UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number: 811-09721

PIMCO Managed Accounts Trust

(Exact name of registrant as specified in charter)

1633 Broadway, New York, NY 10019

(Address of principal executive offices)

Bijal Y. Parikh

Treasurer (Principal Financial & Accounting Officer)

650 Newport Center Drive

Newport Beach, CA 92660

(Name and address of agent for service)

Copies to:

David C. Sullivan

Ropes & Gray LLP

Prudential Tower

800 Boylston Street

Boston, MA 02199

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

Date of fiscal year end: December 31

Date of reporting period: June 30, 2024

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

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-1090. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1.

Reports to Stockholders.

(a)

The following is a copy of the reports 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).

•

Fixed Income SHares: Series C

•

Fixed Income SHares: Series LD

•

Fixed Income SHares: Series M

•

Fixed Income SHares: Series R

•

Fixed Income SHares: Series TE

(b)

Not applicable to the Registrant.

FXICX

Fixed Income SHares: Series C

Semi-Annual Shareholder Report | June 30, 2024

Portfolio Performance

This semi-annual shareholder report contains important information about the Fixed Income SHares: Series C (the "Portfolio") for the period of January 1, 2024 to June 30, 2024 (the "reporting period"). You can find additional information about the Portfolio at www.pimco.com/FISH. You can also request this information by contacting us at 888.87.PIMCO (888.877.4626).

What were the Portfolio costs for the last six months?

(based on a hypothetical $10,000 investment)

Portfolio Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Fixed Income SHares: Series C	$7	0.14%

How did the Portfolio perform during the reporting period and what affected its performance?

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

• Long exposure to securitized credit contributed to relative performance, as spreads tightened.

• Curve positioning in the U.S., primarily underweight exposure to the front-end of the yield curve, contributed to relative performance, as

yields rose.

• Security selection of subordinated financials within investment grade corporate credit contributed to relative performance, as spreads

tightened.

• Long exposure to duration in Canada detracted from relative performance, as yields rose.

• Underweight exposure to non-financial investment grade corporate credit detracted from relative performance, as spreads tightened.

• Underweight exposure to the U.S. dollar detracted from relative performance, as the currency appreciated against a basket of major

developed market currencies.

Portfolio Performance

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

The table below illustrates cumulative returns for the 10-year period ended June 30, 2024 or the life of the Portfolio, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

Cumulative Returns Based on $10,000 Investment

	Fixed Income SHares: Series C	Bloomberg U.S. Aggregate Index	Bloomberg U.S. Intermediate Credit Index	Bloomberg U.S. Credit Index
6/30/2014	$10,000	$10,000	$10,000	$10,000
7/31/2014	$9,955	$9,975	$9,984	$9,996
8/31/2014	$10,043	$10,085	$10,068	$10,140
9/30/2014	$9,998	$10,017	$9,989	$9,997
10/31/2014	$10,098	$10,115	$10,060	$10,104
11/30/2014	$10,155	$10,187	$10,110	$10,172
12/31/2014	$9,952	$10,196	$10,069	$10,173
1/31/2015	$10,075	$10,410	$10,248	$10,461
2/28/2015	$10,219	$10,312	$10,204	$10,357
3/31/2015	$10,230	$10,360	$10,247	$10,393
4/30/2015	$10,190	$10,323	$10,253	$10,332
5/31/2015	$10,256	$10,298	$10,247	$10,273
6/30/2015	$10,271	$10,186	$10,151	$10,093
7/31/2015	$10,374	$10,257	$10,180	$10,157
8/31/2015	$10,195	$10,242	$10,149	$10,096
9/30/2015	$10,006	$10,311	$10,206	$10,147
10/31/2015	$10,142	$10,313	$10,231	$10,195
11/30/2015	$10,133	$10,286	$10,217	$10,173
12/31/2015	$10,125	$10,252	$10,160	$10,095
1/31/2016	$10,030	$10,393	$10,224	$10,147
2/29/2016	$9,780	$10,467	$10,273	$10,232
3/31/2016	$10,031	$10,563	$10,434	$10,490
4/30/2016	$10,061	$10,604	$10,510	$10,618
5/31/2016	$10,082	$10,607	$10,502	$10,614
6/30/2016	$10,112	$10,797	$10,655	$10,856
7/31/2016	$10,138	$10,865	$10,726	$10,998
8/31/2016	$10,154	$10,853	$10,729	$11,020
9/30/2016	$10,171	$10,847	$10,737	$10,989
10/31/2016	$10,227	$10,764	$10,704	$10,895
11/30/2016	$10,095	$10,509	$10,510	$10,598
12/31/2016	$10,210	$10,524	$10,533	$10,663
1/31/2017	$10,267	$10,544	$10,573	$10,699
2/28/2017	$10,384	$10,615	$10,649	$10,817
3/31/2017	$10,432	$10,610	$10,653	$10,801
4/30/2017	$10,532	$10,692	$10,736	$10,909
5/31/2017	$10,608	$10,774	$10,806	$11,026
6/30/2017	$10,653	$10,763	$10,800	$11,055
7/31/2017	$10,735	$10,809	$10,874	$11,136
8/31/2017	$10,830	$10,906	$10,935	$11,229
9/30/2017	$10,842	$10,854	$10,908	$11,204
10/31/2017	$10,843	$10,861	$10,926	$11,242
11/30/2017	$10,833	$10,847	$10,892	$11,232
12/31/2017	$10,867	$10,897	$10,919	$11,322
1/31/2018	$10,805	$10,771	$10,835	$11,216
2/28/2018	$10,730	$10,669	$10,758	$11,047
3/31/2018	$10,764	$10,737	$10,770	$11,081
4/30/2018	$10,721	$10,658	$10,722	$10,980
5/31/2018	$10,735	$10,734	$10,778	$11,035
6/30/2018	$10,748	$10,720	$10,761	$10,983
7/31/2018	$10,824	$10,723	$10,802	$11,062
8/31/2018	$10,862	$10,792	$10,865	$11,119
9/30/2018	$10,871	$10,722	$10,840	$11,081
10/31/2018	$10,819	$10,638	$10,794	$10,926
11/30/2018	$10,812	$10,701	$10,803	$10,919
12/31/2018	$10,890	$10,898	$10,921	$11,083
1/31/2019	$11,121	$11,014	$11,095	$11,322
2/28/2019	$11,187	$11,007	$11,133	$11,347
3/31/2019	$11,283	$11,219	$11,309	$11,623
4/30/2019	$11,403	$11,221	$11,358	$11,680
5/31/2019	$11,428	$11,421	$11,477	$11,852
6/30/2019	$11,590	$11,564	$11,647	$12,119
7/31/2019	$11,640	$11,589	$11,671	$12,182
8/31/2019	$11,793	$11,890	$11,872	$12,563
9/30/2019	$11,748	$11,826	$11,845	$12,481
10/31/2019	$11,828	$11,862	$11,913	$12,552
11/30/2019	$11,875	$11,856	$11,915	$12,575
12/31/2019	$11,890	$11,848	$11,961	$12,612
1/31/2020	$12,177	$12,076	$12,133	$12,907
2/29/2020	$12,322	$12,293	$12,256	$13,082
3/31/2020	$11,706	$12,221	$11,679	$12,215
4/30/2020	$12,112	$12,438	$12,081	$12,774
5/31/2020	$12,248	$12,496	$12,284	$12,982
6/30/2020	$12,490	$12,575	$12,459	$13,219
7/31/2020	$12,769	$12,762	$12,631	$13,627
8/31/2020	$12,731	$12,659	$12,631	$13,454
9/30/2020	$12,717	$12,652	$12,613	$13,417
10/31/2020	$12,633	$12,596	$12,614	$13,387
11/30/2020	$12,957	$12,720	$12,748	$13,728
12/31/2020	$13,051	$12,737	$12,808	$13,791
1/31/2021	$13,010	$12,646	$12,764	$13,627
2/28/2021	$12,807	$12,463	$12,661	$13,390
3/31/2021	$12,569	$12,308	$12,542	$13,177
4/30/2021	$12,771	$12,405	$12,629	$13,317
5/31/2021	$12,828	$12,445	$12,697	$13,413
6/30/2021	$12,982	$12,533	$12,739	$13,615
7/31/2021	$13,198	$12,673	$12,836	$13,792
8/31/2021	$13,195	$12,649	$12,815	$13,759
9/30/2021	$13,097	$12,539	$12,747	$13,611
10/31/2021	$13,071	$12,536	$12,678	$13,641
11/30/2021	$13,093	$12,573	$12,664	$13,653
12/31/2021	$13,095	$12,541	$12,677	$13,642
1/31/2022	$12,777	$12,271	$12,449	$13,204
2/28/2022	$12,568	$12,134	$12,322	$12,955
3/31/2022	$12,102	$11,797	$12,034	$12,630
4/30/2022	$11,549	$11,349	$11,707	$11,968
5/31/2022	$11,483	$11,422	$11,808	$12,074
6/30/2022	$11,158	$11,243	$11,597	$11,758
7/31/2022	$11,500	$11,518	$11,852	$12,116
8/31/2022	$11,175	$11,192	$11,614	$11,773
9/30/2022	$10,574	$10,709	$11,240	$11,177
10/31/2022	$10,418	$10,570	$11,194	$11,061
11/30/2022	$10,914	$10,959	$11,533	$11,611
12/31/2022	$10,904	$10,909	$11,523	$11,561
1/31/2023	$11,422	$11,245	$11,796	$12,002
2/28/2023	$11,180	$10,954	$11,571	$11,640
3/31/2023	$11,301	$11,232	$11,808	$11,960
4/30/2023	$11,377	$11,300	$11,896	$12,054
5/31/2023	$11,266	$11,177	$11,808	$11,886
6/30/2023	$11,278	$11,137	$11,778	$11,922
7/31/2023	$11,332	$11,130	$11,840	$11,959
8/31/2023	$11,273	$11,059	$11,824	$11,873
9/30/2023	$10,988	$10,778	$11,669	$11,564
10/31/2023	$10,794	$10,607	$11,588	$11,358
11/30/2023	$11,356	$11,088	$11,995	$12,003
12/31/2023	$11,813	$11,512	$12,322	$12,506
1/31/2024	$11,843	$11,481	$12,346	$12,484
2/29/2024	$11,752	$11,318	$12,236	$12,304
3/31/2024	$11,909	$11,423	$12,347	$12,455
4/30/2024	$11,676	$11,134	$12,181	$12,145
5/31/2024	$11,937	$11,323	$12,349	$12,367
6/30/2024	$12,052	$11,430	$12,437	$12,449

The table below shows the average annual total returns of the Portfolio, a regulatory index, and one or more supplemental index(es) for certain periods ended June 30, 2024.

Average Annual Total Returns (%)

Portfolio/Index Name	1 Year	5 Years	10 Years
Fixed Income SHares: Series C	6.86%	0.78%	1.88%
Bloomberg U.S. Aggregate Index	2.63%	(0.23%)	1.35%
Bloomberg U.S. Intermediate Credit Index	5.60%	1.32%	2.20%
Bloomberg U.S. Credit Index	4.42%	0.54%	2.21%

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.

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results.Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.Differences in the Portfolio’s performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Portfolio and the index.

Key Portfolio Statistics^{Footnote Reference*} (as of the end of the reporting period)

Total Net Assets	$1,361,781
# of Portfolio Holdings	497
Portfolio Turnover Rate	251%
Total Net Advisory Fees Paid During the Reporting Period^{Footnote Reference†}	$0

Footnote	Description
Footnote^†	No investment management fees or expenses are incurred by the Portfolio. The PIMCO Fixed Income SHares 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.
Footnote^*	Dollar amounts displayed in 000's

What did the Portfolio invest in?

Allocation Breakdown (% of Net Assets)^{Footnote Reference*}

U.S. Government Agencies	53.8%
Corporate Bonds & Notes	45.1%
Asset-Backed Securities	20.7%
U.S. Treasury Obligations	17.4%
Non-Agency Mortgage-Backed Securities	8.6%
Preferred Securities	1.8%
Municipal Bonds & Notes	1.7%
Affiliated Investments	0.8%
Loan Participations and Assignments	0.3%
Other Investments	0.1%
Other Assets and Liabilities, Net	(50.3%)
Total	100.0%

Footnote	Description
Footnote^*	% of Net Assets includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted.

Additional Information

For additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings and proxy voting information, please visit www.pimco.com/FISH or contact 888.87.PIMCO (888.877.4626). For tax information about the Portfolio, please visit: https://www.pimco.com/tax.

An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/FISH

FXICX

Fixed Income SHares: Series C

Semi-Annual Shareholder Report | June 30, 2024

FISH2755SARTSR_063024

FXIDX

Fixed Income SHares: Series LD

Semi-Annual Shareholder Report | June 30, 2024

Portfolio Performance

This semi-annual shareholder report contains important information about the Fixed Income SHares: Series LD (the "Portfolio") for the period of January 1, 2024 to June 30, 2024 (the "reporting period"). You can find additional information about the Portfolio at www.pimco.com/FISH. You can also request this information by contacting us at 888.87.PIMCO (888.877.4626).

What were the Portfolio costs for the last six months?

(based on a hypothetical $10,000 investment)

Portfolio Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Fixed Income SHares: Series LD	$76	1.51%

How did the Portfolio perform during the reporting period and what affected its performance?

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

• Underweight exposure to U.S. duration, specifically at the 7 year and 10 year part of the curve, contributed to relative performance, as

interest rates rose.

• Overweight exposure to commercial mortgage-backed securities ("CMBS") contributed to relative performance, as CMBS posted

positive returns.

• Overweight exposure to collateralized loan obligations contributed to relative performance, as spreads tightened.

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

• Long exposure to Australia duration, specifically at the 10 year part of the curve, detracted from relative performance, as interest rates

rose.

• Long exposure to United Kingdom duration, specifically at the 5 year part of the curve, detracted from relative performance, as interest

rates rose.

Portfolio Performance

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

Cumulative Returns Based on $10,000 Investment

	Fixed Income SHares: Series LD	Bloomberg U.S. Aggregate Index	50% ICE BofA 1-3 Year US Treasury Index/50% Bloomberg U.S. Intermediate Credit Index	ICE BofA 1-3 Year U.S. Treasury Index
6/30/2014	$10,000	$10,000	$10,000	$10,000
7/31/2014	$10,016	$9,975	$9,988	$9,992
8/31/2014	$10,075	$10,085	$10,038	$10,009
9/30/2014	$10,076	$10,017	$9,996	$10,003
10/31/2014	$10,118	$10,115	$10,045	$10,031
11/30/2014	$10,095	$10,187	$10,078	$10,045
12/31/2014	$10,056	$10,196	$10,045	$10,021
1/31/2015	$10,076	$10,410	$10,159	$10,071
2/28/2015	$10,217	$10,312	$10,127	$10,050
3/31/2015	$10,233	$10,360	$10,160	$10,073
4/30/2015	$10,286	$10,323	$10,165	$10,078
5/31/2015	$10,365	$10,298	$10,166	$10,085
6/30/2015	$10,396	$10,186	$10,120	$10,088
7/31/2015	$10,423	$10,257	$10,137	$10,093
8/31/2015	$10,373	$10,242	$10,119	$10,089
9/30/2015	$10,335	$10,311	$10,163	$10,119
10/31/2015	$10,433	$10,313	$10,170	$10,109
11/30/2015	$10,469	$10,286	$10,151	$10,084
12/31/2015	$10,463	$10,252	$10,118	$10,075
1/31/2016	$10,380	$10,393	$10,181	$10,136
2/29/2016	$10,278	$10,467	$10,211	$10,148
3/31/2016	$10,377	$10,563	$10,300	$10,166
4/30/2016	$10,478	$10,604	$10,339	$10,169
5/31/2016	$10,579	$10,607	$10,330	$10,158
6/30/2016	$10,556	$10,797	$10,436	$10,219
7/31/2016	$10,675	$10,865	$10,467	$10,213
8/31/2016	$10,749	$10,853	$10,460	$10,197
9/30/2016	$10,799	$10,847	$10,471	$10,208
10/31/2016	$10,887	$10,764	$10,451	$10,202
11/30/2016	$10,841	$10,509	$10,336	$10,161
12/31/2016	$10,900	$10,524	$10,348	$10,164
1/31/2017	$10,934	$10,544	$10,374	$10,177
2/28/2017	$10,985	$10,615	$10,417	$10,187
3/31/2017	$11,040	$10,610	$10,421	$10,191
4/30/2017	$11,077	$10,692	$10,468	$10,205
5/31/2017	$11,094	$10,774	$10,509	$10,217
6/30/2017	$11,182	$10,763	$10,502	$10,208
7/31/2017	$11,195	$10,809	$10,549	$10,230
8/31/2017	$11,187	$10,906	$10,588	$10,249
9/30/2017	$11,277	$10,854	$10,566	$10,233
10/31/2017	$11,346	$10,861	$10,572	$10,226
11/30/2017	$11,360	$10,847	$10,545	$10,206
12/31/2017	$11,297	$10,897	$10,559	$10,207
1/31/2018	$11,309	$10,771	$10,503	$10,178
2/28/2018	$11,350	$10,669	$10,464	$10,174
3/31/2018	$11,290	$10,737	$10,480	$10,194
4/30/2018	$11,357	$10,658	$10,448	$10,178
5/31/2018	$11,358	$10,734	$10,494	$10,215
6/30/2018	$11,392	$10,720	$10,487	$10,216
7/31/2018	$11,446	$10,723	$10,506	$10,216
8/31/2018	$11,457	$10,792	$10,554	$10,248
9/30/2018	$11,546	$10,722	$10,535	$10,236
10/31/2018	$11,576	$10,638	$10,521	$10,252
11/30/2018	$11,489	$10,701	$10,544	$10,287
12/31/2018	$11,418	$10,898	$10,643	$10,369
1/31/2019	$11,482	$11,014	$10,742	$10,396
2/28/2019	$11,625	$11,007	$10,766	$10,407
3/31/2019	$11,621	$11,219	$10,884	$10,471
4/30/2019	$11,729	$11,221	$10,918	$10,492
5/31/2019	$11,667	$11,421	$11,014	$10,566
6/30/2019	$11,685	$11,564	$11,125	$10,621
7/31/2019	$11,735	$11,589	$11,129	$10,609
8/31/2019	$11,732	$11,890	$11,271	$10,694
9/30/2019	$11,767	$11,826	$11,251	$10,682
10/31/2019	$11,812	$11,862	$11,302	$10,717
11/30/2019	$11,835	$11,856	$11,301	$10,714
12/31/2019	$11,857	$11,848	$11,335	$10,737
1/31/2020	$12,032	$12,076	$11,447	$10,795
2/29/2020	$12,152	$12,293	$11,555	$10,889
3/31/2020	$11,399	$12,221	$11,362	$11,038
4/30/2020	$11,748	$12,438	$11,560	$11,043
5/31/2020	$11,906	$12,496	$11,661	$11,050
6/30/2020	$12,206	$12,575	$11,746	$11,053
7/31/2020	$12,291	$12,762	$11,833	$11,064
8/31/2020	$12,359	$12,659	$11,831	$11,061
9/30/2020	$12,429	$12,652	$11,824	$11,064
10/31/2020	$12,560	$12,596	$11,822	$11,060
11/30/2020	$12,506	$12,720	$11,888	$11,065
12/31/2020	$12,602	$12,737	$11,919	$11,070
1/31/2021	$12,702	$12,646	$11,899	$11,072
2/28/2021	$12,720	$12,463	$11,846	$11,063
3/31/2021	$12,739	$12,308	$11,792	$11,065
4/30/2021	$12,759	$12,405	$11,835	$11,070
5/31/2021	$12,773	$12,445	$11,871	$11,078
6/30/2021	$12,747	$12,533	$11,882	$11,061
7/31/2021	$12,761	$12,673	$11,937	$11,079
8/31/2021	$12,783	$12,649	$11,927	$11,079
9/30/2021	$12,835	$12,539	$11,890	$11,068
10/31/2021	$12,715	$12,536	$11,840	$11,034
11/30/2021	$12,675	$12,573	$11,831	$11,036
12/31/2021	$12,650	$12,541	$11,825	$11,009
1/31/2022	$12,552	$12,271	$11,679	$10,936
2/28/2022	$12,406	$12,134	$11,597	$10,896
3/31/2022	$12,189	$11,797	$11,383	$10,751
4/30/2022	$12,253	$11,349	$11,203	$10,700
5/31/2022	$12,242	$11,422	$11,284	$10,759
6/30/2022	$12,073	$11,243	$11,147	$10,696
7/31/2022	$12,018	$11,518	$11,293	$10,732
8/31/2022	$12,072	$11,192	$11,136	$10,655
9/30/2022	$12,010	$10,709	$10,894	$10,530
10/31/2022	$11,881	$10,570	$10,866	$10,519
11/30/2022	$11,802	$10,959	$11,064	$10,585
12/31/2022	$11,950	$10,909	$11,071	$10,607
1/31/2023	$11,978	$11,245	$11,240	$10,680
2/28/2023	$12,047	$10,954	$11,092	$10,603
3/31/2023	$12,050	$11,232	$11,295	$10,772
4/30/2023	$12,118	$11,300	$11,351	$10,800
5/31/2023	$12,135	$11,177	$11,290	$10,762
6/30/2023	$12,088	$11,137	$11,248	$10,710
7/31/2023	$12,211	$11,130	$11,298	$10,748
8/31/2023	$12,312	$11,059	$11,312	$10,790
9/30/2023	$12,430	$10,778	$11,237	$10,789
10/31/2023	$12,560	$10,607	$11,218	$10,826
11/30/2023	$12,581	$11,088	$11,472	$10,936
12/31/2023	$12,676	$11,512	$11,692	$11,058
1/31/2024	$12,782	$11,481	$11,726	$11,101
2/29/2024	$12,800	$11,318	$11,650	$11,055
3/31/2024	$12,866	$11,423	$11,721	$11,091
4/30/2024	$12,891	$11,134	$11,624	$11,055
5/31/2024	$12,944	$11,323	$11,744	$11,131
6/30/2024	$13,022	$11,430	$11,819	$11,195

The table below shows the average annual total returns of the Portfolio, a regulatory index, and one or more supplemental index(es) for certain periods ended June 30, 2024.

Average Annual Total Returns (%)

Portfolio/Index Name	1 Year	5 Years	10 Years
Fixed Income SHares: Series LD	7.72%	2.19%	2.68%
Bloomberg U.S. Aggregate Index	2.63%	(0.23%)	1.35%
50% ICE BofA 1-3 Year US Treasury Index/50% Bloomberg U.S. Intermediate Credit Index	5.08%	1.22%	1.69%
ICE BofA 1-3 Year U.S. Treasury Index	4.53%	1.06%	1.14%

Key Portfolio Statistics^{Footnote Reference*} (as of the end of the reporting period)

Total Net Assets	$51,294
# of Portfolio Holdings	227
Portfolio Turnover Rate	177%
Total Net Advisory Fees Paid During the Reporting Period^{Footnote Reference†}	$0

Footnote	Description
Footnote^†	No investment management fees or expenses are incurred by the Portfolio. The PIMCO Fixed Income SHares 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.
Footnote^*	Dollar amounts displayed in 000's

What did the Portfolio invest in?

Allocation Breakdown (% of Net Assets)^{Footnote Reference*}

Corporate Bonds & Notes	47.1%
Asset-Backed Securities	37.3%
Non-Agency Mortgage-Backed Securities	28.9%
U.S. Treasury Obligations	6.9%
Sovereign Issues	2.8%
U.S. Government Agencies	2.2%
Affiliated Investments	1.6%
Short-Term Instruments	0.5%
Other Investments	0.8%
Other Assets and Liabilities, Net	(28.1%)
Total	100.0%

Footnote	Description
Footnote^*	% of Net Assets includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted.

Additional Information

FXIDX

Fixed Income SHares: Series LD

Semi-Annual Shareholder Report | June 30, 2024

FISH2761SARTSR_063024

FXIMX

Fixed Income SHares: Series M

Semi-Annual Shareholder Report | June 30, 2024

Portfolio Performance

This semi-annual shareholder report contains important information about the Fixed Income SHares: Series M (the "Portfolio") for the period of January 1, 2024 to June 30, 2024 (the "reporting period"). You can find additional information about the Portfolio at www.pimco.com/FISH. You can also request this information by contacting us at 888.87.PIMCO (888.877.4626).

What were the Portfolio costs for the last six months?

(based on a hypothetical $10,000 investment)

Portfolio Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Fixed Income SHares: Series M	$4	0.08%

How did the Portfolio perform during the reporting period and what affected its performance?

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

• Tactical curve positioning within U.S. interest rate strategies, particularly underweight exposure to the intermediate section of the

curve in February and the first half of April 2024, as yields rose.

• Long exposure to securitized credit contributed to relative performance, as spreads tightened.

• Long exposure to investment grade corporate credit contributed to relative performance, as spreads tightened.

• Long exposure to duration in the dollar bloc, primarily Australia, detracted from relative performance, as yields rose.

• Selection across the coupon stack within agency mortgage-backed securities detracted from relative performance, as higher coupons

outperformed lower coupons.

• There were no other material detractors for this Portfolio.

Portfolio Performance

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

Cumulative Returns Based on $10,000 Investment

	Fixed Income SHares: Series M	Bloomberg U.S. Aggregate Index	Bloomberg U.S. MBS Fixed-Rate Index	Bloomberg U.S. Credit Index
6/30/2014	$10,000	$10,000	$10,000	$10,000
7/31/2014	$9,912	$9,975	$9,940	$9,996
8/31/2014	$10,078	$10,085	$10,034	$10,140
9/30/2014	$9,975	$10,017	$10,018	$9,997
10/31/2014	$10,089	$10,115	$10,116	$10,104
11/30/2014	$10,171	$10,187	$10,183	$10,172
12/31/2014	$10,077	$10,196	$10,199	$10,173
1/31/2015	$10,454	$10,410	$10,285	$10,461
2/28/2015	$10,313	$10,312	$10,269	$10,357
3/31/2015	$10,406	$10,360	$10,307	$10,393
4/30/2015	$10,314	$10,323	$10,311	$10,332
5/31/2015	$10,222	$10,298	$10,309	$10,273
6/30/2015	$9,978	$10,186	$10,229	$10,093
7/31/2015	$10,189	$10,257	$10,294	$10,157
8/31/2015	$10,067	$10,242	$10,303	$10,096
9/30/2015	$9,996	$10,311	$10,363	$10,147
10/31/2015	$10,140	$10,313	$10,371	$10,195
11/30/2015	$10,152	$10,286	$10,356	$10,173
12/31/2015	$10,133	$10,252	$10,353	$10,095
1/31/2016	$10,239	$10,393	$10,488	$10,147
2/29/2016	$10,310	$10,467	$10,527	$10,232
3/31/2016	$10,519	$10,563	$10,558	$10,490
4/30/2016	$10,666	$10,604	$10,575	$10,618
5/31/2016	$10,822	$10,607	$10,589	$10,614
6/30/2016	$11,136	$10,797	$10,675	$10,856
7/31/2016	$11,464	$10,865	$10,697	$10,998
8/31/2016	$11,495	$10,853	$10,710	$11,020
9/30/2016	$11,526	$10,847	$10,739	$10,989
10/31/2016	$11,415	$10,764	$10,711	$10,895
11/30/2016	$10,957	$10,509	$10,527	$10,598
12/31/2016	$11,022	$10,524	$10,526	$10,663
1/31/2017	$11,113	$10,544	$10,523	$10,699
2/28/2017	$11,292	$10,615	$10,573	$10,817
3/31/2017	$11,351	$10,610	$10,576	$10,801
4/30/2017	$11,494	$10,692	$10,645	$10,909
5/31/2017	$11,672	$10,774	$10,712	$11,026
6/30/2017	$11,695	$10,763	$10,669	$11,055
7/31/2017	$11,828	$10,809	$10,717	$11,136
8/31/2017	$12,043	$10,906	$10,795	$11,229
9/30/2017	$12,034	$10,854	$10,771	$11,204
10/31/2017	$12,036	$10,861	$10,768	$11,242
11/30/2017	$12,027	$10,847	$10,752	$11,232
12/31/2017	$12,080	$10,897	$10,787	$11,322
1/31/2018	$11,964	$10,771	$10,661	$11,216
2/28/2018	$11,916	$10,669	$10,591	$11,047
3/31/2018	$12,015	$10,737	$10,658	$11,081
4/30/2018	$11,944	$10,658	$10,605	$10,980
5/31/2018	$12,041	$10,734	$10,679	$11,035
6/30/2018	$12,070	$10,720	$10,684	$10,983
7/31/2018	$12,108	$10,723	$10,673	$11,062
8/31/2018	$12,187	$10,792	$10,738	$11,119
9/30/2018	$12,186	$10,722	$10,672	$11,081
10/31/2018	$12,143	$10,638	$10,604	$10,926
11/30/2018	$12,138	$10,701	$10,700	$10,919
12/31/2018	$12,349	$10,898	$10,894	$11,083
1/31/2019	$12,497	$11,014	$10,980	$11,322
2/28/2019	$12,559	$11,007	$10,970	$11,347
3/31/2019	$12,704	$11,219	$11,130	$11,623
4/30/2019	$12,814	$11,221	$11,123	$11,680
5/31/2019	$12,942	$11,421	$11,267	$11,852
6/30/2019	$13,065	$11,564	$11,348	$12,119
7/31/2019	$13,148	$11,589	$11,394	$12,182
8/31/2019	$13,331	$11,890	$11,496	$12,563
9/30/2019	$13,308	$11,826	$11,504	$12,481
10/31/2019	$13,363	$11,862	$11,545	$12,552
11/30/2019	$13,381	$11,856	$11,554	$12,575
12/31/2019	$13,387	$11,848	$11,586	$12,612
1/31/2020	$13,646	$12,076	$11,667	$12,907
2/29/2020	$13,822	$12,293	$11,788	$13,082
3/31/2020	$12,865	$12,221	$11,912	$12,215
4/30/2020	$13,335	$12,438	$11,988	$12,774
5/31/2020	$13,577	$12,496	$12,003	$12,982
6/30/2020	$13,886	$12,575	$11,992	$13,219
7/31/2020	$14,184	$12,762	$12,013	$13,627
8/31/2020	$14,245	$12,659	$12,018	$13,454
9/30/2020	$14,308	$12,652	$12,005	$13,417
10/31/2020	$14,241	$12,596	$12,000	$13,387
11/30/2020	$14,471	$12,720	$12,009	$13,728
12/31/2020	$14,607	$12,737	$12,035	$13,791
1/31/2021	$14,596	$12,646	$12,044	$13,627
2/28/2021	$14,506	$12,463	$11,963	$13,390
3/31/2021	$14,391	$12,308	$11,902	$13,177
4/30/2021	$14,540	$12,405	$11,968	$13,317
5/31/2021	$14,618	$12,445	$11,947	$13,413
6/30/2021	$14,756	$12,533	$11,942	$13,615
7/31/2021	$14,910	$12,673	$12,016	$13,792
8/31/2021	$14,921	$12,649	$11,997	$13,759
9/30/2021	$14,850	$12,539	$11,954	$13,611
10/31/2021	$14,751	$12,536	$11,931	$13,641
11/30/2021	$14,807	$12,573	$11,920	$13,653
12/31/2021	$14,819	$12,541	$11,909	$13,642
1/31/2022	$14,556	$12,271	$11,732	$13,204
2/28/2022	$14,379	$12,134	$11,619	$12,955
3/31/2022	$13,914	$11,797	$11,317	$12,630
4/30/2022	$13,388	$11,349	$10,920	$11,968
5/31/2022	$13,353	$11,422	$11,040	$12,074
6/30/2022	$13,042	$11,243	$10,864	$11,758
7/31/2022	$13,346	$11,518	$11,213	$12,116
8/31/2022	$13,022	$11,192	$10,829	$11,773
9/30/2022	$12,508	$10,709	$10,282	$11,177
10/31/2022	$12,328	$10,570	$10,136	$11,061
11/30/2022	$12,608	$10,959	$10,549	$11,611
12/31/2022	$12,597	$10,909	$10,502	$11,561
1/31/2023	$12,960	$11,245	$10,848	$12,002
2/28/2023	$12,876	$10,954	$10,562	$11,640
3/31/2023	$12,924	$11,232	$10,768	$11,960
4/30/2023	$13,025	$11,300	$10,824	$12,054
5/31/2023	$13,055	$11,177	$10,744	$11,886
6/30/2023	$13,058	$11,137	$10,698	$11,922
7/31/2023	$13,117	$11,130	$10,690	$11,959
8/31/2023	$13,106	$11,059	$10,602	$11,873
9/30/2023	$12,845	$10,778	$10,265	$11,564
10/31/2023	$12,596	$10,607	$10,053	$11,358
11/30/2023	$13,184	$11,088	$10,577	$12,003
12/31/2023	$13,730	$11,512	$11,032	$12,506
1/31/2024	$13,779	$11,481	$10,981	$12,484
2/29/2024	$13,701	$11,318	$10,803	$12,304
3/31/2024	$13,884	$11,423	$10,917	$12,455
4/30/2024	$13,582	$11,134	$10,587	$12,145
5/31/2024	$13,838	$11,323	$10,798	$12,367
6/30/2024	$14,018	$11,430	$10,925	$12,449

The table below shows the average annual total returns of the Portfolio, a regulatory index, and one or more supplemental index(es) for certain periods ended June 30, 2024.

Average Annual Total Returns (%)

Portfolio/Index Name	1 Year	5 Years	10 Years
Fixed Income SHares: Series M	7.35%	1.42%	3.44%
Bloomberg U.S. Aggregate Index	2.63%	(0.23%)	1.35%
Bloomberg U.S. MBS Fixed-Rate Index	2.12%	(0.76%)	0.89%
Bloomberg U.S. Credit Index	4.42%	0.54%	2.21%

Key Portfolio Statistics^{Footnote Reference*} (as of the end of the reporting period)

Total Net Assets	$1,359,318
# of Portfolio Holdings	1,011
Portfolio Turnover Rate	306%
Total Net Advisory Fees Paid During the Reporting Period^{Footnote Reference†}	$0

Footnote	Description
Footnote^†	No investment management fees or expenses are incurred by the Portfolio. The PIMCO Fixed Income SHares 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.
Footnote^*	Dollar amounts displayed in 000's

What did the Portfolio invest in?

Allocation Breakdown (% of Net Assets)^{Footnote Reference*}

U.S. Government Agencies	54.3%
Asset-Backed Securities	35.8%
Corporate Bonds & Notes	27.5%
Non-Agency Mortgage-Backed Securities	18.4%
U.S. Treasury Obligations	6.0%
Municipal Bonds & Notes	1.1%
Preferred Securities	1.0%
Sovereign Issues	0.8%
Loan Participations and Assignments	0.6%
Affiliated Investments	0.1%
Other Investments	0.0%
Other Assets and Liabilities, Net	(45.6%)
Total	100.0%

Footnote	Description
Footnote^*	% of Net Assets includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted.

Additional Information

FXIMX

Fixed Income SHares: Series M

Semi-Annual Shareholder Report | June 30, 2024

FISH2756SARTSR_063024

FXIRX

Fixed Income SHares: Series R

Semi-Annual Shareholder Report | June 30, 2024

Portfolio Performance

This semi-annual shareholder report contains important information about the Fixed Income SHares: Series R (the "Portfolio") for the period of January 1, 2024 to June 30, 2024 (the "reporting period"). You can find additional information about the Portfolio at www.pimco.com/FISH. You can also request this information by contacting us at 888.87.PIMCO (888.877.4626).

What were the Portfolio costs for the last six months?

(based on a hypothetical $10,000 investment)

Portfolio Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Fixed Income SHares: Series R	$221	4.42%

How did the Portfolio perform during the reporting period and what affected its performance?

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

• Overweight exposure to U.S. breakeven inflation ("BEI") contributed to relative performance, as U.S. BEI moved higher.

• Short exposure to eurozone interest rates contributed to relative performance, as eurozone interest rates broadly rose.

• Exposure to agency mortgage-backed securities, including the associated carry, contributed to relative performance, as the sector

posted positive returns.

• Long exposure to Japanese BEI, contributed to relative performance, as Japanese BEI moved higher.

• Overweight exposure to U.S. interest rates detracted from relative performance, as U.S. interest rates broadly rose.

• Duration strategies in Japan, including short exposure to Japanese interest rate swap spreads, detracted from relative performance,

as Japanese interest rate swap spreads tightened.

• Long exposure to Australian interest rates, specifically in the last four months of the period, detracted from relative performance, as

Australian interest rates broadly moved higher.

Portfolio Performance

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

Cumulative Returns Based on $10,000 Investment

	Fixed Income SHares: Series R	Bloomberg U.S. Aggregate Index	Bloomberg U.S. TIPS Index	ICE BofA U.S. Treasury Inflation-Linked 7-10 Year Index
6/30/2014	$10,000	$10,000	$10,000	$10,000
7/31/2014	$9,997	$9,975	$10,003	$9,992
8/31/2014	$10,035	$10,085	$10,047	$10,029
9/30/2014	$9,792	$10,017	$9,796	$9,758
10/31/2014	$9,871	$10,115	$9,879	$9,849
11/30/2014	$9,898	$10,187	$9,905	$9,885
12/31/2014	$9,622	$10,196	$9,793	$9,735
1/31/2015	$9,918	$10,410	$10,101	$10,128
2/28/2015	$9,918	$10,312	$9,980	$9,975
3/31/2015	$9,790	$10,360	$9,933	$9,930
4/30/2015	$9,829	$10,323	$10,006	$10,020
5/31/2015	$9,727	$10,298	$9,923	$9,938
6/30/2015	$9,647	$10,186	$9,827	$9,831
7/31/2015	$9,702	$10,257	$9,847	$9,841
8/31/2015	$9,508	$10,242	$9,772	$9,770
9/30/2015	$9,357	$10,311	$9,714	$9,715
10/31/2015	$9,455	$10,313	$9,739	$9,726
11/30/2015	$9,390	$10,286	$9,729	$9,724
12/31/2015	$9,288	$10,252	$9,652	$9,638
1/31/2016	$9,309	$10,393	$9,796	$9,813
2/29/2016	$9,226	$10,467	$9,905	$9,973
3/31/2016	$9,569	$10,563	$10,083	$10,133
4/30/2016	$9,685	$10,604	$10,117	$10,183
5/31/2016	$9,596	$10,607	$10,046	$10,090
6/30/2016	$9,787	$10,797	$10,255	$10,308
7/31/2016	$9,910	$10,865	$10,344	$10,379
8/31/2016	$9,887	$10,853	$10,297	$10,308
9/30/2016	$9,997	$10,847	$10,354	$10,387
10/31/2016	$9,960	$10,764	$10,312	$10,339
11/30/2016	$9,780	$10,509	$10,114	$10,096
12/31/2016	$9,816	$10,524	$10,104	$10,077
1/31/2017	$9,935	$10,544	$10,189	$10,169
2/28/2017	$10,006	$10,615	$10,237	$10,224
3/31/2017	$10,032	$10,610	$10,232	$10,215
4/30/2017	$10,066	$10,692	$10,292	$10,308
5/31/2017	$10,080	$10,774	$10,288	$10,310
6/30/2017	$9,986	$10,763	$10,190	$10,192
7/31/2017	$10,060	$10,809	$10,236	$10,265
8/31/2017	$10,179	$10,906	$10,345	$10,386
9/30/2017	$10,138	$10,854	$10,278	$10,287
10/31/2017	$10,182	$10,861	$10,300	$10,308
11/30/2017	$10,209	$10,847	$10,314	$10,319
12/31/2017	$10,323	$10,897	$10,408	$10,412
1/31/2018	$10,254	$10,771	$10,319	$10,288
2/28/2018	$10,137	$10,669	$10,219	$10,182
3/31/2018	$10,241	$10,737	$10,326	$10,301
4/30/2018	$10,235	$10,658	$10,320	$10,283
5/31/2018	$10,227	$10,734	$10,364	$10,336
6/30/2018	$10,320	$10,720	$10,406	$10,382
7/31/2018	$10,305	$10,723	$10,356	$10,317
8/31/2018	$10,334	$10,792	$10,430	$10,407
9/30/2018	$10,229	$10,722	$10,320	$10,277
10/31/2018	$10,003	$10,638	$10,172	$10,147
11/30/2018	$10,025	$10,701	$10,221	$10,214
12/31/2018	$10,062	$10,898	$10,277	$10,274
1/31/2019	$10,317	$11,014	$10,415	$10,452
2/28/2019	$10,323	$11,007	$10,414	$10,450
3/31/2019	$10,583	$11,219	$10,605	$10,674
4/30/2019	$10,614	$11,221	$10,640	$10,711
5/31/2019	$10,821	$11,421	$10,816	$10,909
6/30/2019	$10,897	$11,564	$10,909	$11,042
7/31/2019	$10,942	$11,589	$10,948	$11,083
8/31/2019	$11,140	$11,890	$11,208	$11,350
9/30/2019	$11,030	$11,826	$11,056	$11,163
10/31/2019	$11,038	$11,862	$11,084	$11,203
11/30/2019	$11,086	$11,856	$11,101	$11,190
12/31/2019	$11,180	$11,848	$11,143	$11,247
1/31/2020	$11,502	$12,076	$11,377	$11,517
2/29/2020	$11,609	$12,293	$11,534	$11,671
3/31/2020	$11,311	$12,221	$11,332	$11,480
4/30/2020	$11,809	$12,438	$11,647	$11,820
5/31/2020	$11,893	$12,496	$11,682	$11,866
6/30/2020	$12,121	$12,575	$11,812	$12,022
7/31/2020	$12,553	$12,762	$12,084	$12,294
8/31/2020	$12,709	$12,659	$12,216	$12,496
9/30/2020	$12,647	$12,652	$12,171	$12,439
10/31/2020	$12,563	$12,596	$12,092	$12,348
11/30/2020	$12,804	$12,720	$12,228	$12,460
12/31/2020	$13,034	$12,737	$12,368	$12,627
1/31/2021	$13,119	$12,646	$12,409	$12,691
2/28/2021	$12,778	$12,463	$12,209	$12,363
3/31/2021	$12,745	$12,308	$12,186	$12,374
4/30/2021	$12,996	$12,405	$12,356	$12,602
5/31/2021	$13,195	$12,445	$12,506	$12,737
6/30/2021	$13,294	$12,533	$12,582	$12,816
7/31/2021	$13,761	$12,673	$12,917	$13,256
8/31/2021	$13,722	$12,649	$12,894	$13,228
9/30/2021	$13,558	$12,539	$12,802	$13,073
10/31/2021	$13,666	$12,536	$12,947	$13,220
11/30/2021	$13,811	$12,573	$13,063	$13,326
12/31/2021	$13,970	$12,541	$13,105	$13,411
1/31/2022	$13,506	$12,271	$12,839	$13,103
2/28/2022	$13,577	$12,134	$12,949	$13,226
3/31/2022	$13,368	$11,797	$12,708	$13,016
4/30/2022	$12,930	$11,349	$12,449	$12,608
5/31/2022	$12,697	$11,422	$12,325	$12,504
6/30/2022	$12,106	$11,243	$11,935	$12,049
7/31/2022	$12,878	$11,518	$12,455	$12,752
8/31/2022	$12,393	$11,192	$12,123	$12,348
9/30/2022	$11,109	$10,709	$11,321	$11,294
10/31/2022	$11,362	$10,570	$11,462	$11,420
11/30/2022	$11,699	$10,959	$11,671	$11,718
12/31/2022	$11,554	$10,909	$11,552	$11,537
1/31/2023	$11,830	$11,245	$11,764	$11,845
2/28/2023	$11,554	$10,954	$11,603	$11,569
3/31/2023	$11,961	$11,232	$11,938	$12,043
4/30/2023	$11,972	$11,300	$11,951	$12,046
5/31/2023	$11,740	$11,177	$11,808	$11,854
6/30/2023	$11,703	$11,137	$11,768	$11,765
7/31/2023	$11,747	$11,130	$11,783	$11,791
8/31/2023	$11,538	$11,059	$11,678	$11,598
9/30/2023	$11,234	$10,778	$11,462	$11,299
10/31/2023	$11,095	$10,607	$11,379	$11,165
11/30/2023	$11,549	$11,088	$11,688	$11,544
12/31/2023	$11,907	$11,512	$12,002	$11,924
1/31/2024	$11,996	$11,481	$12,023	$11,990
2/29/2024	$11,832	$11,318	$11,894	$11,784
3/31/2024	$11,937	$11,423	$11,992	$11,890
4/30/2024	$11,642	$11,134	$11,790	$11,625
5/31/2024	$11,943	$11,323	$11,993	$11,853
6/30/2024	$12,039	$11,430	$12,087	$11,967

The table below shows the average annual total returns of the Portfolio, a regulatory index, and one or more supplemental index(es) for certain periods ended June 30, 2024.

