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: 811-09721

PIMCO Managed Accounts Trust

(Exact name of registrant as specified in charter)

1633 Broadway, New York, NY 10019

(Address of principal executive offices)

Bijal Y. Parikh

Treasurer (Principal Financial & Accounting Officer)

650 Newport Center Drive

Newport Beach, CA 92660

(Name and address of agent for service)

Copies to:

David C. Sullivan

Ropes & Gray LLP

Prudential Tower

800 Boylston Street

Boston, MA 02199

Registrant’s telephone number, including area code: (800) 927-4648

Date of fiscal year end: December 31

Date of reporting period: June 30, 2021

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

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

Item 1. Reports to Shareholders.

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

PIMCO MANAGED ACCOUNTS TRUST

Semiannual Report

June 30, 2021

Fixed Income SHares: Series C (“FISH: Series C”)

Fixed Income SHares: Series LD (“FISH: Series LD”)

Fixed Income SHares: Series M (“FISH: Series M”)

Fixed Income SHares: Series R (“FISH: Series R”)

Fixed Income SHares: Series TE (“FISH: Series TE”)

As permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Portfolio’s annual and semi-annual shareholder reports will no longer be sent by mail from your financial intermediary, such as a broker-dealer or bank, which offers the Portfolio unless you specifically request paper copies from your financial intermediary. Instead, the shareholder reports will be made available on a website, and your financial intermediary will notify you by mail each time a report is posted and provide you with a website link to access the report. Instructions for requesting paper copies will be provided by your financial intermediary.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from your financial intermediary electronically by following the instructions provided by your financial intermediary.

You may elect to receive all future reports in paper free of charge from your financial intermediary. You should contact your financial intermediary if you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all portfolios held in your account at the financial intermediary.

Table of Contents

			Page
Letter from the Chair of the Board & President				2
Important Information About the Portfolios				5
Expense Examples				20
Benchmark Descriptions				21
Financial Highlights				22
Statements of Assets and Liabilities				26
Statements of Operations				28
Statements of Changes in Net Assets				30
Statements of Cash Flows				32
Notes to Financial Statements				106
Glossary				143
Shareholder Meeting Results				145
Investment Strategy Updates				146
Change to Board of Trustees				147
Liquidity Risk Management Program				148
Approval of Investment Advisory Contract and Other Agreements				149
Portfolio	Portfolio Summary		Schedule of Investments
Fixed Income SHares: Series C		10		33
Fixed Income SHares: Series LD		12		50
Fixed Income SHares: Series M		14		65
Fixed Income SHares: Series R		16		88
Fixed Income SHares: Series TE		18		101

Letter from the Chair of the Board & President

Dear Shareholder,

We hope that you and your family are remaining safe and healthy during these challenging times. We continue to work tirelessly to navigate markets and manage the assets that you have entrusted with us. Following this letter is the PIMCO Managed Accounts Trust Semiannual Report, which covers the six-month reporting period ended June 30, 2021. On the subsequent pages, you will find specific details regarding investment results and a discussion of the factors that most affected performance during the reporting period.

For the six-month reporting period ended June 30, 2021

The global economy was severely impacted by the repercussions related to the COVID-19 pandemic (“COVID-19”). Looking back, fourth quarter 2020 U.S. annualized gross domestic product (“GDP”) growth was 4.3%. The economy gained momentum during the first quarter of 2021 as GDP growth in the U.S. was 6.3%. Finally, the Commerce Department’s initial estimate for second quarter annualized GDP growth — released after the reporting period ended — was 6.5%.

Despite improving economic data and inflationary concerns, the Federal Reserve (the “Fed”) maintained its accommodative monetary policy. This included keeping the federal funds rate at an all-time low of a range between 0.00% and 0.25%, as well as continuing to purchase at least $80 billion a month of Treasury securities and $40 billion a month of agency mortgage-backed securities. However, at its June 2021 meeting, the Fed pushed forward its forecast for the first rate hikes. The central bank now expects two interest rate increases by the end of 2023, compared to 2024 in its March 2021 update. In addition, while Fed Chair Jerome Powell said it would begin discussing a scaling back of bond purchases, he maintained his view on inflation, saying, “As these transitory supply effects abate, inflation is expected to drop back toward our longer-run goal.” He also said that any discussion of raising rates was “highly premature.”

Economies outside the U.S. also continued to be impacted by COVID-19. In its April 2021 World Economic Outlook Update, the International Monetary Fund (“IMF”) said it expects U.S. GDP growth to be 6.4% in 2021, compared to a 3.5% contraction in 2020. Elsewhere, the IMF expects 2021 GDP growth in the eurozone, U.K. and Japan will be 4.4%, 5.3% and 3.3%, respectively. For comparison purposes, the GDP of these economies was projected to be -6.6%, -9.9% and -4.8%, respectively, in 2020.

Central banks outside the U.S. also maintained their aggressive actions to support their economies. The European Central Bank (the “ECB”) kept rates at an all-time low. It also continued to purchase bonds and, in June 2021, vowed to increase its purchases at a significantly higher pace than earlier in the year. Finally, in July 2021, after the reporting period ended, the ECB announced its first strategy review since

2 PIMCO MANAGED ACCOUNTS TRUST

2003, which included a 2% inflation target over the medium term, versus its previous target for inflation that was below but close to 2%. Elsewhere, the Bank of England held its key lending rate at a record low of 0.10% and continued its bond buying program. In June 2021, the central bank said it did not expect to raise rates until there was clear evidence that significant progress was being made in eliminating spare capacity and achieving its 2% inflation target. Finally, the Bank of Japan maintained its short-term interest rate at -0.10%, while increasing the target for its holdings of corporate bonds. In June 2021, it extended the September deadline for its COVID-19-relief program by at least six months.

Both short- and long-term U.S. Treasury yields moved higher, albeit from very low levels, during the reporting period. The yield on the benchmark 10-year U.S. Treasury note was 1.45% at the end of the reporting period, versus 0.93% on December 31, 2020. The Bloomberg Barclays Global Treasury Index (USD Hedged), which tracks fixed-rate, local currency government debt of investment grade countries, including both developed and emerging markets, returned -2.02%. Meanwhile, the Bloomberg Barclays Global Aggregate Credit Index (USD Hedged), a widely used index of global investment grade credit bonds, returned -1.04%. Riskier fixed income asset classes, including high yield corporate bonds and emerging market debt, produced mixed returns. The ICE BofAML Developed Markets High Yield Constrained Index (USD Hedged), a widely used index of below-investment-grade bonds, returned 3.65%, whereas emerging market external debt, as represented by the JPMorgan Emerging Markets Bond Index (EMBI) Global (USD Hedged), returned -1.00%. Emerging market local bonds, as represented by the JPMorgan Government Bond Index-Emerging Markets Global Diversified Index (Unhedged), returned -3.38%.

Despite periods of volatility, global equities produced strong results. All told, U.S. equities, as represented by the S&P 500 Index, returned 15.25%, fueled, in our view, by accommodative monetary and fiscal policy and improved investor sentiment after positive COVID-19 vaccine news. Global equities, as represented by the MSCI World Index, returned 13.05%, whereas emerging market equities, as measured by the MSCI Emerging Markets Index, returned 7.45%. Meanwhile, Japanese equities, as represented by the Nikkei 225 Index (in JPY), returned 5.74% and European equities, as represented by the MSCI Europe Index, returned 15.35%.

Commodity prices were volatile but generally produced positive results. When the reporting period began, Brent crude oil was approximately $51 a barrel, but ended the reporting period at roughly $75 a barrel. We believe oil prices rallied as producers reduced their output and then demand increased as global growth improved. Elsewhere, copper prices moved sharply higher, whereas gold prices declined.

Finally, there were also periods of volatility in the foreign exchange markets, in our view due to fluctuating economic growth, trade conflicts and changing central bank monetary policies, along with several geopolitical events. The U.S. dollar strengthened

SEMIANNUAL REPORT JUNE 30, 2021 3

Letter from the Chair of the Board & President (Cont.)

against several other major currencies. For example, the U.S. dollar returned 2.93% and 7.07% versus the euro and Japanese yen, respectively. However, the U.S. dollar returned -1.18% versus the British pound.

Thank you for the assets you have placed with us. We deeply value your trust, and we will continue to work diligently to meet your broad investment needs. We also invite you to visit our website at www.pimco.com/FISH to learn more about our global viewpoints.

Sincerely,

Deborah A. DeCotis	Eric D. Johnson
Chair of the Board of Trustees	President

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

4 PIMCO MANAGED ACCOUNTS TRUST

Important Information About the Portfolios

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 Portfolio are likely to decrease in value. A wide variety of factors can cause interest rates to rise or yields of U.S. Treasury securities (or yields of other types of bonds) (e.g., central bank monetary policies, inflation rates, general economic conditions). In addition, changes in interest rates can be sudden and unpredictable, and there is no guarantee that Portfolio management will anticipate such movement accurately. A Portfolio 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, are at or near historically low levels. Thus, the Portfolios currently face a heightened level of risk associated with rising interest rates and/or bond yields. This could be driven by a variety of factors, including but not limited to central bank monetary policies, changing inflation or real growth rates, general economic conditions, increasing bond issuances or reduced market demand for low yielding investments. Further, while bond markets have steadily grown over the past three decades, dealer inventories of corporate bonds are near historic lows in relation to market size. As a result, there has been a significant reduction in the ability of dealers to “make markets.”

Bond funds and individual bonds with a longer duration (a measure used to determine the sensitivity of a security’s price to changes in interest rates) tend to be more sensitive to changes in interest rates, usually making them more volatile than securities or funds with shorter durations. All of the factors mentioned above, individually or collectively, could lead to increased volatility and/or lower liquidity in the fixed income markets or negatively impact a Portfolio’s performance or cause a Portfolio to incur losses. As a result, the Portfolio may experience increased shareholder redemptions, which, among other things, could further reduce the net assets of the Portfolio.

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

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

Beginning in January 2020, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of a novel coronavirus known as COVID-19. The outbreak of COVID-19 has resulted in travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand and general market uncertainty. The effects of COVID-19 have and may continue to adversely affect the global economy, the economies of certain nations and individual issuers, all of which may negatively impact the Portfolios’ performance. In addition, COVID-19 and governmental responses to COVID-19 may negatively impact the capabilities of the Portfolios’ service providers and disrupt the Portfolios’ operations.

SEMIANNUAL REPORT JUNE 30, 2021 5

Important Information About the Portfolios (Cont.)

The United States’ enforcement of restrictions on U.S. investments in certain issuers and tariffs on goods from other countries, each with a focus on China, has contributed to international trade tensions and may impact portfolio securities.

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

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

The Portfolios may be subject to various risks as described in each Portfolio’s prospectus and in the Principal and Other Risks in the Notes to Financial Statements.

On each Portfolio Summary page in this Shareholder Report, the Average Annual Total Return table and Cumulative Returns chart measure performance assuming that all dividend and capital gain distributions were reinvested. Returns do not reflect the deduction of taxes that a shareholder would pay on (i) Portfolio distributions or (ii) the redemption of Portfolio shares. Total return for a period of more than one year represents the average annual total return. Performance shown is net of fees and expenses. The figures in the line graph are calculated at net asset value and assume the investment of $10,000 at the end of the month that a Portfolio commenced operations. Each Portfolio measures its performance against a broad-based securities market index (“benchmark index”). Each benchmark index does not take into account fees, expenses or taxes. Historical performance for a Portfolio may have been positively impacted by fee waivers or expense limitations in place during some or all of the periods shown, if applicable. Future performance (including total return or yield) and distributions may be negatively impacted by the termination or reduction of any such fee waivers or expense limitations.

The dividend rate that a Portfolio pays on its common shares may vary as portfolio and market conditions change, and will depend on a number of factors, including without limit the amount of a Portfolio’s undistributed net investment income and net short- and long-term capital gains, as well as the costs of any leverage obtained by a Portfolio. As portfolio and market conditions change, the rate of distributions on the common shares and a Portfolio’s dividend policy could change. There can

6 PIMCO MANAGED ACCOUNTS TRUST

be no assurance that a change in market conditions or other factors will not result in a change in a Portfolio distribution rate or that the rate will be sustainable in the future.

The following table discloses the commencement of operations and diversification status of each Portfolio:

Portfolio Name	Commencement of Operations		Diversification Status
Fixed Income SHares: Series C		03/17/00	Diversified
Fixed Income SHares: Series LD		12/20/13	Diversified
Fixed Income SHares: Series M		03/17/00	Diversified
Fixed Income SHares: Series R		04/15/04	Diversified
Fixed Income SHares: Series TE		06/25/12	Diversified

The Trustees are responsible generally for overseeing the management of the Trust. The Trustees authorize the Trust to enter into service agreements with PIMCO as the Investment Adviser and Administrator, PIMCO Investments LLC 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 Portfolios. Shareholders are not parties to or third-party beneficiaries of such service agreements. Neither a Portfolio’s prospectus nor summary prospectus, the Trust’s Statement of Additional Information (“SAI”), any press release or shareholder report, 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 Portfolio creates a contract between or among any shareholders of a Portfolio, on the one hand, and the Trust, a Portfolio, a service provider to the Trust or a Portfolio, 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 its most recent or use a new prospectus, summary prospectus or SAI with respect to a Portfolio 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 Portfolio is a party, and interpret the investment objective(s), policies, restrictions and contractual provisions applicable to any Portfolio, 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.

An investment in a Portfolio is not a deposit of a bank 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 Portfolios.

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. The Proxy Policy has been adopted by the Portfolios as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolios. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of each Portfolio, and information about how each Portfolio voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available

SEMIANNUAL REPORT JUNE 30, 2021 7

Important Information About the Portfolios (Cont.)

without charge, upon request, by calling the Portfolios at (888) 87-PIMCO, on the Portfolios’ website at www.pimco.com/FISH, and on the Securities and Exchange Commission’s (“SEC”) website at www.sec.gov.

The Portfolios file portfolio holdings information with the SEC on Form N-PORT within 60 days of the end of each fiscal quarter. The Portfolios’ 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.pimco.com/FISH, and will be made available, upon request, by calling PIMCO at (888) 87-PIMCO.

The SEC adopted a rule that allows shareholder reports to be delivered to investors by providing access to such reports online free of charge and by mailing a notice that the report is electronically available. Pursuant to the rule, investors may elect to receive all future reports in paper free of charge by contacting their financial intermediary. Any election to receive reports in paper will apply to all portfolios held in the investor’s account at the financial intermediary.

In August 2020, the SEC proposed changes to the mutual fund and ETF shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which, if adopted, will change the disclosures provided to shareholders.

In October 2020, the SEC adopted a rule related to the use of derivatives, short sales, reverse repurchase agreements and certain other transactions by registered investment companies that rescinds and withdraws the guidance of the SEC and its staff regarding asset segregation and cover transactions. Subject to certain exceptions, and after an eighteen-month transition period, the rule requires portfolios to trade derivatives and other transactions that create future payment or delivery obligations (except reverse repurchase agreements and similar financing transactions) subject to a value-at-risk leverage limit, certain derivatives risk management program and reporting requirements. These requirements may limit the ability of the Portfolios to use derivatives and reverse repurchase agreements and similar financing transactions as part of their investment strategies and may increase the cost of the Portfolios’ investments and cost of doing business, which could adversely affect investors.

In October 2020, the SEC adopted a rule regarding the ability of a fund to invest in other funds. The rule allows a fund to acquire shares of another fund in excess of certain limitations currently imposed by the Investment Company Act of 1940 (the “Act”) without obtaining individual exemptive relief from the SEC, subject to certain conditions. The rule also included the rescission of certain exemptive relief from the SEC and guidance from the SEC staff for funds to invest in other funds. The impact that these changes may have on the Portfolios is uncertain.

In December 2020, the SEC adopted a rule addressing fair valuation of fund investments. The new rule sets forth requirements for good faith determinations of fair value as well as for the performance of fair value determinations, including related oversight and reporting obligations. The new rule also defines “readily available market quotations” for purposes of the definition of “value” under the Act, and the SEC noted that this definition will apply in all contexts under the Act. The SEC adopted an eighteen-month transition period beginning from the effective date for both the new rule and the associated new recordkeeping requirements. The impact of the new rule on the Portfolios is uncertain at this time.

8 PIMCO MANAGED ACCOUNTS TRUST

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SEMIANNUAL REPORT JUNE 30, 2021 9

Fixed Income SHares: Series C FXICX

Cumulative Returns Through June 30, 2021

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

Allocation Breakdown as of June 30, 2021†§
Corporate Bonds & Notes	30.7	%
U.S. Treasury Obligations	25.6	%
Asset-Backed Securities	17.8	%
U.S. Government Agencies	12.2	%
Non-Agency Mortgage-Backed Securities	5.4	%
Preferred Securities	4.6	%
Municipal Bonds & Notes	1.8	%
Short-Term Instruments‡	1.3	%
Loan Participations and Assignments	0.6	%

^†  % of Investments, at value.

^§  Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.

^‡  Includes Central Funds Used for Cash Management Purposes.

Average Annual Total Return for the period ended June 30, 2021
		6 Month*		1 Year		5 Year		10 Year		Commencement of Operations (03/17/00)
	Fixed Income SHares: Series C		(0.53)%		3.94%		5.12%		4.48%		8.88%
	Bloomberg Barclays U.S. Intermediate Credit Index		(0.54)%		2.25%		3.64%		3.80%		5.24%¨

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

* Cumulative Return

^¨ Average Annual Return since 03/31/00

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. Returns presented do not reflect the deduction of taxes that a shareholder would pay on portfolio distribution or the redemption of portfolio shares or the deduction of any fees charged to investors at the “wrap account” level. Differences in the Portfolio’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Portfolio and the index.

The Portfolio’s total annual operating expense ratio in effect as of period end was 0.03%. Details regarding any changes to the Portfolio’s operating expenses, subsequent to period end, can be found in the Portfolio’s current prospectus, as supplemented.

10 PIMCO MANAGED ACCOUNTS TRUST

Investment Objective

The Portfolio seeks maximum total return, consistent with preservation of capital and prudent investment management.

Portfolio Insights

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

» Selection within investment grade corporate credit, particularly a preference for financials and industrials, contributed to relative performance as spreads tightened.

» Positions in non-Agency mortgage-backed securities (“MBS”) and other securitized assets contributed to relative performance, as spreads tightened.

» Short exposure to duration in the U.K. contributed to relative performance, as interest rates rose.

» Positions in high yield credit contributed to relative performance, as spreads tightened.

» Positions in taxable municipals contributed to relative performance, as spreads tightened.

» Overweight exposure to U.S. duration, particularly at the intermediate part of the curve, detracted from relative performance, as interest rates rose.

SEMIANNUAL REPORT JUNE 30, 2021 11

Fixed Income SHares: Series LD FXIDX

Cumulative Returns Through June 30, 2021

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

Allocation Breakdown as of June 30, 2021†§
Corporate Bonds & Notes	43.2	%
U.S. Treasury Obligations	26.8	%
Asset-Backed Securities	14.2	%
Non-Agency Mortgage-Backed Securities	9.0	%
U.S. Government Agencies	5.4	%
Short-Term Instruments‡	0.1	%
Other	1.3	%

^†  % of Investments, at value.

^§  Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.

^‡  Includes Central Funds Used for Cash Management Purposes.

Average Annual Total Return for the period ended June 30, 2021
		6 Month*		1 Year		5 Year		Commencement of Operations (12/20/13)
	Fixed Income SHares: Series LD		1.15%		4.44%		3.84%		3.67%
	ICE BofAML 1-3 Year U.S. Treasury Index		(0.08)%		0.07%		1.60%		1.40%

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

* Cumulative Return

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. Returns presented do not reflect the deduction of taxes that a shareholder would pay on portfolio distribution or the redemption of portfolio shares or the deduction of any fees charged to investors at the “wrap account” level. Differences in the Portfolio’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Portfolio and the index.

The Portfolio’s total annual operating expense ratio in effect as of period end was 0.66%. Details regarding any changes to the Portfolio’s operating expenses, subsequent to period end, can be found in the Portfolio’s current prospectus, as supplemented.

12 PIMCO MANAGED ACCOUNTS TRUST

Investment Objective

The Portfolio seeks maximum total return, consistent with preservation of capital and prudent investment management.

Portfolio Insights

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

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

» U.S. interest rate positioning contributed to performance, as the U.S. treasury curve steepened.

» Holdings of securitized credit contributed to performance, as prices for these securities appreciated.

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

» Overweight exposure to Canadian duration detracted from performance, as local front-end interest rates rose.

SEMIANNUAL REPORT JUNE 30, 2021 13

Fixed Income SHares: Series M FXIMX

Cumulative Returns Through June 30, 2021

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

Allocation Breakdown as of June 30, 2021†§
Asset-Backed Securities	25.7	%
Corporate Bonds & Notes	22.5	%
U.S. Government Agencies	17.4	%
U.S. Treasury Obligations	17.2	%
Non-Agency Mortgage-Backed Securities	12.1	%
Municipal Bonds & Notes	2.9	%
Preferred Securities	1.2	%
Short-Term Instruments‡	0.0	%
Other	1.0	%

^†  % of Investments, at value.

^§  Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.

^‡  Includes Central Funds Used for Cash Management Purposes.

Average Annual Total Return for the period ended June 30, 2021
		6 Month*		1 Year		5 Year		10 Year		Commencement of Operations (03/17/00)
	Fixed Income SHares: Series M		1.03%		6.27%		5.79%		5.73%		7.45%
	Bloomberg Barclays U.S. MBS Fixed-Rate Index		(0.77)%		(0.42)%		2.27%		2.65%		4.60%¨

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

* Cumulative Return

^¨ Average Annual Return since 03/31/00

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. Returns presented do not reflect the deduction of taxes that a shareholder would pay on portfolio distribution or the redemption of portfolio shares or the deduction of any fees charged to investors at the “wrap account” level. Differences in the Portfolio’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Portfolio and the index.

The Portfolio’s total annual operating expense ratio in effect as of period end was 0.02%. Details regarding any changes to the Portfolio’s operating expenses, subsequent to period end, can be found in the Portfolio’s current prospectus, as supplemented.

14 PIMCO MANAGED ACCOUNTS TRUST

Investment Objective

The Portfolio seeks maximum total return, consistent with preservation of capital and prudent investment management.

Portfolio Insights

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

» Positions in non-Agency mortgage-backed securities (“MBS”) contributed to relative performance, as spreads tightened.

» Positions in investment grade corporate credit, particularly a preference for financials and industrials, contributed to relative performance as spreads tightened.

» Positions in taxable municipals contributed to relative performance, as spreads tightened.

» Positions in high yield credit contributed to relative performance, as spreads tightened.

» Underweight exposure to Agency MBS contributed to relative performance, as excess returns for these securities were negative.

» Overweight exposure to U.S. interest rates, particularly at the intermediate part of the curve, detracted from relative performance as interest rates rose.

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

SEMIANNUAL REPORT JUNE 30, 2021 15

Fixed Income SHares: Series R FXIRX

Cumulative Returns Through June 30, 2021

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

Allocation Breakdown as of June 30, 2021†§
U.S. Treasury Obligations	75.4	%
Sovereign Issues	12.1	%
Corporate Bonds & Notes	5.6	%
U.S. Government Agencies	3.2	%
Asset-Backed Securities	2.6	%
Non-Agency Mortgage-Backed Securities	1.1	%

^†  % of Investments, at value.

^§  Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.

Average Annual Total Return for the period ended June 30, 2021
		6 Month*		1 Year		5 Year		10 Year		Commencement of Operations (04/15/04)
	Fixed Income SHares: Series R		2.00%		9.68%		6.32%		5.08%		6.44%
	Bloomberg Barclays U.S. TIPS Index		1.73%		6.51%		4.17%		3.40%		4.52%¨

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

* Cumulative Return

^¨ Average Annual Return since 04/30/04

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. Returns presented do not reflect the deduction of taxes that a shareholder would pay on portfolio distribution or the redemption of portfolio shares or the deduction of any fees charged to investors at the “wrap account” level. Differences in the Portfolio’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Portfolio and the index.

The Portfolio’s total annual operating expense ratio in effect as of period end was 0.26%. Details regarding any changes to the Portfolio’s operating expenses, subsequent to period end, can be found in the Portfolio’s current prospectus, as supplemented.

16 PIMCO MANAGED ACCOUNTS TRUST

Investment Objective

The Portfolio seeks maximum real return, consistent with preservation of real capital and prudent investment management.

Portfolio Insights

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

» Overweight exposure to U.S. breakeven inflation (“BEI”) spreads (or the yield differential between nominal Treasuries and like-maturity inflation-linked bonds) contributed to relative performance, as U.S. BEI spreads moved higher.

» Overweight exposure to European BEI spreads contributed to relative performance, as European BEI moved higher.

» Overweight exposure to U.S. duration strategies detracted from relative performance, as U.S. rates moved higher.

» Curve positioning in U.S. BEI, specifically underweight exposure to the front-end of the curve relative to overweight exposure to the back-end, detracted from relative performance, as the front end of the curve rose by more than longer-term maturities.

» Underweight exposure to U.K. BEI spreads detracted from relative performance, as U.K. BEI spreads moved higher.

SEMIANNUAL REPORT JUNE 30, 2021 17

Fixed Income SHares: Series TE FXIEX

Cumulative Returns Through June 30, 2021

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

Average Annual Total Return for the period ended June 30, 2021
		6 Month*		1 Year		5 Year		Commencement of Operations (06/25/12)
	Fixed Income SHares: Series TE		2.08%		6.51%		4.57%		4.00%
	Bloomberg Barclays 1-Year Municipal Bond Index		0.31%		0.79%		1.36%		1.09%

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

* Cumulative Return

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. Returns presented do not reflect the deduction of taxes that a shareholder would pay on portfolio distribution or the redemption of portfolio shares or the deduction of any fees charged to investors at the “wrap account” level. Differences in the Portfolio’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Portfolio and the index.

The Portfolio’s total annual operating expense ratio in effect as of period end was 0.04%. Details regarding any changes to the Portfolio’s operating expenses, subsequent to period end, can be found in the Portfolio’s current prospectus, as supplemented.

18 PIMCO MANAGED ACCOUNTS TRUST

Allocation Breakdown as of June 30, 2021†§
Municipal Bonds & Notes
Health, Hospital & Nursing Home Revenue	21.5	%
Tobacco Settlement Funded	12.6	%
Natural Gas Revenue	9.8	%
Ad Valorem Property Tax	7.4	%
Electric Power & Light Revenue	6.2	%
Sales Tax Revenue	6.2	%
Highway Revenue Tolls	4.6	%
College & University Revenue	3.9	%
Lease Revenue	3.7	%
General Fund	3.1	%
Port, Airport & Marina Revenue	2.8	%
Miscellaneous Revenue	2.8	%
Appropriations	2.8	%
Local or Guaranteed Housing	2.3	%
Income Tax Revenue	1.2	%
Sewer Revenue	1.2	%
Transit Revenue	1.0	%
Other	3.1	%
Short-Term Instruments‡	3.8	%

^†  % of Investments, at value.

^§  Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.

^‡  Includes Central Funds Used for Cash Management Purposes.

Investment Objective

The Portfolio seeks high current income exempt from U.S. federal income tax consistent with prudent investment management. Total return/capital appreciation is a secondary objective.

Portfolio Insights

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

» Overweight exposure to the revenue segment contributed to performance, as the segment outperformed the general municipal market.

» Security selection within the special tax sector contributed to performance, as the securities outperformed the general municipal market.

» Overweight exposure to the healthcare sector contributed to performance, as the sector outperformed the general municipal market.

» Overweight duration positioning detracted from performance, as municipal rates increased.

» Security selection within the water and sewer sector detracted from performance, as the securities underperformed the general municipal market.

SEMIANNUAL REPORT JUNE 30, 2021 19

Expense Examples

Example

As a shareholder of a Portfolio, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including investment advisory fees, supervisory and administrative fees, distribution and/or service (12b-1) fees (if applicable), and other Portfolio expenses. The Example is intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period indicated, which for all Portfolios is from January 1, 2021 to June 30, 2021 unless noted otherwise in the table and footnotes below.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the information under the heading “Hypothetical (5% return before expenses)” is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Expense ratios may vary period to period because of various factors, such as an increase in expenses that are not covered by the investment advisory fees and supervisory and administrative fees, such as fees and expenses of the independent trustees and their counsel, extraordinary expenses and interest expense.

	Actual						Hypothetical (5% return before expenses)
	Beginning Account Value (01/01/21)		Ending Account Value (06/30/21)		Expenses Paid During Period*		Beginning Account Value (01/01/21)		Ending Account Value (06/30/21)		Expenses Paid During Period*		Net Annualized Expense Ratio**
Series C	$	1,000.00	$	994.70	$	0.05	$	1,000.00	$	1,024.27	$	0.05		0.01	%
Series LD		1,000.00		1,011.50		1.08		1,000.00		1,023.25		1.08		0.22
Series M		1,000.00		1,010.30		0.00		1,000.00		1,024.32		0.00		0.00
Series R		1,000.00		1,020.00		0.34		1,000.00		1,023.98		0.34		0.07
Series TE		1,000.00		1,020.80		0.15		1,000.00		1,024.17		0.15		0.03	(a)

* Expenses Paid During Period are equal to the net annualized expense ratio for the Portfolio, multiplied by the average account value over the period, multiplied by 178/365 (to reflect the one-half year period).

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

^(a) The Net Annualized Expense Ratio reflected in the expense example above includes 0.03% of non-cash interest expense as shown in the Financial Statements. If the example excluded non-cash interest expense, Expenses Paid During Period would have been $0.00 for Actual Performance and $0.00 Hypothetical Performance. The additional non-cash interest expense does not reflect actual expenses paid by the Portfolio, but instead is offset by additional interest income recorded by the Portfolio in Tender Option Bonds (“TOBs”) transactions accounted for as secured borrowings. Refer to Note 5, Borrowings and Other Financing Transactions, in the Notes to Financial Statements for additional information regarding TOBs.

20 PIMCO MANAGED ACCOUNTS TRUST

Benchmark Descriptions

Index*	Benchmark Description
Bloomberg Barclays 1-Year Municipal Bond Index	The Bloomberg Barclays 1-Year Municipal Bond Index is the 1 Year (1-2) component of the Municipal Bond Index. The Index is a rules-based, market-value-weighted index engineered for the long term tax-exempt bond market. To be included in the Index, bonds must be rated investment-grade (Baa3/BBB- or higher) by at least two of the following ratings agencies: Moody’s, S&P and Fitch. If only two of the three agencies rate the security, the lower rating is used to determine index eligibility. If only one of the three agencies rates a security, the rating must be investment-grade. They must have an outstanding par value of at least $7 million and be issued as part of a transaction of at least $75 million. The bonds must be fixed rate, have a dated-date after December 31, 1990, and must be at least one year from their maturity date. Remarketed issues, taxable municipal bonds, bonds with floating rates, and derivatives, are excluded from the benchmark.
Bloomberg Barclays U.S. Intermediate Credit Index	The Bloomberg Barclays U.S. Intermediate Credit Index is an unmanaged index of publicly issued U.S. corporate and specified non-U.S. debentures and secured notes with intermediate maturities ranging from 1 to less than 10 years. To qualify, bonds must be SEC-registered. Securities must also meet specific liquidity and quality requirements.
Bloomberg Barclays U.S. MBS Fixed-Rate Index	Bloomberg Barclays U.S. MBS Fixed-Rate Index covers the mortgage-backed pass-through securities and hybrid ARM pools of Ginnie Mae (GNMA), Fannie Mae (FNMA), and Freddie Mac (FHLMC). The MBS Index is formed by grouping individual fixed rate MBS pools into generic aggregates.
Bloomberg Barclays U.S. TIPS Index	Bloomberg Barclays U.S. TIPS Index is an unmanaged market index comprised of all U.S. Treasury Inflation-Protected Securities rated investment grade (Baa3 or better), have at least one year to final maturity, and at least $500 million par amount outstanding.
ICE BofAML 1-3 Year U.S. Treasury Index	The ICE BofAML 1-3 Year U.S. Treasury Index is an unmanaged index comprised of U.S. Treasury securities, other than inflation-protection securities and STRIPS, with at least $1 billion in outstanding face value and a remaining term to final maturity of at least one year and less than three years.

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

SEMIANNUAL REPORT JUNE 30, 2021 21

Financial Highlights

				Investment Operations											Less Distributions(c)
Selected Per Share Data for the Year or Period Ended^:	Net Asset Value Beginning of Year or Period(a)			Net Investment Income (Loss)(b)			Net Realized/ Unrealized Gain (Loss)				Total				From Net Investment Income				From Net Realized Capital Gains				Tax Basis Return of Capital				Total
Series C
01/01/2021 - 06/30/2021+		$	11.08		$	0.17		$	(0.23	)		$	(0.06	)		$	(0.17	)		$	0.00			$	0.00			$	(0.17	)
12/31/2020			10.43			0.34			0.66				1.00				(0.35	)			0.00				0.00				(0.35	)
12/31/2019			9.94			0.38			0.52				0.90				(0.41	)			0.00				0.00				(0.41	)
12/31/2018			10.30			0.36			(0.34	)			0.02				(0.38	)			0.00				0.00				(0.38	)
12/31/2017			10.05			0.39			0.25				0.64				(0.29	)			0.00				(0.10	)			(0.39	)
12/31/2016			10.42			0.44			(0.36	)			0.08				(0.38	)			0.00				(0.07	)			(0.45	)
Series LD
01/01/2021 - 06/30/2021+		$	9.62		$	0.14		$	(0.03	)		$	0.11			$	(0.13	)		$	0.00			$	0.00			$	(0.13	)
12/31/2020			9.40			0.35			0.23				0.58				(0.36	)			0.00				0.00				(0.36	)
12/31/2019			9.40			0.36			0.00				0.36				(0.36	)			0.00				0.00				(0.36	)
12/31/2018			9.73			0.38			(0.28	)			0.10				(0.42	)			0.00				(0.01	)			(0.43	)
12/31/2017			9.77			0.37			(0.02	)			0.35				(0.39	)			0.00				0.00				(0.39	)
12/31/2016			9.83			0.37			0.03				0.40				(0.46	)			0.00				0.00				(0.46	)
Series M
01/01/2021 - 06/30/2021+		$	10.68		$	0.20		$	(0.09	)		$	0.11			$	(0.16	)		$	0.00			$	0.00			$	(0.16	)
12/31/2020			10.48			0.41			0.53				0.94				(0.41	)			(0.33	)			0.00				(0.74	)
12/31/2019			10.14			0.47			0.37				0.84				(0.50	)			0.00				0.00				(0.50	)
12/31/2018			10.31			0.46			(0.24	)			0.22				(0.39	)			0.00				0.00				(0.39	)
12/31/2017			9.95			0.45			0.49				0.94				(0.49	)			(0.09	)			0.00				(0.58	)
12/31/2016			9.87			0.58			0.27				0.85				(0.49	)			(0.28	)			0.00				(0.77	)
Series R
01/01/2021 - 06/30/2021+		$	10.74		$	0.32		$	(0.11	)		$	0.21			$	(0.30	)		$	0.00			$	0.00			$	(0.30	)
12/31/2020			9.40			0.22			1.33				1.55				(0.21	)			0.00				0.00				(0.21	)
12/31/2019			8.68			0.26			0.70				0.96				(0.24	)			0.00				0.00				(0.24	)
12/31/2018			9.26			0.37			(0.60	)			(0.23	)			(0.35	)			0.00				0.00				(0.35	)
12/31/2017			9.13			0.35			0.11				0.46				(0.17	)			0.00				(0.16	)			(0.33	)
12/31/2016			8.94			0.35			0.16				0.51				(0.13	)			0.00				(0.19	)			(0.32	)

22 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

						Ratios/Supplemental Data
									Ratios to Average Net Assets
Net Asset Value End of Year or Period(a)			Total Return(a)(d)			Net Assets End of Year or Period (000s)			Expenses(e)			Expenses Excluding Waivers(e)			Expenses Excluding Interest Expense(e)			Expenses Excluding Interest Expense and Waivers(e)			Net Investment Income (Loss)			Portfolio Turnover Rate
	$	10.85		(0.53	)%		$	1,586,976		0.01	%*		0.01	%*		0.00	%*		0.00	%*		3.16	%*		149	%
		11.08		9.77				1,585,611		0.03			0.03			0.00			0.00			3.18			562
		10.43		9.18				1,434,199		0.21			0.21			0.00			0.00			3.72			533
		9.94		0.21				1,185,003		0.31			0.31			0.00			0.00			3.62			450
		10.30		6.43				1,310,388		0.43			0.43			0.00			0.00			3.79			366
		10.05		0.84				1,299,845		0.13			0.13			0.00			0.00			4.35			259
	$	9.60		1.15	%		$	114,655		0.22	%*		0.22	%*		0.00	%*		0.00	%*		3.03	%*		24	%
		9.62		6.28				108,895		0.66			0.66			0.00			0.00			3.63			69
		9.40		3.85				79,806		2.98			2.98			0.00			0.00			3.82			88
		9.40		1.07				82,684		3.02			3.02			0.00			0.00			3.94			290
		9.73		3.64				86,101		1.30			1.30			0.00			0.00			3.76			230
		9.77		4.17				31,609		0.69			0.69			0.00			0.00			3.83			1,395
	$	10.63		1.03	%		$	1,599,202		0.00	%*		0.00	%*		0.00	%*		0.00	%*		3.93	%*		291	%
		10.68		9.12				1,562,661		0.02			0.02			0.00			0.00			3.80			635
		10.48		8.40				1,442,194		0.06			0.06			0.00			0.00			4.47			543
		10.14		2.23				1,241,128		0.31			0.31			0.00			0.00			4.58			495
		10.31		9.60				1,331,955		0.24			0.24			0.00			0.00			4.35			556
		9.95		8.78				1,324,624		0.16			0.16			0.00			0.00			5.65			582
	$	10.65		2.00	%		$	203,168		0.07	%*		0.07	%*		0.00	%*		0.00	%*		6.21	%*		110	%
		10.74		16.58				157,315		0.26			0.26			0.00			0.00			2.13			295
		9.40		11.10				130,421		1.35			1.35			0.00			0.00			2.80			357
		8.68		(2.52	)			115,407		1.29			1.29			0.00			0.00			4.16			231
		9.26		5.16				142,081		0.62			0.62			0.00			0.00			3.81			225
		9.13		5.68				150,112		0.42			0.42			0.00			0.00			3.81			311

SEMIANNUAL REPORT JUNE 30, 2021 23

Financial Highlights (Cont.)

				Investment Operations										Less Distributions(c)
Selected Per Share Data for the Year or Period Ended^:	Net Asset Value Beginning of Year or Period(a)			Net Investment Income (Loss)(b)			Net Realized/ Unrealized Gain (Loss)				Total			From Net Investment Income				From Net Realized Capital Gains			Tax Basis Return of Capital			Total
Series TE
01/01/2021 - 06/30/2021+		$	10.76		$	0.18		$	0.04			$	0.22		$	(0.18	)		$	0.00		$	0.00		$	(0.18	)
12/31/2020			10.39			0.36			0.37				0.73			(0.36	)			0.00			0.00			(0.36	)
12/31/2019			9.94			0.38			0.45				0.83			(0.38	)			0.00			0.00			(0.38	)
12/31/2018			10.22			0.38			(0.28	)			0.10			(0.38	)			0.00			0.00			(0.38	)
12/31/2017			9.75			0.36			0.47				0.83			(0.36	)			0.00			0.00			(0.36	)
12/31/2016			10.02			0.32			(0.27	)			0.05			(0.32	)			0.00			0.00			(0.32	)

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

+ Unaudited

* Annualized, except for organization expense, if any.

^(a)  Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Portfolios.

^(b)  Per share amounts based on average number of shares outstanding during the year or period.

^(c)  The tax characterization of distributions is determined in accordance with Federal income tax regulations. 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.

^(d)  The calculation assumes that all income dividends and capital gain distributions, if any, have been reinvested. Total return does not reflect broker commissions or “wrap fee” charges. Total investment return for a period of less than one year is not annualized.

^(e)  The financial statements reflect the fact that no investment management fees or expenses are incurred by the Portfolios. The Portfolios are an integral part of “wrap-fee” programs sponsored by investment advisers and/or broker-dealers unaffiliated with the Portfolios and PIMCO. Participants in these programs pay a “wrap” fee to the sponsor of the program.

24 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

						Ratios/Supplemental Data
									Ratios to Average Net Assets
Net Asset Value End of Year or Period(a)			Total Return(a)(d)			Net Assets End of Year or Period (000s)			Expenses(e)			Expenses Excluding Waivers(e)			Expenses Excluding Interest Expense(e)			Expenses Excluding Interest Expense and Waivers(e)			Net Investment Income (Loss)			Portfolio Turnover Rate
	$	10.80		2.08	%		$	83,881		0.03	%*		0.03	%*		0.00	%*		0.00	%*		3.48	%*		3	%
		10.76		7.19				91,321		0.04			0.04			0.00			0.00			3.47			57
		10.39		8.42				87,423		0.08			0.08			0.00			0.00			3.69			31
		9.94		0.97				82,521		0.08			0.08			0.00			0.00			3.79			57
		10.22		8.61				91,086		0.04			0.04			0.00			0.00			3.64			86
		9.75		0.40				90,288		0.00			0.00			0.00			0.00			3.14			193

SEMIANNUAL REPORT JUNE 30, 2021 25

Statements of Assets and Liabilities

(Amounts in thousands†, except per share amounts)	Series C			Series LD
Assets:
Investments, at value
Investments in securities*	$	2,333,798		$	291,620
Investments in Affiliates		5,305			110
Financial Derivative Instruments
Exchange-traded or centrally cleared		262			2
Over the counter		7,273			894
Cash		0			1,086
Deposits with counterparty		6,379			1,892
Foreign currency, at value		5,632			61
Receivable for investments sold		2,713			1,297
Receivable for investments sold on a delayed-delivery basis		116			0
Receivable for TBA investments sold		291,128			0
Receivable for Portfolio shares sold		510			0
Interest and/or dividends receivable		10,841			1,136
Reimbursement receivable from PIMCO		1			1
Other assets		19			0
Total Assets		2,663,977			298,099
Liabilities:
Borrowings & Other Financing Transactions
Payable for reverse repurchase agreements	$	479,050		$	93,662
Payable for sale-buyback transactions		0			87,215
Payable for tender option bond floating rate certificates		0			0
Payable for short sales		0			0
Financial Derivative Instruments
Exchange-traded or centrally cleared		450			106
Over the counter		366			154
Payable for investments purchased		10,504			1,297
Payable for TBA investments purchased		570,137			0
Deposits from counterparty		9,998			320
Payable for Portfolio shares redeemed		2,184			448
Distributions payable		4,312			242
Other liabilities		0			0
Total Liabilities		1,077,001			183,444
Net Assets	$	1,586,976		$	114,655
Net Assets Consist of:
Shares of beneficial interest of $0.001 par value (unlimited number authorized)	$	146		$	12
Paid in capital in excess of par		1,687,790			116,703
Distributable earnings (accumulated loss)		(100,960	)		(2,060	)
Net Assets	$	1,586,976		$	114,655
Shares Issued and Outstanding		146,214			11,943
Net Asset Value Per Share Outstanding(a)	$	10.85		$	9.60
Cost of investments in securities	$	2,287,571		$	289,547
Cost of investments in Affiliates	$	5,304		$	110
Cost of foreign currency held	$	5,635		$	62
Proceeds received on short sales	$	0		$	0
Cost or premiums of financial derivative instruments, net	$	1,205		$	(1,443	)
* Includes repurchase agreements of:	$	25,466		$	0

^†   A zero balance may reflect actual amounts rounding to less than one thousand.

^(a)  Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Portfolios.

26 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

June 30, 2021 (Unaudited)

Series M		Series R			Series TE
$	2,356,097	$	320,518		$	83,118
	156		0			3,308
	246		210			0
	5,329		1,992			0
	3,388		1,331			349
	3,154		2,162			0
	1,158		1,133			0
	1		4,059			0
	0		4,307			0
	876,443		10,629			0
	482		613			0
	9,152		665			743
	1		1			1
	17		13			0
	3,255,624		347,633			87,519
$	345,591	$	0		$	0
	12,965		117,910			0
	0		0			3,380
	467,547		0			0
	253		383			0
	132		834			0
	1,721		1,807			0
	815,076		20,362			0
	6,427		1,297			0
	2,207		287			0
	4,503		1,585			234
	0		0			24
	1,656,422		144,465			3,638
$	1,599,202	$	203,168		$	83,881
$	150	$	19		$	8
	1,519,936		218,567			75,871
	79,116		(15,418	)		8,002
$	1,599,202	$	203,168		$	83,881
	150,440		19,082			7,763
$	10.63	$	10.65		$	10.80
$	2,301,842	$	304,615		$	74,777
$	155	$	0		$	3,308
$	1,130	$	1,266		$	0
$	469,169	$	0		$	0
$	2,563	$	(845	)	$	0
$	0	$	0		$	0

SEMIANNUAL REPORT JUNE 30, 2021 27

Statements of Operations

Six Months Ended June 30, 2021 (Unaudited)
(Amounts in thousands†)	Series C			Series LD
Investment Income:
Interest, net of foreign taxes*	$	24,350		$	1,765
Dividends from Investments in Affiliates		1			1
Total Income		24,351			1,766
Expenses:
Interest expense		107			117
Tax expense		4			0
Miscellaneous expense		0			1
Total Expenses		111			118
Net Investment Income (Loss)		24,240			1,648
Net Realized Gain (Loss):
Investments in securities		2,922			556
Investments in Affiliates		0			0
Exchange-traded or centrally cleared financial derivative instruments		9,601			43
Over the counter financial derivative instruments		(8,077	)		(1,158	)
Foreign currency		184			(11	)
Net Realized Gain (Loss)		4,630			(570	)
Net Change in Unrealized Appreciation (Depreciation):
Investments in securities		(47,871	)		(1,297	)
Investments in Affiliates		0			0
Exchange-traded or centrally cleared financial derivative instruments		817			419
Over the counter financial derivative instruments		11,076			1,074
Foreign currency assets and liabilities		(230	)		5
Net Change in Unrealized Appreciation (Depreciation)		(36,208	)		201
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(7,338	)	$	1,279
* Foreign tax withholdings	$	0		$	0

^†   A zero balance may reflect actual amounts rounding to less than one thousand.

