 210058 |
|  PIMCO Ultra Short Government Active Exchange-Traded Fund | 0 | 0 | 0 | 0 |
|  PIMCO Commodity Strategy Active Exchange-Traded Fund | 57262 | 200 | 265269 | 161775 |

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

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **183** |

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Notes to Financial Statements (Cont.)

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.

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| | | |
|:---|:---|:---|
| Standard Creation/<br>Redemption<br>Transaction Fee\* | Maximum<br>Variable Charge<br>for Cash Creations\*\* | Maximum<br>Variable Charge<br>for Cash Redemptions\*\* |
| $500 | 3.00% | 2.00% |

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\* 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 June 30, 2025, certain Funds had in-kind contributions and in-kind redemptions as follows (amounts in thousands<sup>†</sup>):

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| | | |
|:---|:---|:---|
| Fund Name | Contributions | Redemptions |
|  PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund | $1217701 | $896799 |
|  PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund | 92336 | 151960 |
|  PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund | 146596 | 157635 |
|  PIMCO Broad U.S. TIPS Index Exchange-Traded Fund | 42305 | 46758 |
|  PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund | 558160 | 322702 |
|  PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund | 291318 | 133255 |
|  PIMCO Multisector Bond Active Exchange - Traded Fund | 517756 | 228009 |
|  PIMCO Ultra Short Government Active Exchange-Traded Fund | 332722 | 624544 |

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

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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

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| | |
|:---|:---|
| **184** | **PIMCO ETF TRUST** |

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June 30, 2025

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 24.9% of the Fund's consolidated net assets.

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 June 30, 2025, the Funds have recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions they have taken or expect to take in future tax returns.

The Funds file U.S. federal, state and local tax returns as required. The Funds' tax returns are subject to examination by relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return but which can be extended to six years in certain circumstances. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

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

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **185** |

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------

Notes to Financial Statements (Cont.)

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.

As of June 30, 2025, the components of distributable taxable earnings are as follows (amounts in thousands<sup>†</sup>):

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Undistributed<br>Tax Exempt<br>Income | Undistributed<br>Ordinary<br>Income<sup>(1)</sup> | Undistributed<br>Long-Term<br>Capital Gains | Net Tax Basis<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup> | Other<br>Book-to-Tax<br>Accounting<br>Differences<sup>(3)</sup> | Accumulated<br>Capital<br>Losses<sup>(4)</sup> | **Qualified**<br> **Late-Year<br>Loss<br>Deferral -<br>Capital<sup>(5)</sup>** | **Qualified**<br> **Late-Year<br>Loss<br>Deferral -<br>Ordinary<sup>(6)</sup>** | **Total**<br> **Components**<br> **of Distributable**<br> **Earnings** |
|  PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund | $0 | $18143 | $0 | $(390306) | $0 | $(306576) | $0 | $0 | $(678739) |
|  PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund | 0 | 1588 | 0 | (1408) | 0 | (45711) | 0 | 0 | (45531) |
|  PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund | 0 | 3080 | 0 | (261187) | 0 | (108426) | 0 | 0 | (366533) |
|  PIMCO Broad U.S. TIPS Index Exchange-Traded Fund | 0 | 492 | 0 | (2465) | 0 | (32051) | 0 | 0 | (34024) |
|  PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund | 0 | 9540 | 0 | (8976) | (4) | (241630) | 0 | 0 | (241070) |
|  PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund | 0 | 5114 | 0 | (16668) | (1) | (42137) | 0 | 0 | (53692) |
|  PIMCO Active Bond Exchange-Traded Fund | 0 | 12571 | 0 | 13793 | (11) | (636572) | 0 | 0 | (610219) |
|  PIMCO Enhanced Low Duration Active Exchange-Traded Fund | 0 | 536 | 0 | (4250) | (5) | (73799) | 0 | 0 | (77518) |
|  PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund | 0 | 0 | 0 | 125 | 0 | (2954) | 0 | (110) | (2939) |
|  PIMCO Enhanced Short Maturity Active Exchange-Traded Fund | 0 | 26246 | 0 | (6555) | 0 | (244068) | 0 | 0 | (224377) |
|  PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund | 6927 | 0 | 0 | (2185) | 0 | (49850) | 0 | 0 | (45108) |
|  PIMCO Multisector Bond Active Exchange-Traded Fund | 0 | 16689 | 0 | 97933 | 0 | (7292) | 0 | 0 | 107330 |
|  PIMCO Municipal Income Opportunities Active Exchange-Traded Fund | 1199 | 0 | 0 | (2482) | 0 | (7783) | 0 | 0 | (9066) |
|  PIMCO Preferred and Capital Securities Active Exchange-Traded Fund | 0 | 657 | 0 | 5432 | 0 | (1153) | 0 | 0 | 4936 |
|  PIMCO Senior Loan Active Exchange-Traded Fund | 0 | 8757 | 0 | 383 | 0 | (10556) | 0 | 0 | (1416) |
|  PIMCO Short Term Municipal Bond Active Exchange-Traded Fund | 2397 | 0 | 0 | 4105 | 0 | (14068) | 0 | 0 | (7566) |
|  PIMCO Ultra Short Government Active Exchange-Traded Fund | 0 | 2833 | 0 | (28) | 0 | 0 | 0 | 0 | 2805 |
|  PIMCO Commodity Strategy Active Exchange-Traded Fund | 0 | 1855 | 0 | 14658 | 0 | (2) | 0 | 0 | 16511 |

---

---

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

---

<sup>(1)</sup> Includes undistributed short-term capital gains, if any.

---

| | |
|:---|:---|
| **186** | **PIMCO ETF TRUST** |

---

------

June 30, 2025

<sup>(2)</sup> Adjusted for open wash sale loss deferrals and the accelerated recognition of unrealized gain or loss on certain futures, options, and/or forward contracts for Federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on hyperinflationary investments, swap contracts, straddle loss deferrals, treasury inflation-protected securities (TIPS), passive foreign investment companies (PFICs), interest accrued on defaulted securities, short positions, Controlled Foreign Corporation (CFC) transactions, and other debt adjustments. 

<sup>(3)</sup> Represents differences in income tax regulations and financial accounting principles generally accepted in the United States of America, mainly for organizational expenditures.

<sup>(4)</sup> Capital losses available to offset future net capital gains as shown below.

<sup>(5)</sup> Capital losses realized during the period November 1, 2024 through June 30, 2025, which the Funds elected to defer to the following taxable year pursuant to income tax regulations.

<sup>(6)</sup> Specified losses realized during the period November 1, 2024 through June 30, 2025 and Ordinary losses realized during the period January 1, 2025 through June 30, 2025, which the Funds elected to defer to the following taxable year pursuant to income tax regulations.

Under the Regulated Investment Company Modernization Act of 2010, a fund is permitted to carry forward any new capital losses for an unlimited period. Additionally, such capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term under previous law.

As of June 30, 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 | 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 | 193017 |
|  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 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 June 30, 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>(7)</sup> |
|  PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund | $1912842 | $0 | $(390306) | $(390306) |
|  PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund | 450989 | 3228 | (4636) | (1408) |
|  PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund | 932495 | 0 | (261186) | (261186) |
|  PIMCO Broad U.S. TIPS Index Exchange-Traded Fund | 96869 | 535 | (3000) | (2465) |
|  PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund | 1554151 | 31911 | (40886) | (8975) |
|  PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund | 1324353 | 17086 | (33753) | (16667) |
|  PIMCO Active Bond Exchange-Traded Fund | 6214339 | 127443 | (113742) | 13701 |
|  PIMCO Enhanced Low Duration Active Exchange-Traded Fund | 1042690 | 12329 | (16584) | (4255) |
|  PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund | 242055 | 887 | (772) | 115 |
|  PIMCO Enhanced Short Maturity Active Exchange-Traded Fund | 13467952 | 18603 | (25158) | (6555) |
|  PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund | 2018826 | 18284 | (20470) | (2186) |
|  PIMCO Multisector Bond Active Exchange-Traded Fund | 8516320 | 142311 | (44343) | 97968 |
|  PIMCO Municipal Income Opportunities Active Exchange-Traded Fund | 324278 | 2657 | (5139) | (2482) |
|  PIMCO Preferred and Capital Securities Active Exchange-Traded Fund | 187171 | 7017 | (1587) | 5430 |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **187** |

---

------

Notes to Financial Statements (Cont.) June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Federal<br>Tax Cost** | **Unrealized<br>Appreciation** | **Unrealized<br>(Depreciation)** | **Net Unrealized<br>Appreciation/<br>(Depreciation)<sup>(7)</sup>** |
|  PIMCO Senior Loan Active Exchange-Traded Fund | $781460 | $4009 | $(3627) | $382 |
|  PIMCO Short Term Municipal Bond Active Exchange-Traded Fund | 907526 | 6330 | (2226) | 4104 |
|  PIMCO Ultra Short Government Active Exchange-Traded Fund | 821880 | 23 | (50) | (27) |
|  PIMCO Commodity Strategy Active Exchange-Traded Fund | 324081 | 35449 | (20843) | 14606 |

---

---

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

---

<sup>(7)</sup> Adjusted for open wash sale loss deferrals and the accelerated recognition of unrealized gain or loss on certain futures, options, and/or forward contracts for Federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on hyperinflationary investments, swap contracts, straddle loss deferrals, treasury inflation-protected securities (TIPS), passive foreign investment companies (PFICs), interest accrued on defaulted securities, short positions, Controlled Foreign Corporation (CFC) transactions, and other debt adjustments. 

For the fiscal years ended June 30, 2025 and June 30, 2024, respectively, the Funds made the following tax basis distributions (amounts in thousands<sup>†</sup>):

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | June 30, 2025 | June 30, 2025 | June 30, 2025 | June 30, 2025 | June 30, 2024 | June 30, 2024 | June 30, 2024 | June 30, 2024 |
|  | Tax-Exempt<br>Income<br>Distributions | Ordinary<br>Income<br>Distributions<sup>(8)</sup> | Long-Term<br>Capital Gain<br>Distributions | Return of<br>Capital<sup>(9)</sup> | Tax-Exempt<br>Income<br>Distributions | Ordinary<br>Income<br>Distributions<sup>(8)</sup> | Long-Term<br>Capital Gain<br>Distributions | Return of<br>Capital<sup>(9)</sup> |
|  PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund | $0 | $65875 | $0 | $0 | $0 | $41421 | $0 | $0 |
|  PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund | 0 | 10843 | 0 | 0 | 0 | 13367 | 0 | 0 |
|  PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund | 0 | 24079 | 0 | 0 | 0 | 30656 | 0 | 0 |
|  PIMCO Broad U.S. TIPS Index Exchange-Traded Fund | 0 | 4236 | 0 | 0 | 0 | 5707 | 0 | 0 |
|  PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund | 0 | 99608 | 0 | 0 | 0 | 84984 | 0 | 0 |
|  PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund | 0 | 60652 | 0 | 0 | 0 | 43066 | 0 | 0 |
|  PIMCO Active Bond Exchange-Traded Fund | 0 | 257343 | 0 | 0 | 0 | 176461 | 0 | 0 |
|  PIMCO Enhanced Low Duration Active Exchange-Traded Fund | 0 | 40523 | 0 | 0 | 0 | 42143 | 0 | 2039 |
|  PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund | 0 | 8234 | 0 | 0 | 0 | 8508 | 0 | 0 |
|  PIMCO Enhanced Short Maturity Active Exchange-Traded Fund | 0 | 620798 | 0 | 0 | 0 | 549101 | 0 | 0 |
|  PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund | 52946 | 5717 | 0 | 0 | 35326 | 6295 | 0 | 0 |
|  PIMCO Multisector Bond Active Exchange-Traded Fund | 0 | 169205 | 0 | 0 | 0 | 18406 | 0 | 0 |
|  PIMCO Municipal Income Opportunities Active Exchange-Traded Fund | 7901 | 832 | 0 | 0 | 3467 | 775 | 0 | 0 |
|  PIMCO Preferred and Capital Securities Active Exchange-Traded Fund | 0 | 9265 | 0 | 0 | 0 | 5098 | 0 | 0 |
|  PIMCO Senior Loan Active Exchange-Traded Fund | 0 | 50699 | 0 | 0 | 0 | 21266 | 0 | 0 |
|  PIMCO Short Term Municipal Bond Active Exchange-Traded Fund | 17819 | 1506 | 0 | 0 | 14269 | 2420 | 0 | 0 |
|  PIMCO Ultra Short Government Active Exchange-Traded Fund | 0 | 25933 | 0 | 0 | 0 | 6945 | 0 | 0 |
|  PIMCO Commodity Strategy Active Exchange-Traded Fund | 0 | 27179 | 0 | 0 | 0 | 7460 | 139 | 0 |

---

---

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

---

<sup>(8)</sup> Includes short-term capital gains distributed, if any.

<sup>(9)</sup> A portion of the distributions made represents a tax return of capital. Return of capital distributions have been reclassified from undistributed net investment income to paid-in capital to more appropriately conform financial accounting to tax accounting.

18. SUBSEQUENT EVENTS

Effective September 2, 2025, the management fee for the PIMCO Active Bond Exchange-Traded Fund, stated as a percentage of the Fund's average daily net assets, will decrease by 0.10% to 0.45%.

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| | |
|:---|:---|
| **188** | **PIMCO ETF TRUST** |

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of PIMCO ETF Trust and Shareholders of PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund, PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund, PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund, PIMCO Broad U.S. TIPS Index Exchange-Traded Fund, PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund, PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund, PIMCO Active Bond Exchange-Traded Fund, PIMCO Enhanced Low Duration Active Exchange-Traded Fund, PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund, PIMCO Enhanced Short Maturity Active Exchange-Traded Fund, PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund, PIMCO Multisector Bond Active Exchange-Traded Fund, PIMCO Municipal Income Opportunities Active Exchange-Traded Fund, PIMCO Preferred and Capital Securities Active Exchange-Traded Fund, PIMCO Senior Loan Active Exchange-Traded Fund, PIMCO Short Term Municipal Bond Active Exchange-Traded Fund, PIMCO Ultra Short Government Active Exchange-Traded Fund and PIMCO Commodity Strategy Active Exchange-Traded Fund

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (eighteen of the funds constituting PIMCO ETF Trust, hereafter collectively referred to as the "Funds") as of June 30, 2025, the related statements of operations for the year ended June 30, 2025, the statements of changes in net assets for each of the two years in the period ended June 30, 2025, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of June 30, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended June 30, 2025 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

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

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

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

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

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

PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund

PIMCO Active Bond Exchange-Traded Fund

PIMCO Enhanced Low Duration Active Exchange-Traded Fund

PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund

PIMCO Enhanced Short Maturity Active Exchange-Traded Fund

PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund

PIMCO Multisector Bond Active Exchange-Traded Fund

PIMCO Municipal Income Opportunities Active Exchange-Traded Fund

PIMCO Preferred and Capital Securities Active Exchange-Traded Fund

PIMCO Senior Loan Active Exchange-Traded Fund

PIMCO Short Term Municipal Bond Active Exchange-Traded Fund

PIMCO Ultra Short Government Active Exchange-Traded Fund

PIMCO Commodity Strategy Active Exchange-Traded Fund\*

\* The financial statements for PIMCO Commodity Strategy Active Exchange-Traded Fund are presented on a consolidated basis

#### Basis for Opinions
These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **189** |

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Report of Independent Registered Public Accounting Firm (Cont.)

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2025 by correspondence with the custodian, transfer agent, brokers and agent banks; when replies were not received from brokers or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Kansas City, Missouri

August 27, 2025

We have served as the auditor of one or more investment companies in PIMCO ETF Trust since 2009.

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| | |
|:---|:---|
| **190** | **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 | FAR | Wells Fargo Bank National Association | MYI | Morgan Stanley & Co. International PLC |
| BCY | Barclays Capital, Inc. | FICC STR | Fixed Income Clearing Corp. - State Street FICC Repo | NGF | Nomura Global Financial Products, Inc. |
| BMO | BMO Capital Markets Corporation | GLM | Goldman Sachs Bank USA | RBC | Royal Bank of Canada |
| BOA | Bank of America N.A. | GSC | Goldman Sachs & Co. LLC | RDR | RBC Capital Markets LLC |
| BOS | BofA Securities, Inc. | GST | Goldman Sachs International | SAL | Citigroup Global Markets, Inc. |
| BPG | BNP Paribas Securities Corp. | IND | Crédit Agricole Corporate and Investment Bank S.A. | SCX | Standard Chartered Bank, London |
| BPS | BNP Paribas S.A. | JPM | JP Morgan Chase Bank N.A. | SOG | Societe Generale Paris |
| BRC | Barclays Bank PLC | JPS | J.P. Morgan Securities LLC | SSB | State Street Bank and Trust Co. |
| BSN | The Bank of Nova Scotia - Toronto | MBC | HSBC Bank Plc | STR | State Street FICC Repo |
| CBK | Citibank N.A. | MEI | Merrill Lynch International | TDM | TD Securities (USA) LLC |
| DEU | Deutsche Bank Securities, Inc. | MSB | Morgan Stanley Bank, N.A | UAG | UBS AG Stamford |
| DUB | Deutsche Bank AG | MYC | Morgan Stanley Capital Services LLC |  |  |
|  Currency Abbreviations: | Currency Abbreviations: |  |  |  |  |
| AUD | Australian Dollar | IDR | Indonesian Rupiah | PEN | Peruvian New Sol |
| BRL | Brazilian Real | ILS | Israeli Shekel | PLN | Polish Zloty |
| CAD | Canadian Dollar | INR | Indian Rupee | SEK | Swedish Krona |
| CHF | Swiss Franc | JPY | Japanese Yen | SGD | Singapore Dollar |
| CNH | Chinese Renminbi (Offshore) | KRW | South Korean Won | THB | Thai Baht |
| COP | Colombian Peso | KWD | Kuwaiti Dinar | TRY | Turkish New Lira |
| CZK | Czech Koruna | MXN | Mexican Peso | TWD | Taiwanese Dollar |
| EUR | Euro | NGN | Nigerian Naira | USD (or $) | United States Dollar |
| GBP | British Pound | NOK | Norwegian Krone | ZAR | South African Rand |
| HUF | Hungarian Forint | NZD | New Zealand Dollar |  |  |
|  Exchange Abbreviations: | Exchange Abbreviations: |  |  |  |  |
| NYMEX | New York Mercantile Exchange | OTC | Over the Counter |  |  |
|  Index/Spread Abbreviations: | Index/Spread Abbreviations: |  |  |  |  |
| Brent | Brent Crude | EUR003M | 3 Month EUR Swap Rate | SONIO | Sterling Overnight Interbank Average Rate |
| CAONREPO | Canadian Overnight Repo Rate Average | EUR006M | 6 Month EUR Swap Rate | TSFR1M | Term SOFR 1-Month |
| CDX.EM | Credit Derivatives Index - Emerging Markets | JIBA3M | 3 Month JIBAR rate | TSFR3M | Term SOFR 3-Month |
| CDX.HY | Credit Derivatives Index - High Yield | PRIME | Daily US Prime Rate | TSFR6M | Term SOFR 6-Month |
| CDX.IG | Credit Derivatives Index - Investment Grade | SOFR | Secured Overnight Financing Rate | US0003M | ICE 3-Month USD LIBOR |
|  Municipal Bond or Agency Abbreviations: | Municipal Bond or Agency Abbreviations: |  |  |  |  |
| ACA | American Capital Access Holding Ltd. | BHAC | Berkshire Hathaway Assurance Corporation | FNMA | Federal National Mortgage Association |
| AGC | Assured Guaranty Corp. | CR | Custodial Receipts | GNMA | Government National Mortgage Association |
| AGM | Assured Guaranty Municipal | FHA | Federal Housing Administration | NPFGC | National Public Finance Guarantee Corp. |
| AMBAC | American Municipal Bond Assurance Corp. | FHLMC | Federal Home Loan Mortgage Corp. | PSF | Public School Fund |
| BAM | Build America Mutual Assurance |  |  |  |  |
|  Other Abbreviations: | Other Abbreviations: |  |  |  |  |
| ABS | Asset-Backed Security | DAC | Designated Activity Company | PRIBOR | Prague Interbank Offered Rate |
| ALT | Alternate Loan Trust | EURIBOR | Euro Interbank Offered Rate | RBOB | Reformulated Blendstock for Oxygenate Blending |
| BABs | Build America Bonds | JSC | Joint Stock Company | REIT | Real Estate Investment Trust |
| BBR | Bank Bill Rate | LIBOR | London Interbank Offered Rate | REMIC | Real Estate Mortgage Investment Conduit |
| BBSW | Bank Bill Swap Reference Rate | Oat | Obligations Assimilables du Trésor | TBA | To-Be-Announced |
| BRL-CDI | Brazil Interbank Deposit Rate | OIS | Overnight Index Swap | TBD | To-Be-Determined |
| BTP | Buoni del Tesoro Poliennali "Long-term Treasury Bond" | oz. | Ounce | TBD% | Interest rate to be determined when loan settles or at the time of funding |
| CLO | Collateralized Loan Obligation | PIK | Payment-in-Kind | WTI | West Texas Intermediate |
| CMBS | Collateralized Mortgage-Backed Security |  |  |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **191** |

---

------

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 June 30, 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.