Average Annual Total Returns (%)

Portfolio/Index Name	1 Year	5 Years	10 Years
Fixed Income SHares: Series R	2.87%	2.01%	1.87%
Bloomberg U.S. Aggregate Index	2.63%	(0.23%)	1.35%
Bloomberg U.S. TIPS Index	2.71%	2.07%	1.91%
ICE BofA U.S. Treasury Inflation-Linked 7-10 Year Index	1.72%	1.62%	1.81%

Key Portfolio Statistics^{Footnote Reference*} (as of the end of the reporting period)

Total Net Assets	$155,760
# of Portfolio Holdings	254
Portfolio Turnover Rate	157%
Total Net Advisory Fees Paid During the Reporting Period^{Footnote Reference†}	$0

Footnote	Description
Footnote^†	No investment management fees or expenses are incurred by the Portfolio. The PIMCO Fixed Income SHares 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.
Footnote^*	Dollar amounts displayed in 000's

What did the Portfolio invest in?

Allocation Breakdown (% of Net Assets)^{Footnote Reference*}

U.S. Treasury Obligations	129.5%
U.S. Government Agencies	37.6%
Sovereign Issues	17.1%
Asset-Backed Securities	8.6%
Non-Agency Mortgage-Backed Securities	3.9%
Corporate Bonds & Notes	1.8%
Short-Term Instruments	1.7%
Other Investments	0.7%
Other Assets and Liabilities, Net	(100.9%)
Total	100.0%

Footnote	Description
Footnote^*	% of Net Assets includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted.

Additional Information

FXIRX

Fixed Income SHares: Series R

Semi-Annual Shareholder Report | June 30, 2024

FISH2757SARTSR_063024

FXIEX

Fixed Income SHares: Series TE

Semi-Annual Shareholder Report | June 30, 2024

Portfolio Performance

This semi-annual shareholder report contains important information about the Fixed Income SHares: Series TE (the "Portfolio") for the period of January 1, 2024 to June 30, 2024 (the "reporting period"). You can find additional information about the Portfolio at www.pimco.com/FISH. You can also request this information by contacting us at 888.87.PIMCO (888.877.4626).

What were the Portfolio costs for the last six months?

(based on a hypothetical $10,000 investment)

Portfolio Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Fixed Income SHares: Series TE	$0	0.00%

How did the Portfolio perform during the reporting period and what affected its performance?

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

• A tactical allocation to taxable municipals contributed to performance, as taxable municipals outperformed the broader municipal

market.

• Security selection within the special tax sector contributed to performance, as holdings outperformed the broader municipal market.

• Overweight exposure to the housing sector contributed to performance, as the sector outperformed the broader municipal market.

• Overweight exposure to a duration position detracted from performance, as yields broadly rose.

• Security selection within the lease-backed sector detracted from performance, as the sector underperformed the broader municipal

market.

• Underweight exposure to the pre-refunded segment detracted from performance, as the segment outperformed the broader municipal

market.

Portfolio Performance

In addition to the Portfolio's performance, the tables in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Bloomberg Municipal Bond Index replaced the Bloomberg 1-Year Municipal Bond Index as the Portfolio's regulatory index. The Portfolio's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

Cumulative Returns Based on $10,000 Investment

	Fixed Income SHares: Series TE	Bloomberg Municipal Bond Index	Bloomberg 1-Year Municipal Bond Index	50% Bloomberg 10 Year Municipal Bond Index, 50% Bloomberg High Yield Municipal Bond Index	Bloomberg High Yield Municipal Bond Index
6/30/2014	$10,000	$10,000	$10,000	$10,000	$10,000
7/31/2014	$10,020	$10,018	$10,000	$10,045	$10,063
8/31/2014	$10,082	$10,139	$10,007	$10,266	$10,378
9/30/2014	$10,144	$10,149	$10,007	$10,303	$10,461
10/31/2014	$10,135	$10,219	$10,011	$10,322	$10,422
11/30/2014	$10,073	$10,236	$10,017	$10,384	$10,531
12/31/2014	$10,083	$10,288	$10,012	$10,436	$10,587
1/31/2015	$10,084	$10,470	$10,031	$10,635	$10,777
2/28/2015	$10,074	$10,362	$10,034	$10,553	$10,733
3/31/2015	$10,084	$10,392	$10,034	$10,560	$10,705
4/30/2015	$10,085	$10,338	$10,035	$10,507	$10,661
5/31/2015	$10,085	$10,309	$10,034	$10,550	$10,781
6/30/2015	$10,160	$10,300	$10,034	$10,343	$10,384
7/31/2015	$10,165	$10,375	$10,048	$10,354	$10,328
8/31/2015	$10,191	$10,395	$10,064	$10,391	$10,370
9/30/2015	$10,283	$10,470	$10,077	$10,551	$10,591
10/31/2015	$10,363	$10,512	$10,087	$10,636	$10,719
11/30/2015	$10,466	$10,554	$10,074	$10,678	$10,762
12/31/2015	$10,605	$10,628	$10,073	$10,729	$10,779
1/31/2016	$10,674	$10,755	$10,104	$10,840	$10,840
2/29/2016	$10,670	$10,771	$10,120	$10,905	$10,959
3/31/2016	$10,739	$10,806	$10,105	$10,978	$11,074
4/30/2016	$10,841	$10,885	$10,116	$11,056	$11,142
5/31/2016	$10,868	$10,915	$10,122	$11,130	$11,289
6/30/2016	$11,079	$11,088	$10,139	$11,397	$11,640
7/31/2016	$11,076	$11,095	$10,157	$11,438	$11,716
8/31/2016	$11,137	$11,110	$10,142	$11,465	$11,758
9/30/2016	$11,114	$11,054	$10,120	$11,463	$11,789
10/31/2016	$10,967	$10,938	$10,127	$11,323	$11,643
11/30/2016	$10,551	$10,531	$10,083	$10,732	$10,950
12/31/2016	$10,647	$10,654	$10,103	$10,883	$11,101
1/31/2017	$10,729	$10,724	$10,140	$11,000	$11,257
2/28/2017	$10,806	$10,799	$10,173	$11,170	$11,525
3/31/2017	$10,862	$10,822	$10,173	$11,200	$11,552
4/30/2017	$10,982	$10,901	$10,189	$11,292	$11,630
5/31/2017	$11,170	$11,074	$10,208	$11,479	$11,808
6/30/2017	$11,185	$11,034	$10,200	$11,444	$11,782
7/31/2017	$11,305	$11,123	$10,224	$11,535	$11,859
8/31/2017	$11,450	$11,208	$10,247	$11,655	$12,023
9/30/2017	$11,429	$11,151	$10,235	$11,590	$11,958
10/31/2017	$11,472	$11,178	$10,236	$11,619	$11,991
11/30/2017	$11,439	$11,118	$10,190	$11,582	$12,021
12/31/2017	$11,564	$11,235	$10,196	$11,727	$12,177
1/31/2018	$11,484	$11,102	$10,225	$11,582	$12,063
2/28/2018	$11,427	$11,069	$10,242	$11,561	$12,072
3/31/2018	$11,441	$11,110	$10,235	$11,666	$12,249
4/30/2018	$11,441	$11,070	$10,225	$11,679	$12,303
5/31/2018	$11,590	$11,197	$10,259	$11,863	$12,561
6/30/2018	$11,615	$11,207	$10,295	$11,897	$12,623
7/31/2018	$11,673	$11,234	$10,317	$11,940	$12,668
8/31/2018	$11,691	$11,263	$10,313	$12,007	$12,769
9/30/2018	$11,642	$11,190	$10,293	$11,945	$12,719
10/31/2018	$11,552	$11,121	$10,302	$11,836	$12,560
11/30/2018	$11,604	$11,244	$10,335	$11,955	$12,648
12/31/2018	$11,676	$11,379	$10,373	$12,088	$12,757
1/31/2019	$11,761	$11,465	$10,406	$12,194	$12,842
2/28/2019	$11,858	$11,526	$10,429	$12,260	$12,912
3/31/2019	$12,038	$11,708	$10,458	$12,509	$13,245
4/30/2019	$12,088	$11,752	$10,466	$12,561	$13,320
5/31/2019	$12,284	$11,914	$10,505	$12,758	$13,536
6/30/2019	$12,330	$11,958	$10,537	$12,814	$13,606
7/31/2019	$12,414	$12,055	$10,572	$12,910	$13,692
8/31/2019	$12,621	$12,245	$10,587	$13,165	$14,021
9/30/2019	$12,560	$12,147	$10,564	$13,087	$13,993
10/31/2019	$12,585	$12,168	$10,595	$13,111	$14,023
11/30/2019	$12,623	$12,199	$10,613	$13,152	$14,077
12/31/2019	$12,660	$12,236	$10,629	$13,198	$14,119
1/31/2020	$12,881	$12,456	$10,666	$13,488	$14,467
2/29/2020	$13,088	$12,617	$10,688	$13,710	$14,771
3/31/2020	$12,472	$12,159	$10,635	$12,721	$13,147
4/30/2020	$12,312	$12,006	$10,659	$12,442	$12,703
5/31/2020	$12,707	$12,388	$10,765	$12,899	$13,222
6/30/2020	$13,005	$12,490	$10,764	$13,196	$13,746
7/31/2020	$13,255	$12,701	$10,791	$13,493	$14,119
8/31/2020	$13,204	$12,641	$10,793	$13,474	$14,156
9/30/2020	$13,154	$12,644	$10,801	$13,483	$14,170
10/31/2020	$13,129	$12,606	$10,793	$13,474	$14,195
11/30/2020	$13,391	$12,796	$10,806	$13,736	$14,536
12/31/2020	$13,570	$12,874	$10,816	$13,907	$14,809
1/31/2021	$13,705	$12,956	$10,834	$14,092	$15,118
2/28/2021	$13,492	$12,750	$10,830	$13,899	$14,959
3/31/2021	$13,569	$12,829	$10,838	$14,013	$15,121
4/30/2021	$13,700	$12,936	$10,845	$14,171	$15,343
5/31/2021	$13,775	$12,975	$10,850	$14,264	$15,519
6/30/2021	$13,852	$13,010	$10,849	$14,368	$15,716
7/31/2021	$13,956	$13,118	$10,863	$14,522	$15,905
8/31/2021	$13,916	$13,070	$10,861	$14,491	$15,880
9/30/2021	$13,839	$12,976	$10,849	$14,384	$15,776
10/31/2021	$13,813	$12,938	$10,847	$14,327	$15,712
11/30/2021	$13,944	$13,048	$10,850	$14,472	$15,918
12/31/2021	$13,982	$13,069	$10,849	$14,507	$15,959
1/31/2022	$13,640	$12,711	$10,777	$14,094	$15,513
2/28/2022	$13,535	$12,666	$10,763	$14,056	$15,477
3/31/2022	$13,156	$12,255	$10,674	$13,582	$14,917
4/30/2022	$12,807	$11,916	$10,631	$13,160	$14,387
5/31/2022	$12,958	$12,093	$10,712	$13,338	$14,546
6/30/2022	$12,644	$11,895	$10,715	$13,053	$14,081
7/31/2022	$13,049	$12,210	$10,773	$13,488	$14,607
8/31/2022	$12,775	$11,942	$10,687	$13,214	$14,282
9/30/2022	$12,221	$11,484	$10,595	$12,572	$13,402
10/31/2022	$12,064	$11,388	$10,609	$12,410	$13,127
11/30/2022	$12,612	$11,921	$10,731	$13,030	$13,891
12/31/2022	$12,597	$11,955	$10,726	$13,074	$13,868
1/31/2023	$13,011	$12,298	$10,816	$13,541	$14,484
2/28/2023	$12,731	$12,020	$10,725	$13,193	$14,029
3/31/2023	$12,923	$12,287	$10,840	$13,434	$14,247
4/30/2023	$13,053	$12,259	$10,808	$13,458	$14,329
5/31/2023	$13,022	$12,153	$10,797	$13,337	$14,230
6/30/2023	$13,216	$12,274	$10,848	$13,505	$14,483
7/31/2023	$13,266	$12,323	$10,871	$13,580	$14,577
8/31/2023	$13,152	$12,146	$10,883	$13,384	$14,356
9/30/2023	$12,828	$11,790	$10,838	$12,972	$13,868
10/31/2023	$12,627	$11,689	$10,868	$12,829	$13,646
11/30/2023	$13,434	$12,431	$11,026	$13,690	$14,704
12/31/2023	$13,824	$12,720	$11,090	$14,055	$15,145
1/31/2024	$13,923	$12,655	$11,086	$13,987	$15,075
2/29/2024	$14,078	$12,671	$11,103	$14,045	$15,194
3/31/2024	$14,138	$12,671	$11,103	$14,122	$15,374
4/30/2024	$13,996	$12,514	$11,104	$13,984	$15,280
5/31/2024	$14,102	$12,477	$11,131	$13,955	$15,396
6/30/2024	$14,316	$12,669	$11,194	$14,231	$15,772

The table below shows the average annual total returns of the Portfolio, a regulatory index, and one or more supplemental index(es) for certain periods ended June 30, 2024.

Average Annual Total Returns (%)

Portfolio/Index Name	1 Year	5 Years	10 Years
Fixed Income SHares: Series TE	8.32%	3.03%	3.65%
Bloomberg Municipal Bond Index	3.21%	1.16%	2.39%
Bloomberg 1-Year Municipal Bond Index	3.19%	1.22%	1.13%
50% Bloomberg 10 Year Municipal Bond Index, 50% Bloomberg High Yield Municipal Bond Index	5.37%	2.12%	3.59%
Bloomberg High Yield Municipal Bond Index	8.90%	3.00%	4.66%

Key Portfolio Statistics^{Footnote Reference*} (as of the end of the reporting period)

Total Net Assets	$126,977
# of Portfolio Holdings	162
Portfolio Turnover Rate	8%
Total Net Advisory Fees Paid During the Reporting Period^{Footnote Reference†}	$0

Footnote	Description
Footnote^†	No investment management fees or expenses are incurred by the Portfolio. The PIMCO Fixed Income SHares 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.
Footnote^*	Dollar amounts displayed in 000's

What did the Portfolio invest in?

Allocation Breakdown (% of Net Assets)^{Footnote Reference*}

Municipal Bonds & Notes	86.7%
Affiliated Investments	8.2%
U.S. Government Agencies	4.8%
Corporate Bonds & Notes	0.8%
Short-Term Instruments	2.4%
Other Assets and Liabilities, Net	(2.9%)
Total	100.0%

Footnote	Description
Footnote^*	% of Net Assets includes derivatives instruments, if any, valued at the value used for determining the Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted.

Additional Information

FXIEX

Fixed Income SHares: Series TE

Semi-Annual Shareholder Report | June 30, 2024

FISH2760SARTSR_063024

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.

Investments.

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

Item 7.

Financial Statements and Financial Highlights for Open-End Management Investment Companies.

(a)

The following is a copy of the report(s) of the Portfolios’ Financial Statements and Financial Highlights.

(b)

Not applicable.

LOGO

PIMCO MANAGED ACCOUNTS TRUST

Semiannual Financial and Other Information

June 30, 2024

Fixed Income SHares (FISH)

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”)

Table of Contents



	Page


Important Information About the Portfolios		2

Financial Highlights (N-CSR Item 7)		6

Statements of Assets and Liabilities (N-CSR Item 7)		8

Statements of Operations (N-CSR Item 7)		10

Statements of Changes in Net Assets (N-CSR Item 7)		12

Statements of Cash Flows (N-CSR Item 7)		14

Notes to Financial Statements (N-CSR Item 7)		58

Remuneration Paid to Directors, Officers and Others (N-CSR Item 10)		77

Glossary		80

Changes to Board of Trustees		81

Approval of Investment Management Agreement (N-CSR Item 11)		82


Portfolio	Schedule of Investments


Fixed Income SHares: Series C		15

Fixed Income SHares: Series LD		26

Fixed Income SHares: Series M		33

Fixed Income SHares: Series R		46

Fixed Income SHares: Series TE		53


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 or yields of U.S. Treasury securities (or yields of other types of bonds) to rise (e.g., central bank monetary policies, inflation rates, general economic conditions, etc.). In addition, changes in interest rates can be sudden and unpredictable, and there is no guarantee that Portfolio management will anticipate such movement accurately. A Portfolio may lose money as a result of movements in interest rates.

As of the date of this report, interest rates in the United States and many parts of the world, including certain European countries, remain high. In efforts to combat inflation, the U.S. Federal Reserve (the “Fed”) raised interest rates multiple times in 2022 and 2023. In the second half of 2023 and the beginning of 2024, however, the Fed paused the rate hikes, keeping interest rates steady. It is uncertain whether rates will remain steady, increase or decrease in the future. As such, the Portfolios may 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, a Portfolio may experience increased shareholder redemptions, which, among other things, could further reduce the net assets of the Portfolio.

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

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 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. The Portfolios are separately monitored for compliance with respect to prospectus and regulatory requirements.

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

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

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

The Portfolios may invest in certain instruments that rely in some fashion upon the London Interbank Offered Rate (“LIBOR”). LIBOR was traditionally 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


2		PIMCO MANAGED ACCOUNTS TRUST

regulates LIBOR, announced plans to ultimately phase out the use of LIBOR. Although the transition process away from LIBOR for many instruments has been completed, some LIBOR use is continuing and there are potential effects related to the transition away from LIBOR or continued use of LIBOR on the Portfolios, or on certain instruments in which the Portfolios invest, which can be difficult to ascertain, and may vary depending on factors that include, but are not limited to: (i) existing fallback or termination provisions in individual contracts and (ii) whether, how and when industry participants adopt new reference rates for affected instruments. The transition of investments from LIBOR to a replacement rate as a result of amendment, application of existing fallbacks, statutory requirements or otherwise may also result in a reduction in the value of certain instruments held by the Portfolios or a reduction in the effectiveness of related Portfolio transactions such as hedges. In addition, an instrument’s transition to a replacement rate could result in variations in the reported yields of the Portfolio that holds such instrument. Any such effects of the transition away from LIBOR, as well as other unforeseen effects, could result in losses to a Portfolio.

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

Issuers in which a Portfolio may invest can be affected by volatility in the banking sector. Even if banks used by issuers in which a Portfolio invests remain solvent, volatility in the banking sector could contribute to, cause or intensify an economic recession, increase the costs of capital and banking services or result in the issuers being unable to obtain or refinance indebtedness at all or on as favorable terms as could otherwise have been obtained. Potential impacts to the Portfolios and issuers resulting from changes in the banking sector, market conditions and potential legislative or regulatory responses are uncertain. Such conditions and responses, as well as a changing interest rate environment, can contribute to decreased market liquidity and erode the value of certain holdings, including those of U.S. and non-U.S. banks. Continued market volatility and uncertainty and/or a downturn in market and economic and financial conditions, as a result of developments in the banking sector or otherwise (including as a

result of delayed access to cash or credit facilities), could have an adverse impact on a Portfolio and issuers in which it invests.

The dividend rate that a Portfolio pays on its common shares may vary as portfolio and market conditions change, and will depend on a number of factors, including without limit the amount of a Portfolio’s undistributed net investment income and net short- and long-term capital gains, as well as the costs of any leverage obtained by a Portfolio. As portfolio and market conditions change, the rate of distributions on the common shares and a Portfolio’s dividend policy could change. There can be no assurance that a change in market conditions or other factors will not result in a change in a Portfolio’s 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 a Portfolio’s summary prospectus, the Trust’s Statement of Additional Information (“SAI”), any contracts filed as exhibits to the Trust’s registration statement, nor any other communications, disclosure documents or regulatory filings (including this report) from or on behalf of the Trust or a 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 prospectus 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

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024


Important Information About the Portfolios		(Cont.)

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 a Portfolio.

PIMCO has adopted written proxy voting policies and procedures (“Proxy Policy”) as required by Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended. The Proxy Policy has been adopted by the Portfolios as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolios. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of each Portfolio, and information about how each Portfolio voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Portfolios at (888) 87-PIMCO, on the Portfolios’ website at www.pimco.com/FISH, and on the Securities and Exchange Commission’s (“SEC”) website at www.sec.gov.

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

Paper copies of the Portfolios’ shareholder reports are required to be provided free of charge by the Portfolio or financial intermediary upon request.

In October 2022, the SEC adopted changes to the mutual fund and exchange-traded fund (“ETF”) shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which impact the disclosures provided to shareholders. The rule amendments were effective as of January 2023, and compliance with the rule amendments was required as of July 2024. As such, the Portfolios have made significant updates to the content of their shareholder reports. In addition, shareholder reports are now mailed to shareholders who have not opted to receive shareholder report documents electronically.

In September 2023, the SEC adopted amendments to Rule 35d-1 under the Investment Company Act of 1940, as amended, the rule governing fund naming conventions (the “Names Rule”). In general, the Names Rule requires funds with certain types of names to adopt a policy to

invest at least 80% of their assets in the type of investment suggested by the name. The amendments expand the scope of the current rule to include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a fund may deviate from its 80% investment policy and address the calculation methodology of derivatives instruments for purposes of the rule. The amendments became effective December 11, 2023, and fund groups with $1 billion or more in net assets will have 24 months to comply with the amendments (fund groups with net assets of less than $1 billion have 30 months to comply).


4		PIMCO MANAGED ACCOUNTS TRUST

(THIS PAGE INTENTIONALLY LEFT BLANK)

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024


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

01/01/2024 - 06/30/2024+	$	8.84	$	0.23	$	(0.05	)	$	0.18		$	(0.22	)	$	0.00		$	0.00		$	(0.22	)

12/31/2023		8.54		0.40		0.29			0.69			(0.39	)		0.00			0.00			(0.39	)

12/31/2022		10.77		0.33		(2.12	)		(1.79	)		(0.44	)		0.00			0.00			(0.44	)

12/31/2021		11.08		0.34		(0.31	)		0.03			(0.34	)		0.00			0.00			(0.34	)

12/31/2020		10.43		0.34		0.66			1.00			(0.35	)		0.00			0.00			(0.35	)

12/31/2019		9.94		0.38		0.52			0.90			(0.41	)		0.00			0.00			(0.41	)

Series LD

01/01/2024 - 06/30/2024+	$	8.81	$	0.19	$	0.05		$	0.24		$	(0.21	)	$	0.00		$	0.00		$	(0.21	)

12/31/2023		8.59		0.34		0.17			0.51			(0.17	)		0.00			(0.12	)		(0.29	)

12/31/2022		9.41		0.25		(0.77	)		(0.52	)		(0.26	)		(0.04	)		0.00			(0.30	)

12/31/2021		9.62		0.28		(0.24	)		0.04			(0.25	)		0.00			0.00			(0.25	)

12/31/2020		9.40		0.35		0.23			0.58			(0.36	)		0.00			0.00			(0.36	)

12/31/2019		9.40		0.36		0.00			0.36			(0.36	)		0.00			0.00			(0.36	)

Series M

01/01/2024 - 06/30/2024+	$	8.60	$	0.25	$	(0.07	)	$	0.18		$	(0.26	)	$	0.00		$	0.00		$	(0.26	)

12/31/2023		8.35		0.47		0.26			0.73			(0.48	)		0.00			0.00			(0.48	)

12/31/2022		10.33		0.42		(1.95	)		(1.53	)		(0.45	)		0.00			0.00			(0.45	)

12/31/2021		10.68		0.42		(0.26	)		0.16			(0.42	)		(0.09	)		0.00			(0.51	)

12/31/2020		10.48		0.41		0.53			0.94			(0.41	)		(0.33	)		0.00			(0.74	)

12/31/2019		10.14		0.47		0.37			0.84			(0.50	)		0.00			0.00			(0.50	)

Series R

01/01/2024 - 06/30/2024+	$	7.99	$	0.15	$	(0.06	)	$	0.09		$	(0.13	)	$	0.00		$	0.00		$	(0.13	)

12/31/2023		7.94		0.19		0.05			0.24			(0.04	)		0.00			(0.15	)		(0.19	)

12/31/2022		10.79		0.81		(2.59	)		(1.78	)		(1.07	)		0.00			0.00			(1.07	)

12/31/2021		10.74		0.72		0.02			0.74			(0.69	)		0.00			0.00			(0.69	)

12/31/2020		9.40		0.22		1.33			1.55			(0.21	)		0.00			0.00			(0.21	)

12/31/2019		8.68		0.26		0.70			0.96			(0.24	)		0.00			0.00			(0.24	)

Series TE

01/01/2024 - 06/30/2024+	$	9.67	$	0.25	$	0.09		$	0.34		$	(0.24	)	$	0.00		$	0.00		$	(0.24	)

12/31/2023		9.25		0.47		0.41			0.88			(0.46	)		0.00			0.00			(0.46	)

12/31/2022		10.71		0.41		(1.47	)		(1.06	)		(0.40	)		0.00			0.00			(0.40	)

12/31/2021		10.76		0.38		(0.06	)		0.32			(0.37	)		0.00			0.00			(0.37	)

12/31/2020		10.39		0.36		0.37			0.73			(0.36	)		0.00			0.00			(0.36	)

12/31/2019		9.94		0.38		0.45			0.83			(0.38	)		0.00			0.00			(0.38	)

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

Unaudited

*	Annualized, except for organizational expense, if any.

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

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

^(c)

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

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

^(e)	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.

^(f)

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.


6		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^(d)(e)			Net Assets End of Year or Period (000s)		Expenses^(f)			Expenses Excluding Waivers^(f)			Expenses Excluding Interest Expense^(f)			Expenses Excluding Interest Expense and Waivers^(f)			Net Investment Income (Loss)			Portfolio Turnover Rate



$	8.80		2.02	%	$	1,361,781		0.14	%*		0.14	%*		0.00	%*		0.00	%*		5.23	%*		251	%

	8.84		8.34			1,282,061		0.03			0.03			0.00			0.00			4.69			571

	8.54		(16.74	)		1,155,312		0.15			0.15			0.00			0.00			3.58			308

	10.77		0.34			1,540,072		0.02			0.02			0.00			0.00			3.10			282

	11.08		9.77			1,585,611		0.03			0.03			0.00			0.00			3.18			562

	10.43		9.18			1,434,199		0.21			0.21			0.00			0.00			3.72			533



$	8.84		2.73	%	$	51,294		1.51	%*		1.51	%*		0.00	%*		0.00	%*		4.33	%*		177	%

	8.81		6.07			73,673		2.31			2.31			0.00			0.00			3.90			192

	8.59		(5.53	)		74,964		1.57			1.57			0.00			0.00			2.75			43

	9.41		0.38			122,608		0.23			0.23			0.00			0.00			2.94			97

	9.62		6.28			108,895		0.66			0.66			0.00			0.00			3.63			69

	9.40		3.85			79,806		2.98			2.98			0.00			0.00			3.82			88



$	8.52		2.09	%	$	1,359,318		0.08	%*		0.08	%*		0.00	%*		0.00	%*		6.03	%*		306	%

	8.60		8.99			1,279,095		0.04			0.04			0.00			0.00			5.62			569

	8.35		(14.99	)		1,147,875		0.01			0.01			0.00			0.00			4.58			495

	10.33		1.45			1,520,815		0.01			0.01			0.00			0.00			3.97			468

	10.68		9.12			1,562,661		0.02			0.02			0.00			0.00			3.80			635

	10.48		8.40			1,442,194		0.06			0.06			0.00			0.00			4.47			543



$	7.95		1.11	%	$	155,760		4.42	%*		4.42	%*		0.00	%*		0.00	%*		3.93	%*		157	%

	7.99		3.05			163,970		3.31			3.31			0.00			0.00			2.45			223

	7.94		(17.22	)		216,389		0.87			0.87			0.00			0.00			8.88			93

	10.79		7.09			259,263		0.05			0.05			0.00			0.00			6.71			162

	10.74		16.58			157,315		0.26			0.26			0.00			0.00			2.13			295

	9.40		11.10			130,421		1.35			1.35			0.00			0.00			2.80			357



$	9.77		3.56	%	$	126,977		0.00	%*		0.00	%*		0.00	%*		0.00	%*		5.11	%*		8	%

	9.67		9.74			61,959		0.06			0.06			0.00			0.00			5.05			56

	9.25		(9.91	)		69,553		0.07			0.07			0.00			0.00			4.29			67

	10.71		3.04			88,310		0.02			0.02			0.00			0.00			3.50			20

	10.76		7.19			91,321		0.04			0.04			0.00			0.00			3.47			57

	10.39		8.42			87,423		0.08			0.08			0.00			0.00			3.69			31

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024


Statements of Assets and Liabilities


(Amounts in thousands^†, except per share amounts)	Series C			Series LD

Assets:

Investments, at value
Investments in securities*	$	2,034,876		$	64,430
Investments in Affiliates		10,815			845
Financial Derivative Instruments
Exchange-traded or centrally cleared		1,630			152
Over the counter		2,881			302
Cash		0			1
Deposits with counterparty		1,921			896
Foreign currency, at value		1,523			74
Receivable for investments sold		115			138
Receivable for investments sold on a delayed-delivery basis		0			0
Receivable for TBA investments sold		447,346			20,148
Receivable for Portfolio shares sold		1,517			0
Interest and/or dividends receivable		11,691			375
Dividends receivable from Affiliates		15			4
Reimbursement receivable from PIMCO		1			1
Other assets		16			0
Total Assets		2,514,347			87,366

Liabilities:

Borrowings & Other Financing Transactions
Payable for reverse repurchase agreements	$	110,404		$	14,375
Payable for sale-buyback transactions		0			918
Payable for short sales		0			10,071
Financial Derivative Instruments
Exchange-traded or centrally cleared		748			29
Over the counter		791			55
Payable for investments purchased		31			0
Payable for investments in Affiliates purchased		20			4
Payable for TBA investments purchased		1,026,383			10,158
Deposits from counterparty		7,840			0
Payable for Portfolio shares redeemed		1,031			270
Distributions payable		5,318			192
Other Liabilities		0			0
Total Liabilities		1,152,566			36,072

Commitments and Contingent Liabilities^{^}

Net Assets	$	1,361,781		$	51,294

Net Assets Consist of:

Shares of beneficial interest of $0.001 par value (unlimited number authorized)	$	155		$	6
Paid in capital in excess of par		1,754,564			61,742
Distributable earnings (accumulated loss)		(392,938	)		(10,454	)

Net Assets	$	1,361,781		$	51,294

Shares Issued and Outstanding		154,714			5,802

Net Asset Value Per Share Outstanding^(a):	$	8.80		$	8.84

Cost of investments in securities	$	2,091,981		$	67,001
Cost of investments in Affiliates	$	10,815		$	845
Cost of foreign currency held	$	1,541		$	74
Proceeds received on short sales	$	0		$	10,163
Cost or premiums of financial derivative instruments, net	$	(6,891	)	$	9

* Includes repurchase agreements of:	$	559		$	239

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

^{^}	See Note 9, Fees and Expenses, in the Notes to Financial Statements for more information.

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


8		PIMCO MANAGED ACCOUNTS TRUST			See Accompanying Notes


				June 30, 2024		(Unaudited)


Series M			Series R			Series TE




$	1,977,863		$	311,790		$	120,315
	1,481			0			10,336

	3,333			585			0
	1,616			714			0
	1			1			1
	24,126			3,130			0
	1,517			806			0
	3,866			1			31
	0			1,178			0
	496,490			51,963			0
	1,560			0			8
	9,551			896			949
	22			0			37
	1			1			1
	17			0			0
	2,521,444			371,065			131,678




$	25,202		$	0		$	0
	0			112,603			0
	0			0			0

	1,061			360			0
	910			398			0
	18,500			0			4,194
	23			0			42
	1,099,755			100,465			0
	9,397			811			1
	1,030			0			0
	6,248			667			464
	0			1			0
	1,162,126			215,305			4,701



$	1,359,318		$	155,760		$	126,977



$	159		$	20		$	13
	1,588,742			240,225			127,561
	(229,583	)		(84,485	)		(597	)

$	1,359,318		$	155,760		$	126,977

	159,493			19,587			13,000

$	8.52		$	7.95		$	9.77

$	2,068,159		$	337,899		$	117,372
$	1,481		$	0		$	10,335
$	1,527		$	1,172		$	0
$	0		$	0		$	0
$	(1,780	)	$	(217	)	$	0

$	512		$	2,583		$	288

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024


Statements of Operations


Six Months Ended June 30, 2024 (Unaudited)
(Amounts in thousands^†)	Series C			Series LD

Investment Income:

Interest	$	34,091		$	1,673
Dividends from Investments in Affiliates		1,162			107
Miscellaneous income		13			0
Total Income		35,266			1,780

Expenses:

Trustee fees		1			0
Interest expense		896			460
Miscellaneous expense		4			0
Total Expenses		901			460

Net Investment Income (Loss)		34,365			1,320

Net Realized Gain (Loss):

Investments in securities		(11,490	)		(98	)
Investments in Affiliates		56			7
Exchange-traded or centrally cleared financial derivative instruments		5,630			(631	)
Over the counter financial derivative instruments		4,960			175
Short sales		0			0
Foreign currency		(236	)		23

Net Realized Gain (Loss)		(1,080	)		(524	)

Net Change in Unrealized Appreciation (Depreciation):

Investments in securities		(12,845	)		646
Investments in Affiliates		(44	)		(6	)
Exchange-traded or centrally cleared financial derivative instruments		3,792			(65	)
Over the counter financial derivative instruments		3,073			344
Foreign currency assets and liabilities		(166	)		0

Net Change in Unrealized Appreciation (Depreciation)		(6,190	)		919

Net Increase (Decrease) in Net Assets Resulting from Operations	$	27,095		$	1,715

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


10		PIMCO MANAGED ACCOUNTS TRUST			See Accompanying Notes



Series M			Series R			Series TE



$	38,829		$	6,676		$	2,227
	1,219			0			193
	0			0			0
	40,048			6,676			2,420



	1			0			0
	541			3,532			1
	8			3			0
	550			3,535			1

	39,498			3,141			2,419



	(4,430	)		(4,792	)		224
	26			0			(1	)
	7,503			2,067			139
	3,739			1,611			0
	0			7			0
	10			(17	)		0

	6,848			(1,124	)		362



	(24,273	)		(1,720	)		576
	(10	)		0			2
	4,351			(186	)		134
	1,527			1,565			0
	(60	)		0			0

	(18,465	)		(341	)		712

$	27,881		$	1,676		$	3,493

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024


Statements of Changes in Net Assets


	Series C						Series LD

(Amounts in thousands^†)	Six Months Ended June 30, 2024 (Unaudited)			Year Ended December 31, 2023			Six Months Ended June 30, 2024 (Unaudited)			Year Ended December 31, 2023

Increase (Decrease) in Net Assets from:

Operations:

Net investment income (loss)	$	34,365		$	56,600		$	1,320		$	3,113
Net realized gain (loss)		(1,080	)		(130,212	)		(524	)		(5,294	)
Net change in unrealized appreciation (depreciation)		(6,190	)		172,388			919			6,810

Net Increase (Decrease) in Net Assets Resulting from Operations		27,095			98,776			1,715			4,629

Distributions to Shareholders:

From net investment income and/or net realized capital gains		(32,661	)		(55,338	)		(1,447	)		(1,559	)
Tax basis return of capital		0			0			0			(1,134	)

Total Distributions^(a)		(32,661	)		(55,338	)		(1,447	)		(2,693	)

Portfolio Share Transactions:

Receipts for shares sold		211,769			399,775			7,273			26,422
Issued as reinvestment of distributions		0			0			0			0
Cost of shares redeemed		(126,483	)		(316,464	)		(29,920	)		(29,649	)

Net increase (decrease) resulting from Portfolio share transactions		85,286			83,311			(22,647	)		(3,227	)

Total Increase (Decrease) in Net Assets		79,720			126,749			(22,379	)		(1,291	)

Net Assets:

Beginning of period		1,282,061			1,155,312			73,673			74,964
End of period	$	1,361,781		$	1,282,061		$	51,294		$	73,673

Shares of Beneficial Interest:

Shares sold		24,165			46,502			824			3,049
Issued as reinvestment of distributions		0			0			0			0
Shares redeemed		(14,454	)		(36,774	)		(3,387	)		(3,406	)
Net increase (decrease) in shares outstanding		9,711			9,728			(2,563	)		(357	)

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

^(a)


12		PIMCO MANAGED ACCOUNTS TRUST			See Accompanying Notes


Series M						Series R						Series TE

Six Months Ended June 30, 2024 (Unaudited)			Year Ended December 31, 2023			Six Months Ended June 30, 2024 (Unaudited)			Year Ended December 31, 2023			Six Months Ended June 30, 2024 (Unaudited)			Year Ended December 31, 2023





$	39,498		$	67,899		$	3,141		$	4,868		$	2,419		$	3,685
	6,848			(43,086	)		(1,124	)		(36,121	)		362			(442	)
	(18,465	)		80,220			(341	)		36,235			712			3,182

	27,881			105,033			1,676			4,982			3,493			6,425



	(39,863	)		(68,737	)		(2,534	)		(865	)		(2,355	)		(3,556	)
	0			0			0			(3,844	)		0			0

	(39,863	)		(68,737	)		(2,534	)		(4,709	)		(2,355	)		(3,556	)



	217,200			412,111			17,019			51,752			77,479			23,792
	0			1			0			0			0			0
	(124,995	)		(317,188	)		(24,371	)		(104,444	)		(13,599	)		(34,255	)

	92,205			94,924			(7,352	)		(52,692	)		63,880			(10,463	)

	80,223			131,220			(8,210	)		(52,419	)		65,018			(7,594	)



	1,279,095			1,147,875			163,970			216,389			61,959			69,553
$	1,359,318		$	1,279,095		$	155,760		$	163,970		$	126,977		$	61,959



	25,512			49,178			2,141			6,493			7,988			2,548
	0			1			1			0			0			0
	(14,716	)		(37,897	)		(3,068	)		(13,228	)		(1,396	)		(3,659	)
	10,796			11,282			(926	)		(6,735	)		6,592			(1,111	)

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024


Statements of Cash Flows


Six Months Ended June 30, 2024 (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	$	1,715		$	1,676

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		(129,634	)		(510,092	)
Proceeds from sales of long-term securities		151,481			522,600
(Purchases) Proceeds from sales of short-term portfolio investments, net		12,664			8,928
(Increase) decrease in deposits with counterparty		175			(193	)
(Increase) decrease in receivable for investments sold		21,898			(584	)
(Increase) decrease in interest and/or dividends receivable		160			(110	)
(Increase) decrease in dividends receivable from Affiliates		48			0
Proceeds from (Payments on) exchange-traded or centrally cleared financial derivative instruments		(739	)		1,565
Proceeds from (Payments on) over the counter financial derivative instruments		164			1,402
Increase (decrease) in payable for investments purchased		(24,417	)		13,438
Increase (decrease) in deposits from counterparty		0			(1,280	)
Proceeds from (Payments on) short sales transactions, net		(4,852	)		7
Proceeds from (Payments on) foreign currency transactions		23			(17	)
Net Realized (Gain) Loss
Investments in securities		98			4,792
Investments in Affiliates		(7	)		0
Exchange-traded or centrally cleared financial derivative instruments		631			(2,067	)
Over the counter financial derivative instruments		(175	)		(1,611	)
Short sales		0			(7	)
Foreign currency		(23	)		17
Net Change in Unrealized (Appreciation) Depreciation
Investments in securities		(646	)		1,720
Investments in Affiliates		6			0
Exchange-traded or centrally cleared financial derivative instruments		65			186
Over the counter financial derivative instruments		(344	)		(1,565	)
Net amortization (accretion) on investments		(96	)		161

Net Cash Provided by (Used for) Operating Activities		28,195			38,966

Cash Flows Received from (Used for) Financing Activities:

Proceeds from shares sold		7,361			17,033
Payments on shares redeemed		(29,650	)		(24,392	)
Cash distributions paid		(1,558	)		(1,867	)
Proceeds from reverse repurchase agreements		28,046			0
Payments on reverse repurchase agreements		(33,339	)		0
Proceeds from sale-buyback transactions		14,626			1,297,895
Payments on sale-buyback transactions		(13,708	)		(1,327,250	)

Net Cash Received from (Used for) Financing Activities		(28,222	)		(38,581	)

Net Increase (Decrease) in Cash and Foreign Currency		(27	)		385

Cash and Foreign Currency:

Beginning of period		102			422
End of period	$	75		$	807

Supplemental Disclosure of Cash Flow Information:

Interest expense paid during the period	$	546		$	3,903

^†	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.


