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)

Bradley Todd

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: (844) 337-4626

Date of fiscal year end: December 31

Date of reporting period: June 30, 2020

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, 2020

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”)

Beginning on January 1, 2021, 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				102
Glossary				138
Change to Board of Trustees				140
Liquidity Risk Management Program				141
Approval of Investment Advisory Contract and Other Agreements				142
Portfolio	Portfolio Summary		Schedule of Investments
Fixed Income SHares: Series C		10		33
Fixed Income SHares: Series LD		12		48
Fixed Income SHares: Series M		14		61
Fixed Income SHares: Series R		16		83
Fixed Income SHares: Series TE		18		96

Letter from the Chair of the Board & President

Dear Shareholder,

We hope that you and your family are staying 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, 2020. On the subsequent pages, you will find specific details regarding investment results and discussion of the factors that most affected performance during the reporting period.

For the six-month reporting period ended June 30, 2020

The coronavirus took its toll on the U.S. economy, as it entered its first recession since the 2008 financial crisis. Looking back, U.S. gross domestic product (“GDP”) grew at a revised annual pace of 2.6% and 2.4% during the third and fourth quarters of 2019, respectively. The pandemic then caused the economy to significantly weaken, as annualized GDP growth in the first quarter of 2020 was -5.0%. The Commerce Department’s initial estimate for second quarter annualized GDP growth — released after the reporting period ended — was -32.9%. This represented the sharpest quarterly decline on record.

The Federal Reserve (the “Fed”) took unprecedented actions to support the economy and keep markets functioning properly. In early March 2020, the Fed lowered the federal funds rate to a range between 1.00% and 1.25%. Later in the month, the Fed lowered the rate to a range between 0.00% and 0.25%. On March 23, the Fed announced, “It has become clear that our economy will face severe disruptions. Aggressive efforts must be taken across the public and private sectors to limit the losses to jobs and incomes and to promote a swift recovery once the disruptions abate.” The Fed’s efforts included the ability to make unlimited purchases of Treasury and mortgage securities. It also announced that, for the first time, it would purchase existing corporate bonds on the open market. In addition, the U.S. government passed a $2 trillion fiscal stimulus bill to aid the economy in March.

In its June 2020 World Economic Outlook Update, the International Monetary Fund (“IMF”) stated that it expects the U.S. economy to contract 8.0% in 2020, compared to the 2.3% GDP expansion in 2019. Elsewhere, the IMF has also stated that it anticipates that 2020 GDP growth in the eurozone, U.K. and Japan will be -10.2%, -10.2% and -5.8%, respectively. For comparison purposes, the GDP of these economies expanded 1.3%, 1.4% and 0.7%, respectively, in 2019.

Against this backdrop, central banks around the world took a number of aggressive actions. In Europe, the European Central Bank (the “ECB”) unveiled a new €750 billion bond-buying program, which was subsequently expanded by another €600 billion in June 2020. In March, the Bank of England reduced its key lending rate

2 PIMCO MANAGED ACCOUNTS TRUST

to 0.10% — a record low. Finally, in July — after the reporting period ended — the European Union agreed on a $2.06 trillion spending package to bolster its economy. Elsewhere, the Bank of Japan maintained its short-term interest rates at -0.1%, while increasing the target for its holdings of corporate bonds to ¥4.2 trillion from ¥3.2 trillion. Japan’s central bank also doubled its purchases of exchange-traded stock funds. Meanwhile, in May 2020, the Japanese government doubled its stimulus measures with a ¥117 trillion package.

Both short- and long-term U.S. Treasury yields fell sharply during the reporting period. In our view, this was due to a combination of declining global growth given the coronavirus, the Fed’s accommodative monetary policy and periods of extreme investor risk aversion. The yield on the benchmark 10-year U.S. Treasury note was 0.66% at the end of the reporting period, versus 1.92% on December 31, 2019. 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 4.30%. Meanwhile, the Bloomberg Barclays Global Aggregate Credit Index (USD Hedged), a widely used index of global investment grade credit bonds, returned 3.43%. Riskier fixed income asset classes, including high yield corporate bonds and emerging market debt, generated weaker results. The ICE BofAML Developed Markets High Yield Constrained Index (USD Hedged), a widely used index of below investment grade bonds, returned -4.64%, whereas emerging market external debt, as represented by the JPMorgan Emerging Markets Bond Index (EMBI) Global (USD Hedged), returned -1.87%. Emerging market local bonds, as represented by the JPMorgan Government Bond Index-Emerging Markets Global Diversified Index (Unhedged), returned -6.89%.

Global equities generated weak results, driven by a sharp selloff in February and March 2020. We believe this was largely due to concerns over the impact of the coronavirus. In March 2020, the U.S. equity market ended its 11-year bull market run, and then posted the fastest fall on record from its all-time high to bear market territory. However, global equities recouped a portion of their losses in April, May and June 2020, in our view because investor sentiment improved given significant stimulus efforts from central banks around the world. All told, during the six-months ended June 30, 2020, U.S. equities, as represented by the S&P 500 Index, returned -3.08% and global equities, as represented by the MSCI World Index, returned -5.77%. Meanwhile, Japanese equities, as represented by the Nikkei 225 Index (in JPY), returned -4.74% and European equities, as represented by the MSCI Europe Index (in EUR), returned -12.83%. Finally, emerging market equities, as measured by the MSCI Emerging Markets Index, returned -9.78%.

Commodity prices were extremely volatile and generally moved lower. When the reporting period began, Brent crude oil was approximately $66 a barrel. It ended the

SEMIANNUAL REPORT JUNE 30, 2020 3

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

reporting period at roughly $41 a barrel after briefly trading below $15. Elsewhere, copper prices also fell, whereas gold prices moved higher.

Finally, there were periods of volatility in the foreign exchange markets, due in part, in our view, to signs of moderating global growth, trade conflicts and changing central bank monetary policies, along with a number of geopolitical events. The U.S. dollar returned 6.46% versus the British pound, but the U.S. dollar fell 0.63% and 0.19% versus the yen and the euro, respectively.

Thank you for the assets you have placed with us. We deeply value your trust, and we will continue to work diligently to meet your broad investment needs. 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 (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 movement in interest rates.

As of the date of this report, interest rates in the U.S. 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, 2020 5

Important Information About the Portfolios (Cont.)

The United States presidential administration’s enforcement of tariffs on goods from other countries, 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 phase out the use of LIBOR by the end of 2021. The transition may 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. 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), and any potential effects of the transition away from LIBOR on the Portfolios or on certain instruments in which the Portfolios invest are not known and could result in losses to a Portfolio.

Under the direction of the Federal Housing Finance Agency, the Federal National Mortgage Association (“FNMA”) and the Federal Home Loan Mortgage Corporation (“FHLMC”) have entered into a joint initiative to develop a common securitization platform for the issuance of a uniform mortgage-backed security (the “Single Security Initiative”) that aligns the characteristics of FNMA and FHLMC certificates. The Single Security Initiative was implemented on June 3, 2019, and the effects it may have on the market for mortgage-backed securities are uncertain.

The Portfolios may be subject to various risks as described in each Portfolio’s prospectus and in the Principal 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

6 PIMCO MANAGED ACCOUNTS TRUST

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 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 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

SEMIANNUAL REPORT JUNE 30, 2020 7

Important Information About the Portfolios (Cont.)

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 without charge, upon request, by calling the Portfolios at (800) 927-4648, 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 (800) 927-4648. Prior to its use of Form N-PORT, each Portfolio filed its complete schedule of its portfolio holdings with the SEC on Form N-Q, which is available online at www.sec.gov.

The SEC adopted a rule that, beginning in 2021, generally will allow 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 still elect to receive a complete shareholder report in the mail. Instructions for electing to receive paper copies of a Portfolio’s shareholder reports going forward may be found on the front cover of this report.

In November 2019, the SEC published a proposed rulemaking related to the use of derivatives and certain other transactions by registered investment companies. If the proposal is adopted in substantially the same form as it was proposed, these requirements could limit the ability of a Portfolio to use derivatives and reverse repurchase agreements and similar financing transactions as part of its investment strategies. Any new requirements, if adopted, may increase the cost of the Portfolios’ investments and cost of doing business, which could adversely affect investors.

In April 2020, the SEC issued a proposed rulemaking setting forth a proposed framework for fair valuation of fund investments. If the proposal is adopted in substantially the same form as it was proposed, the rule would set forth requirements for good faith determinations of fair value, establish conditions under which a market quotation is considered readily available for purposes of the definition of “value” under the Investment Company Act of 1940, and address the roles and responsibilities of a fund’s board of trustees and investment adviser with respect to fair valuation of fund investments. The impact that any such requirements may have on the Portfolios is uncertain.

8 PIMCO MANAGED ACCOUNTS TRUST

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SEMIANNUAL REPORT JUNE 30, 2020 9

Fixed Income SHares: Series C FXICX

Cumulative Returns Through June 30, 2020

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

Allocation Breakdown as of June 30, 2020†§
Corporate Bonds & Notes	35.5	%
U.S. Government Agencies	26.2	%
Asset-Backed Securities	15.8	%
U.S. Treasury Obligations	12.1	%
Non-Agency Mortgage-Backed Securities	4.5	%
Preferred Securities	2.7	%
Municipal Bonds & Notes	1.7	%
Loan Participations and Assignments	1.3	%
Short-Term Instruments‡	0.2	%

^†  % 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, 2020
		6 Month*		1 Year		5 Year		10 Year		Commencement of Operations (03/17/00)
	Fixed Income SHares - Series C		5.05%		7.76%		3.99%		5.35%		9.13%
	Bloomberg Barclays U.S. Intermediate Credit Index		4.16%		6.97%		4.18%		4.18%		5.39%¨

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 0.21%. 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:

» Overweight exposure to U.S. duration contributed to relative performance as interest rates decreased.

» Underweight exposure to emerging market external debt contributed to relative performance, as spreads widened.

» Short exposure to the Australian dollar during the first half of the reporting period contributed to relative performance, as the currency depreciated relative to the U.S. dollar.

» Overweight exposure to financials within investment-grade corporate credit detracted from relative performance, as spreads widened.

» Positions in U.S. Treasury Inflation-Protected Securities detracted from relative performance, as breakeven inflation rates decreased.

» Overweight exposure to securitized assets, particularly asset-backed securities, detracted from relative performance, as spreads widened.

SEMIANNUAL REPORT JUNE 30, 2020 11

Fixed Income SHares: Series LD FXIDX

Cumulative Returns Through June 30, 2020

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

Allocation Breakdown as of June 30, 2020†§
Corporate Bonds & Notes	66.2	%
Asset-Backed Securities	15.7	%
Non-Agency Mortgage-Backed Securities	8.4	%
U.S. Treasury Obligations	4.0	%
U.S. Government Agencies	2.3	%
Short-Term Instruments‡	1.6	%
Other	1.8	%

^†  % 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.

Average Annual Total Return for the period ended June 30, 2020
		6 Month*		1 Year		5 Year		Commencement of Operations (12/20/13)
	Fixed Income SHares - Series LD		2.94%		4.45%		3.26%		3.55%
	ICE BofAML 1-3 Year U.S. Treasury Index		2.94%		4.07%		1.84%		1.61%

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 2.98%. 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:

» Underweight exposure to high yield corporate spread duration contributed to relative performance, as spreads widened.

» Overweight exposure to Canadian duration contributed to relative performance, as rates declined.

» Overweight exposure to Australian duration contributed to relative performance, as rates declined.

» Overweight exposure to investment-grade corporate spread duration detracted from relative performance, as spreads widened in the first half.

» Positions in non-Agency mortgage-backed securities detracted from relative performance, as excess returns for these securities were negative.

» Underweight exposure to U.K. duration detracted to relative performance, as rates increased.

SEMIANNUAL REPORT JUNE 30, 2020 13

Fixed Income SHares: Series M FXIMX

Cumulative Returns Through June 30, 2020

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

Allocation Breakdown as of June 30, 2020†§
U.S. Government Agencies	36.6	%
Corporate Bonds & Notes	20.6	%
Asset-Backed Securities	16.5	%
U.S. Treasury Obligations	10.9	%
Non-Agency Mortgage-Backed Securities	10.2	%
Municipal Bonds & Notes	3.6	%
Short-Term Instruments‡	0.1	%
Other	1.5	%

^†  % 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, 2020
		6 Month*		1 Year		5 Year		10 Year		Commencement of Operations (03/17/00)
	Fixed Income SHares - Series M		3.73%		6.29%		6.83%		6.02%		7.51%
	Bloomberg Barclays U.S. MBS Fixed-Rate Index		3.50%		5.67%		3.23%		3.07%		4.85%	¨

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 0.06%. 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:

» Overweight exposure to U.S. duration contributed to relative performance, as interest rates decreased.

» Underweight exposure to Agency mortgage-backed securities (“MBS”) contributed to relative performance, as excess returns for these securities were negative.

» Short exposure to the New Zealand dollar during the first half of the reporting period contributed to relative performance, as the currency depreciated relative to the U.S. dollar.

» Positions in select non-Agency MBS detracted from relative performance, as spreads widened.

» Overweight exposure to investment-grade corporate spread duration detracted from relative performance, as spreads widened.

» Select holdings of taxable municipals detracted from relative performance, as spreads widened.

SEMIANNUAL REPORT JUNE 30, 2020 15

Fixed Income SHares: Series R FXIRX

Cumulative Returns Through June 30, 2020

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

Allocation Breakdown as of June 30, 2020†§
U.S. Treasury Obligations	67.4	%
U.S. Government Agencies	15.2	%
Sovereign Issues	7.3	%
Asset-Backed Securities	4.1	%
Corporate Bonds & Notes	3.0	%
Non-Agency Mortgage-Backed Securities	1.9	%
Short-Term Instruments	1.2	%

^†  % 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, 2020
		6 Month*		1 Year		5 Year		10 Year		Commencement of Operations (04/15/04)
	Fixed Income SHares - Series R		8.42%		11.23%		4.67%		5.45%		6.25%
	Bloomberg Barclays U.S. TIPS Index		6.01%		8.28%		3.75%		3.52%		4.40%	¨

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

^¨ 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 1.35%. 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:

» Exposure to U.S. Treasury inflation-protected securities (“TIPS”) contributed to absolute performance as U.S. TIPS, as measured by the Bloomberg Barclays U.S. TIPS Index, posted positive returns.

» Overweight exposure to U.S. real interest rate positioning contributed to relative performance, as U.S. real yields decreased.

» Short exposure to high yield corporate credit through sell-protection index credit default swaps contributed to relative performance, as these securities posted negative returns.

» Underweight exposure to European and U.K. breakeven inflation (“BEI”) spreads (or the yield differential between nominal bonds and like-maturity inflation-indexed bonds) contributed to relative performance, as European and U.K. BEI spreads narrowed.

» Exposure to investment grade corporate credit and mortgage-backed securities (“MBS”) detracted from relative performance, as investment grade corporate credit and MBS spreads widened.

» Positions within emerging market currencies detracted from relative performance, as these currencies depreciated versus the U.S.

SEMIANNUAL REPORT JUNE 30, 2020 17

Fixed Income SHares: Series TE FXIEX

Cumulative Returns Through June 30, 2020

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

Average Annual Total Return for the period ended June 30, 2020
		6 Month*		1 Year		5 Year		Commencement of Operations (06/25/12)
	Fixed Income SHares - Series TE		2.72%		5.47%		5.06%		3.69%
	Bloomberg Barclays 1-Year Municipal Bond Index		1.28%		2.16%		1.42%		1.12%

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 0.08%. 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, 2020†§
Municipal Bonds & Notes
Health, Hospital & Nursing Home Revenue	22.7	%
Tobacco Settlement Funded	12.8	%
Natural Gas Revenue	10.2	%
Sales Tax Revenue	7.1	%
Ad Valorem Property Tax	6.5	%
Electric Power & Light Revenue	5.8	%
Highway Revenue Tolls	4.3	%
Lease Revenue	3.5	%
Miscellaneous Revenue	3.1	%
College & University Revenue	3.0	%
Port, Airport & Marina Revenue	2.7	%
Local or Guaranteed Housing	2.4	%
General Fund	2.2	%
Appropriations	1.7	%
Miscellaneous Taxes	1.6	%
Fuel Sales Tax Revenue	1.5	%
Income Tax Revenue	1.1	%
Other	2.5	%
Short-Term Instruments‡	5.3	%

^†  % 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.

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:

» The Portfolio’s duration exposure contributed to performance, as municipal yields decreased across the curve.

» Credit selection within the revenue sector contributed to performance, as the securities outperformed the broader market.

» Credit selection within the industrial revenue sector contributed to performance, as the securities outperformed the broader market.

» Underweight exposure to pre-refunded bonds detracted from performance, as the pre-refunded index outperformed the general municipal bond index.

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

» Credit selection within the lease-backed sector detracted from performance, as the securities underperformed the broader market.

SEMIANNUAL REPORT JUNE 30, 2020 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, 2020 to June 30, 2020 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 (01/01/20)		Ending Account Value (06/30/20)		Expenses Paid During Period*		Beginning Account Value (01/01/20)		Ending Account Value (06/30/20)		Expenses Paid During Period*		Net Annualized Expense Ratio**
Series C	$	1,000.00	$	1,050.50	$	0.30	$	1,000.00	$	1,024.43	$	0.30		0.06	%
Series LD		1,000.00		1,029.40		5.57		1,000.00		1,019.24		5.54		1.11
Series M		1,000.00		1,037.30		0.20		1,000.00		1,024.53		0.20		0.04
Series R		1,000.00		1,084.20		2.27		1,000.00		1,022.55		2.20		0.44
Series TE		1,000.00		1,027.20		0.30		1,000.00		1,024.43		0.30		0.06	(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 181/366 (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 0.06% 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 Bond Transactions, in the Notes to Financial Statements for additional information regarding TOBs. (“TOB”) transactions accounted for as secured borrowing Refer to Note 5, Tender Option Bond 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, 2020 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
01/01/2020 - 06/30/2020+		$	10.43		$	0.17		$	0.35			$	0.52			$	(0.18	)		$	0.00			$	0.00			$	(0.18	)
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	)
11/01/2015 - 12/31/2015(f)			11.20			0.09			(0.11	)			(0.02	)			(0.76	)			0.00				0.00				(0.76	)(g)
10/31/2015			12.29			0.53			(0.48	)			0.05				(0.56	)			(0.58	)			0.00				(1.14	)
Series LD
01/01/2020 - 06/30/2020+		$	9.40		$	0.18		$	0.09			$	0.27			$	(0.15	)		$	0.00			$	0.00			$	(0.15	)
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	)
11/01/2015 - 12/31/2015(f)			10.02			0.06			(0.03	)			0.03				(0.10	)			(0.12	)			0.00				(0.22	)(g)
10/31/2015			10.20			0.31			0.00				0.31				(0.38	)			(0.11	)			0.00				(0.49	)
Series M
01/01/2020 - 06/30/2020+		$	10.48		$	0.21		$	0.18			$	0.39			$	(0.19	)		$	0.00			$	0.00			$	(0.19	)
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	)
11/01/2015 - 12/31/2015(f)			10.06			0.10			(0.11	)			(0.01	)			(0.18	)			0.00				0.00				(0.18	)(g)
10/31/2015			10.78			0.50			(0.45	)			0.05				(0.50	)			(0.27	)			0.00				(0.77	)
Series R
01/01/2020 - 06/30/2020+		$	9.40		$	0.02		$	0.77			$	0.79			$	(0.08	)		$	0.00			$	0.00			$	(0.08	)
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	)
11/01/2015 - 12/31/2015(f)			9.46			0.01			(0.18	)			(0.17	)			(0.33	)			0.00				(0.02	)			(0.35	)(g)
10/31/2015			10.47			0.19			(0.62	)			(0.43	)			(0.58	)			0.00				0.00				(0.58	)

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
	$	10.77		5.05	%		$	1,489,834		0.06	%*		0.06	%*		0.00	%*		0.00	%*		3.33	%*		306	%
		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
		10.42		(0.17	)			1,429,703		0.11	*		0.11	*		0.00	*		0.00	*		4.54	*		8
		11.20		0.43				1,604,425		0.03			0.03			0.00			0.00			4.56			95
	$	9.52		2.94	%		$	89,346		1.11	%*		1.11	%*		0.00	%*		0.00	%*		3.91	%*		52	%
		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
		9.83		0.29				31,900		0.32	*		0.32	*		0.00	*		0.00	*		3.48	*		44
		10.02		3.11				28,100		0.24			0.24			0.00			0.00			3.10			1,135
	$	10.68		3.73	%		$	1,503,825		0.04	%*		0.04	%*		0.00	%*		0.00	%*		4.05	%*		319	%
		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
		9.87		(0.07	)			1,487,909		0.14	*		0.14	*		0.00	*		0.00	*		5.60	*		68
		10.06		0.51				1,622,393		0.06			0.06			0.00			0.00			4.83			473
	$	10.11		8.42	%		$	130,398		0.44	%*		0.44	%*		0.00	%*		0.00	%*		0.31	%*		126	%
		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
		8.94		(1.76	)			157,218		0.28	*		0.28	*		0.00	*		0.00	*		0.87	*		16
		9.46		(4.22	)			174,222		0.16			0.16			0.00			0.00			1.89			126

SEMIANNUAL REPORT JUNE 30, 2020 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
01/01/2020 - 06/30/2020+		$	10.39		$	0.18		$	0.10			$	0.28		$	(0.18	)		$	0.00		$	0.00		$	(0.18	)
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	)
11/01/2015 - 12/31/2015(f)			9.85			0.06			0.17				0.23			(0.06	)			0.00			0.00			(0.06	)(g)
10/31/2015			9.90			0.28			(0.06	)			0.22			(0.27	)			0.00			0.00			(0.27	)

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

+ Unaudited

* Annualized

^(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.

^(f)  Fiscal year end changed from October 31st to December 31^st.

^(g)  Total distributions for the period ended December 31, 2015 may be lower than prior fiscal years due to fiscal year end changes resulting in a reduction of the amount of days in the period ended December 31, 2015.

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
	$	10.49		2.72	%		$	90,225		0.06	%*		0.06	%*		0.00	%*		0.00	%*		3.54	%*		44	%
		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
		10.02		2.33				92,821		0.00	*		0.00	*		0.00	*		0.00	*		3.43	*		5
		9.85		2.25				91,524		0.00			0.00			0.00			0.00			2.91			72

SEMIANNUAL REPORT JUNE 30, 2020 25

Statements of Assets and Liabilities

(Amounts in thousands†, except per share amounts)	Series C			Series LD
Assets:
Investments, at value
Investments in securities*	$	2,051,280		$	152,781
Investments in Affiliates		104			7
Financial Derivative Instruments
Exchange-traded or centrally cleared		134			42
Over the counter		125			148
Cash		1			2,042
Deposits with counterparty		1,535			1,375
Foreign currency, at value		1,901			135
Receivable for investments sold		1,309			0
Receivable for investments sold on a delayed-delivery basis		0			0
Receivable for TBA investments sold		592,487			0
Receivable for Portfolio shares sold		2,650			0
Interest and/or dividends receivable		11,422			910
Dividends receivable from Affiliates		0			0
Reimbursement receivable from PIMCO		1			1
Other assets		17			0
Total Assets		2,662,966			157,441
Liabilities:
Borrowings & Other Financing Transactions
Payable for reverse repurchase agreements	$	25,840		$	56,958
Payable for sale-buyback transactions		39,891			6,186
Payable for tender option bond floating rate certificates		0			0
Financial Derivative Instruments
Exchange-traded or centrally cleared		82			82
Over the counter		3,095			268
Payable for investments purchased		3,400			4,064
Payable for TBA investments purchased		1,094,607			0
Payable for investments in Affiliates purchased		0			0
Deposits from counterparty		1,130			310
Payable for Portfolio shares redeemed		1,111			4
Distributions payable		3,975			223
Other liabilities		1			0
Total Liabilities		1,173,132			68,095
Net Assets	$	1,489,834		$	89,346
Net Assets Consist of:
Shares of beneficial interest of $0.001 par value (unlimited number authorized)	$	138		$	9
Paid in capital in excess of par		1,601,722			92,115
Distributable earnings (accumulated loss)		(112,026	)		(2,778	)
Net Assets	$	1,489,834		$	89,346
Shares Issued and Outstanding		138,323			9,389
Net Asset Value Per Share Outstanding(a)	$	10.77		$	9.52
Cost of investments in securities	$	1,993,839		$	151,937
Cost of investments in Affiliates	$	103		$	6
Cost of foreign currency held	$	1,824		$	148
Cost or premiums of financial derivative instruments, net	$	(1,185	)	$	130
* Includes repurchase agreements of:	$	3,783		$	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, 2020 (Unaudited)

Series M			Series R			Series TE
$	2,482,468		$	226,976		$	88,650
	152			0			4,295
	228			142			0
	1,690			371			0
	4			0			1
	1,380			2,012			0
	1,291			1,058			0
	4,153			394			1,158
	0			83			0
	1,202,225			39,082			0
	2,688			123			0
	8,852			569			800
	0			0			1
	1			1			1
	17			0			0
	3,705,149			270,811			94,906
$	16,680		$	0		$	0
	49,822			65,731			0
	0			0			3,384
	37			178			0
	2,970			570			0
	28,706			341			1,020
	2,094,165			72,828			0
	0			0			1
	3,847			760			0
	1,170			5			0
	3,927			0			264
	0			0			12
	2,201,324			140,413			4,681
$	1,503,825		$	130,398		$	90,225
$	141		$	13		$	9
	1,416,823			153,000			84,964
	86,861			(22,615	)		5,252
$	1,503,825		$	130,398		$	90,225
	140,825			12,897			8,602
$	10.68		$	10.11		$	10.49
$	2,442,143		$	211,614		$	83,164
$	151		$	0		$	4,291
$	1,246		$	1,071		$	0
$	(421	)	$	(785	)	$	0
$	2,948		$	921		$	675

SEMIANNUAL REPORT JUNE 30, 2020 27

Statements of Operations

Six Months Ended June 30, 2020 (Unaudited)
(Amounts in thousands†)	Series C			Series LD
Investment Income:
Interest	$	24,341		$	2,036
Dividends from Investments in Affiliates		3			9
Total Income		24,344			2,045
Expenses:
Interest expense		438			452
Miscellaneous expense		4			1
Total Expenses		442			453
Net Investment Income (Loss)		23,902			1,592
Net Realized Gain (Loss):
Investments in securities		37,431			254
Investments in Affiliates		18			(30	)
Exchange-traded or centrally cleared financial derivative instruments		(10,322	)		817
Over the counter financial derivative instruments		5,522			434
Short sales		0			(13	)
Foreign currency		1,039			(59	)
Net Realized Gain (Loss)		33,688			1,403
Net Change in Unrealized Appreciation (Depreciation):
Investments in securities		15,470			(729	)
Investments in Affiliates		0			0
Exchange-traded or centrally cleared financial derivative instruments		311			207
Over the counter financial derivative instruments		(2,356	)		49
Short sales		0			(2	)
Foreign currency assets and liabilities		1,107			(9	)
Net Change in Unrealized Appreciation (Depreciation)		14,532			(484	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	72,122		$	2,511

^†   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
$	29,486		$	490		$	1,558
	21			0			13
	29,507			490			1,571
	296			285			25
	7			1			0
	303			286			25
	29,204			204			1,546
	40,796			1,405			664
	38			0			(32	)
	3,214			(3,244	)		0
	(2,424	)		(18	)		0
	0			0			0
	(106	)		(13	)		0
	41,518			(1,870	)		632
	(17,173	)		10,980			83
	1			0			4
	(194	)		919			0
	417			184			0
	0			0			0
	229			40			0
	(16,720	)		12,123			87
$	54,002		$	10,457		$	2,265

SEMIANNUAL REPORT JUNE 30, 2020 29

Statements of Changes in Net Assets

	Series C						Series LD
(Amounts in thousands†)	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019			Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)	$	23,902		$	50,128		$	1,592		$	3,097
Net realized gain (loss)		33,688			22,792			1,403			(3,512	)
Net change in unrealized appreciation (depreciation)		14,532			42,299			(484	)		3,538
Net Increase (Decrease) in Net Assets Resulting from Operations		72,122			115,219			2,511			3,123
Distributions to Shareholders:
From net investment income and/or net realized capital gains		(25,086	)		(53,493	)		(1,339	)		(3,041	)
Total Distributions(a)		(25,086	)		(53,493	)		(1,339	)		(3,041	)
Portfolio Share Transactions:
Receipts for shares sold		208,276			389,629			19,732			22,859
Issued as reinvestment of distributions		0			0			0			0
Cost of shares redeemed		(199,677	)		(202,159	)		(11,364	)		(25,819	)
Net increase (decrease) resulting from Portfolio share transactions		8,599			187,470			8,368			(2,960	)
Total Increase (Decrease) in Net Assets		55,635			249,196			9,540			(2,878	)
Net Assets:
Beginning of period		1,434,199			1,185,003			79,806			82,684
End of period	$	1,489,834		$	1,434,199		$	89,346		$	79,806
Shares of Beneficial Interest:
Shares sold		19,969			37,932			2,119			2,416
Shares redeemed		(19,172	)		(19,623	)		(1,220	)		(2,723	)
Net increase (decrease) in shares outstanding		797			18,309			899			(307	)

^†  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, 2020 (Unaudited)			Year Ended December 31, 2019			Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019			Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019
$	29,204		$	60,891		$	204		$	3,625		$	1,546		$	3,138
	41,518			26,963			(1,870	)		1,475			632			382
	(16,720	)		19,494			12,123			8,282			87			3,308
	54,002			107,348			10,457			13,382			2,265			6,828
	(25,920	)		(65,625	)		(1,064	)		(3,319	)		(1,534	)		(3,116	)
	(25,920	)		(65,625	)		(1,064	)		(3,319	)		(1,534	)		(3,116	)
	229,587			357,879			16,456			38,254			12,147			8,488
	1			0			0			0			0			0
	(196,039	)		(198,536	)		(25,872	)		(33,303	)		(10,076	)		(7,298	)
	33,549			159,343			(9,416	)		4,951			2,071			1,190
	61,631			201,066			(23	)		15,014			2,802			4,902
	1,442,194			1,241,128			130,421			115,407			87,423			82,521
$	1,503,825		$	1,442,194		$	130,398		$	130,421		$	90,225		$	87,423
	22,172			34,276			1,708			4,216			1,183			829
	(18,948	)		(19,016	)		(2,681	)		(3,636	)		(993	)		(716	)
	3,224			15,260			(973	)		580			190			113