---

| | | | | |
|:---|:---|:---|:---|:---|
| 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) |
|  March 2025 | $0.7800 | $0.0000 | $0.0000 | $0.7800 |
|  June 2025 | $0.7900 | $0.0000 | $0.0000 | $0.7900 |
| PIMCO 1-5 Year U.S. TIPS 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) |
|  February 2025 | $0.0200 | $0.0000 | $0.0000 | $0.0200 |
|  March 2025 | $0.3500 | $0.0000 | $0.0000 | $0.3500 |
|  April 2025 | $0.2600 | $0.0000 | $0.0000 | $0.2600 |
|  May 2025 | $0.1500 | $0.0000 | $0.0000 | $0.1500 |
|  June 2025 | $0.1800 | $0.0000 | $0.0000 | $0.1800 |
| PIMCO 15+ Year U.S. TIPS 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) |
|  February 2025 | $0.0300 | $0.0000 | $0.0000 | $0.0300 |
|  March 2025 | $0.4500 | $0.0000 | $0.0000 | $0.4500 |
|  April 2025 | $0.3300 | $0.0000 | $0.0000 | $0.3300 |
|  May 2025 | $0.1900 | $0.0000 | $0.0000 | $0.1900 |
|  June 2025 | $0.2300 | $0.0000 | $0.0000 | $0.2300 |
| PIMCO Broad U.S. TIPS 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) |
|  January 2025 | $0.0400 | $0.0000 | $0.0000 | $0.0400 |
|  February 2025 | $0.0800 | $0.0000 | $0.0000 | $0.0800 |
|  March 2025 | $0.4200 | $0.0000 | $0.0000 | $0.4200 |
|  April 2025 | $0.3300 | $0.0000 | $0.0000 | $0.3300 |
|  May 2025 | $0.1900 | $0.0000 | $0.0000 | $0.1900 |
|  June 2025 | $0.2300 | $0.0000 | $0.0000 | $0.2300 |
| 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) |
|  January 2025 | $0.6000 | $0.0000 | $0.0000 | $0.6000 |
|  February 2025 | $0.5200 | $0.0000 | $0.0000 | $0.5200 |
|  March 2025 | $0.5500 | $0.0000 | $0.0000 | $0.5500 |
|  April 2025 | $0.5800 | $0.0000 | $0.0000 | $0.5800 |
|  May 2025 | $0.5700 | $0.0000 | $0.0000 | $0.5700 |
|  June 2025 | $0.4900 | $0.0000 | $0.0000 | $0.4900 |
| 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) |
|  January 2025 | $0.3900 | $0.0000 | $0.0000 | $0.3900 |
|  February 2025 | $0.3300 | $0.0000 | $0.0000 | $0.3300 |
|  March 2025 | $0.4100 | $0.0000 | $0.0000 | $0.4100 |
|  April 2025 | $0.3900 | $0.0000 | $0.0000 | $0.3900 |
|  May 2025 | $0.4000 | $0.0000 | $0.0000 | $0.4000 |
|  June 2025 | $0.3900 | $0.0000 | $0.0000 | $0.3900 |

---

---

| | |
|:---|:---|
| **192** | **PIMCO ETF TRUST** |

---

------

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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)** |
|  January 2025 | $0.3900 | $0.0000 | $0.0000 | $0.3900 |
|  February 2025 | $0.3800 | $0.0000 | $0.0000 | $0.3800 |
|  March 2025 | $0.3800 | $0.0000 | $0.0000 | $0.3800 |
|  April 2025 | $0.4000 | $0.0000 | $0.0000 | $0.4000 |
|  May 2025 | $0.4000 | $0.0000 | $0.0000 | $0.4000 |
|  June 2025 | $0.3900 | $0.0000 | $0.0000 | $0.3900 |
| **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)** |
|  January 2025 | $0.3700 | $0.0000 | $0.0000 | $0.3700 |
|  February 2025 | $0.3800 | $0.0000 | $0.0000 | $0.3800 |
|  March 2025 | $0.3562 | $0.0000 | $0.0038 | $0.3600 |
|  April 2025 | $0.3700 | $0.0000 | $0.0000 | $0.3700 |
|  May 2025 | $0.3676 | $0.0000 | $0.0024 | $0.3700 |
|  June 2025 | $0.3513 | $0.0000 | $0.0087 | $0.3600 |
| **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)** |
|  January 2025 | $0.4200 | $0.0000 | $0.0000 | $0.4200 |
|  February 2025 | $0.4000 | $0.0000 | $0.0000 | $0.4000 |
|  March 2025 | $0.3900 | $0.0000 | $0.0000 | $0.3900 |
|  April 2025 | $0.3800 | $0.0000 | $0.0000 | $0.3800 |
|  May 2025 | $0.3800 | $0.0000 | $0.0000 | $0.3800 |
|  June 2025 | $0.3800 | $0.0000 | $0.0000 | $0.3800 |
| **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)** |
|  January 2025 | $0.4200 | $0.0000 | $0.0000 | $0.4200 |
|  February 2025 | $0.4000 | $0.0000 | $0.0000 | $0.4000 |
|  March 2025 | $0.4000 | $0.0000 | $0.0000 | $0.4000 |
|  April 2025 | $0.4000 | $0.0000 | $0.0000 | $0.4000 |
|  May 2025 | $0.4000 | $0.0000 | $0.0000 | $0.4000 |
|  June 2025 | $0.3800 | $0.0000 | $0.0000 | $0.3800 |
| **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)** |
|  January 2025 | $0.1400 | $0.0000 | $0.0000 | $0.1400 |
|  February 2025 | $0.1400 | $0.0000 | $0.0000 | $0.1400 |
|  March 2025 | $0.1300 | $0.0000 | $0.0000 | $0.1300 |
|  April 2025 | $0.1400 | $0.0000 | $0.0000 | $0.1400 |
|  May 2025 | $0.1500 | $0.0000 | $0.0000 | $0.1500 |
|  June 2025 | $0.1400 | $0.0000 | $0.0000 | $0.1400 |
| **PIMCO Multisector 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)** |
|  January 2025 | $0.1160 | $0.0000 | $0.0040 | $0.1200 |
|  February 2025 | $0.1100 | $0.0000 | $0.0000 | $0.1100 |
|  March 2025 | $0.1200 | $0.0000 | $0.0000 | $0.1200 |
|  April 2025 | $0.1269 | $0.0000 | $0.0031 | $0.1300 |
|  May 2025 | $0.1300 | $0.0000 | $0.0000 | $0.1300 |
|  June 2025 | $0.1280 | $0.0000 | $0.0020 | $0.1300 |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **193** |

---

------

Distribution Information (Cont.) (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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)** |
|  January 2025 | $0.1300 | $0.0000 | $0.0000 | $0.1300 |
|  February 2025 | $0.1300 | $0.0000 | $0.0000 | $0.1300 |
|  March 2025 | $0.1300 | $0.0000 | $0.0000 | $0.1300 |
|  April 2025 | $0.1300 | $0.0000 | $0.0000 | $0.1300 |
|  May 2025 | $0.1400 | $0.0000 | $0.0000 | $0.1400 |
|  June 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)** |
|  January 2025 | $0.2500 | $0.0000 | $0.0000 | $0.2500 |
|  February 2025 | $0.2400 | $0.0000 | $0.0000 | $0.2400 |
|  March 2025 | $0.2400 | $0.0000 | $0.0000 | $0.2400 |
|  April 2025 | $0.2400 | $0.0000 | $0.0000 | $0.2400 |
|  May 2025 | $0.2400 | $0.0000 | $0.0000 | $0.2400 |
|  June 2025 | $0.2400 | $0.0000 | $0.0000 | $0.2400 |
| **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)** |
|  January 2025 | $0.2900 | $0.0000 | $0.0000 | $0.2900 |
|  February 2025 | $0.2000 | $0.0000 | $0.0000 | $0.2000 |
|  March 2025 | $0.1800 | $0.0000 | $0.0000 | $0.1800 |
|  April 2025 | $0.2300 | $0.0000 | $0.0000 | $0.2300 |
|  May 2025 | $0.2800 | $0.0000 | $0.0000 | $0.2800 |
|  June 2025 | $0.2600 | $0.0000 | $0.0000 | $0.2600 |
| **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)** |
|  January 2025 | $0.1100 | $0.0000 | $0.0000 | $0.1100 |
|  February 2025 | $0.1200 | $0.0000 | $0.0000 | $0.1200 |
|  March 2025 | $0.1100 | $0.0000 | $0.0000 | $0.1100 |
|  April 2025 | $0.1100 | $0.0000 | $0.0000 | $0.1100 |
|  May 2025 | $0.1200 | $0.0000 | $0.0000 | $0.1200 |
|  June 2025 | $0.1100 | $0.0000 | $0.0000 | $0.1100 |
| **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)** |
|  January 2025 | $0.3300 | $0.0000 | $0.0000 | $0.3300 |
|  February 2025 | $0.3000 | $0.0000 | $0.0000 | $0.3000 |
|  March 2025 | $0.3500 | $0.0000 | $0.0000 | $0.3500 |
|  April 2025 | $0.3200 | $0.0000 | $0.0000 | $0.3200 |
|  May 2025 | $0.3800 | $0.0000 | $0.0000 | $0.3800 |
|  June 2025 | $0.3600 | $0.0000 | $0.0000 | $0.3600 |
| **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)** |
|  March 2025 | $0.2000 | $0.0000 | $0.0000 | $0.2000 |
|  June 2025 | $0.2100 | $0.0000 | $0.0000 | $0.2100 |

---

\* The source of dividends provided in the table differs, in some respects, from information presented in this report prepared in accordance with generally accepted accounting principles, or U.S. GAAP. For example, net earnings from certain interest rate swap contracts are included as a source of net investment income for purposes of Section 19(a). Accordingly, the information in the table may differ from information in the accompanying financial statements that are presented on the basis of U.S. GAAP and may differ from tax information presented in the footnotes. Amounts shown may include accumulated, as well as fiscal period net income and net profits. 

\*\* Occurs when a fund distributes an amount greater than its accumulated net income and net profits. Amounts are not reflective of a fund's net income, yield, earnings or investment performance. 

---

| | |
|:---|:---|
| **194** | **PIMCO ETF TRUST** |

---

------

Federal Income Tax Information (Unaudited)

As required by the Internal Revenue Code ("Code") and Treasury Regulations, if applicable, shareholders must be notified within 60 days of the Funds' fiscal year end regarding the status of qualified dividend income and the dividend received deduction.

Dividend Received Deduction. Corporate shareholders are generally entitled to take the dividend received deduction on the portion of a fund's dividend distribution that qualifies under tax law. The percentage of the following Funds' fiscal 2025 ordinary income dividend that qualifies for the corporate dividend received deduction is set forth below.

Qualified Dividend Income. Under the Jobs and Growth Tax Relief Reconciliation Act of 2003, the following percentage of ordinary dividends paid during the fiscal year ended June 30, 2025 was designated as ''qualified dividend income'' as defined in the Jobs and Growth Tax Relief Reconciliation Act of 2003 subject to reduced tax rates in 2025.

Qualified Interest Income and Qualified Short-Term Capital Gain (for non-U.S. resident shareholders only). Under the American Jobs Creation Act of 2004, the following amounts of ordinary dividends paid during the fiscal year ended June 30, 2025 are considered to be derived from "qualified interest income," as defined in Section 871(k)(1)(E) of the Code, and therefore are designated as interest-related dividends, as defined in Section 871(k)(1)(C) of the Code. Further, the following amounts of ordinary dividends paid during the fiscal year ended June 30, 2025 are considered to be derived from "qualified short-term capital gain," as defined in Section 871(k)(2)(D) of the Code, and therefore are designated as qualified short-term gain dividends, as defined by Section 871(k)(2)(C) of the Code.

Section 163(j) Interest Dividends. The Funds intend to pass through the maximum amount allowable as Section 163(j) Interest defined in Proposed Treasury Section 1.163(j)-1(b).

Section 199A Dividends. The Funds intend to pass through the maximum amount allowable as Section 199A Dividends defined in Proposed Treasury Section 199A-3(d).

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Dividend<br>Received<br>Deduction% | Qualified<br>Dividend<br>Income% | Qualified<br>Interest<br>Income<br>(000s)<sup>†</sup> | Qualified<br>Short-Term<br>Capital Gains<br>(000s)<sup>†</sup> |
|  PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund | 0.00% | 0.00% | $65875 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
|  PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund | 0.00% | 0.00% | 10843 | 0 |
|  PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund | 0.00% | 0.00% | 24079 | 0 |
|  PIMCO Broad U.S. TIPS Index Exchange-Traded Fund | 0.00% | 0.00% | 4236 | 0 |
|  PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund | 0.00% | 0.00% | 99608 | 0 |
|  PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund | 0.00% | 0.00% | 55193 | 0 |
|  PIMCO Active Bond Exchange-Traded Fund | 0.00% | 0.00% | 252196 | 0 |
|  PIMCO Enhanced Low Duration Active Exchange-Traded Fund | 0.00% | 0.00% | 35255 | 0 |
|  PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund | 0.00% | 0.00% | 7081 | 0 |
|  PIMCO Enhanced Short Maturity Active Exchange-Traded Fund | 0.00% | 0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521471 | 0 |
|  PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund | 0.00% | 0.00% | 58663 | 0 |
|  PIMCO Multisector Bond Active Exchange-Traded Fund | 0.00% | 0.00% | 169205 | 0 |
|  PIMCO Municipal Income Opportunities Active Exchange-Traded Fund | 0.00% | 0.00% | 8733 | 0 |
|  PIMCO Preferred and Capital Securities Active Exchange-Traded Fund | 34.05% | 81.67% | 6115 | 0 |
|  PIMCO Senior Loan Active Exchange-Traded Fund | 0.00% | 0.00% | 50699 | 0 |
|  PIMCO Short Term Municipal Bond Active Exchange-Traded Fund | 0.00% | 0.00% | 19325 | 0 |
|  PIMCO Ultra Short Government Active Exchange-Traded Fund | 0.00% | 0.00% | 25933 | 0 |
|  PIMCO Commodity Strategy Active Exchange-Traded Fund | 0.00% | 0.00% | 27179 | 0 |

---

---

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

---

Shareholders are advised to consult their own tax advisor with respect to the tax consequences of their investment in the Trust. In January 2026, you will be advised on IRS Form 1099-DIV as to the federal tax status of the dividends and distributions received by you in calendar year 2025.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **195** |

---

------

Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8) (Unaudited)

Not applicable.

---

| | |
|:---|:---|
| **196** | **PIMCO ETF TRUST** |

---

------

Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9) (Unaudited)

A special meeting of shareholders was held on December 6, 2024. The results of votes taken among shareholders on the proposal before them are reported below.

Proposal — Election of Ten Trustees to the Board of Trustees

The purpose of this proposal was to elect ten nominees to the Board of Trustees, three of whom did not currently serve as Trustees of the Trust.

---

| | | |
|:---|:---|:---|
| Trustee | Number of<br>Votes For | **Number of**<br> **Votes Withheld** |
|  Peter G. Strelow<sup>†</sup> | 251693737.14 | 2802283.62 |
|  Kimberley G. Stafford<sup>†</sup> | 252523279.45 | 1972741.32 |
|  Michael J. Berchtold | 252445790.18 | 2050230.58 |
|  Jennifer Holden Dunbar | 251834449.16 | 2661571.62 |
|  Kym M. Hubbard | 251828692.16 | 2667328.62 |
|  Gary F. Kennedy | 238772076.14 | 15723944.62 |
|  Anne K. Kratky | 252473909.16 | 2022111.62 |
|  Steven Lipiner | 252468099.48 | 2027921.27 |
|  Peter B. McCarthy | 251726552.10 | 2769468.66 |
|  Ronald C. Parker | 250960717.96 | 3535302.80 |

---

<sup>†</sup> Interested Trustee

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **197** |

---

------

Approval of Investment Management Agreement (N-CSR Item 11) (Unaudited)

Not applicable.

---

| | |
|:---|:---|
| **198** | **PIMCO ETF TRUST** |

---

------

#### 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.

------

![LOGO](g23163g49r13.jpg)

ETFFSTMAR_063025

------

![LOGO](g11929g13e39.jpg)

PIMCO ETF Trust

## Annual

## Financial and Other Information
June 30, 2025

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

------

#### **Table of Contents**

---

| | |
|:---|:---|
|  | Page |
| &nbsp;&nbsp; [Important Information About the PIMCO Mortgage-Backed Securities Active Exchange Traded Fund](#tx11929_1) | 2 |
| &nbsp;&nbsp; [Financial Highlights (N-CSR Item 7)](#tx11929_2) | 6 |
| &nbsp;&nbsp; [Statement of Assets and Liabilities (N-CSR Item 7)](#tx11929_3) | 8 |
| &nbsp;&nbsp; [Statements of Operations (N-CSR Item 7)](#tx11929_4) | 9 |
| &nbsp;&nbsp; [Statements of Changes in Net Assets (N-CSR Item 7)](#tx11929_5) | 10 |
| &nbsp;&nbsp; [Schedule of Investments (N-CSR Item 6)](#tx11929_6) | 11 |
| &nbsp;&nbsp; [Notes to Financial Statements (N-CSR Item 7)](#tx11929_7) | 20 |
| &nbsp;&nbsp; [Remuneration Paid to Directors, Officers and Others (N-CSR Item 10)](#tx11929_8) | 36 |
| &nbsp;&nbsp; [Report of Independent Registered Public Accounting Firm (N-CSR Item 7)](#tx11929_11) | 39 |
| &nbsp;&nbsp; [Glossary](#tx11929_9) | 40 |
| &nbsp;&nbsp; [Distribution Information](#tx11929_12) | 41 |
| &nbsp;&nbsp; [Federal Income Tax Information](#tx11929_13) | 42 |
| &nbsp;&nbsp; [Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8)](#tx11929_14) | 43 |
| &nbsp;&nbsp; [Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9)](#tx11929_15) | 44 |
| &nbsp;&nbsp; [Approval of Investment Management Agreement (N-CSR Item 11)](#tx11929_10) | 45 |

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This material is authorized for use only when preceded or accompanied by the current PIMCO ETF Trust's prospectuses. The Shareholder Reports for the other series of the PIMCO ETF Trust are printed separately.

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Important Information About the PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund

PIMCO ETF Trust (the "Trust") is an open-end management investment company that includes the PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund (the "Fund"). The Fund is an actively managed exchange-traded fund ("ETF") that does not seek to track the performance of a specified index. Shares of the Fund are listed and traded at market prices on the Nasdaq Stock Exchange ("Nasdaq"), a national securities exchange, and other securities markets. The market price of the Fund's shares may be different from the Fund's net asset value ("NAV"). The 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 Fund at NAV ("Authorized Participants"). These transactions are in exchange for certain securities similar to the Fund's portfolio and/or cash. Except when aggregated in Creation Units, shares of the Fund are not redeemable securities. Shareholders who are not Authorized Participants may not redeem shares from the Fund at NAV.

We believe that bond funds have an important role to play in a well-diversified investment portfolio. It is important to note, however, that in an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed income securities and other instruments held by the 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 Fund may lose money as a result of movements in interest rates.

As of the date of this report, interest rates in the United States and many parts of the world, including certain European countries, remain high. In efforts to combat inflation, the U.S. Federal Reserve (the "Fed") raised interest rates multiple times in 2022 and 2023. In September 2024, the Fed lowered interest rates for the first time since March 2020. It is uncertain whether rates will remain steady, increase or decrease in the future. As such, the Fund 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 the Fund's performance or cause the 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 the Fund's shares.

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

Classifications of the Fund's 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 section of this report may differ from the classification used for the Fund's compliance calculations, including those used in the Fund's prospectus, investment objectives, regulatory and other investment limitations and policies, which may be based on different asset class, sector or geographical classifications. The Fund is separately monitored for compliance with respect to prospectus and regulatory requirements.

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

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 the 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, the 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 the Fund to sell portfolio holdings at a disadvantageous time or price or to continue to hold investments that the Fund may no longer seek to hold.