14		PIMCO MANAGED ACCOUNTS TRUST			See Accompanying Notes


Schedule of Investments		PIMCO Fixed Income SHares: Series C				June 30, 2024		(Unaudited)

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


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 149.4%

LOAN PARTICIPATIONS AND ASSIGNMENTS 0.3%

American Airlines, Inc.
10.336% due 04/20/2028	$		2,720	$		2,814

SkyMiles IP Ltd.
9.075% due 10/20/2027			515			528

Zephyrus Capital Aviation Partners LLC
4.605% due 10/15/2038			1,383			1,262

Total Loan Participations and Assignments (Cost $4,645)						4,604


CORPORATE BONDS & NOTES 45.1%

BANKING & FINANCE 32.4%

Aircastle Ltd.
5.950% due 02/15/2029			1,600			1,600

American Assets Trust LP
3.375% due 02/01/2031			4,000			3,280

Antares Holdings LP
6.500% due 02/08/2029			2,000			1,971

Ares Finance Co. LLC
3.250% due 06/15/2030			4,950			4,415

Ares Management Corp.
6.375% due 11/10/2028			5,900			6,150

Aviation Capital Group LLC
3.500% due 11/01/2027			1,300			1,218

Avolon Holdings Funding Ltd.
2.528% due 11/18/2027			6,141			5,526

Banco Bilbao Vizcaya Argentaria SA
6.033% due 03/13/2035 •			5,000			4,990

Banco Santander SA
5.538% due 03/14/2030 •			10,000			9,928

Bank of America Corp.
3.419% due 12/20/2028 •			25,728			24,200
5.468% due 01/23/2035 •			5,300			5,297

Barclays PLC
2.894% due 11/24/2032 •			6,900			5,710

BGC Group, Inc.
6.600% due 06/10/2029			3,750			3,733

BNP Paribas SA
1.904% due 09/30/2028 •			8,000			7,149
4.400% due 08/14/2028			14,700			14,122
4.500% due 02/25/2030 •(b)(c)			900			716
4.625% due 02/25/2031 •(b)(c)			1,900			1,526

Brookfield Finance, Inc.
3.500% due 03/30/2051			7,100			4,916
6.350% due 01/05/2034			2,500			2,622

CaixaBank SA
6.037% due 06/15/2035 •			3,000			3,008
6.840% due 09/13/2034 •			5,000			5,283

Cantor Fitzgerald LP
7.200% due 12/12/2028			8,700			8,951

Carlyle Finance Subsidiary LLC
3.500% due 09/19/2029			4,000			3,699

CI Financial Corp.
3.200% due 12/17/2030			3,200			2,524

Citigroup, Inc.
3.785% due 03/17/2033 •			2,000			1,783

Cooperatieve Rabobank UA
4.655% due 08/22/2028 •			6,300			6,154

Credit Agricole SA
7.500% due 06/23/2026 •(b)(c)	GBP		100			126

Credit Suisse AG AT1 Claim	$		10,000			1,200

Crown Castle, Inc.
4.300% due 02/15/2029			3,000			2,867

Deutsche Bank AG
2.129% due 11/24/2026 •			1,400			1,329
2.311% due 11/16/2027 •			9,500			8,773
3.729% due 01/14/2032 •			1,200			1,012
3.961% due 11/26/2025 •			9,000			8,924
5.625% due 05/19/2031 •	EUR		200			217


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Discover Financial Services
7.964% due 11/02/2034 •	$		3,000	$		3,376

Extra Space Storage LP
5.500% due 07/01/2030			7,500			7,562

Fairfax Financial Holdings Ltd.
4.230% due 06/14/2029	CAD		300			214

First American Financial Corp.
4.000% due 05/15/2030	$		3,850			3,461

FleetBoston Financial Corp.
6.875% due 01/15/2028			2,120			2,246

Ford Motor Credit Co. LLC
2.700% due 08/10/2026			400			376
4.950% due 05/28/2027			5,000			4,883
6.125% due 03/08/2034			4,150			4,108

Global Atlantic Fin Co.
3.125% due 06/15/2031			1,200			994

GLP Capital LP
4.000% due 01/15/2030			3,278			3,006
5.250% due 06/01/2025			2,450			2,431
5.300% due 01/15/2029			3,150			3,106

Goldman Sachs Group, Inc.
7.222% (SOFRRATE + 1.850%) due 03/15/2028 ~			20,000			20,468

Golub Capital BDC, Inc.
2.050% due 02/15/2027			4,000			3,598
6.000% due 07/15/2029			1,000			981

Goodman U.S. Finance Three LLC
3.700% due 03/15/2028			3,200			3,000

HSBC Holdings PLC
4.583% due 06/19/2029 •			4,000			3,868
5.875% due 09/28/2026 •(b)(c)	GBP		11,800			14,432
6.375% due 09/17/2024 •(b)	$		1,200			1,199

Hudson Pacific Properties LP
3.250% due 01/15/2030			100			69
3.950% due 11/01/2027			100			84
4.650% due 04/01/2029			400			308
5.950% due 02/15/2028			200			170

Invitation Homes Operating Partnership LP
5.450% due 08/15/2030			5,000			5,011

JPMorgan Chase & Co.
5.350% due 06/01/2034 •			20,000			19,922
5.571% due 04/22/2028 •			2,800			2,823
5.581% due 04/22/2030 •			1,300			1,321
6.278% (SOFRRATE + 0.920%) due 04/22/2028 ~			2,100			2,109

Kilroy Realty LP
3.050% due 02/15/2030			3,000			2,532
4.750% due 12/15/2028			400			379

KKR Financial Holdings LLC
5.400% due 05/23/2033			9,000			8,577

Liberty Mutual Group, Inc.
4.300% due 02/01/2061			2,000			1,247

Lloyds Banking Group PLC
7.500% due 09/27/2025 •(b)(c)			7,100			7,115

LPL Holdings, Inc.
6.750% due 11/17/2028			5,700			5,988

Maple Grove Funding Trust
4.161% due 08/15/2051			8,000			5,426

Massachusetts Mutual Life Insurance Co.
5.077% due 02/15/2069 •			4,500			3,959

Morgan Stanley
0.000% due 04/02/2032 þ(d)			7,000			4,441
0.495% due 10/26/2029 •	EUR		3,588			3,360
4.656% due 03/02/2029 •			4,344			4,800
4.813% due 10/25/2028 •			2,068			2,296
5.652% due 04/13/2028 •	$		1,500			1,515
5.656% due 04/18/2030 •			1,600			1,627
6.374% (SOFRRATE + 1.020%) due 04/13/2028 ~			5,700			5,723

Nissan Motor Acceptance Co. LLC
2.750% due 03/09/2028			3,000			2,676

NMI Holdings, Inc.
6.000% due 08/15/2029			6,000			5,953

Nordea Bank Abp
3.750% due 03/01/2029 •(b)(c)			5,850			4,892
6.625% due 03/26/2026 •(b)(c)			5,000			4,975


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Prologis Targeted U.S. Logistics Fund LP
5.250% due 04/01/2029	$		5,900	$		5,906

Retail Opportunity Investments Partnership LP
6.750% due 10/15/2028			2,400			2,485

Sammons Financial Group, Inc.
3.350% due 04/16/2031			3,000			2,492
6.875% due 04/15/2034			3,800			3,899

SMBC Aviation Capital Finance DAC
5.450% due 05/03/2028			3,600			3,604

Synchrony Financial
3.950% due 12/01/2027			1,100			1,028

Tesco Property Finance PLC
5.411% due 07/13/2044	GBP		177			216
5.744% due 04/13/2040			578			729
5.801% due 10/13/2040			6,419			8,108

UBS Group AG
6.301% due 09/22/2034 •	$		10,326			10,743
6.537% due 08/12/2033 •			10,000			10,499

VICI Properties LP
5.750% due 04/01/2034			3,000			2,974

Wells Fargo & Co.
1.741% due 05/04/2030 •	EUR		2,300			2,250
2.879% due 10/30/2030 •	$		10,000			8,873
3.350% due 03/02/2033 •			8,000			6,940
5.499% due 01/23/2035 •(f)			13,400			13,358

						441,630


INDUSTRIALS 10.0%

Air Canada Pass-Through Trust
3.750% due 06/15/2029			1,843			1,734

Aker BP ASA
2.000% due 07/15/2026			1,300			1,210

Alaska Airlines Pass-Through Trust
4.800% due 02/15/2029			2,467			2,423

American Airlines Pass-Through Trust
3.200% due 12/15/2029			1,760			1,635
3.375% due 11/01/2028			4,716			4,458
3.575% due 07/15/2029			1,737			1,643
3.650% due 08/15/2030			2,319			2,192
3.700% due 04/01/2028			2,096			2,004

American Airlines, Inc.
5.500% due 04/20/2026			2,733			2,712
5.750% due 04/20/2029			1,700			1,655

Ashtead Capital, Inc.
4.250% due 11/01/2029			1,600			1,501

Bayer U.S. Finance LLC
4.375% due 12/15/2028			6,900			6,555
6.875% due 11/21/2053			2,000			2,056

Boeing Co.
6.259% due 05/01/2027			2,200			2,216
6.298% due 05/01/2029			2,000			2,029
6.388% due 05/01/2031			2,300			2,343
6.528% due 05/01/2034			1,900			1,946
6.858% due 05/01/2054			3,200			3,286
7.008% due 05/01/2064			1,700			1,742

British Airways Pass-Through Trust
3.300% due 06/15/2034			2,425			2,186

CDW LLC
2.670% due 12/01/2026			4,200			3,934

Charter Communications Operating LLC
5.125% due 07/01/2049			2,000			1,537

Continental Airlines Pass-Through Trust
4.000% due 04/29/2026			1,147			1,147

Dell International LLC
5.300% due 10/01/2029			1,000			1,006

Elevance Health, Inc.
2.550% due 03/15/2031			2,576			2,197

Energy Transfer LP
3.750% due 05/15/2030			450			414
5.250% due 04/15/2029			11,400			11,359
5.600% due 09/01/2034			4,100			4,075

Eni SpA
5.500% due 05/15/2034			1,600			1,586

See Accompanying Notes

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024


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


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

EQM Midstream Partners LP
4.125% due 12/01/2026	$		800	$		772

Ferguson Finance PLC
3.250% due 06/02/2030			2,500			2,257

Fraport AG Frankfurt Airport Services Worldwide
1.875% due 03/31/2028	EUR		2,600			2,615

Imperial Brands Finance PLC
3.875% due 07/26/2029	$		4,000			3,706

Las Vegas Sands Corp.
3.500% due 08/18/2026			4,750			4,535

Marvell Technology, Inc.
4.875% due 06/22/2028			5,500			5,422

Mileage Plus Holdings LLC
6.500% due 06/20/2027			1,200			1,203

MSCI, Inc.
3.250% due 08/15/2033			300			248
3.625% due 09/01/2030			200			180

Nissan Motor Co. Ltd.
3.522% due 09/17/2025			2,000			1,941
4.345% due 09/17/2027			2,900			2,770
4.810% due 09/17/2030			700			651

Oracle Corp.
2.875% due 03/25/2031			2,100			1,814

Rolls-Royce PLC
5.750% due 10/15/2027	GBP		1,100			1,404

Spirit Airlines Pass-Through Trust
4.100% due 10/01/2029	$		270			253

Tennessee Gas Pipeline Co. LLC
2.900% due 03/01/2030			3,800			3,322

U.S. Airways Pass-Through Trust
3.950% due 05/15/2027			383			374

United Airlines Pass-Through Trust
2.700% due 11/01/2033			4,040			3,505
2.875% due 04/07/2030			1,400			1,278
3.450% due 01/07/2030			1,478			1,358
4.000% due 10/11/2027			890			863
5.875% due 04/15/2029			6,667			6,693

United Airlines, Inc.
4.625% due 04/15/2029			1,000			932

Vmed O2 U.K. Financing PLC
4.750% due 07/15/2031			6,000			5,068

Volkswagen Group of America Finance LLC
3.750% due 05/13/2030			1,300			1,201

Warnermedia Holdings, Inc.
4.279% due 03/15/2032			1,600			1,397

Weir Group PLC
2.200% due 05/13/2026			3,400			3,193

Westinghouse Air Brake Technologies Corp.
4.700% due 09/15/2028			1,400			1,373

ZF North America Capital, Inc.
6.875% due 04/23/2032			700			724

						135,833


UTILITIES 2.7%

Black Hills Corp.
6.000% due 01/15/2035			3,000			3,020

Cleveland Electric Illuminating Co.
4.550% due 11/15/2030			2,500			2,364

Electricite de France SA
6.000% due 04/22/2064			5,500			5,119

MidAmerican Energy Co.
4.250% due 05/01/2046			600			495

NiSource, Inc.
1.700% due 02/15/2031			8,200			6,524

Pacific Gas & Electric Co.
3.300% due 12/01/2027			2,800			2,611
3.750% due 07/01/2028			1,800			1,691
3.950% due 12/01/2047			2,400			1,721
4.300% due 03/15/2045			700			539
4.500% due 07/01/2040			1,800			1,484
4.550% due 07/01/2030			3,400			3,224
5.250% due 03/01/2052			2,000			1,717


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

PacifiCorp
4.150% due 02/15/2050	$		1,800	$		1,378

Toledo Edison Co.
2.650% due 05/01/2028			4,584			4,135

						36,022

Total Corporate Bonds & Notes (Cost $646,819)						613,485


MUNICIPAL BONDS & NOTES 1.7%

CALIFORNIA 0.7%

Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021
3.714% due 06/01/2041			1,200			919
3.850% due 06/01/2050			3,525			3,309

Golden State, California Tobacco Securitization Corp. Revenue Notes, Series 2021
2.587% due 06/01/2029			2,515			2,234

Regents of the University of California Medical Center Pooled Revenue Bonds, Series 2020
3.706% due 05/15/2120			4,000			2,659

						9,121


ILLINOIS 0.1%

Illinois State General Obligation Bonds, (BABs), Series 2010
7.350% due 07/01/2035			939			1,008


NEW JERSEY 0.2%

Rutgers, The State University of New Jersey Revenue Bonds, Series 2019
3.915% due 05/01/2119			5,000			3,574


VIRGINIA 0.2%

University of Virginia Revenue Bonds, Series 2019
3.227% due 09/01/2119			4,300			2,600


WEST VIRGINIA 0.5%

Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2020
4.875% due 06/01/2049			7,600			7,266

Total Municipal Bonds & Notes (Cost $27,000)						23,569


U.S. GOVERNMENT AGENCIES 53.8%

Freddie Mac
6.500% due 01/01/2038 - 10/01/2038			21			22

Ginnie Mae, TBA
2.500% due 08/01/2054			77,400			65,131

Uniform Mortgage-Backed Security
4.000% due 09/01/2048 - 09/01/2052			24,528			22,458
4.500% due 08/01/2039 - 10/01/2053			29,738			28,079
5.000% due 07/01/2053 - 01/01/2054			98,867			95,619
5.500% due 10/01/2053 - 01/01/2054			4,740			4,682

Uniform Mortgage-Backed Security, TBA
3.000% due 08/01/2054			188,500			160,520
4.000% due 07/01/2054			64,800			59,300
4.500% due 08/01/2054			106,384			100,329
5.000% due 07/01/2054			80,000			77,325
5.500% due 08/01/2054			70,200			69,232
6.000% due 08/01/2054			50,000			50,123

Total U.S. Government Agencies (Cost $737,548)						732,820


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
U.S. TREASURY OBLIGATIONS 17.4%

U.S. Treasury Bonds
4.750% due 11/15/2043 (j)	$		56,200	$		56,964

U.S. Treasury Inflation Protected Securities (a)
0.500% due 01/15/2028 (h)			63,549			59,896
1.750% due 01/15/2034 (f)			123,510			119,908

Total U.S. Treasury Obligations (Cost $239,775)						236,768


NON-AGENCY MORTGAGE-BACKED SECURITIES 8.6%

Angel Oak Mortgage Trust
1.581% due 09/25/2066 ~			2,059			1,661

Atrium Hotel Portfolio Trust
6.556% due 12/15/2036 •			1,587			1,554

Banc of America Funding Trust
5.020% due 01/20/2047 ~			17			14

BANK5
5.769% due 06/15/2057			2,835			2,878
5.788% due 06/15/2057			5,700			5,784

Bear Stearns Adjustable Rate Mortgage Trust
4.000% due 05/25/2034 «~			6			5
5.892% due 10/25/2033 «~			6			5

Bear Stearns ALT-A Trust
4.531% due 02/25/2036 ~			232			155

Beast Mortgage Trust
6.629% due 02/15/2037 •			300			266

Benchmark Mortgage Trust
6.363% due 07/15/2056 ~			6,500			6,714

BX Trust
6.319% due 01/17/2039 •			5,000			4,945
6.364% due 12/15/2038 •			3,700			3,662

Cascade Funding Mortgage Trust
4.000% due 10/25/2068 ~			739			733

Citigroup Mortgage Loan Trust
6.466% due 09/25/2035 •			12			11
7.560% due 09/25/2035 •			25			25

Commercial Mortgage Trust
6.743% due 12/15/2038 •			7,974			7,593

Countrywide Alternative Loan Trust
5.860% due 05/25/2036 •			28			24
6.000% due 08/25/2034			2,359			2,320

Countrywide Home Loan Mortgage Pass-Through Trust
6.100% due 03/25/2035 •			46			39

Credit Suisse Mortgage Capital Certificates
2.436% due 02/25/2061 ~			2,280			2,267

Credit Suisse Mortgage Capital Mortgage-Backed Trust
1.926% due 07/27/2061 ~			4,525			4,372
4.080% due 03/25/2060 ~			4,958			4,941
4.991% due 08/25/2067 ~			1,505			1,485

DC Commercial Mortgage Trust
6.314% due 09/12/2040			1,100			1,129

Downey Savings & Loan Association Mortgage Loan Trust
5.973% due 08/19/2045 •			299			245
6.146% due 07/19/2044 ~			159			144

Eurosail PLC
6.303% due 06/13/2045 •	GBP		602			759

GreenPoint Mortgage Funding Trust
5.920% due 06/25/2045 •	$		691			493

GreenPoint Mortgage Funding Trust Pass-Through Certificates
6.724% due 10/25/2033 «~			1			1

GS Mortgage Securities Corp. Trust
6.576% due 07/15/2035 •			1,298			977

GSR Mortgage Loan Trust
5.057% due 09/25/2035 ~			39			36
6.455% due 09/25/2035 «~			18			17
6.455% due 09/25/2035 ~			6			6
6.750% due 03/25/2033 «•			3			2

HarborView Mortgage Loan Trust
5.833% due 01/19/2038 •			66			56
6.133% due 06/20/2035 •			111			101


16		PIMCO MANAGED ACCOUNTS TRUST			See Accompanying Notes


						June 30, 2024		(Unaudited)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

HomeBanc Mortgage Trust
5.980% due 01/25/2036 •	$		149	$		139

JP Morgan Chase Commercial Mortgage Securities Trust
5.925% due 04/15/2037 •			976			933
6.793% due 12/15/2036 •			100			78

JP Morgan Mortgage Trust
5.514% due 07/25/2035 ~			72			70
5.571% due 11/25/2033 «~			9			9
5.643% due 02/25/2035 «~			4			4

Legacy Mortgage Asset Trust
4.892% due 10/25/2066 þ			2,325			2,287

Lux Trust
8.019% due 08/15/2040 •			4,500			4,533

MFA Trust
1.381% due 04/25/2065 ~			1,013			939
1.947% due 04/25/2065 ~			1,029			955

Morgan Stanley Capital Trust
2.509% due 04/05/2042 ~			5,000			4,066

Morgan Stanley Mortgage Loan Trust
5.477% due 08/25/2034 «~			126			116

Natixis Commercial Mortgage Securities Trust
3.917% due 11/15/2032 ~			1,301			1,178
6.393% due 08/15/2038 •			1,200			1,133

New York Mortgage Trust
1.670% due 08/25/2061 þ			4,517			4,414

OBX Trust
6.567% due 06/25/2063 þ			2,039			2,056

OPEN Trust
8.418% due 10/15/2028 •			10,112			10,252

RCKT Mortgage Trust
6.808% due 09/25/2043 ~			869			876

Residential Accredit Loans, Inc. Trust
5.649% due 04/25/2046 •			700			183

SMRT Commercial Mortgage Trust
6.329% due 01/15/2039 •			2,900			2,866

Structured Adjustable Rate Mortgage Loan Trust
7.282% due 02/25/2034 «~			9			8

Structured Asset Mortgage Investments Trust
6.080% due 09/25/2045 «•			242			211

Towd Point Mortgage Funding
6.583% due 07/20/2045 •	GBP		6,579			8,323

Towd Point Mortgage Trust
6.460% due 10/25/2059 •	$		2,981			3,032

Verus Securitization Trust
6.665% due 09/25/2068 þ			8,720			8,794

WaMu Mortgage Pass-Through Certificates Trust
6.080% due 01/25/2045 •			19			19
6.153% due 02/25/2046 •			226			196
6.200% due 11/25/2034 •			313			292

Warwick Finance Residential Mortgages PLC
6.153% due 12/21/2049	GBP		494			626

Wells Fargo Commercial Mortgage Trust
3.862% due 12/15/2039	$		2,600			2,363

Wells Fargo Mortgage-Backed Securities Trust
6.119% due 10/25/2037 ~			1,409			1,319

Total Non-Agency Mortgage-Backed Securities (Cost $119,467)						117,689


ASSET-BACKED SECURITIES 20.7%

AASET Trust
2.798% due 01/15/2047			5,082			4,553

ACE Securities Corp. Home Equity Loan Trust
6.240% due 04/25/2034 •			204			189

ACREC Ltd.
6.596% due 10/16/2036 •			1,383			1,374

AGL CLO Ltd.
6.786% due 07/20/2034 •			1,500			1,504

Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates
6.375% due 01/25/2035 •			1,736			1,688
6.480% due 01/25/2035 •			1,269			1,147


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Apidos CLO
6.689% due 07/16/2031 •	$		4,743	$		4,745

APL Finance DAC
7.000% due 07/21/2031			10,317			10,303

Aqueduct European CLO DAC
4.537% due 07/20/2030 •	EUR		3,001			3,218

Arbor Realty Commercial Real Estate Notes Ltd.
6.793% due 11/15/2036 •	$		7,600			7,594

Atlas Senior Loan Fund Ltd.
6.765% due 10/24/2031 •			5,144			5,150

Aurium CLO DAC
4.593% due 04/16/2030 •	EUR		6,779			7,260

Avis Budget Rental Car Funding AESOP LLC
6.020% due 02/20/2030	$		7,500			7,700

Bear Stearns Asset-Backed Securities Trust
6.195% due 09/25/2035 •			3,333			3,311

Birch Grove CLO Ltd.
6.912% due 07/17/2037 •			6,200			6,222

BlueMountain Fuji EUR CLO DAC
4.736% due 04/15/2034 •	EUR		6,000			6,398
4.816% due 01/15/2033 •			7,550			8,053

BNPP AM Euro CLO DAC
4.506% due 04/15/2031 •			1,799			1,923

Cairn CLO DAC
4.535% due 01/31/2030 •			4,655			4,986

Capital Automotive LLC
5.750% due 09/15/2053	$		6,790			6,727

Cedar Funding CLO Ltd.
6.566% due 04/20/2031 •			8,260			8,267
6.586% due 01/20/2031 •			1,531			1,533

Centex Home Equity Loan Trust
6.420% due 10/25/2035 •			3,839			3,796

Conseco Finance Corp.
6.530% due 02/01/2031 ~			732			633

Crestline Denali CLO Ltd.
6.728% due 10/23/2031 •			9,914			9,923

CVC Cordatus Loan Fund DAC
4.349% due 09/15/2031 •	EUR		4,237			4,529

CVC Cordatus Opportunity Loan Fund DAC
5.289% due 08/15/2033 •			4,500			4,819

ECAF Ltd.
3.473% due 06/15/2040	$		93			61
4.947% due 06/15/2040			270			182

ECMC Group Student Loan Trust
6.200% due 02/27/2068 •			4,095			4,082

Gallatin CLO Ltd.
6.680% due 07/15/2031 •			8,407			8,410

GoldenTree Loan Management EUR CLO DAC
4.797% due 01/20/2032 •	EUR		2,909			3,119

Greywolf CLO Ltd.
6.745% due 01/27/2031 •	$		3,608			3,611

GSAMP Trust
6.240% due 07/25/2045 •			986			958

Harvest CLO DAC
4.546% due 10/15/2031 •	EUR		7,102			7,572

Home Partners of America Trust
2.200% due 01/17/2041	$		2,375			2,085

LCCM Trust
6.893% due 11/15/2038 •			4,467			4,405

MACH Cayman Ltd.
3.474% due 10/15/2039			1,344			1,228

Man GLG Euro CLO DAC
4.409% due 12/15/2031 •	EUR		6,418			6,872
4.586% due 10/15/2030 •			964			1,032

Marble Point CLO Ltd.
6.630% due 10/15/2030 •	$		1,907			1,909

Merrill Lynch Mortgage Investors Trust
5.700% due 02/25/2037 •			136			39

METAL LLC
4.581% due 10/15/2042			1,601			1,053

Morgan Stanley ABS Capital, Inc. Trust
6.710% due 07/25/2037 •			7,000			5,922


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Morgan Stanley Mortgage Loan Trust
6.180% due 04/25/2037 •	$		87	$		23

Navient Private Education Refi Loan Trust
2.600% due 08/15/2068			2,197			2,061

Navient Student Loan Trust
6.500% due 12/27/2066 •			9,165			9,204

OCP Euro CLO DAC
4.777% due 09/22/2034 •	EUR		7,200			7,683

OZLM Ltd.
6.525% due 10/20/2031 •	$		3,103			3,104

Pagaya AI Debt Selection Trust
6.660% due 07/15/2031			868			872

Palmer Square CLO Ltd.
6.875% due 10/20/2033 •			10,700			10,725

Palmer Square European Loan Funding DAC
4.626% due 10/15/2031 •	EUR		4,504			4,799

Palmer Square Loan Funding Ltd.
6.390% due 10/15/2029 •	$		3,930			3,932

PRET LLC
1.868% due 07/25/2051 þ			3,643			3,579
4.992% due 02/25/2061 þ			1,787			1,773

Progress Residential Trust
2.393% due 12/17/2040			2,026			1,801

PRPM LLC
3.720% due 02/25/2027 þ			2,952			2,904

Residential Asset Securities Corp. Trust
6.150% due 11/25/2035 •			250			249
6.180% due 01/25/2036 •			1,428			1,395
6.420% due 08/25/2035 •			3,635			3,573

Santander Drive Auto Receivables Trust
5.930% due 07/17/2028			2,300			2,317
5.980% due 04/16/2029			2,300			2,327
6.400% due 03/17/2031			2,300			2,363

Securitized Asset-Backed Receivables LLC Trust
6.240% due 02/25/2034 •			5,611			5,565

Segovia European CLO DAC
4.674% due 01/18/2031 •	EUR		744			798

SMB Private Education Loan Trust
7.133% due 10/16/2056 •	$		1,843			1,885

Sound Point CLO Ltd.
6.565% due 07/25/2030 •			3,807			3,810

Starwood Commercial Mortgage Trust
6.646% due 04/18/2038 •			6,832			6,703

Stonepeak ABS
2.301% due 02/28/2033			842			782

Structured Asset Investment Loan Trust
6.165% due 03/25/2034 •			1,188			1,179

Toro European CLO DAC
4.832% due 01/12/2032 •	EUR		2,500			2,674

Venture CLO Ltd.
6.470% due 04/15/2027 •	$		70			70
6.486% due 10/20/2028 •			1,687			1,689

Verizon Master Trust
5.350% due 09/22/2031			8,000			8,121

Vertical Bridge Holdings LLC
3.706% due 02/15/2057			2,000			1,738

WAVE LLC
3.597% due 09/15/2044			1,654			1,500

Total Asset-Backed Securities (Cost $290,738)						281,283


		SHARES
PREFERRED SECURITIES 1.8%

BANKING & FINANCE 1.8%

Capital Farm Credit ACA
5.000% due 03/15/2026 •(b)			4,700,000			4,668

Charles Schwab Corp.
4.000% due 12/01/2030 •(b)			5,000,000			4,275
5.000% due 12/01/2027 •(b)			5,000,000			4,571

CoBank ACB
4.250% due 01/01/2027 •(b)			2,000,000			1,732

See Accompanying Notes

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024


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


	SHARES			MARKET VALUE (000S)
6.450% due 10/01/2027 •(b)		5,500,000	$		5,472
Farm Credit Bank
7.750% due 06/15/2029 •(b)		2,700			2,737

MetLife Capital Trust
7.875% due 12/15/2067		600,000			644

Total Preferred Securities (Cost $25,430)					24,099


SHORT-TERM INSTRUMENTS 0.0%

REPURCHASE AGREEMENTS (e) 0.0%
					559

Total Short-Term Instruments (Cost $559)					559



Total Investments in Securities (Cost $2,091,981)					2,034,876


	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 0.8%

SHORT-TERM INSTRUMENTS 0.8%

CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.8%

PIMCO Short-Term Floating NAV Portfolio III		1,111,619	$		10,815

Total Short-Term Instruments (Cost $10,815)					10,815



Total Investments in Affiliates (Cost $10,815)					10,815


Total Investments 150.2% (Cost $2,102,796)			$		2,045,691

Financial Derivative Instruments (g)(i) 0.2% (Cost or Premiums, net $(6,891))					2,972

Other Assets and Liabilities, net (50.4)%					(686,882	)

Net Assets 100.0%			$		1,361,781

NOTES TO SCHEDULE OF INVESTMENTS:

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

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

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

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

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

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

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

(c)	Contingent convertible security.

(d) RESTRICTED SECURITIES:


Issuer Description	Coupon		Maturity Date		Acquisition Date		Cost		Market Value		Market Value as Percentage of Net Assets
Morgan Stanley		0.000%		04/02/2032		02/11/2020	$	6,193	$	4,441		0.33	%

							$	6,193	$	4,441		0.33	%

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(e) REPURCHASE AGREEMENTS:


Counterparty	Lending Rate			Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral (Received)			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to be Received⁽¹⁾
FICC		2.600	%		06/28/2024		07/01/2024	$	559	U.S. Treasury Inflation Protected Securities 0.625% due 01/15/2026	$	(570	)	$	559	$	559

Total Repurchase Agreements											$	(570	)	$	559	$	559


18		PIMCO MANAGED ACCOUNTS TRUST			See Accompanying Notes


						June 30, 2024		(Unaudited)

REVERSE REPURCHASE AGREEMENTS:


Counterparty	Borrowing Rate⁽²⁾			Settlement Date		Maturity Date			Amount Borrowed⁽²⁾			Payable for Reverse Repurchase Agreements
BRC		5.300	%		02/26/2024		TBD	⁽³⁾	$	(8,578	)	$	(8,738	)
DEU		5.430			06/13/2024		07/11/2024			(6,208	)		(6,225	)
		5.460			06/18/2024		07/02/2024			(74,430	)		(74,576	)
		5.470			06/21/2024		07/02/2024			(1,206	)		(1,208	)
		5.480			06/20/2024		07/02/2024			(19,624	)		(19,657	)

Total Reverse Repurchase Agreements												$	(110,404	)

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, 2024:


Counterparty	Repurchase Agreement Proceeds to be Received⁽¹⁾		Payable for Reverse Repurchase Agreements			Payable for Sale-Buyback Transactions		Total Borrowings and Other Financing Transactions			Collateral Pledged/(Received)			Net Exposure⁽⁴⁾
Global/Master Repurchase Agreement
BRC	$	0	$	(8,738	)	$	0	$	(8,738	)	$	8,972		$	234
DEU		0		(101,666	)		0		(101,666	)		100,402			(1,264	)
FICC		559		0			0		559			(570	)		(11	)

Total Borrowings and Other Financing Transactions	$	559	$	(110,404	)	$	0

CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

Remaining Contractual Maturity of the Agreements


	Overnight and Continuous		Up to 30 days			31-90 days		Greater Than 90 days			Total
Reverse Repurchase Agreements
Corporate Bonds & Notes	$	0	$	0		$	0	$	(8,738	)	$	(8,738	)
U.S. Treasury Obligations		0		(101,666	)		0		0			(101,666	)

Total Borrowings	$	0	$	(101,666	)	$	0	$	(8,738	)	$	(110,404	)

Payable for reverse repurchase agreements											$	(110,404	)

(f)	Securities with an aggregate market value of $109,374 have been pledged as collateral under the terms of the above master agreements as of June 30, 2024.

⁽¹⁾	Includes accrued interest.

⁽²⁾	The average amount of borrowings outstanding during the period ended June 30, 2024 was $(24,264) at a weighted average interest rate of 5.393%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.

⁽³⁾	Open maturity reverse repurchase agreement.

⁽⁴⁾

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

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

WRITTEN OPTIONS:

OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS


Description	Strike Price		Expiration Date		# of Contracts		Notional Amount		Premiums (Received)			Market Value
Put - CBOT U.S. Treasury 10-Year Note August 2024 Futures	$	109.000		07/26/2024		16	$	16	$	(4	)	$	(6	)
Call - CBOT U.S. Treasury 10-Year Note August 2024 Futures		112.000		07/26/2024		16		16		(5	)		(2	)

Total Written Options									$	(9	)	$	(8	)

See Accompanying Notes

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024


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

FUTURES CONTRACTS:

LONG FUTURES CONTRACTS


Description	Expiration Month		# of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)			Variation Margin
Description	Expiration Month		# of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)			Asset		Liability
Canada Government 10-Year Bond September Futures		09/2024		680	$	59,682		$	372		$	0	$	(154	)
U.S. Treasury 10-Year Note September Futures		09/2024		1,755		193,023			1,894			0		(466	)

								$	2,266		$	0	$	(620	)

SHORT FUTURES CONTRACTS

Description	Expiration Month		# of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)			Variation Margin
Description	Expiration Month		# of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)			Asset		Liability
U.S. Treasury 2-Year Note September Futures		09/2024		1,029	$	(210,141	)	$	(645	)	$	24	$	0
U.S. Treasury 10-Year Ultra Long-Term Bond September Futures		09/2024		3,051		(346,384	)		(2,164	)		1,478		0

								$	(2,809	)	$	1,502	$	0

Total Futures Contracts								$	(543	)	$	1,502	$	(620	)

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, 2024⁽²⁾			Notional Amount⁽³⁾			Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)			Market Value⁽⁴⁾		Variation Margin
Reference Entity	Fixed Receive Rate			Payment Frequency	Maturity Date		Implied Credit Spread at June 30, 2024⁽²⁾			Notional Amount⁽³⁾			Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)			Market Value⁽⁴⁾		Asset		Liability
AT&T, Inc.		1.000	%	Quarterly		06/20/2025		0.314	%	$		3,700	$	21	$	5		$	26	$	1	$	0
AT&T, Inc.		1.000		Quarterly		12/20/2026		0.451				700		5		4			9		0		0
Boeing Co.		1.000		Quarterly		12/20/2026		0.946				1,500		16		(14	)		2		0		0
British Telecommunications PLC		1.000		Quarterly		12/20/2027		0.483			EUR	2,000		25		12			37		0		0
Energy Transfer Operating LP		1.000		Quarterly		12/20/2025		0.312		$		3,500		35		1			36		0		(1	)
Verizon Communications, Inc.		1.000		Quarterly		12/20/2024		0.236				1,800		8		(1	)		7		0		0
Verizon Communications, Inc.		1.000		Quarterly		12/20/2026		0.404				1,400		12		8			20		0		0
Verizon Communications, Inc.		1.000		Quarterly		06/20/2028		0.523				3,900		24		45			69		2		0
Verizon Communications, Inc.		1.000		Quarterly		12/20/2028		0.580				1,000		5		12			17		0		0

													$	151	$	72		$	223	$	3	$	(1	)

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
Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate			Payment Frequency	Maturity Date		Notional Amount		Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)			Market Value			Asset		Liability
Receive⁽⁵⁾	1-Day USD-SOFR Compounded-OIS		3.500	%	Annual		12/18/2025	$	175,700	$	130		$	1,586		$	1,716		$	0	$	(7	)
Pay	1-Day USD-SOFR Compounded-OIS		4.230		Annual		10/23/2033		5,400		(23	)		90			67			0		(31	)
Pay	1-Day USD-SOFR Compounded-OIS		3.950		Annual		04/16/2034		8,000		(28	)		(2	)		(30	)		0		(48	)
Receive⁽⁵⁾	1-Day USD-SOFR Compounded-OIS		3.994		Annual		07/02/2034		10,100		(31	)		(2	)		(33	)		0		(33	)
Pay	CAONREPO		4.000		Semi-Annual		06/21/2025	CAD	619,500		(6,153	)		4,455			(1,698	)		13		0
Receive	CAONREPO		3.500		Semi-Annual		06/01/2032		76,900		(577	)		226			(351	)		112		0

										$	(6,682	)	$	6,353		$	(329	)	$	125	$	(119	)

Total Swap Agreements										$	(6,531	)	$	6,425		$	(106	)	$	128	$	(120	)

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, 2024:


	Financial Derivative Assets								Financial Derivative Liabilities
	Market Value		Variation Margin Asset				Total		Market Value		Variation Margin Liability				Total
	Purchased Options		Futures		Swap Agreements		Total		Written Options		Futures		Swap Agreements		Total
Total Exchange-Traded or Centrally Cleared	$	0	$	1,502	$	128	$	1,630	$	(8)	$	(620)	$	(120)	$	(748)

(h)	Securities with an aggregate market value of $20,937 and cash of $1,921 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 2024. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.


20		PIMCO MANAGED ACCOUNTS TRUST			See Accompanying Notes


						June 30, 2024		(Unaudited)

⁽¹⁾

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

⁽²⁾

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

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

⁽⁴⁾

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

⁽⁵⁾	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.

(i) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

FORWARD FOREIGN CURRENCY CONTRACTS:


Counterparty	Settlement Month		Currency to be Delivered		Currency to be Received		Unrealized Appreciation/ (Depreciation)
Counterparty	Settlement Month		Currency to be Delivered		Currency to be Received		Asset		Liability
AZD		07/2024	AUD	217	$	144	$	0	$	0

BOA		07/2024	EUR	79,345		86,145		1,170		0
		07/2024	$	41	KRW	56,088		0		0

BPS		07/2024	GBP	27,899	$	35,638		371		0
		07/2024	$	145	AUD	217		0		0
		07/2024		41	KRW	55,668		0		0
		07/2024		334	PLN	1,353		2		0
		08/2024	AUD	217	$	145		0		0
		09/2024	$	222	TWD	7,146		0		0

BRC		07/2024	TRY	275,583	$	8,359		0		(81	)
		07/2024	$	8,340	TRY	281,694		282		0
		08/2024		3,065		107,440		23		0
		09/2024		1	MXN	14		0		0
		09/2024		8,359	TRY	297,148		59		0

CBK		07/2024		1,068	GBP	839		0		(8	)
		09/2024	INR	5,084	$	61		0		0
		09/2024	$	85	TWD	2,725		0		0

DUB		07/2024		22	KRW	30,426		0		0

GLM		07/2024		67	ZAR	1,217		0		0

JPM		07/2024	IDR	9,770,450	$	602		6		0
		07/2024	$	6,677	GBP	5,271		0		(14	)
		07/2024		27	KRW	37,551		0		0
		07/2024		7,627	TRY	259,381		238		0
		07/2024		125	ZAR	2,305		1		0
		08/2024		2,033	TRY	72,981		114		0
		09/2024	MXN	12,366	$	683		16		0
		09/2024	$	144	TWD	4,636		0		0

MBC		07/2024	CAD	9,993	$	7,339		35		0
		07/2024	$	6,231	CAD	8,531		5		0
		07/2024		27,567	GBP	21,789		0		(24	)
		08/2024	CAD	8,525	$	6,231		0		(5	)
		08/2024	GBP	21,789		27,572		24		0

MYI		07/2024	$	1,072	CAD	1,467		0		0
		09/2024	INR	516	$	6		0		0
		09/2024	$	58	TWD	1,844		0		0

SCX		07/2024		85,010	EUR	79,345		0		(36	)
		07/2024		21	KRW	28,249		0		0
		08/2024	EUR	79,345	$	85,135		37		0
		09/2024	INR	4,864		58		0		0
		09/2024	$	85	TWD	2,756		0		0

TOR		08/2024	COP	2,959,913	$	738		30		0

Total Forward Foreign Currency Contracts							$	2,413	$	(168	)

See Accompanying Notes

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024


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

PURCHASED OPTIONS:

INTEREST RATE SWAPTIONS


Counterparty	Description	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate			Expiration Date		Notional Amount⁽¹⁾		Cost		Market Value
GLM	Call - OTC 1-Year Interest Rate Swap	6-Month EUR-EURIBOR	Pay		2.749	%		11/13/2024		239,600	$	0	$	121
	Call - OTC 1-Year Interest Rate Swap	6-Month EUR-EURIBOR	Pay		2.725			11/14/2024		112,550		0		54
	Call - OTC 1-Year Interest Rate Swap	6-Month EUR-EURIBOR	Pay		2.754			11/15/2024		78,400		0		42
	Call - OTC 1-Year Interest Rate Swap	6-Month EUR-EURIBOR	Pay		2.765			11/18/2024		59,850		0		34
	Call - OTC 1-Year Interest Rate Swap	6-Month EUR-EURIBOR	Pay		2.800			11/20/2024		79,900		0		53
	Call - OTC 1-Year Interest Rate Swap	6-Month EUR-EURIBOR	Pay		2.820			11/21/2024		79,850		0		57
	Call - OTC 1-Year Interest Rate Swap	6-Month EUR-EURIBOR	Pay		2.850			11/22/2024		59,850		0		47
	Call - OTC 1-Year Interest Rate Swap	6-Month EUR-EURIBOR	Pay		2.920			11/25/2024		25,000		0		25

Total Purchased Options											$	0	$	433

WRITTEN OPTIONS:

INTEREST RATE SWAPTIONS


Counterparty	Description	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate			Expiration Date		Notional Amount⁽¹⁾		Premiums (Received)			Market Value
BOA	Call - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		3.800	%		07/08/2024		10,200	$	(46	)	$	(13	)
	Put - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		4.350			07/08/2024		10,200		(46	)		(1	)

GLM	Call - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		3.844			07/03/2024		8,700		(29	)		(14	)
	Put - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		4.194			07/03/2024		8,700		(29	)		(2	)
	Call - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		3.680			07/22/2024		5,800		(23	)		(11	)
	Put - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		4.030			07/22/2024		5,800		(23	)		(30	)
	Call - OTC 10-Year Interest Rate Swap	6-Month EUR-EURIBOR	Receive		2.310			11/13/2024		26,600		0			(131	)
	Call - OTC 10-Year Interest Rate Swap	6-Month EUR-EURIBOR	Receive		2.300			11/14/2024		12,500		0			(61	)
	Call - OTC 10-Year Interest Rate Swap	6-Month EUR-EURIBOR	Receive		2.310			11/15/2024		8,700		0			(44	)
	Call - OTC 10-Year Interest Rate Swap	6-Month EUR-EURIBOR	Receive		2.310			11/18/2024		6,650		0			(34	)
	Call - OTC 10-Year Interest Rate Swap	6-Month EUR-EURIBOR	Receive		2.350			11/20/2024		8,850		0			(53	)
	Call - OTC 10-Year Interest Rate Swap	6-Month EUR-EURIBOR	Receive		2.357			11/21/2024		8,850		0			(54	)
	Call - OTC 10-Year Interest Rate Swap	6-Month EUR-EURIBOR	Receive		2.360			11/22/2024		6,650		0			(42	)
	Call - OTC 10-Year Interest Rate Swap	6-Month EUR-EURIBOR	Receive		2.400			11/25/2024		2,850		0			(20	)

JPM	Call - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		3.800			07/05/2024		2,800		(11	)		(3	)
	Put - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		4.150			07/05/2024		2,800		(11	)		(1	)
	Call - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		3.640			07/23/2024		2,900		(11	)		(5	)
	Put - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		3.990			07/23/2024		2,900		(12	)		(19	)

MYC	Call - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		3.630			07/29/2024		5,800		(15	)		(11	)
	Call - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		3.690			07/29/2024		5,800		(21	)		(16	)
	Put - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		4.040			07/29/2024		5,800		(21	)		(33	)
	Put - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		4.090			07/29/2024		5,800		(15	)		(25	)

Total Written Options											$	(313	)	$	(623	)

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, 2024⁽³⁾			Notional Amount⁽⁴⁾		Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)		Swap Agreements, at Value⁽⁵⁾
Counterparty	Reference Entity	Fixed Receive Rate			Payment Frequency		Maturity Date		Implied Credit Spread at June 30, 2024⁽³⁾			Notional Amount⁽⁴⁾		Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)		Asset		Liability
GST	Mexico Government International Bond		1.000	%		Quarterly		12/20/2028		1.011	%	$	400	$	(4	)	$	4	$	0	$	0

JPM	Mexico Government International Bond		1.000			Quarterly		06/20/2026		0.503			600		(5	)		11		6		0

MYC	Mexico Government International Bond		1.000			Quarterly		12/20/2025		0.443			200		(3	)		5		2		0
	Mexico Government International Bond		1.000			Quarterly		12/20/2026		0.613			2,000		6			13		19		0
	Mexico Government International Bond		1.000			Quarterly		06/20/2027		0.685			700		(2	)		8		6		0
	Mexico Government International Bond		1.000			Quarterly		06/20/2028		0.890			500		(10	)		12		2		0
	Mexico Government International Bond		1.000			Quarterly		12/20/2028		1.011			1,900		(20	)		20		0		0

Total Swap Agreements														$	(38	)	$	73	$	35	$	0


22		PIMCO MANAGED ACCOUNTS TRUST			See Accompanying Notes


						June 30, 2024		(Unaudited)

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of June 30, 2024:


	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	$	1,170	$	0	$	0	$	1,170	$	0		$	(14	)	$	0	$	(14	)	$	1,156		$	(1,330	)	$	(174	)
BPS		373		0		0		373		0			0			0		0			373			(260	)		113
BRC		364		0		0		364		(81	)		0			0		(81	)		283			(290	)		(7	)
CBK		0		0		0		0		(8	)		0			0		(8	)		(8	)		0			(8	)
GLM		0		433		0		433		0			(496	)		0		(496	)		(63	)		319			256
JPM		375		0		6		381		(14	)		(28	)		0		(42	)		339			(260	)		79
MBC		64		0		0		64		(29	)		0			0		(29	)		35			(10	)		25
MYC		0		0		29		29		0			(85	)		0		(85	)		(56	)		0			(56	)
MYI		0		0		0		0		0			0			0		0			0			(13	)		(13	)
SCX		37		0		0		37		(36	)		0			0		(36	)		1			0			1
TOR		30		0		0		30		0			0			0		0			30			0			30

Total Over the Counter	$	2,413	$	433	$	35	$	2,881	$	(168	)	$	(623	)	$	0	$	(791	)

(j)	Securities with an aggregate market value of $319 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of June 30, 2024.