28 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

Series M			Series R			Series TE
$	30,384		$	5,351		$	1,439
	3			0			2
	30,387			5,351			1,441
	19			56			12
	4			0			0
	0			1			0
	23			57			12
	30,364			5,294			1,429
	(4,921	)		597			614
	(1	)		0			1
	1,972			2,872			37
	(3,499	)		(353	)		0
	(408	)		(250	)		0
	(6,857)			2,866			652
	(12,403	)		(4,006)			(236	)
	0			0			(1	)
	(2,479	)		(2,305	)		14
	7,971			1,932			0
	309			1			0
	(6,602)			(4,378	)		(223	)
	$  16,905		$	3,782		$	1,858
$	8		$	0		$	0

SEMIANNUAL REPORT JUNE 30, 2021 29

Statements of Changes in Net Assets

	Series C						Series LD
(Amounts in thousands†)	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31, 2020			Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31, 2020
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)	$	24,240		$	47,761		$	1,648		$	3,270
Net realized gain (loss)		4,630			44,238			(570	)		985
Net change in unrealized appreciation (depreciation)		(36,208	)		47,169			201			1,340
Net Increase (Decrease) in Net Assets Resulting from Operations		(7,338	)		139,168			1,279			5,595
Distributions to Shareholders:
From net investment income and/or net realized capital gains		(24,704	)		(49,023	)		(1,510	)		(3,474	)
Total Distributions(a)		(24,704	)		(49,023	)		(1,510	)		(3,474	)
Portfolio Share Transactions:
Receipts for shares sold		187,109			385,738			28,697			50,802
Issued as reinvestment of distributions		0			0			0			0
Cost of shares redeemed		(153,702	)		(324,471	)		(22,706	)		(23,834	)
Net increase (decrease) resulting from Portfolio share transactions		33,407			61,267			5,991			26,968
Total Increase (Decrease) in Net Assets		1,365			151,412			5,760			29,089
Net Assets:
Beginning of period		1,585,611			1,434,199			108,895			79,806
End of period	$	1,586,976		$	1,585,611		$	114,655		$	108,895
Shares of Beneficial Interest:
Shares sold		17,310			36,200			2,974			5,349
Shares redeemed		(14,242	)		(30,580	)		(2,353	)		(2,517	)
Net increase (decrease) in shares outstanding		3,068			5,620			621			2,832

^†   A zero balance may reflect actual amounts rounding to less than one thousand.

^(a)  The tax characterization of distributions is determined in accordance with Federal income tax regulations. 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.

30 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

Series M						Series R						Series TE
Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31, 2020			Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31, 2020			Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31, 2020
$	30,364		$	57,433		$	5,294		$	2,978		$	1,429		$	3,107
	(6,857	)		64,142			2,866			1,675			652			(136	)
	(6,602	)		10,205			(4,378	)		16,141			(223	)		3,148
	16,905			131,780			3,782			20,794			1,858			6,119
	(23,605	)		(104,743	)		(5,127	)		(2,860	)		(1,415	)		(3,081	)
	(23,605	)		(104,743	)		(5,127	)		(2,860	)		(1,415	)		(3,081	)
	196,552			417,883			73,111			47,094			6,054			17,411
	0			1			0			0			0			0
	(153,311	)		(324,454	)		(25,913	)		(38,134	)		(13,937	)		(16,551	)
	43,241			93,430			47,198			8,960			(7,883	)		860
	36,541			120,467			45,853			26,894			(7,440	)		3,898
	1,562,661			1,442,194			157,315			130,421			91,321			87,423
$	1,599,202		$	1,562,661		$	203,168		$	157,315		$	83,881		$	91,321
	18,593			39,535			6,880			4,627			562			1,676
	(14,517	)		(30,772	)		(2,447	)		(3,848	)		(1,287	)		(1,600	)
	4,076			8,763			4,433			779			(725	)		76

SEMIANNUAL REPORT JUNE 30, 2021 31

Statements of Cash Flows

Six Months Ended June 30, 2021 (Unaudited)
(Amounts in thousands†)	Series C			Series LD			Series R
Cash Flows Provided by (Used for) Operating Activities:
Net increase (decrease) in net assets resulting from operations	$	(7,338	)	$	1,279		$	3,782
Adjustments to Reconcile Net Increase (Decrease) in Net Assets from Operations to Net Cash Provided by (Used for) Operating Activities:
Purchases of long-term securities		(3,613,009	)		(162,880	)		(366,380	)
Proceeds from sales of long-term securities		3,524,059			57,896			322,693
(Purchases) Proceeds from sales of short-term portfolio investments, net		16,455			(2,940	)		1,406
(Increase) decrease in deposits with counterparty		(4,099	)		(113	)		(104	)
(Increase) decrease in receivable for investments sold		849,559			(1,297	)		87,558
(Increase) decrease in interest and/or dividends receivable		765			(181	)		(56	)
(Increase) decrease in dividends receivable from Affiliates		0			1			0
Proceeds from (Payments on) exchange-traded or centrally cleared financial derivative instruments		10,216			522			657
Proceeds from (Payments on) over the counter financial derivative instruments		(8,049	)		(1,081	)		(212	)
(Increase) decrease in other assets		(1	)		0			0
Increase (decrease) in payable for investments purchased		(1,248,219	)		125			(97,696	)
Increase (decrease) in deposits from counterparty		2,926			280			1,047
Proceeds from (Payments on) foreign currency transactions		(46	)		(6	)		(249	)
Increase (decrease) in other liabilities		(1	)		0			0
Net Realized (Gain) Loss
Investments in securities		(2,922	)		(556	)		(597	)
Exchange-traded or centrally cleared financial derivative instruments		(9,601	)		(43	)		(2,872	)
Over the counter financial derivative instruments		8,077			1,158			353
Foreign currency		(184	)		11			250
Net Change in Unrealized (Appreciation) Depreciation
Investments in securities		47,871			1,297			4,006
Exchange-traded or centrally cleared financial derivative instruments		(817	)		(419	)		2,305
Over the counter financial derivative instruments		(11,076	)		(1,074	)		(1,932	)
Foreign currency assets and liabilities		230			(5	)		(1	)
Net amortization (accretion) on investments		849			467			861
Net Cash Provided by (Used for) Operating Activities		(444,355	)		(107,559	)		(45,181	)
Cash Flows Received from (Used for) Financing Activities:
Proceeds from shares sold		187,684			29,559			72,844
Payments on shares redeemed		(151,930	)		(22,260	)		(25,887	)
Cash distributions paid		(24,631	)		(1,475	)		(3,679	)
Proceeds from reverse repurchase agreements		3,476,909			203,212			6,713
Payments on reverse repurchase agreements		(3,043,944	)		(185,569	)		(8,163	)
Proceeds from sale-buyback transactions		3,139,070			995,955			1,754,271
Payments on sale-buyback transactions		(3,139,070	)		(910,947	)		(1,749,448	)
Net Cash Received from (Used for) Financing Activities		444,088			108,475			46,651
Net Increase (Decrease) in Cash and Foreign Currency		(267	)		916			1,470
Cash and Foreign Currency:
Beginning of period		5,899			231			994
End of period	$	5,632		$	1,147		$	2,464
Supplemental Disclosure of Cash Flow Information:
Interest expense paid during the period	$	97		$	117		$	52

^†   A zero balance may reflect actual amounts rounding to less than one thousand.

A Statement of Cash Flows is presented when a Portfolio has a significant amount of borrowing during the period, based on the average total borrowing outstanding in relation to total assets or when substantially all of a Portfolio’s investments are not classified as Level 1 or 2 in the fair value hierarchy.

32 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

Schedule of Investments PIMCO Fixed Income SHares: Series C

(Unaudited)

June 30, 2021

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

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 147.1%
LOAN PARTICIPATIONS AND ASSIGNMENTS 0.9%
AAdvantage Loyalty IP Ltd.
5.500% (LIBOR03M + 4.750%) due 04/20/2028 ~	$		1,300	$		1,357
Castlelake Aircraft Securitization Trust
3.967% due 07/15/2042			4,917			4,920
United Airlines, Inc.
4.500% (LIBOR03M + 3.750%) due 04/21/2028 ~			3,500			3,550
Zephyrus Capital Aviation Partners LLC
4.605% due 10/15/2038 ~			4,721			4,605
Total Loan Participations and Assignments (Cost $14,348)						14,432
CORPORATE BONDS & NOTES 45.3%
BANKING & FINANCE 28.6%
American Assets Trust LP
3.375% due 02/01/2031			4,000			4,126
Ares Finance Co. LLC
3.250% due 06/15/2030			4,950			5,169
Aviation Capital Group LLC
3.500% due 11/01/2027			1,300			1,367
Banco Bilbao Vizcaya Argentaria S.A.
5.875% due 09/24/2023 •(b)(c)	EUR		400			513
Bank of America Corp.
3.419% due 12/20/2028 •	$		25,728			28,039
Barclays Bank PLC
7.625% due 11/21/2022 (c)			2,952			3,221
Barclays PLC
3.375% due 04/02/2025 •	EUR		2,300			2,972
7.250% due 03/15/2023 •(b)(c)	GBP		200			299
7.875% due 03/15/2022 •(b)(c)	$		800			835
7.875% due 09/15/2022 •(b)(c)	GBP		2,000			2,972
BNP Paribas S.A.
1.904% due 09/30/2028 •	$		8,000			7,954
4.400% due 08/14/2028			14,700			16,962
4.500% due 02/25/2030 •(b)(c)			900			915
4.625% due 02/25/2031 •(b)(c)			1,900			1,983
BPCE S.A.
5.150% due 07/21/2024			1,000			1,115

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Brookfield Finance, Inc.
3.500% due 03/30/2051	$		7,100	$		7,436
Carlyle Finance Subsidiary LLC
3.500% due 09/19/2029			4,000			4,304
CI Financial Corp.
3.200% due 12/17/2030			3,200			3,288
Cooperatieve Rabobank UA
4.375% due 08/04/2025			6,300			7,040
Credit Agricole S.A.
7.500% due 06/23/2026 •(b)(c)	GBP		100			165
Credit Suisse AG
6.500% due 08/08/2023 (c)	$		7,466			8,265
Credit Suisse Group AG
7.500% due 07/17/2023 •(b)(c)			10,000			10,900
Crown Castle International Corp.
4.300% due 02/15/2029			3,000			3,455
CyrusOne LP
1.450% due 01/22/2027	EUR		350			424
Deutsche Bank AG
1.000% due 11/19/2025 •			5,600			6,782
2.129% due 11/24/2026 •(d)	$		1,400			1,422
3.729% due 01/14/2032 •(d)			1,200			1,223
3.961% due 11/26/2025 •			9,000			9,736
4.250% due 10/14/2021			9,575			9,679
5.625% due 05/19/2031 •	EUR		200			281
Discover Financial Services
4.500% due 01/30/2026	$		7,000			7,915
Doric Nimrod Air Finance Alpha Ltd. Pass-Through Trust
5.125% due 11/30/2024			2,387			2,399
Erste Group Bank AG
8.875% due 10/15/2021 •(b)(c)	EUR		200			243
Fairfax Financial Holdings Ltd.
4.230% due 06/14/2029	CAD		300			261
First American Financial Corp.
4.000% due 05/15/2030	$		3,850			4,291
FleetBoston Financial Corp.
6.875% due 01/15/2028			2,120			2,731
Ford Motor Credit Co. LLC
2.748% due 06/14/2024	GBP		4,900			6,884
3.096% due 05/04/2023	$		1,000			1,021
3.550% due 10/07/2022			5,000			5,141
3.810% due 01/09/2024			2,000			2,095
4.375% due 08/06/2023			7,000			7,401
5.584% due 03/18/2024			400			439
5.875% due 08/02/2021			1,000			1,006
Global Atlantic Fin Co.
3.125% due 06/15/2031			1,200			1,210

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2021 33

Schedule of Investments PIMCO Fixed Income SHares: Series C (Cont.)

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
GLP Capital LP
4.000% due 01/15/2030	$		2,278	$		2,448
5.250% due 06/01/2025			2,450			2,761
5.300% due 01/15/2029			3,150			3,678
Goldman Sachs Group, Inc.
3.850% due 01/26/2027			25,000			27,568
Goodman U.S. Finance Three LLC
3.700% due 03/15/2028			3,200			3,472
HSBC Holdings PLC
4.583% due 06/19/2029 •			4,000			4,626
5.875% due 09/28/2026 •(b)(c)	GBP		11,800			18,343
6.375% due 09/17/2024 •(b)(c)	$		1,200			1,329
6.500% due 03/23/2028 •(b)(c)			200			230
ING Groep NV
4.625% due 01/06/2026			5,000			5,708
Intesa Sanpaolo SpA
3.375% due 01/12/2023			10,400			10,832
KKR Financial Holdings LLC
5.400% due 05/23/2033 «			9,000			9,577
Liberty Mutual Group, Inc.
4.300% due 02/01/2061			2,000			1,835
Lloyds Banking Group PLC
7.500% due 09/27/2025 •(b)(c)			7,100			8,325
Massachusetts Mutual Life Insurance Co.
5.077% due 02/15/2069 •			4,500			5,589
Morgan Stanley
3.591% due 07/22/2028 •			12,000			13,301
4.000% due 07/23/2025			6,900			7,680
7.500% due 04/02/2032 þ(d)			7,000			5,681
MPT Operating Partnership LP
3.692% due 06/05/2028	GBP		1,600			2,363
Natwest Group PLC
8.625% due 08/15/2021 •(b)(c)	$		17,400			17,566
New York Life Insurance Co.
4.450% due 05/15/2069			7,000			8,809
Nissan Motor Acceptance Corp.
2.600% due 09/28/2022			1,900			1,940
2.750% due 03/09/2028			3,000			3,030
3.875% due 09/21/2023			1,600			1,694
Nordea Bank Abp
6.625% due 03/26/2026 •(b)(c)			5,000			5,739
OneMain Finance Corp.
6.125% due 05/15/2022			7,700			8,020
Park Aerospace Holdings Ltd.
5.500% due 02/15/2024			7,700			8,469

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Piper Jaffray Cos.
4.740% due 10/15/2021	$		4,000	$		4,020
Sammons Financial Group, Inc.
3.350% due 04/16/2031			3,000			3,091
Santander UK Group Holdings PLC
7.375% due 06/24/2022 •(b)(c)	GBP		600			878
Sitka Holdings LLC
4.643% due 07/06/2026 •(a)	$		2,400			2,398
Societe Generale S.A.
5.375% due 11/18/2030 •(b)(c)			5,400			5,731
Standard Chartered PLC
7.500% due 04/02/2022 •(b)(c)			400			418
Synchrony Financial
3.950% due 12/01/2027			1,100			1,227
Teachers Insurance & Annuity Association of America
3.300% due 05/15/2050			6,500			6,721
Tesco Property Finance PLC
5.411% due 07/13/2044	GBP		374			679
5.744% due 04/13/2040			1,044			1,939
5.801% due 10/13/2040			6,832			12,703
UBS AG
7.625% due 08/17/2022 (c)	$		4,800			5,165
UBS Group AG
4.375% due 02/10/2031 •(b)(c)			600			614
5.750% due 02/19/2022 •(b)(c)	EUR		2,500			3,061
7.125% due 08/10/2021 •(b)(c)	$		400			402
UniCredit SpA
9.250% due 06/03/2022 •(b)(c)	EUR		800			1,018
Wells Fargo & Co.
2.879% due 10/30/2030 •	$		10,000			10,598
4.150% due 01/24/2029			5,400			6,225
						453,380
INDUSTRIALS 14.2%
Air Canada Pass-Through Trust
3.750% due 06/15/2029			2,277			2,371
5.000% due 06/15/2025			3,707			3,759
Alaska Airlines Pass-Through Trust
4.800% due 02/15/2029			3,267			3,623
American Airlines Pass-Through Trust
3.200% due 12/15/2029			1,731			1,770
3.375% due 11/01/2028			6,017			5,992
3.575% due 07/15/2029			2,121			2,166

34 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

June 30, 2021

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
3.650% due 02/15/2029	$		2,818	$		2,911
3.700% due 04/01/2028			2,701			2,752
American Airlines, Inc.
5.500% due 04/20/2026			1,600			1,696
5.750% due 04/20/2029			900			974
Ashtead Capital, Inc.
4.250% due 11/01/2029			1,600			1,732
Bacardi Ltd.
4.450% due 05/15/2025			6,300			7,011
Bayer U.S. Finance LLC
4.375% due 12/15/2028			6,900			7,913
British Airways Pass-Through Trust
3.300% due 06/15/2034			2,895			2,955
Charter Communications Operating LLC
4.908% due 07/23/2025			800			907
5.125% due 07/01/2049			2,000			2,386
Citrix Systems, Inc.
3.300% due 03/01/2030			2,350			2,475
Continental Airlines Pass-Through Trust
4.000% due 04/29/2026			1,501			1,590
4.150% due 10/11/2025			1,031			1,096
DAE Funding LLC
1.625% due 02/15/2024			4,200			4,268
2.625% due 03/20/2025			1,000			1,020
5.250% due 11/15/2021			6,300			6,355
Dell International LLC
4.900% due 10/01/2026			1,000			1,155
5.300% due 10/01/2029			1,000			1,208
5.850% due 07/15/2025			1,300			1,526
6.020% due 06/15/2026			3,700			4,444
6.200% due 07/15/2030			2,000			2,574
Ecopetrol S.A.
5.875% due 09/18/2023			3,400			3,680
Energy Transfer LP
3.750% due 05/15/2030			450			489
4.050% due 03/15/2025			500			543
5.250% due 04/15/2029			11,400			13,476
EQM Midstream Partners LP
4.125% due 12/01/2026			800			821
Expedia Group, Inc.
6.250% due 05/01/2025			1,318			1,534
Ferguson Finance PLC
3.250% due 06/02/2030			2,500			2,704
Huntsman International LLC
4.500% due 05/01/2029			1,700			1,935
Hyatt Hotels Corp.
3.135% (US0003M + 3.000%) due 09/01/2022 ~			6,000			6,023
Imperial Brands Finance PLC
3.875% due 07/26/2029			4,000			4,343
Kansas City Southern
4.200% due 11/15/2069			4,600			5,353

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Las Vegas Sands Corp.
3.200% due 08/08/2024	$		2,600	$		2,730
3.500% due 08/18/2026			5,050			5,373
Lundin Energy Finance BV
2.000% due 07/15/2026			1,300			1,304
Magellan Health, Inc.
4.900% due 09/22/2024			8,500			9,473
Marvell Technology, Inc.
4.875% due 06/22/2028			5,500			6,364
Mileage Plus Holdings LLC
6.500% due 06/20/2027			2,000			2,204
Nissan Motor Co. Ltd.
3.522% due 09/17/2025			2,000			2,137
Northwest Airlines Pass-Through Trust
7.041% due 10/01/2023			313			313
Ooredoo International Finance Ltd.
5.000% due 10/19/2025			4,500			5,189
Rolls-Royce PLC
3.625% due 10/14/2025			200			203
4.625% due 02/16/2026	EUR		300			389
5.750% due 10/15/2027	GBP		1,100			1,670
Sands China Ltd.
4.600% due 08/08/2023	$		15,400			16,406
Syngenta Finance NV
4.441% due 04/24/2023			2,500			2,640
T-Mobile USA, Inc.
2.625% due 04/15/2026			2,200			2,255
Tennessee Gas Pipeline Co. LLC
2.900% due 03/01/2030			3,800			3,946
Trustees of the University of Pennsylvania
3.610% due 02/15/2119			6,500			7,422
U.S. Airways Pass-Through Trust
3.950% due 05/15/2027			600			605
United Airlines Pass-Through Trust
2.700% due 11/01/2033			4,806			4,835
2.875% due 04/07/2030			1,711			1,752
3.450% due 01/07/2030			1,834			1,870
4.000% due 10/11/2027			1,172			1,238
5.875% due 04/15/2029			11,515			12,801
Vmed O2 UK Financing PLC
4.750% due 07/15/2031 (a)			6,000			6,105
Volkswagen Group of America Finance LLC
3.750% due 05/13/2030			1,300			1,460
Weir Group PLC
2.200% due 05/13/2026			3,400			3,417
Westinghouse Air Brake Technologies Corp.
4.950% due 09/15/2028			1,400			1,626
						225,257

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2021 35

Schedule of Investments PIMCO Fixed Income SHares: Series C (Cont.)

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
UTILITIES 2.5%
AT&T, Inc.
3.650% due 06/01/2051	$		10,000	$		10,408
Cleveland Electric Illuminating Co.
4.550% due 11/15/2030			2,500			2,892
Jersey Central Power & Light Co.
4.700% due 04/01/2024			785			855
Odebrecht Drilling Norbe Ltd.
6.350% due 12/01/2021 ^			90			90
ONEOK, Inc.
2.750% due 09/01/2024			2,000			2,108
Pacific Gas & Electric Co.
3.300% due 12/01/2027			2,800			2,881
3.500% due 06/15/2025			1,200			1,259
3.750% due 07/01/2028			1,800			1,888
3.950% due 12/01/2047			2,400			2,236
4.300% due 03/15/2045			700			675
4.500% due 07/01/2040			1,800			1,804
4.550% due 07/01/2030			3,400			3,640
S.A. Global Sukuk Ltd.
2.694% due 06/17/2031			3,500			3,548
Toledo Edison Co.
2.650% due 05/01/2028			5,500			5,660
						39,944
Total Corporate Bonds & Notes (Cost $670,371)						718,581
MUNICIPAL BONDS & NOTES 2.7%
CALIFORNIA 0.3%
University of California Revenue Bonds, Series 2012
4.858% due 05/15/2112			2,995			4,228
ILLINOIS 0.1%
Chicago, Illinois General Obligation Bonds, Series 2008
5.630% due 01/01/2022			50			51
Chicago, Illinois General Obligation Bonds, Series 2015
7.750% due 01/01/2042			114			130
Illinois State General Obligation Bonds, (BABs), Series 2010
7.350% due 07/01/2035			1,095			1,415
						1,596
NEW JERSEY 0.4%
Rutgers The State University of New Jersey Revenue Bonds, Series 2019
3.915% due 05/01/2119			5,000			5,725

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
NEW YORK 0.8%
Port Authority of New York & New Jersey Revenue Bonds, Series 2019
3.287% due 08/01/2069	$		11,700	$		12,378
TEXAS 0.2%
Texas Public Finance Authority Revenue Notes, Series 2014
8.250% due 07/01/2024			3,510			3,543
VIRGINIA 0.3%
University of Virginia Revenue Bonds, Series 2019
3.227% due 09/01/2119			5,500			5,318
WEST VIRGINIA 0.6%
Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2020
4.875% due 06/01/2049			9,000			9,365
Total Municipal Bonds & Notes (Cost $39,701)						42,153
U.S. GOVERNMENT AGENCIES 17.9%
Freddie Mac
6.500% due 01/01/2038 - 10/01/2038			29			32
Ginnie Mae, TBA
2.500% due 07/01/2051 - 08/01/2051			77,400			80,047
Uniform Mortgage-Backed Security
4.000% due 09/01/2048			4,417			4,709
4.500% due 08/01/2039 - 11/01/2041			133			147
Uniform Mortgage-Backed Security, TBA
2.000% due 08/01/2036 - 08/01/2051			192,200			194,524
4.000% due 08/01/2051			4,800			5,116
Total U.S. Government Agencies (Cost $283,573)						284,575
U.S. TREASURY OBLIGATIONS 37.7%
U.S. Treasury Bonds
1.250% due 05/15/2050			15,000			12,253
1.375% due 11/15/2040 (f)			22,700			20,400
1.375% due 08/15/2050 (f)			20,600			17,372
1.625% due 11/15/2050 (f)			48,400			43,484
2.250% due 08/15/2049 (h)(j)			22,600			23,419
2.375% due 11/15/2049 (f)			39,700			42,287
3.000% due 02/15/2049 (f)			4,200			5,030

36 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

June 30, 2021

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
U.S. Treasury Notes
0.625% due 12/31/2027 (f)(h)	$		111,100	$		107,433
0.625% due 05/15/2030 (f)			72,600			67,872
0.750% due 05/31/2026			9,300			9,248
0.750% due 01/31/2028 (f)(h)			160,700			156,488
0.875% due 11/15/2030 (h)			5,000			4,755
1.250% due 04/30/2028 (f)			56,900			57,087
1.500% due 02/15/2030 (f)(h)			30,800			31,109
Total U.S. Treasury Obligations (Cost $617,586)						598,237
NON-AGENCY MORTGAGE-BACKED SECURITIES 7.9%
Banc of America Funding Trust
3.348% due 01/20/2047 ^~			32			31
Bear Stearns Adjustable Rate Mortgage Trust
2.518% due 10/25/2033 ~			11			11
2.665% due 05/25/2034 ~			21			20
Bear Stearns ALT-A Trust
2.929% due 02/25/2036 ^~			409			346
Cascade Funding Mortgage Trust
4.000% due 10/25/2068 ~			1,871			1,955
Citigroup Mortgage Loan Trust
3.258% due 04/25/2066 ~			7,136			7,204
Citigroup Mortgage Loan Trust, Inc.
2.210% due 09/25/2035 •			36			37
2.220% due 09/25/2035 •			57			60
Countrywide Alternative Loan Trust
0.492% due 05/25/2036 •			36			32
6.000% due 08/25/2034			4,322			4,481
Countrywide Home Loan Mortgage Pass-Through Trust
0.732% due 03/25/2035 •			68			61
2.992% due 08/25/2034 ^~			5			5
Credit Suisse First Boston Mortgage-Backed Pass-Through Certificates
2.148% due 07/25/2033 ~			2			2
Credit Suisse Mortgage Capital Trust
2.691% due 03/25/2060 ~			7,978			8,090
2.980% due 10/27/2059 ~			7,894			7,965
3.322% due 10/25/2058 ~			7,824			7,884
Downey Savings & Loan Association Mortgage Loan Trust
0.613% due 08/19/2045 •			400			389
2.506% due 07/19/2044 ~			294			290
Eurosail PLC
1.034% due 06/13/2045 •	GBP		916			1,270
1.034% due 06/13/2045 •			598			829

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Finsbury Square PLC
0.849% due 03/16/2070 •	GBP		7,190	$		9,985
GreenPoint Mortgage Funding Trust
0.552% due 06/25/2045 •	$		966			841
GreenPoint Mortgage Funding Trust Pass-Through Certificates
2.549% due 10/25/2033 ~			1			1
GSR Mortgage Loan Trust
1.840% due 03/25/2033 •			17			17
2.793% due 09/25/2035 ~			82			83
2.924% due 09/25/2035 ~			76			77
HarborView Mortgage Loan Trust
0.283% due 01/19/2038 •			103			99
0.773% due 06/20/2035 •			165			163
Hawksmoor Mortgage Funding PLC
1.099% due 05/25/2053 •	GBP		1,258			1,749
HomeBanc Mortgage Trust
0.612% due 01/25/2036 •	$		447			442
2.744% due 04/25/2037 ^~			1			1
JP Morgan Mortgage Trust
1.923% due 11/25/2033 ~			12			12
2.453% due 02/25/2035 ~			7			7
2.577% due 07/25/2035 ~			158			161
2.696% due 07/25/2035 ~			72			74
Legacy Mortgage Asset Trust
1.892% due 10/25/2066 þ			3,264			3,274
MFA Trust
1.381% due 04/25/2065 ~			4,170			4,192
1.947% due 04/25/2065 ~			4,239			4,263
Morgan Stanley Capital Trust
2.509% due 04/05/2042 ~			5,000			5,161
Morgan Stanley Mortgage Loan Trust
2.675% due 08/25/2034 ~			761			788
New Residential Mortgage Loan Trust
3.578% due 08/25/2025 ~			1,146			1,169
Pretium Mortgage Credit Partners LLC
1.992% due 02/25/2061 þ			4,000			3,993
RBSSP Resecuritization Trust
0.591% due 04/26/2037 •			305			303
Residential Accredit Loans, Inc. Trust
0.512% due 04/25/2046 •			763			301
Residential Mortgage Securities PLC
1.299% due 06/20/2070 •	GBP		9,079			12,692
Structured Adjustable Rate Mortgage Loan Trust
2.537% due 02/25/2034 ~	$		21			21
Structured Asset Mortgage Investments Trust
0.712% due 09/25/2045 •			413			412
Towd Point Mortgage Funding
0.949% due 07/20/2045 •	GBP		12,078			16,764
Uropa Securities PLC
0.284% due 06/10/2059 •			5,578			7,545

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2021 37

Schedule of Investments PIMCO Fixed Income SHares: Series C (Cont.)

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
0.434% due 06/10/2059 •	GBP		1,438	$		1,930
0.634% due 06/10/2059 •			1,125			1,512
0.834% due 06/10/2059 •			1,199			1,618
WaMu Mortgage Pass-Through Certificates Trust
0.712% due 01/25/2045 •	$		43			43
0.832% due 11/25/2034 •			531			514
1.116% due 02/25/2046 •			348			350
Warwick Finance Residential Mortgages PLC
0.999% due 12/21/2049 •	GBP		1,023			1,419
Wells Fargo Mortgage-Backed Securities Trust
2.920% due 10/25/2037 ~	$		3,109			3,052
Total Non-Agency Mortgage-Backed Securities (Cost $119,840)						125,990
ASSET-BACKED SECURITIES 26.3%
ACE Securities Corp. Home Equity Loan Trust
0.872% due 04/25/2034 •			302			298
ALME Loan Funding DAC
0.750% due 01/15/2031 •	EUR		8,427			9,981
Ameriquest Mortgage Securities Trust
0.677% due 03/25/2036 •	$		47			46
Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates
1.007% due 01/25/2035 •			4,558			4,566
1.112% due 01/25/2035 •			1,269			1,263
Anchorage Capital CLO Ltd.
1.554% due 07/15/2032 •			4,200			4,202
Aqueduct European CLO DAC
0.640% due 07/20/2030 •	EUR		7,200			8,551
Atrium Corp.
1.014% due 04/22/2027 •	$		5,117			5,118
Aurium CLO DAC
0.670% due 04/16/2030 •	EUR		6,850			8,123
Bear Stearns Asset-Backed Securities Trust
0.292% due 12/25/2036 •	$		326			326
0.827% due 09/25/2035 •			5,337			5,332
1.092% due 10/25/2037 •			72			72
BlueMountain Fuji EUR CLO DAC
0.650% due 07/15/2030 •	EUR		8,100			9,630
0.830% due 04/15/2034 •			6,000			7,096
0.910% due 01/15/2033 •			7,550			8,898
BNPP AM Euro CLO
0.600% due 04/15/2031 •			1,800			2,134
Cairn CLO BV
0.600% due 04/30/2031 •			6,000			7,097
0.670% due 01/31/2030 •			5,550			6,584
Cathedral Lake CLO Ltd.
1.034% due 07/16/2029 •	$		12,300			12,301
Centex Home Equity Loan Trust
1.052% due 10/25/2035 •			4,279			4,279

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Citigroup Mortgage Loan Trust Asset-Backed Pass-Through Certificates
1.022% due 05/25/2035 •	$		3,370	$		3,383
CLNC Ltd.
1.374% due 08/20/2035 •			15,000			15,010
Conseco Finance Corp.
6.220% due 03/01/2030			3			3
6.530% due 02/01/2031 ~			1,375			1,311
CVC Cordatus Loan Fund DAC
0.630% due 09/15/2031 •	EUR		4,500			5,317
Denali Capital CLO LLC
1.226% due 10/26/2027 •	$		11,556			11,573
Dryden Senior Loan Fund
1.084% due 10/15/2027 •			6,102			6,101
ECAF Ltd.
3.473% due 06/15/2040			152			147
4.947% due 06/15/2040			392			370
ECMC Group Student Loan Trust
0.842% due 02/27/2068 •			6,334			6,373
First NLC Trust
0.797% due 12/25/2035 •			147			147
Gallatin CLO Ltd.
1.484% (US0003M + 1.050%) due 07/15/2027 ~			11,211			11,217
Harvest CLO DAC
0.630% due 11/18/2029 •	EUR		1,121			1,331
0.640% due 10/15/2031 •			7,500			8,887
Jamestown CLO Ltd.
1.410% due 01/17/2027 •	$		764			765
Jubilee CLO BV
0.252% due 12/15/2029 •	EUR		12,674			14,983
MACH Cayman Ltd.
3.474% due 10/15/2039	$		2,005			2,009
Man GLG Euro CLO DAC
0.680% due 10/15/2030 •	EUR		3,000			3,563
0.690% due 12/15/2031 •			7,300			8,673
Marble Point CLO Ltd.
1.224% due 10/15/2030 •	$		5,200			5,200
Merrill Lynch Mortgage Investors Trust
0.212% due 02/25/2037 •			155			66
METAL LLC
4.581% due 10/15/2042			1,981			1,774
Morgan Stanley ABS Capital, Inc. Trust
0.737% due 09/25/2035 •			154			154
0.992% due 07/25/2034 •			9,141			9,216
1.342% due 07/25/2037 •			7,000			6,777
Morgan Stanley Mortgage Loan Trust
0.452% due 04/25/2037 •			104			46
Mountain View CLO Ltd.
0.984% due 10/15/2026 •			528			529

38 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

June 30, 2021

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Navient Student Loan Trust
1.142% due 12/27/2066 •	$		13,058	$		13,290
Nomura Home Equity Loan, Inc. Home Equity Loan Trust
0.977% due 09/25/2035 •			679			683
OCP CLO Ltd.
0.984% due 07/15/2027 •			513			513
Residential Asset Securities Corp. Trust
0.782% due 11/25/2035 •			3,007			3,003
1.052% due 08/25/2035 •			6,189			6,166
S-Jets Ltd.
3.967% due 08/15/2042			4,598			4,558
Securitized Asset-Backed Receivables LLC Trust
0.872% due 02/25/2034 •			10,301			10,202
Segovia European CLO
0.770% due 01/18/2031 •	EUR		1,050			1,243
Sound Point CLO Ltd.
1.073% due 01/23/2029 •	$		13,800			13,801
1.156% due 07/25/2030 •			11,700			11,697
1.238% due 10/20/2028 •			9,986			9,999
St Paul’s CLO DAC
0.850% due 04/25/2030 •	EUR		2,400			2,850
Stanwich Mortgage Loan Co. LLC
3.375% due 08/15/2024 þ	$		3,467			3,492
Steele Creek CLO Ltd.
1.049% due 05/21/2029 •			4,950			4,950
Structured Asset Investment Loan Trust
0.797% due 03/25/2034 •			2,204			2,168
STWD Ltd.
1.283% due 04/18/2038 •			7,800			7,812
Symphony CLO Ltd.
1.064% due 04/15/2028 •			8,212			8,227
Telos CLO Ltd.
1.140% due 04/17/2028 •			1,258			1,260
TICP CLO Ltd.
1.028% due 04/20/2028 •			9,169			9,176
Toro European CLO DAC
0.650% due 04/15/2030 •	EUR		6,080			7,209
Towd Point Mortgage Trust
1.092% due 10/25/2059 •	$		7,722			7,789
Venture CLO Ltd.
1.064% due 04/15/2027 •			19,489			19,456
1.088% due 10/20/2028 •			7,861			7,863
1.208% due 04/20/2029 •			26,649			26,635
WAVE LLC
3.597% due 09/15/2044			2,272			2,269
Wells Fargo Home Equity Asset-Backed Securities Trust
1.142% due 10/25/2034 •			160			160
Total Asset-Backed Securities (Cost $414,279)						417,293

	SHARES			MARKET VALUE (000S)
PREFERRED SECURITIES 6.8%
BANKING & FINANCE 6.2%
Banco Santander S.A.
6.250% due 09/11/2021 •(b)(c)		400,000	$		479
Bank of America Corp.
5.875% due 03/15/2028 •(b)		6,700,000			7,677
Bankia S.A.
6.000% due 07/18/2022 •(b)(c)		200,000			248
Capital Farm Credit ACA
5.000% due 03/15/2026 •(b)		4,700,000			4,888
Charles Schwab Corp.
4.000% due 12/01/2030 •(b)		11,900,000			12,189
4.625% due 03/01/2022 •(b)		4,503,000			4,576
5.000% due 12/01/2027 •(b)		5,000,000			5,294
5.375% due 06/01/2025 •(b)		1,000,000			1,108
Citigroup, Inc.
3.875% due 02/18/2026 •(b)		5,300,000			5,426
Goldman Sachs Group, Inc.
3.800% due 05/10/2026 •(b)		2,300,000			2,347
JPMorgan Chase & Co.
3.656% (US0003M + 3.470%) due 07/30/2021 ~(b)		15,109,000			15,166
5.000% due 08/01/2024 •(b)		3,600,000			3,807
MetLife Capital Trust
7.875% due 12/15/2067		600,000			837
State Street Corp.
5.625% due 12/15/2023 •(b)(f)		14,000,000			14,875
Truist Financial Corp.
5.100% due 03/01/2030 •(b)		5,000,000			5,631
Wells Fargo & Co.
5.900% due 06/15/2024 •(b)		12,700,000			13,692
					98,240
INDUSTRIALS 0.6%
General Electric Co.
3.449% due 09/15/2021 ~(b)		9,000,000			8,831
Total Preferred Securities (Cost $102,407)					107,071

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2021 39

Schedule of Investments PIMCO Fixed Income SHares: Series C (Cont.)

	SHARES			MARKET VALUE (000S)
SHORT-TERM INSTRUMENTS 1.6%
REPURCHASE AGREEMENTS (e) 1.6%
			$		25,466
Total Short-Term Instruments (Cost $25,466)					25,466
Total Investments in Securities (Cost $2,287,571)					2,333,798
INVESTMENTS IN AFFILIATES 0.3%
SHORT-TERM INSTRUMENTS 0.3%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.3%
PIMCO Short-Term Floating NAV Portfolio III		537,977			5,305
Total Short-Term Instruments (Cost $5,304)					5,305
Total Investments in Affiliates (Cost $5,304)					5,305

		MARKET VALUE (000S)
Total Investments 147.4% (Cost $2,292,875)	$		2,339,103
Financial Derivative Instruments (g)(i) 0. 4% (Cost or Premiums, net $1,205)			6,719
Other Assets and Liabilities, net (47.8)%			(758,846	)
Net Assets 100.0%	$		1,586,976

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.

• 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.

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

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

(c) Contingent convertible security.

(d)  RESTRICTED SECURITIES:

Issuer Description	Coupon			Maturity Date		Acquisition Date		Cost		Market Value		Market Value as Percentage of Net Assets
Deutsche Bank AG		2.129	%		11/24/2026		11/17/2020	$	1,400	$	1,422		0.09	%
Deutsche Bank AG		3.729			01/14/2032		01/11/2021		1,200		1,223		0.08
Morgan Stanley		7.500			04/02/2032		02/11/2020		6,009		5,681		0.36
								$	8,609	$	8,326		0.53	%

40 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

June 30, 2021

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(e)  REPURCHASE AGREEMENTS:

Counterparty	Lending Rate			Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral (Received)			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to be Received
FICC		0.000	%		06/30/2021		07/01/2021	$	25,466	U.S. Treasury Bonds 1.375% due 11/15/2040	$	(25,975	)	$	25,466	$	25,466
Total Repurchase Agreements											$	(25,975	)	$	25,466	$	25,466

REVERSE REPURCHASE AGREEMENTS:

Counterparty	Borrowing Rate(1)			Settlement Date		Maturity Date		Amount Borrowed(1)			Payable for Reverse Repurchase Agreements
BSN		0.040	%		06/15/2021		07/15/2021	$	(60,040	)	$	(60,041	)
		0.050			05/13/2021		07/13/2021		(8,855	)		(8,856	)
DEU		0.000			05/06/2021		07/06/2021		(2,523	)		(2,523	)
GRE		0.030			06/15/2021		07/15/2021		(39,869	)		(39,870	)
		0.040			05/19/2021		07/19/2021		(7,278	)		(7,278	)
		0.040			06/02/2021		07/14/2021		(2,132	)		(2,132	)
		0.040			06/08/2021		07/08/2021		(7,010	)		(7,010	)
		0.040			06/09/2021		07/09/2021		(4,279	)		(4,279	)
		0.050			05/05/2021		07/06/2021		(36,284	)		(36,287	)
		0.050			05/14/2021		07/14/2021		(1,829	)		(1,829	)
		0.050			06/10/2021		07/12/2021		(9,022	)		(9,023	)
		0.050			06/11/2021		07/13/2021		(945	)		(945	)
		0.060			05/06/2021		07/07/2021		(9,682	)		(9,682	)
		0.060			05/12/2021		07/12/2021		(24,696	)		(24,698	)
JPS		(0.100	)		06/15/2021		09/09/2021		(10,110	)		(10,109	)
		0.040			06/11/2021		07/12/2021		(57,398	)		(57,399	)
NOM		0.050			06/17/2021		07/19/2021		(197,085	)		(197,089	)
Total Reverse Repurchase Agreements											$	(479,050	)

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, 2021:

Counterparty	Repurchase Agreement Proceeds to be Received		Payable for Reverse Repurchase Agreements			Payable for Sale-Buyback Transactions		Total Borrowings and Other Financing Transactions			Collateral Pledged/ (Received)			Net Exposure(2)
Global/Master Repurchase Agreement
BSN	$	0	$	(68,897	)	$	0	$	(68,897	)	$	69,010		$	113
DEU		0		(2,523	)		0		(2,523	)		2,605			82
FICC		25,466		0			0		25,466			(25,975	)		(509	)
GRE		0		(143,033	)		0		(143,033	)		143,194			161
JPS		0		(67,508	)		0		(67,508	)		68,193			685
NOM		0		(197,089	)		0		(197,089	)		196,718			(371	)
Total Borrowings and Other Financing Transactions	$	25,466	$	(479,050	)	$	0

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2021 41

Schedule of Investments PIMCO Fixed Income SHares: Series C (Cont.)

CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

Remaining Contractual Maturity of the Agreements

	Overnight and Continuous		Up to 30 days			31-90 days			Greater Than 90 days		Total
Reverse Repurchase Agreements
U.S. Treasury Obligations	$	0	$	(468,941	)	$	0		$	0	$	(468,941	)
Preferred Securities		0		0			(10,109	)		0		(10,109	)
Total Borrowings	$	0	$	(468,941	)	$	(10,109	)	$	0	$	(479,050	)
Payable for reverse repurchase agreements											$	(479,050	)

(f) Securities with an aggregate market value of $483,054 have been pledged as collateral under the terms of the above master agreements as of June 30, 2021.

⁽¹⁾ The average amount of borrowings outstanding during the period ended June 30, 2021 was $(358,322) at a weighted average interest rate of 0.051%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.

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

(g)  FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

FUTURES CONTRACTS:

LONG FUTURES CONTRACTS

Description	Expiration Month		# of Contracts		Notional Amount		Unrealized Appreciation/ (Depreciation)		Variation Margin
									Asset		Liability
U.S. Treasury 10-Year Note September Futures		09/2021		877	$	116,203	$	828	$	206	$	0

SHORT FUTURES CONTRACTS

Description	Expiration Month		# of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)			Variation Margin
											Asset		Liability
Euro-Bund 10-Year Bond September Futures		09/2021		170	$	(34,794	)	$	(197	)	$	38	$	(109	)
United Kingdom Long Gilt September Futures		09/2021		1,335		(236,563	)		(1,690	)		0		(258	)
								$	(1,887	)	$	38	$	(367	)
Total Futures Contracts								$	(1,059	)	$	244	$	(367	)

42 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

June 30, 2021

SWAP AGREEMENTS:

CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION⁽¹⁾

Reference Entity	Fixed Receive Rate			Payment Frequency	Maturity Date		Implied Credit Spread at June 30, 2021(2)			Notional Amount(3)		Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)		Market Value(4)			Variation Margin
																				Asset		Liability
AT&T, Inc.		1.000	%	Quarterly		06/20/2025		0.478	%		$  3,700	$	(140	)	$	217	$	77		$	1	$	0
Auchan Holding S.A.		1.000		Quarterly		12/20/2027		1.001			EUR  1,400		(81	)		81		0			0		(1	)
British Telecommunications PLC		1.000		Quarterly		12/20/2027		1.019			2,000		(8	)		6		(2	)		0		(4	)
British Telecommunications PLC		1.000		Quarterly		06/20/2028		1.078			2,000		(12	)		0		(12	)		0		(2	)
Energy Transfer Operating LP		1.000		Quarterly		12/20/2025		0.745			$  3,500		(44	)		84		40			0		(2	)
General Electric Co.		1.000		Quarterly		12/20/2023		0.385			5,800		(201	)		291		90			0		(3	)
General Electric Co.		1.000		Quarterly		06/20/2024		0.420			3,400		(5	)		65		60			0		0
General Electric Co.		1.000		Quarterly		12/20/2024		0.501			1,400		(23	)		48		25			0		0
General Electric Co.		1.000		Quarterly		06/20/2026		0.718			400		3			3		6			0		0
Tesco PLC		1.000		Quarterly		06/20/2028		0.930			EUR  1,700		5			5		10			2		0
												$	(506	)	$	800	$	294		$	3	$	(12	)

CREDIT DEFAULT SWAPS ON CREDIT INDICES - SELL PROTECTION⁽¹⁾

	Fixed Receive Rate		Payment Frequency		Maturity Date		Notional Amount(3)		Premiums Paid/ (Received)		Unrealized Appreciation/ (Depreciation)		Market Value(4)		Variation Margin
Index/Tranches															Asset		Liability
CDX.IG-36 5-Year Index		1.000%		Quarterly		06/20/2026	$	97,000	$	2,404	$	95	$	2,499	$	15	$	0

INTEREST RATE SWAPS

Pay/ Receive Floating Rate	Floating Rate Index	Fixed Rate			Payment Frequency	Maturity Date		Notional Amount			Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)			Market Value			Variation Margin
																				Asset		Liability
Pay	1-Year BRL-CDI		3.700	%	Maturity		01/03/2022		BRL	625,400	$	(170	)	$	(705	)	$	(875	)	$	0	$	(32	)
Pay	1-Year BRL-CDI		3.978		Maturity		01/03/2022			35,200		0			(38	)		(38	)		0		(2	)
Pay	1-Year BRL-CDI		4.040		Maturity		01/03/2022			36,400		0			(36	)		(36	)		0		(2	)
Pay	3-Month CAD-Bank Bill		0.980		Semi-Annual		02/26/2024		CAD	232,300		217			(34	)		183			0		(24	)
Pay	3-Month CAD-Bank Bill		0.880		Semi-Annual		03/03/2024			107,000		6			(197	)		(191	)		0		(11	)
											$	53		$	(1,010	)	$	(957	)	$	0	$	(71	)
Total Swap Agreements											$	1,951		$	(115	)	$	1,836		$	18	$	(83	)

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2021 43

Schedule of Investments PIMCO Fixed Income SHares: Series C (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, 2021:

	Financial Derivative Assets								Financial Derivative Liabilities
	Market Value		Variation Margin Asset						Market Value		Variation Margin Liability
	Purchased Options		Futures		Swap Agreements		Total		Written Options		Futures		Swap Agreements		Total
Total Exchange-Traded or Centrally Cleared	$	0	$	244	$	18	$	262	$	0	$	(367)	$	(83)	$	(450)

(h) Securities with an aggregate market value of $20,879 and cash of $6,379 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 2021. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

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

⁽²⁾ Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on 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.