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| | |
|:---|:---|
| **2** | **PIMCO MORTGAGE-BACKED SECURITIES ACTIVE EXCHANGE-TRADED FUND** |

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The United States' enforcement of restrictions on U.S. investments in certain issuers and tariffs on goods from certain other countries has contributed to and may continue to contribute to international trade tensions and may impact portfolio securities. The 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 Fund and its investments.

U.S. and global markets have experienced increased volatility, including as a result of the failures of certain U.S. and non-U.S. banks in 2023, which could be harmful to the Fund and issuers in which they invest. For example, if a bank at which the 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 the Fund may invest can be affected by volatility in the banking sector. Even if banks used by issuers in which the Fund invests 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 Fund and issuers resulting from changes in the banking sector, 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, including those of U.S. and non-U.S. banks. Continued market volatility and uncertainty and/or a downturn in market and economic and financial conditions, as a result of developments in the banking sector or otherwise (including as a result of delayed access to cash or credit facilities), could have an adverse impact on the Fund and issuers in which it invests.

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

Fund Name   <u>FundInception</u>     <u>DiversificationStatus</u>   <br> <u> PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund</u>     <u>09/20/24</u> <u>\* </u>     <u>Diversified</u>  

\* The PIMCO Mortgage-Backed Securities Fund (the "Acquired Fund"), a series of PIMCO Funds, was reorganized and merged into the PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund upon close of business on September 20, 2024. Information prior to that date relates to the Acquired Fund's Institutional Class shares. 

An investment in the Fund is not a bank deposit and is not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. It is possible to lose money on investments in the 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 Fund. Shareholders are not parties to or third-party beneficiaries of such service agreements. Neither the Fund's prospectus nor the 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 the Fund creates a contract between or among any shareholder of the Fund, on the one hand, and the Trust, the Fund, a service provider to the Trust or the 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 the 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 the Fund is a party, and interpret the investment objective(s), policies, restrictions and contractual provisions applicable to the 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 Nasdaq, the 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 the 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 the

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| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025<sub>3</sub> |

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Important Information About the PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund (Cont.)

Fund's holdings. The Fund's fact sheet provides additional information regarding the Fund and may be requested by calling (888)-400-4ETF and is available on the Fund's website at www.pimcoetfs.com.

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

The Fund files portfolio holdings information with the SEC on Form N-PORT within 60 days of the end of each fiscal quarter. The Fund's complete schedule 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 Fund's 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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| | |
|:---|:---|
| **4** | **PIMCO MORTGAGE-BACKED SECURITIES ACTIVE EXCHANGE-TRADED FUND** |

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(THIS PAGE INTENTIONALLY LEFT BLANK)

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| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025<sub>5</sub> |

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Financial Highlights PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund

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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 Value<br>Beginning of<br>Year or<br>Period<sup>(a)</sup>** | **Net Investment<br>Income (Loss)<sup>(b)</sup>** | **Net Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net**<br> **Realized<br>Capital Gains** | **Tax Basis<br>Return of<br>Capital** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 06/30/2025<sup>(f)</sup> | $49.06 | $0.60 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | $0.56 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.58) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | $0.00 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.58)<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025<sup>(e)</sup> | 48.51 | 2.26 | 0.77 | 3.03 | (2.48) | 0.00 | 0.00 | (2.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024<sup>(e)</sup> | 49.81 | 1.63 | (0.17) | 1.46 | (2.76) | 0.00 | 0.00 | (2.76) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023<sup>(e)</sup> | 56.51 | 1.41 | (5.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.77) | (2.87) | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | (2.93) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022<sup>(e)</sup> | 60.34 | 1.07 | (3.38) | (2.31) | (1.52) | 0.00 | 0.00 | (1.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | 1.34 | 2.58 | (1.63) | 0.00 | 0.00 | (1.63) |

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

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\* 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 Fund's prospectus and in any shareholder reports, may differ from net asset values and performance reported elsewhere with respect to the Fund. 

<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 Fund's prospectus and in any shareholder reports, may differ from net asset values and performance reported elsewhere with respect to the Fund. Additionally, excludes applicable initial sales charges and contingent deferred sales charges. 

<sup>(e)</sup> PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund acquired all of the assets and liabilities of the PIMCO Mortgage-Backed Securities Fund ("Acquired Fund") in a reorganization that occurred as of the close of business on September 20, 2024. Performance and financial history of the Acquired Fund's Institutional Class Shares have been adopted by PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund and will be used going forward. As a result, the information prior to close of business on September 20, 2024 reflects that of the Acquired Fund's Institutional Class Shares. The Acquired Fund ceased operations as of the date of the reorganization. A conversion ratio of 0.177482, effective September 20, 2024, has been retroactively applied to per share values of the Acquired Fund's Institutional Class shares. See Note 1, Organization, in the Notes to Financial Statements for more information. 

<sup>(f)</sup> Fiscal year end of the Fund changed from March 31st to June 30th.

<sup>(g)</sup> Total distributions for the period ended June 30, 2025 may be lower than prior fiscal years due to fiscal year end change resulting in a reduction of the amount of days in the period ended June 30, 2025. 

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| | | |
|:---|:---|:---|
| **6** | **PIMCO MORTGAGE-BACKED SECURITIES ACTIVE EXCHANGE-TRADED FUND** | See Accompanying Notes |

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** |  | |
| **Net Asset**<br> **Value End of<br>Year or<br>Period<sup>(a)</sup>** | **Total Return<sup>(d)</sup>** | **Net Assets<br>End of Year or<br>Period (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** |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.04 | 1.16% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542638 | 0.71 | %\* | 0.71 | %\* | 0.40 | %\* | 0.40 | %\* | 4.94 | %\* | 257% |
| 49.06 | 6.46 | 501638 | 0.90 |  | 0.90 |  | 0.42 |  | 0.42 |  | 4.66 |  | 1363 |
| 48.51 | 3.10 | 79153 | 1.27 |  | 1.27 |  | 0.50 |  | 0.50 |  | 3.44 |  | 1143 |
| 49.81 | (6.68) | 130619 | 1.11 |  | 1.11 |  | 0.50 |  | 0.50 |  | 2.75 |  | 961 |
| 56.51 | (3.93) | 144523 | 0.50 |  | 0.50 |  | 0.50 |  | 0.50 |  | 1.80 |  | 887 |
| 60.34 | 4.36 | 128747 | 0.52 |  | 0.52 |  | 0.50 |  | 0.50 |  | 2.02 |  | 909 |

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| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025<sub>7</sub> |

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Statement of Assets and Liabilities PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund June 30, 2025

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| | |
|:---|:---|
| (Amounts in thousands<sup>†</sup>, except per share amounts) |  |
|  **Assets:** |  |
|  *Investments, at value* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities\* | $997883 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 4 |
|  Over the counter | 3058 |
|  Deposits with counterparty | 3040 |
|  Receivable for investments sold | 30 |
|  Receivable for TBA investments sold | 817095 |
|  Receivable for Fund shares sold | 8827 |
|  Interest and/or dividends receivable | 2396 |
|  **Total Assets** | 1832333 |
|  **Liabilities:** |  |
|  *Borrowings & Other Financing Transactions* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for reverse repurchase agreements | $91663 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for short sales | 150892 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 580 |
|  Payable for investments purchased | 13580 |
|  Payable for investments purchased on a delayed-delivery basis | 2811 |
|  Payable for TBA investments purchased | 1024906 |
|  Deposits from counterparty | 4911 |
|  Accrued management fees | 164 |
|  **Total Liabilities** | 1289695 |
|  **Commitments and Contingent Liabilities^** |  |
|  **Net Assets** | $542638 |
|  **Net Assets Consist of:** |  |
|  Paid in capital | 581463 |
|  Distributable earnings (accumulated loss) | (38825) |
|  **Net Assets** | $542638 |
|  **Shares Issued and Outstanding** | 11066 |
|  **Net Asset Value Per Share Outstanding<sup>(a)</sup>:** | $49.04 |
|  Cost of investments in securities | $995295 |
|  Proceeds received on short sales | $149841 |
|  Cost or premiums of financial derivative instruments, net | $5090 |
|  \* Includes repurchase agreements of: | $8700 |

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

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^ 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 Fund.

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| | | |
|:---|:---|:---|
| **8** | **PIMCO MORTGAGE-BACKED SECURITIES ACTIVE EXCHANGE-TRADED FUND** | See Accompanying Notes |

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Statements of Operations PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund

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| | | |
|:---|:---|:---|
| (Amounts in thousands<sup>†</sup>) | **Period from<br>April 1, 2025 to**<br> **June 30, 2025<sup>(a)</sup>** | **Year Ended**<br> **March 31, 2025<sup>(b)</sup>** |
|  **Investment Income:** |  |  |
|  Interest | $7188 | $10785 |
|  Dividends | 10 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 7198 | 10821 |
|  **Expenses:** |  |  |
|  Management fees | 509 | 866 |
|  Distribution and/or servicing fees - Class A | N/A | 10 |
|  Distribution and/or servicing fees - Class C | N/A | 1 |
|  Trustee fees | 1 | 2 |
|  Interest expense | 391 | 1275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 901 | 2154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | 0 | (0) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 901 | 2154 |
|  **Net Investment Income (Loss)** | 6297 | 8667 |
|  **Net Realized Gain (Loss):** |  |  |
|  Investments in securities | (3551) | (3559) |
|  Exchange-traded or centrally cleared financial derivative instruments | 58 | 3084 |
|  Over the counter financial derivative instruments | 741 | 413 |
|  Short sales | 0 | (103) |
|  **Net Realized Gain (Loss)** | (2752) | (165) |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |  |
|  Investments in securities | 2631 | 11128 |
|  Exchange-traded or centrally cleared financial derivative instruments | (217) | (4553) |
|  Over the counter financial derivative instruments | (258) | 145 |
|  Short sales | 0 | 32 |
|  **Net Change in Unrealized Appreciation (Depreciation)** | 2156 | 6752 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $5701 | $15254 |

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

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<sup>(a)</sup> Fiscal year end of the Fund changed from March 31st to June 30th.

<sup>(b)</sup> PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund acquired all of the assets and liabilities of the PIMCO Mortgage-Backed Securities Fund ("Acquired Fund") in a reorganization that occurred as of the close of business on September 20, 2024. All class level information disclosed above reflects information prior to close of business on September 20, 2024 of the Acquired Fund. The Acquired Fund ceased operations as of the date of the reorganization. See Note 1, Organization, in the Notes to Financial Statements for more information. 

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| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025<sub>9</sub> |

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Statements of Changes in Net Assets PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund

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| | | | |
|:---|:---|:---|:---|
| (Amounts in thousands<sup>†</sup>) | **Period from**<br> **April 1, 2025 to<br>June 30, 2025<sup>(a)</sup>** | **Year Ended<br>March 31, 2025<sup>(b)</sup>** | **Year Ended<br>March 31, 2024** |
|  **Increase (Decrease) in Net Assets from:** |  |  |  |
|  **Operations:** |  |  |  |
|  Net investment income (loss) | $6297 | $8667 | $4725 |
|  Net realized gain (loss) | (2752) | (165) | 477 |
|  Net change in unrealized appreciation (depreciation) | 2156 | 6752 | (786) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 5701 | 15254 | 4416 |
|  **Distributions to Shareholders:** |  |  |  |
|  From net investment income and/or net realized capital gains | (6067) | (5048) | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | N/A | (2187) | (5489) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | N/A | (1111) | (1187) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | (14) | (19) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | N/A | (617) | (1232) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | N/A | (18) | (32) |
|  **Total Distributions<sup>(c)</sup>** | (6067) | (8995) | (7959) |
|  **Fund Share Transactions:** |  |  |  |
|  Receipts for shares sold | 54921 | 437045 | 66415 |
|  Issued as reinvestment of distributions | 0 | 3884 | 7661 |
|  Cost of shares redeemed | (13555) | (87798) | (96883) |
|  Net increase (decrease) resulting from Fund share transactions | 41366 | 353131 | (22807) |
|  **Total Increase (Decrease) in Net Assets** | 41000 | 359390 | (26350) |
|  **Net Assets:** |  |  |  |
|  Beginning of year | 501638 | 142248 | 168598 |
|  End of year | $542638 | $501638 | $142248 |
|  **Shares of Beneficial Interest:** |  |  |  |
|  Shares sold | 1120 | 10977 <sup>(d)</sup> | 1368 <sup>(d)</sup> |
|  Issued as reinvestment of distributions | 0 | 81 <sup>(d)</sup> | 158 <sup>(d)</sup> |
|  Shares redeemed | (280) | (1799)<sup>(d)</sup> | (1978)<sup>(d)</sup> |
|  Net increase (decrease) in shares outstanding | 840 | 9259 <sup>(d)</sup> | (452)<sup>(d)</sup> |

---

---

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

---

<sup>(a)</sup> Fiscal year end of the Fund changed from March 31st to June 30th.

<sup>(b)</sup> PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund acquired all of the assets and liabilities of the PIMCO Mortgage-Backed Securities Fund ("Acquired Fund") in a reorganization that occurred as of the close of business on September 20, 2024. All class level information disclosed above reflects information prior to close of business on September 20, 2024 of the Acquired Fund. The Acquired Fund ceased operations as of the date of the reorganization. See Note 1, Organization, in the Notes to Financial Statements for more information. 

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

<sup>(d)</sup> A conversion ratio of 0.177482, effective September 20, 2024, has been retroactively applied. See Note 1, Organization, in the Notes to Financial Statements for more information.

---

| | | |
|:---|:---|:---|
| **10** | **PIMCO MORTGAGE-BACKED SECURITIES ACTIVE EXCHANGE-TRADED FUND** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund June 30, 2025