⁽¹⁾	Notional Amount represents the number of contracts.

⁽²⁾

⁽³⁾

⁽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⁾

⁽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 and Other Risks, in the Notes to Financial Statements on risks of the Portfolio.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of June 30, 2024:


	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	$	1,502	$	1,502
Swap Agreements		0		3		0		0		125		128

	$	0	$	3	$	0	$	0	$	1,627	$	1,630

Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	2,413	$	0	$	2,413
Purchased Options		0		0		0		0		433		433
Swap Agreements		0		35		0		0		0		35

	$	0	$	35	$	0	$	2,413	$	433	$	2,881

	$	0	$	38	$	0	$	2,413	$	2,060	$	4,511

See Accompanying Notes

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024


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


	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Written Options	$	0	$	0	$	0	$	0	$	8	$	8
Futures		0		0		0		0		620		620
Swap Agreements		0		1		0		0		119		120

	$	0	$	1	$	0	$	0	$	747	$	748

Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	168	$	0	$	168
Written Options		0		0		0		0		623		623

	$	0	$	0	$	0	$	168	$	623	$	791

	$	0	$	1	$	0	$	168	$	1,370	$	1,539

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2024:


	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	$	109		$	109
Futures		0		0			0		0		6,840			6,840
Swap Agreements		0		135			0		0		(1,454	)		(1,319	)

	$	0	$	135		$	0	$	0	$	5,495		$	5,630

Over the counter
Forward Foreign Currency Contracts	$	0	$	0		$	0	$	2,772	$	0		$	2,772
Purchased Options		0		0			0		0		1,034			1,034
Written Options		0		0			0		0		1,067			1,067
Swap Agreements		0		87			0		0		0			87

	$	0	$	87		$	0	$	2,772	$	2,101		$	4,960

	$	0	$	222		$	0	$	2,772	$	7,596		$	10,590


Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Written Options	$	0	$	0		$	0	$	0	$	1		$	1
Futures		0		0			0		0		4,091			4,091
Swap Agreements		0		(6	)		0		0		(294	)		(300	)

	$	0	$	(6	)	$	0	$	0	$	3,798		$	3,792

Over the counter
Forward Foreign Currency Contracts	$	0	$	0		$	0	$	2,971	$	0		$	2,971
Purchased Options		0		0			0		0		433			433
Written Options		0		0			0		0		(241	)		(241	)
Swap Agreements		0		(90	)		0		0		0			(90	)

	$	0	$	(90	)	$	0	$	2,971	$	192		$	3,073

	$	0	$	(96	)	$	0	$	2,971	$	3,990		$	6,865

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2024 in valuing the Portfolio’s assets and liabilities:


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2024
Investments in Securities, at Value
Loan Participations and Assignments	$	0	$	4,604	$	0	$	4,604
Corporate Bonds & Notes
Banking & Finance		0		441,630		0		441,630
Industrials		0		135,833		0		135,833
Utilities		0		36,022		0		36,022
Municipal Bonds & Notes
California		0		9,121		0		9,121
Illinois		0		1,008		0		1,008
New Jersey		0		3,574		0		3,574
Virginia		0		2,600		0		2,600


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2024
West Virginia	$	0	$	7,266	$	0	$	7,266
U.S. Government Agencies		0		732,820		0		732,820
U.S. Treasury Obligations		0		236,768		0		236,768
Non-Agency Mortgage-Backed Securities		0		117,311		378		117,689
Asset-Backed Securities		0		281,283		0		281,283
Preferred Securities
Banking & Finance		0		24,099		0		24,099
Short-Term Instruments
Repurchase Agreements		0		559		0		559

	$	0	$	2,034,498	$	378	$	2,034,876


24		PIMCO MANAGED ACCOUNTS TRUST			See Accompanying Notes


						June 30, 2024		(Unaudited)


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2024
Investments in Affiliates, at Value
Short-Term Instruments
Central Funds Used for Cash Management Purposes	$	10,815	$	0	$	0	$	10,815


Total Investments	$	10,815	$	2,034,498	$	378	$	2,045,691


Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared		0		1,630		0		1,630
Over the counter		0		2,881		0		2,881

	$	0	$	4,511	$	0	$	4,511


Category and Subcategory	Level 1			Level 2			Level 3		Fair Value at 06/30/2024
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared	$	(154	)	$	(594	)	$	0	$	(748	)
Over the counter		0			(791	)		0		(791	)

	$	(154	)	$	(1,385	)	$	0	$	(1,539	)


Total Financial Derivative Instruments	$	(154	)	$	3,126		$	0	$	2,972


Totals	$	10,661		$	2,037,624		$	378	$	2,048,663

There were no significant transfers into or out of Level 3 during the period ended June 30, 2024.

See Accompanying Notes

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024


Schedule of Investments		PIMCO Fixed Income SHares: Series LD

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


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 125.6%

CORPORATE BONDS & NOTES 47.1%

BANKING & FINANCE 22.6%

ABN AMRO Bank NV
6.575% due 10/13/2026 •	$		300	$		303

Athene Global Funding
5.684% due 02/23/2026			800			802

Barclays PLC
5.304% due 08/09/2026 •			600			596

BPCE SA
6.612% due 10/19/2027 •			400			406

Ford Motor Credit Co. LLC
4.134% due 08/04/2025			400			393
8.321% (SOFRRATE + 2.950%) due 03/06/2026 ~			500			518

FS KKR Capital Corp.
1.650% due 10/12/2024 (d)			1,200			1,185

HSBC Holdings PLC
6.985% (US0003M + 1.380%) due 09/12/2026 ~(d)			2,070			2,093

LeasePlan Corp. NV
2.875% due 10/24/2024 (d)			2,100			2,081

Lloyds Banking Group PLC
4.716% due 08/11/2026 •(d)			1,000			989
5.754% (BBSW3M + 1.400%) due 03/07/2025 ~	AUD		1,000			669

Synchrony Financial
4.250% due 08/15/2024 (d)	$		600			599

UBS Group AG
4.488% due 05/12/2026 •(d)			700			692

VICI Properties LP
4.375% due 05/15/2025			300			296

						11,622


INDUSTRIALS 19.8%

Berry Global, Inc.
1.570% due 01/15/2026 (d)			600			564
4.875% due 07/15/2026 (d)			280			275

Boeing Co.
2.196% due 02/04/2026			300			282

Broadcom, Inc.
3.459% due 09/15/2026 (d)			900			866

DAE Funding LLC
1.550% due 08/01/2024			600			598

Hyundai Capital America
5.500% due 03/30/2026			800			800

Imperial Brands Finance PLC
3.125% due 07/26/2024 (d)			650			649

International Flavors & Fragrances, Inc.
1.230% due 10/01/2025 (d)			1,000			946

Las Vegas Sands Corp.
5.900% due 06/01/2027			500			503

Renesas Electronics Corp.
1.543% due 11/26/2024 (d)			1,700			1,670

TD SYNNEX Corp.
1.250% due 08/09/2024 (d)			1,000			995

Transurban Queensland Finance Pty. Ltd.
6.421% (BBSW3M + 2.050%) due 12/16/2024 ~	AUD		1,500			1,004

Warnermedia Holdings, Inc.
3.638% due 03/15/2025	$		700			689

Westinghouse Air Brake Technologies Corp.
4.700% due 09/15/2028			300			294

						10,135


UTILITIES 4.7%

AES Corp.
1.375% due 01/15/2026 (d)			1,300			1,219

Israel Electric Corp. Ltd.
5.000% due 11/12/2024			500			497


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Pacific Gas & Electric Co.
2.950% due 03/01/2026 (d)	$		100	$		96
4.950% due 06/08/2025			500			495

Trans-Allegheny Interstate Line Co.
3.850% due 06/01/2025 (d)			100			98

						2,405

Total Corporate Bonds & Notes (Cost $24,679)						24,162


U.S. GOVERNMENT AGENCIES 2.1%

Freddie Mac
1.000% due 09/15/2044			1,277			1,081

Ginnie Mae
5.903% due 10/20/2037 •			16			16
6.117% due 08/20/2061 •			1			1

Total U.S. Government Agencies (Cost $1,299)						1,098


U.S. TREASURY OBLIGATIONS 6.9%

U.S. Treasury Inflation Protected Securities (b)
2.125% due 04/15/2029 (d)			3,548			3,553

Total U.S. Treasury Obligations (Cost $3,557)						3,553


NON-AGENCY MORTGAGE-BACKED SECURITIES 28.9%

Banc of America Funding Trust
6.496% due 09/20/2034 «~			7			6

Bear Stearns Adjustable Rate Mortgage Trust
5.700% due 01/25/2034 ~			3			3
6.253% due 04/25/2033 «~			8			8
6.414% due 11/25/2034 ~			14			13

BWAY Mortgage Trust
6.693% due 09/15/2036 •			1,000			955

BX Trust
6.143% due 01/15/2034 •			920			912

Citigroup Mortgage Loan Trust
5.000% due 05/25/2051 •			856			793
7.780% due 10/25/2035 •			2			2

Credit Suisse First Boston Mortgage Securities Corp.
5.729% due 06/25/2033 «~			5			4
6.500% due 04/25/2033 «			11			10

DROP Mortgage Trust
6.593% due 10/15/2043 •			1,000			954

Extended Stay America Trust
6.523% due 07/15/2038 •			1,180			1,176

GCAT Trust
1.348% due 05/25/2066 ~			487			406
1.503% due 05/25/2066 ~			487			408

GCT Commercial Mortgage Trust
6.243% due 02/15/2038 •			200			165

Gemgarto PLC
5.823% due 12/16/2067 •	GBP		494			623

GS Mortgage Securities Corp. Trust
8.729% due 08/15/2039 •	$		1,200			1,203

GS Mortgage-Backed Securities Trust
5.000% due 12/25/2051 •			404			374
5.000% due 02/25/2052 •			1,198			1,110

GSR Mortgage Loan Trust
5.057% due 09/25/2035 ~			2			1
7.693% due 08/25/2033 «•			24			22

Impac CMB Trust
6.100% due 03/25/2035 •			111			104
6.460% due 07/25/2033 «•			14			14

InTown Mortgage Trust
7.818% due 08/15/2039 •			400			401

JP Morgan Chase Commercial Mortgage Securities Trust
6.826% due 12/15/2031 •			286			258

JP Morgan Mortgage Trust
5.575% due 09/25/2034 «~			4			3
5.643% due 02/25/2035 «~			1			1
6.394% due 04/25/2035 «~			6			6
6.490% due 02/25/2034 «~			8			8


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Mellon Residential Funding Corp. Mortgage Pass-Through Trust
5.923% due 06/15/2030 •	$		3	$		3
6.009% due 10/20/2029 •			3			3

Merrill Lynch Mortgage Investors Trust
5.783% due 02/25/2035 ~			45			42
5.920% due 04/25/2029 •			1			1
6.100% due 10/25/2028 «•			1			1

MFA Trust
1.131% due 07/25/2060 ~			492			435
1.381% due 04/25/2065 ~			101			94
6.105% due 12/25/2068 þ			182			182

Morgan Stanley Mortgage Loan Trust
6.027% due 11/25/2034 «~			1			1

Morgan Stanley Residential Mortgage Loan Trust
5.000% due 09/25/2051 •			160			148

New Residential Mortgage Loan Trust
0.941% due 10/25/2058 ~			245			225
3.500% due 12/25/2057 ~			477			453

NYO Commercial Mortgage Trust
6.538% due 11/15/2038 •			1,000			962

OBX Trust
6.520% due 07/25/2063 þ			328			329

Prime Mortgage Trust
5.860% due 02/25/2034 •			2			2

RESIMAC Premier
6.094% due 02/03/2053 •			264			263

Sequoia Mortgage Trust
6.153% due 10/19/2026 «•			19			18
6.213% due 10/20/2027 «•			2			2

Structured Asset Mortgage Investments Trust
3.905% due 06/25/2029 «~			3			2
6.033% due 07/19/2034 «•			10			9
6.113% due 09/19/2032 •			2			2

Thornburg Mortgage Securities Trust
5.589% due 04/25/2045 «~			7			6
6.100% due 09/25/2043 •			2			2

Towd Point Mortgage Trust
2.710% due 01/25/2060 ~			251			235
3.750% due 05/25/2058 ~			478			463
6.460% due 05/25/2058 •			307			314
6.460% due 10/25/2059 •			273			278

Verus Securitization Trust
5.712% due 01/25/2069 þ			279			278

WaMu Mortgage Pass-Through Certificates Trust
6.000% due 12/25/2045 •			61			59
6.040% due 10/25/2045 •			9			9
6.200% due 11/25/2034 •			25			24
6.260% due 06/25/2044 •			9			9
6.553% due 06/25/2042 •			2			2

Total Non-Agency Mortgage-Backed Securities (Cost $15,595)						14,799


ASSET-BACKED SECURITIES 37.3%

522 Funding CLO Ltd.
6.626% due 10/20/2031 •			473			473

Amortizing Residential Collateral Trust
6.460% due 10/25/2034 •			115			113

Apidos CLO
6.509% due 07/17/2030 •			219			219

Bear Stearns Asset-Backed Securities Trust
6.260% due 10/27/2032 «•			10			10
6.585% due 03/25/2035 •			288			285

Blackrock European CLO DAC
4.526% due 10/15/2031 •	EUR		1,940			2,072

BXMT Ltd.
6.843% due 11/15/2037 •	$		850			834

Carlyle Euro CLO DAC
4.606% due 01/15/2031 •	EUR		696			746

Carlyle Global Market Strategies Euro CLO DAC
4.578% due 11/15/2031			649			692

Carlyle U.S. CLO Ltd.
6.586% due 04/20/2031 •	$		824			825


26		PIMCO MANAGED ACCOUNTS TRUST			See Accompanying Notes


						June 30, 2024		(Unaudited)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Chase Funding Trust
6.200% due 10/25/2032 •	$		31	$		31

Countrywide Asset-Backed Certificates Trust
5.199% due 05/25/2036 •			193			190

Delta Funding Home Equity Loan Trust
6.263% due 09/15/2029 «•			4			3

ELFI Graduate Loan Program LLC
1.530% due 12/26/2046			830			714

Finance America Mortgage Loan Trust
6.285% due 08/25/2034 •			85			80

First Franklin Mortgage Loan Trust
5.780% due 04/25/2036 •			819			789

GM Financial Consumer Automobile Receivables Trust
5.953% due 03/16/2026 •			194			195

GSAMP Trust
5.980% due 06/25/2036 •			387			368

Halseypoint CLO Ltd.
6.686% due 07/20/2031 •			536			536

Harvest CLO DAC
1.040% due 07/15/2031	EUR		397			405

HERA Commercial Mortgage Ltd.
6.496% due 02/18/2038 •	$		651			644

Jubilee CLO DAC
4.516% due 04/15/2030 •	EUR		480			515

LCM Ltd.
6.666% due 04/20/2031 •	$		250			250

MF1 Ltd.
6.526% due 10/16/2036 •			83			82
7.143% due 11/15/2035 •			213			213

MF1 Multifamily Housing Mortgage Loan Trust
6.293% due 07/15/2036 •			207			206

MidOcean Credit CLO
6.616% due 01/29/2030 •			15			15

Navient Private Education Refi Loan Trust
1.170% due 09/16/2069			387			350
1.690% due 05/15/2069			681			624

New Century Home Equity Loan Trust
6.390% due 11/25/2034 •			476			468


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

NovaStar Mortgage Funding Trust
6.120% due 01/25/2036 •	$		218	$		216

OCP Euro CLO DAC
4.777% due 09/22/2034 •	EUR		500			534

Palmer Square European Loan Funding DAC
4.686% due 04/15/2031 •			176			188

PFP Ltd.
6.444% due 08/09/2037 •	$		225			222

PRET LLC
2.487% due 07/25/2051 þ			334			329
4.992% due 02/25/2061 þ			268			266

RAAC Trust
6.010% due 01/25/2046 •			323			320

Securitized Asset-Backed Receivables LLC Trust
6.135% due 01/25/2035 •			262			226

SLM Student Loan Trust
6.359% due 04/25/2049			68			68

SMB Private Education Loan Trust
6.043% due 03/17/2053 •			90			89
6.310% due 09/15/2054 •			1,325			1,323

SoFi Professional Loan Program LLC
3.020% due 02/25/2040			45			43

TCW CLO Ltd.
6.555% due 04/25/2031 •			756			758

Toro European CLO DAC
4.832% due 01/12/2032 •	EUR		500			535

Towd Point Asset Trust
6.153% due 11/20/2061 •	$		191			190

Venture CLO Ltd.
6.686% due 01/20/2029 •			85			85

Voya CLO Ltd.
6.590% due 10/15/2030 •			792			793

Total Asset-Backed Securities (Cost $20,155)						19,132


SOVEREIGN ISSUES 2.8%

Brazil Letras do Tesouro Nacional
0.000% due 04/01/2025 (a)	BRL		6,900			1,142


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Cassa Depositi e Prestiti SpA
5.875% due 04/30/2029	$		300	$		305

Total Sovereign Issues (Cost $1,477)						1,447


SHORT-TERM INSTRUMENTS 0.5%

REPURCHASE AGREEMENTS (c) 0.5%

						239

Total Short-Term Instruments (Cost $239)						239



Total Investments in Securities (Cost $67,001)						64,430


		SHARES
INVESTMENTS IN AFFILIATES 1.7%

SHORT-TERM INSTRUMENTS 1.7%

CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 1.7%

PIMCO Short-Term Floating NAV Portfolio III			86,885			845

Total Short-Term Instruments (Cost $845)						845



Total Investments in Affiliates (Cost $845)						845


Total Investments 127.3% (Cost $67,846)				$		65,275

Financial Derivative Instruments (e)(f) 0.7% (Cost or Premiums, net $9)						370

Other Assets and Liabilities, net (28.0)%						(14,351	)

Net Assets 100.0%				$		51,294

NOTES TO SCHEDULE OF INVESTMENTS:

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

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

•	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)	Zero coupon security.

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

BORROWINGS AND OTHER FINANCING TRANSACTIONS


Counterparty	Lending Rate			Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral (Received)			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to be Received⁽¹⁾
FICC		2.600	%		06/28/2024		07/01/2024	$	239	U.S. Treasury Inflation Protected Securities 0.625% due 01/15/2026	$	(244	)	$	239	$	239

Total Repurchase Agreements											$	(244	)	$	239	$	239

See Accompanying Notes

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024


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

REVERSE REPURCHASE AGREEMENTS:


Counterparty	Borrowing Rate⁽²⁾			Settlement Date		Maturity Date			Amount Borrowed⁽²⁾			Payable for Reverse Repurchase Agreements
NOM		5.500	%		07/28/2023		TBD	⁽³⁾	$	(1,215	)	$	(1,278	)
RDR		5.500			07/28/2023		TBD	⁽³⁾		(92	)		(96	)
		5.500			04/02/2024		TBD	⁽³⁾		(907	)		(915	)
SOG		5.570			07/28/2023		TBD	⁽³⁾		(462	)		(487	)
		5.570			05/29/2024		TBD	⁽³⁾		(230	)		(231	)
		5.710			06/05/2024		07/10/2024			(1,549	)		(1,555	)
TDM		5.490			07/28/2023		TBD	⁽³⁾		(2,597	)		(2,732	)
		5.500			03/13/2024		TBD	⁽³⁾		(1,886	)		(1,918	)
		5.510			07/28/2023		TBD	⁽³⁾		(1,253	)		(1,318	)
		5.510			04/12/2024		TBD	⁽³⁾		(3,799	)		(3,845	)

Total Reverse Repurchase Agreements												$	(14,375	)

SALE-BUYBACK TRANSACTIONS:


Counterparty	Borrowing Rate⁽²⁾			Borrowing Date		Maturity Date		Amount Borrowed⁽²⁾			Payable for Sale-Buyback Transactions
BCY		5.520	%		06/27/2024		07/01/2024	$	(917	)	$	(918	)

Total Sale-Buyback Transactions											$	(918	)

SHORT SALES:


Description	Coupon		Maturity Date		Principal Amount		Proceeds			Payable for Short Sales
U.S. Government Agencies (19.6)%
Uniform Mortgage-Backed Security, TBA		4.000%		08/01/2054	$	11,000	$	(10,163	)	$	(10,071	)

Total Short Sales (19.6)%							$	(10,163	)	$	(10,071	)

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, 2024:


Counterparty	Repurchase Agreement Proceeds to be Received⁽¹⁾		Payable for Reverse Repurchase Agreements			Payable for Sale-Buyback Transactions			Total Borrowings and Other Financing Transactions			Collateral Pledged/(Received)			Net Exposure⁽⁴⁾
Global/Master Repurchase Agreement
FICC	$	239	$	0		$	0		$	239		$	(244	)	$	(5	)
NOM		0		(1,278	)		0			(1,278	)		1,274			(4	)
RDR		0		(1,011	)		0			(1,011	)		1,094			83
SOG		0		(2,273	)		0			(2,273	)		2,509			236
TDM		0		(9,813	)		0			(9,813	)		10,139			326

Master Securities Forward Transaction Agreement
BCY		0		0			(918	)		(918	)		914			(4	)

Total Borrowings and Other Financing Transactions	$	239	$	(14,375	)	$	(918	)

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		$	(1,555	)	$	0	$	(12,820	)	$	(14,375	)

Total	$	0		$	(1,555	)	$	0	$	(12,820	)	$	(14,375	)

Sale-Buyback Transactions
U.S. Treasury Obligations		(918	)		0			0		0			(918	)

Total	$	(918	)	$	0		$	0	$	0		$	(918	)

Total Borrowings	$	(918	)	$	(1,555	)	$	0	$	(12,820	)	$	(15,293	)

Payable for reverse repurchase agreements and sale-buyback financing transactions												$	(15,293	)


28		PIMCO MANAGED ACCOUNTS TRUST			See Accompanying Notes


						June 30, 2024		(Unaudited)

(d)	Securities with an aggregate market value of $15,929 have been pledged as collateral under the terms of the above master agreements as of June 30, 2024.

⁽¹⁾	Includes accrued interest.

⁽²⁾	The average amount of borrowings outstanding during the period ended June 30, 2024 was $(16,868) at a weighted average interest rate of 5.502%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.

⁽³⁾	Open maturity reverse repurchase agreement.

⁽⁴⁾

(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
Description	Expiration Month		# of Contracts		Notional Amount		Unrealized Appreciation/ (Depreciation)			Asset		Liability
Australia Government 10-Year Bond September Futures		09/2024		22	$	1,667	$	(4	)	$	13	$	(13	)
U.S. Treasury 2-Year Note September Futures		09/2024		445		90,877		226			0		(8	)
United Kingdom Long Gilt September Futures		09/2024		9		1,110		5			0		(5	)

							$	227		$	13	$	(26	)

SHORT FUTURES CONTRACTS


Description	Expiration Month		# of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)			Variation Margin
Description	Expiration Month		# of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)			Asset		Liability
U.S. Treasury 5-Year Note September Futures		09/2024		47	$	(5,009	)	$	17		$	9	$	0
U.S. Treasury 10-Year Note September Futures		09/2024		27		(2,970	)		(23	)		11		0
U.S. Treasury 10-Year Ultra Long-Term Bond September Futures		09/2024		97		(11,013	)		(78	)		70		0
U.S. Treasury Ultra Long-Term Bond September Futures		09/2024		16		(2,006	)		(10	)		39		0

								$	(94	)	$	129	$	0

Total Futures Contracts								$	133		$	142	$	(26	)

SWAP AGREEMENTS:

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
Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate			Payment Frequency	Maturity Date		Notional Amount		Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)			Market Value		Asset		Liability
Pay⁽¹⁾	1-Day GBP-SONIO Compounded-OIS		4.000	%	Annual		09/18/2029	GBP	1,900	$	16		$	(7	)	$	9	$	0	$	(3	)
Receive⁽¹⁾	1-Day USD-SOFR Compounded-OIS		3.750		Annual		12/18/2029	$	2,400		10			7			17		5		0
Pay	6-Month AUD-BBR-BBSW		4.500		Semi-Annual		09/20/2033	AUD	3,300		(28	)		37			9		4		0

Total Swap Agreements										$	(2	)	$	37		$	35	$	9	$	(3	)

FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY

The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of June 30, 2024:


	Financial Derivative Assets								Financial Derivative Liabilities
	Market Value		Variation Margin Asset⁽²⁾				Total		Market Value		Variation Margin Liability				Total
	Purchased Options		Futures		Swap Agreements		Total		Written Options		Futures		Swap Agreements		Total
Total Exchange-Traded or Centrally Cleared	$	0	$	143	$	9	$	152	$	0	$	(26)	$	(3)	$	(29)

Cash of $896 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 2024. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

⁽¹⁾	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.

⁽²⁾	Unsettled variation margin asset of $1 for closed futures is outstanding at period end.

See Accompanying Notes

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024


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

(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)
Counterparty	Settlement Month		Currency to be Delivered		Currency to be Received		Asset		Liability
BOA		07/2024	EUR	5,581	$	6,059	$	82	$	0
		07/2024	$	54	AUD	82		1		0

BPS		07/2024	CAD	990	$	723		0		0
		07/2024	GBP	542		692		7		0
		07/2024	$	1,203	AUD	1,805		1		0
		07/2024		599	GBP	474		0		0
		08/2024	AUD	1,805	$	1,204		0		(1	)
		08/2024	GBP	474		600		0		0

BRC		07/2024	AUD	555		367		0		(3	)
		07/2024	$	317	AUD	476		1		0

DUB		07/2024		52		79		1		0

GLM		07/2024	BRL	6,400	$	1,253		108		0
		07/2024	$	1,183	BRL	6,400		0		(38	)
		04/2025	BRL	6,900	$	1,237		40		0

JPM		07/2024	AUD	476		317		0		0
		07/2024	BRL	1,800		362		40		0
		07/2024	CHF	223		247		0		(1	)
		07/2024	EUR	752		810		5		0
		07/2024	GBP	17		22		0		0
		07/2024	$	324	BRL	1,800		0		(2	)
		07/2024		541	CHF	485		0		(1	)
		07/2024		108	GBP	85		0		0
		08/2024	CHF	483	$	540		1		0
		08/2024	GBP	23		29		0		0
		08/2024	$	318	AUD	476		0		0

MYI		07/2024	BRL	24	$	5		0		0
		07/2024	$	4	BRL	24		0		0
		08/2024	AUD	54	$	36		0		0

SCX		07/2024	$	6,785	EUR	6,333		0		(3	)
		08/2024	CAD	988	$	722		0		(1	)
		08/2024	EUR	6,333		6,795		3		0

TOR		07/2024	AUD	1,411		939		0		(3	)
		07/2024	CHF	262		290		0		(2	)

Total Forward Foreign Currency Contracts							$	290	$	(55	)

PURCHASED OPTIONS:

INTEREST RATE SWAPTIONS


Counterparty	Description	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate		Expiration Date		Notional Amount⁽¹⁾		Cost		Market Value
FAR	Put - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		4.900%		09/09/2024		12,500	$	11	$	12

Total Purchased Options										$	11	$	12

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, 2024:


	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	$	83	$	0	$	0	$	83	$	0		$	0	$	0	$	0		$	83		$	0	$	83
BPS		8		0		0		8		(1	)		0		0		(1	)		7			0		7
BRC		1		0		0		1		(3	)		0		0		(3	)		(2	)		0		(2	)
DUB		1		0		0		1		0			0		0		0			1			0		1
FAR		0		12		0		12		0			0		0		0			12			0		12
GLM		148		0		0		148		(38	)		0		0		(38	)		110			0		110
JPM		46		0		0		46		(4	)		0		0		(4	)		42			0		42
SCX		3		0		0		3		(4	)		0		0		(4	)		(1	)		0		(1	)
TOR		0		0		0		0		(5	)		0		0		(5	)		(5	)		0		(5	)

Total Over the Counter	$	290	$	12	$	0	$	302	$	(55	)	$	0	$	0	$	(55	)


30		PIMCO MANAGED ACCOUNTS TRUST			See Accompanying Notes


						June 30, 2024		(Unaudited)

⁽¹⁾	Notional Amount represents the number of contracts.

⁽²⁾

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of June 30, 2024:


	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	$	143	$	143
Swap Agreements		0		0		0		0		9		9

	$	0	$	0	$	0	$	0	$	152	$	152

Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	290	$	0	$	290
Purchased Options		0		0		0		0		12		12

	$	0	$	0	$	0	$	290	$	12	$	302

	$	0	$	0	$	0	$	290	$	164	$	454


Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	0	$	0	$	26	$	26
Swap Agreements		0		0		0		0		3		3

	$	0	$	0	$	0	$	0	$	29	$	29

Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	55	$	0	$	55

	$	0	$	0	$	0	$	55	$	29	$	84

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2024:


	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	$	(561	)	$	(561	)
Swap Agreements		0		(71	)		0		0		1			(70	)

	$	0	$	(71	)	$	0	$	0	$	(560	)	$	(631	)

Over the counter
Forward Foreign Currency Contracts	$	0	$	0		$	0	$	64	$	0		$	64
Purchased Options		0		0			0		0		67			67
Written Options		0		0			0		0		44			44

	$	0	$	0		$	0	$	64	$	111		$	175

	$	0	$	(71	)	$	0	$	64	$	(449	)	$	(456	)


Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Futures	$	0	$	0		$	0	$	0	$	(86	)	$	(86	)
Swap Agreements		0		73			0		0		(52	)		21

	$	0	$	73		$	0	$	0	$	(138	)	$	(65	)

Over the counter
Forward Foreign Currency Contracts	$	0	$	0		$	0	$	343	$	0		$	343
Purchased Options		0		0			0		0		1			1

	$	0	$	0		$	0	$	343	$	1		$	344

	$	0	$	73		$	0	$	343	$	(137	)	$	279

See Accompanying Notes

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024


Schedule of Investments		PIMCO Fixed Income SHares: Series LD		(Cont.)		June 30, 2024		(Unaudited)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2024 in valuing the Portfolio’s assets and liabilities:


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2024
Investments in Securities, at Value
Corporate Bonds & Notes
Banking & Finance	$	0	$	11,622	$	0	$	11,622
Industrials		0		10,135		0		10,135
Utilities		0		2,405		0		2,405
U.S. Government Agencies		0		1,098		0		1,098
U.S. Treasury Obligations		0		3,553		0		3,553
Non-Agency Mortgage-Backed Securities		0		14,678		121		14,799
Asset-Backed Securities		0		19,119		13		19,132
Sovereign Issues		0		1,447		0		1,447
Short-Term Instruments
Repurchase Agreements		0		239		0		239

	$	0	$	64,296	$	134	$	64,430


Investments in Affiliates, at Value
Short-Term Instruments
Central Funds Used for Cash Management Purposes	$	845	$	0	$	0	$	845


Total Investments	$	845	$	64,296	$	134	$	65,275


Category and Subcategory	Level 1			Level 2			Level 3		Fair Value at 06/30/2024
Short Sales, at Value - Liabilities
U.S. Government Agencies	$	0		$	(10,071	)	$	0	$	(10,071	)


Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared		13			138			0		151
Over the counter		0			302			0		302

	$	13		$	440		$	0	$	453


Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared		(18	)		(11	)		0		(29	)
Over the counter		0			(55	)		0		(55	)

	$	(18	)	$	(66	)	$	0	$	(84	)


Total Financial Derivative Instruments	$	(5	)	$	374		$	0	$	369


Totals	$	840		$	54,599		$	134	$	55,573

There were no significant transfers into or out of Level 3 during the period ended June 30, 2024.


32		PIMCO MANAGED ACCOUNTS TRUST			See Accompanying Notes


Schedule of Investments		PIMCO Fixed Income SHares: Series M				June 30, 2024		(Unaudited)

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


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 145.5%

LOAN PARTICIPATIONS AND ASSIGNMENTS 0.6%

Castlelake LP
8.534% (LIBOR03M + 2.950%) due 05/13/2031 «~	$		7,813	$		7,276

Total Loan Participations and Assignments (Cost $7,805)						7,276


CORPORATE BONDS & NOTES 27.5%

BANKING & FINANCE 20.6%

Ally Financial, Inc.
6.848% due 01/03/2030 •			3,600			3,701

American Tower Corp.
5.250% due 07/15/2028			2,600			2,596
5.550% due 07/15/2033			1,100			1,099

Antares Holdings LP
7.950% due 08/11/2028			7,550			7,827

Aviation Capital Group LLC
6.750% due 10/25/2028			5,250			5,474

Avolon Holdings Funding Ltd.
2.528% due 11/18/2027			243			219
4.250% due 04/15/2026			4,600			4,470

Banco Bilbao Vizcaya Argentaria SA
6.033% due 03/13/2035 •			5,000			4,990

Banco Santander SA
5.538% due 03/14/2030 •			6,800			6,751
5.552% due 03/14/2028 •			2,000			1,997

Bank of America Corp.
5.288% due 04/25/2034 •			15,000			14,851

Barclays PLC
4.972% due 05/16/2029 •			3,100			3,035

BGC Group, Inc.
8.000% due 05/25/2028			4,300			4,532

Blue Owl Capital Corp.
2.875% due 06/11/2028 (j)			9,700			8,583

BPCE SA
6.714% due 10/19/2029 •			7,500			7,778
7.003% due 10/19/2034 •			7,500			8,023

Capital One Financial Corp.
7.624% due 10/30/2031 •			5,000			5,506

Carlyle Finance Subsidiary LLC
3.500% due 09/19/2029			4,000			3,699

CI Financial Corp.
4.100% due 06/15/2051			5,000			3,236

Citigroup, Inc.
2.976% due 11/05/2030 •			15,000			13,365
3.785% due 03/17/2033 •			5,000			4,457
6.270% due 11/17/2033 •(j)			10,000			10,478

Constellation Insurance, Inc.
6.800% due 01/24/2030			6,300			6,165

Credit Suisse AG AT1 Claim			5,500			660

Deutsche Bank AG
5.625% due 05/19/2031 •	EUR		900			979

Doctors Co. An Interinsurance Exchange
4.500% due 01/18/2032	$		2,000			1,587

Essex Portfolio LP
5.500% due 04/01/2034			5,000			4,958

F&G Annuities & Life, Inc.
6.500% due 06/04/2029			2,600			2,593

Fairfax Financial Holdings Ltd.
4.850% due 04/17/2028			4,000			3,930

Ford Motor Credit Co. LLC
3.375% due 11/13/2025			200			194
4.134% due 08/04/2025			1,000			982
6.125% due 03/08/2034			4,000			3,959
6.800% due 05/12/2028			10,000			10,307
6.950% due 03/06/2026			4,500			4,575
7.350% due 11/04/2027			5,000			5,212

FS KKR Capital Corp.
2.625% due 01/15/2027			9,000			8,127
6.875% due 08/15/2029			3,200			3,174


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

GA Global Funding Trust
5.500% due 01/08/2029	$		3,000	$		3,002

Global Atlantic Fin Co.
6.750% due 03/15/2054			400			396

Goldman Sachs Group, Inc.
6.561% due 10/24/2034 •			5,000			5,377

Hannon Armstrong Sustainable Infrastructure Capital, Inc.
6.375% due 07/01/2034 (a)			3,200			3,136

HSBC Holdings PLC
2.848% due 06/04/2031 •			1,600			1,384
4.583% due 06/19/2029 •			3,400			3,287

ING Groep NV
4.500% due 05/23/2029 •	EUR		400			439

Invitation Homes Operating Partnership LP
4.150% due 04/15/2032	$		1,101			1,005

Jane Street Group
7.125% due 04/30/2031			2,000			2,053

Liberty Mutual Group, Inc.
4.125% due 12/15/2051 •			6,700			6,277
4.300% due 02/01/2061			4,000			2,494

Lloyds Banking Group PLC
7.500% due 09/27/2025 •(f)(g)			6,000			6,013

Massachusetts Mutual Life Insurance Co.
5.077% due 02/15/2069 •			4,500			3,959

Morgan Stanley
0.000% due 04/02/2032 þ(h)			8,000			5,075
5.250% due 04/21/2034 •			20,000			19,696

Nomura Holdings, Inc.
5.783% due 07/03/2034 (a)			750			748
6.590% due 07/02/2027 (a)			3,300			3,318

Sabra Health Care LP
3.900% due 10/15/2029			4,600			4,155

Santander Holdings USA, Inc.
3.244% due 10/05/2026			2,000			1,896

Tesco Property Finance PLC
5.661% due 10/13/2041	GBP		93			116
5.744% due 04/13/2040			578			729
5.801% due 10/13/2040			633			799

Trustage Financial Group, Inc.
4.625% due 04/15/2032	$		5,300			4,664

UBS Group AG
5.699% due 02/08/2035 •			9,000			8,994

Wells Fargo & Co.
3.350% due 03/02/2033 •			7,000			6,073

						279,154


INDUSTRIALS 4.8%

Air Canada
4.625% due 08/15/2029	CAD		900			639

Alaska Airlines Pass-Through Trust
4.800% due 02/15/2029	$		2,540			2,494

American Airlines Pass-Through Trust
3.150% due 08/15/2033			4,698			4,199
3.375% due 11/01/2028			4,344			4,107
3.500% due 08/15/2033			470			413
4.000% due 01/15/2027			847			829

Bacardi Ltd.
4.700% due 05/15/2028			1,000			973

Bayer U.S. Finance LLC
6.875% due 11/21/2053			2,300			2,364

Bowdoin College
4.693% due 07/01/2112			6,600			5,473

Cheniere Energy, Inc.
5.650% due 04/15/2034			2,000			2,003

CVS Pass-Through Trust
7.507% due 01/10/2032			4,155			4,324

Elevance Health, Inc.
2.550% due 03/15/2031			3,300			2,815

Energy Transfer LP
4.200% due 04/15/2027			300			291
5.600% due 09/01/2034			6,000			5,964


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Flex Intermediate Holdco LLC
3.363% due 06/30/2031	$		2,800	$		2,331
4.317% due 12/30/2039			2,800			2,038

Marvell Technology, Inc.
4.875% due 06/22/2028			6,650			6,555

Mondelez International, Inc.
4.625% due 07/03/2031 (a)	CAD		5,000			3,646

Mundys SpA
1.875% due 02/12/2028	EUR		400			394

Nissan Motor Co. Ltd.
4.810% due 09/17/2030	$		3,100			2,881

Pacific National Finance Pty. Ltd.
4.750% due 03/22/2028			1,700			1,623

Rolls-Royce PLC
1.625% due 05/09/2028	EUR		100			98
3.375% due 06/18/2026	GBP		100			121
5.750% due 10/15/2027			200			255

Tennessee Gas Pipeline Co. LLC
2.900% due 03/01/2030	$		3,800			3,322

Turkish Airlines Pass-Through Trust
4.200% due 09/15/2028			2,338			2,219

Warnermedia Holdings, Inc.
4.279% due 03/15/2032			1,500			1,310

ZF North America Capital, Inc.
6.750% due 04/23/2030			1,200			1,223

						64,904


UTILITIES 2.1%

Appalachian Power Co.
5.650% due 04/01/2034			1,900			1,883

Black Hills Corp.
6.000% due 01/15/2035			4,100			4,127

Electricite de France SA
5.950% due 04/22/2034			5,500			5,535

FORESEA Holding SA
7.500% due 06/15/2030			27			25

IPALCO Enterprises, Inc.
4.250% due 05/01/2030			2,600			2,415

Pacific Gas & Electric Co.
4.500% due 07/01/2040			1,500			1,237
4.550% due 07/01/2030			1,300			1,233
4.750% due 02/15/2044			3,000			2,458
4.950% due 07/01/2050			700			579

System Energy Resources, Inc.
6.000% due 04/15/2028			1,900			1,934

Texas Electric Market Stabilization Funding N LLC
5.167% due 02/01/2052			7,700			7,491

						28,917

Total Corporate Bonds & Notes (Cost $392,004)						372,975


MUNICIPAL BONDS & NOTES 1.1%

CALIFORNIA 1.1%

Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021
3.850% due 06/01/2050			11,230			10,540

Newport Beach, California Certificates of Participation Bonds, (BABs), Series 2010
7.168% due 07/01/2040			3,500			3,944

						14,484


PENNSYLVANIA 0.0%

Pennsylvania Economic Development Financing Authority Revenue Bonds, (BABs), Series 2010
6.532% due 06/15/2039			600			656

Total Municipal Bonds & Notes (Cost $14,463)						15,140

See Accompanying Notes

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024


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


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
U.S. GOVERNMENT AGENCIES 54.3%

Fannie Mae
4.744% due 05/25/2042 ~	$		6	$		6
5.161% due 03/25/2041 ~			4			4
5.923% due 12/01/2034 •			19			19
5.965% due 09/01/2032 •			1			1
5.973% due 11/01/2032 •			4			4
6.220% due 09/01/2027 •			8			8
6.335% due 01/01/2033 •			8			8
6.500% due 07/18/2027			2			2
6.971% due 05/01/2033 •			12			12