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

⁽⁴⁾ The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

(i)  FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

FORWARD FOREIGN CURRENCY CONTRACTS:

Counterparty	Settlement Month		Currency to be Delivered			Currency to be Received			Unrealized Appreciation/ (Depreciation)
									Asset		Liability
BOA		08/2021		RUB	504	$		7	$	0	$	0
		09/2021		IDR	9,301,734			645		8		0
		09/2021		RUB	1,408			19		0		0
		09/2021	$		99		PLN	377		0		(1	)
BPS		07/2021		JPY	39,268	$		359		5		0
		07/2021	$		2,479		EUR	2,081		0		(12	)
		07/2021			1,359		GBP	978		0		(6	)
		08/2021		JPY	39,268	$		354		0		0
BRC		08/2021		MXN	11,314			546		0		(19	)
		09/2021	$		65		PLN	247		0		0
CBK		07/2021		RUB	384	$		5		0		0
		08/2021			459			6		0		0
		09/2021	$		188		ZAR	2,605		0		(8	)
GLM		07/2021		GBP	85,512	$		120,891		2,602		0

44 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

June 30, 2021

Counterparty	Settlement Month		Currency to be Delivered			Currency to be Received			Unrealized Appreciation/ (Depreciation)
									Asset		Liability
		07/2021		RUB	769	$		10	$	0	$	(1	)
		08/2021		COP	2,774,539			728		0		(10	)
		08/2021		RUB	657			9		0		0
		09/2021			1,098			15		0		0
		09/2021	$		104		PLN	396		0		(1	)
		09/2021			787		TWD	21,567		0		(13	)
		09/2021			48		ZAR	667		0		(2	)
HUS		07/2021		EUR	2,769	$		3,311		28		0
		07/2021	$		117,192		GBP	84,534		0		(256	)
		08/2021		GBP	68,608	$		94,966		52		0
		08/2021		RUB	1,037			14		0		0
		09/2021			741			10		0		0
		09/2021	$		193		KRW	214,768		0		(2	)
		09/2021			118		PLN	452		1		0
MYI		07/2021		RUB	382	$		5		0		0
SCX		07/2021		EUR	115,573			141,386		4,346		0
		08/2021			116,261			137,964		17		0
		12/2021		INR	10,373			138		1		0
SOG		07/2021		RUB	438			6		0		0
		08/2021			576			8		0		0
UAG		07/2021			1,246			16		0		(1	)
Total Forward Foreign Currency Contracts									$	7,060	$	(332	)

SWAP AGREEMENTS:

CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION⁽¹⁾

Counterparty	Reference Entity	Fixed Receive Rate			Payment Frequency		Maturity Date		Implied Credit Spread at June 30, 2021(2)			Notional Amount(3)		Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)			Swap Agreements, at Value(4)
																				Asset		Liability
BPS	Brazil Government International Bond		1.000	%		Quarterly		06/20/2022		0.550	%	$	9,250	$	(645	)	$	688		$	43	$	0
BRC	Springleaf Finance Corp.		5.000			Quarterly		06/20/2022		0.675			800		66			(31	)		35		0
CBK	Brazil Government International Bond		1.000			Quarterly		12/20/2024		1.200			3,000		(52	)		32			0		(20	)
	Mexico Government International Bond		1.000			Quarterly		06/20/2026		0.938			900		(6	)		9			3		0
GST	Brazil Government International Bond		1.000			Quarterly		06/20/2024		1.014			200		(7	)		7			0		0
	Brazil Government International Bond		1.000			Quarterly		12/20/2024		1.200			2,200		(34	)		20			0		(14	)
	Mexico Government International Bond		1.000			Quarterly		06/20/2023		0.354			2,300		(21	)		51			30		0
	Mexico Government International Bond		1.000			Quarterly		12/20/2024		0.608			1,700		(14	)		38			24		0
	Springleaf Finance Corp.		5.000			Quarterly		06/20/2022		0.675			500		43			(21	)		22		0
JPM	Mexico Government International Bond		1.000			Quarterly		06/20/2026		0.938			900		(7	)		10			3		0
MYC	Mexico Government International Bond		1.000			Quarterly		12/20/2024		0.608			1,400		(12	)		32			20		0
	Mexico Government International Bond		1.000			Quarterly		12/20/2025		0.833			2,500		(34	)		53			19		0
	Mexico Government International Bond		1.000			Quarterly		06/20/2026		0.938			4,000		(23	)		37			14		0
														$	(746	)	$	925		$	213	$	(34	)
Total Swap Agreements														$	(746	)	$	925		$	213	$	(34	)

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2021 45

Schedule of Investments PIMCO Fixed Income SHares: Series C (Cont.)

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of June 30, 2021:

	Financial Derivative Assets								Financial Derivative Liabilities
Counterparty	Forward Foreign Currency Contracts		Purchased Options		Swap Agreements		Total Over the Counter		Forward Foreign Currency Contracts			Written Options		Swap Agreements			Total Over the Counter			Net Market Value of OTC Derivatives			Collateral Pledged/ (Received)			Net Exposure(5)
BOA	$	8	$	0	$	0	$	8	$	(1	)	$	0	$	0		$	(1	)	$	7		$	0		$	7
BPS		5		0		43		48		(18	)		0		0			(18	)		30			0			30
BRC		0		0		35		35		(19	)		0		0			(19	)		16			0			16
CBK		0		0		3		3		(8	)		0		(20	)		(28	)		(25	)		81			56
GLM		2,602		0		0		2,602		(27	)		0		0			(27	)		2,575			(2,220	)		355
GST		0		0		76		76		0			0		(14	)		(14	)		62			0			62
HUS		81		0		0		81		(258	)		0		0			(258	)		(177	)		0			(177	)
JPM		0		0		3		3		0			0		0			0			3			0			3
MYC		0		0		53		53		0			0		0			0			53			(10	)		43
SCX		4,364		0		0		4,364		0			0		0			0			4,364			(3,800	)		564
UAG		0		0		0		0		(1	)		0		0			(1	)		(1	)		0			(1	)
Total Over the Counter	$	7,060	$	0	$	213	$	7,273	$	(332	)	$	0	$	(34	)	$	(366	)

(j) Securities with an aggregate market value of $81 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of June 30, 2021.

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

⁽²⁾ Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on 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.

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

⁽⁴⁾ The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

⁽⁵⁾ 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.

46 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

June 30, 2021

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of June 30, 2021:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	0	$	0	$	244	$	244
Swap Agreements		0		18		0		0		0		18
	$	0	$	18	$	0	$	0	$	244	$	262
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	7,060	$	0	$	7,060
Swap Agreements		0		213		0		0		0		213
	$	0	$	213	$	0	$	7,060	$	0	$	7,273
	$	0	$	231	$	0	$	7,060	$	244	$	7,535
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	0	$	0	$	367	$	367
Swap Agreements		0		12		0		0		71		83
	$	0	$	12	$	0	$	0	$	438	$	450
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	332	$	0	$	332
Swap Agreements		0		34		0		0		0		34
	$	0	$	34	$	0	$	332	$	0	$	366
	$	0	$	46	$	0	$	332	$	438	$	816

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2021:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts			Interest Rate Contracts			Total
Net Realized Gain (Loss) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	0	$	0		$	9,380		$	9,380
Swap Agreements		0		239		0		0			(18	)		221
	$	0	$	239	$	0	$	0		$	9,362		$	9,601
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	(8,776	)	$	0		$	(8,776	)
Written Options		0		399		0		0			0			399
Swap Agreements		0		302		0		0			(2	)		300
	$	0	$	701	$	0	$	(8,776	)	$	(2	)	$	(8,077	)
	$	0	$	940	$	0	$	(8,776	)	$	9,360		$	1,524

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2021 47

Schedule of Investments PIMCO Fixed Income SHares: Series C (Cont.)

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts			Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts			Total
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Futures	$	0	$	0		$	0	$	0	$	1,537		$	1,537
Swap Agreements		0		290			0		0		(1,010	)		(720	)
	$	0	$	290		$	0	$	0	$	527		$	817
Over the counter
Forward Foreign Currency Contracts	$	0	$	0		$	0	$	11,283	$	0		$	11,283
Swap Agreements		0		(207	)		0		0		0			(207	)
	$	0	$	(207	)	$	0	$	11,283	$	0		$	11,076
	$	0	$	83		$	0	$	11,283	$	527		$	11,893

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2021 in valuing the Portfolio’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2021
Investments in Securities, at Value
Loan Participations and Assignments	$	0	$	14,432	$	0	$	14,432
Corporate Bonds & Notes
Banking & Finance		0		443,803		9,577		453,380
Industrials		0		225,257		0		225,257
Utilities		0		39,944		0		39,944
Municipal Bonds & Notes
California		0		4,228		0		4,228
Illinois		0		1,596		0		1,596
New Jersey		0		5,725		0		5,725
New York		0		12,378		0		12,378
Texas		0		3,543		0		3,543
Virginia		0		5,318		0		5,318
West Virginia		0		9,365		0		9,365
U.S. Government Agencies		0		284,575		0		284,575
U.S. Treasury Obligations		0		598,237		0		598,237
Non-Agency Mortgage-Backed Securities		0		125,990		0		125,990
Asset-Backed Securities		0		417,293		0		417,293
Preferred Securities
Banking & Finance		0		98,240		0		98,240
Industrials		0		8,831		0		8,831
Short-Term Instruments
Repurchase Agreements		0		25,466		0		25,466
	$	0	$	2,324,221	$	9,577	$	2,333,798
Investments in Affiliates, at Value
Short-Term Instruments
Central Funds Used for Cash Management Purposes	$	5,305	$	0	$	0	$	5,305
Total Investments	$	5,305	$	2,324,221	$	9,577	$	2,339,103

48 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

June 30, 2021

Category and Subcategory	Level 1			Level 2			Level 3		Fair Value at 06/30/2021
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared	$	38		$	224		$	0	$	262
Over the counter		0			7,273			0		7,273
	$	38		$	7,497		$	0	$	7,535
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared		(367	)		(83	)		0		(450	)
Over the counter		0			(366	)		0		(366	)
	$	(367	)	$	(449	)	$	0	$	(816	)
Total Financial Derivative Instruments	$	(329	)	$	7,048		$	0	$	6,719
Totals	$	4,976		$	2,331,269		$	9,577	$	2,345,822

There were no significant transfers into or out of Level 3 during the period ended June 30, 2021.

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2021 49

Schedule of Investments PIMCO Fixed Income SHares: Series LD

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

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 254.3%
CORPORATE BONDS & NOTES 109.8%
BANKING & FINANCE 59.5%
AerCap Ireland Capital DAC
3.950% due 02/01/2022 (d)	$		500	$		508
Air Lease Corp.
2.750% due 01/15/2023 (d)			1,300			1,342
Aircastle Ltd.
5.500% due 02/15/2022 (d)			1,500			1,545
Ally Financial, Inc.
1.450% due 10/02/2023 (d)			1,000			1,015
American Tower Corp.
3.375% due 05/15/2024 (d)			1,200			1,284
Aozora Bank Ltd.
2.550% due 09/09/2022 (d)			1,300			1,326
3.810% due 09/07/2021 (d)			700			704
Aviation Capital Group LLC
2.875% due 01/20/2022 (d)			1,800			1,818
Avolon Holdings Funding Ltd.
5.500% due 01/15/2023 (d)			400			425
Barclays PLC
1.536% (US0003M + 1.380%) due 05/16/2024 ~(d)			700			713
4.338% due 05/16/2024 •(d)			1,600			1,706
BOC Aviation Ltd.
2.375% due 09/15/2021 (d)			800			801
2.750% due 09/18/2022 (d)			300			305
3.000% due 05/23/2022 (d)			1,300			1,320
BPCE S.A.
1.652% due 10/06/2026 •(d)			1,000			1,005
Cantor Fitzgerald LP
6.500% due 06/17/2022 (d)			2,200			2,321
CIT Group, Inc.
5.000% due 08/15/2022			1,000			1,046
CK Hutchison International Ltd.
3.250% due 04/11/2024 (d)			1,000			1,066
Credit Suisse Group AG
1.359% (US0003M + 1.240%) due 06/12/2024 ~(d)			700			711
Danske Bank A/S
1.179% (US0003M + 1.060%) due 09/12/2023 ~(d)			2,400			2,427
Doric Nimrod Air Finance Alpha Ltd. Pass-Through Trust
5.125% due 11/30/2024			43			43
First Abu Dhabi Bank PJSC
1.012% (US0003M + 0.850%) due 08/08/2023 ~(d)			1,000			1,006
Five Corners Funding Trust
4.419% due 11/15/2023 (d)			500			546

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Ford Motor Credit Co. LLC
3.219% due 01/09/2022	$		800	$		810
4.250% due 09/20/2022 (d)			1,400			1,449
5.875% due 08/02/2021			600			604
GA Global Funding Trust
1.625% due 01/15/2026 (d)			400			405
General Motors Financial Co., Inc.
3.450% due 04/10/2022 (d)			270			275
3.550% due 07/08/2022 (d)			2,000			2,065
HSBC Holdings PLC
1.139% (BBSW3M + 1.100%) due 02/16/2024 ~	AUD		1,400			1,059
1.499% (US0003M + 1.380%) due 09/12/2026 ~(d)	$		2,070			2,137
LeasePlan Corp. NV
2.875% due 10/24/2024 (d)			2,100			2,207
Lloyds Banking Group PLC
1.425% (BBSW3M + 1.400%) due 03/07/2025 ~	AUD		1,000			765
LSEGA Financing PLC
0.650% due 04/06/2024 (d)	$		1,800			1,799
Mizuho Financial Group, Inc.
1.444% (BBSW3M + 1.400%) due 07/19/2023 ~	AUD		1,500			1,145
Nationwide Building Society
3.622% due 04/26/2023 •(d)	$		500			513
Natwest Group PLC
1.626% (US0003M + 1.470%) due 05/15/2023 ~(d)			1,000			1,011
3.498% due 05/15/2023 •(d)			600			616
4.519% due 06/25/2024 •(d)			900			967
Nissan Motor Acceptance Corp.
0.836% due 09/28/2022 •(d)			1,300			1,302
0.836% due 09/28/2022 •			100			100
0.838% (US0003M + 0.650%) due 07/13/2022 ~(d)			1,000			1,002
Nomura Holdings, Inc.
1.851% due 07/16/2025 (d)			600			614
2.648% due 01/16/2025 (d)			1,700			1,788
NTT Finance Corp.
1.162% due 04/03/2026 (d)			2,500			2,495
OneMain Finance Corp.
6.125% due 05/15/2022			400			417
ORIX Corp.
2.900% due 07/18/2022 (d)			1,200			1,232
3.200% due 01/19/2022 (d)			500			507
Pacific Life Global Funding
1.200% due 06/24/2025 (d)			1,100			1,104

50 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

June 30, 2021

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Park Aerospace Holdings Ltd.
4.500% due 03/15/2023 (d)	$		700	$		736
5.250% due 08/15/2022 (d)			1,200			1,256
QNB Finance Ltd.
1.176% (US0003M + 1.000%) due 05/02/2022 ~(d)			400			402
1.792% (BBSW3M + 1.750%) due 02/01/2023 ~	AUD		1,500			1,141
Scentre Group Trust
3.500% due 02/12/2025 (d)	$		800			860
SMBC Aviation Capital Finance DAC
2.650% due 07/15/2021 (d)			1,800			1,801
3.000% due 07/15/2022 (d)			300			307
3.550% due 04/15/2024 (d)			300			319
Societe Generale S.A.
1.488% due 12/14/2026 •(d)			1,900			1,884
Standard Chartered PLC
1.319% due 10/14/2023 •(d)			300			303
State Bank of India
4.000% due 01/24/2022 (d)			500			509
Synchrony Financial
2.850% due 07/25/2022 (d)			1,000			1,024
UBS AG
0.910% (BBSW3M + 0.870%) due 07/30/2025 ~	AUD		2,000			1,523
WEA Finance LLC
3.150% due 04/05/2022 (d)	$		300			304
Wells Fargo & Co.
2.509% due 10/27/2023 (c)	CAD		1,500			1,249
3.184% due 02/08/2024 (c)			1,500			1,270
						68,259
INDUSTRIALS 40.6%
7-Eleven, Inc.
0.950% due 02/10/2026 (d)	$		1,000			983
Arrow Electronics, Inc.
3.500% due 04/01/2022 (d)			600			610
BAT Capital Corp.
3.557% due 08/15/2027 (d)			400			429
Berry Global, Inc.
1.570% due 01/15/2026			1,200			1,202
4.875% due 07/15/2026			600			636
Boeing Co.
4.508% due 05/01/2023 (d)			500			533
Boral Finance Pty. Ltd.
3.000% due 11/01/2022 (d)			1,100			1,128
Broadcom, Inc.
3.459% due 09/15/2026 (d)			900			981

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
4.250% due 04/15/2026 (d)	$		1,100	$		1,234
Carrier Global Corp.
2.242% due 02/15/2025 (d)			800			832
CenterPoint Energy Resources Corp.
0.631% (US0003M + 0.500%) due 03/02/2023 ~			200			200
0.700% due 03/02/2023 (d)			300			300
Central Nippon Expressway Co. Ltd.
0.969% (US0003M + 0.850%) due 09/14/2021 ~(d)			1,400			1,402
Charter Communications Operating LLC
1.826% (US0003M + 1.650%) due 02/01/2024 ~			2,200			2,262
4.500% due 02/01/2024			300			327
Citrix Systems, Inc.
1.250% due 03/01/2026 (d)			400			395
Crown Castle Towers LLC
3.222% due 05/15/2042			300			301
D.R. Horton, Inc.
4.375% due 09/15/2022 (d)			1,000			1,037
DAE Funding LLC
1.550% due 08/01/2024 (d)			600			600
Daimler Canada Finance, Inc.
3.300% due 08/16/2022 (c)	CAD		900			747
Dell International LLC
5.450% due 06/15/2023 (d)	$		400			434
Delta Air Lines, Inc.
3.625% due 03/15/2022			1,400			1,420
7.375% due 01/15/2026			500			587
Energy Transfer LP
5.000% due 10/01/2022 (d)			2,000			2,085
Gilead Sciences, Inc.
1.200% due 10/01/2027 (d)			700			683
Global Payments, Inc.
1.200% due 03/01/2026 (d)			700			694
Heathrow Funding Ltd.
4.875% due 07/15/2023 (d)			1,000			1,002
Hyundai Capital America
1.150% due 11/10/2022 (d)			700			705
2.850% due 11/01/2022 (d)			300			309
Imperial Brands Finance PLC
3.125% due 07/26/2024 (d)			650			685
3.750% due 07/21/2022 (d)			1,100			1,129
International Flavors & Fragrances, Inc.
1.230% due 10/01/2025 (d)			1,000			995
Kansas City Southern
3.000% due 05/15/2023 (d)			1,500			1,557
Lennar Corp.
4.500% due 04/30/2024			400			438
Marriott International, Inc.
3.125% due 10/15/2021 (d)			2,000			2,002

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2021 51

Schedule of Investments PIMCO Fixed Income SHares: Series LD (Cont.)

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
MGM Resorts International
7.750% due 03/15/2022	$		1,700	$		1,779
Nissan Motor Co. Ltd.
3.043% due 09/15/2023 (d)			1,000			1,043
Occidental Petroleum Corp.
1.606% (US0003M + 1.450%) due 08/15/2022 ~			900			896
Oracle Corp.
1.650% due 03/25/2026 (c)(d)			1,300			1,318
Pacific National Finance Pty. Ltd.
6.000% due 04/07/2023 (d)			1,000			1,074
PeaceHealth Obligated Group
1.375% due 11/15/2025 (d)			300			303
Petronas Energy Canada Ltd.
2.112% due 03/23/2028 (d)			1,000			1,012
Sabine Pass Liquefaction LLC
6.250% due 03/15/2022 (d)			1,100			1,128
Saudi Arabian Oil Co.
1.250% due 11/24/2023 (d)			1,100			1,112
Spirit AeroSystems, Inc.
3.950% due 06/15/2023 (d)			1,100			1,108
Sprint Spectrum Co. LLC
3.360% due 03/20/2023 (d)			50			50
Toll Brothers Finance Corp.
5.875% due 02/15/2022 (d)			2,000			2,046
Valero Energy Corp.
1.269% (US0003M + 1.150%) due 09/15/2023 ~(d)			1,000			1,002
Volkswagen Group of America Finance LLC
2.700% due 09/26/2022 (d)			500			514
Westinghouse Air Brake Technologies Corp.
4.400% due 03/15/2024			800			867
4.950% due 09/15/2028			300			348
Woodside Finance Ltd.
3.650% due 03/05/2025 (d)			100			107
						46,571
UTILITIES 9.7%
AES Corp.
1.375% due 01/15/2026			1,300			1,288
AT&T, Inc.
1.044% (US0003M + 0.890%) due 02/15/2023 ~(d)			1,100			1,113
Duquesne Light Holdings, Inc.
5.900% due 12/01/2021 (d)			300			307
Enel Finance International NV
4.250% due 09/14/2023 (d)			200			216
FirstEnergy Corp.
3.350% due 07/15/2022 (d)			700			712

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Israel Electric Corp. Ltd.
5.000% due 11/12/2024	$		400	$		448
Pacific Gas & Electric Co.
1.598% (US0003M + 1.480%) due 06/16/2022 ~(d)			200			200
1.750% due 06/16/2022 (d)			1,700			1,699
2.100% due 08/01/2027 (d)			200			194
2.950% due 03/01/2026			100			102
3.250% due 06/15/2023			100			103
3.400% due 08/15/2024 (d)			200			210
3.850% due 11/15/2023 (d)			100			105
Southern California Edison Co.
1.100% due 04/01/2024 (d)			1,000			1,007
Sprint Communications, Inc.
6.000% due 11/15/2022			300			318
Sprint Corp.
7.250% due 09/15/2021			1,100			1,119
Systems Energy Resources, Inc.
2.140% due 12/09/2025 (d)			1,700			1,720
Telstra Corp. Ltd.
3.125% due 04/07/2025 (d)			100			107
Trans-Allegheny Interstate Line Co.
3.850% due 06/01/2025			100			108
						11,076
Total Corporate Bonds & Notes (Cost $124,164)						125,906
MUNICIPAL BONDS & NOTES 0.9%
ILLINOIS 0.3%
Illinois State General Obligation Notes, Series 2020
5.375% due 05/01/2023			300			327
PENNSYLVANIA 0.6%
Pennsylvania Higher Education Assistance Agency Revenue Bonds, Series 2006
0.306% (US0003M + 0.130%) due 10/25/2036 ~			712			703
Total Municipal Bonds & Notes (Cost $1,001)						1,030
U.S. GOVERNMENT AGENCIES 13.6%
Fannie Mae
0.875% due 12/18/2026 (d)			5,000			4,948
1.190% due 09/25/2022 •			3			3
Federal Home Loan Bank
0.900% due 02/26/2027 (d)			2,500			2,472
1.020% due 02/24/2027 (d)			4,000			3,973

52 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

June 30, 2021

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Freddie Mac
1.000% due 09/15/2044	$		2,433	$		2,439
2.174% due 07/15/2035 •			1,596			1,614
4.073% due 01/15/2022 •			1			1
Ginnie Mae
0.543% due 10/20/2037 •			27			27
0.787% due 08/20/2061 •			2			2
0.907% due 05/20/2066 •			136			139
Total U.S. Government Agencies (Cost $15,709)						15,618
U.S. TREASURY OBLIGATIONS 68.1%
U.S. Treasury Notes
0.125% due 05/31/2023 (d)			78,300			78,138
Total U.S. Treasury Obligations (Cost $78,274)						78,138
NON-AGENCY MORTGAGE-BACKED SECURITIES 23.0%
AREIT Trust
2.744% due 04/15/2037 •			337			339
Avon Finance PLC
0.949% due 09/20/2048 •	GBP		814			1,130
Banc of America Funding Trust
2.809% due 09/20/2034 ~	$		36			37
Bancorp Commercial Mortgage Trust
1.174% due 09/15/2036 •			61			61
Bear Stearns Adjustable Rate Mortgage Trust
2.216% due 04/25/2033 ~			20			21
2.302% due 01/25/2034 ~			5			6
2.786% due 11/25/2034 ~			21			21
Brass PLC
0.856% due 11/16/2066 •			88			89
BX Commercial Mortgage Trust
0.773% due 01/15/2034 •			1,200			1,204
BXMT Ltd.
1.524% due 03/15/2037 •			1,100			1,106
Citigroup Mortgage Loan Trust
2.530% due 10/25/2035 •			3			3
Countrywide Alternative Loan Trust
0.412% due 07/25/2036 •			33			38
Credit Suisse First Boston Mortgage Securities Corp.
2.736% due 06/25/2033 ~			10			10
6.500% due 04/25/2033			39			41
DROP Mortgage Trust
1.220% due 04/15/2026 •			1,500			1,508
Extended Stay America Trust
1.155% due 07/15/2038 •(a)			1,300			1,307

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
GCAT
1.348% due 05/25/2066 «~	$		1,000	$		999
1.503% due 05/25/2066 «~			1,000			999
GCCFC Commercial Mortgage Trust
0.873% due 02/15/2038 •			200			200
Gemgarto PLC
0.639% due 12/16/2067 •	GBP		1,748			2,431
GSR Mortgage Loan Trust
1.999% due 08/25/2033 •	$		54			53
2.924% due 09/25/2035 ~			3			3
Hawksmoor Mortgage Funding PLC
1.099% due 05/25/2053 •	GBP		747			1,038
Impac CMB Trust
0.732% due 03/25/2035 •	$		227			222
1.092% due 07/25/2033 •			149			146
JP Morgan Chase Commercial Mortgage Securities Trust
1.523% due 12/15/2031 •			710			705
JP Morgan Mortgage Trust
2.453% due 02/25/2035 ~			1			1
2.490% due 02/25/2034 ~			23			24
2.497% due 04/25/2035 ~			62			67
2.568% due 06/25/2035 ~			8			9
2.944% due 09/25/2034 ~			5			6
Lanark Master Issuer PLC
0.920% due 12/22/2069 •			750			751
Legacy Mortgage Asset Trust
3.000% due 06/25/2059 þ			819			822
Mellon Residential Funding Corp. Mortgage Pass-Through Trust
0.553% due 06/15/2030 •			10			10
2.610% due 10/20/2029 •			9			9
Merrill Lynch Mortgage Investors Trust
0.552% due 04/25/2029 •			3			3
0.732% due 10/25/2028 •			2			2
2.809% due 02/25/2035 ~			77			78
MF1 Ltd.
1.262% due 12/25/2034 •			708			710
MF1 Multifamily Housing Mortgage Loan Trust
0.974% due 07/15/2036 •			1,100			1,102
MFA Trust
1.131% due 07/25/2060 ~			980			978
1.381% due 04/25/2065 ~			417			419
Morgan Stanley Mortgage Loan Trust
2.541% due 11/25/2034 ~			4			4
New Residential Mortgage Loan Trust
0.941% due 09/25/2058 ~			922			923
2.750% due 07/25/2059 ~			764			798
2.750% due 11/25/2059 ~			785			813
3.500% due 12/25/2057 ~			1,036			1,077
Pretium Mortgage Credit Partners LLC
1.992% due 02/25/2061 þ			600			599

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2021 53

Schedule of Investments PIMCO Fixed Income SHares: Series LD (Cont.)

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Prime Mortgage Trust
0.492% due 02/25/2034 •	$		4	$		4
Sequoia Mortgage Trust
0.793% due 10/19/2026 •			52			51
0.853% due 10/20/2027 •			6			6
Stratton Mortgage Funding PLC
0.948% due 07/20/2060 •	GBP		194			270
Structured Asset Mortgage Investments Trust
0.673% due 07/19/2034 •	$		24			25
0.753% due 09/19/2032 •			6			6
5.176% due 06/25/2029 ~			3			3
Thornburg Mortgage Securities Trust
0.732% due 09/25/2043 •			4			4
2.178% due 04/25/2045 ~			12			12
Towd Point Mortgage Funding PLC
1.111% due 10/20/2051 •	GBP		323			449
Trinity Square PLC
0.000% due 07/15/2059 •			1,000			1,386
WaMu Mortgage Pass-Through Certificates Trust
0.632% due 12/25/2045 •	$		116			118
0.672% due 10/25/2045 •			18			18
0.832% due 11/25/2034 •			43			42
0.892% due 06/25/2044 •			17			16
1.516% due 06/25/2042 •			4			4
Wells Fargo Commercial Mortgage Trust
0.923% due 12/13/2031 •			1,000			987
Total Non-Agency Mortgage-Backed Securities (Cost $26,073)						26,323
ASSET-BACKED SECURITIES 36.2%
A10 Bridge Asset Financing LLC
2.021% due 08/15/2040			697			701
American Money Management Corp. CLO Ltd.
1.166% due 04/14/2029 •			200			200
Amortizing Residential Collateral Trust
1.092% due 10/25/2034 •			173			173
Apidos CLO
0.000% due 07/17/2030 •			400			400
Assurant CLO Ltd.
1.141% due 10/20/2031 •			600			600
Bear Stearns Asset-Backed Securities Trust
0.892% due 10/27/2032 •			29			29
1.217% due 03/25/2035 •			1,000			996
1.292% due 01/25/2045 •			233			234
Blackrock European CLO DAC
0.620% due 10/15/2031 •	EUR		2,000			2,361
Carlyle Global Market Strategies Euro CLO
0.700% due 01/15/2031 •			800			949
Carlyle Global Market Strategies Euro CLO Ltd.
0.750% due 11/15/2031 •			700			826

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Carrington Mortgage Loan Trust
1.308% due 10/20/2029 •	$		1,000	$		1,001
Catamaran CLO Ltd.
1.280% due 01/18/2029 •			1,126			1,127
Chase Funding Trust
0.832% due 10/25/2032 •			53			53
Countrywide Asset-Backed Certificates Trust
0.572% due 05/25/2036 •			500			498
Delta Funding Home Equity Loan Trust
0.893% due 09/15/2029 •			5			5
Finance America Mortgage Loan Trust
0.917% due 08/25/2034 •			115			114
First Franklin Mortgage Loan Trust
0.412% due 04/25/2036 •			1,092			1,066
FirstKey Homes Trust
1.266% due 10/19/2037			499			499
Ford Auto Securitization Trust
0.887% due 08/15/2024	CAD		2,100			1,699
GSAMP Trust
0.612% due 06/25/2036 •	$		764			749
Halcyon Loan Advisors Funding Ltd.
1.108% due 04/20/2027 •			125			125
Harvest CLO DAC
1.040% due 07/15/2031	EUR		400			475
HERA Commercial Mortgage Ltd.
1.133% due 02/18/2038 •	$		900			899
Jamestown CLO Ltd.
1.358% due 10/20/2028 •			1,025			1,026
Jubilee CLO BV
0.610% due 04/15/2030 •	EUR		1,200			1,423
LCM LP
0.000% due 04/20/2031 •	$		250			250
1.228% due 10/20/2027 •			173			173
MF1 Ltd.
1.824% due 11/15/2035 •			600			605
MidOcean Credit CLO
0.000% due 01/29/2030 •			1,500			1,499
Navient Private Education Refi Loan Trust
1.170% due 09/16/2069			1,014			1,019
1.690% due 05/15/2069			1,491			1,516
New Century Home Equity Loan Trust
1.022% due 11/25/2034 •			685			675
NovaStar Mortgage Funding Trust
0.752% due 01/25/2036 •			1,046			1,041
Palmer Square Loan Funding Ltd.
0.955% due 02/20/2028 •			668			669
1.006% due 08/15/2026 •			250			250
1.076% due 10/24/2027 •			728			728
PFS Financing Corp.
0.930% due 08/15/2024			200			201

54 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

June 30, 2021

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
RAAC Trust
0.642% due 01/25/2046 •	$		770	$		768
Residential Mortgage Loan Trust
1.592% due 09/25/2029 •			2			2
Securitized Asset-Backed Receivables LLC Trust
0.767% due 01/25/2035 •			366			356
Segovia European CLO
0.870% due 04/15/2030 •	EUR		700			831
SLM Student Loan Trust
0.669% due 12/15/2025 •	$		174			174
0.926% due 04/25/2023 •			589			583
1.676% due 04/25/2023 •			354			357
1.876% due 07/25/2023 •			288			291
SMB Private Education Loan Trust
0.942% due 09/15/2054 •			5,000			5,055
1.073% due 06/15/2027 •			54			54
SoFi Professional Loan Program LLC
3.020% due 02/25/2040			116			120
SP-Static CLO Ltd.
1.584% due 07/22/2028 •			644			645
Towd Point Mortgage Trust
1.092% due 05/25/2058 •			808			815
1.092% due 10/25/2059 •			707			714
1.636% due 04/25/2060 ~			1,574			1,590
2.710% due 01/25/2060 ~			538			554
3.000% due 11/25/2059 ~			432			435
Venture CLO Ltd.
1.208% due 04/20/2029 •			874			874
1.288% due 01/20/2029 •			300			300
Zais CLO Ltd.
1.334% due 04/15/2028 •			132			133
Total Asset-Backed Securities (Cost $41,267)						41,505
SOVEREIGN ISSUES 2.3%
Export-Import Bank of India
1.149% (US0003M + 1.000%) due 08/21/2022 ~			250			251

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Israel Government International Bond
5.500% due 01/31/2022	ILS		7,600	$		2,407
Total Sovereign Issues (Cost $2,619)						2,658
		SHARES
PREFERRED SECURITIES 0.4%
BANKING & FINANCE 0.4%
JPMorgan Chase & Co.
3.656% (US0003M + 3.470%) due 07/30/2021 ~(b)			440,000			442
Total Preferred Securities (Cost $440)						442
Total Investments in Securities (Cost $289,547)						291,620
INVESTMENTS IN AFFILIATES 0.1%
SHORT-TERM INSTRUMENTS 0.1%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.1%
PIMCO Short-Term Floating NAV Portfolio III			11,189			110
Total Short-Term Instruments (Cost $110)						110
Total Investments in Affiliates (Cost $110)						110
Total Investments 254.4% (Cost $289,657)				$		291,730
Financial Derivative Instruments (e)(f) 0.6% (Cost or Premiums, net $(1,443))						636
Other Assets and Liabilities, net (155.0)%						(177,711	)
Net Assets 100.0%				$		114,655

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.

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2021 55

Schedule of Investments PIMCO Fixed Income SHares: Series LD (Cont.)

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

(c)  RESTRICTED SECURITIES:

Issuer Description	Coupon			Maturity Date		Acquisition Date		Cost		Market Value		Market Value as Percentage of Net Assets
Daimler Canada Finance, Inc.		3.300	%		08/16/2022		10/16/2020	$	699	$	747		0.65	%
Oracle Corp.		1.650			03/25/2026		03/22/2021		1,299		1,318		1.15
Wells Fargo & Co.		2.509			10/27/2023		10/14/2020		1,178		1,249		1.09
Wells Fargo & Co.		3.184			02/08/2024		10/06/2020		1,182		1,270		1.11
								$	4,358	$	4,584		4.00	%

BORROWINGS AND OTHER FINANCING TRANSACTIONS

REVERSE REPURCHASE AGREEMENTS:

Counterparty	Borrowing Rate(1)			Settlement Date		Maturity Date			Amount Borrowed(1)			Payable for Reverse Repurchase Agreements
BOS		0.250	%		05/28/2021		TBD	(2)	$	(3,070	)	$	(3,071	)
BPS		0.250			06/24/2021		TBD	(2)		(3,061	)		(3,061	)
BRC		0.250			06/25/2021		TBD	(2)		(182	)		(182	)
FOB		0.250			04/15/2021		TBD	(2)		(15,564	)		(15,572	)
		0.250			05/14/2021		TBD	(2)		(923	)		(923	)
NOM		0.250			06/24/2021		TBD	(2)		(1,234	)		(1,235	)
SOG		0.240			06/25/2021		TBD	(2)		(14,326	)		(14,326	)
		0.320			10/13/2020		TBD	(2)		(687	)		(688	)
TDM		0.240			03/04/2021		TBD	(2)		(3,245	)		(3,247	)
		0.240			04/06/2021		TBD	(2)		(1,099	)		(1,100	)
		0.240			04/08/2021		TBD	(2)		(953	)		(953	)
		0.250			02/26/2021		TBD	(2)		(6,395	)		(6,401	)
		0.250			03/23/2021		TBD	(2)		(5,970	)		(5,975	)
		0.250			03/25/2021		TBD	(2)		(1,546	)		(1,547	)
		0.250			03/29/2021		TBD	(2)		(1,356	)		(1,357	)
		0.250			04/13/2021		TBD	(2)		(2,107	)		(2,108	)
		0.250			04/16/2021		TBD	(2)		(23,207	)		(23,219	)
		0.250			05/11/2021		TBD	(2)		(958	)		(959	)
UBS		0.250			03/22/2021		TBD	(2)		(1,026	)		(1,027	)
		0.250			06/25/2021		TBD	(2)		(4,940	)		(4,940	)
		0.400			06/23/2021		TBD	(2)		(1,771	)		(1,771	)
Total Reverse Repurchase Agreements												$	(93,662	)

SALE-BUYBACK TRANSACTIONS:

Counterparty	Borrowing Rate(1)			Borrowing Date		Maturity Date		Amount Borrowed(1)			Payable  for Sale-Buyback Transactions(3)
BOS		0.060	%		06/28/2021		07/06/2021	$	(75,741	)	$	(75,742	)
BPG		0.060			06/25/2021		07/02/2021		(798	)		(798	)
		0.080			06/30/2021		07/01/2021		(893	)		(893	)
		0.090			06/29/2021		07/06/2021		(8,187	)		(8,186	)
TDL		0.040			06/29/2021		07/01/2021		(1,596	)		(1,596	)
Total Sale-Buyback Transactions											$	(87,215	)

56 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

June 30, 2021

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, 2021:

Counterparty	Repurchase Agreement Proceeds to be Received		Payable for Reverse Repurchase Agreements			Payable for Sale-Buyback Transactions(3)			Total Borrowings and Other Financing Transactions			Collateral Pledged/ (Received)		Net Exposure(4)
Global/Master Repurchase Agreement
BOS	$	0	$	(3,071	)	$	0		$	(3,071	)	$	3,208	$	137
BPS		0		(3,061	)		0			(3,061	)		3,192		131
BRC		0		(182	)		0			(182	)		194		12
FOB		0		(16,495	)		0			(16,495	)		17,505		1,010
NOM		0		(1,235	)		0			(1,235	)		1,301		66
SOG		0		(15,014	)		0			(15,014	)		15,809		795
TDM		0		(46,866	)		0			(46,866	)		49,249		2,383
UBS		0		(7,738	)		0			(7,738	)		8,579		841
Master Securities Forward Transaction Agreement
BOS		0		0			(75,742	)		(75,742	)		75,743		1
BPG		0		0			(9,877	)		(9,877	)		9,815		(62	)
TDL		0		0			(1,596	)		(1,596	)		1,597		1
Total Borrowings and Other Financing Transactions	$	0	$	(93,662	)	$	(87,215	)

CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

Remaining Contractual Maturity of the Agreements

	Overnight and Continuous			Up to 30 days			31-90 days		Greater Than 90 days			Total
Reverse Repurchase Agreements
Corporate Bonds & Notes	$	0		$	0		$	0	$	(89,334	)	$	(89,334	)
U.S. Treasury Obligations		0			0			0		(4,328	)		(4,328	)
Total	$	0		$	0		$	0	$	(93,662	)	$	(93,662	)
Sale-Buyback Transactions
U.S. Treasury Obligations		(2,489	)		(84,726	)		0		0			(87,215	)
Total	$	(2,489	)	$	(84,726	)	$	0	$	0		$	(87,215	)
Total Borrowings	$	(2,489	)	$	(84,726	)	$	0	$	(93,662	)	$	(180,877	)
Payable for reverse repurchase agreements and sale-buyback financing transactions												$	(180,877	)

(d) Securities with an aggregate market value of $186,233 have been pledged as collateral under the terms of the above master agreements as of June 30, 2021.

⁽¹⁾ The average amount of borrowings outstanding during the period ended June 30, 2021 was $(103,036) at a weighted average interest rate of 0.228%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.

⁽²⁾ Open maturity reverse repurchase agreement.

⁽³⁾ Payable for sale-buyback transactions includes $(1) of deferred price drop.

⁽⁴⁾ Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2021 57

Schedule of Investments PIMCO Fixed Income SHares: Series LD (Cont.)

(e)  FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

FUTURES CONTRACTS:

LONG FUTURES CONTRACTS

Description	Expiration Month		# of Contracts		Notional Amount		Unrealized Appreciation/ (Depreciation)			Variation Margin
										Asset		Liability
3-Month Canada Bankers’ Acceptance December Futures		12/2022		212	$	42,241	$	(21	)	$	0	$	(6	)
3-Month Canada Bankers’ Acceptance March Futures		03/2023		149		29,629		(71	)		0		(5	)
							$	(92	)	$	0	$	(11	)

SHORT FUTURES CONTRACTS

Description	Expiration Month		# of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)			Variation Margin
											Asset		Liability
U.S. Treasury 2-Year Note September Futures		09/2021		116	$	(25,557	)	$	(10	)	$	0	$	(3	)
U.S. Treasury 5-Year Note September Futures		09/2021		307		(37,893	)		87			0		(19	)
U.S. Treasury 10-Year Note September Futures		09/2021		38		(5,035	)		(29	)		0		(9	)
U.S. Treasury 10-Year Ultra Long-Term Bond September Futures		09/2021		102		(15,015	)		(216	)		0		(55	)
								$	(168	)	$	0	$	(86	)
Total Futures Contracts								$	(260	)	$	0	$	(97	)

SWAP AGREEMENTS:

CREDIT DEFAULT SWAPS ON CREDIT INDICES - BUY PROTECTION⁽¹⁾

Index/Tranches	Fixed (Pay) Rate			Payment Frequency		Maturity Date		Notional Amount(2)		Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)			Market Value(3)			Variation Margin
																			Asset		Liability
CDX.IG-35 5-Year Index		(1.000	)%		Quarterly		12/20/2025	$	600	$	(15	)	$	0		$	(15	)	$	0	$	0
CDX.IG-36 5-Year Index		(1.000	)		Quarterly		06/20/2026		55,000		(1,343	)		(74	)		(1,417	)		0		(9	)
										$	(1,358	)	$	(74	)	$	(1,432	)	$	0	$	(9	)

INTEREST RATE SWAPS - BASIS SWAPS

Pay Floating Rate Index	Receive Floating Rate Index	Payment Frequency		Maturity Date		Notional Amount		Premiums Paid/ (Received)		Unrealized Appreciation/ (Depreciation)			Market Value			Variation Margin
																Asset		Liability
3-Month USD-LIBOR	01-Month USD-LIBOR + 0.098%		Quarterly		01/13/2023	$	7,400	$	0	$	(3	)	$	(3	)	$	0	$	0
3-Month USD-LIBOR	01-Month USD-LIBOR + 0.098%		Quarterly		01/13/2023		5,700		0		(3	)		(3	)		0		0
								$	0	$	(6	)	$	(6	)	$	0	$	0

INTEREST RATE SWAPS

Pay/ Receive Floating Rate	Floating Rate Index	Fixed Rate			Payment Frequency	Maturity Date		Notional Amount		Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)			Market Value			Variation Margin
																			Asset		Liability
Pay	3-Month USD-LIBOR		0.250	%	Semi-Annual		06/16/2023		37,800	$	12		$	(57	)	$	(45	)	$	2	$	0
Total Swap Agreements										$	(1,346	)	$	(137	)		(1,483	)	$	2	$	(9	)

58 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

June 30, 2021

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, 2021:

	Financial Derivative Assets								Financial Derivative Liabilities
	Market Value		Variation Margin Asset						Market Value		Variation Margin Liability
	Purchased Options		Futures		Swap Agreements		Total		Written Options		Futures			Swap Agreements			Total
Total Exchange-Traded or Centrally Cleared	$	0	$	0	$	2	$	2	$	0	$	(97	)	$	(9	)	$	(106	)

Cash of $1,892 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 2021. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

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

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

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

(f)  FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

FORWARD FOREIGN CURRENCY CONTRACTS:

Counterparty	Settlement Month		Currency to be Delivered			Currency to be Received			Unrealized Appreciation/ (Depreciation)
									Asset		Liability
BOA		07/2021	$		3,237		AUD	4,299	$	0	$	(13	)
		08/2021		AUD	4,299	$		3,238		13		0
BPS		07/2021			5,556			4,318		151		0
		07/2021	$		1,301		JPY	143,300		0		(11	)
		08/2021			2,542			282,000		0		(2	)
GLM		07/2021		GBP	4,906	$		6,936		149		0
JPM		07/2021		EUR	799			954		7		0
		07/2021	$		125		GBP	90		0		(1	)
MYI		07/2021			2,407		AUD	3,182		0		(21	)
		07/2021			1,266		JPY	138,700		0		(17	)
		08/2021		AUD	3,182	$		2,408		21		0
		01/2022		ILS	8,019			2,454		0		(14	)
SCX		07/2021		EUR	10,099			12,331		356		0
		08/2021			10,098			11,983		1		0
SSB		07/2021	$		970		EUR	800		0		(21	)
		07/2021			6,656		GBP	4,816		7		0
		08/2021		GBP	4,816	$		6,656		0		(7	)
TOR		07/2021		AUD	1,925			1,490		46		0
		07/2021		CAD	6,527			5,402		137		0
		08/2021			6,527			5,271		6		0
Total Forward Foreign Currency Contracts									$	894	$	(107	)

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2021 59

Schedule of Investments PIMCO Fixed Income SHares: Series LD (Cont.)