#### (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 183.9% | INVESTMENTS IN SECURITIES 183.9% | INVESTMENTS IN SECURITIES 183.9% | INVESTMENTS IN SECURITIES 183.9% | INVESTMENTS IN SECURITIES 183.9% |
| 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 Ltd. | Preferred Term Securities Ltd. | Preferred Term Securities Ltd. | Preferred Term Securities Ltd. | Preferred Term Securities Ltd. |
|  5.417% (US0003M + 0.860%) due 07/03/2033 ~ | $— | 82 | $— | 83 |
|  Total Corporate Bonds & Notes (Cost $70) | Total Corporate Bonds & Notes (Cost $70) | Total Corporate Bonds & Notes (Cost $70) |  | 83 |
| U.S. GOVERNMENT AGENCIES 176.8% | U.S. GOVERNMENT AGENCIES 176.8% | U.S. GOVERNMENT AGENCIES 176.8% | U.S. GOVERNMENT AGENCIES 176.8% | U.S. GOVERNMENT AGENCIES 176.8% |
|  Fannie Mae | Fannie Mae | Fannie Mae | Fannie Mae | Fannie Mae |
|  0.000% due 04/25/2043 - 10/25/2045 •  |  | 728 |  | 500 |
|  0.200% due 02/25/2043 •(a) |  | 105 |  | 1 |
|  1.180% due 06/25/2044 •(a) |  | 181 |  | 18 |
|  1.580% due 07/25/2044 ~(a) |  | 39 |  | 2 |
|  1.580% due 11/25/2049 •(a) |  | 66 |  | 9 |
|  1.646% due 07/25/2052 ~(a) |  | 40 |  | 2 |
|  1.664% due 10/25/2046 ~(a) |  | 12 |  | 1 |
|  1.880% due 07/25/2044 ~(a) |  | 36 |  | 2 |
|  1.887% due 09/25/2045 ~(a) |  | 25 |  | 1 |
|  2.000% due 08/25/2042 |  | 513 |  | 442 |
|  2.000% due 04/25/2052 (a) |  | 11295 |  | 1457 |
|  2.011% due 08/25/2044 ~(a) |  | 26 |  | 2 |
|  2.026% due 04/25/2055 ~(a) |  | 64 |  | 3 |
|  2.053% due 07/25/2045 ~(a) |  | 142 |  | 8 |
|  2.067% due 01/25/2045 ~(a) |  | 24 |  | 1 |
|  2.081% due 03/25/2045 ~(a) |  | 85 |  | 5 |
|  2.086% due 08/25/2054 ~(a) |  | 57 |  | 3 |
|  2.165% due 11/25/2035 •(a) |  | 265 |  | 19 |
|  2.301% due 08/25/2055 ~(a) |  | 41 |  | 2 |
|  2.349% due 01/25/2031 ~(a) |  | 1700 |  | 99 |
|  2.500% due 07/01/2046 - 12/01/2046 |  | 206 |  | 175 |
|  2.500% due 02/25/2051 (a) |  | 552 |  | 93 |
|  2.944% due 07/25/2039 |  | 116 |  | 106 |
|  3.000% due 07/25/2045 - 02/01/2057 |  | 669 |  | 570 |
|  3.000% due 04/25/2046 (a) |  | 99 |  | 11 |
|  3.500% due 03/25/2044 - 01/01/2057 |  | 356 |  | 342 |
|  3.500% due 04/25/2046 (a) |  | 27 |  | 2 |
|  3.575% due 02/01/2026 |  | 500 |  | 496 |
|  3.800% due 10/01/2029 |  | 735 |  | 725 |
|  4.000% due 06/01/2033 - 11/25/2045 |  | 735 |  | 645 |
|  4.005% due 06/01/2030 |  | 10105 |  | 9998 |
|  4.140% due 04/01/2028 |  | 156 |  | 156 |
|  4.160% due 10/01/2032 |  | 610 |  | 598 |
|  4.190% due 07/01/2030 |  | 1920 |  | 1909 |
|  4.280% due 02/01/2030 |  | 555 |  | 558 |
|  4.282% due 08/25/2050 •  |  | 102 |  | 99 |
|  4.350% due 12/01/2029 |  | 705 |  | 712 |
|  4.385% due 04/01/2033 |  | 166 |  | 165 |
|  4.490% due 04/01/2033 |  | 200 |  | 200 |
|  4.496% due 12/25/2036 •  |  | 263 |  | 259 |
|  4.500% due 08/01/2032 « |  | 4500 |  | 4463 |
|  4.500% due 09/01/2033 - 04/01/2059 |  | 855 |  | 824 |
|  4.556% due 03/25/2034 •  |  | 18 |  | 18 |
|  4.586% due 08/25/2034 •  |  | 1 |  | 1 |
|  4.590% due 06/01/2033 |  | 335 |  | 337 |
|  4.676% due 06/25/2033 •  |  | 7 |  | 7 |
|  4.680% due 06/01/2030 |  | 1480 |  | 1498 |
|  4.700% due 04/01/2033 - 05/01/2035 |  | 513 |  | 514 |
|  4.720% due 03/01/2030 |  | 4707 |  | 4781 |
|  4.720% due 12/25/2048 •  |  | 294 |  | 290 |
|  4.728% due 06/25/2032 •  |  | 25 |  | 25 |
|  4.740% due 04/01/2030 |  | 1200 |  | 1211 |
|  4.770% due 12/01/2029 |  | 90 |  | 91 |
|  4.820% due 03/25/2049 •  |  | 195 |  | 193 |
|  4.860% due 12/01/2027 - 05/01/2035 |  | 1109 |  | 1126 |
|  4.870% due 05/01/2035 |  | 200 |  | 203 |
|  4.870% due 07/25/2036 •  |  | 144 |  | 144 |
|  4.920% due 03/25/2032 •  |  | 30 |  | 30 |
|  4.970% due 05/01/2035 |  | 4798 |  | 4896 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.980% due 05/01/2035 | $— | 3900 | $— | 3989 |
|  5.050% due 03/01/2030 (h) |  | 14677 |  | 15123 |
|  5.080% due 04/25/2037 •  |  | 189 |  | 185 |
|  5.106% due 11/25/2032 •  |  | 7 |  | 7 |
|  5.140% due 02/01/2035 |  | 3500 |  | 3611 |
|  5.160% due 03/01/2030 (h) |  | 10377 |  | 10713 |
|  5.180% due 05/01/2035 |  | 1993 |  | 2063 |
|  5.200% due 11/01/2030 - 05/01/2035 |  | 3207 |  | 3321 |
|  5.210% due 05/01/2035 |  | 1099 |  | 1138 |
|  5.230% due 05/01/2033 - 05/01/2035 |  | 2815 |  | 2924 |
|  5.420% due 04/25/2032 •  |  | 18 |  | 19 |
|  5.555% due 05/25/2054 •  |  | 9583 |  | 9574 |
|  5.565% due 09/25/2054 •  |  | 6680 |  | 6675 |
|  5.655% due 01/25/2055 •  |  | 1203 |  | 1208 |
|  5.675% due 02/01/2036 •  |  | 87 |  | 88 |
|  5.697% due 08/01/2042 - 10/01/2044 •  |  | 204 |  | 206 |
|  5.705% due 12/25/2054 - 02/25/2055 •  |  | 44461 |  | 44670 |
|  5.755% due 06/25/2054 •  |  | 1031 |  | 1037 |
|  5.810% due 06/01/2031 |  | 1700 |  | 1764 |
|  5.890% due 08/01/2027 •  |  | 4 |  | 4 |
|  6.140% due 11/01/2035 •  |  | 10 |  | 10 |
|  6.175% due 05/01/2035 •  |  | 21 |  | 22 |
|  6.180% due 03/01/2035 •  |  | 3 |  | 3 |
|  6.210% due 01/01/2035 •  |  | 19 |  | 19 |
|  6.264% due 02/01/2035 •  |  | 3 |  | 3 |
|  6.270% due 01/01/2035 •  |  | 7 |  | 8 |
|  6.305% due 02/01/2035 •  |  | 10 |  | 11 |
|  6.319% due 01/01/2035 •  |  | 4 |  | 4 |
|  6.340% due 03/01/2035 •  |  | 2 |  | 2 |
|  6.345% due 01/01/2035 - 09/01/2041 •  |  | 28 |  | 29 |
|  6.364% due 01/01/2035 •  |  | 12 |  | 12 |
|  6.374% due 04/01/2033 •  |  | 6 |  | 6 |
|  6.405% due 11/01/2035 •  |  | 6 |  | 7 |
|  6.410% due 03/01/2035 •  |  | 1 |  | 1 |
|  6.420% due 12/01/2034 •  |  | 3 |  | 3 |
|  6.500% due 01/25/2032 |  | 9 |  | 10 |
|  6.500% due 04/25/2038 (a) |  | 10 |  | 2 |
|  6.534% due 02/01/2035 •  |  | 4 |  | 4 |
|  6.540% due 10/01/2035 •  |  | 4 |  | 4 |
|  6.569% due 02/01/2035 •  |  | 5 |  | 6 |
|  6.588% due 02/01/2035 •  |  | 5 |  | 5 |
|  6.634% due 07/01/2035 •  |  | 3 |  | 3 |
|  6.635% due 10/01/2028 •  |  | 1 |  | 1 |
|  6.665% due 02/01/2042 •  |  | 15 |  | 15 |
|  6.667% due 02/01/2035 •  |  | 3 |  | 3 |
|  6.674% due 11/01/2034 •  |  | 2 |  | 2 |
|  6.675% due 04/01/2035 •  |  | 11 |  | 12 |
|  6.679% due 01/01/2036 •  |  | 49 |  | 51 |
|  6.719% due 11/01/2048 •  |  | 95 |  | 98 |
|  6.726% due 05/01/2035 •  |  | 13 |  | 13 |
|  6.736% due 05/01/2035 •  |  | 21 |  | 22 |
|  6.782% due 05/25/2035 ~ |  | 20 |  | 20 |
|  6.833% due 10/01/2035 •  |  | 1 |  | 1 |
|  6.880% due 10/01/2032 •  |  | 73 |  | 73 |
|  6.925% due 09/01/2034 •  |  | 19 |  | 19 |
|  6.936% due 07/01/2035 •  |  | 6 |  | 6 |
|  7.007% due 10/01/2037 •  |  | 204 |  | 211 |
|  7.018% due 05/01/2038 •  |  | 140 |  | 145 |
|  7.088% due 07/01/2035 •  |  | 13 |  | 13 |
|  7.487% due 09/01/2035 •  |  | 10 |  | 10 |
|  8.000% due 07/25/2034 |  | 159 |  | 171 |
|  Freddie Mac | Freddie Mac | Freddie Mac | Freddie Mac | Freddie Mac |
|  0.000% due 05/15/2041 •  |  | 199 |  | 190 |
|  0.000% due 08/15/2056 - 10/15/2058 (b)(e) |  | 863 |  | 559 |
|  0.286% due 11/15/2040 •  |  | 113 |  | 88 |
|  0.461% due 05/15/2035 •  |  | 97 |  | 96 |
|  1.641% due 10/15/2037 ~(a) |  | 10 |  | 1 |
|  1.774% due 05/15/2037 ~(a) |  | 9 |  | 1 |
|  1.782% due 01/15/2043 •(a) |  | 848 |  | 101 |
|  1.926% due 10/15/2037 ~(a) |  | 6 |  | 0 |
|  2.000% due 11/25/2050 (a) |  | 387 |  | 53 |
|  2.003% due 03/15/2037 ~(a) |  | 11 |  | 1 |
|  2.137% due 11/15/2036 ~(a) |  | 29 |  | 2 |
|  2.192% due 08/15/2041 ~(a) |  | 9 |  | 1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  2.200% due 11/15/2038 ~(a) | $— | 30 | $— | 2 |
|  2.206% due 02/15/2038 ~(a) |  | 18 |  | 1 |
|  2.270% due 10/15/2041 ~(a) |  | 23 |  | 1 |
|  2.290% due 06/15/2038 ~(a) |  | 24 |  | 1 |
|  2.500% due 01/15/2045 - 09/01/2046 |  | 276 |  | 243 |
|  2.500% due 10/15/2052 (a) |  | 3135 |  | 486 |
|  2.591% due 08/15/2036 ~(a) |  | 15 |  | 1 |
|  2.862% due 07/25/2054 ~ |  | 3300 |  | 3096 |
|  3.000% due 10/01/2026 - 12/25/2046 |  | 1728 |  | 1569 |
|  3.050% due 03/01/2032 |  | 221 |  | 203 |
|  3.500% due 01/15/2043 - 08/15/2045 (a) |  | 353 |  | 56 |
|  3.500% due 12/25/2046 - 12/01/2048 |  | 295 |  | 263 |
|  4.000% due 03/15/2042 - 04/01/2048 |  | 1478 |  | 1380 |
|  4.000% due 09/15/2045 - 04/15/2046 (a) |  | 731 |  | 108 |
|  4.228% due 10/25/2034 ~ |  | 800 |  | 787 |
|  4.400% due 06/01/2030 |  | 82 |  | 82 |
|  4.500% due 04/01/2039 - 04/01/2044 |  | 240 |  | 238 |
|  4.668% due 05/15/2035 •  |  | 13 |  | 13 |
|  4.814% due 10/15/2037 - 04/15/2038 •  |  | 225 |  | 222 |
|  4.868% due 12/15/2031 •  |  | 17 |  | 17 |
|  4.918% due 09/15/2030 - 06/15/2042 •  |  | 146 |  | 145 |
|  5.000% due 09/01/2033 - 03/01/2049 |  | 928 |  | 937 |
|  5.305% due 02/25/2055 •  |  | 935 |  | 938 |
|  5.405% due 07/25/2054 •  |  | 10104 |  | 10096 |
|  5.500% due 11/01/2030 - 09/01/2039 |  | 599 |  | 609 |
|  5.500% due 10/15/2035 (a) |  | 44 |  | 5 |
|  5.505% due 10/25/2054 •  |  | 9349 |  | 9378 |
|  5.599% due 02/25/2045 •  |  | 60 |  | 58 |
|  5.605% due 11/25/2054 - 12/25/2054 •  |  | 10195 |  | 10128 |
|  5.705% due 02/25/2055 •  |  | 2068 |  | 2078 |
|  6.000% due 08/01/2026 - 11/01/2054 |  | 2025 |  | 2050 |
|  6.430% due 01/01/2034 •  |  | 2 |  | 2 |
|  6.500% due 05/15/2028 - 03/15/2029 |  | 164 |  | 166 |
|  6.500% due 02/01/2035 - 04/01/2035 •  |  | 13 |  | 14 |
|  6.520% due 02/01/2035 - 09/01/2035 •  |  | 37 |  | 37 |
|  6.602% due 01/01/2035 •  |  | 3 |  | 3 |
|  6.677% due 11/01/2031 •  |  | 4 |  | 4 |
|  6.775% due 03/01/2035 •  |  | 1 |  | 1 |
|  6.779% due 06/01/2035 •  |  | 7 |  | 7 |
|  6.787% due 10/01/2039 •  |  | 137 |  | 142 |
|  7.000% due 05/15/2037 |  | 351 |  | 378 |
|  7.032% due 02/01/2035 •  |  | 3 |  | 3 |
|  7.181% due 08/01/2036 •  |  | 4 |  | 4 |
|  7.212% due 11/01/2036 •  |  | 57 |  | 59 |
|  7.342% due 09/01/2034 •  |  | 61 |  | 63 |
|  Ginnie Mae | Ginnie Mae | Ginnie Mae | Ginnie Mae | Ginnie Mae |
|  0.000% due 12/20/2036 (b)(e) |  | 81 |  | 67 |
|  0.000% due 08/20/2045 - 09/20/2045 •  |  | 223 |  | 162 |
|  0.086% due 06/20/2042 ~(a) |  | 48 |  | 3 |
|  0.092% due 11/20/2045 ~(a) |  | 55 |  | 2 |
|  0.136% due 06/20/2042 ~(a) |  | 44 |  | 2 |
|  0.137% due 09/20/2045 ~(a) |  | 66 |  | 3 |
|  0.143% due 12/20/2045 ~(a) |  | 50 |  | 2 |
|  0.208% due 06/20/2043 ~(a) |  | 46 |  | 2 |
|  2.000% due 03/20/2043 |  | 58 |  | 47 |
|  3.000% due 02/15/2043 - 11/20/2067 |  | 3827 |  | 3413 |
|  3.500% due 02/15/2042 - 12/20/2054 |  | 11455 |  | 10464 |
|  3.500% due 08/20/2042 (a) |  | 194 |  | 21 |
|  4.000% due 03/15/2045 - 10/20/2050 |  | 5437 |  | 5096 |
|  4.000% due 06/20/2045 (a) |  | 285 |  | 56 |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025<sub>11</sub> |

---

------

Schedule of Investments PIMCO Mortgage-Backed Securities 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)** |
|  4.070% due 01/15/2050 | $— | 1102 | $— | 978 |
|  4.500% due 07/15/2039 - 07/15/2049 |  | 2154 |  | 2092 |
|  4.602% due 11/20/2067 •  |  | 252 |  | 251 |
|  4.746% due 05/20/2068 •  |  | 484 |  | 484 |
|  4.796% due 02/20/2068 •  |  | 4 |  | 4 |
|  4.866% due 06/20/2070 •  |  | 246 |  | 243 |
|  4.876% due 05/20/2065 •  |  | 4 |  | 4 |
|  4.926% due 03/20/2061 •  |  | 6 |  | 6 |
|  4.952% due 02/20/2074 •  |  | 724 |  | 723 |
|  4.972% due 04/20/2072 •  |  | 676 |  | 670 |
|  5.000% due 11/20/2034 - 12/20/2048 |  | 700 |  | 705 |
|  5.086% due 01/20/2065 •  |  | 20 |  | 20 |
|  5.092% due 04/20/2074 •  |  | 482 |  | 482 |
|  5.096% due 09/20/2069 •  |  | 218 |  | 217 |
|  5.099% due 01/20/2068 •  |  | 1206 |  | 1215 |
|  5.126% due 11/20/2065 •  |  | 240 |  | 240 |
|  5.163% due 10/20/2067 •  |  | 1021 |  | 1029 |
|  5.166% due 09/20/2063 •  |  | 35 |  | 35 |
|  5.196% due 09/20/2065 •  |  | 456 |  | 457 |
|  5.202% due 08/20/2054 - 07/20/2074 •  |  | 2086 |  | 2087 |
|  5.246% due 01/20/2066 - 09/20/2066 •  |  | 145 |  | 145 |
|  5.302% due 12/20/2073 •  |  | 1440 |  | 1446 |
|  5.322% due 12/20/2072 •  |  | 405 |  | 410 |
|  5.352% due 08/20/2053 •  |  | 418 |  | 419 |
|  5.446% due 04/20/2063 - 03/20/2066 •  |  | 961 |  | 968 |
|  5.452% due 12/20/2070 •  |  | 221 |  | 223 |
|  5.496% due 07/20/2070 - 08/20/2070 •  |  | 2418 |  | 2444 |
|  5.500% due 09/15/2033 - 12/15/2039 |  | 94 |  | 97 |
|  5.596% due 03/20/2066 •  |  | 49 |  | 49 |
|  5.696% due 10/20/2070 •  |  | 628 |  | 639 |
|  5.722% due 02/20/2073 •  |  | 1043 |  | 1060 |
|  5.746% due 09/20/2063 •  |  | 25 |  | 25 |
|  6.000% due 05/20/2042 |  | 20 |  | 21 |
|  6.500% due 03/15/2026 - 04/20/2055 |  | 307 |  | 318 |
|  Ginnie Mae, TBA | Ginnie Mae, TBA | Ginnie Mae, TBA | Ginnie Mae, TBA | Ginnie Mae, TBA |
|  2.000% due 08/01/2055 |  | 27800 |  | 22646 |
|  2.500% due 08/01/2055 |  | 29100 |  | 24728 |
|  3.000% due 07/01/2055 - 08/01/2055 |  | 46500 |  | 41126 |
|  3.500% due 07/01/2055 |  | 21490 |  | 19540 |
|  4.000% due 08/01/2055 |  | 23700 |  | 22035 |
|  4.500% due 07/01/2055 |  | 12500 |  | 11967 |
|  5.000% due 08/01/2055 |  | 12400 |  | 12175 |
|  5.500% due 07/01/2055 |  | 6700 |  | 6711 |
|  6.000% due 07/01/2055 - 08/01/2055 |  | 5100 |  | 5172 |
|  6.500% due 08/01/2055 - 09/01/2055 |  | 14000 |  | 14336 |
|  Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security |
|  2.500% due 06/01/2028 - 12/01/2032 |  | 450 |  | 434 |
|  3.000% due 10/01/2026 - 07/01/2050 |  | 4782 |  | 4423 |
|  3.500% due 12/01/2033 - 05/01/2048 |  | 7849 |  | 7380 |
|  4.000% due 07/01/2033 - 08/01/2051 |  | 10175 |  | 9845 |
|  4.500% due 07/01/2039 - 12/01/2054 |  | 14581 |  | 14159 |
|  5.000% due 09/01/2049 - 03/01/2055 |  | 68529 |  | 67530 |
|  5.500% due 09/01/2034 - 02/01/2055 |  | 56615 |  | 56799 |
|  5.500% due 09/01/2054 - 03/01/2055 (h) |  | 50420 |  | 50655 |
|  6.000% due 10/01/2032 - 04/01/2055 |  | 66056 |  | 67960 |
|  6.000% due 10/01/2054 (h) |  | 21971 |  | 22359 |
|  6.500% due 11/01/2028 - 04/01/2055 |  | 55679 |  | 57642 |
|  7.000% due 06/01/2035 |  | 1 |  | 1 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  2.000% due 07/01/2040 - 07/01/2055 | 37435 | 30271 |
|  2.500% due 07/01/2040 - 08/01/2055 | 33100 | 27569 |
|  3.000% due 07/01/2040 - 07/01/2055 | 39300 | 35300 |
|  3.500% due 07/01/2040 - 08/01/2055 | 6800 | 6194 |
|  4.000% due 07/01/2040 - 07/01/2055 | 3100 | 2888 |
|  4.500% due 07/01/2040 - 08/01/2055 | 45300 | 43448 |
|  5.000% due 07/01/2040 | 5200 | 5238 |
|  5.500% due 07/01/2040 | 5200 | 5295 |
|  6.000% due 08/01/2055 | 22200 | 22540 |
|  7.000% due 08/01/2055 - 09/01/2055 | 3900 | 4090 |
|  Total U.S. Government Agencies<br>(Cost $955,460) | Total U.S. Government Agencies<br>(Cost $955,460) | 959596 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 2.3% | NON-AGENCY MORTGAGE-BACKED SECURITIES 2.3% | NON-AGENCY MORTGAGE-BACKED SECURITIES 2.3% |
|  3138GI9F7FN DUS POOL CLEVELAND | 3138GI9F7FN DUS POOL CLEVELAND | 3138GI9F7FN DUS POOL CLEVELAND |
|  5.280% due 07/01/2030 | 937 | 972 |
|  Angel Oak Mortgage Trust | Angel Oak Mortgage Trust | Angel Oak Mortgage Trust |
|  5.985% due 01/25/2069 þ | 390 | 392 |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  5.012% due 05/20/2035 •  | 18 | 17 |
|  5.078% due 01/20/2047 ~ | 83 | 72 |
|  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 |
|  4.714% due 01/25/2035 •  | 2 | 2 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  5.234% due 08/25/2035 •  | 52 | 51 |
|  6.500% due 06/25/2054 ~ | 151 | 154 |
|  COMM Mortgage Trust | COMM Mortgage Trust | COMM Mortgage Trust |
|  5.726% due 12/15/2038 •  | 1439 | 1421 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.832% due 07/20/2046 •  | 30 | 26 |
|  4.854% due 05/25/2035 •  | 136 | 130 |
|  4.934% due 09/25/2046 •  | 407 | 329 |
|  4.934% due 10/25/2046 •  | 32 | 24 |
|  5.114% due 10/25/2046 •  | 243 | 180 |
|  Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust |
|  3.655% due 04/25/2035 ~ | 208 | 164 |
|  5.014% due 04/25/2035 •  | 20 | 19 |
|  5.114% due 03/25/2036 •  | 1 | 0 |
|  5.134% due 02/25/2036 •  | 1 | 0 |
|  5.354% due 09/25/2034 •  | 36 | 31 |
|  6.305% due 06/19/2031 ~ | 13 | 13 |
|  Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust |
|  2.500% due 07/25/2056 ~ | 141 | 115 |
|  GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust |
|  4.834% due 10/25/2046 •  | 112 | 102 |
|  4.834% due 12/25/2046 •  | 144 | 141 |
|  4.974% due 04/25/2036 •  | 37 | 33 |
|  5.114% due 10/25/2046 •  | 339 | 262 |
|  GS Mortgage Securities Corp. Trust | GS Mortgage Securities Corp. Trust | GS Mortgage Securities Corp. Trust |
|  5.509% due 07/15/2031 •  | 1100 | 858 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  4.954% due 08/25/2046 •  | 173 | 38 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  4.912% due 03/19/2036 •  | 17 | 16 |
|  IMS Ecuadorian Mortgage Trust | IMS Ecuadorian Mortgage Trust | IMS Ecuadorian Mortgage Trust |
|  3.400% due 08/18/2043 | 586 | 574 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  4.834% due 06/25/2046 •  | 44 | 39 |
|  4.834% due 11/25/2046 •  | 101 | 96 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  3.000% due 04/25/2052 ~ | 714 | 610 |
|  4.972% due 08/25/2051 •  | 1844 | 1711 |
|  5.334% due 11/25/2049 •  | 42 | 40 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  La Hipotecaria El Salvadorian Mortgage Trust | La Hipotecaria El Salvadorian Mortgage Trust | La Hipotecaria El Salvadorian Mortgage Trust |
|  3.358% due 01/15/2046 « | 376 | 346 |
|  4.250% due 09/29/2046 « | 698 | 640 |
|  La Hipotecaria Panamanian Mortgage Trust | La Hipotecaria Panamanian Mortgage Trust | La Hipotecaria Panamanian Mortgage Trust |
|  3.508% due 11/24/2042 «•  | 427 | 408 |
|  MASTR Alternative Loan Trust | MASTR Alternative Loan Trust | MASTR Alternative Loan Trust |
|  4.834% due 03/25/2036 •  | 958 | 90 |
|  Mellon Residential Funding Corp. Mortgage Pass-Through Certificates | Mellon Residential Funding Corp. Mortgage Pass-Through Certificates | Mellon Residential Funding Corp. Mortgage Pass-Through Certificates |
|  5.126% due 11/15/2031 •  | 8 | 8 |
|  MFA Trust | MFA Trust | MFA Trust |
|  1.381% due 04/25/2065 ~ | 93 | 90 |
|  New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust |
|  2.750% due 11/25/2059 ~ | 333 | 319 |
|  5.000% due 09/25/2051 •  | 737 | 690 |
|  OBX Trust | OBX Trust | OBX Trust |
|  3.000% due 01/25/2052 ~ | 330 | 281 |
|  Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust |
|  4.108% due 08/25/2035 ~ | 146 | 51 |
|  4.834% due 12/25/2046 •  | 82 | 72 |
|  4.894% due 05/25/2037 •  | 17 | 14 |
|  4.974% due 05/25/2046 •  | 62 | 51 |
|  Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust |
|  5.132% due 10/19/2026 •  | 7 | 7 |
|  5.192% due 10/20/2027 •  | 1 | 1 |
|  Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust |
|  5.092% due 09/19/2032 •  | 2 | 2 |
|  Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust |
|  5.522% due 10/25/2046 •  | 27 | 26 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  5.434% due 05/25/2058 •  | 115 | 118 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  5.434% due 07/25/2044 •  | 27 | 26 |
|  5.484% due 12/25/2045 •  | 250 | 218 |
|  Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust |
|  5.119% due 12/25/2046 •  | 98 | 79 |
|  Total Non-Agency Mortgage-Backed Securities<br>(Cost $13,302) | Total Non-Agency Mortgage-Backed Securities<br>(Cost $13,302) | 12170 |
| ASSET-BACKED SECURITIES 2.6% | ASSET-BACKED SECURITIES 2.6% | ASSET-BACKED SECURITIES 2.6% |
| CMBS OTHER 0.2% | CMBS OTHER 0.2% | CMBS OTHER 0.2% |
|  Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. |
|  5.776% due 11/15/2036 •  | 871 | 873 |
| HOME EQUITY OTHER 0.2% | HOME EQUITY OTHER 0.2% | HOME EQUITY OTHER 0.2% |
|  Aegis Asset-Backed Securities Trust | Aegis Asset-Backed Securities Trust | Aegis Asset-Backed Securities Trust |
|  5.134% due 03/25/2035 •  | 84 | 82 |
|  Amortizing Residential Collateral Trust | Amortizing Residential Collateral Trust | Amortizing Residential Collateral Trust |
|  5.134% due 10/25/2031 •  | 3 | 3 |
|  Centex Home Equity Loan Trust | Centex Home Equity Loan Trust | Centex Home Equity Loan Trust |
|  4.734% due 01/25/2032 •  | 5 | 5 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  4.754% due 12/25/2036 •  | 527 | 289 |
|  Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates |
|  4.934% due 03/25/2037 •  | 36 | 36 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.714% due 04/25/2047 •  | 62 | 60 |
|  EMC Mortgage Loan Trust | EMC Mortgage Loan Trust | EMC Mortgage Loan Trust |
|  5.934% due 08/25/2040 •  | 27 | 28 |
|  GSAA Home Equity Trust | GSAA Home Equity Trust | GSAA Home Equity Trust |
|  5.034% due 03/25/2037 •  | 170 | 67 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  4.694% due 12/25/2046 •  | 374 | 198 |
|  Home Equity Asset Trust | Home Equity Asset Trust | Home Equity Asset Trust |
|  5.034% due 11/25/2032 •  | 3 | 2 |
|  HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust |
|  4.574% due 01/25/2037 •  | 259 | 196 |
|  Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust |
|  4.504% due 10/25/2036 •  | 378 | 196 |