Freddie Mac
3.955% due 08/01/2032 •			13			13
4.000% due 11/01/2047			7			6
5.898% due 08/15/2029 - 12/15/2031 •			4			5
5.948% due 09/15/2030 •			1			1
5.998% due 03/15/2032 •			1			1
6.000% due 12/15/2028			44			44
6.125% due 08/01/2029 •			1			1
6.276% due 02/01/2033 •			7			7
6.375% due 01/01/2032 - 10/01/2032 •			16			16
6.625% due 10/01/2032 •			34			34
7.000% due 04/01/2029 - 03/01/2030			4			5
7.500% due 08/15/2030			10			10

Ginnie Mae
3.625% (H15T1Y + 1.500%) due 09/20/2025 - 08/20/2026 ~			1			1
3.625% due 07/20/2027 - 07/20/2029 •			8			7
3.750% (H15T1Y + 1.500%) due 10/20/2025 - 10/20/2026 ~			1			0
3.750% due 10/20/2027 •			1			2
3.875% (H15T1Y + 1.500%) due 04/20/2025 - 06/20/2026 ~			1			1
3.875% due 04/20/2027 - 06/20/2032 •			11			12
4.000% due 09/20/2027 •			1			1
4.625% due 01/20/2027 - 03/20/2032 •			23			22

Ginnie Mae, TBA
2.500% due 08/01/2054			350,900			295,277

Uniform Mortgage-Backed Security
3.000% due 01/01/2046 - 11/01/2051			46,884			40,094
3.500% due 05/01/2047			99			90
4.000% due 12/01/2044 - 09/01/2052			70,287			64,348
5.000% due 11/01/2033 - 07/01/2053			23,515			22,745
5.500% due 09/01/2053 - 12/01/2053			1,876			1,852
6.500% due 12/01/2028			1			1

Uniform Mortgage-Backed Security, TBA
3.000% due 08/01/2054			8,500			7,238
4.500% due 07/01/2054 - 08/01/2054			140,000			132,023
5.000% due 07/01/2054			79,000			76,358
5.500% due 08/01/2054			48,100			47,437
6.500% due 08/01/2054			50,000			50,863

Vendee Mortgage Trust
6.500% due 09/15/2024			16			16

Total U.S. Government Agencies (Cost $744,994)						738,595


U.S. TREASURY OBLIGATIONS 6.0%

U.S. Treasury Inflation Protected Securities (e)
1.250% due 04/15/2028 (l)			52,260			50,486
1.750% due 01/15/2034 (j)(n)			32,433			31,487

Total U.S. Treasury Obligations (Cost $83,179)						81,973


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
NON-AGENCY MORTGAGE-BACKED SECURITIES 18.4%

Adjustable Rate Mortgage Trust
4.094% due 01/25/2036 «~	$		5	$		5
4.727% due 11/25/2035 ~			62			43
4.767% due 02/25/2036 ~			76			47

American Home Mortgage Assets Trust
5.670% due 10/25/2046 •			334			183
5.840% due 09/25/2046 •			306			270
6.073% due 11/25/2046 •			473			118

Arroyo Mortgage Trust
4.950% due 07/25/2057 þ			2,246			2,213

Banc of America Alternative Loan Trust
6.000% due 07/25/2046			66			55

Banc of America Funding Trust
4.333% due 09/20/2047 ~			64			52
4.789% due 09/20/2046 ~			31			27
4.981% due 08/27/2036 ~			5,874			5,508
5.434% due 04/20/2035 ~			44			39
5.500% due 03/25/2036 «			6			5
5.831% due 04/25/2037 ~			365			290
5.833% due 10/20/2036 •			71			52
5.880% due 04/25/2037 •			57			44
6.023% due 02/20/2036 ~			74			68
6.053% due 05/20/2047 •			24			22
6.260% due 05/25/2037 •			54			45

Banc of America Mortgage Trust
5.447% due 05/25/2035 ~			191			164
5.500% due 09/25/2035 «			140			115
5.500% due 05/25/2037 «			66			46
5.546% due 07/25/2035 ~			5			5
5.624% due 02/25/2034 «~			59			56

BCAP LLC Trust
3.964% due 07/26/2036 ~			15			13
4.564% due 03/26/2037 ~			49			39
4.795% due 03/27/2037 ~			203			165
5.760% due 05/25/2047 •			26			24
5.900% due 05/25/2047 •			169			164
6.760% due 09/25/2047 •			49			41
7.860% due 10/25/2047 •			8,285			6,082

Bear Stearns Adjustable Rate Mortgage Trust
4.328% due 05/25/2034 «~			17			15
4.406% due 05/25/2047 ~			84			73
4.743% due 11/25/2034 ~			34			32
4.809% due 03/25/2035 ~			22			19
4.819% due 02/25/2036 ~			31			27
4.968% due 01/25/2035 «~			5			5
5.035% due 02/25/2034 «~			25			22
5.487% due 08/25/2035 «~			4			4
6.008% due 01/25/2034 ~			26			25
6.228% due 10/25/2035 ~			21			20
6.330% due 06/25/2035 «~			1			1
7.670% due 10/25/2035 •			138			126
8.065% due 12/25/2046 •			277			220

Bear Stearns ALT-A Trust
4.266% due 11/25/2036 ~			72			32
4.324% due 08/25/2036 ~			216			145
4.531% due 02/25/2036 ~			165			111
4.597% due 02/25/2036 ~			17			14
4.610% due 05/25/2036 ~			293			138
5.041% due 01/25/2036 ~			1,902			1,688
5.240% due 07/25/2035 ~			307			207
5.310% due 05/25/2035 ~			37			34
5.702% due 06/25/2034 ~			800			687
5.900% due 04/25/2036 •			60			52

Bear Stearns Asset-Backed Securities Trust
5.554% due 03/25/2036 •			183			60

Bear Stearns Mortgage Funding Trust
5.840% due 01/25/2037 •			46			42

Bear Stearns Structured Products, Inc. Trust
5.159% due 01/26/2036 ~			282			208

Benchmark Mortgage Trust
2.952% due 08/15/2057			4,565			4,080

Bruegel DAC
4.622% due 05/22/2031	EUR		5,079			5,290

BX Trust
6.426% due 05/15/2035 •	$		4,000			3,984


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Cascade Funding Mortgage Trust
2.800% due 06/25/2069 ~	$		212	$		210

Chase Home Lending Mortgage Trust
3.250% due 03/25/2063 ~			6,265			5,540
3.250% due 09/25/2063 ~			3,810			3,387

Chase Mortgage Finance Trust
4.360% due 09/25/2036 ~			547			423
4.520% due 03/25/2037 ~			18			17
4.675% due 03/25/2037 ~			33			31
6.000% due 05/25/2037			96			41

ChaseFlex Trust
5.000% due 07/25/2037			67			21
6.060% due 07/25/2037 •			114			96

ChaseFlex Trust Multi-Class Mortgage Pass-Through Certificates
4.247% due 08/25/2037 þ			21			16

Chevy Chase Funding LLC Mortgage-Backed Certificates
5.690% due 10/25/2035 •			514			473

CIM Trust
5.500% due 08/25/2064 ~			16,522			16,544

Citigroup Mortgage Loan Trust
4.046% due 09/25/2037 «~			11			11
4.186% due 12/25/2035 ~			63			38
4.284% due 10/25/2046 ~			74			62
4.560% due 09/25/2037 ~			212			188
4.564% due 03/25/2037 ~			34			28
5.149% due 07/25/2037 ~			361			309
5.500% due 12/25/2035			109			56
5.731% due 08/25/2035 ~			5			5
5.853% due 08/25/2035 «~			140			133
5.900% due 01/25/2037 •			1,331			1,121
6.250% due 11/25/2037 ~			93			41
7.780% due 10/25/2035 •			38			36
7.860% due 11/25/2035 «•			10			9

CitiMortgage Alternative Loan Trust
6.000% due 06/25/2037			6,474			5,348
6.500% due 06/25/2037			68			58

Commercial Mortgage Trust
2.315% due 02/10/2037 ~			450			437
3.545% due 02/10/2036			1,667			1,576

Community Program Loan Trust
4.500% due 04/01/2029			3			3

Countrywide Alternative Loan Resecuritization Trust
5.010% due 08/25/2037 ~			46			21
6.000% due 08/25/2037 ~			49			23

Countrywide Alternative Loan Trust
4.206% due 08/25/2035 ~			107			96
4.441% due 06/25/2037 ~			39			36
4.490% due 05/25/2036 «~			10			8
4.625% due 11/25/2035 ~			44			38
4.786% due 07/25/2035 •			22			19
5.500% due 05/25/2035 •			1,220			1,038
5.500% due 11/25/2035			69			40
5.500% due 02/25/2036			45			26
5.633% due 02/20/2047 •			751			576
5.663% due 07/20/2046 •			22			18
5.740% due 08/25/2037 •			308			263
5.750% due 07/25/2037			13			7
5.750% due 04/25/2047			94			50
5.810% due 11/25/2036 •			3,271			2,724
5.820% due 11/25/2036 •			24			28
5.820% due 05/25/2047 •			578			524
5.840% due 07/25/2046 •			30			30
5.840% due 09/25/2046 •			168			155
5.898% due 05/25/2035 •			597			538
5.960% due 06/25/2035 •			64			55
5.980% due 07/25/2035 •			65			56
5.980% due 12/25/2035 •			472			410
6.000% due 12/25/2034			40			35
6.000% due 03/25/2036			143			62
6.000% due 08/25/2036 •			44			25
6.000% due 08/25/2036			430			242
6.000% due 02/25/2037			376			158
6.000% due 04/25/2037			6,473			5,294
6.000% due 05/25/2037			329			145
6.000% due 08/25/2037 •			334			167
6.080% due 08/25/2035 •			73			66


34		PIMCO MANAGED ACCOUNTS TRUST			See Accompanying Notes


						June 30, 2024		(Unaudited)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
6.153% due 02/25/2036 •	$		239	$		212
6.250% due 11/25/2036			54			40
6.403% due 11/25/2047 •			443			356
6.443% due 11/20/2035 •			4,004			3,398
6.444% due 03/25/2037 •			81			43
6.500% due 05/25/2036			1,240			590
6.500% due 12/25/2036			59			26
6.500% due 08/25/2037			340			137
6.533% due 11/25/2047 •			1,229			988
6.920% due 11/25/2035 •			582			521

Countrywide Asset-Backed Certificates Trust
5.960% due 03/25/2036 •			664			664

Countrywide Home Loan Mortgage Pass-Through Trust
3.681% due 10/20/2035 «~			2			2
3.959% due 05/20/2036 ~			76			70
4.059% due 02/20/2036 ~			103			91
4.340% due 11/25/2037 ~			71			62
4.545% due 05/20/2036 ~			26			23
4.712% due 11/25/2034 ~			32			29
4.721% due 01/25/2036 ~			23			21
5.500% due 07/25/2037			226			92
5.586% due 06/25/2034 «~			350			309
5.750% due 12/25/2035			59			28
5.761% due 08/25/2034 ~			1,762			1,679
5.920% due 05/25/2035 •			41			34
6.000% due 02/25/2035 «•			4			4
6.000% due 02/25/2037			203			90
6.000% due 03/25/2037			77			32
6.000% due 07/25/2037			161			68
6.080% due 03/25/2035 •			135			114
6.140% due 03/25/2036 «•			9			2
6.200% due 02/25/2035 •			176			147
6.240% due 02/25/2035 •			149			125
6.247% due 08/25/2034 ~			18			16
6.500% due 11/25/2036			525			166
7.884% due 02/20/2036 •			8			7

Countrywide Home Loan Reperforming REMIC Trust
6.000% due 03/25/2035 «			28			26

Credit Suisse First Boston Mortgage Securities Corp.
6.056% due 03/25/2032 ~			6			5
6.610% due 09/25/2034 •			17			26

Credit Suisse Mortgage Capital Mortgage-Backed Trust
1.756% due 10/25/2066 ~			8,361			7,104
3.431% due 11/10/2032			1,200			1,019
3.500% due 04/26/2038 ~			105			101
4.052% due 12/27/2060 ~			3,035			2,979
4.535% due 04/28/2037 ~			141			128

DBGS Mortgage Trust
6.838% due 10/15/2036 •			1,000			970

Deephaven Residential Mortgage Trust
0.899% due 04/25/2066 ~			2,868			2,477

Deutsche ALT-A Securities, Inc. Mortgage Loan Trust
5.840% due 08/25/2047 •			172			150

Deutsche ALT-B Securities, Inc. Mortgage Loan Trust
5.760% due 04/25/2037 •			180			122

Deutsche Mortgage & Asset Receiving Corp.
4.587% due 11/27/2036 •			36			36

Downey Savings & Loan Association Mortgage Loan Trust
6.093% due 07/19/2045 «•			3			0

Eurosail PLC
6.303% due 06/13/2045 •	GBP		1,260			1,588

First Horizon Alternative Mortgage Securities Trust
4.725% due 01/25/2036 ~	$		124			60
6.121% due 04/25/2036 ~			47			39

First Horizon Mortgage Pass-Through Trust
5.664% due 11/25/2037 ~			15			11

GCT Commercial Mortgage Trust
6.243% due 02/15/2038 •			5,120			4,225

GMAC Mortgage Corp. Loan Trust
3.643% due 11/19/2035 «~			81			63

GreenPoint Mortgage Funding Trust
5.860% due 05/25/2037 •			1,546			1,452
5.860% due 12/25/2046 •			181			169

GS Mortgage Securities Corp. Trust
8.729% due 08/15/2039 •			2,600			2,606


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

GS Mortgage Securities Trust
3.722% due 10/10/2049 ~	$		5,000	$		4,403

GSC Capital Corp. Mortgage Trust
5.820% due 05/25/2036 •			55			52

GSR Mortgage Loan Trust
4.334% due 04/25/2035 «~			15			13
5.057% due 09/25/2035 ~			63			58
5.098% due 04/25/2035 «~			14			12
5.546% due 09/25/2035 «~			22			19
5.780% due 11/25/2035 ~			84			43
5.970% due 09/25/2034 ~			22			22

HarborView Mortgage Loan Trust
4.231% due 06/19/2036 ~			119			49
4.537% due 12/19/2035 ~			69			35
5.833% due 01/19/2038 •			22			19
5.863% due 12/19/2036 •			4,658			3,582
5.893% due 05/19/2035 •			1,126			1,047
5.933% due 12/19/2036 •			2,572			2,410
5.953% due 01/19/2036 •			74			45
5.953% due 01/19/2038 «•			24			35
6.133% due 01/19/2035 «•			17			16
6.257% due 07/19/2045 •			23			19
6.575% due 12/19/2035 ~			9			9

IndyMac IMSC Mortgage Loan Trust
5.820% due 07/25/2047 •			180			116

IndyMac INDA Mortgage Loan Trust
3.696% due 08/25/2036 ~			1,278			975
6.060% due 11/25/2035 •			120			69

IndyMac INDX Mortgage Loan Trust
3.285% due 06/25/2037 ~			50			38
3.537% due 06/25/2036 ~			701			588
3.675% due 06/25/2036 ~			3,442			2,292
3.705% due 10/25/2035 ~			473			370
3.804% due 08/25/2035 ~			479			346
3.979% due 09/25/2035 ~			48			38
3.979% due 11/25/2035 ~			76			70
4.770% due 06/25/2035 «~			16			14
5.840% due 09/25/2046 •			75			63
6.020% due 03/25/2035 «•			26			24

InTown Mortgage Trust
7.818% due 08/15/2039 •			4,500			4,516

JP Morgan Alternative Loan Trust
4.600% due 12/25/2036 «~			4			3
5.780% due 10/25/2036 •			2,634			2,278
5.939% due 06/27/2037 •			1,351			883

JP Morgan Chase Commercial Mortgage Securities Trust
1.974% due 01/05/2040			2,940			2,491
7.235% due 10/05/2040			3,200			3,368

JP Morgan Mortgage Trust
3.000% due 04/25/2052 ~			9,289			7,747
4.987% due 11/25/2035 ~			37			29
5.021% due 11/25/2035 ~			25			20
5.480% due 04/25/2035 «~			1			1
5.483% due 01/25/2037 «~			7			6
5.483% due 06/25/2037 «~			58			43
5.514% due 07/25/2035 ~			90			87
5.770% due 07/25/2035 «~			41			39
6.000% due 01/25/2036 «			95			43
6.394% due 04/25/2035 «~			1			1
6.915% due 09/25/2034 «~			57			53

Lavender Trust
6.250% due 10/26/2036			208			95

Legacy Mortgage Asset Trust
1.875% due 10/25/2068 þ			4,075			4,048
4.750% due 07/25/2061 þ			1,672			1,629

Lehman Mortgage Trust
4.505% due 12/25/2035 ~			172			29
5.096% due 01/25/2036 ~			39			36
6.000% due 07/25/2036			55			27

Lehman XS Trust
5.730% due 02/25/2036 •			3,679			3,249
5.840% due 11/25/2046 •			8,035			6,805
5.860% due 08/25/2046 •			26			25
5.920% due 04/25/2046 «•			1			2
5.940% due 11/25/2046 «•			8			10


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Luminent Mortgage Trust
5.800% due 12/25/2036 •	$		358	$		305
5.860% due 10/25/2046 •			99			86

MASTR Adjustable Rate Mortgages Trust
5.940% due 05/25/2037 •			85			35

MASTR Reperforming Loan Trust
7.000% due 05/25/2035			634			426
8.000% due 07/25/2035			627			451

Mellon Residential Funding Corp. Mortgage Pass-Through Trust
6.009% due 10/20/2029 •			12			12

Merrill Lynch Alternative Note Asset Trust
5.780% due 01/25/2037 •			104			29
6.000% due 05/25/2037			117			88
6.060% due 03/25/2037 •			743			180

Merrill Lynch Mortgage Investors Trust
5.531% due 11/25/2035 •			23			22
5.679% due 02/25/2036 ~			15			15
5.920% due 04/25/2029 •			10			9
6.120% due 09/25/2029 «•			3			3
6.120% due 11/25/2029 •			20			18
6.250% due 10/25/2036			1,094			430
6.704% due 07/25/2029 «•			8			8

Morgan Stanley Capital Trust
2.509% due 04/05/2042 ~			5,000			4,066
3.912% due 09/09/2032			3,180			2,787

Morgan Stanley Dean Witter Capital, Inc. Trust
6.222% due 03/25/2033 «~			15			13

Morgan Stanley Mortgage Loan Trust
3.583% due 07/25/2035 ~			992			848
5.780% due 01/25/2035 •			13			12
6.000% due 10/25/2037			67			35
7.211% due 06/25/2036 ~			21			19

Morgan Stanley Re-REMIC Trust
3.479% due 03/26/2037 þ			48			46
4.303% due 02/26/2037 •			91			79
5.500% due 10/26/2035 ~			5,280			3,316

NAAC Reperforming Loan REMIC Trust
7.500% due 03/25/2034			263			233

New Residential Mortgage Loan Trust
6.864% due 10/25/2063 þ			11,472			11,613

New York Mortgage Trust
5.250% due 07/25/2062 þ			3,909			3,834

NLT Trust
1.162% due 08/25/2056 ~			3,609			2,986

Nomura Asset Acceptance Corp. Alternative Loan Trust
7.324% due 02/25/2036 «~			200			156

Nomura Resecuritization Trust
6.500% due 10/26/2037			4,331			1,824

NYO Commercial Mortgage Trust
6.538% due 11/15/2038 •			1,200			1,155

OBX Trust
6.120% due 11/25/2062 ~			2,807			2,807
7.045% due 09/25/2063 þ			1,991			2,027
7.159% due 10/25/2063 þ			4,725			4,820

Residential Accredit Loans, Inc. Trust
0.000% due 02/25/2036 ~			91			75
4.745% due 02/25/2035 ~			144			122
5.760% due 08/25/2035 •			69			50
5.800% due 12/25/2036 •			167			161
5.860% due 05/25/2047 •			58			50
5.880% due 06/25/2037 •			49			43
5.960% due 08/25/2037 •			122			109
6.000% due 09/25/2035			554			449
6.000% due 06/25/2036			2,401			1,807
6.260% due 10/25/2045 «•			53			41
8.000% due 04/25/2036 «•			63			51

Residential Asset Securitization Trust
6.000% due 06/25/2036			166			66
6.000% due 11/25/2036			121			42
6.000% due 03/25/2037			97			30
6.250% due 11/25/2036			83			30
6.500% due 04/25/2037			1,137			295

Residential Funding Mortgage Securities, Inc. Trust
5.113% due 03/25/2035 ~			742			434
6.000% due 09/25/2036 «			95			71

See Accompanying Notes

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024


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


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Starwood Mortgage Residential Trust
0.943% due 05/25/2065 ~	$		1,227	$		1,120

Structured Adjustable Rate Mortgage Loan Trust
4.216% due 09/25/2036 ~			1,541			1,049
4.512% due 10/25/2036 ~			79			38
4.623% due 07/25/2037 «~			3			2
4.890% due 02/25/2036 ~			150			108
5.780% due 10/25/2035 •			562			512
5.913% due 10/25/2034 «~			6			5
6.195% due 06/25/2034 •			174			164
6.553% due 05/25/2035 •			204			153

Structured Asset Mortgage Investments Trust
5.650% due 09/25/2047 •			325			284
5.720% due 03/25/2037 •			70			27
5.820% due 09/25/2047 •			33			29
5.840% due 06/25/2036 •			1,822			1,754
5.840% due 07/25/2046 •			292			200
5.860% due 05/25/2036 •			415			321
5.880% due 09/25/2047 •			664			543
5.900% due 05/25/2046 •			685			233
5.980% due 05/25/2046 «•			47			27
6.153% due 03/19/2034 «•			104			93
6.153% due 02/19/2035 •			49			44
6.193% due 12/19/2033 «•			85			80
6.538% due 02/25/2036 •			211			174

SunTrust Adjustable Rate Mortgage Loan Trust
6.037% due 02/25/2037 ~			79			68

SunTrust Alternative Loan Trust
6.000% due 12/25/2035 «			168			148

TBW Mortgage-Backed Trust
5.965% due 07/25/2037 ~			2,739			799

Thornburg Mortgage Securities Trust
4.046% due 09/25/2037 ~			8			8
6.100% due 09/25/2043 •			81			76
6.200% due 09/25/2034 •			12			11

Towd Point Mortgage Trust
3.750% due 02/25/2059 ~			5,665			5,435

VASA Trust
6.343% due 07/15/2039 •			1,000			927

Verus Securitization Trust
1.824% due 11/25/2066 ~			3,495			3,068

Wachovia Mortgage Loan Trust LLC
6.322% due 10/20/2035 ~			9			9

WaMu Mortgage Pass-Through Certificates Trust
4.062% due 12/25/2036 ~			66			56
4.209% due 12/25/2036 ~			608			526
4.483% due 08/25/2036 ~			48			43
5.594% due 08/25/2033 «~			89			82
5.853% due 02/25/2047 •			1,131			942
5.903% due 06/25/2047 •			29			23
5.963% due 07/25/2047 •			8,706			6,835
6.000% due 12/25/2045 •			2			2
6.100% due 01/25/2045 •			86			82
6.153% due 08/25/2046 •			527			480
6.200% due 11/25/2034 •			78			73
6.240% due 10/25/2044 •			385			362
6.280% due 11/25/2045 «•			98			86
6.353% due 11/25/2042 •			7			7
6.440% due 11/25/2034 •			215			197
6.653% due 11/25/2046 •			138			120

Washington Mutual Mortgage Pass-Through Certificates Trust
4.048% due 09/25/2036 þ			123			33
5.500% due 05/25/2035 •			192			155
5.853% due 04/25/2047 •			209			160
5.923% due 04/25/2047 •			306			235

Wells Fargo Alternative Loan Trust
6.863% due 07/25/2037 ~			20			18

Wells Fargo Mortgage-Backed Securities Trust
6.000% due 06/25/2037			24			21
6.363% due 10/25/2036 ~			124			109

Total Non-Agency Mortgage-Backed Securities (Cost $273,647)						249,463


ASSET-BACKED SECURITIES 35.8%

Aames Mortgage Investment Trust
6.240% due 10/25/2035 •			67			66


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

AASET Trust
3.844% due 01/16/2038	$		1,220	$		881

ABFC Trust
5.680% due 01/25/2037 •			309			171
5.740% due 11/25/2036 •			8,257			5,162
5.780% due 01/25/2037 •			195			108
5.900% due 01/25/2037 •			117			65
6.460% due 06/25/2037 •			138			109

Accredited Mortgage Loan Trust
5.720% due 09/25/2036 •			1,806			1,780

ACE Securities Corp. Home Equity Loan Trust
5.680% due 12/25/2036 •			289			75
5.740% due 07/25/2036 •			97			77
5.770% due 08/25/2036 •			231			219
6.060% due 02/25/2036 •			16			16
6.075% due 12/25/2035 •			1,743			1,606
6.120% due 11/25/2035 •			23			24
6.360% due 12/25/2034 •			97			86
6.390% due 02/25/2036 •			56			52
6.435% due 06/25/2034 •			312			288

Aegis Asset-Backed Securities Trust
6.105% due 12/25/2035 •			168			153
6.160% due 03/25/2035 •			90			87
6.180% due 06/25/2035 •			97			91
6.460% due 03/25/2035 •			36			34

AGL CLO Ltd.
6.786% due 07/20/2034 •			4,300			4,311

Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates
6.165% due 11/25/2035 •			43			42
6.240% due 09/25/2035 •			2,772			2,726
6.570% due 03/25/2035 •			159			155

Amortizing Residential Collateral Trust
6.460% due 10/25/2034 •			78			77

Apidos CLO
6.670% due 04/15/2031 •			4,264			4,266

Argent Securities Trust
5.610% due 09/25/2036 •			744			226
5.840% due 03/25/2036 •			273			147

Argent Securities, Inc. Asset-Backed Pass-Through Certificates
5.920% due 01/25/2036 •			69			64
6.100% due 01/25/2036 •			2,779			2,480

Asset-Backed Securities Corp. Home Equity Loan Trust
4.289% due 12/25/2036 •			6,300			5,563
6.360% due 06/25/2035 •			67			65

Aurium CLO DAC
4.593% due 04/16/2030 •	EUR		5,245			5,618

Ballyrock CLO Ltd.
6.716% due 07/20/2034 •	$		6,500			6,507

BDS Ltd.
7.475% due 08/19/2038 •			3,200			3,218

Bear Stearns Asset-Backed Securities Trust
4.992% due 10/25/2036 ~			30			14
5.021% due 07/25/2036 «~			14			13
5.268% due 11/25/2035 •			81			79
5.690% due 02/25/2037 •			11,884			11,257
5.850% due 03/25/2034 •			1,615			1,607
6.135% due 08/25/2036 •			43			43
6.195% due 09/25/2035 •			3,242			3,221
6.260% due 09/25/2046 •			68			63
6.510% due 08/25/2037 •			4,440			3,870
6.640% due 06/25/2043 •			562			562
6.660% due 06/25/2036 •			600			597
6.710% due 08/25/2037 •			16			15

Betony CLO Ltd.
6.671% due 04/30/2031 •			4,615			4,619

BPCRE Ltd.
7.732% due 01/16/2037 •			818			817

BSPRT Issuer Ltd.
7.625% due 07/15/2039 •			7,000			7,025

Carlyle Euro CLO DAC
4.458% due 08/15/2030 •	EUR		544			583

Carrington Mortgage Loan Trust
5.680% due 01/25/2037 •	$		1,200			861
5.720% due 02/25/2037 •			3,300			3,049


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
6.510% due 05/25/2035 •	$		220	$		208

Carvana Auto Receivables Trust
5.330% due 07/10/2029			1,000			1,002
5.630% due 11/10/2027			2,000			2,001
5.900% due 08/10/2027			1,700			1,701

Cendant Mortgage Corp.
6.000% due 07/25/2043 «~			7			6

CIT Mortgage Loan Trust
6.960% due 10/25/2037 •			5,326			5,333

Citigroup Mortgage Loan Trust
5.630% due 05/25/2037 •			10,797			9,153
5.860% due 11/25/2046 •			77			74
6.195% due 09/25/2035 •			339			334
6.851% due 05/25/2036 þ			124			46
7.140% due 07/25/2035 •			1,000			820

Citizens Auto Receivables Trust
5.840% due 01/18/2028			2,075			2,085

Conseco Finance Corp.
7.060% due 02/01/2031 ~			229			201

Countrywide Asset-Backed Certificates Trust
3.645% due 03/25/2036 •			644			627
4.146% due 04/25/2035 •			51			50
4.338% due 10/25/2046 ~			6,485			6,285
4.795% due 01/25/2037 •			296			294
5.559% due 02/25/2035 •			93			92
5.600% due 07/25/2037 •			290			285
5.660% due 09/25/2037 •			2,530			2,220
5.660% due 06/25/2047 •			11,062			9,429
5.680% due 09/25/2037 •			196			201
5.690% due 10/25/2047 •			46			46
5.710% due 06/25/2047 •			145			139
5.720% due 04/25/2046 •			2,943			2,696
5.740% due 06/25/2035 •			6,535			5,782
5.740% due 02/25/2037 •			5,439			5,059
5.760% due 09/25/2046 •			228			227
5.760% due 03/25/2047 •			46			45
5.900% due 09/25/2047 •			532			514
5.960% due 01/25/2046 •			3,246			3,034
6.060% due 06/25/2036 •			21			21
6.150% due 05/25/2036 •			19			18
6.180% due 07/25/2034 •			23			23
6.360% due 10/25/2034 •			29			29
6.360% due 03/25/2047 •			51			38
6.555% due 07/25/2035 •			92			92

Credit-Based Asset Servicing & Securitization LLC
2.837% due 01/25/2036 þ			41			33
5.559% due 07/25/2037 •			8			5
5.659% due 07/25/2037 •			169			108

Delta Funding Home Equity Loan Trust
6.083% due 08/15/2030 «•			18			17

Dryden Euro CLO DAC
4.566% due 04/15/2033 •	EUR		9,957			10,646

ECMC Group Student Loan Trust
6.200% due 02/27/2068 •	$		4,095			4,082

Elmwood CLO Ltd.
6.947% due 01/17/2034 •			4,800			4,812

EMC Mortgage Loan Trust
6.200% due 05/25/2040 •			5			5

First Franklin Mortgage Loan Trust
5.740% due 12/25/2036 •			207			84
5.780% due 04/25/2036 •			106			102
5.940% due 04/25/2036 •			400			360
5.940% due 08/25/2036 •			104			98
6.180% due 11/25/2035 •			94			85
6.405% due 03/25/2035 •			36			36
6.645% due 12/25/2034 •			886			866
6.660% due 01/25/2035 •			58			57
6.885% due 10/25/2034 •			259			257

First NLC Trust
2.853% due 05/25/2035 •			620			534
5.530% due 08/25/2037 •			41			20

Ford Auto Securitization Trust
4.972% due 03/15/2030	CAD		2,400			1,770

Fremont Home Loan Trust
5.610% due 01/25/2037 •	$		205			92
5.780% due 08/25/2036 •			179			56
5.800% due 02/25/2036 •			25			23


36		PIMCO MANAGED ACCOUNTS TRUST			See Accompanying Notes


						June 30, 2024		(Unaudited)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
5.800% due 02/25/2037 •	$		681	$		221
6.000% due 02/25/2036 •			300			258
6.000% due 04/25/2036 •			2,712			2,451
6.250% due 12/25/2029 «•			5			5

Galaxy CLO Ltd.
6.560% due 10/15/2030 •			1,889			1,890

Gallatin CLO Ltd.
6.680% due 07/15/2031 •			4,762			4,764

Golden Credit Card Trust
4.310% due 09/15/2027			2,630			2,594

GSAA Home Equity Trust
5.700% due 04/25/2047 •			58			52

GSAMP Trust
5.550% due 01/25/2037 •			2,023			1,195
5.580% due 12/25/2036 •			1,520			719
5.600% due 12/25/2036 •			6,509			3,312
5.600% due 01/25/2037 •			36,582			21,026
5.660% due 11/25/2036 •			386			183
5.760% due 09/25/2036 •			2,708			949
5.760% due 12/25/2046 •			443			215
5.920% due 12/25/2046 •			133			65
5.940% due 06/25/2036 •			185			101
6.000% due 04/25/2036 •			224			147
7.110% due 10/25/2034 «•			12			12

Home Equity Asset Trust
6.555% due 05/25/2035 •			39			39

Home Equity Loan Trust
5.690% due 04/25/2037 •			427			403
5.800% due 04/25/2037 •			500			415

Home Equity Mortgage Loan Asset-Backed Trust
5.600% due 11/25/2036 •			229			210
5.620% due 11/25/2036 •			189			165
5.780% due 04/25/2037 •			186			159

HSI Asset Securitization Corp. Trust
5.680% due 12/25/2036 •			193			49
5.800% due 12/25/2036 •			878			221
5.900% due 12/25/2036 •			585			148
6.240% due 11/25/2035 •			2,380			2,246

Invesco Euro CLO DAC
4.556% due 07/15/2031 •	EUR		900			959

JP Morgan Mortgage Acquisition Trust
5.720% due 03/25/2037 •	$		90			88
5.865% due 07/25/2036 •			127			124
6.337% due 08/25/2036 þ			87			51

KKR CLO Ltd.
6.540% due 07/15/2030 •			7,905			7,916

LCM LP
6.586% due 07/20/2030 •			4,347			4,352

Lehman ABS Mortgage Loan Trust
5.550% due 06/25/2037 •			151			99
5.660% due 06/25/2037 •			122			80

Lehman XS Trust
5.630% due 02/25/2037 •			838			634

Long Beach Mortgage Loan Trust
6.510% due 06/25/2035 •			291			279
6.735% due 02/25/2035 •			7,354			7,176
6.885% due 03/25/2032 «•			96			97

MACH Cayman Ltd.
3.474% due 10/15/2039			1,344			1,228

Madison Park Euro Funding DAC
4.706% due 07/15/2032 •	EUR		5,698			6,065

Magnetite Ltd.
6.874% due 10/25/2033 •	$		11,500			11,524

Man GLG Euro CLO DAC
4.716% due 10/15/2032 •	EUR		8,575			9,159

MAPS Ltd.
4.212% due 05/15/2043	$		702			667

MASTR Asset-Backed Securities Trust
5.680% due 08/25/2036 •			138			51
5.760% due 08/25/2036 •			227			85
5.820% due 02/25/2036 •			289			107
5.900% due 11/25/2036 •			3,502			2,056
5.940% due 06/25/2036 •			123			44
5.940% due 08/25/2036 •			136			51
5.960% due 11/25/2035 •			7,196			4,107


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
6.030% due 01/25/2036 •	$		110	$		109
6.210% due 12/25/2034 •			11			10
6.210% due 10/25/2035 •			181			170

Merrill Lynch Mortgage Investors Trust
5.940% due 08/25/2037 •			653			336
6.180% due 05/25/2036 •			35			34
6.360% due 02/25/2047 •			762			438

METAL LLC
4.581% due 10/15/2042			2,745			1,805

MF1 Ltd.
6.689% due 02/19/2037 •			2,228			2,214

MidOcean Credit CLO
6.637% due 02/20/2031 •			2,538			2,544

Morgan Stanley ABS Capital, Inc. Trust
5.530% due 10/25/2036 •			70			31
5.570% due 10/25/2036 •			573			305
5.600% due 10/25/2036 •			2,070			907
5.600% due 11/25/2036 •			181			85
5.610% due 10/25/2036 •			168			89
5.610% due 11/25/2036 •			903			515
5.640% due 03/25/2037 •			311			131
5.660% due 02/25/2037 •			104			49
5.680% due 11/25/2036 •			1,083			507
5.710% due 03/25/2037 •			311			131
5.760% due 06/25/2036 •			488			356
5.760% due 09/25/2036 •			318			109
6.040% due 01/25/2036 •			442			422
6.060% due 12/25/2035 •			10,000			9,134
6.080% due 12/25/2035 •			96			92
6.360% due 05/25/2034 •			60			58
6.450% due 06/25/2035 •			135			132
6.510% due 04/25/2035 •			154			146
6.710% due 07/25/2037 •			400			338

Morgan Stanley Dean Witter Capital, Inc. Trust
6.810% due 02/25/2033 •			209			213

Morgan Stanley Home Equity Loan Trust
5.630% due 04/25/2037 •			441			227
5.690% due 04/25/2037 •			147			76
5.780% due 04/25/2036 •			75			52

Morgan Stanley Mortgage Loan Trust
5.920% due 02/25/2037 •			99			21
6.180% due 04/25/2037 •			203			54
6.465% due 09/25/2046 þ			283			92
7.004% due 11/25/2036 •			216			72

Navient Private Education Loan Trust
4.100% due 12/16/2058 ~			424			414

Navient Student Loan Trust
7.230% due 03/15/2072			2,200			2,280

Nelnet Student Loan Trust
7.533% due 02/20/2041 •			4,004			4,012

New Century Home Equity Loan Trust
6.435% due 10/25/2033 •			746			730

Newcastle Mortgage Securities Trust
5.690% due 04/25/2037 •			1,089			1,060
5.800% due 04/25/2037 •			4,292			3,803

Nomura Home Equity Loan, Inc. Home Equity Loan Trust
6.532% due 10/25/2036 þ			143			31

NovaStar Mortgage Funding Trust
5.760% due 06/25/2036 •			78			56
6.165% due 01/25/2036 •			1,006			995

Octane Receivables Trust
6.440% due 03/20/2029			3,175			3,194

Option One Mortgage Loan Trust
5.600% due 01/25/2037 •			47			27
5.630% due 05/25/2037 •			9,280			4,975
5.680% due 01/25/2037 •			190			110
5.790% due 04/25/2037 •			95			46
6.000% due 01/25/2036 •			300			273
6.225% due 08/25/2035 •			319			305

Option One Mortgage Loan Trust Asset-Backed Certificates
6.150% due 11/25/2035 •			1,580			1,489

Ownit Mortgage Loan Trust
6.360% due 10/25/2036 •			115			109


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Pagaya AI Debt Selection Trust
9.099% due 04/15/2031	$		500	$		511

Park Place Securities, Inc.
6.195% due 09/25/2035 •			148			143

Park Place Securities, Inc. Asset-Backed Pass-Through Certificates
6.195% due 08/25/2035 •			133			129
6.195% due 09/25/2035 •			210			203
6.255% due 07/25/2035 •			50			50
6.285% due 07/25/2035 •			950			882
6.510% due 10/25/2034 •			191			187
6.585% due 03/25/2035 •			175			171
6.705% due 01/25/2036 •			37			36
7.260% due 12/25/2034 •			3,726			3,671

People’s Financial Realty Mortgage Securities Trust
5.600% due 09/25/2036 •			345			88

Popular ABS Mortgage Pass-Through Trust
6.045% due 02/25/2036 «•			10			10

PRET LLC
1.744% due 07/25/2051 þ			1,379			1,345
5.240% due 09/27/2060 þ			1,069			1,066

PRPM LLC
3.720% due 02/25/2027 þ			2,160			2,125

Purple Finance CLO DAC
4.682% due 01/25/2031 •	EUR		156			167

RAAC Trust
6.060% due 06/25/2044 •	$		21			18
6.060% due 09/25/2045 •			865			839
6.160% due 11/25/2046 •			289			275
6.960% due 09/25/2047 •			447			427

Ready Capital Mortgage Financing LLC
7.897% due 10/25/2039 •			3,973			3,992

Regatta Funding Ltd.
6.523% due 10/25/2031 •			16,500			16,526

Renaissance Home Equity Loan Trust
5.545% due 01/25/2037 þ			7,350			2,405
5.608% due 05/25/2036 þ			9,550			4,028
5.812% due 11/25/2036 þ			513			174
6.254% due 08/25/2036 þ			9,184			3,738
7.238% due 09/25/2037 þ			207			84

Residential Asset Mortgage Products Trust
6.020% due 09/25/2036 •			67			61
6.060% due 05/25/2036 •			599			497
6.100% due 01/25/2036 •			353			326
6.150% due 10/25/2035 •			21			20

Residential Asset Securities Corp. Trust
5.720% due 11/25/2036 •			209			191
5.800% due 11/25/2036 •			259			237
5.800% due 04/25/2037 •			1,066			1,010
6.090% due 12/25/2035 «•			16			16
6.120% due 12/25/2035 •			90			79
6.150% due 11/25/2035 •			22			22
6.300% due 12/25/2034 •			2			2

Securitized Asset-Backed Receivables LLC Trust
5.640% due 07/25/2036 •			185			64
5.740% due 05/25/2036 •			3,996			2,073
5.780% due 07/25/2036 •			181			63
5.940% due 07/25/2036 •			621			216
5.960% due 05/25/2036 •			830			431
6.000% due 03/25/2036 •			102			91
6.120% due 08/25/2035 •			104			83
6.135% due 01/25/2035 •			17			15
6.420% due 01/25/2036 •			28			25

SG Mortgage Securities Trust
5.780% due 07/25/2036 •			27,465			5,853
6.135% due 10/25/2035 «•			438			414

Shackleton CLO Ltd.
6.476% due 04/20/2029 •			1,067			1,068

SLM Private Education Loan Trust
10.193% due 10/15/2041 •			1,636			1,712

SMB Private Education Loan Trust
3.500% due 12/16/2041			500			471

Sound Point CLO Ltd.
6.796% due 07/20/2032 •			5,900			5,915

Soundview Home Loan Trust
5.540% due 06/25/2037 •			37			24

See Accompanying Notes

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024


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


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
5.570% due 02/25/2037 •	$		269	$		75
5.640% due 02/25/2037 •			377			106
5.640% due 07/25/2037 •			1,312			1,159
5.960% due 06/25/2036 •			4,814			4,685
5.985% due 03/25/2036 •			74			73
6.410% due 10/25/2037 •			215			159

Specialty Underwriting & Residential Finance Trust
5.411% due 12/25/2036 •			914			867
5.730% due 04/25/2037 •			110			80
5.760% due 09/25/2037 •			7,465			4,999
5.760% due 11/25/2037 •			611			338
6.435% due 12/25/2035 •			61			60

Starwood Commercial Mortgage Trust
6.523% due 07/15/2038 •			315			314

Structured Asset Investment Loan Trust
5.610% due 09/25/2036 •			26			26
5.840% due 03/25/2036 •			67			66
6.060% due 01/25/2036 •			69			67
6.360% due 05/25/2035 •			305			297
6.390% due 09/25/2034 «•			211			189
6.585% due 07/25/2033 •			18			18
6.735% due 12/25/2034 •			1,138			1,101

Structured Asset Securities Corp. Mortgage Loan Trust
5.610% due 09/25/2036 •			38			36
5.690% due 01/25/2037 •			1,721			984
5.730% due 07/25/2036 •			483			480
5.800% due 12/25/2036 «•			40			38
5.880% due 02/25/2037 •			203			196
7.260% due 08/25/2037 •			26			26
7.460% due 08/25/2037 •			72			71

Structured Asset Securities Corp. Trust
6.150% due 09/25/2035 •			324			304

Symphony CLO Ltd.
6.914% due 04/25/2034 •			12,500			12,560

TPG Real Estate Finance Issuer Ltd.
6.643% due 03/15/2038 •			8,254			8,202

Trestles CLO Ltd.
6.756% due 10/20/2034 •			4,500			4,511

Trinitas CLO Ltd.
6.663% due 01/25/2034 •			26,000			26,070

Trinitas Euro CLO DAC
4.827% due 10/20/2032 •	EUR		1,900			2,037

Verdelite Static CLO Ltd.
0.000% due 07/20/2032 •(a)	$		7,600			7,600

Vertical Bridge Holdings LLC
2.636% due 09/15/2050			7,000			6,709


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
3.706% due 02/15/2057	$		1,400	$		1,217

Vibrant CLO Ltd.
6.626% due 09/15/2030 •			4,347			4,351

WaMu Asset-Backed Certificates WaMu Trust
5.685% due 05/25/2037 •			5,315			4,916
5.700% due 05/25/2037 •			996			877

WAVE LLC
3.597% due 09/15/2044			1,654			1,500

Wells Fargo Home Equity Asset-Backed Securities Trust
5.955% due 05/25/2036 •			44			44

Wells Fargo Home Equity Trust Mortgage Pass-Through Certificates
6.060% due 04/25/2034 •			84			81

Whitehorse Ltd.
6.840% due 10/15/2031 •			8,619			8,628

Total Asset-Backed Securities (Cost $525,662)						486,780


SOVEREIGN ISSUES 0.8%

Brazil Government International Bond
6.125% due 03/15/2034			11,500			11,072

Total Sovereign Issues (Cost $11,313)						11,072


		SHARES
COMMON STOCKS 0.0%

INDUSTRIALS 0.0%

Drillco Holding Lux SA «(b)(h)			1,575			37

Forsea Holding SA «(b)			623			14

Total Common Stocks (Cost $32)						51


PREFERRED SECURITIES 1.0%

BANKING & FINANCE 1.0%

American AgCredit Corp.
5.250% due 06/15/2026 •(f)			6,000,000			5,707

Charles Schwab Corp.
5.000% due 12/01/2027 •(f)			4,200,000			3,840

Farm Credit Bank
7.750% due 06/15/2029 •(f)			2,500			2,534


		SHARES			MARKET VALUE (000S)

Farm Credit Bank of Texas
5.700% due 09/15/2025 •(f)			1,700,000	$		1,684

Total Preferred Securities (Cost $14,287)						13,765


		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 0.0%

REPURCHASE AGREEMENTS (i) 0.0%
						512


U.S. TREASURY BILLS 0.0%
5.391% due 07/25/2024 (c)(d)(n)	$		262			261

Total Short-Term Instruments (Cost $773)						773



Total Investments in Securities (Cost $2,068,159)						1,977,863


		SHARES
INVESTMENTS IN AFFILIATES 0.1%

SHORT-TERM INSTRUMENTS 0.1%

CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.1%

PIMCO Short-Term Floating NAV Portfolio III			152,218			1,481

Total Short-Term Instruments (Cost $1,481)						1,481



Total Investments in Affiliates (Cost $1,481)						1,481


Total Investments 145.6% (Cost $2,069,640)				$		1,979,344

Financial Derivative Instruments (k)(m) 0.2% (Cost or Premiums, net $(1,780))						2,978

Other Assets and Liabilities, net (45.8)%						(623,004	)

Net Assets 100.0%				$		1,359,318

NOTES TO SCHEDULE OF INVESTMENTS:

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

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

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

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

(a)	When-issued security.