SEMIANNUAL REPORT JUNE 30, 2020 31

Statements of Cash Flows

Six Months Ended June 30, 2020 (Unaudited) (Amounts in thousands†)	Series LD			Series R
Cash Flows Provided by (Used for) Operating Activities:
Net increase (decrease) in net assets resulting from operations	$	2,511		$	10,457
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		(73,925	)		(280,327	)
Proceeds from sales of long-term securities		79,031			272,731
(Purchases) Proceeds from sales of short-term portfolio investments, net		3,338			630
(Increase) decrease in deposits with counterparty		(344	)		94
(Increase) decrease in receivable for investments sold		35,733			2,060
(Increase) decrease in interest and/or dividends receivable		172			62
Proceeds from (Payments on) exchange-traded or centrally cleared financial derivative instruments		1,050			(2,244	)
Proceeds from (Payments on) over the counter financial derivative instruments		447			(144	)
(Increase) decrease in reimbursement receivable from PIMCO		(1	)		(1	)
Increase (decrease) in payable for investments purchased		(5,654	)		4,473
Increase (decrease) in deposits from counterparty		250			(2,043	)
Proceeds from (Payments on) short sales transactions, net		(947	)		0
Proceeds from (Payments on) foreign currency transactions		(68	)		27
Net Realized (Gain) Loss
Investments in securities		(254	)		(1,405	)
Investments in Affiliates		30			0
Exchange-traded or centrally cleared financial derivative instruments		(817	)		3,244
Over the counter financial derivative instruments		(434	)		18
Short sales		13			0
Foreign currency		59			13
Net Change in Unrealized (Appreciation) Depreciation
Investments in securities		729			(10,980	)
Exchange-traded or centrally cleared financial derivative instruments		(207	)		(919	)
Over the counter financial derivative instruments		(49	)		(184	)
Short sales		2			0
Foreign currency assets and liabilities		9			(40	)
Net amortization (accretion) on investments		197			132
Net cash provided by (used for) operating activities		40,871			(4,346	)
Cash Flows Received from (Used for) Financing Activities:
Proceeds from shares sold		19,889			16,367
Payments on shares redeemed		(11,360	)		(25,872	)
Cash distributions paid		(1,380	)		(1,470	)
Proceeds from reverse repurchase agreements		380,109			12,080
Payments on reverse repurchase agreements		(420,965	)		(23,872	)
Proceeds from sale-buyback transactions		104,893			434,925
Payments on sale-buyback transactions		(110,030)			(407,526)
Net cash received from (used for) financing activities		(38,844	)		4,632
Net Increase (Decrease) in Cash and Foreign Currency		2,027			286
Cash and Foreign Currency:
Beginning of period		150			772
End of period	$	2,177		$	1,058
Supplemental Disclosure of Cash Flow Information:
Interest expense paid during the period	$	520		$	271

^†   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, 2020

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

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 137.7%
LOAN PARTICIPATIONS AND ASSIGNMENTS 1.8%
Castlelake Aircraft Securitization Trust
3.967% due 07/15/2042	$		6,217	$		5,615
PG&E Corp.
2.440% (LIBOR03M + 2.250%) due 12/31/2020 ~			6,000			5,981
State of Qatar
1.156% (LIBOR03M + 0.800%) due 12/21/2020 «~			3,050			3,050
2.571% (LIBOR03M + 0.800%) due 12/21/2020 «~			3,050			3,050
State of Rio de Janeiro
6.024% (LIBOR03M + 3.250%) due 12/20/2020 «~			3,900			3,921
Zephyrus Capital Aviation Partners LLC
4.605% due 10/15/2038			5,557			5,100
Total Loan Participations and Assignments (Cost $27,685)						26,717
CORPORATE BONDS & NOTES 48.8%
BANKING & FINANCE 34.6%
ABN AMRO Bank NV
4.800% due 04/18/2026			2,400			2,697
Air Lease Corp.
3.000% due 09/15/2023			3,150			3,109
American Tower Corp.
3.500% due 01/31/2023			3,375			3,609
4.700% due 03/15/2022			1,600			1,711
Ares Finance Co. LLC
3.250% due 06/15/2030			4,950			5,054
Aviation Capital Group LLC
3.500% due 11/01/2027			1,300			1,072
Bank of America Corp.
3.419% due 12/20/2028 •			25,728			28,671
Barclays Bank PLC
7.625% due 11/21/2022 (d)			12,100			13,181
Barclays PLC
4.375% due 01/12/2026			1,500			1,695
BNP Paribas S.A.
4.400% due 08/14/2028			14,700			16,965
4.705% due 01/10/2025 •			8,000			8,863
BPCE S.A.
5.150% due 07/21/2024			1,000			1,117
Carlyle Finance Subsidiary LLC
3.500% due 09/19/2029			4,000			4,152
Charles Schwab Corp.
5.375% due 06/01/2025 •(c)			1,000			1,071
CIT Group, Inc.
4.750% due 02/16/2024			5,400			5,486

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Cooperatieve Rabobank UA
4.375% due 08/04/2025	$		6,300	$		7,113
Credit Agricole S.A.
7.500% due 06/23/2026 •(c)(d)	GBP		100			135
Credit Suisse AG
5.750% due 09/18/2025 •(d)	EUR		500			566
6.500% due 08/08/2023 (d)	$		7,466			8,184
Credit Suisse Group AG
2.193% due 06/05/2026 •			1,550			1,571
7.500% due 07/17/2023 •(c)(d)			10,000			10,396
Credit Suisse Group Funding Guernsey Ltd.
3.800% due 09/15/2022			400			425
Crown Castle International Corp.
4.300% due 02/15/2029			3,000			3,483
5.250% due 01/15/2023			4,000			4,453
Deutsche Bank AG
3.961% due 11/26/2025 •			9,000			9,451
4.250% due 10/14/2021			16,975			17,426
Discover Financial Services
4.500% due 01/30/2026			7,000			7,855
Doric Nimrod Air Finance Alpha Ltd. Pass-Through Trust
5.125% due 11/30/2024			3,882			3,595
EPR Properties
3.750% due 08/15/2029			10,200			8,902
First American Financial Corp.
4.000% due 05/15/2030			3,850			4,229
FleetBoston Financial Corp.
6.875% due 01/15/2028			2,120			2,681
Ford Motor Credit Co. LLC
3.096% due 05/04/2023			1,000			951
3.550% due 10/07/2022			5,000			4,873
3.810% due 01/09/2024			2,000			1,928
4.375% due 08/06/2023			7,000			6,894
5.584% due 03/18/2024			400			405
5.875% due 08/02/2021			1,000			1,012
General Motors Financial Co., Inc.
4.250% due 05/15/2023			23,220			24,266
GLP Capital LP
4.000% due 01/15/2030			2,278			2,270
5.250% due 06/01/2025			2,350			2,563
5.300% due 01/15/2029			3,150			3,418
Goldman Sachs Group, Inc.
3.850% due 01/26/2027			25,000			28,222
4.000% due 03/03/2024			16,700			18,463
Goodman U.S. Finance Three LLC
3.700% due 03/15/2028			3,200			3,464
Harborwalk Funding Trust
5.077% due 02/15/2069 •			4,500			5,515
HSBC Holdings PLC
4.583% due 06/19/2029 •			4,000			4,624
5.875% due 09/28/2026 •(c)(d)	GBP		11,600			14,123
6.375% due 09/17/2024 •(c)(d)	$		1,200			1,211

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2020 33

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

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
ING Groep NV
4.625% due 01/06/2026	$		5,000	$		5,867
Intesa Sanpaolo SpA
3.375% due 01/12/2023			10,400			10,704
Karntner Ausgleichszahlungs-Fonds
0.000% due 01/01/2023 «	EUR		1,402			112
Lloyds Banking Group PLC
7.500% due 09/27/2025 •(c)(d)	$		7,100			7,371
Loews Corp.
3.200% due 05/15/2030			3,000			3,263
Morgan Stanley
3.591% due 07/22/2028 •			12,000			13,513
3.700% due 10/23/2024			10,000			11,098
4.000% due 07/23/2025			6,900			7,829
7.500% due 04/02/2032 þ(e)			7,000			6,082
MPT Operating Partnership LP
3.692% due 06/05/2028	GBP		1,600			1,995
Navient Corp.
5.875% due 03/25/2021	$		5,255			5,178
7.250% due 01/25/2022			12,700			12,760
New York Life Insurance Co.
4.450% due 05/15/2069			7,000			8,577
Nissan Motor Acceptance Corp.
3.875% due 09/21/2023			1,600			1,604
Nordea Bank Abp
6.625% due 03/26/2026 •(c)(d)			5,000			5,341
Park Aerospace Holdings Ltd.
5.500% due 02/15/2024			7,700			7,050
Piper Jaffray Cos.
4.740% due 10/15/2021			4,000			3,910
Royal Bank of Scotland Group PLC
7.500% due 08/10/2020 •(c)(d)			1,800			1,807
8.625% due 08/15/2021 •(c)(d)			17,400			18,130
Santander UK Group Holdings PLC
2.875% due 08/05/2021			3,100			3,174
SLM Student Loan Trust
0.754% (BP0003M + 0.550%) due 12/15/2039 ~	GBP		7,810			9,062
Springleaf Finance Corp.
6.125% due 05/15/2022	$		7,700			7,866
Synchrony Financial
3.950% due 12/01/2027			1,100			1,150
Teachers Insurance & Annuity Association of America
3.300% due 05/15/2050			6,500			6,715
Tesco Property Finance PLC
5.411% due 07/13/2044	GBP		379			623
5.744% due 04/13/2040			1,060			1,766
5.801% due 10/13/2040			6,907			11,629
Truist Financial Corp.
5.100% due 03/01/2030 •(c)	$		4,000			4,140

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
UBS AG
4.750% due 02/12/2026 •(d)	EUR		400	$		459
7.625% due 08/17/2022 (d)	$		6,000			6,694
Wells Fargo & Co.
3.196% due 06/17/2027 •			4,600			4,990
3.450% due 02/13/2023			5,400			5,741
4.150% due 01/24/2029			5,400			6,340
						515,660
INDUSTRIALS 12.8%
Alaska Airlines Class A Pass-Through Trust
4.800% due 02/15/2029 (a)			3,400			3,459
Ashtead Capital, Inc.
4.250% due 11/01/2029			1,600			1,604
Bacardi Ltd.
4.450% due 05/15/2025			6,300			6,897
Bayer U.S. Finance LLC
4.375% due 12/15/2028			6,900			8,068
Bon Secours Mercy Health, Inc.
3.464% due 06/01/2030			6,000			6,639
Cameron LNG LLC
2.902% due 07/15/2031			5,100			5,466
Charter Communications Operating LLC
4.908% due 07/23/2025			800			918
5.125% due 07/01/2049			2,000			2,313
Citrix Systems, Inc.
3.300% due 03/01/2030			2,350			2,517
Continental Airlines Pass-Through Trust
4.000% due 04/29/2026			1,619			1,480
4.150% due 10/11/2025			131			123
CVS Health Corp.
4.100% due 03/25/2025			2,850			3,224
4.300% due 03/25/2028			10,000			11,699
DAE Funding LLC
5.250% due 11/15/2021			6,300			6,205
Dell International LLC
6.020% due 06/15/2026			2,200			2,524
Ecopetrol S.A.
5.875% due 09/18/2023			3,400			3,650
EQM Midstream Partners LP
4.125% due 12/01/2026			800			729
Equifax, Inc.
1.262% (US0003M + 0.870%) due 08/15/2021 ~			4,050			4,045
Ferguson Finance PLC
3.250% due 06/02/2030			2,500			2,566
Ford Foundation
2.815% due 06/01/2070			8,100			8,429
Global Payments, Inc.
2.650% due 02/15/2025			5,800			6,164

34 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

June 30, 2020

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Huntsman International LLC
4.500% due 05/01/2029	$		1,700	$		1,791
Kansas City Southern
4.200% due 11/15/2069			4,600			5,193
Kinder Morgan Energy Partners LP
3.500% due 03/01/2021			300			304
3.950% due 09/01/2022			1,000			1,055
Kraft Heinz Foods Co.
3.000% due 06/01/2026			2,600			2,630
Las Vegas Sands Corp.
3.200% due 08/08/2024			2,600			2,590
3.500% due 08/18/2026			5,000			4,990
Latam Airlines Pass-Through Trust
4.200% due 08/15/2029			3,175			2,747
Magellan Health, Inc.
4.900% due 09/22/2024			8,500			8,672
Marvell Technology Group Ltd.
4.875% due 06/22/2028			6,050			7,286
Northwest Airlines Pass-Through Trust
7.041% due 10/01/2023			857			816
ONEOK Partners LP
3.375% due 10/01/2022			2,000			2,072
Ooredoo International Finance Ltd.
5.000% due 10/19/2025			4,500			5,157
Oracle Corp.
3.600% due 04/01/2040			8,700			9,910
Petronas Capital Ltd.
4.550% due 04/21/2050			3,500			4,456
Sands China Ltd.
4.600% due 08/08/2023			15,400			16,252
Syngenta Finance NV
4.441% due 04/24/2023			2,500			2,626
Tennessee Gas Pipeline Co. LLC
2.900% due 03/01/2030			3,800			3,901
Total Capital International S.A.
3.386% due 06/29/2060			3,700			3,821
Trustees of the University of Pennsylvania
3.610% due 02/15/2119			6,500			7,589
U.S. Airways Pass-Through Trust
3.950% due 05/15/2027			678			562
United Airlines Pass-Through Trust
2.700% due 11/01/2033			2,400			2,179
2.875% due 04/07/2030			1,736			1,626
4.000% due 10/11/2027			507			466
Volkswagen Group of America Finance LLC
3.750% due 05/13/2030			1,300			1,441
Westinghouse Air Brake Technologies Corp.
4.950% due 09/15/2028			1,400			1,560
						190,411

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
UTILITIES 1.4%
AT&T, Inc.
3.400% due 05/15/2025	$		1,800	$		1,981
3.650% due 06/01/2051			10,000			10,480
Odebrecht Drilling Norbe Ltd.
6.350% due 12/01/2021 ^			750			643
ONEOK, Inc.
2.750% due 09/01/2024			2,000			2,016
Pacific Gas & Electric Co.
3.500% due 06/15/2025 ^(b)			1,200			1,327
Vodafone Group PLC
3.750% due 01/16/2024			4,150			4,535
						20,982
Total Corporate Bonds & Notes (Cost $687,183)						727,053
MUNICIPAL BONDS & NOTES 2.3%
CALIFORNIA 0.3%
University of California Revenue Bonds, Series 2012
4.858% due 05/15/2112			2,995			4,174
ILLINOIS 0.1%
Chicago, Illinois General Obligation Bonds, Series 2008
5.630% due 01/01/2022			95			96
Chicago, Illinois General Obligation Bonds, Series 2015
7.750% due 01/01/2042			114			123
Illinois State General Obligation Bonds, (BABs), Series 2010
7.350% due 07/01/2035			1,095			1,244
						1,463
NEW JERSEY 0.4%
Rutgers The State University of New Jersey Revenue Bonds, Series 2019
3.915% due 05/01/2119			5,000			6,119
NEW YORK 0.8%
Port Authority of New York & New Jersey Revenue Bonds, Series 2019
3.287% due 08/01/2069			11,700			12,446
TEXAS 0.3%
Texas Public Finance Authority Revenue Notes, Series 2014
8.250% due 07/01/2024			4,220			4,236

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2020 35

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

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
VIRGINIA 0.4%
University of Virginia Revenue Bonds, Series 2019
3.227% due 09/01/2119	$		5,500	$		5,872
Total Municipal Bonds & Notes (Cost $31,460)						34,310
U.S. GOVERNMENT AGENCIES 36.1%
Freddie Mac
6.500% due 01/01/2038 - 10/01/2038			37			41
Ginnie Mae
3.000% (H15T1Y + 1.500%) due 01/20/2022 ~			1			1
Ginnie Mae, TBA
3.500% due 08/01/2050			154,000			162,494
Uniform Mortgage-Backed Security
4.000% due 09/01/2048 - 01/01/2049			33,443			35,423
4.500% due 08/01/2039 - 11/01/2041			191			213
Uniform Mortgage-Backed Security, TBA
2.500% due 08/01/2050 - 09/01/2050			102,100			106,098
3.000% due 07/01/2035 - 09/01/2050			155,500			163,250
3.500% due 07/01/2035			52,400			55,055
4.000% due 07/01/2050			14,500			15,365
Total U.S. Government Agencies (Cost $537,263)						537,940
U.S. TREASURY OBLIGATIONS 16.7%
U.S. Treasury Bonds
1.250% due 05/15/2050			15,000			14,405
2.250% due 08/15/2049 (g)(i)(k)			22,600			27,176
2.375% due 11/15/2049 (g)			39,700			49,023
3.000% due 02/15/2049 (g)(k)			33,000			45,547
U.S. Treasury Notes
0.625% due 05/15/2030 (g)			72,600			72,390
1.500% due 01/31/2027 (i)(k)			6,669			7,121
1.500% due 02/15/2030			30,800			33,297
Total U.S. Treasury Obligations (Cost $224,441)						248,959
NON-AGENCY MORTGAGE-BACKED SECURITIES 6.2%
Banc of America Funding Trust
4.185% due 01/20/2047 ^~			40			38
Bear Stearns Adjustable Rate Mortgage Trust
3.118% due 05/25/2034 ~			22			19
3.937% due 10/25/2033 ~			16			15

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Bear Stearns ALT-A Trust
3.545% due 02/25/2036 ^~	$		476	$		391
Cascade Funding Mortgage Trust
4.000% due 10/25/2068 ~			2,381			2,490
Citigroup Mortgage Loan Trust
3.258% due 04/25/2066 ~			8,131			8,189
Citigroup Mortgage Loan Trust, Inc.
2.290% due 09/25/2035 •			52			51
3.840% due 09/25/2035 •			74			75
Countrywide Alternative Loan Trust
0.385% due 05/25/2036 •			45			37
6.000% due 08/25/2034			5,710			6,000
Countrywide Home Loan Mortgage Pass-Through Trust
0.825% due 03/25/2035 •			81			69
3.427% due 08/25/2034 ^~			8			7
Credit Suisse First Boston Mortgage-Backed Pass-Through Certificates
3.303% due 07/25/2033 ~			3			3
Credit Suisse Mortgage Capital Certificates
3.522% due 08/26/2058			4,988			5,143
Credit Suisse Mortgage Capital Trust
3.092% due 10/27/2059 ~			8,468			8,787
3.322% due 10/25/2058 ~			8,867			9,084
Downey Savings & Loan Association Mortgage Loan Trust
0.454% due 08/19/2045 •			569			524
3.773% due 07/19/2044 ~			352			331
Eurosail PLC
1.143% due 06/13/2045 •	GBP		1,847			2,265
Finsbury Square PLC
1.023% due 03/16/2070 •			7,947			9,788
GreenPoint Mortgage Funding Trust
0.645% due 06/25/2045 •	$		1,150			940
GreenPoint Mortgage Funding Trust Pass-Through Certificates
4.200% due 10/25/2033 ~			2			2
GSR Mortgage Loan Trust
2.930% due 03/25/2033 •			19			18
4.065% due 09/25/2035 ~			95			94
4.121% due 09/25/2035 ~			151			151
HarborView Mortgage Loan Trust
0.384% due 01/19/2038 •			123			109
0.530% due 06/20/2035 •			192			192
HomeBanc Mortgage Trust
0.445% due 01/25/2036 •			617			586
3.239% due 04/25/2037 ^~			32			31
JPMorgan Mortgage Trust
3.192% due 07/25/2035 ~			100			100
3.221% due 11/25/2033 ~			14			14
3.774% due 02/25/2035 ~			13			13
3.968% due 07/25/2035 ~			213			207

36 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

June 30, 2020

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Morgan Stanley Capital Trust
2.508% due 04/05/2042 ~	$		5,000	$		5,093
Morgan Stanley Mortgage Loan Trust
3.634% due 08/25/2034 ~			933			914
RBSSP Resecuritization Trust
0.674% due 04/26/2037 •			608			601
Residential Accredit Loans, Inc. Trust
0.395% due 04/25/2046 •			823			319
Structured Adjustable Rate Mortgage Loan Trust
3.765% due 02/25/2034 ~			27			26
Structured Asset Mortgage Investments Trust
0.805% due 09/25/2045 •			439			413
Towd Point Mortgage Funding
1.392% due 07/20/2045 •	GBP		13,191			16,303
Uropa Securities PLC
0.402% due 06/10/2059 •			6,549			7,725
0.552% due 06/10/2059 •			1,596			1,805
0.752% due 06/10/2059 •			1,249			1,445
0.952% due 06/10/2059 •			1,330			1,508
WaMu Mortgage Pass-Through Certificates Trust
0.495% due 01/25/2045 •	$		57			54
0.925% due 11/25/2034 •			638			616
2.504% due 02/25/2046 •			459			438
Total Non-Agency Mortgage-Backed Securities (Cost $92,622)						93,023
ASSET-BACKED SECURITIES 21.8%
ACE Securities Corp. Home Equity Loan Trust
0.965% due 04/25/2034 •			340			328
ALME Loan Funding DAC
0.750% due 01/15/2031 •	EUR		8,500			9,423
Ameriquest Mortgage Securities Trust
0.575% due 03/25/2036 •	$		69			68
Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates
1.100% due 01/25/2035 •			4,558			4,451
Anchorage Capital CLO Ltd.
2.589% due 07/15/2032 •			4,200			4,155
Atrium Corp.
1.928% due 04/22/2027 •			5,604			5,514
Aurium CLO DAC
0.670% due 04/16/2030 •	EUR		6,850			7,630
Bear Stearns Asset-Backed Securities Trust
0.385% due 12/25/2036 •	$		526			526
0.675% due 09/25/2035 •			6,614			6,567
1.185% due 10/25/2037 •			121			121
Cairn CLO BV
0.670% due 01/31/2030 •	EUR		5,550			6,128
Centex Home Equity Loan Trust
0.825% due 10/25/2035 •	$		4,279			3,948

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Citigroup Mortgage Loan Trust Asset-Backed Pass-Through Certificates
1.115% due 05/25/2035 •	$		3,499	$		3,439
CLNC FL1 Ltd.
1.444% due 08/20/2035 •			15,000			14,644
Conseco Finance Corp.
6.220% due 03/01/2030			26			27
6.530% due 02/01/2031 ~			1,641			1,598
Crown Point CLO Ltd.
2.305% due 10/20/2028 •			9,163			9,047
Denali Capital CLO LLC
2.041% due 10/26/2027 •			22,470			22,236
Dryden Senior Loan Fund
2.119% due 10/15/2027 •			8,081			8,012
ECAF Ltd.
3.473% due 06/15/2040			238			217
4.947% due 06/15/2040			392			340
ECMC Group Student Loan Trust
0.935% due 02/27/2068 •			6,708			6,525
Evans Grove CLO Ltd.
1.291% due 05/28/2028 •			6,742			6,654
First Franklin Mortgage Loan Trust
0.920% due 09/25/2035 •			147			148
First NLC Trust
0.890% due 12/25/2035 •			295			292
Gallatin CLO Ltd.
2.269% (US0003M + 1.050%) due 07/15/2027 ~			13,426			13,279
Harvest CLO DAC
0.630% due 11/18/2029 •	EUR		1,972			2,196
Jamestown CLO Ltd.
2.355% due 01/17/2027 •	$		5,759			5,718
Jubilee CLO BV
0.442% due 12/15/2029 •	EUR		12,850			14,359
Loomis Sayles CLO Ltd.
2.119% due 04/15/2028 •	$		13,901			13,544
M360 Advisors LLC
4.395% due 07/24/2028			2,192			2,191
MACH Cayman Ltd.
3.474% due 10/15/2039			2,370			1,993
Merrill Lynch Mortgage Investors Trust
0.305% due 02/25/2037 •			165			63
METAL LLC
4.581% due 10/15/2042			1,981			1,475
Morgan Stanley ABS Capital, Inc. Trust
0.830% due 09/25/2035 •			253			251
1.085% due 07/25/2034 •			6,065			5,852
1.435% due 07/25/2037 •			7,000			5,942
Morgan Stanley Mortgage Loan Trust
0.545% due 04/25/2037 •			113			54

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2020 37

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

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Mountain View CLO Ltd.
2.019% due 10/15/2026 •	$		3,466	$		3,421
Navient Student Loan Trust
1.235% due 12/27/2066 •			13,673			13,274
Nomura Home Equity Loan, Inc. Home Equity Loan Trust
1.070% due 09/25/2035 •			1,000			1,004
OCP CLO Ltd.
2.019% due 07/15/2027 •			1,860			1,848
Residential Asset Securities Corp. Trust
0.825% due 08/25/2035 •			6,189			5,960
S-Jets Ltd.
3.967% due 08/15/2042			4,881			4,367
SLM Student Loan Trust
0.754% due 03/15/2038 •	GBP		18,419			21,831
Stanwich Mortgage Loan Co. LLC
3.375% due 08/15/2024 þ	$		4,433			4,473
Structured Asset Investment Loan Trust
0.890% due 03/25/2034 •			2,645			2,536
Structured Asset Securities Corp. Mortgage Loan Trust
0.525% due 02/25/2036 •			86			86
0.860% due 11/25/2035 •			268			268
Symphony CLO Ltd.
2.099% due 04/15/2028 •			9,600			9,516
Telos CLO Ltd.
2.085% due 04/17/2028 •			2,918			2,883
TICP CLO Ltd.
1.975% due 04/20/2028 •			12,450			12,271
Toro European CLO DAC
0.650% due 04/15/2030 •	EUR		6,080			6,745
Towd Point Mortgage Trust
1.185% due 10/25/2059 •	$		10,989			10,960
Venture CLO Ltd.
2.099% due 04/15/2027 •			22,823			22,425
2.365% due 04/20/2029 •			9,300			9,160
WAVE LLC
3.597% due 09/15/2044			2,389			2,204
Wells Fargo Home Equity Asset-Backed Securities Trust
1.235% due 10/25/2034 •			160			158
Total Asset-Backed Securities (Cost $330,724)						324,345
		SHARES
PREFERRED SECURITIES 3.7%
BANKING & FINANCE 3.2%
Banco Santander S.A.
6.250% due 09/11/2021 •(c)(d)			400,000			431

	SHARES			MARKET VALUE (000S)
Bank of America Corp.
5.875% due 03/15/2028 •(c)		6,700,000	$		6,858
Charles Schwab Corp.
4.625% due 03/01/2022 •(c)		4,503,000			4,245
5.000% due 12/01/2027 •(c)		5,000,000			4,930
JPMorgan Chase & Co.
4.230% (US0003M + 3.470%) due 07/30/2020 ~(c)		15,109,000			13,783
5.000% due 08/01/2024 •(c)		3,600,000			3,466
MetLife Capital Trust
7.875% due 12/15/2067		600,000			761
State Street Corp.
5.625% due 12/15/2023 •(c)		14,000,000			13,596
					48,070
INDUSTRIALS 0.5%
General Electric Co.
5.000% due 01/21/2021 •(c)		9,000,000			7,080
Total Preferred Securities (Cost $58,678)					55,150
SHORT-TERM INSTRUMENTS 0.3%
REPURCHASE AGREEMENTS (f) 0.3%
					3,783
Total Short-Term Instruments (Cost $3,783)					3,783
Total Investments in Securities (Cost $1,993,839)					2,051,280
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		10,519			104
Total Short-Term Instruments (Cost $103)					104
Total Investments in Affiliates (Cost $103)					104

38 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

June 30, 2020

		MARKET VALUE (000S)
Total Investments 137.7% (Cost $1,993,942)	$		2,051,384
Financial Derivative Instruments (h)(j) (0.2)% (Cost or Premiums, net $(1,185))			(2,918	)
Other Assets and Liabilities, net (37.5)%			(558,632	)
Net Assets 100.0%	$		1,489,834

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) When-issued security.

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

(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
Morgan Stanley		7.500	%		04/02/2032		02/11/2020	$	5,958	$	6,082		0.41	%

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(f)  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	%		06/30/2020		07/01/2020	$	3,783	U.S. Treasury Inflation Protected Securities 0.125% due 04/15/2022	$	(3,859	)	$	3,783	$	3,783
Total Repurchase Agreements											$	(3,859	)	$	3,783	$	3,783

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2020 39

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

REVERSE REPURCHASE AGREEMENTS:

Counterparty	Borrowing Rate(1)			Settlement Date		Maturity Date		Amount Borrowed(1)			Payable for Reverse Repurchase Agreements
BSN		0.240	%		04/13/2020		07/13/2020	$	(17,174	)	$	(17,183	)
GRE		0.230			04/13/2020		07/13/2020		(8,653	)		(8,657	)
Total Reverse Repurchase Agreements											$	(25,840	)

SALE-BUYBACK TRANSACTIONS:

Counterparty	Borrowing Rate(1)			Borrowing Date		Maturity Date		Amount Borrowed(1)			Payable for Sale-Buyback Transactions
GSC		0.030	%		06/18/2020		07/02/2020	$	(21,933	)	$	(21,933	)
		0.050			06/30/2020		07/06/2020		(15,002	)		(15,002	)
UBS		0.200			05/08/2020		07/08/2020		(2,955	)		(2,956	)
Total Sale-Buyback Transactions											$	(39,891	)

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, 2020:

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	$	(17,183	)	$	0		$	(17,183	)	$	16,977		$	(206	)
DEU		0		0			0			0			(85	)		(85	)
FICC		3,783		0			0			3,783			(3,859	)		(76	)
GRE		0		(8,657	)		0			(8,657)			8,537			(120)
Master Securities Forward Transaction Agreement
GSC		0		0			(36,935	)		(36,935	)		36,993			58
UBS		0		0			(2,956	)		(2,956	)		2,964			8
Total Borrowings and Other Financing Transactions	$	3,783	$	(25,840	)	$	(39,891	)

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	$	(25,840	)	$	0	$	0	$	(25,840	)
Total	$	0	$	(25,840	)	$	0	$	0	$	(25,840	)

40 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

June 30, 2020

	Overnight and Continuous		Up to 30 days			31-90 days		Greater Than 90 days		Total
Sale-Buyback Transactions
U.S. Treasury Obligations	$	0	$	(39,891	)	$	0	$	0	$	(39,891	)
Total	$	0	$	(39,891	)	$	0	$	0	$	(39,891	)
Total Borrowings	$	0	$	(65,731	)	$	0	$	0	$	(65,731	)
Payable for reverse repurchase agreements and sale-buyback financing transactions										$	(65,731	)

(g) Securities with an aggregate market value of $65,470 have been pledged as collateral under the terms of the above master agreements as of June 30, 2020.