---

---

| | | |
|:---|:---|:---|
| **12** | **PIMCO MORTGAGE-BACKED SECURITIES ACTIVE EXCHANGE-TRADED FUND** | See Accompanying Notes |

---

------

June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Saxon Asset Securities Trust | Saxon Asset Securities Trust | Saxon Asset Securities Trust |
|  6.184% due 12/25/2037 •  | 151 | 131 |
|  |  | 1293 |
| 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 |
|  5.154% due 04/25/2037 •  | 477 | 124 |
| WHOLE LOAN COLLATERAL 0.1% | WHOLE LOAN COLLATERAL 0.1% | WHOLE LOAN COLLATERAL 0.1% |
|  PRET LLC | PRET LLC | PRET LLC |
|  6.721% due 07/25/2051 þ | 736 | 737 |
| OTHER ABS 2.1% | OTHER ABS 2.1% | OTHER ABS 2.1% |
|  Anchorage Capital CLO Ltd. | Anchorage Capital CLO Ltd. | Anchorage Capital CLO Ltd. |
|  5.969% due 04/20/2037 •  | 400 | 401 |
|  Apex Credit CLO Ltd. | Apex Credit CLO Ltd. | Apex Credit CLO Ltd. |
|  6.069% due 04/20/2036 •  | 500 | 501 |
|  Ares CLO Ltd. | Ares CLO Ltd. | Ares CLO Ltd. |
|  5.600% due 04/17/2033 •  | 500 | 502 |
|  Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. |
|  0.000% due 07/15/2035 •(c) | 2000 | 2001 |
|  Birch Grove CLO Ltd. | Birch Grove CLO Ltd. | Birch Grove CLO Ltd. |
|  5.870% due 07/17/2037 •  | 4700 | 4719 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Diameter Capital CLO Ltd. | Diameter Capital CLO Ltd. | Diameter Capital CLO Ltd. |
|  5.866% due 04/15/2037 •  | 500 | 502 |
|  Generate CLO Ltd. | Generate CLO Ltd. | Generate CLO Ltd. |
|  6.099% due 10/20/2036 •  | 500 | 508 |
|  KKR CLO Ltd. | KKR CLO Ltd. | KKR CLO Ltd. |
|  5.701% due 02/09/2035 •  | 500 | 500 |
|  Palmer Square CLO Ltd. | Palmer Square CLO Ltd. | Palmer Square CLO Ltd. |
|  5.592% due 04/20/2035 •  | 150 | 150 |
|  Sycamore Tree CLO Ltd. | Sycamore Tree CLO Ltd. | Sycamore Tree CLO Ltd. |
|  5.949% due 01/20/2037 •  | 300 | 303 |
|  TCW CLO Ltd. | TCW CLO Ltd. | TCW CLO Ltd. |
|  5.861% due 01/16/2037 •  | 500 | 501 |
|  Trinitas CLO Ltd. | Trinitas CLO Ltd. | Trinitas CLO Ltd. |
|  5.652% due 04/25/2033 •  | 500 | 501 |
|  |  | 11089 |
|  Total Asset-Backed Securities<br>(Cost $14,545) | Total Asset-Backed Securities<br>(Cost $14,545) | 14116 |
|  | **SHARES** |  |
| SHORT-TERM INSTRUMENTS 2.2% | SHORT-TERM INSTRUMENTS 2.2% | SHORT-TERM INSTRUMENTS 2.2% |
| MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class |  |  |
|  4.380% (f) | 210724 | 211 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| REPURCHASE AGREEMENTS (g) 1.6% | REPURCHASE AGREEMENTS (g) 1.6% | REPURCHASE AGREEMENTS (g) 1.6% | REPURCHASE AGREEMENTS (g) 1.6% | REPURCHASE AGREEMENTS (g) 1.6% |
|  |  |  | $— | 8700 |
| U.S. TREASURY BILLS 0.6% | U.S. TREASURY BILLS 0.6% | U.S. TREASURY BILLS 0.6% | U.S. TREASURY BILLS 0.6% | U.S. TREASURY BILLS 0.6% |
|  4.340% due 07/03/2025 - 09/16/2025 (d)(e) | $— | 3027 |  | 3007 |
| Total Short-Term Instruments<br>(Cost $11,918) | Total Short-Term Instruments<br>(Cost $11,918) | Total Short-Term Instruments<br>(Cost $11,918) |  | 11918 |
| Total Investments in Securities<br>(Cost $995,295) | Total Investments in Securities<br>(Cost $995,295) | Total Investments in Securities<br>(Cost $995,295) |  | 997883 |
| Total Investments 183.9%<br>(Cost $995,295) | Total Investments 183.9%<br>(Cost $995,295) | Total Investments 183.9%<br>(Cost $995,295) | $— | 997883 |
|  Financial Derivative Instruments (i)(j) 0.4%<br> (Cost or Premiums, net $5,090) |  |  |  | 2294 |
| Other Assets and Liabilities, net (84.3)% | Other Assets and Liabilities, net (84.3)% | Other Assets and Liabilities, net (84.3)% |  | (457539) |
| Net Assets 100.0% |  |  | $— | 542638 |

---

#### 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) 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> |
| DEU | 4.440% | 06/30/2025 | 07/01/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8700 | U.S. Treasury Bonds 4.625% due 05/15/2054 | $(8905) | $8700 | $8701 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8905) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8700 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8701 |

---

#### 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 |
|  IND | 4.470% | 06/12/2025 | 07/14/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(91448) | $(91663) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(91663) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| JUNE 30, 2025 13

------

Schedule of Investments PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund (Cont.)

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  U.S. Government Agencies (27.8)% | U.S. Government Agencies (27.8)% | U.S. Government Agencies (27.8)% | U.S. Government Agencies (27.8)% | U.S. Government Agencies (27.8)% | U.S. Government Agencies (27.8)% |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 4.000% | 07/01/2055 | $1500 | $(1392) | $(1395) |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 4.000 | 08/01/2055 | 8900 | (8191) | (8275) |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 5.000 | 07/01/2055 | 25900 | (25064) | (25385) |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 5.000 | 08/01/2055 | 1000 | (969) | (980) |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 5.500 | 08/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100150 | (99481) | (100061) |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 6.500 | 08/01/2055 | 14350 | (14744) | (14796) |
|  Total Short Sales (27.8)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(149841) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(150892) |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of June 30, 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-<br>Buyback<br>Transactions | Securities<br>Out on Loan | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(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 |
|  DEU | $8701 | $0 | $0 | $0 | $8701 | $(8905) | $(204) |
|  IND | 0 | (91663) | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(91663) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2520 |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8701 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(91663) | $&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. Government Agencies | $0 | $(91663) | $0 | $0 | $(91663) |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(91663) | $&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;(91663) |
|  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;(91663) |

---

(h) Securities with an aggregate market value of $95,100 have been pledged as collateral under the terms of the above master agreements as of June 30, 2025.

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

<sup>(2)</sup> The average amount of borrowings outstanding during the period ended June 30, 2025 was $(30101) at a weighted average interest rate of 4.474%. 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 September Futures  | 09/2025 | 9 | $981 | $11 | $1 | $0 |
|  U.S. Treasury 10-Year Note September Futures  | 09/2025 | 9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1009 | 17 | 3 | 0 |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

14 PIMCO MORTGAGE-BACKED SECURITIES ACTIVE EXCHANGE-TRADED FUND See Accompanying Notes

------

June 30, 2025

#### 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 | 3.750% | Annual | 12/18/2029 | $2300 | $(27) | $3 | $(24) | $0 | $(3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 03/19/2030 | 20900 | 939 | (480) | 459 | 0 | (31) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2031 | 5500 | (183) | 143 | (40) | 0 | (13) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2032 | 8600 | 426 | (234) | 192 | 0 | (21) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2034 | 2300 | (52) | 45 | (7) | 0 | (9) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2035 | 12600 | 940 | (454) | 486 | 0 | (48) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2035 | 15800 | 430 | 162 | 592 | 0 | (63) |
|  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;2473 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(815) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1658 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(188) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of June 30, 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;4 | $&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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(188) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(188) |

---

Cash of $3,040 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

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

#### 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 |
| BOA Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 5.000% | 08/29/2025 | 113900 | $44 | $1 |
| Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.368 | 09/04/2025 | 25300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159 |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.116 | 11/19/2025 | 15000 | 144 | 48 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.265 | 05/01/2035 | 1400 | 124 | 119 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.265 | 05/01/2035 | 1400 | 124 | 129 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.470 | 06/04/2035 | 1400 | 126 | 129 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.470 | 06/04/2035 | 1400 | 126 | 123 |
| CBK Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 5.000 | 10/08/2025 | 50000 | 75 | 4 |
| DUB Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.308 | 05/02/2035 | 2900 | 258 | 250 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.308 | 05/02/2035 | 2900 | 258 | 264 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.630 | 05/22/2035 | 1600 | 146 | 157 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.630 | 05/22/2035 | 1600 | 146 | 135 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.520 | 05/29/2035 | 1600 | 144 | 150 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.520 | 05/29/2035 | 1600 | 144 | 138 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.440 | 06/18/2035 | 2200 | 197 | 201 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.440 | 06/18/2035 | 2200 | 197 | 194 |
| FAR Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 5.000 | 07/11/2025 | 31700 | 40 | 0 |
| Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.750 | 02/09/2026 | 2500 | 9 | 11 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **15** |

---

------

Schedule of Investments PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund (Cont.)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** |
| GLM Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.700% | 09/25/2025 | 22100 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | $0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.310 | 04/24/2035 | 1500 | 133 | 129 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.310 | 04/24/2035 | 1500 | 133 | 136 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.430 | 05/16/2035 | 1500 | 134 | 136 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.430 | 05/16/2035 | 1500 | 134 | 133 |
| JPM Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.750 | 02/05/2026 | 2500 | 10 | 11 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.285 | 05/07/2035 | 1600 | 144 | 138 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.285 | 05/07/2035 | 1600 | 144 | 147 |
| MYC Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 5.000 | 09/30/2025 | 69900 | 39 | 4 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 5.000 | 09/26/2025 | 2200 | 8 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3311 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3046 |

---

#### OPTIONS ON SECURITIES

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BOA | Put - OTC Uniform Mortgage-Backed Security, TBA 5.000% due 07/01/2055 | $95.359 | 07/07/2025 | 2000 | $6 | $0 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA 6.000% due 09/01/2055 | 98.719 | 09/08/2025 | 2000 | 4 | 1 |
| GSC | Put - OTC Uniform Mortgage-Backed Security, TBA 5.000% due 07/01/2055 | 94.844 | 07/07/2025 | 2000 | 7 | 0 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA 5.000% due 07/01/2055 | 95.289 | 07/07/2025 | 2000 | 6 | 0 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA 5.500% due 07/01/2055 | 97.281 | 07/07/2025 | 2000 | 3 | 0 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA 5.500% due 07/01/2055 | 97.352 | 07/07/2025 | 2000 | 3 | 0 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA 5.500% due 08/01/2055 | 96.695 | 08/06/2025 | 2000 | 6 | 0 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA 5.500% due 09/01/2055 | 96.738 | 09/08/2025 | 3000 | 9 | 3 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA 6.000% due 08/01/2055 | 98.277 | 08/06/2025 | 2000 | 4 | 0 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA 6.000% due 08/01/2055 | 98.508 | 08/06/2025 | 2000 | 4 | 0 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA 6.000% due 08/01/2055 | 98.559 | 08/06/2025 | 2000 | 3 | 0 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA 6.000% due 08/01/2055 | 98.629 | 08/06/2025 | 2000 | 3 | 0 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA 6.000% due 09/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.141 | 09/08/2025 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA 6.000% due 09/01/2055 | 99.156 | 09/08/2025 | 3000 | 3 | 2 |
| JPM | Call - OTC Uniform Mortgage-Backed Security, TBA 5.000% due 07/01/2055 | 98.438 | 07/07/2025 | 2000 | 6 | 2 |
| MSC | Call - OTC Uniform Mortgage-Backed Security, TBA 5.000% due 07/01/2055 | 98.434 | 07/07/2025 | 2000 | 7 | 2 |
|  |  |  |  |  | $78 | $12 |
|  Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3389 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3058 |

---

#### 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 |
| BOA Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.943% | 07/07/2025 | 2100 | $(6) | $0 |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.053 | 07/07/2025 | 2200 | (7) | 0 |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.236 | 08/06/2025 | 1400 | (3) | 0 |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.368 | 08/06/2025 | 1400 | (4) | 0 |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.968 | 09/04/2025 | 19500 | (120) | (34) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.670 | 08/29/2025 | 5000 | (44) | (60) |
| BPS Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.215 | 08/06/2025 | 1700 | (6) | 0 |
| FAR Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.245 | 07/07/2025 | 1400 | (6) | 0 |
| Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.550 | 07/11/2025 | 5000 | (40) | (25) |
| GLM Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.270 | 08/06/2025 | 1400 | (3) | 0 |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.287 | 08/06/2025 | 1400 | (4) | 0 |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.257 | 09/08/2025 | 1500 | (4) | (1) |
| JPM Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.967 | 07/07/2025 | 1900 | (6) | 0 |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.984 | 07/07/2025 | 1300 | (3) | 0 |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.993 | 07/07/2025 | 1400 | (3) | 0 |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.096 | 09/08/2025 | 1900 | (4) | (2) |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.106 | 09/08/2025 | 2000 | (3) | (2) |
| MYC Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.453 | 09/30/2025 | 5100 | (39) | (52) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.395 | 07/07/2025 | 1300 | (7) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.317 | 09/08/2025 | 2200 | (10) | (2) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(322) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(178) |

---

16 PIMCO MORTGAGE-BACKED SECURITIES ACTIVE EXCHANGE-TRADED FUND See Accompanying Notes

------

June 30, 2025

#### OPTIONS ON SECURITIES

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
|  BOA | Call - OTC Uniform Mortgage-Backed Security, TBA 4.000% due 08/01/2055 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93.484 | 08/06/2025 | 10000 | $(47) | $(50) |
|  | Call - OTC Uniform Mortgage-Backed Security, TBA 4.500% due 09/01/2055 | 96.719 | 09/08/2025 | 5000 | (19) | (21) |
|  | Call - OTC Uniform Mortgage-Backed Security, TBA 5.000% due 08/01/2055 | 98.266 | 08/06/2025 | 5000 | (15) | (22) |
|  GSC | Put - OTC Uniform Mortgage-Backed Security, TBA 4.000% due 07/01/2055 | 91.438 | 07/07/2025 | 3000 | (16) | 0 |
|  | Call - OTC Uniform Mortgage-Backed Security, TBA 4.000% due 08/01/2055 | 93.469 | 08/06/2025 | 9000 | (42) | (45) |
|  | Call - OTC Uniform Mortgage-Backed Security, TBA 4.000% due 09/01/2055 | 93.828 | 09/08/2025 | 10000 | (45) | (62) |
|  | Call - OTC Uniform Mortgage-Backed Security, TBA 5.000% due 09/01/2055 | 98.750 | 09/08/2025 | 10000 | (24) | (43) |
|  MSC | Put - OTC Uniform Mortgage-Backed Security, TBA 4.000% due 07/01/2055 | 91.438 | 07/07/2025 | 10000 | (54) | (1) |
|  | Call - OTC Uniform Mortgage-Backed Security, TBA 4.000% due 07/01/2055 | 93.609 | 07/07/2025 | 5000 | (7) | (4) |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA 5.000% due 07/01/2055 | 94.813 | 07/07/2025 | 6500 | (25) | 0 |
|  | Call - OTC Uniform Mortgage-Backed Security, TBA 5.000% due 07/01/2055 | 98.813 | 07/07/2025 | 6500 | (22) | (2) |
|  SAL | Call - OTC Uniform Mortgage-Backed Security, TBA 4.000% due 09/01/2055 | 93.938 | 09/08/2025 | 3000 | (17) | (17) |
|  | Call - OTC Uniform Mortgage-Backed Security, TBA 4.000% due 09/01/2055 | 94.094 | 09/08/2025 | 10000 | (41) | (53) |
|  | Call - OTC Uniform Mortgage-Backed Security, TBA 4.000% due 09/01/2055 | 94.320 | 09/08/2025 | 10000 | (37) | (46) |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA 4.500% due 07/01/2055 | 92.469 | 07/07/2025 | 1500 | (8) | 0 |
|  | Call - OTC Uniform Mortgage-Backed Security, TBA 4.500% due 07/01/2055 | 96.469 | 07/07/2025 | 1500 | (7) | (1) |
|  | Call - OTC Uniform Mortgage-Backed Security, TBA 5.000% due 09/01/2055 | 99.000 | 09/08/2025 | 10000 | (24) | (35) |
|  |  |  |  |  | $(450) | $(402) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(772) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(580) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of June 30, 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 | $709 | $0 | $709 | $0 | $(187) | $0 | $(187) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522 | $0 | $522 |
|  CBK | 0 | 4 | 0 | 4 | 0 | 0 | 0 | 0 | 4 | 0 | 4 |
|  DUB | 0 | 1489 | 0 | 1489 | 0 | 0 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1489 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1489 |
|  FAR | 0 | 11 | 0 | 11 | 0 | (25) | 0 | (25) | (14) | 0 | (14) |
|  GLM | 0 | 534 | 0 | 534 | 0 | (1) | 0 | (1) | 533 | 0 | 533 |
|  GSC | 0 | 7 | 0 | 7 | 0 | (150) | 0 | (150) | (143) | 0 | (143) |
|  JPM | 0 | 298 | 0 | 298 | 0 | (4) | 0 | (4) | 294 | 0 | 294 |
|  MSC | 0 | 2 | 0 | 2 | 0 | (7) | 0 | (7) | (5) | 0 | (5) |
|  MYC | 0 | 4 | 0 | 4 | 0 | (54) | 0 | (54) | (50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) | (60) |
|  SAL | 0 | 0 | 0 | 0 | 0 | (152) | 0 | (152) | (152) | 0 | (152) |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3058 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3058 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(580) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(580) |  |  |  |

---

<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 June 30, 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 | $4 | $4 |
|  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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3058 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3058 |
|  | $&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 | $3062 | $3062 |

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See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| JUNE 30, 2025 17