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

(c)	Zero coupon security.

(d)	Coupon represents a yield to maturity.

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

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

(g)	Contingent convertible security.


38		PIMCO MANAGED ACCOUNTS TRUST			See Accompanying Notes


						June 30, 2024		(Unaudited)

(h) RESTRICTED SECURITIES:


Issuer Description	Coupon			Maturity Date		Acquisition Date		Cost		Market Value		Market Value as Percentage of Net Assets
Drillco Holding Lux SA							06/08/2023	$	32	$	37		0.00	%
Morgan Stanley		0.000	%		04/02/2032		02/11/2020		7,078		5,075		0.37

								$	7,110	$	5,112		0.37	%

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(i) 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⁽¹⁾
FICC		2.600	%		06/28/2024		07/01/2024	$	512	U.S. Treasury Inflation Protected Securities 0.625% due 01/15/2026	$	(522	)	$	512	$	512

Total Repurchase Agreements											$	(522	)	$	512	$	512

REVERSE REPURCHASE AGREEMENTS:


Counterparty	Borrowing Rate⁽²⁾			Settlement Date		Maturity Date		Amount Borrowed⁽²⁾			Payable for Reverse Repurchase Agreements
BOS		5.200	%		06/14/2024		07/11/2024	$	(5,652	)	$	(5,666	)
DEU		5.440			07/01/2024		07/08/2024		(3,600	)		(3,600	)
		5.470			06/21/2024		07/02/2024		(6,231	)		(6,240	)
JPS		5.250			06/14/2024		08/02/2024		(2,432	)		(2,438	)
		5.300			06/14/2024		08/02/2024		(7,240	)		(7,258	)

Total Reverse Repurchase Agreements											$	(25,202	)

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, 2024:


Counterparty	Repurchase Agreement Proceeds to be Received⁽¹⁾		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
BOS	$	0	$	(5,666	)	$	0	$	(5,666	)	$	5,929		$	263
DEU		0		(9,840	)		0		(9,840	)		6,139			(3,701	)
FICC		512		0			0		512			(522	)		(10	)
JPS		0		(9,696	)		0		(9,696	)		10,223			527

Total Borrowings and Other Financing Transactions	$	512	$	(25,202	)	$	0

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	$	(5,666	)	$	(9,696	)	$	0	$	(15,362	)
U.S. Treasury Obligations		0		(6,240	)		0			0		(6,240	)

Total Borrowings	$	0	$	(11,906	)	$	(9,696	)	$	0	$	(21,602	)

Payable for reverse repurchase agreements⁽⁴⁾											$	(21,602	)

See Accompanying Notes

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024


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

(j)	Securities with an aggregate market value of $22,355 have been pledged as collateral under the terms of the above master agreements as of June 30, 2024.

⁽¹⁾	Includes accrued interest.

⁽²⁾	The average amount of borrowings outstanding during the period ended June 30, 2024 was $(10,774) at a weighted average interest rate of 5.300%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.

⁽³⁾

⁽⁴⁾	Unsettled reverse repurchase agreements liability of $(3,600) is outstanding at period end.

(k) 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
Description	Expiration Month		# of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)			Asset		Liability
Canada Government 10-Year Bond September Futures		09/2024		384	$	33,703		$	209		$	0	$	(87	)
U.S. Treasury 10-Year Note September Futures		09/2024		310		34,095			307			0		(124	)

								$	516		$	0	$	(211	)

SHORT FUTURES CONTRACTS

Description	Expiration Month		# of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)			Variation Margin
Description	Expiration Month		# of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)			Asset		Liability
U.S. Treasury 5-Year Note September Futures		09/2024		229	$	(24,406	)	$	(156	)	$	38	$	0
U.S. Treasury 10-Year Ultra Long-Term Bond September Futures		09/2024		698		(79,245	)		(460	)		507		0
U.S. Treasury Long-Term Bond September Futures		09/2024		48		(5,679	)		31			70		0
U.S. Treasury Ultra Long-Term Bond September Futures		09/2024		1,055		(132,238	)		(724	)		2,588		0

								$	(1,309	)	$	3,203	$	0

Total Futures Contracts								$	(793	)	$	3,203	$	(211	)

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, 2024⁽²⁾			Notional Amount⁽³⁾		Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)			Market Value⁽⁴⁾		Variation Margin
Reference Entity	Fixed Receive Rate			Payment Frequency		Maturity Date		Implied Credit Spread at June 30, 2024⁽²⁾			Notional Amount⁽³⁾		Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)			Market Value⁽⁴⁾		Asset		Liability
AT&T, Inc.		1.000	%		Quarterly		12/20/2026		0.451	%	$	7,000	$	52	$	40		$	92	$	1	$	0
Boeing Co.		1.000			Quarterly		12/20/2026		0.946			2,100		23		(20	)		3		0		0
Ford Motor Credit Co. LLC		5.000			Quarterly		12/20/2024		0.266			1,000		43		(19	)		24		0		0
General Motors Co.		5.000			Quarterly		06/20/2028		0.844			7,000		899		164			1,063		4		0
Lennar Corp.		5.000			Quarterly		12/20/2025		0.276			1,200		108		(25	)		83		0		0
Southwest Airlines Co.		1.000			Quarterly		12/20/2026		0.595			500		1		4			5		0		0
Verizon Communications, Inc.		1.000			Quarterly		12/20/2024		0.236			7,800		35		(4	)		31		1		0

													$	1,161	$	140		$	1,301	$	6	$	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
Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate			Payment Frequency	Maturity Date		Notional Amount			Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)			Market Value			Asset		Liability
Pay	1-Day USD-SOFR Compounded-OIS		3.940	%	Annual		02/22/2029		$	18,500	$	(44	)	$	(179	)	$	(223	)	$	0	$	(31	)
Pay	1-Day USD-SOFR Compounded-OIS		3.970		Annual		02/27/2029			6,200		(15	)		(50	)		(65	)		0		(10	)
Pay	1-Day USD-SOFR Compounded-OIS		3.655		Annual		01/24/2034			3,200		(13	)		(89	)		(102	)		0		(19	)
Pay	1-Day USD-SOFR Compounded-OIS		3.685		Annual		01/24/2034			6,300		(26	)		(158	)		(184	)		0		(37	)
Pay	1-Day USD-SOFR Compounded-OIS		3.620		Annual		01/31/2034			3,000		(13	)		(90	)		(103	)		0		(18	)
Pay	1-Day USD-SOFR Compounded-OIS		3.783		Annual		02/07/2034			2,400		(12	)		(37	)		(49	)		0		(14	)
Pay	1-Day USD-SOFR Compounded-OIS		3.860		Annual		02/21/2034			12,400		(56	)		(111	)		(167	)		0		(73	)
Pay	1-Day USD-SOFR Compounded-OIS		3.650		Annual		03/05/2034			6,200		(26	)		(162	)		(188	)		0		(37	)
Pay	1-Day USD-SOFR Compounded-OIS		3.700		Annual		03/05/2034			3,100		(12	)		(69	)		(81	)		0		(18	)
Pay	1-Day USD-SOFR Compounded-OIS		3.710		Annual		03/05/2034			6,200		(23	)		(134	)		(157	)		0		(37	)
Pay	1-Day USD-SOFR Compounded-OIS		3.900		Annual		04/10/2034			6,100		(23	)		(27	)		(50	)		0		(37	)
Pay	1-Day USD-SOFR Compounded-OIS		4.078		Annual		04/29/2034			6,000		(17	)		61			44			0		(37	)


40		PIMCO MANAGED ACCOUNTS TRUST			See Accompanying Notes


						June 30, 2024		(Unaudited)


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
Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate			Payment Frequency	Maturity Date		Notional Amount			Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)			Market Value			Asset		Liability
Pay	1-Day USD-SOFR Compounded-OIS		4.090	%	Annual		04/30/2034		$	10,400	$	(29	)	$	117		$	88		$	0	$	(63	)
Pay	1-Day USD-SOFR Compounded-OIS		4.130		Annual		05/03/2034			10,300		(28	)		150			122			0		(63	)
Receive	1-Day USD-SOFR Compounded-OIS		4.080		Annual		06/05/2034			4,900		(20	)		(25	)		(45	)		31		0
Receive⁽⁵⁾	1-Day USD-SOFR Compounded-OIS		3.994		Annual		07/02/2034			2,900		(9	)		(1	)		(10	)		0		(9	)
Receive⁽⁵⁾	1-Day USD-SOFR Compounded-OIS		4.060		Annual		07/02/2034			10,100		(33	)		(54	)		(87	)		0		(87	)
Pay	1-Day USD-SOFR Compounded-OIS		3.830	��	Annual		10/12/2053			2,000		(80	)		81			1			0		(36	)
Pay	1-Day USD-SOFR Compounded-OIS		3.870		Annual		10/17/2053			2,000		(66	)		82			16			0		(36	)
Pay	1-Day USD-SOFR Compounded-OIS		3.555		Annual		03/05/2054			2,500		(21	)		(81	)		(102	)		0		(44	)
Pay⁽⁵⁾	6-Month AUD-BBR-BBSW		4.750		Semi-Annual		12/20/2033		AUD	202,400		(118	)		856			738			0		(85	)
Pay⁽⁵⁾	6-Month AUD-BBR-BBSW		4.500		Semi-Annual		02/15/2034			131,300		(272	)		(121	)		(393	)		0		(59	)
Receive	CAONREPO		3.500		Semi-Annual		06/01/2032		CAD	64,000		(1,401	)		1,109			(292	)		93		0

											$	(2,357	)	$	1,068		$	(1,289	)	$	124	$	(850	)

Total Swap Agreements											$	(1,196	)	$	1,208		$	12		$	130	$	(850	)

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, 2024:


	Financial Derivative Assets								Financial Derivative Liabilities
	Market Value		Variation Margin Asset				Total		Market Value		Variation Margin Liability				Total
	Purchased Options		Futures		Swap Agreements		Total		Written Options		Futures		Swap Agreements		Total
Total Exchange-Traded or Centrally Cleared	$	0	$	3,203	$	130	$	3,333	$	0	$	(211)	$	(850)	$	(1,061)

(l)	Securities with an aggregate market value of $4,705 and cash of $24,126 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 2024. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

⁽¹⁾

⁽²⁾

⁽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⁾

⁽⁵⁾	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.

(m) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

FORWARD FOREIGN CURRENCY CONTRACTS:


Counterparty	Settlement Month		Currency to be Delivered		Currency to be Received		Unrealized Appreciation/ (Depreciation)
Counterparty	Settlement Month		Currency to be Delivered		Currency to be Received		Asset		Liability
AZD		07/2024	AUD	847	$	564	$	0	$	(1	)

BOA		07/2024	EUR	35,750		38,814		527		0
		07/2024	$	59	KRW	80,858		0		0

BPS		07/2024	AUD	2,724	$	1,806		0		(11	)
		07/2024	$	1,069	CAD	1,459		0		(3	)
		07/2024		59	KRW	80,254		0		0
		08/2024		532	AUD	798		1		0

BRC		07/2024	CAD	299	$	217		0		(1	)
		07/2024	NOK	1,943		185		3		0
		07/2024	TRY	6,175		182		0		(3	)
		08/2024	AUD	2,792		1,860		0		(4	)
		08/2024	$	3,065	TRY	107,437		23		0
		09/2024		1	MXN	15		0		0

CBK		07/2024	GBP	1,596	$	2,030		12		0

See Accompanying Notes

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024


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


Counterparty	Settlement Month		Currency to be Delivered		Currency to be Received		Unrealized Appreciation/ (Depreciation)
Counterparty	Settlement Month		Currency to be Delivered		Currency to be Received		Asset		Liability
		07/2024	$	1,122	AUD	1,699	$	11	$	0
		09/2024	INR	9,986	$	119		0		0

DUB		07/2024	$	32	KRW	43,862		0		0

GLM		07/2024		1,245	AUD	1,872		3		0

JPM		07/2024		39	KRW	54,135		0		0
		07/2024		15,790	TRY	534,795		500		0
		08/2024		2,033		72,978		114		0
		09/2024	MXN	13,561	$	749		17		0

MBC		07/2024	CAD	1,161		848		0		(1	)
		07/2024	$	2,019	GBP	1,596		0		(2	)
		07/2024		142	NOK	1,511		0		(1	)
		08/2024	GBP	1,596	$	2,019		2		0
		08/2024	NOK	1,510		142		0		0
		08/2024	$	848	CAD	1,160		1		0

MYI		07/2024		41	NOK	432		0		0
		08/2024	NOK	431	$	40		0		0
		09/2024	INR	909		11		0		0

SCX		07/2024	$	38,303	EUR	35,750		0		(16	)
		07/2024		30	KRW	40,724		0		0
		08/2024	EUR	35,750	$	38,359		17		0
		09/2024	INR	7,534		90		0		0

UAG		07/2024	ILS	1,785		482		9		0

Total Forward Foreign Currency Contracts							$	1,240	$	(43	)

PURCHASED OPTIONS:

INTEREST RATE SWAPTIONS


Counterparty	Description	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate			Expiration Date		Notional Amount⁽¹⁾		Cost		Market Value
GLM	Call - OTC 1-Year Interest Rate Swap	6-Month EUR-EURIBOR	Pay		2.749	%		11/13/2024		119,600	$	0	$	60
	Call - OTC 1-Year Interest Rate Swap	6-Month EUR-EURIBOR	Pay		2.725			11/14/2024		112,550		0		54
	Call - OTC 1-Year Interest Rate Swap	6-Month EUR-EURIBOR	Pay		2.754			11/15/2024		78,400		0		42
	Call - OTC 1-Year Interest Rate Swap	6-Month EUR-EURIBOR	Pay		2.765			11/18/2024		59,850		0		34
	Call - OTC 1-Year Interest Rate Swap	6-Month EUR-EURIBOR	Pay		2.800			11/20/2024		79,900		0		53
	Call - OTC 1-Year Interest Rate Swap	6-Month EUR-EURIBOR	Pay		2.820			11/21/2024		79,850		0		57
	Call - OTC 1-Year Interest Rate Swap	6-Month EUR-EURIBOR	Pay		2.850			11/22/2024		59,850		0		47
	Call - OTC 1-Year Interest Rate Swap	6-Month EUR-EURIBOR	Pay		2.920			11/25/2024		25,000		0		25

Total Purchased Options											$	0	$	372

WRITTEN OPTIONS:

INTEREST RATE SWAPTIONS


Counterparty	Description	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate			Expiration Date		Notional Amount⁽¹⁾		Premiums (Received)			Market Value
CBK	Call - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		3.710	%		07/26/2024		4,000	$	(15	)	$	(11	)
	Put - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		4.060			07/26/2024		4,000		(15	)		(20	)

GLM	Call - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		3.628			07/18/2024		11,600		(44	)		(13	)
	Put - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		3.978			07/18/2024		11,600		(44	)		(75	)
	Call - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		3.540			07/24/2024		10,200		(43	)		(9	)
	Call - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		3.648			07/24/2024		20,500		(74	)		(37	)
	Put - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		3.998			07/24/2024		20,500		(74	)		(134	)
	Put - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		4.000			07/24/2024		10,200		(43	)		(66	)
	Call - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		3.710			07/29/2024		5,800		(19	)		(16	)
	Put - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		4.110			07/29/2024		5,800		(19	)		(20	)
	Call - OTC 10-Year Interest Rate Swap	6-Month EUR-EURIBOR	Receive		2.310			11/13/2024		13,300		0			(65	)
	Call - OTC 10-Year Interest Rate Swap	6-Month EUR-EURIBOR	Receive		2.300			11/14/2024		12,500		0			(61	)
	Call - OTC 10-Year Interest Rate Swap	6-Month EUR-EURIBOR	Receive		2.310			11/15/2024		8,700		0			(44	)
	Call - OTC 10-Year Interest Rate Swap	6-Month EUR-EURIBOR	Receive		2.310			11/18/2024		6,650		0			(34	)
	Call - OTC 10-Year Interest Rate Swap	6-Month EUR-EURIBOR	Receive		2.350			11/20/2024		8,850		0			(53	)
	Call - OTC 10-Year Interest Rate Swap	6-Month EUR-EURIBOR	Receive		2.357			11/21/2024		8,850		0			(54	)
	Call - OTC 10-Year Interest Rate Swap	6-Month EUR-EURIBOR	Receive		2.360			11/22/2024		6,650		0			(42	)
	Call - OTC 10-Year Interest Rate Swap	6-Month EUR-EURIBOR	Receive		2.400			11/25/2024		2,850		0			(20	)

JPM	Call - OTC 5-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		3.850			07/05/2024		11,500		(28	)		(4	)


42		PIMCO MANAGED ACCOUNTS TRUST			See Accompanying Notes


						June 30, 2024		(Unaudited)


Counterparty	Description	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate			Expiration Date		Notional Amount⁽¹⁾		Premiums (Received)			Market Value
	Put - OTC 5-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		4.250	%		07/05/2024		11,500	$	(28	)	$	(4	)
	Call - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		3.675			07/22/2024		5,800		(23	)		(11	)
	Put - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		4.025			07/22/2024		5,800		(23	)		(31	)

MYC	Call - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		3.765			07/22/2024		10,100		(43	)		(32	)
	Put - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		4.265			07/22/2024		10,100		(43	)		(11	)

Total Written Options											$	(578	)	$	(867	)

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, 2024⁽³⁾			Notional Amount⁽⁴⁾		Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)		Swap Agreements, at Value⁽⁵⁾
Counterparty	Reference Entity	Fixed Receive Rate	Payment Frequency		Maturity Date	Implied Credit Spread at June 30, 2024⁽³⁾			Notional Amount⁽⁴⁾		Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)		Asset		Liability
GST	Mexico Government International Bond	1.000%		Quarterly	12/20/2028		1.011	%	$	100	$	(1	)	$	1	$	0	$	0

MYC	Mexico Government International Bond	1.000		Quarterly	12/20/2026		0.613			300		1			2		3		0
	Mexico Government International Bond	1.000		Quarterly	06/20/2027		0.685			100		(1	)		2		1		0
	Mexico Government International Bond	1.000		Quarterly	06/20/2028		0.890			100		(2	)		2		0		0
	Mexico Government International Bond	1.000		Quarterly	12/20/2028		1.011			300		(3	)		3		0		0

Total Swap Agreements											$	(6	)	$	10	$	4	$	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, 2024:


	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⁾
AZD	$	0	$	0	$	0	$	0	$	(1	)	$	0		$	0	$	(1	)	$	(1	)	$	0		$	(1	)
BOA		527		0		0		527		0			0			0		0			527			(570	)		(43	)
BPS		1		0		0		1		(14	)		0			0		(14	)		(13	)		0			(13	)
BRC		26		0		0		26		(8	)		0			0		(8	)		18			0			18
CBK		23		0		0		23		0			(31	)		0		(31	)		(8	)		0			(8	)
GLM		3		372		0		375		0			(743	)		0		(743	)		(368	)		261			(107	)
JPM		631		0		0		631		0			(50	)		0		(50	)		581			(290	)		291
MBC		3		0		0		3		(4	)		0			0		(4	)		(1	)		0			(1	)
MYC		0		0		4		4		0			(43	)		0		(43	)		(39	)		59			20
SCX		17		0		0		17		(16	)		0			0		(16	)		1			0			1
UAG		9		0		0		9		0			0			0		0			9			0			9

Total Over the Counter	$	1,240	$	372	$	4	$	1,616	$	(43	)	$	(867	)	$	0	$	(910	)

(n)	Securities with an aggregate market value of $320 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of June 30, 2024.

⁽¹⁾	Notional Amount represents the number of contracts.

⁽²⁾

⁽³⁾

⁽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⁾

⁽⁶⁾

See Accompanying Notes

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024


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

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of June 30, 2024:


	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	$	3,203	$	3,203
Swap Agreements		0		6		0		0		124		130

	$	0	$	6	$	0	$	0	$	3,327	$	3,333

Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	1,240	$	0	$	1,240
Purchased Options		0		0		0		0		372		372
Swap Agreements		0		4		0		0		0		4

	$	0	$	4	$	0	$	1,240	$	372	$	1,616

	$	0	$	10	$	0	$	1,240	$	3,699	$	4,949


Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	0	$	0	$	211	$	211
Swap Agreements		0		0		0		0		850		850

	$	0	$	0	$	0	$	0	$	1,061	$	1,061

Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	43	$	0	$	43
Written Options		0		0		0		0		867		867

	$	0	$	0	$	0	$	43	$	867	$	910

	$	0	$	0	$	0	$	43	$	1,928	$	1,971

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2024:


	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	$	739		$	739
Futures		0		0			0		0		5,360			5,360
Swap Agreements		0		356			0		0		1,048			1,404

	$	0	$	356		$	0	$	0	$	7,147		$	7,503

Over the counter
Forward Foreign Currency Contracts	$	0	$	0		$	0	$	1,788	$	0		$	1,788
Written Options		0		0			0		0		1,940			1,940
Swap Agreements		0		11			0		0		0			11

	$	0	$	11		$	0	$	1,788	$	1,940		$	3,739

	$	0	$	367		$	0	$	1,788	$	9,087		$	11,242


Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Futures	$	0	$	0		$	0	$	0	$	6,305		$	6,305
Swap Agreements		0		(63	)		0		0		(1,891	)		(1,954	)

	$	0	$	(63	)	$	0	$	0	$	4,414		$	4,351

Over the counter
Forward Foreign Currency Contracts	$	0	$	0		$	0	$	1,464	$	0		$	1,464
Purchased Options		0		0			0		0		372			372
Written Options		0		0			0		0		(297	)		(297	)
Swap Agreements		0		(12	)		0		0		0			(12	)

	$	0	$	(12	)	$	0	$	1,464	$	75		$	1,527

	$	0	$	(75	)	$	0	$	1,464	$	4,489		$	5,878


44		PIMCO MANAGED ACCOUNTS TRUST			See Accompanying Notes


						June 30, 2024		(Unaudited)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2024 in valuing the Portfolio’s assets and liabilities:


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2024
Investments in Securities, at Value
Loan Participations and Assignments	$	0	$	0	$	7,276	$	7,276
Corporate Bonds & Notes
Banking & Finance		0		279,154		0		279,154
Industrials		0		64,904		0		64,904
Utilities		0		28,917		0		28,917
Municipal Bonds & Notes
California		0		14,484		0		14,484
Pennsylvania		0		656		0		656
U.S. Government Agencies		0		738,595		0		738,595
U.S. Treasury Obligations		0		81,973		0		81,973
Non-Agency Mortgage-Backed Securities		0		247,422		2,041		249,463
Asset-Backed Securities		0		485,963		817		486,780
Sovereign Issues		0		11,072		0		11,072
Common Stocks
Industrials		0		0		51		51
Preferred Securities
Banking & Finance		0		13,765		0		13,765
Short-Term Instruments
Repurchase Agreements		0		512		0		512
U.S. Treasury Bills		0		261		0		261

	$	0	$	1,967,678	$	10,185	$	1,977,863


Category and Subcategory	Level 1			Level 2			Level 3		Fair Value at 06/30/2024
Investments in Affiliates, at Value
Short-Term Instruments
Central Funds Used for Cash Management Purposes	$	1,481		$	0		$	0	$	1,481


Total Investments	$	1,481		$	1,967,678		$	10,185	$	1,979,344


Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared		0			3,333			0		3,333
Over the counter		0			1,616			0		1,616

	$	0		$	4,949		$	0	$	4,949


Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared		(87	)		(974	)		0		(1,061	)
Over the counter		(36	)		(874	)		0		(910	)

	$	(123	)	$	(1,848	)	$	0	$	(1,971	)


Total Financial Derivative Instruments	$	(123	)	$	3,101		$	0	$	2,978


Totals	$	1,358		$	1,970,779		$	10,185	$	1,982,322

There were no significant transfers into or out of Level 3 during the period ended June 30, 2024.

See Accompanying Notes

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024


Schedule of Investments		PIMCO Fixed Income SHares: Series R

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


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 200.2%

CORPORATE BONDS & NOTES 1.8%

BANKING & FINANCE 1.8%

Jyske Realkredit AS
1.500% due 10/01/2053	DKK		1,880	$		206

Nordea Kredit Realkreditaktieselskab
1.000% due 10/01/2053			24			3
1.500% due 10/01/2053			805			90
2.000% due 10/01/2053			500			58

Nykredit Realkredit AS
1.000% due 10/01/2050			12			1
1.500% due 10/01/2052			6,024			688
1.500% due 10/01/2053			100			10
2.500% due 10/01/2047			16			2
3.000% due 10/01/2053			5,071			673

Realkredit Danmark AS
1.500% due 10/01/2053			2,308			263
2.000% due 10/01/2053			368			40
2.500% due 04/01/2047			11			1
3.000% due 10/01/2053			4,502			598

UBS Group AG
7.750% due 03/01/2029 •	EUR		100			121

Total Corporate Bonds & Notes (Cost $3,252)						2,754


U.S. GOVERNMENT AGENCIES 37.6%

Fannie Mae
5.895% due 02/25/2037 •	$		9			9
6.314% due 10/01/2044 •			1			1

Freddie Mac
5.751% due 09/01/2036 •			6			6
7.588% due 07/01/2036 •			18			18

Ginnie Mae
6.246% due 08/20/2068 •			263			260
6.283% due 09/20/2073 - 10/20/2073 •			5,765			5,804
6.313% due 09/20/2073 •			3,840			3,866

Ginnie Mae, TBA
3.500% due 08/01/2054			13,300			11,950

Uniform Mortgage-Backed Security
3.500% due 12/01/2045			7			6

Uniform Mortgage-Backed Security, TBA
4.000% due 08/01/2054			2,600			2,381
4.500% due 08/01/2054			10,400			9,808
5.000% due 08/01/2054			4,600			4,445
5.500% due 08/01/2054			5,300			5,227
6.000% due 08/01/2054			8,300			8,320
6.500% due 08/01/2054			6,300			6,409

Total U.S. Government Agencies (Cost $58,669)						58,510


U.S. TREASURY OBLIGATIONS 129.5%

U.S. Treasury Inflation Protected Securities (c)
0.125% due 10/15/2025 (h)			362			351
0.125% due 04/15/2026			5,188			4,957
0.125% due 07/15/2026			4,957			4,739
0.125% due 04/15/2027			2,998			2,821
0.125% due 01/15/2030 (e)			19,411			17,477
0.125% due 07/15/2030			2,079			1,861
0.125% due 01/15/2031			6,901			6,094
0.125% due 07/15/2031 (e)			23,476			20,624
0.125% due 01/15/2032 (e)			8,482			7,347
0.125% due 02/15/2051			4,094			2,371
0.125% due 02/15/2052			4,280			2,434
0.250% due 07/15/2029 (e)			11,645			10,696
0.250% due 02/15/2050			4,085			2,497
0.375% due 01/15/2027			1,038			987


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
0.375% due 07/15/2027 (e)	$		10,304	$		9,780
0.500% due 01/15/2028 (e)			7,295			6,876
0.625% due 01/15/2026			4,935			4,775
0.625% due 07/15/2032 (e)			13,704			12,293
0.625% due 02/15/2043			3,845			2,891
0.750% due 07/15/2028			874			831
0.750% due 02/15/2042			3,455			2,702
0.750% due 02/15/2045			2,490			1,867
0.875% due 01/15/2029			3,476			3,294
0.875% due 02/15/2047			708			532
1.000% due 02/15/2046			7,396			5,778
1.000% due 02/15/2048			1,635			1,253
1.000% due 02/15/2049			3,401			2,586
1.125% due 01/15/2033			4,105			3,799
1.375% due 07/15/2033 (e)			15,278			14,433
1.375% due 02/15/2044			619			531
1.500% due 02/15/2053 (h)			316			266
1.625% due 10/15/2027			6,879			6,768
1.750% due 01/15/2028			4,422			4,353
2.000% due 01/15/2026			2,390			2,361
2.125% due 02/15/2040			1,683			1,667
2.125% due 02/15/2041			2,820			2,799
2.125% due 02/15/2054			1,839			1,790
2.375% due 10/15/2028 (e)			17,400			17,633
2.500% due 01/15/2029			1,342			1,366
3.375% due 04/15/2032			450			492
3.625% due 04/15/2028			2,539			2,669

Total U.S. Treasury Obligations (Cost $223,766)						201,641


NON-AGENCY MORTGAGE-BACKED SECURITIES 3.9%

Banc of America Funding Trust
4.347% due 01/20/2047 ~			306			253

Countrywide Alternative Loan Trust
5.648% due 12/20/2046 •			500			428

Ginnie Mae
6.233% due 11/20/2073 •			1,214			1,218
6.433% due 11/20/2073 •			1,833			1,862

Grifonas Finance PLC
4.181% due 08/28/2039 •	EUR		63			66

GSR Mortgage Loan Trust
5.057% due 09/25/2035 ~	$		6			6

HarborView Mortgage Loan Trust
6.353% due 06/20/2035 •			195			172

IndyMac INDX Mortgage Loan Trust
6.300% due 05/25/2034 •			485			428

MortgageIT Mortgage Loan Trust
6.465% due 12/25/2034 «•			6			5

OPEN Trust
8.418% due 10/15/2028 •			1,625			1,647

Residential Accredit Loans, Inc. Trust
5.619% due 06/25/2046 •			198			45

Total Non-Agency Mortgage-Backed Securities (Cost $6,133)						6,130


ASSET-BACKED SECURITIES 8.6%

Atlas Senior Loan Fund Ltd.
6.739% due 01/16/2030 •			100			100

Avoca Static CLO DAC
5.506% due 10/15/2030 •	EUR		963			1,035

Carlyle Euro CLO DAC
4.601% due 08/28/2031 •			943			1,010

Carlyle Global Market Strategies Euro CLO DAC
4.578% due 11/15/2031			835			890

Citigroup Mortgage Loan Trust
5.540% due 01/25/2037 •	$		128			91
5.750% due 09/25/2036 •			216			205
6.150% due 10/25/2035 •			500			447


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Elmwood CLO Ltd.
7.033% due 12/11/2033 •	$		1,800	$		1,806

Home Equity Asset Trust
6.315% due 08/25/2034 •			26			25

MAN Euro CLO DAC
5.656% due 10/15/2036 •	EUR		1,800			1,932

Man GLG Euro CLO DAC
4.409% due 12/15/2031 •			879			942
4.716% due 10/15/2032 •			277			296

Marathon Static CLO Ltd.
6.475% due 07/20/2030 •	$		911			911

Massachusetts Educational Financing Authority
6.559% due 04/25/2038 •			13			13

Morgan Stanley ABS Capital, Inc. Trust
6.120% due 01/25/2035 •			184			177

Neuberger Berman Loan Advisers CLO Ltd.
6.913% due 10/24/2032 •			900			897

Nomura Home Equity Loan, Inc. Home Equity Loan Trust
6.225% due 05/25/2035 •			940			923

Palmer Square European Loan Funding DAC
5.328% due 05/15/2033 •	EUR		1,613			1,726

Saxon Asset Securities Trust
1.979% due 05/25/2035 •	$		26			24

Structured Asset Securities Corp. Mortgage Loan Trust
7.460% due 08/25/2037 •			5			5

Total Asset-Backed Securities (Cost $13,272)						13,455


SOVEREIGN ISSUES 17.1%

Canada Government Bond
4.250% due 12/01/2026 (c)	CAD		1,097			850

France Government International Bond
0.100% due 03/01/2026 (c)	EUR		2,747			2,876
0.100% due 07/25/2031 (c)			1,076			1,086
0.250% due 07/25/2024 (c)			3,819			4,087

Italy Buoni Poliennali Del Tesoro
0.400% due 05/15/2030 (c)			243			239
1.400% due 05/26/2025 (c)			9,194			9,739
1.800% due 05/15/2036 (c)			101			104

Japan Government International Bond
0.100% due 03/10/2028 (c)	JPY		431,166			2,804
0.100% due 03/10/2029 (c)			754,992			4,930

Total Sovereign Issues (Cost $30,222)						26,715


SHORT-TERM INSTRUMENTS 1.7%

REPURCHASE AGREEMENTS (d) 1.7%
						2,583


U.S. TREASURY BILLS 0.0%
5.378% due 07/11/2024 (a)(b)	$		2			2

Total Short-Term Instruments (Cost $2,585)						2,585



Total Investments in Securities (Cost $337,899)						311,790


Total Investments 200.2% (Cost $337,899)				$		311,790

Financial Derivative Instruments (f)(g) 0.3% (Cost or Premiums, net $(217))						541

Other Assets and Liabilities, net (100.5)%						(156,571	)

Net Assets 100.0%				$		155,760

NOTES TO SCHEDULE OF INVESTMENTS:

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

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


46		PIMCO MANAGED ACCOUNTS TRUST			See Accompanying Notes


						June 30, 2024		(Unaudited)

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

(a)	Zero coupon security.

(b)	Coupon represents a yield to maturity.

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

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⁽¹⁾
FICC		2.600	%		06/28/2024		07/01/2024	$	1,181	U.S. Treasury Inflation Protected Securities 0.625% due 01/15/2026	$	(1,205	)	$	1,181	$	1,181
JPS		5.330			06/14/2024		07/25/2024		1,402	U.S. Treasury Inflation Protected Securities 1.750% due 01/15/2034		(1,398	)		1,402		1,406

Total Repurchase Agreements											$	(2,603	)	$	2,583	$	2,587

SALE-BUYBACK TRANSACTIONS:


Counterparty	Borrowing Rate⁽²⁾			Borrowing Date		Maturity Date		Amount Borrowed⁽²⁾			Payable for Sale-Buyback Transactions⁽³⁾
BCY		5.440	%		06/12/2024		07/24/2024	$	(57,378	)	$	(57,543	)
		5.460			06/18/2024		07/16/2024		(20,307	)		(20,347	)
BPG		5.450			06/13/2024		07/25/2024		(11,011	)		(11,041	)
		5.460			06/25/2024		08/06/2024		(23,651	)		(23,672	)

Total Sale-Buyback Transactions											$	(112,603	)

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, 2024:


Counterparty	Repurchase Agreement Proceeds to be Received⁽¹⁾		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions⁽³⁾			Total Borrowings and Other Financing Transactions			Collateral Pledged/(Received)			Net Exposure⁽⁴⁾
Global/Master Repurchase Agreement
FICC	$	1,181	$	0	$	0		$	1,181		$	(1,205	)	$	(24	)
JPS		1,406		0		0			1,406			(1,398	)		8

Master Securities Forward Transaction Agreement
BCY		0		0		(77,890	)		(77,890	)		77,574			(316	)
BPG		0		0		(34,713	)		(34,713	)		34,457			(256	)

Total Borrowings and Other Financing Transactions	$	2,587	$	0	$	(112,603	)

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	$	(88,931	)	$	(23,672	)	$	0	$	(112,603	)

Total Borrowings	$	0	$	(88,931	)	$	(23,672	)	$	0	$	(112,603	)

Payable for sale-buyback financing transactions											$	(112,603	)

(e)	Securities with an aggregate market value of $112,581 have been pledged as collateral under the terms of the above master agreements as of June 30, 2024.

⁽¹⁾	Includes accrued interest.

⁽²⁾	The average amount of borrowings outstanding during the period ended June 30, 2024 was $(128,612) at a weighted average interest rate of 5.421%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.

See Accompanying Notes

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024


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

⁽³⁾	Payable for sale-buyback transactions includes $(415) of deferred price drop.