⁽¹⁾ The average amount of borrowings outstanding during the period ended June 30, 2020 was $(81,982) at a weighted average interest rate of 0.828%. 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.

(h)  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		09/2020		172	$	(34,111	)	$	(310	)	$	35	$	0
United Kingdom Long Gilt September Futures		09/2020		299		(50,994	)		38			59		(82	)
Total Futures Contracts								$	(272	)	$	94	$	(82	)

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, 2020(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		1.145	%	$	3,700	$	(140	)	$	115		$	(25	)	$	3	$	0
General Electric Co.		1.000		Quarterly		12/20/2023		1.476			5,800		(201	)		109			(92	)		15		0
General Electric Co.		1.000		Quarterly		06/20/2024		1.557			3,400		(6	)		(66	)		(72	)		14		0
General Electric Co.		1.000		Quarterly		12/20/2024		1.682			1,800		(29	)		(23	)		(52	)		8		0
Total Swap Agreements												$	(376	)	$	135		$	(241	)	$	40	$	0

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2020 41

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, 2020:

	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	$	94	$	40	$	134	$	0	$	(82	)	$	0	$	(82	)

(i) Securities with an aggregate market value of $11,834 and cash of $1,535 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 2020. 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.

(j)  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		07/2020	$		167		ZAR	3,171	$	16	$	0
		09/2020			730		TWD	21,567		1		0
BPS		07/2020		RUB	1,517	$		22		0		0
CBK		07/2020		COP	2,774,539			771		34		0
		07/2020	$		1,231		CAD	1,687		12		0
		08/2020		RUB	2,235	$		33		1		0
		09/2020	$		174		KRW	214,768		4		0
GLM		07/2020		MXN	11,314	$		454		0		(37	)
		07/2020		RUB	2,202			30		0		(1	)
		08/2020			1,941			28		1		0
HUS		08/2020		GBP	79,662			97,692		0		(1,039	)
		09/2020	$		179		PLN	703		0		(1	)

42 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

June 30, 2020

Counterparty	Settlement Month		Currency to be Delivered			Currency to be Received			Unrealized Appreciation/ (Depreciation)
									Asset		Liability
JPM		07/2020		GBP	80,641	$		99,179	$	0	$	(743	)
		07/2020	$		1,220		GBP	979		0		(7	)
MYI		07/2020			228		JPY	24,408		0		(2	)
		08/2020		JPY	24,408	$		228		2		0
		09/2020		IDR	9,301,734			613		0		(32	)
		09/2020	$		229		PLN	899		0		(1	)
SCX		07/2020		EUR	43,471	$		48,384		0		(456	)
		08/2020			43,471			48,859		0		(16	)
		09/2020		INR	10,373			135		0		(1	)
TOR		07/2020		JPY	76,687			712		2		0
		07/2020	$		148		JPY	15,801		0		(1	)
		08/2020		JPY	15,801	$		148		1		0
UAG		07/2020		RUB	3,364			45		0		(2	)
		07/2020	$		341		JPY	36,477		0		(3	)
		08/2020		JPY	36,477	$		341		4		0
Total Forward Foreign Currency Contracts									$	78	$	(2,342	)

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	Call - OTC CDX.IG-34 5-Year Index	Buy		0.550	%		09/16/2020	$	20,000	$	(14	)	$	(10	)
	Put - OTC CDX.IG-34 5-Year Index	Sell		1.100			09/16/2020		20,000		(40	)		(44	)
Total Written Options										$	(54	)	$	(54	)

SWAP AGREEMENTS:

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

Counterparty	Reference Entity	Fixed (Pay) Rate	Payment Frequency	Maturity Date		Implied Credit Spread at June 30, 2020(4)			Notional Amount(5)		Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)			Swap Agreements, at  Value(6)
																	Asset		Liability
GST	UBS AG	(1.000)%	Quarterly		09/20/2022		0.622	%	$	2,800	$	(16	)	$	(8	)	$	0	$	(24	)

CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION⁽³⁾

Counterparty	Reference Entity	Fixed Receive Rate			Payment Frequency	Maturity Date		Implied Credit Spread at June 30, 2020(4)			Notional Amount(5)		Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)			Swap Agreements, at  Value(6)
																			Asset		Liability
BPS	Brazil Government International Bond		1.000	%	Quarterly		06/20/2022		1.522	%	$	9,250	$	(645	)	$	553		$	0	$	(92	)
BRC	Springleaf Finance Corp.		5.000		Quarterly		06/20/2022		3.169			800		66			(37	)		29		0
CBK	Brazil Government International Bond		1.000		Quarterly		12/20/2024		2.401			3,000		(52	)		(126	)		0		(178	)
GST	Brazil Government International Bond		1.000		Quarterly		06/20/2024		2.243			200		(7	)		(3	)		0		(10	)
	Brazil Government International Bond		1.000		Quarterly		12/20/2024		2.401			2,200		(34	)		(97	)		0		(131	)

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2020 43

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

Counterparty	Reference Entity	Fixed Receive Rate			Payment Frequency	Maturity Date		Implied Credit Spread at June 30, 2020(4)			Notional Amount(5)		Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)			Swap Agreements, at Value(6)
																			Asset		Liability
	Mexico Government International Bond		1.000	%	Quarterly		06/20/2023		1.059	%	$	2,300	$	(21	)	$	18		$	0	$	(3	)
	Mexico Government International Bond		1.000		Quarterly		12/20/2024		1.444			1,700		(14	)		(19	)		0		(33	)
	Springleaf Finance Corp.		5.000		Quarterly		06/20/2022		3.169			500		43			(25	)		18		0
MYC	Mexico Government International Bond		1.000		Quarterly		12/20/2024		1.444			11,900		(75	)		(153	)		0		(228	)
													$	(739	)	$	111		$	47	$	(675	)
Total Swap Agreements													$	(755	)	$	103		$	47	$	(699	)

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 as of June 30, 2020:

	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		Net Exposure(7)
BOA	$	17	$	0	$	0	$	17	$	0		$	(54	)	$	0		$	(54	)	$	(37	)	$	0	$	(37	)
BPS		0		0		0		0		0			0			(92	)		(92	)		(92	)		104		12
BRC		0		0		29		29		0			0			0			0			29			0		29
CBK		51		0		0		51		0			0			(178	)		(178	)		(127	)		0		(127	)
GLM		1		0		0		1		(38	)		0			0			(38	)		(37	)		0		(37	)
GST		0		0		18		18		0			0			(201	)		(201	)		(183	)		102		(81	)
HUS		0		0		0		0		(1,040	)		0			0			(1,040	)		(1,040	)		0		(1,040	)
JPM		0		0		0		0		(750	)		0			0			(750	)		(750	)		0		(750	)
MYC		0		0		0		0		0			0			(228	)		(228	)		(228	)		192		(36	)
MYI		2		0		0		2		(35	)		0			0			(35	)		(33	)		36		3
SCX		0		0		0		0		(473	)		0			0			(473	)		(473	)		357		(116	)
TOR		3		0		0		3		(1	)		0			0			(1	)		2			0		2
UAG		4		0		0		4		(5	)		0			0			(5	)		(1	)		0		(1	)
Total Over the Counter	$	78	$	0	$	47	$	125	$	(2,342	)	$	(54	)	$	(699	)	$	(3,095	)

(k) Securities with an aggregate market value of $791 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of June 30, 2020.

⁽¹⁾ Notional Amount represents the number of contracts.

⁽²⁾ 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.

⁽³⁾ 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.

⁽⁴⁾ 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

44 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

June 30, 2020

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.

⁽⁵⁾ 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.

⁽⁶⁾ 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.

⁽⁷⁾ 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 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, 2020:

	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	$	94	$	94
Swap Agreements		0		40		0		0		0		40
	$	0	$	40	$	0	$	0	$	94	$	134
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	78	$	0	$	78
Swap Agreements		0		47		0		0		0		47
	$	0	$	47	$	0	$	78	$	0	$	125
	$	0	$	87	$	0	$	78	$	94	$	259
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	0	$	0	$	82	$	82
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	2,342	$	0	$	2,342
Written Options		0		54		0		0		0		54
Swap Agreements		0		699		0		0		0		699
	$	0	$	753	$	0	$	2,342	$	0	$	3,095
	$	0	$	753	$	0	$	2,342	$	82	$	3,177

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2020 45

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

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2020:

	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		$	(5,895	)	$	(5,895	)
Swap Agreements		0		(4,003	)		0		0			(424	)		(4,427	)
	$	0	$	(4,003	)	$	0	$	0		$	(6,319	)	$	(10,322	)
Over the counter
Forward Foreign Currency Contracts	$	0	$	0		$	0	$	4,680		$	0		$	4,680
Purchased Options		0		0			0		0			(21	)		(21	)
Written Options		0		295			0		0			0			295
Swap Agreements		0		568			0		0			0			568
	$	0	$	863		$	0	$	4,680		$	(21	)	$	5,522
	$	0	$	(3,140	)	$	0	$	4,680		$	(6,340	)	$	(4,800	)
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Futures	$	0	$	0		$	0	$	0		$	(718	)	$	(718	)
Swap Agreements		0		15			0		0			1,014			1,029
	$	0	$	15		$	0	$	0		$	296		$	311
Over the counter
Forward Foreign Currency Contracts	$	0	$	0		$	0	$	(683	)	$	0		$	(683	)
Purchased Options		0		0			0		0			10			10
Written Options		0		(21	)		0		0			0			(21	)
Swap Agreements		0		(1,662	)		0		0			0			(1,662	)
	$	0	$	(1,683	)	$	0	$	(683	)	$	10		$	(2,356	)
	$	0	$	(1,668	)	$	0	$	(683	)	$	306		$	(2,045	)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2020 in valuing the Portfolio’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2020
Investments in Securities, at Value
Loan Participations and Assignments	$	0	$	16,696	$	10,021	$	26,717
Corporate Bonds & Notes
Banking & Finance		0		515,548		112		515,660
Industrials		0		190,411		0		190,411
Utilities		0		20,982		0		20,982
Municipal Bonds & Notes
California		0		4,174		0		4,174
Illinois		0		1,463		0		1,463
New Jersey		0		6,119		0		6,119
New York		0		12,446		0		12,446
Texas		0		4,236		0		4,236
Virginia		0		5,872		0		5,872
U.S. Government Agencies		0		537,940		0		537,940
U.S. Treasury Obligations		0		248,959		0		248,959
Non-Agency Mortgage-Backed Securities		0		93,023		0		93,023

46 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

June 30, 2020

Category and Subcategory	Level 1			Level 2			Level 3		Fair Value at 06/30/2020
Asset-Backed Securities	$	0		$	324,345		$	0	$	324,345
Preferred Securities
Banking & Finance		0			48,070			0		48,070
Industrials		0			7,080			0		7,080
Short-Term Instruments
Repurchase Agreements		0			3,783			0		3,783
	$	0		$	2,041,147		$	10,133	$	2,051,280
Investments in Affiliates, at Value
Short-Term Instruments
Central Funds Used for Cash Management Purposes	$	104		$	0		$	0	$	104
Total Investments	$	104		$	2,041,147		$	10,133	$	2,051,384
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared		94			40			0		134
Over the counter		0			125			0		125
	$	94		$	165		$	0	$	259
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared		(82	)		0			0		(82	)
Over the counter		0			(3,095	)		0		(3,095	)
	$	(82	)	$	(3,095	)	$	0	$	(3,177	)
Total Financial Derivative Instruments	$	12		$	(2,930	)	$	0	$	(2,918	)
Totals	$	116		$	2,038,217		$	10,133	$	2,048,466

There were no significant transfers into or out of Level 3 during the period ended June 30, 2020.

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2020 47

Schedule of Investments PIMCO Fixed Income SHares: Series LD

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

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 171.0%
LOAN PARTICIPATIONS AND ASSIGNMENTS 1.1%
Qatar National Bank SAQ
1.277% (LIBOR03M + 0.900%) due 12/22/2020 «~	$		1,000	$		998
Total Loan Participations and Assignments (Cost $998)						998
CORPORATE BONDS & NOTES 113.3%
BANKING & FINANCE 62.5%
AerCap Ireland Capital DAC
3.950% due 02/01/2022			500			500
4.625% due 10/30/2020			500			502
Air Lease Corp.
2.750% due 01/15/2023 (d)			1,300			1,284
Aircastle Ltd.
5.500% due 02/15/2022 (d)			1,500			1,515
Ally Financial, Inc.
4.250% due 04/15/2021			200			204
American Tower Corp.
3.300% due 02/15/2021			400			407
3.375% due 05/15/2024 (d)			1,200			1,304
Aozora Bank Ltd.
2.550% due 09/09/2022			1,300			1,337
3.810% due 09/07/2021			700			721
Athene Global Funding
2.667% (US0003M + 1.230%) due 07/01/2022 ~(d)			2,000			1,982
Aviation Capital Group LLC
2.875% due 01/20/2022 (d)			1,100			1,052
4.125% due 08/01/2025			400			360
6.750% due 04/06/2021			250			251
Avolon Holdings Funding Ltd.
5.500% due 01/15/2023			400			377
Bank of New Zealand
3.500% due 02/20/2024			500			543
Barclays PLC
4.338% due 05/16/2024 •(d)			1,200			1,293
BGC Partners, Inc.
5.125% due 05/27/2021			300			305
BOC Aviation Ltd.
2.375% due 09/15/2021			400			400
3.000% due 05/23/2022			1,300			1,322
Cantor Fitzgerald LP
6.500% due 06/17/2022 (d)			200			212
Citigroup, Inc.
1.486% (US0003M + 1.100%) due 05/17/2024 ~(d)			600			601
1.970% (US0003M + 0.950%) due 07/24/2023 ~(d)			1,500			1,501

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
CK Hutchison International Ltd.
3.250% due 04/11/2024 (d)	$		1,000	$		1,060
Credit Suisse Group Funding Guernsey Ltd.
3.800% due 09/15/2022 (d)			850			903
Danske Bank A/S
1.378% (US0003M + 1.060%) due 09/12/2023 ~(d)			1,500			1,474
2.000% due 09/08/2021 (d)			500			508
Doric Nimrod Air Finance Alpha Ltd. Pass-Through Trust
5.125% due 11/30/2024			69			64
Five Corners Funding Trust
4.419% due 11/15/2023 (d)			500			557
Ford Motor Credit Co. LLC
4.250% due 09/20/2022 (d)			1,400			1,378
5.750% due 02/01/2021			500			504
General Motors Financial Co., Inc.
3.550% due 07/08/2022 (d)			2,000			2,051
Hyundai Capital Services, Inc.
2.875% due 03/16/2021			1,000			1,008
ICICI Bank Ltd.
3.125% due 08/12/2020			300			300
5.750% due 11/16/2020			1,602			1,623
International Lease Finance Corp.
4.625% due 04/15/2021			600			606
8.250% due 12/15/2020			250			256
LeasePlan Corp. NV
2.875% due 10/24/2024 (d)			1,700			1,749
Mitsubishi UFJ Financial Group, Inc.
1.851% (US0003M + 0.860%) due 07/26/2023 ~(d)			2,000			1,994
Mitsubishi UFJ Lease & Finance Co. Ltd.
2.250% due 09/07/2021 (d)			1,000			1,015
Nationwide Building Society
3.622% due 04/26/2023 •(d)			500			520
Navient Corp.
5.875% due 03/25/2021			100			98
6.625% due 07/26/2021			400			393
Nissan Motor Acceptance Corp.
0.936% (US0003M + 0.630%) due 09/21/2021 ~(d)			500			481
Nomura Holdings, Inc.
2.648% due 01/16/2025 (d)			1,700			1,774
ORIX Corp.
2.900% due 07/18/2022 (d)			1,200			1,242
3.200% due 01/19/2022			500			515
Pacific Life Global Funding
1.200% due 06/24/2025			1,100			1,107
Park Aerospace Holdings Ltd.
5.250% due 08/15/2022			700			657
Qatari Diar Finance QSC
5.000% due 07/21/2020			600			603

48 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

June 30, 2020

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
QNB Finance Ltd.
1.556% (US0003M + 1.000%) due 05/02/2022 ~	$		400	$		396
1.898% (US0003M + 1.450%) due 08/11/2021 ~			600			602
Reliance Standard Life Global Funding
2.750% due 01/21/2027 (d)			900			883
Royal Bank of Scotland Group PLC
3.498% due 05/15/2023 •(d)			600			623
4.519% due 06/25/2024 •(d)			900			979
Santander UK PLC
2.100% due 01/13/2023 (d)			1,000			1,033
3.400% due 06/01/2021 (d)			1,100			1,129
SBA Tower Trust
3.156% due 10/10/2045 (d)			1,800			1,804
SMBC Aviation Capital Finance DAC
2.650% due 07/15/2021 (d)			1,200			1,205
2.650% due 07/15/2021			600			603
3.000% due 07/15/2022			300			302
3.550% due 04/15/2024			300			307
Springleaf Finance Corp.
6.125% due 05/15/2022			400			409
7.750% due 10/01/2021			600			626
8.250% due 12/15/2020			200			207
Standard Chartered PLC
1.510% (US0003M + 1.200%) due 09/10/2022 ~			500			501
2.744% due 09/10/2022 •(d)			1,300			1,315
Swedbank AB
1.013% (US0003M + 0.700%) due 03/14/2022 ~(d)			200			201
WEA Finance LLC
3.150% due 04/05/2022			300			305
						55,843
INDUSTRIALS 42.0%
AbbVie, Inc.
2.300% due 11/21/2022 (d)			1,400			1,448
5.000% due 12/15/2021			400			420
Arrow Electronics, Inc.
3.500% due 04/01/2022 (d)			600			616
Bacardi Ltd.
4.500% due 01/15/2021			1,700			1,713
BAT Capital Corp.
2.764% due 08/15/2022 (d)			1,500			1,554
Bayer U.S. Finance LLC
2.750% due 07/15/2021			100			102
Boeing Co.
2.300% due 08/01/2021			300			303
Boral Finance Pty. Ltd.
3.000% due 11/01/2022 (d)			1,100			1,110

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Broadcom, Inc.
4.250% due 04/15/2026 (d)	$		1,100	$		1,226
Carrier Global Corp.
2.242% due 02/15/2025			800			821
Central Nippon Expressway Co. Ltd.
1.163% (US0003M + 0.850%) due 09/14/2021 ~(d)			1,400			1,410
Charter Communications Operating LLC
4.464% due 07/23/2022			1,200			1,280
4.500% due 02/01/2024			300			332
Crown Castle Towers LLC
3.222% due 05/15/2042 (d)			300			305
CVS Health Corp.
3.350% due 03/09/2021 (d)			478			488
D.R. Horton, Inc.
4.375% due 09/15/2022 (d)			1,000			1,063
Daimler Finance North America LLC
2.550% due 08/15/2022 (d)			1,900			1,950
Dell International LLC
4.420% due 06/15/2021			600			617
5.450% due 06/15/2023 (d)			400			438
Delta Air Lines, Inc.
3.625% due 03/15/2022			1,400			1,327
GATX Corp.
1.261% (US0003M + 0.720%) due 11/05/2021 ~			200			197
General Mills, Inc.
6.610% due 10/15/2022 (d)			500			509
Georgia-Pacific LLC
3.734% due 07/15/2023 (d)			200			216
Hyundai Capital America
3.450% due 03/12/2021			700			708
Imperial Brands Finance PLC
3.125% due 07/26/2024 (d)			650			676
3.750% due 07/21/2022 (d)			1,100			1,149
Japan Tobacco, Inc.
2.000% due 04/13/2021			500			503
Kansas City Southern
3.000% due 05/15/2023 (d)			1,500			1,533
Masco Corp.
5.950% due 03/15/2022			76			82
Mylan NV
3.150% due 06/15/2021 (d)			1,700			1,736
NXP BV
4.125% due 06/01/2021 (d)			500			515
4.625% due 06/15/2022 (d)			1,200			1,279
Occidental Petroleum Corp.
1.842% (US0003M + 1.450%) due 08/15/2022 ~			900			828
Otis Worldwide Corp.
2.056% due 04/05/2025			900			944

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2020 49

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

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Pacific National Finance Pty. Ltd.
4.625% due 09/23/2020 (d)	$		700	$		704
6.000% due 04/07/2023 (d)			1,000			1,103
Reynolds American, Inc.
4.000% due 06/12/2022 (d)			600			634
Ryder System, Inc.
2.875% due 06/01/2022 (d)			1,200			1,242
Sabine Pass Liquefaction LLC
6.250% due 03/15/2022			300			320
Shire Acquisitions Investments Ireland DAC
2.400% due 09/23/2021			100			102
Spirit AeroSystems, Inc.
1.113% (US0003M + 0.800%) due 06/15/2021 ~(d)			950			885
3.950% due 06/15/2023 (d)			1,100			935
Sprint Spectrum Co. LLC
3.360% due 03/20/2023 (d)			250			253
Syngenta Finance NV
3.933% due 04/23/2021			200			202
Volkswagen Group of America Finance LLC
2.700% due 09/26/2022 (d)			500			517
Westinghouse Air Brake Technologies Corp.
4.400% due 03/15/2024			800			849
4.950% due 09/15/2028			300			334
						37,478
UTILITIES 8.8%
AT&T, Inc.
1.314% (US0003M + 0.890%) due 02/15/2023 ~(d)			1,100			1,095
1.498% (US0003M + 1.180%) due 06/12/2024 ~(d)			700			702
Duquesne Light Holdings, Inc.
5.900% due 12/01/2021			300			317
Enel Finance International NV
4.250% due 09/14/2023			200			218
FirstEnergy Corp.
2.850% due 07/15/2022 (d)			700			726
Israel Electric Corp. Ltd.
5.000% due 11/12/2024			400			450
Pacific Gas & Electric Co.
2.950% due 03/01/2026 ^(a)			100			108
Pacific Gas and Electric Co.
1.750% due 06/16/2022			1,100			1,104
2.100% due 08/01/2027 (d)			200			198
Ras Laffan Liquefied Natural Gas Co. Ltd.
5.298% due 09/30/2020			90			91
Southern Power Co.
0.856% (US0003M + 0.550%) due 12/20/2020 ~			65			65

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Sprint Communications, Inc.
6.000% due 11/15/2022	$		300	$		317
Sprint Corp.
7.250% due 09/15/2021			1,100			1,154
Telstra Corp. Ltd.
3.125% due 04/07/2025			100			109
Verizon Communications, Inc.
1.492% (US0003M + 1.100%) due 05/15/2025 ~(d)			1,100			1,114
Wisconsin Electric Power Co.
2.050% due 12/15/2024			100			105
						7,873
Total Corporate Bonds & Notes (Cost $100,080)						101,194
MUNICIPAL BONDS & NOTES 1.3%
ILLINOIS 0.4%
Illinois State General Obligation Notes, Series 2020
5.375% due 05/01/2023			300			319
PENNSYLVANIA 0.9%
Pennsylvania Higher Education Assistance Agency Revenue Bonds, Series 2006
1.121% (US0003M + 0.130%) due 10/25/2036 ~			858			815
Total Municipal Bonds & Notes (Cost $1,145)						1,134
U.S. GOVERNMENT AGENCIES 4.0%
Fannie Mae
0.490% due 09/25/2022 •			7			8
Freddie Mac
2.235% due 07/15/2035 •			1,900			1,915
2.500% due 06/25/2034 (d)			1,397			1,412
4.185% due 01/15/2022 •			4			4
Ginnie Mae
0.640% due 10/20/2037 •			36			36
0.983% due 08/20/2061 •			2			2
1.103% due 05/20/2066 •			159			160
Total U.S. Government Agencies (Cost $3,516)						3,537
U.S. TREASURY OBLIGATIONS 6.9%
U.S. Treasury Inflation Protected Securities (b)
0.875% due 01/15/2029 (d)			4,266			4,865
U.S. Treasury Notes
0.375% due 03/31/2022 (d)			1,300			1,305
Total U.S. Treasury Obligations (Cost $6,133)						6,170

50 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

June 30, 2020

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
NON-AGENCY MORTGAGE-BACKED SECURITIES 14.3%
AREIT Trust
2.805% due 04/14/2037 •	$		500	$		503
Banc of America Funding Trust
0.490% due 02/20/2035 •			5			5
4.717% due 09/20/2034 ~			46			45
Bancorp Commercial Mortgage Trust
1.235% due 09/15/2036 •			197			189
Bear Stearns Adjustable Rate Mortgage Trust
3.559% due 04/25/2033 ~			21			21
4.103% due 01/25/2034 ~			7			7
4.259% due 11/25/2034 ~			41			38
Brass PLC
1.086% due 11/16/2066 •			173			172
Citigroup Mortgage Loan Trust
4.380% due 10/25/2035 •			4			4
Countrywide Alternative Loan Trust
0.345% due 07/25/2036 •			78			77
Credit Suisse First Boston Mortgage Securities Corp.
3.567% due 06/25/2033 ~			12			12
6.500% due 04/25/2033			52			54
GSR Mortgage Loan Trust
2.427% due 08/25/2033 •			58			57
4.065% due 09/25/2035 ~			4			4
Hawksmoor Mortgage Funding PLC
1.287% due 05/25/2053 •	GBP		269			334
Holmes Master Issuer PLC
1.639% due 10/15/2054 •	$		934			933
Impac CMB Trust
0.825% due 03/25/2035 •			286			274
1.185% due 07/25/2033 •			196			189
JPMorgan Chase Commercial Mortgage Securities Trust
1.635% due 12/15/2031 •			1,000			982
JPMorgan Mortgage Trust
3.611% due 06/25/2035 ~			14			14
3.774% due 02/25/2035 ~			3			2
4.109% due 09/25/2034 ~			6			6
4.152% due 04/25/2035 ~			91			94
4.241% due 02/25/2034 ~			25			25
Lanark Master Issuer PLC
1.128% due 12/22/2069 •			1,140			1,143
Legacy Mortgage Asset Trust
3.000% due 06/25/2059 þ			930			939
Mellon Residential Funding Corp. Mortgage Pass-Through Trust
0.665% due 06/15/2030 •			14			13
2.610% due 10/20/2029 •			10			10
Merrill Lynch Mortgage Investors Trust
0.645% due 04/25/2029 •			4			4
0.825% due 10/25/2028 •			4			4
3.738% due 02/25/2035 ~			97			97

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
MF1 Ltd.
1.315% due 12/25/2034 •	$		2,000	$		1,972
Morgan Stanley Mortgage Loan Trust
3.725% due 11/25/2034 ~			5			5
Motel 6 Trust
1.105% due 08/15/2034 •			271			266
New Century Home Equity Loan Trust
2.750% due 11/25/2059 ~			956			1,009
Prime Mortgage Trust
0.585% due 02/25/2034 •			6			6
Sequoia Mortgage Trust
0.544% due 10/19/2026 •			58			56
0.950% due 10/20/2027 •			7			7
Structured Asset Mortgage Investments Trust
0.774% due 07/19/2034 •			31			30
0.854% due 09/19/2032 •			8			7
6.473% due 06/25/2029 ~			5			4
Structured Asset Securities Corp. Mortgage Loan Trust
0.785% due 10/25/2027 •			3			3
Thornburg Mortgage Securities Trust
0.825% due 09/25/2043 •			5			5
3.647% due 04/25/2045 ~			17			16
VMC Finance LLC
1.114% due 10/15/2035 •			676			645
WaMu Mortgage Pass-Through Certificates Trust
0.455% due 12/25/2045 •			146			141
0.475% due 10/25/2045 •			25			25
0.585% due 06/25/2044 •			22			21
0.925% due 11/25/2034 •			52			50
2.904% due 06/25/2042 •			6			5
Wells Fargo Commercial Mortgage Trust
1.035% due 12/13/2031 •			1,000			950
Wells Fargo-RBS Commercial Mortgage Trust
1.644% due 06/15/2044 •			1,318			1,319
Total Non-Agency Mortgage-Backed Securities (Cost $12,887)						12,793
ASSET-BACKED SECURITIES 26.7%
Amortizing Residential Collateral Trust
1.185% due 10/25/2034 •			239			232
Bear Stearns Asset-Backed Securities Trust
0.935% due 03/25/2035 •			1,000			942
0.985% due 10/27/2032 •			38			37
1.385% due 01/25/2045 •			369			369
Chase Funding Trust
0.925% due 10/25/2032 •			61			60
Colony American Finance Ltd.
2.544% due 06/15/2048			33			33
Countrywide Asset-Backed Certificates Trust
0.665% due 05/25/2036 •			500			474

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2020 51

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

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Delta Funding Home Equity Loan Trust
1.005% due 09/15/2029 •	$		6	$		6
Fair Oaks Loan Funding DAC
1.900% due 07/15/2031 •	EUR		800			905
Finance America Mortgage Loan Trust
1.010% due 08/25/2034 •	$		131			128
First Franklin Mortgage Loan Trust
0.345% due 04/25/2036 •			1,315			1,260
GSAMP Trust
0.445% due 06/25/2036 •			800			749
Gulf Stream Meridian Ltd.
2.478% due 10/15/2029 •			900			905
Halcyon Loan Advisors Funding Ltd.
2.055% due 04/20/2027 •			493			487
2.265% due 04/18/2026 •			18			18
LCM LP
2.175% due 10/20/2027 •			250			246
Monarch Grove CLO
1.871% due 01/25/2028 •			1,343			1,327
New Century Home Equity Loan Trust
1.115% due 11/25/2034 •			765			728
NovaStar Mortgage Funding Trust
0.845% due 01/25/2036 •			1,471			1,446
Palmer Square Loan Funding Ltd.
1.177% due 02/20/2028 •			984			970
1.920% due 10/24/2027 •			1,129			1,117
RAAC Trust
0.735% due 01/25/2046 •			953			937
Residential Mortgage Loan Trust
1.685% due 09/25/2029 •			3			3
Securitized Asset-Backed Receivables LLC Trust
0.860% due 01/25/2035 •			490			467
SLM Student Loan Trust
0.863% due 12/15/2025 •			281			278
1.741% due 04/25/2023 •			648			605
2.491% due 04/25/2023 •			407			399
2.691% due 07/25/2023 •			331			326
SMB Private Education Loan Trust
1.035% due 09/15/2054 •			4,000			3,866
1.185% due 06/15/2027 •			136			136
SoFi Professional Loan Program LLC
3.020% due 02/25/2040			173			178
Towd Point Mortgage Trust
1.185% due 05/25/2058 •			1,193			1,189
1.185% due 10/25/2059 •			1,007			1,004
3.000% due 11/25/2059 ~			881			896
Venture CLO Ltd.
2.365% due 04/20/2029 •			900			886
Zais CLO Ltd.
2.369% due 04/15/2028 •			296			294
Total Asset-Backed Securities (Cost $24,095)						23,903

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
SOVEREIGN ISSUES 0.3%
Export-Import Bank of India
1.374% (US0003M + 1.000%) due 08/21/2022 ~	$		250	$		244
Total Sovereign Issues (Cost $250)						244
		SHARES
PREFERRED SECURITIES 0.4%
BANKING & FINANCE 0.4%
JPMorgan Chase & Co.
4.230% (US0003M + 3.470%) due 07/30/2020 ~(c)			440,000			401
Total Preferred Securities (Cost $440)						401
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 2.7%
COMMERCIAL PAPER 2.1%
American Honda Finance Corp.
2.000% due 09/03/2020	$		1,900			1,898
MUNICIPAL BONDS & NOTES 0.6%
Illinois State General Obligation Notes, Series 2020
4.875% due 05/01/2021			500			509
Total Municipal Bonds & Notes (Cost $500)						509
Total Short-Term Instruments (Cost $2,393)						2,407
Total Investments in Securities (Cost $151,937)						152,781
		SHARES
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			662			7
Total Short-Term Instruments (Cost $6)						7
Total Investments in Affiliates (Cost $6)						7

52 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

June 30, 2020

		MARKET VALUE (000S)
Total Investments 171.0% (Cost $151,943)	$		152,788
Financial Derivative Instruments (e)(f) (0.2)% (Cost or Premiums, net $130)			(160	)
Other Assets and Liabilities, net (70.8)%			(63,282	)
Net Assets 100.0%	$		89,346

NOTES TO SCHEDULE OF INVESTMENTS:

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

^ Security is in default.