PURCHASED OPTIONS:

FOREIGN CURRENCY OPTIONS

Counterparty	Description	Strike Price		Expiration Date		Notional Amount(1)		Cost		Market Value
BOA	Call - OTC EUR versus USD	$	1.380		07/06/2021		3,000	$	0	$	0
	Call - OTC EUR versus USD		1.380		07/14/2021		4,500		1		0
	Call - OTC EUR versus USD		1.350		07/22/2021		2,000		0		0
Total Purchased Options								$	1	$	0

WRITTEN OPTIONS:

CREDIT DEFAULT SWAPTIONS ON CREDIT INDICES

Counterparty	Description	Buy/Sell Protection	Exercise Rate			Expiration Date		Notional Amount(1)		Premiums (Received)			Market Value
FBF	Put - OTC CDX.IG-36 5-Year Index	Sell		0.750	%		08/18/2021		14,200	$	(14	)	$	(3	)
GST	Put - OTC CDX.IG-36 5-Year Index	Sell		0.800			10/20/2021		8,500		(9	)		(6	)
	Put - OTC CDX.IG-36 5-Year Index	Sell		0.850			10/20/2021		22,100		(23	)		(12	)
										$	(46	)	$	(21	)

OPTIONS ON SECURITIES

Counterparty	Description	Strike Price		Expiration Date		Notional Amount(1)		Premiums (Received)			Market Value
FAR	Call - OTC Uniform Mortgage-Backed Security, TBA 2.000% due 07/01/2051	$	101.422		07/07/2021		600	$	(3	)	$	(1	)
GSC	Call - OTC Uniform Mortgage-Backed Security, TBA 2.000% due 07/01/2051		101.227		07/07/2021		200		(1	)		0
	Put - OTC Uniform Mortgage-Backed Security, TBA 2.000% due 09/01/2051		99.023		09/07/2021		500		(3	)		(2	)
	Call - OTC Uniform Mortgage-Backed Security, TBA 2.000% due 09/01/2051		101.023		09/07/2021		500		(2	)		(3	)
JPM	Put - OTC Ginnie Mae, TBA 2.500% due 08/01/2051		102.234		08/12/2021		600		(2	)		(1	)
	Put - OTC Ginnie Mae, TBA 2.500% due 08/01/2051		102.297		08/12/2021		200		(1	)		0
	Call - OTC Uniform Mortgage-Backed Security, TBA 2.000% due 09/01/2051		101.313		09/07/2021		1,100		(3	)		(5	)
	Put - OTC Uniform Mortgage-Backed Security, TBA 2.500% due 07/01/2051		102.047		07/07/2021		300		(1	)		0
	Call - OTC Uniform Mortgage-Backed Security, TBA 2.500% due 07/01/2051		104.047		07/07/2021		200		0			0
SAL	Put - OTC Uniform Mortgage-Backed Security, TBA 2.000% due 07/01/2051		99.375		07/07/2021		100		0			0
	Put - OTC Uniform Mortgage-Backed Security, TBA 2.000% due 07/01/2051		99.547		07/07/2021		300		(1	)		0
	Put - OTC Uniform Mortgage-Backed Security, TBA 2.000% due 07/01/2051		100.219		07/07/2021		200		(1	)		0
	Call - OTC Uniform Mortgage-Backed Security, TBA 2.000% due 07/01/2051		101.219		07/07/2021		200		(1	)		0
	Call - OTC Uniform Mortgage-Backed Security, TBA 2.000% due 07/01/2051		101.227		07/07/2021		100		(1	)		0
	Call - OTC Uniform Mortgage-Backed Security, TBA 2.000% due 07/01/2051		101.375		07/07/2021		100		0			0
	Call - OTC Uniform Mortgage-Backed Security, TBA 2.000% due 07/01/2051		101.422		07/07/2021		200		(1	)		0

60 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

June 30, 2021

Counterparty	Description	Strike Price		Expiration Date		Notional Amount(1)		Premiums (Received)			Market Value
	Call - OTC Uniform Mortgage-Backed Security, TBA 2.000% due 07/01/2051	$	101.547		07/07/2021		100	$	0		$	0
	Call - OTC Uniform Mortgage-Backed Security, TBA 2.000% due 07/01/2051		101.641		07/07/2021		500		(2	)		0
	Call - OTC Uniform Mortgage-Backed Security, TBA 2.000% due 07/01/2051		101.645		07/07/2021		500		(2	)		0
	Call - OTC Uniform Mortgage-Backed Security, TBA 2.000% due 07/01/2051		101.766		07/07/2021		200		(1	)		0
	Put - OTC Uniform Mortgage-Backed Security, TBA 2.000% due 08/01/2051		99.172		08/05/2021		300		(2	)		(1	)
	Put - OTC Uniform Mortgage-Backed Security, TBA 2.000% due 08/01/2051		99.188		08/05/2021		300		(1	)		(1	)
	Put - OTC Uniform Mortgage-Backed Security, TBA 2.000% due 08/01/2051		99.406		08/05/2021		1,100		(5	)		(2	)
	Put - OTC Uniform Mortgage-Backed Security, TBA 2.000% due 08/01/2051		99.688		08/05/2021		1,000		(3	)		(2	)
	Put - OTC Uniform Mortgage-Backed Security, TBA 2.000% due 08/01/2051		99.938		08/05/2021		300		(1	)		(1	)
	Call - OTC Uniform Mortgage-Backed Security, TBA 2.000% due 08/01/2051		101.188		08/05/2021		300		0			(1	)
	Call - OTC Uniform Mortgage-Backed Security, TBA 2.000% due 08/01/2051		101.406		08/05/2021		1,100		(3	)		(3	)
	Call - OTC Uniform Mortgage-Backed Security, TBA 2.000% due 09/01/2051		101.297		09/07/2021		300		(1	)		(1	)
	Call - OTC Uniform Mortgage-Backed Security, TBA 2.000% due 09/01/2051		101.328		09/07/2021		500		(2	)		(2	)
	Put - OTC Uniform Mortgage-Backed Security, TBA 2.500% due 07/01/2051		102.164		07/07/2021		800		(3	)		0
	Put - OTC Uniform Mortgage-Backed Security, TBA 2.500% due 07/01/2051		102.211		07/07/2021		1,100		(4	)		0
	Put - OTC Uniform Mortgage-Backed Security, TBA 2.500% due 08/01/2051		101.703		08/05/2021		100		0			0
	Put - OTC Uniform Mortgage-Backed Security, TBA 2.500% due 08/01/2051		101.801		08/05/2021		200		(1	)		0
								$	(52	)	$	(26	)
Total Written Options								$	(98	)	$	(47	)

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, 2021:

	Financial Derivative Assets								Financial Derivative Liabilities
Counterparty	Forward Foreign Currency Contracts		Purchased Options		Swap Agreements		Total Over the Counter		Forward Foreign Currency Contracts			Written Options			Swap Agreements		Total Over the Counter			Net Market Value of OTC Derivatives			Collateral Pledged/ (Received)			Net Exposure(2)
BOA	$	13	$	0	$	0	$	13	$	(13	)	$	0		$	0	$	(13	)	$	0		$	0		$	0
BPS		151		0		0		151		(13	)		0			0		(13	)		138			0			138
FAR		0		0		0		0		0			(1	)		0		(1	)		(1	)		0			(1	)
FBF		0		0		0		0		0			(3	)		0		(3	)		(3	)		0			(3	)
GLM		149		0		0		149		0			0			0		0			149			0			149
GSC		0		0		0		0		0			(5	)		0		(5	)		(5	)		0			(5	)
GST		0		0		0		0		0			(18	)		0		(18	)		(18	)		0			(18	)
JPM		7		0		0		7		(1	)		(6	)		0		(7	)		0			0			0
MYI		21		0		0		21		(52	)		0			0		(52	)		(31	)		0			(31	)
SAL		0		0		0		0		0			(14	)		0		(14	)		(14	)		0			(14	)
SCX		357		0		0		357		0			0			0		0			357			(280	)		77

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2021 61

Schedule of Investments PIMCO Fixed Income SHares: Series LD (Cont.)

	Financial Derivative Assets								Financial Derivative Liabilities
Counterparty	Forward Foreign Currency Contracts		Purchased Options		Swap Agreements		Total Over the Counter		Forward Foreign Currency Contracts			Written Options			Swap Agreements		Total Over the Counter			Net Market Value of OTC Derivatives			Collateral Pledged/ (Received)		Net Exposure(2)
SSB	$	7	$	0	$	0	$	7	$	(28	)	$	0		$	0	$	(28	)	$	(21	)	$	0	$	(21	)
TOR		189		0		0		189		0			0			0		0			189			0		189
Total Over the Counter	$	894	$	0	$	0	$	894	$	(107	)	$	(47	)	$	0	$	(154	)

⁽¹⁾  Notional Amount represents the number of contracts.

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

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of June 30, 2021:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared
Swap Agreements	$	0	$	0	$	0	$	0	$	2	$	2
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	894	$	0	$	894
	$	0	$	0	$	0	$	894	$	2	$	896
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	0	$	0	$	97	$	97
Swap Agreements		0		9		0		0		0		9
	$	0	$	9	$	0	$	0	$	97	$	106
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	107	$	0	$	107
Written Options		0		21		0		0		26		47
	$	0	$	21	$	0	$	107	$	26	$	154
	$	0	$	30	$	0	$	107	$	123	$	260

62 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

June 30, 2021

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2021:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts			Equity Contracts		Foreign Exchange Contracts			Interest Rate Contracts			Total
Net Realized Gain (Loss) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Futures	$	0	$	0		$	0	$	0		$	1,027		$	1,027
Swap Agreements		0		(750	)		0		0			(234	)		(984	)
	$	0	$	(750	)	$	0	$	0		$	793		$	43
Over the counter
Forward Foreign Currency Contracts	$	0	$	0		$	0	$	(1,253	)	$	0		$	(1,253	)
Purchased Options		0		0			0		(1	)		0			(1	)
Written Options		0		0			0		0			95			95
Swap Agreements		0		1			0		0			0			1
	$	0	$	1		$	0	$	(1,254	)	$	95		$	(1,158	)
	$	0	$	(749	)	$	0	$	(1,254	)	$	888		$	(1,115	)
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Futures	$	0	$	0		$	0	$	0		$	(347	)	$	(347	)
Swap Agreements		0		589			0		0			177			766
	$	0	$	589		$	0	$	0		$	(170	)	$	419
Over the counter
Forward Foreign Currency Contracts	$	0	$	0		$	0	$	1,038		$	0		$	1,038
Written Options		0		26			0		0			11			37
Swap Agreements		0		(1	)		0		0			0			(1	)
	$	0	$	25		$	0	$	1,038		$	11		$	1,074
	$	0	$	614		$	0	$	1,038		$	(159	)	$	1,493

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2021 in valuing the Portfolio’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2021
Investments in Securities, at Value
Corporate Bonds & Notes
Banking & Finance	$	0	$	68,259	$	0	$	68,259
Industrials		0		46,571		0		46,571
Utilities		0		11,076		0		11,076
Municipal Bonds & Notes
Illinois		0		327		0		327
Pennsylvania		0		703		0		703
U.S. Government Agencies		0		15,618		0		15,618
U.S. Treasury Obligations		0		78,138		0		78,138
Non-Agency Mortgage-Backed Securities		0		24,325		1,998		26,323
Asset-Backed Securities		0		41,505		0		41,505
Sovereign Issues		0		2,658		0		2,658
Preferred Securities
Banking & Finance		0		442		0		442
	$	0	$	289,622	$	1,998	$	291,620

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2021 63

Schedule of Investments PIMCO Fixed Income SHares: Series LD (Cont.)

(Unaudited)

June 30, 2021

Category and Subcategory	Level 1			Level 2			Level 3		Fair Value at 06/30/2021
Investments in Affiliates, at Value
Short-Term Instruments
Central Funds Used for Cash Management Purposes	$	110		$	0		$	0	$	110
Total Investments	$	110		$	289,622		$	1,998	$	291,730
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared		0			2			0		2
Over the counter		0			894			0		894
	$	0		$	896		$	0	$	896
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared		(11	)		(95	)		0		(106	)
Over the counter		0			(154	)		0		(154	)
	$	(11	)	$	(249	)	$	0	$	(260	)
Total Financial Derivative Instruments	$	(11	)	$	647		$	0	$	636
Totals	$	99		$	290,269		$	1,998	$	292,366

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended June 30, 2021:

Category and Subcategory	Beginning Balance at 12/31/2020			Net Purchases		Net Sales/ Settlements			Accrued Discounts/ (Premiums)		Realized Gain/ (Loss)		Net Change in Unrealized Appreciation/ (Depreciation)(1)			Transfers into Level 3		Transfers out of Level 3		Ending Balance at 06/30/2021		Net Change in Unrealized Appreciation/ (Depreciation) on Investments Held at 06/30/2021(1)
Investments in Securities, at Value
Non-Agency Mortgage-Backed Securities	$	271		$	2,000	$	(266	)	$	0	$	0	$	(7	)	$	0	$	0	$	1,998	$	(2	)
	$	271		$	2,000	$	(266	)	$	0	$	0	$	(7	)	$	0	$	0	$	1,998	$	(2	)
Financial Derivative Instruments - Liabilities
Over the counter	$	(2	)	$	0	$	2		$	0	$	0	$	0		$	0	$	0	$	0	$	0
Totals	$	269		$	2,000	$	(264	)	$	0	$	0	$	(7	)	$	0	$	0	$	1,998	$	(2	)

The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:

Category and Subcategory	Ending Balance at 06/30/2021			Valuation Technique	Unobservable Inputs	(% Unless Noted Otherwise)
						Input Value(s)		Weighted Average
Investments in Securities, at Value
Non-Agency Mortgage-Backed Securities		$	1,998	Proxy Pricing	Base Price		99.998-100.000		99.999
Total		$	1,998

⁽¹⁾  Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at June 30, 2021 may be due to an investment no longer held or categorized as Level 3 at period end.

64 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

Schedule of Investments PIMCO Fixed Income SHares: Series M

(Unaudited)

June 30, 2021

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

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 147.3%
LOAN PARTICIPATIONS AND ASSIGNMENTS 0.7%
Castlelake LP
3.099% (LIBOR03M + 2.950%) due 05/13/2031 «~	$		10,700	$		10,735
Total Loan Participations and Assignments (Cost $10,683)						10,735
CORPORATE BONDS & NOTES 33.1%
BANKING & FINANCE 21.4%
Avolon Holdings Funding Ltd.
4.250% due 04/15/2026			4,600			4,989
Banco Santander Mexico S.A.
4.125% due 11/09/2022			26,100			27,157
Barclays Bank PLC
7.625% due 11/21/2022 (d)			1,342			1,464
Barclays PLC
3.375% due 04/02/2025 •	EUR		4,600			5,944
4.375% due 01/12/2026	$		1,400			1,568
4.972% due 05/16/2029 •			3,100			3,633
6.375% due 12/15/2025 •(c)(d)	GBP		1,500			2,326
7.125% due 06/15/2025 •(c)(d)			200			317
7.250% due 03/15/2023 •(c)(d)			400			598
7.750% due 09/15/2023 •(c)(d)	$		300			330
7.875% due 09/15/2022 •(c)(d)	GBP		1,600			2,378
8.000% due 06/15/2024 •(c)(d)	$		3,800			4,325
BGC Partners, Inc.
5.375% due 07/24/2023			10,200			11,048
BPCE S.A.
4.625% due 07/11/2024			14,300			15,732
Carlyle Finance Subsidiary LLC
3.500% due 09/19/2029			4,000			4,304
CI Financial Corp.
4.100% due 06/15/2051			5,000			5,235
Citigroup, Inc.
2.976% due 11/05/2030 •			15,000			15,909
Credit Suisse AG
6.500% due 08/08/2023 (d)			16,000			17,713
Credit Suisse Group AG
6.250% due 12/18/2024 •(c)(d)			1,300			1,427
7.125% due 07/29/2022 •(c)(d)			12,400			12,949

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
7.500% due 07/17/2023 •(c)(d)	$		800	$		872
7.500% due 12/11/2023 •(c)(d)			1,700			1,890
Crown Castle International Corp.
4.450% due 02/15/2026			8,000			9,048
CyrusOne LP
1.450% due 01/22/2027	EUR		7,500			9,075
Deutsche Bank AG
1.000% due 11/19/2025 •			3,200			3,875
3.961% due 11/26/2025 •	$		9,000			9,736
4.250% due 10/14/2021			800			809
5.625% due 05/19/2031 •	EUR		900			1,265
Discover Financial Services
4.500% due 01/30/2026	$		4,500			5,088
Fairfax Financial Holdings Ltd.
4.850% due 04/17/2028			4,000			4,607
Ford Motor Credit Co. LLC
3.550% due 10/07/2022			4,300			4,421
3.810% due 01/09/2024			1,000			1,048
FS KKR Capital Corp.
2.625% due 01/15/2027			9,000			8,909
General Motors Financial Co., Inc.
3.950% due 04/13/2024			1,000			1,076
Goldman Sachs Group, Inc.
3.691% due 06/05/2028 •			4,500			4,972
HSBC Holdings PLC
2.099% due 06/04/2026 •			6,000			6,170
4.583% due 06/19/2029 •			3,400			3,932
6.000% due 05/22/2027 •(c)(d)			1,000			1,112
ING Groep NV
4.625% due 01/06/2026			5,200			5,937
Liberty Mutual Group, Inc.
4.300% due 02/01/2061			4,000			3,671
Lloyds Banking Group PLC
2.907% due 11/07/2023 •			6,400			6,601
7.500% due 09/27/2025 •(c)(d)			6,000			7,035
Massachusetts Mutual Life Insurance Co.
5.077% due 02/15/2069 •			4,500			5,589
Morgan Stanley
7.500% due 04/02/2032 þ(e)			8,000			6,493
Natwest Group PLC
4.800% due 04/05/2026			2,000			2,291
Ohio National Financial Services, Inc.
5.550% due 01/24/2030			6,300			7,200
Owl Rock Capital Corp.
2.875% due 06/11/2028			9,700			9,642
Park Aerospace Holdings Ltd.
5.250% due 08/15/2022			282			295

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2021 65

Schedule of Investments PIMCO Fixed Income SHares: Series M (Cont.)

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Piper Jaffray Cos.
4.740% due 10/15/2021	$		4,000	$		4,020
Sabra Health Care LP
3.900% due 10/15/2029			4,600			4,870
Santander Holdings USA, Inc.
3.244% due 10/05/2026			2,000			2,140
Santander UK Group Holdings PLC
3.373% due 01/05/2024 •			1,000			1,041
Service Properties Trust
5.000% due 08/15/2022			8,500			8,606
Societe Generale S.A.
7.875% due 12/18/2023 •(c)(d)			300			336
Teachers Insurance & Annuity Association of America
3.300% due 05/15/2050			5,000			5,170
Tesco Property Finance PLC
5.661% due 10/13/2041	GBP		98			182
5.744% due 04/13/2040			617			1,146
5.801% due 10/13/2040			674			1,252
UBS AG
5.125% due 05/15/2024 (d)	$		4,700			5,192
7.625% due 08/17/2022 (d)			14,600			15,710
UBS Group AG
5.750% due 02/19/2022 •(c)(d)	EUR		1,600			1,959
UniCredit SpA
7.830% due 12/04/2023	$		8,500			9,854
VEREIT Operating Partnership LP
4.875% due 06/01/2026			1,000			1,154
Volkswagen Bank GmbH
2.500% due 07/31/2026	EUR		4,000			5,279
Wells Fargo & Co.
3.584% due 05/22/2028 •	$		600			661
4.100% due 06/03/2026			400			450
4.150% due 01/24/2029			1,600			1,845
						342,872
INDUSTRIALS 9.6%
Alaska Airlines Pass-Through Trust
4.800% due 02/15/2029			3,363			3,730
American Airlines Pass-Through Trust
3.150% due 08/15/2033			5,675			5,866
3.375% due 11/01/2028			5,473			5,449
3.500% due 08/15/2033			568			551
4.000% due 01/15/2027			1,211			1,180
4.950% due 07/15/2024			2,111			2,143
Atlantia SpA
1.875% due 02/12/2028	EUR		400			489
Bacardi Ltd.
4.700% due 05/15/2028	$		1,000			1,166
5.150% due 05/15/2038			2,600			3,225

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Bowdoin College
4.693% due 07/01/2112	$		6,600	$		8,635
Charter Communications Operating LLC
4.908% due 07/23/2025			100			113
Citrix Systems, Inc.
4.500% due 12/01/2027			3,100			3,516
Conagra Brands, Inc.
4.850% due 11/01/2028			100			119
CVS Pass-Through Trust
7.507% due 01/10/2032			5,292			6,707
DAE Funding LLC
5.250% due 11/15/2021			6,200			6,254
Dell International LLC
6.020% due 06/15/2026			8,700			10,449
6.100% due 07/15/2027			900			1,104
6.200% due 07/15/2030			1,300			1,673
ELO SACA
3.250% due 07/23/2027	EUR		800			1,101
Energy Transfer LP
4.200% due 04/15/2027	$		300			332
Flex Intermediate Holdco LLC
3.363% due 06/30/2031			2,800			2,840
4.317% due 12/30/2039			2,800			2,856
KB Home
4.000% due 06/15/2031			7,000			7,070
Kinder Morgan, Inc.
7.750% due 01/15/2032			2,200			3,159
Marvell Technology, Inc.
4.875% due 06/22/2028			6,650			7,694
Nissan Motor Co. Ltd.
3.043% due 09/15/2023			5,950			6,208
4.810% due 09/17/2030			2,300			2,599
Odebrecht Oil & Gas Finance Ltd.
0.000% due 08/02/2021 (b)(c)			46			1
Pacific National Finance Pty. Ltd.
4.750% due 03/22/2028			1,700			1,858
Petroleos Mexicanos
5.500% due 02/24/2025	EUR		13,000			16,915
Prosus NV
3.680% due 01/21/2030	$		5,500			5,883
Rolls-Royce PLC
0.875% due 05/09/2024	EUR		700			819
1.625% due 05/09/2028			100			111
3.375% due 06/18/2026	GBP		100			139
3.625% due 10/14/2025	$		1,800			1,826
4.625% due 02/16/2026	EUR		200			259
5.750% due 10/15/2027	GBP		200			304
Sabine Pass Liquefaction LLC
5.750% due 05/15/2024	$		8,300			9,319
6.250% due 03/15/2022			5,400			5,540

66 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

June 30, 2021

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Tennessee Gas Pipeline Co. LLC
2.900% due 03/01/2030	$		3,800	$		3,946
Teva Pharmaceutical Finance Netherlands BV
1.250% due 03/31/2023	EUR		1,125			1,307
Turkish Airlines Pass-Through Trust
4.200% due 09/15/2028	$		3,818			3,583
Westinghouse Air Brake Technologies Corp.
4.400% due 03/15/2024			2,500			2,711
Yara International ASA
3.148% due 06/04/2030			2,000			2,143
						152,892
UTILITIES 2.1%
AT&T, Inc.
3.650% due 06/01/2051			10,000			10,408
5.500% due 03/15/2027	GBP		4,600			7,806
IPALCO Enterprises, Inc.
4.250% due 05/01/2030	$		2,600			2,928
Odebrecht Drilling Norbe Ltd.
6.350% due 12/01/2021 ^			2			2
Odebrecht Drilling Norbe Ltd. (6.350% Cash and 1.000% PIK)
7.350% due 12/01/2026 ^(a)			97			50
Pacific Gas & Electric Co.
3.150% due 01/01/2026			3,200			3,303
3.400% due 08/15/2024			1,000			1,050
3.450% due 07/01/2025			1,300			1,364
3.500% due 06/15/2025			1,100			1,154
4.500% due 07/01/2040			1,500			1,503
4.550% due 07/01/2030			1,300			1,392
4.750% due 02/15/2044			3,000			3,043
						34,003
Total Corporate Bonds & Notes (Cost $503,556)						529,767
MUNICIPAL BONDS & NOTES 4.3%
CALIFORNIA 0.7%
Newport Beach, California Certificates of Participation Bonds, (BABs), Series 2010
7.168% due 07/01/2040			3,500			5,278
Regents of the University of California Medical Center Pooled Revenue Bonds, Series 2020
3.706% due 05/15/2120			4,800			5,198
						10,476
ILLINOIS 0.1%
Chicago, Illinois Waterworks Revenue Bonds, Series 2010
6.642% due 11/01/2029			1,100			1,358

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
NEW JERSEY 0.4%
Rutgers The State University of New Jersey Revenue Bonds, Series 2019
3.915% due 05/01/2119	$		5,800	$		6,642
NEW YORK 0.8%
New York City Transitional Finance Authority Future Tax Secured, New York Revenue Bonds, Series 2018
3.960% due 08/01/2032			4,420			5,002
Port Authority of New York & New Jersey Revenue Bonds, Series 2019
3.287% due 08/01/2069			8,000			8,463
						13,465
OHIO 0.1%
American Municipal Power, Inc., Ohio Revenue Bonds, Series 2010
7.734% due 02/15/2033			900			1,352
PENNSYLVANIA 0.7%
Pennsylvania Economic Development Financing Authority Revenue Bonds, (BABs), Series 2010
6.532% due 06/15/2039			600			858
State Public School Building Authority, Pennsylvania Revenue Bonds, Series 2011
5.426% due 09/15/2026			8,500			10,194
						11,052
TEXAS 0.0%
Texas Public Finance Authority Revenue Notes, Series 2014
8.250% due 07/01/2024			555			560
VIRGINIA 1.5%
Tobacco Settlement Financing Corp., Virginia Revenue Bonds, Series 2007
6.706% due 06/01/2046			17,910			18,821
University of Virginia Revenue Bonds, Series 2019
3.227% due 09/01/2119			5,600			5,414
						24,235
Total Municipal Bonds & Notes (Cost $59,809)						69,140
U.S. GOVERNMENT AGENCIES 25.6%
Fannie Mae
1.961% due 12/01/2034 •			30			31
1.973% due 11/01/2032 •			5			6

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2021 67

Schedule of Investments PIMCO Fixed Income SHares: Series M (Cont.)

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
2.123% due 10/01/2032 •	$		1	$		1
2.215% due 09/01/2032 •			6			6
2.220% due 09/01/2027 •			22			22
2.251% due 05/01/2033 •			25			26
2.295% due 05/01/2028 •			1			1
2.300% due 10/01/2034 •			37			37
2.315% due 01/01/2033 •			13			14
4.140% due 03/25/2041 ~			8			8
4.211% due 05/25/2042 ~			8			9
6.500% due 07/18/2027			11			12
Freddie Mac
0.523% due 08/15/2029 - 12/15/2031 •			14			14
0.573% due 09/15/2030 •			3			3
0.623% due 03/15/2032 •			3			3
0.723% due 02/15/2024 •			143			143
1.223% due 09/15/2022 •			2			2
1.423% due 08/15/2023 •			1			1
2.374% due 02/01/2033 •			14			14
2.375% due 08/01/2029 - 10/01/2032 •			27			27
2.455% due 08/01/2032 •			17			17
2.536% due 02/01/2029 •			14			14
2.625% due 10/01/2032 •			44			44
4.000% due 11/01/2047			17			19
6.000% due 12/15/2028			100			113
6.500% due 12/15/2023			1			1
7.000% due 04/01/2029 - 03/01/2030			6			7
7.500% due 08/15/2030			19			23
Ginnie Mae
2.000% (H15T1Y + 1.500%) due 01/20/2022 - 01/20/2026 ~			7			6
2.000% due 01/20/2027 - 03/20/2032 •			54			56
2.125% (H15T1Y + 1.500%) due 11/20/2023 - 10/20/2026 ~			12			13
2.125% due 10/20/2027 •			3			3
2.250% (H15T1Y + 1.500%) due 07/20/2021 - 08/20/2026 ~			4			5
2.250% due 07/20/2027 - 07/20/2029 •			23			22
2.875% (H15T1Y + 1.500%) due 04/20/2022 - 06/20/2026 ~			20			20
2.875% due 04/20/2027 - 06/20/2032 •			24			25
3.000% (H15T1Y + 1.500%) due 08/20/2025 ~			23			23
3.375% (H15T1Y + 2.000%) due 06/20/2022 ~			1			1
Ginnie Mae, TBA
2.500% due 07/01/2051 - 08/01/2051			350,900			362,631

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Uniform Mortgage-Backed Security
3.000% due 01/01/2046	$		121	$		128
3.500% due 05/01/2047			182			195
4.000% due 12/01/2044 - 03/01/2049			38			41
6.000% due 09/01/2022 - 12/01/2023			16			17
6.500% due 12/01/2028			1			1
Uniform Mortgage-Backed Security, TBA
2.000% due 08/01/2036			1,100			1,133
4.000% due 07/01/2051			42,000			44,727
Vendee Mortgage Trust
6.500% due 09/15/2024			118			127
Total U.S. Government Agencies (Cost $409,614)						409,792
U.S. TREASURY OBLIGATIONS 25.4%
U.S. Treasury Bonds
1.250% due 05/15/2050 (h)			8,400			6,862
1.375% due 08/15/2050 (f)			14,200			11,975
U.S. Treasury Notes
0.625% due 08/15/2030 (f)			127,800			119,084
0.875% due 11/15/2030 (f)(h)(j)			15,000			14,266
1.125% due 02/29/2028 (f)(h)			77,200			76,983
1.125% due 02/15/2031 (f)			49,500			48,061
1.250% due 03/31/2028 (f)(h)			127,700			128,224
Total U.S. Treasury Obligations (Cost $413,806)						405,455
NON-AGENCY MORTGAGE-BACKED SECURITIES 17.9%
Adjustable Rate Mortgage Trust
2.699% due 01/25/2036 ^~			23			22
2.846% due 11/25/2035 ^~			89			79
3.078% due 02/25/2036 ^~			107			86
American Home Mortgage Assets Trust
0.302% due 10/25/2046 •			438			290
0.472% due 09/25/2046 ^•			461			448
1.036% due 11/25/2046 •			525			226
Banc of America Alternative Loan Trust
6.000% due 07/25/2046 ^			101			98
Banc of America Funding Trust
0.232% due 08/27/2036 ~			7,781			7,334
0.302% due 04/25/2037 ^•			86			82
0.473% due 10/20/2036 •			102			86
0.492% due 05/25/2037 ^•			77			71
0.693% due 05/20/2047 •			41			41
2.707% due 02/20/2036 ~			194			194
2.712% due 04/20/2035 ^~			81			78

68 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

June 30, 2021

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
2.953% due 09/20/2046 ^~	$		53	$		51
3.030% due 09/20/2047 ^~			91			81
5.500% due 03/25/2036 ^			11			11
5.831% due 04/25/2037 ~			549			553
Banc of America Mortgage Trust
2.458% due 02/25/2034 ~			101			104
2.882% due 05/25/2035 ^~			355			357
2.982% due 07/25/2035 ^~			10			10
5.500% due 09/25/2035 ^			212			210
5.500% due 05/25/2037 ^			95			85
BCAP LLC Trust
0.392% due 05/25/2047 ^•			45			45
0.499% due 07/26/2036 ~			15			15
0.532% due 05/25/2047 ^•			288			300
0.592% due 05/26/2035 •			3			3
0.967% due 11/26/2046 •			39			39
1.292% due 10/25/2047 •			12,651			11,885
1.392% due 09/25/2047 •			75			74
2.592% due 07/26/2036 ~			40			41
3.252% due 03/26/2037 ~			75			66
3.283% due 03/27/2037 ~			288			251
3.293% due 07/26/2036 ~			20			19
Bear Stearns Adjustable Rate Mortgage Trust
2.229% due 06/25/2035 ^~			9			9
2.234% due 12/25/2046 ^•			528			473
2.410% due 10/25/2035 •			262			268
2.579% due 05/25/2034 ~			26			25
2.696% due 02/25/2034 ~			42			43
2.742% due 01/25/2034 ~			44			45
2.773% due 10/25/2035 ~			40			41
2.855% due 03/25/2035 ~			43			42
2.865% due 01/25/2035 ~			8			8
3.111% due 11/25/2034 ~			49			50
3.129% due 02/25/2036 ^~			56			56
3.156% due 05/25/2047 ^~			140			140
3.554% due 08/25/2035 ~			19			18
Bear Stearns ALT-A Trust
0.532% due 04/25/2036 ^•			102			132
2.624% due 05/25/2035 ~			59			61
2.630% due 06/25/2034 ~			1,604			1,455
2.827% due 02/25/2036 ^~			28			28
2.929% due 02/25/2036 ^~			292			247
2.934% due 01/25/2036 ~			3,870			3,776
3.088% due 08/25/2036 ^~			301			258
3.122% due 05/25/2036 ^~			426			290
3.344% due 11/25/2036 ^~			92			64
4.420% due 07/25/2035 ^~			455			390
Bear Stearns Mortgage Funding Trust
0.282% due 01/25/2037 •			69			64
Bear Stearns Mortgage Securities, Inc.
6.281% due 03/25/2031 ~			2			2
Bear Stearns Structured Products, Inc. Trust
3.227% due 01/26/2036 ^~			507			435

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Benchmark Mortgage Trust
2.952% due 08/15/2057	$		4,565	$		4,909
Bruegel DAC
0.800% due 05/22/2031 •	EUR		5,600			6,641
Cascade Funding Mortgage Trust
2.800% due 06/25/2069 ~	$		2,933			2,999
Chase Mortgage Finance Trust
3.067% due 03/25/2037 ^~			52			52
3.132% due 03/25/2037 ^~			29			29
3.206% due 09/25/2036 ^~			950			868
6.000% due 05/25/2037 ^			110			76
ChaseFlex Trust
0.392% due 07/25/2037 •			157			145
5.000% due 07/25/2037 ^			84			60
ChaseFlex Trust Multi-Class Mortgage Pass-Through Certificates Trust
4.152% due 08/25/2037 ^þ			30			29
Chevy Chase Funding LLC Mortgage-Backed Certificates
0.322% due 10/25/2035 •			1,037			1,035
Citigroup Mortgage Loan Trust
0.532% due 01/25/2037 •			2,438			2,287
2.224% due 09/25/2037 ~			52			53
2.520% due 11/25/2035 •			33			33
2.530% due 10/25/2035 •			60			61
2.625% due 10/25/2046 ^~			140			138
2.996% due 08/25/2035 ~			10			11
3.065% due 07/25/2037 ^~			624			603
3.228% due 09/25/2059 þ			7,321			7,354
3.234% due 09/25/2037 ^~			334			331
3.252% due 03/25/2037 ^~			52			49
3.258% due 04/25/2066 ~			161			162
5.500% due 12/25/2035			138			102
6.250% due 11/25/2037 ~			102			67
Citigroup Mortgage Loan Trust, Inc.
2.911% due 12/25/2035 ^~			87			61
3.029% due 08/25/2035 ~			511			538
CitiMortgage Alternative Loan Trust
6.000% due 06/25/2037 ^			6,113			6,141
6.000% due 06/25/2037			3,817			3,834
6.500% due 06/25/2037 ^			104			106
Community Program Loan Trust
4.500% due 04/01/2029			34			34
Countrywide Alternative Loan Resecuritization Trust
6.000% due 08/25/2037 ^~			110			76
Countrywide Alternative Loan Trust
0.232% due 08/25/2037 •			477			469
0.262% due 01/25/2037 ^•			1			3
0.272% due 05/25/2047 •			896			857
0.273% due 02/20/2047 ^•			1,106			867
0.282% due 07/25/2046 ^•			62			58
0.432% due 11/25/2036 •			2			0
0.442% due 11/25/2036 •			5,221			5,147

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2021 69

Schedule of Investments PIMCO Fixed Income SHares: Series M (Cont.)

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
0.452% due 11/25/2036 •	$		57	$		61
0.472% due 09/25/2046 ^•			289			281
0.513% due 07/20/2046 ^•			35			28
0.532% due 05/25/2035 •			1,342			1,250
0.592% due 05/25/2035 ^•			2,006			1,824
0.592% due 06/25/2035 •			88			82
0.612% due 07/25/2035 •			90			89
0.612% due 12/25/2035 •			615			582
0.712% due 08/25/2035 ^•			126			115
0.712% due 10/25/2035 •			28			24
1.116% due 02/25/2036 •			354			337
1.366% due 11/25/2047 ^•			690			631
1.496% due 11/25/2047 ^•			1,918			1,765
1.552% due 11/25/2035 •			829			826
2.871% due 11/25/2035 ^~			70			67
2.898% due 05/25/2036 ~			24			20
3.235% due 08/25/2035 ~			148			145
3.288% due 06/25/2037 ^~			102			94
5.500% due 11/25/2035			92			74
5.500% due 02/25/2036 ^			58			47
5.750% due 03/25/2037 ^•			104			82
5.750% due 07/25/2037 ^			16			13
5.750% due 04/25/2047 ^			113			91
6.000% due 12/25/2034			56			55
6.000% due 03/25/2036 ^			177			122
6.000% due 08/25/2036 ^			552			449
6.000% due 08/25/2036 ^•			57			46
6.000% due 02/25/2037 ^			446			291
6.000% due 04/25/2037			9,923			10,002
6.000% due 04/25/2037 ^			72			57
6.000% due 05/25/2037 ^			362			236
6.000% due 08/25/2037 ^•			386			280
6.250% due 11/25/2036 ^			75			68
6.500% due 05/25/2036 ^			1,422			1,028
6.500% due 12/25/2036 ^			66			43
6.500% due 08/25/2037 ^			356			218
19.548% due 07/25/2035 •			33			39
Countrywide Home Loan Mortgage Pass-Through Trust
0.432% due 03/25/2036 •			133			85
0.552% due 05/25/2035 •			61			54
0.632% due 02/25/2035 •			11			11
0.712% due 03/25/2035 •			197			191
0.832% due 02/25/2035 •			250			234
0.872% due 02/25/2035 •			212			198
2.195% due 02/20/2036 ^•			20			18
2.343% due 10/20/2035 ~			12			12
2.454% due 06/25/2034 ~			546			554
2.575% due 04/25/2035 ^~			34			4
2.620% due 08/25/2034 ~			2,836			2,913
2.800% due 11/25/2034 ~			51			52
2.808% due 01/25/2036 ^~			52			50
2.871% due 05/20/2036 ^~			108			111
2.890% due 08/25/2034 ^~			28			27
3.114% due 05/20/2036 ~			42			42
3.125% due 11/25/2037 ~			129			122

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
3.327% due 02/20/2036 ~	$		159	$		161
5.500% due 07/25/2037 ^			280			191
5.750% due 12/25/2035 ^			72			52
6.000% due 02/25/2037 ^			279			205
6.000% due 03/25/2037 ^			101			73
6.000% due 07/25/2037			172			111
6.500% due 11/25/2036 ^			725			465
Countrywide Home Loan Reperforming REMIC Trust
6.000% due 03/25/2035 ^			52			53
Credit Suisse First Boston Mortgage Securities Corp.
0.714% due 03/25/2032 ~			11			11
1.242% due 09/25/2034 ^•			49			54
Credit Suisse Mortgage Capital Certificates
2.561% due 04/26/2038 ~			302			303
3.324% due 04/28/2037 ~			258			264
Credit Suisse Mortgage Capital Trust
1.796% due 12/27/2060 ~			4,434			4,445
Deephaven Residential Mortgage Trust
0.899% due 04/25/2066 ~			6,272			6,272
Deutsche ALT-A Securities, Inc.
0.392% due 04/25/2037 •			254			181
Deutsche ALT-A Securities, Inc. Mortgage Loan Trust
0.252% due 01/25/2047 •			23			26
0.282% due 08/25/2047 •			263			253
Deutsche Mortgage & Asset Receiving Corp.
0.537% due 11/27/2036 •			157			156
Downey Savings & Loan Association Mortgage Loan Trust
0.733% due 07/19/2045 ^•			5			1
Eurosail PLC
1.034% due 06/13/2045 •	GBP		916			1,270
1.034% due 06/13/2045 •			2,253			3,123
First Horizon Alternative Mortgage Securities Trust
2.383% due 04/25/2036 ^~	$		82			77
2.690% due 01/25/2036 ^~			169			117
First Horizon Mortgage Pass-Through Trust
3.144% due 11/25/2037 ^~			42			41
GMAC Mortgage Corp. Loan Trust
3.317% due 11/19/2035 ^~			99			98
GreenPoint Mortgage Funding Trust
0.292% due 12/25/2046 ^•			268			258
0.492% due 05/25/2037 •			2,364			2,359
GS Mortgage Securities Trust
3.722% due 10/10/2049 ~			5,000			4,955
GSC Capital Corp. Mortgage Trust
0.452% due 05/25/2036 ^•			88			87
GSR Mortgage Loan Trust
2.635% due 04/25/2035 ~			21			21
2.696% due 11/25/2035 ~			101			71
2.924% due 09/25/2035 ~			121			124
2.962% due 09/25/2035 ~			43			43
3.052% due 04/25/2035 ~			34			34

70 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

June 30, 2021

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
3.404% due 09/25/2034 ~	$		50	$		52
HarborView Mortgage Loan Trust
0.283% due 01/19/2038 •			34			33
0.298% due 12/19/2036 •			5,824			5,477
0.333% due 12/19/2036 ^•			3,907			3,840
0.343% due 01/19/2038 ^•			26			26
0.533% due 05/19/2035 •			1,674			1,617
0.593% due 01/19/2036 •			101			74
0.719% due 07/19/2045 •			33			33
0.773% due 01/19/2035 •			30			31
2.655% due 12/19/2035 ^~			44			42
3.020% due 12/19/2035 ^~			90			61
3.655% due 06/19/2036 ^~			155			100
HomeBanc Mortgage Trust
0.452% due 12/25/2036 •			32			32
Impac Secured Assets Trust
0.242% due 11/25/2036 •			360			342
IndyMac Mortgage Loan Trust
0.272% due 07/25/2047 •			243			194
0.282% due 09/25/2046 •			104			97
0.652% due 03/25/2035 •			72			70
0.692% due 11/25/2035 ^•			152			108
2.644% due 06/25/2037 ^~			72			68
2.789% due 10/25/2035 ~			607			527
2.836% due 11/25/2035 ^~			110			108
2.959% due 06/25/2036 ~			4,325			3,656
2.969% due 06/25/2036 ~			847			846
2.979% due 09/25/2035 ^~			68			65
2.986% due 08/25/2035 ~			705			654
2.994% due 08/25/2036 ~			1,772			1,683
3.042% due 06/25/2035 ^~			25			25
JP Morgan Alternative Loan Trust
0.412% due 10/25/2036 •			4,212			4,169
0.590% due 06/27/2037 •			2,144			1,727
2.716% due 12/25/2036 ~			8			8
JP Morgan Mortgage Trust
2.480% due 09/25/2034 ~			107			111
2.497% due 04/25/2035 ~			9			10
2.577% due 07/25/2035 ~			195			200
2.633% due 06/25/2037 ^~			96			80
2.777% due 04/25/2035 ~			8			9
2.830% due 01/25/2037 ^~			12			11
2.905% due 11/25/2035 ^~			64			60
2.913% due 11/25/2035 ^~			42			41
3.179% due 07/25/2035 ~			144			150
6.000% due 01/25/2036 ^			109			77
Lavender Trust
6.250% due 10/26/2036			242			175
Legacy Mortgage Asset Trust
1.750% due 07/25/2061 þ			2,375			2,371
3.000% due 06/25/2059 þ			2,620			2,630
Lehman Mortgage Trust
5.049% due 12/25/2035 ~			176			56
5.140% due 01/25/2036 ^~			81			83

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
6.000% due 07/25/2036 ^	$		65	$		46
Lehman XS Trust
0.282% due 11/25/2046 •			11,023			10,444
0.332% due 11/25/2046 ^•			11			10
0.362% due 02/25/2036 •			5,144			5,025
0.492% due 08/25/2046 ^•			45			44
0.552% due 04/25/2046 ^•			23			24
Luminent Mortgage Trust
0.262% due 12/25/2036 •			571			536
0.492% due 10/25/2046 •			145			141
MASTR Adjustable Rate Mortgages Trust
0.572% due 05/25/2037 •			103			59
MASTR Reperforming Loan Trust
7.000% due 05/25/2035			859			785
8.000% due 07/25/2035			809			788
Mellon Residential Funding Corp. Mortgage Pass-Through Trust
2.610% due 10/20/2029 •			29			30
Merrill Lynch Alternative Note Asset Trust
0.252% due 01/25/2037 •			121			52
0.392% due 03/25/2037 •			860			334
6.000% due 05/25/2037 ^			149			144
Merrill Lynch Mortgage Investors Trust
0.552% due 04/25/2029 •			23			23
0.752% due 09/25/2029 •			25			25
0.752% due 11/25/2029 •			40			40
1.159% due 07/25/2029 •			22			22
2.038% due 02/25/2036 ~			27			29
2.653% due 11/25/2035 •			42			43
6.250% due 10/25/2036			1,567			1,034
Morgan Stanley Capital Trust
2.509% due 04/05/2042 ~			5,000			5,161
Morgan Stanley Dean Witter Capital, Inc. Trust
1.585% due 03/25/2033 ~			41			41
Morgan Stanley Mortgage Loan Trust
0.412% due 01/25/2035 •			22			22
2.208% due 06/25/2036 ~			36			38
2.793% due 07/25/2035 ~			1,616			1,562
6.000% due 10/25/2037 ^			71			55
Morgan Stanley Re-REMIC Trust
0.611% due 03/26/2037 þ			78			77
0.648% due 02/26/2037 •			147			140
5.500% due 10/26/2035 ~			7,417			6,477
Morgan Stanley Resecuritization Trust
0.712% due 01/26/2051 •			12			12
NAAC Reperforming Loan REMIC Trust
7.500% due 03/25/2034 ^			371			382
Nomura Asset Acceptance Corp. Alternative Loan Trust
2.240% due 02/25/2036 ^~			354			315
Nomura Resecuritization Trust
6.500% due 10/26/2037			5,827			4,206

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2021 71

Schedule of Investments PIMCO Fixed Income SHares: Series M (Cont.)