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Schedule of Investments PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund (Cont.)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
|  | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  Financial Derivative Instruments - Liabilities |  |  |  |  |  |  |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | $0 | $0 | $0 | $0 | $188 | $188 |
|  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 | $580 | $580 |
|  | $&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;768 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;768 |

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The effect of Financial Derivative Instruments on the Statement of Operations for the period ended June 30, 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 | $&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 | $49 | $49 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 9 | 9 |
|  | $0 | $0 | $0 | $0 | $58 | $58 |
|  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 | $(307) | $(307) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1048 |
|  | $0 | $0 | $0 | $0 | $741 | $741 |
|  | $0 | $0 | $0 | $0 | $799 | $799 |
|  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 | $(32) | $(32) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | (185) | (185) |
|  | $0 | $0 | $0 | $0 | $(217) | $(217) |
|  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 | $(257) | $(257) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | (1) | (1) |
|  | $0 | $0 | $0 | $0 | $(258) | $(258) |
|  | $0 | $0 | $0 | $0 | $(475) | $(475) |

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#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of June 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at<br>06/30/2025** |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | $0 | $83 | $0 | $83 |
|  U.S. Government Agencies | 0 | 955133 | 4463 | 959596 |
|  Non-Agency Mortgage-Backed Securities | 972 | 9804 | 1394 | 12170 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; CMBS Other | 0 | 873 | 0 | 873 |
| &nbsp;&nbsp; Home Equity Other | 0 | 1293 | 0 | 1293 |
| &nbsp;&nbsp; Home Equity Sequential | 0 | 124 | 0 | 124 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 737 | 0 | 737 |
| &nbsp;&nbsp; Other ABS | 0 | 11089 | 0 | 11089 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 0 | 211 | 0 | 211 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 8700 | 0 | 8700 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 3007 | 0 | 3007 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;972 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;991054 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5857 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;997883 |

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| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at<br>06/30/2025** |
|  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. Government Agencies | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(150892) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(150892) |
|  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 |
|  Over the counter | 0 | 3058 | 0 | 3058 |
|  | $0 | $3062 | $0 | $3062 |
|  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 | (188) | 0 | (188) |
|  Over the counter | (17) | (563) | 0 | (580) |
|  | $(17) | $(751) | $0 | $(768) |
|  Total Financial Derivative Instruments | $(17) | $2311 | $0 | $2294 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955 | $842473 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5857 | $849285 |

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18 PIMCO MORTGAGE-BACKED SECURITIES ACTIVE EXCHANGE-TRADED FUND See Accompanying Notes

------

June 30, 2025

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended June 30, 2025:

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Beginning<br>Balance<br>at 03/31/2025 | Net<br>Purchases | Net<br>Sales/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 06/30/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>06/30/2025<sup>(1)</sup> |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  U.S. Government Agencies | $2896 | $4452 | $(2877) | $0 | $0 | $(8) | $0 | $0 | $4463 | $10 |
|  Non-Agency Mortgage-Backed Securities | 1487 | 0 | (42) | 0 | (1) | (50) | 0 | 0 | 1394 | (52) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4383 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4452 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2919) | $&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;(58) | $&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;5857 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42) |

---

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 06/30/2025** | **Valuation**<br> **Technique** | **Unobservable<br>Inputs** | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| **Category and Subcategory** | **Ending<br>Balance<br>at 06/30/2025** | **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 |
|  U.S. Government Agencies | $4463 | Proxy Pricing | Base Price | 98.938 |  |
|  Non-Agency Mortgage-Backed Securities | 1394 | Discounted Cash Flow | Discount Rate | 5.878 – 5.979 | 5.943 |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5857 |  |  |  |  |

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<sup>(1)</sup> Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at June 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end.

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| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **19** |

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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 PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund (the "Fund") offered by the Trust. Pacific Investment Management Company LLC ("PIMCO" or "Manager") serves as the investment adviser for the Fund.

As of the close of business on September 20, 2024 (the "Closing Date"), pursuant to an Agreement and Plan of Reorganization and Liquidation previously approved by the Board of Trustees of the Trust (the "Board"), PIMCO Mortgage-Backed Securities Fund (a mutual fund) (the "Acquired Fund"), a series of PIMCO Funds, was reorganized (the "Reorganization") into the Fund, a newly created exchange-traded fund ("ETF"). Following the Reorganization, the Acquired Fund's Institutional Class Shares' performance and financial history were adopted by the Fund. In connection with the Reorganization, each eligible shareholder of the Acquired Fund as of the Closing Date received shares of the Fund as a tax-free reorganization under Section 368(a) of the Internal Revenue Code (the "Code"), equal in value to the number of shares of the Acquired Fund they owned on the Closing Date, including a cash payment in lieu of fractional shares of the Fund, which cash payment may have been taxable. Shareholders of the Acquired Fund who were ineligible to hold ETF shares as of the Closing Date either had their Acquired Fund shares liquidated, and such shareholders received cash equal in value to their Acquired Fund Shares, which cash payment may have been taxable, or, for direct accounts with UMB Bank, their shares were exchanged into shares of the equivalent share class of PIMCO Government Money Market Fund. The Fund has the same investment adviser, investment objective and fundamental investment policies and substantially similar investment strategies as the Acquired Fund. Effective as of the close of business on the Closing Date, the Acquired Fund ceased operations in connection with the consummation of the Reorganization.

The following table sets forth the shares and capitalization of the Acquired Fund as of September 20, 2024, and the combined shares and capitalization of the Fund as adjusted at consummation of the Reorganization.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Acquired Fund Class | Acquired Fund Class | Acquired Fund Class | Acquired Fund Class | Acquired Fund Class | Reorganization<br>Adjustments | Fund After<br>Reorganization |
|  | Institutional<br>Class | I-2 | I-3 | Class A | Class C | | |
|  Net Assets (thousands) | $39546 | $37755 | $478 | $19900 | $599 | $0 | $98278 |
|  Shares Outstanding (thousands) | 4457 | 4255 | 54 | 2243 | 67 | (9110) | 1966 |
|  Net Asset Value Per Share^ | $8.87 | $8.87 | $8.87 | $8.87 | $8.87 | $0 | $50.00 |

---

---

| | |
|:---|:---|
| <sup>^</sup> | Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding to the nearest thousands.  |

---

Costs incurred by the Fund and the Acquired Fund associated with the Reorganization (including the legal costs associated with the Reorganization) were borne by PIMCO. However, brokerage fees and expenses related to the disposition and acquisition of Acquired Fund assets (including any disposition to raise cash to pay redemption proceeds) were borne by the Fund and/or the Acquired Fund, as applicable. The Fund has a lower expense ratio than the net expense ratio of each share class of the Acquired Fund as the Fund was subject to a lower management fee and no distribution and/or service (12b-1) fee. In addition, the Fund has a lower expense ratio after taking into consideration fees waived and/or expenses reimbursed pursuant to an expense limitation agreement between PIMCO and the Acquired Fund. The Fund has lower gross expenses, before giving effect to fee waivers and/or expense reimbursements, than any class of shares of the Acquired Fund. The Reorganization did not result in a material change to the Acquired Fund's portfolio holdings. There were no material differences in accounting policies of the Acquired Fund as compared to those of the Fund.

The Fund is an 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 the Fund may be directly purchased from and redeemed by the 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 ("Authorized Participant"). Also, unlike shares of a mutual fund, shares of the Fund are listed on a national securities exchange and trade in the secondary market at market prices that change throughout the day. The Fund offers and issues shares only in aggregations of a specified number of shares ("Creation Units").

The 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 new standard impacted financial statement disclosures only and did not affect the Fund's 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

---

| | |
|:---|:---|
| **20** | **PIMCO MORTGAGE-BACKED SECURITIES ACTIVE EXCHANGE-TRADED FUND** |

---

------

June 30, 2025

recent Statement of Additional Information, act as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the 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 Fund's portfolio managers as a team. The financial information in the form of the 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 the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the accompanying Statement of Assets and Liabilities as "total assets" and significant segment expenses are listed on the accompanying Statement 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"). The 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 Fund 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 the Fund is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis from settlement date, with the exception of securities with a forward starting effective date, where interest income is recorded on the accrual basis from effective date. For convertible securities, premiums attributable to the conversion feature are not amortized. Estimated tax liabilities on

certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized appreciation (depreciation) on investments on the Statement 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 Statement of Operations. Paydown gains (losses) on mortgage-related and other asset-backed securities, if any, are recorded as components of interest income on the Statement 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) Distributions to Shareholders Distributions from net investment income, if any, are declared monthly and distributed to shareholders monthly. The Fund distributes any net capital gains it earns from the sale of portfolio securities to shareholders no less frequently than annually. Net short-term capital gains may be paid more frequently. The 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 the Fund's annual financial statements presented under U.S. GAAP.

Separately, if the 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, the Fund determines or estimates, as applicable, the source or sources from

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **21** |

---

------

Notes to Financial Statements (Cont.)

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 the Fund's daily internal accounting records and practices, the Fund's financial statements presented in accordance with U.S. GAAP, and recordkeeping practices under income tax regulations. For instance, the 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 the 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 the 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 Statement of Assets and Liabilities. In addition, other amounts have been reclassified between distributable earnings (accumulated loss) and paid in capital on the Statement of Assets and Liabilities to more appropriately conform U.S. GAAP to tax characterizations of distributions.

(c) New Accounting Pronouncements and Regulatory Updates In September 2023, the SEC adopted amendments to Rule 35d-1 under the Act, 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 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 November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280)". ASU 2023-07 requires public entities to provide disclosure of significant segment expenses that are regularly provided to the CODM. ASU 2023-07, among other things, (i) requires a single segment public entity to provide all necessary disclosures required by Topic 280, (ii) mandates the disclosure of the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit and loss to assess segment performance and to decide how to allocate resources and (iii) provides the ability for a public entity to elect more than one performance measure. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Management has implemented changes in connection with the amendments and has determined that there was no material impact to the Fund's 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. The ASU 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 the Fund's shares, or each of its share classes, as applicable, is determined by dividing the total value of portfolio investments and other assets attributable to the Fund or class, less any liabilities, as applicable, by the total number of shares outstanding.

On each day that the New York Stock Exchange ("NYSE") is open, the 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 Fund or its agents after the time as of which

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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, the Fund may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that day. The 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, the Fund may calculate its NAV as of the NYSE Close for such day or such other time that the 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 the Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. Market value is generally determined on the basis of official closing prices or the last reported sales prices. The Fund will normally use pricing data for domestic equity securities received shortly after the NYSE Close and does 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 the 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 the Fund's assets that are invested in one or more open-end management investment companies (other than ETFs), the Fund's NAV will be calculated based on the NAVs of such investments. Open-end management investment companies may include affiliated funds.

If a foreign (non-U.S.) equity security's value has materially changed after the close of the security's primary exchange or principal market but before the NYSE Close, the security may be valued at fair value. Foreign (non-U.S.) equity securities that do not trade when the NYSE is open are also valued at fair value. With respect to foreign (non-U.S.) equity securities, the 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. The Fund may utilize modeling tools provided by third-party vendors to determine fair values of foreign (non-U.S.) securities. For these purposes, unless otherwise determined by the Valuation Designee, any movement in the applicable reference index or instrument ("zero trigger") between the earlier close of the applicable foreign market and the NYSE Close may be deemed to be a significant event, prompting the application of the pricing model (effectively resulting in daily fair valuations). Foreign exchanges may permit trading in foreign (non-U.S.) equity securities on days when the Trust is not open for business, which may result in the Fund's portfolio investments being affected when shareholders are unable to buy or sell shares.

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **23** |

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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 the 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 the Fund holds foreign (non-U.S.) investments, the value of those investments may change at times when shareholders are unable to buy or sell shares and the value of such investments will be reflected in the Fund's next calculated NAV. An alternative exchange rate may be obtained from a Pricing Source or an exchange rate may otherwise be determined if believed to be more reflective of the rates at which the Fund may transact.

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 the 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 the 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 the 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 the 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 the 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 the 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 the Fund.

(c) Valuation Techniques and the Fair Value Hierarchy Level 1, Level 2 and Level 3 trading assets and trading liabilities, at fair value The valuation methods (or "techniques") and significant inputs used in determining the fair values of portfolio securities or other assets and liabilities categorized as Level 1, Level 2 and Level 3 of the fair value hierarchy are as follows:

Common stocks, ETFs, exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy.

Investments in registered open-end investment companies (other than ETFs) will be valued based upon the NAVs of such investments and are categorized as Level 1 of the fair value hierarchy. Investments in unregistered open-end investment companies will be calculated based upon the NAVs of such investments and are considered Level 1 provided that the NAVs are observable, calculated daily and are the value at which both purchases and sales will be conducted.

Fixed income securities including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. treasury obligations, sovereign issues, bank loans, convertible preferred securities, non-U.S. bonds and short-term debt instruments (such as commercial paper, time deposits and certificates of deposit) are normally valued on the

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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.

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.

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

Short-term debt instruments (such as commercial paper, 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

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Notes to Financial Statements (Cont.)

determined without the use of amortized cost valuation. These securities are categorized as Level 2 or Level 3 of the fair value hierarchy depending on the source of the base price.

When a fair valuation method is applied by PIMCO that uses significant unobservable inputs, investments will be priced by a method that the Valuation Designee believes reflects fair value and are categorized as Level 3 of the fair value hierarchy.

4. SECURITIES AND OTHER INVESTMENTS

Investments in Securities

The Fund may utilize the investments and strategies described below to the extent permitted by the Fund's investment policies.

Delayed-Delivery Transactions involve a commitment by the 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, the 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, the 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. The Fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, which may result in a realized gain (loss). When the Fund has sold a security on a delayed-delivery basis, the Fund does not participate in future gains (losses) with respect to the security.

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, computer leases, syndicated bank loans, peer-to-peer loans and litigation finance loans.

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 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. 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 the Fund invests. In addition to the normal risks associated with fixed income securities discussed elsewhere in this report and the 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 the 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

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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 Statement 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 Statement of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.

Securities Issued by U.S. Government Agencies or Government-Sponsored Enterprises are obligations of and, in certain cases, guaranteed by, the U.S. Government, its agencies or instrumentalities. Some U.S. Government securities, such as Treasury bills, notes and bonds, and securities guaranteed by the Government National Mortgage Association, are supported by the full faith and credit of the U.S. Government; others, such as those of the Federal Home Loan Banks, are supported by the right of the issuer to borrow from the U.S. Department of the Treasury (the "U.S. Treasury"); and others, such as those of the Federal National Mortgage Association ("FNMA" or "Fannie Mae"), are supported by the discretionary authority of the U.S. Government to purchase the agency's obligations. U.S. Government securities may include zero coupon securities which do not distribute interest on a current basis and tend to be subject to a greater risk than interest-paying securities of similar maturities.

Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include FNMA and the Federal Home Loan Mortgage Corporation ("FHLMC" or "Freddie Mac"). FNMA is a government-sponsored corporation. FNMA purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks and credit unions and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA, but are not backed by the full faith and credit of the U.S. Government. FHLMC 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 the 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 Statement 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 Fund to post collateral in connection with its TBA transactions. There is no similar requirement applicable to the Fund's TBA counterparties. The required collateralization of TBA trades could increase the cost of TBA transactions to the Fund and impose added operational complexity.

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 the Fund to purchase or sell these securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. The Fund may sell when-issued securities before they are delivered, which may result in a realized gain (loss).

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

The Fund may enter into the borrowings and other financing transactions described below to the extent permitted by the Fund's investment policies.

The following disclosures contain information on the 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 the Fund. The location of these instruments in the Fund's financial statements is described below.

(a) Repurchase Agreements Under the terms of a typical repurchase agreement, the Fund purchases an underlying debt obligation (collateral) subject to an obligation of the seller to repurchase, and the

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Fund to resell, the obligation at an agreed-upon price and time. In an open maturity repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by the Fund or counterparty at any time. The underlying securities for all repurchase agreements are held by the Fund's custodian or designated subcustodians (in the case of tri-party repurchase agreements). Traditionally, the Fund has used bilateral repurchase agreements wherein the underlying securities will be held by the 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 Statement of Assets and Liabilities. Interest earned is recorded as a component of interest income on the Statement of Operations. In periods of increased demand for collateral, the Fund may pay a fee for the receipt of collateral, which may result in interest expense to the Fund.

(b) Reverse Repurchase Agreements In a reverse repurchase agreement, the Fund delivers a security in exchange for cash to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. In an open maturity reverse repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by the Fund or counterparty at any time. The 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 the Fund to counterparties are reflected as a liability on the Statement of Assets and Liabilities. Interest payments made by the Fund to counterparties are recorded as a component of interest expense on the Statement of Operations. In periods of increased demand for the security, the Fund may receive a fee for use of the security by the counterparty, which may result in interest income to the Fund. The Fund will segregate assets determined to be liquid by the Manager or will otherwise cover its obligations under reverse repurchase agreements.

(c) Short Sales Short sales are transactions in which the Fund sells a security that it does not own in anticipation that the market price of that security will decline. The Fund may make short sales of securities to (i) offset potential declines in long positions in similar securities, (ii) to increase the flexibility of the Fund, (iii) for investment return, (iv) as part of a risk arbitrage strategy, and (v) as part of its overall portfolio management strategies involving the use of derivative instruments. When the Fund makes a short sale, it will often borrow the security sold short and deliver it to the counterparty. The 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 Statement of Assets and Liabilities. Short sales expose the 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 the Fund. A short sale is "against the box" if the 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. The Fund will be subject to additional risks to the extent that it engages in short sales that are not "against the box." The 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.

(d) Interfund Lending In accordance with an exemptive order (the "Order") from the SEC, each Fund of the Trust may participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Fund's investment policies and restrictions. Each Fund is currently permitted to borrow under the Interfund Lending Program. A lending fund may lend in aggregate up to 15% of its current net assets at the time of the interfund loan, but may not lend more than 5% of its net assets to any one borrowing fund through the Interfund Lending Program. A borrowing fund may not borrow through the Interfund Lending Program or from any other source if its total outstanding borrowings immediately after the borrowing would be more than 33 1/3% of its total assets (or any lower threshold provided for by the fund's investment restrictions). If a borrowing fund's total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interfund loan rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending fund and the bank loan rate, as calculated according to a formula established by the Board.

During the period ended June 30, 2025, the Fund did not participate in the Interfund Lending Program.

6. FINANCIAL DERIVATIVE INSTRUMENTS

The Fund may enter into the financial derivative instruments described below to the extent permitted by the Fund's investment policies.

The following disclosures contain information on how and why the Fund uses financial derivative instruments, and how financial derivative instruments affect the Fund's financial position, results of operations and cash flows. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities and the net realized gain (loss) and net change in unrealized appreciation

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June 30, 2025

(depreciation) on the Statement of Operations, each categorized by type of financial derivative contract and related risk exposure, are included in a table in the Notes to Schedule 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 Schedule of Investments, serve as indicators of the volume of financial derivative activity for the Fund.

(a) 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. The 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 the 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, the Fund is required to deposit with its futures broker an amount of cash, U.S. Government and Agency Obligations, or select sovereign debt, in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and based on such movements in the price of the contracts, an appropriate payable or receivable for the change in value may be posted or collected by the Fund ("Futures Variation Margin"). Futures Variation Margins, if any, are disclosed within centrally cleared financial derivative instruments on the Statement 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 Statement of Assets and Liabilities.

(b) Options Contracts may be written or purchased to enhance returns or to hedge an existing position or future investment. The 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 the Fund's exposure to the underlying instrument. Writing call options tends to decrease the Fund's exposure to the underlying instrument. When the 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 Statement 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. The 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 the Fund may not be able to enter into a closing transaction because of an illiquid market.

Purchasing call options tends to increase the Fund's exposure to the underlying instrument. Purchasing put options tends to decrease the Fund's exposure to the underlying instrument. The Fund pays a premium which is included as an asset on the Statement 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.

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.

(c) Swap Agreements are bilaterally negotiated agreements between the 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"). The 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.

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **29** |

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Notes to Financial Statements (Cont.)

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 Statement 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 Statement of Assets and Liabilities. Centrally Cleared and OTC swap payments received or paid at the beginning of the measurement period are included on the Statement 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 Statement 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 Statement of Operations. Net periodic payments received or paid by the Fund are included as part of realized gain (loss) on the Statement of Operations.