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

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

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

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

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

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

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

BORROWINGS AND OTHER FINANCING TRANSACTIONS

REVERSE REPURCHASE AGREEMENTS:

Counterparty	Borrowing Rate(1)			Settlement Date		Maturity Date			Amount Borrowed(1)			Payable for Reverse Repurchase Agreements
BRC		0.050	%		06/23/2020		TBD	(2)	$	(185	)	$	(185	)
FOB		0.500			06/30/2020		07/30/2020			(565	)		(565	)
		0.500			06/30/2020		TBD	(2)		(187	)		(186	)
		0.600			05/05/2020		TBD	(2)		(2,114	)		(2,117	)
		0.600			05/08/2020		TBD	(2)		(14,374	)		(14,389	)
RCY		0.240			06/22/2020		07/27/2020			(1,370	)		(1,370	)
SOG		0.600			05/07/2020		TBD	(2)		(20,885	)		(20,905	)
		0.600			05/11/2020		TBD	(2)		(500	)		(500	)
TDM		0.500			06/12/2020		TBD	(2)		(13,904	)		(13,908	)
		0.500			06/17/2020		TBD	(2)		(2,833	)		(2,833	)
Total Reverse Repurchase Agreements												$	(56,958	)

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2020 53

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

SALE-BUYBACK TRANSACTIONS:

Counterparty	Borrowing Rate(1)			Borrowing Date		Maturity Date		Amount Borrowed(1)			Payable for Sale-Buyback Transactions
BOS		0.200	%		06/24/2020		07/01/2020	$	(4,879	)	$	(4,879	)
GSC		0.230			06/30/2020		07/01/2020		(1,307	)		(1,307	)
Total Sale-Buyback Transactions											$	(6,186	)

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, 2020:

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(3)
Global/Master Repurchase Agreement
BRC	$	0	$	(185	)	$	0		$	(185	)	$	198	$	13
FOB		0		(17,257	)		0			(17,257	)		19,474		2,217
RCY		0		(1,370	)		0			(1,370	)		1,412		42
SOG		0		(21,405	)		0			(21,405	)		22,754		1,349
TDM		0		(16,741	)		0			(16,741	)		17,483		742
Master Securities Forward Transaction Agreement
BOS		0		0			(4,879	)		(4,879	)		4,865		(14	)
GSC		0		0			(1,307	)		(1,307	)		1,305		(2	)
Total Borrowings and Other Financing Transactions	$	0	$	(56,958	)	$	(6,186	)

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		$	(565	)	$	0	$	(55,023	)	$	(55,588	)
U.S. Government Agencies		0			(1,370	)		0		0			(1,370	)
Total	$	0		$	(1,935	)	$	0	$	(55,023	)	$	(56,958	)
Sale-Buyback Transactions
U.S. Treasury Obligations		(6,186	)		0			0		0			(6,186	)
Total	$	(6,186	)	$	0		$	0	$	0		$	(6,186	)
Total Borrowings	$	(6,186	)	$	(1,935	)	$	0	$	(55,023	)	$	(63,144	)
Payable for reverse repurchase agreements and sale-buyback financing transactions												$	(63,144	)

(d) Securities with an aggregate market value of $67,801 have been pledged as collateral under the terms of the above master agreements as of June 30, 2020.

54 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

June 30, 2020

⁽¹⁾ The average amount of borrowings outstanding during the period ended June 30, 2020 was $(64,183) at a weighted average interest rate of 1.410%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.

⁽²⁾ Open maturity reverse repurchase agreement.

⁽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.

(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 June Futures		06/2021		180	$	32,966	$	37	$	0	$	0
3-Month Canada Bankers’ Acceptance March Futures		03/2021		143		26,194		258		0		0
U.S. Treasury 2-Year Note September Futures		09/2020		346		76,407		29		5		0
U.S. Treasury 10-Year Note September Futures		09/2020		3		418		1		0		(1	)
							$	325	$	5	$	(1	)

SHORT FUTURES CONTRACTS

Description	Expiration Month		# of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)			Variation Margin
											Asset		Liability
U.S. Treasury 5-Year Note September Futures		09/2020		186	$	(23,388	)	$	(52	)	$	6	$	0
U.S. Treasury 10-Year Ultra September Futures		09/2020		41		(6,457	)		(23	)		10		0
U.S. Treasury Ultra Long-Term Bond September Futures		09/2020		14		(3,054	)		22			15		0
								$	(53	)	$	31	$	0
Total Futures Contracts								$	272		$	36	$	(1	)

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.HY-33 5-Year Index		(5.000	)%		Quarterly		12/20/2024	$	3,588		$    (225	)	$	242		$	17	$	0	$	(26	)
CDX.HY-34 5-Year Index		(5.000	)		Quarterly		06/20/2025		6,080		361			(324	)		37		0		(48	)
											$     136		$	(82	)	$	54	$	0	$	(74	)

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(4)	01-Month USD-LIBOR + 0.098%	Quarterly		01/13/2023	$	7,400	$	0	$	(1	)	$	(1	)	$	0	$	(1	)
3-Month  USD-LIBOR(4)	01-Month USD-LIBOR + 0.098%	Quarterly		01/13/2023		5,700		0		0			0			0		0
							$	0	$	(1	)	$	(1	)	$	0	$	(1	)

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2020 55

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

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
Receive	3-Month USD-LIBOR		1.625	%	Semi-Annual		01/06/2030		$	3,300	$	(17	)	$	(311	)	$	(328	)	$	6	$	0
Receive	6-Month GBP-LIBOR		0.750		Semi-Annual		03/18/2030		GBP	2,100		22			(125	)		(103	)		0		(6	)
											$	5		$	(436	)	$	(431	)	$	6	$	(6	)
Total Swap Agreements											$	141		$	(519	)	$	(378	)	$	6	$	(81	)

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, 2020:

	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	$	36	$	6	$	42	$	0	$	(1	)	$	(81	)	$	(82	)

Cash of $1,375 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 2020. 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.

⁽⁴⁾ 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.

(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		07/2020		CAD	1,157	$		844	$	0	$	(8	)
BPS		07/2020		EUR	811			901		0		(10	)
GLM		07/2020		JPY	1,000			9		0		0
MYI		07/2020		AUD	4,551			3,020		0		(121	)
		07/2020	$		3,002		AUD	4,551		138		0
SCX		07/2020		GBP	308	$		382		0		0

56 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

June 30, 2020

Counterparty	Settlement Month		Currency to be Delivered			Currency to be Received			Unrealized Appreciation/ (Depreciation)
									Asset		Liability
		07/2020	$		3,131		AUD	4,551	$	10	$	0
		08/2020		AUD	4,551	$		3,131		0		(10	)
		08/2020		EUR	811			911		0		0
TOR		07/2020		AUD	4,551			3,025		0		(116	)
Total Forward Foreign Currency Contracts									$	148	$	(265	)

PURCHASED OPTIONS:

OPTIONS ON SECURITIES

Counterparty	Description	Strike Price		Expiration Date		Notional Amount(1)		Cost		Market Value
JPM	Put - OTC Uniform Mortgage-Backed Security, TBA 3.000% due 07/01/2050	$	73.000		07/07/2020		4,800	$	0	$	0
Total Purchased Options								$	0	$	0

WRITTEN OPTIONS:

OPTIONS ON SECURITIES

Counterparty	Description	Strike Price		Expiration Date		Notional Amount(1)		Premiums (Received)			Market Value
GSC	Put - OTC Uniform Mortgage-Backed Security, TBA 2.500% due 08/01/2050	$	102.055		08/06/2020		2,000	$	(8	)	$	(2	)
	Put - OTC Uniform Mortgage-Backed Security, TBA 2.500% due 08/01/2050		102.078		08/06/2020		100		0			0
JPM	Put - OTC Uniform Mortgage-Backed Security, TBA 2.500% due 08/01/2050		102.094		08/06/2020		700		(3	)		(1	)
Total Written Options								$	(11	)	$	(3	)

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, 2020:

	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	$	0	$	0	$	0	$	0	$	(8	)	$	0		$	0	$	(8	)	$	(8	)	$	0	$	(8	)
BPS		0		0		0		0		(10	)		0			0		(10	)		(10	)		0		(10	)
GSC		0		0		0		0		0			(2	)		0		(2	)		(2	)		0		(2	)
JPM		0		0		0		0		0			(1	)		0		(1	)		(1	)		0		(1	)
MYI		138		0		0		138		(121	)		0			0		(121	)		17			0		17
SCX		10		0		0		10		(10	)		0			0		(10	)		0			0		0
TOR		0		0		0		0		(116	)		0			0		(116	)		(116	)		0		(116	)
Total Over the Counter	$	148	$	0	$	0	$	148	$	(265	)	$	(3	)	$	0	$	(268	)

⁽¹⁾  Notional Amount represents the number of contracts.

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2020 57

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

⁽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 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, 2020:

	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	$	36	$	36
Swap Agreements		0		0		0		0		6		6
	$	0	$	0	$	0	$	0	$	42	$	42
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	148	$	0	$	148
	$	0	$	0	$	0	$	148	$	42	$	190
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	0	$	0	$	1	$	1
Swap Agreements		0		74		0		0		7		81
	$	0	$	74	$	0	$	0	$	8	$	82
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	265	$	0	$	265
Written Options		0		0		0		0		3		3
	$	0	$	0	$	0	$	265	$	3	$	268
	$	0	$	74	$	0	$	265	$	11	$	350

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2020:

	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
Purchased Options	$	0	$	0	$	0	$	0		$	12		$	12
Futures		0		0		0		0			(353	)		(353	)
Swap Agreements		0		1,234		0		0			(76	)		1,158
	$	0	$	1,234	$	0	$	0		$	(417	)	$	817
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	421		$	0		$	421
Purchased Options		0		0		0		(3	)		(1	)		(4	)
Written Options		0		10		0		0			7			17
	$	0	$	10	$	0	$	418		$	6		$	434
	$	0	$	1,244	$	0	$	418		$	(411	)	$	1,251

58 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

June 30, 2020

	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
Purchased Options	$	0	$	0	$	0	$	0	$	2		$	2
Futures		0		0		0		0		236			236
Swap Agreements		0		277		0		0		(308	)		(31	)
	$	0	$	277	$	0	$	0	$	(70	)	$	207
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	39	$	0		$	39
Purchased Options		0		0		0		1		0			1
Written Options		0		0		0		0		9			9
	$	0	$	0	$	0	$	40	$	9		$	49
	$	0	$	277	$	0	$	40	$	(61	)	$	256

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2020 in valuing the Portfolio’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2020
Investments in Securities, at Value
Loan Participations and Assignments	$	0	$	0	$	998	$	998
Corporate Bonds & Notes
Banking & Finance		0		55,843		0		55,843
Industrials		0		37,478		0		37,478
Utilities		0		7,873		0		7,873
Municipal Bonds & Notes
Illinois		0		319		0		319
Pennsylvania		0		815		0		815
U.S. Government Agencies		0		3,537		0		3,537
U.S. Treasury Obligations		0		6,170		0		6,170
Non-Agency Mortgage-Backed Securities		0		12,793		0		12,793
Asset-Backed Securities		0		23,903		0		23,903
Sovereign Issues		0		244		0		244
Preferred Securities
Banking & Finance		0		401		0		401
Short-Term Instruments
Commercial Paper		0		1,898		0		1,898
Municipal Bonds & Notes		0		509		0		509
	$	0	$	151,783	$	998	$	152,781
Investments in Affiliates, at Value
Short-Term Instruments
Central Funds Used for Cash Management Purposes	$	7	$	0	$	0	$	7
Total Investments	$	7	$	151,783	$	998	$	152,788
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared		36		6		0		42
Over the counter		0		148		0		148
	$	36	$	154	$	0	$	190

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2020 59

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

(Unaudited)

June 30, 2020

Category and Subcategory	Level 1			Level 2			Level 3		Fair Value at 06/30/2020
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared	$	(1	)	$	(81	)	$	0	$	(82	)
Over the counter		0			(268	)		0		(268	)
	$	(1	)	$	(349	)	$	0	$	(350	)
Total Financial Derivative Instruments	$	35		$	(195	)	$	0	$	(160	)
Totals	$	42		$	151,588		$	998	$	152,628

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended June 30, 2020:

Category and Subcategory	Beginning Balance at 12/30/2019		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 06/30/2020		Net Change in Unrealized Appreciation/ (Depreciation) on Investments Held at 06/30/2020(1)
Investments in Securities, at Value
Loan Participations and Assignments	$	1,002	$	0	$	0	$	1	$	0	$	(5	)	$	0	$	0	$	998	$	(5	)
Totals	$	1,002	$	0	$	0	$	1	$	0	$	(5	)	$	0	$	0	$	998	$	(5	)

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 06/30/2020			Valuation Technique		Unobservable Inputs		(% Unless Noted Otherwise)
								Input Value(s)		Weighted Average
Investments in Securities, at Value
Loan Participations and Assignments		$	998		Third Party Vendor		Broker Quote		99.825		—
Total		$	998

⁽¹⁾  Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at June 30, 2020 may be due to an investment no longer held or categorized as Level 3 at period end.

60 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

Schedule of Investments PIMCO Fixed Income SHares: Series M

(Unaudited)

June 30, 2020

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

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 165.1%
LOAN PARTICIPATIONS AND ASSIGNMENTS 0.5%
PG&E Corp.
2.440% (LIBOR03M + 2.250%) due 12/31/2020 ~	$		7,000	$		6,978
Total Loan Participations and Assignments (Cost $6,995)						6,978
CORPORATE BONDS & NOTES 33.9%
BANKING & FINANCE 21.6%
AerCap Ireland Capital DAC
5.000% due 10/01/2021			15,800			15,985
American Tower Corp.
2.100% due 06/15/2030			3,200			3,214
3.100% due 06/15/2050			1,900			1,876
Banco Santander Mexico S.A.
4.125% due 11/09/2022			26,100			27,258
Bank of America Corp.
3.093% due 10/01/2025 •			1,400			1,512
Barclays Bank PLC
7.625% due 11/21/2022 (e)			5,500			5,991
Barclays PLC
4.375% due 01/12/2026			6,500			7,347
4.972% due 05/16/2029 •			3,100			3,634
6.375% due 12/15/2025 •(d)(e)	GBP		400			468
7.125% due 06/15/2025 •(d)(e)			200			246
8.000% due 06/15/2024 •(d)(e)	$		5,000			5,184
BGC Partners, Inc.
5.375% due 07/24/2023			10,200			10,624
BPCE S.A.
4.625% due 07/11/2024			14,300			15,614
Carlyle Finance Subsidiary LLC
3.500% due 09/19/2029			4,000			4,152
CIT Group, Inc.
5.000% due 08/15/2022			600			615
Credit Suisse AG
6.500% due 08/08/2023 (e)			16,000			17,538
Credit Suisse Group AG
6.250% due 12/18/2024 •(d)(e)			1,300			1,360
7.500% due 12/11/2023 •(d)(e)			1,200			1,296
Credit Suisse Group Funding Guernsey Ltd.
3.800% due 06/09/2023			500			539
4.550% due 04/17/2026			1,000			1,151
Crown Castle International Corp.
4.450% due 02/15/2026			8,000			9,177
CyrusOne LP
1.450% due 01/22/2027	EUR		5,700			6,174
Deutsche Bank AG
3.961% due 11/26/2025 •	$		9,000			9,451
4.250% due 10/14/2021			800			821

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Discover Financial Services
4.500% due 01/30/2026	$		4,500	$		5,050
EPR Properties
4.950% due 04/15/2028			700			669
Equinix, Inc.
2.875% due 03/15/2024	EUR		10,000			11,450
Fairfax Financial Holdings Ltd.
4.850% due 04/17/2028	$		4,000			4,289
Ford Motor Credit Co. LLC
3.157% due 08/04/2020			1,000			997
3.550% due 10/07/2022			4,300			4,191
3.810% due 01/09/2024			1,000			964
General Motors Financial Co., Inc.
3.200% due 07/13/2020			300			300
3.950% due 04/13/2024			1,000			1,035
4.250% due 05/15/2023			9,630			10,064
Goldman Sachs Group, Inc.
3.691% due 06/05/2028 •			4,500			5,043
Harborwalk Funding Trust
5.077% due 02/15/2069 •			4,500			5,515
HSBC Holdings PLC
2.099% due 06/04/2026 •			6,000			6,067
4.583% due 06/19/2029 •			3,400			3,930
ING Groep NV
4.625% due 01/06/2026			5,200			6,102
Intesa Sanpaolo SpA
6.500% due 02/24/2021			2,300			2,365
JPMorgan Chase & Co.
3.220% due 03/01/2025 •			5,500			5,922
Lloyds Banking Group PLC
2.907% due 11/07/2023 •			6,400			6,666
7.500% due 09/27/2025 •(d)(e)			6,000			6,229
Morgan Stanley
7.500% due 04/02/2032 þ(f)			8,000			6,951
Ohio National Financial Services, Inc.
5.550% due 01/24/2030			6,300			6,027
Park Aerospace Holdings Ltd.
3.625% due 03/15/2021			800			790
5.250% due 08/15/2022			4,200			3,945
Piper Jaffray Cos.
4.740% due 10/15/2021			4,000			3,910
Royal Bank of Scotland Group PLC
4.800% due 04/05/2026			2,000			2,318
Sabra Health Care LP
3.900% due 10/15/2029			4,600			4,190
Santander Holdings USA, Inc.
3.244% due 10/05/2026			2,000			2,081
Santander UK Group Holdings PLC
3.373% due 01/05/2024 •			1,000			1,049

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2020 61

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

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Service Properties Trust
5.000% due 08/15/2022	$		8,500	$		8,351
Sumitomo Mitsui Financial Group, Inc.
2.448% due 09/27/2024			6,400			6,724
Teachers Insurance & Annuity Association of America
3.300% due 05/15/2050			5,000			5,165
Tesco Property Finance PLC
5.661% due 10/13/2041	GBP		98			164
5.744% due 04/13/2040			578			963
5.801% due 10/13/2040			681			1,147
UBS AG
5.125% due 05/15/2024 (e)	$		2,200			2,394
7.625% due 08/17/2022 (e)			14,600			16,289
UniCredit SpA
7.830% due 12/04/2023			8,500			9,841
VEREIT Operating Partnership LP
4.875% due 06/01/2026			1,000			1,110
Wells Fargo & Co.
3.584% due 05/22/2028 •			600			666
4.100% due 06/03/2026			400			451
4.150% due 01/24/2029			1,600			1,879
						324,480
INDUSTRIALS 11.2%
Alaska Airlines Class A Pass-Through Trust
4.800% due 02/15/2029 (a)			3,500			3,561
American Airlines Pass-Through Trust
3.150% due 08/15/2033			4,923			4,554
3.375% due 11/01/2028			4,740			3,979
3.500% due 08/15/2033			591			494
4.950% due 07/15/2024			2,359			1,917
Bacardi Ltd.
4.700% due 05/15/2028			1,000			1,132
5.150% due 05/15/2038			2,600			3,057
Bon Secours Mercy Health, Inc.
3.464% due 06/01/2030			6,000			6,639
Bowdoin College
4.693% due 07/01/2112			6,600			7,655
Campbell Soup Co.
3.300% due 03/15/2021			1,100			1,119
Citrix Systems, Inc.
4.500% due 12/01/2027			2,500			2,876
Conagra Brands, Inc.
4.850% due 11/01/2028			100			121
CVS Health Corp.
3.700% due 03/09/2023			8,500			9,137
CVS Pass-Through Trust
7.507% due 01/10/2032			5,617			7,003
DAE Funding LLC
5.250% due 11/15/2021			6,200			6,107

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Dell International LLC
6.020% due 06/15/2026	$		6,300	$		7,228
DP World PLC
2.375% due 09/25/2026	EUR		8,200			8,962
Energy Transfer Operating LP
4.200% due 04/15/2027	$		300			314
General Electric Co.
5.875% due 01/14/2038			508			569
Imperial Brands Finance PLC
2.950% due 07/21/2020			2,700			2,703
Infor, Inc.
1.450% due 07/15/2023			2,600			2,623
Kinder Morgan, Inc.
5.625% due 11/15/2023			1,150			1,300
7.750% due 01/15/2032			2,200			3,078
Marvell Technology Group Ltd.
4.875% due 06/22/2028			7,000			8,430
Micron Technology, Inc.
4.185% due 02/15/2027			4,100			4,546
Odebrecht Oil & Gas Finance Ltd.
0.000% due 07/30/2020 (c)(d)			46			0
Oracle Corp.
3.600% due 04/01/2040			6,000			6,835
Pacific National Finance Pty. Ltd.
4.750% due 03/22/2028			1,700			1,774
Petroleos Mexicanos
5.500% due 02/24/2025	EUR		13,000			14,558
Prosus NV
3.680% due 01/21/2030	$		5,500			5,771
QVC, Inc.
5.125% due 07/02/2022			1,100			1,116
Sabine Pass Liquefaction LLC
5.750% due 05/15/2024			8,300			9,352
6.250% due 03/15/2022			5,400			5,757
T-Mobile USA, Inc.
2.050% due 02/15/2028			4,300			4,313
Tennessee Gas Pipeline Co. LLC
2.900% due 03/01/2030			3,800			3,901
Teva Pharmaceutical Finance Netherlands BV
1.250% due 03/31/2023	EUR		1,125			1,178
3.250% due 04/15/2022			4,250			4,770
Total Capital International S.A.
3.386% due 06/29/2060	$		3,000			3,098
Turkish Airlines Pass-Through Trust
4.200% due 09/15/2028			4,147			3,096
Westinghouse Air Brake Technologies Corp.
4.400% due 03/15/2024			2,500			2,653
Yara International ASA
3.148% due 06/04/2030			2,000			2,083
						169,359

62 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

June 30, 2020

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
UTILITIES 1.1%
AT&T, Inc.
3.650% due 06/01/2051	$		10,000	$		10,480
Exelon Corp.
3.950% due 06/15/2025			2,500			2,812
IPALCO Enterprises, Inc.
4.250% due 05/01/2030			2,600			2,827
Odebrecht Drilling Norbe Ltd.
6.350% due 12/01/2021 ^			17			14
Odebrecht Drilling Norbe Ltd. (6.350% Cash and 1.000% PIK)
7.350% due 12/01/2026 ^(b)			92			28
						16,161
Total Corporate Bonds & Notes (Cost $495,267)						510,000
MUNICIPAL BONDS & NOTES 6.0%
CALIFORNIA 0.7%
Newport Beach, California Certificates of Participation Bonds, (BABs), Series 2010
7.168% due 07/01/2040			3,500			5,355
Regents of the University of California Medical Center Pooled Revenue Bonds, Series 2020
3.706% due 05/15/2120			4,800			5,002
						10,357
ILLINOIS 0.1%
Chicago, Illinois Waterworks Revenue Bonds, Series 2010
6.642% due 11/01/2029			1,100			1,376
NEW JERSEY 0.5%
Rutgers The State University of New Jersey Revenue Bonds, Series 2019
3.915% due 05/01/2119			5,800			7,097
NEW YORK 0.9%
New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2018
3.960% due 08/01/2032			4,420			5,058
Port Authority of New York & New Jersey Revenue Bonds, Series 2019
3.287% due 08/01/2069			8,000			8,510
						13,568

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
OHIO 0.1%
American Municipal Power, Inc., Ohio Revenue Bonds, Series 2010
7.734% due 02/15/2033	$		900	$		1,293
PENNSYLVANIA 0.7%
Pennsylvania Economic Development Financing Authority Revenue Bonds, (BABs), Series 2010
6.532% due 06/15/2039			600			812
State Public School Building Authority, Pennsylvania Revenue Bonds, Series 2011
5.426% due 09/15/2026			8,500			10,053
						10,865
TEXAS 0.0%
Texas Public Finance Authority Revenue Notes, Series 2014
8.250% due 07/01/2024			670			673
VIRGINIA 1.6%
Tobacco Settlement Financing Corp., Virginia Revenue Bonds, Series 2007
6.706% due 06/01/2046			18,350			17,612
University of Virginia Revenue Bonds, Series 2019
3.227% due 09/01/2119			5,600			5,979
						23,591
WEST VIRGINIA 1.4%
Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2007
7.467% due 06/01/2047			20,850			21,014
Total Municipal Bonds & Notes (Cost $76,976)						89,834
U.S. GOVERNMENT AGENCIES 60.5%
Fannie Mae
3.380% due 05/01/2028 •			4			4
3.568% due 12/01/2034 •			37			39
3.579% due 05/01/2033 •			45			47
3.598% due 11/01/2032 •			6			6
3.840% due 09/01/2032 •			6			7
3.910% due 10/01/2032 •			9			9
3.929% due 01/01/2033 •			15			15
4.050% due 10/01/2034 •			39			39
4.095% due 09/01/2027 •			27			27
4.455% due 03/25/2041 ~			9			10
4.462% due 05/25/2042 ~			10			10
6.500% due 07/18/2027			14			16

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2020 63

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

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Freddie Mac
0.635% due 08/15/2029 - 12/15/2031 •	$		21	$		21
0.685% due 09/15/2030 •			3			3
0.735% due 03/15/2032 •			3			3
0.835% due 02/15/2024 •			223			222
1.335% due 09/15/2022 •			5			5
1.535% due 08/15/2023 •			2			2
3.455% due 08/01/2032 •			19			19
3.971% due 02/01/2033 •			17			17
4.000% due 01/01/2032 •			19			19
4.125% due 08/01/2029 •			5			5
4.180% due 02/01/2029 •			23			23
4.250% due 10/01/2032 •			8			8
4.500% due 10/01/2032 •			47			47
4.616% due 07/01/2032 •			2			2
6.000% due 12/15/2028			127			144
6.500% due 12/15/2023			2			2
7.000% due 04/01/2029 - 03/01/2030			8			8
7.500% due 08/15/2030			23			27
Ginnie Mae
3.000% (H15T1Y + 1.500%) due 01/20/2022 - 01/20/2026 ~			18			18
3.000% due 01/20/2027 - 03/20/2032 •			73			75
3.125% (H15T1Y + 1.500%) due 11/20/2023 - 10/20/2026 ~			19			20
3.125% due 10/20/2027 •			5			5
3.250% (H15T1Y + 1.500%) due 07/20/2021 - 08/20/2026 ~			35			36
3.250% due 07/20/2027 - 07/20/2029 •			31			31
3.875% (H15T1Y + 1.500%) due 06/20/2021 - 06/20/2026 ~			36			35
3.875% due 04/20/2027 - 06/20/2032 •			30			30
4.375% (H15T1Y + 2.000%) due 06/20/2022 ~			6			6
NCUA Guaranteed Notes
0.624% due 10/07/2020 •			505			505
Uniform Mortgage-Backed Security
3.000% due 01/01/2046			226			240
3.500% due 05/01/2047			359			380
4.000% due 12/01/2044 - 03/01/2049			11,943			12,650
6.000% due 09/01/2022 - 12/01/2023			24			24
6.500% due 12/01/2028			1			1