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Pretium Mortgage Credit Partners LLC
2.240% due 09/27/2060 þ	$		2,537	$		2,539
RBSSP Resecuritization Trust
0.342% due 02/26/2037 •			264			266
Residential Accredit Loans, Inc. Trust
0.262% due 12/25/2036 •			253			252
0.342% due 08/25/2037 •			214			203
0.392% due 08/25/2035 •			111			96
0.492% due 05/25/2047 •			85			83
0.512% due 06/25/2037 •			82			76
0.892% due 10/25/2045 •			76			66
3.544% due 02/25/2035 ^~			199			173
5.071% due 02/25/2036 ^~			100			87
6.000% due 09/25/2035			920			900
6.000% due 06/25/2036			3,601			3,457
8.000% due 04/25/2036 ^•			92			88
Residential Asset Securitization Trust
6.000% due 06/25/2036			176			113
6.000% due 11/25/2036 ^			127			70
6.000% due 03/25/2037 ^			103			58
6.250% due 11/25/2036 ^			87			50
6.500% due 04/25/2037 ^			1,134			485
Residential Funding Mortgage Securities, Inc. Trust
4.059% due 03/25/2035 ^~			1,081			726
6.000% due 09/25/2036 ^			148			141
Stratton Mortgage Funding PLC
0.948% due 07/20/2060 •	GBP		16,823			23,364
Structured Adjustable Rate Mortgage Loan Trust
0.412% due 10/25/2035 •	$		905			897
0.827% due 06/25/2034 •			333			322
1.516% due 05/25/2035 ^•			289			245
2.676% due 10/25/2034 ~			25			26
2.909% due 02/25/2036 ^~			214			199
2.982% due 10/25/2036 ^~			101			75
3.156% due 09/25/2036 ^~			2,585			2,280
3.196% due 07/25/2037 ^~			4			3
Structured Asset Mortgage Investments Trust
0.272% due 09/25/2047 •			51			52
0.282% due 09/25/2047 •			714			684
0.302% due 09/25/2047 ^•			1,030			1,128
0.352% due 03/25/2037 •			88			37
0.472% due 06/25/2036 •			4,195			4,241
0.472% due 07/25/2046 ^•			405			354
0.492% due 05/25/2036 •			568			555
0.532% due 05/25/2046 •			875			459
0.612% due 05/25/2046 ^•			5			2
0.793% due 03/19/2034 •			192			191
0.793% due 02/19/2035 •			97			96
0.833% due 12/19/2033 •			212			215
1.979% due 02/25/2036 ^•			471			466
SunTrust Adjustable Rate Mortgage Loan Trust
2.178% due 02/25/2037 ^~			152			143
SunTrust Alternative Loan Trust
6.000% due 12/25/2035			322			321

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
TBW Mortgage-Backed Trust
5.965% due 07/25/2037 ~	$		3,320	$		1,617
Thornburg Mortgage Securities Trust
0.732% due 09/25/2043 •			147			150
0.832% due 09/25/2034 •			22			22
2.224% due 09/25/2037 ~			36			36
Towd Point Mortgage Funding
1.249% due 02/20/2054 •	GBP		13,223			18,412
VOLT LLC
2.116% due 04/25/2051 þ	$		1,952			1,954
Wachovia Mortgage Loan Trust LLC
2.477% due 10/20/2035 ~			26			19
WaMu Mortgage Pass-Through Certificates Trust
0.632% due 12/25/2045 •			4			5
0.732% due 01/25/2045 •			141			140
0.816% due 02/25/2047 ^•			1,543			1,476
0.832% due 11/25/2034 •			133			128
0.866% due 06/25/2047 ^•			41			11
0.872% due 10/25/2044 •			587			579
0.912% due 11/25/2045 •			145			142
0.926% due 07/25/2047 •			11,945			10,850
1.072% due 11/25/2034 •			366			353
1.116% due 08/25/2046 •			850			850
1.316% due 11/25/2042 •			15			15
1.843% due 11/25/2046 •			177			174
2.911% due 08/25/2033 ~			152			158
3.050% due 12/25/2036 ^~			861			864
3.103% due 12/25/2036 ^~			96			93
3.181% due 08/25/2036 ^~			83			80
Washington Mutual Mortgage Pass-Through Certificates Trust
0.542% due 05/25/2035 ^•			290			245
0.816% due 04/25/2047 •			300			266
0.886% due 04/25/2047 •			439			390
4.146% due 09/25/2036 ^þ			138			58
Wells Fargo Alternative Loan Trust
2.705% due 07/25/2037 ^~			43			40
Wells Fargo Mortgage-Backed Securities Trust
2.781% due 10/25/2036 ^~			235			231
6.000% due 06/25/2037 ^			46			47
Total Non-Agency Mortgage-Backed Securities (Cost $277,524)						285,819

72 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

June 30, 2021

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
ASSET-BACKED SECURITIES 37.9%
Aames Mortgage Investment Trust
0.872% due 10/25/2035 •	$		200	$		200
1.292% due 06/25/2035 •			696			699
AASET Trust
3.967% due 05/16/2042			1,168			1,157
AASET U.S. Ltd.
3.844% due 01/16/2038			1,765			1,696
Accredited Mortgage Loan Trust
0.352% due 09/25/2036 •			6,481			6,390
0.572% due 09/25/2035 •			200			199
ACE Securities Corp. Home Equity Loan Trust
0.202% due 12/25/2036 •			316			116
0.247% due 08/25/2036 •			471			459
0.372% due 07/25/2036 •			134			120
0.692% due 02/25/2036 •			78			78
0.707% due 12/25/2035 •			2,000			1,949
0.752% due 11/25/2035 •			91			92
0.992% due 12/25/2034 •			127			124
1.022% due 02/25/2036 ^•			102			100
1.067% due 06/25/2034 •			430			428
1.067% due 07/25/2035 •			58			58
Aegis Asset-Backed Securities Trust
0.737% due 12/25/2035 •			200			198
0.792% due 03/25/2035 •			283			282
0.812% due 06/25/2035 •			200			194
1.092% due 03/25/2035 ^•			73			71
AlbaCore EURO CLO DAC
1.530% due 07/18/2031 •	EUR		3,550			4,223
Ameriquest Mortgage Securities Trust
0.677% due 03/25/2036 •	$		186			185
Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates
0.767% due 07/25/2035 •			136			136
0.797% due 11/25/2035 •			137			137
0.872% due 09/25/2035 •			10,000			9,980
1.202% due 03/25/2035 •			200			201
Amortizing Residential Collateral Trust
1.092% due 10/25/2034 •			118			117
Argent Securities Trust
0.242% due 09/25/2036 •			820			354
0.472% due 03/25/2036 •			311			212
Argent Securities, Inc. Asset-Backed Pass-Through Certificates
0.552% due 01/25/2036 •			89			87
0.732% due 01/25/2036 •			3,618			3,498
0.932% due 04/25/2034 •			1,144			1,131
Asset-Backed Funding Certificates Trust
0.202% due 01/25/2037 •			400			281
0.252% due 01/25/2037 •			252			179
0.312% due 01/25/2037 •			151			108
0.372% due 11/25/2036 •			10,071			7,530
1.092% due 06/25/2037 •			175			164

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Asset-Backed Securities Corp. Home Equity Loan Trust
0.312% due 12/25/2036 •	$		6,300	$		5,767
0.767% due 11/25/2035 •			113			113
0.992% due 06/25/2035 •			171			172
1.967% due 09/25/2034 •			1,433			1,482
3.073% due 08/15/2033 •			13			13
Aurium CLO DAC
0.670% due 04/16/2030 •	EUR		5,300			6,285
Babson Euro CLO BV
0.281% due 10/25/2029 •			997			1,181
Basic Asset-Backed Securities Trust
0.712% due 04/25/2036 •	$		41			41
Bear Stearns Asset-Backed Securities Trust
0.202% due 04/25/2031 •			7			36
0.292% due 12/25/2036 •			111			111
0.322% due 02/25/2037 •			11,884			11,228
0.392% due 06/25/2036 •			37			37
0.432% due 05/25/2036 ^•			44			44
0.632% due 06/25/2036 •			125			125
0.642% due 06/25/2036 •			120			120
0.737% due 12/25/2035 •			197			197
0.767% due 08/25/2036 •			166			166
0.827% due 09/25/2035 •			5,192			5,187
0.892% due 06/25/2036 •			600			601
0.892% due 09/25/2046 •			115			113
0.992% due 03/25/2034 •			2,331			2,338
1.052% due 04/25/2035 •			25			25
1.142% due 11/25/2035 ^•			118			116
1.142% due 08/25/2037 •			6,136			5,839
1.272% due 06/25/2043 •			899			893
1.342% due 08/25/2037 •			65			66
2.850% due 10/25/2036 ~			37			26
2.993% due 07/25/2036 ~			168			169
23.192% due 03/25/2036 ^•			183			148
Carlyle Euro CLO DAC
0.630% due 08/15/2030 •	EUR		1,100			1,303
1.110% due 08/15/2032 •			1,400			1,661
Carrington Mortgage Loan Trust
0.312% due 01/25/2037 •	$		1,200			972
0.352% due 02/25/2037 •			5,168			4,997
1.142% due 05/25/2035 •			300			298
Catamaran CLO Ltd.
1.531% due 01/27/2028 •			400			400
Cendant Mortgage Corp.
6.000% due 07/25/2043 ~			14			14
CIT Mortgage Loan Trust
1.592% due 10/25/2037 •			6,000			6,104
Citigroup Mortgage Loan Trust
0.232% due 12/25/2036 •			150			149
0.262% due 05/25/2037 •			14,481			13,311
0.352% due 01/25/2037 •			149			149
0.492% due 11/25/2046 •			151			149
0.542% due 11/25/2045 •			75			75

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2021 73

Schedule of Investments PIMCO Fixed Income SHares: Series M (Cont.)

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
6.851% due 05/25/2036 ^þ	$		146	$		75
Citigroup Mortgage Loan Trust Asset-Backed Pass-Through Certificates
1.022% due 05/25/2035 •			193			193
Citigroup Mortgage Loan Trust, Inc.
0.707% due 10/25/2035 •			71			75
0.827% due 09/25/2035 ^•			1,002			1,002
CLNC Ltd.
1.374% due 08/20/2035 •			14,800			14,810
Conseco Finance Corp.
6.870% due 04/01/2030 ~			35			35
7.060% due 02/01/2031 ~			430			418
Countrywide Asset-Backed Certificates
0.232% due 06/25/2035 •			9,314			8,799
0.232% due 07/25/2037 ^•			1,895			1,860
0.242% due 01/25/2037 •			2,611			2,590
0.242% due 05/25/2037 •			61			61
0.252% due 03/25/2037 •			59			58
0.272% due 06/25/2047 •			68			68
0.292% due 09/25/2037 •			3,833			3,587
0.292% due 06/25/2047 ^•			14,314			13,405
0.312% due 09/25/2037 ^•			413			415
0.312% due 09/25/2047 ^•			1,077			1,036
0.322% due 10/25/2047 •			216			214
0.342% due 01/25/2046 ^•			4,344			4,202
0.342% due 06/25/2047 •			243			236
0.412% due 05/25/2036 •			262			268
0.432% due 03/25/2037 •			928			928
0.492% due 08/25/2036 •			2,834			2,824
0.542% due 03/25/2036 •			1,400			1,386
0.592% due 03/25/2036 •			2,950			2,928
0.692% due 06/25/2036 •			238			236
0.692% due 07/25/2036 •			35			35
0.827% due 02/25/2036 •			86			86
0.992% due 03/25/2047 ^•			68			60
1.082% due 12/25/2035 •			61			61
1.142% due 08/25/2035 •			21			22
1.592% due 02/25/2035 •			277			278
4.471% due 10/25/2046 ^~			14,092			14,094
Countrywide Asset-Backed Certificates Trust
0.232% due 02/25/2037 •			7,562			7,256
0.242% due 09/25/2046 •			2,418			2,390
0.242% due 03/25/2047 ^•			102			101
0.282% due 06/25/2047 •			55			55
0.352% due 04/25/2046 •			4,374			4,131
0.552% due 05/25/2036 •			259			258
0.887% due 02/25/2036 •			110			110
0.892% due 08/25/2047 •			747			744
1.187% due 07/25/2035 •			1,191			1,196
1.442% due 04/25/2035 •			180			181
Countrywide Asset-Backed Certificates Trust, Inc.
0.812% due 07/25/2034 •			87			86
0.992% due 10/25/2034 •			50			49

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Countrywide Asset-Backed Certificates, Inc.
1.067% due 02/25/2034 •	$		52	$		52
Credit-Based Asset Servicing & Securitization LLC
0.212% due 07/25/2037 •			10			8
0.312% due 07/25/2037 •			222			176
Delta Funding Home Equity Loan Trust
0.713% due 08/15/2030 •			42			39
Dryden Euro CLO BV
0.660% due 04/15/2033 •	EUR		10,100			11,934
ECMC Group Student Loan Trust
0.842% due 02/27/2068 •	$		6,334			6,373
EMC Mortgage Loan Trust
0.832% due 05/25/2040 •			9			9
First Franklin Mortgage Loan Trust
0.232% due 12/25/2036 •			251			147
0.412% due 04/25/2036 •			141			138
0.572% due 04/25/2036 •			400			360
0.572% due 08/25/2036 •			162			160
0.767% due 06/25/2036 •			36			36
0.812% due 10/25/2035 •			48			48
0.812% due 11/25/2035 •			138			135
0.962% due 09/25/2034 •			100			100
1.037% due 03/25/2035 •			96			96
1.277% due 12/25/2034 •			886			883
1.292% due 01/25/2035 •			122			123
1.517% due 10/25/2034 •			484			488
First NLC Trust
0.162% due 08/25/2037 •			51			33
0.552% due 05/25/2035 •			830			802
FIRSTPLUS Home Loan Owner Trust
7.320% due 11/10/2023 ^			6			0
Fremont Home Loan Trust
0.242% due 01/25/2037 •			242			137
0.252% due 08/25/2036 •			207			89
0.432% due 02/25/2036 •			47			46
0.432% due 02/25/2037 •			795			405
0.632% due 02/25/2036 •			300			279
0.632% due 04/25/2036 •			3,000			2,770
0.827% due 07/25/2035 •			1,471			1,466
0.882% due 12/25/2029 •			6			6
Galaxy CLO Ltd.
1.058% due 10/15/2030 •			3,200			3,201
Gallatin CLO Ltd.
1.484% (US0003M + 1.050%) due 07/15/2027 ~			6,265			6,268
GE-WMC Asset-Backed Pass-Through Certificates
0.592% due 12/25/2035 •			476			477
GoldenTree Loan Management EUR CLO DAC
1.550% due 07/20/2031 •	EUR		14,000			16,628
GSAA Home Equity Trust
0.212% due 04/25/2047 •	$		121			117

74 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

June 30, 2021

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
GSAMP Trust
0.182% due 01/25/2037 •	$		2,531	$		1,843
0.212% due 12/25/2036 •			1,803			1,118
0.232% due 12/25/2036 •			7,723			4,990
0.232% due 01/25/2037 •			45,756			33,541
0.242% due 09/25/2036 •			328			156
0.242% due 12/25/2046 •			547			360
0.292% due 11/25/2036 •			469			293
0.322% due 12/25/2046 •			164			109
0.412% due 05/25/2046 •			13			13
0.572% due 06/25/2036 •			234			168
0.632% due 04/25/2036 •			295			234
1.742% due 10/25/2034 •			15			15
Hayfin Emerald CLO DAC
1.450% due 02/15/2033 •	EUR		8,850			10,516
Home Equity Asset Trust
1.187% due 05/25/2035 •	$		136			136
Home Equity Loan Trust
0.322% due 04/25/2037 •			1,016			981
0.432% due 04/25/2037 •			500			423
Home Equity Mortgage Loan Asset-Backed Trust
0.232% due 11/25/2036 •			351			331
0.252% due 11/25/2036 •			306			291
0.412% due 04/25/2037 •			267			247
HSI Asset Securitization Corp. Trust
0.312% due 12/25/2036 •			216			83
0.432% due 12/25/2036 •			983			380
0.532% due 12/25/2036 •			656			257
0.872% due 11/25/2035 •			4,126			4,103
Invesco Euro CLO DAC
0.650% due 07/15/2031 •	EUR		900			1,063
IXIS Real Estate Capital Trust
0.722% due 02/25/2036 •	$		92			94
JP Morgan Mortgage Acquisition Trust
0.252% due 01/25/2036 •			5			5
0.352% due 03/25/2037 •			234			233
0.352% due 06/25/2037 •			192			191
0.362% due 05/25/2036 •			284			284
0.362% due 07/25/2036 •			200			195
0.372% due 01/25/2037 •			1,214			1,208
0.632% due 04/25/2036 •			87			87
6.337% due 08/25/2036 ^þ			102			72
KKR CLO Ltd.
0.000% due 07/15/2030 •			16,050			16,051
LCM LP
1.188% due 07/20/2030 •			12,900			12,903
Lehman ABS Mortgage Loan Trust
0.182% due 06/25/2037 •			202			158
0.292% due 06/25/2037 •			162			129
Lehman XS Trust
0.262% due 02/25/2037 ^•			1,283			1,163
LoanCore Issuer Ltd.
1.203% due 05/15/2028 •			3,704			3,706

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Long Beach Mortgage Loan Trust
0.737% due 11/25/2035 •	$		202	$		201
0.852% due 08/25/2045 •			32			32
0.932% due 07/25/2031 •			37			37
1.142% due 06/25/2035 •			500			502
1.367% due 02/25/2035 •			12,750			12,797
1.517% due 03/25/2032 •			176			174
MACH Cayman Ltd.
3.474% due 10/15/2039			2,005			2,009
Mackay Shields Euro CLO
1.550% due 08/15/2033 •	EUR		4,250			5,047
Mackay Shields EURO CLO DAC
0.930% due 10/20/2032 •			1,900			2,257
MAPS Ltd.
4.212% due 05/15/2043	$		3,480			3,492
MASTR Asset-Backed Securities Trust
0.312% due 08/25/2036 •			163			85
0.312% due 11/25/2036 •			4,381			3,265
0.392% due 08/25/2036 •			269			142
0.452% due 02/25/2036 •			339			176
0.572% due 06/25/2036 •			148			83
0.572% due 08/25/2036 •			161			87
0.592% due 11/25/2035 •			9,153			6,657
0.662% due 01/25/2036 •			260			258
0.842% due 12/25/2034 ^•			15			15
0.842% due 10/25/2035 ^•			237			234
Merrill Lynch Mortgage Investors Trust
0.332% due 08/25/2037 •			799			533
0.542% due 02/25/2047 •			1,009			722
0.812% due 05/25/2036 •			141			140
MESA Trust
0.892% due 12/25/2031 •			237			237
METAL LLC
4.581% due 10/15/2042			3,395			3,042
Mid-State Capital Corp. Trust
6.005% due 08/15/2037			330			349
MidOcean Credit CLO
1.205% due 02/20/2031 •			4,000			4,000
Morgan Stanley ABS Capital, Inc. Trust
0.162% due 10/25/2036 •			83			49
0.202% due 10/25/2036 •			673			440
0.232% due 10/25/2036 •			2,478			1,480
0.232% due 11/25/2036 •			220			139
0.242% due 09/25/2036 •			358			172
0.242% due 10/25/2036 •			197			130
0.242% due 11/25/2036 •			1,123			826
0.272% due 03/25/2037 •			378			208
0.292% due 02/25/2037 •			128			78
0.312% due 11/25/2036 •			1,321			842
0.342% due 03/25/2037 •			378			210
0.392% due 06/25/2036 •			631			528
0.692% due 12/25/2035 •			10,000			9,635
0.712% due 12/25/2035 •			238			236

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2021 75

Schedule of Investments PIMCO Fixed Income SHares: Series M (Cont.)

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
0.992% due 05/25/2034 •	$		83	$		82
1.022% due 03/25/2035 •			25			26
1.082% due 06/25/2035 •			433			436
1.142% due 04/25/2035 •			200			199
1.342% due 07/25/2037 •			400			387
Morgan Stanley Capital, Inc. Trust
0.672% due 01/25/2036 •			831			819
Morgan Stanley Dean Witter Capital, Inc. Trust
1.442% due 02/25/2033 •			422			423
Morgan Stanley Home Equity Loan Trust
0.262% due 04/25/2037 •			564			374
0.322% due 04/25/2037 •			188			125
0.412% due 04/25/2036 •			101			83
Morgan Stanley Mortgage Loan Trust
0.452% due 04/25/2037 •			243			108
0.552% due 02/25/2037 •			122			47
1.421% due 11/25/2036 ^•			243			112
5.965% due 09/25/2046 ^þ			335			171
Mountain View CLO Ltd.
0.984% due 10/15/2026 •			53			53
New Century Home Equity Loan Trust
1.067% due 10/25/2033 •			1,340			1,337
Newcastle Mortgage Securities Trust
0.322% due 04/25/2037 •			2,743			2,689
0.432% due 04/25/2037 •			4,292			3,960
Nomura Home Equity Loan, Inc. Home Equity Loan Trust
0.707% due 02/25/2036 •			51			51
6.032% due 10/25/2036 ^þ			157			59
NovaStar Mortgage Funding Trust
0.392% due 06/25/2036 •			102			86
0.797% due 01/25/2036 •			6,149			6,133
Option One Mortgage Loan Trust
0.232% due 01/25/2037 •			61			43
0.262% due 05/25/2037 •			11,459			7,834
0.312% due 01/25/2037 •			245			174
0.422% due 04/25/2037 •			111			71
0.632% due 01/25/2036 •			300			293
0.857% due 08/25/2035 •			400			400
Option One Mortgage Loan Trust Asset-Backed Certificates
0.782% due 11/25/2035 •			3,094			3,072
Ownit Mortgage Loan Trust
0.992% due 10/25/2036 ^•			158			161
Palmer Square European Loan Funding DAC
1.150% due 01/15/2030 •	EUR		3,819			4,544
Park Place Securities, Inc.
0.827% due 09/25/2035 •	$		200			199
Park Place Securities, Inc. Asset-Backed Pass-Through Certificates
0.827% due 08/25/2035 •			200			201
0.827% due 09/25/2035 •			500			497
0.887% due 07/25/2035 •			264			264

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
0.917% due 07/25/2035 •	$		950	$		947
1.037% due 06/25/2035 •			157			158
1.142% due 10/25/2034 •			500			500
1.217% due 03/25/2035 •			400			401
1.337% due 01/25/2036 •			211			211
1.892% due 12/25/2034 •			4,191			4,230
People’s Financial Realty Mortgage Securities Trust
0.232% due 09/25/2036 •			380			141
Popular ABS Mortgage Pass-Through Trust
0.352% due 11/25/2036 •			101			100
0.482% due 02/25/2036 •			203			202
Pretium Mortgage Credit Partners LLC
3.179% due 06/27/2069 þ			4,559			4,576
Purple Finance CLO DAC
0.800% due 01/25/2031 •	EUR		1,900			2,256
RAAC Trust
0.442% due 11/25/2046 •	$		445			431
0.692% due 06/25/2044 •			36			33
0.692% due 09/25/2045 •			1,964			1,947
1.292% due 10/25/2045 •			140			141
1.592% due 09/25/2047 •			600			601
Renaissance Home Equity Loan Trust
5.545% due 01/25/2037 þ			7,410			3,756
5.608% due 05/25/2036 þ			9,793			6,544
5.812% due 11/25/2036 þ			523			287
6.254% due 08/25/2036 þ			9,409			5,687
7.238% due 09/25/2037 ^þ			231			131
Residential Asset Mortgage Products Trust
0.522% due 11/25/2035 •			65			65
0.652% due 09/25/2036 •			123			120
0.692% due 05/25/2036 ^•			853			819
0.732% due 01/25/2036 •			591			576
0.752% due 10/25/2035 •			9			9
0.782% due 10/25/2035 •			100			100
0.812% due 09/25/2035 •			56			56
0.992% due 08/25/2034 •			28			28
Residential Asset Securities Corp. Trust
0.252% due 11/25/2036 ^•			65			70
0.332% due 09/25/2036 •			215			215
0.342% due 04/25/2037 •			45			45
0.352% due 11/25/2036 •			359			335
0.362% due 05/25/2037 •			18			18
0.432% due 11/25/2036 •			439			420
0.432% due 04/25/2037 •			1,600			1,548
0.512% due 06/25/2036 •			635			635
0.707% due 01/25/2036 •			16			16
0.722% due 10/25/2035 •			128			128
0.722% due 12/25/2035 •			289			289
0.737% due 03/25/2035 •			253			252
0.752% due 11/25/2035 •			170			170
0.752% due 12/25/2035 •			138			122
0.782% due 11/25/2035 •			265			265
0.932% due 12/25/2034 •			16			16

76 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

June 30, 2021

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Salomon Mortgage Loan Trust
0.992% due 11/25/2033 •	$		67	$		67
Securitized Asset-Backed Receivables LLC Trust
0.272% due 07/25/2036 •			211			100
0.372% due 05/25/2036 •			4,939			3,368
0.412% due 07/25/2036 •			206			99
0.572% due 07/25/2036 •			706			346
0.592% due 05/25/2036 •			1,026			715
0.632% due 03/25/2036 •			142			136
0.752% due 08/25/2035 ^•			145			119
0.767% due 01/25/2035 •			24			23
1.052% due 01/25/2036 ^•			54			48
3.013% due 01/25/2036 ^þ			49			50
SG Mortgage Securities Trust
0.412% due 07/25/2036 •			29,317			8,945
0.767% due 10/25/2035 •			1,000			991
SLM Student Loan Trust
1.676% due 04/25/2023 •			3,277			3,305
Soundview Home Loan Trust
0.172% due 06/25/2037 •			49			39
0.202% due 02/25/2037 •			304			112
0.272% due 02/25/2037 •			425			159
0.272% due 07/25/2037 •			1,937			1,867
0.342% due 06/25/2036 •			8,440			8,420
0.412% due 11/25/2036 •			54			54
0.617% due 03/25/2036 •			337			336
0.917% due 06/25/2035 •			24			25
1.042% due 10/25/2037 •			289			247
South Carolina Student Loan Corp.
1.135% due 09/03/2024 •			153			154
Specialty Underwriting & Residential Finance Trust
0.242% due 09/25/2037 •			81			62
0.242% due 11/25/2037 •			764			544
0.362% due 04/25/2037 •			153			122
0.692% due 12/25/2036 •			2,226			2,193
1.067% due 12/25/2035 •			178			178
Starwood Commercial Mortgage Trust
1.204% due 07/15/2038 •			7,600			7,603
Structured Asset Investment Loan Trust
0.242% due 09/25/2036 •			104			103
0.472% due 03/25/2036 •			361			348
0.692% due 01/25/2036 •			187			187
0.812% due 05/25/2035 •			623			623
0.992% due 05/25/2035 •			600			603
1.022% due 09/25/2034 •			586			582
1.217% due 07/25/2033 •			35			35
1.367% due 12/25/2034 •			1,138			1,159
Structured Asset Securities Corp. Mortgage Loan Trust
0.227% due 07/25/2036 •			4,191			4,121
0.242% due 09/25/2036 •			83			80
0.302% due 02/25/2037 •			441			423
0.322% due 01/25/2037 •			2,207			1,619
0.342% due 09/25/2036 •			102			101

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
0.432% due 12/25/2036 •	$		105	$		103
0.992% due 08/25/2037 •			109			109
1.092% due 08/25/2037 •			331			334
Structured Asset Securities Corp. Trust
0.782% due 09/25/2035 •			598			588
Towd Point Mortgage Trust
3.750% due 02/25/2059 ~			11,001			11,593
TPG Real Estate Finance Ltd.
1.282% due 03/15/2038 •			12,600			12,620
Vertical Bridge Holdings LLC
2.636% due 09/15/2050			7,000			7,144
Vibrant CLO Ltd.
1.228% due 09/15/2030 •			14,000			14,002
WaMu Asset-Backed Certificates WaMu Trust
0.317% due 05/25/2037 •			8,364			7,901
0.332% due 05/25/2037 •			1,314			1,198
WAVE LLC
3.597% due 09/15/2044			2,272			2,269
Wells Fargo Home Equity Asset-Backed Securities Trust
0.587% due 05/25/2036 •			300			297
1.037% due 03/25/2035 •			110			110
1.037% due 11/25/2035 •			28			28
1.667% due 02/25/2035 •			200			202
Wind River CLO Ltd.
1.054% due 10/15/2027 •			71			71
Total Asset-Backed Securities (Cost $588,714)						606,051
SOVEREIGN ISSUES 0.7%
Export-Import Bank of India
1.166% (US0003M + 1.020%) due 03/28/2022 ~(e)			5,000			5,019
Philippines Government International Bond
0.000% due 02/03/2023 (b)	EUR		5,300			6,290
Total Sovereign Issues (Cost $10,851)						11,309
		SHARES
PREFERRED SECURITIES 1.7%
BANKING & FINANCE 1.1%
American AgCredit Corp.
5.250% due 06/15/2026 •(c)			6,000,000			6,113
Capital One Financial Corp.
3.950% due 09/01/2026 •(c)			7,000,000			7,166

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2021 77

Schedule of Investments PIMCO Fixed Income SHares: Series M (Cont.)

	SHARES			MARKET VALUE (000S)
Charles Schwab Corp.
5.000% due 12/01/2027 •(c)		4,200,000	$		4,447
					17,726
INDUSTRIALS 0.6%
General Electric Co.
3.449% due 09/15/2021 ~(c)		10,500,000			10,303
Total Preferred Securities (Cost $27,285)					28,029
Total Investments in Securities (Cost $2,301,842)					2,356,097

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 0.0%
SHORT-TERM INSTRUMENTS 0.0%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.0%
PIMCO Short-Term Floating NAV Portfolio III		15,781	$		156
Total Short-Term Instruments (Cost $155)					156
Total Investments in Affiliates (Cost $155)					156
Total Investments 147.3% (Cost $2,301,997)			$		2,356,253
Financial Derivative Instruments (g)(i) 0.3% (Cost or Premiums, net $2,563)					5,190
Other Assets and Liabilities, net (47.6)%					(762,241	)
Net Assets 100.0%			$		1,599,202

NOTES TO SCHEDULE OF INVESTMENTS:

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

^ Security is in default.

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

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

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

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

(a) Payment in-kind security.

(b) Zero coupon security.

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

(d) Contingent convertible security.

(e)  RESTRICTED SECURITIES:

Issuer Description	Coupon			Maturity Date		Acquisition Date		Cost		Market Value		Market Value as Percentage of Net Assets
Export-Import Bank of India		1.166	%		03/28/2022		12/19/2019	$	4,986	$	5,019		0.31	%
Morgan Stanley		7.500			04/02/2032		02/11/2020		6,867		6,493		0.41
								$	11,853	$	11,512		0.72	%

78 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

June 30, 2021

BORROWINGS AND OTHER FINANCING TRANSACTIONS

REVERSE REPURCHASE AGREEMENTS:

Counterparty	Borrowing Rate(1)			Settlement Date		Maturity Date		Amount Borrowed(1)			Payable for Reverse Repurchase Agreements
BOS		0.020	%		06/17/2021		07/19/2021	$	(119,014	)	$	(119,015	)
BSN		0.040			06/15/2021		07/15/2021		(43,673	)		(43,674	)
DEU		0.050			06/14/2021		07/26/2021		(19,291	)		(19,291	)
GRE		0.040			06/02/2021		07/14/2021		(3,108	)		(3,108	)
		0.040			06/08/2021		07/13/2021		(1,520	)		(1,520	)
		0.040			06/09/2021		07/09/2021		(14,039	)		(14,039	)
		0.050			06/10/2021		07/12/2021		(30,098	)		(30,099	)
		0.050			06/11/2021		07/13/2021		(11,730	)		(11,731	)
		0.060			05/06/2021		07/07/2021		(11,502	)		(11,503	)
JPS		(0.040	)		06/28/2021		07/06/2021		(42,971	)		(42,971	)
		0.040			06/08/2021		07/08/2021		(48,639	)		(48,640	)
Total Reverse Repurchase Agreements											$	(345,591	)

SALE-BUYBACK TRANSACTIONS:

Counterparty	Borrowing Rate(1)			Borrowing Date		Maturity Date		Amount Borrowed(1)			Payable for Sale-Buyback Transactions
BCY		(0.070	)%		06/16/2021		07/07/2021	$	(7,907	)	$	(7,907	)
BPG		(0.050	)		06/29/2021		07/02/2021		(5,058	)		(5,058	)
Total Sale-Buyback Transactions											$	(12,965	)

SHORT SALES:

Description	Coupon			Maturity Date		Principal Amount		Proceeds			Payable for Short Sales
U.S. Government Agencies (29.2)%
Uniform Mortgage-Backed Security, TBA		3.500	%		07/01/2051	$	250,000	$	(264,035	)	$	(263,169	)
Uniform Mortgage-Backed Security, TBA		4.000			07/01/2051		45,422		(48,559	)		(48,371	)
Uniform Mortgage-Backed Security, TBA		4.000			08/01/2051		146,378		(156,575	)		(156,007	)
Total Short Sales (29.2)%								$	(469,169	)	$	(467,547	)

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, 2021:

Counterparty	Repurchase Agreement Proceeds to be Received		Payable for Reverse Repurchase Agreements			Payable for Sale-Buyback Transactions		Total Borrowings and Other Financing Transactions			Collateral Pledged/ (Received)		Net Exposure(2)
Global/Master Repurchase Agreement
BOS	$	0	$	(119,015	)	$	0	$	(119,015	)	$	119,084	$	69
BSN		0		(43,674	)		0		(43,674	)		43,725		51
DEU		0		(19,291	)		0		(19,291	)		19,178		(113	)
GRE		0		(72,000	)		0		(72,000	)		72,128		128
JPS		0		(91,611	)		0		(91,611	)		91,576		(35	)

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2021 79

Schedule of Investments PIMCO Fixed Income SHares: Series M (Cont.)

Counterparty	Repurchase Agreement Proceeds to be Received		Payable for Reverse Repurchase Agreements			Payable for Sale-Buyback Transactions			Total Borrowings and Other Financing Transactions			Collateral Pledged/ (Received)		Net Exposure(2)
Master Securities Forward Transaction Agreement
BCY	$	0	$	0		$	(7,907	)	$	(7,907	)	$	7,921	$	14
BPG		0		0			(5,058	)		(5,058	)		5,049		(9	)
Total Borrowings and Other Financing Transactions	$	0	$	(345,591	)	$	(12,965	)

CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

Remaining Contractual Maturity of the Agreements

	Overnight and Continuous		Up to 30 days			31-90 days		Greater Than 90 days		Total
Reverse Repurchase Agreements
U.S. Treasury Obligations	$	0	$	(345,591	)	$	0	$	0	$	(345,591	)
Total	$	0	$	(345,591	)	$	0	$	0	$	(345,591	)
Sale-Buyback Transactions
U.S. Treasury Obligations		0		(12,965	)		0		0		(12,965	)
Total	$	0	$	(12,965	)	$	0	$	0	$	(12,965	)
Total Borrowings	$	0	$	(358,556	)	$	0	$	0	$	(358,556	)
Payable for reverse repurchase agreements and sale-buyback financing transactions										$	(358,556	)

(f) Securities with an aggregate market value of $358,390 and cash of $270 have been pledged as collateral under the terms of the above master agreements as of June 30, 2021.

⁽¹⁾ The average amount of borrowings outstanding during the period ended June 30, 2021 was $(167,844) at a weighted average interest rate of (0.061%). Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.

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

(g)  FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

FUTURES CONTRACTS:

SHORT FUTURES CONTRACTS

Description	Expiration Month		# of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)			Variation Margin
											Asset		Liability
Euro-Bund 10-Year Bond September Futures		09/2021		187	$	(38,274	)	$	(218	)	$	42	$	(120	)
Total Futures Contracts								$	(218	)	$	42	$	(120	)

80 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

June 30, 2021

SWAP AGREEMENTS:

CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION⁽¹⁾

Reference Entity	Fixed Receive Rate			Payment Frequency	Maturity Date		Implied Credit Spread at June 30, 2021(2)			Notional Amount(3)		Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)			Market Value(4)		Variation Margin
																				Asset		Liability
Boeing Co.		1.000	%	Quarterly		06/20/2023		0.741	%		$  7,100	$	25		$	13		$	38	$	0	$	(1	)
General Electric Co.		1.000		Quarterly		12/20/2023		0.385			2,650		(19	)		60			41		0		(1	)
General Electric Co.		1.000		Quarterly		06/20/2024		0.420			1,550		(2	)		29			27		0		0
General Electric Co.		1.000		Quarterly		12/20/2024		0.501			600		(9	)		20			11		0		0
General Electric Co.		1.000		Quarterly		06/20/2026		0.718			200		2			1			3		0		0
Lennar Corp.		5.000		Quarterly		12/20/2025		0.829			1,200		227			(5	)		222		1		0
Telefonica Emisiones S.A.U.		1.000		Quarterly		06/20/2028		0.891			EUR  2,600		6			18			24		2		0
												$	230		$	136		$	366	$	3	$	(2	)

CREDIT DEFAULT SWAPS ON CREDIT INDICES - SELL PROTECTION⁽¹⁾

Index/Tranches	Fixed Receive Rate			Payment Frequency	Maturity Date		Notional Amount(3)		Premiums Paid/ (Received)		Unrealized Appreciation/ (Depreciation)		Market Value(4)		Variation Margin
															Asset		Liability
CDX.IG-36 5-Year Index		1.000	%	Quarterly		06/20/2026	$	97,000	$	2,404	$	95	$	2,499	$	15	$	0

INTEREST RATE SWAPS

Pay/ Receive Floating Rate	Floating Rate Index	Fixed Rate			Payment Frequency	Maturity Date		Notional Amount			Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)			Market Value			Variation Margin
																				Asset		Liability
Pay	1-Year BRL-CDI		3.700	%	Maturity		01/03/2022		BRL	625,500	$	(170	)	$	(705	)	$	(875	)	$	0	$	(32	)
Pay	1-Year BRL-CDI		3.978		Maturity		01/03/2022			35,200		0			(38	)		(38	)		0		(2	)
Pay	1-Year BRL-CDI		4.040		Maturity		01/03/2022			36,300		0			(36	)		(36	)		0		(2	)
Pay	3-Month CAD-Bank Bill		0.980		Semi-Annual		02/26/2024		CAD	232,400		217			(34	)		183			0		(24	)
Pay	3-Month CAD-Bank Bill		0.880		Semi-Annual		03/03/2024			107,000		6			(197	)		(191	)		0		(11	)
Pay	3-Month CAD-Bank Bill		1.235		Semi-Annual		03/04/2025			55,000		157			(49	)		108			11		0
Pay	CPURNSA		0.000		Maturity		05/05/2026		$	96,000		0			(502	)		(502	)		0		(60	)
Pay	UKRPI		0.000		Maturity		06/15/2031		GBP	35,000		0			28			28			175		0
											$	210		$	(1,533	)	$	(1,323	)	$	186	$	(131	)
Total Swap Agreements											$	2,844		$	(1,302	)	$	1,542		$	204	$	(133	)

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2021 81

Schedule of Investments PIMCO Fixed Income SHares: Series M (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, 2021:

	Financial Derivative Assets								Financial Derivative Liabilities
	Market Value		Variation Margin Asset						Market Value		Variation Margin Liability
	Purchased Options		Futures		Swap Agreements		Total		Written Options		Futures			Swap Agreements			Total
Total Exchange-Traded or Centrally Cleared	$	0	$	42	$	204	$	246	$	0	$	(120	)	$	(133	)	$	(253	)

(h) Securities with an aggregate market value of $17,062 and cash of $2,884 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 2021. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

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

⁽²⁾ Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on 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.

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

⁽⁴⁾ The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

(i)  FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

FORWARD FOREIGN CURRENCY CONTRACTS:

Counterparty	Settlement Month		Currency to be Delivered			Currency to be Received			Unrealized Appreciation/ (Depreciation)
									Asset		Liability
BOA		07/2021		EUR	1,096	$		1,308	$	9	$	0
		08/2021		CHF	192			213		5		0
		08/2021		NOK	2,660			316		7		0
		08/2021		RUB	1,393			18		0		0
		09/2021			2,677			37		1		0
BPS		07/2021		EUR	5,599			6,685		46		0
		07/2021	$		1,921		GBP	1,361		0		(38	)
		11/2021		ILS	1,837	$		561		0		(4	)
CBK		07/2021		RUB	1,063			14		0		(1	)
		08/2021			1,270			17		0		0
		10/2021	$		508		PEN	1,952		1		0
		12/2021			31			112		0		(1	)
GLM		07/2021		GBP	45,592	$		64,455		1,387		0

82 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

June 30, 2021

Counterparty	Settlement Month		Currency to be Delivered			Currency to be Received			Unrealized Appreciation/ (Depreciation)
									Asset		Liability
		07/2021		RUB	2,132	$		28	$	0	$	(2	)
		08/2021			1,774			24		0		0
		09/2021			3,418			47		0		0
		10/2021		MXN	12,379			610		0		(2	)
HUS		07/2021	$		61,219		GBP	44,231		0		(34	)
		08/2021		GBP	44,231	$		61,224		33		0
		08/2021		RUB	2,867			38		0		(1	)
		09/2021			1,410			19		0		0
		09/2021	$		278		KRW	309,491		0		(3	)
MYI		07/2021		RUB	1,046	$		14		0		(1	)
SCX		07/2021		EUR	101,182			123,781		3,805		0
		08/2021			107,877			128,015		16		0
		12/2021		INR	17,406			232		2		0
SOG		07/2021		RUB	1,215			16		0		(1	)
		08/2021			1,593			21		0		(1	)
UAG		07/2021			3,441			45		0		(2	)
		09/2021			1,393			19		0		0
Total Forward Foreign Currency Contracts									$	5,312	$	(91	)

SWAP AGREEMENTS:

CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - SELL PROTECTION⁽¹⁾

Counterparty	Reference Entity	Fixed Receive Rate			Payment Frequency	Maturity Date		Implied Credit Spread at June 30, 2021(2)			Notional Amount(3)		Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)		Swap Agreements, at  Value(4)
																		Asset		Liability
CBK	Brazil Government International Bond		1.000	%	Quarterly		12/20/2024		1.200	%	$	3,100	$	(54	)	$	33	$	0	$	(21	)
	Mexico Government International Bond		1.000		Quarterly		06/20/2026		0.938			100		(1	)		1		0		0
FBF	Brazil Government International Bond		1.000		Quarterly		06/20/2022		0.550			1,200		(80	)		86		6		0
GST	Brazil Government International Bond		1.000		Quarterly		06/20/2024		1.014			200		(6	)		6		0		0
	Brazil Government International Bond		1.000		Quarterly		12/20/2024		1.200			3,100		(48	)		28		0		(20	)
	Mexico Government International Bond		1.000		Quarterly		12/20/2024		0.608			200		(2	)		5		3		0
HUS	Brazil Government International Bond		1.000		Quarterly		12/20/2023		0.909			300		(10	)		11		1		0
	Brazil Government International Bond		1.000		Quarterly		06/20/2024		1.014			2,400		(70	)		70		0		0
JPM	Mexico Government International Bond		1.000		Quarterly		06/20/2026		0.938			100		(1	)		1		0		0
MYC	Mexico Government International Bond		1.000		Quarterly		12/20/2024		0.608			200		(2	)		5		3		0
	Mexico Government International Bond		1.000		Quarterly		12/20/2025		0.833			300		(4	)		6		2		0
	Mexico Government International Bond		1.000		Quarterly		06/20/2026		0.938			500		(3	)		5		2		0
Total Swap Agreements													$	(281	)	$	257	$	17	$	(41	)

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2021 83

Schedule of Investments PIMCO Fixed Income SHares: Series M (Cont.)

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of June 30, 2021:

	Financial Derivative Assets								Financial Derivative Liabilities
Counterparty	Forward Foreign Currency Contracts		Purchased Options		Swap Agreements		Total Over the Counter		Forward Foreign Currency Contracts			Written Options		Swap Agreements			Total Over the Counter			Net Market Value of OTC Derivatives			Collateral Pledged/ (Received)			Net Exposure(5)
BOA	$	22	$	0	$	0	$	22	$	0		$	0	$	0		$	0		$	22		$	0		$	22
BPS		46		0		0		46		(42	)		0		0			(42	)		4			0			4
CBK		1		0		0		1		(2	)		0		(21	)		(23	)		(22	)		0			(22	)
FBF		0		0		6		6		0			0		0			0			6			0			6
GLM		1,387		0		0		1,387		(4	)		0		0			(4	)		1,383			(1,300	)		83
GST		0		0		3		3		0			0		(20	)		(20	)		(17	)		56			39
HUS		33		0		1		34		(38	)		0		0			(38	)		(4	)		0			(4	)
MYC		0		0		7		7		0			0		0			0			7			0			7
MYI		0		0		0		0		(1	)		0		0			(1	)		(1	)		0			(1	)
SCX		3,823		0		0		3,823		0			0		0			0			3,823			(3,330	)		493
SOG		0		0		0		0		(2	)		0		0			(2	)		(2	)		0			(2	)
UAG		0		0		0		0		(2	)		0		0			(2	)		(2	)		0			(2	)
Total Over the Counter	$	5,312	$	0	$	17	$	5,329	$	(91	)	$	0	$	(41	)	$	(132	)

(j) Securities with an aggregate market value of $56 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of June 30, 2021.

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

⁽²⁾ Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on 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.

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

⁽⁴⁾ The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

⁽⁵⁾ Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

84 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

June 30, 2021

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of June 30, 2021:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	0	$	0	$	42	$	42
Swap Agreements		0		18		0		0		186		204
	$	0	$	18	$	0	$	0	$	228	$	246
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	5,312	$	0	$	5,312
Swap Agreements		0		17		0		0		0		17
	$	0	$	17	$	0	$	5,312	$	0	$	5,329
	$	0	$	35	$	0	$	5,312	$	228	$	5,575
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	0	$	0	$	120	$	120
Swap Agreements		0		2		0		0		131		133
	$	0	$	2	$	0	$	0	$	251	$	253
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	91	$	0	$	91
Swap Agreements		0		41		0		0		0		41
	$	0	$	41	$	0	$	91	$	0	$	132
	$	0	$	43	$	0	$	91	$	251	$	385

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2021:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts			Interest Rate Contracts			Total
Net Realized Gain (Loss) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	0	$	0		$	1,638		$	1,638
Swap Agreements		0		183		0		0			151			334
	$	0	$	183	$	0	$	0		$	1,789		$	1,972
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	(3,568	)	$	0		$	(3,568	)
Swap Agreements		0		71		0		0			(2	)		69
	$	0	$	71	$	0	$	(3,568	)	$	(2	)	$	(3,499	)
	$	0	$	254	$	0	$	(3,568	)	$	1,787		$	(1,527	)

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2021 85

Schedule of Investments PIMCO Fixed Income SHares: Series M (Cont.)

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts			Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts			Total
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Futures	$	0	$	0		$	0	$	0	$	(203	)	$	(203	)
Swap Agreements		0		121			0		0		(2,397	)		(2,276	)
	$	0	$	121		$	0	$	0	$	(2,600	)	$	(2,479	)
Over the counter
Forward Foreign Currency Contracts	$	0	$	0		$	0	$	7,994	$	0		$	7,994
Swap Agreements		0		(23	)		0		0		0			(23	)
	$	0	$	(23	)	$	0	$	7,994	$	0		$	7,971
	$	0	$	98		$	0	$	7,994	$	(2,600	)	$	5,492

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2021 in valuing the Portfolio’s assets and liabilities:

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 06/30/2021
Investments in Securities, at Value
Loan Participations and Assignments	$	0	$	0		$	10,735	$	10,735
Corporate Bonds & Notes
Banking & Finance		0		342,872			0		342,872
Industrials		0		152,892			0		152,892
Utilities		0		34,003			0		34,003
Municipal Bonds & Notes
California		0		10,476			0		10,476
Illinois		0		1,358			0		1,358
New Jersey		0		6,642			0		6,642
New York		0		13,465			0		13,465
Ohio		0		1,352			0		1,352
Pennsylvania		0		11,052			0		11,052
Texas		0		560			0		560
Virginia		0		24,235			0		24,235
U.S. Government Agencies		0		409,792			0		409,792
U.S. Treasury Obligations		0		405,455			0		405,455
Non-Agency Mortgage-Backed Securities		0		285,819			0		285,819
Asset-Backed Securities		0		606,051			0		606,051
Sovereign Issues		0		11,309			0		11,309
Preferred Securities
Banking & Finance		0		17,726			0		17,726
Industrials		0		10,303			0		10,303
	$	0	$	2,345,362		$	10,735	$	2,356,097
Investments in Affiliates, at Value
Short-Term Instruments
Central Funds Used for Cash Management Purposes	$	156	$	0		$	0	$	156
Total Investments	$	156	$	2,345,362		$	10,735	$	2,356,253
Short Sales, at Value - Liabilities
U.S. Government Agencies	$	0	$	(467,547	)	$	0	$	(467,547	)

86 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

June 30, 2021

Category and Subcategory	Level 1			Level 2			Level 3		Fair Value at 06/30/2021
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared	$	42		$	204		$	0	$	246
Over the counter		0			5,329			0		5,329
	$	42		$	5,533		$	0	$	5,575
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared		(120	)		(133	)		0		(253	)
Over the counter		0			(132	)		0		(132	)
	$	(120	)	$	(265	)	$	0	$	(385	)
Total Financial Derivative Instruments	$	(78	)	$	5,268		$	0	$	5,190
Totals	$	78		$	1,883,083		$	10,735	$	1,893,896

There were no significant transfers into or out of Level 3 during the period ended June 30, 2021.