⁽⁴⁾

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

WRITTEN OPTIONS:

FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS


Description	Strike Price		Expiration Date		# of Contracts		Notional Amount		Premiums (Received)			Market Value
Call - EUREX Euro-Schatz July 2024 Futures		106.200		07/26/2024		127	$	127	$	(22	)	$	(9	)

Total Written Options									$	(22	)	$	(9	)

FUTURES CONTRACTS:

LONG FUTURES CONTRACTS


Description	Expiration Month		# of Contracts		Notional Amount				Unrealized Appreciation/ (Depreciation)			Variation Margin
Description	Expiration Month		# of Contracts		Notional Amount				Unrealized Appreciation/ (Depreciation)			Asset		Liability
Australia Government 10-Year Bond September Futures		09/2024		59		$	4,470		$	(10	)	$	34	$	(34	)
Euro-BTP Future September Futures		09/2024		57			7,038			(71	)		0		(40	)
U.S. Treasury 10-Year Ultra Long-Term Bond September Futures		09/2024		123			13,964			115			0		(59	)
U.S. Treasury Ultra Long-Term Bond September Futures		09/2024		7			877			6			0		(12	)

									$	40		$	34	$	(145	)

SHORT FUTURES CONTRACTS

Description	Expiration Month		# of Contracts		Notional Amount				Unrealized Appreciation/ (Depreciation)			Variation Margin
Description	Expiration Month		# of Contracts		Notional Amount				Unrealized Appreciation/ (Depreciation)			Asset		Liability
Euro-BOBL Future September Futures		09/2024		4		$	(499	)	$	(5	)	$	1	$	0
Euro-BTP Italy Government Bond September Futures		09/2024		64			(7,197	)		(1	)		5		0
Euro-Bund September Futures		09/2024		18			(2,537	)		6			8		0
Euro-Buxl 30-Year Bond September Futures		09/2024		9			(1,255	)		(30	)		13		(2	)
Euro-OAT France Government 10-Year Bond September Futures		09/2024		44			(5,802	)		49			31		0
Euro-Schatz September Futures		09/2024		74			(8,377	)		(36	)		3		(1	)
U.S. Treasury 2-Year Note September Futures		09/2024		185			(37,780	)		(25	)		4		0
U.S. Treasury 5-Year Note September Futures		09/2024		81			(8,633	)		(49	)		9		0
U.S. Treasury 10-Year Note September Futures		09/2024		222			(24,417	)		(249	)		59		0
U.S. Treasury Long-Term Bond September Futures		09/2024		156			(18,457	)		(153	)		156		0

									$	(493	)	$	289	$	(3	)

Total Futures Contracts									$	(453	)	$	323	$	(148	)

SWAP AGREEMENTS:

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
Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate			Payment Frequency	Maturity Date		Notional Amount			Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)			Market Value			Asset		Liability
Receive	1-Day JPY-MUTKCALM Compounded-OIS		0.300	%	Semi-Annual		09/20/2027		JPY	172,740	$	(3	)	$	13		$	10		$	1	$	0
Receive	1-Day JPY-MUTKCALM Compounded-OIS		0.550		Annual		09/14/2028			160,000		(2	)		1			(1	)		1		0
Receive	1-Day JPY-MUTKCALM Compounded-OIS		0.500		Annual		12/15/2031			607,000		55			35			90			9		0
Receive	1-Day USD-SOFR Compounded-OIS		4.250		Annual		12/20/2025		$	18,280		122			137			259			1		0
Receive	1-Day USD-SOFR Compounded-OIS		4.750		Annual		01/18/2026			1,400		(7	)		12			5			0		0
Receive	1-Day USD-SOFR Compounded-OIS		4.758		Annual		01/18/2026			4,800		(22	)		37			15			0		0
Pay	1-Day USD-SOFR Compounded-OIS		2.340		Semi-Annual		11/21/2028			14,780		(186	)		(1,081	)		(1,267	)		0		(24	)
Pay	1-Day USD-SOFR Compounded-OIS		3.085		Annual		02/13/2034			11,200		(96	)		(780	)		(876	)		0		(65	)
Receive	1-Day USD-SOFR Compounded-OIS		2.237		Semi-Annual		11/21/2053			3,050		189			781			970			44		0
Receive	1-Day USD-SOFR Compounded-OIS		2.865		Annual		02/13/2054			7,000		134			1,026			1,160			113		0
Receive	1-Day USD-SOFR Compounded-OIS		3.500		Annual		06/20/2054			2,000		53			31			84			35		0
Pay	6-Month EUR-EURIBOR		0.650		Annual		04/12/2027		EUR	2,000		(11	)		(140	)		(151	)		0		(1	)
Pay	6-Month EUR-EURIBOR		0.650		Annual		05/11/2027			900		(7	)		(60	)		(67	)		0		0
Pay	6-Month EUR-EURIBOR		1.000		Annual		05/13/2027			1,800		(7	)		(108	)		(115	)		0		(1	)
Pay	6-Month EUR-EURIBOR		1.000		Annual		05/18/2027			800		(3	)		(48	)		(51	)		0		0


48		PIMCO MANAGED ACCOUNTS TRUST			See Accompanying Notes


						June 30, 2024		(Unaudited)


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
Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate			Payment Frequency	Maturity Date		Notional Amount			Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)			Market Value			Asset		Liability
Pay	6-Month EUR-EURIBOR		2.879	%	Annual		08/15/2032		EUR	5,600	$	0		$	90		$	90		$	0	$	(10	)
Pay⁽¹⁾	6-Month EUR-EURIBOR		2.750		Annual		09/18/2034			28,900		410			(530	)		(120	)		0		(61	)
Receive	6-Month EUR-EURIBOR		0.190		Annual		11/04/2052			1,000		62			442			504			2		0
Receive	6-Month EUR-EURIBOR		0.195		Annual		11/04/2052			1,100		1			552			553			2		0
Receive	6-Month EUR-EURIBOR		0.197		Annual		11/08/2052			1,900		118			836			954			3		0
Receive⁽¹⁾	6-Month EUR-EURIBOR		2.500		Annual		09/18/2054			10,600		(486	)		495			9			25		0
Pay	CPTFEMU		3.520		Maturity		09/15/2024			800		(2	)		(5	)		(7	)		2		0
Receive	CPTFEMU		2.965		Maturity		05/15/2027			200		0			5			5			0		0
Receive	CPTFEMU		3.000		Maturity		05/15/2027			1,000		1			20			21			1		0
Receive	CPTFEMU		3.130		Maturity		05/15/2027			300		0			4			4			0		0
Receive	CPTFEMU		2.359		Maturity		08/15/2030			1,600		10			33			43			1		0
Pay	CPTFEMU		1.380		Maturity		03/15/2031			3,900		(28	)		(774	)		(802	)		1		0
Receive	CPTFEMU		2.600		Maturity		05/15/2032			1,400		7			26			33			1		0
Receive	CPTFEMU		2.570		Maturity		06/15/2032			900		0			9			9			0		0
Receive	CPTFEMU		2.720		Maturity		06/15/2032			2,100		(6	)		(8	)		(14	)		1		0
Receive	CPTFEMU		2.470		Maturity		07/15/2032			800		0			16			16			1		0
Receive	CPTFEMU		1.710		Maturity		03/15/2033			300		(1	)		48			47			1		0
Pay	CPTFEMU		2.356		Maturity		11/15/2033			1,300		(2	)		25			23			0		(1	)
Pay	CPTFEMU		2.363		Maturity		11/15/2033			800		0			15			15			0		(1	)
Pay	CPTFEMU		2.390		Maturity		11/15/2033			700		1			14			15			0		(1	)
Pay	CPTFEMU		2.488		Maturity		05/15/2037			10		0			0			0			0		0
Pay	CPTFEMU		2.580		Maturity		03/15/2052			300		0			(13	)		(13	)		0		(2	)
Pay	CPTFEMU		2.590		Maturity		03/15/2052			400		(10	)		(6	)		(16	)		0		(2	)
Pay	CPTFEMU		2.421		Maturity		05/15/2052			170		0			(13	)		(13	)		0		(1	)
Pay	CPTFEMU		2.590		Maturity		12/15/2052			300		0			8			8			0		(2	)
Pay	CPTFEMU		2.700		Maturity		04/15/2053			1,100		7			74			81			0		(8	)
Pay	CPTFEMU		2.763		Maturity		09/15/2053			700		2			65			67			0		(5	)
Pay	CPTFEMU		2.682		Maturity		10/15/2053			200		0			14			14			0		(1	)
Pay	CPTFEMU		2.736		Maturity		10/15/2053			400		4			31			35			0		(3	)
Receive	CPTFEMU		2.548		Maturity		11/15/2053			200		(1	)		(4	)		(5	)		1		0
Receive	CPTFEMU		2.620		Maturity		11/15/2053			200		0			(10	)		(10	)		1		0
Pay	CPURNSA		2.500		Maturity		09/07/2024		$	7,700		0			(43	)		(43	)		3		0
Pay	CPURNSA		2.510		Maturity		09/08/2024			3,900		0			(22	)		(22	)		2		0
Receive	CPURNSA		2.419		Maturity		03/05/2026			300		0			32			32			0		0
Receive	CPURNSA		2.768		Maturity		05/13/2026			1,800		0			155			155			2		0
Receive	CPURNSA		2.813		Maturity		05/14/2026			800		0			67			67			1		0
Receive	CPURNSA		2.703		Maturity		05/25/2026			830		0			73			73			1		0
Receive	CPURNSA		2.690		Maturity		06/01/2026			600		0			53			53			1		0
Pay	CPURNSA		2.370		Maturity		06/06/2028			2,200		0			(220	)		(220	)		0		(4	)
Pay	CPURNSA		2.165		Maturity		04/16/2029			2,000		0			(253	)		(253	)		0		(4	)
Pay	CPURNSA		1.954		Maturity		06/03/2029			1,000		0			(146	)		(146	)		0		(2	)
Pay	CPURNSA		1.998		Maturity		07/25/2029			1,300		0			(181	)		(181	)		0		(2	)
Pay	CPURNSA		1.883		Maturity		11/20/2029			500		1			(78	)		(77	)		0		(1	)
Receive	CPURNSA		2.311		Maturity		02/24/2031			1,500		1			176			177			3		0
Receive	ESTRON		3.475		Annual		02/26/2025		EUR	66,500		14			108			122			2		0
Pay	FRCPXTOB		1.410		Maturity		11/15/2039			300		0			(70	)		(70	)		0		(1	)

Total Swap Agreements											$	312		$	966		$	1,278		$	262	$	(203	)

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, 2024:


	Financial Derivative Assets								Financial Derivative Liabilities
	Market Value		Variation Margin Asset				Total		Market Value		Variation Margin Liability				Total
	Purchased Options		Futures		Swap Agreements		Total		Written Options		Futures		Swap Agreements		Total
Total Exchange-Traded or Centrally Cleared	$	0	$	323	$	262	$	585	$	(9)	$	(148)	$	(203)	$	(360)

Cash of $3,130 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 2024. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

⁽¹⁾	This instrument has a forward starting effective date.

See Accompanying Notes

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024


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

(g) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

FORWARD FOREIGN CURRENCY CONTRACTS:


Counterparty	Settlement Month		Currency to be Delivered		Currency to be Received		Unrealized Appreciation/ (Depreciation)
Counterparty	Settlement Month		Currency to be Delivered		Currency to be Received		Asset		Liability
AZD		07/2024	AUD	185	$	123	$	0	$	0
		07/2024	$	146	NZD	238		0		(1	)

BOA		07/2024	EUR	25,167	$	27,324		371		0

BPS		07/2024	CAD	1,023		749		2		0
		07/2024	JPY	1,238,539		7,923		225		0
		07/2024	NZD	229		141		2		0
		07/2024	PLN	397		98		0		(1	)
		07/2024	$	123	AUD	185		0		0
		07/2024		508	EUR	468		0		(7	)
		08/2024	AUD	185	$	123		0		0

BRC		07/2024	DKK	7,281		1,060		14		0
		07/2024	NOK	325		31		0		0
		09/2024	MXN	2		0		0		0

CBK		07/2024	JPY	25,600		162		3		0

DUB		09/2024	PEN	449		120		3		0

GLM		08/2024	BRL	636		124		11		0

JPM		07/2024	$	1,577	DKK	10,989		1		0
		08/2024	DKK	10,969	$	1,577		0		(1	)
		09/2024	$	88	MXN	1,590		0		(2	)

MBC		07/2024		748	CAD	1,024		1		0
		07/2024		127	EUR	118		0		0
		07/2024		24	NOK	253		0		0
		08/2024	CAD	1,023	$	748		0		(1	)
		08/2024	NOK	253		24		0		0

MYI		07/2024	$	1,080	DKK	7,542		3		0
		08/2024	DKK	7,528	$	1,080		0		(2	)

SCX		07/2024	$	26,462	EUR	24,699		0		(11	)
		08/2024	EUR	24,699	$	26,501		11		0

TOR		07/2024	$	7,906	JPY	1,264,218		0		(49	)
		08/2024	JPY	1,258,290	$	7,906		49		0

UAG		07/2024	DKK	11,271		1,637		18		0

Total Forward Foreign Currency Contracts							$	714	$	(75	)

WRITTEN OPTIONS:

INFLATION-CAPPED OPTIONS


Counterparty	Description	Initial Index		Floating Rate	Expiration Date		Notional Amount⁽¹⁾		Premiums (Received)			Market Value
GLM	Cap - OTC CPALEMU		100.151	Maximum of [(Final Index/Initial Index - 1) - 3.000%] or 0		06/22/2035		1,200	$	(54	)	$	(43	)

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 2-Year Interest Rate Swap	6-Month EUR-EURIBOR	Receive		2.900	%		08/29/2025		2,700	$	(35	)	$	(26	)
	Put - OTC 2-Year Interest Rate Swap	6-Month EUR-EURIBOR	Pay		2.900			08/29/2025		2,700		(35	)		(16	)

GST	Call - OTC 2-Year Interest Rate Swap	6-Month EUR-EURIBOR	Receive		2.800			09/01/2025		15,200		(192	)		(131	)
	Put - OTC 2-Year Interest Rate Swap	6-Month EUR-EURIBOR	Pay		2.800			09/01/2025		15,200		(191	)		(107	)

											$	(453	)	$	(280	)

Total Written Options											$	(507	)	$	(323	)


50		PIMCO MANAGED ACCOUNTS TRUST			See Accompanying Notes


						June 30, 2024		(Unaudited)

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of June 30, 2024:


	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⁾
AZD	$	0	$	0	$	0	$	0	$	(1	)	$	0		$	0	$	(1	)	$	(1	)	$	0		$	(1	)
BOA		371		0		0		371		0			0			0		0			371			(260	)		111
BPS		229		0		0		229		(8	)		0			0		(8	)		221			0			221
BRC		14		0		0		14		0			0			0		0			14			0			14
CBK		3		0		0		3		0			0			0		0			3			0			3
DUB		3		0		0		3		0			0			0		0			3			0			3
GLM		11		0		0		11		0			(85	)		0		(85	)		(74	)		0			(74	)
GST		0		0		0		0		0			(238	)		0		(238	)		(238	)		398			160
JPM		1		0		0		1		(3	)		0			0		(3	)		(2	)		0			(2	)
MBC		1		0		0		1		(1	)		0			0		(1	)		0			0			0
MYI		3		0		0		3		(2	)		0			0		(2	)		1			0			1
SCX		11		0		0		11		(11	)		0			0		(11	)		0			0			0
TOR		49		0		0		49		(49	)		0			0		(49	)		0			0			0
UAG		18		0		0		18		0			0			0		0			18			0			18

Total Over the Counter	$	714	$	0	$	0	$	714	$	(75	)	$	(323	)	$	0	$	(398	)

(h)	Securities with an aggregate market value of $398 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of June 30, 2024.

⁽¹⁾	Notional Amount represents the number of contracts.

⁽²⁾

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of June 30, 2024:


	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	$	323	$	323
Swap Agreements		0		0		0		0		262		262

	$	0	$	0	$	0	$	0	$	585	$	585

Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	714	$	0	$	714

	$	0	$	0	$	0	$	714	$	585	$	1,299


Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Written Options	$	0	$	0	$	0	$	0	$	9	$	9
Futures		0		0		0		0		148		148
Swap Agreements		0		0		0		0		203		203

	$	0	$	0	$	0	$	0	$	360	$	360

Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	75	$	0	$	75
Written Options		0		0		0		0		323		323

	$	0	$	0	$	0	$	75	$	323	$	398

	$	0	$	0	$	0	$	75	$	683	$	758

See Accompanying Notes

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024


Schedule of Investments		PIMCO Fixed Income SHares: Series R		(Cont.)		June 30, 2024		(Unaudited)

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2024:


	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	$	88		$	88
Futures		(100	)		0		0		0		1,818			1,718
Swap Agreements		0			0		0		0		261			261

	$	(100	)	$	0	$	0	$	0	$	2,167		$	2,067

Over the counter
Forward Foreign Currency Contracts	$	0		$	0	$	0	$	1,334	$	0		$	1,334
Written Options		0			0		0		0		277			277

	$	0		$	0	$	0	$	1,334	$	277		$	1,611

	$	(100	)	$	0	$	0	$	1,334	$	2,444		$	3,678


Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Written Options	$	0		$	0	$	0	$	0	$	13		$	13
Futures		(1	)		0		0		0		637			636
Swap Agreements		0			0		0		0		(835	)		(835	)

	$	(1	)	$	0	$	0	$	0	$	(185	)	$	(186	)

Over the counter
Forward Foreign Currency Contracts	$	0		$	0	$	0	$	1,216	$	0		$	1,216
Written Options		0			0		0		0		349			349

	$	0		$	0	$	0	$	1,216	$	349		$	1,565

	$	(1	)	$	0	$	0	$	1,216	$	164		$	1,379

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2024 in valuing the Portfolio’s assets and liabilities:


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2024
Investments in Securities, at Value
Corporate Bonds & Notes
Banking & Finance	$	0	$	2,754	$	0	$	2,754
U.S. Government Agencies		0		58,510		0		58,510
U.S. Treasury Obligations		0		201,641		0		201,641
Non-Agency Mortgage-Backed Securities		0		6,125		5		6,130
Asset-Backed Securities		0		13,455		0		13,455
Sovereign Issues		0		26,715		0		26,715
Short-Term Instruments
Repurchase Agreements		0		2,583		0		2,583
U.S. Treasury Bills		0		2		0		2


Total Investments	$	0	$	311,785	$	5	$	311,790


Category and Subcategory	Level 1			Level 2			Level 3		Fair Value at 06/30/2024
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared	$	95		$	490		$	0	$	585
Over the counter		0			714			0		714

	$	95		$	1,204		$	0	$	1,299


Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared		(86	)		(274	)		0		(360	)
Over the counter		0			(398	)		0		(398	)

	$	(86	)	$	(672	)	$	0	$	(758	)


Total Financial Derivative Instruments	$	9		$	532		$	0	$	541


Totals	$	9		$	312,317		$	5	$	312,331

There were no significant transfers into or out of Level 3 during the period ended June 30, 2024.


52		PIMCO MANAGED ACCOUNTS TRUST			See Accompanying Notes


Schedule of Investments		PIMCO Fixed Income SHares: Series TE				June 30, 2024		(Unaudited)

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


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 94.7%

CORPORATE BONDS & NOTES 0.8%

BANKING & FINANCE 0.1%

Benloch Ranch Improvement Association No. 2
10.000% due 12/01/2051 «	$		200	$		199


INDUSTRIALS 0.7%

Providence St. Joseph Health Obligated Group
5.403% due 10/01/2033			700			695

Toledo Hospital
6.015% due 11/15/2048			200			171

						866

Total Corporate Bonds & Notes (Cost $1,039)						1,065


MUNICIPAL BONDS & NOTES 86.7%

ALABAMA 3.4%

Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2023
5.500% due 10/01/2054			2,000			2,192

Energy Southeast A Cooperative District, Alabama Revenue Bonds, Series 2024
5.250% due 07/01/2054			1,000			1,070

Southeast Alabama Gas Supply District Revenue Bonds, Series 2024
5.000% due 06/01/2049			1,000			1,055

						4,317


ARIZONA 0.2%

Industrial Development Authority of the City of Phoenix, Arizona Revenue Notes, Series 2018
5.000% due 07/01/2028			250			259


ARKANSAS 0.4%

Arkansas Development Finance Authority Revenue Bonds, Series 2023
7.375% due 07/01/2048			500			549


CALIFORNIA 9.3%

Alameda Corridor Transportation Authority, California Revenue Bonds, Series 2022
5.300% due 10/01/2047 (d)			1,000			574

California Community Choice Financing Authority Revenue Bonds, Series 2024
5.000% due 05/01/2054			500			534

California Community Housing Agency Revenue Bonds, Series 2019
5.000% due 04/01/2049			500			437

California Community Housing Agency Revenue Bonds, Series 2022
4.500% due 08/01/2052			250			217

California County Tobacco Securitization Agency Revenue Bonds, Series 2020
0.000% due 06/01/2055 (c)			1,000			182

California Health Facilities Financing Authority Revenue Bonds, Series 2024
5.250% due 12/01/2044			1,000			1,096

California Housing Finance Revenue Bonds, Series 2024
6.000% due 03/01/2053			800			799
7.000% due 03/01/2053			250			249

California Infrastructure & Economic Development Bank Revenue Bonds, Series 2020
0.000% due 01/01/2060 (c)			2,250			174

California Municipal Finance Authority Revenue Bonds, Series 2021
4.000% due 09/01/2050 (e)			1,000			846

California Municipal Finance Authority Revenue Bonds, Series 2024
6.000% due 01/01/2039			1,000			1,053


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

California Public Finance Authority Revenue Bonds, Series 2019
6.250% due 07/01/2054	$		250	$		264

California State General Obligation Bonds, Series 2015
3.875% due 12/01/2030			500			486

California Statewide Communities Development Authority Revenue Bonds, (AGM Insured), Series 2022
5.375% due 08/15/2057			250			271

California Statewide Communities Development Authority Revenue Bonds, Series 2019
4.250% due 11/01/2059			200			176

CMFA Special Finance Agency VII, California Revenue Bonds, Series 2021
4.000% due 08/01/2047			395			331

CSCDA Community Improvement Authority, California Revenue Bonds, Series 2021
2.650% due 12/01/2046			250			203
3.500% due 10/01/2046			750			618

CSCDA Community Improvement Authority, California Revenue Bonds, Series 2022
4.750% due 09/01/2062 (d)			500			277

Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021
0.000% due 06/01/2066 (c)			12,500			1,395

Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2022
5.000% due 06/01/2051			300			311

Sacramento County, California Special Tax Bonds, Series 2022
5.000% due 09/01/2047			500			513

Tobacco Securitization Authority of Northern California Revenue Bonds, Series 2021
0.000% due 06/01/2060 (c)			2,500			410

Tobacco Securitization Authority of Southern California Revenue Bonds, Series 2019
0.000% due 06/01/2054 (c)			2,000			391

						11,807


COLORADO 6.2%

Centerra Metropolitan District No 1, Colorado Tax Allocation Bonds, Series 2017
5.000% due 12/01/2037			250			245

Centerra Metropolitan District No 1, Colorado Tax Allocation Bonds, Series 2018
5.250% due 12/01/2048			500			477

Colorado Crossing Metropolitan District No 2, General Obligation Bonds, Series 2020
5.000% due 12/01/2047			500			485

Colorado International Center Metropolitan District No 7, General Obligation Bonds, Series 2021
5.250% due 12/01/2051 (d)			750			455

Colorado State Building Excellent School Certificates of Participation Bonds, Series 2021
4.000% due 03/15/2046			1,000			969

Denver, Colorado Airport System City & County Revenue Bonds, Series 2022
4.125% due 11/15/2047			1,000			966

Dominion Water & Sanitation District, Colorado Revenue Bonds, Series 2022
5.875% due 12/01/2052			1,000			1,009

Johnstown Village Metropolitan District No 2, Colorado General Obligation Bonds, Series 2020
5.000% due 12/01/2050			500			439

Longs Peak Metropolitan District, Colorado General Obligation Bonds, Series 2021
5.250% due 12/01/2051			500			493

Rampart Range Metropolitan District No 5, Colorado Revenue Bonds, Series 2021
4.000% due 12/01/2036			750			694

Senac South Metropolitan District No 1, Colorado General Obligation Bonds, Series 2021
5.250% due 12/01/2051			550			489


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Velocity Metropolitan District No 5, Colorado General Obligation Bonds, Series 2020
6.000% due 12/01/2050 (d)	$		1,000	$		725

Willow Bend Metropolitan District, Colorado General Obligation Bonds, Series 2019
5.000% due 12/01/2049			500			464

						7,910


DELAWARE 1.2%

Affordable Housing Opportunities Trust, Delaware Revenue Bonds, Series 2022
3.167% due 10/01/2038			995			853
7.120% due 10/01/2038			175			168

Delaware State Economic Development Authority Revenue Bonds, Series 2020
1.250% due 10/01/2045			500			475

						1,496


DISTRICT OF COLUMBIA 0.8%

Metropolitan Washington Airports Authority Aviation, District of Columbia Revenue Bonds, Series 2021
5.000% due 10/01/2046			1,000			1,042


FLORIDA 9.1%

Antillia Community Development District, Florida Special Assessment Bonds, Series 2024
5.600% due 05/01/2044			710			721

Avenir Community Development District, Florida Special Assessment Bonds, Series 2023
5.625% due 05/01/2054			405			414

Babcock Ranch Community Independent Special District, Florida Special Assessment Bonds, Series 2022
5.000% due 05/01/2042			300			301
5.000% due 05/01/2053			750			734

Babcock Ranch Community Independent Special District, Florida Special Assessment Notes, Series 2022
4.250% due 05/01/2032			390			389

Florida Development Finance Corp. Revenue Bonds, Series 2024
5.250% due 08/01/2049			1,000			1,049

Gainesville, Florida Utilities System Revenue Bonds, Series 2012
4.700% due 10/01/2042			2,000			2,000

Golden Gem Community Development District, Florida Special Assessment Bonds, Series 2024
5.700% due 05/01/2044			1,000			1,012

Lakewood Ranch Stewardship District, Florida Special Assessment Bonds, Series 2024
5.550% due 05/01/2054			530			534

Miami-Dade County, Florida Transit System Revenue Bonds, Series 2018
4.000% due 07/01/2044			1,000			992

Miami-Dade County, Florida Water & Sewer System Revenue Bonds, Series 2024
5.250% due 10/01/2054			1,000			1,105

Midtown Miami Community Development District, Florida Special Assessment Bonds, Series 2014
5.000% due 05/01/2029			750			750

Osceola County, Florida Transportation Revenue Notes, Series 2020
0.000% due 10/01/2028 (c)			475			400

St Johns County, Florida Industrial Development Authority Revenue Notes, Series 2021
4.000% due 12/15/2029			225			217
4.000% due 12/15/2030			200			191
4.000% due 12/15/2031			210			199

Village Community Development District No. 15, Florida Special Assessment Bonds, Series 2023
4.850% due 05/01/2038			500			511

						11,519

See Accompanying Notes

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024


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


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
GEORGIA 0.6%

Main Street Natural Gas Inc, Georgia Revenue Bonds, Series 2024
5.000% due 12/01/2054	$		400	$		424

Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2023
5.000% due 12/01/2053			300			321

						745


IDAHO 0.4%

Spring Valley Community Infrastructure District No 1, Idaho Special Assessment Bonds, Series 2021
3.750% due 09/01/2051			500			459


ILLINOIS 8.3%

Chicago, Illinois General Obligation Bonds, Series 2017
5.750% due 01/01/2034			1,000			1,039

Illinois Finance Authority Revenue Bonds, Series 2020
4.700% due 08/15/2049			2,800			2,800

Illinois State General Obligation Bonds, Series 2018
5.000% due 10/01/2033			1,000			1,051

Illinois State General Obligation Bonds, Series 2024
5.000% due 05/01/2037			1,000			1,113

Illinois State General Obligation Notes, Series 2017
5.000% due 12/01/2026			2,000			2,068

Illinois State General Obligation Notes, Series 2020
5.500% due 05/01/2030			850			905

Illinois State Revenue Bonds, Series 2016
3.000% due 06/15/2034			1,180			1,080

Village of Gilberts, Illinois Special Service Area No 24, Special Tax Bonds, Series 2014
5.375% due 03/01/2034			480			452

						10,508


INDIANA 0.4%

Rockport, Indiana Revenue Bonds, Series 2009
3.050% due 06/01/2025			500			495


IOWA 0.2%

Iowa Finance Authority Revenue Bonds, Series 2022
8.000% due 01/01/2042			250			241


KANSAS 0.8%

Colby, Kansas Revenue Notes, Series 2024
5.500% due 07/01/2026			1,000			999


LOUISIANA 1.5%

Louisiana Public Facilities Authority Revenue Bonds, Series 2020
4.000% due 04/01/2050			660			640

Parish of St John the Baptist, Louisiana Revenue Bonds, Series 2017
2.100% due 06/01/2037			650			650

Plaquemines Port Harbor & Terminal District, Louisiana Revenue Bonds, Series 2024
9.000% due 12/01/2044			650			644

						1,934


MICHIGAN 1.3%

Detroit City School District, Michigan General Obligation Bonds, (AGM/Q-SBLF Insured), Series 2001
6.000% due 05/01/2029			290			309

Detroit, Michigan General Obligation Bonds, Series 2014
4.000% due 04/01/2044			500			394


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Detroit, Michigan Sewage Disposal System Revenue Bonds, (AGM Insured), Series 2006
4.328% (TSFR3M) due 07/01/2032 ~	$		1,000	$		955

						1,658


MINNESOTA 1.8%

Minnesota Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024
6.500% due 01/01/2055 (a)			2,000			2,254


MULTI-STATE 0.8%

Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023
4.141% due 01/25/2040			495			485
4.549% due 08/25/2040			498			503

						988


NEVADA 0.4%

Las Vegas, Nevada Revenue Bonds, Series 2016
4.375% due 06/15/2035			395			383

Reno, Nevada Revenue Bonds, Series 2018
0.000% due 07/01/2058 (c)			1,000			134

						517


NEW HAMPSHIRE 0.2%

New Hampshire Business Finance Authority Revenue Notes, Series 2021
4.000% due 01/01/2030			280			276


NEW JERSEY 1.1%

New Jersey Economic Development Authority Special Assessment Bonds, Series 2002
5.750% due 04/01/2031			1,000			1,018

Tobacco Settlement Financing Corp., New Jersey Revenue Bonds, Series 2018
5.000% due 06/01/2046			435			439

						1,457


NEW MEXICO 1.9%

Farmington, New Mexico Revenue Bonds, Series 2005
1.800% due 04/01/2029			500			444

New Mexico Hospital Equipment Loan Council Revenue Bonds, Series 2008
4.700% due 08/01/2034			2,000			2,000

						2,444


NEW YORK 9.3%

Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2024
4.617% due 08/25/2041 ~			500			512

Freddie Mac Structured Pass-Through Certificates, Revenue Bonds, Series 2024
4.683% due 10/25/2040			500			516

New York City Water & Sewer System, New York Revenue Bonds, Series 2013
4.700% due 06/15/2050			2,500			2,500

New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2023
5.250% due 06/15/2053			200			221

New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2012
4.700% due 11/01/2036			2,500			2,500

New York City, New York Transitional Finance Authority Revenue Bonds, Series 2024
5.000% due 05/01/2046			1,000			1,098

New York Liberty Development Corp. Revenue Bonds, Series 2014
5.000% due 11/15/2044			1,000			1,001


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

New York State Dormitory Authority Revenue Bonds, Series 2022
4.000% due 07/01/2051	$		500	$		481

New York Transportation Development Corp. Revenue Bonds, Series 2024
5.000% due 06/30/2060			750			758

Onondaga Civic Development Corp., New York Revenue Bonds, Series 2024
5.000% due 08/01/2044 (a)			1,000			1,016

Port Authority of New York & New Jersey Revenue Bonds, Series 2022
5.250% due 08/01/2047			1,000			1,068

Suffolk Tobacco Asset Securitization Corp., New York Revenue Bonds, Series 2021
0.000% due 06/01/2066 (c)			2,000			198

						11,869


OHIO 3.2%

Buckeye Tobacco Settlement Financing Authority, Ohio Revenue Bonds, Series 2020
0.000% due 06/01/2057 (c)			11,300			1,060
5.000% due 06/01/2055			2,000			1,847

Cuyahoga County, Ohio Revenue Bonds, Series 2017
5.500% due 02/15/2057			510			519

Ohio Air Quality Development Authority Revenue Bonds, Series 2019
5.000% due 07/01/2049			750			701

						4,127


OREGON 0.3%

Multnomah County School District 40, Oregon General Obligation Bonds, Series 2023
0.000% due 06/15/2038 (c)			750			413


PENNSYLVANIA 2.7%

Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania Revenue Bonds, Series 2022
5.250% due 05/01/2042			480			479

Lancaster County Hospital Authority, Pennsylvania Revenue Bonds, Series 2021
5.000% due 11/01/2046			1,045			1,083

Montgomery County Industrial Development Authority, Pennsylvania Revenue Notes, Series 2023
4.100% due 06/01/2029			500			513

Pennsylvania Economic Development Financing Authority Revenue Bonds, (AGM Insured), Series 2022
5.000% due 12/31/2057			200			207

Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2022
6.000% due 06/30/2061			1,000			1,098

						3,380


PUERTO RICO 8.1%

Commonwealth of Puerto Rico Bonds, Series 2022
0.000% due 11/01/2043			894			549
0.000% due 11/01/2051			5,239			3,028

GDB Debt Recovery Authority of Puerto Rico Revenue Bonds, Series 2018
7.500% due 08/20/2040			1,068			1,039

Puerto Rico Electric Power Authority Revenue Bonds, (AGM Insured), Series 2007
4.245% (0.67*US0003M + 0.520%) due 07/01/2029 ~			1,010			988

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018
0.000% due 07/01/2046 (c)			5,000			1,617
0.000% due 07/01/2051 (c)			11,000			2,588

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2019
4.550% due 07/01/2040			500			502

						10,311


54		PIMCO MANAGED ACCOUNTS TRUST			See Accompanying Notes


						June 30, 2024		(Unaudited)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
RHODE ISLAND 1.8%

Tobacco Settlement Financing Corp., Rhode Island Revenue Bonds, Series 2015
5.000% due 06/01/2040	$		1,000	$		1,006
5.000% due 06/01/2050			1,250			1,252

						2,258


TENNESSEE 0.2%

Tennessee Energy Acquisition Corp. Revenue Bonds, Series 2006
5.250% due 09/01/2024			200			200


TEXAS 5.5%

Brazoria County, Texas Industrial Development Corp. Revenue Bonds, Series 2023
12.000% due 06/01/2043			200			203

Central Texas Turnpike System Revenue Bonds, Series 2015
0.000% due 08/15/2037 (c)			1,000			552

Corpus Christi Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024
4.000% due 08/15/2054			1,000			952

Dallas Housing Finance Corp., Texas Revenue Bonds, Series 2022
6.000% due 12/01/2062			250			252

Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2021
4.600% due 10/01/2041			2,500			2,500

Matagorda County, Texas Navigation District No 1, Revenue Bonds, Series 2001
2.600% due 11/01/2029			500			461

Port Beaumont Navigation District, Texas Revenue Bonds, Series 2020
4.000% due 01/01/2050			500			420

Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2006
5.203% (TSFR3M) due 12/15/2026 ~			500			500

Texas State University System Revenue Bonds, Series 2024
5.000% due 03/15/2042			1,000			1,114

						6,954


UTAH 1.6%

City of Salt Lake, Utah Revenue Bonds, Series 2023
5.250% due 07/01/2048			1,000			1,070


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

UIPA Crossroads Public Infrastructure District, Utah Tax Allocation Bonds, Series 2021
4.375% due 06/01/2052	$		1,000	$		946

						2,016


VIRGINIA 0.4%

Farms New Kent Community Development Authority, Virginia Special Assessment Bonds, Series 2021
3.750% due 03/01/2036			590			558


WASHINGTON 0.7%

Snohomish County, Washington Housing Authority Revenue Bonds, Series 2019
4.000% due 04/01/2044			1,000			925


WEST VIRGINIA 0.1%

Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2007
0.000% due 06/01/2047 (c)			1,000			92


WISCONSIN 2.5%

Public Finance Authority, Wisconsin Revenue Bonds, Series 2021
0.000% due 01/01/2061 (c)			1,950			128
4.500% due 06/01/2056			225			182

Public Finance Authority, Wisconsin Revenue Notes, Series 2023
0.000% due 09/01/2029 (c)			500			346

Public Finance Authority, Wisconsin Revenue Notes, Series 2024
5.500% due 12/15/2028			500			501

University of Wisconsin Hospitals & Clinics Revenue Bonds, Series 2018
4.650% due 04/01/2048			2,000			2,000

						3,157

Total Municipal Bonds & Notes (Cost $107,347)						110,134


U.S. GOVERNMENT AGENCIES 4.8%

Freddie Mac
3.083% due 04/25/2043 ~			199			162
3.720% due 01/01/2041			997			932
3.800% due 01/01/2040			998			948


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
3.850% due 07/01/2039 - 01/01/2040	$		1,495	$		1,415
4.250% due 08/01/2038			998			985
4.370% due 03/01/2040			497			495
4.900% due 02/01/2040			498			521
5.210% due 08/01/2040			299			324
5.927% due 07/15/2040 •			248			258

Total U.S. Government Agencies (Cost $5,910)						6,040


SHORT-TERM INSTRUMENTS 2.4%

REPURCHASE AGREEMENTS (f) 0.2%
						288


U.S. TREASURY BILLS 2.2%
5.367% due 07/30/2024 - 08/01/2024 (b)(c)			2,800			2,788

Total Short-Term Instruments (Cost $3,076)						3,076



Total Investments in Securities (Cost $117,372)						120,315


		SHARES
INVESTMENTS IN AFFILIATES 8.2%

SHORT-TERM INSTRUMENTS 8.2%

CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 8.2%

PIMCO Short-Term Floating NAV Portfolio III			1,062,419			10,336

Total Short-Term Instruments (Cost $10,335)						10,336



Total Investments in Affiliates (Cost $10,335)						10,336


Total Investments 102.9% (Cost $127,707)				$		130,651

Other Assets and Liabilities, net (2.9)%						(3,674	)

Net Assets 100.0%				$		126,977

NOTES TO SCHEDULE OF INVESTMENTS:

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

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

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

(a)	When-issued security.

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

(c)	Zero coupon security.

(d)	Security becomes interest bearing at a future date.

(e) RESTRICTED SECURITIES:

Issuer Description

Coupon

Maturity
Date

Acquisition
Date

Cost

Market
Value

Market Value
as Percentage
of Net Assets

California Municipal Finance Authority Revenue Bonds, Series 2021

4.000%

09/01/2050

08/03/2022

908

846

0.67%

See Accompanying Notes

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024


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

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⁽¹⁾
FICC		2.600	%		06/28/2024		07/01/2024	$	288	U.S. Treasury Inflation Protected Securities 0.625% due 01/15/2026	$	(294	)	$	288	$	288

Total Repurchase Agreements											$	(294	)	$	288	$	288

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, 2024:


Counterparty	Repurchase Agreement Proceeds to be Received⁽¹⁾		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
FICC	$	288	$	0	$	0	$	288	$	(294	)	$	(6	)

Total Borrowings and Other Financing Transactions	$	288	$	0	$	0

⁽¹⁾	Includes accrued interest.

⁽²⁾

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2024:


	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	$	139	$	139


Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	0	$	0	$	134	$	134

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2024 in valuing the Portfolio’s assets and liabilities:


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2024
Investments in Securities, at Value
Corporate Bonds & Notes
Banking & Finance	$	0	$	0	$	199	$	199
Industrials		0		866		0		866
Municipal Bonds & Notes
Alabama		0		4,317		0		4,317
Arizona		0		259		0		259
Arkansas		0		549		0		549
California		0		11,807		0		11,807
Colorado		0		7,910		0		7,910
Delaware		0		1,496		0		1,496
District of Columbia		0		1,042		0		1,042
Florida		0		11,519		0		11,519


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2024
Georgia	$	0	$	745	$	0	$	745
Idaho		0		459		0		459
Illinois		0		10,508		0		10,508
Indiana		0		495		0		495
Iowa		0		241		0		241
Kansas		0		999		0		999
Louisiana		0		1,934		0		1,934
Michigan		0		1,658		0		1,658
Minnesota		0		2,254		0		2,254
Multi-State		0		988		0		988
Nevada		0		517		0		517
New Hampshire		0		276		0		276
New Jersey		0		1,457		0		1,457


56		PIMCO MANAGED ACCOUNTS TRUST			See Accompanying Notes


						June 30, 2024		(Unaudited)


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2024
New Mexico	$	0	$	2,444	$	0	$	2,444
New York		0		11,869		0		11,869
Ohio		0		4,127		0		4,127
Oregon		0		413		0		413
Pennsylvania		0		3,380		0		3,380
Puerto Rico		0		10,311		0		10,311
Rhode Island		0		2,258		0		2,258
Tennessee		0		200		0		200
Texas		0		6,954		0		6,954
Utah		0		2,016		0		2,016
Virginia		0		558		0		558
Washington		0		925		0		925
West Virginia		0		92		0		92
Wisconsin		0		3,157		0		3,157


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2024
U.S. Government Agencies	$	0	$	6,040	$	0	$	6,040
Short-Term Instruments
Repurchase Agreements		0		288		0		288
U.S. Treasury Bills		0		2,788		0		2,788

	$	0	$	120,116	$	199	$	120,315


Investments in Affiliates, at Value
Short-Term Instruments
Central Funds Used for Cash Management Purposes	$	10,336	$	0	$	0	$	10,336


Total Investments	$	10,336	$	120,116	$	199	$	130,651

There were no significant transfers into or out of Level 3 during the period ended June 30, 2024.

See Accompanying Notes

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024


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.

Hereinafter, the Board of Trustees of the Portfolios shall be collectively referred to as the “Board.”

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. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled beyond a standard settlement period for the security after the trade date. Realized gains (losses) from securities sold are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as a 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. A debt obligation may be granted, in certain situations, a contractual or non-contractual forbearance for interest payments that are expected to be paid after agreed upon pay dates.

(b) Foreign 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


58		PIMCO MANAGED ACCOUNTS TRUST


				June 30, 2024		(Unaudited)

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. A Portfolio may revise its distribution policy or postpone the payment of distributions at any time.

Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. Differences between tax regulations and U.S. GAAP may cause timing differences between income and capital gain recognition. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. As a result, income distributions and capital gain distributions declared during a fiscal period may differ significantly from the net investment income (loss) and realized gains (losses) reported on each Portfolio’s annual financial statements presented under U.S. GAAP.

Separately, if a Portfolio determines or estimates, as applicable, that a portion of a distribution may be comprised of amounts from sources other than net investment income in accordance with its policies, accounting records (if applicable) and accounting practices, the Portfolio will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. For these purposes, a Portfolio determines or estimates, as applicable, the source or sources from which a distribution is paid, to the close of the period as of which it is paid, in reference to its internal accounting records and related accounting practices. If, based on such accounting records and practices, it is determined or estimated, as applicable, that a particular distribution does not include capital gains or paid-in surplus or other capital sources, a Section 19 Notice generally would not be issued. It is important to note that differences exist between a Portfolio’s daily internal accounting records and practices, a Portfolio’s financial statements presented in accordance with U.S. GAAP, and recordkeeping practices under income tax regulations. For instance, a Portfolio’s internal accounting records and practices may take into account, among other factors, tax-related characteristics of certain sources of distributions that differ from treatment under U.S. GAAP. Examples of such differences may include but are not limited to, for certain Portfolios, the treatment of periodic payments under interest rate swap contracts. Accordingly, among other consequences, it is possible that a Portfolio may not issue a Section 19 Notice in situations where a Portfolio’s financial statements prepared later and in accordance with U.S. GAAP and/or the final tax character of those distributions might later report that the sources of those distributions included capital gains and/or a return of capital. Please visit www.pimco.com for the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of

distributions. Final determination of a distribution’s tax character will be provided to shareholders when such information is available.

Distributions classified as a tax basis return of capital at a Portfolio’s fiscal year end, if any, are reflected on the Statements of Changes in Net Assets and have been recorded to paid in capital on the Statements of Assets and Liabilities. In addition, other amounts have been reclassified between distributable earnings (accumulated loss) and paid in capital on the Statements of Assets and Liabilities to more appropriately conform U.S. GAAP to tax characterizations of distributions.

(d) New Accounting Pronouncements and Regulatory Updates In March 2020, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”), ASU 2020-04, Reference Rate Reform (Topic 848), which provides optional guidance to ease the potential accounting burden associated with transitioning away from the London Interbank Offered Rate and other reference rates that are expected to be discontinued. ASU 2020-04 is effective for certain reference rate-related contract modifications that occurred or will occur during the period March 12, 2020 through December 31, 2024. In January 2021 and December 2022, FASB issued ASU 2021-01 and ASU 2022-06, which include additional amendments to Topic 848. Management is continuously evaluating the potential effect a discontinuation of LIBOR could have on the Portfolios’ investments and has determined that it is unlikely the ASU’s adoption will have a material impact on the Portfolios’ financial statements.

In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820), which affects all entities that have investments in equity securities measured at fair value that are subject to a contractual sale restriction. The amendments in ASU 2022-03 clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring the fair value. The amendments also require additional disclosures for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. The effective date for the amendments in ASU 2022-03 is for fiscal years beginning after December 15, 2023 and interim periods within those fiscal years. Management has implemented changes in connection with the amendments and has determined that there was no material impact to the Portfolios’ financial statements.

In October 2022, the U.S. Securities and Exchange Commission (“SEC”) adopted changes to the mutual fund and exchange-traded fund (“ETF”) shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which change the disclosures provided to shareholders. The rule amendments were effective as of January 2023, and compliance with the rule amendments was required

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024


Notes to Financial Statements		(Cont.)

as of July 2024. As such, the Portfolios have made significant updates to the content of their shareholder reports. In addition, shareholder reports are now mailed to shareholders who have not opted to receive shareholder report documents electronically. Management has implemented format and content changes to the Portfolios’ annual and semiannual financial and other information in connection with the rule amendments and has determined that there was no material impact to the Portfolios’ financial statements.

The SEC made a final ruling on February 15, 2023 to adopt proposed amendments to the Settlement Cycle Rule (Rule 15c6-1) and other related rules under the Securities Exchange Act of 1934, as amended, to shorten the standard settlement cycle for most broker-dealer transactions from two business days after the trade date (T+2) to one business day after the trade date (T+1). The effective date was May 5, 2023, and compliance with the amendments was required as of May 28, 2024. Management has implemented changes in connection with the rule and has determined that there was no material impact to the Portfolios’ financial statements.

In September 2023, the SEC adopted amendments to Rule 35d-1 under the Act, the rule governing fund naming conventions (the “Names Rule”). In general, the Names Rule requires funds with certain types of names to adopt a policy to invest at least 80% of their assets in the type of investment suggested by the name. The amendments expand the scope of the current rule to include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a fund may deviate from its 80% investment policy and address the calculation methodology of derivatives instruments for purposes of the rule. The amendments became effective December 11, 2023, and fund groups with $1 billion or more in net assets will have 24 months to comply with the amendments (fund groups with net assets of less than $1 billion have 30 months to comply). At this time, management is evaluating the implications of these changes on the financial statements.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

(a) Investment Valuation Policies The NAV of a Portfolio’s shares, or each of their respective share classes, as applicable, is determined by dividing the total value of portfolio investments and other assets attributable to the Portfolio or class, less any liabilities, as applicable, by the total number of shares outstanding.

On each day that the New York Stock Exchange (“NYSE”) is open, each Portfolio’s shares are ordinarily valued as of the close of regular trading (normally 4:00 p.m., Eastern time) (“NYSE Close”). Information that becomes known to the 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 may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that day. Each Portfolio generally does not calculate its NAV on days on which the NYSE is not open for business. If the NYSE is closed on a day it would normally be open for business, each Portfolio may calculate its NAV as of the NYSE Close for such day or such other time that a Portfolio may determine.

For purposes of calculating NAV, portfolio securities and other assets for which market quotations are readily available are valued at market value. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that a Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. Market value is generally determined on the basis of official closing prices or the last reported sales prices. The 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. A foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by PIMCO to be the primary exchange. If market value pricing is used, a foreign (non-U.S.) equity security will be valued as of the close of trading on the foreign exchange or the NYSE Close if the NYSE Close occurs before the end of trading on the foreign exchange.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the Act. As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board has designated PIMCO as the valuation designee (“Valuation Designee”) for each Portfolio to perform the fair value determination relating to all Portfolio investments. PIMCO may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee’s policies and procedures govern the Valuation Designee’s selection and application of methodologies for determining and calculating the fair value of portfolio investments. The Valuation Designee may value portfolio securities for which market quotations are not readily available and other Portfolio assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, “Pricing Sources”).