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
7.000% due 11/01/2038	$		14	$		14
7.010% due 08/01/2022			4			4
Uniform Mortgage-Backed Security, TBA
2.000% due 07/01/2050 - 09/01/2050			97,000			98,863
2.500% due 07/01/2050 - 09/01/2050			370,000			384,635
3.000% due 09/01/2050			254,050			266,661
3.500% due 07/01/2035			3,000			3,152
4.000% due 08/01/2050			4,500			4,771
4.500% due 07/01/2050			127,000			136,475
Vendee Mortgage Trust
6.500% due 09/15/2024			179			197
Total U.S. Government Agencies (Cost $906,760)						909,634
U.S. TREASURY OBLIGATIONS 18.0%
U.S. Treasury Bonds
1.250% due 05/15/2050			8,400			8,067
2.250% due 08/15/2049			13,000			15,632
U.S. Treasury Notes
0.625% due 05/15/2030 (h)			50,200			50,055
1.500% due 01/31/2027 (h)(j)(l)			50,331			53,741
1.500% due 02/15/2030 (h)			132,600			143,353
Total U.S. Treasury Obligations (Cost $263,804)						270,848
NON-AGENCY MORTGAGE-BACKED SECURITIES 16.9%
Adjustable Rate Mortgage Trust
3.535% due 01/25/2036 ^~			39			36
3.794% due 11/25/2035 ^~			116			99
3.884% due 02/25/2036 ^~			113			86
4.625% due 11/25/2035 ^~			63			58
American Home Mortgage Assets Trust
0.375% due 09/25/2046 ^•			558			526
0.395% due 10/25/2046 •			511			325
2.424% due 11/25/2046 •			562			244
Banc of America Alternative Loan Trust
6.000% due 07/25/2046 ^			128			122
16.534% due 09/25/2035 ^•			101			109
Banc of America Funding Trust
0.308% due 08/27/2036 ~			7,759			6,704
0.380% due 10/20/2036 •			133			114
0.395% due 04/25/2037 ^•			102			87
0.490% due 05/20/2047 •			53			54
0.585% due 05/25/2037 ^•			96			80
3.854% due 09/20/2047 ^~			99			82
3.931% due 04/20/2035 ^~			95			87
3.943% due 09/20/2046 ^~			77			69
4.217% due 02/20/2036 ~			240			227

64 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

June 30, 2020

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
5.500% due 03/25/2036 ^	$		16	$		15
5.831% due 04/25/2037 ~			653			644
Banc of America Mortgage Trust
3.764% due 05/25/2035 ^~			544			523
3.858% due 02/25/2034 ~			130			127
3.885% due 07/25/2035 ^~			16			16
5.500% due 09/25/2035 ^			323			313
5.500% due 05/25/2037 ^			113			95
BCAP LLC Trust
0.335% due 05/25/2047 ^•			61			55
0.405% due 05/25/2047 ^•			393			357
0.571% due 07/26/2036 ~			51			50
0.668% due 05/26/2035 •			20			20
0.835% due 09/25/2047 •			84			76
1.385% due 10/25/2047 •			14,479			12,643
2.531% due 11/26/2046 •			108			108
3.499% due 07/26/2036 ~			105			104
3.610% due 07/26/2036 ~			28			24
3.643% due 03/26/2037 ~			93			78
3.869% due 03/27/2037 ~			348			284
Bear Stearns Adjustable Rate Mortgage Trust
3.265% due 06/25/2035 ^~			17			15
3.415% due 05/25/2034 ~			34			31
3.747% due 03/25/2035 ~			51			48
3.766% due 02/25/2036 ^~			80			78
3.819% due 02/25/2034 ~			54			53
3.833% due 01/25/2035 ~			11			11
3.847% due 05/25/2047 ^~			185			174
3.918% due 12/25/2046 ^•			728			620
3.936% due 11/25/2034 ~			58			55
3.960% due 08/25/2035 ~			24			21
4.166% due 10/25/2035 ~			56			55
4.176% due 01/25/2034 ~			57			57
4.270% due 10/25/2035 •			358			354
Bear Stearns ALT-A Trust
0.625% due 04/25/2036 ^•			130			164
3.497% due 08/25/2036 ^~			313			254
3.520% due 01/25/2036 ~			4,619			4,276
3.545% due 02/25/2036 ^~			340			279
3.567% due 06/25/2034 ~			2,076			1,820
3.769% due 05/25/2035 ~			77			75
3.899% due 05/25/2036 ^~			468			320
3.938% due 11/25/2036 ^~			106			78
4.454% due 07/25/2035 ^~			509			376
4.553% due 02/25/2036 ^~			37			33
Bear Stearns Mortgage Funding Trust
0.375% due 01/25/2037 •			80			69
Bear Stearns Mortgage Securities, Inc.
6.295% due 03/25/2031 ~			3			3
Bear Stearns Structured Products, Inc. Trust
3.635% due 01/26/2036 ^~			617			510
Benchmark Mortgage Trust
2.952% due 08/15/2057			4,565			5,053
Cascade Funding Mortgage Trust
2.800% due 06/25/2069 ~			3,492			3,548

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Chase Mortgage Finance Trust
3.648% due 03/25/2037 ^~	$		66	$		63
3.838% due 03/25/2037 ^~			36			35
4.058% due 09/25/2036 ^~			1,179			1,028
6.000% due 05/25/2037 ^			122			87
ChaseFlex Trust
0.485% due 07/25/2037 •			184			157
4.180% due 08/25/2037 ^þ			36			30
5.000% due 07/25/2037 ^			95			71
Chevy Chase Funding LLC Mortgage-Backed Certificates
0.415% due 10/25/2035 •			1,315			1,246
Citigroup Mortgage Loan Trust
0.405% due 01/25/2037 •			3,345			2,900
3.074% due 10/25/2046 ^~			171			150
3.228% due 09/25/2059 þ			8,427			8,485
3.643% due 03/25/2037 ^~			64			55
3.732% due 09/25/2037 ~			86			83
3.767% due 07/25/2037 ^~			886			800
3.934% due 09/25/2037 ^~			455			428
3.979% due 08/25/2035 ~			16			16
4.190% due 11/25/2035 •			44			42
4.380% due 10/25/2035 •			82			80
5.500% due 12/25/2035			175			137
6.250% due 11/25/2037 ~			118			84
Citigroup Mortgage Loan Trust, Inc.
3.245% due 12/25/2035 ^~			100			68
4.576% due 08/25/2035 ~			636			629
CitiMortgage Alternative Loan Trust
6.500% due 06/25/2037 ^			131			132
Community Program Loan Trust
4.500% due 04/01/2029			58			59
Countrywide Alternative Loan Resecuritization Trust
6.000% due 08/25/2037 ^~			123			90
Countrywide Alternative Loan Trust
0.325% due 08/25/2037 •			579			496
0.355% due 11/25/2036 •			197			201
0.355% due 01/25/2037 ^•			106			106
0.360% due 11/25/2036 •			6,571			5,737
0.365% due 11/25/2036 •			80			77
0.365% due 05/25/2047 •			1,107			966
0.370% due 02/20/2047 ^•			1,285			953
0.375% due 07/25/2046 ^•			72			66
0.375% due 09/25/2046 ^•			365			333
0.400% due 07/20/2046 ^•			43			32
0.405% due 05/25/2035 •			1,753			1,553
0.495% due 08/25/2035 ^•			152			129
0.685% due 05/25/2035 ^•			2,559			2,248
0.685% due 06/25/2035 •			100			89
0.705% due 07/25/2035 •			111			103
0.705% due 12/25/2035 •			856			764
0.805% due 10/25/2035 •			57			48
0.915% due 11/25/2035 •			964			930
2.504% due 02/25/2036 •			428			384

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2020 65

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

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
2.754% due 11/25/2047 ^•	$		837	$		708
2.884% due 11/25/2047 ^•			2,324			1,981
3.217% due 05/25/2036 ~			34			27
3.506% due 06/25/2037 ^~			128			118
3.529% due 08/25/2035 ~			182			169
3.640% due 11/25/2035 ^~			90			75
5.500% due 11/25/2035			100			76
5.500% due 02/25/2036 ^			69			57
5.750% due 03/25/2037 ^•			119			89
5.750% due 07/25/2037 ^			19			16
5.750% due 04/25/2047 ^			133			109
6.000% due 12/25/2034			72			71
6.000% due 03/25/2036 ^			199			144
6.000% due 08/25/2036 ^•			68			57
6.000% due 08/25/2036 ^			660			553
6.000% due 02/25/2037 ^			488			316
6.000% due 04/25/2037 ^			84			67
6.000% due 04/25/2037			12,237			12,279
6.000% due 05/25/2037 ^			391			243
6.000% due 08/25/2037 ^•			429			324
6.250% due 11/25/2036 ^			81			72
6.500% due 05/25/2036 ^			1,516			1,137
6.500% due 12/25/2036 ^			71			48
6.500% due 08/25/2037 ^			388			254
19.293% due 07/25/2035 •			42			54
Countrywide Home Loan Mortgage Pass-Through Trust
0.485% due 04/25/2046 ^•			2			0
0.508% due 03/25/2036 •			216			108
0.645% due 05/25/2035 •			73			63
0.725% due 02/25/2035 •			14			13
0.805% due 03/25/2035 •			253			234
0.925% due 02/25/2035 •			307			270
0.965% due 02/25/2035 •			260			229
2.762% due 04/25/2035 ^~			42			5
3.269% due 05/20/2036 ^~			122			119
3.443% due 08/25/2034 ~			3,871			3,794
3.484% due 10/20/2035 ~			37			34
3.547% due 02/20/2036 ~			189			177
3.567% due 06/25/2034 ~			618			624
3.570% due 01/25/2036 ^~			82			75
3.596% due 05/20/2036 ~			51			48
3.647% due 11/25/2037 ~			174			150
3.711% due 02/20/2036 ^•			27			23
3.819% due 11/25/2034 ~			70			68
4.492% due 08/25/2034 ^~			45			41
5.500% due 07/25/2037 ^			339			250
5.750% due 12/25/2035 ^			95			76
6.000% due 02/25/2037 ^			352			279
6.000% due 03/25/2037 ^			133			105
6.000% due 07/25/2037			201			135
6.500% due 11/25/2036 ^			803			499
Countrywide Home Loan Reperforming REMIC Trust
6.000% due 03/25/2035 ^			63			63
Credit Suisse First Boston Mortgage Securities Corp.
1.335% due 09/25/2034 ^•			59			59
1.633% due 03/25/2032 ~			13			12

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Credit Suisse Mortgage Capital Certificates
0.828% due 12/27/2035 •	$		81	$		81
3.500% due 04/26/2038 ~			540			536
3.522% due 08/26/2058			4,896			5,048
3.814% due 04/28/2037 ~			310			295
Credit Suisse Mortgage Capital Trust
0.648% due 05/27/2037 •			28			28
Deutsche ALT-A Securities, Inc.
0.485% due 04/25/2037 •			320			214
Deutsche ALT-A Securities, Inc. Mortgage Loan Trust
0.345% due 01/25/2047 •			42			42
0.375% due 08/25/2047 •			331			295
Deutsche Mortgage & Asset Receiving Corp.
0.628% due 11/27/2036 •			211			204
Downey Savings & Loan Association Mortgage Loan Trust
0.514% due 07/19/2045 ^•			9			0
Eurosail PLC
1.143% due 06/13/2045 •	GBP		3,865			4,742
First Horizon Alternative Mortgage Securities Trust
3.066% due 01/25/2036 ^~	$		216			155
3.515% due 04/25/2036 ^~			135			123
First Horizon Mortgage Pass-Through Trust
4.281% due 11/25/2037 ^~			44			40
GMAC Mortgage Corp. Loan Trust
3.894% due 11/19/2035 ^~			123			113
GreenPoint Mortgage Funding Trust
0.385% due 12/25/2046 ^•			315			277
GS Mortgage Securities Trust
3.722% due 10/10/2049 ~			5,000			4,338
GSC Capital Corp. Mortgage Trust
0.365% due 05/25/2036 ^•			109			99
GSR Mortgage Loan Trust
3.910% due 04/25/2035 ~			30			28
3.980% due 04/25/2035 ~			46			44
4.065% due 09/25/2035 ~			151			151
4.148% due 09/25/2035 ~			66			65
4.149% due 11/25/2035 ~			116			83
4.679% due 09/25/2034 ~			59			58
HarborView Mortgage Loan Trust
0.384% due 01/19/2038 •			41			36
0.399% due 12/19/2036 •			6,475			5,218
0.434% due 12/19/2036 ^•			4,638			4,156
0.444% due 01/19/2038 ^•			29			22
0.634% due 05/19/2035 •			2,191			1,988
0.694% due 01/19/2036 •			118			87
0.874% due 01/19/2035 •			37			35
0.985% due 07/19/2045 •			38			34
3.792% due 12/19/2035 ^~			103			71
3.874% due 06/19/2036 ^~			186			125
4.138% due 12/19/2035 ^~			52			49
HomeBanc Mortgage Trust
0.365% due 12/25/2036 •			51			50

66 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

June 30, 2020

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Impac Secured Assets Trust
0.335% due 11/25/2036 •	$		609	$		571
IndyMac Mortgage Loan Trust
0.365% due 07/25/2047 •			295			224
0.375% due 09/25/2046 •			126			110
0.485% due 11/25/2035 ^•			181			128
0.745% due 03/25/2035 •			144			138
3.034% due 06/25/2037 ^~			89			80
3.313% due 06/25/2036 ~			4,869			3,963
3.370% due 10/25/2035 ~			681			579
3.385% due 06/25/2036 ~			1,040			1,016
3.473% due 11/25/2035 ^~			126			111
3.512% due 08/25/2035 ~			804			713
3.555% due 09/25/2035 ^~			80			65
3.559% due 06/25/2035 ^~			39			35
3.624% due 08/25/2036 ~			2,225			2,056
JPMorgan Alternative Loan Trust
0.345% due 10/25/2036 •			5,078			4,709
0.674% due 06/27/2037 •			2,865			2,571
3.404% due 12/25/2036 ~			10			10
JPMorgan Mortgage Trust
3.394% due 06/25/2037 ^~			126			103
3.831% due 01/25/2037 ^~			17			15
3.870% due 04/25/2035 ~			20			20
3.912% due 11/25/2035 ^~			52			48
3.920% due 09/25/2034 ~			149			148
3.939% due 11/25/2035 ^~			79			69
3.968% due 07/25/2035 ~			264			257
4.150% due 07/25/2035 ~			217			215
4.152% due 04/25/2035 ~			13			13
6.000% due 01/25/2036 ^			121			91
Lavender Trust
6.250% due 10/26/2036			290			222
Legacy Mortgage Asset Trust
3.000% due 06/25/2059 þ			2,976			3,004
Lehman Mortgage Trust
5.176% due 01/25/2036 ^~			120			121
5.339% due 12/25/2035 ~			205			85
6.000% due 07/25/2036 ^			76			54
Lehman XS Trust
0.375% due 11/25/2046 •			12,720			11,279
0.385% due 08/25/2046 ^•			58			53
0.415% due 04/25/2046 ^•			35			34
0.425% due 11/25/2046 ^•			12			2
0.455% due 02/25/2036 •			6,216			5,811
Luminent Mortgage Trust
0.355% due 12/25/2036 •			670			602
0.385% due 10/25/2046 •			181			165
MASTR Adjustable Rate Mortgages Trust
0.425% due 05/25/2037 •			119			69
MASTR Reperforming Loan Trust
7.000% due 05/25/2035			965			893
8.000% due 07/25/2035			903			892

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Mellon Residential Funding Corp. Mortgage Pass-Through Trust
2.610% due 10/20/2029 •	$		34	$		33
Merrill Lynch Alternative Note Asset Trust
0.345% due 01/25/2037 •			130			56
0.485% due 03/25/2037 •			906			351
6.000% due 05/25/2037 ^			169			164
Merrill Lynch Mortgage Investors Trust
0.645% due 04/25/2029 •			31			29
0.845% due 09/25/2029 •			30			29
0.845% due 11/25/2029 •			47			45
1.383% due 07/25/2029 •			31			30
3.339% due 02/25/2036 ~			32			31
4.320% due 11/25/2035 •			60			59
6.250% due 10/25/2036			1,862			1,326
Morgan Stanley Capital Trust
2.508% due 04/05/2042 ~			5,000			5,093
Morgan Stanley Dean Witter Capital, Inc. Trust
3.155% due 03/25/2033 ~			50			49
Morgan Stanley Mortgage Loan Trust
0.505% due 01/25/2035 •			27			25
3.386% due 07/25/2035 ~			2,225			1,969
3.648% due 06/25/2036 ~			79			79
6.000% due 10/25/2037 ^			78			62
Morgan Stanley Re-REMIC Trust
2.929% due 02/26/2037 •			173			150
3.218% due 03/26/2037 þ			92			80
5.500% due 10/26/2035 ~			9,228			8,284
Morgan Stanley Resecuritization Trust
0.788% due 01/26/2051 •			76			76
NAAC Reperforming Loan REMIC Trust
7.500% due 03/25/2034 ^			418			424
Nomura Asset Acceptance Corp. Alternative Loan Trust
3.216% due 02/25/2036 ^~			405			340
Nomura Resecuritization Trust
6.500% due 10/26/2037			6,930			5,148
RBSSP Resecuritization Trust
0.418% due 02/26/2037 •			570			563
Residential Accredit Loans, Inc. Trust
0.355% due 12/25/2036 •			301			255
0.385% due 05/25/2047 •			117			104
0.395% due 06/25/2037 •			101			83
0.435% due 08/25/2037 •			261			235
0.485% due 08/25/2035 •			128			108
0.985% due 10/25/2045 •			92			79
3.967% due 02/25/2035 ^~			202			173
5.268% due 02/25/2036 ^~			108			86
8.000% due 04/25/2036 ^•			121			112
Residential Asset Securitization Trust
6.000% due 06/25/2036			187			118
6.000% due 11/25/2036 ^			133			78
6.000% due 03/25/2037 ^			109			63

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2020 67

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

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
6.250% due 11/25/2036 ^	$		91	$		55
6.500% due 04/25/2037 ^			1,175			492
Residential Funding Mortgage Securities, Inc. Trust
4.582% due 03/25/2035 ^~			1,095			737
6.000% due 09/25/2036 ^			221			204
Structured Adjustable Rate Mortgage Loan Trust
0.505% due 10/25/2035 •			1,100			1,028
0.920% due 06/25/2034 •			387			355
2.904% due 05/25/2035 ^•			360			288
3.478% due 07/25/2037 ^~			5			4
3.652% due 10/25/2036 ^~			120			89
3.678% due 10/25/2034 ~			40			40
3.684% due 02/25/2036 ^~			251			220
3.754% due 09/25/2036 ^~			3,225			2,747
Structured Asset Mortgage Investments Trust
0.365% due 09/25/2047 •			62			59
0.375% due 06/25/2036 •			5,382			5,227
0.375% due 07/25/2046 ^•			473			365
0.375% due 09/25/2047 •			823			753
0.385% due 05/25/2036 •			785			744
0.395% due 09/25/2047 ^•			1,164			1,166
0.405% due 05/25/2046 •			950			486
0.445% due 03/25/2037 •			110			55
0.445% due 05/25/2046 ^•			15			8
0.894% due 03/19/2034 •			244			233
0.894% due 02/19/2035 •			106			103
0.934% due 12/19/2033 •			248			239
3.625% due 02/25/2036 ^•			550			519
SunTrust Adjustable Rate Mortgage Loan Trust
3.866% due 02/25/2037 ^~			218			201
SunTrust Alternative Loan Trust
6.000% due 12/25/2035			413			409
TBW Mortgage-Backed Trust
5.965% due 07/25/2037 ~			3,701			1,956
Thornburg Mortgage Securities Trust
0.825% due 09/25/2043 •			180			175
0.925% due 09/25/2034 •			32			30
3.732% due 09/25/2037 ~			59			57
Towd Point Mortgage Funding
1.481% due 02/20/2054 •	GBP		14,969			18,557
Wachovia Mortgage Loan Trust LLC
4.214% due 10/20/2035 ~	$		41			37
WaMu Mortgage Pass-Through Certificates Trust
0.455% due 12/25/2045 •			6			5
0.595% due 11/25/2045 •			186			178
0.825% due 01/25/2045 •			190			188
0.925% due 11/25/2034 •			159			154
0.965% due 10/25/2044 •			771			745
1.165% due 11/25/2034 •			439			424
2.240% due 11/25/2046 •			221			202
2.254% due 06/25/2047 ^•			52			16
2.314% due 07/25/2047 •			13,862			11,661

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
2.504% due 08/25/2046 •	$		1,218	$		1,164
2.704% due 11/25/2042 •			19			17
3.515% due 12/25/2036 ^~			1,093			1,058
3.526% due 12/25/2036 ^~			134			121
3.874% due 08/25/2036 ^~			103			93
4.369% due 08/25/2033 ~			208			205
Washington Mutual Mortgage Pass-Through Certificates Trust
0.635% due 05/25/2035 ^•			351			284
2.204% due 04/25/2047 •			350			288
2.274% due 04/25/2047 •			512			423
4.224% due 09/25/2036 ^þ			148			65
Wells Fargo Alternative Loan Trust
3.667% due 07/25/2037 ^~			48			43
Wells Fargo Mortgage-Backed Securities Trust
4.545% due 10/25/2036 ^~			327			296
6.000% due 06/25/2037 ^			68			68
Total Non-Agency Mortgage-Backed Securities (Cost $254,344)						253,437
ASSET-BACKED SECURITIES 27.1%
Aames Mortgage Investment Trust
0.965% due 10/25/2035 •			200			194
1.385% due 06/25/2035 •			872			849
AASET Trust
3.967% due 05/16/2042			1,173			1,007
AASET U.S. Ltd.
3.844% due 01/16/2038			2,260			2,051
Accredited Mortgage Loan Trust
0.445% due 09/25/2036 •			9,442			9,084
0.665% due 09/25/2035 •			200			191
ACE Securities Corp. Home Equity Loan Trust
0.295% due 12/25/2036 •			331			124
0.325% due 07/25/2036 •			149			126
0.340% due 08/25/2036 •			547			523
0.485% due 02/25/2036 •			110			107
0.800% due 12/25/2035 •			2,000			1,830
0.805% due 02/25/2036 ^•			126			120
0.845% due 11/25/2035 •			131			130
1.085% due 12/25/2034 •			142			135
1.160% due 06/25/2034 •			130			125
1.160% due 07/25/2035 •			96			95
Aegis Asset-Backed Securities Trust
0.615% due 12/25/2035 •			200			184
0.665% due 06/25/2035 •			200			184
0.885% due 03/25/2035 •			300			291
1.185% due 03/25/2035 ^•			89			85
AlbaCore EURO CLO DAC
0.000% due 07/18/2031 «•(a)	EUR		3,550			3,989

68 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

June 30, 2020

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Ameriquest Mortgage Securities Trust
0.575% due 03/25/2036 •	$		278	$		273
Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates
0.635% due 01/25/2036 •			124			124
0.655% due 11/25/2035 •			184			180
0.705% due 09/25/2035 •			10,000			9,655
0.860% due 07/25/2035 •			433			432
1.295% due 03/25/2035 •			200			190
Amortizing Residential Collateral Trust
1.185% due 10/25/2034 •			162			158
Argent Securities Trust
0.335% due 09/25/2036 •			860			382
0.375% due 03/25/2036 •			325			214
Argent Securities, Inc. Asset-Backed Pass-Through Certificates
0.415% due 01/25/2036 •			96			88
0.505% due 01/25/2036 •			3,904			3,555
1.025% due 04/25/2034 •			1,326			1,277
Asset-Backed Funding Certificates Trust
0.295% due 01/25/2037 •			437			287
0.325% due 11/25/2036 •			10,931			7,827
0.345% due 01/25/2037 •			275			182
0.405% due 01/25/2037 •			165			110
0.805% due 04/25/2034 •			51			51
0.860% due 06/25/2035 •			48			48
1.185% due 06/25/2037 •			205			185
Asset-Backed Securities Corp. Home Equity Loan Trust
0.635% due 11/25/2035 •			224			222
1.085% due 06/25/2035 •			200			195
2.060% due 09/25/2034 •			1,433			1,391
3.185% due 08/15/2033 •			22			21
Aurium CLO DAC
0.670% due 04/16/2030 •	EUR		5,300			5,904
Avery Point CLO Ltd.
2.091% due 04/25/2026 •	$		1,207			1,204
Babson Euro CLO BV
0.659% due 10/25/2029 •	EUR		2,156			2,400
Basic Asset-Backed Securities Trust
0.495% due 04/25/2036 •	$		91			91
Bear Stearns Asset-Backed Securities Trust
0.295% due 04/25/2031 •			44			73
0.335% due 06/25/2036 •			76			76
0.385% due 12/25/2036 •			179			179
0.415% due 02/25/2037 •			10,916			9,590
0.455% due 06/25/2036 •			200			200
0.525% due 05/25/2036 ^•			78			77
0.585% due 09/25/2046 •			132			124
0.615% due 12/25/2035 •			364			365
0.635% due 08/25/2036 •			250			243
0.675% due 09/25/2035 •			6,434			6,389
0.685% due 12/25/2035 •			60			59
0.735% due 06/25/2036 •			211			210

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
0.885% due 11/25/2035 ^•	$		137	$		125
1.085% due 03/25/2034 •			2,657			2,575
1.145% due 04/25/2035 •			67			67
1.235% due 08/25/2037 •			7,091			6,269
1.365% due 06/25/2043 •			999			952
1.435% due 08/25/2037 •			89			87
3.112% due 10/25/2036 ~			43			30
4.124% due 07/25/2036 ~			271			267
22.887% due 03/25/2036 ^•			183			220
Carrington Mortgage Loan Trust
0.405% due 01/25/2037 •			1,200			819
0.445% due 02/25/2037 •			1,400			1,267
1.235% due 05/25/2035 •			300			279
Catamaran CLO Ltd.
2.341% due 01/27/2028 •			400			379
Cendant Mortgage Corp.
6.000% due 07/25/2043 ~			17			18
Cent CLO Ltd.
2.171% due 10/29/2025 •			3,276			3,271
CIT Mortgage Loan Trust
1.685% due 10/25/2037 •			6,000			5,753
Citigroup Mortgage Loan Trust
0.325% due 12/25/2036 •			310			307
0.355% due 05/25/2037 •			16,285			13,494
0.445% due 01/25/2037 •			257			256
0.585% due 11/25/2046 •			192			183
0.635% due 11/25/2045 •			126			125
6.351% due 05/25/2036 ^þ			159			82
Citigroup Mortgage Loan Trust Asset-Backed Pass-Through Certificates
1.115% due 05/25/2035 •			200			197
Citigroup Mortgage Loan Trust, Inc.
0.595% due 10/25/2035 •			467			475
0.920% due 09/25/2035 ^•			488			481
CLNC FL1 Ltd.
1.444% due 08/20/2035 •			14,800			14,448
Conseco Finance Corp.
6.870% due 04/01/2030 ~			106			109
7.060% due 02/01/2031 ~			513			509
Countrywide Asset-Backed Certificates
0.325% due 06/25/2035 •			1,283			1,109
0.325% due 07/25/2037 ^•			2,784			2,588
0.335% due 07/25/2036 ^•			5			5
0.335% due 01/25/2037 •			3,762			3,676
0.335% due 05/25/2037 •			210			208
0.345% due 01/25/2034 •			20			20
0.345% due 05/25/2036 •			319			307
0.345% due 03/25/2037 •			111			110
0.355% due 03/25/2037 •			118			113
0.355% due 05/25/2037 •			27			27
0.355% due 06/25/2047 •			62			62
0.365% due 06/25/2047 •			235			234
0.385% due 09/25/2037 •			4,372			3,709
0.405% due 09/25/2037 ^•			155			132

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2020 69

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

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
0.405% due 09/25/2047 ^•	$		1,345	$		1,162
0.415% due 10/25/2047 •			298			285
0.435% due 01/25/2046 ^•			4,344			3,884
0.435% due 06/25/2047 •			243			219
0.485% due 07/25/2036 •			114			112
0.535% due 04/25/2036 •			14			14
0.585% due 06/25/2036 •			300			289
0.635% due 03/25/2036 •			1,400			1,295
0.635% due 03/25/2047 ^•			78			63
0.675% due 02/25/2036 •			170			169
0.685% due 03/25/2036 •			4,367			4,111
0.845% due 12/25/2035 •			198			196
1.235% due 08/25/2035 •			52			52
1.685% due 02/25/2035 •			300			294
4.548% due 10/25/2046 ^~			14,228			13,529
Countrywide Asset-Backed Certificates Trust
0.315% due 04/25/2046 •			5,205			4,704
0.325% due 02/25/2037 •			8,901			8,114
0.335% due 09/25/2046 •			3,749			3,679
0.335% due 03/25/2047 ^•			133			130
0.375% due 06/25/2047 •			124			122
0.645% due 05/25/2036 •			469			460
0.715% due 02/25/2036 •			197			195
0.915% due 07/25/2035 •			400			390
0.985% due 08/25/2047 •			489			478
1.535% due 04/25/2035 •			200			196
Countrywide Asset-Backed Certificates Trust, Inc.
0.905% due 07/25/2034 •			109			106
1.085% due 10/25/2034 •			50			46
Countrywide Asset-Backed Certificates, Inc.
1.160% due 02/25/2034 •			59			59
Credit-Based Asset Servicing & Securitization LLC
0.305% due 07/25/2037 •			12			9
0.405% due 07/25/2037 •			252			193
CVP Cascade CLO Ltd.
2.326% due 01/16/2026 •			1,270			1,271
Delta Funding Home Equity Loan Trust
0.825% due 08/15/2030 •			48			41
ECMC Group Student Loan Trust
0.935% due 02/27/2068 •			6,708			6,525
EMC Mortgage Loan Trust
0.925% due 05/25/2040 •			11			11
First Franklin Mortgage Loan Trust
0.325% due 12/25/2036 •			275			159
0.335% due 07/25/2036 •			18			18
0.345% due 04/25/2036 •			170			163
0.425% due 04/25/2036 •			400			331
0.425% due 08/25/2036 •			267			236
0.545% due 10/25/2035 •			80			79
0.545% due 11/25/2035 •			161			150
0.860% due 06/25/2036 •			102			102
0.920% due 09/25/2035 •			29			30
0.995% due 04/25/2035 •			117			117
1.055% due 09/25/2034 •			160			161