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2021 87

Schedule of Investments PIMCO Fixed Income SHares: Series R

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

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 157.8%
CORPORATE BONDS & NOTES 8.9%
BANKING & FINANCE 8.7%
Deutsche Bank AG
4.250% due 10/14/2021	$		1,400	$		1,415
ING Bank NV
2.625% due 12/05/2022			400			413
Jyske Realkredit A/S
1.000% due 10/01/2050	DKK		2,983			458
Natwest Group PLC
1.697% (US0003M + 1.550%) due 06/25/2024 ~	$		300			307
4.519% due 06/25/2024 •			200			215
Nordea Kredit Realkreditaktieselskab
1.000% due 10/01/2050	DKK		3,014			464
Nykredit Realkredit A/S
1.000% due 10/01/2050			7,193			1,105
1.500% due 10/01/2053			20,200			3,185
2.500% due 10/01/2047			23			4
Realkredit Danmark A/S
1.500% due 10/01/2050			42,000			6,674
1.500% due 10/01/2053			17,500			2,747
2.500% due 04/01/2047			15			3
UniCredit SpA
7.830% due 12/04/2023	$		600			696
						17,686
UTILITIES 0.2%
Petrobras Global Finance BV
5.093% due 01/15/2030			342			374
Total Corporate Bonds & Notes (Cost $18,143)						18,060
U.S. GOVERNMENT AGENCIES 5.0%
Fannie Mae
0.537% due 02/25/2037 •			17			17
1.328% due 10/01/2044 •			2			2
Freddie Mac
2.018% due 07/01/2036 •			31			32
2.115% due 09/01/2036 •			17			18
Ginnie Mae
0.599% due 08/20/2068 •			409			405
Uniform Mortgage-Backed Security
3.500% due 12/01/2045			13			14
Uniform Mortgage-Backed Security, TBA
3.500% due 08/01/2051			600			632

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
4.000% due 08/01/2051	$		8,500	$		9,059
Total U.S. Government Agencies (Cost $10,215)						10,179
U.S. TREASURY OBLIGATIONS 118.9%
U.S. Treasury Bonds
1.625% due 11/15/2050 (b)			1,470			1,321
U.S. Treasury Inflation Protected Securities (a)
0.125% due 01/15/2022 (d)			47			48
0.125% due 04/15/2022 (b)			11,300			11,592
0.125% due 01/15/2023			5,369			5,610
0.125% due 10/15/2024			4,058			4,375
0.125% due 04/15/2025 (b)			12,093			13,057
0.125% due 04/15/2026			7,472			8,132
0.125% due 07/15/2026			4,221			4,624
0.125% due 01/15/2030 (b)			30,228			33,208
0.125% due 07/15/2030			4,269			4,714
0.125% due 01/15/2031 (b)			13,640			15,024
0.125% due 02/15/2051			1,231			1,351
0.250% due 07/15/2029			1,671			1,860
0.250% due 02/15/2050			1,817			2,061
0.375% due 07/15/2025			1,662			1,825
0.375% due 07/15/2027 (b)			8,775			9,791
0.500% due 04/15/2024 (b)			8,680			9,359
0.500% due 01/15/2028			43			49
0.625% due 04/15/2023			4,407			4,662
0.625% due 01/15/2024			1,259			1,356
0.625% due 01/15/2026			5,101			5,667
0.625% due 02/15/2043			3,275			3,917
0.750% due 07/15/2028			6,913			7,938
0.750% due 02/15/2042			2,469			3,012
0.750% due 02/15/2045 (b)			9,830			12,143
0.875% due 01/15/2029 (b)			10,573			12,243
0.875% due 02/15/2047			3,700			4,768
1.000% due 02/15/2046 (b)			7,876			10,311
1.000% due 02/15/2048			1,392			1,860
1.000% due 02/15/2049			2,896			3,907
1.375% due 02/15/2044 (b)			5,945			8,217
1.750% due 01/15/2028 (b)			12,687			15,341
2.000% due 01/15/2026			2,035			2,395
2.125% due 02/15/2040			445			664
2.125% due 02/15/2041			4,962			7,487
2.500% due 01/15/2029			3,257			4,198
3.375% due 04/15/2032			384			566
3.625% due 04/15/2028			2,162			2,917
Total U.S. Treasury Obligations (Cost $227,416)						241,570
NON-AGENCY MORTGAGE-BACKED SECURITIES 1.8%
AREIT Trust
2.744% due 04/15/2037 •			337			339
Banc of America Funding Trust
3.209% due 01/20/2047 ~			480			471

88 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

June 30, 2021

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Countrywide Alternative Loan Trust
0.288% due 12/20/2046 ^•	$		761	$		666
Grifonas Finance PLC
0.000% due 08/28/2039 •	EUR		111			129
GSR Mortgage Loan Trust
2.924% due 09/25/2035 ~	$		12			12
HarborView Mortgage Loan Trust
0.993% due 06/20/2035 •			318			314
IndyMac Mortgage Loan Trust
0.932% due 05/25/2034 •			713			699
MortgageIT Trust
1.097% due 12/25/2034 •			12			12
Residential Accredit Loans, Inc. Trust
0.452% due 06/25/2046 •			211			69
Towd Point Mortgage Funding
1.249% due 02/20/2054 •	GBP		622			866
Total Non-Agency Mortgage-Backed Securities (Cost $3,310)						3,577
ASSET-BACKED SECURITIES 4.0%
Asset-Backed Funding Certificates Trust
0.692% due 10/25/2034 •	$		22			22
Atlas Senior Loan Fund Ltd.
1.530% due 01/16/2030 •			400			400
CIT Mortgage Loan Trust
1.442% due 10/25/2037 •			316			320
Citigroup Mortgage Loan Trust
0.172% due 01/25/2037 •			168			142
0.382% due 09/25/2036 •			427			414
Citigroup Mortgage Loan Trust, Inc.
0.782% due 10/25/2035 ^•			500			485
Countrywide Asset-Backed Certificates Trust
0.887% due 02/25/2036 •			276			276
Dryden Senior Loan Fund
1.084% due 10/15/2027 •			515			515
Home Equity Asset Trust
0.947% due 08/25/2034 •			46			46
KKR CLO Ltd.
1.460% due 07/18/2030 •			300			300
LoanCore Issuer Ltd.
1.203% due 05/15/2036 •			500			500
Man GLG Euro CLO DAC
0.870% due 01/15/2030 •	EUR		250			296
Massachusetts Educational Financing Authority
1.126% due 04/25/2038 •	$		32			32
Morgan Stanley ABS Capital, Inc. Trust
0.752% due 01/25/2035 •			268			267
Mountain View CLO Ltd.
1.008% due 10/13/2027 •			128			128

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Nomura Home Equity Loan, Inc. Home Equity Loan Trust
0.857% due 05/25/2035 •	$		1,300	$		1,276
Palmer Square European Loan Funding DAC
0.870% due 02/15/2030 •	EUR		262			312
RAAC Trust
0.602% due 08/25/2036 •	$		30			31
Saxon Asset Securities Trust
0.812% due 05/25/2035 •			42			41
Shackleton CLO Ltd.
1.318% due 10/20/2028 •			1,301			1,302
Sound Point CLO Ltd.
1.073% due 01/23/2029 •			400			400
1.163% due 01/23/2029 •			394			394
Structured Asset Securities Corp. Mortgage Loan Trust
1.092% due 08/25/2037 •			25			25
Venture CLO Ltd.
1.064% due 07/15/2027 •			278			278
Total Asset-Backed Securities (Cost $7,954)						8,202
SOVEREIGN ISSUES 19.2%
Australia Government International Bond
1.250% due 02/21/2022	AUD		898			686
3.000% due 09/20/2025			1,081			957
Canada Government Real Return Bond
4.250% due 12/01/2026 (a)	CAD		958			997
France Government International Bond
0.100% due 03/01/2026 (a)	EUR		2,334			3,011
0.250% due 07/25/2024 (a)			3,245			4,112
2.100% due 07/25/2023 (a)			346			443
Italy Buoni Poliennali Del Tesoro
0.400% due 05/15/2030 (a)			5,049			6,469
1.400% due 05/26/2025 (a)			9,240			11,840
Japan Government International Bond
0.005% due 03/10/2031 (a)	JPY		170,842			1,573
0.100% due 03/10/2028 (a)			251,226			2,320
0.100% due 03/10/2029 (a)			411,810			3,813
0.200% due 03/10/2030 (a)			19,883			187
Mexico Government International Bond
7.750% due 05/29/2031	MXN		8,021			424
New Zealand Government International Bond
2.000% due 09/20/2025 (a)	NZD		449			348
3.000% due 09/20/2030 (a)			1,335			1,175
Peru Government International Bond
5.940% due 02/12/2029	PEN		900			256

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2021 89

Schedule of Investments PIMCO Fixed Income SHares: Series R (Cont.)

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Qatar Government International Bond
3.875% due 04/23/2023	$		300	$		319
Total Sovereign Issues (Cost $37,577)						38,930
Total Investments in Securities (Cost $304,615)						320,518
Total Investments 157.8% (Cost $304,615)				$		320,518
Financial Derivative Instruments (c)(e) 0.5% (Cost or Premiums, net $(845))						985
Other Assets and Liabilities, net (58.3)%						(118,335	)
Net Assets 100.0%				$		203,168

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.

• 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.

BORROWINGS AND OTHER FINANCING TRANSACTIONS

SALE-BUYBACK TRANSACTIONS:

Counterparty	Borrowing Rate(1)			Borrowing Date		Maturity Date		Amount Borrowed(1)			Payable  for Sale-Buyback Transactions(2)
BCY		0.010	%		06/11/2021		07/12/2021	$	(21,568	)	$	(21,569	)
		0.050			06/10/2021		07/12/2021		(4,038	)		(4,038	)
		0.060			05/11/2021		07/08/2021		(2,909	)		(2,909	)
BOS		0.050			06/24/2021		07/01/2021		(1,312	)		(1,312	)
BPG		0.050			06/09/2021		07/09/2021		(3,592	)		(3,592	)
		0.060			06/01/2021		07/07/2021		(50,227	)		(50,229	)
		0.070			06/22/2021		07/22/2021		(6,572	)		(6,572	)
CSN		0.050			06/30/2021		07/01/2021		(1,486	)		(1,486	)
MSC		0.080			06/17/2021		07/19/2021		(26,202	)		(26,203	)
Total Sale-Buyback Transactions											$	(117,910	)

90 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

June 30, 2021

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, 2021:

Counterparty	Repurchase Agreement Proceeds to be Received		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions(2)			Total Borrowings and Other Financing Transactions			Collateral Pledged/ (Received)			Net Exposure(3)
Master Securities Forward Transaction Agreement
BCY	$	0	$	0	$	(28,516	)	$	(28,516	)	$	28,608		$	92
BOS		0		0		(1,312	)		(1,312	)		1,321			9
BPG		0		0		(60,393	)		(60,393	)		60,493			100
BPS		0		0		0			0			(300	)		(300	)
CSN		0		0		(1,486	)		(1,486	)		1,484			(2	)
MSC		0		0		(26,203	)		(26,203	)		26,309			106
Total Borrowings and Other Financing Transactions	$	0	$	0	$	(117,910	)

CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

Remaining Contractual Maturity of the Agreements

	Overnight and Continuous			Up to 30 days			31-90 days		Greater Than 90 days		Total
Sale-Buyback Transactions
U.S. Treasury Obligations	$	(2,797	)	$	(115,113	)	$	0	$	0	$	(117,910	)
Total Borrowings	$	(2,797	)	$	(115,113	)	$	0	$	0	$	(117,910	)
Payable for sale-buyback financing transactions											$	(117,910	)

(b) Securities with an aggregate market value of $118,502 have been pledged as collateral under the terms of the above master agreements as of June 30, 2021.

⁽¹⁾ The average amount of borrowings outstanding during the period ended June 30, 2021 was $(102,025) at a weighted average interest rate of 0.088%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.

⁽²⁾ Payable for sale-buyback transactions includes $(2) of deferred price drop.

⁽³⁾ Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

(c)  FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

FUTURES CONTRACTS:

LONG FUTURES CONTRACTS

Description	Expiration Month		# of Contracts		Notional Amount		Unrealized Appreciation/ (Depreciation)		Variation Margin
									Asset		Liability
Call Options Strike @ EUR 114.300 on Euro-Schatz Bond September 2021 Futures(1)		08/2021		501	$	3	$	0	$	0	$	0
Euro-Bobl September Futures		09/2021		100		15,907		7		15		(4	)

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2021 91

Schedule of Investments PIMCO Fixed Income SHares: Series R (Cont.)

Description	Expiration Month		# of Contracts		Notional Amount		Unrealized Appreciation/ (Depreciation)			Variation Margin
										Asset		Liability
Gold 100 oz. August Futures		08/2021		13	$	2,303	$	1		$	11	$	0
U.S. Treasury 2-Year Note September Futures		09/2021		43		9,474		(19	)		1		0
U.S. Treasury 5-Year Note September Futures		09/2021		814		100,472		(172	)		45		0
U.S. Treasury 10-Year Ultra Long-Term Bond September Futures		09/2021		102		15,015		267			50		0
							$	84		$	122	$	(4	)

SHORT FUTURES CONTRACTS

Description	Expiration Month		# of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)			Variation Margin
											Asset		Liability
Australia Government 3-Year Note September Futures		09/2021		10	$	(874	)	$	2		$	0	$	0
Australia Government 10-Year Bond September Futures		09/2021		2		(212	)		(1	)		0		(1	)
Euro-BTP Italy Government Bond September Futures		09/2021		51		(8,158	)		(40	)		0		(27	)
Euro-Bund 10-Year Bond September Futures		09/2021		2		(409	)		(2	)		3		(8	)
Euro-Buxl 30-Year Bond September Futures		09/2021		34		(8,194	)		(123	)		17		(53	)
Euro-OAT France Government 10-Year Bond September Futures		09/2021		2		(377	)		(1	)		0		(1	)
Euro-Schatz September Futures		09/2021		558		(74,197	)		0			0		(6	)
Japan Government 10-Year Bond September Futures		09/2021		5		(6,827	)		(9	)		0		(2	)
U.S. Treasury 10-Year Note September Futures		09/2021		437		(57,903	)		(379	)		0		(100	)
U.S. Treasury 30-Year Bond September Futures		09/2021		79		(12,699	)		(401	)		0		(52	)
U.S. Treasury Ultra Long-Term Bond September Futures		09/2021		53		(10,212	)		(384	)		2		(47	)
								$	(1,338	)	$	22	$	(297	)
Total Futures Contracts								$	(1,254	)	$	144	$	(301	)

SWAP AGREEMENTS:

CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION⁽²⁾

Reference Entity	Fixed Receive Rate			Payment Frequency	Maturity Date		Implied Credit Spread at June 30, 2021(3)			Notional Amount(4)		Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)		Market Value(5)		Variation Margin
																			Asset		Liability
General Electric Co.		1.000	%	Quarterly		12/20/2023		0.385	%	$	100	$	(5	)	$	7	$	2	$	0	$	0

INTEREST RATE SWAPS

Pay/ Receive Floating Rate	Floating Rate Index	Fixed Rate			Payment Frequency	Maturity Date		Notional Amount		Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)			Market Value			Variation Margin
																			Asset		Liability
Pay(6)	3-Month EUR-EURIBOR		(0.526	)%	Annual		11/21/2023	EUR	11,300	$	0		$	(16	)	$	(16	)	$	1	$	0
Receive	3-Month NZD-BBR		3.250		Semi-Annual		03/21/2028	NZD	1,200		4			(102	)		(98	)		0		(4	)
Receive	6-Month JPY-LIBOR		0.300		Semi-Annual		09/20/2027	JPY	172,740		(3	)		(27	)		(30	)		0		0
Pay	CPTFEMU		1.380		Maturity		03/15/2031	EUR	3,900		(28	)		(107	)		(135	)		0		(7	)
Receive	CPTFEMU		1.710		Maturity		03/15/2033		300		(1	)		(15	)		(16	)		1		0
Pay	CPURNSA		1.400		Maturity		07/08/2021	$	1,000		0			(30	)		(30	)		0		0
Pay	CPURNSA		1.690		Maturity		08/07/2021		4,900		0			(193	)		(193	)		0		(33	)
Pay	CPURNSA		1.825		Maturity		08/14/2021		2,100		0			(79	)		(79	)		0		(14	)
Pay	CPURNSA		1.863		Maturity		08/26/2021		2,100		(1	)		(76	)		(77	)		0		(13	)
Pay	CPURNSA		2.155		Maturity		01/19/2022		2,000		0			(53	)		(53	)		2		0
Pay	CPURNSA		2.180		Maturity		01/19/2022		3,100		0			(81	)		(81	)		3		0
Pay	CPURNSA		2.200		Maturity		01/21/2022		900		0			(23	)		(23	)		1		0

92 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

June 30, 2021

Pay/ Receive Floating Rate	Floating Rate Index	Fixed Rate			Payment Frequency	Maturity Date		Notional Amount		Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)			Market Value			Variation Margin
																			Asset		Liability
Pay	CPURNSA		2.200	%	Maturity		02/05/2022	$	2,800	$	0		$	(72	)	$	(72	)	$	3	$	0
Receive	CPURNSA		2.500		Maturity		07/15/2022		5,000		(743	)		358			(385	)		0		0
Receive	CPURNSA		2.210		Maturity		02/05/2023		3,240		0			48			48			0		(1	)
Receive	CPURNSA		2.220		Maturity		04/13/2023		318		0			4			4			0		0
Receive	CPURNSA		2.314		Maturity		02/26/2026		2,700		0			74			74			2		0
Receive	CPURNSA		2.419		Maturity		03/05/2026		2,100		0			45			45			2		0
Receive	CPURNSA		0.000		Maturity		05/13/2026		1,800		0			(1	)		(1	)		1		0
Receive	CPURNSA		0.000		Maturity		05/14/2026		800		0			(3	)		(3	)		1		0
Receive	CPURNSA		0.000		Maturity		05/25/2026		830		0			1			1			1		0
Receive	CPURNSA		0.000		Maturity		06/01/2026		600		0			1			1			1		0
Pay	CPURNSA		2.370		Maturity		06/06/2028		2,200		0			(16	)		(16	)		0		(2	)
Pay	CPURNSA		2.165		Maturity		04/16/2029		2,000		0			(75	)		(75	)		0		(2	)
Pay	CPURNSA		1.954		Maturity		06/03/2029		1,000		0			(59	)		(59	)		0		(1	)
Pay	CPURNSA		1.998		Maturity		07/25/2029		1,300		0			(69	)		(69	)		0		(2	)
Pay	CPURNSA		1.883		Maturity		11/20/2029		500		1			(35	)		(34	)		0		(1	)
Receive	CPURNSA		2.311		Maturity		02/24/2031		1,500		1			45			46			2		0
Pay	FRCPXTOB		1.410		Maturity		11/15/2039	EUR	300		0			(15	)		(15	)		0		0
Pay	UKRPI		3.850		Maturity		09/15/2024	GBP	1,900		(1	)		109			108			2		0
Pay	UKRPI		3.330		Maturity		01/15/2025		5,800		158			(124	)		34			6		0
Pay	UKRPI		3.603		Maturity		11/15/2028		60		0			3			3			0		0
Pay	UKRPI		3.718		Maturity		12/15/2028		10		0			1			1			0		0
Pay	UKRPI		3.438		Maturity		01/15/2030		3,000		0			(33	)		(33	)		9		0
Pay	UKRPI		3.480		Maturity		01/15/2030		700		9			(11	)		(2	)		2		0
Pay	UKRPI		3.325		Maturity		08/15/2030		2,050		(5	)		30			25			9		0
Receive	UKRPI		3.470		Maturity		01/15/2031		100		0			5			5			0		0
Receive	UKRPI		3.484		Maturity		01/15/2031		400		0			21			21			0		(2	)
Pay	UKRPI		0.000		Maturity		04/15/2031		740		0			(2	)		(2	)		4		0
Pay	UKRPI		3.566		Maturity		03/15/2036		600		0			(13	)		(13	)		4		0
Pay	UKRPI		3.580		Maturity		03/15/2036		1,300		(6	)		(17	)		(23	)		9		0
										$	(615	)	$	(602	)	$	(1,217	)	$	66	$	(82	)
Total Swap Agreements										$	(620	)	$	(595	)	$	(1,215	)	$	66	$	(82	)

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, 2021:

	Financial Derivative Assets								Financial Derivative Liabilities
	Market Value		Variation Margin Asset						Market Value		Variation Margin Liability
	Purchased Options		Futures		Swap Agreements		Total		Written Options		Futures			Swap Agreements			Total
Total Exchange-Traded or Centrally Cleared	$	0	$	144	$	66	$	210	$	0	$	(301	)	$	(82	)	$	(383	)

(d) Securities with an aggregate market value of $48 and cash of $2,162 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 2021. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

⁽¹⁾ Future styled option.

⁽²⁾ If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio 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.

⁽³⁾ 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

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2021 93

Schedule of Investments PIMCO Fixed Income SHares: Series R (Cont.)

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.

⁽⁴⁾ The maximum potential amount the Portfolio 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.

⁽⁵⁾ 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.

⁽⁶⁾ 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.

(e)  FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

FORWARD FOREIGN CURRENCY CONTRACTS:

Counterparty	Settlement Month		Currency to be Delivered			Currency to be Received			Unrealized Appreciation/ (Depreciation)
									Asset		Liability
BOA		07/2021		DKK	5,316	$		846	$	0	$	(2	)
		07/2021		EUR	363			442		11		0
		09/2021		PLN	113			30		0		0
		09/2021	$		1,008		IDR	14,532,589		0		(12	)
BPS		07/2021		DKK	5,320	$		860		12		0
		07/2021		GBP	44			62		1		0
		07/2021		JPY	829,600			7,585		118		0
		07/2021		NZD	2,270			1,648		61		0
		07/2021	$		135		EUR	113		0		(1	)
		08/2021		JPY	870,700	$		7,847		7		0
		08/2021	$		1,010		SEK	8,435		0		(23	)
		10/2021			272		DKK	1,700		0		(1	)
BRC		07/2021		GBP	69	$		96		1		0
		08/2021		MXN	8,166			394		0		(14	)
		09/2021		PLN	74			20		0		0
CBK		07/2021		AUD	917			709		22		0
		07/2021		DKK	4,122			654		0		(3	)
		07/2021		JPY	41,100			375		5		0
		07/2021		PEN	423			109		0		(1	)
		07/2021	$		133		DKK	835		0		0
		03/2022		PEN	539	$		145		5		0
GLM		07/2021		BRL	1,567			313		0		(2	)
		07/2021		DKK	8,395			1,362		23		0
		07/2021	$		310		BRL	1,567		5		0
		07/2021			106		PEN	423		4		0
		08/2021		BRL	1,567	$		309		0		(5	)
		08/2021		PEN	423			107		0		(4	)
		09/2021		PLN	119			31		0		0
HUS		07/2021		GBP	753			1,068		26		0
		09/2021		PLN	136			35		0		0
		09/2021	$		1,009		CNH	6,485		0		(11	)
JPM		07/2021		DKK	4,595	$		729		0		(4	)
		07/2021	$		9,836		DKK	61,279		0		(65	)
		10/2021		DKK	61,279	$		9,853		65		0
MYI		07/2021	$		5,056		DKK	31,452		0		(40	)
		07/2021			254		GBP	183		0		(1	)
		10/2021		DKK	30,132	$		4,848		34		0
SCX		07/2021			66,150			10,693		145		0
		07/2021		EUR	22,529			27,561		847		0
		08/2021			22,779			27,031		3		0

94 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

June 30, 2021

Counterparty	Settlement Month		Currency to be Delivered			Currency to be Received			Unrealized Appreciation/ (Depreciation)
									Asset		Liability
SSB		07/2021		BRL	1,567	$		295	$	0	$	(20	)
UAG		08/2021	$		1,000		NOK	8,265		0		(40	)
Total Forward Foreign Currency Contracts									$	1,395	$	(249	)

PURCHASED OPTIONS:

INTEREST RATE SWAPTIONS

Counterparty	Description	Floating Rate Index	Pay/ Receive Floating Rate	Exercise Rate			Expiration Date		Notional Amount(1)		Cost		Market Value
BPS	Put - OTC 30-Year Interest Rate Swap	6-Month EUR-EURIBOR	Receive		0.195	%		11/02/2022		1,100	$	1	$	162
	Put - OTC 30-Year Interest Rate Swap	6-Month EUR-EURIBOR	Receive		0.197			11/04/2022		1,190		90		174
BRC	Put - OTC 30-Year Interest Rate Swap	6-Month EUR-EURIBOR	Receive		0.197			11/04/2022		710		53		104
MYC	Call - OTC 5-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		0.700			08/24/2021		16,800		61		7
	Put - OTC 30-Year Interest Rate Swap	6-Month EUR-EURIBOR	Receive		0.190			11/02/2022		1,000		73		148
											$	278	$	595

OPTIONS ON SECURITIES

Counterparty	Description	Strike Price		Expiration Date		Notional Amount(1)		Cost		Market Value
JPM	Put - OTC Uniform Mortgage-Backed Security, TBA 2.000% due 07/01/2051	$	99.664		07/07/2021		200	$	1	$	0
	Put - OTC Uniform Mortgage-Backed Security, TBA 2.000% due 08/01/2051		100.156		08/05/2021		100		1		0
	Put - OTC Uniform Mortgage-Backed Security, TBA 2.000% due 08/01/2051		100.473		08/05/2021		100		1		1
	Put - OTC Uniform Mortgage-Backed Security, TBA 2.500% due 08/01/2051		103.234		08/05/2021		200		1		1
								$	4	$	2
Total Purchased Options								$	282	$	597

WRITTEN OPTIONS:

CREDIT DEFAULT SWAPTIONS ON CREDIT INDICES

Counterparty	Description	Buy/Sell Protection	Exercise Rate			Expiration Date		Notional Amount(1)		Premiums (Received)			Market Value
BOA	Put - OTC CDX.IG-36 5-Year Index	Sell		0.750	%		08/18/2021		700	$	(1	)	$	0
	Put - OTC iTraxx Europe 35 5-Year Index	Sell		0.750			07/21/2021		600		(1	)		0
BPS	Put - OTC CDX.HY-35 5-Year Index	Sell		100.000			07/21/2021		100		(1	)		0
	Put - OTC iTraxx Europe 35 5-Year Index	Sell		0.825			08/18/2021		500		(1	)		0
BRC	Call - OTC CDX.IG-36 5-Year Index	Buy		0.475			08/18/2021		700		(1	)		(1	)
	Put - OTC CDX.IG-36 5-Year Index	Sell		0.800			09/15/2021		700		(1	)		0
	Call - OTC iTraxx Europe 34 5-Year Index	Buy		0.400			07/21/2021		800		0			(1	)

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2021 95

Schedule of Investments PIMCO Fixed Income SHares: Series R (Cont.)

Counterparty	Description	Buy/Sell Protection	Exercise Rate			Expiration Date		Notional Amount(1)		Premiums (Received)			Market Value
	Put - OTC iTraxx Europe 34 5-Year Index	Sell		0.750	%		07/21/2021		800	$	(1	)	$	0
	Put - OTC iTraxx Europe 35 5-Year Index	Sell		0.750			07/21/2021		400		0			0
	Put - OTC iTraxx Europe 35 5-Year Index	Sell		0.700			08/18/2021		1,400		(1	)		0
	Put - OTC iTraxx Europe 35 5-Year Index	Sell		0.750			08/18/2021		600		(1	)		0
	Put - OTC iTraxx Europe 35 5-Year Index	Sell		0.800			08/18/2021		500		(1	)		0
	Put - OTC iTraxx Europe 35 5-Year Index	Sell		0.850			08/18/2021		500		(1	)		0
	Put - OTC iTraxx Europe 35 5-Year Index	Sell		0.850			10/20/2021		1,100		(1	)		(1	)
CBK	Put - OTC CDX.IG-36 5-Year Index	Sell		0.800			08/18/2021		600		(1	)		0
DUB	Call - OTC CDX.IG-36 5-Year Index	Buy		0.475			08/18/2021		700		(1	)		(1	)
	Put - OTC CDX.IG-36 5-Year Index	Sell		0.800			09/15/2021		700		(1	)		0
	Put - OTC CDX.IG-36 5-Year Index	Sell		0.900			09/15/2021		2,100		(1	)		(1	)
	Put - OTC iTraxx Europe 35 5-Year Index	Sell		0.800			08/18/2021		600		(1	)		0
	Put - OTC iTraxx Europe 35 5-Year Index	Sell		0.850			08/18/2021		600		(1	)		0
FBF	Put - OTC CDX.HY-36 5-Year Index	Sell		104.000			09/15/2021		200		(1	)		(1	)
	Call - OTC CDX.IG-36 5-Year Index	Buy		0.475			08/18/2021		300		1			0
	Put - OTC CDX.IG-36 5-Year Index	Sell		0.800			08/18/2021		1,000		(1	)		0
	Put - OTC CDX.IG-36 5-Year Index	Sell		0.850			09/15/2021		700		(1	)		0
	Put - OTC CDX.IG-36 5-Year Index	Sell		0.900			09/15/2021		1,300		(1	)		0
GST	Put - OTC CDX.IG-36 5-Year Index	Sell		0.900			07/21/2021		200		0			0
	Put - OTC CDX.IG-36 5-Year Index	Sell		0.800			08/18/2021		600		(1	)		0
	Put - OTC iTraxx Europe 34 5-Year Index	Sell		0.750			07/21/2021		500		(1	)		0
	Put - OTC iTraxx Europe 35 5-Year Index	Sell		0.750			07/21/2021		500		(1	)		0
MYC	Put - OTC CDX.HY-36 5-Year Index	Sell		98.000			07/21/2021		100		1			0
										$	(23	)	$	(6	)

INFLATION-CAPPED OPTIONS

Counterparty	Description	Initial Index		Floating Rate	Expiration Date		Notional Amount(1)		Premiums (Received)			Market Value
GLM	Cap - OTC CPALEMU		100.151	Maximum of [(Final Index/Initial Index - 1) - 3.000%] or 0		06/22/2035		1,200	$	(54	)	$	(1	)
JPM	Cap - OTC CPURNSA		233.916	Maximum of [(Final Index/Initial Index - 1) - 4.000%] or 0		04/22/2024		6,500		(47	)		0
	Cap - OTC CPURNSA		234.781	Maximum of [(Final Index/Initial Index - 1) - 4.000%] or 0		05/16/2024		500		(4	)		0
									$	(105	)	$	(1	)

INTEREST RATE SWAPTIONS

Counterparty	Description	Floating Rate Index	Pay/ Receive Floating Rate	Exercise Rate			Expiration Date		Notional Amount(1)		Premiums (Received)			Market Value
BPS	Put - OTC 10-Year Interest Rate Swap	6-Month EUR-EURIBOR	Pay		0.000	%		11/02/2022		3,300	$	0		$	(148	)
	Put - OTC 10-Year Interest Rate Swap	6-Month EUR-EURIBOR	Pay		0.000			11/04/2022		3,640		(90	)		(164	)
BRC	Put - OTC 10-Year Interest Rate Swap	6-Month EUR-EURIBOR	Pay		0.000			11/04/2022		2,160		(53	)		(97	)
DUB	Put - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		2.300			09/29/2021		3,760		(26	)		(2	)
GLM	Call - OTC 1-Year Interest Rate Swap	6-Month EUR-EURIBOR	Receive		0.526			11/17/2022		22,500		(35	)		(11	)
JPM	Put - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		2.300			09/29/2021		100		(1	)		0
MYC	Call - OTC 5-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		0.550			08/24/2021		33,600		(53	)		(3	)

96 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

June 30, 2021

Counterparty	Description	Floating Rate Index	Pay/ Receive Floating Rate	Exercise Rate			Expiration Date		Notional Amount(1)		Premiums (Received)			Market Value
	Put - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		1.760	%		07/07/2021		100	$	(1	)	$	0
	Put - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		2.300			09/29/2021		4,440		(31	)		(3	)
	Put - OTC 10-Year Interest Rate Swap	6-Month EUR-EURIBOR	Pay		0.000			11/02/2022		3,200		(77	)		(144	)
											$	(367	)	$	(572	)

OPTIONS ON SECURITIES

Counterparty	Description	Strike Price		Expiration Date		Notional Amount(1)		Premiums (Received)			Market Value
GSC	Call - OTC Uniform Mortgage-Backed Security, TBA 2.000% due 07/01/2051	$	101.227		07/07/2021		100	$	(1	)	$	0
	Call - OTC Uniform Mortgage-Backed Security, TBA 2.000% due 08/01/2051		101.367		08/05/2021		200		(1	)		(1	)
	Put - OTC Uniform Mortgage-Backed Security, TBA 2.000% due 09/01/2051		99.023		09/07/2021		200		(1	)		(1	)
	Call - OTC Uniform Mortgage-Backed Security, TBA 2.000% due 09/01/2051		101.023		09/07/2021		200		(1	)		(1	)
JPM	Put - OTC Ginnie Mae, TBA 2.500% due 08/01/2051		102.234		08/12/2021		400		(1	)		(1	)
	Put - OTC Ginnie Mae, TBA 2.500% due 08/01/2051		102.297		08/12/2021		400		(2	)		(1	)
	Put - OTC Uniform Mortgage-Backed Security, TBA 2.000% due 08/01/2051		99.156		08/05/2021		200		(1	)		0
	Put - OTC Uniform Mortgage-Backed Security, TBA 2.000% due 08/01/2051		99.473		08/05/2021		200		(1	)		0
	Call - OTC Uniform Mortgage-Backed Security, TBA 2.000% due 09/01/2051		101.313		09/07/2021		100		0			0
	Put - OTC Uniform Mortgage-Backed Security, TBA 2.500% due 07/01/2051		102.047		07/07/2021		100		(1	)		0
	Call - OTC Uniform Mortgage-Backed Security, TBA 2.500% due 07/01/2051		104.047		07/07/2021		100		0			0
	Put - OTC Uniform Mortgage-Backed Security, TBA 2.500% due 08/01/2051		101.984		08/05/2021		100		(1	)		0
	Put - OTC Uniform Mortgage-Backed Security, TBA 2.500% due 08/01/2051		102.234		08/05/2021		400		(1	)		(1	)
	Call - OTC Uniform Mortgage-Backed Security, TBA 2.500% due 08/01/2051		103.984		08/05/2021		100		0			0
	Put - OTC Uniform Mortgage-Backed Security, TBA 3.000% due 08/01/2051		104.141		08/05/2021		100		0			0
	Put - OTC Uniform Mortgage-Backed Security, TBA 3.000% due 09/01/2051		103.695		09/07/2021		100		0			0
	Put - OTC Uniform Mortgage-Backed Security, TBA 3.000% due 09/01/2051		103.984		09/07/2021		100		0			0
								$	(12	)	$	(6	)
Total Written Options								$	(507	)	$	(585	)

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2021 97

Schedule of Investments PIMCO Fixed Income SHares: Series R (Cont.)

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged /(received) as of June 30, 2021:

	Financial Derivative Assets								Financial Derivative Liabilities
Counterparty	Forward Foreign Currency Contracts		Purchased Options		Swap Agreements		Total Over the Counter		Forward Foreign Currency Contracts			Written Options			Swap Agreements		Total Over the Counter			Net Market Value of OTC Derivatives			Collateral Pledged/ (Received)			Net Exposure(2)
BOA	$	11	$	0	$	0	$	11	$	(14	)	$	0		$	0	$	(14	)	$	(3	)	$	0		$	(3	)
BPS		199		336		0		535		(25	)		(312	)		0		(337	)		198			0			198
BRC		1		104		0		105		(14	)		(100	)		0		(114	)		(9	)		0			(9	)
CBK		32		0		0		32		(4	)		0			0		(4	)		28			0			28
DUB		0		0		0		0		0			(4	)		0		(4	)		(4	)		0			(4	)
FBF		0		0		0		0		0			(1	)		0		(1	)		(1	)		0			(1	)
GLM		32		0		0		32		(11	)		(12	)		0		(23	)		9			0			9
GSC		0		0		0		0		0			(3	)		0		(3	)		(3	)		0			(3	)
HUS		26		0		0		26		(11	)		0			0		(11	)		15			0			15
JPM		65		2		0		67		(69	)		(3	)		0		(72	)		(5	)		0			(5	)
MYC		0		155		0		155		0			(150	)		0		(150	)		5			0			5
MYI		34		0		0		34		(41	)		0			0		(41	)		(7	)		0			(7	)
SCX		995		0		0		995		0			0			0		0			995			(710	)		285
SSB		0		0		0		0		(20	)		0			0		(20	)		(20	)		0			(20	)
UAG		0		0		0		0		(40	)		0			0		(40	)		(40	)		0			(40	)
Total Over the Counter	$	1,395	$	597	$	0	$	1,992	$	(249	)	$	(585	)	$	0	$	(834	)

⁽¹⁾  Notional Amount represents the number of contracts.

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

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of June 30, 2021:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared
Futures	$	11	$	0	$	0	$	0	$	133	$	144
Swap Agreements		0		0		0		0		66		66
	$	11	$	0	$	0	$	0	$	199	$	210
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	1,395	$	0	$	1,395
Purchased Options		0		0		0		0		597		597
	$	0	$	0	$	0	$	1,395	$	597	$	1,992
	$	11	$	0	$	0	$	1,395	$	796	$	2,202

98 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

June 30, 2021

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	0	$	0	$	301	$	301
Swap Agreements		0		0		0		0		82		82
	$	0	$	0	$	0	$	0	$	383	$	383
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	249	$	0	$	249
Written Options		0		6		0		0		579		585
	$	0	$	6	$	0	$	249	$	579	$	834
	$	0	$	6	$	0	$	249	$	962	$	1,217

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2021:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts			Credit Contracts			Equity Contracts		Foreign Exchange Contracts			Interest Rate Contracts			Total
Net Realized Gain (Loss) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Written Options	$	0		$	0		$	0	$	0		$	20		$	20
Futures		(3	)		0			0		0			2,858			2,855
Swap Agreements		0			(2	)		0		0			(1	)		(3	)
	$	(3	)	$	(2	)	$	0	$	0		$	2,877		$	2,872
Over the counter
Forward Foreign Currency Contracts	$	0		$	0		$	0	$	(372	)	$	0		$	(372	)
Purchased Options		0			0			0		(67	)		(5	)		(72	)
Written Options		0			55			0		0			36			91
	$	0		$	55		$	0	$	(439	)	$	31		$	(353	)
	$	(3	)	$	53		$	0	$	(439	)	$	2,908		$	2,519
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Futures	$	1		$	0		$	0	$	0		$	(1,329	)	$	(1,328	)
Swap Agreements		0			3			0		0			(980	)		(977	)
	$	1		$	3		$	0	$	0		$	(2,309	)	$	(2,305	)
Over the counter
Forward Foreign Currency Contracts	$	0		$	0		$	0	$	1,787		$	0		$	1,787
Purchased Options		0			0			0		67			246			313
Written Options		0			(2	)		0		0			(166	)		(168	)
	$	0		$	(2	)	$	0	$	1,854		$	80		$	1,932
	$	1		$	1		$	0	$	1,854		$	(2,229	)	$	(373	)

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2021 99

Schedule of Investments PIMCO Fixed Income SHares: Series R (Cont.)

(Unaudited)

June 30, 2021

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2021 in valuing the Portfolio’s assets and liabilities:

Category and Subcategory	Level 1			Level 2			Level 3		Fair Value at 06/30/2021
Investments in Securities, at Value
Corporate Bonds & Notes
Banking & Finance	$	0		$	17,686		$	0	$	17,686
Utilities		0			374			0		374
U.S. Government Agencies		0			10,179			0		10,179
U.S. Treasury Obligations		0			241,570			0		241,570
Non-Agency Mortgage-Backed Securities		0			3,577			0		3,577
Asset-Backed Securities		0			8,202			0		8,202
Sovereign Issues		0			38,930			0		38,930
Total Investments	$	0		$	320,518		$	0	$	320,518
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared		46			164			0		210
Over the counter		0			1,992			0		1,992
	$	46		$	2,156		$	0	$	2,202
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared		(102	)		(281	)		0		(383	)
Over the counter		0			(834	)		0		(834	)
	$	(102	)	$	(1,115	)	$	0	$	(1,217	)
Total Financial Derivative Instruments	$	(56	)	$	1,041		$	0	$	985
Totals	$	(56	)	$	321,559		$	0	$	321,503

There were no significant transfers into or out of Level 3 during the period ended June 30, 2021.

100 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

Schedule of Investments PIMCO Fixed Income SHares: Series TE

(Unaudited)

June 30, 2021

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

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 99.1%
MUNICIPAL BONDS & NOTES 99.1%
ALABAMA 0.9%
Lower Alabama Gas District Revenue Bonds, Series 2016
5.000% due 09/01/2046	$		500	$		761
ARIZONA 1.6%
Industrial Development Authority of the City of Phoenix, Arizona Revenue Notes, Series 2018
5.000% due 07/01/2028			250			309
Salt River Project Agricultural Improvement & Power District, Arizona Revenue Bonds, Series 2012
5.000% due 12/01/2030			1,000			1,043
						1,352
CALIFORNIA 8.9%
Bay Area Toll Authority, California Revenue Bonds, Series 2013
5.000% due 04/01/2038			2,000			2,170
California Health Facilities Financing Authority Revenue Bonds, Series 2016
5.000% due 11/15/2046 (b)			3,000			3,648
Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2018
5.000% due 06/01/2030			1,300			1,634
						7,452
COLORADO 4.1%
Colorado Health Facilities Authority Revenue Bonds, Series 2013
5.000% due 12/01/2033			2,125			2,328
Colorado Health Facilities Authority Revenue Bonds, Series 2019
4.000% due 08/01/2049			1,000			1,137
						3,465
CONNECTICUT 1.5%
Connecticut Special Tax State Revenue Bonds, Series 2018
5.000% due 01/01/2029			110			138
Connecticut State Health & Educational Facilities Authority Revenue Bonds, Series 2014
5.000% due 07/01/2026			1,000			1,131
						1,269

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
FLORIDA 3.1%
Broward County, Florida Airport System Revenue Bonds, Series 2012
5.000% due 10/01/2037	$		1,300	$		1,379
Miami-Dade County, Florida Water & Sewer System Revenue Bonds, Series 2013
5.000% due 10/01/2028			555			615
Osceola County, Florida Transportation Revenue Notes, Series 2020
0.000% due 10/01/2029 (a)			700			607
						2,601
GEORGIA 2.8%
Houston Healthcare System, Inc., Georgia Revenue Bonds, Series 2016
5.000% due 10/01/2031			1,555			1,749
Municipal Electric Authority of Georgia Revenue Bonds, Series 2019
5.000% due 01/01/2037			500			610
						2,359
ILLINOIS 15.8%
Chicago, Illinois General Obligation Bonds, Series 2002
5.500% due 01/01/2037			1,000			1,142
Chicago, Illinois General Obligation Bonds, Series 2017
5.750% due 01/01/2034			1,500			1,863
Chicago, Illinois General Obligation Notes, Series 2016
5.000% due 01/01/2024			1,000			1,109
Illinois Finance Authority Revenue Bonds, Series 2016
5.000% due 02/15/2032			795			972
Illinois State General Obligation Bonds, Series 2018
5.000% due 10/01/2033			1,000			1,229
Illinois State General Obligation Notes, Series 2017
5.000% due 12/01/2026			2,000			2,420
Illinois State General Obligation Notes, Series 2020
5.500% due 05/01/2030			850			1,132
Illinois State Revenue Bonds, Series 2013
5.000% due 06/15/2026			1,000			1,082
Illinois State Revenue Bonds, Series 2016
3.000% due 06/15/2031			1,000			1,060
3.000% due 06/15/2034			1,180			1,242
						13,251

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2021 101

Schedule of Investments PIMCO Fixed Income SHares: Series TE (Cont.)