For purposes of applying certain of the Fund's investment policies and restrictions, swap agreements, like other derivative instruments, may be valued by the Fund at market value, notional value or full exposure value. In the case of a credit default swap, in applying certain of the Fund's investment policies and restrictions, the Fund will value the credit default swap at its notional value or its full exposure value (i.e., the sum of the notional amount for the contract plus the market value), but may value the credit default swap at market value for purposes of applying certain of the Fund's other investment policies and restrictions. For example, the Fund may value credit default swaps at full exposure value for purposes of the Fund's credit quality guidelines (if any) because such value in general better reflects the Fund's actual economic exposure during the term of the credit default swap agreement. As a result, the 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 the Fund's prospectus. In this context, both the notional amount and the market value may be positive or negative depending on whether the Fund is selling or buying protection through the credit default swap. The manner in which certain securities or other instruments are valued by the 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 Statement 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.

The 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 the Fund and the counterparty and by the posting of collateral to the Fund to cover the Fund's exposure to the counterparty.

To the extent the 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.

Interest Rate Swap Agreements may be entered into to help hedge against interest rate risk exposure and to maintain the Fund's ability to generate income at prevailing market rates. The value of the fixed rate bonds that the Fund holds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Fund may enter into interest rate swap agreements. Interest rate swap agreements involve the exchange by the 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.

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| **30** | **PIMCO MORTGAGE-BACKED SECURITIES ACTIVE EXCHANGE-TRADED FUND** |

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June 30, 2025

7. PRINCIPAL AND OTHER RISKS

(a) Principal Risks

The principal risks of investing in the Fund, which could adversely affect its net asset value, yield and total return, are listed below. Please see "Description of Principal Risks" in the Fund's prospectus for a more detailed description of the risks of investing in the Fund.

Market Trading Risk is the risk that an active secondary trading market for Fund shares does not continue once developed, that the 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 the 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.

Interest Rate Risk is the risk that fixed income securities will fluctuate in value because of a change in interest rates; a fund with a longer average portfolio duration will be more sensitive to changes in interest rates than a fund with a shorter average portfolio duration. 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 improvements in the issuer's credit quality. If an issuer calls a security that the Fund has invested in, the 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.

Credit Risk is the risk that the Fund could experience losses if the issuer or guarantor of a fixed income security, or 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.

Market Risk is the risk that the value of securities owned by the Fund may fluctuate, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries.

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 the 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.

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. The 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.

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 the Fund could lose more than the initial amount invested. Changes in the value of a derivative or other similar instrument may also create margin delivery or settlement payment obligations for the Fund. The Fund's use of derivatives or other similar investments may result in losses to the Fund, a reduction in the 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 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 the Fund's clearing broker or the clearinghouse. Changes in regulation relating to a registered fund's use of derivatives and related instruments could potentially limit or impact the Fund's ability to invest in derivatives, limit the 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 the 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

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **31** |

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Notes to Financial Statements (Cont.)

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 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.

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| **32** | **PIMCO MORTGAGE-BACKED SECURITIES ACTIVE EXCHANGE-TRADED FUND** |

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June 30, 2025

Equity Risk is the risk that the value of equity or equity-related securities, including 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.

Foreign (Non-U.S.) Investment Risk is the risk that investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to smaller markets, differing reporting, accounting, 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.

Leveraging Risk is the risk that certain transactions of the Fund, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, or derivative instruments, may give rise to leverage, magnifying gains and losses and causing the 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 the Fund's sensitivity to interest rate risks.

Management Risk is the risk that the investment techniques and risk analyses applied by PIMCO will not produce the desired results and that actual or potential conflicts of interest, legislative, regulatory or tax restrictions, policies or developments may affect the investment techniques available to PIMCO and the individual portfolio managers in connection with managing the Fund and may cause PIMCO to restrict or prohibit participation in certain investments. There is no guarantee that the investment objective of the Fund will be achieved.

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 the Fund.

Collateralized Loan Obligations Risk is the risk that investing in collateralized loan obligations ("CLOs") and other similarly structured investments exposes the Fund to heightened credit risk, interest rate risk, liquidity risk, market risk and prepayment and extension risk, as well as the risk of default on the underlying asset. In addition, investments in CLOs carry additional risks including, but not limited to: (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 the 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.

(b) Other Risks

In general, the 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 the Fund's prospectus and Statement of Additional Information for a more detailed description of the risks of investing in the Fund. Please see the Important Information section of this report for additional discussion of certain regulatory and market developments that may impact the Fund's performance.

Market Disruptions Risk The 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, 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 the Fund to lose value. These events can also impair the technology and other operational systems upon which the Fund's service providers, including PIMCO as the Fund's investment adviser, rely, and could otherwise disrupt the Fund's service providers' ability to fulfill their obligations to the 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 the Fund invests, or the issuers of such

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **33** |

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Notes to Financial Statements (Cont.)

instruments, in ways that are unforeseeable. Legislation or regulation may also change the way in which the Fund itself is regulated. Such legislation or regulation could limit or preclude the Fund's ability to achieve its investment objective. Furthermore, volatile financial markets can expose the Fund to greater market and liquidity risk and potential difficulty in valuing portfolio instruments held by the Fund. The value of the 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 the 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 the Fund is regulated, affect the expenses incurred directly by the Fund and the value of its investments, and limit and/or preclude the 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 the 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 the Fund. While the 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 Fund has become potentially more susceptible to operational and information security risks resulting from breaches in cyber security despite the efforts of PIMCO, the Fund, or their service providers to adopt technologies, processes, and practices intended to mitigate these risks. A breach in cyber security refers to both intentional and unintentional cyber events that may, among other things, cause the 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 the Fund and its shareholders. These failures or breaches may also result in disruptions to business operations, potentially resulting in financial losses; interference with the 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 Fund and its shareholders may suffer losses as a result of a cyber security breach related to the Fund, its service providers, trading counterparties or the issuers in which the Fund invests.

8. MASTER NETTING ARRANGEMENTS

The 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 the 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 Statement of Assets and Liabilities generally presents 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

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June 30, 2025

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 Statement 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 Statement 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. The Fund's overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.

Master Repurchase Agreements and Global Master Repurchase Agreements (individually and collectively "Master Repo Agreements") govern repurchase, reverse repurchase and certain sale-buyback transactions between the 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 Schedule of Investments.

Master Securities Forward Transaction Agreements ("Master Forward Agreements") govern certain forward settling transactions, such as TBA securities, delayed-delivery or certain sale-buyback transactions by and between the 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 Schedule 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 Fund, 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 Schedule 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 the 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 Fund 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 Fund is required by regulation to post additional collateral beyond coverage of daily exposure, it 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 Schedule 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. The Fund pays PIMCO fees in return for providing investment advisory and supervisory and administrative services under what is essentially an all-in fee structure. The 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<br>Fee |
|  PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund | 0.40% |

---

(b) 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 Fund, including audit,

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **35** |

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------

Notes to Financial Statements (Cont.)

custodial, portfolio accounting, legal, transfer agency and printing costs. The Fund is responsible for: (i) salaries and other compensation of any of the Trust's executive officers and employees who are not officers, directors, stockholders, or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses; (iv) costs of borrowing money, including interest expenses; (v) securities lending fees and expenses; (vi) fees and expenses of the Trustees who are not "interested persons" of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vii) extraordinary expenses, including costs of litigation and indemnification expenses; and (viii) organizational and offering expenses of the Trust and the Fund in the Trust (except that the 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.

(c) 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 the Fund is reflected on the Statement of Operations as Trustee fees.

(d) Expense Limitation Pursuant to the Expense Limitation Agreement, PIMCO has contractually agreed, through October 31, 2025, to waive the 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 "Expense Limit") (calculated as a percentage of the Fund's average daily net assets). The Expense Limitation Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term.

In any month in which the investment management agreement is in effect, PIMCO is entitled to reimbursement by the Fund of any portion of the Management Fee and/or other expenses waived or reimbursed pursuant to the 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 (or the amount of the expense limit in place at the time the amount being recouped was originally waived if lower than the Expense Limit); ii) exceed the total Reimbursement Amount; or iii) include any amounts previously reimbursed to PIMCO. As of June 30, 2025, there were no recoverable amounts.

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

(e) Acquired Fund Fees and Expenses The Fund may invest in certain other series of the Trust, series of PIMCO Funds Trust, and series of PIMCO Equity Series (each series, an "Underlying Fund" and collectively, the "Underlying Funds"). PIMCO has contractually agreed, through October 31, 2025, for the 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 the Fund's investments in the Underlying Funds. 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 Fund and will not be waived under the contractual waiver described above. As of June 30, 2025, there were no waivers and/or reimbursements by PIMCO.

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 Statement of Assets and Liabilities.

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 Fund. Additionally, in the normal course of business, the Fund enters into contracts that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. However, the Fund has not had prior claims or losses pursuant to these contracts.

12. PURCHASES AND SALES OF SECURITIES

The length of time the Fund has held a particular security is not generally a consideration in investment decisions. A change in the securities held by the Fund is known as "portfolio turnover." The 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

---

| | |
|:---|:---|
| **36** | **PIMCO MORTGAGE-BACKED SECURITIES ACTIVE EXCHANGE-TRADED FUND** |

---

------

June 30, 2025

correspondingly greater transaction costs, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities, which are borne by the Fund. Frequent and active trading of the 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 the Fund's performance. The portfolio turnover rates are reported in the Financial Highlights.

Purchases and sales of securities (excluding short-term investments) for the period ended June 30, 2025 were as follows (amounts in thousands<sup>†</sup>):

---

| | | | |
|:---|:---|:---|:---|
| U.S. Government/Agency | U.S. Government/Agency | All Other | All Other |
| Purchases | Sales | Purchases | Sales |
| $2512196 | $2420177 | $9167 | $0 |

---

---

| | |
|:---|:---|
| <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 the Fund only in Creation Units. Except when aggregated in Creation Units, shares of the Fund are not redeemable. Transactions in capital shares for the Fund are disclosed in detail on the Statements of Changes in Net Assets.

The consideration for the purchase of Creation Units of the Fund generally consists of a basket of cash and/or securities that the 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 Fund. These standard transaction fees are not payable to the Fund, and therefore, generally do not impact the Fund's 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 the Fund. The 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 the Fund's and the Fund's shareholders' best interests.

---

| | | |
|:---|:---|:---|
| Standard Creation/<br>Redemption<br>Transaction Fee\* | Maximum Variable<br>Charge for Cash<br>Creations\*\* | Maximum Variable<br>Charge for Cash<br>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. REGULATORY AND LITIGATION MATTERS

The Fund is not named as a defendant in any material litigation or arbitration proceedings and is not aware of any material litigation or claim pending or threatened against it.

The foregoing speaks only as of the date of this report.

15. FEDERAL INCOME TAX MATTERS

The Fund intends to qualify as a regulated investment company under Subchapter M of 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.

The 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 Fund's tax positions for all open tax years. As of June 30, 2025, the Fund has recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions it has taken or expects to take in future tax returns.

In this reporting period, the Fund adopted FASB Accounting Standards Update 2023-09, Income Taxes (Topic 740) — Improvements to Income Tax Disclosures (ASU 2023-09), which enhances income tax disclosures, including disclosure income taxes paid disaggregated by jurisdiction. Adoption of the new standard impacted financial statement disclosures only and did not affect any Fund's financial position or the results of its operations. For the fiscal year ended June 30, 2025, the fund did not pay any federal, state and local income taxes or any income taxes in foreign jurisdictions.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **37** |

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------

Notes to Financial Statements (Cont.) June 30, 2025

The Fund files U.S. federal, state and local tax returns as required. The Fund's tax returns are subject to examination by relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return but which can be extended to six years in certain circumstances. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

As of June 30, 2025, the components of distributable taxable earnings are as follows (amounts in thousands<sup>†</sup>):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Undistributed<br>Ordinary<br>Income<sup>(1)</sup> | Undistributed<br>Long-Term<br>Capital Gains | Net Tax Basis<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup> | Other<br>Book-to-Tax<br>Accounting<br>Differences<sup>(3)</sup> | Accumulated<br>Capital<br>Losses<sup>(4)</sup> | Qualified<br>Late-Year<br>Loss<br>Deferral -<br>Capital<sup>(5)</sup> | Qualified<br>Late-Year<br>Loss<br>Deferral -<br>Ordinary<sup>(6)</sup> | Total<br>Components of<br>Distributable<br>Earnings |
|  PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2193 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(372) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40646) | $&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;(38825) |

---

---

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

---

<sup>(1)</sup> Includes undistributed short-term capital gains, if any.

<sup>(2)</sup> Adjusted for open wash sale loss deferrals and the accelerated recognition of unrealized gain or loss on certain futures, options, and/or forward contracts for Federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on swap contracts, constructive sales, interest accrued on defaulted securities, and short positions. 

<sup>(3)</sup> Represents differences in income tax regulations and financial accounting principles generally accepted in the United States of America, mainly for organizational expenditures.

<sup>(4)</sup> Capital losses available to offset future net capital gains as shown below.

<sup>(5)</sup> Capital losses realized during the period November 1, 2024 through June 30, 2025, which the Fund elected to defer to the following taxable year pursuant to income tax regulations.

<sup>(6)</sup> Specified losses realized during the period November 1, 2024 through June 30, 2025 and Ordinary losses realized during the period January 1, 2025 through June 30, 2025, which the Fund elected to defer to the following taxable year pursuant to income tax regulations.

Under the Regulated Investment Company Modernization Act of 2010, a fund is permitted to carry forward any new capital losses for an unlimited period. Additionally, such capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term under previous law.

As of June 30, 2025, the Fund had the following post-effective capital losses with no expiration (amounts in thousands<sup>†</sup>):

---

| | | |
|:---|:---|:---|
|  | Short-Term | Long-Term |
|  PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18475 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22171 |

---

---

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

---

As of June 30, 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>(7)</sup> |
|  PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;851477 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10067 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10389) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(322) |

---

---

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

---

<sup>(7)</sup> Adjusted for open wash sale loss deferrals and the accelerated recognition of unrealized gain or loss on certain futures, options, and/or forward contracts for Federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on swap contracts, constructive sales, and short positions. 

For the fiscal years ended June 30, 2025, March 31, 2025, and March 31, 2024, respectively, the Fund made the following tax basis distributions (amounts in thousands<sup>†</sup>):

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | June 30, 2025<sup>(10)</sup> | June 30, 2025<sup>(10)</sup> | June 30, 2025<sup>(10)</sup> | March 31, 2025 | March 31, 2025 | March 31, 2025 | March 31, 2024 | March 31, 2024 | March 31, 2024 |
|  | Ordinary<br>Income<br>Distributions<sup>(8)</sup> | Long-Term<br>Capital Gain<br>Distributions | Return of<br>Capital<sup>(9)</sup> | Ordinary<br>Income<br>Distributions<sup>(8)</sup> | Long-Term<br>Capital Gain<br>Distributions | Return of<br>Capital<sup>(9)</sup> | Ordinary<br>Income<br>Distributions<sup>(8)</sup> | Long-Term<br>Capital Gain<br>Distributions | Return of<br>Capital<sup>(9)</sup> |
|  PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6067 | $&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;8995 | $&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;7959 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

---

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

---

<sup>(8)</sup> Includes short-term capital gains distributed, if any.

<sup>(9)</sup> A portion of the distributions made represents a tax return of capital. Return of capital distributions have been reclassified from undistributed net investment income to paid-in capital to more appropriately conform financial accounting to tax accounting.

<sup>(10)</sup> Fiscal year end of the Fund changed from March 31st to June 30th.

---

| | |
|:---|:---|
| **38** | **PIMCO MORTGAGE-BACKED SECURITIES ACTIVE EXCHANGE-TRADED FUND** |

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------

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of PIMCO ETF Trust and Shareholders of PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund (one of the funds constituting PIMCO ETF Trust, referred to hereafter as the "Fund") as of June 30, 2025, the related statements of operations for the period from April 1, 2025 to June 30, 2025 and for the year ended March 31, 2025, the statements of changes in net assets for the period from April 1, 2025 to June 30, 2025 and for each of the two years in the period ended March 31, 2025, including the related notes, and the financial highlights for the period from April 1, 2025 to June 30, 2025 and for each of the five years in the period ended March 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of June 30, 2025, the results of its operations for the period April 1, 2025 to June 30, 2025 and for the year ended March 31, 2025, the changes in its net assets for the period from April 1, 2025 to June 30, 2025 and for each of the two years in the period ended March 31, 2025 and the financial highlights for the period from April 1, 2025 to June 30, 2025 and for each of the five years in the period ended March 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2025 by correspondence with the custodian, brokers and transfer agent; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Kansas City, Missouri

August 27, 2025

We have served as the auditor of one or more investment companies in PIMCO ETF Trust since 2009.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **39** |

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Glossary: (abbreviations that may be used in the preceding statements) (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  Counterparty Abbreviations: | Counterparty Abbreviations: |  |  |  |  |
| BOA | Bank of America N.A. | FAR | Wells Fargo Bank National Association | JPM | JP Morgan Chase Bank N.A. |
| BPS | BNP Paribas S.A. | GLM | Goldman Sachs Bank USA | MSC | Morgan Stanley & Co. LLC. |
| CBK | Citibank N.A. | GSC | Goldman Sachs & Co. LLC | MYC | Morgan Stanley Capital Services LLC |
| DEU | Deutsche Bank Securities, Inc. | IND | Crédit Agricole Corporate and Investment Bank S.A. | SAL | Citigroup Global Markets, Inc. |
| DUB | Deutsche Bank AG |  |  |  |  |
|  Currency Abbreviations: | Currency Abbreviations: |  |  |  |  |
| USD (or $) | United States Dollar |  |  |  |  |
|  Exchange Abbreviations: | Exchange Abbreviations: |  |  |  |  |
| OTC | Over the Counter |  |  |  |  |
|  Index/Spread Abbreviations: | Index/Spread Abbreviations: |  |  |  |  |
| SOFR | Secured Overnight Financing Rate | US0003M | ICE 3-Month USD LIBOR |  |  |
|  Other Abbreviations: | Other Abbreviations: |  |  |  |  |
| ABS | Asset-Backed Security | CMBS | Collateralized Mortgage-Backed Security | TBA | To-Be-Announced |
| CLO | Collateralized Loan Obligation | OIS | Overnight Index Swap |  |  |

---

---

| | |
|:---|:---|
| **40** | **PIMCO MORTGAGE-BACKED SECURITIES ACTIVE EXCHANGE-TRADED FUND** |

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------

Distribution Information (Unaudited)

For purposes of Section 19 of the Investment Company Act of 1940 (the "Act"), the Fund 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 three month period ended June 30, 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.

---

| | | | | |
|:---|:---|:---|:---|:---|
| 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) |
|  April 2025 | $0.2000 | $0.0000 | $0.0000 | $0.2000 |
|  May 2025 | $0.2000 | $0.0000 | $0.0000 | $0.2000 |
|  June 2025 | $0.2000 | $0.0000 | $0.0000 | $0.2000 |

---

\* The source of dividends provided in the table differs, in some respects, from information presented in this report prepared in accordance with generally accepted accounting principles, or U.S. GAAP. For example, net earnings from certain interest rate swap contracts are included as a source of net investment income for purposes of Section 19(a). Accordingly, the information in the table may differ from information in the accompanying financial statements that are presented on the basis of U.S. GAAP and may differ from tax information presented in the footnotes. Amounts shown may include accumulated, as well as fiscal period net income and net profits. 

\*\* Occurs when a fund distributes an amount greater than its accumulated net income and net profits. Amounts are not reflective of a fund's net income, yield, earnings or investment performance. 

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **41** |

---

------

Federal Income Tax Information (Unaudited)

As required by the Internal Revenue Code ("Code") and Treasury Regulations, if applicable, shareholders must be notified within 60 days of the Fund's fiscal year end regarding the status of qualified dividend income and the dividend received deduction.

Dividend Received Deduction. Corporate shareholders are generally entitled to take the dividend received deduction on the portion of a fund's dividend distribution that qualifies under tax law. The percentage of the following Fund's fiscal 2025 ordinary income dividend that qualifies for the corporate dividend received deduction is set forth below.

Qualified Dividend Income. Under the Jobs and Growth Tax Relief Reconciliation Act of 2003, the following percentage of ordinary dividends paid during the fiscal year ended June 30, 2025 was designated as ''qualified dividend income'' as defined in the Jobs and Growth Tax Relief Reconciliation Act of 2003 subject to reduced tax rates in 2025.

Qualified Interest Income and Qualified Short-Term Capital Gain (for non-U.S. resident shareholders only). Under the American Jobs Creation Act of 2004, the following amounts of ordinary dividends paid during the fiscal year ended June 30, 2025 are considered to be derived from "qualified interest income," as defined in Section 871(k)(1)(E) of the Code, and therefore are designated as interest-related dividends, as defined in Section 871(k)(1)(C) of the Code. Further, the following amounts of ordinary dividends paid during the fiscal year ended June 30, 2025 are considered to be derived from "qualified short-term capital gain," as defined in Section 871(k)(2)(D) of the Code, and therefore are designated as qualified short-term gain dividends, as defined by Section 871(k)(2)(C) of the Code.