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
1.130% due 03/25/2035 •	$		100	$		97
1.385% due 01/25/2035 •			122			119
1.610% due 10/25/2034 •			580			567
First NLC Trust
0.255% due 08/25/2037 •			56			31
0.645% due 05/25/2035 •			867			814
FIRSTPLUS Home Loan Owner Trust
7.320% due 11/10/2023 ^			6			1
Fremont Home Loan Trust
0.335% due 01/25/2037 •			258			134
0.345% due 08/25/2036 •			214			84
0.355% due 02/25/2036 •			54			51
0.355% due 02/25/2037 •			861			419
0.455% due 02/25/2036 •			300			262
0.455% due 04/25/2036 •			3,000			2,489
0.920% due 07/25/2035 •			2,227			2,197
0.975% due 12/25/2029 •			7			6
Gallatin CLO Ltd.
2.269% (US0003M + 1.050%) due 07/15/2027 ~			7,503			7,420
GE-WMC Asset-Backed Pass-Through Certificates
0.685% due 12/25/2035 •			1,281			1,256
GoldenTree Loan Management EUR CLO DAC
0.000% due 07/20/2031 •(a)	EUR		14,000			15,729
GSAA Home Equity Trust
0.305% due 04/25/2047 •	$		161			149
GSAMP Trust
0.275% due 01/25/2037 •			2,796			1,774
0.305% due 12/25/2036 •			958			529
0.325% due 12/25/2036 •			8,205			4,681
0.335% due 06/25/2036 •			74			74
0.335% due 09/25/2036 •			346			152
0.335% due 12/25/2046 •			592			352
0.345% due 05/25/2046 •			21			20
0.385% due 11/25/2036 •			180			106
0.415% due 12/25/2046 •			178			107
0.425% due 12/25/2035 •			28			28
0.425% due 06/25/2036 •			260			172
0.455% due 04/25/2036 •			331			256
1.835% due 10/25/2034 •			24			24
Home Equity Asset Trust
1.280% due 05/25/2035 •			200			197
Home Equity Loan Trust
0.415% due 04/25/2037 •			711			673
0.525% due 04/25/2037 •			500			381
Home Equity Mortgage Loan Asset-Backed Trust
0.325% due 11/25/2036 •			408			363
0.345% due 11/25/2036 •			340			266
0.505% due 04/25/2037 •			300			259
HSI Asset Securitization Corp. Trust
0.295% due 12/25/2036 •			226			87
0.355% due 12/25/2036 •			1,029			401
0.405% due 12/25/2036 •			686			273
0.575% due 11/25/2035 •			246			238

70 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

June 30, 2020

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
IXIS Real Estate Capital Trust
0.815% due 02/25/2036 •	$		184	$		184
JPMorgan Mortgage Acquisition Trust
0.345% due 01/25/2036 •			40			39
0.355% due 04/25/2036 •			19			19
0.445% due 03/25/2037 •			300			292
0.445% due 06/25/2037 •			286			280
0.455% due 04/25/2036 •			176			174
0.455% due 05/25/2036 •			494			490
0.455% due 07/25/2036 •			200			184
0.465% due 01/25/2037 •			200			190
6.337% due 08/25/2036 ^þ			113			88
Lehman ABS Mortgage Loan Trust
0.275% due 06/25/2037 •			222			166
0.385% due 06/25/2037 •			179			135
Lehman XS Trust
0.335% due 04/25/2037 ^•			91			93
0.355% due 12/25/2036 •			598			667
0.355% due 02/25/2037 ^•			1,449			1,206
LoanCore Issuer Ltd.
1.315% due 05/15/2028 •			10,700			10,609
Long Beach Mortgage Loan Trust
0.745% due 07/25/2031 •			88			87
0.830% due 11/25/2035 •			299			290
0.945% due 08/25/2045 •			74			74
1.235% due 06/25/2035 •			500			475
1.460% due 02/25/2035 •			12,750			12,306
1.610% due 03/25/2032 •			197			194
Loomis Sayles CLO Ltd.
2.619% due 04/15/2028 •			550			523
M360 Advisors LLC
4.395% due 07/24/2028			2,543			2,541
MACH Cayman Ltd.
3.474% due 10/15/2039			2,370			1,993
Mackay Shields Euro CLO
1.550% due 08/15/2033 «•(a)	EUR		4,250			4,775
MAPS Ltd.
4.212% due 05/15/2043	$		3,886			3,436
MASTR Asset-Backed Securities Trust
0.295% due 08/25/2036 •			174			89
0.335% due 08/25/2036 •			287			148
0.365% due 02/25/2036 •			372			179
0.425% due 06/25/2036 •			165			91
0.425% due 08/25/2036 •			172			91
0.685% due 10/25/2035 ^•			266			241
0.685% due 11/25/2035 •			9,796			6,929
0.755% due 01/25/2036 •			300			289
0.785% due 01/25/2036 •			36			36
0.935% due 12/25/2034 ^•			17			17
Merrill Lynch Mortgage Investors Trust
0.425% due 08/25/2037 •			883			554
0.635% due 02/25/2047 •			1,068			743
0.905% due 05/25/2036 •			188			183

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
MESA Trust
0.985% due 12/25/2031 •	$		379	$		374
METAL LLC
4.581% due 10/15/2042			3,395			2,529
Mid-State Capital Corp. Trust
6.005% due 08/15/2037			448			481
Morgan Stanley ABS Capital, Inc. Trust
0.255% due 10/25/2036 •			91			47
0.295% due 10/25/2036 •			744			431
0.325% due 10/25/2036 •			2,693			1,404
0.325% due 11/25/2036 •			239			138
0.335% due 06/25/2036 •			247			170
0.335% due 09/25/2036 •			380			179
0.335% due 10/25/2036 •			218			127
0.335% due 11/25/2036 •			1,232			836
0.365% due 03/25/2037 •			396			199
0.385% due 02/25/2037 •			136			79
0.405% due 11/25/2036 •			1,437			840
0.435% due 03/25/2037 •			396			202
0.495% due 12/25/2035 •			305			299
1.085% due 05/25/2034 •			91			89
1.115% due 03/25/2035 •			103			105
1.175% due 06/25/2035 •			352			352
1.235% due 04/25/2035 •			200			188
1.435% due 07/25/2037 •			400			340
1.835% due 03/25/2034 •			123			123
Morgan Stanley Capital, Inc. Trust
0.475% due 01/25/2036 •			1,025			995
Morgan Stanley Dean Witter Capital, Inc. Trust
1.535% due 02/25/2033 •			507			500
Morgan Stanley Home Equity Loan Trust
0.345% due 04/25/2036 •			114			86
0.355% due 04/25/2037 •			605			398
0.415% due 04/25/2037 •			202			134
Morgan Stanley Mortgage Loan Trust
0.415% due 02/25/2037 •			134			56
0.545% due 04/25/2037 •			264			125
1.765% due 11/25/2036 ^•			256			112
5.965% due 09/25/2046 ^þ			363			187
Mountain View CLO Ltd.
2.019% due 10/15/2026 •			347			342
New Century Home Equity Loan Trust
0.860% due 06/25/2035 •			12			12
1.160% due 10/25/2033 •			1,545			1,507
Nomura Home Equity Loan, Inc. Home Equity Loan Trust
0.595% due 02/25/2036 •			90			89
6.032% due 10/25/2036 ^þ			164			68
NovaStar Mortgage Funding Trust
0.485% due 06/25/2036 •			114			94
0.890% due 01/25/2036 •			7,500			7,311
OneMain Financial Issuance Trust
2.370% due 09/14/2032			3,365			3,376

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2020 71

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

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Option One Mortgage Loan Trust
0.325% due 01/25/2037 •	$		66	$		44
0.355% due 05/25/2037 •			168			100
0.405% due 01/25/2037 •			266			178
0.515% due 04/25/2037 •			119			78
0.545% due 01/25/2036 •			300			262
0.950% due 08/25/2035 •			400			367
Option One Mortgage Loan Trust Asset-Backed Certificates
0.845% due 11/25/2035 •			106			106
0.875% due 11/25/2035 •			3,100			2,922
Ownit Mortgage Loan Trust
0.785% due 10/25/2036 ^•			190			177
Park Place Securities, Inc.
0.675% due 09/25/2035 •			200			186
Park Place Securities, Inc. Asset-Backed Pass-Through Certificates
0.675% due 08/25/2035 •			200			188
0.675% due 09/25/2035 •			500			476
0.980% due 07/25/2035 •			373			365
1.010% due 07/25/2035 •			950			847
1.130% due 06/25/2035 •			200			197
1.235% due 10/25/2034 •			500			480
1.310% due 03/25/2035 •			400			386
1.430% due 01/25/2036 •			292			291
1.985% due 12/25/2034 •			676			662
People’s Choice Home Loan Securities Trust
0.905% due 05/25/2035 ^•			47			47
People’s Financial Realty Mortgage Securities Trust
0.325% due 09/25/2036 •			393			143
Popular ABS Mortgage Pass-Through Trust
0.445% due 11/25/2036 •			137			134
0.575% due 02/25/2036 •			288			284
RAAC Trust
0.485% due 06/25/2044 •			47			42
0.535% due 11/25/2046 •			537			495
0.585% due 09/25/2045 •			2,805			2,743
0.585% due 06/25/2047 •			19			19
1.385% due 10/25/2045 •			194			191
1.685% due 09/25/2047 •			600			619
Renaissance Home Equity Loan Trust
5.812% due 11/25/2036 þ			529			288
6.254% due 08/25/2036 þ			9,457			5,697
7.238% due 09/25/2037 ^þ			240			132
Residential Asset Mortgage Products Trust
0.345% due 12/25/2036 •			12			12
0.345% due 02/25/2037 •			43			43
0.465% due 09/25/2036 •			154			145
0.485% due 05/25/2036 ^•			1,018			931
0.505% due 01/25/2036 •			682			617
0.665% due 09/25/2035 •			179			179
0.830% due 11/25/2035 •			119			119
0.845% due 10/25/2035 •			88			88
0.875% due 10/25/2035 •			100			96
1.085% due 08/25/2034 •			60			60

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Residential Asset Securities Corp. Trust
0.315% due 11/25/2036 •	$		443	$		393
0.345% due 11/25/2036 ^•			228			226
0.355% due 11/25/2036 •			550			507
0.425% due 09/25/2036 •			378			370
0.435% due 04/25/2037 •			116			115
0.455% due 05/25/2037 •			78			77
0.465% due 06/25/2036 •			1,000			992
0.525% due 04/25/2037 •			1,600			1,459
0.565% due 02/25/2036 •			105			105
0.595% due 01/25/2036 •			64			64
0.605% due 10/25/2035 •			227			223
0.605% due 12/25/2035 •			400			389
0.625% due 11/25/2035 •			262			260
0.830% due 03/25/2035 •			450			444
0.845% due 12/25/2035 •			176			144
0.875% due 11/25/2035 •			300			290
1.025% due 12/25/2034 •			23			22
Salomon Mortgage Loan Trust
1.085% due 11/25/2033 •			111			109
Securitized Asset-Backed Receivables LLC Trust
0.275% due 07/25/2036 •			227			105
0.325% due 05/25/2036 •			496			306
0.345% due 07/25/2036 •			222			105
0.425% due 07/25/2036 •			190			93
0.435% due 05/25/2036 •			1,100			697
0.455% due 03/25/2036 •			172			160
0.845% due 08/25/2035 ^•			172			128
0.860% due 01/25/2035 •			32			30
1.145% due 01/25/2036 ^•			66			55
3.204% due 01/25/2036 ^þ			57			54
Seneca Park CLO Ltd.
2.255% due 07/17/2026 •			885			883
SG Mortgage Securities Trust
0.345% due 07/25/2036 •			30,382			9,287
0.635% due 10/25/2035 •			1,000			946
SLM Student Loan Trust
2.491% due 04/25/2023 •			3,760			3,696
Soundview Home Loan Trust
0.265% due 06/25/2037 •			53			40
0.295% due 02/25/2037 •			313			111
0.345% due 11/25/2036 •			168			166
0.365% due 02/25/2037 •			439			160
0.365% due 07/25/2037 •			2,180			2,028
0.435% due 06/25/2036 •			8,440			7,885
0.535% due 03/25/2036 •			400			383
1.010% due 06/25/2035 •			67			68
1.135% due 10/25/2037 •			328			277
South Carolina Student Loan Corp.
1.350% due 09/03/2024 •			232			228
Specialty Underwriting & Residential Finance Trust
0.335% due 09/25/2037 •			124			96
0.335% due 11/25/2037 •			828			522
0.455% due 04/25/2037 •			213			127

72 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

June 30, 2020

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
0.785% due 12/25/2036 •	$		2,734	$		2,631
1.160% due 12/25/2035 •			231			228
Starwood Commercial Mortgage Trust
1.265% due 07/15/2038 •			7,600			7,453
Structured Asset Investment Loan Trust
0.335% due 09/25/2036 •			154			148
0.375% due 03/25/2036 •			467			431
0.785% due 01/25/2036 •			265			260
0.905% due 05/25/2035 •			1,828			1,821
1.085% due 05/25/2035 •			600			575
1.115% due 09/25/2034 •			660			637
1.310% due 07/25/2033 •			45			45
1.460% due 12/25/2034 •			1,138			1,071
Structured Asset Securities Corp. Mortgage Loan Trust
0.320% due 07/25/2036 •			6,068			5,847
0.335% due 09/25/2036 •			107			102
0.355% due 12/25/2036 •			137			132
0.395% due 02/25/2037 •			544			512
0.415% due 01/25/2037 •			2,401			1,633
0.435% due 09/25/2036 •			184			181
1.085% due 08/25/2037 •			168			166
1.185% due 08/25/2037 •			445			442
Structured Asset Securities Corp. Trust
0.645% due 09/25/2035 •			700			664
THL Credit Wind River CLO Ltd.
2.089% due 10/15/2027 •			232			229
WaMu Asset-Backed Certificates WaMu Trust
0.410% due 05/25/2037 •			9,724			8,888
WAVE LLC
3.597% due 09/15/2044			2,389			2,205
Wells Fargo Home Equity Asset-Backed Securities Trust
0.515% due 05/25/2036 •			300			287
1.130% due 03/25/2035 •			847			847
1.130% due 11/25/2035 •			197			197
1.760% due 02/25/2035 •			200			197
Total Asset-Backed Securities (Cost $402,962)						408,300
SOVEREIGN ISSUES 1.2%
Corp. Financiera de Desarrollo S.A.
4.750% due 02/08/2022			7,000			7,287
Export-Import Bank of India
1.326% (US0003M + 1.020%) due 03/28/2022 ~(f)			5,000			4,943
Philippines Government International Bond
0.000% due 02/03/2023 (c)	EUR		5,300			5,858
Total Sovereign Issues (Cost $17,808)						18,088

	SHARES			MARKET VALUE (000S)
PREFERRED SECURITIES 0.8%
BANKING & FINANCE 0.3%
Charles Schwab Corp.
5.000% due 12/01/2027 •(d)		4,200,000	$		4,141
INDUSTRIALS 0.5%
General Electric Co.
5.000% due 01/21/2021 •(d)		10,500,000			8,260
Total Preferred Securities (Cost $14,279)					12,401
SHORT-TERM INSTRUMENTS 0.2%
REPURCHASE AGREEMENTS (g) 0.2%
					2,948
Total Short-Term Instruments (Cost $2,948)					2,948
Total Investments in Securities (Cost $2,442,143)					2,482,468
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		15,448			152
Total Short-Term Instruments (Cost $151)					152
Total Investments in Affiliates (Cost $151)					152
Total Investments 165.1% (Cost $2,442,294)			$		2,482,620
Financial Derivative Instruments (i)(k) (0.1)% (Cost or Premiums, net $(421))					(1,089	)
Other Assets and Liabilities, net (65.0)%					(977,706	)
Net Assets 100.0%			$		1,503,825

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2020 73

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

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) When-issued security.

(b) Payment in-kind security.

(c) Zero coupon security.

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

(e) Contingent convertible security.

(f)  RESTRICTED SECURITIES:

Issuer Description	Coupon			Maturity Date		Acquisition Date		Cost		Market Value		Market Value as Percentage of Net Assets
Export-Import Bank of India		1.326	%		03/28/2022		12/19/2019	$	4,968	$	4,943		0.33	%
Morgan Stanley		7.500			04/02/2032		02/11/2020		6,809		6,951		0.46
								$	11,777	$	11,894		0.79	%

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(g)  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	%		06/30/2020		07/01/2020	$	2,948	U.S. Treasury Inflation Protected Securities 0.125% due 04/15/2022	$	(3,007	)	$	2,948	$	2,948
Total Repurchase Agreements											$	(3,007	)	$	2,948	$	2,948

REVERSE REPURCHASE AGREEMENTS:

Counterparty	Borrowing Rate(1)			Settlement Date		Maturity Date		Amount Borrowed(1)			Payable for Reverse Repurchase Agreements
BSN		0.240	%		04/13/2020		07/13/2020	$	(6,489)		$	(6,492	)
JPS		0.140			06/23/2020		07/07/2020		(10,187	)		(10,188	)
Total Reverse Repurchase Agreements											$	(16,680	)

74 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

June 30, 2020

SALE-BUYBACK TRANSACTIONS:

Counterparty	Borrowing Rate(1)			Borrowing Date		Maturity Date		Amount Borrowed(1)			Payable for Sale-Buyback Transactions
GSC		0.030	%		06/18/2020		07/02/2020	$	(49,821	)	$	(49,822	)
Total Sale-Buyback Transactions											$	(49,822	)

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, 2020:

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	$	(6,492	)	$	0		$	(6,492	)	$	6,513		$	21
FICC		2,948		0			0			2,948			(3,007	)		(59	)
JPS		0		(10,188	)		0			(10,188	)		10,162			(26	)
Master Securities Forward Transaction Agreement
GSC		0		0			(49,822	)		(49,822	)		49,709			(113	)
Total Borrowings and Other Financing Transactions	$	2,948	$	(16,680	)	$	(49,822	)

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	$	(16,680	)	$	0	$	0	$	(16,680	)
Total	$	0	$	(16,680	)	$	0	$	0	$	(16,680	)
Sale-Buyback Transactions
U.S. Treasury Obligations		0		(49,822	)		0		0		(49,822	)
Total	$	0	$	(49,822	)	$	0	$	0	$	(49,822	)
Total Borrowings	$	0	$	(66,502	)	$	0	$	0	$	(66,502	)
Payable for reverse repurchase agreements and sale-buyback financing transactions										$	(66,502	)

(h) Securities with an aggregate market value of $66,730 have been pledged as collateral under the terms of the above master agreements as of June 30, 2020.

⁽¹⁾ The average amount of borrowings outstanding during the period ended June 30, 2020 was $(64,244) at a weighted average interest rate of 0.705%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2020 75

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

⁽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.

(i)  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		09/2020		189	$	(37,483	)	$	(341	)	$	38	$	0
U.S. Treasury 10-Year Note September Futures		09/2020		1,108		(154,202	)		(548	)		173		0
Total Futures Contracts								$	(889	)	$	211	$	0

SWAP AGREEMENTS:

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

Reference Entity	Fixed (Pay) Rate			Payment Frequency	Maturity Date		Implied Credit Spread at June 30, 2020(3)			Notional Amount(4)		Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)			Market Value(5)			Variation Margin
																					Asset		Liability
Exelon Corp.		(1.000	)%	Quarterly		06/20/2025		0.206	%	$	2,500	$	(87	)	$	(13	)	$	(100	)	$	0	$	(1	)
Kraft Heinz Foods Co.		(1.000	)	Quarterly		06/20/2022		0.599			5,887		(69	)		21			(48	)		0		(1	)
												$	(156	)	$	8		$	(148	)	$	0	$	(2	)

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

Reference Entity	Fixed Receive Rate			Payment Frequency	Maturity Date		Implied Credit Spread at June 30, 2020(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		1.476	%	$	2,650	$	(19	)	$	(23	)	$	(42	)	$	7	$	0
General Electric Co.		1.000		Quarterly		06/20/2024		1.557			1,550		(2	)		(31	)		(33	)		6		0
General Electric Co.		1.000		Quarterly		12/20/2024		1.682			800		(13	)		(10	)		(23	)		4		0
												$	(34	)	$	(64	)	$	(98	)	$	17	$	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 CAD-Bank Bill		1.235	%	Semi-Annual		03/04/2025	CAD	55,000	$	157		$	766	$	923	$	0	$	(35	)
Total Swap Agreements										$	(33	)	$	710	$	677	$	17	$	(37	)

76 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

June 30, 2020

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, 2020:

	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	$	211	$	17	$	228	$	0	$	0	$	(37	)	$	(37	)

(j) Securities with an aggregate market value of $8,048 and cash of $1,380 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 2020. 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⁾ 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 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.

⁽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.

(k)  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		08/2020	$		19,796		CAD	27,853	$	722	$	0
		09/2020		ILS	1,838	$		535		3		0
BPS		07/2020		BRL	2,254			421		6		0
		07/2020		RUB	4,782			68		1		0
		07/2020	$		412		BRL	2,254		3		0
CBK		07/2020			26,708		PEN	91,634		0		(842	)
		08/2020		RUB	2,140	$		31		1		0
		08/2020		SEK	585			59		0		(4	)
		09/2020		PEN	91,522			26,590		792		0

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2020 77

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

Counterparty	Settlement Month		Currency to be Delivered			Currency to be Received			Unrealized Appreciation/ (Depreciation)
									Asset		Liability
		09/2020	$		251		KRW	309,491	$	6	$	0
DUB		07/2020		BRL	2,254	$		412		0		(3	)
		07/2020	$		427		BRL	2,254		0		(13	)
		08/2020		BRL	2,254	$		427		13		0
		10/2020	$		565		PEN	1,952		0		(14	)
GLM		07/2020		GBP	21,417	$		26,417		0		(121	)
		07/2020		RUB	6,939			93		0		(4	)
		08/2020			1,858			27		1		0
HUS		07/2020	$		1,613		CAD	2,210		14		0
		08/2020		CAD	2,210	$		1,614		0		(15	)
		08/2020		CHF	192			198		0		(5	)
		08/2020		GBP	21,155			25,944		0		(275	)
JPM		08/2020		NOK	2,660			259		0		(17	)
		11/2020		MXN	12,379			544		15		0
MYI		07/2020	$		12,271		CAD	16,762		76		0
		07/2020			1,060		GBP	838		0		(22	)
		08/2020		CAD	16,762	$		12,272		0		(76	)
SCX		07/2020		EUR	50,887			56,638		0		(533	)
		08/2020			50,887			57,194		0		(18	)
		09/2020		INR	17,406			227		0		(2	)
TOR		07/2020		CAD	28,048			20,362		0		(298	)
		07/2020	$		6,650		CAD	9,076		35		0
		08/2020		CAD	9,076	$		6,651		0		(35	)
UAG		07/2020		RUB	15,755			216		2		(6	)
		08/2020	$		1,011		CAD	1,355		0		(13	)
Total Forward Foreign Currency Contracts									$	1,690	$	(2,316	)

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	Call - OTC CDX.IG-34 5-Year Index	Buy		0.550	%		09/16/2020		40,550	$	(28	)	$	(20	)
	Put - OTC CDX.IG-34 5-Year Index	Sell		1.100			09/16/2020		40,550		(82	)		(89	)
Total Written Options										$	(110	)	$	(109	)

SWAP AGREEMENTS:

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

Counterparty	Reference Entity	Fixed Receive Rate			Payment Frequency	Maturity Date		Implied Credit Spread at June 30, 2020(3)			Notional Amount(4)		Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)			Swap Agreements, at  Value(5)
																			Asset		Liability
CBK	Brazil Government International Bond		1.000	%	Quarterly		12/20/2024		2.401	%	$	3,100	$	(54	)	$	(130	)	$	0	$	(184	)
FBF	Brazil Government International Bond		1.000		Quarterly		06/20/2022		1.522			1,200		(80	)		68			0		(12	)
GST	Brazil Government International Bond		1.000		Quarterly		06/20/2024		2.243			200		(6	)		(4	)		0		(10	)
	Brazil Government International Bond		1.000		Quarterly		12/20/2024		2.401			3,100		(48	)		(136	)		0		(184	)
	Mexico Government International Bond		1.000		Quarterly		12/20/2024		1.444			200		(2	)		(2	)		0		(4	)

78 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

June 30, 2020

Counterparty	Reference Entity	Fixed Receive Rate			Payment Frequency	Maturity Date		Implied Credit Spread at June 30, 2020(3)			Notional Amount(4)		Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)			Swap Agreements, at Value(5)
																			Asset		Liability
HUS	Brazil Government International Bond		1.000	%	Quarterly		12/20/2023		2.112	%	$	300	$	(10	)	$	(1	)	$	0	$	(11	)
	Brazil Government International Bond		1.000		Quarterly		06/20/2024		2.243			2,400		(70	)		(43	)		0		(113	)
MYC	Mexico Government International Bond		1.000		Quarterly		12/20/2024		1.444			1,400		(8	)		(19	)		0		(27	)
Total Swap Agreements													$	(278	)	$	(267	)	$	0	$	(545	)

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, 2020:

	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(6)
BOA	$	725	$	0	$	0	$	725	$	0		$	(109	)	$	0		$	(109	)	$	616		$	(570	)	$	46
BPS		10		0		0		10		0			0			0			0			10			0			10
CBK		799		0		0		799		(846	)		0			(184	)		(1,030	)		(231	)		270			39
DUB		13		0		0		13		(30	)		0			0			(30	)		(17	)		154			137
FBF		0		0		0		0		0			0			(12	)		(12	)		(12	)		0			(12	)
GLM		1		0		0		1		(125	)		0			0			(125	)		(124	)		1			(123	)
GST		0		0		0		0		0			0			(198	)		(198	)		(198	)		321			123
HUS		14		0		0		14		(295	)		0			(124	)		(419	)		(405	)		76			(329	)
JPM		15		0		0		15		(17	)		0			0			(17	)		(2	)		0			(2	)
MYC		0		0		0		0		0			0			(27	)		(27	)		(27	)		0			(27	)
MYI		76		0		0		76		(98	)		0			0			(98	)		(22	)		0			(22	)
SCX		0		0		0		0		(553	)		0			0			(553	)		(553	)		491			(62	)
TOR		35		0		0		35		(333	)		0			0			(333	)		(298	)		137			(161	)
UAG		2		0		0		2		(19	)		0			0			(19	)		(17	)		0			(17	)
Total Over the Counter	$	1,690	$	0	$	0	$	1,690	$	(2,316	)	$	(109	)	$	(545	)	$	(2,970	)

(l) Securities with an aggregate market value of $1,461 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of June 30, 2020.

⁽¹⁾ Notional Amount represents the number of contracts.

⁽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 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.

⁽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

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2020 79

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

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⁾ 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 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, 2020:

	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	$	211	$	211
Swap Agreements		0		17		0		0		0		17
	$	0	$	17	$	0	$	0	$	211	$	228
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	1,690	$	0	$	1,690
	$	0	$	17	$	0	$	1,690	$	211	$	1,918
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Swap Agreements	$	0	$	2	$	0	$	0	$	35	$	37
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	2,316	$	0	$	2,316
Written Options		0		109		0		0		0		109
Swap Agreements		0		545		0		0		0		545
	$	0	$	654	$	0	$	2,316	$	0	$	2,970
	$	0	$	656	$	0	$	2,316	$	35	$	3,007

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2020:

	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		$	43		$	43
Futures		0		0			0		0			(5,423	)		(5,423	)
Swap Agreements		0		(53	)		0		0			8,647			8,594
	$	0	$	(53	)	$	0	$	0		$	3,267		$	3,214
Over the counter
Forward Foreign Currency Contracts	$	0	$	0		$	0	$	(3,261	)	$	0		$	(3,261	)
Purchased Options		0		0			0		0			(23	)		(23	)
Written Options		0		767			0		0			0			767
Swap Agreements		0		93			0		0			0			93
	$	0	$	860		$	0	$	(3,261	)	$	(23	)	$	(2,424	)
	$	0	$	807		$	0	$	(3,261	)	$	3,244		$	790

80 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

June 30, 2020

	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	$	(1,473	)	$	(1,473	)
Swap Agreements		0		(78	)		0		0		1,357			1,279
	$	0	$	(78	)	$	0	$	0	$	(116	)	$	(194	)
Over the counter
Forward Foreign Currency Contracts	$	0	$	0		$	0	$	1,156	$	0		$	1,156
Purchased Options		0		0			0		0		8			8
Written Options		0		(98	)		0		0		0			(98	)
Swap Agreements		0		(649	)		0		0		0			(649	)
	$	0	$	(747	)	$	0	$	1,156	$	8		$	417
	$	0	$	(825	)	$	0	$	1,156	$	(108	)	$	223

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2020 in valuing the Portfolio’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2020
Investments in Securities, at Value
Loan Participations and Assignments	$	0	$	6,978	$	0	$	6,978
Corporate Bonds & Notes
Banking & Finance		0		324,480		0		324,480
Industrials		0		169,359		0		169,359
Utilities		0		16,161		0		16,161
Municipal Bonds & Notes
California		0		10,357		0		10,357
Illinois		0		1,376		0		1,376
New Jersey		0		7,097		0		7,097
New York		0		13,568		0		13,568
Ohio		0		1,293		0		1,293
Pennsylvania		0		10,865		0		10,865
Texas		0		673		0		673
Virginia		0		23,591		0		23,591
West Virginia		0		21,014		0		21,014
U.S. Government Agencies		0		909,634		0		909,634
U.S. Treasury Obligations		0		270,848		0		270,848
Non-Agency Mortgage-Backed Securities		0		253,437		0		253,437
Asset-Backed Securities		0		399,536		8,764		408,300
Sovereign Issues		0		18,088		0		18,088
Preferred Securities
Banking & Finance		0		4,141		0		4,141
Industrials		0		8,260		0		8,260
Short-Term Instruments
Repurchase Agreements		0		2,948		0		2,948
	$	0	$	2,473,704	$	8,764	$	2,482,468
Investments in Affiliates, at Value
Short-Term Instruments
Central Funds Used for Cash Management Purposes	$	152	$	0	$	0	$	152
Total Investments	$	152	$	2,473,704	$	8,764	$	2,482,620

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2020 81

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

(Unaudited)

June 30, 2020

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 06/30/2020
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared	$	211	$	17		$	0	$	228
Over the counter		0		1,690			0		1,690
	$	211	$	1,707		$	0	$	1,918
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared		0		(37	)		0		(37	)
Over the counter		0		(2,970	)		0		(2,970	)
	$	0	$	(3,007	)	$	0	$	(3,007	)
Total Financial Derivative Instruments	$	211	$	(1,300	)	$	0	$	(1,089	)
Totals	$	363	$	2,472,404		$	8,764	$	2,481,531

There were no significant transfers into or out of Level 3 during the period ended June 30, 2020.