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INDIANA 0.7%
Rockport, Indiana Revenue Bonds, Series 2009
3.050% due 06/01/2025	$		500	$		549
KANSAS 2.5%
Kansas Development Finance Authority Revenue Bonds, Series 2012
5.000% due 11/15/2034			2,000			2,082
KENTUCKY 1.6%
Kentucky Public Energy Authority Revenue Bonds, Series 2020
4.000% due 12/01/2050			1,170			1,350
LOUISIANA 0.8%
Parish of St John the Baptist, Louisiana Revenue Bonds, Series 2017
2.100% due 06/01/2037			650			673
MASSACHUSETTS 3.3%
Commonwealth of Massachusetts General Obligation Bonds, Series 2018
4.000% due 05/01/2041			500			585
Massachusetts State College Building Authority Revenue Bonds, Series 2014
5.000% due 05/01/2028			2,000			2,176
						2,761
MICHIGAN 6.4%
Detroit City School District, Michigan General Obligation Bonds, (AGM/Q-SBLF Insured), Series 2001
6.000% due 05/01/2029			385			478
Detroit, Michigan Sewage Disposal System Revenue Bonds, (AGM Insured), Series 2006
0.735% due 07/01/2032 ~			1,000			1,000
Michigan Finance Authority Revenue Notes, Series 2014
4.000% due 10/01/2024			2,000			2,089
Michigan Finance Authority Revenue Notes, Series 2016
5.000% due 04/01/2024			1,000			1,123
Michigan State Hospital Finance Authority Revenue Bonds, Series 2010
5.000% due 11/15/2047			500			636
						5,326

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
NEVADA 1.7%
Reno, Nevada Revenue Bonds, (AGM Insured), Series 2018
4.125% due 06/01/2058	$		1,250	$		1,396
NEW JERSEY 9.6%
Atlantic City, New Jersey General Obligation Bonds, (BAM Insured), Series 2017
5.000% due 03/01/2042			1,250			1,486
Atlantic City, New Jersey General Obligation Notes, (BAM Insured), Series 2017
5.000% due 03/01/2026			250			298
New Jersey Economic Development Authority Revenue Bonds, Series 2021
4.000% due 06/15/2037			700			832
New Jersey Economic Development Authority Revenue Notes, Series 2016
5.000% due 06/15/2022			1,500			1,568
New Jersey Economic Development Authority Revenue Notes, Series 2019
5.250% due 09/01/2026			250			305
New Jersey Health Care Facilities Financing Authority Revenue Bonds, Series 2013
5.250% due 07/01/2035			1,000			1,094
New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2020
4.000% due 06/15/2037			500			594
Tobacco Settlement Financing Corp., New Jersey Revenue Bonds, Series 2018
5.000% due 06/01/2029			500			632
5.000% due 06/01/2033			1,000			1,246
						8,055
NEW YORK 10.7%
Metropolitan Transportation Authority, New York Revenue Bonds, Series 2013
0.882% (0.67* US0001M + 0.820%) due 11/01/2026 ~			430			432
Metropolitan Transportation Authority, New York Revenue Bonds, Series 2017
5.000% due 11/15/2031			375			467
New York City Housing Development Corp. Revenue Bonds, Series 2013
5.250% due 07/01/2031			1,500			1,632
New York City Transitional Finance Authority Future Tax Secured, New York Revenue Bonds, Series 2019
5.000% due 05/01/2037			345			442
New York State Dormitory Authority Revenue Bonds, Series 2016
5.000% due 07/01/2030			560			673
New York State Dormitory Authority Revenue Bonds, Series 2020
4.000% due 02/15/2040			500			594

102 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

June 30, 2021

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
New York State Energy Research & Development Authority Revenue Bonds, Series 1994
3.500% due 10/01/2029	$		1,000	$		1,176
Onondaga County, New York Trust for Cultural Resources Revenue Bonds, Series 2019
4.000% due 12/01/2049			420			496
TSASC, Inc., New York Revenue Bonds, Series 2017
5.000% due 06/01/2033			1,000			1,212
TSASC, Inc., New York Revenue Notes, Series 2017
5.000% due 06/01/2027			1,500			1,870
						8,994
OHIO 3.6%
Buckeye Tobacco Settlement Financing Authority, Ohio Revenue Bonds, Series 2020
4.000% due 06/01/2048			1,500			1,754
5.000% due 06/01/2034			1,000			1,306
						3,060
PENNSYLVANIA 4.8%
Commonwealth Financing Authority, Pennsylvania Revenue Bonds, Series 2018
5.000% due 06/01/2031			1,000			1,241
Delaware River Port Authority, Pennsylvania Revenue Notes, Series 2012
5.000% due 01/01/2023			1,000			1,067
Geisinger Authority, Pennsylvania Revenue Bonds, Series 2017
5.000% due 02/15/2045 (b)			1,000			1,192
Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2013
5.000% due 07/01/2043			500			542
						4,042
PUERTO RICO 1.1%
Puerto Rico Electric Power Authority Revenue Bonds, (AGM Insured), Series 2007
0.655% (0.67*US0003M + 0.520%) due 07/01/2029 ~			1,010			947
TENNESSEE 0.3%
Tennessee Energy Acquisition Corp. Revenue Bonds, Series 2006
5.250% due 09/01/2024			200			229
TEXAS 9.9%
Irving Hospital Authority, Texas Revenue Bonds, Series 2017
1.130% (MUNIPSA + 1.100%) due 10/15/2044 ~			950			955

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
North Texas Tollway Authority Revenue Bonds, Series 2018
5.000% due 01/01/2048	$		1,000	$		1,203
SA Energy Acquisition Public Facility Corp., Texas Revenue Bonds, Series 2007
5.500% due 08/01/2025			1,000			1,189
Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2008
6.250% due 12/15/2026			3,800			4,479
Texas Municipal Gas Acquisition and Supply Corp. I Revenue Bonds, Series 2006
1.530% due 12/15/2026 ~			500			500
						8,326
WASHINGTON 2.1%
Seattle, Washington Municipal Light and Power Revenue Bonds, Series 2018
4.000% due 01/01/2040 (b)			500			581
Washington Health Care Facilities Authority Revenue Bonds, Series 2019
4.000% due 08/01/2044			1,000			1,141
						1,722
WISCONSIN 1.3%
WPPI Energy, Wisconsin Revenue Bonds, Series 2013
5.000% due 07/01/2025			1,000			1,096
Total Municipal Bonds & Notes (Cost $74,777)						83,118
Total Investments in Securities (Cost $74,777)						83,118
		SHARES
INVESTMENTS IN AFFILIATES 3.9%
SHORT-TERM INSTRUMENTS 3.9%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 3.9%
PIMCO Short-Term Floating NAV Portfolio III			335,469			3,308
Total Short-Term Instruments (Cost $3,308)						3,308
Total Investments in Affiliates (Cost $3,308)						3,308
Total Investments 103.0% (Cost $78,085)				$		86,426
Other Assets and Liabilities, net (3.0)%						(2,545	)
Net Assets 100.0%				$		83,881

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2021 103

Schedule of Investments PIMCO Fixed Income SHares: Series TE (Cont.)

NOTES TO SCHEDULE OF INVESTMENTS:

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

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

(a) Zero coupon security.

(b) Represents an underlying municipal bond transferred to a tender option bond trust established in a tender option bond transaction in which the Portfolio sold, or caused the sale of, the underlying municipal bond and purchased the residual interest certificate. The security serves as collateral in a financing transaction. See Note 5, Tender Option Bond Transactions, 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 Portfolio’s derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Portfolio.

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2021:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Net Realized Gain on Financial Derivative Instruments
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	0	$	0	$	37	$	37
Net Change in Unrealized Appreciation on Financial Derivative Instruments
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	0	$	0	$	14	$	14

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2021 in valuing the Portfolio’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2021
Investments in Securities, at Value
Municipal Bonds & Notes
Alabama	$	0	$	761	$	0	$	761
Arizona		0		1,352		0		1,352
California		0		7,452		0		7,452
Colorado		0		3,465		0		3,465
Connecticut		0		1,269		0		1,269
Florida		0		2,601		0		2,601
Georgia		0		2,359		0		2,359
Illinois		0		13,251		0		13,251
Indiana		0		549		0		549
Kansas		0		2,082		0		2,082
Kentucky		0		1,350		0		1,350
Louisiana		0		673		0		673
Massachusetts		0		2,761		0		2,761
Michigan		0		5,326		0		5,326
Nevada		0		1,396		0		1,396
New Jersey		0		8,055		0		8,055

104 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

June 30, 2021

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2021
New York	$	0	$	8,994	$	0	$	8,994
Ohio		0		3,060		0		3,060
Pennsylvania		0		4,042		0		4,042
Puerto Rico		0		947		0		947
Tennessee		0		229		0		229
Texas		0		8,326		0		8,326
Washington		0		1,722		0		1,722
Wisconsin		0		1,096		0		1,096
	$	0	$	83,118	$	0	$	83,118
Investments in Affiliates, at Value
Short-Term Instruments
Central Funds Used for Cash Management Purposes	$	3,308	$	0	$	0	$	3,308
Total Investments	$	3,308	$	83,118	$	0	$	86,426

There were no significant transfers into or out of Level 3 during the period ended June 30, 2021.

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2021 105

Notes to Financial Statements

1. ORGANIZATION

PIMCO Managed Accounts Trust (the “Trust”), was organized as a Massachusetts business trust on November 3, 1999. The Trust is comprised of Fixed Income SHares (“FISH”): Series C, Series LD, Series M, Series R and Series TE (each a “Portfolio” or “Series” and collectively the “Portfolios” or “Series”). Each Portfolio has authorized an unlimited number of shares of beneficial interest with $0.001 par value. Pacific Investment Management Company LLC (“PIMCO” or the “Adviser”) serves as the Portfolios’ investment adviser and administrator.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by each Portfolio in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Each Portfolio is treated as an investment company under the reporting requirements of U.S. GAAP. The functional and reporting currency for the Portfolios 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. Realized gains (losses) from securities sold are recorded on the identified cost basis. 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. 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 Portfolio is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis from settlement date, with the exception of securities with a forward starting effective date, where interest income is recorded on the accrual basis from effective date. For convertible securities, premiums attributable to the conversion feature are not amortized. Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized appreciation (depreciation) on investments on the Statements of Operations, as appropriate. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain (loss) on investments on the Statements of Operations. Paydown gains (losses) on mortgage-related and other asset-backed securities, if any, are recorded as components of interest income on the Statements of Operations. Income or short-term capital gain distributions received from registered investment companies, if any, are recorded as dividend income. Long-term capital gain distributions received from registered investment companies, if any, are recorded as realized gains.

Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is probable.

106 PIMCO MANAGED ACCOUNTS TRUST

(Unaudited)

June 30, 2021

(b) Foreign Currency Translation  The market values of foreign securities, currency holdings and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the current exchange rates each business day. Purchases and sales of securities and income and expense items denominated in foreign currencies, if any, are translated into U.S. dollars at the exchange rate in effect on the transaction date. The Portfolios 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 Portfolios 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.

(c) Distributions to Shareholders  Each Portfolio distributes substantially all of its net investment income to shareholders in the form of dividends. Dividends are declared daily and distributed monthly, generally on the last business day of the month. In addition, each Portfolio 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.

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 Portfolio’s annual financial statements presented under U.S. GAAP.

Separately, if a Portfolio 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 Portfolio will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. For these purposes, a Portfolio 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 Portfolio’s daily internal accounting records and practices, a Portfolio’s financial statements presented in accordance with U.S. GAAP,

SEMIANNUAL REPORT JUNE 30, 2021 107

Notes to Financial Statements (Cont.)

and recordkeeping practices under income tax regulations. For instance, a Portfolio’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 Portfolio may not issue a Section 19 Notice in situations where the Portfolio’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 Portfolio’s fiscal year end, if any, are reflected on the Statements of Changes in Net Assets and have been recorded to paid in capital on the Statements of Assets and Liabilities. In addition, other amounts have been reclassified between distributable earnings (accumulated loss) and paid in capital on the Statements of Assets and Liabilities to more appropriately conform U.S. GAAP to tax characterizations of distributions.

(d) New Accounting Pronouncements and Regulatory Updates  In March 2020, the Financial Accounting Standards Board issued an Accounting Standards Update (“ASU”), ASU 2020-04, which provides optional guidance to ease the potential accounting burden associated with transitioning away from the London Interbank Offered Rate and other reference rates that are expected to be discontinued. The ASU is effective immediately upon release of the update on March 12, 2020 through December 31, 2022. At this time, management is evaluating implications of these changes on the financial statements.

In October 2020, the U.S. Securities and Exchange Commission (“SEC”) adopted a rule related to the use of derivatives, short sales, reverse repurchase agreements and certain other transactions by registered investment companies that rescinds and withdraws the guidance of the SEC and its staff regarding asset segregation and cover transactions. Subject to certain exceptions, the rule requires funds to trade derivatives and other transactions that create future payment or delivery obligations (except reverse repurchase agreements and similar financing transactions) subject to a value-at-risk leverage limit, certain derivatives risk management program and reporting requirements. The rule went into effect on February 19, 2021 and funds will have an eighteen-month transition period to comply with the rule and related reporting requirements. At this time, management is evaluating the implications of these changes on the financial statements.

In October 2020, the SEC adopted a rule regarding the ability of a fund to invest in other funds. The rule allows a fund to acquire shares of another fund in excess of certain limitations currently imposed by the Act without obtaining individual exemptive relief from the SEC, subject to certain conditions. The rule also included the rescission of certain exemptive relief from the SEC and guidance from the SEC staff for funds to invest in other funds. The rule went into effect on January 19, 2021 and funds will have a one-year transition period to comply with the rule and related reporting requirements. At this time, management is evaluating the implications of these changes on the financial statements.

108 PIMCO MANAGED ACCOUNTS TRUST

(Unaudited)

June 30, 2021

In December 2020, the SEC adopted a rule addressing fair valuation of fund investments. The new rule sets forth requirements for good faith determinations of fair value as well as for the performance of fair value determinations, including related oversight and reporting obligations. The new rule also defines “readily available market quotations” for purposes of the definition of “value” under the Act, and the SEC noted that this definition would apply in all contexts under the Act. The effective date for the rule was March 8, 2021. The SEC adopted an eighteen-month transition period beginning from the effective date for both the new rule and the associated new recordkeeping requirements. 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 price of a Portfolio’s shares is based on the Portfolio’s net asset value (“NAV”). The NAV of a Portfolio, or each of its share classes, as applicable, is determined by dividing the total value of portfolio investments and other assets attributable to that Portfolio or class less any liabilities by the total number of shares outstanding of that Portfolio or class.

On each day that the New York Stock Exchange (“NYSE”) is open, Portfolio 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 Portfolios 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 Portfolio reserves the right to either (i) calculate its NAV as of the earlier closing time or (ii) calculate its NAV as of the normally scheduled close of regular trading on the NYSE for that day. Each Portfolio generally does not calculate its NAV on days during which the NYSE is closed. However, if the NYSE is closed on a day it would normally be open for business, each Portfolio reserves the right to calculate its NAV as of the normally scheduled close of regular trading on the NYSE for that day or such other time that the Portfolio may determine.

For purposes of calculating NAV, portfolio securities and other assets for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of official closing prices or the last reported sales prices, or if no sales are reported, based on quotes obtained from established market makers or prices (including evaluated prices) supplied by the Portfolios’ approved pricing services, quotation reporting systems and other third-party sources (together, “Pricing Services”). The Portfolios 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. If market value pricing is used, 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. 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. 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 Services using such data reflecting the principal markets for those securities. Prices obtained from Pricing Services may be based on, among other things, information provided by market makers

SEMIANNUAL REPORT JUNE 30, 2021 109

Notes to Financial Statements (Cont.)

or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Exchange-traded options, except equity options, futures and options on futures are valued at the settlement price determined by the relevant exchange, quotes obtained from a quotation reporting system, established market makers or pricing services. Swap agreements are valued on the basis of market-based prices supplied by Pricing Services or quotes obtained from brokers and dealers. A Portfolio’s investments in open-end management investment companies, other than exchange-traded funds (“ETFs”), are valued at the NAVs of such investments.

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 based on procedures established and approved by the Board of Trustees (the “Board”). 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 Portfolio may determine the fair value of investments based on information provided by Pricing Services and other third-party vendors, which may recommend fair value or adjustments with reference to other securities, indices or assets. In considering whether fair valuation is required and in determining fair values, a Portfolio may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indices) that occur after the close of the relevant market and before the NYSE Close. A Portfolio may utilize modeling tools provided by third-party vendors to determine fair values of non-U.S. securities. For these purposes, any movement in the applicable reference index or instrument (“zero trigger”) between the earlier close of the applicable foreign market and the NYSE Close may be deemed to be a significant event, prompting the application of the pricing model (effectively resulting in daily fair valuations). Foreign exchanges may permit trading in foreign (non-U.S.) equity securities on days when a Portfolio is not open for business, which may result in a Portfolio’s portfolio investments being affected when shareholders are unable to buy or sell shares.

Senior secured floating rate loans for which an active secondary market exists to a reliable degree are valued at the mean of the last available bid/ask prices in the market for such loans, as provided by a Pricing Service. Senior secured floating rate loans for which an active secondary market does not exist to a reliable degree are valued at fair value, which is intended to approximate market value. In valuing a senior secured floating rate loan at fair value, the factors considered may include, but are not limited to, the following: (a) the creditworthiness of the borrower and any intermediate participants, (b) the terms of the loan, (c) recent prices in the market for similar loans, if any, and (d) recent prices in the market for instruments of similar quality, rate, period until next interest rate reset and maturity.

Investments valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from Pricing Services. As a result, the value of such investments and, in turn, the NAV of a Portfolio’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 a Portfolio is not open for business. As a result, to the extent that a Portfolio 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 Portfolio’s next calculated NAV.

110 PIMCO MANAGED ACCOUNTS TRUST

(Unaudited)

June 30, 2021

Investments for which market quotes or market based valuations are not readily available are valued at fair value as determined in good faith by the Board or persons acting at their direction. The Board has adopted methods for valuing securities and other assets in circumstances where market quotes are not readily available, and has delegated to PIMCO the responsibility for applying the fair valuation methods. In the event that market quotes or market based valuations are not readily available, and the security or asset cannot be valued pursuant to a Board approved valuation method, the value of the security or asset will be determined in good faith by the Board. Market quotes are considered not readily available in circumstances where there is an absence of current or reliable market-based data (e.g., trade information, bid/ask information, indicative market quotations (“Broker Quotes”), Pricing Services’ prices), including where events occur after the close of the relevant market, but prior to the NYSE Close, that materially affect the values of a Portfolio’s securities or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities trade do not open for trading for the entire day and no other market prices are available. The Board has delegated, to the Adviser, the responsibility for monitoring significant events that may materially affect the values of a Portfolio’s securities or assets and for determining whether the value of the applicable securities or assets should be reevaluated in light of such significant events.

When a Portfolio uses fair valuation to determine the value of a portfolio security or other asset for purposes of calculating its NAV, such investments will not be priced on the basis of quotes from the primary market in which they are traded, but rather may be priced by another method that the Board or persons acting at their direction believe reflects fair value. Fair valuation may require subjective determinations about the value of a security. While the Trust’s policy is intended to result in a calculation of a Portfolio’s NAV that fairly reflects security values as of the time of pricing, the Trust cannot ensure that fair values determined by the Board or persons acting at their direction would accurately reflect the price that a Portfolio 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 Portfolio 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 Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into levels (Level 1, 2, or 3). The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Levels 1, 2, and 3 of the fair value hierarchy are defined as follows:

^∎  Level 1 — Quoted prices in active markets or exchanges for identical assets and liabilities.

^∎  Level 2 — Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs.

SEMIANNUAL REPORT JUNE 30, 2021 111

Notes to Financial Statements (Cont.)

^∎  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 Board or persons acting at their direction that are used in determining the fair value of investments.

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

For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to realized gain (loss), unrealized appreciation (depreciation), purchases and sales, accrued discounts (premiums), and transfers into and out of the Level 3 category during the period. The end of period value is used for the transfers between Levels of a Portfolio’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 Portfolio.

(c) Valuation Techniques and the Fair Value Hierarchy

Level 1 and Level 2 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 and Level 2 of the fair value hierarchy are as follows:

Fixed income securities including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. treasury obligations, sovereign issues, bank loans, convertible preferred securities and non-U.S. bonds are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Services that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The Pricing Services’ 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 Services 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.

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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 valued (denominated) in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates (currency spot and forward rates) obtained from Pricing Services. As a result, the NAV of a Portfolio’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities 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.

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 Services 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 services. Financial derivatives using these valuation adjustments are categorized as Level 2 of the fair value hierarchy.

Equity exchange-traded options and over the counter financial derivative instruments, such as forward foreign currency contracts and options contracts derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. These contracts are normally valued on the basis of quotes obtained from a quotation reporting system, established market makers or Pricing Services (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 Services using a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as quoted prices, issuer details, indices, bid/ask spreads, interest rates, implied volatilities, yield curves, dividends and exchange rates. Financial derivative instruments that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

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.

Centrally cleared swaps and over the counter swaps derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. They are valued using a broker-dealer bid quotation or on market-based prices provided by Pricing Services (normally

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determined as of the NYSE Close). Centrally cleared swaps and over the counter swaps can be valued by Pricing Services 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, London Interbank Offered Rate forward rate, interest rates, yield curves and credit spreads. These securities are categorized as Level 2 of the fair value hierarchy.

Level 3 trading assets and trading liabilities, at fair value  When a fair valuation method is applied by PIMCO that uses significant unobservable inputs, investments will be priced by a method that the Board or persons acting at their direction believe reflects fair value and are categorized as Level 3 of the fair value hierarchy. The valuation techniques and significant inputs used in determining the fair values of portfolio assets and liabilities categorized as Level 3 of the fair value hierarchy are as follows:

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.

Short-term debt instruments (such as commercial paper) having a remaining maturity of 60 days or less may be valued at amortized cost, so long as the amortized cost value of such short-term debt instruments is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. These securities are categorized as Level 2 or Level 3 of the fair value hierarchy depending on the source of the base price.

4. SECURITIES AND OTHER INVESTMENTS

(a) Investments in Affiliates

Each Portfolio may invest in the PIMCO Short Asset Portfolio and the PIMCO Short-Term Floating NAV Portfolio III (“Central Funds”) to the extent permitted by the Act and rules thereunder. The Central Funds are registered investment companies created for use solely by the series of the Trust and other series of registered investment companies advised by the Adviser, in connection with their cash management activities. The main investments of the Central Funds are money market and short maturity fixed income instruments. The Central Funds may incur expenses related to their investment activities, but do not pay Investment Advisory Fees or Supervisory and Administrative Fees to the Adviser. The Central Funds are considered to be affiliated with the Portfolios. A complete schedule of portfolio holdings for each affiliate fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available at the SEC’s website at www.sec.gov. A copy of each affiliate fund’s shareholder report is also available at the SEC’s website at www.sec.gov, on the

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Portfolios’ website at www.pimco.com, or upon request, as applicable. The table below shows the Portfolios’ transactions in and earnings from these affiliated issuers for the period ended June 30, 2021 (amounts in thousands^†):

Investments in PIMCO Short-Term Floating NAV Portfolio III

Portfolio Name	Market Value 12/31/2020		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Market Value 06/30/2021		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO Fixed Income SHares: Series C	$	1,404	$	19,301	$	(15,400	)	$	0		$	0		$	5,305	$	1	$	0
PIMCO Fixed Income SHares: Series LD		2,809		41,101		(43,800	)		0			0			110		1		0
PIMCO Fixed Income SHares: Series M		154		16,703		(16,700	)		(1	)		0			156		3		0
PIMCO Fixed Income SHares: Series TE		502		7,002		(4,196	)		1			(1	)		3,308		2		0

^†   A zero balance may reflect actual amounts rounding to less than one thousand.

⁽¹⁾  The tax characterization of distributions is determined in accordance with Federal income tax regulations and may contain a return of capital. The actual tax characterization of distributions received is determined at the end of the fiscal year of the affiliated fund. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

(b) Investments in Securities

The Portfolios may utilize the investments and strategies described below to the extent permitted by each Portfolio’s respective investment policies.

Delayed-Delivery Transactions  involve a commitment by a Portfolio 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 Portfolio 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 Portfolio 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 Portfolio may dispose of or renegotiate a delayed-delivery transaction after it is entered into, which may result in a realized gain (loss). When a Portfolio has sold a security on a delayed-delivery basis, the Portfolio 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 to the rate of inflation. In general, the value of an inflation-indexed security tends to decrease when real interest rates increase and can increase when real interest rates decrease. Thus generally, during periods of rising inflation, the value of inflation-indexed securities will tend to increase and during periods of deflation, their value will tend to decrease. 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

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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-indexed bonds. For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

Loans and Other Indebtedness, Loan Participations and Assignments  are direct debt instruments which are interests in amounts owed to lenders or lending syndicates by corporate, governmental, or other borrowers. A Portfolio’s investments in loans may be in the form of direct investments, participations in loans or assignments of all or a portion of loans from third parties or exposure to investments in loans through investments in a mutual fund or other pooled investment vehicle. 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 Portfolio may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. A Portfolio generally has no right to enforce compliance with the terms of the loan agreement with the borrower. As a result, a Portfolio may be subject to the credit risk of both the borrower and the agent that is selling the loan agreement.

In the event of the insolvency of the agent selling a participation, a Portfolio may be treated as a general creditor of the agent and may not benefit from any set-off between the agent and the borrower. When a Portfolio 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.

Investments in loans are generally subject to risks similar to those of investments in other types of debt obligations, including, among others, credit risk, interest rate risk, variable and floating rate securities risk, and risks associated with mortgage-related securities. In addition, in many cases loans are subject to the risks associated with below-investment grade securities. The Portfolios may be subject to heightened or additional risks and potential liabilities and costs by investing in mezzanine and other subordinated loans, including those arising under bankruptcy, fraudulent conveyance, equitable subordination, environmental and other laws and regulations, and risks and costs associated with debt servicing and taking foreclosure actions associated with the loans.

Additionally, because loans are not ordinarily registered with the SEC or any state securities commission or listed on any securities exchange, there is usually less publicly available information about such instruments. In addition, loans may not be considered “securities” for purposes of the anti-fraud provisions under the federal securities laws and, as a result, as a purchaser of these instruments, a Portfolio may not be entitled to the anti-fraud protections of the federal securities laws. In the course of investing in such instruments, a Portfolio may come into possession of material nonpublic information and, because of prohibitions on trading in securities of issuers while in possession of such information, the Portfolio may be unable to enter into a transaction in a publicly-traded security of that issuer when it would otherwise be advantageous for the Portfolio to do so. Alternatively, a Portfolio may choose not to receive material nonpublic information about an issuer of such loans, with the result that the Portfolio may have less information about such issuers than other investors who transact in such assets.

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The types of loans and related investments in which the Portfolios 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 Portfolios may 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 future funding. Unfunded loan commitments may include revolving credit facilities, which may obligate a Portfolio 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 Portfolio has the right to receive payments of principal, interest and any fees to which it is entitled only from the agent selling the loan agreement and only upon receipt of payments by the agent from the borrower. Because investing in unfunded loan commitments creates a future obligation for a Portfolio to provide funding to a borrower upon demand in exchange for a fee, the Portfolio will segregate or earmark liquid assets with the Portfolio’s custodian in amounts sufficient to satisfy any such future obligations. A Portfolio may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan. In certain circumstances, a Portfolio 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 created from pools of residential or commercial mortgage loans, including mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks and others. These securities provide a monthly payment which consists of both interest and principal. Interest may be determined by fixed or adjustable rates. The rate of prepayments on underlying mortgages will affect the price and volatility of a mortgage-related security, and may have the effect of shortening or extending the effective duration of the security relative to what was anticipated at the time of purchase. The timely payment of principal and interest of certain mortgage-related securities is guaranteed with the full faith and credit of the U.S. Government. Pools created and guaranteed by non-governmental issuers, including government-sponsored corporations, may be supported by various forms of insurance or guarantees, but there can be no assurance that private insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. Many of the risks of investing in mortgage-related securities secured by commercial mortgage loans reflect the effects of local and other economic conditions on real estate markets, the ability of tenants to make lease payments, and the ability of a property to attract and retain tenants. These securities may be less liquid and may exhibit greater price volatility than other types of mortgage-related or other asset-backed securities. Other asset-backed securities are created from many types of assets, including, but not limited to, auto loans, accounts receivable, such as credit card receivables and hospital account receivables, home equity loans, student loans, boat loans, mobile home loans, recreational vehicle loans, manufactured housing loans, aircraft leases, computer leases and syndicated bank loans.

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Collateralized Debt Obligations  (“CDOs”) include Collateralized Bond Obligations (“CBOs”), Collateralized Loan Obligations (“CLOs”) and other similarly structured securities. CBOs and CLOs are types of asset-backed securities. A CBO is a trust which is typically 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. For both CBOs and CLOs, the cash flows from the trust are split into two or more portions, called tranches, varying in risk and yield. The riskiest portion is the “equity” tranche which bears the bulk of defaults from the bonds or loans in the trust and serves to protect the other, more senior tranches from default in all but the most severe circumstances. Since it is partially protected from defaults, a senior tranche from a CBO trust or CLO trust typically has higher ratings and lower yields than the underlying securities, and can be rated investment grade. Despite the protection from the equity tranche, CBO or CLO tranches can experience substantial losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults and aversion to CBO or CLO securities as a class. The risks of an investment in a CDO depend largely on the type of the collateral securities and the class of the CDO in which a Portfolio invests. 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 collateral may decline in value or default, (iii) the risk that a Portfolio may invest in CDOs that are subordinate to other classes, and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results.

Collateralized Mortgage Obligations  (“CMOs”) are debt obligations of a legal entity that are collateralized by whole mortgage loans or private mortgage bonds and divided into classes. CMOs are structured into multiple classes, often referred to as “tranches”, with each class bearing a different stated maturity and entitled to a different schedule for payments of principal and interest, including prepayments. CMOs may be less liquid and may exhibit greater price volatility than other types of mortgage-related or asset-backed securities.

As CMOs have evolved, some classes of CMO bonds have become more common. For example, a Portfolio may invest in parallel-pay and planned amortization class (“PAC”) CMOs and multi-class pass-through certificates. Parallel-pay CMOs and multi-class pass-through certificates are structured to provide payments of principal on each payment date to more than one class. These simultaneous payments are taken into account in calculating the stated maturity date or final distribution date of each class, which, as with other CMO and multi-class pass-through structures, must be retired by its stated maturity date or final distribution date but may be retired earlier. PACs generally require payments of a specified amount of principal on each payment date. PACs are parallel-pay CMOs with the required principal amount on such securities having the highest priority after interest has been paid to all classes. Any CMO or multi-class pass-through structure that includes PAC securities must also have support tranches — known as support bonds, companion bonds or non-PAC bonds — which lend or absorb principal cash flows to allow the PAC securities to maintain their stated maturities and final distribution dates within a range of actual prepayment experience. These support tranches are subject to a higher level of maturity risk compared to other mortgage-related securities, and usually provide a higher yield to compensate investors. If principal cash flows are received in

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amounts outside a pre-determined range such that the support bonds cannot lend or absorb sufficient cash flows to the PAC securities as intended, the PAC securities are subject to heightened maturity risk. A Portfolio may invest in various tranches of CMO bonds, including support bonds and equity or “first loss” tranches (see “Collateralized Debt Obligations” above).

Payment In-Kind Securities  may give the issuer the option at each interest payment date of making interest payments in either cash and/or additional debt securities. Those additional debt securities usually have the same terms, including maturity dates and interest rates, and associated risks as the original bonds. The daily market quotations of the original bonds may include the accrued interest (referred to as a dirty price) and require a pro rata adjustment from the unrealized appreciation (depreciation) on investments to interest receivable on the Statements of Assets and Liabilities.

Perpetual Bonds  are fixed income securities with no maturity date but pay a coupon in perpetuity (with no specified ending or maturity date). Unlike typical fixed income securities, there is no obligation for perpetual bonds to repay principal. The coupon payments, however, are mandatory. While perpetual bonds have no maturity date, they may have a callable date in which the perpetuity is eliminated and the issuer may return the principal received on the specified call date. Additionally, a perpetual bond may have additional features, such as interest rate increases at periodic dates or an increase as of a predetermined point in the future.

Restricted Investments  are subject to legal or contractual restrictions on resale and may generally be sold privately, but may be required to be registered or exempted from such registration before being sold to the public. Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933. Disposal of restricted investments may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Restricted investments held by the Portfolios at June 30, 2021, 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,

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commercial banks and credit unions and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA, but are not backed by the full faith and credit of the U.S. Government. FHLMC issues Participation Certificates (“PCs”), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the U.S. Government. Instead, they are supported only by the discretionary authority of the U.S. Government to purchase the agency’s obligations.

In June 2019, FNMA and FHLMC started issuing Uniform Mortgage Backed Securities in place of their current offerings of TBA-eligible securities (the “Single Security Initiative”). The Single Security Initiative seeks to support the overall liquidity of the TBA market and aligns the characteristics of FNMA and FHLMC certificates. The effects that the Single Security Initiative may have on the market for TBA and other mortgage-backed securities are uncertain.

Roll-timing strategies can be used where a Portfolio seeks to extend the expiration or maturity of a position, such as a TBA security on an underlying asset, by closing out the position before expiration and opening a new position with respect to substantially the same underlying asset with a later expiration date. TBA securities purchased or sold are reflected on the Statements of Assets and Liabilities as an asset or liability, respectively. Recently finalized FINRA rules include mandatory margin requirements for the TBA market that require the Portfolios to post collateral in connection with their TBA transactions. There is no similar requirement applicable to the Portfolios’ TBA counterparties. The required collateralization of TBA trades could increase the cost of TBA transactions to the Portfolios 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 a Portfolio to purchase or sell these securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When purchasing a security on a delayed delivery basis, a Portfolio assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations. A Portfolio may sell when-issued securities before they are delivered, which may result in a realized gain (loss).

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

The Portfolios may enter into the borrowings and other financing transactions described below to the extent permitted by each Portfolio’s respective investment policies.

The following disclosures contain information on a Portfolio’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 Portfolio. The location of these instruments in each Portfolio’s financial statements is described below.

(a) Repurchase Agreements  Under the terms of a typical repurchase agreement, a Portfolio purchases an underlying debt obligation (collateral) subject to an obligation of the seller to

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repurchase, and a Portfolio 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 Portfolio or counterparty at any time. The underlying securities for all repurchase agreements are held by a Portfolio’s custodian or designated subcustodians under tri-party repurchase agreements and in certain instances will remain in custody with the counterparty. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Repurchase agreements, if any, including accrued interest, are included on the Statements of Assets and Liabilities. Interest earned is recorded as a component of interest income on the Statements of Operations. In periods of increased demand for collateral, a Portfolio may pay a fee for the receipt of collateral, which may result in interest expense to the Portfolio.

(b) Reverse Repurchase Agreements  In a reverse repurchase agreement, a Portfolio 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 Portfolio or counterparty at any time. A Portfolio 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 Portfolio to counterparties are reflected as a liability on the Statements of Assets and Liabilities. Interest payments made by a Portfolio to counterparties are recorded as a component of interest expense on the Statements of Operations. In periods of increased demand for the security, a Portfolio may receive a fee for use of the security by the counterparty, which may result in interest income to the Portfolio. In the event the buyer of securities under a reverse repurchase agreement files for bankruptcy or becomes insolvent, a Portfolio’s use of the proceeds of the agreement may be restricted pending a determination by the other party, or its trustee or receiver, whether to enforce a Portfolio’s obligation to repurchase the securities. Reverse repurchase agreements involve leverage risk and also the risk that the market value of the securities to be repurchased may decline below the repurchase price. A Portfolio will segregate assets determined to be liquid by PIMCO or will otherwise cover its obligations under reverse repurchase agreements.

(c) Sale-Buybacks  A sale-buyback financing transaction consists of a sale of a security by a Portfolio 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 Portfolio 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 Portfolio are reflected as a liability on the Statements of Assets and Liabilities. A Portfolio 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 Portfolio would have otherwise received had the security not been sold and (ii) the negotiated financing terms between a Portfolio 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 Portfolio to counterparties are recorded as a

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component of interest expense on the Statements of Operations. In periods of increased demand for the security, a Portfolio may receive a fee for use of the security by the counterparty, which may result in interest income to the Portfolio. A Portfolio will segregate assets determined to be liquid by PIMCO or will otherwise cover its obligations under sale-buyback transactions. Sale-buybacks involve leverage risk and also the risk that the market value of the securities to be repurchased may decline below the repurchase price.

(d) Short Sales  Short sales are transactions in which a Portfolio sells a security that it may not own. A Portfolio may make short sales of securities to (i) offset potential declines in long positions in similar securities, (ii) to increase the flexibility of the Portfolio, (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 Portfolio engages in a short sale, it may borrow the security sold short and deliver it to the counterparty. A Portfolio 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 Portfolio 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 Portfolio. A short sale is “against the box” if a Portfolio 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 Portfolio will be subject to additional risks to the extent that it engages in short sales that are not “against the box.” A Portfolio’s loss on a short sale could theoretically be unlimited in cases where a Portfolio is unable, for whatever reason, to close out its short position.

(e) Tender Option Bond Transactions  In a tender option bond transaction (“TOB”), a tender option bond trust (“TOB Trust”) issues floating rate certificates (“TOB Floater”) and residual interest certificates (“TOB Residual”) and utilizes the proceeds of such issuances to purchase a fixed rate municipal bond (“Fixed Rate Bond”) that is either owned or identified by a Portfolio. The TOB Floater is generally issued to third party investors (typically a money market fund) and the TOB Residual is generally issued to the Portfolio that sold or identified the Fixed Rate Bond. The TOB Trust divides the income stream provided by the Fixed Rate Bond to create two securities, the TOB Floater, which is a short-term security, and the TOB Residual, which is a longer-term security. The interest rates payable on the TOB Residual issued to the Portfolio bear an inverse relationship to the interest rate on the TOB Floater. The interest rate on the TOB Floater is reset by a remarketing process typically every 7 to 35 days. After income is paid on the TOB Floater at current rates, the residual income from the Fixed Rate Bond goes to the TOB Residual. Therefore, rising short-term rates result in lower income for the TOB Residual, and vice versa. In the case of a TOB Trust that utilizes the cash received (less transaction expenses) from the issuance of the TOB Floater and TOB Residual to purchase the Fixed Rate Bond from the Portfolio, the Portfolio may then invest the cash received in additional securities, generating leverage for the Portfolio. Other PIMCO-managed accounts may also contribute municipal bonds to a TOB Trust into which the Portfolio has contributed Fixed Rate Bonds. If multiple PIMCO-managed accounts participate in the same TOB Trust, the economic rights and obligations under the TOB Residual will be shared among the Portfolios ratably in proportion to their participation in the TOB Trust.

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The TOB Residual may be more volatile and less liquid than other municipal bonds of comparable maturity. In most circumstances the TOB Residual holder bears substantially all of the underlying Fixed Rate Bond’s downside investment risk and also benefits from any appreciation in the value of the underlying Fixed Rate Bond. Investments in a TOB Residual typically will involve greater risk than investments in Fixed Rate Bonds.

A TOB Residual held by a Portfolio provides the Portfolio with the right to: (i) cause the holders of the TOB Floater to tender their notes at par, and (ii) cause the sale of the Fixed Rate Bond held by the TOB Trust, thereby collapsing the TOB Trust. TOB Trusts are generally supported by a liquidity facility provided by a third party bank or other financial institution (the “Liquidity Provider”) that provides for the purchase of TOB Floaters that cannot be remarketed. The holders of the TOB Floaters have the right to tender their certificates in exchange for payment of par plus accrued interest on a periodic basis (typically weekly) or on the occurrence of certain mandatory tender events. The tendered TOB Floaters are remarketed by a remarketing agent, which is typically an affiliated entity of the Liquidity Provider. If the TOB Floaters cannot be remarketed, the TOB Floaters are purchased by the TOB Trust either from the proceeds of a loan from the Liquidity Provider or from a liquidation of the Fixed Rate Bond.

The TOB Trust may also be collapsed without the consent of a Portfolio, as the TOB Residual holder, upon the occurrence of certain “tender option termination events” (or “TOTEs”) as defined in the TOB Trust agreements. Such termination events typically include the bankruptcy or default of the Fixed Rate Bond, a substantial downgrade in credit quality of the Fixed Rate Bond, or a judgment or ruling that interest on the Fixed Rate Bond is subject to Federal income taxation. Upon the occurrence of a termination event, the TOB Trust would generally be liquidated in full with the proceeds typically applied first to any accrued fees owed to the trustee, remarketing agent and liquidity provider, and then to the holders of the TOB Floater up to par plus accrued interest owed on the TOB Floater and a portion of gain share, if any, with the balance paid out to the TOB Residual holder. In the case of a mandatory termination event (“MTE”), after the payment of fees, the TOB Floater holders would be paid before the TOB Residual holders (i.e., the Portfolios). In contrast, in the case of a TOTE, after payment of fees, the TOB Floater holders and the TOB Residual holders would be paid pro rata in proportion to the respective face values of their certificates.

If there are insufficient proceeds from the liquidation of the TOB Trust, the party that would bear the losses would depend upon whether a Portfolio holds a non-recourse TOBs Residual or a recourse TOBs Residual. If a Portfolio holds a non-recourse TOBs Residual, the Liquidity Provider or holders of the TOBs Floaters would bear the losses on those securities and there would be no recourse to the Portfolio’s assets. If a Portfolio holds a recourse TOBs Residual, the Portfolio (and, indirectly, holders of the Portfolio’s common shares) would typically bear the losses. In particular, if a Portfolio holds a recourse TOBs Residual, it will typically have entered into an agreement pursuant to which the Portfolio would be required to pay to the Liquidity Provider the difference between the purchase price of any TOBs Floaters put to the Liquidity Provider by holders of the TOBs Floaters and the proceeds realized from the remarketing of those TOBs Floaters or the sale of the assets in the TOBs Issuer. A Portfolio may invest in both non-recourse and recourse TOBs Residuals to leverage its portfolio.

Each Portfolio’s transfer of Fixed Rate Bonds to a TOB Trust is considered a secured borrowing for financial reporting purposes. The cash received by the TOB Trust from the sale of the TOB Floaters, less certain transaction expenses, is paid to a Portfolio. A Portfolio typically invests the cash received in

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additional municipal bonds. The Portfolios account for the transactions described above as secured borrowings by including the Fixed Rate Bonds in their Schedules of Investments, and account for the TOB Floater as a liability under the caption “Payable for tender option bond floating rate certificates” in the Portfolios’ Statements of Assets and Liabilities. Interest income, including amortization and accretion of premiums and discounts, from the underlying municipal bonds is recorded by each Portfolio on an accrual basis and is shown as interest on the Statements of Operations. Interest expense incurred on the secured borrowing is shown as interest expense on the Statements of Operations.

The Portfolios may also purchase TOB Residuals in a secondary market transaction without transferring a fixed rate municipal bond into a TOB Trust. Such transactions are not accounted for as secured borrowings but rather as a security purchase with the TOB Residual being included in the Schedule of Investments.

In December 2013, regulators finalized rules implementing Section 619 (the “Volcker Rule”) and Section 941 (the “Risk Retention Rules”) of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Both the Volcker Rule and the Risk Retention Rules apply to tender option bond programs. The Volcker Rule precludes banking entities from (i) sponsoring or acquiring interests in the trusts used to hold a municipal bond in the creation of TOB Trusts; and (ii) continuing to service or maintain relationships with existing programs involving TOB Trusts to the same extent and in the same capacity as existing programs. The Risk Retention Rules require the sponsor to a TOB Trust (e.g., a Portfolio) to retain at least five percent of the credit risk of the underlying assets supporting to the TOB Trust’s municipal bonds. The Risk Retention Rules may adversely affect the Portfolio’s ability to engage in tender option bond trust transactions or increase the costs of such transactions in certain circumstances.

In response to these rules, industry participants explored various structuring alternatives for TOB Trusts established after December 31, 2013 and TOB Trusts established prior to December 31, 2013 (“Legacy TOB Trusts”) and agreed on a new tender option bond structure in which the Portfolios hire service providers to assist with establishing, structuring and sponsoring a TOB Trust. Service providers to a TOB Trust, such as administrators, liquidity providers, trustees and remarketing agents act at the direction of, and as agent of, the Portfolios as the TOB residual holders.

The Portfolios have restructured their Legacy TOB Trusts in conformity with regulatory guidelines. Under the new TOB Trust structure, the Liquidity Provider or remarketing agent will no longer purchase the tendered TOB Floaters, even in the event of failed remarketing. This may increase the likelihood that a TOB Trust will need to be collapsed and liquidated in order to purchase the tendered TOB Floaters. The TOB Trust may draw upon a loan from the Liquidity Provider to purchase the tendered TOB Floaters. Any loans made by the Liquidity Provider will be secured by the purchased TOB Floaters held by the TOB Trust and will be subject to an interest rate agreed upon with the liquidity provider.

For the period ended June 30, 2021, the Portfolios’ average leverage outstanding from the use of TOB transactions and the daily weighted average interest rate, including fees, were as follows:

Portfolio Name	Average Leverage Outstanding (000s)		Weighted Average Interest Rate*
Fixed Income Shares - Series TE	$	3,375		0.70%

* Annualized

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(f) Interfund Lending  In accordance with an exemptive order (the “Order”) from the SEC, the Portfolios 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 Portfolio’s investment policies and restrictions. The Portfolios are currently permitted to borrow under the Interfund Lending Program. A lending portfolio 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 portfolio through the Interfund Lending Program. A borrowing portfolio 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 portfolio’s investment restrictions). If a borrowing portfolio’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 portfolio and the bank loan rate, as calculated according to a formula established by the Board.

On March 23, 2020, the SEC issued an exemptive order (the “Temporary Order”) to provide temporary relief to the Portfolios of the Trust in relation to the Interfund Lending Program, and the Board has authorized the Portfolios to rely on the Temporary Order. With respect to interfund lending, the Temporary Order permitted, under certain conditions, a lending portfolio to lend in aggregate up to 25% of its current net assets at the time of the interfund loan and to make interfund loans with term limits of up to the expiration of the Temporary Order, notwithstanding the current limit of seven business days under the Order. The SEC provided notice in April 2021 that the Temporary Order would be terminated on April 30, 2021.

During the period ended June 30, 2021, the Portfolios did not participate in the Interfund Lending Program.

6. FINANCIAL DERIVATIVE INSTRUMENTS

The Portfolios may enter into the financial derivative instruments described below to the extent permitted by each Portfolio’s respective investment policies.

The following disclosures contain information on how and why the Portfolios use financial derivative instruments, and how financial derivative instruments affect the Portfolios’ 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 Portfolios.

(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

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Portfolio’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 Portfolio 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. The contractual obligations of a buyer or seller of a forward foreign currency contract may generally be satisfied by taking or making physical delivery of the underlying currency, establishing an opposite position in the contract and recognizing the profit or loss on both positions simultaneously on the delivery date or, in some instances, paying a cash settlement before the designated date of delivery. These contracts may involve market risk in excess of the unrealized gain (loss) reflected on the Statements of Assets and Liabilities. Although forwards may be intended to minimize the risk of loss due to a decline in the value of the hedged currencies, at the same time, they tend to limit any potential gain which might result should the value of such currencies increase. In addition, a Portfolio 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 Portfolio may use futures contracts to manage its exposure to the securities markets or to movements in interest rates and currency values or for other investment purposes. Generally, a futures contract provides for the future sale by one party and purchase by another party of a specified quantity of the security or other financial instrument at a specified price and time. 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 Portfolio and the prices of futures contracts and the possibility of an illiquid market. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, a Portfolio 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 changes in the price of the contracts, a Portfolio pays or receives cash or other eligible assets equal to the daily change in the value of the contract (“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 variation margin included within exchange traded or centrally cleared financial derivative instruments on the Statements of Assets and Liabilities.

(c) Options Contracts  An option on an instrument (or an index) is a contract that gives the holder of the option, in return for a premium, the right to buy from (in the case of a call) or sell to (in the case of a put) the writer of the option the instrument underlying the option (or the cash value of the index) at a specified exercise price at any time during the term of the option. Writing put options tends to increase a Portfolio’s exposure to the underlying instrument. Writing call options tends to decrease a Portfolio’s exposure to the underlying instrument. When a Portfolio 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

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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 Portfolio 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 Portfolio may not be able to enter into a closing transaction because of an illiquid market.

Purchasing call options tends to increase a Portfolio’s exposure to the underlying instrument. Purchasing put options tends to decrease a Portfolio’s exposure to the underlying instrument. A Portfolio 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.

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.

Inflation-Capped Options  may be written or purchased to enhance returns or for hedging opportunities. The purpose of purchasing inflation-capped options is to protect a Portfolio from inflation erosion above a certain rate on a given notional exposure. A floor can be used to give downside protection to investments in inflation-linked products.

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.

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Options on Securities  may be written or purchased to enhance returns or to hedge an existing position or future investment. An option on a security uses a specified security as the underlying instrument for the option contract.

(d) Swap Agreements  are bilaterally negotiated agreements between a Portfolio 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 Portfolio may enter into asset, credit default, cross-currency, interest rate, total return, variance and other forms of swap agreements to manage its exposure to credit, currency, interest rate, commodity, equity and inflation risk. In connection with these agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency.

Centrally Cleared Swaps are marked to market daily based upon valuations as determined from the underlying contract or in accordance with the requirements of the central counterparty or derivatives clearing organization. Changes in market value, if any, are reflected as a component of net change in unrealized appreciation (depreciation) on the Statements of Operations. Daily changes in valuation of centrally cleared swaps, if any, are recorded as variation margin 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 Portfolio are included as part of realized gain (loss) on the Statements of Operations.