Section 163(j) Interest Dividends. The Fund intends to pass through the maximum amount allowable as Section 163(j) Interest defined in Proposed Treasury Section 1.163(j)-1(b).

Section 199A Dividends. The Fund intends to pass through the maximum amount allowable as Section 199A Dividends defined in Proposed Treasury Section 199A-3(d).

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Dividend<br>Received<br>Deduction% | Qualified<br>Dividend<br>Income% | Qualified<br>Interest<br>Income<br>(000s)<sup>†</sup> | Qualified<br>Short-Term<br>Capital Gains<br>(000s)<sup>†</sup> |
|  PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund | 0.00% | 0.00% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3762 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

---

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

---

Shareholders are advised to consult their own tax advisor with respect to the tax consequences of their investment in the Trust. In January 2026, you will be advised on IRS Form 1099-DIV as to the federal tax status of the dividends and distributions received by you in calendar year 2025.

---

| | |
|:---|:---|
| **42** | **PIMCO MORTGAGE-BACKED SECURITIES ACTIVE EXCHANGE-TRADED FUND** |

---

------

Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8) (Unaudited)

Not applicable.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **43** |

---

------

Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9) (Unaudited)

Not applicable.

---

| | |
|:---|:---|
| **44** | **PIMCO MORTGAGE-BACKED SECURITIES ACTIVE EXCHANGE-TRADED FUND** |

---

------

Approval of Investment Management Agreement (N-CSR Item 11) (Unaudited)

Not applicable.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **45** |

---

------

#### General Information
Investment Adviser and Administrator

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 Fund listed on the Report cover.

------

![LOGO](g11929g49r13.jpg)

ETF4742FSTMAR_063025

------

**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 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 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 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 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 to the Registrant.

(b) Not applicable to the Registrant.

**Item 19.** **Exhibits.** <br>

(a)(1) [Exhibit 99.CODE—Code of Ethics pursuant to Section 406 of the Sarbanes-Oxley Act of 2002.](d940699dex99codeeth.htm)

(a)(2) Not applicable to the Registrant.

(a)(3) [Exhibit 99.CERT—Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](d940699dex99cert.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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [Exhibit 99.906CERT—Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](d940699dex99906cert.htm)

------

#### 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: | /s/ Joshua D. Ratner |
|  | Joshua D. Ratner |
|  | President (Principal Executive Officer) |
| Date: September 5, 2025 | Date: September 5, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Joshua D. Ratner |
|  | Joshua D. Ratner |
|  | President (Principal Executive Officer) |
| Date: September 5, 2025 | Date: September 5, 2025 |

---

---

| | |
|:---|:---|
| By: | /s/ Bijal Y. Parikh |
|  | Bijal Y. Parikh |
|  | Treasurer (Principal Financial & Accounting Officer) |
| Date: September 5, 2025 | Date: September 5, 2025 |

---

## Ex-99.Code

**<u>Code of Ethics Pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 for Principal</u>**

**<u>Executive and Senior Financial Officers</u>**

**PIMCO Funds** 

**PIMCO Variable Insurance Trust ("PVIT")** 

**PIMCO ETF Trust ("ETF")** 

**PIMCO Equity Series ("PES")** 

**PIMCO Equity Series VIT ("PESVIT")** 

**PIMCO Managed Accounts Trust** 

**PIMCO Sponsored Closed-End Funds** 

**PIMCO Sponsored Interval Funds** 

**PIMCO Capital Solutions BDC Corp.<sup>1</sup>** 

**I.** **Covered Officers/Purpose of the Code** 

This Code of Ethics (this "Code") pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 has been adopted by the Funds and, except as provided in Section VI below, applies to each Fund's Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer (the "Covered Persons"). Each Covered Person is identified in <u>Exhibit A</u>.)

This Code has been adopted for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● full, fair, accurate, timely and understandable disclosure in reports and documents that a Fund files with, or
submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by a Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the
Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● accountability for adherence to the Code.

Each Covered Person should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to conflicts of interest or the appearance thereof.

<sup>1</sup> The listed entities which are open-end investment companies are known as the "Trusts," the listed entities which are publicly-traded closed-end investment companies are known as the "Closed-End Funds," the listed entities which are closed-end investment companies operating as "interval" funds pursuant to Rule 23c-3 under the 1940 Act are known as the "Interval Funds", and the listed entities which are business development companies are known as the "BDCs." The Trusts' respective series, the Closed-End Funds, the Interval Funds and the BDC are referred to herein as the "Funds." References to "Trustees" include Directors, as applicable.

------

Sarbanes-Oxley Code of Ethics

**II.** **Covered Persons Should Handle Ethically Any Actual or Apparent Conflicts of Interest** 

**Overview**. A "conflict of interest" occurs when a Covered Person's private interest interferes with the interests of, or his service to, the relevant Fund. For example, a conflict of interest would arise if a Covered Person, or a member of the Covered Person's family, receives improper personal benefits as a result of the Covered Person's position with the relevant Fund.

Certain conflicts of interest arise out of the relationships between Covered Persons and the relevant Fund and already are subject to conflict of interest provisions and procedures in the Investment Company Act of 1940, as amended (including the regulations thereunder, the "1940 Act") and the Investment Advisers Act of 1940, as amended (including the regulations thereunder, the "Investment Advisers Act") and other applicable laws. Indeed, conflicts of interest are endemic for registered management investment companies and those conflicts are both substantially and procedurally dealt with under the 1940 Act. For example, Covered Persons may not engage in certain transactions with a Fund because of their status as "affiliated persons" of such Fund. The compliance program of each Fund and the compliance programs of its investment adviser, principal underwriter (with respect to the Trusts) and administrator (each a "PIMCO-Affiliated Service Provider" and, collectively, the "PIMCO-Affiliated Service Providers"<sup>2</sup>) are reasonably designed to prevent, or identify and correct, violations of many of those provisions, although they are not designed to provide absolute assurance as to those matters. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code. *See also* Section V of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between a Fund and its applicable PIMCO-Affiliated Service Providers of which the Covered Persons are also officers or employees. As a result, this Code recognizes that the Covered Persons will, in the normal course of their duties (whether for the Funds or for a PIMCO-Affiliated Service Provider, or for both), be involved in establishing policies and implementing decisions that will have different effects on the PIMCO-Affiliated Service Providers and the Funds. The participation of the Covered Persons in such activities is inherent in the contractual relationships between the Funds and their applicable PIMCO-Affiliated Service Providers and is consistent with the performance by the Covered Persons of their duties as officers of the relevant Fund. Thus, if performed in conformity with the provisions of the 1940 Act, the Investment Advisers Act, other applicable law and the relevant Fund's constitutional documents, such activities will be deemed to have been handled ethically. Frequently, the 1940 Act establishes, as a mechanism for dealing with conflicts, requirements that such potential conflicts be disclosed to and approved by the Trustees of a Fund who are not "interested persons" of such Fund under the 1940 Act. In addition, it is recognized by each Fund's Board of Trustees that the Covered Persons may also be officers or employees of one or more other investment companies covered by this or other codes and that such service, by itself, does not give rise to a conflict of interest.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not the subject of provisions of the 1940 Act and the Investment Advisers Act. The following list provides

<sup>2</sup> Each PIMCO-Affiliated Service Provider is identified in <u>Exhibit B</u>.

------

Sarbanes-Oxley Code of Ethics

examples of conflicts of interest under the Code, but Covered Persons should bear in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Person should not be placed improperly before the interest of the relevant Fund, unless the personal interest is disclosed to and reviewed by other officers of such Fund or such Fund's Chief Compliance Officer ("CCO").

\* \* \* \*

Each Covered Person must not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● use his personal influence or personal relationships to improperly influence investment decisions or financial
reporting by the relevant Fund whereby the Covered Person would benefit personally to the detriment of such Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● cause the relevant Fund to take action, or fail to take action, for the individual personal benefit of the
Covered Person rather than the benefit of such Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● retaliate against any other Covered Person or any employee of the Funds or their PIMCO-Affiliated Service
Providers for reports of potential violations that are made in good faith.

There are some conflict of interest situations that should always be submitted for review by the President of the relevant Fund (or, with respect to activities of the President, by the Chairman of the relevant Fund or, if the same person holds the titles of President and Chairman, by the Fund's CCO). These conflict of interest situations are listed below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● service on the board of directors or governing board of a publicly traded entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● knowing acceptance of any investment opportunity or of any material gift or gratuity from any person or entity
that does business, or desires to do business, with the relevant Fund. For these purposes, material gifts do <u>not</u> include (i) gifts from a single giver so long as their aggregate annual value does not exceed the equivalent of $100.00;
(ii) attending business meals, business related conferences, sporting events and other entertainment events at the expense of a giver, so long as the expense is reasonable<sup>3</sup>and both the Covered
Person and the giver are present<sup>4</sup>; or (iii) gifts or meals/conferences/events received from the Covered Person's employer;

<sup>3</sup> Whether an entertainment expense is "reasonable" will vary depending on the circumstances. For example, under proposed FINRA (NASD) guidance (Proposed IM 3060, SEC Release No. 34-55765, May 15, 2007), generally, a business entertainment event that is so lavish or extensive in nature that an attendee would likely feel compelled to direct business to the sponsor of the event, or a business entertainment event that is intended or designed to cause, or would be reasonably judged to have the likely effect of causing the attendee to act in a manner that is inconsistent with the best interests of a Fund would be unreasonable *per se*. 

<sup>4</sup> In the event a Covered Person is a registered representative of the Funds' principal underwriter, the aggregate annual gift value from a single giver shall not exceed $100.00 as required by the rules of FINRA. However, PIMCO

------

Sarbanes-Oxley Code of Ethics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● any ownership interest in, or any consulting or employment relationship with, any entities doing business with
the relevant Fund, other than a PIMCO-Affiliated Service Provider or an affiliate of a PIMCO-Affiliated Service Provider.<sup>5</sup>This restriction shall not apply to or otherwise limit the ownership of
publicly traded securities of such entities doing business with the relevant Fund so long as the Covered Person's ownership does not exceed more than 2% of the outstanding securities of the relevant class; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● knowingly have a direct or indirect financial interest in commissions, transaction charges or spreads paid by
the relevant Fund for effecting portfolio transactions or for selling or redeeming shares of a Fund other than an interest arising from the Covered Person's employment. This restriction shall not apply to or otherwise limit the direct or
indirect ownership of publicly traded securities of any such company so long as the Covered Person's ownership does not exceed more than 2% of the particular class of security outstanding.

**III.** **Disclosure and Compliance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● No Covered Person should knowingly misrepresent, or cause others to misrepresent, facts about the relevant
Fund to others, whether within or outside such Fund, including to such Fund's Board of Trustees and auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● each Covered Person should, to the extent appropriate within his area of responsibility, consult with other
officers and employees of the Funds, applicable PIMCO Affiliated Service Providers, other service providers, or with counsel to the Funds with the goal of promoting full, fair, accurate, timely and understandable disclosure in the registration
statements or periodic reports that the Funds file with, or submit to, the SEC (which, for sake of clarity, does not include any sales literature, omitting prospectuses, or "tombstone" advertising prepared by the relevant Fund's
principal underwriter(s)); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● it is the responsibility of each Covered Person to promote compliance with the standards and restrictions
imposed by applicable laws, rules and regulations.

employees and PIMCO Investments LLC registered representatives are subject to the respective firm's internal policies on accepting gifts and entertainment and must abide by the limitations imposed by such policies.

<sup>5</sup> For purposes of the Code, an "affiliate" of a Service Provider is (a) any natural person or entity directly or indirectly owning, controlling, or holding with power to vote, 5% or more of the outstanding voting securities of the Service Provider; (b) any natural person or entity 5% or more of whose outstanding voting securities are directly or indirectly owned by, controlled, or held with power to vote, by the Service Provider; (c) any person directly or indirectly controlling, controlled by, or under common control with, the Service Provider; or (d) any officer, director, partner, copartner, or employee of the Service Provider.

------

Sarbanes-Oxley Code of Ethics

**IV.** **Reporting and Accountability** 

Each Covered Person must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Person), affirm in writing to
the relevant Fund that he has received, read, and understood the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● annually thereafter affirm to the relevant Fund that he has complied with the requirements of the Code by
completing the Annual Certification of Compliance attached hereto as <u>Exhibit C</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● provide full and fair responses to all questions asked in any Trustee and Officer Questionnaire provided by
the relevant Fund as well as with respect to any supplemental request for information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● notify the President of the relevant Fund promptly if he or she is convinced to a moral certainty that there
has been a material violation of this Code (with respect to violations by a President, the Covered Person shall report to the Chairman of the relevant Fund or, if the same person holds the titles of President and Chairman, to the Fund's CCO).

The President of each Fund is responsible for applying this Code to specific situations in which questions are presented under it and, in consultation with the Fund's CCO, has the authority to interpret this Code in any particular situation. However, any reviews sought by the President will be considered by the Chairman of the relevant Fund or, if the same person holds the titles of President and Chairman, by the Fund's CCO.

The Funds will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the President will take all appropriate action to investigate any potential material violations reported to
him, which actions may include the use of internal or external counsel, accountants or other personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● if, after such investigation, the President believes that no material violation has occurred, the President is
not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● any matter that the President believes is a material violation will be reported to the applicable Fund's
CCO;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● if the CCO concurs that a material violation has occurred, it will inform and make a recommendation to the
Fund's Board of Trustees, which will consider appropriate action, which may include review of, and appropriate modifications to applicable policies and procedures; notification to appropriate personnel of a PIMCO-Affiliated Service Provider or
its board; or a recommendation to dismiss the Covered Person; and

A Fund's CCO or Board of Trustees may grant waivers under this Code, as each deems appropriate.

------

Sarbanes-Oxley Code of Ethics

**V.** **Public Disclosure of Changes and Waivers** 

Any changes to this Code will, to the extent required by the SEC's rules, be disclosed on the Fund's website or in the Fund's N-CSR. Any waivers under this Code relating to a Covered Person will, to the extent required by the SEC's rules, be disclosed on the Fund's website or in the Fund's N-CSR.

**VI.** **Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds or the Funds' PIMCO-Affiliated Service Providers govern or purport to govern the behavior or activities of the Covered Persons who are subject to this Code, they are superseded by this Code to the extent that they conflict with the provisions of this Code. The Funds' and their PIMCO-Affiliated Service Providers' codes of ethics under Rule 17j-1 under the 1940 Act and the PIMCO-Affiliated Service Providers' more detailed compliance policies and procedures are separate requirements applying to the Covered Persons and others, and are not part of this Code.

This Code will not be interpreted or applied in any manner that would violate the legal rights of any Covered Person as an employee under applicable law. For example, nothing in this Code or the Exhibits attached hereto prohibits or in any way restricts any Covered Person from reporting possible violations of law or regulation to, otherwise communicating directly with, cooperating with or providing information to any governmental or regulatory body or any self-regulatory organization or making other disclosures that are protected under applicable law or regulations of the SEC or any other governmental or regulatory body or self-regulatory organization. A Covered Person does not need prior authorization of PIMCO, a Fund or a PIMCO-Affiliated Service Provider before taking any such action and is not required to inform PIMCO, a Fund or a PIMCO-Affiliated Service Provider if he or she chooses to take such action.

**VII.** **Amendments** 

Any material amendments to this Code must be approved or ratified by a majority vote of the Board of Trustees.

**VIII.** **Confidentiality** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone except as permitted by the Board of Trustees.

**IX.** **Internal Use** 

The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Fund, as to any fact, circumstance, or legal conclusion.

------

Sarbanes-Oxley Code of Ethics

**History of Amendments** 

---

| | |
|:---|:---|
| <u>History of adoptions and amendments:</u> | <u>History of adoptions and amendments:</u> |
| Adopted: | September 29, 2004 |
| Effective: | October 5, 2004 |
| Amended: | April 1, 2005 |
| Amended: | May 24, 2005 |
| Amended: | February 24, 2009 (added ETF) |
| Amended: | March 31, 2009 |
| Amended: | August 11, 2009 |
| Amended: | March 30, 2010 (added PES and PESVIT) |
| Amended: | March 1, 2011 |
| Amended: | February 27, 2013 |
| Amended: | November 7, 2013 (non-material changes) |
| Amended: | February 26, 2014 (non-material changes) |
| Amended: | August 14, 2014 (added PIMCO Managed Accounts Trust and PIMCO Sponsored Closed-End Funds) |
| Amended: | January 17, 2015 |
| Amended: | December 14, 2016 (added PIMCO Sponsored Interval Funds) |
| Amended: | February 15, 2017 (Open-End Funds Boards); March 23, 2017 (Approved by PIMCO Managed Accounts Trust, PIMO Sponsored Closed-End Funds and PIMCO Sponsored Interval Funds) |
| Amended: | May 28, 2019 (updated Exhibit A for PIMCO Managed Accounts Trust, PIMO Sponsored Closed-End Funds and PIMCO Sponsored Interval Funds) |
| Amended: | June 15, 2019 (updated Exhibit A for OEF/ETF) |
| Amended: | January 1, 2021 (updated PFO/PAO in Exhibit A) |
| Amended: | June 22, 2022 (added Boards of Real Estate/Private Credit Funds) |
| Amended: | February 14, 2024 (Open-End Funds Boards); February 28, 2024 (Boards of Real Estate/Private Credit Funds); March 14, 2024 (PIMCO Managed Accounts Trust and PIMCO Sponsored Interval Funds Boards) (Updated Exhibit A) |

---

------

**Exhibit A** 

<u>Persons Covered by this Code of Ethics</u> 

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Trust**<br>| **Principal Executive**<br> **Officer**<br>| **Principal Financial**<br> **Officer**<br>| **Principal Accounting**<br> **Officer**<br>|
| &nbsp;&nbsp;&nbsp;PIMCO Funds | Joshua D. Ratner | Bijal Parikh | Bijal Parikh |
| &nbsp;&nbsp;&nbsp;PVIT | Joshua D. Ratner | Bijal Parikh | Bijal Parikh |
| &nbsp;&nbsp;&nbsp;ETF | Joshua D. Ratner | Bijal Parikh | Bijal Parikh |
| &nbsp;&nbsp;&nbsp;PES | Joshua D. Ratner | Bijal Parikh | Bijal Parikh |
| &nbsp;&nbsp;&nbsp;PESVIT | Joshua D. Ratner | Bijal Parikh | Bijal Parikh |
| &nbsp;&nbsp;&nbsp;PIMCO Managed Accounts Trust | Joshua D. Ratner | Bijal Parikh | Bijal Parikh |
| &nbsp;&nbsp;&nbsp;PIMCO Sponsored Closed-End Funds | Joshua D. Ratner | Bijal Parikh | Bijal Parikh |
| &nbsp;&nbsp;&nbsp;PIMCO Sponsored Interval Funds | Joshua D. Ratner | Bijal Parikh | Bijal Parikh |
| &nbsp;&nbsp;&nbsp;PIMCO Sponsored BDCs | John W. Lane | Crystal Porter | Crystal Porter |

---

Note that a listed officer is only a "Covered Person" of the Fund(s) for which he or she serves as a Principal Executive Officer, Principal Financial Officer or Principal Accounting Officer.

------

**Exhibit B** 

<u>PIMCO-Affiliated Service Providers</u>\*

---

| | |
|:---|:---|
| &nbsp;&nbsp; Investment Adviser <br>| Pacific Investment Management Company LLC ("PIMCO")<br>|
| &nbsp;&nbsp; Principal Underwriter\*\* | PIMCO Investments LLC |
| &nbsp;&nbsp; Administrator\*\*\*<br>| PIMCO<br>|

---

\* None of the PIMCO-Affiliated Service Providers are publicly traded companies.

\*\* PIMCO Investments LLC does not serve as the principal underwriter for the Closed-End Funds or the BDC.

\*\*\* Each Fund retains PIMCO to provide administrative services, either under separate administration agreements or under their advisory or management agreements.

------

**Exhibit C** 

ANNUAL CERTIFICATION OF COMPLIANCE

I hereby certify that I have complied with the requirements of the Code of Ethics Pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 for Principal Executive and Senior Financial Officers (the "Code") for the year ended December 31,<u> </u>. I also agree to cooperate fully with any investigation or inquiry as to whether a possible violation of the foregoing Code has occurred.

Date:<u> </u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Signature

## 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: | September 5, 2025 |
| 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: | September 5, 2025 |
| 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)<br>| Title: | Treasurer (Principal Financial & Accounting Officer)<br>|
| Date: | September 5, 2025 | Date: | September 5, 2025 |

---

**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.