82 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

Schedule of Investments PIMCO Fixed Income SHares: Series R

(Unaudited)

June 30, 2020

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

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 174.1%
CORPORATE BONDS & NOTES 5.2%
BANKING & FINANCE 4.3%
AerCap Ireland Capital DAC
4.625% due 10/30/2020	$		100	$		101
Deutsche Bank AG
4.250% due 10/14/2021			1,400			1,437
ING Bank NV
2.625% due 12/05/2022			400			420
International Lease Finance Corp.
8.250% due 12/15/2020			100			102
Jyske Realkredit A/S
1.000% due 10/01/2050	DKK		3,247			487
Lloyds Banking Group PLC
1.106% (US0003M + 0.800%) due 06/21/2021 ~	$		200			201
Nordea Kredit Realkreditaktieselskab
1.000% due 10/01/2050	DKK		3,253			488
Nykredit Realkredit A/S
1.000% due 10/01/2050			7,657			1,149
2.500% due 10/01/2047			40			6
Realkredit Danmark A/S
2.500% due 04/01/2047			26			4
Royal Bank of Scotland Group PLC
1.847% (US0003M + 1.550%) due 06/25/2024 ~	$		300			300
4.519% due 06/25/2024 •			200			218
UniCredit SpA
7.830% due 12/04/2023			600			695
						5,608
INDUSTRIALS 0.0%
YPF S.A.
30.917% (BADLARPP + 4.000%) due 09/24/2020 «~	ARS		1,040			10
33.088% (BADLARPP + 6.000%) due 03/04/2021 ~			1,320			12
						22
UTILITIES 0.9%
AT&T, Inc.
5.150% due 02/15/2050	$		300			385
5.300% due 08/15/2058			100			130
Petrobras Global Finance BV
5.093% due 01/15/2030			442			441
6.125% due 01/17/2022			68			72

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Sempra Energy
0.763% (US0003M + 0.450%) due 03/15/2021 ~	$		100	$		100
						1,128
Total Corporate Bonds & Notes (Cost $6,516)						6,758
U.S. GOVERNMENT AGENCIES 26.4%
Fannie Mae
0.630% due 02/25/2037 •			25			25
2.891% due 10/01/2044 •			3			3
Freddie Mac
3.483% due 07/01/2036 •			36			37
3.806% due 09/01/2036 •			28			29
Ginnie Mae
2.266% due 08/20/2068 •			528			523
Uniform Mortgage-Backed Security
3.500% due 12/01/2045			25			27
Uniform Mortgage-Backed Security, TBA
2.000% due 09/01/2050			1,000			1,018
2.500% due 08/01/2050 - 09/01/2050			15,600			16,220
3.000% due 09/01/2050			6,600			6,928
3.500% due 08/01/2050			600			631
4.000% due 07/01/2050			8,500			9,007
Total U.S. Government Agencies (Cost $34,352)						34,448
U.S. TREASURY OBLIGATIONS 117.4%
U.S. Treasury Inflation Protected Securities (c)
0.125% due 01/15/2022 (g)			5,790			5,874
0.125% due 04/15/2022 (e)			10,854			11,024
0.125% due 01/15/2023			5,157			5,289
0.125% due 07/15/2026			5,981			6,359
0.250% due 07/15/2029			1,906			2,087
0.375% due 07/15/2025			1,596			1,707
0.375% due 01/15/2027 (e)			18,695			20,173
0.375% due 07/15/2027 (e)			8,429			9,174
0.500% due 01/15/2028 (e)			7,319			8,024
0.625% due 01/15/2026 (e)			9,908			10,742
0.625% due 02/15/2043			3,145			3,712
0.750% due 07/15/2028			848			957
0.750% due 02/15/2042			1,691			2,028
0.750% due 02/15/2045			3,648			4,470
0.875% due 01/15/2029			2,031			2,317
0.875% due 02/15/2047			1,057			1,350
1.000% due 02/15/2046			3,777			4,892
1.000% due 02/15/2048			1,337			1,772
1.000% due 02/15/2049 (e)			2,782			3,720
1.375% due 02/15/2044 (e)			8,418			11,505
1.750% due 01/15/2028 (e)			17,695			21,129
2.000% due 01/15/2026			1,955			2,275

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2020 83

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

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
2.125% due 02/15/2040	$		427	$		630
2.125% due 02/15/2041			3,010			4,502
2.500% due 01/15/2029			3,128			4,014
3.375% due 04/15/2032 (i)			368			549
3.625% due 04/15/2028			2,077			2,798
Total U.S. Treasury Obligations (Cost $137,828)						153,073
NON-AGENCY MORTGAGE-BACKED SECURITIES 3.2%
AREIT Trust
2.805% due 04/14/2037 •			500			503
Banc of America Funding Trust
3.768% due 01/20/2047 ~			602			555
Citigroup Mortgage Loan Trust
0.368% due 06/25/2047 •			210			209
Countrywide Alternative Loan Trust
0.385% due 12/20/2046 ^•			874			707
Grifonas Finance PLC
0.000% due 08/28/2039 •	EUR		128			136
GSR Mortgage Loan Trust
4.065% due 09/25/2035 ~	$		15			15
HarborView Mortgage Loan Trust
0.790% due 06/20/2035 •			388			385
IndyMac Mortgage Loan Trust
1.025% due 05/25/2034 •			809			743
MortgageIT Trust
1.190% due 12/25/2034 •			16			15
Residential Accredit Loans, Inc. Trust
0.365% due 06/25/2046 •			229			80
Towd Point Mortgage Funding
1.481% due 02/20/2054 •	GBP		704			873
Total Non-Agency Mortgage-Backed Securities (Cost $4,155)						4,221
ASSET-BACKED SECURITIES 7.2%
Asset-Backed Funding Certificates Trust
0.785% due 10/25/2034 •	$		22			21
CIT Mortgage Loan Trust
1.535% due 10/25/2037 •			441			441
Citigroup Mortgage Loan Trust
0.265% due 01/25/2037 •			186			147
0.330% due 09/25/2036 •			508			479
Citigroup Mortgage Loan Trust, Inc.
0.645% due 10/25/2035 ^•			500			450
Countrywide Asset-Backed Certificates Trust
0.715% due 02/25/2036 •			494			489
Dryden Senior Loan Fund
2.119% due 10/15/2027 •			682			676

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Evans Grove CLO Ltd.
1.291% due 05/28/2028 •	$		1,586	$		1,566
First Franklin Mortgage Loan Trust
1.010% due 01/25/2035 •			2			2
Home Equity Asset Trust
1.040% due 08/25/2034 •			64			63
LoanCore Issuer Ltd.
1.315% due 05/15/2036 •			500			495
Man GLG Euro CLO DAC
0.870% due 01/15/2030 •	EUR		250			277
Massachusetts Educational Financing Authority
1.941% due 04/25/2038 •	$		40			39
Morgan Stanley ABS Capital, Inc. Trust
0.845% due 01/25/2035 •			268			251
Mountain View CLO Ltd.
2.131% due 10/13/2027 •			183			179
Nomura Home Equity Loan, Inc. Home Equity Loan Trust
0.695% due 05/25/2035 •			1,300			1,165
RAAC Trust
0.525% due 08/25/2036 •			61			60
Saxon Asset Securities Trust
0.905% due 05/25/2035 •			42			40
Shackleton CLO Ltd.
2.265% due 10/20/2028 •			1,498			1,469
Structured Asset Securities Corp. Mortgage Loan Trust
1.185% due 08/25/2037 •			33			33
Venture CLO Ltd.
1.171% due 02/28/2026 •			1,006			992
Total Asset-Backed Securities (Cost $9,367)						9,334
SOVEREIGN ISSUES 12.7%
Argentina Government International Bond
26.415% (BADLARPP + 2.000%) due 04/03/2022 ~	ARS		1,656			14
30.022% (BADLARPP) due 10/04/2022 ~			100			1
Australia Government International Bond
1.250% due 02/21/2022	AUD		889			623
3.000% due 09/20/2025			1,953			1,563
Autonomous City of Buenos Aires Argentina
29.825% (BADLARPP + 5.000%) due 01/23/2022 ~	ARS		7,510			70
Brazil Letras do Tesouro Nacional
0.000% due 10/01/2020 (b)	BRL		1,317			241
Canada Government Real Return Bond
4.250% due 12/01/2026 (c)	CAD		927			888

84 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

June 30, 2020

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
France Government International Bond
2.100% due 07/25/2023 (c)	EUR		342	$		419
Italy Buoni Poliennali Del Tesoro
1.400% due 05/26/2025 (c)			5,796			6,653
Japan Government International Bond
0.100% due 03/10/2028 (c)	JPY		221,175			2,041
0.100% due 03/10/2029 (c)			131,388			1,216
Mexico Government International Bond
7.750% due 05/29/2031	MXN		8,021			396
New Zealand Government International Bond
2.000% due 09/20/2025	NZD		442			313
2.500% due 09/20/2035			432			371
3.000% due 09/20/2030			1,316			1,093
Peru Government International Bond
5.940% due 02/12/2029	PEN		900			294
Qatar Government International Bond
3.875% due 04/23/2023	$		300			323
Total Sovereign Issues (Cost $16,773)						16,519

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
SHORT-TERM INSTRUMENTS 2.0%
REPURCHASE AGREEMENTS (d) 0.7%
				$		921
U.S. TREASURY BILLS 1.3%
0.113% due 07/07/2020 - 07/14/2020 (a)(b)	$		1,702			1,702
Total Short-Term Instruments (Cost $2,623)						2,623
Total Investments in Securities (Cost $211,614)						226,976
Total Investments 174.1% (Cost $211,614)				$		226,976
Financial Derivative Instruments (f)(h) (0.2)% (Cost or Premiums, net $(785))						(235	)
Other Assets and Liabilities, net (73.9)%						(96,343	)
Net Assets 100.0%				$		130,398

NOTES TO SCHEDULE OF INVESTMENTS:

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

^ Security is in default.

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

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

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

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

(b) Zero coupon security.

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

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2020 85

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

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(d)  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	%		06/30/2020		07/01/2020	$	921	U.S. Treasury Inflation Protected Securities 0.125% due 04/15/2022	$	(939	)	$	921	$	921
Total Repurchase Agreements											$	(939	)	$	921	$	921

SALE-BUYBACK TRANSACTIONS:

Counterparty	Borrowing Rate(1)			Borrowing Date		Maturity Date		Amount Borrowed(1)			Payable for Sale-Buyback Transactions(2)
BCY		0.230	%		06/15/2020		08/17/2020	$	(1,473	)	$	(1,473	)
BPG		0.220			05/21/2020		08/21/2020		(3,727	)		(3,728	)
		0.220			06/11/2020		09/10/2020		(1,249	)		(1,249	)
		0.230			05/05/2020		07/06/2020		(30,494	)		(30,505	)
		0.230			05/06/2020		08/06/2020		(8,390	)		(8,393	)
		0.230			05/26/2020		07/27/2020		(17,305	)		(17,309	)
MSC		0.230			05/04/2020		07/06/2020		(1,900	)		(1,901	)
TDM		0.220			06/03/2020		07/06/2020		(1,172	)		(1,173	)
Total Sale-Buyback Transactions											$	(65,731	)

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, 2020:

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(3)
Global/Master Repurchase Agreement
FICC	$	921	$	0	$	0		$	921		$	(939	)	$	(18	)
Master Securities Forward Transaction Agreement
BCY		0		0		(1,473	)		(1,473	)		1,482			9
BPG		0		0		(61,184	)		(61,184	)		61,853			669
BPS		0		0		0			0			(940	)		(940	)
MSC		0		0		(1,901	)		(1,901	)		1,928			27
TDM		0		0		(1,173	)		(1,173	)		1,178			5
Total Borrowings and Other Financing Transactions	$	921	$	0	$	(65,731	)

86 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

June 30, 2020

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	$	0	$	(50,888	)	$	(14,843	)	$	0	$	(65,731	)
Total Borrowings	$	0	$	(50,888	)	$	(14,843	)	$	0	$	(65,731	)
Payable for sale-buyback financing transactions											$	(65,731	)

(e) Securities with an aggregate market value of $66,440 have been pledged as collateral under the terms of the above master agreements as of June 30, 2020.

⁽¹⁾ The average amount of borrowings outstanding during the period ended June 30, 2020 was $(54,251) at a weighted average interest rate of 1.003%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.

⁽²⁾ Payable for sale-buyback transactions includes $(8) 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.

(f)  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 116.000 on Euro-Schatz Bond September 2020 Futures(1)		08/2020		275	$	2	$	0		$	0	$	0
Euro-Bobl September Futures		09/2020		53		8,037		26			0		(4	)
Euro-Bund 10-Year Bond September Futures		09/2020		38		7,536		42			0		(8	)
U.S. Treasury 5-Year Note September Futures		09/2020		338		42,501		94			0		(11	)
U.S. Treasury 10-Year Ultra September Futures		09/2020		89		14,016		164			0		(22	)
U.S. Treasury Ultra Long-Term Bond September Futures		09/2020		14		3,054		(12	)		0		(14	)
							$	314		$	0	$	(59	)

SHORT FUTURES CONTRACTS

Description	Expiration Month		# of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)			Variation Margin
											Asset		Liability
Australia Government 3-Year Note September Futures		09/2020		10	$	(808	)	$	0		$	0	$	0
Australia Government 10-Year Bond September Futures		09/2020		7		(719	)		(12	)		1		(1	)
Euro-BTP Italy Government Bond September Futures		09/2020		76		(10,056	)		(95	)		2		(14	)
Euro-Buxl 30-Year Bond September Futures		09/2020		7		(1,730	)		(82	)		8		0
Euro-OAT France Government 10-Year Bond September Futures		09/2020		2		(377	)		(5	)		0		0
Euro-Schatz September Futures		09/2020		275		(34,647	)		(27	)		8		0
Japan Government 10-Year Bond September Futures		09/2020		2		(2,815	)		(3	)		4		0
U.S. Treasury 2-Year Note September Futures		09/2020		23		(5,079	)		0			0		0

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2020 87

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

Description	Expiration Month		# of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)			Variation Margin
											Asset		Liability
U.S. Treasury 10-Year Note September Futures		09/2020		476	$	(66,246	)	$	(234	)	$	74	$	0
U.S. Treasury 30-Year Bond September Futures		09/2020		79		(14,106	)		(32	)		37		0
								$	(490	)	$	134	$	(15	)
Total Futures Contracts								$	(176	)	$	134	$	(74	)

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, 2020(3)			Notional Amount(4)		Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)			Market Value(5)			Variation Margin
																						Asset		Liability
Daimler AG		1.000	%		Quarterly		12/20/2020		0.320	%		EUR  110	$	2		$	(1	)	$	1		$	0	$	0
General Electric Co.		1.000			Quarterly		12/20/2020		0.877			$  100		(3	)		3			0			0		0
General Electric Co.		1.000			Quarterly		12/20/2023		1.476			100		(5	)		3			(2	)		0		0
													$	(6	)	$	5		$	(1	)	$	0	$	0

CREDIT DEFAULT SWAPS ON CREDIT INDICES - BUY PROTECTION⁽⁶⁾

Index/Tranches	Fixed (Pay) Rate			Payment Frequency		Maturity Date		Notional Amount(4)		Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)			Market Value(5)		Variation Margin
																		Asset		Liability
CDX.HY-33 5-Year Index		(5.000	)%		Quarterly		12/20/2024	$	736	$	(44	)	$	48		$	4	$	0	$	(5	)
CDX.HY-34 5-Year Index		(5.000	)		Quarterly		06/20/2025		1,710		103			(93	)		10		0		(14	)
										$	59		$	(45	)	$	14	$	0	$	(19	)

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
Receive	3-Month NZD-BBR		3.250	%	Semi-Annual		03/21/2028		NZD	1,200	$	4		$	(170	)	$	(166	)	$	0	$	(3	)
Receive	6-Month JPY-LIBOR		0.300		Semi-Annual		09/20/2027		JPY	172,740		(3	)		(34	)		(37	)		1		0
Receive	CPTFEMU		1.710		Maturity		03/15/2033		EUR	300		(1	)		(46	)		(47	)		3		0
Receive	CPURNSA		1.350		Maturity		07/05/2020		$	4,000		0			(42	)		(42	)		0		0
Receive	CPURNSA		2.168		Maturity		07/15/2020			1,700		0			(31	)		(31	)		0		0
Receive	CPURNSA		1.721		Maturity		07/15/2020			200		0			(3	)		(3	)		0		0
Receive	CPURNSA		2.027		Maturity		11/23/2020			1,400		0			(23	)		(23	)		0		(3	)
Receive	CPURNSA		2.021		Maturity		11/25/2020			1,300		0			(21	)		(21	)		0		(2	)
Pay	CPURNSA		0.860		Maturity		06/15/2021			3,200		0			1			1			0		(4	)
Pay	CPURNSA		1.338		Maturity		06/29/2021			100		0			0			0			0		0
Receive(7)	CPURNSA		1.345		Maturity		07/02/2021			500		0			0			0			0		0
Receive	CPURNSA		1.550		Maturity		07/26/2021			800		27			(24	)		3			0		0
Receive	CPURNSA		1.432		Maturity		08/06/2021			1,100		0			(14	)		(14	)		0		0
Receive	CPURNSA		1.603		Maturity		09/12/2021			770		23			(24	)		(1	)		0		0
Receive	CPURNSA		1.592		Maturity		09/20/2021			600		0			(10	)		(10	)		0		0
Receive	CPURNSA		1.488		Maturity		10/01/2021			2,400		0			(34	)		(34	)		0		0
Receive	CPURNSA		2.500		Maturity		07/15/2022			5,000		(743	)		68			(675	)		3		0
Receive	CPURNSA		2.210		Maturity		02/05/2023			3,240		0			(149	)		(149	)		1		0
Receive	CPURNSA		2.220		Maturity		04/13/2023			318		0			(16	)		(16	)		0		0
Pay	CPURNSA		2.370		Maturity		06/06/2028			2,200		0			229			229			0		(4	)
Pay	CPURNSA		2.165		Maturity		04/16/2029			2,000		0			153			153			0		(4	)
Pay	CPURNSA		1.954		Maturity		06/03/2029			1,000		0			54			54			0		(2	)
Pay	CPURNSA		1.998		Maturity		07/25/2029			1,300		0			80			80			0		(3	)
Pay	CPURNSA		1.883		Maturity		11/20/2029			500		1			22			23			0		(1	)

88 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

June 30, 2020

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
Receive	FRCPXTOB		1.160	%	Maturity		08/15/2020		EUR	40	$	0		$	(1	)	$	(1	)	$	0	$	0
Receive	FRCPXTOB		1.345		Maturity		06/15/2021			600		0			(18	)		(18	)		0		0
Pay	FRCPXTOB		1.410		Maturity		11/15/2039			300		0			25			25			0		(3	)
Pay	UKRPI		2.890		Maturity		06/15/2022		GBP	2,600		0			20			20			0		(2	)
Pay	UKRPI		3.850		Maturity		09/15/2024			1,900		(1	)		146			145			0		(3	)
Pay	UKRPI		3.330		Maturity		01/15/2025			5,800		158			18			176			0		(11	)
Pay	UKRPI		3.603		Maturity		11/15/2028			60		0			5			5			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			86			86			0		(19	)
Pay	UKRPI		3.480		Maturity		01/15/2030			700		9			15			24			0		(4	)
Pay	UKRPI		3.325		Maturity		08/15/2030			2,050		(5	)		122			117			0		(17	)
Pay	UKRPI		3.140		Maturity		04/15/2031			40		(4	)		3			(1	)		0		0
											$	(535	)	$	388		$	(147	)	$	8	$	(85	)
Total Swap Agreements											$	(482	)	$	348		$	(134	)	$	8	$	(104	)

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, 2020:

	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	$	134	$	8	$	142	$	0	$	(74	)	$	(104	)	$	(178	)

(g) Securities with an aggregate market value of $133 and cash of $2,012 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 2020. 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 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⁾ 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.

⁽⁷⁾ This instrument has a forward starting effective date.

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2020 89

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

(h) 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		07/2020	$		851		JPY	90,890	$	0	$	(9	)
		08/2020		JPY	90,890	$		851		9		0
BPS		07/2020		BRL	250			47		1		0
		07/2020		EUR	1,329			1,504		11		0
		07/2020		GBP	524			663		14		0
		07/2020	$		46		BRL	250		0		0
CBK		07/2020		BRL	1,317	$		315		73		0
		07/2020		CAD	1,173			856		0		(8	)
		07/2020		EUR	814			922		8		0
		07/2020		PEN	963			280		8		0
		07/2020	$		240		BRL	1,317		2		0
		07/2020			632		DKK	4,186		1		(2	)
		07/2020			601		EUR	533		0		(2	)
		08/2020		NZD	2,827	$		1,811		0		(14	)
		10/2020		DKK	4,186			633		2		(1	)
DUB		07/2020		BRL	1,567			286		0		(2	)
		07/2020	$		297		BRL	1,567		0		(9	)
		08/2020		BRL	1,567	$		297		9		0
GLM		07/2020		DKK	14,335			2,104		0		(57	)
		07/2020		MXN	8,166			328		0		(27	)
		07/2020	$		133		GBP	105		0		(3	)
HUS		07/2020		EUR	669	$		747		0		(5	)
		07/2020		GBP	1,346			1,669		1		0
		07/2020		NZD	2,827			1,756		0		(68	)
		08/2020		GBP	1,765			2,164		0		(23	)
		09/2020		PLN	195			50		0		0
JPM		07/2020	$		248		DKK	1,638		0		(1	)
		07/2020			80		EUR	71		0		0
		08/2020			241		BRL	1,317		1		0
		10/2020		BRL	1,317	$		241		0		(1	)
		10/2020		DKK	1,638			249		1		0
MYI		07/2020		AUD	3,151			2,091		0		(84	)
		07/2020	$		2,079		AUD	3,151		96		0
		07/2020			911		DKK	6,041		1		(1	)
		07/2020			1,063		JPY	113,658		0		(10	)
		08/2020		JPY	113,658	$		1,063		10		0
		09/2020		PLN	249			63		0		0
		10/2020		DKK	8,475			1,282		2		(1	)
SCX		07/2020		EUR	3,271			3,641		0		(34	)
		07/2020	$		2,168		AUD	3,151		7		0
		08/2020		AUD	3,151	$		2,168		0		(7	)
		08/2020		EUR	5,479			6,158		0		(2	)
TOR		07/2020		AUD	3,151			2,094		0		(80	)
		07/2020		JPY	357,100			3,317		10		0
		07/2020	$		688		JPY	73,581		0		(6	)
		08/2020		JPY	73,581	$		688		6		0
UAG		07/2020	$		739		JPY	78,970		0		(7	)
		08/2020		JPY	78,970	$		739		7		0
Total Forward Foreign Currency Contracts									$	280	$	(464	)

90 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

June 30, 2020

PURCHASED OPTIONS:

OPTIONS ON SECURITIES

Counterparty	Description	Strike Price		Expiration Date		Notional Amount(1)		Cost		Market Value
JPM	Put - OTC Uniform Mortgage-Backed Security, TBA	$	72.000		07/07/2020		15,400	$	1	$	0
	Put - OTC Uniform Mortgage-Backed Security, TBA		73.000		07/07/2020		7,800		0		0
	Put - OTC Uniform Mortgage-Backed Security, TBA		76.000		07/07/2020		8,000		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
BOA	Call - OTC CDX.IG-34 5-Year Index	Buy		0.600	%		08/19/2020		1,000	$	(1	)	$	(1	)
	Put - OTC CDX.IG-34 5-Year Index	Sell		1.100			08/19/2020		1,000		(2	)		(1	)
	Put - OTC CDX.IG-34 5-Year Index	Sell		1.150			08/19/2020		800		(1	)		(1	)
	Call - OTC CDX.IG-34 5-Year Index	Buy		0.550			09/16/2020		1,000		(1	)		0
	Put - OTC CDX.IG-34 5-Year Index	Sell		1.100			09/16/2020		1,000		(2	)		(2	)
	Call - OTC iTraxx Europe 33 5-Year Index	Buy		0.475			09/16/2020		800		0			0
	Put - OTC iTraxx Europe 33 5-Year Index	Sell		1.000			09/16/2020		800		(1	)		(2	)
BPS	Call - OTC CDX.IG-34 5-Year Index	Buy		0.600			08/19/2020		600		0			0
	Call - OTC CDX.IG-34 5-Year Index	Buy		0.625			08/19/2020		900		(1	)		(1	)
	Put - OTC CDX.IG-34 5-Year Index	Sell		1.100			08/19/2020		600		(1	)		(1	)
	Put - OTC CDX.IG-34 5-Year Index	Sell		1.200			08/19/2020		900		(1	)		(1	)
	Call - OTC iTraxx Europe 33 5-Year Index	Buy		0.500			09/16/2020		700		0			0
	Put - OTC iTraxx Europe 33 5-Year Index	Sell		1.100			09/16/2020		700		(1	)		(1	)
DUB	Call - OTC iTraxx Europe 33 5-Year Index	Buy		0.550			08/19/2020		800		(1	)		(1	)
	Put - OTC iTraxx Europe 33 5-Year Index	Sell		1.000			08/19/2020		800		(1	)		(1	)
	Call - OTC iTraxx Europe 33 5-Year Index	Buy		0.500			10/21/2020		600		(1	)		(1	)
	Put - OTC iTraxx Europe 33 5-Year Index	Sell		1.200			10/21/2020		600		(1	)		(1	)
GST	Call - OTC CDX.IG-34 5-Year Index	Buy		0.600			08/19/2020		900		(1	)		0
	Put - OTC CDX.IG-34 5-Year Index	Sell		1.100			08/19/2020		900		(1	)		(1	)
	Call - OTC iTraxx Europe 33 5-Year Index	Buy		0.500			09/16/2020		700		(1	)		0
	Put - OTC iTraxx Europe 33 5-Year Index	Sell		1.100			09/16/2020		700		(1	)		(1	)
JPM	Call - OTC iTraxx Europe 33 5-Year Index	Buy		0.500			10/21/2020		700		(1	)		(1	)
	Put - OTC iTraxx Europe 33 5-Year Index	Sell		1.200			10/21/2020		700		(2	)		(2	)
										$	(23	)	$	(20	)

INFLATION-CAPPED OPTIONS

Counterparty	Description	Initial Index		Floating Rate	Expiration Date(2)		Notional Amount(1)		Premiums (Received)			Market Value
CBK	Floor - OTC CPURNSA		TBD	Maximum of [(1 + 0.000%)10 - (Final Index/Initial Index)] or 0		09/29/2020		1,400	$	(18	)	$	0
GLM	Cap - OTC CPALEMU		TBD	Maximum of [(Final Index/Initial Index - 1) - 3.000%] or 0		06/22/2035		1,200		(54	)		(1	)
JPM	Cap - OTC CPURNSA		TBD	Maximum of [(Final Index/Initial Index - 1) - 4.000%] or 0		04/22/2024		6,500		(47	)		0
	Cap - OTC CPURNSA		TBD	Maximum of [(Final Index/Initial Index - 1) - 4.000%] or 0		05/16/2024		500		(4	)		0
	Floor - OTC YOY CPURNSA		TBD	Maximum of [0.000% - (Final Index/Initial Index - 1)] or 0		10/02/2020		2,100		(39	)		0
									$	(162	)	$	(1	)

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2020 91

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

INTEREST RATE SWAPTIONS

Counterparty	Description	Floating Rate Index	Pay/ Receive Floating Rate	Exercise Rate			Expiration Date		Notional Amount(1)		Premiums (Received)			Market Value
GLM	Call - OTC 30-Year Interest Rate Swap	6-Month EUR-EURIBOR	Receive		0.000	%		08/27/2020		900	$	(28	)	$	(30	)
JPM	Call - OTC 30-Year Interest Rate Swap	6-Month EUR-EURIBOR	Receive		0.000			08/25/2020		500		(15	)		(16	)
MYC	Call - OTC 30-Year Interest Rate Swap	6-Month EUR-EURIBOR	Receive		0.000			08/24/2020		1,100		(36	)		(35	)
											$	(79	)	$	(81	)

OPTIONS ON SECURITIES

Counterparty	Description	Strike Price		Expiration Date		Notional Amount(1)		Premiums (Received)			Market Value
GSC	Put - OTC Uniform Mortgage-Backed Security, TBA	$	102.078		08/06/2020		2,000	$	(8	)	$	(2	)
	Put - OTC Uniform Mortgage-Backed Security, TBA		102.133		08/06/2020		300		(1	)		0
JPM	Put - OTC Uniform Mortgage-Backed Security, TBA		100.789		07/07/2020		1,700		(11	)		(1	)
	Put - OTC Uniform Mortgage-Backed Security, TBA		100.867		07/07/2020		1,700		(11	)		(1	)
	Put - OTC Uniform Mortgage-Backed Security, TBA		102.504		07/07/2020		1,000		(5	)		0
	Put - OTC Uniform Mortgage-Backed Security, TBA		102.531		07/07/2020		700		(3	)		0
	Put - OTC Uniform Mortgage-Backed Security, TBA		102.563		08/06/2020		200		(1	)		0
								$	(40	)	$	(4	)
Total Written Options								$	(304	)	$	(106	)

SWAP AGREEMENTS:

INTEREST RATE SWAPS

Counterparty	Pay/ Receive Floating Rate	Floating Rate Index	Fixed Rate			Payment Frequency	Maturity Date	Notional Amount		Premiums Paid/ (Received)		Unrealized Appreciation/ (Depreciation)		Swap Agreements, at Value
														Asset		Liability
BOA	Pay	CPURNSA		1.560	%	Maturity	12/17/2020	$	1,700	$	0	$	3	$	3	$	0
BRC	Pay	3-Month ILS-TELBOR		1.950		Annual	06/20/2028	ILS	480		0		16		16		0
GLM	Pay	3-Month ILS-TELBOR		1.971		Annual	02/16/2028		890		0		32		32		0
	Pay	3-Month ILS-TELBOR		1.998		Annual	06/20/2028		370		0		13		13		0
JPM	Pay	3-Month ILS-TELBOR		2.078		Annual	06/20/2028		460		0		17		17		0
MYC	Pay	CPURNSA		1.548		Maturity	12/21/2020	$	4,000		0		10		10		0
Total Swap Agreements										$	0	$	91	$	91	$	0

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of June 30, 2020:

	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(3)
BOA	$	9	$	0	$	3	$	12	$	(9	)	$	(7	)	$	0	$	(16	)	$	(4	)	$	0	$	(4	)
BPS		26		0		0		26		0			(4	)		0		(4	)		22			0		22
BRC		0		0		16		16		0			0			0		0			16			0		16

92 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

June 30, 2020

	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(3)
CBK	$	94	$	0	$	0	$	94	$	(27	)	$	0		$	0	$	(27	)	$	67		$	0		$	67
DUB		9		0		0		9		(11	)		(4	)		0		(15	)		(6	)		(10	)		(16	)
GLM		0		0		45		45		(87	)		(31	)		0		(118	)		(73	)		0			(73	)
GSC		0		0		0		0		0			(2	)		0		(2	)		(2	)		0			(2	)
GST		0		0		0		0		0			(2	)		0		(2	)		(2	)		0			(2	)
HUS		1		0		0		1		(96	)		0			0		(96	)		(95	)		0			(95	)
JPM		2		0		17		19		(2	)		(21	)		0		(23	)		(4	)		0			(4	)
MYC		0		0		10		10		0			(35	)		0		(35	)		(25	)		0			(25	)
MYI		109		0		0		109		(96	)		0			0		(96	)		13			34			47
SCX		7		0		0		7		(43	)		0			0		(43	)		(36	)		0			(36	)
TOR		16		0		0		16		(86	)		0			0		(86	)		(70	)		0			(70	)
UAG		7		0		0		7		(7	)		0			0		(7	)		0			0			0
Total Over the Counter	$	280	$	0	$	91	$	371	$	(464	)	$	(106	)	$	0	$	(570	)

(i) Securities with an aggregate market value of $34 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of June 30, 2020.