60		PIMCO MANAGED ACCOUNTS TRUST


				June 30, 2024		(Unaudited)

Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Common stocks, ETFs, exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. Exchange-traded options, except equity options, futures and options on futures are valued at the settlement price determined by the relevant exchange. Swap agreements are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Sources. With respect to any portion of a Portfolio’s assets that are invested in one or more open-end management investment companies (other than ETFs), the Portfolio’s NAV will be calculated based on 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. 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 Sources, which may recommend fair value or adjustments with reference to other securities, indexes or assets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indexes) that occur after the close of the relevant market and before the NYSE Close. A Portfolio may utilize modeling tools provided by third-party vendors to determine fair values of foreign (non-U.S.) securities. For these purposes, unless otherwise determined by the Valuation Designee, any movement in the applicable reference index or instrument (“zero trigger”) between the earlier close of the applicable foreign market and the NYSE Close may be deemed to be a significant event, prompting the application of the pricing model (effectively resulting in daily fair valuations). Foreign exchanges may permit trading in foreign (non-U.S.) equity securities on days when the Trust is not open for business, which may result in a Portfolio’s portfolio investments being affected when shareholders are unable to buy or sell shares.

Investments valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from Pricing Sources. As a result, the value of such investments and, in turn, the NAV of a 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 the Trust 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 a Portfolio’s next calculated NAV.

Whole loans may be fair valued using inputs that take into account borrower- or loan-level data (e.g., credit risk of the borrower) that is updated periodically throughout the life of each individual loan; any new borrower- or loan-level data received in written reports periodically by a Portfolio normally will be taken into account in calculating the NAV. A Portfolio’s whole loan investments, including those originated by a Portfolio or through an alternative lending platform, generally are fair valued in accordance with procedures approved by the Board.

Fair valuation may require subjective determinations about the value of a security. While the Trust’s and Valuation Designee’s policies and procedures are intended to result in a calculation of a Portfolio’s NAV that fairly reflects security values as of the time of pricing, the Trust cannot ensure that fair values accurately reflect the price that a Portfolio could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by a Portfolio may differ from the value that would be realized if the securities were sold.

(b) Fair Value Hierarchy U.S. GAAP describes fair value as the price that a Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into levels (Level 1, 2 or 3). The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

^∎

Level 1 — Quoted prices (unadjusted) 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

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024


Notes to Financial Statements		(Cont.)

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 Valuation Designee that are used in determining the fair value of investments.

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

Level 1, Level 2 and Level 3 trading assets and trading liabilities, at fair value The valuation methods (or “techniques”) and significant inputs used in determining the fair values of portfolio securities or other assets and liabilities categorized as Level 1, Level 2 and Level 3 of the fair value hierarchy are as follows:

Common stocks, ETFs, exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy.

Investments in registered open-end investment companies (other than ETFs) will be valued based upon the NAVs of such investments and are categorized as Level 1 of the fair value hierarchy. Investments in unregistered open-end investment companies will be calculated based upon the NAVs of such investments and are considered Level 1 provided that the NAVs are observable, calculated daily and are the value at which both purchases and sales will be conducted.

Fixed income securities including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. treasury obligations, sovereign issues, bank loans, convertible preferred securities, non-U.S. bonds and short-term debt instruments (such as commercial paper, time deposits and certificates of deposit) are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The Pricing Sources’ internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Fixed income securities purchased on a delayed-delivery basis or as a repurchase commitment in a sale-buyback transaction are marked to market daily until settlement at the forward settlement date and are categorized as Level 2 of the fair value hierarchy.

Mortgage-related and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also normally valued by Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche, and incorporate deal collateral performance, as available. Mortgage-related and asset-backed securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the NYSE Close. These securities are valued using Pricing Sources that consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain exchange traded futures and options to account for market movement between the exchange settlement and the NYSE Close. These securities are valued using quotes obtained from a quotation reporting system, established market makers or Pricing Sources. Financial derivatives using these valuation adjustments are categorized as Level 2 of the fair value hierarchy.


62		PIMCO MANAGED ACCOUNTS TRUST


				June 30, 2024		(Unaudited)

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

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

Sources (normally determined as of the NYSE Close). Centrally cleared swaps and over the counter swaps can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models may use inputs that are observed from actively quoted markets such as the overnight index swap rate, LIBOR forward rate, interest rates, yield curves and credit spreads. These securities are categorized as Level 2 of the fair value hierarchy.

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

When a fair valuation method is applied by PIMCO that uses significant unobservable inputs, investments will be priced by a method that the Valuation Designee believes reflects fair value and are categorized as Level 3 of the fair value hierarchy.

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, rules thereunder or exemptive relief therefrom. The Central Funds are registered investment companies created for use solely by the series of the Trust and other series of registered investment companies advised by the Adviser, in connection with their cash management activities. The main investments of the Central Funds are money market and short maturity fixed income instruments. The Central Funds may incur expenses related to their investment activities, but do not pay Investment Advisory Fees or Supervisory and Administrative Fees to the Adviser. The Central Funds are considered to be affiliated with the Portfolios. A complete schedule of portfolio holdings for each affiliate fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available at the SEC’s website at www.sec.gov. A copy of each affiliate fund’s shareholder report is also available at the SEC’s website at www.sec.gov, on the Portfolios’ website at www.pimco.com, or upon request, as applicable. The table below shows the Portfolios’ transactions in and earnings from these affiliated funds for the period ended June 30, 2024 (amounts in thousands^†):


Investments in PIMCO Short-Term Floating NAV Portfolio III
Portfolio Name	Market Value 12/31/2023		Purchases at Cost		Proceeds From Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Market Value 06/30/2024		Dividend Income⁽¹⁾		Realized Net Capital Gain Distributions⁽¹⁾

PIMCO Fixed Income SHares: Series C	$	125,012	$	240,191	$	(354,400	)	$	56		$	(44	)	$	10,815	$	1,162	$	0

PIMCO Fixed Income SHares: Series LD		11,264		34,986		(45,406	)		7			(6	)		845		107		0

PIMCO Fixed Income SHares: Series M		63,382		269,583		(331,500	)		26			(10	)		1,481		1,219		0

PIMCO Fixed Income SHares: Series TE		3,139		50,197		(43,001	)		(1	)		2			10,336		193		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.

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024


Notes to Financial Statements		(Cont.)

(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 according to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value which is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income on the Statements of Operations, even though investors do not receive their principal until maturity. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury Inflation-Protected Securities (“TIPS”). For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

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 participations in loans or assignments of all or a portion of loans from third parties or investments in or originations of loans by a Portfolio. 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.

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 originate loans or acquire direct interests in loans through primary loan distributions and/or in private transactions. In the case of subordinated loans, there may be significant indebtedness ranking ahead of the borrower’s obligation to the holder of such a loan, including in the event of the borrower’s insolvency. Mezzanine loans are typically secured by a pledge of an equity interest in the mortgage borrower that owns the real estate rather than an interest in a mortgage.


64		PIMCO MANAGED ACCOUNTS TRUST


				June 30, 2024		(Unaudited)

Investments in loans may include unfunded loan commitments, which are contractual obligations for funding. Unfunded loan commitments may include revolving credit facilities, which may obligate a 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. 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 interests in pools of residential or commercial mortgage loans, including mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks and others. These securities provide a monthly payment which consists of both interest and principal payments. Interest may be determined by fixed or adjustable rates. The rate of prepayments on underlying mortgages will affect the price and volatility of a mortgage-related security, and may have the effect of shortening or extending the effective duration of the security relative to what was anticipated at the time of purchase. The timely payment of principal and interest of certain mortgage-related securities is guaranteed with the full faith and credit of the U.S. Government. Pools created and guaranteed by non-governmental issuers, including government-sponsored corporations, may be supported by various forms of insurance or guarantees, but there can be no assurance that private insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. Many of the risks of investing in mortgage-related securities secured by commercial mortgage loans reflect the effects of local and other economic conditions on real estate markets, the ability of tenants to make lease payments and the ability of a property to attract and retain tenants. These securities may be less liquid and may exhibit greater price volatility than other types of mortgage-related or other asset-backed securities. Other asset-backed securities are created from many types of assets, including, but not limited to, auto loans, accounts receivable such as credit card receivables and hospital account receivables, home equity loans, student loans, boat loans, mobile home loans, recreational vehicle loans, manufactured housing loans, aircraft leases, computer leases, syndicated bank loans, peer-to-peer loans and litigation finance loans.

Collateralized Debt Obligations (“CDOs”) include Collateralized Bond Obligations (“CBOs”), Collateralized Loan Obligations (“CLOs”) and other similarly structured securities. CBOs, CLOs and other CDOs

are types of asset-backed securities. A CBO is a trust which is backed by a diversified pool of high risk, below investment grade fixed income securities. A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. Other CDOs are trusts backed by other types of assets representing obligations of various parties. The risks of an investment in a CDO depend largely on the type of the collateral securities and the class of the CDO in which a Portfolio invests. In addition to the normal risks associated with fixed income securities discussed elsewhere in this report and each Portfolio’s prospectus and statement of additional information (e.g., prepayment risk, credit risk, liquidity risk, market risk, structural risk, legal risk and interest rate risk (which may be exacerbated if the interest rate payable on a structured financing changes based on multiples of changes in interest rates or inversely to changes in interest rates)), CBOs, CLOs and other CDOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments, (ii) the quality of the collateral may decline in value or default, (iii) risks related to the capability of the servicer of the securitized assets, (iv) the risk that a Portfolio may invest in CBOs, CLOs, or other CDOs that are subordinate to other classes, (v) the structure and complexity of the transaction and the legal documents may not be fully understood at the time of investment and could lead to disputes with the issuer or among investors regarding the characterization of proceeds or unexpected investment results, and (vi) the CDO’s manager may perform poorly.

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

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

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024


Notes to Financial Statements		(Cont.)

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).

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 as of June 30, 2024, as applicable, are disclosed in the Notes to Schedules of Investments.

Securities Issued by U.S. Government Agencies or Government-Sponsored Enterprises are obligations of and, in certain cases, guaranteed by, the U.S. Government, its agencies or instrumentalities. Some U.S. Government securities, such as Treasury bills, notes and bonds, and securities guaranteed by the Government National

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

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

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

Roll-timing strategies can be used where a 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 contemporaneously opening a new position with respect to substantially the same underlying asset with a later expiration date. TBA securities purchased or sold are reflected on the Statements of Assets and Liabilities as an asset or liability, respectively. Recently finalized FINRA rules include mandatory margin requirements for the TBA market that require the 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.


66		PIMCO MANAGED ACCOUNTS TRUST


				June 30, 2024		(Unaudited)

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

(d) Short Sales Short sales are transactions in which a Portfolio sells a security that it does not own in anticipation that the market price of that security will decline. 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 makes a short sale, it will often borrow

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024


Notes to Financial Statements		(Cont.)

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) Interfund Lending In accordance with an exemptive order (the “Order”) from the SEC, each Portfolio of the Trust may participate in a joint lending and borrowing facility for temporary purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Portfolio’s investment policies and restrictions. The Portfolios are currently permitted to borrow under the Interfund Lending Program. A lending portfolio may lend in aggregate up to 15% of its current net assets at the time of the interfund loan, but may not lend more than 5% of its net assets to any one borrowing portfolio through the Interfund Lending Program. A borrowing portfolio may not borrow through the Interfund Lending Program or from any other source if its total outstanding borrowings immediately after the borrowing would be more than 33 1/3% of its total assets (or any lower threshold provided for by the portfolio’s investment restrictions). If a borrowing portfolio’s total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interfund loan rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending portfolio and the bank loan rate, as calculated according to a formula established by the Board.

During the period ended June 30, 2024, 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. These contracts may involve market risk in excess of the unrealized gain (loss) reflected on the Statements of Assets and Liabilities. 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. 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


68		PIMCO MANAGED ACCOUNTS TRUST


				June 30, 2024		(Unaudited)

the broker or exchange. Futures contracts are marked to market daily and based on such movements in the price of the contracts, an appropriate payable or receivable for the change in value may be posted or collected by a Portfolio (“Futures Variation Margin”). Futures Variation Margins, if any, are disclosed within centrally cleared financial derivative instruments on the Statements of Assets and Liabilities. Gains (losses) are recognized but not considered realized until the contracts expire or close. Futures contracts involve, to varying degrees, risk of loss in excess of the Futures Variation Margin included within exchange traded or centrally cleared financial derivative instruments on the Statements of Assets and Liabilities.

(c) Options Contracts may be written or purchased to enhance returns or to hedge an existing position or future investment. A Portfolio may write call and put options on securities and financial derivative instruments it owns or in which it may invest. Writing put options tends to increase a 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.

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.

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

Interest Rate Swaptions may be written or purchased to enter into a pre-defined swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, by some specified date in the future. The writer of the swaption becomes the counterparty to the swap if the buyer exercises. The interest rate swaption agreement will specify whether the buyer of the swaption will be a fixed-rate receiver or a fixed-rate payer upon exercise.

Options on Exchange-Traded Futures Contracts (“Futures Option”) may be written or purchased to hedge an existing position or future investment, for speculative purposes or to manage exposure to market movements. A Futures Option is an option contract in which the underlying instrument is a single futures contract.

(d) Swap Agreements are bilaterally negotiated agreements between a Portfolio and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap agreements may be privately negotiated in the over the counter market (“OTC swaps”) or may be cleared through a third party, known as a central counterparty or derivatives clearing organization (“Centrally Cleared Swaps”). A Portfolio may enter into asset, credit default, cross-currency, interest rate, total return, variance and other forms of swap agreements to manage its exposure to credit, currency, interest rate, commodity, equity and inflation risk. In connection with these agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency.

Centrally Cleared Swaps are marked to market daily based upon valuations as determined from the underlying contract or in accordance with the requirements of the central counterparty or derivatives clearing organization. Changes in market value, if any, are reflected as a component of net change in unrealized appreciation (depreciation) on the Statements of Operations. Daily changes in valuation of centrally cleared swaps (“Swap Variation Margin”), if any, are disclosed within the centrally cleared financial derivative instruments on the Statements of Assets and Liabilities. Centrally Cleared and OTC swap payments received or paid at the beginning of the measurement period are included on the Statements of Assets and Liabilities and represent

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024


Notes to Financial Statements		(Cont.)

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 applying certain of each Portfolio’s investment policies and restrictions, swap agreements, like other derivative instruments, may be valued by each Portfolio at market value, notional value or full exposure value. 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 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 fail to perform or meet an obligation or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates or the values of the asset upon which the swap is based.

A 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 or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. If a 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, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are estimated by market makers considering either industry standard recovery rates or


70		PIMCO MANAGED ACCOUNTS TRUST


				June 30, 2024		(Unaudited)

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

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues as of period end, if any, are disclosed in the Notes to Schedules of Investments. They serve as an indicator of the current status of

payment/performance risk and represent the likelihood or risk of default for the reference entity. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. For credit default swap agreements on asset-backed securities and credit indexes, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The maximum potential amount of future payments (undiscounted) that a 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

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024


Notes to Financial Statements		(Cont.)

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.

7. PRINCIPAL AND OTHER RISKS

(a) Principal Risks

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

Risks

FISH:
Series C

FISH:
Series LD

FISH:
Series M

FISH:
Series R

FISH:
Series TE

Small Portfolio

—

Interest Rate

Credit

Market

Foreign (Non-U.S.) Investment

—

Mortgage-Related and Other Asset-Backed Securities

—

Emerging Markets

—

Focused Investment

Derivatives

Liquidity

Management

High Yield

Currency

—

Leveraging

Issuer

Turnover

Municipal Securities

Municipal Project-Specific

—

Municipal Bond Market

—

California State-Specific

—

New York State-Specific

—

Puerto Rico-Specific Risk

—

AMT Bonds

—

Sovereign Debt

—

Inflation/Deflation

Contingent Convertible Securities

—

LIBOR Transition

—

Collateralized Loan Obligations

—

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

Market Risk is the risk that the value of securities owned by a 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 a 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, political changes, diplomatic developments or the imposition of sanctions and other similar measures. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers.

Mortgage-Related and Other Asset-Backed Securities Risk is the risk of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk, prepayment risk and credit risk. A Portfolio may invest in any tranche of mortgage-related and other asset-backed securities, including junior and/or equity tranches (to the extent consistent with other of the Portfolio’s guidelines), which generally carry higher levels of the foregoing risks.

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 a Portfolio focuses its investments in a particular sector, it may be susceptible to loss due to adverse developments affecting that sector. Furthermore, a 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. A 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.


72		PIMCO MANAGED ACCOUNTS TRUST


				June 30, 2024		(Unaudited)

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

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

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

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,

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024


Notes to Financial Statements		(Cont.)

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 by concentrating its investments in California municipal bonds, the Portfolio may be affected significantly by economic, regulatory or political developments affecting the ability of California issuers to pay interest or repay principal.

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

Puerto Rico-Specific Risk is the risk that by investing in municipal bonds issued by Puerto Rico or its instrumentalities, the Portfolio may be affected by certain developments, such as political, economic, environmental, social, regulatory or debt restructuring developments, that impact the ability or obligation of Puerto Rico municipal issuers to pay interest or repay principal.

AMT Bonds Risk is the risk that “AMT Bonds,” which are municipal securities that pay interest that is taxable under the federal alternative minimum tax applicable to noncorporate taxpayers, may expose a Portfolio to certain risks in addition to those typically associated with municipal bonds. Interest or principal on AMT Bonds paid out of current or anticipated revenues from a specific project or specific asset may be adversely impacted by declines in revenue from the project or asset. Declines in general business activity could also affect the economic viability of facilities that are the sole source of revenue to support AMT Bonds. In this regard, AMT Bonds may entail greater risks than general obligation municipal bonds. For shareholders subject to the federal alternative minimum tax, a portion of a Portfolio’s distributions may not be exempt from gross federal income, which may give rise to alternative minimum tax liability.

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.

Inflation/Deflation Risk is the risk that the value of assets or income from a Portfolio’s investments will be worth less in the future as inflation decreases the value of payments at future dates. As inflation increases, the real value of a Portfolio’s investments could decline. Deflation risk is the risk that prices throughout the economy decline over time. Deflation may have an adverse effect on the creditworthiness

of issuers and may make issuer default more likely, which may result in a decline in the value of a Portfolio’s investments.

Contingent Convertible Securities Risk is the risk of investing in contingent convertible securities, including the risk that interest payments will be cancelled by the issuer or a regulatory authority, the risk of ranking junior to other creditors in the event of a liquidation or other bankruptcy-related event as a result of holding subordinated debt, the risk of a 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 (including potentially to zero), and the general risks applicable to fixed income investments, including interest rate risk, credit risk, market risk and liquidity risk, any of which could result in losses to a Portfolio.

LIBOR Transition Risk is the risk related to the discontinuation and replacement of the London Interbank Offered Rate (“LIBOR”). Certain instruments held by a Portfolio rely or relied in some fashion upon LIBOR. Although the transition process away from LIBOR for most instruments has been completed, some LIBOR use is continuing and there are potential effected related to the transition away from LIBOR or the continued use of a LIBOR on a Portfolio, or on certain instruments in which the Portfolio invests, which can be difficult to ascertain and could result in losses to a Portfolio.

Collateralized Loan Obligations Risk is the risk that investing in collateralized loan obligations (“CLOs”) and other similarly structured investments exposes a Portfolio to heightened credit risk, interest rate risk, liquidity risk, market risk and prepayment and extension risk, as well as the risk of default on the underlying asset. In addition, investments in CLOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) risks related to the capability of the servicer of the securitized assets; (iv) the risk that a Portfolio may invest in tranches of CLOs that are subordinate to other tranches; (v) the structure and complexity of the transaction and the legal documents may not be fully understood at the time of investment and could lead to disputes with the issuer or among investors regarding the characterization of proceeds or unexpected investment results; and (vi) the CLO’s manager may perform poorly.

(b) Other Risks

In general, 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 cyber security risks. Please see a Portfolio’s prospectus and Statement of Additional Information for a more detailed description of the risks of investing in a


74		PIMCO MANAGED ACCOUNTS TRUST


				June 30, 2024		(Unaudited)

Portfolio. Please see the Important Information section of this report for additional discussion of certain regulatory and market developments that may impact a Portfolio’s performance.

Market Disruptions 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, military conflicts, 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), bank failures 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.

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, including cloud-based 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; third-party claims in litigation; reputational damage; reimbursement or other compensation costs; additional compliance and cyber security risk management costs and other adverse consequences. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. There is also a risk that cyber security breaches may not be detected. The Portfolios and their shareholders may suffer losses as a result of a cyber security breach related to the Portfolios, their service providers, trading counterparties or the issuers in which a Portfolio invests.

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

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024


Notes to Financial Statements		(Cont.)

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.

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. FCM customers, such as the Portfolios, are permitted to transfer their customer account (and cleared derivative transactions held in such customer account) from one FCM to another FCM. Upon completion of the transfer, the customer maintains the same economic position with respect to the outstanding exposure. As such, these transfers are not recognized as dispositions and reacquisitions of the affected derivative positions. Variation margin, which reflects changes in market value, is generally exchanged daily, but may not be netted between futures and cleared OTC derivatives unless the parties have agreed to a separate arrangement in respect of portfolio margining. The porting of exposure between FCMs has no impact on the market value or accumulated unrealized appreciation (depreciation), initial margin posted, and any unsettled variation margin; these values as of period end are disclosed in the Notes to Schedules of Investments.

International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes (“ISDA Master Agreements”) govern bilateral OTC derivative transactions entered into by a Portfolio with select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral posting and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. The ISDA Master Agreement may contain additional provisions that add counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level or as required by regulation. Similarly, if required by regulation, the Portfolios may be required to post additional collateral beyond coverage of daily exposure. These amounts, if any, may (or if required by law, will) be segregated with a third-party custodian. To the extent the Portfolios are required by regulation to post additional collateral beyond coverage of daily exposure, they could potentially incur costs, including in procuring eligible assets to meet collateral requirements, associated with such posting. The market value of OTC financial derivative instruments, collateral received or pledged, and net exposure by counterparty as of period end are disclosed in the Notes to Schedules of Investments.


76		PIMCO MANAGED ACCOUNTS TRUST


				June 30, 2024		(Unaudited)

9. FEES AND EXPENSES

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

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

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

The Trust is responsible for the following expenses: (i) salaries and other compensation or expenses, including travel expenses, of any of the Trust’s executive officers and employees, if any, who are not officers, directors, shareholders, members, partners or employees of the Administrator or its subsidiaries or affiliates; (ii) taxes and

governmental fees, if any, levied against the Trust or any of its Portfolios; (iii) brokerage fees and commissions, and other portfolio transaction expenses incurred for any of the Portfolios; (iv) expenses of each Portfolio’s securities lending (if any), including any securities lending agent fees, as governed by a separate securities lending agreement; (v) costs, including interest expenses, of borrowing money or engaging in other types of leverage financing including, without limitation, through the use by a Portfolio of reverse repurchase agreements, tender option bonds, bank borrowings and credit facilities; (vi) fees and expenses of any underlying funds or other pooled vehicles in which a Portfolio invests; (vii) dividend and interest expenses on short positions taken by the Portfolios; (viii) fees and expenses, including travel expenses, and fees and expenses of legal counsel retained for their benefit, of Trustees who are not officers, employees, partners, shareholders or members of PIMCO or its subsidiaries or affiliates; (ix) extraordinary expenses, including extraordinary legal expenses, as may arise including expenses incurred in connection with litigation, proceedings, other claims and the legal obligations of the Trust to indemnify its trustees, officers, employees, shareholders, distributors, and agents with respect thereto; (x) to the extent permitted by the Board, organizational and offering expenses of the Trust and the Portfolios and any expenses which are capitalized in accordance with generally accepted accounting principles; and (xi) any expenses allocated or allocable to a specific class of shares of a Portfolio, including fees paid pursuant to an administrative services or distribution plan.

(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) Remuneration Paid to Directors, Officers and Others (N-CSR Item 10) The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive remuneration for their services to the Trust from the Administrator or its affiliates. The pro rata share of Trustee fees for each Portfolio is reflected on the Statements of Operations as Trustee fees.

(e) 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

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024


Notes to Financial Statements		(Cont.)

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 Board, for so long as the Adviser serves as the investment adviser to the applicable Portfolio pursuant to the Advisory Contract. The waivers, if any, are reflected on the Statements of Operations as a component of Waiver and/or Reimbursement by PIMCO.

10. RELATED PARTY TRANSACTIONS

The Adviser, Administrator and Distributor are related parties. Fees paid to these parties are disclosed in Note 9, Fees and Expenses, and the accrued related party fee amounts are disclosed on the Statements of Assets and Liabilities.

Certain Portfolios are permitted to purchase or sell securities from or to certain related affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by the Portfolios from or to another fund or portfolio that are, or could be, considered an affiliate, or an affiliate of an affiliate, by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with applicable SEC rules and interpretations under the Act. Further, as defined under the procedures, each transaction is effected at the current market price. Purchases and sales of securities pursuant to applicable SEC rules and interpretations

under the Act for the period ended June 30, 2024, were as follows (amounts in thousands^†):


Portfolio Name	Purchases		Sales		Realized Gain/(Loss)

Fixed Income SHares: Series C	$	5,609	$	17,814	$	(2,843	)

Fixed Income SHares: Series M		0		11,266		(5,069	)

Fixed Income SHares: Series TE		2,613		0		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(s), particularly during periods of volatile market movements. High portfolio turnover may involve correspondingly greater transaction costs, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities, which are borne by the 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 the 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, 2024, were as follows (amounts in thousands^†):


	U.S. Government/Agency				All Other

Portfolio Name	Purchases		Sales		Purchases		Sales

Fixed Income SHares: Series C	$	4,921,528	$	4,661,342	$	224,145	$	87,125

Fixed Income SHares: Series LD		118,684		121,309		10,935		23,231

Fixed Income SHares: Series M		5,726,520		5,566,521		237,792		69,546

Fixed Income SHares: Series R		503,440		514,617		1,098		5,429

Fixed Income SHares: Series TE		4,817		0		60,559		6,730

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


78		PIMCO MANAGED ACCOUNTS TRUST


				June 30, 2024		(Unaudited)

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. Due to the timing of when distributions are made by a Portfolio, the Portfolio may be subject to an excise tax of 4% of the amount by which 98% of the Portfolio’s annual taxable income and 98.2% of net realized gains exceed the distributions from such taxable income and realized gains for the calendar year.

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, 2024, 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, 2023, the Portfolios had the following post-effective capital losses with no expiration (amounts in thousands^†):


	Short-Term		Long-Term

Fixed Income SHares: Series C	$	243,864	$	91,768

Fixed Income SHares: Series LD		1,647		4,541

Fixed Income SHares: Series M		71,698		75,667

Fixed Income SHares: Series R		11,562		42,443

Fixed Income SHares: Series TE		3,061		1,120

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

As of June 30, 2024, 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)

Fixed Income SHares: Series C	$	2,095,905	$	19,803	$	(68,584	)	$	(48,781	)

Fixed Income SHares: Series LD		57,692		788		(2,861	)		(2,073	)

Fixed Income SHares: Series M		2,067,860		22,371		(110,962	)		(88,591	)

Fixed Income SHares: Series R		337,682		7,131		(31,891	)		(24,760	)

Fixed Income SHares: Series TE		127,707		3,813		(869	)		2,944

^†	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.

16. SUBSEQUENT EVENTS

In preparing these financial statements, the Portfolios’ management has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued.

There were no subsequent events identified that require recognition or disclosure.

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024


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



Counterparty Abbreviations:

AZD	Australia and New Zealand Banking Group	DUB	Deutsche Bank AG	MYI	Morgan Stanley & Co. International PLC

BCY	Barclays Capital, Inc.	FAR	Wells Fargo Bank National Association	NOM	Nomura Securities International, Inc.

BOA	Bank of America N.A.	FICC	Fixed Income Clearing Corporation	RDR	RBC Capital Markets LLC

BOS	BofA Securities, Inc.	GLM	Goldman Sachs Bank USA	SCX	Standard Chartered Bank, London

BPG	BNP Paribas Securities Corp.	GST	Goldman Sachs International	SOG	Societe Generale Paris

BPS	BNP Paribas S.A.	JPM	JP Morgan Chase Bank N.A.	TDM	TD Securities (USA) LLC

BRC	Barclays Bank PLC	JPS	J.P. Morgan Securities LLC	TOR	The Toronto-Dominion Bank

CBK	Citibank N.A.	MBC	HSBC Bank Plc	UAG	UBS AG Stamford

DEU	Deutsche Bank Securities, Inc.	MYC	Morgan Stanley Capital Services LLC

Currency Abbreviations:

AUD	Australian Dollar	IDR	Indonesian Rupiah	NZD	New Zealand Dollar

BRL	Brazilian Real	ILS	Israeli Shekel	PEN	Peruvian New Sol

CAD	Canadian Dollar	INR	Indian Rupee	PLN	Polish Zloty

CHF	Swiss Franc	JPY	Japanese Yen	TRY	Turkish New Lira

COP	Colombian Peso	KRW	South Korean Won	TWD	Taiwanese Dollar

DKK	Danish Krone	MXN	Mexican Peso	USD (or $)	United States Dollar

EUR	Euro	NOK	Norwegian Krone	ZAR	South African Rand

GBP	British Pound

Exchange Abbreviations:

CBOT	Chicago Board of Trade	EUREX	Eurex Exchange	OTC	Over the Counter

Index/Spread Abbreviations:

BBSW3M	3 Month Bank Bill Swap Rate	ESTRON	Euro Short-Term Rate	SOFR	Secured Overnight Financing Rate

CAONREPO	Canadian Overnight Repo Rate Average	FRCPXTOB	France Consumer Price ex-Tobacco Index	SONIO	Sterling Overnight Interbank Average Rate

CPALEMU	Euro Area All Items Non-Seasonally Adjusted Index	H15T1Y	1 Year US Treasury Yield Curve Constant Maturity Rate	TSFR3M	Term SOFR 3-Month

CPTFEMU	Eurozone HICP ex-Tobacco Index	LIBOR03M	3 Month USD-LIBOR	US0003M	ICE 3-Month USD LIBOR

CPURNSA	Consumer Price All Urban Non-Seasonally Adjusted Index	MUTKCALM	Tokyo Overnight Average Rate

Municipal Bond or Agency Abbreviations:

ACA	American Capital Access Holding Ltd.	FHLMC	Federal Home Loan Mortgage Corp.	GNMA	Government National Mortgage Association

AGM	Assured Guaranty Municipal	FNMA	Federal National Mortgage Association	PSF	Public School Fund

Other Abbreviations:

ABS	Asset-Backed Security	BTP	Buoni del Tesoro Poliennali “Long-term Treasury Bond”	OAT	Obligations Assimilables du Trésor

ALT	Alternate Loan Trust	CLO	Collateralized Loan Obligation	OIS	Overnight Index Swap

BABs	Build America Bonds	DAC	Designated Activity Company	REMIC	Real Estate Mortgage Investment Conduit

BBR	Bank Bill Rate	EURIBOR	Euro Interbank Offered Rate	TBA	To-Be-Announced

BBSW	Bank Bill Swap Reference Rate	LIBOR	London Interbank Offered Rate	TBD	To-Be-Determined


80		PIMCO MANAGED ACCOUNTS TRUST


Changes to Board of Trustees				(Unaudited)

Effective June 30, 2024, Mr. Joseph B. Kittredge, Jr. retired from his position as Trustee of the Trust.

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024


Approval of Investment Management Agreement

PMAT

The Investment Company Act of 1940, as amended (the “1940 Act”), requires that the Board of Trustees (the “Board” or the “Trustees”), including a majority of the Trustees who are not “interested persons,” as that term is defined in the 1940 Act (the “Independent Trustees”), of PIMCO Managed Accounts Trust (“PMAT”), voting separately, annually approve the continuation of the Investment Advisory Contract between PMAT, on behalf of each of its series (each, a “Portfolio” and, collectively, the “Portfolios”), and Pacific Investment Management Company LLC (“PIMCO”) (the “Agreement”). At an in-person meeting held on June 14, 2024 (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, 2024.

In addition to the Approval Meeting, the Contracts Committee and the Performance Committee of the Board held a joint meeting on May 29, 2024 to discuss materials provided by PIMCO in connection with the Trustees’ review of the Agreements. The annual contract review process also involved multiple discussions and meetings with members of the Contracts Committee and the full Contracts Committee (the Approval Meeting, together with such discussions and meetings, the “Contract Renewal Meetings”). Throughout the process, the Independent Trustees received legal advice from independent legal counsel that is experienced in 1940 Act matters and independent of PIMCO (“Independent Counsel”), and with whom they met separately from PIMCO during the Contract Renewal Meetings. Representatives from PIMCO attended portions of the Contract Renewal Meetings and responded to questions from the Independent Trustees. The Contracts Committee also received and reviewed a memorandum from Independent Counsel regarding the Trustees’ responsibilities in considering the Agreement and the fees paid thereunder.

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

In evaluating the Agreement, the Board, including the Independent Trustees, reviewed extensive materials provided by PIMCO in response to questions, inclusive of follow-up inquiries, submitted by the Independent Trustees and Independent Counsel. The Board also met with senior representatives of PIMCO regarding its personnel, operations, and estimated profitability as they relate to the Portfolios. The Trustees also considered the broad range of information relevant to

the annual contract review that is provided to the Board (including its various standing committees) at meetings throughout the year, including reports on investment performance, risks, and other portfolio information for each Portfolio, including any use of derivatives, as well as periodic reports on, among other matters, pricing and valuation; quality and cost of portfolio trade execution; compliance; and shareholder and other services provided by PIMCO and its affiliates. To assist with their review, the Trustees also reviewed information regarding the investment performance for each Portfolio and certain composites comprised of separate accounts managed by PIMCO that invest in the Portfolios, along with associated benchmark indices for such separate accounts, as well as the estimated profitability to PIMCO with respect to the Portfolios (taking into account profitability estimates of related separate accounts) for the one-year period ended December 31, 2023.

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

Nature, Extent and Quality of Services

As part of their review, the Trustees received and considered descriptions of various functions performed by PIMCO for the Portfolios, such as portfolio management, compliance monitoring, portfolio trading practices, and oversight of third-party service providers. They also considered information regarding the overall organization and business functions of PIMCO, including, without limitation, information regarding senior management, portfolio managers and other personnel providing investment management, administrative and other services, and general 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 and cybersecurity measures, of PIMCO.


82		PIMCO MANAGED ACCOUNTS TRUST


				(Unaudited)

In addition, the Trustees noted the extensive range of services that PIMCO provides to the Portfolios beyond investment management services. In this regard, the Trustees reviewed the extent and quality of PIMCO’s services with respect to regulatory compliance and its ability to comply with the investment policies of the Portfolios; the compliance programs and risk controls of PIMCO (including the implementation of new policies and programs); the specific contractual obligations of PIMCO pursuant to the Agreement; the nature, extent, and quality of the investment advisory services PIMCO is responsible for providing to the Portfolios; PIMCO’s risk management function; and 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, business and other risks that PIMCO has undertaken as investment manager and sponsor of the Portfolios for which it receives no direct management fee. Specifically, the Trustees considered that PIMCO’s responsibilities include continual management of investment, operational, enterprise, legal, regulatory, and compliance risks as they relate to the Portfolios. The Trustees also noted PIMCO’s activities under its contractual obligation to coordinate, oversee and supervise the Portfolios’ various outside service providers, including its negotiation of certain service providers’ fees and its due diligence and evaluation of service providers’ infrastructure, cybersecurity programs, compliance programs, and business continuity programs, among other matters. Specifically, the Trustees considered PIMCO’s oversight of shareholder servicing functions provided to the Portfolios. 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 considered PIMCO’s recent strategic managed service arrangement (“Managed Services”) with a third-party consultant for various services previously provided to the Portfolios by PIMCO personnel and requested information from PIMCO regarding PIMCO’s retained responsibility and oversight over the Managed Services.

After their review and deliberations, the Trustees concluded that the nature, extent and quality of the overall services provided by PIMCO under the Agreement were appropriate.

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 the Series C Portfolio outperformed the performance of the associated benchmark for the one-year period ending December 31, 2023 but underperformed the performance of the associated benchmark for the three-, five- and ten-year periods ending December 31, 2023; the Series M Portfolio outperformed the performance of the associated benchmark for the one-, three-, five- and ten-year periods ending December 31, 2023; the Series R outperformed the performance of the associated benchmark for the five- and ten-year periods ending December 31, 2023 but underperformed the performance of the associated benchmark for the one- and three-year periods ending December 31, 2023; the Series TE outperformed the performance of the associated benchmark for the one-, five- and ten-year periods ending December 31, 2023 but underperformed the performance of the associated benchmark for the three-year period ending December 31, 2023; and the Series LD Portfolio outperformed the performance of the associated benchmark for the one-, three-, five- and ten-year periods ending December 31, 2023. 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).

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.

SEMIANNUAL FINANCIAL AND OTHER INFORMATION

JUNE 30, 2024


Approval of Investment Management Agreement		(Cont.)		(Unaudited)

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 of PIMCO’s corporate and shared expenses were allocated among the Portfolios and other funds and accounts managed by PIMCO for purposes of developing profitability estimates. The Trustees also requested information from PIMCO regarding the impact of the Managed Services on PIMCO’s profitability with respect to the Portfolios. The Trustees also considered that PIMCO is entitled to earn a reasonable level of profits for the services that it provides to the Portfolios. Based on the profitability analyses 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 Board, 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.


84		PIMCO MANAGED ACCOUNTS TRUST

General Information

Investment Adviser and Administrator

Pacific Investment Management Company LLC

650 Newport Center Drive

Newport Beach, CA 92660

Distributor

PIMCO Investments LLC

1633 Broadway

New York, NY 10019

Custodian

State Street Bank and Trust Company

1100 Main Street, Suite 400

Kansas City, MO 64105

Transfer Agent

SS&C Global Investor & Distribution 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.

LOGO

FISH4001FSSAR_063024

Item 8.

Changes in and Disagreements with Accountant for Open-End Management Investment Companies.

Not applicable.

Item 9.

Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

Item 10.

Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

The information required by this Item 10 is included as part of the Financial Statements and Financial Highlights filed under Item 7(a) of this Form N-CSR.

Item 11.

Statement Regarding Basis for Approval of Investment Advisory Contract.

The information required by this Item 11 is included as part of the Financial Statements and Financial Highlights filed under Item 7(a) of this Form N-CSR.

Item 12.

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

Not applicable to open-end investment companies.

Item 13.

Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 14.

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

Not applicable to open-end investment companies.

Item 15.

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 16.

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 period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 17.

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

Not applicable to open-end investment companies.

Item 18.

Recovery of Erroneously Awarded Compensation

(a)

Not applicable.

(b)

Not applicable.

Item 19.

Exhibits.

(a)(1)

Exhibit 99.CODE—Code of Ethics is not applicable for semiannual reports.

(a)(2)

Not applicable.

(a)(3)

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

(a)(4)

Not applicable for open-end investment companies.

(a)(5)

There was no change in the Registrant’s independent public accountant for the period covered by the report.

(b)

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

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/ Joshua D. Ratner
		Joshua D. Ratner
		President (Principal Executive Officer)

Date: September 4, 2024

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


By:		/s/ Joshua D. Ratner
		Joshua D. Ratner
		President (Principal Executive Officer)

Date: September 4, 2024

By:		/s/ Bijal Y. Parikh
		Bijal Y. Parikh
		Treasurer (Principal Financial & Accounting Officer)

Date: September 4, 2024

AllianzGI Managed Accounts Trust N-CSRSCertified semi-annual shareholder report (management investment company)

FXICX

Fixed Income SHares: Series C

Portfolio Performance

What were the Portfolio costs for the last six months?

How did the Portfolio perform during the reporting period and what affected its performance?

Portfolio Performance

Cumulative Returns Based on $10,000 Investment

Average Annual Total Returns (%)

Key Portfolio StatisticsFootnote Reference* (as of the end of the reporting period)

What did the Portfolio invest in?

Allocation Breakdown (% of Net Assets)Footnote Reference*

Additional Information

FXICX

Fixed Income SHares: Series C

FXIDX

Fixed Income SHares: Series LD

Portfolio Performance

What were the Portfolio costs for the last six months?

How did the Portfolio perform during the reporting period and what affected its performance?

Portfolio Performance

Cumulative Returns Based on $10,000 Investment

Average Annual Total Returns (%)

Key Portfolio StatisticsFootnote Reference* (as of the end of the reporting period)

What did the Portfolio invest in?

Allocation Breakdown (% of Net Assets)Footnote Reference*

Additional Information

FXIDX

Fixed Income SHares: Series LD

FXIMX

Fixed Income SHares: Series M

Portfolio Performance

What were the Portfolio costs for the last six months?

How did the Portfolio perform during the reporting period and what affected its performance?

Portfolio Performance

Cumulative Returns Based on $10,000 Investment

Average Annual Total Returns (%)

Key Portfolio StatisticsFootnote Reference* (as of the end of the reporting period)

What did the Portfolio invest in?

Allocation Breakdown (% of Net Assets)Footnote Reference*

Additional Information

FXIMX

Fixed Income SHares: Series M

FXIRX

Fixed Income SHares: Series R

Portfolio Performance

What were the Portfolio costs for the last six months?

How did the Portfolio perform during the reporting period and what affected its performance?

Portfolio Performance

Cumulative Returns Based on $10,000 Investment

Average Annual Total Returns (%)

Key Portfolio StatisticsFootnote Reference* (as of the end of the reporting period)

What did the Portfolio invest in?

Allocation Breakdown (% of Net Assets)Footnote Reference*

Additional Information

FXIRX

Fixed Income SHares: Series R

FXIEX

Fixed Income SHares: Series TE

Portfolio Performance

What were the Portfolio costs for the last six months?

How did the Portfolio perform during the reporting period and what affected its performance?

Portfolio Performance

Cumulative Returns Based on $10,000 Investment

Average Annual Total Returns (%)

Key Portfolio StatisticsFootnote Reference* (as of the end of the reporting period)

What did the Portfolio invest in?

Allocation Breakdown (% of Net Assets)Footnote Reference*

Additional Information

FXIEX

Fixed Income SHares: Series TE

Key Portfolio Statistics^{Footnote Reference*} (as of the end of the reporting period)

Allocation Breakdown (% of Net Assets)^{Footnote Reference*}

Key Portfolio Statistics^{Footnote Reference*} (as of the end of the reporting period)

Allocation Breakdown (% of Net Assets)^{Footnote Reference*}

Key Portfolio Statistics^{Footnote Reference*} (as of the end of the reporting period)

Allocation Breakdown (% of Net Assets)^{Footnote Reference*}

Key Portfolio Statistics^{Footnote Reference*} (as of the end of the reporting period)

Allocation Breakdown (% of Net Assets)^{Footnote Reference*}

Key Portfolio Statistics^{Footnote Reference*} (as of the end of the reporting period)

Allocation Breakdown (% of Net Assets)^{Footnote Reference*}