For purposes of a Portfolio’s investment policy adopted pursuant to Rule 35d-1 under the Act (if any), the Portfolio will account for derivative instruments at market value. For purposes of applying a Portfolio’s other investment policies and restrictions, swap agreements, like other derivative instruments, may be valued by a Portfolio at market value, notional value or full exposure value (i.e., the sum of the notional amount for the contract plus the market value) or any combination of the foregoing (e.g., notional value for purposes of calculating the numerator and market value for purposes of calculating the denominator for compliance with a particular policy or restriction). See Note 6 — Asset Segregation below. In the case of a credit default swap, in applying certain of a Portfolio’s investment policies and restrictions, the Portfolios 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 Portfolio’s other investment policies and restrictions. For example, a Portfolio may value credit default swaps at full exposure value for purposes of a Portfolio’s credit quality guidelines (if any) because such value in general better reflects a Portfolio’s actual economic exposure during the term of the credit default swap agreement. As a result, a Portfolio may, at times, have notional

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exposure to an asset class (before netting) that is greater or lesser than the stated limit or restriction noted in a Portfolio’s prospectus. In this context, both the notional amount and the market value may be positive or negative depending on whether a Portfolio is selling or buying protection through the credit default swap. The manner in which certain securities or other instruments are valued by a Portfolio for purposes of applying investment policies and restrictions may differ from the manner in which those investments are valued by other types of investors.

Entering into swap agreements involves, to varying degrees, elements of interest, credit, market and documentation risk in excess of the amounts recognized on the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates or the values of the asset upon which the swap is based.

A Portfolio’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 Portfolio and the counterparty and by the posting of collateral to a Portfolio to cover a Portfolio’s exposure to the counterparty.

To the extent a Portfolio has a policy to limit the net amount owed to or to be received from a single counterparty under existing swap agreements, such limitation only applies to counterparties to OTC swaps and does not apply to centrally cleared swaps where the counterparty is a central counterparty or derivatives clearing organization.

Credit Default Swap Agreements  on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues are entered into to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where a Portfolio 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 Portfolio 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 Portfolio would effectively add leverage to its portfolio because, in addition to its total net assets, a Portfolio would be subject to investment exposure on the notional amount of the swap.

If a Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Portfolio 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 or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. If a Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Portfolio will either (i) receive from the seller of protection an amount

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equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are estimated by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value. The ability to deliver other obligations may result in a cheapest-to-deliver option (the buyer of protection’s right to choose the deliverable obligation with the lowest value following a credit event).

Credit default swap agreements on corporate or sovereign issues 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 default or other credit event. If a credit event occurs and cash settlement is not elected, a variety of other deliverable obligations may be delivered in lieu of the specific referenced obligation. The ability to deliver other obligations may result in a cheapest-to-deliver option (the buyer of protection’s right to choose the deliverable obligation with the lowest value following a credit event).

Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indices are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indices may include, but are not limited to, investment grade securities, high yield securities, asset-backed securities, emerging markets, and/or various credit ratings within each sector. Credit indices are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name’s weight in the index. The composition of the indices changes periodically, usually every six months, and for most indices, each name has an equal weight in the index. Credit default swaps on credit indices may be used to hedge a portfolio of credit default swaps or bonds, which is less expensive than it would be to buy many credit default swaps to achieve a similar effect or to take an active long or short position with respect to the likelihood of a particular referenced obligation’s default. Credit default swaps on indices are instruments often used to attempt to protect investors owning bonds against default, but may also be used for speculative purposes.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues as of period end, if any, are disclosed in the Notes to Schedules of Investments. They serve as an indicator of the current status of payment/performance risk and represent the likelihood or risk of default for the reference entity. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. For credit default swap agreements on asset-backed securities and credit indices, the quoted market

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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 Portfolio as a seller of protection could be required to make under a credit default swap agreement equals the notional amount of the agreement. Notional amounts of each individual credit default swap agreement outstanding as of period end for which a Portfolio 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 Portfolio 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 Portfolio’s ability to generate income at prevailing market rates. The value of the fixed rate bonds that the Portfolios 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 Portfolio may enter into interest rate swap agreements. Interest rate swap agreements involve the exchange by a Portfolio 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.

Asset Segregation  Certain of the transactions described above can be viewed as constituting a form of borrowing or financing transaction by a Portfolio. In such event, a Portfolio will cover its commitment under such transactions by segregating or “earmarking” assets in accordance with procedures adopted by the Board, in which case such transactions will not be considered “senior securities” by a Portfolio. With respect to forwards, futures contracts, options and swaps that are required to cash settle (i.e., where physical delivery of the underlying reference asset is not required), a Portfolio is permitted to segregate or earmark liquid assets equal to the Portfolio’s daily marked-to-market net obligation under the derivative instrument, if any, rather than the derivative’s full notional value (i.e., the market value of the reference asset underlying the forward or derivative). By segregating or earmarking liquid assets equal to only its net marked-to-market obligation under derivatives that are required to cash settle, a Portfolio will have the ability to utilize such instruments to a greater extent than if a Portfolio were to segregate or earmark liquid assets equal to the full notional value of the instrument.

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Notes to Financial Statements (Cont.)

7. PRINCIPAL AND OTHER RISKS

(a) Principal Risks

The principal risks of investing in a Portfolio, which could adversely affect its net asset value, yield and total return, are listed below.

Risks	FISH: Series C	FISH: Series LD		FISH: Series M	FISH: Series R		FISH: Series TE
Small Portfolio	—		—	—		—		X
Interest Rate	X		X	X		X		X
Credit	X		X	X		X		X
Market	X		X	X		X		X
Foreign (Non-U.S.) Investment	X		X	X		X		—
Mortgage-Related and Other Asset-Backed Securities	X		X	X		X		—
Emerging Markets	X		X	X		X		—
Focused Investment	X		X	X		X		X
Derivatives	X		X	X		X		X
Liquidity	X		X	X		X		X
Management	X		X	X		X		X
High Yield	X		X	X		X		—
Currency	X		X	X		X		—
Leveraging	X		X	X		X		—
Issuer	X		X	X		X		X
Turnover	X		X	X		X		X
Municipal Securities	X		X	X		X		X
Municipal Project-Specific	—		—	—		—		X
Municipal Bond Market	—		—	—		—		X
California State-Specific	—		—	—		—		X
New York State-Specific	—		—	—		—		X
Sovereign Debt	—		—	—		X		—
Contingent Convertible Securities	X		—	X		—		—
LIBOR Transition	X		X	X		—		—

Please see “Description of Principal Risks” in a Portfolio’s prospectus for a more detailed description of the risks of investing in a Portfolio.

Small Portfolio Risk  is the risk that a smaller Portfolio may not achieve investment or trading efficiencies. Additionally, a smaller Portfolio may be more adversely affected by large purchases or redemptions of Portfolio shares.

Interest Rate Risk  is the risk that fixed income securities will decline in value because of an increase in interest rates; a portfolio with a longer average portfolio duration will be more sensitive to changes in interest rates than a portfolio with a shorter average portfolio duration.

Credit Risk  is the risk that the Portfolio could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a derivative contract, is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to meet its financial obligations.

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Market Risk  is the risk that the value of securities owned by the Portfolio may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries.

Foreign (Non-U.S.) Investment Risk  is the risk that investing in foreign (non-U.S.) securities may result in the Portfolio experiencing more rapid and extreme changes in value than a portfolio that invests exclusively in securities of U.S. companies due to smaller markets, differing reporting, accounting and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, or political changes or diplomatic developments. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers.

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.

Emerging Markets Risk  is the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk.

Focused Investment Risk  is the risk that, to the extent that the Portfolio focuses its investments in a particular sector, it may be susceptible to loss due to adverse developments affecting that sector. Furthermore, the Portfolio may invest a substantial portion of its assets in companies in related sectors that may share common characteristics, are often subject to similar business risks and regulatory burdens, and whose securities may react similarly to market developments, which will subject the Portfolio to greater risk. The Portfolio also will be subject to focused investment risk to the extent that it invests a substantial portion of its assets in a particular issuer, market, asset class, country or geographic region.

Derivatives Risk  isthe risk of investing in derivative instruments (such as futures, swaps and structured securities), including leverage, liquidity, interest rate, market, credit and management risks, and valuation complexity. Changes in the value of a derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and the Portfolio could lose more than the initial amount invested. The Portfolio’s use of derivatives may result in losses to the Portfolio, a reduction in the Portfolio’s returns and/or increased volatility. Over-the-counter (“OTC”) derivatives are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for OTC derivatives. The primary credit risk on derivatives that are exchange-traded or traded through a central clearing counterparty, resides with the Portfolio’s clearing broker, or the clearinghouse. Changes in regulation relating to a mutual fund’s use of derivatives and related instruments could potentially limit or impact the Portfolio’s ability to invest in derivatives, limit the Portfolio’s ability to employ certain strategies that use derivatives and/or adversely affect the value of derivatives and the Portfolio’s performance.

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Notes to Financial Statements (Cont.)

Liquidity Risk  is the risk that a particular investment may be difficult to purchase or sell and that the Portfolio may be unable to sell illiquid investments at an advantageous time or price or achieve its desired level of exposure to a certain sector. Liquidity risk may result from the lack of an active market, reduced number and capacity of traditional market participants to make a market in fixed income securities, and may be magnified in a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, causing increased supply in the market due to selling activity.

Management Risk  is the risk that the investment techniques and risk analyses applied by PIMCO will not produce the desired results and that actual or potential conflicts of interest, legislative, regulatory, or tax restrictions, policies or developments may affect the investment techniques available to PIMCO and the individual portfolio manager in connection with managing the Portfolio and may cause PIMCO to restrict or prohibit participation in certain investments. There is no guarantee that the investment objective of the Portfolio will be achieved.

High Yield Risk  is the risk that high yield securities and unrated securities of similar credit quality (commonly known as “junk bonds”) are subject to greater levels of credit, call and liquidity risks. High yield securities are considered primarily speculative with respect to the issuer’s continuing ability to make principal and interest payments, and may be more volatile than higher-rated securities of similar maturity.

Currency Risk  is the risk that foreign (non-U.S.) currencies will change in value relative to the U.S. dollar and affect the Portfolio’s investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies.

Leveraging Risk  is the risk that certain transactions of the Portfolio, 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 Portfolio to be more volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss.

Issuer Risk  is the risk that the value of a security may decline for a reason directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services.

Turnover Risk  is the risk that high levels of portfolio turnover may increase transaction costs and taxes and may lower investment performance.

Municipal Securities Risk  is the risk that investing in municipal securities subjects the Portfolio to certain risks, including variations in the quality of municipal securities, both within a particular classification and between classifications. The rates of return on municipal securities can depend on a variety of factors, including general money market conditions, the financial condition of the issuer, general conditions of the municipal bond market, the size of a particular offering, the maturity of the obligation, and the rating of the issue.

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Municipal Project-Specific Risk  is the risk that the Portfolio 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.

Municipal Bond Market Risk  is the risk that the Portfolio may be adversely affected due to factors such as limited amount of public information available regarding the municipal bonds held in the Portfolio as compared to that for corporate equities or bonds, legislative changes and local and business developments, general conditions of the municipal bond market, the size of the particular offering, the rating of the issue and the maturity of the obligation.

California State-Specific Risk  is the risk that the Portfolio, to the extent it concentrates its investments in California municipal bonds, may be affected significantly by economic, regulatory or political developments affecting the ability of California issuers to pay interest or repay principal.

New York State-Specific Risk  is the risk that the Portfolio, to the extent it concentrates its investments in New York municipal bonds, may be affected significantly by economic, regulatory or political developments affecting the ability of New York issuers to pay interest or repay principal.

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.

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 the Portfolio’s investment becoming further subordinated as a result of conversion from debt to equity, the risk that principal amount due can be written down to a lesser amount, and the general risks applicable to fixed income investments, including interest rate risk, credit risk, market risk and liquidity risk, any of which could result in losses to the Portfolio.

LIBOR Transition Risk  is the risk related to the anticipated discontinuation of the London Interbank Offered Rate (“LIBOR”). Certain instruments held by a Portfolio rely in some fashion upon LIBOR. Although the transition process away from LIBOR has become increasingly well-defined in advance of the anticipated discontinuation date, there remains uncertainty regarding the nature of any replacement rate, and any potential effects of the transition away from LIBOR on a Portfolio or on certain instruments in which the Portfolio invests can be difficult to ascertain. The transition process may involve, among other things, increased volatility or illiquidity in markets for instruments that currently rely on LIBOR and may result in a reduction in value of certain instruments held by a Portfolio.

(b) Other Risks

In general, a Portfolio 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 cybersecurity risks. Please see a Portfolio’s

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Notes to Financial Statements (Cont.)

Prospectus and Statement of Additional Information for a more detailed description of the risks of investing in a Portfolio. Please see the Important Information section of this report for additional discussion of certain regulatory and market developments that may impact a Portfolio’s performance.

Market Disruption Risk  A Portfolio is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters, which can all negatively impact the securities markets and cause a Portfolio to lose value. These events can also impair the technology and other operational systems upon which a Portfolio’s service providers, including PIMCO as a Portfolio’s investment adviser, rely, and could otherwise disrupt a Portfolio’s service providers’ ability to fulfill their obligations to a Portfolio. For example, the recent spread of an infectious respiratory illness caused by a novel strain of coronavirus (known as COVID-19) has caused volatility, severe market dislocations and liquidity constraints in many markets, including markets for the securities a Portfolio holds, and may adversely affect a Portfolio’s investments and operations. Please see the Important Information section for additional discussion of the COVID-19 pandemic.

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 Portfolio invests, or the issuers of such instruments, in ways that are unforeseeable. Legislation or regulation may also change the way in which a Portfolio itself is regulated. Such legislation or regulation could limit or preclude a Portfolio’s ability to achieve its investment objective. Furthermore, volatile financial markets can expose a Portfolio to greater market and liquidity risk and potential difficulty in valuing portfolio instruments held by the Portfolio. The value of a Portfolio’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 Portfolio 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 Portfolio is regulated, affect the expenses incurred directly by a Portfolio and the value of its investments, and limit and/or preclude a Portfolio’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 Portfolio, 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

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material adverse effect on a Portfolio. While a Portfolio seeks to minimize such events through controls and oversight, there may still be failures that could cause losses to the Portfolio.

Cyber Security Risk  As the use of technology has become more prevalent in the course of business, the Portfolios have become potentially more susceptible to operational and information security risks resulting from breaches in cyber security. A breach in cyber security refers to both intentional and unintentional cyber events that may, among other things, cause a Portfolio to lose proprietary information, suffer data corruption and/or destruction or lose operational capacity, result in the unauthorized release or other misuse of confidential information, or otherwise disrupt normal business operations. Cyber security failures or breaches may result in financial losses to a Portfolio and its shareholders. These failures or breaches may also result in disruptions to business operations, potentially resulting in financial losses; interference with a Portfolio’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; 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.

8. MASTER NETTING ARRANGEMENTS

A Portfolio 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 Portfolio 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 Portfolio’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.

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Notes to Financial Statements (Cont.)

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 Portfolio 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 Portfolio and select counterparties. The Master Forward Agreements maintain provisions for, among other things, transaction initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral. The market value of forward settling transactions, collateral pledged or received, and the net exposure by counterparty as of period end is disclosed in the Notes to Schedules of Investments.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Such transactions require posting of initial margin as determined by each relevant clearing agency which is segregated in an account at a futures commission merchant (“FCM”) registered with the Commodity Futures Trading Commission. In the United States, counterparty risk may be reduced as creditors of an FCM cannot have a claim to Portfolio assets in the segregated account. Portability of exposure reduces risk to the Portfolios. Variation margin, which reflects changes in market value, is generally exchanged daily, but may not be netted between futures and cleared OTC derivatives unless the parties have agreed to a separate arrangement in respect of portfolio margining. The market value or accumulated unrealized appreciation (depreciation), initial margin posted, and any unsettled variation margin as of period end are disclosed in the Notes to Schedules of Investments.

International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes (“ISDA Master Agreements”) govern bilateral OTC derivative transactions entered into by a Portfolio 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 Portfolios 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 Portfolios 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.

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9. FEES AND EXPENSES

(a) Investment Advisory Fee  The Trust entered into an Investment Advisory Contract with the Adviser (the “Advisory Contract”) pursuant to which the Adviser serves as the investment adviser to each Portfolio. The Adviser does not receive investment advisory or other fees from the Portfolios or the Trust (although PIMCO may receive compensation under the Advisory Contract with respect to future series of the Trust). The financial statements reflect the fact that no investment management fees or expenses are incurred by the Portfolios.

Each Portfolio is an integral part of one or more “wrap-fee” programs, including those sponsored by investment advisers and/or broker-dealers unaffiliated with the Portfolios or PIMCO. Participants in these programs pay a “wrap” fee to the sponsor of the program. PIMCO may receive fees or other benefits from or through its relationships with the sponsors of such wrap-fee programs for which the Portfolios are an investment option.

(b) Supervisory and Administration Fee  Pursuant to the Supervision and Administration Agreement with PIMCO (the “Administration Agreement”), PIMCO also serves as administrator to the Portfolios (in this capacity, PIMCO is referred to as the “Administrator”). Under the Administration Agreement, the Administrator, at its expense, is required to procure most supervisory and administrative services required by the Portfolios including, but not limited to, expenses of most third-party service providers (e.g., audit, custodial, legal, transfer agency, printing) and other expenses, such as those associated with insurance, proxy solicitations and mailings for shareholder meetings, tax services, valuation services and other services required for the Portfolios’ daily operations. Under the Administration Agreement, the Administrator has agreed to provide or procure these services, and to bear the expenses associated with these services at no charge to the Portfolios. In addition, PIMCO has entered into an expense limitation agreement with the Trust pursuant to which it has agreed to pay or reimburse certain other expenses of the Portfolios, as discussed in more detail below. The Administrator does not receive any administration or other fees from the Portfolios or the Trust for serving as administrator to the Portfolios (although the Administrator may receive compensation under the Administration Agreement with respect to future series of the Trust). 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.

(c) Distribution Contract  The Trust has entered into a distribution contract with PIMCO Investments LLC (the “Distributor”), a wholly-owned subsidiary of PIMCO, pursuant to which the Distributor serves as the distributor and principal underwriter of the Portfolios’ shares (the “Distribution Contract”). The Distributor does not receive any distribution or other fees from the Portfolios or the Trust for serving as the distributor and principal underwriter of the Portfolios’ shares (although the Distributor may receive compensation under the Distribution Contract with respect to future series of the Trust).

(d) Expense Limitation Agreement  The Adviser has contractually agreed pursuant to an expense limitation agreement (the “Expense Limitation Agreement”) to bear the expenses of or make payments to each Portfolio to the extent that, for any calendar month, “Specified Expenses”, as defined in the Expense Limitation Agreement of such Portfolio would exceed 0.00%. “Specified Expenses” of a Portfolio means all expenses incurred by the Portfolio, including organizational and

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Notes to Financial Statements (Cont.)

offering expenses and expenses associated with obtaining or maintaining a Legal Entity Identifier, but excluding any brokerage fees and commissions and other portfolio transaction expenses, costs, including interest expenses, of borrowing money or engaging in other types of leverage financing, including, without limitation, through reverse repurchase agreements, tender option bonds, bank borrowings and credit facilities, fees and expenses of any underlying Portfolios or other pooled vehicles in which the Portfolio invests, taxes, governmental fees, dividends and interest on short positions, and extraordinary expenses, including extraordinary legal expenses. This Expense Limitation Agreement shall continue in effect, unless sooner terminated by the Trust’s Board of Trustees, for so long as the Adviser serves as the investment adviser to the applicable Portfolio pursuant to the Advisory Contract.

10. RELATED PARTY TRANSACTIONS

The Adviser, Administrator, 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 Portfolios 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 Portfolios 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 Rule 17a-7 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 Rule 17a-7 under the Act for the period ended June 30, 2021, were as follows (amounts in thousands^†):

Portfolio Name	Purchases		Sales
Fixed Income SHares: Series C	$	13,789	$	7,643
Fixed Income SHares: Series LD		6,882		19,461
Fixed Income SHares: Series M		2,322		0
Fixed Income SHares: Series R		15,028		2,574

^†   A zero balance may reflect actual amounts rounding to less than one thousand.

11. GUARANTEES AND INDEMNIFICATIONS

Under the Trust’s organizational documents, each Trustee and officer is indemnified, to the extent permitted by the Act, against certain liabilities that may arise out of performance of their duties to the Portfolios. Additionally, in the normal course of business, the Portfolios enter into contracts that contain a variety of indemnification clauses. The Portfolios’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolios that have not yet occurred. However, the Portfolios have not had prior claims or losses pursuant to these contracts.

12. PURCHASES AND SALES OF SECURITIES

The length of time a Portfolio has held a particular security is not generally a consideration in investment decisions. A change in the securities held by a Portfolio is known as “portfolio turnover.”

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Each Portfolio may engage in frequent and active trading of portfolio securities to achieve its investment objective, particularly during periods of volatile market movements. High portfolio turnover may involve correspondingly greater transaction costs, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities, which are borne by the Portfolio. Such sales may also result in realization of taxable capital gains, including short-term capital gains (which are generally taxed at ordinary income tax rates when distributed to shareholders). The transaction costs associated with portfolio turnover may adversely affect a Portfolio’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, 2021, were as follows (amounts in thousands^†):

	U.S. Government/Agency				All Other
Portfolio Name	Purchases		Sales		Purchases		Sales
Fixed Income SHares: Series C	$	3,336,711	$	3,325,515	$	276,160	$	139,898
Fixed Income SHares: Series LD		96,440		10,405		66,440		39,184
Fixed Income SHares: Series M		6,451,893		6,531,190		278,310		28,127
Fixed Income SHares: Series R		334,174		316,010		26,867		4,881
Fixed Income SHares: Series TE		0		0		2,560		12,758

^†   A zero balance may reflect actual amounts rounding to less than one thousand.

13. SHARES OF BENEFICIAL INTEREST

The Trust may issue an unlimited number of shares of beneficial interest with a $0.001 par value.

14. REGULATORY AND LITIGATION MATTERS

The Portfolios 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.

15. FEDERAL INCOME TAX MATTERS

Each Portfolio 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 Portfolio 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 Adviser has reviewed the Portfolios’ tax positions for all open tax years. As of June 30, 2021, the Portfolios 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 Portfolios file U.S. federal, state, and local tax returns as required. The Portfolios’ tax returns are subject to examination by relevant tax authorities until expiration of the applicable statute of

SEMIANNUAL REPORT JUNE 30, 2021 141

Notes to Financial Statements (Cont.)

(Unaudited)

June 30, 2021

limitations, which is generally three years after the filing of the tax return but which can be extended to six years in certain circumstances. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

Under the Regulated Investment Company Modernization Act of 2010, a portfolio is permitted to carry forward any new capital losses for an unlimited period. Additionally, such capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term under previous law.

As of their last fiscal year ended December 31, 2020, the Portfolios had the following post-effective capital losses with no expiration (amounts in thousands^†):

	Short-Term		Long-Term
Fixed Income SHares: Series C	$	143,239	$	676
Fixed Income SHares: Series LD		1,017		2,417
Fixed Income SHares: Series M		0		0
Fixed Income SHares: Series R		0		30,594
Fixed Income SHares: Series TE		0		1,040

^†   A zero balance may reflect actual amounts rounding to less than one thousand.

As of June 30, 2021, the aggregate cost and the net unrealized appreciation/(depreciation) of investments for federal income tax purposes are as follows (amounts in thousands^†):

	Federal Tax Cost		Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)(1)
Fixed Income SHares: Series C	$	2,294,302	$	81,063	$	(28,578	)	$	52,485
Fixed Income SHares: Series LD		288,218		3,923		(1,414	)		2,509
Fixed Income SHares: Series M		1,835,615		92,326		(32,714	)		59,612
Fixed Income SHares: Series R		304,571		18,976		(4,340	)		14,636
Fixed Income SHares: Series TE		78,092		8,334		0			8,334

^†   A zero balance may reflect actual amounts rounding to less than one thousand.

⁽¹⁾  Primary differences, if any, between book and tax net unrealized appreciation/(depreciation) are attributable to wash sale loss deferrals for federal income tax purposes.

142 PIMCO MANAGED ACCOUNTS TRUST

Glossary: (abbreviations that may be used in the preceding statements)

(Unaudited)

Counterparty Abbreviations:
BCY	Barclays Capital, Inc.	GST	Goldman Sachs International
BOA	Bank of America N.A.	HUS	HSBC Bank USA N.A.
BOS	BofA Securities, Inc.	JPM	JP Morgan Chase Bank N.A.
BPG	BNP Paribas Securities Corp.	JPS	J.P. Morgan Securities LLC
BPS	BNP Paribas S.A.	MSC	Morgan Stanley & Co. LLC.
BRC	Barclays Bank PLC	MYC	Morgan Stanley Capital Services LLC
BSN	The Bank of Nova Scotia - Toronto	MYI	Morgan Stanley & Co. International PLC
CBK	Citibank N.A.	NOM	Nomura Securities International Inc.
CSN	Credit Suisse AG (New York)	SAL	Citigroup Global Markets, Inc.
DEU	Deutsche Bank Securities, Inc.	SCX	Standard Chartered Bank, London
DUB	Deutsche Bank AG	SOG	Societe Generale Paris
FAR	Wells Fargo Bank National Association	SSB	State Street Bank and Trust Co.
FBF	Credit Suisse International	TDL	Toronto Dominion Bank London
FICC	Fixed Income Clearing Corporation	TDM	TD Securities (USA) LLC
FOB	Credit Suisse Securities (USA) LLC	TOR	The Toronto-Dominion Bank
GLM	Goldman Sachs Bank USA	UAG	UBS AG Stamford
GRE	NatWest Markets Securities Inc.	UBS	UBS Securities LLC
GSC	Goldman Sachs & Co. LLC
Currency Abbreviations:
AUD	Australian Dollar	JPY	Japanese Yen
BRL	Brazilian Real	KRW	South Korean Won
CAD	Canadian Dollar	MXN	Mexican Peso
CHF	Swiss Franc	NOK	Norwegian Krone
CNH	Chinese Renminbi (Offshore)	NZD	New Zealand Dollar
COP	Colombian Peso	PEN	Peruvian New Sol
DKK	Danish Krone	PLN	Polish Zloty
EUR	Euro	RUB	Russian Ruble
GBP	British Pound	SEK	Swedish Krona
IDR	Indonesian Rupiah	TWD	Taiwanese Dollar
ILS	Israeli Shekel	USD (or $)	United States Dollar
INR	Indian Rupee	ZAR	South African Rand
Exchange Abbreviations:
OTC	Over the Counter
Index/Spread Abbreviations:
BBSW3M	3 Month Bank Bill Swap Rate	H15T1Y	1 Year US Treasury Yield Curve Constant Maturity Rate
CDX.HY	Credit Derivatives Index - High Yield	LIBOR03M	3 Month USD-LIBOR
CDX.IG	Credit Derivatives Index - Investment Grade	MUNIPSA	Securities Industry and Financial Markets Association (SIFMA) Municipal Swap Index
CPALEMU	Euro Area All Items Non-Seasonally Adjusted Index	UKRPI	United Kingdom Retail Prices Index
CPTFEMU	Eurozone HICP ex-Tobacco Index	US0001M	ICE 1-Month USD LIBOR
CPURNSA	Consumer Price All Urban Non-Seasonally Adjusted Index	US0003M	ICE 3-Month USD LIBOR
FRCPXTOB	France Consumer Price ex-Tobacco Index
Municipal Bond or Agency Abbreviations:
ACA	American Capital Access Holding Ltd.	BAM	Build America Mutual Assurance
AGM	Assured Guaranty Municipal

SEMIANNUAL REPORT JUNE 30, 2021 143

Glossary: (abbreviations that may be used in the preceding statements) (Cont.)

(Unaudited)

Other Abbreviations:
ABS	Asset-Backed Security	EURIBOR	Euro Interbank Offered Rate
ALT	Alternate Loan Trust	LIBOR	London Interbank Offered Rate
BABs	Build America Bonds	OAT	Obligations Assimilables du Trésor
BBR	Bank Bill Rate	oz.	Ounce
BTP	Buoni del Tesoro Poliennali “Long-term Treasury Bond”	PIK	Payment-in-Kind
CDI	Brazil Interbank Deposit Rate	REMIC	Real Estate Mortgage Investment Conduit
CLO	Collateralized Loan Obligation	TBA	To-Be-Announced
DAC	Designated Activity Company	TBD	To-Be-Determined

144 PIMCO MANAGED ACCOUNTS TRUST

Shareholder Meeting Results

(Unaudited)

The Trust held a special meeting of shareholders on June 8, 2021.

PIMCO Managed Accounts Trust

Common shareholders voted as indicated below:

	Affirmative		Withheld Authority
Election of E. Grace Vandecruze		330,132,554		149,887
Election of Sarah E. Cogan		330,132,554		149,887
Election of Joseph B. Kittredge, Jr.		330,132,554		149,887
Election of David N. Fisher†		330,132,554		149,887

The other members of the Board of Trustees at the time of the meeting, namely, Ms. Deborah A. DeCotis and Messrs. Hans W. Kertess, John C. Maney, William B. Ogden, IV and Alan Rappaport continued to serve as Trustees of the Trust.

^†  Interested Trustee

SEMIANNUAL REPORT JUNE 30, 2021 145

Investment Strategy Updates

(Unaudited)

Disclosure Related to Fixed Income SHares: Series TE (the “Portfolio”): Effective September 30, 2021 the disclosure in the fourth paragraph of the “Principal Investment Strategies” section of the Portfolio’s Portfolio Summary in the Prospectus is deleted in its entirety and replaced with the following.

The Portfolio may invest up to 80% of its total assets in high yield securities (“junk bonds”) rated below Baa3 by Moody’s, or equivalently rated by S&P or Fitch or, if unrated, determined by PIMCO to be of comparable quality. In the event that ratings services assign different ratings to the same security, PIMCO will use the highest rating as the credit rating for that security.

146 PIMCO MANAGED ACCOUNTS TRUST

Changes to Boards of Trustees

(Unaudited)

Effective June 8, 2021, the Board of Trustees appointed Ms. E. Grace Vandecruze as a Trustee of the Trust.

SEMIANNUAL REPORT JUNE 30, 2021 147

Liquidity Risk Management Program

(Unaudited)

In compliance with Rule 22e-4 (the “Liquidity Rule”) under the Investment Company Act of 1940, as amended (“1940 Act”), PIMCO Managed Accounts Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for each series of the Trust (each a “Portfolio” and collectively, the “Portfolios”) not regulated as a money market fund under 1940 Act Rule 2a-7, which is reasonably designed to assess and manage the Portfolios’ liquidity risk. The Trust’s Board of Trustees (the “Board”) previously approved the designation of the PIMCO Liquidity Risk Committee (the “Administrator”) as Program administrator. The PIMCO Liquidity Risk Committee consists of senior members from certain PIMCO business areas, such as Portfolio Risk Management, Americas Operations, Compliance, Account Management and Portfolio Management, and is advised by members of PIMCO Legal.

A Portfolio’s “liquidity risk” is the risk that the Portfolio could not meet requests to redeem shares issued by the Portfolio without significant dilution of the remaining investors’ interests in the Portfolio. In accordance with the Program, each Portfolio’s liquidity risk is assessed no less frequently than annually taking into consideration a variety of factors, including, as applicable, the Portfolio’s investment strategy and liquidity of portfolio investments, cash flow projections, and holdings of cash and cash equivalents, as well as borrowing arrangements and other funding sources. Certain factors are considered under both normal and reasonably foreseeable stressed conditions. Each portfolio investment is classified into one of four liquidity categories (including “highly liquid investments” and “illiquid investments,” discussed below) based on a determination of the number of days it is reasonably expected to take to convert the investment to cash, or sell or dispose of the investment, in current market conditions without significantly changing the investment’s market value. Each Portfolio has adopted a “Highly Liquid Investment Minimum” (or “HLIM”), which is a minimum amount of Portfolio net assets to be invested in highly liquid investments that are assets. As required under the Liquidity Rule, each Portfolio’s HLIM is periodically reviewed, no less frequently than annually, and the Portfolios have adopted policies and procedures for responding to a shortfall of a Portfolio’s highly liquid investments below its HLIM. The Liquidity Rule also limits the Portfolios’ investments in illiquid investments by prohibiting a Portfolio from acquiring any illiquid investment if, immediately after the acquisition, the Portfolio would have invested more than 15% of its net assets in illiquid investments that are assets. Certain non-public reporting is generally required if a Portfolio’s holdings of illiquid investments that are assets were to exceed 15% of Fund net assets.

At a meeting of the Board held on March 18, 2021, the Board received a report (the “Report”) from the Administrator addressing the Program’s operation and assessing the adequacy and effectiveness of its implementation for the period from December 1, 2019 through December 31, 2020. The Report reviewed the operation of the Program’s components during such period, noted the March-April 2020 market conditions and associated monitoring by the Administrator, and stated that the Program is operating effectively to assess and manage each Portfolio’s liquidity risk and that the Program has been and continues to be adequately and effectively implemented to monitor and, as applicable, respond to the Portfolios’ liquidity developments. This has remained true for the 12-month period ended June 30, 2021.

148 PIMCO MANAGED ACCOUNTS TRUST

Approval of Investment Advisory Contract and Other Agreements

(Unaudited)

The Investment Company Act of 1940, as amended (the “1940 Act”), requires that the Board of Trustees (the “Board” or the “Trustees”), including a majority of the Trustees who are not “interested persons,” as that term is defined in the 1940 Act (the “Independent Trustees”), of PIMCO Managed Accounts Trust (“PMAT”), voting separately, annually approve the continuation of the Investment Advisory Contract between PMAT, on behalf of each of its series (each, a “Portfolio” and, collectively, the “Portfolios”), and Pacific Investment Management Company LLC (“PIMCO”) (the “Agreement”). At a meeting held by videoconference¹ on June 29-30, 2021 (the “Approval Meeting”), the Board, including the Independent Trustees, considered and unanimously approved the continuation of the Agreement for an additional one-year period commencing on August 1, 2021.

In addition to the Approval Meeting, the annual contract review process with respect to the Agreement involved multiple discussions and meetings with members of the Contracts Committee of the Board (the “Committee”) and the full Committee (the Approval Meeting, together with such discussions and meetings, the “Contract Renewal Meetings”). Throughout the process, the Independent Trustees received legal advice from independent legal counsel that is experienced in 1940 Act matters and independent of PIMCO (“Independent Counsel”), and with whom they met separately from PIMCO during the Contract Renewal Meetings. Representatives from management of the Portfolios attended portions of the Contract Renewal Meetings and responded to questions from the Independent Trustees. The Committee also received and reviewed a memorandum from Independent Counsel regarding the Trustees’ responsibilities in considering the Agreement and the fees paid thereunder.

In connection with their deliberations regarding the proposed continuation of the Agreement for each Portfolio, the Board, including the Independent Trustees, considered such information and factors as they believed, in light of the legal advice furnished to them and their own business judgment, to reasonably be necessary to evaluate the terms of the Agreements. The Trustees also considered the nature, quality and extent of the various services performed by PIMCO under the Agreement.

In evaluating the Agreement, the Board, including the Independent Trustees, reviewed extensive materials provided by PIMCO in response to questions, inclusive of follow-up inquiries, submitted by the Independent Trustees and Independent Counsel. It also met with senior representatives of PIMCO regarding its personnel, operations, and estimated profitability as they relate to the Portfolios. The Trustees also considered the broad range of information relevant to the annual contract review that is provided to the Board (including its various standing committees) at meetings throughout the year, including reports on investment performance, risks, and other portfolio information for each Portfolio,

¹ The Board, including a majority of the Independent Trustees, determined to rely on the relief granted by a temporary exemptive order issued by the U.S. Securities and Exchange Commission (the “SEC”) under the 1940 Act that permits fund boards of trustees to approve advisory contracts at a meeting held by remote communications that allows participating trustees to hear one another simultaneously, rather than in-person, in light of the impact of the COVID-19 pandemic and restrictions on travel and in-person gatherings. The Board determined that reliance on the exemptive order was necessary and appropriate due to circumstances related to current or potential effects of the COVID-19 pandemic and government-mandated restrictions, and prior to commencing the approval meeting, the Board confirmed that all Board members could hear each other simultaneously during the meeting. The Board noted that it would ratify any actions taken at this meeting pursuant to the SEC relief at its next in-person meeting.

SEMIANNUAL REPORT JUNE 30, 2021 149

Approval of Investment Advisory Contract and Other Agreements (Cont.)

including the use of derivatives if used as part of a Portfolio’s strategy, as well as periodic reports on, among other matters, pricing and valuation; quality and cost of portfolio trade execution; compliance; and shareholder and other services provided by PIMCO and its affiliates. To assist with their review, the Trustees also reviewed information regarding the investment performance for each Portfolio and certain composites comprised of separate accounts managed by PIMCO that invest in the Portfolios, along with associated benchmark indices for such separate accounts, as well as the estimated profitability to PIMCO with respect to the Portfolios (taking into account profitability estimates of related separate accounts) for the one-year period ended December 31, 2020. Additionally, the Trustees considered the impact of significant market volatility that occurred before, during, and after the period for which information was requested in conducting its evaluation of PIMCO.

The Trustees’ conclusions as to the continuation of the Agreement were based on a comprehensive consideration of all information provided to the Trustees during the Contract Renewal Meetings and throughout the year and were not the result of any single factor. Some of the factors that figured particularly in the Trustees’ deliberations are described below, although individual Trustees may have evaluated the information presented differently from one another, attributing different weights to various factors. The Trustees evaluated information available to them on a Portfolio-by-Portfolio basis, and their determinations were made separately in respect of each Portfolio.

Nature, Extent and Quality of Services

As part of their review, the Trustees received and considered descriptions of various functions performed by PIMCO for the Portfolios, such as portfolio management, compliance monitoring, portfolio trading practices, and oversight of third-party service providers. They also considered information regarding the overall organization and business functions of PIMCO, including, without limitation, information regarding senior management, portfolio managers and other personnel providing or proposed to provide investment management, administrative and other services, and corporate ownership and business operations unrelated to the Portfolios. The Trustees examined PIMCO’s abilities to provide high-quality investment management and other services to the Portfolios. Among other information, the Trustees considered the investment philosophy and research and decision-making processes of PIMCO; the breadth of the Fund’s investment universe; the experience of key advisory personnel of PIMCO responsible for portfolio management of the Portfolios; the ability of PIMCO to attract and retain capable personnel; the background and capabilities of the senior management and staff of PIMCO; the general process or philosophy for determining employee compensation; and the operational infrastructure, including technology and systems, of PIMCO. The Trustees also considered actions taken by PIMCO to manage the impact on the Portfolios and their holdings of market volatility during the time periods for which information was provided.

In addition, the Trustees noted the extensive range of services that PIMCO provides to the Portfolios beyond investment management services. In this regard, the Trustees reviewed the extent and quality of PIMCO’s services with respect to regulatory compliance and its ability to comply with the investment policies of the Portfolios; the compliance programs and risk controls of PIMCO (including the implementation of new policies and programs); the specific contractual obligations of PIMCO pursuant to the Agreement; the nature, extent, and quality of the investment advisory services PIMCO is responsible for providing to the Portfolios; PIMCO’s risk management function; and

150 PIMCO MANAGED ACCOUNTS TRUST

(Unaudited)

conditions that might affect PIMCO’s ability to provide high-quality services to the Portfolios in the future under the Agreement, including, but not limited to, PIMCO’s financial condition and operational stability. The Trustees also took into account the entrepreneurial and business risk that PIMCO has undertaken as investment manager and sponsor of the Portfolios for which it receives no direct management fee. Specifically, the Trustees considered that PIMCO’s responsibilities include continual management of investment, operational, enterprise, legal, regulatory, and compliance risks as they relate to the Portfolios. The Trustees also noted PIMCO’s activities under its contractual obligation to coordinate, oversee and supervise the Portfolios’ various outside service providers, including its negotiation of certain service providers’ fees and its due diligence and evaluation of service providers’ infrastructure, cybersecurity programs, compliance programs, and business continuity programs, among other matters. The Trustees also considered PIMCO’s ongoing development of its own infrastructure and information technology, including its proprietary software and applications, to support the Portfolios through, among other things, cybersecurity, business continuity planning, and risk management. The Trustees also considered PIMCO’s effective operation and successful implementation of its business continuity plan in response to the COVID-19 pandemic and its oversight of the service providers’ business continuity during this period.

The Trustees concluded that PIMCO’s investment process, research capabilities and philosophy were well suited to each Portfolio given its investment objective and policies, that PIMCO would be able to continue to meet any reasonably foreseeable obligations under the Agreement, and that PIMCO would otherwise be able to continue to provide investment and non-investment services to each Portfolio of an appropriate extent and quality.

Fee and Expense Information

The Trustees also gave substantial consideration to the fact that, with respect to each Portfolio, no fees are payable to PIMCO from the Portfolios under the Agreement, and that PIMCO has entered into an Expense Limitation Agreement with PMAT, on behalf of each Portfolio, pursuant to which PIMCO waives all fees and/or pays or reimburses all expenses of the Portfolios, except extraordinary expenses, including extraordinary legal expenses, and expenses incurred as a result of portfolio investments, such as any brokerage fees and commissions and other portfolio transaction expenses, costs, including interest expenses, of borrowing money or engaging in other types of leverage financing, fees and expenses of any underlying funds or other pooled vehicles in which the Portfolios invest, taxes, governmental fees and dividends and interest on short positions.

Performance Information

The Trustees also considered the performance of each Portfolio as compared to the performance of a composite comprised of separate accounts managed by PIMCO that invest in the Portfolio, along with associated benchmark indices for such separate accounts. The Trustees noted that because the Portfolios are intended to form only a portion of an overall investment strategy and were developed exclusively for use within separately managed accounts, comparisons to the performance of traditional stand-alone funds or accounts managed by PIMCO would produce limited relevant information. The Trustees noted that each Portfolio outperformed the performance of the associated benchmark for the one-, three-, five-, and ten-year periods ending December 31, 2020, as applicable. In addition, the Trustees considered matters bearing on the Portfolios and their advisory arrangements at their meetings throughout the year, including a review of performance data at each regular meeting (by both the Board and its Performance Committee).

SEMIANNUAL REPORT JUNE 30, 2021 151

Approval of Investment Advisory Contract and Other Agreements (Cont.)

(Unaudited)

Profitability, Economies of Scale, and Fall-out Benefits

Because the Portfolios do not pay fees directly, the Trustees did not place emphasis on the extent to which economies of scale would be realized due to potential growth of assets in the Portfolios or whether fee and expense levels reflect economies of scale for the Portfolios’ shareholders.

The Trustees considered the fact that PIMCO and its affiliates may benefit from their relationships with the sponsors of wrap programs for which the Portfolios are an investment option. They noted such benefits include the receipt by PIMCO and its affiliates of fees paid by the sponsor of the wrap program based on assets under management of the wrap program. Additionally, the Trustees considered so-called “fall-out benefits” to PIMCO, such as reputational value derived from serving as investment adviser to the Portfolios and research, statistical and quotation services PIMCO may receive from broker-dealers executing the Portfolios’ portfolio transactions on an agency basis.

The Trustees also considered the amounts paid by the sponsors of the “wrap” programs to PIMCO and/or its affiliates with respect to wrap account assets invested in the Portfolios, as well as the fees “imputed” to PIMCO, for purposes of arriving at an estimate of profitability arising from PIMCO’s and its affiliates’ relationships with the Portfolios. Among other information, the Trustees took into account explanations from PIMCO regarding how certain corporate and shared expenses were allocated among the Portfolios and other funds and accounts managed by PIMCO for purposes of developing profitability estimates. Based on the profitability analysis provided by PIMCO, the Trustees determined, taking into account the various assumptions made, that such profitability did not appear to be excessive.

Conclusion

After reviewing these and other factors described herein, including that no fees are payable under the Agreement, the Trustees concluded, with respect to each Portfolio, within the context of their overall conclusions regarding the Agreement, and based on the information provided and related representations made by management, and in their business judgment, that they were satisfied with PIMCO’s responses and efforts relating to the investment performance of the Portfolios. Based on their evaluation of factors that they deemed to be material, including, but not limited to, those factors described above, the Trustees, including the Independent Trustees, unanimously concluded that the continuation of the Agreement was in the interests of each Portfolio and its shareholders, and should be approved.

152 PIMCO MANAGED ACCOUNTS TRUST

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 and Trust Company

801 Pennsylvania Avenue

Kansas City, MO 64105

Transfer Agent

DST Asset Manager Solutions, Inc.

430 W 7th Street STE 219024

Kansas City, MO 64105-1407

Legal Counsel

Ropes & Gray LLP

Prudential Tower

800 Boylston Street

Boston, MA 02199

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 Portfolios listed on the Report cover.

FISH4001SAR_063021

Item 2. Code of Ethics.

The information required by this Item 2 is only required in an annual report on this Form N-CSR.

Item 3. Audit Committee Financial Expert.

The information required by this Item 3 is only required in an annual report on this Form N-CSR.

Item 4. Principal Accountant Fees and Services.

The information required by this Item 4 is only required in an annual report on this Form N-CSR.

Item 5. Audit Committee of Listed Registrants.

The information required by this Item 5 is only required in an annual report on this Form N-CSR.

Item 6. Schedule of Investments.

The information required by this Item 6 is included as part of the semiannual report to shareholders filed under Item 1 of this Form N-CSR.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Trust’s Board of Trustees since the Trust last provided disclosure in response to this item.

Item 11. Controls and Procedures.

(a) The principal executive officer and principal financial & accounting officer have concluded as of a date within 90 days of the filing date of this report, based on their evaluation of the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the 1940 Act), that the design of such procedures is effective to provide reasonable assurance that material information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Commission’s rules and forms.

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the last fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 13. Exhibits.

(a)(1) Exhibit 99.CODE—Code of Ethics is not applicable for semiannual reports.

(a)(2) Exhibit 99.CERT—Certifications pursuant to Section  302 of the Sarbanes-Oxley Act of 2002.

(a)(3) Not applicable for open-end investment companies.

(a)(4) There was no change in the registrant’s independent public accountant for the period covered by the report.

(b) Exhibit 99.906CERT—Certifications pursuant to Section  906 of the Sarbanes-Oxley Act of 2002.

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 Managed Accounts Trust
By:	/s/   Eric D. Johnson
	Eric D. Johnson
	President (Principal Executive Officer)
Date:	August 27, 2021

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/   Eric D. Johnson
	Eric D. Johnson
	President (Principal Executive Officer)
Date:	August 27, 2021
By:	/s/   Bijal Y. Parikh
	Bijal Y. Parikh
	Treasurer (Principal Financial & Accounting Officer)
Date:	August 27, 2021