⁽¹⁾ Notional Amount represents the number of contracts.

⁽²⁾ YOY options may have a series of expirations.

⁽³⁾ 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 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, 2020:

			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	$	134	$	134
Swap Agreements		0		0		0		0		8		8
	$	0	$	0	$	0	$	0	$	142	$	142
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	280	$	0	$	280
Swap Agreements		0		0		0		0		91		91
	$	0	$	0	$	0	$	280	$	91	$	371
	$	0	$	0	$	0	$	280	$	233	$	513

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2020 93

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

			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	$	74	$	74
Swap Agreements		0		19		0		0		85		104
	$	0	$	19	$	0	$	0	$	159	$	178
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	464	$	0	$	464
Written Options		0		20		0		0		86		106
	$	0	$	20	$	0	$	464	$	86	$	570
	$	0	$	39	$	0	$	464	$	245	$	748

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2020:

	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
Purchased Options	$	0	$	0		$	0	$	0		$	6		$	6
Written Options		0		0			0		0			14			14
Futures		0		0			0		0			(1,286	)		(1,286	)
Swap Agreements		0		294			0		0			(2,272	)		(1,978	)
	$	0	$	294		$	0	$	0		$	(3,538	)	$	(3,244	)
Over the counter
Forward Foreign Currency Contracts	$	0	$	0		$	0	$	289		$	0		$	289
Purchased Options		0		0			0		0			839			839
Written Options		0		9			0		0			(304	)		(295	)
Swap Agreements		0		(8	)		0		0			(843	)		(851	)
	$	0	$	1		$	0	$	289		$	(308	)	$	(18	)
	$	0	$	295		$	0	$	289		$	(3,846	)	$	(3,262	)
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Purchased Options	$	0	$	0		$	0	$	0		$	2		$	2
Written Options		0		0			0		0			(3	)		(3	)
Futures		0		0			0		0			(123	)		(123	)
Swap Agreements		0		174			0		0			869			1,043
	$	0	$	174		$	0	$	0		$	745		$	919
Over the counter
Forward Foreign Currency Contracts	$	0	$	0		$	0	$	(54	)	$	0		$	(54	)
Purchased Options		0		0			0		0			245			245
Written Options		0		1			0		0			(546	)		(545	)
Swap Agreements		0		7			0		0			531			538
	$	0	$	8		$	0	$	(54	)	$	230		$	184
	$	0	$	182		$	0	$	(54	)	$	975		$	1,103

94 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

June 30, 2020

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2020 in valuing the Portfolio’s assets and liabilities:

Category and Subcategory	Level 1			Level 2			Level 3		Fair Value at 06/30/2020
Investments in Securities, at Value
Corporate Bonds & Notes
Banking & Finance	$	0		$	5,608		$	0	$	5,608
Industrials		0			12			10		22
Utilities		0			1,128			0		1,128
U.S. Government Agencies		0			34,448			0		34,448
U.S. Treasury Obligations		0			153,073			0		153,073
Non-Agency Mortgage-Backed Securities		0			4,221			0		4,221
Asset-Backed Securities		0			9,334			0		9,334
Sovereign Issues		0			16,519			0		16,519
Short-Term Instruments
Repurchase Agreements		0			921			0		921
U.S. Treasury Bills		0			1,702			0		1,702
Total Investments	$	0		$	226,966		$	10	$	226,976
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared		134			8			0		142
Over the counter		0			371			0		371
	$	134		$	379		$	0	$	513
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared		(74	)		(104	)		0		(178	)
Over the counter		(2	)		(568	)		0		(570	)
	$	(76)		$	(672	)	$	0	$	(748	)
Total Financial Derivative Instruments	$	58		$	(293	)	$	0	$	(235	)
Totals	$	58		$	226,673		$	10	$	226,741

There were no significant transfers into or out of Level 3 during the period ended June 30, 2020.

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2020 95

Schedule of Investments PIMCO Fixed Income SHares: Series TE

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

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 98.2%
MUNICIPAL BONDS & NOTES 97.5%
ALABAMA 0.8%
Lower Alabama Gas District Revenue Bonds, Series 2016
5.000% due 09/01/2046	$		500	$		689
ARIZONA 1.5%
Industrial Development Authority of the City of Phoenix, Arizona Revenue Notes, Series 2018
5.000% due 07/01/2028			250			275
Salt River Project Agricultural Improvement & Power District, Arizona Revenue Bonds, Series 2012
5.000% due 12/01/2030			1,000			1,085
						1,360
CALIFORNIA 9.3%
Bay Area Toll Authority, California Revenue Bonds, Series 2013
5.000% due 04/01/2038			2,000			2,258
California Health Facilities Financing Authority Revenue Bonds, Series 2013
5.000% due 07/01/2043			1,000			1,013
California Health Facilities Financing Authority Revenue Bonds, Series 2016
5.000% due 11/15/2046 (c)			3,000			3,523
Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2018
5.000% due 06/01/2030			1,300			1,591
						8,385
COLORADO 3.8%
Colorado Health Facilities Authority Revenue Bonds, Series 2013
5.000% due 12/01/2033			2,125			2,351
Colorado Health Facilities Authority Revenue Bonds, Series 2019
4.000% due 08/01/2049			1,000			1,073
						3,424
CONNECTICUT 2.8%
Connecticut Special Tax State Revenue Bonds, Series 2018
5.000% due 01/01/2029			110			138
Connecticut Special Tax State Revenue Bonds, Series 2020
5.000% due 05/01/2034			1,000			1,285

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Connecticut State Health & Educational Facilities Authority Revenue Bonds, Series 2014
5.000% due 07/01/2026	$		1,000	$		1,141
						2,564
FLORIDA 2.9%
Broward County, Florida Airport System Revenue Bonds, Series 2012
5.000% due 10/01/2037			1,300			1,438
Miami-Dade County, Florida Water & Sewer System Revenue Bonds, Series 2013
5.000% due 10/01/2028			555			639
Osceola County, Florida Transportation Revenue Notes, Series 2020
0.000% due 10/01/2029 (b)			700			557
						2,634
GEORGIA 2.7%
Houston Healthcare System, Inc., Georgia Revenue Bonds, Series 2016
5.000% due 10/01/2031			1,665			1,814
Municipal Electric Authority of Georgia Revenue Bonds, Series 2019
5.000% due 01/01/2037			500			597
						2,411
ILLINOIS 15.1%
Chicago, Illinois General Obligation Bonds, Series 2002
5.500% due 01/01/2037			1,000			1,068
Chicago, Illinois General Obligation Bonds, Series 2017
5.750% due 01/01/2034			1,500			1,693
Chicago, Illinois General Obligation Notes, Series 2016
5.000% due 01/01/2024			1,000			1,056
Illinois Finance Authority Revenue Bonds, Series 2016
5.000% due 02/15/2032			795			966
Illinois Finance Authority Revenue Bonds, Series 2017
5.000% due 12/01/2037 ^(a)			1,000			276
Illinois State General Obligation Bonds, Series 2018
5.000% due 10/01/2033			1,000			1,073
Illinois State General Obligation Notes, Series 2017
5.000% due 12/01/2026			2,000			2,183
Illinois State General Obligation Notes, Series 2020
5.500% due 05/01/2030			850			971
Illinois State Revenue Bonds, Series 2013
5.000% due 06/15/2026			1,000			1,061

96 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

June 30, 2020

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Illinois State Revenue Bonds, Series 2016
3.000% due 06/15/2031	$		1,000	$		950
3.000% due 06/15/2034			1,180			1,074
Sales Tax Securitization Corp., Illinois Revenue Notes, Series 2020
5.000% due 01/01/2029			1,000			1,221
						13,592
INDIANA 1.4%
Indianapolis Local Public Improvement Bond Bank Revenue Notes, Series 2019
1.450% due 06/01/2021			700			700
Rockport, Indiana Revenue Bonds, Series 2009
3.050% due 06/01/2025			500			546
						1,246
KANSAS 2.4%
Kansas Development Finance Authority Revenue Bonds, Series 2012
5.000% due 11/15/2034			2,000			2,124
KENTUCKY 1.5%
Kentucky Public Energy Authority Revenue Bonds, Series 2020
4.000% due 12/01/2050			1,170			1,322
LOUISIANA 0.7%
Parish of St John the Baptist, Louisiana Revenue Bonds, Series 2017
2.100% due 06/01/2037			650			636
MASSACHUSETTS 3.1%
Commonwealth of Massachusetts General Obligation Bonds, Series 2018
4.000% due 05/01/2041			500			578
Massachusetts State College Building Authority Revenue Bonds, Series 2014
5.000% due 05/01/2028			2,000			2,261
						2,839
MICHIGAN 4.8%
Detroit City School District, Michigan General Obligation Bonds, (AGM/Q-SBLF Insured), Series 2001
6.000% due 05/01/2029			385			491
Michigan Finance Authority Revenue Notes, Series 2014
4.000% due 10/01/2024			2,000			2,093

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Michigan Finance Authority Revenue Notes, Series 2016
5.000% due 04/01/2024	$		1,000	$		1,155
Michigan State Hospital Finance Authority Revenue Bonds, Series 2010
5.000% due 11/15/2047			500			626
						4,365
NEVADA 1.5%
Reno, Nevada Revenue Bonds, (AGM Insured), Series 2018
4.125% due 06/01/2058			1,250			1,359
NEW JERSEY 7.0%
Atlantic City, New Jersey General Obligation Bonds, (BAM Insured), Series 2017
5.000% due 03/01/2042			1,250			1,476
Atlantic City, New Jersey General Obligation Notes, (BAM Insured), Series 2017
5.000% due 03/01/2026			250			304
New Jersey Economic Development Authority Revenue Notes, Series 2016
5.000% due 06/15/2022			1,500			1,578
New Jersey Health Care Facilities Financing Authority Revenue Bonds, Series 2013
5.250% due 07/01/2035			1,000			1,098
Tobacco Settlement Financing Corp., New Jersey Revenue Bonds, Series 2018
5.000% due 06/01/2029			500			626
5.000% due 06/01/2033			1,000			1,215
						6,297
NEW YORK 10.6%
Metropolitan Transportation Authority, New York Revenue Bonds, Series 2012
5.000% due 11/15/2028			1,340			1,444
Metropolitan Transportation Authority, New York Revenue Bonds, Series 2013
0.936% (0.67* US0001M + 0.820%) due 11/01/2026 ~			500			481
New York City Housing Development Corp. Revenue Bonds, Series 2013
5.250% due 07/01/2031			1,500			1,683
New York City Transitional Finance Authority Future Tax Secured, New York Revenue Bonds, Series 2019
5.000% due 05/01/2037			345			436
New York State Dormitory Authority Revenue Bonds, Series 2018
5.000% due 03/15/2029			265			342

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2020 97

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

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
New York State Dormitory Authority Revenue Bonds, Series 2020
4.000% due 02/15/2040	$		500	$		584
New York State Energy Research & Development Authority Revenue Bonds, Series 1994
3.500% due 10/01/2029			1,000			1,133
Onondaga County, New York Trust for Cultural Resources Revenue Bonds, Series 2019
4.000% due 12/01/2049			420			484
TSASC, Inc., New York Revenue Bonds, Series 2017
5.000% due 06/01/2033			1,000			1,177
TSASC, Inc., New York Revenue Notes, Series 2017
5.000% due 06/01/2027			1,500			1,826
						9,590
OHIO 4.7%
Buckeye Tobacco Settlement Financing Authority, Ohio Revenue Bonds, Series 2020
4.000% due 06/01/2048			1,500			1,624
5.000% due 06/01/2033			1,000			1,293
5.000% due 06/01/2034			1,000			1,287
						4,204
PENNSYLVANIA 5.0%
Berks County, Pennsylvania Industrial Development Authority Revenue Bonds, Series 2017
4.000% due 11/01/2050			1,000			1,013
Commonwealth Financing Authority, Pennsylvania Revenue Bonds, Series 2018
5.000% due 06/01/2031			1,000			1,243
Delaware River Port Authority, Pennsylvania Revenue Notes, Series 2012
5.000% due 01/01/2023			1,000			1,054
Geisinger Authority, Pennsylvania Revenue Bonds, Series 2017
5.000% due 02/15/2045 (c)			1,000			1,174
						4,484
PUERTO RICO 1.0%
Puerto Rico Electric Power Authority Revenue Bonds, (AGM Insured), Series 2007
1.480% (0.67*US0003M + 0.520%) due 07/01/2029 ~			1,010			891
SOUTH CAROLINA 1.3%
South Carolina Jobs-Economic Development Authority Revenue Bonds, Series 2020
5.000% due 12/01/2048			1,000			1,166

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
TENNESSEE 0.2%
Tennessee Energy Acquisition Corp. Revenue Bonds, Series 2006
5.250% due 09/01/2024	$		200	$		227
TEXAS 10.4%
Irving Hospital Authority, Texas Revenue Bonds, Series 2017
1.230% (MUNIPSA + 1.100%) due 10/15/2044 ~			1,000			976
North Texas Tollway Authority Revenue Bonds, Series 2018
5.000% due 01/01/2048			1,000			1,169
SA Energy Acquisition Public Facility Corp., Texas Revenue Bonds, Series 2007
5.500% due 08/01/2025			1,000			1,174
Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2006
5.250% due 12/15/2023			1,000			1,126
Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2008
6.250% due 12/15/2026			4,250			4,943
						9,388
WASHINGTON 1.8%
Seattle, Washington Municipal Light and Power Revenue Bonds, Series 2018
4.000% due 01/01/2040 (c)			500			573
Washington Health Care Facilities Authority Revenue Bonds, Series 2019
4.000% due 08/01/2044			1,000			1,079
						1,652
WISCONSIN 1.2%
WPPI Energy, Wisconsin Revenue Bonds, Series 2013
5.000% due 07/01/2025			1,000			1,126
Total Municipal Bonds & Notes (Cost $82,489)						87,975
SHORT-TERM INSTRUMENTS 0.7%
REPURCHASE AGREEMENTS (d) 0.7%
						675
Total Short-Term Instruments (Cost $675)						675
Total Investments in Securities (Cost $83,164)						88,650

98 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

June 30, 2020

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 4.8%
SHORT-TERM INSTRUMENTS 4.8%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.8%
PIMCO Short-Term Floating NAV Portfolio III		435,651	$		4,295
Total Short-Term Instruments (Cost $4,291)					4,295
Total Investments in Affiliates (Cost $4,291)					4,295
Total Investments 103.0% (Cost $87,455)			$		92,945
Other Assets and Liabilities, net (3.0)%					(2,720	)
Net Assets 100.0%			$		90,225

NOTES TO SCHEDULE OF INVESTMENTS:

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

^ Security is in default.

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

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

(b) Zero coupon security.

(c) 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.

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(d)  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%		06/30/2020		07/01/2020	$	675	U.S. Treasury Inflation Protected Securities 0.125% due 04/15/2022	$	(689	)	$	675	$	675
Total Repurchase Agreements									$	(689	)	$	675	$	675

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2020 99

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

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of June 30, 2020:

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(1)
Global/Master Repurchase Agreement
FICC	$	675	$	0	$	0	$	675	$	(689	)	$	(14	)
Total Borrowings and Other Financing Transactions	$	675	$	0	$	0

⁽¹⁾  Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2020 in valuing the Portfolio’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2020
Investments in Securities, at Value
Municipal Bonds & Notes
Alabama	$	0	$	689	$	0	$	689
Arizona		0		1,360		0		1,360
California		0		8,385		0		8,385
Colorado		0		3,424		0		3,424
Connecticut		0		2,564		0		2,564
Florida		0		2,634		0		2,634
Georgia		0		2,411		0		2,411
Illinois		0		13,592		0		13,592
Indiana		0		1,246		0		1,246
Kansas		0		2,124		0		2,124
Kentucky		0		1,322		0		1,322
Louisiana		0		636		0		636
Massachusetts		0		2,839		0		2,839
Michigan		0		4,365		0		4,365
Nevada		0		1,359		0		1,359
New Jersey		0		6,297		0		6,297
New York		0		9,590		0		9,590
Ohio		0		4,204		0		4,204
Pennsylvania		0		4,484		0		4,484
Puerto Rico		0		891		0		891
South Carolina		0		1,166		0		1,166
Tennessee		0		227		0		227
Texas		0		9,388		0		9,388
Washington		0		1,652		0		1,652
Wisconsin		0		1,126		0		1,126
Short-Term Instruments
Repurchase Agreements		0		675		0		675
	$	0	$	88,650	$	0	$	88,650

100 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

June 30, 2020

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2020
Investments in Affiliates, at Value
Short-Term Instruments
Central Funds Used for Cash Management Purposes	$	4,295	$	0	$	0	$	4,295
Total Investments	$	4,295	$	88,650	$	0	$	92,945

There were no significant transfers into or out of Level 3 during the period ended June 30, 2020.

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2020 101

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.

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June 30, 2020

(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.

If a Portfolio estimates that a portion of its distribution may be comprised of amounts from sources other than net investment income in accordance with its policies 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 estimates 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 estimated 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, and recordkeeping practices under income tax regulations. For instance, a Portfolio’s internal accounting records and

SEMIANNUAL REPORT JUNE 30, 2020 103

Notes to Financial Statements (Cont.)

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, among others, the treatment of paydowns on mortgage-backed securities purchased at a discount and 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 reported on Form 1099 DIV sent to shareholders for the calendar year.

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  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.

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. The Portfolios generally do not calculate their 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 a 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

104 PIMCO MANAGED ACCOUNTS TRUST

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June 30, 2020

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 data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Services may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Exchange-traded options, except equity options, futures and options on futures are valued at the settlement price determined by the relevant exchange. Swap agreements are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Services. 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”) relating to the non-U.S. security being fair valued 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

SEMIANNUAL REPORT JUNE 30, 2020 105

Notes to Financial Statements (Cont.)

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.

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.

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June 30, 2020

(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.

^∎  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

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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.

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.

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.

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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 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.

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 U.S. Securities and Exchange Commission (“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 Portfolios’ website at www.pimco.com, or upon request,

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as applicable. The table below shows the Portfolios’ transactions in and earnings from these affiliated issuers for the period ended June 30, 2020 (amounts in thousands^†):

Investments in PIMCO Short-Term Floating NAV Portfolio III

Portfolio Name	Market Value 12/31/2019		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Market Value 06/30/2020		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO Fixed Income SHares: Series C	$	183	$	9,203	$	(9,300	)	$	18		$	0	$	104	$	3	$	0
PIMCO Fixed Income SHares: Series LD		118		40,809		(40,890	)		(30	)		0		7		9		0
PIMCO Fixed Income SHares: Series M		192		104,722		(104,801	)		38			1		152		21		0
PIMCO Fixed Income SHares: Series TE		710		29,913		(26,300	)		(32	)		4		4,295		13		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 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.

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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.

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

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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.

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

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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 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).

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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, 2020, as applicable, are disclosed in the Notes to Schedules of Investments.

Securities Issued by U.S. Government Agencies or Government-Sponsored Enterprises  are obligations of and, in certain cases, guaranteed by, the U.S. Government, its agencies or instrumentalities. Some U.S. Government securities, such as Treasury bills, notes and bonds, and securities guaranteed by the Government National Mortgage Association, are supported by the full faith and credit of the U.S. Government; others, such as those of the Federal Home Loan Banks, are supported by the right of the issuer to borrow from the U.S. Department of the Treasury (the “U.S. Treasury”); and others, such as those of the Federal National Mortgage Association (“FNMA” or “Fannie Mae”), are supported by the discretionary authority of the U.S. Government to purchase the agency’s obligations. U.S. Government securities may include zero coupon securities which do not distribute interest on a current basis and tend to be subject to a greater risk than interest-paying securities of similar maturities.

Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include FNMA and the Federal Home Loan Mortgage Corporation (“FHLMC” or “Freddie Mac”). FNMA is a government-sponsored corporation. FNMA purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks and credit unions and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA, but are not backed by the full faith and credit of the U.S. Government. FHLMC issues Participation Certificates (“PCs”), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not

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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, under the Single Security Initiative, FNMA and FHLMC started issuing Uniform Mortgage Backed Securities in place of their current offerings of TBA-eligible securities. 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 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

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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 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.

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(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.

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.

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Notes to Financial Statements (Cont.)

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.

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 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

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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, 2020, 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		1.45%

* Annualized

(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 Portfolios’ 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 portfolios’ investment restrictions). If a borrowing portfolios’ 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

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Notes to Financial Statements (Cont.)

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 Portfolios’ Board of Trustees has authorized the Portfolios to rely on the Temporary Order. With respect to interfund lending, the Temporary Order permits, 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 determined in June 2020 that the Temporary Order would not be extended after its expiration on June 30, 2020.

During the period ended June 30, 2020, 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 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

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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 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.

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Notes to Financial Statements (Cont.)

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

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

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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 1940 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 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

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Notes to Financial Statements (Cont.)

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 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

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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 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.

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Notes to Financial Statements (Cont.)

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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7. PRINCIPAL AND OTHER RISKS

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	—	—	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	—	—	—	—

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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Notes to Financial Statements (Cont.)

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  is the risk of investing in derivative instruments (such as futures, swaps and structured securities), including leverage, liquidity, interest rate, market, credit and management risks, mispricing or valuation complexity. Changes in the value of the 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. For derivatives traded on an exchange or through a central counterparty, credit risk resides with the Portfolio’s clearing broker, or the clearinghouse itself, rather than with a counterparty in an OTC derivative transaction. 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.

Liquidity Risk  is the risk that a particular investment may be difficult to purchase or sell and the Portfolio may be unable to sell certain investments at an advantageous time or price or achieve its

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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.

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 similar 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.

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Notes to Financial Statements (Cont.)

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.

(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 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 (such as the anticipated discontinuation of the London Interbank Offered Rate) 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

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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 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.

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Notes to Financial Statements (Cont.)

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.

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.

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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, or changes in market value, are 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. In limited circumstances, 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. These amounts, if any, may be segregated with a third-party custodian. The market value of OTC financial derivative instruments, collateral received or pledged, and net exposure by counterparty as of period end are disclosed in the Notes to Schedules of Investments.

9. FEES AND EXPENSES

(a) 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

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Notes to Financial Statements (Cont.)

(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 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

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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, 2020, were as follows (amounts in thousands^†):

Portfolio Name	Purchases		Sales
Fixed Income SHares: Series C	$	32,684	$	24,466
Fixed Income SHares: Series LD		4727		7,275
Fixed Income SHares: Series M		36,404		9,721
Fixed Income SHares: Series R		1,243		0

^†   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.” 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, 2020, were as follows (amounts in thousands^†):

	U.S. Government/Agency				All Other
Portfolio Name	Purchases		Sales		Purchases		Sales
Fixed Income SHares: Series C	$	6,241,519	$	6,444,595	$	181,774	$	84,904
Fixed Income SHares: Series LD		43,645		53,992		30,270		20,757
Fixed Income SHares: Series M		7,409,336		6,942,402		184,472		36,980
Fixed Income SHares: Series R		270,566		268,124		8,846		2,230
Fixed Income SHares: Series TE		—		—		38,643		40,406

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

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Notes to Financial Statements (Cont.)

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, 2020, 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 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, 2019, the Portfolios had the following post-effective capital losses with no expiration (amounts in thousands^†):

	Short-Term		Long-Term
Fixed Income SHares: Series C	$	186,399	$	7,785
Fixed Income SHares: Series LD		2,223		2,345
Fixed Income SHares: Series M		0		10,720
Fixed Income SHares: Series R		1,265		35,872
Fixed Income SHares: Series TE		129		774

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

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As of June 30, 2020, 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	$	1,992,792	$	79,809	$	(24,700	)	$	55,109
Fixed Income SHares: Series LD		152,073		2,946		(2,457	)		489
Fixed Income SHares: Series M		2,442,506		77,945		(39,323	)		38,622
Fixed Income SHares: Series R		211,808		17,178		(2,519	)		14,659
Fixed Income SHares: Series TE		87,478		6,300		(833	)		5,467

^†   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.

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

Counterparty Abbreviations:
BCY	Barclays Capital, Inc.	GSC	Goldman Sachs & Co. LLC
BOA	Bank of America N.A.	GST	Goldman Sachs International
BOS	BofA Securities, Inc.	HUS	HSBC Bank USA N.A.
BPG	BNP Paribas Securities Corp.	JPM	JP Morgan Chase Bank N.A.
BPS	BNP Paribas S.A.	JPS	J.P. Morgan Securities LLC
BRC	Barclays Bank PLC	MSC	Morgan Stanley & Co. LLC.
BSN	The Bank of Nova Scotia - Toronto	MYC	Morgan Stanley Capital Services LLC
CBK	Citibank N.A.	MYI	Morgan Stanley & Co. International PLC
DEU	Deutsche Bank Securities, Inc.	RCY	Royal Bank of Canada
DUB	Deutsche Bank AG	SCX	Standard Chartered Bank, London
FBF	Credit Suisse International	SOG	Societe Generale Paris
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
Currency Abbreviations:
ARS	Argentine Peso	JPY	Japanese Yen
AUD	Australian Dollar	KRW	South Korean Won
BRL	Brazilian Real	MXN	Mexican Peso
CAD	Canadian Dollar	NOK	Norwegian Krone
CHF	Swiss Franc	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:
BADLARPP	Argentina Badlar Floating Rate Notes	FRCPXTOB	France Consumer Price ex-Tobacco Index
BP0003M	3 Month GBP-LIBOR	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	1 Month USD Swap Rate
CPURNSA	Consumer Price All Urban Non-Seasonally Adjusted Index	US0003M	3 Month USD Swap Rate
Municipal Bond or Agency Abbreviations:
AGM	Assured Guaranty Municipal	Q-SBLF	Qualified School Bond Loan Fund
BAM	Build America Mutual Assurance	ST	State

138 PIMCO MANAGED ACCOUNTS TRUST

(Unaudited)

Other Abbreviations:
ABS	Asset-Backed Security	NCUA	National Credit Union Administration
ALT	Alternate Loan Trust	OAT	Obligations Assimilables du Trésor
BABs	Build America Bonds	PIK	Payment-in-Kind
BBR	Bank Bill Rate	REMIC	Real Estate Mortgage Investment Conduit
BTP	Buoni del Tesoro Poliennali “Long-term Treasury Bond”	TBA	To-Be-Announced
CLO	Collateralized Loan Obligation	TBD	To-Be-Determined
DAC	Designated Activity Company	TELBOR	Tel Aviv Inter-Bank Offered Rate
EURIBOR	Euro Interbank Offered Rate	YOY	Year-Over-Year
LIBOR	London Interbank Offered Rate

SEMIANNUAL REPORT JUNE 30, 2020 139

Changes to Boards of Trustees

(Unaudited)

Effective June 11, 2020, the Board of Trustees appointed Mr. Joseph B. Kittredge, Jr. to the Board as a Trustee of the Trust.

140 PIMCO MANAGED ACCOUNTS TRUST

Liquidity Risk Management Program

(Unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), 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”), 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, Operations, Compliance, Funds Business Group, Account Management and Portfolio Management.

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 30, 2020, 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, 2018 through November 30, 2019. The Report noted 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 reporting period ended June 30, 2020.

SEMIANNUAL REPORT JUNE 30, 2020 141

Approval of Investment Advisory Contract and Other Agreements

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 any 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 11, 2020 (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, 2020.

In addition to the Approval Meeting, the annual contract review process with respect to the Agreement also involved multiple planning discussions and meetings of the Contracts Committee of the Board (the “Committee”) (the Approval Meeting, together with such planning discussions and Committee 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 evaluating the Agreement.

In connection with their deliberations regarding the proposed continuation of the Agreement for each Portfolio, the Trustees, 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 submitted by the Independent Trustees and Independent Counsel, and 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, portfolio risk, and other portfolio information for each Portfolio, including the use of derivatives if used as part of a Portfolio’s strategy, as well as periodic reports on, among

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 Investment Company Act of 1940 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 novel coronavirus (“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.

142 PIMCO MANAGED ACCOUNTS TRUST

(Unaudited)

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, 2019.

The Trustees’ conclusions as to the continuation of the Agreement were based on a comprehensive consideration of all information provided to the Trustees 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 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 recent market volatility.

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 ability to comply with the investment policies of the Portfolios; the compliance programs and risk controls of PIMCO; 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 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 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,

SEMIANNUAL REPORT JUNE 30, 2020 143

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

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 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 implementation of its business continuity plan in response to the COVID-19 pandemic and government-mandated restrictions 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, PIMCO would be able to continue to meet any reasonably foreseeable obligations under the Agreement, and 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-year, three-year, five-year, and ten-year periods ending December 31, 2019, as applicable, except that Fixed Income SHares: Series C underperformed the associated benchmark for the one-year period ended December 31, 2019. 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).

144 PIMCO MANAGED ACCOUNTS TRUST

(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.

SEMIANNUAL REPORT JUNE 30, 2020 145

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_063020

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 to 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 26, 2020

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 26, 2020
By:	/s/   Bradley Todd
	Bradley Todd
	Treasurer (Principal Financial & Accounting Officer)
Date:	August 26, 2020